TCRAP_Public/021202.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

     Monday, December 2, 2002, Vol. 5, No. 238

                  Headlines


A U S T R A L I A

AUSTRIM NYLEX: Sells 50% Stake in Woodbridge Joint Venture
ERG LIMITED: To Restructure Capital to Improve Financial Footing
PMP LIMITED: Slide Halts As Firm Regains Confidence
UMP AMIL: Opts to Remain in Provisional Liquidation


C H I N A & H O N GK O N G

EURO-ASIA AGRICULTURAL: Creditors Likely to Seek Liquidation
GUANGDONG ENTERPRISES: Units Secure Refinancing on Debts


I N D O N E S I A

ASTRA INTERNATIONAL: Plans Second Creditors Meeting in Singapore
BUDI ACID: Nears Agreement on Debt Plan; Sees Pact Next Month
INDOFOOD SUKSES: Profit Improves Due to Strong Rupiah
SALIM GROUP: Karuna Gets 47.5% Stake in Metropolitan Kentjana


J A P A N

ARAI GUMI: Creditors Agree on Y65B Debt Waiver
HIKARI TSUSHIN: Posts Net Loss of Y1.58B
ISETAN CO.: Hit With Hefty Fine in Singapore
KYUSHU ELECTRIC: Offering Y15B 3-Year Bonds Due 2005
MYCAL CORPORATION: Unit OK's Aeon Bail-out Offer

NIPPON YUSEN: Bahamas Unit Enters Liquidation
NIPPON YUSEN: Joins Car Terminal Operation at Shanghai Port
SANYO ELECTRIC: Spinning Off White Goods Production Operations
YANASE & CO.: Itochu Buying 14% Stake in Ailing Car Dealer
YOZAN INC.: Narrows H102 Net Loss to Y1.03B


K O R E A

CHOHUNG BANK: PFOC Selecting Preferred Bidder December 6
HANBO IRON: AK Capital Acquires Steel Firm for US$377M
KOREA LIFE: Delays Launching to December 9


M A L A Y S I A

AOKAM PERDANA: Chairman Admits Group Walking on Tightrope
AUSTRAL AMALGAMATED: New Owner to Pursue Profitable Projects
LION CORPORATION: Loss Column Improves, Recovery Likely
LION CORPORATION: Directors Accept Conditions Set by Regulator
MGR CORPORATION: Says 'Earnest Money' Suit Won't Affect Finances

RENONG BERHAD: Future Plans Remain Under Wraps
TENAGA NASIONAL: Ups Bond Issue to US$400M Due to High Demand


P H I L I P P I N E S

EASYCALL COMMUNICATIONS: Listing New Shares Today
MANILA ELECTRIC: Workers Offer Undying Support to Officers
NATIONAL BANK: Inks MOA With National Steel Creditors
NATIONAL POWER: Defers Rate Hike
PHILIPPINE LONG: Unit Raises US$100M Via 5-Year Loan Facility


S I N G A P O R E

CHARTERED SEMICONDUCTOR: Merrill to Sell 200M Shares
CRAFT PRINT: Narrows Net Loss to S$1.04M
NATSTEEL LIMITED: Issues Shareholder Reminder Notice
NATSTEEL LTD: 98 Holdings' Acquisition Bid Uncertain
NATSTEEL LTD: Sanion's Interests Changed

SEATOWN CORP: Completes Paccan Construction Equity Stake Sale
WEE POH: Revises Scheme of Arrangement


--------


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


AUSTRIM NYLEX: Sells 50% Stake in Woodbridge Joint Venture
----------------------------------------------------------
Diversified industrial group, Austrim Nylex Limited, has
announced the sale of its half interest in the Woodbridge
Henderson Australia Group (WHAG) joint venture to its partner,
Woodbridge Foam Corporation.

Canadian owned Woodbridge is a global leader in the development
and manufacture of polyurethane products for the automotive and
consumer goods markets. The buyout reinforces Woodbridge's
commitment to its Australian customers and employees.

Managing Director and Chief Executive of Austrim Nylex Limited,
Peter Crowley said, "This sale continues our strategy of
divesting non-core assets and sale proceeds will be used to
further pay down our debt.

The sale of the interest in WHAG follows Austrim Nylex Limited's
recent Toowoomba Metal Technologies and Champion Compressors
sales.

Divesting non-core assets is integral to Austrim Nylex Limited's
strategy to reduce its high debt levels and move out of work-out
with its lenders. Other initiatives to reduce debt include
tighter cash flow management, the creation of greater synergies
across the Group's divisions, the creation of a performance-
based culture and improved corporate governance.

Issued By:

Tim AllertonPeter Crowley
City PR Austrim Nylex Limited
(02) 9281 7272(03) 9529 2999


ERG LIMITED: To Restructure Capital to Improve Financial Footing
----------------------------------------------------------------
At its Annual General Meeting Thursday, the Directors of the ERG
Limited (ERG) said they would soon seek approval to restructure
the Company's capital. The proposed capital restructure, if
approved by noteholders and shareholders, will transform ERG's
balance sheet, giving it additional cash, a healthy net asset
position and largely eliminating debt.

Directors advised shareholders that the capital restructure was
imperative to the Group's ability to extend its recent string of
successes in winning urban transit ticketing contracts around
the world.

The proposed capital restructure involves:

(1) Conversion of $13.2 million in unlisted convertible notes to
five-year unlisted convertible notes, with a ten percent
coupon payable in ordinary shares or cash, convertible at
95% of market at the time of conversion.

(2) Conversion of all listed interest bearing notes to ordinary
shares at a $0.15 conversion price.

(3) Following this conversion there will be a 1 for 8
renounceable, redeemable rights issue of convertible
preference shares with a ten per cent coupon payable in
ordinary shares or cash at $0.15 per share. The rights
issue, which seeks to raise up to $50 million, will be
partially underwritten by the major noteholder, and Babcock
& Brown. Each additional security subscribed to will also
include a free five-year option to subscribe for a new
ordinary share at $0.20.

(4) A subsequent 10 for 1 ordinary share consolidation.

The proposal will be put to meetings of noteholders and
shareholders by early February 2003. Importantly, the major
noteholders, Special Utilities Investment Trust and associates
and Australian Ethical, representing more than 50 per cent of
the listed notes have given in principle support for the
proposed reconstruction and, together with Babcock & Brown, have
given in principle commitments to underwrite at least $25
million of the rights issue.

ERG Chairman, Sandy Murdoch, said the Company had been looking
at its capital structure for some time and the resulting
proposal would address several important issues simultaneously.

"Through the proposed restructure, ERG can eliminate future
liabilities of $250 million and around $18 million per year in
interest payments to noteholders; raise up to $50 million cash;
and give the Group a substantially debt free balance sheet," Mr.
Murdoch said.

"The longer-term benefits of this restructure far outweigh its
immediate dilutionary impact for existing shareholders,
especially in light of the dramatically changed market
conditions that we now must deal with following the world
changing events of the past 14 months," he said.

Most urban transit ticketing system contracts require the
posting of very large bid and performance bonds by tenderers.
Following September 11 and the large corporate collapses in the
US, it has become far more cost efficient to self-fund these
bonds rather than pay the prohibitive premiums now being asked
by insurers.

"Largely self-funding these bonds requires a more robust balance
sheet than the Group has now, especially in the light of the
reluctance of banks and financial institutions to increase their
exposure to the technology sector at this time," Mr. Murdoch
said.

"It is important we move to restructure our capital now," Mr.
Murdoch said.

ERG CEO, Mr Peter Fogarty, said the Group expects to win five to
ten new public transit ticketing tenders over the next twelve
months which would deliver strong recurrent revenues over many
years.

"Recent contract wins and our reference sites show we have the
only fully capable technology for large-scale public transit
ticketing projects and are very competitive," Mr. Fogarty said.

"It would be bitterly disappointing to see us miss out on new
opportunities due to an under-powered balance sheet.

"We have received in principle support for the plan from the
Group's largest convertible noteholders, Special Utilities
Investment Trust and associated companies (SUIT), as well as
Australian Ethical. Together they hold approximately 52% of the
notes.

