TCRAP_Public/021114.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

         Thursday, November 14, 2002, Vol. 5, No. 226

                         Headlines

A U S T R A L I A

COLES MYER: Another Institutional Investor to Vote Against Lew
COLES MYER: Expects Brisk Christmas Sales as Trends Show Upswing
NEW TEL: Lacks Cash, Might Not Survive this Quarter, Says Paper
PASMINCO LIMITED: Enters Sale Negotiation with CBH on Elura Mine


C H I N A   &   H O N G  K O N G

AES CHINA: To Benefit from American Parent's Bankruptcy
CHINA BICYCLE: Fails to Make Progress in Debt Restructuring
DIGITEL GROUP: Nine-month Losses Widen to HK$55 Million
HAINAN HAIDE: Regulator Gives Nod on Asset Restructuring Plan
LAI SUN: Cash Dips to HK$238 MM, Might Default on HK$7 BB Debt

UNIVERSAL TECHNOLOGIES: 1H02 Losses Widen to HK$6.2 Million


J A P A N


CHUGAI PHARMACEUTICAL: Posts Net Loss of Y26.15B in 1H02
DOWA MINING: Eyes Y45B Debt Cut in Three-year Plan
MARUBENI CORPORATION: Returns to Profitablility in 1H02
MITSUBISHI MOTOR: Swings Back to Profit
NIKON CORPORATION: Posts 1H02 Y3.48B Net Loss

SNOW BRAND: Selling 3% Stake in Unit to Suntory
SOGO KAIHATSU: Files For Rehabilitation Proceedings


K O R E A

CHOHUNG BANK: Likely to Delay Sale Until December
CHOHUNG BANK: Shinshan Purchase-Offer Price at Low End
CHOHUNG BANK: Union Snarls Bidders' Due Diligence Effort
CHOHUNG BANK: FSC May Sanction Bank Employees
CHOHUNG BANK: Executives Interfering With Sale Face Penalty

CHOHUNG BANK: Employees Holds Strike on November 20
DACOM CORPORATION: Offering W150B 3-Yr 5% Bonds Due 2005
HANARO TELECOM: Offering W170B Three-year Bonds Due 2005
HANBO STEEL: Breaks Record in Bar Production  
HYNIX SEMICONDUCTOR: Likely to Post 3Q02 Net Loss of Y390B

HYUNDAI ENGINEERING: Sees 3Q02 W48B Profit After Years of Losses
HYUNDAI MOTOR: Suspends Production of Atoz Subcompact
SSANGYONG INFORMATION: Incurs 3Q02 Net Loss of Y166.8B
WOORI BANK: Lone Star Agrees to Take Over Ailing Leasing Unit


M A L A Y S I A

AMSTEEL CORPORATION: Completes Disposal of Securities Business
EDARAN OTOMOBIL: Malaya High Court OKs Schemes of Arrangement
IGB CORPORATION: Dormant Affiliate in Voluntary Liquidation
KEDAH CEMENT: Malaya High Court Approves Scheme of Arrangement
MGR CORPORATION: Regulator Sets Restructuring Plan Conditions

TENAGA NASIONAL: Completes Book-building Process on Bond Issue


P H I L I P P I N E S

BAYAN TELECOMMUNICATIONS: Launches IP VPN Solutions
METRO PACIFIC: Signs Loan Agreement With Ayala and Unilab
METRO PACIFIC: Ayala-Campos Consortium Bids for 50.4% Stake
METRO PACIFIC: Ayala Denies Deal on Planned Acquisition
UNION CEMENT: Redeems P1.25B Long-Term CP's

UNIWIDE HOLDINGS: Narrows Net Loss to P239.75M


S I N G A P O R E

BOUSTEAD SINGAPORE: Schedules EGM on November 26
CHARTERED SEMICONDUCTOR: Releases Shareholding Filing Update
NATSTEEL LIMITED: Clarifies Sale of Assets to CCL Report
NATSTEEL LTD: Posts Notice of Shareholder's Interest
SEMBCORP INDUSTRIES: SFI Receives Support From Shareholders

* Asia-Pacific Insurance Industry Sees Further Failures in 2003


T H A I L A N D

AMORNPHANT NAKORN: To Appeal Default Judgment to Supreme Court
MODERN HOME: Executes Debt-equity Exchange Outlined in Debt Plan
TELECOMASIA CORPORATION: Q3 Jinx Continues, Losses Reach THB1 BB

     -  -  -  -  -  -  -  -


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


COLES MYER: Another Institutional Investor to Vote Against Lew
--------------------------------------------------------------
The Public Sector and Commonwealth Super funds group has joined
the ranks of institutional shareholders opposed to the re-
election of Solomon Lew to the Coles Myer board.

The group said it will similarly oppose the re-election of Mr.
Lew's ally, Mark Liebler, adding that other directors will also
be junked next year if the group continues to underperform.

The Public Sector and Commonwealth Super funds have about $10
billion under management for Australian government employees.  
Chief investment officer Andre Morony told The West Australian
that it has "more than a million shares in [Coles Myer], but not
a substantial holding."

Coles shares have lost 26 percent of their value this year
because of unexpectedly weak earnings.

Meanwhile, Mr. Lew has confirmed the purchase of another 10
million Coles Myer shares, taking his interest above 8 percent.
The $64 million purchase forms part of a block of more than 2
percent covered by options, which could allow the shares to be
offloaded quickly, the paper said.

AMP and the Queensland Investment Corporation have earlier said
it will vote against Mr. Lew.


COLES MYER: Expects Brisk Christmas Sales as Trends Show Upswing
----------------------------------------------------------------
Restructuring Australian retailer Coles Myer is optimistic sales
during the Christmas shopping season will be high, citing the
good trend so far.

"We haven't seen anything that would indicate any concerns in
sales trends," CEO John Fletcher told a teleconference,
referring to the run-up to the key Christmas period.

According to Reuters, overall sales in the 13 weeks ended
October 27 climbed to AU$6.3 billion from the year-earlier
AU$5.9 billion.

Majority of the board members are currently on a well-publicized
campaign trail to urge shareholders not to re-elect long-time
director Solomon Lew.  Mr. Lew, for his part, has also taken
advertising spots on both print and broadcast media to discredit
the claims of the eight directors opposed to his re-election.


NEW TEL: Lacks Cash, Might Not Survive this Quarter, Says Paper
---------------------------------------------------------------
Shareholders of Perth-based telecom New Tel have issued a notice
that it will hold a meeting early next year to remove CEO Peter
Malone, Chairman Harry Sorensen and US-based director Mark Hake.

According to the Sydney Morning Herald, shareholders are now on
a race with creditors to see if they can turf out New Tel's
executive team before the receivers are called in.

Preliminary annual results released in September showed New
Tel's cash reserves down to AU$4.4 million for 2001-02, a fall
of AU$18 million from the previous year.  The company reported a
net loss of AU$42 million on revenues of AU$145 million.
      
Industry sources said rescue plans had fallen through and the
company was looking at voluntary administration.  Accordingly,
New Tel's immediate problem is whether it has the cash to
survive this quarter, said the paper.

Suspended from trading last month, shares last traded at 4.8c.  
In the last two weeks, a proposed takeover of Digiplus also fell
through.


PASMINCO LIMITED: Enters Sale Negotiation with CBH on Elura Mine
----------------------------------------------------------------
Consolidated Broken Hill Limited (CBH) has entered into a
Memorandum of Understanding with Pasminco Australia Limited
(subject to a Deed of Company Arrangement), to conduct due
diligence with a view to negotiating the purchase of the Elura
zinc-lead-silver mine at Cobar, New South Wales.  An exclusive
period for due diligence, negotiation and completion of
documentation will apply until January 28, 2003. Concentrate
offtake agreements with Pasminco will form part of the proposed
sale and purchase arrangements.

Through a separate Letter of Understanding, CBH and Clough
Engineering Ltd (Clough) have agreed between themselves to
jointly conduct the due diligence and in the event of successful
purchase by CBH, to operate the Elura Mine through a jointly
held operating entity (50% CBH - 50% Clough). The mine assets
will be acquired 100% by CBH.

The Elura Mine, which commenced in 1983, currently operates at a
throughput rate of 1.1 million tonnes of ore per year to produce
approximately 73,000 tonnes zinc 42,000 tonnes of lead and
880,000 ounces of silver in concentrates. The most recently
published ore reserves (March 2002) totalled 4.6 million tonnes
at 8.8% Zn, 5.0% Pb and 52g/t Ag with ore resources quoted
(March 2002) as 13.9 million tonnes at 9.1% Zn, 5.6% Pb and
66g/t Ag.

If CBH is successful in negotiating the purchase of the Elura
mine, CBH proposes to extend the life of the mine to at least 7
years through installation of a backfill plant and to
significantly lower the operating costs by deepening the
existing shaft and introducing mine operating efficiencies.

For further information, contact Managing Director R E Besley by
Mail: Level 15, 380 St Kilda Road, MELBOURNE , VICTORIA,
AUSTRALIA, 3004 by Phone: (03) 9288 0333 or visit the company's
Web site: http://pasminco.com.au/



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


AES CHINA: To Benefit from American Parent's Bankruptcy
-------------------------------------------------------
AES Corporation, the parent of AES China, is trying to refinance
$2.1 billion in debt by December 15 and may seek bankruptcy if a
bond-exchange offer fails next month, DebtTraders reports,
citing an announcement from Standard & Poor's.

AES Corporation on Tuesday extended the offer from December 3
and offered more cash to bondholders. DebtTraders believe the
news will be a credit positive for AES China if AES
Corporation's Exchange Offer fails.

