/raid1/www/Hosts/bankrupt/TCRAP_Public/021113.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

         Wednesday, November 13, 2002, Vol. 5, No. 225

                         Headlines


A U S T R A L I A

AMP LIMITED: Virgin Group Willing to Buyout Virgin Money Stakes
PMP LIMITED: Forecasts Substantial Drop in First-half EBIT
PMP LIMITED: Weak Earnings Forecast Puts Firm on CreditWatch


C H I N A   &   H O N G  K O N G

LAI SUN: Sells Stake in Asia Television for HK$360 Million
MEDIANATION INC.: Widens Third Quarter Losses by Fivefold


I N D O N E S I A

BANK DANAMON: Short-, Long-term Obligations Rated 'B'
BANK NIAGA: Layoffs Out of the Question as CAHB Plans Expansion


J A P A N

ACT SAGYO: Real Estate Firm Enters Bankruptcy
ANRITSU CORP: Unveils 1H02 Financial Summary
COSMO OIL: R&I Downgrades Rating to BBB-
INOUE ELECTRIC: Real Estate Firm Enters Bankruptcy
KOMATSU LIMITED: Returns to Y1.86B Profit in 1H02

MAZDA MOTOR: On Track to Achieve FY2002 Targets
MINOLTA CO.: Posts Y3.17B Profit in 1H02
MITSUBISHI HEAVY: Closing Loss-Making Plant in 2003
NTT DOCOMO: Revises PHS Data Transmission Charges
SUMITOMO METAL: Seeking Y50B Capital Funds From Sumitomo Mitsui

SUMITOMO METAL: Unveils Mid-Term Plan This Month
TOSHIBA CORPORATION: Sees Tech Recovery in 2003


K O R E A

DAEWOO SECURITIES: Shares Fell 2.5 percent on Tuesday
HYNIX SEMICONDUCTOR: Dong Bang Likely to Acquire Unit
HYUNDAI MOTOR: US Unit Raises $220M in Loans to Pay Debt
KOREA ELECTRIC: Korean, Foreign Bidders Submit LOIs
KUMHO GROUP: Plans to Raise W235B in ABS


M A L A Y S I A

MALAYSIAN RESOURCES: Wins Temporary Stay of Judgment Default
MBF CAPITAL: Proposes Changes in Debt Settlement Scheme
MENTIGA CORPORATION: HSBC Sues Over Unpaid RM6.3 Million Loan
SJA BERHAD: AmMerchant Bank Sues Unit for Unpaid Loan
TECHNOLOGY RESOURCES: Denies Uncovering More Accounting Scam


P H I L I P P I N E S

MUSIC CORPORATION: Reschedules ASM on December 9
NATIONAL BANK: Holds Vision-Mission Integration Program
NATIONAL BANK: Narrows Net Loss to Php1.4B
NATIONAL BANK: Appointment of Executive Officers
NATIONAL POWER: Launches US$250M 1-Yr Bridging Loan

NATIONAL STEEL: Malaysian Creditors Sign Restructuring Deal
NEGROS NAVIGATION: Posts 3Q02 Profit of P14.88M
PHILIPPINE LONG: Marcoses Deny Ownership-Settlement Claims

* President Arroyo reconstitutes CB-Board of Liquidators


S I N G A P O R E

ASIA PULP: Unveils Indonesian Units' Production Volumes
BOUSTEAD SINGAPORE: Reaches Settlement With ITE Electric
FLEXTECH HOLDINGS: Restructuring Loan Stock 2002
LKN-PRIMEFIELD: Unit Sells 69% Interest in WhiteBox Computer
NATSTEEL LTD: Clarifies the Importance of Shareholders in EGM

SEATOWN CORPORATION: Shuttering Engineering Unit
THAKRAL CORPORATION: Swings Into 1H02 Net Profit of US$7M
THAKRAL CORPORATION: Unit's Winding Up Petition Dismissed


T H A I L A N D

* Impaired Assets Restructured by TAMC so far Total THB379B

     -  -  -  -  -  -  -  -

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


AMP LIMITED: Virgin Group Willing to Buyout Virgin Money Stakes
---------------------------------------------------------------
Businessman Sir Richard Branson says he is willing to buy out
partner AMP Ltd if the latter decides to opt out of its 50%
investment in UK online financial services Virgin Money.

He clarified, however, that the joint venture partner has yet to
inform him of such a plan, let alone remotely indicated a desire
to do so.

"If they want out, we would be happy to buy them out, but they
haven't actually said they want out.  We would pay them a profit
to get out if they wanted to get out," he told AFX News in an
interview.

AMP Ltd is currently restructuring its business amid a slump in
earnings.  It recently opted out of substantial holdings in
several non-core ventures.  It has also begun cutting jobs.

"(Virgin Money) can almost decide when we want to be profitable.
If we decide not to acquire new customers we can be very
profitable today, but at the moment we're still in a growing
phase therefore it will take, in another year to be actually
bottom line profitable," Sir Branson said.


PMP LIMITED: Forecasts Substantial Drop in First-half EBIT
----------------------------------------------------------
PMP Limited announced Monday a first half EBIT forecast in the
range of AU$32 million to AU$35 million.  That compares to EBIT
of AU$59 million for the prior corresponding period, and AU$51
million in the prior corresponding period on a like for like
basis.  CEO Robert Muscat said the year-on-year shortfall, while
disappointing, was not unexpected.

"I announced at our AGM that there was considerable pressure on
our half-year result and this has proved to be the case. Market
conditions have continued to prove worse than expected: our
first quarter performance tracked below that of the previous
year and our second quarter figures are following that trend."

Without an improvement in market conditions, the Group expects
to see a proportionally similar degree of impact in its
traditionally smaller second half result. However, PMP also
reported a number of positive indicators that may mitigate the
impact of a lower than expected EBIT result on shareholders.

Mr. Muscat announced that PMP is still on target to achieve its
sub AU$300 million net debt level at the half year. He further
noted that the sale of UK publisher Attic Futura has netted the
Group a profit of AU$15 million.

"This will enable PMP to write off AU$9.5 million of refinancing
costs this financial year, as a result our full year interest
expense will reduce to approximately AU$30 million," he said.

Mr. Muscat said a worse than expected reduction in print market
volumes had created strong pressure on both sales revenue and
margins in the Group's print division.

"Print volumes are down, with the highest levels of excess
capacity in some of our core sectors, including directories,
retail, magazines and newspapers. This has created unprecedented
pressure on margins. All our media customers have been severely
hit by the protracted advertising recession, and this has had a
substantial knock on effect on our results."

He also said that PMP was continuing to focus on improving its
full year result by concentrating on key profitability drivers
including sales management, manufacturing efficiencies and
overhead costs.

The company operates in the areas of digital graphic arts,
printing, publishing and database management.  It is considered
as Australia's largest printing business, being the leader in
the magazine, retail catalogue and directory market segments.

For Further Enquiries:
Robert Muscat, CEO (02) 9464 3580
Richard Allely, CFO (02) 9464 3580


PMP LIMITED: Weak Earnings Forecast Puts Firm on CreditWatch
------------------------------------------------------------
Standard & Poor's placed on CreditWatch early this week the
'BB+' long-term corporate credit rating of PMP Ltd., citing the
firm's weaker-than-expected earnings and margins forecast for
its core print business.

Citing S&P's press statement, AFX-Asia said the company faces
significant competitive pressure and weak print volumes ahead.

"Although PMP is an inherently cyclical company and debt levels
have declined significantly in the past 12 months, this earnings
revision will reduce headroom under its debt facility covenants
in the next 12-18 months, particularly if expected working
capital gains and cost reductions are not achieved," S&P
associate of corporate and infrastructure ratings Paul Draffin
said.  

Resolution of the CreditWatch is expected to occur in the next
few weeks and will incorporate a review of the specific drivers
of the profit revision, the company's strategy and capacity to
improve earnings in the near term, and contingency plans in the
event that covenants are breached in the next 12-18 months, S&P
said.



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


LAI SUN: Sells Stake in Asia Television for HK$360 Million
----------------------------------------------------------
Ailing Lai Sun Development Co. Ltd has dispatched its 32.75%
stake in Asia Television Ltd to Chan Wing-kee, the broadcaster's
current chief executive.

According to AFX-Asia, Mr. Chan will pay HK$360 million for the
stake.  To be completed by year's end, the transaction will be
funded through bank borrowings.

Recently, auditors of Lai Sun 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.

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.


MEDIANATION INC.: Widens Third Quarter Losses by Fivefold
---------------------------------------------------------
China's leading seller of advertising on buses, MediaNation,
Inc., recorded a fivefold drop in third-quarter revenues,
posting Monday HK$47.5 million in losses.

According to Bloomberg, the company also posted a loss in the
same quarter last year, but this only amounted to HK$9.45
million.  Its HK$100.5 million sale this year is 12% off the
figure a year ago.

The company said retail sales fell 14 times during the last 15
months to September, as near-record unemployment made consumers
less willing to spend.  Bloomberg says MediaNation stock has
slumped 93 percent since the company went public on January 23.

The company plans to sell its printing and media-consulting
businesses.  Rival Clear Media Ltd. in August said it ended
talks to buy all of MediaNation.

Incorporated in the Cayman Islands, the company and its
subsidiaries offer advertisers access to one of the largest
networks of outdoor advertising displays in the People's
Republic of China and Hong Kong.  The group currently generates
revenue from three main business lines: bus advertising, metro
system advertising and i-Result, which offers an integrated
outdoor advertising service platform.

In the business advertising and metro advertising sectors, the
network established by the group includes the exclusive rights
to advertising displays on more than 17,000 buses in 17 major
cities in the PRC, 4,795 buses operated by two of the three
largest bus operators in Hong Kong and five out of the seven
metro lines currently operating in the PRC.



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


BANK DANAMON: Short-, Long-term Obligations Rated 'B'
-----------------------------------------------------
Fitch Ratings assigned early this week a 'B' rating on the
short- and long-term senior foreign currency obligation of PT
Bank Danamon.  

