/raid1/www/Hosts/bankrupt/TCRAP_Public/021112.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

          Tuesday, November 12, 2002, Vol. 5, No. 224

                         Headlines

A U S T R A L I A

COLES MYER: Launching New "Customer Loyalty Program"
FOSMEATS PTY: Former Director Gets 3-year Jail Term
GOODMAN FIELDER: Extends AUD200 Million Share Buyback
NATIONAL FORGE: Ford, Three Others Grant Temporary Relief
TWINTARA PTY: Ex-managing Director Jailed For Insolvent Trading


C H I N A   &   H O N G  K O N G

BILLYBALA HOLDINGS: Nine-month Losses Widen to HK$7.5 Million
CARDLINK TECHNOLOGY: Lower Sales Cause Firm to Slip into Red
LAI SUN: Auditors Hesitant to Label Firm a 'Going Concern'
TIMELESS SOFTWARE: Reverses Last Year's Gain With HK$84M Loss


I N D O N E S I A

BANK NIAGA: Malaysia's Commerce Asset Seals 51% Stake in Bank


J A P A N

TOKYO ELECTRON: First Half Figures Short by 2.54 Billion Yen


K O R E A

CHOHUNG BANK: Government to Speed Up Sale
INI STEEL: Expects 10 Billion Won Savings from Factory Shutdown


M A L A Y S I A

BERJAYA SPORTS: Subsidiary Ups ICULS Holdings to 5.4 Million
CHASE PERDANA: Court Orders Debt Plan Meeting in December
MYCOM BERHAD: Continues Negotiation with Lenders of Two Units
PAN PACIFIC: Posts Details of Borrowings in Default as of Oct.
RHB SAKURA: Notifies KLSE of Audit Committee Change


P H I L I P P I N E S

PHILIPPING LONG: Boss Says Debts Will Be Paid
PHILIPPINE LONG: Plans to Lessen Capital Expenditures Next Year


S I N G A P O R E

NEPTUNE ORIENT: American Unit's Future Will be Decided in `03
WEE POH: Issues Recapitalization Update
WEE POH: Unit Proposes Debt Restructuring Scheme

     -  -  -  -  -  -  -  -

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


COLES MYER: Launching New "Customer Loyalty Program"
----------------------------------------------------
Retailing giant Coles Myer is expected to introduce a new
customer loyalty scheme before the start of the Christmas
shopping season, the Australian Financial Review said recently.

Citing John Fletcher, the paper said the scheme will be co-
branded with MasterCard and will be similar to airline frequent
flyer points schemes. Mr. Fletcher declined to give further
details on the new scheme.  

The board recently scrapped its shareholders discount card
program, one of the key issues currently at the center of the
public bickering between members of the board.


FOSMEATS PTY: Former Director Gets 3-year Jail Term
---------------------------------------------------
Philip James Davies, a former director of the failed abattoir
company Fosmeats Pty Ltd (Fosmeats) which traded in South
Gippsland as Prom Meats, was sentenced Friday to jail after
pleading guilty to two charges laid by the Australian Securities
and Investments Commission (ASIC).

Mr. Davies, 40 years old and formerly of Foster, South
Gippsland, was sentenced to two and a half years jail on one
charge of improperly using his position, and one year's jail on
one charge of falsification of Fosmeats books, to be served
concurrently.

Mr. Davies will be eligible for bail in 12 months upon entering
into a recognizance to be of good behavior for three years.

Mr. Davies pleaded guilty to improperly using his position as a
director of Fosmeats. The charge related to him falsely advising
Wesfarmers that amounts totaling AU$2.86 million owed by
Fosmeats to Wesfarmers had been deposited into an account of
Wesfarmers, with the intention of maintaining and extending
credit by Wesfarmers to Fosmeats.

The second charge related to the falsification of Fosmeats
creditors ledger, as it related to the amounts owed to
Wesfarmers.

The matter was prosecuted by the Commonwealth Director of Public
Prosecutions.


GOODMAN FIELDER: Extends AUD200 Million Share Buyback
-----------------------------------------------------
In a statement to the Australian Stock Exchange (ASX), Goodman
Fielder Ltd chairman Keith Barton said the company will extend
its AUD200 million share buyback by AUD100 million, which will
start after completion of the existing AUD200 million buyback
scheduled for March 2003.

Chief executive Tom Park said Goodman Fielder has maintained
solid business momentum in the first quarter of 2003 financial
year with profits meeting budget and above the level of the
corresponding period last year.

"Over the remainder of the year we will seek to mitigate the
impact of increasing commodity costs, caused by continuing
drought in Australia, Canada and the US," he said. (M&A
Reporter, Vol. 1, No. 223)


NATIONAL FORGE: Ford, Three Others Grant Temporary Relief
---------------------------------------------------------
Four automotive industry players are temporarily underwriting
the automotive parts operations of National Forge, which has
fallen into receivership, The Age newspaper said yesterday.

The group led by carmakers Holden and Ford are expected to
sustain the support for about two weeks or until a buyer can be
found for the ailing company.  The other two members of the
group are parts maker Dana and Ion.  The two parts makers buy
forgings from National Forge and build them into rear axle and
differential systems sold to the two carmakers.

The report says there are currently two companies interested in
buying National Forge, which holds a unique position in the
Australian forging industry.  However, earlier estimates of AU$4
million from asset sales fall well short of the AU$15 million in
accumulated entitlements owed to the company's 360 workers.

Apart from the automotive parts, National Forge is a leading
manufacturer of forged titanium products, supplying fan blades
for power station turbines and golf club heads, the newspaper
said.

The company went into receivership after the US-based GE Power
Systems Aerofoils canceled the bulk of its turbine blade order
for the year as construction of power stations slumped in the
wake of the Enron collapse.  The receivers were appointed by
National Forge's main creditor, GE Capital Finance, another arm
of the sprawling GE group.

Dana is the leading supplier of rear axle components to Holden
and Ford. Ion's BTRA subsidiary makes differentials for rear-
wheel drive cars, as well as automatic transmissions, the report
says.


TWINTARA PTY: Ex-managing Director Jailed For Insolvent Trading
---------------------------------------------------------------
Peter John Neagoe of Berwick, Victoria, was sentenced yesterday
in the Melbourne Magistrates Court after pleading guilty to five
charges of insolvent trading worth $545,175.