DebtTraders believe AES China will stop remitting dividends to
AES Corporation if it files for bankruptcy. In addition,
analysts do not believe AES Corporation will include AES China
in the bankruptcy process, because (1) U.S. bankruptcy law does
not apply in China, and (2) there is no reason for AES China to
file itself for bankruptcy in China.

If AES Corporation files for bankruptcy, DebtTraders believe it
will be a good opportunity to pick up the AES China 10.125% Bond
due '06 at a lower price.

DebtTraders reported that AES Corporation's 10.250% bond due in
2006 (AES06USR1) trades between 24 and 27. For real-time bond
pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=AES06USR1


CHINA BICYCLE: Fails to Make Progress in Debt Restructuring
-----------------------------------------------------------
Delisting from the Shenzhen Stock Exchange is now a looming
possibility for Shenzhen China Bicycle (Holdings) Co Ltd after
admitting recently that it had not gained any inroads to its
efforts to restructure and reduce debts.

AFX-Asia yesterday said shareholder Huarong Asset Management
Corp has been petitioning China Bicycle's other creditors to
restructure loans to the company, but has so far only managed to
persuade China Orient Asset Management Corp to waive interest
payments.

The company needs to turn in a full year profit or else be
delisted from the bourse.  China Bicycle reported full year net
losses of 2.26 billion yuan in 2001.

For more information, contact Li Hai or Xie Ruxian by Mail: No.
3008 Buxin Road, Shenzhen City, Guangdong Province, China 518019
by Phone: 0755-5516998 by Fax: 0755-5516620 or visit the
company's Web site: http://www.china-cbc.com


DIGITEL GROUP: Nine-month Losses Widen to HK$55 Million
-------------------------------------------------------
Net losses of Digitel Group Ltd for the nine months to September
has ballooned to HK$55 million from only HK$32.3 million a year
earlier, AFX-Asia said Tuesday.

According to the company, sales dropped sharply to HK$6.9
million from HK$56.5 million previously while operating loss
stood at HK$48.8 million from HK$30.5 last year.  No interim
dividend was declared, the news agency said.

Incorporated in the Cayman Islands, the group is principally
engaged in system integration and engineering of broadband
multimedia communication networks for public utilities and
service providers in Hong Kong and the People's Republic of
China, and provision of Internet Service Provider and
Application Service Provider services.

For more information, contact Lee Chuen Bit or Hon Chak Sang by
Mail: Century Yard, Cricket Square, Hutchins Drive, P.O. Box
2681GT, George Town, Grand Cayman, British West Indies.  

In Hong Kong, the company holds office at Room 1801, 18th Floor,
West Tower, Shun Tak Centre, No. 168-200 Connaught Road Central,
Hong Kong.  You may also visit the firm's Web site:
http://digitelgroup.com


HAINAN HAIDE: Regulator Gives Nod on Asset Restructuring Plan
-------------------------------------------------------------
Chinese conglomerate ST Hainan Haide Textile Industrial Co Ltd
announced early this week that its planned major asset
restructuring has received approval from the Securities
Regulatory Commission.

The company did not provide additional details, says Xinhua
Financial News.

According to the paper, ST (special treatment) companies have
had two consecutive years of losses and have a five percent
daily trading limit on their share price. Companies can also be
downgraded to ST status on account of financial or operational
irregularities or if their net-asset-per-share drops below the
par value of their stocks.

Hainan Haide Textile Industrial Co., Ltd.'s major operations
involve the production and sale of electrical and optic cables,
telecom materials, chemical fibers, and mineral water, as well
as information and high technology.  The company's stock trades
at the Shenzhen Stock Exchange.

For more information, contact Yu Faxiang (Corporate
Representative) by Mail: No. 5 Haide Rd., Haikou City, Hainan
Province by Phone: 0898-68535942 or by Fax: 0898-68535942


LAI SUN: Cash Dips to HK$238 MM, Might Default on HK$7 BB Debt
--------------------------------------------------------------
Lai Sun Development Co Ltd has until December 31 to sell assets
and raise as much as HK$6 billion if creditors will not agree to
extend the December 31 deadline for the repayment of debts.

Citing the company's annual report released recently, South
China Morning Post said the company only has HK$238.38 million
in ready cash to meet its looming liabilities.  This as losses
ballooned to HK$1.94 billion this year compared to last year's
HK$1.19 billion.

Ernst & Young, the group's auditors, labeled the company a going
concern, but it qualified that the validity of the assumptions
in the report "depends on the success in securing the agreement
of the exchangeable bondholders, the convertible bondholders,
eSun [an associate to whom Lai Sun owes HK$1.5 billion] and the
banks to the new restructuring plan and the refinancing
arrangements, together with the continued success of the orderly
disposal of certain group assets to generate additional positive
cash flow."
      
There was "significant uncertainty," Ernst & Young cautioned, as
to whether creditors would agree to wait any longer for their
money, or whether the asset sell-off would raise the needed
cash.

Last Tuesday, the group announced that it had agreed to sell its
remaining 32.75% stake in Asia Television to the TV operator's
chief executive, Chan Wing-kee, for HK$360 million.  The TV
station, along with Furama Hotel, and the Crocodile clothing
brand are among the company's prime holdings.  The newspaper
said Lai Sun's woes stem from the purchase of the Furama Hotel
at the height of the property boom in 1997, which cost nearly
HK$7 billion.

As of July 31, consolidated bank and other borrowings -
including a loan of HK$1.5 billion from associate eSun - along
with bonds issued by the group, amounted to HK$7.14 billion, of
which HK$6.19 billion were liabilities due by the end of the
year.  Earlier negotiations with bondholders saw repayments
deferred to December 31 this year. The group's principal banks
also agreed to hold off principal repayments to the same date,
the paper said.
      
"All the group can hope for is that its creditors will be
persuaded by the argument that it has enough assets to sell to
raise the necessary cash - including investment properties on
its books at a value of HK$4.98 billion," the paper said.


UNIVERSAL TECHNOLOGIES: 1H02 Losses Widen to HK$6.2 Million
------------------------------------------------------------
Universal Technologies Holdings Ltd continues to report negative
earnings after recording HK$1.84 million in losses during the
first half to September last year, AFX-Asia said Tuesday.

Losses for the same period this year ballooned to HK$6.22
million, despite recording a rise in sales to HK$2.8 million
from HK$2.2 million a year earlier.  The company will not hand
out dividends.

Registered in the Cayman Islands, the company is principally
engaged in the provision of enterprise solutions with a focus on
online payment and logistics in the People's Republic of China.

For more information, contact Lau Yeung Sang, Lau Sik Suen or
Man Wing Pong (Executive Directors) by Mail: Century Yard,
Cricket Square, Hutchins Drive, P.O. Box 2681GT, George Town,
Grand Cayman, British West Indies.

In Hong Kong, the company holds office at Units 1713-1716
Technology Park, 18 On Lai Street, Shatin, New Territories, Hong
Kong.  You may also visit the firm's Web site: http://uth.com.hk



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J A P A N
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CHUGAI PHARMACEUTICAL: Posts Net Loss of Y26.15B in 1H02
--------------------------------------------------------
Chugai Pharmaceutical Co incurred a group net loss of 26.15
billion yen in the first half of this year to September 30
versus a profit of 9.14 billion yen a year earlier, Kyodo News
said on Monday.

The poor results was due to 16,586 million yen in extra costs
related to its merger with Nippon Roche KK, the Japanese unit of
Swiss pharmaceutical firm Roche Holding AG.

During the 12-month period ending September 30, 2002, the
Company reported losses of 75.52 per share. This implies that
the management likely believes that the Company will return to
profitability soon, Wright Investor's Service said.


DOWA MINING: Eyes Y45B Debt Cut in Three-year Plan
--------------------------------------------------
Dowa Mining Co. announced a three-year management plan featuring
a cut of 45 billion yen in interest-bearing debts, Kyodo News
said on Wednesday.

The nonferrous metal Company's interest-bearing debt is expected
to reach 145 billion yen by March 31, 2003 the end of fiscal
2002.

The outstanding balance of interest-bearing debts is expected to
reach 145 billion yen by March 31, 2003 (end of fiscal 2002).

The management aims to reduce the amount of its interest-bearing
debt to 100 billion yen at the end of 2005.


MARUBENI CORPORATION: Returns to Profitablility in 1H02
-------------------------------------------------------
Trading house Marubeni Corporation returned to the black with a
net profit of 17.8 billion yen in the first half of this year to
September, due to cost cutting measures and removal of loss-
making units from its books, Japan Times reports.

Marubeni suffered a net loss of 107 billion yen in the same
period of 2001.

The report said cost cuts pushed up the group operating profit
by 14 billion yen while the sales of subsidiaries contributed 8
billion yen.

According to its midterm earnings report group sales fell 4.7
percent year-on-year to 4.31 trillion yen, while the group
operating profit for the six-month period came to 39.30 billion
yen compared with an operating loss of 18.84 billion yen
incurred in the same six-month period in 2001.

In September, PT Barito Pacific Timber filed petition in the
Central Jakarta District Court against Marubeni Corporation and
creditors after creditors failed to recognize Barito's stake in
PT Tanjung Enim Lestari declined to 40 percent after it wasn't
able to inject additional capital, thus failing to approve the
dilution of Barito's stake in pulp production subsidiary
Tanjung, the Troubled Company Reporter-Asia Pacific reports.


MITSUBISHI MOTOR: Swings Back to Profit
---------------------------------------
Restructuring Mitsubishi Motors Corporation posted a group net
profit of 6.64 billion yen ($55.45 million) in the first half of
this year, compared to a loss of 31.50 billion yen a year
earlier, according to Reuters on Tuesday.

The positive result was due to a softer yen, cost cuts and
robust sales abroad, which offset slumping demand for its cars
at home.

Sales rose 5.6 percent to 1.62 trillion yen.