Although the rating agency believes the bank is constrained by
risks associated with doing business in Indonesia and the
government's weak financial position, still it raised the bank's
individual rating to 'D' from 'D/E' and affirmed its support
rating of 5T.

Fitch said Bank Danamon's focus on smaller borrowers within the
consumer and small- to medium-enterprise markets has boosted its
profitability, as competition is lower and the returns higher.

Bank Danamon posted a 26.5% rise in net profit for the nine
months to September to 729.1 billion rupiah from 576.5 billion a
year earlier.  

The bank is Indonesia's fifth largest bank with 48 trillion
rupiah in assets representing 5% of the system.

The government is planning to sell up to 71% of the bank through
a strategic sale of 51% and an on-market divestment of up to
20%.


BANK NIAGA: Layoffs Out of the Question as CAHB Plans Expansion
---------------------------------------------------------------
Malaysia's Commerce Asset Holding Bhd, which recently acquired
the majority stake in Bank Niaga, promised Monday not to layoff
anybody, as it plans to expand the business, instead.

"We are delighted to be working with Bank Niaga, which is one of
Indonesia's best managed and reliable banks with a recognized
brand and a growing commercial and retail franchise," said CAHB
director Rozali bin Mohammed Ali in a press statement.

"This deal ensures Bank Niaga customers that Bank Niaga is run
by a strategic investor focused on expanding the products and
services to meet their increasingly specialized needs... In
terms of employees, all Bank Niaga employees can be confident
that CAHB is interested in growth, not reduction," he assured.

The Malaysian firm reiterated that it is a long-term investor
committed to making the bank a success.

"We believe that CAHB and Bank Niaga have a range of
complementary skills, and that a combination of Bank Niaga's
management expertise and CAHB's know-how will benefit all our
stakeholders," Mr. Rozali was quoted by Jakarta Post as saying.

The Indonesian Bank Restructuring Agency (IBRA) sold a 51
percent stake in Bank Niaga to CAHB for 1.05 trillion rupiah
(about US$114 million) last Friday.

Following the sale, IBRA's stake in Bank Niaga fell to 46
percent from 97 percent.

CAHB is the financial group that owns Bumiputra-Commerce Bank
Berhad, Malaysia's second largest bank with 3.5 million
customers.  Listed on the Kuala Lumpur Stock Exchange since
1987, CAHB is engaged in various financial services like
commercial banking, merchant banking, stockbroking, venture
capital, and life insurance.



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


ACT SAGYO: Real Estate Firm Enters Bankruptcy
---------------------------------------------
The Japan court has declared ACT Sagyo KK bankrupt, according to
Tokyo Shoko Research Ltd.

The real estate firm, which has 90 million yen in capital, has
total liabilities of 29.7 billion yen.

The Company is located at Osaka-si, Osaka, Japan


ANRITSU CORP: Unveils 1H02 Financial Summary
--------------------------------------------
Anritsu Corporation presented on Friday the question and answer
summary for the first half of 2002 financial results as follows:

Question 1: The outlook for the fiscal year ending March 31,
2003 (FY2002) is unchanged from the outlook issued at the end of
the first quarter. How accurate is this forecast? Were there any
causes for concern in leaving the outlook unchanged?

Answer 1: For the second half of FY2002, we forecast net sales
of 53.2 billion yen, approximately 10 percent of which could
fluctuate depending on future orders. Principal factors in this
possible fluctuation include the level of orders to the Chinese
market, which will depend on investment to build the
communications infrastructure in the western part of the
country, as well as trends in U.S. and European markets, which
remain sluggish.

Question 2: What is your outlook for orders in the third and
fourth quarters?

Answer 2: We anticipate that total orders, as well as net sales,
will increase 38 percent over the first half. Seasonal factors
also particularly raise the importance of the fourth quarter.

Question 3: Since FY2001, the Company has reduced fixed costs by
a total of 10 billion yen. What are the Company's projections
for fixed costs for FY2002 and FY2003?

Answer 3: Fixed costs for FY2002 are projected at 62.5 billion
yen. For FY2003, fixed costs are projected at 60.0 billion yen.

Question 4: The cost of sales ratio for the first half of FY2002
is at an all-time high. Is this because the profit margin for
products has deteriorated or is it due to some special factors?

Answer 4: The primary components of cost of sales are product
costs (materials and labor), production overhead, and R&D
expenses. Consequently, although the Company's efforts to cut
personnel and reduce investment, because net sales declined by
approximately 50 percent compared to the interim period of the
previous fiscal year, the ratio of fixed production expenses and
R&D expenses to net sales rose. The rise in the cost of sales
ratio has not been due to particularly strong downward pressure
on product sales prices.

Question 5: Are there plans to include Cisco Systems in
Anritsu's Global Account Program (GAP)?

Answer 5: Cisco is one of the Company's most important
customers, and is currently contacted in top-level
communications as one of the approximately 50 companies involved
in the Key Account Program (KAP). Introducing Cisco to GAP will
require developing a closer partnership between each division of
the two companies.

Test and Measurement Business Q&A

Question 6: What are the results of the Test and Measurement
business broken down by the two internal companies Photonic
Measurement Solutions (hereafter, the "Photonic Division") and
Wireless Measurement Solutions (hereafter, the "Wireless
Division")?

Answer 6: For FY2001, net sales were 39.5 billion yen for the
Photonic Division, 22.5 billion yen for the Wireless Division
and 26.6 billion yen for business divisions within overseas
subsidiaries, for an overall total of 86.6 billion yen in net
sales for the Test and Measurement business. For FY2002, we
forecast net sales of 16 billion yen for the Photonic Division,
26 billion yen for the Wireless Division and 20 billion yen for
business divisions within overseas subsidiaries, for an overall
total of 62 billion yen in net sales for the Test and
Measurement business. As for the outlook for profit and loss,
although we expect severe conditions in the Photonic Division,
the profitability of the Wireless Division and divisions at
overseas subsidiaries support a projection of 0.3 billion yen in
operating income for the Test and Measurement business.

Question 7: At the financial results presentation, there was
discussion of a shift from the R&D applications phase to the
manufacturing applications phase for test equipment for W-
CDMA[*1]. For FY2003, how many orders do you anticipate for test
equipment for manufacturing?

[*1] W-CDMA (Wideband Code Division Multiple Access): Part of
the IMT-2000 (International Mobile Telecommunications 2000),
which is one of the global standards for next-generation mobile
communications systems.

Answer 7: Anritsu presently holds the top share (60 percent) of
the market for W-CDMA test equipment. Demand for signaling
testers, a core product, increased as customers began initial
investment into W-CDMA-related research and development. Since
that period, demand has continued for systems that combine a
signaling tester with the Protocol Test System (PTS) software
Anritsu provides, as well as extensions. Combined with products
for manufacturing applications, we expect to maintain a strong
level of orders in the future.

Question 8: What are the most recent conditions in the W-CDMA
market in China, and what is the forecast for FY2002 and FY2003?

Answer 8: In the mobile communications market in China, GSM
currently has strong momentum, but at the same time, PHS is
spreading rapidly in the central and western regions of the
country. In the future, we will see a shift from GSM to GPRS[*2]
(which began service in May 2002), and the next trend will
center not on W-CDMA, but on CDMA2000[*3] applications, such as
CDMA 1x. As a result, we expect that W-CDMA will be in
widespread use by FY2004.

[*2] GPRS (General Packet Radio Service): A Packet Radio Service
on the network of GSM (Global System for Mobile Communication).

[*3] CDMA2000: One of standards for third-generation mobile
communications proposed by U.S., which makes the transition to
broadband based on cdmaOne, a second-generation mobile
communications standard.

Q9: How many IP(Internet Protocol)-related engineers does the
Company currently employ? What are your future personnel targets
for engineers?

Answer 9: Approximately 60 percent of the engineers in the
Photonics Division are involved in the development of LANs
(Local Area Networks) and other networks related equipment,
which requires knowledge of IP technology. In the future, we
will work to increase the number of engineers and to raise their
expertise.

Question 10: Why have orders for the MD1230A Data Quality
Analyzer lagged six months behind the previous target?

Answer 10: It took much longer to penetrate the market than we
had originally anticipated, but we are currently implementing
Value Added Retail (VAR) and have made considerable progress.

Anritsu Corporation is a leading maker of communications
equipment such as switches and routers for local and wide area
networks. It is also heavily involved in the production of
measuring systems for optical and digital networks, as well as
weighing machines used on production lines at food, drugs and
other manufacturing companies. Anritsu is 26.6 percent owned by
NEC Corp, and over 40 percent of its sales are to overseas
customers. For further information, please visit the Anritsu
Corporation home page at: www.anritsu.co.jp/English/index_E.html

In March, Anritsu Corporation decided to accelerate a
management-restructuring plan due to severe economic downturn,
according to the Troubled Company Reporter-Asia Pacific.

The Company announced the following conclusion after their
thorough consideration and discussion in the firm.

According to WorldVest Base, as of 2000, Anritsu Corporation has
Y38.2 million current liabilities and fixed assets of Y32.2
billion.