Judge Hicks sentenced Mr. Neagoe to two years and nine months
jail, to be suspended upon Mr. Neagoe entering into a $2,000
good behavior bond for three years.

As a result of the conviction, Mr. Neagoe is also prohibited
from taking part in the management of companies for five years.

Mr. Neagoe was the managing director of Twintara Pty Ltd, a
building company that operated under the name Eastern Park
Developments, in the Berwick area. The company built homes in
Melbourne's outer eastern suburbs.

ASIC alleges that between January 2000 and May 2000 Mr. Neagoe
failed to prevent Twintara from incurring debts while the
company was insolvent.

Twintara was placed into liquidation on July 12, 2000 with debts
to creditors of over AU$2.1 million.

The charges were laid following an investigation by the
Australian Securities and Investments Commission (ASIC) and were
prosecuted by the Commonwealth Director of Public Prosecutions.



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


BILLYBALA HOLDINGS: Nine-month Losses Widen to HK$7.5 Million
-------------------------------------------------------------
Online games developer Billybala Holdings Ltd. continues its
losing ways, reporting net losses of HK$7.5 million for the
first nine months of the year, AFX-Asia said yesterday.

Last year the company incurred losses of HK$6.8 million in the
same period due to lower sales.  Sales during the period fell to
HK$90,000 from HK$164,000 a year earlier, the news agency said.
There was no explanation for the low sales levels.

Incorporated in The Cayman Islands, the group is principally
engaged in the provision of arcade game-on-demand service via
the Internet through turning existing arcade games into an
online version together with game-on-demand and multi-player
features in the Greater China Region.


CARDLINK TECHNOLOGY: Lower Sales Cause Firm to Slip into Red
------------------------------------------------------------
Just a year since posting a HK$7.5 million profit, Cardlink
Technology Group Ltd reported a sharp drop in sales, causing its
nine months to September figures to plummet.

The smart card provider yesterday said sales hit HK$25.9 million
from HK$33.8 million, while the operating loss stood at HK$1.4
million against a profit a year earlier of HK$9.4 million.  Net
loss stood at HK$1.2 million.  No interim dividend was declared,
AFX-Asia said.

Incorporated in the Cayman Islands, the company is a smart card
solution provider with a primary focus on provision of
customized smart cart application systems.  The Group has
developed a business that effectively utilizes its vertically
integrated platform and technical know-how in the smart card
technology and its capability to manufacture customized smart
cards and smart card-related hardware devices.  In addition to
provision of smart card application systems, the Group is also
engaged in the smart card manufacturing and plastic card
printing business.


LAI SUN: Auditors Hesitant to Label Firm a 'Going Concern'
----------------------------------------------------------
The auditors of Lai Sun Development Co Ltd have been unable to
determine whether or not the company is a going concern due to
the uncertainty of the company's proposed restructuring plan and
refinancing arrangements, AFX-Asia reported yesterday.

In a statement releasing its results, the auditors attached a
disclaimer to the year to July results, saying they have not
been able to determine whether the "going concern basis used in
preparing the financial statements is appropriate."  They note
that the company's results do not include any adjustments that
would result from the failure to secure the restructuring plan.

Lai Sun Development's net loss widened to HK$1.9 billion from
HK$1.1 billion a year earlier while sales for the period fell to
HK$934.7 million from HK$1.8 billion.  The loss is attributed to
lower rental income and losses incurred from property sales and
provisions for its landbank.  The sale of Lai Fung Holdings Ltd
also contributed to the loss.

The company said it has been undertaking an orderly sale of
assets to generate positive cash flows to repay bank and other
borrowings as well as for working capital. It plans to continue
to sell further assets to reduce its total debt.

The company said to date, it has not entered into any fixed
terms or binding agreement for its restructuring plan or
refinancing agreement but believed that it will be able to
secure the agreement of all parties involved.  As a result, the
company believes that it is appropriate to prepare its financial
statements as a going concern.

If the "going concern" basis is not appropriate, adjustments
will have to be made to restate the values of the assets to
their recoverable amounts, and provide for any further
liabilities, among others, AFX-Asia said.

As of end July, its net current liabilities stood at HK$6.1
billion against net assets of HK$766 million.

The news agency did not identify the firm's auditors.


TIMELESS SOFTWARE: Reverses Last Year's Gain With HK$84M Loss
-------------------------------------------------------------
Timeless Software Ltd., which trades on the Hong Kong Stock
Exchange, reversed last year's first half performance by
recording an HK$84.05 million net loss, a 180-degree turn from
the HK$2.8 million profit a year ago.

AFX-Asia said sales for the six months to September fell to
HK$13.9 million from HK$45.2 million the year before, while
operating loss stood at HK$78.6 million from a profit of HK$4.9
million last year.  No interim dividend was declared, the news
agency said.

According to the HKSE, the company is a leading computer
software services group based in Hong Kong, with an established
and growing presence in the market for Internet technology
services in Hong Kong and the People's Republic of China.  The
group provides a full range of software services, including:

(a) Internet technology and related services, such as
    Internet/intranet application and systems development, and
    Web site integration and e-commerce business systems
    development;

(b) Enteprise resources planning implementation and consulting
    services;

(c) Software localization; and

(d) Business applications and system software development,
    implementation and maintenance.



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


BANK NIAGA: Malaysia's Commerce Asset Seals 51% Stake in Bank
-------------------------------------------------------------
Commerce Asset-Holding Bhd says it will not assume any of PT
Bank Niaga's liabilities after it completes the acquisition of
the Indonesian bank's 39.9 million Class B shares.

In a disclosure to the Kuala Lumpur Stock Exchange, Commerce
said only those liabilities arising as a consequence of
consolidating Bank Niaga as its subsidiary company will be
incurred in the transaction.

According to The Star, Commerce sealed last Friday an agreement
with the Indonesian Bank Restructuring Agency, which formally
accepted its 1.06 trillion rupiah bid for the Class B shares.

In justifying the acquisition, the Malaysian investor said the
bank offered an opportunity for the group to establish a
foothold in the Indonesian market, and to allow the group in
capturing a share of the rapidly growing high margin consumer
finance business in both credit cards and auto finance markets.

