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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

            Tuesday, December 10, 2002, Vol. 5, No. 244

                         Headlines

A U S T R A L I A

AUSTRALIAN GAS: Sells 15% Equity Interest in Southern Cross
EFTNET TECHNOLOGIES: Capital Reorganization Effectuated
HIH INSURANCE: Royal Commission Posts Hearing Schedule
NATIONAL FORGE: Employees to Receive Entitlements
PASMINCO LIMITED: To Close US Mines

TERRAPLANET LIMITED: Enters Voluntary Administration
TOWER LTD.: S&P to Maintain CreditWatch Negative
WORLDWIDE TECHNOLOGY: Sells DP Computers, Deregistering Units


C H I N A   &   H O N G  K O N G

ATHENA ENGINEERING: Winding Up Sought by Grand Monrovia
CHONGQING HUAYI: Sells Bankrupt Tire Companies to Singapore GT
GRAND BOND: Winding Up Hearing Scheduled December 18
POLYTEX LIMITED: Winding Up Petition Pending
WING WAH: Faces Winding Up Petition


I N D O N E S I A

ASIA PULP: Bondholders Junks IBRA's Proposal


J A P A N

ALL NIPPON: Buying 9% Stake Each in Monorail
MATSUSHITA ELECTRIC: Relocating TV Production Unit to China
MITSUBISHI CHEMICAL: Executes Measures on Severe Vinyl Business
SEIBU DEPARTMENT: Discloses New Retirement Program
SUMITOMO HEAVY: Reducing Domestic Group Firms

TOBU STORE: Asking Marubeni to Help Run Supermarkets
TOKYO ELECTRIC: Recruiting Specialists to Monitor Operations


K O R E A

CHOHUNG BANK: Labor Union Goes on Strike on December 11
CHOHUNG BANK: Korea First Union Wants Acquisition Plan Scrap
CHOHUNG BANK: Shinhan Wants Whole Stake; Cerberus Vies for 51%
HYNIX SEMICON: Investment Trust Creditors Vote Against Bailout
HYNIX SEMICONDUCTOR: KEB Delays $200 Million Bond Sale

WELLICH CHOSUN: Bankrupt Hotel Seeks M&A


M A L A Y S I A

COUNTRY HEIGHTS: RAM Revises Bonds Rating Watch to Negative
DATAPREP HOLDINGS: Implements Employee Share Option Scheme
GEAHIN ENGINEERING: SC OKs Price Conversion Pre-fixing Request
KRETAM HOLDINGS: Discloses November 2002 Production Figures
LION LAND: December 19 EGM Scheduled

PARK MAY: RAM Places CP/MTN on Rating Watch W/ Negative Outlook
PARK MAY: Unit Enters Sale, Purchase Agreement to Cut Debts

  
P H I L I P P I N E S

FIRST E-BANK: Notes Unusual Movement in Share Price
FIRST E-BANK: Transferring Assets to Banco De Oro
FIRST E-BANK: Shifts to Media Operations
MANILA ELECTRIC: Creation of Special Committee
MANILA ELECTRIC: ASAP Statement Re Govt Takeover Proposal

MANILA ELECTRIC: Court Unlikely to Reverse Refund
METRO PACIFIC: Seeking Partners in Fort Bonifacio
NATIONAL BANK: Mulls Joint Venture to Get Rid of Bad Loans
PHILIPPINE TELEGRAPH: Eyes Tie-Up With Suppliers


S I N G A P O R E

NATSTEEL LIMITED: 98 Holdings Ups Offer
NATSTEEL LIMITED: Shareholders Consider Sanion Request Letter
WAH SHING: Issues Profit Warning


T H A I L A N D

BANGKOK RUBBER: Administrator Submits Reorganization Plan
JASMINE INTERNATIONAL: Discloses 2003 Public Holidays
MEDIA OF MEDIAS: Updates Business Rehabilitation Status
PAKBARA ICE: Files Business Reorganization Petition  
PREECHA GROUP: Posts 2003 Holidays

     -  -  -  -  -  -  -  -

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


AUSTRALIAN GAS: Sells 15% Equity Interest in Southern Cross
-----------------------------------------------------------
The Australian Gas Light Company (AGL) announced Monday the sale
of its 15% equity interest in the Southern Cross Energy
Partnership. The sale was made to TEC Desert Pty Ltd, a wholly
owned subsidiary of TransAlta, which holds the remaining 85%
interest in Southern Cross Energy. The equity interest was
purchased by TEC Desert at its book value of $11.9 million
before adjustments for working capital.

Southern Cross Energy comprises four 40MW natural gas power
generation facilities, diesel back up engines and associated
transmission networks connected to WMC's nickel and gold mining
operations in Western Australia.

AGL has previously classified its Western Australian power
generation assets as non-core, and as such the sale is
consistent with AGL's strategy to focus on core strategic
assets.

According to Wrights Investors' Service, at the end of 2001, The
Australian Gas Light Co had negative working capital, as current
liabilities were A$1.88 billion while total current assets were
only A$1.05 billion.

Further Inquiries:

Contact:  Jane McAloon, Group Manager External Affairs
Direct:   (02) 9922 8349
Mobile:   0402 060 147

Contact:  Jane Counsel, Media Relations Manager
Direct:   (02) 9922 2352
Mobile:   0416 275 273


EFTNET TECHNOLOGIES: Capital Reorganization Effectuated
-------------------------------------------------------
Participating Organizations are advised that the reorganization
of capital of Eftnet Technologies Limited approved by
shareholders yesterday will become effective today, Tuesday 10
December 2002.

The reorganization is by way of consolidating every ten fully
paid ordinary shares in the capital of the Company into one
fully paid ordinary share.  Options will be similarly
reconstructed with an exercise price of $2.00.

Shareholders also approved the proposal to cancel the $2.00
options (post reconstruction). Directors have resolved to
provide former holders of reconstructed options with a priority
should they wish to apply for new December 2005 twenty cent
options to the extent of one for one based upon the
reconstructed number of options. Option holders who do not
consent to the cancellation will continue to hold $2.00 options
expiring 27 November 2004.  Fractions will be rounded up to the
nearest whole number.