Contact:
Anritsu Corporation
Shoichiro Nakamura
nakamura.shouichirou@aa.anritsu.co.jp
81-03-3473-7202


COSMO OIL: R&I Downgrades Rating to BBB-
----------------------------------------
Rating and Investment Information, Inc. (R&I), has downgraded
these Cosmo Oil Co., Limited ratings to:

Senior Long-term Credit Rating
R&I RATING: BBB- (Downgraded from BBB)
ISSUE: Long-term Bonds (4 Series)
R&I RATING: BB+ (Downgraded from BBB-)
ISSUE: Domestic Commercial Paper Program
R&I CP RATING: a-2 (Affirmed)

ISSUE: Bonds Rated Issue Date Redemption Issue Amount (mn)
Unsec. Str. Bonds No. 1 Jun 25, 1997 Jun 25, 2003 Yen 15,000
Unsec. Str. Bonds No. 2 Jun 25, 1997 Jun 25, 2007 Yen 10,000
Unsec. Str. Bonds No. 3 Aug 08, 1997 Aug 08, 2007 Yen 10,000
Unsec. Conv. Bonds No. 3 Mar 17, 1994 Mar 31, 2005 Yen 30,000

RATIONALE:

Cosmo Oil (Cosmo) is a domestic petroleum refiner/retailer in
Japan with operations ranging from development to refining and
marketing. The industry's long-pending excess supply issue has
not yet been resolved and the Company has been exposed to the
fierce price competition. Since Cosmo's operations are dependent
on oil, its profitability is sensitive to movements in crude oil
and retail gasoline prices, and it lacks stability and growth
potential. So far Cosmo has actively pursued its cost reduction
program, but has already gained nearly all of the benefits to be
had through rationalization.

It is currently engaged in various value-creation-targeted sales
promotions. However, severe market deterioration outweighs the
effect and the Company's earnings potential is flagging. The
level of interest-bearing debt is excessive in comparison to its
capacity to generate cash flow from core operations. Cosmo does
not have adequate capital, and there has been no real
improvement in the financial base.

Saddled with excess capacity in the midst of a harsh operating
environment, Cosmo's medium-to-long-term outlook is clouded, so
its senior long-term credit rating has been downgraded to BBB-
and its long-term debt ratings have been downgraded to BB+.

It should be also noted that R&I has incorporated the recovery
risk factor into the 1-notch differential for the rated bonds,
as Cosmo's interest-bearing debt level is high in comparison to
its assets.


INOUE ELECTRIC: Real Estate Firm Enters Bankruptcy
--------------------------------------------------
The Japan court has declared Inoue Electric bankrupt, according
to Tokyo Shoko Research Ltd.

The MFR Transformers, which has 170 employees, has total
liabilities of 8 billion yen.

The Company is located in Hyuga-si, Kyoto, Japan


KOMATSU LIMITED: Returns to Y1.86B Profit in 1H02
-------------------------------------------------
Komatsu Limited posted a net profit of 1.86 billion yen in the
first half of this year to September 30, versus a loss of 42.67
billion yen a year earlier, Kyodo News said on Friday.

The construction machinery Company was freed from the need to
book a hefty valuation loss associated with its two U.S. silicon
wafer factories.

Standard & Poor's said on March 5, 2002 that it had placed its
triple-'B' long-term corporate credit ratings on Japan-based
Komatsu Ltd. on CreditWatch with negative implications. The
CreditWatch listing reflects a weakening in the Company's
earnings prospects over the short to medium term, particularly
in its core construction machinery business. The 'A-2' short-
term ratings on Komatsu's subsidiary, Komatsu Finance America
Inc., were also placed on CreditWatch negative.

Komatsu recently cut its earnings forecasts for fiscal 2001
(ending March 31, 2002) for the third time, and now expects to
post an operating loss of Y15.5 billion, compared with
itsprojection of an operating profit of 10 billion in November
2001. The downward revision is primarily due to a worse-than-
expected fall in construction equipment demand and prices in
Japan, resulting in very low operating profitability in the
construction machinery business. In addition, the Company's
electronics business is also likely to suffer higher-than-
expected losses owing to soft demand and inefficient inventory
management.


MAZDA MOTOR: On Track to Achieve FY2002 Targets
-----------------------------------------------
Mazda Motor Corporation exceeded its revenue, profit and return
objectives for the first half of FY2002. Compared to the same
period last year, revenue increased by 12 percent, operating
profit was up 31 percent and net income more than quadrupled.

A weaker yen was a key factor in Mazda's improved profitability.
Mazda also reported that it is on track to achieve full year
FY2002 targets for volume and revenue growth, profitability and
cash flow. Full-year net income has been revised upward by 32.5
percent, from 20 billion yen to 26.5 billion yen, reflecting
recently announced domestic dealer restructuring measures.

Mazda's first half financial results and full year projection
are unchanged from the preliminary estimates released on October
31.

"Although we are seeing increased pressure on our net revenue,
we are achieving sustainable, profitable growth," said Mazda
President Lewis Booth. "Looking ahead, we must continue to
achieve our cost reduction targets as we did in the first half."

First Half of FY2002

Consolidated revenue for the First Half of FY2002 was 1,159.3
billion yen (US$9.5billion, 9.6 billion euro), an increase of
121.1 billion yen (US$987 million, 1,005 million euro) from the
same period of the previous year and an increase of 29.3 billion
yen (US$239 million, 244 million euro) from the original
projection. Operating profit was 14.6 billion yen (US$ 120
million, 122 million euro), an increase of 3.4 billion yen (US$
28 million, 29 million euro) from the same period of the
previous year, and up 3.6 billion yen (US$ 30 million, 31
million euro) from the original projection.

Ordinary profit was 9.1 billion yen (US$75 million, 76 million
euro), an increase of 4.3 billion yen (US$36 million, 36 million
euro) from the same period of the previous year, and up 6.1
billion yen (US$51 million, 51 million euro) from the original
projection. Net income was 5.5 billion yen (US$45 million, 46
million euro), an increase of 4.2 billion yen (US$35 million, 35
million euro) from the same period to the previous year, and up
3.5 billion yen (US$29 million, 30 million euro) from the
original projection.

Consolidated cash flow was negative 2.1 billion yen (US$17
million, 17 million euro). This represents a 2.1 billion yen
(US$17 million, 17 million euro) shortfall from the original
forecast of breakeven, more than explained by the delay in the
sale of subsidiary companies. Net debt was 453 billion yen
(US$3.7 billion, 3.8 billion euro), which is a decrease of 3.9
billion yen (US$ 32 million, 32 million euro) from the end of
the previous fiscal year.

On an unconsolidated basis, ordinary profit decreased compared
with the same period of the previous year by 3.5 billion yen
(US$28 million, 29 million euro) to 7.4 billion yen (US$61
million, 62 million euro). This is an increase of 6.4 billion
yen (US$53 million, 54 million euro) from the original
projection. Net income decreased by 2.8 billion yen (US$23
million, 23 million euro) compared with the same period of the
previous year, to 3.9 billion yen (US$32 million, 32 million
euro). This is an increase of 0.9 billion yen (US$7 million, 7
million euro) from the original projection.

Financial Projection for FY2002

FY2002 will continue to be demanding for Mazda. "Despite the
external and competitive challenges Mazda faces, we remain
confident of the course laid out in the Millennium Plan," said
Mazda President Lewis Booth. "Our new products are proving
successful in the marketplace and our brand strategy is solid.
We are optimistic about our future as we continue to build on a
record of delivering on our commitments."

The projection of financial results for FY2002 (from April 1 to
March 31, 2003) is as follows:

Sales revenue:   2,340 billion yen (US $19.1 billion, 19.4
billion euro) Up 245.1 billion yen from FY2001 (US $1,998
million, 2,035 million euro)

Operating Profit:    50 billion yen (US $408 million, 415
million euro) Up 21.5 billion yen from FY2001 (US $175 million,
179 million euro)

Net income:   26.5 billion yen (US $216 million, 220 million
euro) Up 17.7 billion yen from FY2001 (US $144 million,  147
million euro)

Note:

Dollar equivalents compiled at 122.65 yen to the dollar
(Exchange rate prevailing on September 30, 2002).

Euro equivalents compiled at 120.42 yen to the euro (Exchange
rate prevailing on September 30, 2002).

Mazda Motor Corporation was established in 1920 and is one of
Japan's leading automobile manufacturers. With its headquarters
in Hiroshima, Mazda has two plants in Japan and manufacturing
and assembly operations in sixteen other countries. Mazda cars
and trucks are sold in more than one hundred and thirty
countries. Ford Motor and Mazda agreed to collaborate in 1979,
Ford Motor Company started investing in Mazda and increased its
shareholding to 33.39 percent as of March 31, 1999.

According to Wright Investor's Service, at the end of 2002,
Mazda Motor had negative working capital, as current liabilities
were 920.05 billion yen while total current assets were only
725.14 billion yen.

Contact:

Mazda Motor Corporation
K. Yoshitake
yoshitake.k@tky.mazda.co.jp
03-3508-5022


MINOLTA CO.: Posts Y3.17B Profit in 1H02
----------------------------------------
Minolta Company posted a profit of 3.17 billion yen in first
half of this year to September compared to a loss of 22.73
billion yen a year earlier, due to cost-cutting efforts and
increased sales of office information products and digital
cameras, reports the Kyodo News.

The Group's principal activities are the development,
manufacture, market, providing services of information equipment
and optical equipment. The Group operates under the following
divisions: Image information products (photocopiers, printers,
micro equipment, facsimile machines, word processors, document
imaging products and accessories); optical products (cameras,
lenses, binoculars, radiometric instruments, planetariums and
accessories) and other operations. Image information products
accounted for 75 percent of fiscal 2002 revenues; optical
products, 21 percent and others, 4 percent.

According to Wright Investor's Service, at the end of 2002,
Minolta Company Limited had negative working capital, as current
liabilities were 286.55 billion yen while total current assets
were only 263.95 billion yen, Wright Investor's Service said.


MITSUBISHI HEAVY: Closing Loss-Making Plant in 2003
---------------------------------------------------
Mitsubishi Heavy Industries Limited will shut down its loss-
making Hiroshima plant in September of 2003, Kyodo News reported
Tuesday.

The name of the plant was not mentioned in the report.

The plant, mainly in charge of producing machine tools, will be
integrated into that sector's production center at the Ritto
plant in Shiga Prefecture, the report said.


NTT DOCOMO: Revises PHS Data Transmission Charges
-------------------------------------------------
NTT DoCoMo, Inc. and its eight regional subsidiaries recently
announced plans to revise its Personal Handyphone System (PHS)
data transmission charges, effective nationwide from December 1,
2002. The new fees will apply to all DoCoMo PHS users who have
not registered for P-p@c(TM) 10 or P-p@c20 PHS data transmission
discount service, yet access internet providers and intranet LAN
telephone numbers that are compatible with these services.