Other synergistic opportunities offered to the group include the
development of an innovative retail product offering for the
mass market, with low cost and sharing of investments and
experience, and building a premier investment banking franchise
as the Indonesian capital market developed.

The Star says the Class B shares have the same ownership, voting
and other legal rights as the Class A shares, except that Class
B shares has a nominal value of 5 rupiah per share, whereas
Class A shares carry a nominal value of 500 rupiah per share.  

Both class A and B shares of Bank Niaga are listed on Jakarta
Stock Exchange and Surabaya Stock Exchange.



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


TOKYO ELECTRON: First Half Figures Short by 2.54 Billion Yen
------------------------------------------------------------
The slack demand for semiconductor manufacturing equipment has
claimed another victim in Tokyo Electron Ltd, which reported
last week a group net loss of 2.54 billion yen for the first
half.  The company had profits of 2.59 billion for the same
period last year, Japan Today said.

Tokyo Electron is mainly engaged in the distribution of broad
line-up of original products including semiconductor production
equipment, computer systems and electronic components developed
and manufactured by its subsidiaries and other suppliers.

The group also provides maintenance and repair services,
leasing, transportation, insurance and travel agency services.
Semiconductor production equipment accounted for 81 percent of
fiscal 2000 revenues; electronic components, 16 percent;
computer systems, 3 percent and other, nominal. The Company has
twenty-eight consolidated subsidiaries. Overseas sales accounted
58.3 percent of fiscal 2000 revenues.

Address
Tokyo Electron Limited
Hompepage: http://www.tel.co.jp/tel-e/index.html
3-6, Akasaka 5-Chome
Tbs Broadcasting Center
Minato-Ku Tokyo 107-8481
Japan  +81 3 55617000
+81 3 55617400



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


CHOHUNG BANK: Government to Speed Up Sale
------------------------------------------
Byun Yang-ho, director general of the Ministry of Finance and
Economy's finance policy division, reaffirmed that the
government will speed up the sale process of Chohung Bank,
defying vociferous opposition to the plan from the bank
employees and a financial employee labor group, the Korea Herald
said.

According to Byun, the current slump in Chohung Bank share price
would not deter the government's plan to dispose of its stake in
the lender.

"Stock prices are basically volatile. The recent fall in the
bank's share price cannot justify any opposition to the
government's sale plan," said the official. "The speedier bank
privatization is, the better."

He went on to say that the government will negotiate the sale
price with potential investors based on the bank's intrinsic
value, rather than its volatile share price.

"The government will select a preferred bidder after the four
bidders come up with their own final bidding prices. If their
final offers are not satisfactory, the government may not sell
the bank," Byun said.

His remarks echoed Finance Minister Jeon Yun-churl's statement
that the government will speed up the sale of the bank, but
would not sell it "cheaply."

As earlier reported, the four bidders, including a consortium
led by Shinhan Financial Group, were allowed to conduct due
diligence on Chohung Bank.

The three other bidders reportedly are Taiwan's Fubon Financial
Holdings Co., U.S.-based Ripplewood Holdings LLC and Shinsei
Bank Ltd. of Japan. The government wants to select a preferred
bidder for the acquisition of the lender by the end of the
month.

The government, which owns 80% of Chohung Bank, is planning to
sell about a 10%-20% stake in its latest block sale, but now is
considering selling more than a 51% stake to speed up the bank's
privatization. (M&A Reporter, Vol. 1, No. 223)


INI STEEL: Expects 10 Billion Won Savings from Factory Shutdown
---------------------------------------------------------------
INI Steel expects to cut production by 700,000 tons and save
about 10 billion won in operation expenses when it closes a
steel-manufacturing factory in Incheon next month, the Korea
Herald said yesterday.

"The fall in production is expected to bring positive effects to
the company, as excessive manufacturing will be controlled," an
unnamed company official told the paper.

The shutting down of the 70-ton Incheon factory follows a series
of moves INI adopted since last year, including closing of
rolled-steel factories in Incheon and Pohang, to improve its
profitability, the paper said.



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


BERJAYA SPORTS: Subsidiary Ups ICULS Holdings to 5.4 Million
------------------------------------------------------------
The Board of Directors of Berjaya Sports Toto Bhd (BToto) wishes
to inform that its wholly owned subsidiary, FEAB Properties Sdn
Bhd has purchased ICULS in BToto:

(1) Date of Purchase: 8 November 2002

(2) Number of ICULS Purchased: 78,000

(3) Minimum price paid for each ICULS: 2.95

(4) Maximum price paid for each ICULS: 2.99

(5) Total consideration paid: RM232,878.11

(6) Total number of ICULS held to-date: 5,448,000

(7) Cumulative consideration paid to-date: RM15,447,749.64

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.

COMPANY PROFILE

The Company's core business has evolved from the manufacture of
light fittings in the 70s to trading in construction materials
and property development in the 80s. Today, the Company is one
of the key players in the gaming business, operating Toto
betting through its principal subsidiary, Sports Toto Malaysia
Sdn Bhd.

On the international scene, the Group supplies and maintains a
computerized on-line lottery system in the Luzon Region,
Philippines. It is also the consultant cum project manager to
restructure and improve the operation and administration of the
Department of National Lotteries in Ghana. The Company's
Philippines operation is held through its 51.5% owned
subsidiary, Berjaya Lottery Management (HK) Ltd (BLHK). BLHK
holds 71.4% in International Lottery and Totalisator Systems,
Inc, and 68.5% in Prime Gaming Philippines, Inc, a company
listed on the Philippine Stock Exchange.

In December 2000, the Company proposed a special cash dividend
of 170%, rights issue of ICULS and increase in authorized share
capital to RM2 billion. The ICULS issue forms part of a
repayment scheme between the Company and its immediate holding
company, Berjaya Land Bhd (B-Land), to settle inter-company
advances of the latter via liquidation of the ICULS in the open
market or redemption of the ICULS. B-Land has committed to
resolve the inter-company advances within three years from the
ICULS issue date. The proposals are still pending shareholders'
approval.