"Apart from the financial benefits of converting the notes to
equity, ERG would benefit from having SUIT, a global utility and
infrastructure group, become a substantial shareholder," Mr.
Fogarty said.

In addition to his comments about the importance of the capital
restructure, Mr. Fogarty said despite the disappointing
financial result for 2002 ERG had made substantial progress on a
number of fronts including:

   (i) Underlying revenue growth of 25% per cent (excluding
revenue from the telecoms business, which was sold in
[when]) and 173% percent growth in recurring revenues.

  (ii) Significantly reduced costs with $30 million in
annualised savings achieved with the cost reduction
program largely complete.

(iii) Repayment of more than $60 million bank debt in the
last nine months.

  (iv) Building a series of progressive tender and contract
commencements that will help insulate the Company from
the impact of inevitable delays in public sector
decision making processes in any one project.

   (v) Disposal of non-core and under performing assets such
as our holdings in Downer EDI and ECard, allowing the
re-deployment of capital to the core business.

"Not surprisingly however, given the continued project delays,
our financial results for the first four months of this year are
tracking below budget but due to our focus on cost reduction and
cash flow management, the net cash outflow from operating
activities was kept to less than $500,000 negative for this
period," Mr. Fogarty said.

"Provided shareholders and noteholders approve the capital
restructure, the Company will have the capacity to secure a
growing portfolio of large scale transit ticketing contracts
producing long-term income stream," Mr. Fogarty said.

"With this in place and finalisation of ten to twelve new
contracts imminent, ERG will be well placed to move to
sustainable profitability in the medium term," Mr. Fogarty said.


PMP LIMITED: Slide Halts As Firm Regains Confidence
---------------------------------------------------
Trading of PMP Limited shares has stabilized after the company
regained some measure of investor confidence last week,
following its removal from Standard & Poor's CreditWatch.

The Australian Associate Press says the media print group's move
to assure the market that its outlook was not as bad as
previously thought also helped in shoring up confidence.

On Thursday, S&P took the company off credit watch with negative
implications and reaffirmed its long-term credit rating as BB-
plus, with a rating outlook of negative, reflecting difficult
market conditions in PMP's core commercial printing business,
which was expected to continue in the near term.

PMP noted late last week a slight improvement in trading after
downgrading its earnings estimates just two weeks ago.On
November 11 PMP warned first half earnings before interest and
tax (EBIT) would be $32 million to $35 million, compared to $59
million in the previous corresponding period and $51 million on
a like-for-like basis.

But PMP chief executive Robert Muscat said Friday: "There has
been some improvement in current trading, indicating that our
first-half profit will be in the upper range of our EBIT
forecast.We have also taken a number of actions that will
improve performance in fiscal 2003."

Mr. Muscat said PMP was acting quickly to deliver a "robust
strategy" that would improve profitability, and had hired Bain
International to help develop the strategy.He also confirmed
the group's net debt position would come in "comfortably" below
$300 million at the half year, enabling the group to reduce
interest costs.


UMP AMIL: Opts to Remain in Provisional Liquidation
---------------------------------------------------
Following the recommendation of provisional liquidator David
Lombe, creditors and members of Australia's biggest medical
insurer have voted to keep UMP AMIL in provisional liquidation
rather than wind it up, Asia Pulse reported last week.

Mr. Lombe, of Deloitte Touche Tohmatsu, had earlier recommended
the parties vote to extend provisional liquidation until
December 2003, to take advantage of the federal government's
offer to extend its financial assistance package.

Emerging from the creditors meeting last week, Mr. Lombe said
the vote meant the company could now go forward with some
certainty: "I'm very happy with the decision.I think it has
been a long road and we are now in a position to go forward to
offer members insurance.

"Next year (we are) looking forward to some normalization for
the company's affairs," he told Asia Pulse in an interview.

"We will be issuing the policies in the second week of December
and we can look forward to normal trading, whereas we have in
this present situation, a set of circumstances where we have had
to be issuing policies that only went for six months. Now we
will be a situation where we will be issuing a 12 month policy,"
he said.

The New South Wales Supreme Court is expected to give the mater
final approval on December 3, 2002.

Meanwhile, UMP chief financial officer Stephen James says the
group was $21 million in the black for the four months to end-
October, following the government's indemnity for IBNR (incurred
but not reported) claims.Income for the period was $52
million, with expenses of $31 million.

"Projecting those numbers out, we see a quite positive short to
mid term future at the very least," Mr. James told Asia Pulse.

Mr. Lombe will ask the government to alter its indemnity to also
provide cover for doctors who had left the insurer over the past
few months amid the uncertainty over its future, and also new
students, interns and members.Some 14 percent of members had
left the organization since the start of the year, the report
said.



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


EURO-ASIA AGRICULTURAL: Creditors Likely to Seek Liquidation
------------------------------------------------------------
At least two creditor banks of failed Euro-Asia Agricultural
(Holdings) Ltd. plan to pursue liquidation proceedings against
the company soon, Dow Jones said last week.

Citing the Hong Kong Economic Times, the newswire said the banks
will use the liquidation proceeding to try to recover money owed
to them.Bankers, however, are concerned over whether they will
be able to liquidate 400 million yuan Euro-Asia has deposited in
Chinese banks, the paper said.It did not elaborate.

Euro-Asia said in mid-November that two creditor banks are
taking "necessary actions" to recover their loans because the
company isn't able to repay them as demand notices become due.
It was earlier reported that Euro-Asia owes two banks HK$30
million each.

Dow Jones said Chinese police Wednesday formally arrested Euro-
Asia founder Yang Bin on charges of bribery and fraud.


GUANGDONG ENTERPRISES: Units Secure Refinancing on Debts
--------------------------------------------------------
Two units of Guangdong Investment Ltd (GDI) have successfully
secured term facilities amounting to HK$14.8 billion, enough to
refinance part of their existing debts, Reuters said last week.

GDI, a unit of debt-laden Guangdong Enterprises (Holdings) Ltd,
said subsidiaries, GH Water Supply (Holdings) Ltd and Guangdong
Yue Gang Water Supply Co Ltd, worked out the deal with ICBC
(Asia), ICBC (Shenzhen) and other parties which will provide
term facilities of HK$12.8 billion and HK$2 billion,
respectively.

GDI, which invests mostly in utilities and infrastructure, said
the refinancing plan will have a positive effect on the group's
financial position, cashflow and earnings and reduce its
financing costs.Reuters says GDI has been trying to
restructure its affairs and sell its non-core businesses and
units to tackle the problem.

Under the plan announced late last week, the two units will
refinance certain existing debt totaling HK$13.95 billion.
That figure comprises Tranche A and B Credits amounting to
HK$10.03 billion, notes of US$400 million and a senior loan of
HK$800 million.Reuters says these four components have annual
interest rates of eight percent, eight percent, seven percent
and HIBOR plus one percent, as well as final maturities of 2010,
2010, 2008 and 2005, respectively.

The HK$12.8 billion facility for GH Water Supply (Holdings) Ltd,
will have an annual interest rate of HIBOR plus 1.339 percent
and will mature in 2012.The HK$2 billion facility, given to
Guangdong Yue Gang Water Supply Co Ltd, will be for 15 years
with a repayment schedule starting from 2013.

Guangdong Enterprises (Holdings) Ltd is the commercial arm of
the Guangdong provincial government, Reuters says.



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


ASTRA INTERNATIONAL: Plans Second Creditors Meeting in Singapore
----------------------------------------------------------------
It's confirmed: Astra International will hold another creditors
meeting in Singapore on December 12, 2002 to try to get approval
for its revised debt-restructuring plan, Dow Jones said late
last week.

The company broke up a meeting Tuesday last week in Singapore
due to insufficient creditor attendance.Singapore's Cycle &
Carriage Ltd. (P.CYC) holds a 32% stake in Astra, which it
bought after the 1997-98 Asian financial crisis.