The timetable is as follows:

9 Dec 2002   Shareholder approval
10 Dec 2002  Trading would normally commence in the reorganized
                    securities on a deferred basis.
                    ASX Code: EFNDA ordinary
                    ASX Code: EFNDB options
16 Dec 2002  Last day for the Company to register transfers on
                    a pre-reorganization basis.
17 Dec 2002  First day for the Company to register securities
                    on a post reorganization basis.
20 Dec 2002  Dispatch date. Deferred settlement trading would
                    normally end
                    ASX Code: EFN ordinary
                    ASX Code: EFNO options
23 Dec 2002  Normal T+3 trading would normally commence.

The securities of the Company remain suspended.


HIH INSURANCE: Royal Commission Posts Hearing Schedule
------------------------------------------------------
The HIH Royal Commission has adjourned to a date and time to be
fixed. Section 8 below is relevant to the future hearing
programme.

Hours of Sitting

The sitting times are usually Monday to Friday 9:30AM to 11AM,
11:15AM to 12:45PM; and 2:15PM to 3:30PM and 3:45PM to 4:30PM.

Commission Location

Level 8, 'The Landmark' 345 George Street, Sydney

Provisional Inquiry Programme Section 8: Closing Addresses -
Counsel Assisting and Parties

The arrangements for closing submissions will be as follows:

1. Closing submissions of counsel assisting will be made
available to parties as soon as is practicable and in any event
not later than close of business on Friday 13 December 2002. It
is likely that submissions will be drafted relating to discrete
topics rather than as a comprehensive body. They may be made
available at different times.

2. On Monday 16 December 2002 counsel assisting will speak to
their submissions in open session.

3. As and when submissions become available they will be
tendered and placed on Parties' Courtbook. In the period between
the time of tender and the commencement of the hearing on 16
December 2002 each submission will be subject to the
confidentiality regime that has applied throughout this Inquiry
to documents in the time between entry on Courtbook and formal
tender.

4. On Friday 20 December 2002 there will be a directions hearing
to discuss matters pertaining to the closing submissions of
parties.

5. So that the directions hearing can operate efficiently
parties will be expected to lodge with the Principal Solicitor
Assisting the Commission not later than 1pm on Thursday 19
December 2002 a written notice indicating:

   (a) whether they intend to make a closing submission;
   (b) the approximate length of a written submission;
   (c) whether they wish to make an oral address in addition to
a written submission and, if so:

     (i) the estimate of the time for such an address; and
     (ii) any factors affecting availability of counsel or the
party in the period 15 January 2003 to 31 January 2003;
   (d) to the extent then identified a brief outline of any
proposition of law on which they may wish to rely; and
   (e) any other matters of a procedural nature they may wish to
raise.

6. The lodging of a notice in accordance with par 5(c) will be
taken as an application for leave to make an oral submission.
Any party who wishes to make a closing submission will be
expected to do so in writing. The making of an oral submission
will be by leave only. Conditions may be attached to the grant
of leave. In particular it may be necessary to place time limits
on the length of oral submissions. This will depend on the
number of parties to whom leave is granted.

7. On or before 24 December 2002 the parties will be advised in
writing:

   (a) of the latest date by which they must lodge written
submissions; and
   (b) whether leave to make an oral submission has been granted
and, if so,
     (i) the time limit (if any) imposed on the submission;
     (ii) the date on which the submission is to be delivered;
and
     (iii) any conditions accompanying the grant of leave.

8. The date referred to in par 7(a) will be not earlier than
Monday 13 January 2003 and that referred to in par 7(b)(ii) will
be not earlier than Wednesday 15 January 2003. In relation to
par 7(a), parties are encouraged to lodge written submissions as
soon after 24 December 2002 as is possible.

9. At the time when they lodge the written submissions parties
will be expected to provide the information referred to in par
5(d) to the extent that it was not included in the notice
referred to in par 5.

10. The task of allocating dates for oral submissions is likely
to be difficult. The hearings cannot be extended beyond 31
January 2003. Accordingly, availability of counsel or a party
will, of necessity, not be a primary consideration.

In this Section 8 the term "party" is not limited to a party to
whom leave to appear has formally been granted. Generally
speaking, access to Parties' CourtBook and to documents on it is
restricted to persons associated with parties to whom leave to
appear has been granted or who have entered into the requisite
confidentiality undertakings.

If from evidence adduced during the proceedings, notices given
by Commission staff, what has been published about the
proceedings or from any other source a person or entity believes
its interests might be affected by a finding made by the
Commissioner, that person or entity ought now to consider
applying for leave to appear or otherwise making arrangements to
obtain access to documents. If such a person or entity wishes to
make a closing submission they will be required to do so in
accordance with the arrangements set out in this section.


NATIONAL FORGE: Employees to Receive Entitlements
-------------------------------------------------
Redundancies were unavoidable but entitlements will be paid to
the employees of divisions of National Forge, receivers and
managers, David McEvoy and Nick Brooke said Monday.

In confirming the impending sale of the company's automotive
business, the necessity for redundancies in those areas of the
business, which are not being sold, could not be avoided.

"Unfortunately, the business model in the turbine and golf
divisions is simply not sustainable," Mr Brooke said in
announcing the redundancies to the affected staff this
afternoon.

The 172 affected employees of those divisions will receive
entitlements through the support of the Federal Government's
General Employee Entitlement and Redundancy Scheme (GEERS)
program.

Mr McEvoy said he expected to sign a contract for the sale of
the National Forge automotive business to CMI Limited over the
weekend, which would see 175 jobs saved. Completion of the sale,
with handover to CMI, is expected to occur on Wednesday next
week.

Mr McEvoy, who was appointed joint receiver to National Forge
with Nick Brooke on October 16, said it was a difficult day for
National Forge and its employees.

"This process has involved a wide range of interests including
receivers, industry representatives including Holden, Ford, Ion
and DANA; unions led by the AMWU metal and vehicles divisions
and AWU; and the Federal and State Governments," Mr McEvoy said.

"In our role as Receivers and Managers, Nick Brooke and I have
been impressed by the collaborative spirit in which all parties
have approached this difficult situation. The sale to CMI has
enabled the automotive industry to continue production
uninterrupted and has ensured the retention of a large number of
jobs which might otherwise have been lost," be concluded.

