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

                   A S I A   P A C I F I C

         Wednesday, December 4, 2002, Vol. 5, No. 240

                         Headlines


A U S T R A L I A

BRAMBLES INDUSTRIES: Won't Ask CEO, Finance Head to Return Bonus
HIH INSURANCE: Cooper Disputes AU$1.4 Million Owed to Unit
TOWER LIMITED: Investors Want Proof it Can Weather the Storm


C H I N A   &   H O N G  K O N G

ASIA CAPACITY: Winding Up Petition to be Heard January 8
CHEUNG KEE: High Court to Hear Winding Up Petition December 18
NICE GREAT: High Court to Hear Winding Up Petition December 18
ONSTAR (CHINA): Winding Up Hearing to Commence Next Year
UNITED HOOVER: Hearing on Winding Up Petition Set for Dec. 18


I N D O N E S I A

ASTRA INTERNATIONAL: Reschedules IDR1.3 Trillion Share Issue
BANK NIAGA: Commerce Asset Not Planning to Take Up More Stakes


J A P A N

DAIEI INC: Issues 24M Shares to Akatsuki Capital
HOKKAIDO INTERNATIONAL: Receiving Y1.8-2B Capital From CRF
KK ORIENT: Golf Course Enters Rehabilitation Proceedings
ORANGE CHAIN: Supermarket Chain Applies for Rehabilitation
SEGA CORPORATION: Selling CSK Stake Back to CSK

SNOW BRAND: Selling 70% Stake in Aqli Foods to Nichiro
TAISEI FIRE: Enters Merger Deal With Sompo Japan
TAISEI FIRE: S&P Withdraws 'R' Rating
TOSHIBA CORP: Makes Advances in Semiconductor Process Tech
TOSHIBA CORPORATION: Issues 164th Mid-term Business Report


K O R E A

CHOHUNG BANK: Closing Final Bidding on December 2
HYNIX SEMICONDUCTOR: Lenders Extend Share Lock-up Until March
KOREA ELECTRIC: Dacom Board OKs 45.5% Stake Acquisition
KUMHO INDUSTRIAL: Tire Business Sale to Carlyle Halted
SEOUL BANK: Hana Bank Gets BBB Rating After Merger

SSANGYONG ENGINEERING: Likely to Resume Normal Operations


M A L A Y S I A

ANGKASA MARKETING: Accepts Conditions Imposed by Commission
CHASE PERDANA: Posts Results of Monday's Creditors Meeting
CONSTRUCTION AND SUPPLIES: Approval of Debt Plan Still Pending
GENERAL LUMBER: Submits Proposal to Regularize Finances
KELANAMAS INDUSTRIES: Foreign Investment Body OKs Recovery Plan

MYCOM BERHAD: Posts Update on Proposed Restructuring Scheme
NCK CORPORATION: Remains in Default of RM626 Million Debt
PARIT PERAK: Approval of Restructuring Plan Still Pending
SRIWANI HOLDINGS: Restructuring Plan Gets Nod of FIC
UCP RESOURCES: Posts Update on Units' Defaulted Loans


P H I L I P P I N E S

BENPRES HOLDINGS: Commences Interim Payments on Obligations
MANILA ELECTRIC: Facing Php12B Fine For Violating Contract
MANILA ELECTRIC: Citibank Urged to Lead Restructuring
RFM CORPORATION: Share Purchase Agreement Update
RFM CORPORATION: Directors Approve Share Purchase Agreement

SHEMBERG BIOTECH: Awaits Approval to Stop BPI Payments


S I N G A P O R E

BOUSTEAD SINGAPORE: Posts Changes in Director's Interest
CHARTERED SEMICONDUCTOR: Expects Improvement in Fourth Quarter
CHARTERED SEMICONDUCTOR: Expects Net Loss of $114M in 4Q02
ISOFTEL LIMITED: Senior Vice President Resigns
PRESSCRETE HOLDINGS: Issues Debt Repayment Update

WEE POH: Enters Agreement With THC


T H A I L A N D

PROPERTY PERFECT: To Break Free from Debt Woes Next Year
SEACON DEVELOPMENT: Mulls Public Listing Next Year

     -  -  -  -  -  -  -  -

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


BRAMBLES INDUSTRIES: Won't Ask CEO, Finance Head to Return Bonus
----------------------------------------------------------------
Despite last week's calls by shareholders for Brambles
Industries' CEO Sir CK Chow to return his AU$540,000 bonus,
Chairman Don Argus said Monday he won't yield.

In an interview with Asia Pulse, Mr. Argus said the company does
not want to add to the poor reception Mr. Chow had received
during the raucous AGM last week.

"One of the biggest disasters we could have at the moment (would
be) if we lost the caliber of CK Chow and (chief financial
officer) David Turner out of the organization," Mr. Argus was
quoted by Asia Pulse as saying during an appearance at Nine
Network's Business Sunday program Monday.

At the AGM last week, shareholders repeatedly called on Mr. Chow
to return his bonus that he had received on top of his A$2.56
million salary for the year 2001-2002.  The CEO attracted the
ire of investors after the company delivered a third profit
warning in a year, highlighted by an unforeseen AU$238 million
in restructuring costs over two and half years.

But Mr. Argus stood by his CEO and finance chief, saying that
the bonus Mr. Chow had receive represented only 30 percent of
his potential performance awards for the year.

"I certainly won't be asking (them) to give back their bonuses.
Most of their options... are under water at the moment and I'm
sure the individuals themselves would be thinking very, very
hard about whether they made the right decision to come to
Australia," Mr. Argus said.

Sir CK and Mr. Turner, both former employees of UK services
giant GKN, assumed their current roles after GKN's A$20 billion
(US$11.21 billion) merger with Brambles in August 2001.

Mr. Argus declined to speculate on whether Sir CK was likely to
receive a similar bonus, if any, in 2002/03.

Brambles shares, which traded well above AU$11 (US$6.17) a year
ago, finished 19 cents lower at AU$4.50 (US$2.52) on Friday.


HIH INSURANCE: Cooper Disputes AU$1.4 Million Owed to Unit
----------------------------------------------------------
Businessman Brad Cooper told the New South Wales Supreme Court
Monday that he does not owe any HIH company any money, disputing
the claim of liquidator Tony McGrath.

In his testimony, Mr. Cooper told barrister Bernard Coles QC,
the liquidator's counsel, that the loan he had supposedly
received from FAI New Zealand General Insurance Company Ltd was
eventually written off; therefore he is no longer obliged to pay
it.

FAI New Zealand, taken over by HIH in late 1998, granted Mr.
Cooper a AU$1.375 million loan, which according to him, was
written off in late 2000.  He repeatedly asserted Monday that
HIH CEO Ray Williams, finance director Dominic Fodera and
finance manager Bill Howard had assured him that the loan had
been forgiven.

"The money was written off, I didn't have to pay it.  Why would
I pay it? Why would you pay something that you have been told
was written off?" said Mr. Cooper during his testimony.

According to the Australian Associated Press, the liquidator is
examining Mr. Cooper in the Supreme Court as part of his
attempts to recover as much as possible the $5.3 billion HIH
lost when it collapsed in March last year.

The court heard that FAI New Zealand made the loan in 1998 to
Hemsway Investments Ltd, a company of which Mr. Cooper was a
shareholder and the sole director.  Hemsway repaid interest on
the loan for one year before stopping the repayments.

Mr. Cooper said he had agreed with Rodney Adler, then the chief
executive officer of FAI Insurances Ltd, that after one year the
loan would be converted into equity in Mr. Cooper's company
Vision Publishing Ltd.  However, after FAI was taken over by
HIH, Mr. Cooper said HIH decided it did not want the equity, and
wrote off all debts as part of a "divorce" from FAI and Mr.
Cooper-related companies.


TOWER LIMITED: Investors Want Proof it Can Weather the Storm
------------------------------------------------------------
Fund manager Tower Limited, which is expected to release full-
year results on Thursday, needs more than benign projections
that its business is still viable in order to regain
credibility.

In a report Monday, news agency Reuters said analysts believe
the beleaguered New Zealand fund manager and insurer must
convince investors it has a clear recovery strategy following
last month's shock profit warning.  Before the downgrade,
analysts had expected the company to post profit of around NZ$70
million, rosier than the after-tax loss of NZ$30-40 million
($15-20 million) the company now projects.

"What we are looking for is a bit more feedback and confirmation
on what exactly has caused the loss, and some of their valuation
metrics," one analyst, who asked not to be identified, told
Reuters in an interview.

The former state-owned insurer has warned that flopped
investments in U.S. fixed income securities and technology and
restructuring charges in its Australian operations have dragged
it into the red.  In addition Tower has flagged the prospect of
a write-down in its Australian master trust business, Bridges,
and a larger bottom-line loss.

Another analyst interviewed by Reuters said the market had
severely downgraded Tower and its prospects, raising questions
about the value of the company as a going concern.

"Basically shareholders are saying the business should be in a
different form -- otherwise it wouldn't be trading at only three
or four times earnings," said the analyst, who also requested
anonymity.

Tower, which made a NZ$77 million net profit in the year to
September 2001, has a current market capitalization of NZ$297
million, a third its level at the start of the year.  Its shares
have barely lifted off their all-time low of NZ$1.60 set in
early November shortly after its profit warning, last trading a
cent weaker at NZ$1.69.



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


ASIA CAPACITY: Winding Up Petition to be Heard January 8
--------------------------------------------------------
Asia Capacity Exchange Limited faces a winding up petition,
which the High Court of Hong Kong will hear on January 8, 2003
at 9:30 in the morning.

Ku Cho Ki, Kwan Pui Ling, Chan Wai Kwong, Chow Pak Ping, Cheng
Chor Chun, Chan Wai Chung, Xu Wange and Chow Wai Hung filed the
petition on October 25, 2002.  D.S. Cheung & Co. represents the
petitioners.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing D.S. Cheung &
Co., which holds office at 1910-1913 Hutchison House, No. 10
Harcourt Road, Central, Hong Kong.