Astra has proposed a debt-restructuring program, which includes
raising up to $150 million through a rights issue, and
refinancing nearly half its total debt. The revised plan
requires approval of at least two-thirds of Astra's creditors.


BUDI ACID: Nears Agreement on Debt Plan; Sees Pact Next Month
-------------------------------------------------------------
Budi Acid Jaya Vice President Soedarmo Tasmin told Asia Pulse
last week that negotiations to reschedule its US$27.9 million in
debts have reached the final stage and an agreement will be
signed next month.

The news agency said the company hopes to secure an agreement
from its syndicate of creditors and Bank NISP to roll over
repayment of the debt until May 2005.

The company trades on the Jakarta Stock Exchange and is
principally involved in the production of chemicals and food
ingredients.It trades under the ticker symbol BUDI.


INDOFOOD SUKSES: Profit Improves Due to Strong Rupiah
-----------------------------------------------------
World's leading noodle maker, PT Indofood Sukses Makmur,
disclosed last week a 16% improvement in its net profit for the
nine months to September.

According to Dow Jones, net profits for the period tallied
IDR651.9 billion.The improvement, however, was largely due to
a stronger local currency, which pushed down the cost of
servicing the company's foreign debt. Indofood made a foreign
exchange gain of IDR213.32 billion in the period compared with a
loss of IDR228.00 billion a year ago, the news agency said.

On an operating level, profit shrunk 13% to IDR1.33 trillion due
to higher expenses, the company said. The higher price of raw
materials in the period, especially crude palm oil and wheat
used in noodle production, raised costs. A government-mandated
fuel price hike also hurt operating profit, the report said.

Net sales were 11% higher at IDR11.9 trillion, the company said.
Noodles comprised 35% of net sales, with flour and edible oil
sales making up most of the remainder. Noodles sales volume grew
12% to 7.3 billion packs.As of Sept. 30, Indofood's dollar-
denominated debt totaled $459 million, of which $301.8 million
matures from 2005.

Indofood is 48% owned by Hong Kong-listed First Pacific. Co.
(H.FPC), the investment vehicle for Indonesia's Salim family.
Indofood is among a select band of Indonesian companies that
have been able to issue foreign bonds this year despite an
overall pessimistic view of Indonesia among international
investors, Dow Jones said.


SALIM GROUP: Karuna Gets 47.5% Stake in Metropolitan Kentjana
-------------------------------------------------------------
The 47.5% stake of the Salim Group in PT Metropolitan Kentjana
was sold last week by PT Holdiko Perkasa, the entity established
to manage and sell the assets turned over by the group as part
of its debt restructuring in late 1990s.

Metropolitan's properties include the Pondok Indah shopping mall
and estate, and the World Trade Center building, The Jakarta
Post said in a report.Local investor PT Karuna Paramita
Propertindo paid Rp605 billion to close the deal, which
includes, among others, Holdiko's accounts receivables in
Metropolitan valued at $6.2 million.

The paper said Karuna, a unit of PT Berca Indonesia, was chosen
from among 11 local and foreign bidders after the company
submitted the highest final bid. Siti Hartati Murdaya is
Karuna's president director and chairman of Berca.

Holdiko said the sale proceeds would be transferred to the
Indonesian Bank Restructuring Agency (IBRA), which will use the
money to help cover the state budget deficit this year. Salim
surrendered several assets to IBRA to repay some Rp52.7 trillion
in state loans that it abused.Holdiko has raised Rp 17.13
trillion from the sale of Salim assets since it was founded in
1999, Jakarta Post said.



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


ARAI GUMI: Creditors Agree on Y65B Debt Waiver
----------------------------------------------
Creditors of Arai Gumi Limited consented to a debt waiver worth
65 billion yen, and will urge the struggling general contractor
to implement further restructuring, the Asahi Shimbun and Dow
Jones reported on Friday.

Sumitomo Mitsui Banking Corp. will waive claims on 60 billion
yen with other banks each waiving debt of 1 billion yen to 3
billion yen. The Company will also cut its workforce to 450
employees from the current 1,000 within three years and focus
its operations in Hyogo Prefecture.Arai Gumi's liabilities
exceed its assets by more than 60 billion yen.


HIKARI TSUSHIN: Posts Net Loss of Y1.58B
----------------------------------------
Hikari Tsushin posted a group net loss of 1.58 billion for April
to September due to unrealized losses on securities holdings and
provision for investment in venture companies, Dow Jones
reports.

The Company also downgraded earnings estimates for the year to
March 31, expecting mobile phone sales-related commissions to
decrease further.

Address:
Hikari Tsushin International Ltd -
http://www.hikari.co.jp/hikari/englis/index.html
6-8 HARBOUR ROAD
31/F, SHUI ON CENTRE
WANCHAI NEW TERRITORIES
HONG KONG

Hikari Tsushin International Limited (formerly Golden Power
International Holdings Limited) manufactures and distributes
electronic finished products, batteries, electronic parts and
components and silicon rubber products. Other activities include
investment holding and consultancy services. The group's
products are marketed in Hong Kong, the People's Republic of
China, Europe, America and Asia. Batteries accounted for 45
percent of fiscal 2000 revenues; electronic and finished
products, 38 percent; distribution of electronic parts and
components, 12 percent and silicone rubber products, 5 percent.


ISETAN CO.: Hit With Hefty Fine in Singapore
--------------------------------------------
Isetan (Singapore) Ltd, a unit of Isetan Co., announced that it
had inadvertently failed to declare, in some of its returns of
employees' remuneration Forms IR8A, certain offshore payments
(the Offshore Payments) and benefits-in-kind (the Benefits-in-
kind) made to such employees (the Employees) from the Years of
Assessment 1992 to 1998.

The Comptroller of Income Tax (the CIT) has imposed penalties of
$910,600 on the Company for failure to declare the Offshore
Payments and Benefits-in-kind (collectively, the Additional)
Income. The Company has co-operated fully with the CIT in
relation to the above matter.

The Offshore Payments, which constituted a large part of the
Additional Income, were made directly by the Company's Japanese
holding company, Isetan Company Ltd Isetan Japan, to the
Employees and were borne completely by Isetan Japan. The Company
and in particular, the persons responsible for preparing the
Forms IR8A, were accordingly not aware that such payments were
being made directly by Isetan Japan to the Employees.

In light of the poor economic conditions, which have had a
significant impact on the retail sector, the above penalties are
likely to absorb a substantial part of the Company's current
year's earnings.

Address:

ISETAN CO LTD - http://www.isetan.co.jp/
14-1 Shinjuku 3-chome
Shinjuku-ku 160-0022 Tokyo 160-8011
JAPAN

Telephone Numbers:
+81 3 3352 1111
+81 3 5273 5321

Isetan Co Ltd. Operator of a chain of department stores and
specialty stores located in Japan, Asia and Europe. Operations
are carried out through the following sectors: Department stores
(Men's and Women's clothing, Household goods, Children's
clothing, Foods) ; Real estate, Credit and Financing services
(credit cards, loans): Retailing/Specialty Stores/Restaurants
(men's/women's apparel stores, sundry good sale, supermakets,
restaurants); Other business (Travel agencies, Distribution).

Department stores accounted for 89% of fiscal 2001 revenues;
retailing/specialty stores/restaurants, 8%; credit and
finaincing, 1%; real estate, 1% and other operations, 1%.


Board of Directors:

Chairman - Kazumasa Koshiba
Senior Managing Director - Kazuyoshi Sano
Senior Managing Director - Mikio Hashimoto
President - Nobukazu Muto




KYUSHU ELECTRIC: Offering Y15B 3-Yr Bonds Due 2005
--------------------------------------------------
Kyushu Electric Power Co. is offering 15 billion yen worth of
three-year bonds, Dow Jones reports, citing an official at lead
manager Nikko Salomon Smith Barney Securities Co. said Friday.