Contact: Andrew Head
         Corporate Communications
         Ph: 8266 2111 or 0411 268 001


PASMINCO LIMITED: To Close US Mines
-----------------------------------
Australian zinc producer Pasminco announced Wednesday that as
part of its restructure strategy it would shut down the
Gordonsville and Clinch Valley mines but continue to operate the
Clarksville refinery in Tennessee, USA.

Pasminco Chief Executive Officer Greig Gailey said, "The
Gordonsville and Clinch Valley mines are low-grade operations
that have not provided satisfactory returns on investment.
Consistent with our strategy of focusing the new Pasminco on a
portfolio of world-class assets and in the absence of an
appropriate sale offer, we have decided to shut down those
mines.

"The Clarksville zinc plant however, which is among the most
productive mid-size zinc plants in the world, will continue to
operate and make a major contribution to the restructured
Pasminco.

"To lead the US operations into this new phase we recently
appointed Rob Novotny, formerly of Asarco, as President-US
Operations. Rob took up his appointment on the first of
November.

"While Gordonsville is scheduled to close in six months, the
exact closure date for Clinch Valley will depend on market
conditions, raw material supply, mine performance, and capital
expenditure requirements." Mr Gailey said.

The Gordonsville mine will immediately begin to withdraw from
higher-cost mining areas in stages over the next six months. If
however, in that time, management and employees can demonstrate
the economic viability of the higher-grade Cumberland ore body,
an operation may continue on a reduced scale.

The Clinch Valley mine is scheduled to close within the next 2
years in order to mine its economic resource before closing.

In the interim, both mines will continue to provide zinc
concentrate to the Clarksville zinc plant and raw material
contracts have been put in place to cover requirements beyond
the mines' closure.

CONTACT INFORMATION: Trevor Shard
               GENERAL MANAGER  INVESTOR & COMMUNITY RELATIONS
               +61 (03) 9288 9186 or 0419 584 515


TERRAPLANET LIMITED: Enters Voluntary Administration
----------------------------------------------------
At the AGM on November 29th, Terraplanet Limited flagged that
trading conditions had continued to deteriorate, and that an
offer to acquire the publishing business had been received.
These negotiations are ongoing. Since that date, several other
expressions of interest have been received.

In order to allow an appropriate period of time for a sale to
occur, the Board of Directors decided to enter into voluntary
administration, at a board meeting held on December 3rd. Mr
Bryan Collis and Mr Christopher Palmer of O'Brien Palmer were
appointed as joint administrators.

The contact details of the administrators are as follows:

Administrators:  Mr Bryan Collis and Mr Christopher Palmer

Address:         O'Brien Palmer
                 Level 4, Currency House
                 23-25 Hunter Street
                 Sydney NSW 2000
          
Telephone:       (02) 9232 3322
Fax:             (02) 9232 3512


TOWER LTD.: S&P to Maintain CreditWatch Negative
------------------------------------------------
Standard & Poor's Ratings Services said Thursday that it is
maintaining its CreditWatch with negative implications on
various Australian and New Zealand subsidiaries of Tower
Ltd. following the adverse full-year results announced by the
insurer. The ratings on various Tower Ltd. operating
subsidiaries in Australia and New Zealand are 'A-', while the
ratings on various holding companies are'BBB-/A-3'.

On Oct. 31, 2002, the ratings on Tower Ltd. group companies had
been downgraded and placed on CreditWatch Negative, because the
group's profit warning statement was outside the tolerance of
the previous 'A' and 'BBB/A-2' ratings.

The maintenance of the CreditWatch follows the year-end results
of a NZ$74.9 million after-tax loss on the Tower Ltd. group,
which is greater than previous profit warning on Oct. 31, 2002.
The loss includes a significant write-down in the valuation of
Bridges Financial Services Group Pty. Ltd. The CreditWatch
placement will be resolved after further analysis of results,
and assessment of the wide-ranging strategic and operational
changes largely impacting Tower Australia Ltd.  


WORLDWIDE TECHNOLOGY: Sells DP Computers, Deregistering Units
-------------------------------------------------------------
The Directors wish to advise that Worldwide Technology Group Ltd
(WWT) has disposed of its wholly owned subsidiary DP Computers
Pte Ltd to an unrelated party, Royal Legend Holdings Limited in
Hong Kong.

The major undertaking of WWT, previously operated through DP
Computers Pte Ltd, will now be conducted by a newly acquired
subsidiary Eastern Prime Corporation Pte Ltd (EPC). The shares
in EPC have been acquired for $15,000 from Mr CC Tan, a director
of WWT. The directors have also resolved to deregister all of
the other subsidiaries previously held by WWT.

The effect of the disposal of the subsidiaries, including DP
Computer Pte Ltd, and the proposed cancellation of
$28,978,031.00 of the paid up share capital, subject to approval
by shareholders at the forthcoming AGM, will materially affect
the Company's Statement of Financial Position.

Attached hereto is a consolidated pro-forma statement of
financial position to reflect the cancellation of the paid up
capital and the removal of all subsidiaries of WWT. There will
be no impact of the disposal of DP Computers Pte Ltd and the
deregistration of the subsidiaries on WWT's Statement of
Financial Performance for the current year as the value of all
of it's subsidiaries have previously been fully written down to
$nil.