Currently, PHS customers who utilize basic Plan 270 but have not
subscribed to either P-p@c service pay 10 yen per minute for
usage between 2:00 a.m. - 7:00 p.m. and 13 yen per minute
between 7:00 p.m. - 2:00 a.m. Under the revised plan, users will
pay 10 yen per minute to access internet providers and intranet
LAN telephone numbers compatible with these discount services,
regardless of distance or time of day. Other PHS data
transmission billing plans that are calculated based on Plan 270
will also change. For Plan 135, the fee will remain 10 yen per
18 seconds irrespective of transmission hour and distance.

Customers that are registered for the mopera internet connection
service will continue to be charged 15 yen per minute
irrespective of transmission hour, distance and the basic
monthly plan they have signed up for.

In line with official requirements, DoCoMo notified the Ministry
of Public Management, Home Affairs, and Posts and
Telecommunications of its plans to revise PHS data transmission
charges.

NTT DoCoMo www.nttdocomo.com is the world's leading mobile
communications Company with more than 44 million customers. The
Company provides a wide variety of leading-edge mobile
multimedia services. These include , the world's most popular
mobile internet service, which provides e-mail and internet
access to over 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.

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

P-p@c is a trademark of NTT DoCoMo, Inc in Japan.

According to The Troubled Company Reporter-Asia Pacific, 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,
go to http://bankrupt.com/misc/tcrap_ntt1108.pdf


SUMITOMO METAL: Seeking Y50B Capital Funds From Sumitomo Mitsui
---------------------------------------------------------------
Steel maker Sumitomo Metal Industries Limited is seeking capital
funds worth 50 billion yen from Sumitomo Mitsui Banking
Corporation, Sumitomo Corporation and other members in the
Sumitomo group, reports the Kyodo News.

The debt-strapped firm will announce a restructuring program
this week that will center on capital injection from the
Sumitomo group as well as sweeping restructuring at the Wakayama
steel plant, one of its weakest units.


SUMITOMO METAL: Unveils Mid-Term Plan This Month
------------------------------------------------
Sumitomo Metal Industries Limited is drawing up a mid-term
business plan this month to strengthen its financial standing,
Dow Jones and Yomiuri Shimbun reported Tuesday.

The steel maker will trim its interest-bearing debt by about 600
billion yen by the end of March 2006 from the levels as of the
end of March 2002. Sumitomo Metal will accelerate its asset
sales for the move.

Such a reduction would represent about 36 percent of its total
group-based debt of 1.649 trillion yen at the end of March 2002.

Sumitomo Metal earlier said it plans to cut its group-based debt
by 178.7 billion yen this fiscal year to 1.47 trillion yen.

The Company's steps to cut its debt will be key to restructuring
its operations, particularly when it is considering ways to beef
up ties with Japan's other major steel makers.

The Troubled Company Reporter-Asia Pacific said the Company
recorded a net loss of 104.7 billion yen for fiscal 2001 through
March 31, 2002. The loss impaired the owners' equity. The
financial structure is poor relative to that of peers.


TOSHIBA CORPORATION: Sees Tech Recovery in 2003
-----------------------------------------------
Toshiba Corporation expects a strong recovery in global
technology demand in the second half of next year as new
products hit the market and companies upgrade equipment, Reuters
said on Friday.

President and Chief Executive Officer Tadashi Okamura said that
while the general outlook for next year remained uncertain,
Toshiba foresaw "a strong pick-up" in the last six months of
2003.

"There will be a need for efficiency by governments and
corporations in the use of technology to increase productivity,"
he said. "We'll see the next stage of the IT (information
technology) revolution."

Okamura said U.S. consumer confidence should hold firm for the
rest of this year, especially around Christmas, but that risks
included a U.S.-led attack on Iraq.

Markets in Europe and Japan were "still stagnant", he added.

The Troubled Company Reporter-Asia Pacific reported that Toshiba
in the three months to December 31 had a loss of Y84.9 billion
($636 million) versus a net income of Y11.1 billion in the year-
earlier period. Consolidated sales fell 14 percent to Y1.2
trillion from Y1.39 trillion.



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


DAEWOO SECURITIES: Shares Fell 2.5 percent on Tuesday
----------------------------------------------
Shares of Daewoo Securities Co. fell 130 won, or 2.5 percent, to
5,080 on Tuesday, according to Bloomberg.

The brokerage, which is up for sale, posted a wider net loss of
36.7 billion won in the three months ending September 30,
compared with 11 billion won loss based on preliminary figures
announced in October.


HYNIX SEMICONDUCTOR: Dong Bang Likely to Acquire Unit
-----------------------------------------------------
Dong Bang Electronics Co. is likely to acquire Hydis, the TFT-
LCD unit of ailing Hynix Semiconductor, as Hynix' main creditor
Korea Exchange Bank, is set to extend 210 million of loans to
the Dong Bang, the Maeil Business Newspaper said on Monday.

Creditors of Hynix have been reluctant to extend loans to Hydis
on concerns that they may not receive money they extend due to a
possible liquidity crisis.

Dong Bang had originally asked the creditors to offer loans of
$300 million, an 80 percent of $380 million, money that it needs
to acquire Hydis.

Creditors said they are mulling the proposal made by Korea
Exchange Bank.

Hynix Semiconductor signed a Memorandum of Understanding (MOU)
in September 26 to hand over Hydis to Dong Bank as a part of its
restructuring efforts.

DebtTraders reports that Hyundai Semiconductor's 8.625 percent
bond due in 2007 (HYUS07KRA1) trades between 60 and 65. For
real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=HYUS07KRA1     


HYUNDAI MOTOR: US Unit Raises $220M in Loans to Pay Debt
--------------------------------------------------------
Hyundai Motor Finance Company (HMFC), the U.S. unit Hyundai
Motor, will raise $220 million in loans and U.S. commercial
paper to pay back debt, Reuters said on Monday.

Hyundai Motor America, another overseas arm of Hyundai Motor,
will jointly participate in the issuance.

The carmaker said the three-year $100 million loan will carry an
interest rate 85 basis points above London Interbank Offered
Rates (LIBOR).

The one-year $120 million U.S. commercial paper will carry an
interest rate of 100 basis points over the U.S. commercial paper
rate.


KOREA ELECTRIC: Korean, Foreign Bidders Submit LOIs
---------------------------------------------------
State power monopoly Korea Electric Power Corp. (KEPCO) said
that ten Korean and foreign bidders submitted their letter of
intent to bid for Korea South-East Power Co., one of power-
generation units of state-run firm, the Digital Chosun said. The
asset value of Korea South-East is estimated at KRW2.7 trillion
or US$2.19 billion, and observers predicted that none of the
Korean bidders would be able to acquire the power unit alone,
and would have to form a consortium with foreign bidders.

Of the ten bidders, six are Korean firms including SK Corp.,
POSCO, Korea Chemical Co., and LG-Caltex, and four foreign
companies: Japan's Mitsuibishi, Hong Kong Electric, Singapore
Power International, and Powertel.

KEPCO said it would evaluate the qualification of the bidders by
November 18.

A single preferred bidder is expected to be selected early next
year. (M&A REPORTER-ASIA PACIFIC, Vol. No.1, Issue No. 224,
November 12, 2002)


KUMHO GROUP: Plans to Raise W235B in ABS
----------------------------------------
The Kumho Group is planning to raise 235 billion won this month
through asset-backed securities (ABS) and asset-backed loans
(ASL) in the local capital market, because of worries over
uncertain economic outlook for next year, Dow Jones and Seoul
Economic Daily reports Saturday.

The Company's unit Kumho Industrial Co. is also aiming to raise
a total of 150 billion won through two issuances of ABS, and 85
billion won via ASL, under the group-wide fundraising plans.

Kumho Group has suffered from mounting debt and losses in its
affiliates and units, including an air carrier, Asiana Airlines
Inc., and Kumho Industrial. Kumho Group had about 5.5 trillion
won in debt at the end of 2001.



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


MALAYSIAN RESOURCES: Wins Temporary Stay of Judgment Default
------------------------------------------------------------
Malaysian Resources Corporation Berhad wishes to announce that
on November 8, 2002 through its solicitors, Messrs Kadir Andri
Aidham & Partners, it filed applications to the High Court to
set aside the Judgment in Default dated July 8, 2002, to stay
the execution of the Judgment and to strike out the winding-up
proceedings by Juranas Sdn Bhd.

The Court granted Monday an Order to stay the execution of the
Judgment until the disposal of the application to set aside the
Judgment.

Malaysian Resources claims the default judgment being used by
Juranas Sdn Bhd as basis for its winding-up petition was
obtained irregularly.  Juranas has alleged that it was appointed
as a project manager for a joint venture project between MRCB
and Perbadanan Kemajuan Ikhtisas Negeri Kelantan for a
reforestation project in Kelantan.

Juranas is seeking RM48.39 million for the illegal termination
of the contract.


MBF CAPITAL: Proposes Changes in Debt Settlement Scheme
-------------------------------------------------------
Alliance Merchant Bank Berhad (Alliance), on behalf of the Board
of Directors of MBf Capital Bhd, wishes to announce that the
Company has decided to propose certain revisions to its
Proposals.

The revision will only be in respect of the Proposed Debt
Settlement. The revision to the Proposed Debt Settlement is due
to additional claims and provision for claims in the financials
of MBf Premier Bhd (formerly known as MBf Insurans Bhd) (MBf
Premier) which will result in an estimated loss of RM18 million
for the financial years ended/ending December 31, 2001 and
December 31, 2002.

The estimated loss is mainly due to the substantial increase in
medical claims which was not anticipated by MBf Premier.

Details of the revised Proposed Debt Settlement

The Proposed Debt Settlement was formulated by estimating the
recoverable value of the assets of MBf Capital Group as of
December 31, 2000 which will be distributed on a pro-rata basis
to the Unsecured Creditors of MBf Capital.