CHEUNG KEE: High Court to Hear Winding Up Petition December 18
--------------------------------------------------------------
The petition seeking the winding up of Cheung Kee Hong Limited
is scheduled for hearing before the High Court of Hong Kong on
December 18, 2002 at 10:00 in the morning.

Industrial and Commercial Bank of China (Asia) Limited of ICBC
Tower, 122-126 Queen's Road Central, Hong Kong filed the
petition on October 22, 2002.  Ho and Wong represents the
petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Ho and Wong,
which holds office at Room 1408-1411, 14th Floor China Merchants
Tower, Shun Tak Centre, 168-200 Connaught Road, Hong Kong.


NICE GREAT: High Court to Hear Winding Up Petition December 18
--------------------------------------------------------------
The petition seeking the winding up of Nice Great Limited is
scheduled for hearing before the High Court of Hong Kong on
December 18, 2002 at 9:30 in the morning.

Hara Yasuhito trading as Hara Consultants filed the petition on
October 17, 2002.  Messrs. Li, Wong & Lam represent the
petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Messrs. Li,
Wong & Lam, which holds office at Unit 2602, 26th Floor, Lippo
Centre, Tower One, No. 89 Queensway, Hong Kong.


ONSTAR (CHINA): Winding Up Hearing to Commence Next Year
--------------------------------------------------------
The High Court of Hong Kong will hear on January 29, 2003 at
10:00 in the morning the petition seeking the winding up of
Onstar (China) Limited.

Bank of China (Hong Kong) Limited of 14/F., No. 1 Garden Road,
Central, Hong Kong filed the petition on November 20, 2002.
Messrs. Wat & Co. represent the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Messrs. Wat &
Co., which holds office on the 12th Floor, Chuang's Tower, 30-32
Connaught Road, Central, Hong Kong.


UNITED HOOVER: Hearing on Winding Up Petition Set for Dec. 18
-------------------------------------------------------------
The High Court of Hong Kong will hear on December 18, 2002 at
10:00 in the morning the petition seeking the winding up of
United Hoover International Company Limited.

Industrial and Commercial Bank of China (Asia) Limited of ICBC
Tower, 122-126 Queen's Road Central, Hong Kong filed the
petition on October 22, 2002.  Ho and Wong represents the
petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Ho and Wong,
which holds office at Room 1408-1411, 14th Floor China Merchants
Tower, Shun Tak Centre, 168-200 Connaught Road, Hong Kong.



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


ASTRA INTERNATIONAL: Reschedules IDR1.3 Trillion Share Issue
------------------------------------------------------------
Astra International unveiled Monday a revision on the schedule
of its rights issue, the cornerstone of its modified debt
workout plan.

The rescheduling of the share issue, according to Reuters,
follows the failed creditors meeting in Singapore last week.
That meeting, adjourned for lack of quorum, was supposed to
consider the company's new $820 million debt restructuring plan.

This is the second attempt of the company to restructure its
debts.  The new plan is intended to raise up to 1.5 trillion
rupiah ($167 million) through the issuance of three billion new
shares.  The new shares will be offered at a price range of 500
to 2,000 rupiah.

Reuters says the revised schedule is as follows:

                                        New           Old

Shareholders meeting for            December 20    December 16
the plan's approval

Cum shares trading with             January 9      December 27
the rights attached

Ex shares trading with              January 10     January __
the rights attached

Rights trading                      January 22-28  January 14-20

Listing of new shares               January 22     January 14

Astra, the tenth largest capitalized firm on the Jakarta bourse,
has said investors who do not subscribe to the rights issue
could have their ownership diluted by up to 53.87 percent.


BANK NIAGA: Commerce Asset Not Planning to Take Up More Stakes
--------------------------------------------------------------
An additional stake in Bank Niaga, following its acquisition of
51% two weeks ago, is not likely, said Malaysian financial group
Commerce Asset Holdings Bhd recently.

Commerce director Rozali Mohamed Ali told the daily New Straits
Times recently that it is satisfied with its majority control
for now.

"We have no plans to buy any more shares at this point in time,"
the director said.  Bank Niaga is Commerce's first investment in
a foreign bank and will play a vital role in its bid to become a
regional player.



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


DAIEI INC: Issues 24M Shares to Akatsuki Capital
------------------------------------------------
Daiei Inc. will issue 24 million in new common stock to Akatsuki
Capital Holdings Limited, a Company formed by its creditor banks
and the Development Bank of Japan (DBJ), as a part of a
financial aid agreement previously announced, AFX Asia reports.

Creditor banks namely UFJ Bank, Sumitomo Mitsui Banking Corp and
Mizuho Corporate Bank set up Akatsuki Capital to manage a fund
to help revive the troubled retailer.  DBJ will invest 3 billion
yen in the fund in exchange for the shares, out of 10 billion
committed by the bank. The report said the share allocation
would take place on December 18.  After the acquisition,
Akatsuki Capital will become the leading shareholder of Daiei,
holding 16.21 percent of the Company.

As a part of the agreement, the three creditor banks plan to
inject into the fund 50 billion yen worth of preferred and
common stock acquired from debt-equity-swaps with Daiei.


HOKKAIDO INTERNATIONAL: Receiving Y1.8-2B Capital From CRF
----------------------------------------------------------
Hokkaido International Airlines, widely known as Air Do, will
receive 1.8 billion to 2 billion yen in fresh capital from a
Corporate Rehabilitation Fund (CRF) led by the government-run
Development Bank of Japan, Jiji Press said on Saturday. The
report said the capital infusion would be implemented before the
end of this year.

Prior to the capital infusion, Air Do will reduce its current
capital of some 7.2 billion yen to zero. The rehabilitation fund
will be 50 percent financed by the Development Bank of Japan.
Mainly companies based in Hokkaido will provide the remaining 50
percent.

Brewer Sapporo Breweries Ltd. will also participate in the fund.

All Nippon Airways will limit its participation in the fund to
less than 15 percent to refrain from making Air Do its
consolidated subsidiary.

Air Do went under in June amid cut-rate competition from major
domestic carriers, filing for court protection from creditors
under the civil rehabilitation law.


KK ORIENT: Golf Course Enters Rehabilitation Proceedings
--------------------------------------------------------
KK Orient Plan, which has total liabilities of 9.4 billion yen,
recently applied for civil rehabilitation proceedings, according
to Tokyo Shoko Research. The golf course, which has 60
employees, is located at Kitakabahara-gun, Niigata, Japan.


ORANGE CHAIN: Supermarket Chain Applies for Rehabilitation
----------------------------------------------------------
Orange Chain Honbu KK, which has total liabilities of 13.8
billion yen, recently applied for civil rehabilitation
proceedings, according to Tokyo Shoko Research. The supermarket
chain operator has 132 employees and is located at Mizuma-gun,
Fukuoka, Japan.


SEGA CORPORATION: Selling CSK Stake Back to CSK
-----------------------------------------------
Sega Corporation has sold 2.7 million shares in CSK Corporation
back to the information services firm, Asia in Focus said on
Tuesday.

The 2.7 million shares is equivalent to 3.6 percent of CSK's
total shares outstanding, to CSK as part of a CSK repurchase of
about 3.22 million shares.

* CSK paid 2,705 yen per share, giving Sega proceeds of about
7.3 billion yen (US$58.7 million).

* Before the transaction, Sega was the leading shareholder in
CSK, holding 4.4 million shares, or 5.9 percent of its shares
outstanding.

Sega Corporation earned 1.01 billion yen (US$8.3 million) in the
six months ending September, versus a loss of 20.87 billion yen
in the same period of last year, the Troubled Company Reporter-
Asia Pacific reports.

Sega returned to profitability for the first time in five in
years, with an operating profit of 14.2 billion yen ($112
million) last year, compared with an operating loss of 51.7
billion yen previously.

The Tokyo-based maker of video game software has been cutting
costs and strengthening its balance sheet through disposals of
assets, including offices and stock holdings.


SNOW BRAND: Selling 70% Stake in Aqli Foods to Nichiro
------------------------------------------------------
Snow Brand Milk Products Co. Limited will sell a 70 percent
stake in Aqli Foods Co. Limited to Nichiro on April 1, 2003, and
a minimum of 50 percent on October 1, 2003, as part of its
restructuring scheme, AFX Asia said on Monday. Aqli Foods is
capitalized at 301 million yen.

According to the Troubled Company Reporter-Asia Pacific, Snow
Brand Milk will book an extraordinary loss of 700 million yen in
its October-March earnings for the deal, but this has already
been factored into its full-year earnings projections.

The Company expects a consolidated net loss of 23 billion yen
and a pretax loss of 25 billion yen on group sales of 686
billion yen. Snow Brand's business deteriorated drastically
after a food poisoning case in 2000, caused by milk products.
Snow Brand will form alliances in non-milk operations so it can
focus on core milk-related businesses.


TAISEI FIRE: Enters Merger Deal With Sompo Japan
------------------------------------------------
Taisei Fire & Marine Insurance Co. has merged with Sompo Japan
Insurance Inc., which failed last year due to huge expenses
associated with the terror attacks in the United States on
September 11, 2001, According to Kyodo News on Tuesday.
Sompo Japan is Japan's second largest non-life insurer.

The integration took place in accordance with a rehabilitation
plan for Taisei approved on August 31 by the Tokyo District
Court.


TAISEI FIRE: S&P Withdraws 'R' Rating
-------------------------------------
Standard & Poor's Ratings Services has withdraw its 'R'
financial strength and long-term counter party credit ratings on
Taisei Fire & Marine Insurance Co. Ltd. following the
announcement of the completion of a merger with Sompo Japan
Insurance Inc. in line with the insurer's rehabilitation plan
approved by the court.

At the same time, Standard & Poor's affirmed the 'AA-' long-term
counterparty and financial strength ratings on Sompo Japan. The
outlook on the rating remains negative.

Taisei Fire filed for court protection in November 2001 due to
unexpected and massive claims stemming from the September 11
terrorist attacks in the U.S. and the crash of an American
Airlines jet.