WORLDWIDE TECHNOLOGY GROUP LIMITED
STATEMENT OF FINANCIAL POSITION
CONSOLIDATED PROFORMA

                                             CONSOL     CONSOL
                                             BEFORE     AFTER
                                             ADJ'S      ADJ'S
                                             AUDITED    AUDITED
                                             2002       2002
                                              $          $

CURRENT ASSETS                                    
Cash Assets                                 145,909    1,476,944
Receivables                                 703,824       29,693
Inventories                               1,096,672        7,970

TOTAL CURRENT ASSETS                      1,946,405    1,514,607

NON CURRENT ASSETS
Other Financial Assets                        -            -
Property, Plant & Equipment              11,806,040      100,138
Intangibles Assets                            -            -
Other                                         -            -

TOTAL NON CURRENT ASSETS                11,806,040      100,138

TOTAL ASSETS                            13,752,445    1,614,745

CURRENT LIABILITIES
Payables                                 1,556,859      231,793
Interest Bearing Liabilities            10,899,664       11,793
Current Tax Liabilities                    653,968            -

TOTAL CURRENT LIABILITIES                13,110,491      243,586

NON CURRENT LIABILITIES
Interest Bearing Liabilities              5,768,066       23,668
Deferred Tax liabilities                    100,452            -

TOTAL NON CURRENT LIABILITIES             5,868,518       23,668

TOTAL LIABILITIES                        18,979,009      267,254

NET ASSETS                               (5,226,564)   1,347,491

EQUITY
Contributed Equity                       36,477,907    8,946,301
Reserves                                 (1,768,548)           -
Accumulated Losses                      (39,900,847) (7,598,810)

Patent Entity Interest                   (5,191,488)   1,347,491
Outside Entity Interest                     (35,076)           -

TOTAL EQUITY                             (5,226,564)   1,347,491

Adjustments:

1. Share issue with proceeds of $1,446,425 and share reduction
of $28,978,031.

2. Removal of all subsidiaries of WWT from the consolidation.

On April 10, The Troubled Company Reporter-Asia Pacific reported
on April 10, that in line with the capital raising, the Company
is undergoing a restructuring exercise to streamline its
regional operations.


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


ATHENA ENGINEERING: Winding Up Sought by Grand Monrovia
-------------------------------------------------------
Grand Monrovia Enterprises Limited is seeking the winding up of
Athena Engineering (Hong Kong) Limited. The petition was filed
on November 8, 2002 and will be heard before the High Court of
Hong Kong on January 22, 2003.

Grand Monrovia holds its registered office at Top Floor,
Chinachem Golden Plaza, 77 Mody Road, Tsimshatsui East, Kowloon,
Hong Kong.


CHONGQING HUAYI: Sells Bankrupt Tire Companies to Singapore GT
--------------------------------------------------------------
Singapore GT Group will acquire two failing companies of
Chongqing Huayi Holding Corp, namely Chongqing Zhongce Tire
Company and Chongqing Tire Factory, for RMB 66 million, SinoCast
via COMTEX reported Friday.

Singapore GT plans on investing an additional RMB200 million in
land acquisition as part of a "phase 1" business plan to
maintain productivity levels. Three-year sales projections
expect a revenue of RMB1.98 billion with total investment at
US$200 million.  Both companies fell into difficulty due to
management and capital issues.


GRAND BOND: Winding Up Hearing Scheduled December 18
----------------------------------------------------
The High Court of Hong Kong will hear on December 18, 2002 at
9:30 in the morning the petition seeking the winding up of Grand
Bond (Asia) Limited.

So Ching Fong of Rooms 16-17 on 11th Floor, New Commerce Center,
19 on Sum Street, Siu Lek Yuen, Shatin, New Territories, Hong
Kong filed the petition on October 12, 2002.  KEITH HO & CO. is
the solicitor for the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing KEITH HO &
CO., which holds office on Suite 2402, Great Smart Tower, 230
Wan Chai Road, Hong Kong.


POLYTEX LIMITED: Winding Up Petition Pending
--------------------------------------------
Polytex Limited is facing a winding up petition, which is slated
to be heard before the High Court of Hong Kong on January 29,
2003 at 10:00 am.

The petition was filed on November 19, 2002 by The World Realty
Limited, Yau Fook Hong Company Limited, Sublime Finance and
Investments Limited, Macfarlane Estate Limited and Fung Cheung
Realty Limited whose registered office of which are all situate
at Top Floor, Chinachem Golden Plaza, 77 Mody Road, Tsimshatsui
East, Kowloon, Hong Kong.


WING WAH: Faces Winding Up Petition
-----------------------------------
The petition to wind up Wing Wah Tennis Court And Track Builders
Company Limited is set for hearing before the High Court of Hong
Kong on January 22, 2002 at 9:30 in the morning.

The petition was filed with the court on November 8, 2002 by
Gapo Limited whose registered office is situated at Top Floor,
Chinachem Golden Plaza, 77 Mody Road, Tsimshatsui East, Kowloon,
Hong Kong.


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


ASIA PULP: Bondholders Junks IBRA's Proposal
--------------------------------------------
Bondholders of ailing paper company, Asia Pulp & Paper Co., have
refused to accept the proposed $6.5 billion debt restructuring
plan offered by governing body Indonesian Bank Restructuring
Agency (IBRA), Dow Jones Newswires reports.

The Bondholder's Group claims that certain desired terms of
restructuring have not been addressed and have sent an alternate
restructuring proposal. Under the APP bondholder's plan, a
mechanism would be in place, which would allow creditors to take
"automatic and immediate" control of APP's management if the
company fails to make payments anytime during restructuring.
Further, APP's controlling shareholders, Indonesia's Widjaya
family, would also contribute "substantial new value" to the APP
group.

The alternative restructuring plan also calls for APP's
Indonesian unit's debt to be restructured at the same time as
the Singapore holding company and China unit debt. Minimum
repayment amounts should be fixed in advance for all debt.  No
further details were given.

APP called a debt standstill in March 2001 after years of over-
borrowing. The company is based in Singapore and has operations
in Indonesia and China.


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


ALL NIPPON: Buying 9% Stake Each in Monorail
--------------------------------------------
All Nippon Airways (ANA) and Japan Airlines (JAL) will each
acquire a 9 percent stake in Tokyo Monorail Co. from electronics
giant Hitachi Limited later this month, Kyodo News reports. The
equity transactions are slated to take place on December 17, the
report said.

The Troubled Company Reporter-Asia Pacific said that the
operating environment surrounding ANA is changing significantly
due to the integration of Japan Airlines Co., Ltd., and Japan
Air System Co., Ltd. On domestic routes, there are concerns over
deterioration in profit due to fare cutting in the short term.

According to Wright Investor's Service, at the end of 2002, All
Nippon Airways Co Ltd (ANA) had negative working capital, as
current liabilities were 444.86 billion yen while total current
assets were only 407.83 billion yen.