Based on the recent review of the financials of MBf Premier, it
was estimated that MBf Premier will show a loss of approximately
RM18 million for the financial years ended/ending December 31,
2001 and December 31, 2002, mainly due to additional claims and
provisions of claims.

The estimated recoverable asset values on a going concern basis
as of December 31, 2000 after adjusting for the provisions made
to the financials of MBf Premier are as follows:

                            As per Original     As per revised
                                  Proposals          Proposals
                                 12.31.2000         12.31.2000
                                 RM'Million         RM'Million

MBf Capital                              58                 58

MBf Premier                              71                 53

Others                                    2                  2
                                      -----              -----
                                        131                113

Goodwill of MBf Capital                  55                 55
                                      -----              -----
TOTAL                                   186                168
                                      =====              =====
                                   
Based on the revised Proposed Debt Settlement, the total
borrowings and returns to the Unsecured Creditors are as
follows:

                      PUSB            Total     Amount
             Cash   Shares   RCSLS  Recovery    Waived    Total
           RM'000   RM'000  RM'000   RM'000     RM'000   RM'000

DIRECT
CREDITORS

Syndicate  16,907   29,107   7,534   53,548    368,134  421,682
Lenders

Other         164      283      74      521      3,567    4,097
Creditors

LOCAL
CREDITORS
WITH MBF
CAPITAL
CORPORATE
GUARANTEE

Creditors  10,233   17,615   4,561   32,409    222,816  255,225
of MBf
Northern

Creditors   2,604    4,481   1,160    8,245     56,688   64,933
of Nation
Holdings
Sdn Bhd

Creditor      910    1,568     406    2,884     19,821   22,705    
of PT
Sejahtera
MBf
           ------   ------  ------   ------    -------  -------
           30,818   53,054  13,735   97,607    671,035  768,642

OFFSHORE
CREDITORS
WITH MBF
CAPITAL
CORPORATE
GUARANTEE

Creditors  12,897   22,202   5,745   40,844    280,809  321,653
of MBf
Credit

Creditors   9,441   16,251   4,209   29,901    205,548  235,449
of MBf-H's
subsidiaries
           ------   ------  ------  -------  --------- ---------
TOTAL      53,156   91,507  23,689   168,352 1,157,392 1,325,744
           ======   ======  ======   ======= ========= =========

% recovery/   4.0      6.9     1.8      12.7      87.3    100.00
waived


The revision to the Proposed Debt Settlement will only affect
the number of PUSB shares to be issued to the Unsecured
Creditors. The amount of cash and nominal amount of redeemable
convertible unsecured loan stocks (RCSLS) to be issued to the
Unsecured Creditors will not change.

Rationale for the revision to the Proposed Debt Settlement

The revision to the Proposed Debt Settlement is necessary to
address:

     (i) the asset values of MBf Premier has deteriorated due to  
         the additional claims and provisions of claims. In
         addition, the cessation of the hospitalisation and the
         medical insurance products, also affected the asset
         values of MBf Premier;

    (ii) the proforma net tangible assets (NTA) of the
         restructured entity will be estimated to reduce to
         below RM0.33 per share from the present proforma NTA of
         RM0.34 per share after the proposals, if no revision is
         made, and will result in non compliance with the SC's
         Guidelines of at least RM0.33 per share for
         restructuring proposals; and

   (iii) the adjustment to the estimated recoverable values of
         MBf Premier is considered fair and reasonable to all
         parties concerned as MBf Capital Group will not be able
         to provide for the overvaluation of the recoverable
         values of MBf Premier at the expense of its
         shareholders.

EFFECTS OF THE PROPOSALS

The financial effects of the Proposals on the share capital,
earnings, NTA, gearing and shareholding structure would be as
follows:

4.1 Share Capital

Upon completion of the Proposals, the existing issued and paid-
up share capital of MBf Capital will be reorganised and the
listing status of MBf Capital will be transferred to PUSB. The
eventual issued and paid-up share capital of PUSB would be
RM337,310,350 comprising 337,310,350 PUSB Shares. The changes in
the issued and paid-up share capital of MBf Capital on a
cumulative basis would be as follows:

                                   No. of New MBf       PUSB
                                   Capital Shares     Shares
                                             '000       '000

Existing                                  782,314          *

Pursuant to the Proposed Capital        (762,756)          -
Reduction/Proposed Consolidation
                                       ----------    -------
                                           19,558          *

To be issued pursuant to the:
Proposed Scheme of Arrangement                        19,558

Proposed Subsidiary Debt Restructuring                48,309

Proposed Debt Settlement                              91,507
   
                                                     159,374
Proposed Acquisitions                                125,736
                                                     -------
                                                     285,110

Upon conversion of RCSLS                              23,689

Upon exercise of the ESOS Options                     28,511

Resultant share capital                              337,310
                                                     -------

Note:

* represents two (2) shares

4.2 Earnings

The Proposals are not expected to have a material effect on MBf
Capital's earnings for the financial year ending December 31,
2002, as the Proposals are expected to be completed towards the
first half of the financial year ending December 31, 2003.
However, the Proposals are expected to contribute positively to
the future earnings of the PUSB Group.

COMPANY PROFILE

Financial services group, MBf Capital Bhd and its Group
companies, are principally involved in finance and leasing
operations, insurance and factoring. MBf Capital had been
incorporated for the purpose of consolidating all the domestic
financial subsidiaries and associated companies of the MBf
Holdings Bhd Group pursuant to a restructuring and
rationalization exercise of MBf Holdings. Under the exercise,
the public listing status of MBf Finance Bhd was transferred to
MBf Capital. In the same exercise, MBf Finance's shares were
transferred to MBf Capital in exchange for new shares.

The injection of MBf Finance and its subsidiaries including MBf
Securities Sdn Bhd, MBf Equity Partners Sdn Bhd and MBf Unit
Trust Management Bhd, with other financial services business of
MBf Insurans Bhd, MBf Leasing Sdn Bhd and MBf Card Services Sdn
Bhd into MBf Capital, provides for a clearer delineation of the
various financial services interests and promotes collaboration
among the entities comprising the financial services group. Now
a direct subsidiary of MBf Capital, MBf Finance had been listed
on KLSE from June 8, 1983 to January 14, 1993. The Group,
through MBf Finance, divested its interest in MBf Securities in
October 1995.

In February 2000, BNM announced that in line with the
consolidation of the local financial services industry, MBf
Finance was to merge with Multi-Purpose Bank Bhd. In July 2000,
MBf Northern Sdn Bhd (MNS), which had been placed under Special
Administrators, was successfully disposed of to PM Securities
Sdn Bhd for RM65m cash. In the same month, MBf Capital entered
into two SPAs for the sale of 20.07% and 11.55% in MBf Card
Services Sdn Bhd (MCS) respectively to Advent International
Corporation and Arab-Malaysian Capital Markets Group Sdn Bhd.
MCS was subsequently disposed of on December 18, 2000 to these
two parties.

Upon the completion of the sale of business and assets of MNS on
January 22, 2001, MNS has been placed under creditors' winding-
up at a creditors' meeting held on March 9, 2001. Two of its
subsidiaries have also obtained a restraining order in May 2001
expiring on May 22, 2001.

The restraining order obtained in turn will assist MBf Capital
by way of preventing any winding-up as the Company formulates a
corporate and debt restructuring exercise to regularise the
Group's financial condition. For that purpose MBf Capital had on
February 15, 2001 entered into a conditional Heads of Agreement
with Leisure Holidays Holdings Sdn Bhd (LHH) with a view to
acquiring assets and/or equity of certain companies in LHH via
the issue of new share and/or other instruments for a value not
less than RM150 million. As of June 1, 2001, the Company is
still finalizing the terms of the acquisition.

Also on June 1, 2001, MBf Capital entered into agreements to
acquire 51% in MBf Trust Management Bhd (MTM) and 100% in Nation
Holdings Sdn Bhd. The former will increase the Company's
interest in MTM from 19% to 70% while the latter will enable the
Company to gain control of landbank for future development. In
addition MBf Capital obtained BNM's approval for its subsidiary,
MBf Insurans to start negotiation with QBE Insurance Malaysia
Bhd with an intention to merge.

CONTACT INFORMATION: Block B1, Level 9
                     Pusat Dagang Setia Jaya
                     (Leisure Commerce Square)
                     No.9, Jalan PJS 8/9
                     46150 Petaling Jaya
                     Tel: 03-7877 3777
                     Fax: 03-7877 1051


MENTIGA CORPORATION: HSBC Sues Over Unpaid RM6.3 Million Loan
-------------------------------------------------------------
Pursuant to Paragraph 9.19(19) of the KLSE Listing
Requirements, Mentiga Corporation Berhad (MCB) wishes to
announce that HSBC Bank Malaysia Berhad (HSBC) had on
November 8, 2002 through its solicitors served on MCB a
notice of winding-up under Section 218 of the Companies Act,
    1965.

(2) MCB is indebted to HSBC in the sum of RM6,363,738.28
    inclusive of interest at 2% per annum above Base Lending
    Rate since April 3, 2001.

(3) The details of the defaults or circumstances leading to the
    serve of notice under Section 218 of the Companies Act, 1965
    are as follows:

     (i) HSBC initially granted credit facilities of RM9 million
         comprising of an overdraft facility of RM3 million,
         Bank Guarantee RM1 million and BNM ECR Pre/Post Export,
         Bills Purchased, Documents Against Acceptance, Trust
         Receipts of Balance acceptance, with combined amount of
         RM5 million.

    (ii) The credit facilities was granted as working capital
         for the plywood manufacturing operation and for export
         financing.

   (iii) MCB had duly utilized the credit facilities and
         subsequently was unable to regularize the credit
         facilities due to cash flow problems.

    (iv) On April 30, 2002, HSBC filed a Writ of Summon against
         MCB at the Kuantan High Court.