The carmaker posted an operating profit of 23.48 billion yen in
the first half, versus a year-earlier loss of 13.06 billion yen.
It is expected to reach 77 billion yen for the full year.

According to Wright Investor's Service, at the end of 2001,
Mitsubishi Motors had negative working capital, as current
liabilities were Y1.95 trillion while total current assets were
only Y1.23 trillion.


NIKON CORPORATION: Posts 1H02 Y3.48B Net Loss
---------------------------------------------
Optical equipment maker Nikon Corp. posted a group net loss of
3.48 billion yen for the first half of this year due to the
slump in the semiconductor market and restructuring costs,
reports the Japan Times.

The midterm April-September loss compares with a group net
profit of 3.04 billion yen a year earlier.

The Company will skip dividend payments for the first half. It
paid an interim dividend of 4 yen per share a year ago.

Nikon suffered sharp drops in sales, which were cut almost in
half to 55.52 billion yen, and in operating profit, which came
in at a loss of 10.01 billion yen.

Among the one-time items booked during the six-month period, the
firm saw a loss of 10.18 billion yen due to an early-retirement
incentive package that targeted 700 group workers.

Wright Investor's Service said during the 12-month period ending
September 30, 2002, the Company reported losses of 33.85 per
share. This implies that the management likely believes that the
company will return to profitability soon.


SNOW BRAND: Selling 3% Stake in Unit to Suntory
-----------------------------------------------
Snow Brand Milk Products Co. will sell a 3 percent equity stake
in its unit Yukijirushi Access Inc. to Suntory Limited for 1.1
billion yen, Kyodo News said on Wednesday.

The deal will be completed on November 22 and will make major
trading house Itochu Corporation the biggest shareholder in the
frozen foods distributor with a 25 percent stake as it will
reduce Snow Brand Milk's stake to 23.22 percent.

The Agriculture, Forestry and Fisheries Ministry has approved
the rehabilitation plan of Snow Brand Milk Products Co., the
Troubled Company Reporter-Asia Pacific reports.

The dairy products firm was hit hard in 2000 by a widespread
food-poisoning scandal tied to its milk products. The group
suffered another savage blow from a beef-mislabeling scandal
caused by its unit Snow Brand Foods Co.  The unit disbanded on
April 30.


SOGO KAIHATSU: Files For Rehabilitation Proceedings
---------------------------------------------------
Resona Holdings, Inc. (Resona HD) announced that Sogo Kaihatsu
Co., Ltd. and its affiliated Company, Hirakata Kokusai Golf Co.,
Ltd. (The Companies), both of which are customers of Resona HD's
subsidiary banks, The Daiwa Bank, Ltd. (Daiwa Bank, President:
Yasuhisa Katsuta) and The Kinki Osaka Bank (Kinki Osaka Bank,
President: Yasuhiro Takatani), filed applications to the Osaka
District Court for commencement of civil rehabilitation
proceedings. Due to this development, there arose a concern that
the claims to the Companies may become irrecoverable or their
collections may be delayed. Details were announced as follows:

1. Outline of The Company
(1) Corporate Name 1. Sogo Kaihatsu Co., Ltd.

(2) Address:

Nishitenma Park Bldg. III, 8F
14-16 Nishitenma 3-chome,
Kita-ku, Osaka-shi
[Registered Address]
19-21 Hannancho 2-chome,
Abeno-ku, Osaka-shi

(3) Representative Norihito Hirai

(4) Amount of Capital 75 million

(5) Line of Business Management of golf courses

2. Hirakata Kokusai Golf Co., Ltd.

(1) Corporated Name: Hirakata Kokusai Golf Co., Ltd.

(2) Address:

Nishitenma Park Bldg. III, 8F
14-16 Nishitenma 3-chome,
Kita-ku, Osaka-shi
[Registered Address]
Tsuda 4546, Hirakata-shi,
Osaka-fu

(3) Representative Norihito Hirai

(4) Amount of Capital 45 million yen

(5) Line of Business:Management of golf courses

2. Fact Arisen to the Company and Its Date

1. Sogo Kaihatsu Co., Ltd.

The Company filed an application to the Osaka District
Court for commencement of civil rehabilitation proceedings on
November 11, 2002.

2. Hirakata Kokusai Golf Co., Ltd.

The Company filed an application to the Osaka District
Court for commencement of civil rehabilitation proceedings on
November 11, 2002.

3. Amount of the Claims to the Companies

1. Sogo Kaihatsu Co., Ltd. Daiwa Bank Kinki Osaka Bank
Loans: 0.6 billion yen
Loans: 1.8 billion yen

2. Hirakata Kokusai Golf Co., Ltd. Daiwa Bank Loans: 2.7 billion
yen Asahi Bank and Nara Bank, other subsidiaries of Resona HD,
have no claims to the Companies.

4. Impact of This Development on the Previous Earnings Forecast

This development does not affect the non-consolidated and
consolidated earnings forecasts for the first half of fiscal
year 2002, which was announced on October 25, 2002.

The press release is located at
http://bankrupt.com/misc/tcrap_sogokaihatsu1113.pdf



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K O R E A
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CHOHUNG BANK: Likely to Delay Sale Until December
-------------------------------------------------
The Chosun Ilbo daily reported that the sale of Cho Hung Bank
could be delayed until December after its labor union refused to
provide creditors with key Company documents, Standard & Poors
reports.

Separately, Cho Hung Bank attracted four initial bids ranging
between 4,800 won a share and 6,000 won, as much as 40 percent
lower than the bank's highest share price this year.

The government currently owns an 80 percent stake in Cho Hung.


CHOHUNG BANK: Shinshan Purchase-Offer Price at Low End
------------------------------------------------------
Shinhan Financial Group and three other institutions seeking to
buy a stake in Chohung Bank have proposed to buy the bank's
shares at KRW6,000 at most, about 23 percent lower than the
share's year-high of KRW7,780, The Maeil Business Newspaper
said, citing Financial Supervisory Commission and industry
sources.

Shinhan, the strongest candidate, proposed that it pay KRW4,800-
5,500, while prices offered by other institutions were mostly
below the KRW6,000  level.

The government and Chohung Bank want to sell the shares in the
nationalized bank at about KRW10,000 per share.

Japan's Shinsei Bank, US investment fund Cerberus and ABN AMRO
are among the bidders for a stake in Chohung Bank. (M&A
REPORTER-ASIA PACIFIC, Vol. No.1, Issue No. 225, November 13,
2002)


CHOHUNG BANK: Union Snarls Bidders' Due Diligence Effort
--------------------------------------------------------
The Korea Deposit Insurance Corp (KDIC), the government
organization in charge of selling off public fund-injected
banks, said that bidders' on-going evaluation of Chohung Bank's
assets has not been able to make headway in their due diligence
audit of the bank because the bank's labor union has been hiding
the core loan files of the bank, a report from the Digital
Chosun said.

KDIC said the government's plan to complete sale procedures by
the end of November is likely to be delayed by about a week.

The government, which owns 80 percent of Chohung Bank, is
planning to sell about a 10 percent-20 percent stake in its
latest block sale, but now is considering selling more than a 51
percent stake to speed up the bank's privatization.

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. (M&A REPORTER-ASIA PACIFIC, Vol. No.1, Issue No. 225,
November 13, 2002)


CHOHUNG BANK: FSC May Sanction Bank Employees
---------------------------------------------
The Financial Supervisory Commission (FSC) may impose sanctions
to Chohung Bank employees if they continue to disrupt procedures
of the Company's stake sale, Dow Jones and Dong-A Ilbo reported
Wednesday.

The report said the employees' union has seized documents needed
for due diligence to block bidders from conducting the
procedure.

If the government fails to sell the stake due to opposition from
the employees' union, Chohung Bank's management would have to be
responsible for any additional losses the bank incurs.

The Troubled Company Reporter-Asia Pacific reported that the
bank recently posted net losses of 42.7 billion won in the third
quarter largely due to a drop in value of shares held by the
bank.  The bank posted a net profit of 136.2 billion won in the
third quarter of last year.


CHOHUNG BANK: Executives Interfering With Sale Face Penalty
-----------------------------------------------------------
The government warned that Chohung Bank officials and executives
interfering with efforts to sell off the state held lender would
face penalty, Dong-a Ilbo and Bloomberg reported.

The report said some bank executives have been obstructing the
sale process, and the bank's labor union has been taking
documents necessary for interested bidders to assess the bank,
the report said, citing an official at the Financial Supervisory
Commission.

The government has the authority to punish Chohung executives as
stipulated in an agreement signed when it bailed out the lender
with public funds. If the sale breaks down, the government can
hold executives responsible for future bank losses.

The government is selling off the bank to recoup some of the 157
trillion won it spent bailing out the financial industry during
the 1997-98 economic crisis. Chohung and other financial
industry labor unions have called a stroke for November 20 to
oppose the sale.


CHOHUNG BANK: Employees Holds Strike on November 20
---------------------------------------------------
Chohung Bank's 5,500 employees will strike on November 20 to
protest government plans to sell 80 percent stake in the bank,
Bloomberg reports.

Industrial action has already delayed bidding for the bank until
early next month by a week.

Share in Chohung Bank increase 5 won, or 0.1 percent, to 4,460
on Wednesday.


DACOM CORPORATION: Offering W150B 3-Yr 5% Bonds Due 2005
--------------------------------------------------------
South Korea's Dacom Corp. will offer 150 billion won of three-
year unsecured bonds on November 20.

According to Dow Jones funds raised from the offering will go
toward repaying commercial papers and bills.

Dacom is South Korea's second largest fixed-line carrier.