Before the merger, a new Company was established to operate
Taisei's run-off reinsurance business. Therefore, Sompo Japan
will succeed only the domestic underwriting business, not any
future reinsurance risks, of Taisei. As a result, the current
ratings on Sompo Japan are not affected.

The expanded franchise gained from the customer base of Taisei
will contribute to Sompo Japan' s premiums for fiscal 2002
(ending March 31, 2003), with no negative impact on the
insurer's balance sheet stemming from the merger.


TOSHIBA CORP: Makes Advances in Semiconductor Process Tech
----------------------------------------------------------
Toshiba Corporation and Sony Corporation recently announced the
world's first 65-nanometer (nm) CMOS process technology for
embedded DRAM system LSIs, a major breakthrough in process
technology for highly advanced, compact, single-chip system LSIs
that will be only one-fourth the size of current devices while
offering higher levels of performance and functionality.

The move to ubiquitous computing, total connectivity at all
times, relies on high-performance equipment. The equipment, in
turn, requires advanced SoC (system on chip) LSIs integrating
ultra-high performance transistors and embedded high-density
DRAM. In such devices, size and performance levels are directly
related to process technology: finer lithography results in
smaller devices that offer higher levels of performance. The new
process technology announced by Toshiba and Sony and integration
to a new level that allows bandwidths to be scaled up and the
maximization of system performance.

Current system LSI devices on the market are produced with 130
nanometer process technologies. Toshiba, the recognized industry
leader in advanced process technology, is the only Company with
mass production technology for 90nm process embedded DRAM system
LSI, a technology it is currently deploying and that will meet
ever increasing demand for more and more compact devices.

The new SoC technologies for 65nm process generation include: 1)
a high-performance transistor with the world's fastest switching
speed; 2) the world's smallest cell for embedded DRAM; and 3)
the world's smallest cell for embedded SRAM.

The new process technology is the result of joint development of
Toshiba Corporation and Sony Corporation of 90nm and 65nm CMOS
process technology that was initiated in May 2001. Full details
will be presented at the December 9-11 International Electron
Devices Meeting (IEDM) in San Francisco.


Outline of new technology

1) High-performance transistor with 30nm gate length:
Transistors in this technology have high nitrogen concentration
plasma nitrided oxide-gate dielectrics to suppress gate leakage
current. This optimization reduces leakage current approximately
50 times more efficiently than conventional SiO2 film and allows
formation of an oxide with an effective thickness of only 1nm.
Furthermore, Ni silicide is applied in the gate electrodes and
source/drain regions to attain low resistance and to reduce
junction leakage current. Shallow extension formation optimizing
ultra-low energy ion implantation, spike RTA and offset spacer
process successfully suppresses the short channel effect of
MOSFET and achieves superior roll-off characteristics. An
excellent switching speed of 0.72psec for NMOSFET and 1.41psec
for PMOSFET at 0.85V (Ioff=100nA/um), were obtained. Currently
available Hi-NA193-nm lithography with alternating phase shift
mask and slimming process provides 30nm gate lengths.


2) Embedded DRAM cell:

High-speed data processing requires a single-chip solution
integrating a microprocessor and embedded large volume memory.
Toshiba is the only semiconductor vendor able to offer
commercial trench-capacitor DRAM technology for 90nm-generation
DRAM-embedded System LSI. Toshiba and Sony have utilized 65nm
process to technology to fabricate an embedded DRAM with a cell
size of 0.11um2, the world's smallest, which will allow DRAM
with a capacity of more than 256Mbit to be integrated on a
single chip.

3) Embedded SRAM cell:

SRAM is sometimes used as cache memory in SoC systems. The Hi-
NA193-nm lithography with alternating phase shift mask and the
slimming process combined with the non-slimming trim mask
process will achieve the world's smallest embedded SRAM cell in
the 65nm generation an areas of only 0.6um2.

4) 180nm Multi layer wiring:

In order to reduce the chip size, it is important reduce the
pitch of the first metal of the lowest layer. The new technology
has a 180nm pitch, a 75 percent shrink from the 90nm generation.
To reduce wiring propagation delay and power dissipation, a low-
k dielectric material is adopted. The target effective
dielectric constant of the interlayer dielectric is around 2.7.

Note: 1 nanometer = one billionth of a meter

CONTACT:
Toshiba Corporation
Makoto Yasuda, 81-3-3457-2105
press@toshiba.co.jp
or
Sony Corporation
81-3-5448-2200
yoshikazu.ochiai@jp.sony.com


TOSHIBA CORPORATION: Issues 164th Mid-term Business Report
----------------------------------------------------------
During the first half of this fiscal term, Japan's economic
condition hit rock bottom but also showed signs of recovery.
However, continued declines in stock prices in the US and
Japanese markets fueled increasing concern about the economic
future of both countries.

Even under these severe economic conditions, Toshiba Corporation
saw consolidated sales increase by 5 percent compared to the
same period last year to 2,635.1 billion yen. Operating income
improved by 101.3 billion yen to reach 2.9 billion yen. A 43.8
billion yen loss on income before taxes and a 26.4 billion yen
net loss for the fiscal half term nonetheless represented a
major improvement over the same period last year.

The following section looks at consolidated business results.
Both Digital Media, including personal computers for overseas
markets and visual equipment, and Electronic Devices &
Components, which saw recovered demand for semiconductors and
liquid crystal displays for audio-visual equipment, saw improved
sales compared to the same period a year ago. Information &
Communications Systems, Power Systems and Home Appliances were
impacted by sluggish capital investment and dulled domestic
consumption, and sales were lower than for the same period last
year. Overall consolidated sales did, however, increase by 124.4
billion yen, and 42 percent of total sales were in overseas
markets.

Restructuring and reform policies implemented last year have
shown considerable progress and the MI (Management Innovation)
2001 has revitalized our corporate culture. Through these
policies, Toshiba will continue to work towards recovery and the
achievement of a strengthened position.

It is to my great regret that I must inform our shareholders
that we are forced to withhold the interim dividend.

Segment Results

Information & Communications Systems saw net sales decrease 8
percent against the same period a year ago to 406.6 billion yen.
Sales declines were recorded in system integration and solutions
for the distribution, financial and manufacturing sectors.
Communication systems also experienced lower sales.

Social Infrastructure Systems net sales were down 4 percent from
the same period a year ago to 373.0 billion yen. Public and
private investments in equipment and facilities were restrained,
which cut into sales of industrial motors and control systems.

Power Systems sales retreated by 9 percent from the same period
a year ago to 237.5 billion yen. An increase in overseas sales
of large plant was undermined by a significant decline in
domestic sales of thermal power and electrical generation
equipment, resulting a reduction of overall sales.

Digital Media saw sales rise 18 percent against the same period
a year ago, to reach 795.6 billion yen. Although there was no
market improved in IT-related investment, the launch of
competitive personal computer products generated increased
overseas sales. Particularly noteworthy in this improved
performance was the rise in demand at the start of the new
school year in the U.S. and satisfactory sales of personal
computers. Sales in DVD-Video players and other Video Equipment
increased in both the domestic and overseas markets. Although
mobile telephone sales were sluggish in North America, domestic
sales of mobile terminals equipped with digital cameras spurred
substantial demand that contributed to an overall increase in
sales.

Home Appliances saw sales that were 5 percent lower than in the
year-earlier period, at 332.7 billion yen. Factors that included
unseasonably cool weather conditions in June contributed to a
slump in air-conditioner sales, while lower retail prices and
subdued consumption also pushed sales lower.

Electronic Devices and Components experienced sales growth of 17
percent against the same period a year earlier, and reached net
sales of 641.6 billion yen. Sales of semiconductors recorded
steady progress, driven by demand for discrete devices and
System LSI for digital consumer products. Although sales fell as
a result of withdrawal from the commodity DRAM business, sales
of NAND Flash Memory for mobile telephones and digital still
cameras recorded positive growth. Low temperature polysilicon
liquid crystal displays for mobile telephones contributed to
increased sales of liquid crystal displays.

Looking Forward

Investments in industrial plant and equipment are not expected
to make an early recovery, and economic conditions continue to
look severe in both Japan and the U.S. In the domestic market,
the threatening cloud of deflation is expected to remain in
place for some time yet. Toshiba Group will continue to seek to
overcome these obstacles and strive to remain a strong force in
the global market. We will implement reform policies that will
recover profit and also reinforce growth and expansion. Our goal
is to retain our high standing and position within the industry.

I will close these observations by once again asking our
shareholders for their continued support and for all their
assistance in assuring Toshiba's place in leading the industry.

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

Contact:

Toshiba Corporation
1-1 Shibaura 1-chome, Minato-ku, Tokyo 105-8001
(03) 3457-4511
Toshiba web site:
http://www.toshiba.co.jp/

Investor information web site:
http://www.toshiba.co.jp/about/ir/



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


CHOHUNG BANK: Closing Final Bidding on December 2
-------------------------------------------------
A final bidding for Chohung Bank was closed on December 2, the
Maeil Business Newspaper said on Monday. The Shihan-led
consortium and another consortium that Korea First Bank
participated in submitted their bids on Monday to Morgan
Stanley, lead manger of the sales.

The government will select one of the two bidders soon taking
into considerations their bidding prices, fund raising methods
and future business plans. However, it cannot be ruled out that
the coming Presidential elections slated for December 19 may
influence the sales, possibly delaying negotiation procedures.


HYNIX SEMICONDUCTOR: Lenders Extend Share Lock-up Until March
-------------------------------------------------------------
Creditors of Hynix Semiconductor Inc. decided not to start
selling 3.5 billion shares they own in the chipmaker until March
to prevent the shares from flooding the market, according to
Reuters on Tuesday, citing a spokesman from the Korea Exchange
Bank.

Creditors took control of Hynix after rescuing it twice in 2001
with multi-billion dollar bailouts, including a debt-for-equity
swap. The 3.5 billion shares held by the main creditor Korea
Exchange Bank and five other banks were supposed to be available
for sale from January. Creditors are preparing to launch a fresh
rescue package for the chipmaker including swapping $1.6 billion
of the firm's debt into equity.