The bonds will be sold to retailers under these terms:

Amount:15 Billion Yen
Maturity:December 22, 2005
Coupon:0.20 percent (JGBs plus 4.2bps)
Issue Price: 100.00
Payment Date:December 25, 2002
Fees:0.34 percent(total)

0.08 percent(mgmt & underwriting)
0.26 percent(selling)
Debt Ratings:Aa3(Moody's)
AA+(R&I)
AAA(JCR)

Denominations: Y100,000, Y1 Mln

Chief Commission Bank : Mizuho Corp. Bank

Interest is payable semi-annually.

According to Wright's Investors Service, Kyushu Electric Power
Co Inc. had a negative working capital at the end of 2002, as
current liabilities were 780.16 billion while total current
assets were only 208.17 billion.


MYCAL CORPORATION: Unit OK's Aeon Bail-out Offer
------------------------------------------------
Mycal Kyushu, a unit of Mycal Corporation, will accept an offer
from retailer Aeon Co. to aid its rehabilitation after months of
squabbles between the unit and its parent firm, according to
Kyodo News on Friday.

The administrators of the Company will brief the employees of
Mycal Kyushu, which runs 11 retail outlets on Japan's
southernmost main island, on their reasons for opting to accept
the Aeon offer, which is expected to involve job cuts.


NIPPON YUSEN: Bahamas Unit Enters Liquidation
---------------------------------------------
Shipping firm Nippon Yusen KK decided to liquidate its Bahamas
unit Kona Shipping Limited next year, Kyodo News reports.
The unit was established in March 1999 to own and lease a
42,694-ton specialized tanker for transporting liquefied
petroleum gas.

The parent firm decided to sell the tanker between January and
March 2003, leading to the decision at the day's board meeting
to liquidate the unit in fiscal 2003, which begins in April.

According to Wright Investor's Service, at the end of 2002,
Nippon Yusen Kabushiki Kaisha had negative working capital, as
current liabilities were 387.32 billion yen while total current
assets were only 313.92 billion yen.

Address:
Nippon Yusen Kabushiki Kaisha - http://www.nykline.com/
3-2, MARUNOUCHI 2-CHOME
CHIYODA-KU TOKYO 100-0005
JAPAN

Telephone Numbers:
+81 3 32845151
+81 3 32846081

Nippon Yusen Kabushiki Kaisha was established in 1885 and is a
leading shipping company in Japan. Marine/cargo transportation,
tramps, tanker and other related operations accounted for 61
percent of fiscal 2000 revenues; transport operation, 14
percent; marine transport related operation, 10 percent;
wholesale of petroleum, 8 percent; passenger ships operation, 3
percent; real estate business, 2 percent and other operations, 2
percent. The company has two hundred and twenty six consolidated
subsidiaries worldwide. Overseas sales accounted for 72.9
percent of fiscal 2000 revenues.


NIPPON YUSEN: Joins Car Terminal Operation at Shanghai Port
-----------------------------------------------------------
Nippon Yusen Kaisha (NYK Line) recently signed a letter of
intent with the Shanghai Port Authority and Shanghai Automotive
Industry Sales Corporation to contribute to the capitalization
of a new company that will operate an exclusive terminal
handling finished cars, now under construction in the Waigaoqiao
free trade zone in Shanghai Port.Shanghai Automotive Industry
Sales Corporation is responsible for car sales on behalf of the
Shanghai Automotive Group.

The signing ceremony, held in the hall of the Shanghai Port
Authority on Thursday, November 28, was attended by NYK
Executive Vice President Kazuhira Kamiya, Director General Lu
Haihu of the Shanghai Port Authority and General Manager Ye Yong
Ming of Shanghai Automotive Industry Sales Corporation.

The new facility will be the first terminal in China dedicated
to the handling of finished cars shipped by sea. NYK intends to
apply its know how in car terminal operations, acquired through
its participation in similar projects in other parts of Asia, to
the operation of the Shanghai car terminal.

1. Purpose

To meet the inter modal transport needs of Chinese automakers by
participating in the operation of an exclusive terminal for
finished cars in Shanghai. The terminal will play a key role in
the transport of cars, and supplement the "NYKCOS" (NYKCOS Car
Carrier Company Limited), a joint venture established by NYK and
China's COSCO Shipping Co., Ltd. for the sea borne transport of
finished cars.

To lay the groundwork for participation for full-fledged
involvement in the automobile logistics business (domestic
transport and export/import transport), which is certain to grow
rapidly in the near future.
2. Details of the Terminal

Location:Waigaoqiao free trade zone (adjacent to the
Waigaoqiao Container Terminal) in Shanghai Port

Quay length:219 meters

Yard area:300,000 square meters (approx. 400 meters x 700
meters)

Start of operations:June 2003

3. Outline of Terminal Operation Company

Name:Shanghai International Auto Logistics Terminal Company
Limited

Investors:Shanghai Port Authority (44%)
Shanghai Automotive Industry Sales Corporation (51%)
NYK (5%)

Total investment:500 million yuan (Yen 7,500 million) (NYK's
stake: 25 million yuan (Yen 375 million))

Duration of joint venture:48 years

Main lines of business:ro/ro handling of cars, bonded
warehousing, distribution/dispatching, etc.


SANYO ELECTRIC: Spinning Off White Goods Production Operations
--------------------------------------------------------------
Sanyo Electric Co. Limited will spin off its white goods
manufacturing business as part of its restructuring program, AFX
Asia said on Thursday.

The Company's white goods manufacturing business posted an
operating loss of 5.5 billion yen in the first half of this year
to September, versus a loss of 830 million posted in the year to
March.

"The operations are currently under pressure from falling white
goods prices. In order to survive such a severe business
environment, it is necessary to improve our competitiveness," an
unnamed Company spokesman said. He added that the restructuring
plan targets operating profits after the year to March 2004.
The plan involves the transfer of 1,400 workers in the white
goods business to other group firms, but added no other details
have been decided at this stage.


YANASE & CO.: Itochu Buying 14% Stake in Ailing Car Dealer
----------------------------------------------------------
Itochu Corporation will buy a 14 percent stake in Yanase & Co.
to help the ailing imported-car dealer get back on its feet, the
Nihon Keizai newspaper and AFX Asia reported Thursday.

Itochu will buy the shares through a third-party stock
allocation Yanase plans to conduct early next year. Itochu will
also send directors to Yanase. Although the firm moved back into
profit in 2001 due largely to dealership consolidation, it has
become difficult for Yanase to survive on its own.

Yanase will conduct a third-party allocation of shares worth
more than 8 billion yen, of which Itochu will acquire 1.5
billion yen. Nippon Tochi-Tatemono Co, which is affiliated with
the former Dai-Ichi Kangyo Bank, will also provide capital of
1.5 billion yen.


YOZAN INC.: Narrows H102 Net Loss to Y1.03B
-------------------------------------------
Yozan Inc. incurred a parent pretax loss of 1.03 billion yen
(US$8.43 million) for the fiscal half ending September 30,
versus a loss of 1.35 billion a year earlier, reports the Asia
Times.

Parent sales declined 73 percent to 374 million yen due to the
Company's withdrawal in the previous fiscal year from operations
in integrated circuits for 3G (third-generation) mobile phones.
The Company began selling personal handy phone system handsets
and base station equipment, after the circuit operations were
delayed.



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


CHOHUNG BANK: PFOC Selecting Preferred Bidder December 6
--------------------------------------------------------
The Public Fund Oversight Committee will select a preferred
bidder for a controlling 51 percent stake in Chohung Bank on
December 6, Chosun Ilbo Daily reported. The government will
receive final bids from the potential buyers for Chohung Bank by
December 2.

A consortium led by Shinhan Financial Group and another
consortium led by a US fund Cerberus and Korea First Bank are
two of the strongest candidates for the acquisition of the
nationalized Chohung Bank, it said. (M&A REPORTER-ASIA PACIFIC,
Vol. No.1, Issue No. 237, November 29, 2002)


HANBO IRON: AK Capital Acquires Steel Firm for US$377M
------------------------------------------------------
The Korea Asset Management Corporation (KAMCO) has reached an
agreement with AK Capital on the sales of Hanbo Steel on
Thursday. KAMCO will sign a final contract with AK capital on
the sales of Hanbo Steel in mid-December, after receiving final
approval from the creditors' committee and the court.