Following are details of the planned issue:

Amount:            KRW150 billion
Maturity Date:     Nov. 20, 2005
Settlement Date:   Nov. 20, 2002
Coupon Rate:       5 percent
Coupon Frequency:  Quarterly
Issue Price:       95.20

Spread:            155Bps Above 3-Year Treasury Yield On
                   Nov. 19

Debt Rating:       BBB (Korea Investors Service Inc.)
                   BBB (National Information & Credit
                        Evaluation Inc.)

According to Wright Investor's Service, at the end of 2001,
Dacom had negative working capital, as current liabilities were
888.84 billion Korean Won while total current assets were only
519.00 billion Korean Won.


HANARO TELECOM: Offering W170B Three-year Bonds Due 2005
--------------------------------------------------------
Hanaro Telecom Inc. is offering 170 billion won of three year
unsecured bonds to refinance maturing debt, Dow Jones reports.

Details of the issue are as follows.

Amount:            KRW170 billion
Maturity Date:     Nov. 15, 2005
Settlement Date:   Nov. 15, 2002
Coupon Rate:       6 percent
Issue Price:       94.09
Issue Yield:       8.24 percent
Debt Rating:       BBB-

At the end of 2001, Hanaro Telecon Inc. had negative working
capital, as current liabilities were 904.82 billion Korean Won
while total current assets were only 642.77 billion Korean Won,
Wright Investor's Service reports.


HANBO STEEL: Breaks Record in Bar Production  
--------------------------------------------
Hanbo Steel surpassed the 1 million ton mark for producing
reinforcing bars, due to active construction market and good
participation by its labor force, the Korea Herald reports.

At this rate, the Company will likely have manufactured about
1.18 million tons in 2002. Hanbo planned on producing 1.10
million tons this year.

The bar maker outputted 980,000 tons in 1999, 976,000 tons in
1998, 1.02 million tons in 1999, 1.07 million tons in 2000 and
1.00 million tons last year.

According to the Troubled Company Reporter-Asia Pacific, the
Korea Asset Management Corporation (KAMCO) has reached an
agreement with AK Capital to sell Chohung Bank at US$377
million, about 8 percent lower than the fund's bidding price of
US$410 million.

KAMCO said the main sale contract would be signed within this
month.

Bids and negotiations to sell off the ailing steel firm have
been frequently suspended by disputes among the government body
and creditors for the last five years.


HYNIX SEMICONDUCTOR: Likely to Post 3Q02 Net Loss of Y390B
----------------------------------------------------------
Hynix Semiconductor is likely to post a net loss of 390 billion
won in the third quarter of this year versus a loss of 1.6
trillion won in the same period of 2001, due to hefty
restructuring charges and inventory write-downs dealt a serious
blow to its bottom-line, Dow Jones reports, citing Daewoo
Securities analyst Chang-won Chung.

Sequentially, however, Hynix will likely report a bigger loss
from the 418 billion won posted in the second quarter.

The chipmaker faces a declining chip prices and an uncertain
outlook for the information technology industry and heavy debt
requiring massive interest payments. The pressure on Hynix has
risen since its creditors gained control of the Company in June
after a 2.993 trillion won debt-for-equity swap.

Hynix' future remains cloudy as a final restructuring plan has
yet to be completed. Creditor banks are still undecided as to
the best way to recoup about $5 billion they have poured into
the chipmaker.

Creditors have commissioned Deutsche Bank AG (DB) to draw up
restructuring plans after a $3 billion deal endorsed by
creditors to sell Hynix's memory-chip operations and part of its
non-memory chip assets to Micron Technology Inc. (MU) collapsed
in late April.

Hynix last made a profit of 3.69 billion won in the first
quarter of this year.

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 ENGINEERING: Sees 3Q02 W48B Profit After Years of Losses
----------------------------------------------------------------
Hyundai Engineering & Construction Co. is likely to post a third
quarter profit of 48 billion won after cutting interest expenses
and write-offs, according to the average estimate of three
analysts surveyed by Bloomberg.

The names of the analysts were not mentioned in the report.

The analysts said the contractor is expected to return to profit
after three years of losses caused by debt costs and the failure
of customers to pay for jobs in Iraq and elsewhere.

Debtraders reports that Hyundai Engineering & Construction's
0.125% convertible bond due in 2004 (HYUNENC) trades between 70
and 80. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=HYNE04KRN1


HYUNDAI MOTOR: Suspends Production of Atoz Subcompact
-----------------------------------------------------
Hyundai Motor Co. has suspended production of its subcompact car
"Atoz" because of a fall in demand, Asia in Focus reported on
Tuesday.

However, the automaker's sister Company Kia Motors will continue
to produce the "Visto" subcompact for the time being.

Kia Motors also ceased production of its "Towner" commercial
vehicle in October.

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



SSANGYONG INFORMATION: Incurs 3Q02 Net Loss of Y166.8B
-----------------------------------------------------
Ssangyong Information and Communication Corporation incurred a
net loss of 166.8 billion won (US$130 million) in the third
quarter of this year, according to an Asia Times report.

"The sales performance was lower than expected. But we will
refresh the depressed mood as well as improve the value of our
Company," the firm's newly appointed President Kang Bok-soo
said.

According to Wright Investor's Service, during the 12-month
period ending June 30, 2002, the Company reported losses of
408.60 per share. This implies that the management likely
believes that the company will return to profitability soon.


WOORI BANK: Lone Star Agrees to Take Over Ailing Leasing Unit
-------------------------------------------------------------
U.S. investment fund Lone Star had agreed to take over South
Korea-based Woori Bank's ailing leasing unit for about KRW400
billion ($327 million), providing a fresh momentum to the
country's financial reforms and reaffirms foreign investors'
continued interest in South Korean asset sales, Reuters
reported.

The deal was sealed after 86.2 percent of Hanvit Leasing and
Finance Co.'s creditors accepted Lone Star's proposal and voted
for the sale of the country's third largest leasing Company, a
Woori official said.

Lone Star officials could not be reached for comment.

The sale came three months after the two sides signed a
memorandum of understanding on Hanvit Leasing, which has lost
money for three consecutive years.

Under the agreement, Woori Bank, part of Woori Finance Holding
Co., will sell its 69.18 percent stake in Hanvit Leasing and
creditors are selling bonds with a book value of KRW1.22
trillion for a total of about KRW400 billion, the Woori official
said.

About 30 creditors will sign final contracts respectively in
early November, helping Woori Bank's restructuring drive, he
added. (M&A REPORTER-ASIA PACIFIC, Vol. No.1, Issue No. 225,
November 13, 2002)



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


AMSTEEL CORPORATION: Completes Disposal of Securities Business
--------------------------------------------------------------
On behalf of the Board of Amsteel Corporation Bhd, OSK
Securities Bhd is pleased to announce that on November 11, 2002
the Proposed Disposal by Amsteel Securities (Malaysia) Sdn Bhd
to Affin-UOB Securities Sdn Bhd of its stock broking business
and certain asssets was completed.

As a result, Amsteel Equity Nominees (Tempatan) Sdn Bhd and
Amsteel Equity Nominees (Asing) Sdn Bhd have ceased to be
subsidiaries of Amsteel.  Affin-UOB Securities paid RM42.2
million to close the deal.

COMPANY PROFILE

The Amsteel Group has business operations in the steel, property
and hotel, and plantation and motor industries. It also operates
departmental stores, hypermarkets and retail and food
businesses. Its departmental stores operate under the Parkson
name. Business operations are located both locally and overseas.

In July 2000, Amsteel proposed a Group-wide restructuring scheme
(GWRS) that has since been revised in October 2001. For Amsteel
and its Group companies, the GWRS includes:

     (a) acquisition by Amsteel of 30% in Akurjaya Sdn Bhd and
         45% in Avenel Sdn Bhd, and acquisition by Umatrac
         Enterprises Sdn Bhd of 27% in Hiap Joo Chong Realty Sdn
         Bhd;

     (b) disposal by

         (i) Akurjaya of 40% in Megasteel Sdn Bhd,
   
        (ii) Amsteel of 50.45% in Lion Land Bhd (LLB), 59.47% in
             Chocolate Products (Malaysia) Bhd (CPB) and 52.34%
             in Silverstone Bhd, and
    
       (iii) Avenel of 83.70% in Posim Bhd (Posim);

     (c) offer for sale of Lion Corporation Bhd (LCB) shares;
         and

     (d) rights issue of Amsteel warrants.

In addition, the GWRS includes netting off of inter-company
balances within the Amsteel, LLB, CPB, Posim, Angkasa Marketing
Bhd (AMB) and LCB groups, divestment of non-core assets, capital
reconstruction, and settlement of indebtedness to financial and
non-financial institution creditors.

CONTACT INFORMATION: Level 46, Menara Citibank
                     165, Jalan Ampang
                     50450 Kuala Lumpur
                     Tel: 03-2162 2155
                     Fax: 03-2162 3448


EDARAN OTOMOBIL: Malaya High Court OKs Schemes of Arrangement
-------------------------------------------------------------
On behalf of the Board of Directors of Edaran Otomobil Nasional
Bhd, AmMerchant Bank Berhad (formerly known as Arab-Malaysian
Merchant Bank Berhad) is pleased to announce that the Scheme of
Arrangement of EON Bank Bhd under petition No. D4-26-65-2002 and
the Scheme of Arrangement of Kedah Cement Holdings Bhd under
Petition No. D4-26-59-2002 has been sanctioned by the High Court
of Malaya (High Court) at the court hearings held on November 8
and 12, 2002 respectively.

With the sanction of the High Court, the conditional agreement
dated January 21, 2002 between Malayan Cement Berhad, KCHB, EBB,
EON Capital Berhad and EON is now unconditional.