KOREA ELECTRIC: Dacom Board OKs 45.5% Stake Acquisition
-------------------------------------------------------
Dacom Corp's Board of Directors has agreed to buy a 45.5 percent
stake in Powercomm Co from Korea Electric Power Corp (KEPCO) for
KRW819 billion or KRW12,000 per unit, the AFX-Asia News said.

"With the board's approval, we're now waiting to sign a
contract, which will take place soon," although the exact timing
has not been set, a Dacom spokesman said.

Dacom consortium was selected as a preferred bidder for
Powercomm late October after Hanaro Telecom failed to strike a
deal by the October 19 deadline.  For the Powercomm bid, Dacom
has formed a consortium with three local partners, Korea Thrunet
and two foreign investors, the Canadian pension fund CDP and the
Softbank Asian Infrastructure Fund. (M&A REPORTER-ASIA PACIFIC,
Vol. No.1, Issue No. 239, December 3, 2002)


KUMHO INDUSTRIAL: Tire Business Sale to Carlyle Halted
------------------------------------------------------
Kumho Industrial Co. said talks to sell its tire unit to a group
of investors led by Carlyle Group Inc. were suspended following
differences on price, Bloomberg said on Tuesday.

The group still plans to sell the tire business by the end of
this year and hasn't eliminated the possibility of resuming
talks with Carlyle.  A successful sale is key to Kumho's efforts
to reduce debt. Its parent had the second highest debt-to-equity
ratio of top 10 business groups as of last March.

According to TCR-AP, Kumho Industrial posted a 23.1 billion won
net loss in the first quarter of 2001. The Company held 3.2
trillion won in liabilities against 4.2 trillion won in assets
as of last June.


SEOUL BANK: Hana Bank Gets BBB Rating After Merger
--------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BBB' long-term
and 'A-2' short-term counterparty credit ratings to Hana Bank,
following its merger with SeoulBank. The outlook on the long-
term rating is stable.  At the same time, Standard & Poor's
withdrew its 'BBB-' long-term and 'A-3' short-term ratings on
SeoulBank.

The ratings on the merged bank reflect the improvements in asset
quality, profitability, and corporate governance practices at
the former Hana Bank and SeoulBank over the past two years.

"As the third-largest commercial bank in the Korean market after
Kookmin Bank and Woori Bank in terms of branches, asset size,
and total credits, Hana Bank will be well positioned to compete
with its peers," said Young Il Choi, a Standard & Poor's credit
analyst.

"The profit-driven culture of the former Hana Bank emphasizing
operational efficiency and credit risk control, will continue to
be a strength for the merged bank," Mr. Choi added.

With a combined ratio of loans categorized as precautionary and
below standing at 3.97 percent in September 2002, the new bank's
problem loan ratio is one of the lowest among Korean banks. Its
non-performing loan ratio in the household segment has been
rising, but is still below the industry average. The bank's
credit card exposure is manageable.

Nevertheless, uncertainties remain over the capitalization of
the new Hana Bank and its ability to generate synergies. The
combined entity's Tier 1 capital ratio is estimated to be
slightly lower than 6 percent on the merger date. Issues of
securities, net profits in coming years, and tax savings from
the loss carry-over from SeoulBank should enable the bank to
maintain its capitalization ratio at a level compatible with the
ratings, despite the implications of a share buy-back program by
Korea Deposit Insurance Corp. in 2003.

The former Hana Bank had successfully integrated Chungchong Bank
in 1998 and Boram Bank in 1999. This experience of managing the
integration process is likely to lead the merger with SeoulBank
to another success.

However, the possibility exists that the culture differences
between the former Hana Bank and SeoulBank could delay the
streamlining of operations and achievement of synergies.

"The stable outlook reflects the likelihood that improvements in
the bank's asset quality and profitability will remain at a
level consistent with the current ratings on the bank," Mr. Choi
said.

TCR-AP reported in September that more than W5 trillion has been
injected into Seoulbank since late 1997 in order to keep the
bank from collapsing due to a large number of bad loans.

DebtTraders reports that Seoulbank's 3.791 percent floating rate
note due in 2006 (BKSE06KRN1) trades between 97 and 99. For
real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=BKSE06KRN1


SSANGYONG ENGINEERING: Likely to Resume Normal Operations
---------------------------------------------------------
Ssangyong Engineering & Construction is now on track to resume
normal operations after 31 creditors endorsed a plan to improve
its profitability, the Korea Herald said on Tuesday. The
creditors are also planning to help the Company maintain its
registration in the Kosdaq stock market.

"Creditors took the action because Ssangyong's capital structure
is weak, despite its successful implementation of a wide range
of self-rescue measures since the start of a debt-workout
programs," the official said.

Ssangyong has secured the foundation for normal operations
through self-help efforts and creditors' support. Yet its
capital structure has remained so weak it was delisted from the
Kosdaq market.

"If Ssangyong is kicked out of the over-the-counter market,
creditors will suffer big losses," said the official.

Under the plan, Ssangyong will reduce its capital 3:1, while
creditors will help increase its capital by converting their
loans amounting to 193.7 billion won into equity.



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


ANGKASA MARKETING: Accepts Conditions Imposed by Commission
-----------------------------------------------------------
In accordance with Paragraph 4.1(b) of PN4 and Paragraph 8.14 of
the Listing Requirements of the KLSE, the Directors of Angkasa
Marketing Berhad ("the Company") hereby announce that as at the
date hereof:

(1) the proposed group wide restructuring scheme announced on 5
    July 2000, 8 October 2001 and 26 March 2002 ("Proposed
    GWRS") is still in progress;

(2) on 12 July 2002, the Company announced that the Securities \
    Commission ("SC") has approved each of the relevant proposal
    within the Proposed GWRS that required the SC's approval
    subject to certain revisions and terms and conditions to be
    imposed thereto ("July Approval");

(3) on 10 October 2002, the Company 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"); and

(4) on 28 November 2002, the Company further announced that,
    after having considered the terms and conditions imposed by
    the SC in its July Approval and October Approval ("SC
    Conditions"), the Directors of the Company had accepted the
    SC Conditions imposed on the Company as set out in the July
    Approval and October Approval.

COMPANY PROFILE

Starting off as a distributor of steel products, the Group has
diversified into the motor and motor-related businesses. Apart
from operating locally, the Group's motorcycle and motor vehicle
manufacturing and trading activities are carried out in China.

The Group has expertise in motorcycle design and technology
through its Taiwan-based subsidiary, Hamba Research &
Development Co Ltd. This JVC enables the Group to develop its
own brand of motorcycles in order to compete efficiently in the
China market. The Group also has JVCs which are involved in the
manufacturing of cast iron motorcycle parts and absorbers.

The Company is currently part of a proposed group-wide
restructuring scheme (GWRS) to consolidate, stabilize,
restructure and rationalize the cash flow and funding of the
Lion Corporation Bhd Group and to reorganize and restructure the
Lion Group's businesses. The proposed GWRS includes a debt
restructuring exercise and a corporate restructuring exercise.
The latter entails the acquisition of 100% equity interest in
Silverstone Berhad (Silverstone), disposal of 20% equity
interest in Avenel Sdn Bhd (Avenel), settlement of inter-company
balances, and divestment of non-core assets. The proposed GWRS
was revised on October 8, 2001, as to a reduction in the share
capital of the Company, as well as changes in the considerations
for the acquisition of Silverstone and disposal of Avenel. The
Lion Group was also granted an order by the High Court to
convene meetings of creditors of the relevant companies to
approve the proposed GWRS within six months from August 23,
2001. An application to further extend this time period for a
period of six months was filed with the High Court on February
8, 2002. On March 26, 2002, further revisions in the proposed
GWRS were unveiled which involved a revised mode of settlement
for the acquisition of Silverstone and a higher consideration
for the disposal of Avenel. The revisions also include the
amount of Bonds, consolidated and rescheduled debts, shares and
redeemable cumulative convertible preference shares in the
Company to be issued pursuant to debt restructuring exercises
and settlement of inter-company balances.

Besides the above development, effective October 1, 2001, the
distributorship agreement entered into between the Company and
Amsteel Mills Sdn Bhd (AMSB), a related company, in respect of
the Company's appointment as the distributor of AMSB's steel
products, was terminated. The Group will offset the loss of
revenue partly through the acquisition of Silverstone.

In November 2000 and January 2001, the Group agreed to dispose
of approx. 90.81% equity interest in the enlarged capital of
Angkasa Transport Equipment Sdn Bhd (ATE) to Lion Asiapac
Limited (LAP) in consideration for new LAP shares and warrants
which are listed on the Singapore Stock Exchange. The disposal
is in line with the proposed GWRS.

On October 1, 2001, the Company entered into two separate
conditional JVAs with Suzuki Motor Corporation, Japan (SMC) to
establish an alliance for the assembly and distribution of
"Suzuki" motorcycles. The agreement entails the disposal of 51%
equity interest each in the Group's two "Suzuki-related"
subsidiaries, Lion Suzuki Marketing Sdn Bhd and Suzuki
Assemblers Malaysia Sdn Bhd (SAM). This will enable SAM to be
designated as a regional production base for "Suzuki"
motorcycles for the ASEAN market.

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


CHASE PERDANA: Posts Results of Monday's Creditors Meeting
----------------------------------------------------------
1. INTRODUCTION

On behalf of Chase Perdana Bhd, Southern Investment Bank Berhad
wishes to announce the results of the Court Convened Meetings of
the Scheme Creditors which were held at Suite 5.2, 5th Floor,
Wisma Chase Perdana, Off Jalan Semantan, Damansara Heights,
50490 Kuala Lumpur on 2 December 2002.