According to the agreement, AK Capital will pay US$377 million
for Hanbo Steel, 6 percent lower than the initial bidding price
of US$401 million. AK Capital is required to pay the full amount
within 120 days of signing the contract, which will be no later
than next April. And the controversial plant site will be
excluded from purchase as agreed beforehand.

Hanbo Steel has succeeded in signing the final contract after
patiently conducted year-long negotiations, which began last
November.Hanbo Steel is said to have contributed to the 1997
economic crisis, but the deal is expected to throw a lifeline to
the beleaguered company. Once Hanbo Steel starts operating its
CSP plant again, it will be able to prosper in line with the
current boom in the steel sector.

For further inquiries, call Sun Jung Park at 822) 2103-6137

Address:
Hanbo Steel & General Construction Co. - http://www.hanbo.co.kr/
316 Daechi Dong
Kangnam Gu Seoul 135-280
KOREA (SOUTH)+82 2 5606 114
+82 2 552 4473

Hanbo Iron & Steel Company Limited manufactures basic iron and
steel. Concrete reinforcing bar accounted for 96 percent of 2000
revenues and other, 4 percent. The press release is located at
http://www.kamco.or.kr


KOREA LIFE: Delays Launching to December 9
------------------------------------------
The inauguration of Korea Life Insurance on Thursday has been
postponed to December 9, as members of the consortium have been
having problems with the executive appointments for the insurer,
Digital Chosun reports. The Company was recently sold to a
Hanwha group-led consortium.

The report said the group and member firms of the consortium,
including Orix of Japan, have been split over the appointment of
directors for the firm. The Board of Directors for the insurer
is composed of 14 members in total, seven permanent directors
and the same number of outside directors.Sources also
commented that the negotiations among the consortium members
have not made much headway, as several member firms claimed that
the board meetings must be held in English.


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


AOKAM PERDANA: Chairman Admits Group Walking on Tightrope
---------------------------------------------------------
Manufacturing group Aokam Perdana Bhd faces delisting from the
Kuala Lumpur Stock Exchange, as it has yet to "regularize" its
finances within the time frame stipulated by the exchange,
Bernama said late last week.

Chairman Tan Sri Datuk Samshuri Hj Arshad, however, disclosed
last week that the company is currently in talks with a
potential white knight.Nevertheless, he admitted that the
company's future depends on a successful and timely
restructuring.He told Bernama that the rescue plan being
contemplated by the group involves a capital injection in a
profitable business, which could put the group on a sound
financial footing.He expects the company to finalize a deal
soon.

In its latest financial disclosure, the company said it had
accumulated a loss of RM199.3 million and defaulted on the
payment of interest and principals on various loans and debts.

Meanwhile, Mr. Samshuri believes the steady dive of timber
prices has reached rock bottom and will be fairly stable in the
short-term.This development, however, remains largely
insignificant, as the demand in the world market for timber
products remains week.

Amidst a background of slow economic growth and a difficult
operating environment, Aokam's performance deteriorated further
during the last financial year, Bernama said.With inadequate
working capital and other constraints, the group's revenue
decreased by 76 percent to RM16.0 million from RM66.8 million
previously.

The net loss after taxation of RM48.8 million was significantly
higher than the preceding year due to exceptional loss arising
from the change in the basis of preparation of the financial
statements from going concern to break-up basis, the report
said.

COMPANY PROFILE

Originally a mining company with activities centered in
Thailand, the Company was, in its early days, associated with
Thai company Aokam Thai Ltd (ATL) that was formed to purchase
all its mining assets. Along the way, the Company diversified
into the food, financial, gaming and manufacturing sectors in
the late 1980s. There followed a shift in investment strategy in
1990 when the Company disposed of its entire interests in the
above investments to focus on the wood-based industry.

The Company's wood-based interests are undertaken mainly by
subsidiary Pembangunan Papan Lapis (Sabah) Sdn Bhd (PPL) which
operates sawmills in Sabah. PPL also produces mouldings which
are marketed internationally. Subsidiaries Aokam Industries Sdn
Bhd produces veneer and plywood and Pacific Wood Products Sdn
Bhd, sliced veneer and veneer products. The base of operations
is the Aokam Perdana Timber Complex in Keningau, Sabah.

The Company is an affected listed issuer under Practice Note No.
4/2001 of KLSE's Listing Requirements. The Company has submitted
an application to KLSE for additional time to October 24, 2002
to make the necessary applications to all the relevant
authorities on its regularization plan. Meanwhile its proposed
corporate exercise comprising a rights issue, special issue and
new ESOS, have been approved by the FIC, SC and MITI.

CONTACT INFORMATION: B-11-3, Megan Phileo Promenade
189, Jalan Tun Razak
50400 Kuala Lumpur
Tel: 03-2166 3466
Fax: 03-2166 3455


AUSTRAL AMALGAMATED: New Owner to Pursue Profitable Projects
------------------------------------------------------------
FURQAN Business Organisation Bhd (FBO), the white knight to
property developer, Austral Amalgamated Bhd, expects the
rehabilitated group to post profits as early as its first year
of operations following its re-listing as FBO.

According to The Star, the new company, which is assuming the
listed status of Austral Amalgamated Bhd in a reverse takeover,
plans to dispose non-core assets to revive the group's fortunes.
In addition, it plans to continue Austral's pending property
development projects.

The paper says the FBO will retain the 700-acre land-bank owned
by Austral.According to FBO executive chairman Datuk Faruk
Othman, the land-bank, mainly sited in Setapak (Kuala Lumpur)
and Serendah (Selangor), and Pulai (Johor), carries a combined
gross development value of RM1.3 billion.The land will mainly
be used to build affordable houses in the low- to medium-cost
category, he said.

FBO will also undertake the development of low- and medium-cost
projects abandoned by Austral Amalgamated, Mr. Faruk told
reporters at a company briefing in Kuala Lumpur late last week.
Mr. Faruk said the Daman Kota development project in Setapak
would have a gross development value of RM439 million.

The Pulai project will comprise mainly bungalow lots, townhouses
and shop lots as well as low-cost housing, and has a gross
development value of RM139 million. And the residential and
industrial development in Serendah has a gross development value
of RM710 million.

Mr. Faruk said the reverse takeover of Austral Amalgamated had
also seen the injection into FBO of property investment company,
Eastern Biscuit Factory Sdn Bhd, and equipment leasing firm,
Wilayah Leasing Sdn Bhd.FBO would have three core businesses:
property investment, development, and equipment leasing, the
paper says. He said the acquisition of Eastern Biscuit and
Wilayah Leasing would enhance FBO's cash flow and generate
sufficient profit to kick start its future property projects.

Eastern Biscuit has an integrated hotel, shopping and retail
complex and condominium development, known as Kota Sri Mutiara
Complex, in Kota Baru, Kelantan. The complex has 94 shop lots.
Of that, 58 units have been sold, with the balance kept for
rental investment. The complex also houses the Renaissance Kota
Baru, the only five-star hotel in Kelantan, The Star says.
Eastern Biscuit has given a pre-tax profit guarantee of RM9.2
million, RM14.8 million and RM18.3 million for three financial
years ending December 31, 2002, 2003 and 2004, the paper says.

The report says the reverse takeover by FBO of Austral
Amalgamated was part of the latter's restructuring exercise,
which among other things, included a 20-to-1 capital reduction,
a debt-to-equity conversion, asset injections and private share
placements.FBO will also settle part of Austral Amalgamated's
RM805 million debt via a combination of cash, equity and
redeemable convertible loan stocks.

Upon completion of the whole exercise, FBO would have a paid-up
capital of RM449.7 million, shareholders' funds of RM445.7
million and net tangible assets of 74 sen per share, the paper
says. Mr. Faruk said FBO is expected to be listed on the KLSE
main board on December 30, with the reference price of its
shares set at RM1.