COMPANY PROFILE

Edaran Otomobil Nasional Bhd (EON) is one of Malaysia's leading
distributors of motor vehicles. Established in 1984 to
distribute Malaysia's first national car, Proton, EON has today
expanded its network with 54 sales branches and 35 branches
offering sales of parts and servicing of vehicles. In addition,
EON has built up a network of 126 franchise sales dealers, 92
parts dealers and 158 franchise service dealers throughout the
country.

EON's initiatives are enhanced by the strength and stability of
its shareholders, the DRB-HICOM Group, Employees Provident Fund
Board, Khazanah Nasional Bhd and the Jardine Group.

The Group's core business is still automotive distribution with
EON having sold over 1.5 million units of Proton cars
domestically. On market share, EON commands around 39% of the
total passenger car market whilst in the 2,000 c.c. car market,
it holds approx. 54% of market share. Auto-related industries
within the EON Group include automotive conversion, warehousing
and distribution of parts and components.

The Group's other activities are banking and financial services,
development of properties, general trading, manufacturing,
services, stockbroking and life insurance.

On January 1, 2001, EON's bank merger exercise was completed
with the vesting of the banking business of Oriental Bank Bhd to
EON Bank and the finance company businesses of City Finance and
Perkasa Finance to EON Finance, as well as the acquisition of
Malaysian International Merchant Bankers Bhd (MIMB). The
enlarged bank group now operates with a combined branch network
of 162 branches comprising 110 EON Bank branches, 50 EON Finance
branches, and two MIMB branches.

On January 21, 2002, EON together with Kedah Cement Holdings
Berhad (KCHB), Malayan Cement Berhad (MCB), EON Bank and EON
Capital (ECB) entered into a conditional agreement in relation
to the proposed corporate exercises to facilitate the listing of
the EON Bank Group. This entails the transfer of KCHB's listing
status to ECB. The exercises were subsequently approved by the
SC and FIC on May 13, 2002 and April 26, 2002 respectively. EON
Bank shareholders and EON shareholders later approved the
proposals at EGMs held on July 22, 2002 and August 19, 2002.

The Company was also granted approval by BNM on March 21, 2002
to commence negotiations with DRB-HICOM Group and United
Overseas Bank (UOB) Group for the proposed disposal of its
entire 60% equity interest in EON CMG Life Assurance (ECL).
Subsequently on June 29, 2002, EON agreed to dispose of ECL to a
subsidiary of UOB for cash.

In July 2002, EON proposed to divest its 21.1% in Cycle &
Carriage Ltd (CCL) in line with its strategy of focusing on its
core business of automotive distribution.

CONTACT INFORMATION: EON Head Office Complex
                     Jalan Kerjaya, Seksyen Utara Satu
                     40000 Shah Alam
                     Selangor Darul Ehsan
                     Tel: 03-7803 1111
                     Fax: 03-7805 3505


IGB CORPORATION: Dormant Affiliate in Voluntary Liquidation
-----------------------------------------------------------
The Board of IGB Corporation Berhad wishes to announce that
Macroland Holdings Sdn Bhd (MHSB), a 30% dormant associate, is
in the process of being liquidated by way of members' voluntary
liquidation since it will not be continuing with its business.
MHSB has been dormant for the last few years.

None of the directors nor substantial shareholders of the
Company, nor persons connected with them, has any interest,
direct or indirect, in the above transaction. This transaction
do not require the approval of shareholders or the relevant
authorities and are not expected to have any significant effect
on the earnings or net tangible assets per share of the Company
for the financial year ending 31 December 2002.

COMPANY PROFILE

IGB is a property and investment holding company with property
interests within and outside Malaysia, the latter principally in
Australia, UK, Italy, Vietnam and Myanmar. Besides property
development, the Group business includes construction, trading
in building materials, manufacturing, and the hospitality
industry.

The Company started business in 1965 building houses in Ipoh. In
the 1980s, the Group diversified into the hotel and resorts
sector with the development of the Pan Pacific Hotel, Pangkor
Island. In Kuala Lumpur, in partnership with the New World Group
of Hong Kong, the Group developed the Renaissance Hotel and New
World Hotel located in the heart of Kuala Lumpur. In recent
years, further expansion of the Group's interests in the hotel
sector worldwide took place with investment in the UK, Vietnam,
Myanmar, and Italy. With the completion of the rooms under
construction, the Group will have close to 3,000 rooms worldwide
with more than 60% of the rooms located outside Malaysia.

IGB, through Mid Valley City Sdn Bhd, and in partnership with
the City Hall of Kuala Lumpur, has completed development of Mid
Valley City, one of the largest urban development projects in
Malaysia. Phase 1 of the development comprises The Megamall -
Asia's largest retail, food and entertainment centre; six blocks
of 17-storey office towers; 30 units of signature offices; and a
4-star business hotel.

Construction activities are undertaken through IJM Corporation
Bhd one of the largest construction and infrastructure
development companies in Malaysia. IGB also currently holds a
stake in Negara Properties Bhd, which is involved in property
development. Both IJM and Negara Properties are listed on KLSE.

In May 2000, IGB made a proposal to merge its property related
businesses with that of another listed company, Tan & Tan Bhd.
The proposed merger would enable the IGB Group to achieve the
required scale to enhance its competitive position in the
property market and would allow rationalization of the hotel
businesses held by both Tan & Tan and IGB, i.e. St Giles Hotel
London, St Giles Hotel Heathrow, and MiCasa Yangon. Upon
completion of the merger exercise, the hotel investments would
be held directly by the enlarged IGB Group.

CONTACT INFORMATION: Penthouse Menara IGB
                     No. 1, The Boulevard
                     Mid Valley City
                     Lingkaran Syed Putra
                     59200 Kuala Lumpur
                     Tel: 03-2289 8989
                     Fax: 03-2289 8899


KEDAH CEMENT: Malaya High Court Approves Scheme of Arrangement
--------------------------------------------------------------
The Scheme of Arrangement between Kedah Cement Holdings Bhd and
its shareholders comprises the following:

(1) Pursuant to Sections 64 and 176 of the Companies Act, 1965
    (Companies Act) the authorised share capital of KCHB of
    RM500,000,000 comprising 500,000,000 ordinary shares of
    RM1.00 each in KCHB (KCHB Shares), shall be reduced to     
    RM80,340,999 comprising 80,340,999 KCHB Shares by the
    cancellation of the entire issued and paid-up share capital
    of KCHB comprising 419,659,001 KCHB Shares (Share
    Cancellation);

(2) Pursuant to Section 176 of the Companies Act, after the
    Share Cancellation:

    (a) the authorised share capital of KCHB shall be increased
        to its former amount of RM500,000,000 comprising
        500,000,000 KCHB Shares by the creation of 419,659,001
        KCHB Shares; and

    (b) the credit of RM419,659,001 arising from the Share
        Cancellation will be applied in paying up in full at par
        419,659,001 new KCHB Shares which will be allotted and
        issued by KCHB, credited as fully paid-up, to Malayan
        Cement Berhad (MCB) or its nominees;

(3) Pursuant to Section 176 of the Companies Act, in
    consideration for the 94,787,685 new KCHB Shares issued to
    MCB or its nominees pursuant to the credit arising from the    
    cancellation of the 94,787,685 KCHB Shares held by the KCHB
    shareholders other than M-Cement Sdn Bhd (KCHB Minority
    Shareholders), MCB shall pay RM216,683,488 or approximately
    RM2.29 per KCHB Share to EON Capital Berhad (ECB), after
    adjusting for MCB's portion of the agreed listing premium of         
    approximately RM28 million; and

(4) Pursuant to Section 176 of the Companies Act, in
    consideration of the payment of RM216,683,488 from MCB, ECB
    shall allot and issue 94,787,685 new ordinary shares of
    RM1.00 each in ECB (ECB Shares) at RM2.58 per ECB Share
    credited as fully paid-up to the KCHB Minority Shareholders
    on the basis of one (1) new ECB Share for every one (1) KCHB
    Share originally held by the KCHB Minority Shareholders.

    (collectively referred to as KCHB Scheme of Arrangement)

On behalf of the Board of Directors of KCHB, Southern Investment
Bank Berhad is pleased to announce that the KCHB Scheme of
Arrangement has been sanctioned by the High Court of Malaya on
November 12, 2002 under Petition No. D4-26-59-2002.

With the sanction of the High Court, the conditional agreement
dated January 21, 2002 between MCB, KCHB, EON Bank Berhad, ECB
and Edaran Otomobil Nasional Berhad has now become
unconditional.

COMPANY PROFILE

The Kedah Cement Group of Companies is presently involved in the
manufacture, transportation and sale of cement, clinker and
related products. The Group's integrated cement plant in
Langkawi, Kedah has a clinker production capacity of approx.
3.3m m/t and a cement grinding capacity of approx. 5.9m m/t. Its
cement plant is linked through an automatic transportation
system to its jetty for shipping. The Group also owns terminals
at Port Klang, Prai and Pasir Gudang as well as seven vessels
and a fleet of cement tankers for transportation of its cement
products.

The Company, in September 1999, became a 77.1% subsidiary of M-
Cement Sdn Bhd, which is wholly-owned by listed entity Malayan
Cement Bhd (MCB).

The Company had proposed a reconstruction scheme in November
1999 which was later aborted in March 2001. Notwithstanding
this, MCB (which had been a party to the proposal) has informed
that it will endeavour identifying/securing suitable and viable
assets to be injected into the Company. In the event that MCB is
unable to do so, it remains MCB's intention to acquire the
entire cement and related businesses of the Company.