2. RESULTS OF THE COURT CONVENED MEETINGS

The results of the Court Convened Meetings are set out in Table
1, which may be viewed through this link
http://announcements.klse.com.my/EDMS/edmsweb.nsf/ba387758ae3741
2b482568a300466fb6/482568bb00440ef488256c84000eae63/$FILE/Table%
201.doc

3. FURTHER INFORMATION

There will also be a Court Convened Meeting for the Unsecured
Creditors of Pancar Generasi (M) Sdn Bhd to be held at 9.30 a.m
3 December 2002.

COMPANY PROFILE

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

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

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

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

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

On September 12, 2002 CPB obtained a Restraining Order (RO) from
Kuala Lumpur High Court pursuant to Section 176 (10) of the
Companies Act, 1965. The RO was granted to the Company and four
of its subsidiaries up to December 6, 2002. The objective of the
RO is to allow the Company to implement the scheme without any
interference from its creditors.  The Company is expected to
complete its exercise by the first half of 2003.

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


CONSTRUCTION AND SUPPLIES: Approval of Debt Plan Still Pending
--------------------------------------------------------------
On 26 February 2001, Construction and Supplies House Bhd
announced that it is an "affected listed issuer" pursuant to PN4
issued by the KLSE.

On 28 February 2002, Alliance Merchant Bank Berhad ("Alliance")
had announced on behalf of the Board of Directors ("Board") of
CASH that the Company proposes to implement certain proposals
("Proposals") which would put CASH on a stronger financial
footing ("Requisite Announcement").

On 26 August 2002, Alliance, on behalf of the Board of CASH, had
announced that the Company had made the necessary submissions in
respect of the Proposals to the Securities Commission ("SC") and
Foreign Investment Committee ("FIC") for their consideration.

On 22 November 2002, Alliance announced that the FIC, vide its
letter dated 18 November 2002 which was received by Alliance on
21 November 2002, had stated that it had no objections to the
Proposals, subject to the condition that Newco maintains at
least 30% direct Bumiputera equity at the time of its listing.

The SC's approval of the Proposals is still pending.

CONTACT INFORMATION: Unit Level 13E
                     Main Office Tower
                     Financial Park Labuan
                     Jalan Merdeka
                     87000 Labuan
                     Tel: 087-451 688
                     Fax: 087-453 688


GENERAL LUMBER: Submits Proposal to Regularize Finances
-------------------------------------------------------
With reference to the Company's requisite announcement dated
October 15, 2002, PM Securities Sdn Bhd, on behalf of the Board
of Directors of General Lumber Fabricators & Builders Bhd wishes
to announce that the Company has submitted its plan to
regularise its financial condition to the relevant authorities
for approval on 13 November 2002. By submitting the plan, the
Company has complied with the time frame stated in paragraph 5.1
(b) of Practice Note No 4/2001 (PN4). The Company is presently
awaiting decision from the relevant authorities on the proposed
restructuring scheme (Proposed Restructuring Scheme).

Pursuant to the letter dated 8 November 2002 from the Kuala
Lumpur Stock Exchange ("KLSE") that was issued to GLFB, the
Company has been notified by the KLSE that GLFB has been
classified as a "Non-Specified PN4 Company", i.e. a PN4 company
which has made its First Announcement after 31 December 2001.
GLFB made its First Announcement that it was an affected listed
issuer under PN4 on 4 March 2002. KLSE has also stated that the
de-listing procedures for companies would only commence on
'Specified PN4 Companies", i.e. PN4 companies that made its
First Announcement that they were affected listed issuers under
PN4 on or before 31 December 2001.

Accordingly, GLFB will continue to perform the various
obligations imposed under PN4 after 31 December 2001 to
regularise its financial condition within the timeframes
prescribed pursuant to PN4, which is mainly to obtain the
necessary approvals for the Proposed Restructuring Scheme within
four (4) months from the date of submission of the relevant
applications dated 13 November 2002, i.e. 12 March 2003,
pursuant to paragraph 5.0 (c) of PN4.

CONTACT INFORMATION: Level 9, Wisma General Lumber
                     Block D, Peremba Square
                     Saujana Resort, Section U2
                     40150 Shah Alam
                     Selangor
                     Tel: 03-7621 0800
                     Fax: 03-7621 1133


KELANAMAS INDUSTRIES: Foreign Investment Body OKs Recovery Plan
---------------------------------------------------------------
Reference is made to the announcements made on behalf of
Kelanamas Industries Bhd dated March 4, 2002 and August 30,
2002.

AmMerchant Bank Berhad, on behalf of the Company, is pleased to
announce that the Foreign Investment Committee has vide its
letter dated 21 November 2002 (which was received on 29 November
2002) approved the Proposed Restructuring Scheme subject to MP
Technology Resources Berhad, the vehicle to assume the listing
status of KIB, maintaining at least 30% bumiputra equity
interest at the point of listing.

COMPANY PROFILE

At the time of listing the Company, then called Sungei Besi
Mines Malaysia Bhd (SBM), was one of the major tin producers in
Malaysia. SBM had been incorporated to take over the business of
the Sungei Besi Mines Ltd (Sungei Besi), a UK-incorporated
company. Effective on November 1, 1976, the issued share capital
of Sungei Besi was cancelled in exchange for shares in SBM.

In December 1989, SBM ceased its mining operations to become an
investment holding company. The years 1991 to 1997 were a period
of diversification during which the SBM Group became involved in
property investment, trading and distribution of consumer
products, manufacture of cordials, fruit juices, soft drinks and
food products, granite quarrying and stockbroking. SBM changed
its name to Kelanamas Industries Bhd in 1993 to reflect its
diversification from tin mining into the new areas of business.

Subsequently, the Group's main contributor, Alor Setar
Securities Sdn Bhd (ASSEC), is now under Special Administrators
(SAs), Messrs Ernst & Young, appointed by Pengurusan Danaharta
Nasional Bhd on February 12, 1999. Trading in the Company's
shares was suspended effective from September 10, 1999.

During FYE April 30, 2001, ASSEC implemented a restructuring
exercise which involved a capital reduction from RM40m to RM100.
Subsequent to the capital reduction, new shares amounting to
RM30m were issued to a new shareholder. The Group did not
subscribe for the new shares and ASSEC ceased to be an
associated company.

Following this, an agreement to restructure the Company entered
into with Dolomite Bhd (DB), lapsed on November 8, 2001.
However, on November 26, 2001, KIB entered into a MOU with MP
Technology Resources Bhd (MPTR), Tai Seng Plastic Industries Sdn
Bhd (Tai Seng) and other companies, in relation to a new
proposal to regularize its financial condition.

The new scheme would include: proposed capital reconstruction of
KIB; scheme of arrangement between MPTR and KIB shareholders
whereby the latter will be offered MPTR shares; scheme of
arrangement between MPTR and KIB creditors whereby the latter
will be offered MPTR shares in satisfaction of amounts owing by
KIB to the creditors; acquisition by MPTR of Tai Seng, Eng Zan
Machinery & Trading Sdn Bhd, Highlight Plastic Machinery Sdn
Bhd, VCM Precision Sdn Bhd, Tralvest (M) Sdn Bhd, HIM Marketing
Sdn Bhd, Hearngrange Packaging Industries Sdn Bhd and MP Recycle
Products Sdn Bhd; and the transfer of KIB's listing status to
MPTR.

CONTACT INFORMATION: 9th Floor, Plaza Kelanamas
                     19 Lorong Dungun
                     Damansara Heights
                     50490 Kuala Lumpur
                     Tel: 03-253 8282
                     Fax: 03-253 9815/6


MYCOM BERHAD: Posts Update on Proposed Restructuring Scheme
-----------------------------------------------------------
Further to the earlier announcements made by Alliance Merchant
Bank Berhad, on behalf of Mycom, on October 18, 2002 and
November 12, 2002 and announcements made by Mycom on October 24,
2002, November 18, 2002 and November 25, 2002 in relation to the
proposed variations to the proposed restructuring scheme
(Proposed Variations), Alliance, on behalf of Mycom, wishes to
announce that the Securities Commission (SC), had vide its
letter dated November 27, 2002, which was received by Alliance
on November 29, 2002, approved the Proposed Variations as set
out below.

(i) As previously approved

Proposed rights issue of 78,536,415 new ordinary shares or
RM1.00 in Mycom (Shares) at an issue price of RM1.00 per Share
together with 78,536,415 new detachable free Mycom warrants
(Warrants) on the basis of two (2) new Shares together with two
(2) new Warrants for each existing Share held subsequent to the
proposed capital reduction and proposed capital consolidation;

As varied

Proposed rights issue of 39,268,207 new Shares at an issue price
of RM1.00 per Share together with 39,268,207 new detachable free
Warrants on the basis of one (1) new Share together with one (1)
new Warrant for each existing Share held subsequent to the
proposed capital reduction and proposed capital consolidation;

(ii) As previously approved

Special issue of 90,000,000 new Shares at an issue price of
RM1.00 per Share (Special Issue Shares) together with 90,000,000
new detachable free Warrants on the basis of one (1) new Warrant
for every one (1) Special Issue Share;

As varied

Special issue of 129,268,208 new Shares at an issue price of
RM1.00 per Share together with 129,268,208 new Warrants on the
basis of one (1) new detachable free Warrant for every one (1)
Special Issue Share;

(iii) As previously approved

Local debt restructuring [based on the cut-off date 30 September
1998 or any other date on which the credit facilities are
frozen] as follows:

(a) Secured debts represented by current collateral value and
    net cashflow from operating activities will be settled via
    issuance of RM62,424,880 nominal value of new Mycom six (6)
    year redeemable unsecured loan stocks (RULS);

(b) Secured debts represented by current collateral value but
    not represented by net cashflow from operating activities
    will be settled via the issuance of RM110,183,279 nominal
    value of new Mycon six (6) year irredeemable convertible
    bonds (ICB);

(c) Secured debts which are not represented by the current
    collateral value will be settled via the issuance of
    RM48,856,170 nominal value of new Mycom six (6) year
    irredeemable convertible unsecured loan stocks (ICULS)
    Series 2A;

(d) Unsecured debts will be settled via the issuance of
    RM168,208,448 nominal value of new Mycom ICULS Series 2B;

(e) Compensation for the low coupon rates of ICB and zero coupon
    rates for the first two (2) years of ICULS will be made up
    via issuance of 25,670,614 new Shares at an issue price of
    RM1.00 per Share; and

As varied

Local debt restructuring [based on the cut-off date 30 September
1998 or any other date on which the credit facilities are
frozen] as follows:

(a) Secured debts represented by current collateral value and
    net cashflow from operating activities will settled via
    issuance of RM60,305,280 nominal value of RULS;

(b) Secured debts represented by current collateral value but
    not represented by net cashflow from operating activities
    will be settled via the issuance of RM108,517,879 nominal
    value of ICB;

(c) Secured debts which are not represented by the current
    collateral value will be settled via the issuance of
    RM78,461,415 nominal value of ICULS Series 2A;

(d) Unsecured debts will be settled via the issuance of
    RM142,388,203 nominal value of ICULS Series 2B;

(e) Compensation for the low coupon rates of ICB and zero coupon
    rates for the first two (2) years of ICULS will be made up
    via issuance of 29,086,403 new Shares at an issue price of
    RM1.00 per Share; and

(iv) As previously approved

Settlement of inter-company debts whereby the compensation for
zero coupon rates for the first two (2) years of ICULS will be
made up via the issuance of 11,036,500 new Shares at an issue
price of RM1.00 per Share.