MATSUSHITA ELECTRIC: Relocating TV Production Unit to China
-----------------------------------------------------------
Matsushita Electric Industrial Co Limited is planning to
relocate its television set production base in Osaka, Japan, to
Jinan, a city in the eastern Chinese province of Shandong in
2003, the Hong Kong-based Wen Wei Po and XFN said.  

The report said Matsushita has chosen a plot of land in Jinan
for the production base, and construction is expected to start
soon. The relocation of Matsushita's television set production
business to China is seen as due to the country's large local
market potential as well as its cheap labor force, it added.

The Troubled Company Reporter-Asia Pacific reported that
Matsushita Electric Industrial Co.'s recovery is on track after
posting a group operating profit of 45.37 billion in the first
half ending September, versus a loss of 75.71 billion yen a year
earlier.

The Company posted a group net profit of 17.85 billion yen for
the first half, reversing from a year-earlier loss of 69.47
billion yen.


MITSUBISHI CHEMICAL: Executes Measures on Severe Vinyl Business
---------------------------------------------------------------
When the environment surrounding vinyl chloride business has
increasingly become severe the Mitsubishi Chemical Group will
implement the following measures to reinforce its
competitiveness. The Company expects to grow together with its
customers by providing them with better quality products and
swiftly responding to their needs.

1. Concerning polyvinyl chloride resins (PVC), while the Company
will stop a part of its manufacturing facility at Kawasaki and
Yokkaichi Plants from early 2003, it will further improve the
productivity throughout its manufacturing facility, thereby
realizing a substantial cost reduction. With this, its
production capability will become 334,000 tons per year from the
current 390,000 tons per year.

2. Concerning vinyl chloride monomers (VCM), the Company will
terminate its transaction of VCM with Central Chemical Co., Ltd.
as from March 31, 2003. Meanwhile, with its established
technology to improve productivity, the Company will expand the
production capability of its manufacturing facility at Mizushima
Plant (300,000 tons a year) to 350,000 tons a year in June 2003.

3. Concerning ethylene dichloride (EDC), an intermediary raw
material, the Company will establish an organization to produce
the total amount of EDC to fit to the production capability of
VCM by its own by gradually expanding its chlor-alkali
manufacturing facility at Mizushima Plant for one year from
January 2003. With this, the Company will be able to avoid the
influence of import of high-price EDC thereby realizing a
further stable business structure.

By implementing these measures, the Company will establish a
competitive organization of consistent production covering from
raw material of ethylene and chlorine to PVC.

Mitsubishi Chemical Corporation www.m-kagaku.co.jp is the
largest comprehensive chemical Company in Japan and one of the
world's largest ten. MCC's principal activity is the production
of petrochemicals. Operations are carried out through the
following divisions: Petrochemical products accounted for 37
percent of fiscal 2001 revenues; Functional materials, 20
percent; Carbon/Agrochemical, 12 percent; Information
electronics, 10 percent; Pharmaceuticals, 7 percent; Functional
chemicals, 7 percent and Services, (distribution and warehouses,
supply of electricity, real estate), 7 percent.

The Troubled Company Reporter - Asia Pacific reported that MCP's
petrochemicals division plunged into loss in fiscal 2001 due to
fall in demand while the earnings of pharmaceuticals increased,
supported by consolidation of Mitsubishi Welpharma and
introduction of new drugs.

The operating profit was a third of the originally forecast
amount. The Company plunged into a large net loss as a result of
large amount of extraordinary loss incurred due to write-downs
of assets and severance payments.

Contact:
Planning and Administration Dept.,
V-Tech Corporation  
Tel: [+81] 3-5275-1021

Public Relations and Investor Relations Dept.,
Mitsubishi Chemical Corporation  
Tel: [+81] 3-3283-6274


SEIBU DEPARTMENT: Discloses New Retirement Program
--------------------------------------------------
Seibu Department Stores Limited is in final talks with its union
to introduce another early retirement program designed to reduce
its workforce by 800, as part of its restructuring plan, Japan
Times reported on Saturday. The department store chain hopes to
start the program as early January.

Seiyu will also close its loss-making outlets in Utsunomiya,
Gunma Prefecture, and Kochi on December 25. The firm will
continue to close unprofitable stores in an effort to reduce
parent-only interest-bearing debts, which currently total some
310 billion yen.

According to Wright Investor's Service, at the end of 2002, The
Seiyu Ltd had negative working capital, as current liabilities
were 586.01 billion yen while total current assets were only
224.77 billion yen. The Company's midterm operating profits this
year came to 5 billion yen.


CORPORATE DATA:

Company Name: The Seiyu, Ltd.
Head Office: 1-1, Akabane 2-chome, Kita-ku, Tokyo, 115-0045,
Japan
Tel: (03)3598-7000
Established: April 19, 1963
Paid-in Capital: 29,553 million yen (As of February 28, 2001)
Outline of Business: Operation of shopping centers,
supermarkets, department stores, and general merchandise stores
Revenue: 832,187 million yen (Fiscal 2000)
Number of Stores: 204 (As of February 28, 2001)
Number of Employees: 16,215 (9,104 part-time employees. As of
March 1,2001)


SUMITOMO HEAVY: Reducing Domestic Group Firms
---------------------------------------------
Sumitomo Heavy Industries will reduce 150 domestic group
companies by about 40 percent to around 90 firms over two years
to cut debts and labor costs, Dow Jones and Nihon Keizai Shimbun
reported Monday.

The move will cut interest-bearing liabilities of 390 billion
yen as of end-March 1999 to less than 250 billion yen by March
2005. The Company will also reduce group workforce from 13,800
as of end of 1998 to 11,800 by next March.

ADDRESS:

SUMITOMO HEAVY INDUSTRIES LTD - http://www.shi.co.jp/
9-11, Kita-Shinagawa 5-Chome
Sumitomo Heavy Industries Building
Shinagawa-Ku 141-8686 Tokyo 141-8686
JAPAN  +81 3 5488 8070
+81 3 5488 8056  

Sumitomo Heavy Industries Ltd (SHI) manufactures ship and steel
structures, material handling equipment, iron and steel
manufacturing machines, forgings and forming machines, logistic
and handling equipment, forgings and castings, cryogenic
equipment, defense equipment, steel structures, electrical power
transmission and control equipment, plastic processing machines,
chemical process equipment and plants, waste water treatment and
pollution control equipment, marine & leisure equipment; and
real estate. Standard and mass produced machinery accounted for
31 percent of fiscal 2001 revenues; construction machinery., 22
percent; ships and steel structures, 18 percent; machinery, 13
percent and other, 16 percent.  