CONTACT INFORMATION: Level 12, Bangunan TH Uptown 3
                     No. 3, Jalan SS21/39
                     47400 Petaling Jaya
                     Selangor
                     Tel: 03-7723 8200/7726 4100
                     Fax: 03-7722 4100


MGR CORPORATION: Regulator Sets Restructuring Plan Conditions
-------------------------------------------------------------
Further to announcements on the Proposed Restructuring Scheme
dated June 3, 2002 and June 10, 2002, AmMerchant Bank Berhad
(formerly known as Arab-Malaysian Merchant Bank Berhad), on
behalf of MGR Corporation Bhd wishes to announce that the
Securities Commission (SC) has vide its letter dated November 8,
2002 (received on November 11, 2002) approved the Proposed
Restructuring Scheme, as proposed, subject to, among others,
these conditions:

(1) MGR/Crest Builder Holdings Berhad (CBHB) is to fully
    disclose in their circular to shareholders and prospectus
    these matters:

     (i) The risks associated with the new operations of MGR in
         the construction industry;

    (ii) An effective management continuance plan to ensure the
         continuity in the management of the MGR/CBHB Group in
         the operations and the construction business; and

   (iii) The business relationships between CBHB and the
         marketing agents, i.e. Farima Sdn Bhd, Pembinaan
         Tenompok Sdn Bhd and Pembinaan dan Pembangunan Serantau
         Sdn Bhd;

(2) Promoters, directors and major shareholders of the CBHB
    Group are not allowed to be involved in new businesses which
    may result in a conflict of interest in the business.
    Disclosure on their current involvement in a similar
    businesses or in businesses which are competing with the
    CBHB Group, if applicable, has to be made in the circular to
    shareholders and prospectus of MGR/CBHB;

(3) A moratorium condition will be imposed on the sale of
    46,363,500 new shares in CBHB or 50% of the total new shares
    in CBHB issued to the vendors of CBHB in relation to the
    proposed acquisition of CBSB. AmMerchant Bank/MGR/CBHB is
    required to provide the SC, a list of the shareholders and
    their respective shareholdings which are subject to the said
    moratorium;

(4) AmMerchant Bank is to provide a written confirmation to the
    SC that, based on the audited financial report of CBHB for
    the financial year ended December 31, 2002, CBHB has met the
    5-year profit track record as stated in the SC's Policies
    and Guidelines on Issue/Offer of Securities (SC Guidelines),
    before the implementation of the transfer of the listing
    status from the Second Board to the Main Board of the Kuala
    Lumpur Stock Exchange (KLSE);

(5) MGR/CBHB/AmMerchant Bank is required to obtain the SC's
    approval for any variations made to the terms and conditions
    for the issuance of the RCULS and ICULS;

In addition to the above, AmMerchant Bank is also pleased to
announce on behalf of the Company that the SC had in the same
letter approved the waiver for the transfer of shares in CBHB,
which are under moratorium, to the creditors of MGR to create a
security for the Put and Call Options, subject that the
moratorium is maintained. The creditors of MGR would have to
make an application to the SC's on any future waiver on the
moratorium or future sale of shares in CBHB which are subject to
the moratorium.

In addition to the above, AmMerchant Bank also wishes to
announce that the SC has also approved the proposed transfer of
CBHB on the Second Board of the KLSE, upon the completion of the
Proposed Restructuring Scheme, to the Main Board subject to
subparagraph (4) above.

The Company is required to appoint an independent audit firm
within two months from the date of the SC's approval letter to
conduct an investigative audit on previous business losses. The
Company is also required to take necessary/relevant steps to
recover the said losses. Based on the findings of the
investigative audit, the Company is to report to the relevant
authorities if there are any breach of any laws, rules,
guidelines and/or memorandum and articles of the Company
involving members the Board of Directors of the Company and/or
any other party that has caused the said losses of the Company.
The investigative audit is to be completed within six (6) months
from the date of appointment of the independent audit firm. Two
copies of the said investigative audit report must be made
available to the SC after the completion of the investigative
audit.

COMPANY PROFILE

The MGR Group is primarily engaged in the manufacturing,
marketing and trading of timber and timber related products in
Malaysia.

MGR was engaged in sawn timber trading when it began operations
in 1985. It later expanded into the sale of timber logs. In
1989, MGR ventured into downstream activities beginning with
wood mouldings. In mid-1996, MGR branched into the downstream
processing of plain plywood and subsequently supplemented its
furniture operation by moving into the manufacturing of doors.

The acquisition of a sawmill in 1993 enabled the Company to
capture foreign markets. Henceforth, high-end value-added wood
mouldings and interior furniture were manufactured for the
European and American markets.

Currently, the Company is in the process of undergoing a
restructuring scheme involving the acquisition of certain assets
of the Company, including its listed status. On March 5, 2002, a
conditional principal agreement was entered into with Crest
Builders Sdn. Bhd and its shareholders for the purpose of
implementing the scheme.

CONTACT INFORMATION: Wisma Aman, Mile 1 1/2
                     Jalan Tuaran
                     88400 Kota Kinabalu
                     Sabah
                     Tel: 088-239006
                     Fax: 088-239009


TENAGA NASIONAL: Completes Book-building Process on Bond Issue
--------------------------------------------------------------
On behalf of Tenaga Nasional Bhd, Commerce International
Merchant Bankers Berhad (CIMB) is pleased to announce that the
book-building process in relation to the issue of the 5-year
Guaranteed Exchangeable Bonds (GEB) has been completed.  The
final terms of the GEBs, indicative terms of which were set out
in the Circular to shareholders of TNB dated September 25, 2002,
are as set out in the table that may be viewed through this link
http://announcements.klse.com.my/EDMS/edmsweb.nsf/ba387758ae3741
2b482568a300466fb6/482568bb00440ef448256c70000440f6/$FILE/table-
9d.doc

TNB, a major power firm in Malaysia, currently faces a suit
filed by UBS Warburg, which is seeking US$86.9 million in
compensation.  Filed in February, the suit is pending in London
and will likely go on trial by July next year.  But according to
TCR-Asia Pacific in a report early this month, the company
intends to settle the suit by year's end.

UBS Warburg claims the company failed to honor part of an
agreement relating to a US$500 million bond sale in 1997.  

CONTACT INFORMATION: 129 Jalan Bangsar
                     59200 Kuala Lumpur
                     Tel: 03-2825566/2121
                     Fax: 03-2826754



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


BAYAN TELECOMMUNICATIONS: Launches IP VPN Solutions
---------------------------------------------------
Bayan Telecommunications Inc (BayanTel) has launched a
customized suite of Internet protocol virtual private network
(IP VPN) solutions, Asia Times reports.

IP VPN solutions allow firms to transmit data, video and voice
communications among individuals, branch offices corporate
network in a secure and reliable manner through a public
infrastructure like the Internet.

According to the Troubled Company Reporter-Asia Pacific, Bayan
Telecommunications Inc. expects to narrow its full year net loss
to 2.4 billion pesos due to lower interest rates and improved
operations.

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


METRO PACIFIC: Signs Loan Agreement With Ayala and Unilab
---------------------------------------------------------
Fort Bonifacio Development Corproation (FBDC), a part of the
Metro Pacific Corporation Group announced Tuesday that it has
entered into a loan agreement with Ayala Land Inc. (ALI) and
United Laboratories Inc. (Unilab) for the amount of 800,000,000
pesos for the purpose of financing the full completion of the
Bonifacio Ridge condominium project in the Bonifacio Global
City.

The Agreement has a term of two years, with an interest rate of
14.5 percent is secured by a real estate mortgage on various
lots owned by FBDC in the Bonifactio Global City with an
aggregate area of approximately 41,000 square meters. Under
terms of the Agreement, FBDC has granted the ALI and Unilab
group an option to undertake development on certain areas yet to
be determined within the Bonifacio Global City, under mutually
agreed upon terms and conditions. The ALI and Unilab group must
exercise this option within two years from the first
disbursement under the funding facility.

The Bonifacio Ridge condominium project is FBDC's first mid-
market residential project, located on a prime lot within the
Bonifacio Global City's Crescent West neighborhood, adjoining
the Manila Golf Club. FBDC began construction of the twin tower
Bonifacio Ridge condominium project in May 2000, with completion
of the project anticipated in early 2004.

Contact:

For Fort Bonifacio Development Corporation
David Nugent
Vice President, Media and Corporate Communications
Metro Pacific Corporation
Tels. (632) 885-3102/ (632) 555-0338

For a copy of the press release, visit
http://bankrupt.com/misc/tcrap_mpc1113.pdf


METRO PACIFIC: Ayala-Campos Consortium Bids for 50.4% Stake
-----------------------------------------------------------
The Ayala-Campos consortium has offered to pay up to USD90
million for a 50.4 percent stake in Metro Pacific's Bonifacio
Land Corp, developer of the Fort Bonifacio Global City, sources
familiar with the transaction told the AFX-Asia News.

The sources said the offer is well below the USD109 million
which Bonifacio Land owner Metro Pacific Corp is seeking to
raise to free the shares, which were mortgaged to its parent
First Pacific Co Ltd in exchange for loans.

They said Metro Pacific Corp Chairman and Philippine Long
Distance Telephone Co President Manuel Pangilinan had met with
First Pacific executive Ed Tortoricci in Hong Kong on Sunday to
discuss the proposed Bonifacio Land loan refinancing.

Asked to confirm the offer, David Nugent, Metro Pacific group
Vice President and spokesperson, said, "We continue to discuss
with a number of parties including the Ayala and (Campos-owned)
Unilab groups on certain refinancing exercises for Bonifacio
Land and those talks are ongoing."

Ayala Corp President and co-vice Chairman Jaime Augusto Zobel de
Ayala had earlier confirmed the group's property unit Ayala
Land, had been approached by the Campos group for refinancing
and development opportunities in Fort Bonifacio.