As varied

Settlement of inter-company debts whereby the compensation for
zero coupon rates for the first two (2) years of ICULS will be
made up via the issuance of 7,559,826 new Shares at an issue
price of RM1.00 per Share.

The SC has also noted the utilization of proceeds arising from
the Proposed Variations to rights issue with warrants and
special issue with warrants, the details of which are provided
in tables 1 and 2 respectively. Accordingly, the SC had approved
the proposed utilization of proceeds which are earmarked for the
core business of Mycom as proposed.

The Proposed Variations had also been approved by the Foreign
Investment Committee and Ministry of International Trade and
Industry on 18 November 2002 and 25 November 2002 respectively.
The Proposed Variations are still subject to the approval of
Mycom' shareholders and any other relevant parties.

(a) Table 1- Rights Issue with warrants

Type of Utilization              As Previously      As Revised
                                   Approved        (RM'Million)
                                 (RM'Million)

- Project financing for the          17.97             17.97
proposed development of
Bandar Sri Duta

- Acquisitions of companies           8.99              8.99
and land from Olympia
Industries Berhad Group

- Payment to consultants for the      1.87               .59
proposed development of Duta
Grand Hotels Sdn Bhd

- Project financing for the Duta     49.71             11.72
Grand Hyatt Project
                                    -------           -------
TOTAL                                78.54             39.27


(b) Table 2 - Special issue with warrants

Type of Utilization              As Previously      As Revised
                                   Approved        (RM'Million)
                                 (RM'Million)

- Compensation for the low           40.04*            39.72*
coupon rate of redeemable
term loan. RULS and six year
irredeemable secured bonds to
be issued by Mycom Capital
(BVI) Ltd.

- Part payment for defaulted         24.72             29.29
taxes and tax penalties

- Stamp duties incurred pursuant     10.95             10.95
to the transfer of land titles
and shares

- Restructuring expenses in          10.20*            10.20*
respect of the Proposed
Restructuring Scheme

- Project financing for the Duta         -             37.98
Grand Hyatt Project

- General working capital             4.09              1.13
                                    -------           -------
Total                                90.00            129.27

* These utilisations of proceeds are not for the core business
of Mycom

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


NCK CORPORATION: Remains in Default of RM626 Million Debt
---------------------------------------------------------
In compliance with Practice Note No. 1/2001, NCK Corporation
wishes to announce that there has been no change in the status
of the credit facilities on which the NCK Group has defaulted in
payment since the Company's previous announcement dated November
6, 2002.

Total borrowings on which the NCK Group has defaulted on
payments stood at RM626,509,626 (inclusive of accrued interest)
as of October 30, 2002.

CONTACT INFORMATION: 4th Flr, Wisma NCK 3
                     Lot 45A, Section 92A
                     Batu 3«, Jln Sungai Besi
                     57100 Kuala Lumpur
                     Tel: 03-781 2299
                     Fax: 03-781 7438


PARIT PERAK: Approval of Restructuring Plan Still Pending
---------------------------------------------------------
On 23 February 2001, Parit Perak Holdings Bhd announced that it
is an "affected listed issuer" pursuant to PN4 issued by the
KLSE.

On 22 October 2002, Alliance Merchant Bank Berhad ("Alliance")
had announced on behalf of PPHB that the Company had on 21
October 2002, entered into a Restructuring Agreement ("RA") with
Liqua Health (M) Sdn Bhd, Align Matrix Sdn Bhd, Chan Wan Cheong,
Teh She Ling, Lim Paik Gaik, Lee Chai Hua, Mohd Fadzil bin Mohd
Ali, Muhammad bin Md Ali and Rafizah bte Abu Hassan,
(collectively referred to as the "Vendors") for the
implementation of a proposal to regularize its financial
position.

On 18 November 2002, Alliance, on behalf of PPHB, announced that
the company had formulated a plan to regularize its financial
condition by implementing certain proposals ("Proposals"), among
others, the proposed acquisition of 100% equity interest in
Liqua Health Marketing (M) Sdn Bhd by Joycity Holdings Sdn Bhd,
the company proposed to take over PPHB's listing status.

On 19 November 2002, Alliance further announced that the
relevant applications have been made to the Securities
Commission and Foreign Investment Committee for their approval
of the Proposals.  Currently, the above approvals are pending.

CONTACT INFORMATION: 12th Flr (Right Wing)
                     Menara Kemayan
                     160, Jln Ampang
                     50450 Kuala Lumpur
                     Tel: 03-2669660
                     Fax: 03-2669661


SRIWANI HOLDINGS: Restructuring Plan Gets Nod of FIC
----------------------------------------------------
In compliance with the requirements of Paragraph 4.1 (b) of PN
4/2001, Commerce International Merchant Bankers Berhad on behalf
of Sriwani Holdings Bhd, hereby announces that the following
events have taken place since the last announcement on 1
November 2002 pertaining to SHB's plan to regularize its
financial condition:

(1) the approval of the Securities Commission ("SC") subject to
    certain conditions, on the proposals of SHB to regularize
    its financial condition ("Proposals"), details of which have
    been announced on 5 November 2002.

(2) the approval of the SC subject to certain conditions, for an
    exemption for Multi Esprit Sdn Bhd, Stuart Saw Teik Siew,
    Yeoh San Hai and Saw Eng Huat Properties Sdn Bhd, from
    having to undertake mandatory offers for all the remaining
    shares in SHB, the obligation of which arises pursuant to
    the Proposals. Details on the aforesaid approval have been
    announced on 19 November 2002.

(3) the approval of the Foreign Investment Committee on the
    Proposals, details of which have been announced on 26
    November 2002.

CONTACT INFORMATION: Wisma Sriwani, 418 Chulia Street
                     10200 Penang
                     Tel: 04-2628535
                     Fax: 04-2614076


UCP RESOURCES: Posts Update on Units' Defaulted Loans
-----------------------------------------------------
In accordance with Practice Note No. 1/2001 of the Kuala Lumpur
Stock Exchange Listing Requirements and further to the earlier
announcement made, UCP Resources Bhd hereby provides an update
on its default in payment as follows:

     (i) UCP Manufacturing (M) Sdn Bhd, a subsidiary of UCP
         Resources Bhd, as at 30 November 2002, defaulted in
         repayment of Bankers Acceptance, Overdraft, Term Loan
         and Current Account amounting to RM44,220,591 made up
         of a principal sum of RM38,521,572 and interest of
         RM5,699,019;

    (ii) UCP Marketing (M) Sdn Bhd, a subsidiary of UCP
         Resources Bhd, as at 30 November 2002, defaulted in
         repayment of Bankers Acceptance and Term Loan amounting
         to RM7,355,358 made up of a principal sum of
         RM7,071,919 and interest of RM283,439;

   (iii) UCP Geotechnics (M) Sdn Bhd, a subsidiary of UCP
         Resources Bhd, as at 30 November 2002, defaulted in
         repayment of Bankers Acceptance and Overdraft amounting
         to RM15,984,962 made up of a principal sum of
         RM15,347,024 and interest of RM637,938; and


    (iv) Universal Concrete Products Sdn Bhd, a subsidiary of
         UCP Resources Bhd, as at 30 November 2002, defaulted in
         repayment of Bankers Acceptance amounting to
         RM3,075,410 made up of a principal sum of RM3,000,000
         and interest of RM75,410.

The UCP Group shall make periodic announcement on a monthly
basis to the Exchange of the current status of the default and
its steps taken to address the default until such time when it
is remedied.

CONTACT INFORMATION: Lot 302, 3rd Floor
                     Komplek Selangor
                     Jalan Sultan
                     50000 Kuala Lumpur
                     Tel: 03-2325997
                     Fax: 03-2326036



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


BENPRES HOLDINGS: Commences Interim Payments on Obligations
-----------------------------------------------------------
Benpres Holdings Corporation has commenced interim payments on
its obligations starting November 30, 2002.

Under its Balance Sheet Management Plan (BSMP), Benpres has
proposed to make payments every six months at a rate of 1% above
the 182-day Treasury bill rate for peso-denominated obligations
and 1% above LIBOR (London Interbank Offer Rate) for dollar-
denominated obligations.

Payment for the period June 1 to November 30 of the current year
is estimated at US$6.9 million. This will be distributed to the
following: P2 billion in Long Term Commercial Papers; US$150
million in Eurobonds, Bayantel convertible preferred shares with
an original principal amount of US$130 million; and Bayantel put
options valued at no more than US$50 million.

Other guaranteed obligations; e.g., Maynilad Water Services,
Inc.'s are being serviced by the concerned subsidiaries.