TOBU STORE: Asking Marubeni to Help Run Supermarkets
----------------------------------------------------
The group led by Tobu Railway Co. has asked Marubeni Corporation
to help run supermarket operator Tobu Store Co., the Nihon
Keizai newspaper reported, AFX Asia said on Thursday.

Tobu Department Store Co. plans to sell the 17.5 percent of
ailing Tobu Store's outstanding shares it holds to trading house
Marubeni and supermarket operator Maruetsu Inc. for 2 billion
yen. The Tobu Railway group is struggling to reduce its
interest-bearing liabilities, while Marubeni is turning to
aggressive investment in supermarkets.


TOKYO ELECTRIC: Recruiting Specialists to Monitor Operations
------------------------------------------------------------
Tokyo Electric Power Co. (TEPCO) will recruit experienced
workers to handle the monitoring and supervision of its nuclear
power operations to prevent a reoccurrence of the damage cover-
up scandal the Company recently faced at its nuclear power
plants, Asia Pulse reports.

Currently, TEPCO is reviewing applicants' documentation and
conducting interviews. It aims to conclude the selection process
by the end of the year and have the new employees begin work at
the start of the New Year.

According to Wrights Investors service, Tokyo Electric Power
Company Incorporated at the end of 2001 had negative working
capital, as current liabilities were 3.02 trillion yen while
total current assets were only 603.47 billion yen.


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


CHOHUNG BANK: Labor Union Goes on Strike on December 11
-------------------------------------------------------
Chohung Bank's labor union will go on strike from December 11,
the day when the Public Fund Oversight Committee meets to screen
bids for the bank as part of efforts to sell a government-owned
80.04 percent stake in the bank, AFX Asia reports.

"We will go on strike on December 11 as planned until the
government stops the sale procedures," a union spokesman said.

The report said that the bank's IT system will also be shut
down.


CHOHUNG BANK: Korea First Union Wants Acquisition Plan Scrap
------------------------------------------------------------
Korea First Bank's union demanded management scrap plans to
acquire Chohung Bank, which the government is trying to sell in
the face of protests from employees.

Chief Executive Robert Cohen said last month Korea First is
interested in acquiring Chohung, Korea's fifth-largest lender.
MoneyToday and other media have reported that Korea First and
Newbridge Capital, its controlling shareholder, had joined a
bidding group including Cerberus Fund and Japan's Shinsei Bank
Ltd. to try and buy the bank.

The union is concerned that if the group's bid succeeds,
Cerberus Fund, a shareholder in Newbridge, may combine Korea
First with Chohung Bank, which would be the likely surviving
entity of a merger because it's bigger. The union is concerned
over possible job losses stemming from a combination.

In a statement, Korea First's union said it wouldn't support any
merger under another bank's name. The union said it "couldn't
accept any merger which will threaten the survival of our
employees and our entity."

It's the first statement of opposition by the union to the
proposed merger.

The government has already encountered protests from bank unions
and politicians in its attempts to sell its 80 percent stake in
Chohung, as part of efforts to recoup about 157 trillion won
($128 billion) spent in a financial industry cleanup after the
1997 Asian crisis.

Chohung's union is demanding the government not rush into a
sale, to increases its chances of getting a better price. A
government panel will meet on Dec. 11 to evaluate the bids
submitted by potential buyers early this week for the lender.

Chohung's union also said the bidding groups, one led by
Cerberus and the other by Shinhan Financial Group Ltd., aren't
eligible to buy more than 10 percent of the bank. Korean laws
prevent a fund from buying more than 10 percent of a bank.

"We will bring out the qualification issue with the financial
regulator as soon as the government discloses bid terms," said
Youn Tai Soo, a spokesman at the Korea Financial Industry Union,
which represents unions at Chohung and other banks.

Chohung's union will go on strike starting Dec. 11 as planned to
protest the government's stake sale, Youn said. (M&A
REPORTER-ASIA PACIFIC, Vol. No.1, Issue No. 243, December 9,
2002)


CHOHUNG BANK: Shinhan Wants Whole Stake; Cerberus Vies for 51%
--------------------------------------------------------------
Shinhan Financial Group Ltd., South Korea's fourth-largest
financial group, offered to buy all of the government's 80
percent stake in Chohung Bank, a bid some analysts say has an
edge over a group led by Cerberus Partners LP.

Shinhan offered cash and shares for Korea's fifth-biggest bank,
while New York-based Cerberus and its partners offered cash for
a 51 percent stake, the Ministry of Finance and Economy said.
The ministry declined to disclose their offer price.

The Shinhan-led group may be mainly local investors after the
ministry said Warburg Pincus, a U.S. venture capital fund that
showed interest, was no longer involved. Cerberus, a U.S.
investment fund that specializes in buying loans from distressed
companies, wants to combine Chohung with Korea First Bank, a
member of its bidding group.

Judging from the members of each group, "the Shinhan-led
consortium has an upper hand over its rival," which is comprised
mainly of short term investment funds, said Choi Yong Kyu, who
manages who manages 400 billion won ($325 million) of assets at
KEB Commerz Investment Management Trust Co.

A win by Shinhan Financial would create a bank with 137 trillion
won of assets, the second largest behind Kookmin Bank.

The entity would overtake Hana Bank, which merged with SeoulBank
earlier this month. Chohung would add 456 branches, more than
doubling the number of Shinhan branches.

"The combination of Shinhan and Chohung will generate bigger
synergy effects than the recent merger of Hana with SeoulBank,"
Choi said. "Shinhan knows how to manage lending risks, while
Chohung knows how to market to companies."

Shinhan declined to comment on the bid.