CONTACT INFORMATION: Level 17, Shahzan Prudential Tower
                     30 Jalan Sultan Ismail
                     50250 Kuala Lumpur
                     Tel: 03-2935 2373/2381
                     Fax: 03-2935 8043


CHASE PERDANA: Court Orders Debt Plan Meeting in December
---------------------------------------------------------
Chase Perdana Bhd wishes to announce that the Court-convened
Meetings of Chase Perdana Berhad and its Scheme Subsidiaries
will be held at Suite 5.2, 5th Floor, Wisma Chase Perdana, Off
Jalan Semantan, Damansara Heights, 50490 Kuala Lumpur on
December 2-3, 2002.

To view the Official Notice of the Court-Convened Meetings,
click on this link
http://announcements.klse.com.my/EDMS/edmsweb.nsf/ba387758ae3741
2b482568a300466fb6/482568bb00440ef448256c6b00330227/$FILE/Notice
CCM-Eng%5Bamend%5D.doc

COMPANY PROFILE

The Company commenced operations as Tan Chew Piau Building
Contractor, a civil engineering and building construction
concern.  Today, CPB is a registered Class "A" Pusakabumi and
CIDB G7 contractor able to tender for public, quasi-government
and private sector projects with no limitation on project size
and contract sum.  CPB is also experienced in restoration,
renovation and upgrading works.

In the mid-1990s the Company expanded its business activities to
include the property development, plantation and finance
sectors. The type of projects it has completed include 5-star
hotels and condominiums to high-rise offices, universities,
mosques, other special purpose buildings and infrastructure
projects such as highways both in Malaysia and overseas. The
Company's latest key project is the construction of Universiti
Malaysia Sabah.

The Company is an affected listed issuer under Practice Note 4
of KLSE's Listing Requirements. Its earlier debt restructuring
scheme (submitted to the SC on July 12, 2000) has been withdrawn
and the Tripartite Agreement (signed between the Company, Sitt
Tatt Bhd and Malaysian Resources Corporation Bhd on January 16,
2001) has been terminated. The Company subsequently proceeded to
formulate a revised debt and corporate restructuring exercise.

The approval of the majority of the financial institution
lenders (FI Lenders) was received on March 5, 2002 and
subsequently, an in-Principle agreement was executed with all
the FI Lenders on March 6, 2002.

On April 29, 2002, the Company submitted its revised debt
restructuring to the relevant authorities. On May 15, 2002, the
said scheme was approved by the FIC. On May 21, 2002, the
Company received the approval from BNM and subsequently on
September 6, 2002, the SC.

On September 12, 2002 CPB obtained a Restraining Order (RO) from
Kuala Lumpur High Court pursuant to Section 176 (10) of the
Companies Act, 1965. The RO was granted to the Company and four
of its subsidiaries up to December 6, 2002. The objective of the
RO is to allow the Company to implement the scheme without any
interference from its creditors.

The Company is expected to complete its exercise by the first
half of 2003.

CONTACT INFORMATION: Suite 8.3, 8th Floor
                     Wisma Chase Perdana
                     Off Jalan Semantan
                     Damansara Heights
                     50490 Kuala Lumpur
                     Tel: 03-2732 7151
                     Fax: 03-2732 1073


MYCOM BERHAD: Continues Negotiation with Lenders of Two Units
-------------------------------------------------------------
Further to the last announcement on October 9, 2002, the Board
of Mycom Berhad wishes to announce that Mycom and both its
wholly owned subsidiaries, namely Tingkayu Plantation Sdn Bhd
and Pertama Land & Development Sdn Bhd, are still in
negotiations with the lenders in respect of the outstanding
banking facilities owed to the Banks by the subsidiaries.
Meanwhile the next hearing dates under Suit nos. D5-22-127-2002
and D5-22-128-2002 had been fixed on January 21, 2003.

CONTACT INFORMATION: Level 23, Menara Olympia
                     8, Jln Raja Chulan
                     50200 Kuala Lumpur
                     Tel: 03-2323993
                     Fax: 03-2323996


PAN PACIFIC: Posts Details of Borrowings in Default as of Oct.
--------------------------------------------------------------
The Board of Directors of Pan Pacific Asia Bhd wishes to
announce the Default in Payment as of October 31, 2002 of the
company and its subsidiaries in accordance with the Practice
Note No. 1/2001.

We also wish to inform that there are no material changes in
PPAB's status of default from the date of last announcement
until October 31, 2002.

A summary of borrowings in default as of October 31, 2002 may be
viewed through this link
http://announcements.klse.com.my/EDMS/edmsweb.nsf/ba387758ae3741
2b482568a300466fb6/482568bb00440ef448256c6b003963a5/$FILE/defaul
t%20paymentppab1002.xls

COMPANY PROFILE

Prior to its public issue, Pan Pacific undertook a restructuring
exercise involving the acquisition of stockbroking companies. In
1995, the Company embarked on timber-related activities when it
completed a restructuring exercise which involved the
acquisition of five timber companies: Caritimas Sdn Bhd, Kawood
Sdn Bhd, Leaderade Sdn Bhd, Propagate Industry Sdn Bhd and
Wansuria Sdn Bhd. At the same time, the Company divested its
interest in stockbroking company, South Johor Securities Sdn
Bhd.

On December 26, 2000, Pan Pacific entered into a conditional
Share Sale Agreement with K & N Kenanga Bhd for the proposed
disposal of the entire issued and paid-up share capital of
Peninsula Securities Sdn Bhd (PSSB). On August 24, 2001, the
proposed disposal of PSSB to K & N Kenanga was approved by the
shareholders of Pan Pacific. The disposal was subsequently
completed on August 30, 2001.

Pursuant to the revamped listing requirements of Practice Note
4/2001, which requires affected listed issuers to announce plans
to regularize their financial condition, the Company has
commenced negotiations with one of its major financiers for its
debt restructuring. Pan Pacific also plans to utilize part of
the proceeds from its divestment of the stockbroking subsidiary
to establish a manufacturing facility for biodegradeable
packaging for food and beverages.