Metro Pacific declined to comment on the reported amount but
said it was in talks with the consortium, among others. (M&A
REPORTER-ASIA PACIFIC, Vol. No.1, Issue No. 225, November 13,
2002)


METRO PACIFIC: Ayala Denies Deal on Planned Acquisition
-------------------------------------------------------
Ayala Land Inc. said it has not reached any agreement on the
proposed transactions covering its potential acquisition of a
stake in Bonifacio Land Corp, developer of the Fort Bonifacio
Global City.

"Please be advised that the parties are still in the process of
negotiating the proposed participation of Ayala Land in the debt
restructuring program of Metro Pacific Corp, including a
possible participation in certain ongoing development projects
being undertaken in Bonifacio Globla City," Ayala Land said in
its disclosure.

"However, no agreement has been reached among the parties at
this time on such proposed transaction or on any supposed
purchase," it said.

The Company issued the disclosure after sources familiar with
the talks said the Ayala group together with the Campos family
have offered to pay USD90 million for a 50.4 percent stake in
Bonifacio Land.

The offer is reportedly lower than the USD109 million being
sought by Bonifacio Land parent Metro Pacific Corp. (M&A
REPORTER-ASIA PACIFIC, Vol. No.1, Issue No. 225, November 13,
2002)


UNION CEMENT: Redeems P1.25B Long-Term CP's
-------------------------------------------
Union Cement Corporation settled 1.25 billion pesos of its 3.2
billion long-term commercial papers and expects to redeem
another 850 million pesos worth of CPs due in 2003 and 2004, AFX
Asia said on Tuesday.

The Company has also raised 650 million pesos to partially
refinance 1.1 billion pesos in long-term loans due for payment
in 2002.

The Company issued long-term commercial papers in 1995 and 1999.
Union Cement added it has no immediate plans to provide
financial assistance to Alsons Cement Corporation, although it
may help Alsons raise funds to refinance its maturing
obligations.

Union Cement acquired 88 percent of Alsons Cement under an
agreement with the latter's majority shareholders.

In April, the Troubled Company Reporter-Asia Pacific reported
that the Company aims to settle P1.5 billion in total debt this
year to bring down its total debt load to P1.7 billion.


UNIWIDE HOLDINGS: Narrows Net Loss to P239.75M
----------------------------------------------
Cash-strapped Uniwide Holdings Inc. narrowed its net loss to
239.75 million pesos in the first nine months of this year, due
to cash-savings measures, the Philippine Star reports,

As of end-September this year, Uniwide's consolidated assets
amounted to 12.1 billion pesos as against 12.2 billion pesos in
December 31, 2001. Total liabilities, on the other hand, reached
5.3 billion pesos.

Uniwide's second amended rehabilitation plan is still pending
approval by the SEC. Based on the plan, the Uniwide Group has
P6.48-billion outstanding debts with secured creditors excluding
accrued interest and P2.54-billion rehabilitation accounts with
unsecured creditors as of June 30, 1999.

In line with the plan, certain properties of the Uniwide Group
with appraised values of 11.04 billion pesos will be dacioned to
secured creditor banks to extinguish the UHI Group and its
affiliates' debts amounting to 3.1 billion pesos and 4.83
billion pesos, respectively.

The debts with unsecured creditors will be settled partially
through the issuance of the Company's convertible noted.

Among the properties to be dacioned are three operating stores
(Cabuyao, Libis, and Avenida), two malls (Metromall and Coastal
Mall) two future store sites Cubao and Iloilo, commercial and
residential lots in Cavite and Laguna as well as commercial
lots/properties in Caloocan City, Para¤aque, Pasig, Quezon City,
General Santos City, Bulacan, and Iloilo. These properties are
valued at P12.97 billion.

Uniwide's secured creditors include Philippine National Bank,
Allied Banking Corp., EBC-PCIBank, ING Bank, Rizal Commercial
Banking Corp., PCCI, Bank of the Philippine Islands, and Land
Bank of the Philippines.

In a last-ditch effort to save the company , the Uniwide Group
is asking the SEC to immediately approve its second amended
rehabilitation plan despite the absence of a white knight
because it believes the plan's implementation will result in the
settlement of all its obligations to creditors.



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


BOUSTEAD SINGAPORE: Schedules EGM on November 26
------------------------------------------------
The Extraordinary General Meeting (EGM) of the members of
Boustead Singapore Limited will be held at 63 Ubi Avenue 1, #06-
01 Boustead House, Singapore 408937, on 26 November 2002 at 10
a.m. for the purpose of considering and, if thought fit, passing
with or without any modification the following resolution which
will be proposed as a Ordinary Resolution:

ORDINARY RESOLUTION

That:

(i) The agreement dated 10 October 2002 (the "Survitec Agreement
made between the Company, Boustead Services Pte Ltd and Survitec
Group (Singapore) Pte Ltd (Survitec), pursuant to which, inter
alia, the Company will dispose of its entire interest in W. H.
Brennan & Company (Pte) Ltd (WHB) to Survitec for a cash
consideration of $14,350,000, the announcement of which was made
on 10 October 2002, be approved, confirmed and ratified, and
adopted as the act and deed of the Company; and

(ii) The Directors and each of them be and are hereby authorised
to complete and do all such acts and things (including executing
all such documents as may be required under or pursuant to the
Survitec Agreement) in connection with the proposed disposal of
WHB as they or he may consider necessary, desirable or expedient
to give effect to this Resolution as they or he may deem fit.


Notes:

1. A member of the Company entitled to attend and vote at the
Meeting is entitled to appoint not more than two proxies to
attend and vote in his stead.

2. A member of the Company, which is a corporation, is entitled
to appoint its authorised representative or proxy to vote on its
behalf.

3. A proxy need not be a member of the Company.

4. The instrument appointing a proxy must be deposited at the
registered office of the Company at 63 Ubi Avenue 1, #06-01
Boustead House, Singapore 408937, not less than 48 hours before
the time set for holding the Meeting.

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.


CHARTERED SEMICONDUCTOR: Releases Shareholding Filing Update
------------------------------------------------------------
Chartered Semiconductor Manufacturing (CSM) has released an
updated US Securities Commission (SEC) shareholding filing by
Merrill Lynch, Kelive reports.  

The filing was submitted on November 11, 2002 and states that
Merrill Lynch owns 275.157 million shares and 0.352 million
convertible bonds in the shareholding of CSM.

This confirms an earlier news report that Merrill had an 11
percent stake, which Chartered was unable to corroborate.  It
was also assumed that the three local banks involved in the deal
took up the remaining shares of approximately 110 million.  
However, latest rumors indicate that the banks had supposedly
already divested their stakes in the open market.

With Merrill as a substantial shareholder, the overhang
situation would likely continue to dampen trading sentiment.  As
its latest results indicate, fundamentals continue to decline.  
CSM expects to issue a mid-quarter guidance update on December
3, 2002.

Kelive maintains an underperform rating.

For more information on Kelive market analysis, go to
http://www.kelive.com/kelive/userview/Home.jsp  

Chartered is re-posting the attached Schedule 13G filed by
Merrill Lynch & Co., Inc with the United States Securities and
Exchange Commission (SEC) on 12 November 2002 on Masnet for the
conveniences of investors, shareholders and other members of the
public in Singapore at
http://bankrupt.com/misc/tcrap_csm1113.pdf


NATSTEEL LIMITED: Clarifies Sale of Assets to CCL Report
--------------------------------------------------------
Natsteel Limited responds to "Steel Rush: What's the next
chapter in the NatSteel story?" article, which appeared in the
37th edition of The Edge Singapore dated November 11, 2002.

The article referred to ". offer of S$1.90 per share from Crown
Central." and that "Crown Central's revised offer of S$350
million implies a value of S$1.90 per NatSteel share.".

Natsteel clarified that, as stated in the EGM Circular, the
proposed sale of Target Assets to CCL and the subsequent
Voluntary Liquidation of NatSteel is estimated to result in
Distributions to Shareholders of "approximately S$1.91 per
Share" and not S$1.90 per share as you have indicated.

For a copy of the shareholder's letter, go to
http://bankrupt.com/misc/tcrap_natsteel1113.pdf


NATSTEEL LTD: Posts Notice of Shareholder's Interest
----------------------------------------------------
Natsteel Limited posted changes in substantial shareholder
Temasek Holdings (Private) Ltd's interest:
  
Date of notice to Company: 12 Nov 2002
Date of change of deemed interest: 11 Nov 2002
Name of registered holder: Please see Appendix
Circumstance(s) giving rise to the interest: Others
Please specify details: Deemed Interest - Acceptance Of Takeover
Offer

Shares held in the name of registered holder
No. of shares of the change: 215,996
% of issued share capital: 0.06
Amount of consideration per share excluding brokerage,GST,stamp
duties,clearing fee: S$2.00
No. of shares held before change:  
% of issued share capital:  
No. of shares held after change:  
% of issued share capital:  

Holdings of Substantial Shareholder including direct and deemed
interest
                                  Deemed     Direct
No. of shares held before change: 57,713,935 29,300,000
% of issued share capital:        15.69      7.97
No. of shares held after change:  57,929,931 29,300,000
% of issued share capital:        15.75      7.97

Total shares:                     57,929,931 29,300,000

Based on 367,718,237 shares as of November 8, 2002.


SEMBCORP INDUSTRIES: SFI Receives Support From Shareholders
-----------------------------------------------------------
The Board of Directors of SembCorp Industries Ltd announces that
its shareholders have approved the proposed sale of the
Company's 75 per cent interest in Singapore Food Industries
Limited (SFI) by way of a renounceable preferential offer.

At the extraordinary general meeting of the Company held today,
the shareholders voted in favor of the ordinary resolution to
approve the proposed sale and the renounceable preferential
offer by an overwhelming majority.