Although Benpres has not reached an agreement with its creditors
on the BSMP, it is commencing interim interest payments as
earlier announceld. These interim payments are being made as a
good faith gesture by Benpres.

Benpres will not be able to pay the principal amount of US$150
million for its Eurobonds due on December 19, 2002, as well as
the BayantTel convertible preferred shares due in January 2003,
with an original principal amount of US$130 million. These
obligations are included in the BSMP.


MANILA ELECTRIC: Facing Php12B Fine For Violating Contract
----------------------------------------------------------
The National Power Corporation (Napocor) imposed a 12 billion
pesos fine to Manila Electric Co. (Meralco) for breach of a 10-
year old power supply pact, the Manila Bulletin and Dow Jones
reported, citing Energy Secretary Vincent Perez.

"Meralco is faced with huge financial obligation for violating
its contract with Napocor," said Perez.

The report said the penalties were calculated based on the
shortfall in Meralco's supply purchase from Napocor. Under the
supply agreement, Meralco is required to purchase at least 3,600
megawatts from Napocor every month. The contract dispute started
in March of this year.


MANILA ELECTRIC: Citibank Urged to Lead Restructuring
-----------------------------------------------------
The Philippine government wants Citibank NA to take the lead
role in the restructuring of Manila Electric Co. (Meralco)'s
debt, BusinessWorld and AFX Asia reports, citing Meralco
President and Chief Operating Officer Jesus Francisco.

"I think the choice of Secretary Perez is a good choice since
Citibank is our largest private creditor," Francisco said.

Meralco is "internally discussing" the form of assistance it may
seek from the government to maintain its financial viability in
the aftermath of the Supreme Court ruling ordering the firm to
refund to customers over billings from 1994.

The report estimated the customer's refund to cost between 8
billion and 28 billion pesos.

The power firm has total outstanding debts of 31 billion pesos
and 9 billion in short-term obligations.


RFM CORPORATION: Share Purchase Agreement Update
------------------------------------------------
RFM Corporation provided the Philippine Stock Exchange the
following additional information:

1. Number of shares to be sold

RFM Corporation will sell 217,489,968 common shares of Philstar
to JEG Development Corporation and Mai-i Resources Corporation,
which represent 96.71 percent of the total outstanding shares of
Philstar.

2. Purchase Price

The purchase price is P0.482781 per share or P105,000,024.24
payable to RFM Corporation in cash. The parties negotiated said
price.

3. Proceeds of funds

The proceeds will be used by RFM for its operations/working
capital. The Company restate that purchase and sale of the
Philstar shares will be implemented by crossing said shares with
the Exchange at a closing date agreed upon by the parties. ..."

According to TCR-AP, RFM's long-term debt as of December 2000
was 1.62 billion pesos and total liabilities were 14.43 billion
pesos.


RFM CORPORATION: Directors Approve Share Purchase Agreement
-----------------------------------------------------------
The Board of Directors of RFM Corporation has approved the Share
Purchase Agreement executed by Mr. Jose Ma. A. Concepcion III
with JEG Development Corporation and Mai-i Resources Corporation
(the Buyers) on November 20, 2002 for the purchase by the Buyers
of all the common shares of stock of RFM Corporation in
Philstar.com, Inc. at P0.482781 per share.


SHEMBERG BIOTECH: Awaits Approval to Stop BPI Payments
------------------------------------------------------
Shemberg Biotech Corp. (SBC), the largest manufacturer of
refined carrageenan in Southeast Asia, is awaiting the approval
from the Cebu Regional Trial Court (RTC) for them to stop paying
the Bank of Philippine Islands (BPI) due to the latter's refusal
for the rehabilitation plan of the company, Asia Pulse and
Business World said on Tuesday.

SBC accused BPI of "contumacious acts" of repudiating the terms
of the Company's rehabilitation program.

SBC President and Chief Executive Officer Benson Dakay said
Shemberg Biotech has filed a motion asking the court to direct
SBC receiver Pio Go to order the company to stop paying BPI.

BPI is one of the creditors of SBC, which has reached P60
million (US$1.1 million), including interest, and owns 10 per
cent shares of the firm.

Other bank creditors are the Asian Development Bank (ADB), which
owns 10 per cent shares of the company; and the Deutsche
Investitions und Entwicklungsgesselchaft mbH (DEG).



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


BOUSTEAD SINGAPORE: Posts Changes in Director's Interest
--------------------------------------------------------
Boustead Singapore posted changes in Director James Lim Jit
Teng's interest:

Notice Of Changes In Director's Warrantholding
Date of notice to company: 02 Dec 2002
Date of change of interest: 29 Nov 2002
Name of registered holder: James Lim Jit Teng
Circumstance(s) giving rise to the interest: Open market
purchase

Shares held in the name of registered holder
No. of warrants of the change: 50,000
% of issued share capital: 0.03
Amount of consideration per share excluding brokerage,GST,stamp
duties,clearing fee: $0.105
No. of warrants held before change: 1,077,600
% of issued share capital: 0.58
No. of warrants held after change: 1,127,600
% of issued share capital: 0.61

Holdings of Director including direct and deemed interest
                                     Deemed     Direct
No. of warrants held before change:  1,077,600
% of issued share capital:           0.58
No. of warrants held after change:   1,127,600
% of issued share capital:           0.61
Total shares:                        1,127,600

No. of Warrants:                     1,127,600
No. of Options:                      1,328,968
No. of Rights
No. of Indirect Interest


CHARTERED SEMICONDUCTOR: Expects Improvement in Fourth Quarter
--------------------------------------------------------------
On December 3, 2002, in its scheduled mid-quarter update,
Chartered Semiconductor Manufacturing indicated that it expects
moderate improvement in revenues as well as higher shipments and
utilization in the fourth quarter, compared to its original
guidance, which was provided on October 25, 2002.

"We now expect that our total wafer shipments, including those
from Chartered's share of SMP (Fab 5), will be down only a
couple of percentage points from the third quarter, and
therefore we have raised our utilization guidance from the mid-
30s to the high-30s," said George Thomas, vice President & CFO
of Chartered. "Based on the current projected shipment mix, we
now expect a sequential decline of approximately 10 percent in
average selling price, compared to our original guidance of a 6-
8 percent decline. Our shipments of 0.18-micron and below
product during the quarter are expected to represent
approximately 40 percent of our total revenues, up from 13
percent a year ago, and we expect it to include first revenues
from our 0.13-micron offering.

"As indicated in October, the sequential decline in revenues is
driven primarily by a significant decline in our computer
segment, where we believe some customers are working through
excess inventory which will probably take a couple of quarters
to correct, " Thomas stated.

Based on its current assessment of market and customer trends,
the Company's updated guidance for fourth quarter 2002 is as
follows:

- Revenues: down approximately 18 percent sequentially and up
approximately 39 percent year-over-year, compared to previous
guidance of "down approximately 20 percent sequentially and up
approximately 37 percent year-over-year." Revenues including
Chartered's share of SMP, down approximately 12 percent
sequentially and up approximately 60 percent year-over-year,
compared to previous guidance of "down approximately 15 percent
sequentially and up approximately 54 percent year-over-year."
SMP is a minority-owned joint-venture Company and therefore,
under the
Company's US GAAP reporting, its revenues are not consolidated

- ASP: down approximately 10 percentage points sequentially
compared to previous guidance of "down 6-8 percentage points"

- Utilization: in the high-30s compared to previous guidance of
"mid-30s"

- Net loss: approximately $114 million to $117 million,
including a one-time charge of approximately $5 million
associated with workforce re-sizing, unchanged from previous
guidance - Loss per ADS: approximately $0.47 to $0.49 including
a one-time charge of approximately $0.02 per ADS associated with
workforce re-sizing, unchanged from previous guidance

- Average share count for EPS calculation: approximately 241
million ADSs, unchanged from previous guidance

Chartered will release its fourth-quarter 2002 earnings on
Wednesday, January 29, 2003, Singapore time, before the
Singapore market opens.

Chartered's original guidance for fourth quarter 2002 was
published in the Company's third-quarter 2002 earnings release
which can be found at
http://investor.charteredsemi.com/releases.cfm

Chartered Semiconductor Manufacturing www.charteredsemi.com, one
of the world's top three silicon foundries, is forging a
customized approach to outsourced semiconductor manufacturing by
building lasting and collaborative partnerships with its
customers. The Company provides flexible and cost-effective
manufacturing solutions for customers, enabling the convergence
of communications, computing and consumer markets. In Singapore,
Chartered operates five fabrication facilities and has a sixth
fab, which will be developed as a 300mm facility.

A Company with both global presence and perspective, Chartered
is traded on both the Nasdaq Stock Market (Nasdaq: CHRT) and on
the Singapore Exchange (SGX-ST: CHARTERED). Chartered's 3,500
employees are based at 11 locations around the world.

For a copy of the press release, go to
http://bankrupt.com/misc/tcrap_csm1203.pdf


CHARTERED SEMICONDUCTOR: Expects Net Loss of $114M in 4Q02
----------------------------------------------------------
Chartered Semiconductor Manufacturing Ltd. said its fourth-
quarter loss may narrow to $114 million, in line with its
previous forecast, Bloomberg reports. The loss will likely be
$114 million to $117 million in the period ended December 31,
compared with a loss of $127 million a year earlier.

The Company, which cut 7 percent of its workforce in October, is
headed for an eighth straight unprofitable quarter. Prices are
falling because demand is too weak for chipmakers to fully
utilize manufacturing capacity.


ISOFTEL LIMITED: Senior Vice President Resigns
----------------------------------------------
The Board of Directors of iSoftel Limited announced the
resignation of Jerry Lin as Senior Vice President of the Company
with effect from November 15, 2002.

There will be no replacement for Mr. Lin's position as his tasks
and responsibilities have been redistributed to other managers
in line with ongoing Company wide restructuring.


PRESSCRETE HOLDINGS: Issues Debt Repayment Update
-------------------------------------------------
Further to MASNET Announcement No.75 of 1 November 2002,
Presscrete Holdings Limited announced that to-date the Group's
bankers (excluding those of Ceramic Technologies Pte Ltd) have
not demanded repayment of the Group's existing loans at short
notice. The Company will make prompt disclosure as and when
there are further developments.