It's the first time the government has identified bidders for
its stake in Chohung, which was bailed out after the 1997-98
Asian financial crisis. The government hired Morgan Stanley and
Samsung Securities Co to arrange the stake sale.

The sale is part of the government's plan to sell off holdings
in financial and telecommunications companies and utilities. It
also wants to reduce the number of Korean banks to cement the
industry from a 1997 financial crisis.

Foreign investors have failed in their attempts to buy into a
state-owned bank. In August, Hana Bank was chosen over Texas-
based Lone Star Funds to buy SeoulBank for 1.15 trillion won in
shares, beating Lone Star's offer of 900 billion won in cash and
as much as 350 billion won in additional cash through a future
profit-sharing arrangement.

The government may not balk at the inclusion of shares in
Shinhan's offer either. ``Shinhan's offer looks attractive as it
includes payment in stock,'' said Bae Hyun Kee, a banking
analyst at Dongwon Securities Co. ``Considering the potential of
Shinhan stock price '' the government can get more money from
the buyer.

The Cerberus-led group, which includes Japan's Shinsei Bank
Ltd., wants the government to cover hidden losses, said Byeon
Yang Ho, the ministry's director-general of financial policy.

Shinhan, in which BNP Paribas SA owns a 4 percent stake, wants
some form of compensation for potential losses, depending on
debt restructuring at the ailing companies, Byeon said.

Chohung's union opposes the sale on concern workers may lose
their jobs. (M&A REPORTER-ASIA PACIFIC, Vol. No.1, Issue No.
243, December 9, 2002)


HYNIX SEMICON: Investment Trust Creditors Vote Against Bailout
--------------------------------------------------------------
Investment trust companies will vote against the latest bailout
package for Hynix Semiconductor Inc. if their demands for
revisions to terms of the debt restructuring are not met, AFX
Asia reports.

Korea Exchange Bank, Woori Bank, Chohung Bank and other key
creditor banks currently hold about 65 percent of the total debt
owed by Hynix, while Korea Investment Trust and other investment
trust companies hold some 1.2 trillion won or over 15 percent of
the total debt.

"We are demanding banks accept our proposals. We won't vote for
the bailout package if our demands are not met," a senior
official at a major investment trust Company, who declined to be
identified, said.


HYNIX SEMICONDUCTOR: KEB Delays $200 Million Bond Sale
------------------------------------------------------
Korea Exchange Bank (KEB), major creditor of Hynix Semiconductor
Inc., will delay a planned $200 million bond sale until 2003
after judging it would have to pay too much interest, Korea
Economic Daily and Bloomberg reported Monday. KEB decided not to
stick to its plan to sell the `hybrid' bond this month, the
report said, citing an unidentified bank official.

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


WELLICH CHOSUN: Bankrupt Hotel Seeks M&A
----------------------------------------
Wellich Chosun Hotel, which went bankrupt in November, will seek
a merger and acquisition (M&A) to pay off its 29 billion won
debt, the Korea Herald said on Monday.

Hotel officials reported to the creditors that an M&A is being
promoted with a Company and the decision will be finalized this
month. The officials did mention the name of the negotiating
firm. The hotel located in Gyeongju was declared bankrupt upon
having failed to honor 700 million won of bills issued by
Chohung Bank last month.


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


COUNTRY HEIGHTS: RAM Revises Bonds Rating Watch to Negative
-----------------------------------------------------------
Rating Agency Malaysia Berhad (RAM) has revised the outlook of
the Rating Watch on Country Heights Holdings Berhad's (CHHB)
RM200 million Redeemable Bonds (1996/2005) (the Bonds) from
'developing' to 'negative'. The negative outlook reflects the
delay in the implementation of CHHB's proposed initial public
offer (IPO) of up to a 49%-interest in Mines City Hotel Sdn Bhd
(MCH). The proceeds were to have been utilized for the repayment
of the Bonds on or before 31 December 2002, when RM50 million
falls due according to the graduated repayment schedule.

Although approvals from the Securities Commission, Foreign
Investment Committee and shareholders were obtained between 28
August 2002 and 6 November 2002, CHHB has yet to issue the
prospectus outlining the details of the IPO to date. Given such
circumstances, we believe that CHHB is unlikely to complete the
exercise in time to meet the principal amount of RM50 million
due on 31 December this year.

Additionally, the Group has not announced an alternative source
of repayment and does not have enough in its coffers. Based on
its financial results for 3Q FYE 31 December 2002, CHHB's cash
and bank balances (according to its cash flow statement) stood
at RM17 million as at 30 September 2002, far lower than the RM50
million due at the end of the year.

Its pre-tax loss for the 9 months ended 30 September 2002
continued to worsen to RM28 million as there were minimal new
sales while existing property development projects were mostly
at their tail-end. Elsewhere, the Group's tourism and property
investment divisions remained in the red.

On 30 April 2002, RAM placed CHHB's Bonds on Rating Watch with a
developing outlook following the Group's corporate proposals to
pare down its existing bank borrowings and to fully or partly
redeem the Bonds. The proposals include a 1-for-1 renounceable
rights issue of up to 401,176,000 new CHHB shares and the
proposed divestment of a 49%-stake in MCH.

RAM's Rating Watch highlights a possible change of an issuer's
existing debt rating. It focuses on identifiable events like
mergers, acquisitions, regulatory changes, operational
developments, etc, that puts a rated debt under special
surveillance by RAM's analysts. In a broader sense, it covers
any event that may result in changes in the risk factors
relating to the repayment of principal and interest on a rated
debt instrument.

Issues will appear on RAM's Rating Watch when some of the above
events are expected to or have occurred. Appearance on RAM's
Rating Watch, however, does not inevitably mean that the
existing rating will be changed. It only means that a rating is
under evaluation by RAM and a final affirmation is expected to
be announced. A "positive" outlook indicates that a rating may
be raised while a "negative" outlook indicates that a rating may
be lowered. A "developing" outlook refers to those unusual
situations in which future events are so unclear that the rating
may potentially be raised or lowered.


DATAPREP HOLDINGS: Implements Employee Share Option Scheme
----------------------------------------------------------
AmMerchant Bank Berhad (formerly known as Arab-Malaysian
Merchant Bank Berhad), on behalf of Dataprep Holdings Bhd,
announced that AmMerchant Bank had on 4 December 2002 submitted
its confirmation letter to the Securities Commission to effect
the implementation of the Employee Share Option Scheme.