CONTACT INFORMATION: Level 12, Menara AA
247 Jalan Tun Razak
50400 Kuala Lumpur
Tel: 03-2148 9999
Fax: 03-2148 9992


LION CORPORATION: Loss Column Improves, Recovery Likely
-------------------------------------------------------
Lion Corporation Bhd Chairman Tan Sri William H J Cheng believes
the company will soon turn the corner, as it posted pre-tax full
year losses of RM138.3 million against RM330.7 million
previously.

In an interview with Bernama, Mr. Cheng said the group is
optimistic about an improvement in its operational performance
with the various measures it has undertaken to strengthen its
businesses.One of these measures he cited are the steps
initiated by the steel division on cost and productivity
improvements together with strategic technical tie-ups with
regional steel mills.

Over the past five years, the group has suffered losses of
almost RM1.37 billion and the only notable recovery has been in
the last financial year, Bernama said.But things have turned
rosy lately on marked improvement in the flat steel industry
this year and the price stabilization of hot rolled coils
products.

The paper reported Lion is anxiously waiting for a breather via
the completion of its long drawn restructuring scheme, still
pending approvals from the Kuala Lumpur Stock Exchange,
shareholders of the various scheme companies and other relevant
authorities. Meanwhile, Lion's motor division led by Kinabalu
Motor Assembly Sdn Bhd, the franchise assembler and distributor
of Isuzu vehicles in East Malaysia, reported lower revenue and
higher losses in the last financial year.

Mr. Cheng said sales of its two-wheel drive crew cab were lower
in Sabah while the response in Sarawak was encouraging. Sales
volume for the four-wheel drive crew cab was also affected
during the year by the newer models introduced by competitors.
To counter this threat, the management has commenced discussion
with Isuzu Motor Limited, Japan to obtain the latest model of
crew cab, which was introduced into the Thailand market in June
2002, Mr. Cheng added.


LION CORPORATION: Directors Accept Conditions Set by Regulator
--------------------------------------------------------------
PROPOSED CORPORATE AND DEBT RESTRUCTURING EXERCISE

(1) On July 12, 2002, Lion Corporation Bhd (LCB), AmSteel
Corporation Bhd (ACB), Lion Land Bhd (LLB) and Angkasa
Marketing Bhd (AMB) (collectively referred to as the Lion
Group) jointly announced that the Securities Commission has
approved each of the relevant proposal within the proposed
debt restructuring exercises, divestment programmes and
corporate restructuring exercises (Proposed GWRS) that
required the SC's approval subject to certain revisions and
terms and conditions to be imposed thereto (July Approval).

(2) On October 10, 2002, LCB, ACB, LLB and AMB further jointly
announced, inter alia,that the SC has approved the appeal on
certain terms and conditions imposed by the SC in the July
Approval subject further to conditions as set out in the
said announcement (October Approval).

(3) The Directors of LCB, ACB, LLB and AMB wish to announce
that, having considered the terms and conditions imposed by
the SC in its July Approval and October Approval (SC
Conditions), the Directors of LCB, ACB, LLB and AMB had
accepted the SC Conditions imposed on each of LCB, ACB, LLB

and AMB respectively as set out in the July Approval and
October Approval.

(4) Shareholders of LCB, ACB, LLB and AMB and potential
investors are requested to refer to the past announcements
released by the Lion Group for further details of the
Proposed GWRS.

CONTACT INFORMATION: Level 46, Menara Citibank
165, Jalan Ampang
50450 Kuala Lumpur
Tel: 03-21622155
Fax: 03-21623448


MGR CORPORATION: Says 'Earnest Money' Suit Won't Affect Finances
----------------------------------------------------------------
On November 21, 2002, MGR Corporation Bhd received a Writ of
Summons dated November 7, 2002 issued by Messrs Onn & Partner on
behalf of Rintisan Bumi Sdn. Bhd. (Plaintiff) for a claim
amounting to RM500,000 and interest chargeable at the rate of 8%
per annum from the date of judgment to the date of realization.
Further Writ of Summons details and its possible impact involve:

(1) As a means to address the debts of MGR, the Special
Administrators, had on October 31, 2001, carried out a
briefing to all parties who were interested in acquiring the
assets of MGR and its group of companies (Group) or the
restructuring of the Group, and had invited them to submit
their proposals to the SA for their consideration. Each
proposer was required to provide the requisite earnest
monies amounting to either ten percent (10%) of the total
consideration offered or RM500,000, whichever is the lower
(Earnest Monies) together with their proposal. The closing
date for submission of proposals was on November 9, 2001 and
five proposals were received. Upon evaluation of all
proposals received, the SA recommended that the proposal
submitted by Rintisan Bumi (M) Sdn. Bhd. (Rintisan) be
accepted. On December 13, 2001, the SA informed Rintisan of
their success.

However, Rintisan's solicitors, Messrs Onn & Partners, had
vide their letter dated January 5, 2002 advised the SA of
their client's decision to withdraw its proposal. As such
and in line with Clause 4 of a letter addressed to the SA by
Rintisan on November 9, 2001, the SA proceeded to forfeit
the Earnest Monies of RM500,000 received from Rintisan.


(2) The claim will have no material financial and operational
impact on the MGR group.

(3) In the event the High Court rules in favour of Rintisan's
claim, the Company is expected to refund the Earnest Monies
of RM500,000 or any amount as awarded by the High Court
together with interest at the rate of 8% per annum from the
date of Judgment to the date of realization.

(4) A memorandum of appearance has been entered by the
solicitors acting for the Company to dispute the claim made
by Rintisan.

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


RENONG BERHAD: Future Plans Remain Under Wraps
----------------------------------------------
The board of directors of Renong Bhd has kept a tight lid on
their plans for debt-laden group, refusing to confirm or deny
last week's speculations that it might be taken private.

Sought out for comments by The Edge Daily last week, Chairman
Tan Sri Mohd Sheriff Mohd Kassim only said the group is looking
at various options to recapitalize its business, which is
saddled with some RM5 billion in debt and is still incurring
losses.

"We'd better not speculate on that. We should give Renong's
board some time to decide on its long-term plan," he said after
Renong's extraordinary general meeting on November 26. Renong
expects to unveil its long-term corporate and debt restructuring
plan by early next year.

Mr. Mohd Sheriff said the directors have discussed Renong's plan
in total and put various options on the table, but declined to
comment whether the plan includes taking the group private.In
explaining the matter further, executive deputy chairman Abdul
Wahid Omar said the board does not have the prerogative to
decide on whether the group should be taken private.

"To do that, the group needs someone else (other than Renong's
board) to take over," Mr. Wahid told The Edge Daily in a
separate interview.

He added that the option would also involve a large sum of about
RM1.1 billion, given its 3.3 billion shares and market price of
45 sen a share.

Meanwhile, former Renong Bhd executive chairman Tan Sri Halim's
stake has been reduced to 14.72 percent, after the disposal of
1.42 percent as debt settlement between November 19 and 22.A
filing to the KLSE showed that his shareholding was reduced to
341.88 million shares after the disposal of 16.59 million
shares.


TENAGA NASIONAL: Ups Bond Issue to US$400M Due to High Demand
-------------------------------------------------------------
Strong demand for Tenaga Nasional Bhd's guaranteed exchangeable
bond continues, obliging the company last week to increase anew
the value of the issue to US$400 million, The Star says.

The paper says J.P. Morgan Securities Ltd and CIMB (L) Ltd
exercised last week its option to buy an additional US$50
million worth of bonds from the power utility's wholly owned
subsidiary, Tenaga Capital (L) Ltd.

The additional purchase has made the TNB's GEBs the largest
convertible securities offering from Malaysia to date besides
being the first to be listed on the Labuan International
Financial Exchange, TNB president and chief executive officer
Datuk Pian Sukro said at the official listing of the bonds in
Kuala Lumpur.

"The proceeds will be used, among other things, to pay down
TNB's foreign currency debt maturing from 2004 onwards," he
said. "We estimate that on a US$350 million deal, TNB would
achieve cost savings of about RM8 million to RM9 million
annually. TNB's pro forma gearing will also correspondingly be
reduced from 1.66 to 1.47 times upon full exchange of the
bonds."