WEE POH: Enters Agreement With THC
----------------------------------
Further to the announcement dated 8 November 2002, the Board of
Directors of Wee Poh Holdings announced that, pursuant to the
memorandum of understanding between the Company and THC, the
Company has today entered into the Strategic Agreement with THC
in relation to the Strategic Issue.

The 1,600,000,000 new ordinary shares of S$0.005 each pursuant
to the Strategic Issue shall be issued free of all liens,
charges and encumbrances and shall rank pari passu in all
respects with and carry all rights similar to the then existing
issued ordinary shares in the capital of the Company, save that
THC shall waive his eligibility to participate in the Rights
Issue in respect of the Strategic Shares.

Conditions Precedents

The completion of the Strategic Agreement is subject, inter
alia, to the following conditions precedent being fulfilled on
or before the date of Completion (the "Completion Date or on
such other date as may be agreed in writing between the
parties:-

(a) a statement of material facts Statement being lodged with
and accepted by the Monetary Authority of Singapore and the SGX-
ST;

(b) the approval in-principle of the SGX-ST being obtained for
the Strategic Issue and the listing and quotation of the
Strategic Shares upon their allotment and issue. Where such
approval is subject to any conditions, that such conditions are
acceptable to the Company and THC and where any moratorium is
imposed by the SGX-ST, that such moratorium is deemed acceptable
to THC;

(c) the approval of the Shareholders in general meeting being
obtained for the Strategic Issue and the allotment and issue of
the Strategic Shares in favor of THC or his nominee or his
concert parties;

(d) the receipt of the Whitewash Waiver from the SIC in respect
of THC's and his concert parties' obligation to make a mandatory
general offer pursuant to Rule 14 of The Singapore Code on
Takeovers and Mergers arising from or in connection with the
Strategic Issue and the Shareholders passing the Whitewash
Resolution in favor of such Whitewash Waiver and where such
Whitewash Waiver is granted by the SIC subject to any
conditions, that such conditions are acceptable to the Company
and THC;

(e) the completion of a due diligence review by THC on the
Group, to be completed within 30 days of the date of the
Strategic Agreement, being satisfactory to THC;

(f) the completion of the Company's Capital Reduction so that
the par value of each of the Company's ordinary shares shall be
reduced from S$0.20 to S$0.005;

(g) the creditors of W&P Piling Pte Ltd WPP, the Company's
subsidiary, agreeing to accept the WPP Shares in exchange for
debts of up to S$5.1 million owing by WPP;

(h) the creditors of Wee Poh Construction Co Pte Ltd WPC, the
Company's subsidiary, agreeing to accept the issue of the WPC
Shares in exchange for part of the debts of at least S$2.0
million and up to a maximum of S$4.0 million owing by WPC; and

(i) no Material Adverse Change in the prospects, operations or
financial condition of the Group occurring on or before the
Completion Date (as determined, in his sole discretion, by THC).
For the purpose of this clause, a "Material Adverse Change"
shall mean an expected loss by the Company and its subsidiaries
for the year ended 30 June 2003 of more than S$8.0 million.

Some Principal Terms

Under the Strategic Agreement, the Company and THC acknowledge,
inter alia, the following:

(a) the Company shall, further to the completion of the Capital
Reduction and as soon as possible after the completion of the
Strategic Agreement, undertake the Rights Issue of no more than
3 Rights Shares for every 2 Existing Shares and such Rights
Shares shall be issued at the Strategic Price;

(b) The Company shall use its best endeavors to procure that two
major Shareholders, Messrs Chew Yin What and Lee Kok Swee, shall
provide irrevocable undertakings that they shall subscribe for
each of their entitlements under the Rights Issue;

(c) THC shall agree to waive his eligibility to participate in
the Rights Issue in respect of the Strategic Shares; and

(d) THC shall, further to the completion of the Capital
Reduction and concurrently with the Rights Issue or as soon as
practicable, undertake the Preferential Offering on the basis of
1 Strategic Share for every 2 Existing Shares at the Strategic
Price.

Period Before Completion

From the date of the Strategic Agreement until Completion, the
Company must ensure, inter alia, that:

(a) each of the Company and its subsidiaries does not distribute
or return any capital to its shareholders; and

(b) except dividends declared by the Company prior to the date
of the Strategic Agreement, each of the Company and its
subsidiaries does not pay any dividend to its shareholders or
pay any management fee, or similar amount, unless THC first
consents in writing.

Completion

The Completion Date shall take place on the date falling 14 days
after the last condition precedent in the Strategic Agreement
has been fulfilled (or on such other date as may be agreed in
writing between the parties).

The Company shall use its best endeavors to secure the
satisfaction of the conditions precedent in the Strategic
Agreement on or before 30 April 2003. If any condition is not
satisfied on or before 30 April 2003, the Strategic Agreement
(unless otherwise agreed in writing by the parties) shall
terminate.

Consideration

The cash consideration of S$8.0 million for the Strategic Shares
shall be payable as soon as practicable by THC to UOB Kay Hian
Pte Ltd which shall be held in escrow pending its release to the
Company upon Completion.

Information on THC

THC, 50, is a Singaporean. THC is an Electrical Engineer and
graduated from the Singapore Polytechnic in 1973. THC has over
15 years of business experience particularly in building and
managing toll roads and highways in the People's Republic of
China. THC is the managing director and substantial shareholder
of Heng Da Investments Pte Ltd, a Singapore incorporated Company
with extensive investments in toll roads and highways in
Heilongjiang Province, the People's Republic of China. In
addition to Heng Da Investments Pte Ltd, THC is also a director
of China Northern Infrastructure Investment Ptd Ltd, Novel Gold
Trading Pte Ltd, Honghu Marketing Pte Ltd, Swetian S'pore Pte
Ltd and Regal China Investments Pte. Ltd.

None of THC and his concert parties has any interest, direct or
indirect, in the Company.

Interests of Directors and Substantial Shareholders

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

Circular to Shareholders

Circular containing further details of the Strategic Issue and
in connection thereof will be dispatched to Shareholders in due
course.



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


PROPERTY PERFECT: To Break Free from Debt Woes Next Year
--------------------------------------------------------
An impending rebound of Thailand's property sector has left
Property Perfect feeling confident that it can emerge from
rehabilitation as early as the first quarter next year.

Yesterday, Business Day said the company is even looking at
making one billion in profit next year or 20% of its 2003 sales
target.  Managing director Chainit Ngowsirimanee told the paper
Property Perfect would ask the Central Bankruptcy Court and the
Stock Exchange of Thailand (SET) to let the company out of the
rehabilitation sector within the first quarter of next year.

The move, Mr. Chainit said, would be done after the company had
made adjustments to its financial framework, like the conversion
of its six billion baht debt to equity, as requested by
creditors.  Such conversion will result in the company's debt-
to-equity ratio dropping to 1:1.

The paper said the ratio could be maintained for two years after
which it could further go down to only 0.5:1. The firm's debt-
to-equity conversion is currently being studied by the Stock
Exchange of Thailand and Securities Exchange Commission.

Property Perfect anticipates a big sales boost from the Finance
Ministry's plan to extend for another year the two-year-old tax
breaks for home buyers.  For next year, the company is targeting
five billion baht in sales, more than double its projected two
billion baht turnover this year. On Monday, Finance Minister
Somkit Jatusipitak said the extension of the tax incentives
would be discussed by the Cabinet that day.

Once the debt-to-equity conversion is completed, Property
Perfect will try to get new investors to strengthen the
company's position and to prepare itself for future expansion,
Mr. Chainit told Business Day.  Local and foreign investors, he
said, are being considered. Foreign investors who have showed
interest in the company are those from US, Europe and Singapore.
Chainit said the company was looking at investors with long-term
commitment.

He said Property Perfect would clearly lay out its future plans
during the first quarter of next year when restructuring deal
shall have been reached with the shareholders.

Of next year's sales target of five billion baht, 3.5 billion is
expected to be generated by Property Perfect itself while the
remaining 1.5 billion baht would come from Bangkok House and
Land where the company holds a 30-percent stake.  Mr. Chainit
said a 20-percent profit could be realised next year because of
cuts in operational costs and the drop in interest rates.

Next year the company will undertake six new projects, on top of
the six now ongoing.  Mr. Chainit said the property sector had
great growth potential, with housing demand estimated at 800,000
to one million units next year.


SEACON DEVELOPMENT: Mulls Public Listing Next Year
--------------------------------------------------
Restructuring property developer Seacon Development Plc is
contemplating listing on the Stock Exchange of Thailand by first
quarter next year, Bangkok Post said Monday, citing unidentified
company sources.

The report said as much as 15% of the company will be up for
grabs in the planned initial public offering.  Accordingly, the
company is now in the process of selecting financial advisers.

The company's registered capital currently amounts to 547
million baht, consisting of 5.74 million shares having a par
value of 100 baht. Its major shareholders are the Sosothikul
family which holds a 69% stake, Bangkok Bank (10%), Thai Farmers
Bank (10%) another financial institutions (7%). The source said
that the value of the company was about 3.5 billion to four
billion baht. In the past year, its net profit was 200 million
baht and shareholders were paid a dividend.

"Listing the company on the stock exchange will not only help it
save tax, which is the main objective of the planned listing,
but it will also represent an additional alternative for future
fund-raising for the company," the source told Bangkok Post.

"It will also provide the existing shareholders with an exit for
share sales. The objective of this round of the initial public
offering is not raising funds," added the source.

Companies listed on the SET are subject to a corporate tax rate
of 25%, compared with the normal 30%, the paper said.

Seacon Development is the owner of the Seacon Square shopping
and entertainment complex. Half of the centre's 400,000 square
metres is available for rent and the complex has an occupancy
rate of 98%, the paper said.



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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Washington, DC USA. Lyndsey Resnick,
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
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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
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                 *** End of Transmission ***