CONTACT INFORMATION: Suite 6.2, Level 6, Menara Pelangi
                     Jalan Kuning, Taman Pelangi
                     80400 Johor Bahru
                     Tel: 07-3343008
                     Fax: 07-3339163


RHB SAKURA: Notifies KLSE of Audit Committee Change
---------------------------------------------------
Date of change: November 1, 2002  
Type of change: Appointment
Designation: Member of Audit Committee
Directorate: Independent & Non Executive
Name: Wong Yoke Ming
Age: 50
Nationality: Malaysian

Qualifications:

(a) Chartered Accountant (England and Wales), The Institute of   
    Chartered Accountants in England and Wales, 1979

(b) Member of Malaysian Institute of Accountants, 1983

(c) Member of Malaysian Institute of Certified Public
    Accountants, 1999

Working experience and occupation:

     (i) 1982 - 1989  Tax Consultant, Ernst & Whinney (now known
                      as Ernst & Young)

    (ii) 1989 - 1991  Manager, Treasury and Tax, South East  
                      Asia, RJ Reynolds Tobacco Co. Sdn Bhd

   (iii) 1991 - 1993  Manager, Financial Planning and Analysis,
                      South East Asian Business Unit, Juara
                      Perkasa Corporation Berhad (renamed RJ
                      Reynolds Berhad)

    (iv) 1993 - 1994  Manager, Financial Planning and Analysis,   
                      Asia and The Americas, RJ Reynolds
                      International Headquarters, USA

     (v) 1995 (Kuala Lumpur & Vietnam)  Business Development
                      Manager, RJ Reynolds Berhad

    (vi) 1996 - August 2001  Group Financial Controller, Hume   
                      Industries (Malaysia) Berhad

     (v) November 2001 - Present  Director, Ho Hup Construction
                      Co. Bhd

Directorship of public companies (if any): Ho Hup Construction
Co. Bhd

Family relationship with any director and/or major shareholder
of the listed issuer: Nil

Details of any interest in the securities of the listed issuer
or its subsidiaries: Nil
   
Composition of Audit Committee (Name and Directorate of members
after change):

(1) Dato' Haji Shaik Daud bin Haji Md Ismail (Chairman,
    Independent Non-Executive Director)

(2) Lim Cheng Yeow (Non-Independent Non-Executive Director)

(3) Encik Abu Bakar bin Mohd Nor (Independent Non-Executive
    Director)

(4) Wong Yoke Ming (Independent Non-Executive Director)


COMPANY PROFILE

RHB Sakura was incorporated as D & C Nomura Merchant Bankers
Berhad, the result of a JV between the then Development &
Commercial Bank Bhd (D & C Bank) (51% holding), The Nomura
Securities Company Ltd, Japan (30%), The Mitsui Bank Ltd, Japan
(10%) and National Australasia Bank Ltd, Australia (9%).
Operations commenced in October 1974. The Company changed its
name several times following changes in its shareholding
structure. It was known as D & C Mitsui Merchant Bankers in
1988, D & C Sakura Merchant Bankers Bhd in 1992, DCB Sakura
Merchant Bankers in 1994 and RHB Sakura in 1997 following a
restructuring involving RHB Capital Berhad, Rashid Hussain
Berhad and Kwong Yik Bank Bhd.

Merchant banking activities make up about 93.7% of Group
revenue. The Group provides corporate finance, privatization and
project advisory services. It is also involved in corporate
banking, treasury, debt capital markets, Islamic finance and
unit trust management. Under the latter, the Group has set up
the RHB Dynamic Fund, RHB Capital Fund, RHB Mudharabah Fund, RHB
Bond Fund, RHB Malaysia Recovery Fund and the RHB Islamic Bond
Fund. On April 18, 2001, the RHB Spectrum Fund was launched,
comprising the RHB Technology Fund, RHB Index Fund, RHB Balanced
Fund and the RHB Income Fund.

On September 25, 2000, the RHB Group proposed, among others, the
creation of a new holding company, RHB Securities Holdings Bhd
(RHBS), and the transfer of the listing status of RHB Sakura to
RHBS.

CONTACT INFORMATION: Level 8, Tower Three, RHB Centre
                     Jalan Tun Razak
                     50400 Kuala Lumpur
                     Tel: 03-9878888
                     Fax: 03-9879000



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


PHILIPPING LONG: Boss Says Debts Will Be Paid
---------------------------------------------
Philippine Long Distance Telephone Co. President Manuel
Pangilinan says the company will meet its US$240 million
maturing debts next year.  He cites the continued robust growth
of the firm's fixed line and mobile phone units for his
optimism.  

Mr. Pangilinan, however, stresses that the group no longer plans
any more borrowings, despite its strong performance.   

Meanwhile, in an interview with AFX-Asia, Mr. Pangilinan
disclosed that he has formally informed the PLDT board of the
corporate reforms being implemented in the US, which "will have
profound implication" on PLDT if adopted.  PLDT's ADRs are
listed on the New York Stock Exchange.

He said PLDT has two years to comply with the new standards set
by the US authorities, although compliance is not compulsory on
PLDT's part.

"It's really up to the board to decide where to position the
company with respect to those standards," he told AFX-Asia.

The US authorities, for instance, are suggesting that majority
of the board directors must be "independent directors with no
material or commercial relationships between themselves and the
company."

Mr. Pangilinan said another suggestion is the creation of three
"important" board committees, audit, composition and nomination,
all of which should have independent directors as members.

"We already have two of those three committees, but they are
suggesting that these committees be composed of independent
directors," he said.

He said it has also been suggested that the audit committee, not
management, be given the power to hire and fire independent
auditors.


PHILIPPINE LONG: Plans to Lessen Capital Expenditures Next Year
---------------------------------------------------------------
Philippine Long Distance Telephone Co. will set aside PHP5.5
billion next year for capital expenditures, ABS-CBN News said
yesterday, citing president and CEO Manuel Pangilinan.

"It's definitely going to be slightly lower than this year," Mr.
Pangilinan said during the sidelights of the agreement signing
on strategic private sector partnership for urban poverty
reduction between the Philippine Business for Social Progress
(PBSP), Asian Development Bank and finance department.

He did not say how much. But PLDT spokesman Butch Jimenez said
in a separate interview that the company is looking at spending
less than PHP6 billion. "It is in the range of PHP5 to PHP5.5
billion," he said.

Mr. Pangilinan said capital expenditures this year will not
exceed the PHP7 billion allocation.