TNB had originally launched US$300 million of GEBs on Nov 12,
with J.P. Morgan and Commerce International Merchant Bankers Bhd
(CIMB) as joint managers of the issue. The bonds were priced and
allocated within eight hours, and were two times oversubscribed.
As a result, the issue size was raised to US$350 million, with a
"green shoe" option of US$50 million.


CIMB Chief Executive Nazir Razak said despite the difficult
market conditions, the TNB GEBs had seen strong demand,
particularly from investors in Europe. The bonds had attracted
50 investors, of which 75% were from Europe, 20% from Asia and
5% from the United States, he told The Star.



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


EASYCALL COMMUNICATIONS: Listing New Shares Today
-------------------------------------------------
EasyCall Communications Philippines Inc. will list 97.9 million
new shares and 42.6 million warrants on the Philippine Stock
Exchange today, according to Dow Jones. The new shares represent
stocks sold to Global E-Business Solutions Inc. and minority
shareholders as well as stocks to cover the warrants issue.

According to the Troubled Company Reporter-Asia Pacific,
EasyCall International Limited had for the year ended 30 June
2002 slashed its net loss after tax to A$1.7 million (S$1.6
million) from the high of A$45.1 million (S$43.4 million)
recorded a year ago. The Group restructured its operations last
year to weed out loss making operations, taking one-time charges
totaling A$39.4 million (S$37.9 million).


MANILA ELECTRIC: Workers Offer Undying Support of Officers
----------------------------------------------------------
The Manila Electric Co. (Meralco) workers and officers
manifested their unwavering support to company President Jesus
P. Francisco and Chairman Manuel M. Lopez during these trying
times.They say they will continue to serve Meralco customers
and the public with integrity and excellence despite all odds.

For a copy of the employees manifesto, visit
http://bankrupt.com/misc/tcrap_meralco1129.pdf


NATIONAL BANK: Inks MOA With National Steel Creditors
-----------------------------------------------------
The Philippine National Bank recently signed a Memorandum of
Agreement (MOA) with 16 other creditors and three National Steel
Corporation (NSC) shareholders led by Hottick Investments, Ltd.
in ceremonies held at the Malacanang Palace. PNB President
Lorenzo V. Tan signed for the Bank.

The MOA paves the way for the rehabilitation of the giant steel
Company. It provides for the adoption of a Liquidation Plan and
the creation of Special Purpose Vehicles (SPVs) that will
operate, lease, or dispose of NSC's Iligan Plant as an
integrated facility (and not on a piecemeal basis).

The Special Purpose Vehicles which will be owned by both
creditors and shareholders under a 80 per cent -20 per cent
equity sharing basis will enable creditors like PNB to convert
part of the loans they granted to NSC into equity. The immediate
effect of the conversion of the P4.8 billion out of the total of
P5.6 billion loan into equity for PNB is the reduction of the
Bank's non-performing loan ratio by approximately 4 per cent.

The rehabilitation of National Steel Corporation is expected to
bring in far-reaching effects not only in improving the economy
of Iligan City where the main plant is located but also in the
overall economy of Mindanao.

Following directives from President Gloria Macapagal-Arroyo, the
Department of Trade and Industry led by Secretary Mar Roxas
spearheaded efforts to find a workable solution for the eventual
rehabilitation of the country's only integrated steel mill
Company. PNB, as the biggest creditor of NSC, was primarily
responsible for convincing the other creditors to agree to the
proposed solution. The consequent forging of the agreement among
the creditors and the major shareholders of NSC not only brings
new hope for this major Philippine Company but also has the
added result of bringing down further PNB's non-performing loan
portfolio.

For a copy of the press release, visit
http://bankrupt.com/misc/tcrap_pnb1129.pdf


NATIONAL POWER: Defers Rate Hike
--------------------------------
The National Power Corporation (Napocor) agreed to postpone a
year-end rate hike, after regulators asked it to check big
fluctuations in power rates, the Manila Bulletin said on Friday.

Edgardo Orencia, officer in charge of the National Transmission
Corporation, said the utility won't collect fuel and purchased
power cost adjustment (FPCA), until the Company has applied for
a rate adjustment. National Transmission is the new Company
formed to absorb the transmission assets of Napocor, which the
government plans to privatize.

The FPCA is an automatic rate adjustment mechanism that reflects
changes in the cost of fuel and electricity that Napocor buys
from independent power producers.The FPCA should have been
implemented in October.Most of Napocor's customers, who are
electricity distributors, pass on to end users the FPCA as the
purchased power adjustment, or PPA.


PHILIPPINE LONG: Unit Raises US$100M Via 5-Year Loan Facility
-------------------------------------------------------------
Smart Communications Inc., a unit of Philippine Long Distance
Telephone Co., has raised US$100 million through a five-year
term loan intended to finance its expansion program, AFX Asia
reports, citing the facility's joint lead arrangers.

Joint arrangers Bank of Tokyo-Mitsubishi Ltd, Citibank NA and
ING Bank NV said the loan facility was signed on November 29.
The facility has risk insurance coverage from Nippon Export and
Investment Insurance.



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


CHARTERED SEMICONDUCTOR: Merrill to Sell 200M Shares
----------------------------------------------------
Merrill Lynch is planning to make a placement of 200 million
Chartered Semiconductor Manufacturing Ltd. shares at a floor
price of S$1.10 (US$1=S$1.7627) per share, the Straits Times
reports.The placement accounts for 70 percent of the 280
million unsold Chartered shares Merrill had to pick up as
underwriter for the chip foundry's 8-for-10 rights issue in
September. Merrill paid S$1 per share then.

DebtTraders reports that Chartered Semiconductor Mnfg's 2.500
percent convertible bond due in 2006 (CSM06SGN1) trades between
89 and 91. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=CSM06SGN1


CRAFT PRINT: Narrows Net Loss to S$1.04M
----------------------------------------
Craft Print International posted a net loss of S$1.04 million in
the year to September versus a loss of S$4.01 million a year
earlier, Reuters said on Thursday.In a company statement, the
Group's two subsidiaries, namely Printing Farm Pte Ltd (wholly-
owned) and Wall Expressions Pty Ltd (75% owned), continued to
incur losses during FY2002. Craft Print International Ltd is
engaged in the provision of printing services.

After the end of the financial year, steps were taken to
restructure and streamline the two subsidiaries to minimise
further losses. Wall Expressions commenced voluntary winding up
due to disagreement with the minority shareholder on its future
directions and strategies. The winding up will be completed in
the first half of 2003.

Printing Farm has discontinued with its e-printing business, and
the joint venture agreement dated August 30, 2000 with a third
party was terminated on 25 November 2002. All losses incurred by
the two subsidiaries have been fully provided for. The Group
does not expect any significant financial impact.

The group said the improvement in results were due to cost
savings, higher productivity, and effective management of
accounts receivables and reduced provision for doubtful debt.



NATSTEEL LIMITED: Issues Shareholder Reminder Notice
----------------------------------------------------
The Board of Directors of NatSteel Limited issued to its
shareholders in relation to the revised voluntary conditional
cash offer (the Revised 98 Holdings Offer) made by Standard
Chartered Bank SCB, for and on behalf of 98 Holdings Pte. Ltd.
98 Holdings, to acquire all the issued ordinary shares of S$0.50
each (the Shares) in the capital of the Company.

Unless otherwise defined herein, all capitalized terms in this
announcement have the same meaning as those in the Supplemental
Circular.

REVISED 98 HOLDINGS OFFER OF S$2.03 PER SHARE

Shareholders are reminded that the closing date for lodgment of
acceptances of the Revised 98 Holdings Offer is by 3:30 pm on 4
December 2002 (Wednesday) Closing Date, unless extended by 98
Holdings.