(4) The financial and operational impact of the notice under
    Section 218 of the Companies Act, 1965 are:

     (i) In the notice under Section 218 of the Companies Act            
         1965 served by HSBC, MCB is required to pay HSBC the
         total sum of RM6,363,738.28 within 21 days from the
         date MCB received the notice failing which HSBC shall
         file winding-up petition against MCB without further
         notice.

    (ii) Currently MCB is facing serious cash flow problem. In
         the meantime, the Menteri Besar of Pahang has
         personally taken over the debt and corporate
         restructuring exercise of MCB. MCB is not unable to
         determine the operational and financial impact of the
         notice and MCB had not received any debt and corporate
         restructuring proposal from the Menteri Besar of
         Pahang.

   (iii) Should HSBC be successful in winding-up, MCB will be
         liquidated.

    (iv) If MCB is wound-up by HSBC, the expected losses shall
         not exceed the total amount claimed by HSBC.

COMPANY PROFILE

The Company was formed as a JVC between Lembaga Kemajuan Negeri
Pahang (40%), TAB Holdings Sdn Bhd (30%) and MacMillan Jardine
Ltd of Canada (30%), to establish an integrated timber complex
to carry out downstream processing of forest products, and to
develop surrounding areas of Pekan, Pahang. In 1980, MacMillan
Jardine, as part of its worldwide restructuring, withdrew and
sold its shareholding to Amanah Saham Pahang Bhd which
subsequently acquired Mentiga's entire equity on April 20, 1990.

Initially, Mentiga's activities from 1971 to 1972 were confined
to logging in the Cini and Rompin Utara districts of Pahang. The
first phase of the integrated timber complex consisting of the
veneer and panelboard plant was completed and fully commissioned
in December 1973. Phase two, which included the sawmill proper
and laminated decking plant, was fully commissioned by mid-1975.
The Company discontinued the production of laminated deckings in
late 1984 due to low demand and increased cost of production.
This section was later replaced by the present prefabricated
housing division. In 1989, the Company acquired facilities for
overlaying plywood as part of its policy to add value in
downstream processing and product diversification. In 1993, the
Group increased its forest concession acreage to 139,000 acres.

The Group has since diversified into oil palm plantation and
property development. The Group currently has a total of 12,926
planted hectarage of palm oil estates located in Sungai Lembing
and at Pulau Belitung, Palembang, Indonesia. The Group is also
part of a consortium to privatize Kuantan Port.

CONTACT INFORMATION: 20th Floor East Wing
                     IGB Plaza, Jalan Kampar
                     50400 Kuala Lumpur
                     Tel: 03-4439411
                     Fax: 03-4431233


SJA BERHAD: AmMerchant Bank Sues Unit for Unpaid Loan
-----------------------------------------------------
This is to inform the public that on November 8, 2002, a
subsidiary in which SJA Bhd held 84.42%,  received a winding-up
order (K.L.High Court Winding-Up Petition No.D7-28-476-2002)
presented by Arab-Malaysian Merchant Bank Berhad.

The order was dated August 16, 2002.  The petitioner claimed a
sum of RM21,966,528.01, allegedly assigned by a third party to
the subsidiary for certain financial facilities granted by the  
financial institution to the third party.  The subsidiary  
contested, requesting the litigation be set aside. The request
was rejected.  The subsidiary has been dormant since April 1,
2000.

The financial impact on the Group would be the lost of
investment of RM4,153,700.

COMPANY PROFILE

SJA is a leading public bus transport company in the Southern
and North-Western regions of Peninsular Malaysia.  The Group
manages the only consortium of bus operators in the states of
Johor and Penang, and is the sole operator of buses providing
services between Penang Island and the mainland.

In late 1999, SJA acquired an additional four bus companies :
Amalgamated Link (M) Sdn Bhd, Kiara Melati Sdn Bhd, Kiara Tuah
Sdn Bhd and Senandung Harapan Sdn Bhd.  The fleet of buses
operating under the Group number 773.

CONTACT INFORMATION: 39, Jalan CO Lim
                     10250 Penang
                     Tel: 04-2263763/863
                     Fax: 04-2260663


TECHNOLOGY RESOURCES: Denies Uncovering More Accounting Scam
------------------------------------------------------------
Celcom (Malaysia) Bhd, which will become the holding company of
Technology Resources Industries Bhd following an internal
reorganization, says it has not spotted additional accounting
discrepancies in its books.  The company had previously
unearthed false invoices of some RM259 million.

The Edge Daily recently hinted that ongoing audits may have
uncovered further accounting discrepancies.  In a statement
Monday, the company disputed this, claiming that its special
operational and legal audits have not stumbled on any other
scam.

"We take the above allegations very seriously and shall be
writing to The Edge seeking their clarifications as to the basis
of their report on the additional alleged potential losses,"
Celcom said.

The false invoices were issued to Celcom Transmission Sdn Bhd, a
wholly owned subsidiary of Celcom (Malaysia) Berhad in 1998 and
1999.  The present Board of Directors of the Company has no
knowledge as to the use of the RM259.31 million. The matter is
now under police investigation.

The Edge is the same daily that had raised the idea that the
money may have found its way to the now defunct Taiping
Securities and may then have been used to prop up the Company's
share price during the 1998 financial crisis.



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


MUSIC CORPORATION: Reschedules ASM on December 9
------------------------------------------------
The Annual Stockholders' Meeting (ASM) of Music Corporation has
been moved from December 09, 2002 to January 17, 2003 due to
these reasons:

1. As disclosed to the Exchange on 20 February 2002, Music
Semiconductors, Inc. a 90 percent owned US subsidiary of Music
Corporation, is currently under Involuntary Petition No. 01-
56174 ASW entitled "In re Music Semiconductor, Inc." pending
with the United States Bankruptcy Court for the Northern
District of California, San Jose Division.

There will be a hearing on the plan of reorganization on
December 06, 2002.

In this connection, Michael Burton, the President of the MUSIC
Corporation, has to attend to the proceedings therein, and

2. In addition, management is still finalizing the business
plans for year 2003 of MUSIC Corporation, which will take into
account said plan of reorganization.


NATIONAL BANK: Holds Vision-Mission Integration Program
-------------------------------------------------------
The Philippine National Bank recently held its Vision-Mission
Integration Program at the Century Park Hotel.

Its Board of Directors and Senior Management led by Chairman
Francisco A. Dizon and President Lorenzo V. Tan collectively
crafted the Bank's new Mission and Vision Statements to ensure
the Bank's oneness of purpose and direction for the years to
come.

The senior executives also discussed a new set of corporate
values that will guide them in how they will conduct the Bank's
business and help reinvigorate the corporate culture.

For a copy of the press release, go to PNB's Website at
http://www.pnb.com.ph/news


NATIONAL BANK: Narrows Net Loss to Php1.4B
------------------------------------------
The Philippine National Bank (PNB) narrowed its net loss to 1.4
billion pesos in the 10 months to October versus a nine-month
loss of 1.5 billion, due to improvements in remittance and fee-
based businesses, AFX News said on Monday, citing President
Lorenzo Tan.

PNB's non-performing loans dropped to 43 billion pesos at end of
October from 54 billion due to "aggressive restructuring."

Tan added the sale of foreclosed assets, which totaled 2.1
billion pesos in the year to date, helped the bank cut losses.

However, he said the bank's NPL ratio remained at 52 percent, as
it is still hesitant to lend.


NATIONAL BANK: Appointment of Executive Officers
------------------------------------------------
The Philippine National Bank (PNB) has appointed Executive
Officers to the indicated positions effective upon assumption of
duties after approval:

1. Asterio L. Favis, Jr. Executive Vice President 2. Ramon L.
Lim First Senior Vice President

For more information, go to
http://bankrupt.com/misc/tcrap_pnb1112.pdf


NATIONAL POWER: Launches US$250M 1-Yr Bridging Loan
---------------------------------------------------
The National Power Corporation (Napocor) launched its expected
one-year bridging loan, cutting the deal's size to US$250
million from US$400 million, Reuters said on Monday.

Citibank/Salomon Smith Barney, Credit Lyonnais, Standard
Chartered Bank and Sumitomo Mitsui Banking Corporation are the
loan arrangers. The loan is guaranteed by the Philippine
government.

The power firm will raise US$750 million in a bond offering
later this year, backed by a partial guarantee from the Asian
Development Bank, that should cover the balance of the state
energy firm's financial requirements for 2002 and refinance the
bridging deal.


NATIONAL STEEL: Malaysian Creditors Sign Restructuring Deal
-----------------------------------------------------------
Pengurusan Danaharta Nasional Berhad, the Malaysian creditor of
National Steel Corporation (NSC), will sign a debt restructuring
deal on November 12 after three years of talks, AFX Asia
reports, citing Trade and Industry Secretary Manuel Roxas II.

The signing of the deal will be held in Kuala Lumpur and will
allow the reopening of National Steel's plant in Iligan, which
has been shut since 1999.

"We were able to accomplish our objective amid acrimony and bad
blood," said Roxas, who spearheaded the talks between the
creditors and the Malaysians.

Danaharta and other creditors agreed on a debt write-down and
conversion of some loans into equity, Roxas said.

The deal will slash NSC's debt to 2 billion pesos from the
current 16 billion and will give creditors an 80 percent stake
in the Company while diluting the Malaysians' holdings to 20
percent from 82.5 percent.

The two parties also agreed to sell National Steel's mill plant
in Iligan if the offer received by the new majority owners are
below 80 percent of the appraised value.
   

NEGROS NAVIGATION: Posts 3Q02 Profit of P14.88M
-----------------------------------------------
Negros Navigation Co. Inc. incurred a net profit of 14.88
million pesos in the third quarter of this year versus a net
loss of 314.77 million a year earlier, reports the Philippine
Daily Inquirer.

The shipping firm posted a net profit of 67.34 million pesos in
the nine-month period compared with a year-earlier net loss of
538.11 million.

According to Wright Investor's Service, at the end of 2001,
Negros Navigation Company Limited had negative working capital,
as current liabilities were 1.69 billion Philippine Pesos while
total current assets were only 445.74 million Philippine Pesos.