Wong Kok Siew, Deputy Chairman and CEO of SembCorp Industries,
remarked: "Not only did we secure overwhelming support but many
of our large institutional shareholders also voted in favor of
the divestment. This reflects strong support from our
shareholders for the sale of SFI, which will bring us cash
proceeds of $262.5 million and a net gain of approximately $180
million. The proceeds will be used to reduce the borrowings of
the Group. As a result, our balance sheet will be strengthened
and we will be better able to focus and grow our Key
Businesses."

ANNOUNCEMENT OF OFFER RATIO

The exercise of warrants and options to subscribe for new
ordinary shares of $0.25 each in the capital of the Company
(SembCorp Industries Shares) have been suspended from 12.00 pm
today and will continue to be suspended up to 5.00 pm on
November 25, 2002 (the Books Closure Date) in order to determine
the total number of SembCorp Industries Shares that would be in
issue as at 5.00 pm on November 25, 2002.

Based on the total number of issued SembCorp Industries Shares
as at 12.00 pm today, the Company's 375,000,000 ordinary shares
of $0.05 each in the capital of SFI (SFI Sale Shares) will be
provisionally allocated to entitled SembCorp Industries
shareholders on the following basis:

0.2059464 SFI Sale Share for every one SembCorp Industries Share
held as at 5.00 pm on the Books Closure Date, fractional
entitlements to a SFI Sale Share to be disregarded.

An offer document setting out the procedures for the
renounceable preferential offer will be dispatched on or about
November 28, 2002 to persons who are registered SembCorp
Industries shareholders or, as the case may be, have SembCorp
Industries Shares credited to their Securities Account as at
5.00 pm on the Books Closure Date.

According to Wright Investor's Service, at the end of 2001,
SembCorp Industries Limited had negative working capital, as
current liabilities were 2.95 billion Singapore Dollars while
total current assets were only 2.56 billion Singapore Dollars.


* Asia-Pacific Insurance Industry Sees Further Failures in 2003
---------------------------------------------------------------
Company failures and withdrawals from the market will remain a
feature of the Asia-Pacific insurance sector in 2003, Standard &
Poor's Rating Services said at a press conference in London on
November 11, 2002.

"The sector is challenging, unsettled, and rife with
competition. There are no safe havens anywhere in the region,"
said Ian Thompson, credit analyst and head of Standard & Poor's
Asia-Pacific Ratings Group. "Even Australia, the most
sophisticated market in the region, has seen significant
failures, recently suffering near collapse as a reinsurance
center."

Despite a spate of consolidation, which has seen significant
activity both in terms of mergers and Company failures, the
Asia-Pacific region remains oversubscribed. "Competition is so
hot that in many markets, even if the number of players were to
halve, it would remain a significant issue for those left," said
Mr. Thompson.

The overpopulated markets are further pressured by the fall of
the last bastions of protection and pricing tariffs, at a time
when reinsurance capacity in the region has dipped dramatically
and rates have hardened.

Weak equity markets, lackluster property markets, and credit
issues in some local capital markets--such as Japan, which
continues to suffer from a prolonged erosion of its banks'
operating performance--have added to the region's woes.

As market participants' battle against negative underwriting
conditions and volatile investment markets, it is clear that the
divide between those companies with strong financial strength
characteristics and those with weak financial strength is
growing.

"Poor market conditions have incepted a 'flight to quality' in
some markets," said Mr. Thompson. "Subsequently, at the bottom
end of the rating scale, we are seeing a number of players
fighting to survive, adding to the competitive dynamic."

Trends in the region are not entirely negative, however.
"Premium growth is generally good, at levels above that of GDP.
At the same time, bancassurance and direct selling have
modernized distribution in the Asia-Pacific market," said Mr.
Thompson.

There also remain some new business opportunities for insurers
willing to take a long-term approach; for example, through
growth outside the immediate geographic catchment area and in
developing Asian insurance markets, such as India and China.
These opportunities are limited, however, and the majority of
participants' growth fundamentals over the near and medium term
will remain challenging.

Meanwhile, the significant degree of foreign participation in
established Asia-Pacific markets, having exacerbated local
competition, can be expected to wane over time. "In these times
of strategic review within the global insurance industry, the
ongoing role of some foreign parents is now less certain,
especially in mature, low-growth markets, and where strategic
relevance is questionable," said Mr. Thompson. "This should, at
the very least, provide opportunities for further
consolidation."



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


AMORNPHANT NAKORN: To Appeal Default Judgment to Supreme Court
--------------------------------------------------------------
Businessman Chaiwat Luang-amornlert is willing to fight even up
to the Supreme Court in order to save his brainchild, Thailand's
Siam Park.

Amornphant Nakorn Siam Park Co, the company operating the
amusement park, has been ordered to pay THB1.7 billion of debts.  
A civil court denied last year the contention of Mr. Chaiwat
that the contract it had sign with Bangkok Bank was reciprocal
in nature.

In an interview with the Bangkok Post recently, Mr. Chaiwat said
had the court affirmed his position, he would have won and
earned THB1 billion in compensation from Bangkok Bank.

The paper said the 22-year old amusement and water-park in
Bangkok's Min Buri outskirts is under threat of being seized by
Bangkok Bank.  The company owes the bank THB668 million in loan
principal and about THB500 million to its own board of
directors.

"I built the park and have been operating it for over two
decades, I would rather die with it than see it demolished. This
park should continue to be the entertainment destination for
Thai people," said the 65-year-old founder and chairman of
Amornphant Nakorn Siam Park Co.

"I will not give up until the Supreme Court makes a ruling. If I
wanted to get out of this situation, I could just simply sell
the park and be debt-free, but I would never do that," Mr.
Chaiwat told the Bangkok Post.

He said the park needed fresh funds for renovations to attract
more tourists, as the revenue from existing visitors was not
enough to cover the cost of the interest of more than THB100
million a year to Bangkok Bank.

After the economic crisis in 1997, the number of visitors to
Siam Park dropped sharply, from three million to 1.5 million a
year.  Mr. Chaiwat said, however, that numbers were now picking
up as the economy was recovering.

Mr. Chaiwat said that if he could turn the business around and
make the park become profitable, new investors might be willing
to inject funds into the project.

"But for now, not much could be done because the company is
operating in the midst of the legal appeal process," he said.

"If the Supreme Court rules that I lose, how bad could it be?"
he asked.  "I would only be bankrupt at the age of 70."


MODERN HOME: Executes Debt-equity Exchange Outlined in Debt Plan
----------------------------------------------------------------
In line with the Central Bankruptcy Court's order, Modern Home
Development Plc has increased its paid-up capital from THB2.09
billion to THB2.17 billion by recently issuing 7.69 million new
ordinary shares with par value of 10 baht.

According to Modern Home Planner Co, the restructuring
administrator of the company, the new shares were issued to
creditors, an arrangement outlined in the company's
rehabilitation plan.

The administrator says the paid-up capital will subsequently be
reduced to THB85 million from THB2.17 billion in accordance with
the debt-equity conversion under the plan.

Based on the report of the company's auditor, Vilairat
Rojnuckarin, Troubled Company Reporter-Asia Pacific has learned
that, as of June 30, 2002, the company's total current
liabilities of THB1.4 billion exceeded its total current assets
of THB1.3 billion and it had defaulted on debt repayment to
financial institutions creditors, which are now demanding debt
repayment at once.  

On August 30, 2000, the company filed a petition to the Central
Bankruptcy Court for rehabilitation its business.   On September
25, 2000, the Central Bankruptcy Court ordered the company to be
rehabilitated and appointed Modern Home Planner Company Limited
to be a rehabilitation planner by giving power to manage assets
and all legal rights as shareholders of Modern Home Development
Public Company Limited except for dividend right.

On September 27, 2001, the Central Bankruptcy Court ordered for
approval the Company's rehabilitation plan of which required the
establishment of four special companies for (1) transferring
assets, which were secured as collateral to secured creditors;
(2) remaining of settlement to unsecured creditors and
insufficiency secured creditors; (3) conversion of debt to
capital by decreasing and increasing capital and (4) selling
share inadequacy capital to the new investors.  

Modern Home is in the real estate development business.  Its
activities cover: (1) Development of residential projects and
for rent; (2) Investment and/or Co-Investment in real estate
projects; and (3) Home building for middle to high-income group
in Bangkok and boundary.

For more information, contact the company by Mail: Modern Home
Tower, 1st Floor, 149/5 Nonsi Road, Yan Nawa, Bangkok 10120 by
Phone: 0-2595-0505 or by Fax: 0-2595-0514


TELECOMASIA CORPORATION: Q3 Jinx Continues, Losses Reach THB1 BB
----------------------------------------------------------------
Third quarter losses of TelecomAsia Corporation Plc has widened
to THB1.38 billion from only THB520.83 million a year earlier,
with loss per share up at 0.62 baht from 0.31, AFX-Asia reported
yesterday.

These losses were incurred despite a revenue rise to THB6.5
billion from THB5.1 billion during the same period last year.

As of September 30, 2002, current assets stood at THB16.8
billion compared to current liabilities of THB12.4 billion.  
Total assets amounted to THB86.8 billion against total
liabilities of THB83.8 billion.

TelecomAsia Corporation Public Company Limited is Thailand's
leading innovative provider of voice, video, data and web-based
applications over an integrated multi-platform network for the
consumer and business markets.

TelecomAsia was established in November 1990 by the Charoen
Pokphand Group.  It is a strategic alliance between the Charoen
Pokphand Group, one of Asia's largest agro-industrial
conglomerates, and Verizon Communications (the merger of Bell
Atlantic and GTE), the largest providers of wireline and
wireless communications in the United States and the world's
leading providers of communications services.

The Company debut on the Stock Exchange of Thailand in December
1993 having "TA" as the ticker symbol with the total 2,530
million common shares floated currently.




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,
Larri-Nil Veloso, 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
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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 ***