The outcome of the Revised 98 Holdings Offer by the Closing Date
could be one of the following:

1. If the Revised 98 Holdings Offer becomes or is declared
unconditional by the Closing Date, in accordance with Rule 22.6
of the Singapore Code on Takeovers and Mergers (the "Code, the
Revised 98 Holdings Offer must remain open for acceptances for
not less than 14 days from 4 December 2002
OR
2. If the Revised 98 Holdings Offer does NOT become or is NOT
declared unconditional by the Closing Date, then 98 Holdings may
choose, at its discretion, to:

Close the Revised 98 Holdings Offer by 3:30 pm on 4 December
2002, in which case the Revised 98 Holdings Offer will lapse; or
Extend the Revised 98 Holdings Offer to any date no later than
23 December 2002 (unless otherwise permitted by the SIC)
To date, 98 Holdings has not declared its intention on whether
it would extend the Revised 98 Holdings Offer beyond 3:30 pm on
4 December 2002.

EXTRAORDINARY GENERAL MEETING IN RELATION TO THE OFFER BY CROWN
CENTRAL ASSETS LTD

Shareholders are reminded that an EGM pertaining to, inter alia,
the Proposed Sale to Crown Central Assets Ltd will be convened
on 4 December 2002 at 10:00 am. The venue for the meeting is as
follows:

Mandarin Court
Mandarin Singapore
Level 4, Main Tower
333 Orchard Road
Singapore 238867

Duly completed and executed proxy forms should be deposited at
the registered office of the Company at 22 Tanjong Kling Road,
Singapore 629048 by 10:00 am, 2 December 2002.

Shareholders are encouraged to turn up and vote at the EGM
regardless of whether they wish to accept the Revised 98
Holdings Offer or not.

Shareholders who do not turn up and vote are leaving the outcome
of the EGM to be determined by those Shareholders who do turn up
and vote.

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

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

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

For further information, please contact:

Financial Adviser

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

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

Communications Adviser
Weber Shandwick Singapore
Tel: +65 6825 8000

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


NATSTEEL LTD: 98 Holdings Acquisition Bid Uncertain
---------------------------------------------------
98 Holdings Pte Ltd may abandon its bid to acquire Natsteel Ltd
rather than raise its offer price of SGD2.03, an industry source
familiar with the situation told the AFX-Asia News. The source
said 98 Holdings may also opt to extend the closing date of its
proposal to acquire Natsteel Ltd, scheduled on December 4, further.

"The extension of the offer is still a possibility," he added.

So far, 98 Holdings, which counts government investment arm
Temasek Holdings and Hotel Properties managing director Ong Beng
Seng as members, has received 15.76 percent approvals from
Natsteel shareholders for its bid to acquire the Company at SGD2.03.

Including other members of 98 Holdings who have made irrevocable
undertakings in support for the consortium's offer, the level of
acceptances has reached 25.05 percent.

A spokesperson for 98 Holdings said, however, that the
consortium is still confident that it will secure approval from
50 percent plus one vote among Natsteel shareholders despite the
continued efforts of Indonesian businessman Oei Hong Leong to
buy Natsteel shares from the market.

Sanion Enterprises Ltd which Oei now controls 24.12 percent of
the steel firm after buying shares at SGD2.05.

About NatSteel Ltd

Just as a metallurgist mixes metals to produce a strong alloy,
NatSteel mixes steelmaking and other activities to make it one
of Singapore's largest industrial groups. NatSteel's operations
include steel (roughly 64 percent of sales), electronics,
building products, chemicals, engineering products and services,
and property development. The Company has steel minimills in
China, Malaysia, the Philippines, Singapore, and Vietnam. Its
electronics division consists of many contract manufacturers, as
well as a major investment in modem maker U.S. Robotics. In 2002
the Company sold its NatSteel Broadway (printed circuit boards,
plastic and metal components) unit to Flextronic International
for about $367 million. (M&A REPORTER-ASIA PACIFIC, Vol. No.1,
Issue No. 237, November 29, 2002)

NATSTEEL LTD: Sanion's Interests Changed
----------------------------------------
Natsteel Ltd posted a notice of changes in substantial
shareholder Sanion Enterprises Limited's interests as follows:

Name of substantial shareholder: Sanion Enterprises Limited
Date of notice to Company: November 27, 2002
Date of change of interest: November 27, 2002
Name of registered holder: Citibank (Nominees) Singapore Pte Ltd
Circumstance(s) giving rise to the interest: Open market purchase

Shares held in the name of registered holder

No. of shares of the change: 1,863,000
% of issued share capital: 0.5
Amount of consideration per share excluding brokerage, GST,
stamp duties,
clearing fee: $2.05
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

No. of shares held before change: 87,541,000 (Direct)
% of issued share capital: 23.62 (Direct)
No. of shares held after change: 89,404,000 (Direct)
% of issued share capital: 24.12 (Direct)
Total shares: 89,404,000 (Direct)

Based on 370,643,237 shares issued as at 27 November 2002.

This announcement supersedes announcement no. 88 of 27 November 2002.

About NatSteel Ltd

Just as a metallurgist mixes metals to produce a strong alloy,
NatSteel mixes steelmaking and other activities to make it one
of Singapore's largest industrial groups. NatSteel's operations
include steel (roughly 64 percent of sales), electronics,
building products, chemicals, engineering products and services,
and property development. The Company has steel minimills in
China, Malaysia, the Philippines, Singapore, and Vietnam. Its
electronics division consists of many contract manufacturers, as
well as a major investment in modem maker U.S. Robotics. In 2002
the Company sold its NatSteel Broadway (printed circuit boards,
plastic and metal components) unit to Flextronic International
for about $367 million. (M&A REPORTER-ASIA PACIFIC, Vol. No.1,
Issue No. 237, November 29, 2002)


SEATOWN CORP: Completes Paccan Construction Equity Stake Sale
-------------------------------------------------------------
The Board of Directors of Seatown Corporation Limited announced
that it has completed the sale and disposal of its entire equity
stake in PacCan Construction Specialists Pte Ltd PCS to Mr Toh
Ah Koon for S$20,000.00. The sale consideration was arrived at
on a willing buyer-willing seller basis.

PCS's principal income source is rent from Blk 9/9A and 10 Lock
Road, Former Gillman Camp, which is sub-leased from the
Singapore Land Authority.

PCS suffered a loss before income tax of $395,163 for the year
ended 30 September 2002, and has net liabilities of $7,081,376
as at 30 September 2002. As part of the sale agreement, an
amount of $6,926,964 owed by PCS to the Company has been waived.
The disposal has no material impact on the Company's earnings
and net tangible assets for the financial year ended 30
September 2002.

The SGX-ST has granted the Company a waiver from complying with
the requirements of Rule 1014 of the Listing Manual in respect
of the disposal.None of the Directors or any substantial
shareholders of the Company has any interest, direct or
indirect, in the transaction.


WEE POH: Revises Scheme of Arrangement
--------------------------------------
Further to the announcement made on 8 November 2002 relating to
Wee Poh Holdings Limited's intention to seek a revision to the
Scheme of April 24, 2002 for WPP, a subsidiary of the Company
Revised Scheme, the Board of Directors announced that an
application for the Revised Scheme was filed in the High Court
of the Republic of Singapore Court on 19 November 2002, together
with the affidavit supporting this application.

The application was heard on 20 November 2002 and the Court has
ordered that a meeting of the Creditors of the Scheme be
convened on a date no later than 15 January 2003 to consider the
Revised Scheme. The Company will use its best endeavours to
finalise the details of the Revised Scheme to be tabled to the
Creditors' Meeting, as well as to the shareholders, for
approval.

If approved by the Creditors, the Revised Scheme would involve
the settling of the remaining three (3) cash instalments under
the Scheme totalling approximately $4.5 million with new shares
to be issued by the Company at S$0.05 per share.

The issue of the new shares will be subject to the approval of
the Company's shareholders at an Extraordinary General Meeting
to be convened, the approval of the SGX-ST for the listing and
the quotation of the new shares, and the lodgement of a
Statement of Material Facts with the Monetary Authority of
Singapore.The Company will continue to update its shareholders
on any further developments with regards to the Revised Scheme.





S U B S C R I P T I O NI 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
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 ***