PHILIPPINE LONG: Marcoses Deny Ownership-Settlement Claims
----------------------------------------------------------
Following claims by former supporters that the Marcoses have
settled the ownership dispute for PhP2 billion, former
congresswoman Imelda Marcos said the Marcos family has not
settled its claim to ownership of Philippine Long Distance
Telephone Co (PLDT) shares, formerly held by the Cojuangco
family, the Philippine Daily Inquirer reported.

A lower court ruling has upheld that the Cojuangco family
lawfully acquired its 21 percent stake in PLDT. That ruling is
being contested by the government's anti-graft body pursuing the
Marcos family's alleged ill-gotten assets.

PLDT's current majority owner, First Pacific Co Ltd, acquired
part of its stake from the Cojuangcos. (M&A REPORTER-ASIA
PACIFIC, Vol. No.1, Issue No. 224, November 12, 2002)


* President Arroyo reconstitutes CB-Board of Liquidators
--------------------------------------------------------
President Arroyo has reconstituted the Central Bank Board of
Liquidators (CB-BOL), a body created by Congress to administer
and dispose of government agencies, banks and other assets that
have been assumed with the revision of the Bangko Sentral ng
Pilipinas (BSP) charter under Republic Act 7653, the Philippine
Star reports.

President Arroyo reconstituted the CB-BOL under Executive Order
141 dated October 24.

In her directive, President Arroyo said "there is a need to
rationalize the membership and representation" in the CB-BOL.

As reconstituted in EO 141, the CB-BOL shall be composed of a
Chairman and four members as follows: a representative of the
Office of the President (OP) who shall act as Chairman of the
board; a representative each of the Monetary Board (MB); an
undersecretary from the Department of Finance; an undersecretary
from the Department of Budget and Management (DBM); and the
executive director to be nominated by the Board.

"They shall be appointed by, and shall serve at the pleasure of
the President," President Arroyo stated in EO 141.

To date though, President Arroyo has yet to announce her
appointees to the newly reconstituted CB-BOL.

President Arroyo invoked Section 132 (c) of RA 7653 that
mandated all assets and liabilities of the CB created under RA
265, as amended, that were not transferred and assumed by the
BSP shall be retained, administered, disposed of and liquidated
by the CB itself, which shall continue to exist as the CB-BOL.

Arroyo said EO 169, issued on April 17, 1994, constituted and
prescribed that the CB-BOL originally be composed of a Chairman
and two members. This was subsequently amended by EO 455, which
increased the composition of the CB-BOL to a Chairman and four
members.

The composition of the CB-BOL was later reconstituted by EO 476
on March 31, 1998 and still further amended by EO 25, dated
September 21, 1998.

President Arroyo repealed EO 476 and EO 25, issued respectively,
during the former Ramos administration and the deposed Estrada
administration. She, however, retained EO 169, as amended by EO
455 to govern the CB-BOL.

During the Estrada administration, former Executive Secretary
Ronaldo Zamora chaired the CB-BOL.



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


ASIA PULP: Unveils Indonesian Units' Production Volumes
-------------------------------------------------------
Asia Pulp & Paper Company Ltd (APP) on Friday announced the
production, sales volume and operating data for PT Indah Kiat
Pulp and Paper Tbk (Indah Kiat), PT Pabrik Kertas Tjiwi Kimia
Tbk (Tjiwi Kimia), PT Pindo Deli Pulp and Paper Mills (Pindo
Deli) and PT Lontar Papyrus Pulp and Paper Industry (Lontar
Papyrus) (collectively, the Indonesian Subsidiaries) for the
second quarter, July and August 2002, together with current wood
costs and escrow account balances.

PRODUCTION, SALES VOLUMES AND AVERAGE REALIZED SALES PRICES FOR
THE SECOND QUARTER, JULY AND AUGUST 2002

The operating data APP is releasing today is preliminary only
and is subject to changes, some of which may be significant.
Therefore, you should not place undue reliance on the operating
information set forth in this press release.

The tables below set forth the preliminary production volumes,
sales volumes and average realized selling prices for APP's
Indonesian Subsidiaries.

Average Realized Sales Prices

The average realized selling prices described above should be
reviewed in the context of the following:

Until 1Q2001, the average realized sales prices comprised a
substantial amount of products for which the sales prices
included insurance and freight costs and a small amount of
products sold on an FOB basis for
which the sales prices did not include insurance and freight
costs. From 2Q2001 to 4Q2001, the Indonesian Subsidiarie s began
to sell an increasing amount of products on an FOB basis because
the Indonesian Subsidiaries had difficulties obtaining shipping
services after APP declared a standstill of its debt payments in
March 2001. From 1Q2002, the Indonesian Subsidiaries gradually
increased the amount of products sold on a CIF basis.

ESCROW ACCOUNT BALANCES

In a press release dated September 25, 2002, APP announced the
signing of escrow agreements by each of the Indonesian
Subsidiaries with Indonesian Bank Restructuring Agency to
facilitate a restructuring of the Indonesian Subsidiaries. As at
September 30, 2002, the balances
in the escrow accounts totaled US$100.0 million.

APP intends to continue providing relevant information not
commercially sensitive on a regular basis in an effort to
facilitate the restructuring of APP and its Indonesian
Subsidiaries.

APP is one of the world's leading pulp and paper companies. With
current pulp capacity of 2.3 million tonnes and paper and
packaging capacity of 5.7 million tonnes, it ranks number one in
non-Japan Asia.

Headquartered in Singapore, APP currently has 16 manufacturing
facilities in Indonesia and China and markets its products in
more than 65 countries on six continents.

For a copy the APP's production volumes, go to
http://bankrupt.com/misc/tcrap_app1112.pdf


BOUSTEAD SINGAPORE: Reaches Settlement With ITE Electric
--------------------------------------------------------
The Board of Directors of Boustead Singapore Limited announced
that Salcon Limited (Salcon), a Company in which Boustead
currently holds a 63.46 percent interest, has entered into a
Deed of Settlement (the Deed) terminating the conditional sale
and purchase agreement made between Salcon and ITE Electric Co.
Ltd (ITE) on 18 December 2001 (the Agreement). In connection
therewith, Boustead has also executed a corporate guarantee (the
Guarantee), guaranteeing all moneys due and payable by Salcon to
ITE and remaining unpaid under the Deed.

The Agreement

Salcon had on 18 December 2001 entered into the conditional
Agreement with ITE to:

(A) Sell to ITE the following shares (the "Sale Shares"):

1. 7,199,997 ordinary shares of par value 10.00 Philippine Pesos
each in the capital of Salcon Philippines, Inc.;

2. 77,705,162 ordinary shares of par value 1.00 Philippine Peso
each in the capital of Salcon Power Corporation;

3. 439,998 ordinary shares of par value 10.00 Philippine Pesos
each and an additional 40,000 ordinary shares of par value 10.00
Philippine Pesos each (pending the issue of such shares to
Salcon) in the capital of Salcon International, Inc.;

4. 420,197 ordinary shares of par value 10.00 Philippine Pesos
each and an additional 400,000 ordinary shares of par value
10.00 Philippine Pesos each (pending the issue of such shares to
Salcon) in the capital of Salcon Properties & Development
Corporation;

5. 12,000,000 ordinary shares of par value 1.00 Philippine Peso
each in the capital of Bohol Water Utilities, Inc,;

6. 978,182 ordinary shares of par value $1.00 each in the
capital of Salcon BioTechnologies Pte Ltd;

(B) Assign to ITE the loan from Salcon to Salcon International,
Inc. of 37,777,025 Philippine Pesos (the "Loan"); and

(C) Sell to ITE the property located at 34 Pioneer Sector 2
Jurong, Singapore 628389 (the "Property").

The consideration payable by ITE for the Sale Shares and the
Loan was the issue to Salcon of 192,951,356 new ordinary shares
of par value $0.20 each in the capital of ITE at an issue price
of $0.2021 for each ordinary share. The consideration payable by
ITE for the Property was $4.35 million in cash.

Completion of the conditional Agreement had not to date taken
place.

The Deed

Salcon and ITE have mutually agreed to terminate the Agreement
and to discharge and release each other from all obligations and
claims (if any) pursuant to the Agreement, on the terms of and
subject to the conditions of the Deed.

Salcon has agreed to pay ITE the sum of S$825,000, being part of
the total costs and expenses incurred by ITE in connection with
the Agreement (the "Settlement Sum"). The Settlement Sum is to
be paid by Salcon to ITE in 24 equal monthly instalments on the
first business day of each calendar month, the first such
instalment is to be made on 1 December 2002. If any sum due or
payable under the Deed is not paid within seven (7) days after
the due date then ITE reserves the right to charge interest on
such sum on a day-to-day basis (as well after as before any
judgement) from the due date to the date of payment (both dates
inclusive) at the rate of two per cent (2 percent) above the
prime rate per month or part thereof (compounded). "Prime rate"
for the purposes of the Deed means at any particular time the
average prime-lending rate then quoted by The Development Bank
of Singapore Limited, Oversea-Chinese Banking Corporation
Limited and United Overseas Bank Limited.

The Guarantee

The Deed is conditional upon Salcon procuring that Boustead
delivers to ITE the Guarantee, guaranteeing all moneys due and
payable by Salcon to ITE and remaining unpaid under the Deed.

Boustead has today duly executed and delivered the Guarantee to
ITE.

Financial Effects

Based on the Company's audited consolidated accounts for the
year ended 31 March 2002 (FY 2002), the payment of the
Settlement Sum by Salcon pursuant to the terms and conditions of
the Deed would have had the following financial effects:

(i) There would have been no significant impact on the
consolidated net tangible asset value per share of $0.24,
assuming that the payment had been made at the end of FY 2002;
and

(ii) The consolidated loss per share would have increased from
2.9 cents per share to 3.2 cents per share, assuming that the
payment had been made at the beginning of FY 2002.