PLDT's Smart Communications Inc., meanwhile, is also looking at
spending less than the programmed PHP9-billion capex allocated
this year.   Smart spokesman Ramon Isberto told ABS-CBN News in
a separate interview that the cellular firm has yet to decide
exactly how much it will be putting aside for next year's capex.
But definitely, he said, the amount will not exceed PHP9
billion.

"We will figure out the 2003 capex when we find out the balance
of this year's remaining budget within the fourth quarter. As of
third quarter this year, we spent about PHP5 billion. Whatever
will be left of it will affect next year's capex," Mr. Isberto
told ABS-CBN.



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


NEPTUNE ORIENT: American Unit's Future Will be Decided in `03
-------------------------------------------------------------
The fate of American Eagle Tankers, a unit of Neptune Orient
Lines Ltd, will be decided in the first quarter of 2003, AFX-
Asia said Sunday, citing NOL CEO Flemming Jacobs.

In an interview with the news agency, Mr. Jacobs said, "JP
Morgan is helping us evaluate our options."

The news agency says the company decided to consider its options
after third parties approached it last month about the possible
sale of the unit.

The company said then that the review will assess a range of
alternatives, including maintaining the status quo, a possible
sale, merger, joint venture, initial public offering or other
transaction.


WEE POH: Issues Recapitalization Update
---------------------------------------
In recent years, the construction industry has been
significantly affected by the slowdown in the Singapore economy.
As previously announced, Wee Poh Holdings Limited (the Group),
like most other construction contractors in the market, are
faced with a reduced volume of work, an extremely competitive
bidding environment, weak profit margins and tight liquidity.

On 30 September 2002, the Group had announced an unaudited
proforma loss attributable to shareholders of the Company (the
"Shareholders") of approximately S$17.6 million for the
financial year ended 30 June 2002 ("FY2002"). The Group's
current liabilities of about S$43.8 million as at 30 June 2002
comprise mainly bank overdrafts (S$11.9 million), unsecured
trade creditors (S$15.1 million) and accruals (S$13.5 million).

The Company is continuing its efforts to actively seek out new
investors who are able to provide additional funding to support
the Group's activities. At the same time, the concurrent
measures, as detailed beneath, are being considered by the
Directors to ease the cash flow of the Group and to facilitate
future fund raising exercises.

SOURCE FOR STRATEGIC INVESTOR

The Directors have been working closely with UOB Kay Hian Pte
Ltd (UOBKH) and have mandated UOBKH to source for a suitable
strategic investor who will help to strengthen the financial
position of the Group and, possibly, provide it with new
business opportunities. UOBKH is not providing any financial
advice to the Company and its role is confined to that of
procuring a strategic investor.

CONCURRENT MEASURES

The Directors have also been considering and working on a number
of important concurrent measures. The rationale for these
measures are to stabilize the Group's financial position in the
short term and to pave the way for a suitable strategic investor
to invest in the Company. These measures being considered
include the following:-

A. A capital reduction ("Capital Reduction") to reduce the par
value of the Company's ordinary shares of S$0.20 each to S$0.005
each ("Shares") (see details below);

B. A variation ("Scheme Variation") to be sought to the existing
Scheme of Arrangement of 24 April 2002 ("SOA") for W&P Piling
Pte Ltd ("WPP"), a subsidiary of the Company, such that
creditors of the SOA will receive new Shares instead of cash
repayments (see details below);

C. A best effort conversion of amounts owing to trade creditors
("Best Effort Debt Conversion") by Wee Poh Construction Pte Ltd
("WPC"), a subsidiary of the Company, into new Shares (see
details below);

D. An evaluation of the going concern status of WP Conc-Pact Pte
Ltd ("WCP"), a subsidiary of the Company, and which has total
liabilities of approximately S$8.2 million and negative
shareholders' funds of approximately S$0.7 million as at 30 June
2002 ("WCP Evaluation") (see details below); and

E. Ongoing discussions with the Group's bankers to maintain its
existing banking facilities ("Banking Arrangements") (see
details below).

A. THE CAPITAL REDUCTION

As at the date of this Announcement, the Company has an issued
and paid-up share capital of S$23,983,000 divided into
119,915,000 ordinary shares of S$0.20 each. The current share
price of the Company as traded on the Singapore Exchange
Securities Trading Limited (SGX-ST) is significantly below its
par value. To facilitate future fund raising exercises, the
Company intends, subject to Shareholders' approval in general
meeting, to undertake the Capital Reduction pursuant to Section
73 of the Companies Act (Cap. 50) (the "Act") to reduce the par
value of its ordinary shares of S$0.20 each to Shares of S$0.005
each. The Capital Reduction is further subject to the approval
of the High Court of Singapore. A circular to Shareholders to
convene an Extraordinary General Meeting ("EGM") to seek
Shareholders' approval for the Capital Reduction will be
dispatched in the immediate future.

B. THE SCHEME VARIATION

On 24 April 2002, WPP undertook the SOA under Section 210 of the
Act with its creditors, of which the 1st of 4 cash installments
had already been successfully paid on 26 July 2002.

WPP is proposing the Scheme Variation and intends to seek its
creditors' approval to settle the 3 remaining cash installments
totaling approximately S$4.5 million with new Shares to be
issued subsequent to the Capital Reduction. An application to
the Court to convene a creditors' meeting for the purpose of
considering the Scheme Variation will be made as soon as
possible. The issue price of the new Shares to WPP creditors
shall be S$0.05 per Share. This represents a discount of
approximately 16.7% to the last traded price of S$0.06 on 7
November 2002. The issue of the new Shares will be subject to
the approval of Shareholders at an EGM to be convened, the
approval of the SGX-ST for the listing and the quotation of the
new Shares and the lodging of a Statement of Material Facts with
the Monetary Authority of Singapore ("MAS").


WEE POH: Unit Proposes Debt Restructuring Scheme
------------------------------------------------
Wee Poh Construction Pte Limited (WPC), a unit of Wee Poh
Holdings PC is proposing the Best Effort Debt Conversion to
settle amounts owing to trade creditors of between S$2.0 million
and up to S$4.0 million with new Shares to be issued subsequent
to the Capital Reduction. The issue price of the new Shares to
WPC creditors shall be S$0.05 per Share. This represents a
discount of approximately 16.7% to the last traded price of
S$0.06 on 7 November 2002. The issue of the new Shares will
similarly be subject to the approval of Shareholders at an EGM
to be convened, the approval of the SGX-ST for the listing and
the quotation of the new Shares and the lodging of a Statement
of Material Facts with the MAS.

It is proposed that the Scheme Variation and the Best Effort
Debt Conversion shall be made inter-conditional. In other words,
the Scheme Variation shall proceed only on the basis that the
Best Effort Debt Conversion is proceeding and vice versa.

THE WCP EVALUATION

WCP is in the business of supplying ready-mixed concrete. For
FY2002, WCP reported a net loss of approximately S$1.5 million.
As at 30 June 2002, WCP had negative shareholders' funds of
approximately S$0.7 million, total liabilities of approximately
S$7.5 million, comprising amounts owing to unsecured trade and
other creditors of S$5.6 million, amounts owing to related
companies of the Group of S$1.9 million and amounts owing to
hire purchase creditors of S$68,054.

The hire purchase creditors as aforesaid are secured against the
plant and machinery that were purchased under the hire purchase
arrangements.

None of these liabilities are guaranteed by the Company or any
of the related companies of the Group.

The Company is currently evaluating various possible options to
restructure the current debts of WCP. The Company and WCP will
make an announcement in due course after the conclusion of the
WCP Evaluation.

BANKING ARRANGEMENTS

The Group is in discussion with its bankers to avail itself of
the existing banking facilities, particularly in view of the
Scheme Variation and the Best Effort Debt Conversion.

MEMORANDUM OF UNDERSTANDING ENTERED INTO BETWEEN THE COMPANY AND
MR TAY HUNG CHEOW TO ISSUE 1,600,000,000 NEW SHARES

The Directors are pleased to announce that the Company has
entered into a Memorandum of Understanding dated [8] November
2002 (the "MOU") with Mr Tay Hung Cheow ("THC") for the issue of
1,600,000,000 new Shares (the "Strategic Shares") at an issue
price of S$0.005 ("the Strategic Price") to THC for a cash
consideration of exactly S$8.0 million (the "Strategic Issue").
THC is a strategic investor that was introduced by UOBKH.

The Strategic Shares shall be free from all liens, charges and
encumbrances and shall rank pari passu in all respects with and
carry all rights similar to the existing issued ordinary shares
of the Company at the time of allotment and issue of the
Strategic Shares.

In the meantime, the Company and THC shall use their best
endeavours to negotiate with a view to enter into a definitive
strategic subscription agreement (the "Strategic Agreement") in
respect of the Strategic Issue on or before 30 November 2002.

When the Strategic Agreement is signed, THC will arrange for an
amount of exactly S$8.0 million to be remitted to UOBKH to be
held in escrow pending the completion of the Strategic Issue.

PROPOSED PRINCIPAL TERMS OF THE STRATEGIC AGREEMENT AS
CONTEMPLATED IN THE MOU

The Directors and THC have taken into account the various
concurrent measures such as the Capital Reduction, the Scheme
Variation and the Best Effort Debt Conversion. They have also
taken into account that, on a "willing buyer and willing seller"
basis, THC is in-principle prepared, as provided in the MOU, to
subscribe for 1,600,000,000 new Shares.

The Directors are duly aware of the substantial dilution that
the issue of the Strategic Shares would cause to existing
Shareholders and to creditors of WPP and WPC who may be
receiving new Shares pursuant to the Scheme Variation and the
Best Effort Debt Conversion, respectively. Accordingly, the
Directors have inserted several principal terms in the MOU to
mitigate the adverse impact of such dilution. The principal
terms are for the Company to propose a renounceable rights issue
(the "Rights Issue") (see details below) to which the Strategic
Shares would not be entitled; and for THC to offer for sale
certain of his Strategic Shares on a non-renounceable basis for
purchase by all other Shareholders (the "Preferential Offering")
(see details below).

Some Principal Terms

Under the MOU, the Company and THC further acknowledge that the
Strategic Agreement when executed shall provide, inter alia, for
the following:

(a) the Company shall, further to the completion of the Capital
    Reduction, undertake the Rights Issue of no more than 3
    rights Shares ("Rights Shares") for every 2 Existing Shares
    and such Rights Shares shall be issued at the Strategic
    Price (and for this purpose, "Existing Shares" shall mean
    the Shares existing after the completion of the Capital |
    Reduction including the WPP Shares and the WPC Shares (see
    details below);

(b) THC shall agree that the Strategic Shares shall not be
    entitled to the Rights Issue; and

(c) THC shall undertake the Preferential Offering on the basis
    of 1 Strategic Share for every 2 Existing Share at the
    Strategic Price.

Conditions Precedents

Under the MOU, the Company and THC intend that the Strategic
Agreement shall provide, inter alia, that the Strategic Issue
shall be conditional upon the following conditions precedent
being fulfilled or satisfied:-

(a) the approval in-principle of the SGX-ST being obtained for
    the Strategic Issue and the listing and quotation of the
    Strategic Shares upon their allotment and issue and all
    conditions set out in such approval being satisfied;

(b) the approval of the Shareholders in general meeting being
    obtained for the Strategic Issue and the allotment and issue
    of the Strategic Shares in favour of THC or his nominee;

(c) the receipt of the whitewash waiver (the "Whitewash Waiver")
    from the Securities Industry Council ("SIC") in respect of
    THC's obligation to make a mandatory general offer arising
    from or in connection with the Strategic Issue and the
    Shareholders passing a resolution (the "Whitewash
    Resolution") in favour of such Whitewash Waiver and where
    such Whitewash Waiver is granted by the SIC subject to any
    conditions, that such conditions are acceptable to the
    Company and THC;

(d) the results of due diligence to be conducted by THC on the
    Company being satisfactory to THC;

(e) the completion by the Company of the Capital Reduction to
    reduce the par value of the Company's existing ordinary
    shares of S$0.20 each to Shares of S$0.005 each;

(f) the creditors of WPP agreeing to accept, pursuant to the
    Scheme Variation, the issue of new Shares (the "WPP Shares")
    as satisfaction of debts owing by WPP of approximately S$4.5
    million which are otherwise payable in the 3 remaining
    installments under the SOA; and

(g) the creditors of WPC agreeing to accept, pursuant to the
    Best Effort Debt Conversion, the issue of new Shares (the
    "WPC Shares") as satisfaction for part of the debts owing
    by WPC of at least S$2.0 million and up to a maximum of
    S$4.0 million.