None of the Directors of Boustead, or, as far as Boustead is
aware, its controlling shareholders, has any interest, direct or
indirect, in the transactions contemplated by the Deed.

The Company has not paid dividends during the last 12 months,
according to Wright Investors Service. The Company also reported
losses during the previous 12 months.


FLEXTECH HOLDINGS: Restructuring Loan Stock 2002
------------------------------------------------
Flextech Holdings Limited announced at the Meeting of the
holders of the Loan Stock 2002 held on Monday, the Extraordinary
Resolution referred to in the Notice of Meeting of the Holders
of the Company Loan Stock Due 2002 dated October 18, 2002 was
duly passed.

The Company will work with the trustee of the Loan Stock 2002
towards the expeditious completion of the definitive legal
documentation required for the successful restructuring of the
Loan Stock 2002 into the Varied Loan Stock (as defined in the
Circular dated 18 October 2002 to the holders of the Loan Stock
2002 (the Circular)). Upon the completion of the definitive
legal documentation, an up-front partial redemption of 25
percent of the outstanding principal amount of the Loan Stock
2002, will be given to the holders of the Loan Stock 2002 on a
pro rata basis.

As described in the Circular the approval for the restructuring
of the Loan Stock 2002 is part of the proposed initiatives to be
undertaken by the Company to reorganize its business and
corporate structure of the Flextech group of companies.

The Company will continue to update its shareholders and loan
stockholders on further developments.

The Directors of the Company wish to take this opportunity to
thank the loan stockholders who attended today's Meeting, and
those who submitted their proxy forms, for their support.


LKN-PRIMEFIELD: Unit Sells 69% Interest in WhiteBox Computer
------------------------------------------------------------
LKN-Primefield Limited (LKNP) announced that WhiteBox Computer
Pte Ltd (WB), a wholly owned subsidiary of Primefield Company
Pte Ltd, which is wholly owned by LKNP, had on October 15, 2002
sold its 60 percent interest in WhiteBox Computer (Malaysia) Sdn
Bhd (WBM) to Mr. Nur Jazman Bin Mohamed.

WBM has been dormant since beginning of year 2002. The sale was
transacted on a willing buyer and willing seller basis and the
sale price of RM1 (RM 1 being the minimum consideration required
by Malaysia stamp office for the purpose of the share transfer)
was agreed after taking into account WBM's net liabilities of S$
103,223 as at 31/12/2001. The net loss arising from the above
transactions of about S$ 13,000 would be recognized in LKNP
group's accounts in 2002.

The above transaction is not expected to have any material
impact on LKNP group's earnings per share and net tangible
assets per share.

The directors and substantial shareholders of LKNP have no
direct or indirect interest in the above transaction.


NATSTEEL LTD: Clarifies the Importance of Shareholders in EGM
-------------------------------------------------------------
Natsteel Limited responded to the news article, which appeared
in Streats Newspaper on November 8, 2002.

The Streats article said (in paragraph 2) that this
Extraordinary General Meeting (EGM) could be viewed as pointless
since the key men behind the (management) buyout Ang Kong Hua
and two of his lieutenants have already thrown their weight
behind a rival offer of S$2 per share by hotelier Ong Beng Sengs
98 Holdings.

The Company clarified that it is important that Shareholders
attend and vote at the EGM.   

Shareholders are reminded that they currently 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 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 - 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).

For a copy of NatSteel's Letter, visit
http://bankrupt.com/misc/tcrao_natsteel1112.pdf


SEATOWN CORPORATION: Shuttering Engineering Unit
------------------------------------------------
Seatown Corporation announced Monday that it is shutting down
its 51 percent-owned subsidiary Seatown-CREC Pte Limited,
Business Times reported Tuesday.

The unit carried out civil engineering works.

The Troubled Company Reporter-Asia Pacific reported that the
Board of Directors of Seatown Corporation Ltd announced that the
Company has, on September 4, 2002, made an application to the
High Court of Singapore pursuant to Section 210(10) of the
Companies Act, Cap. 50 of the Singapore Statutes, for an order
restraining specific creditors of the Company from taking any
further steps in any proceedings commenced by these creditors
against the Company now before the Courts of Singapore in any
other way continuing such proceedings (the Application).


THAKRAL CORPORATION: Swings Into 1H02 Net Profit of US$7M
---------------------------------------------------------
For the first half-year ending September 30, 2002, Thakral
Corporation's turnover was S$269.7 million compared with S$242.3
million in the corresponding period of the previous year. This
represents a growth of 11 percent reflecting the strong growth
in the Group's core business in trading and distribution of
consumer electronics in its principal markets of China and Hong
Kong.

Operating profit after tax for the first half was S$7.0 million
compared with a loss of S$6.6 million in the corresponding
period of the previous year.

For the first half year, the Group reported operating profits at
S$18.8 million (before interest, depreciation and amortization,
exchange loss, exceptional items, income tax and minority
interest) compared with S$19.5 million in the corresponding half
of last year. A one-off gain of S$9 million on the unwinding of
the Group's RMB hedge was included in the operating profit for
the corresponding period last year. After adjusting for this
one-off gain, the operating profit in the corresponding period
last year would have been $10.4 million. On a comparative basis
the current period shows a strong increase of 81 percent over
the previous corresponding period.

During the half-year, the Group benefited from a reduced
interest cost, with interest on borrowings reported at S$2.5
million, a significant reduction from the interest burden of
S$15.1 million in the previous corresponding period. The
decrease in financing costs was due to the overall reduction in
the Group's debt burden following the restructuring of its
balance sheet.

As a result of cost reduction programs, the Group reduced its
operating expenses by 23 percent from $25.5 million in the
previous corresponding period to $19.6 million in the current
half year.

During the period under review, the Group's operating income was
reduced by an unrealized exchange loss of S$5.0 million arising
from the translation of the Group's monetary assets and
liabilities, which are denominated in foreign currencies into
Singapore dollar. Most of the Group's operations are conducted
outside Singapore and hence its substantial assets net of
liabilities are denominated in currencies other than Singapore
Dollars. The appreciation of the Singapore Dollar against the
United States Dollar from 1.842 as at 31 March 2002 to 1.7777 on
30 September 2002 resulted in an unrealized exchange translation
loss.

The following is a summary of the performance of the Group's
principal business segments:

The Group's principal business of trading and distribution of
consumer electronics products performed well during the first
half ended 30 September 2002. Turnover was S$244.4 million, a
significant growth of 20 percent over the turnover of S$203.8
million reported in the corresponding half of last year. In the
current review period, sale of DVR cards increased by 172
percent to S$9.8 million as compared with S$3.6 million in the
corresponding period of the previous year.

Results for the half-year were also very positive, with this
business segment reporting a profit of S$20.9 million, an
increase of 28 percent from the S$16.3 million profit reported
in the corresponding half of the previous year.

This significant improvement in profitability of the consumer
electronics distribution business reflects the competitive
strengths that the Group enjoys in this activity. Margins during
the period under review remained robust across most products
lines, and in particular on high-end products.

The trading and distribution business segment continued to
manage its working capital efficiently with inventory and
receivable turnover standing at 44 days and 9 days as at 30
September 2002 compared with 44 days and 10 days respectively as
at 30 June 2002.

The Group's contract manufacturing unit in Shanghai reported a
turnover of S$12.6 million in the first half year compared with
S$24.1 million in the corresponding period last year due to loss
of a single largest customer, who was unable to retain its sales
contract with a Japanese major. As a result of the
underutilization of production capacity, this business unit
sustained a loss of S$1.5 million in the first half year
compared with a profit of S$6.7 million in the previous
corresponding period.

The combined home entertainment business in China, which
includes both the replication and distribution of optical discs,
reported a loss of S$2.7 million on a turnover of S$8.3 million
in the first half of the year. This compares with a turnover of
S$10.4 million and a loss of S$3.1 million in the corresponding
period of last year.

The reduced activity in the home entertainment segment is
attributed mainly to lower turnover in the Beijing replication
plant caused by pricing pressures. Higher material cost of
replication also adversely affected the results.

NTA per share increased to 9.34 cents as at 30 September 2002 as
compared with 8.94 cents on 30 June 2002.


THAKRAL CORPORATION: Unit's Winding Up Petition Dismissed
---------------------------------------------------------
Thakral Corporation's announced that the High Court of the Hong
Kong SAR has dismissed the winding-up petition against the
Group's dormant subsidiary, DOT Media Industries Ltd, at its
hearing on Monday.

The Troubled Company Reporter-Asia Pacific reported in April
that the Company completed its financial restructuring scheme.
Thakral Corp's total debt will be reduced from a current level
of approximately S$470 million as at 30 September 2001 to about
S$108 million at this financial year-end. Correspondingly,
interest burden will be reduced from a level of approximately
S$26 million in the current financial year to about S$4 million
for next year, based on the current rate of bank interest.



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


* Impaired Assets Restructured by TAMC so far Total THB379B
-----------------------------------------------------------
A total of THB379.6 billion worth of assets were restructured
during the ten months to October this year by the Thai Asset
Management Corp. (TAMC), said AFX-Asia, citing the finance
ministry early this week.  

According to Finance Minister Somkid Jatusripitak, the impaired
assets belong to some 1,300 debtors who submitted debt and
business restructuring plans during the period.  

The ministry says the TAMC will develop these assets with the
help of property developers.  A meeting with developers is
scheduled next week.  Developing the assets could involve either
project development or equity participation, the ministry said.

Mr. Somkid said he will soon call a meeting with state-owned
banks to encourage them to lend more to restructured debtors.
Only Krung Thai Bank currently has a policy of lending to
restructured debtors, he said.

He said he has also asked TAMC to coordinate with other state-
owned AMCs, including Sukhumvit AMC, in restructuring impaired
assets.

TAMC is aiming to restructure some THB500 billion worth of debts
this year, AFX-Asia said.




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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.  Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each.  For subscription
information, contact Christopher Beard at 240/629-3300.

                 *** End of Transmission ***