Notwithstanding the MOU, the Company and THC acknowledge that
the details of the Strategic Issue, the Capital Reduction, the
Scheme Variation, the Best Effort Debt Conversion, the Rights
Issue and the Preferential Offering (collectively, the
"Transactions") are subject to changes.

PROPOSED WAIVER FOR THC TO MAKE A GENERAL OFFER FOR THE COMPANY

In the event of completion of the Strategic Issue and, the
allotment and issue of the WPP Shares and WPC Shares, THC is
expected to own in excess of 30% of the enlarged share capital
of the Company. Pursuant to Rule 14 of the Singapore Code on
Take-overs and Mergers (the "Code"), THC will then be required
to make a general offer (the "General Offer") for all the issued
and paid-up share capital of the Company not already owned,
controlled, agreed to be acquired by him or any other party
acting in concert with him. However, THC intends to make an
application to the SIC to obtain the Whitewash Waiver.
Conditional on the Whitewash Waiver being obtained by THC from
the SIC, the Company will proceed to obtain Shareholders'
approval for the Whitewash Resolution.


Shareholders should note, in particular, that Shareholders'
approval for the Strategic Issue is conditional upon the
Whitewash Resolution being approved by Shareholders at a general
meeting. If Shareholders' approval is not obtained in general
meeting for the Whitewash Resolution, the Strategic Issue will
not take place.

SHAREHOLDERS' UNDERTAKINGS FOR THE PROPOSED RIGHTS ISSUE

The major Shareholders, namely Messrs Chew Yin What and Lee Kok
Swee, who in aggregate own 40,563,338 ordinary shares of S$0.20
each representing approximately 33.8% of the existing share
capital of the Company as at the date of this Announcement,
intend to provide irrevocable undertakings to subscribe for each
of their entitlements under the Rights Issue. At this point in
time, the Company does not plan to arrange for any underwriting
for the Rights Issue.

CAUTION TO BE EXERCISED ON THE TRADING OF SHARES

The Directors wish to caution Shareholders that at the present
moment, there is no certainty or assurance that any of the
Transactions would be successfully completed. The Directors,
with the assistance of UOBKH, shall be using their best
endeavours to enter into the Strategic Agreement with THC on or
before 30 November 2002. To the extent possible, the Company
shall be pursuing with the other measures including but not
limited to the Capital Reduction, Scheme Variation, Best Effort
Debt Conversion, WCP Evaluation and the Banking Arrangements.
Meanwhile, Shareholders should exercise due caution in buying or
selling shares of the Company on the SGX-ST.

ILLUSTRATIVE PROFORMA FINANCIAL EFFECTS AND ILLUSTRATIVE
SHAREHOLDING COMPOSITION

Financial Effects

For illustration purposes only, the financial effects set out
beneath are based on the following assumptions:-

(a) the total amount of debts restructured is S$6.5 million,   
    pursuant to the Scheme Variation of S$4.5 million and a
    minimum Best Effort Debt Conversion of S$2.0 million;

(b) the cash consideration pursuant to the Strategic Issue is
    S$8.0 million;

(c) the basis of the Rights Issue is 3 Rights Shares for every 2
    Existing Shares; and

(d) the basis of the Preferential Offering is 1 Strategic Share
    for every 2 Existing Shares.

The financial effects of the Transactions on the share capital
of the Company, net tangible assets ("NTA") and the gearing of
the Group are based on the unaudited proforma financial
statements of the Group for FY2002 and on the assumption that
the Transactions are completed as at 30 June 2002. The financial
effects of the Transactions on the earnings of the Group are
based on the unaudited proforma financial statements of the
Group for FY2002 and on the assumption that the Transactions are
completed as at 1 July 2001.

INTERESTS OF DIRECTORS AND SUBSTANTIAL SHAREHOLDERS

Save for the Capital Reduction, the Rights Issue and the
Preferential Offering, none of the Directors and substantial
Shareholders has any interest, direct or indirect, in the
Strategic Issue, the Scheme Variation and the Best Effort Debt
Conversion.


PROPOSED EXTRAORDINARY GENERAL MEETING

The Company will be convening an EGM to seek Shareholders'
approval for the Transactions contemplated under the Strategic
Agreement.

A circular containing further details of the Transactions will
be despatched to the Shareholders in due course.


PROSPECTS OF THE GROUP

In the Group's full-year results announcement on 30 Sep 2002, it
was stated that, "management expects that the Group shall be
presented with more opportunities than in the past few years".
This was attributable in part to the fact that "many small to
medium sized (construction) companies (will) be displaced from
the scene" and "coupled with the re-grading (to a lower grade)
of the remaining (construction) companies by the Building and
Construction Authority of Singapore".

During the year, the Group adopted cost control measures and
close monitoring of project costs. As a result of these measures
and insofar as the Group can secure new projects, the Management
expects the Group's performance and results to improve as
compared to the substantial losses for FY2002.

However, the Management wishes to caution that any undue delay
that the Group takes to resolve its current funding difficulties
can potentially weaken and adversely affect its performance and
results for the current year. A major effect would be to slow
down or hinder its ability to secure jobs.

Accordingly the Directors are of the opinion that time is of the
essence. The Transactions set out in this Announcement are
matters to be pursued with urgency.


DIRECTORS' RESPONSIBILITY STATEMENT

The Directors collectively and individually accept full
responsibility for the accuracy of the information given in this
Announcement, and confirm, after making all reasonable
enquiries, that to the best of their knowledge and belief, the
facts stated and opinions expressed in this Announcement are
fair and accurate in all material aspects as at the date hereof,
and that there are no material facts the omission of which would
make this Announcement misleading.

For more information, go to
http://bankrupt.com/misc/tcrap_weepoh1109.htm




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
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USA, and Beard Group, Inc., Washington, DC USA. Lyndsey Resnick,
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Copyright 2002.  All rights reserved.  ISSN: 1520-9482.

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