COMPANY PROFILE

The Group engages in system integration services, maintenance
services, software services and consulting and is an application
and content provider. The Group rents and maintains data
processing equipment and software, markets computer systems and
peripherals, personal computers and computer software, and
carries out research and development of computer software.

Among the Group's key projects is the development of the
electronic community for Kulim High Tech Park. In 1997 the Group
signed a franchisee agreement with Telekom to market its
Corporate Information Superhighway Malaysia Bhd network
services.

The Company, on 13 January 2000, entered into a MOU with VXL
Holdings Sdn Bhd on a proposed subscription of 40m new shares
and 15,151,515 warrants in Dataprep for RM53.03m cash by VXL.

The proposed subscription is an integral part of Dataprep's
proposed restructuring scheme involving a capital reduction and
consolidation, debt restructuring, subscription of shares with
warrants, offer for sale of shares to Bumiputera parties by VXL,
and offer for sale of warrants to existing shareholders of
Dataprep by VXL.

A debt settlement agreement (DSA) was subsequently entered with
all creditor banks on 5 December 2000 and the SC approved the
proposed restructuring scheme on 7 June 2001.

The conditions precedent for the debt restructuring as set out
in the DSA have been complied with or fulfilled and the DSA
became unconditional on 28 June 202 02.

CONTACT INFORMATION: 11th Floor, Menara Luxor
                     6B Persiaran Tropicana
                     Tropicana Golf and Country Resort
                     47410 Petaling Jaya, Selangor
                     Tel : 03-7882 2222
                     Fax 03-7880 8033


GEAHIN ENGINEERING: SC OKs Price Conversion Pre-fixing Request
--------------------------------------------------------------
On behalf of Geahin Engineering Bhd, Public Merchant Bank
Berhad, announced the Securities Commission had, by its letter
dated 4 December 2002, approved Geahin's application for pre-
fixing of the conversion price of the redeemable convertible
secured loan stocks to be issued pursuant to the PRS prior to
obtaining SC's approval on the PRS.

COMPANY PROFILE

The Company (KHB) was formed as part of a scheme to restructure
certain plantation operations of the Syarikat Kretam (Far East)
Holdings Group of Companies.  In 1994, the Company diversified
into the property sector in Johor Bahru and hydroelectric power
station development in China.  KHB ventured into the finance
sector via acquisition in 1996, of Innosabah Securities Sdn Bhd
(now known as Innosabah Securities Bhd) and Innosabah Options
Futures Sdn Bhd.

CONTACT INFORMATION: 8999 Kawasan Perindustrian
                     Batu Berendam
                     (Fasa IV) Batu Berendam
                     75350 Melaka
                     Tel: 06-2819998
                     Fax: 06-2813988


KRETAM HOLDINGS: Discloses November 2002 Production Figures
-----------------------------------------------------------
November 2002 Production Figures of Kretam Holdings Berhad
group:

FFB Production 8,523 MT
CPO Production 1,798 MT
Palm Kernel Production 463 MT

COMPANY PROFILE

The Company (KHB) was formed as part of a scheme to restructure
certain plantation operations of the Syarikat Kretam (Far East)
Holdings Group of Companies. In 1994, the Company diversified
into the property sector in Johor Bahru and hydroelectric power
station development in China.  KHB ventured into the finance
sector via acquisition in 1996, of Innosabah Securities Sdn Bhd
(now known as Innosabah Securities Bhd) and Innosabah Options
Futures Sdn Bhd.

CONTACT INFORMATION: Lot 6, Block 44, Leboh Tiga
                     90000 Sandakan, Sabah
                     P.O Box 1292, 90008 Sandakan, Sabah
                     Tel : 089-218999
                     Fax : 089-275111/275777


LION LAND: December 19 EGM Scheduled
------------------------------------
Lion Land Berhad notified that an Extraordinary General Meeting
of the Company will be held at the Meeting Hall, Level 48,
Menara Citibank, 165 Jalan Ampang, 50450 Kuala Lumpur on
Thursday, 19 December 2002 at 2:20 pm or immediately after the
conclusion of the Seventy-Second Annual General Meeting of the
Company scheduled to be held on the same day at 2:00 pm,
whichever shall be the later, for the purpose of considering
and, if thought fit, passing the Ordinary Resolution as set out
below:

ORDINARY RESOLUTION

Proposed Renewal of Shareholders' Mandate for Recurrent Related
Party Transactions of a Revenue or Trading Nature

That approval be given for the renewal of the Shareholders'
Mandate for the Company and its subsidiary companies to enter
into the recurrent related party transactions of a revenue or
trading nature which are necessary for its day-to-day operations
as detailed in paragraph 3.3 and with those related parties as
detailed in paragraph 3.2 of the Circular to Shareholders of the
Company dated 4 December 2002 subject to the following:

   i) the transactions are in the ordinary course of business
and are on terms not more favorable than those generally
available to the public and are not to the detriment of the
minority shareholders of the Company; and

   ii) disclosure is made in the annual report of the breakdown
of the aggregate value of transactions conducted pursuant to the
shareholders' mandate during the financial year, amongst others,
based on the following information:

     a) the type of the Recurrent Transactions made; and

     b) the names of the related parties involved in each type
of the Recurrent Transactions made and their relationship with
the listed issuer.

AND THAT authority conferred by this Ordinary Resolution shall
continue to be in force until:

   i) the conclusion of the next annual general meeting of the
Company at which time it will lapse, unless by a resolution
passed at the meeting, the authority is renewed;

   ii) the expiration of the period within which the next annual
general meeting after that date is required to be held pursuant
to section 143(1) of the Companies Act, 1965 ("Act") (but shall
not extend to such extension as may be allowed pursuant to
section 143(2) of the Act); or

   iii) revoked or varied by resolution passed by the
shareholders in general meeting;

whichever is the earlier,

AND THAT the Directors be and are hereby authorized to complete
and do all such acts and things (including executing such
documents as may be required) to give effect to the transactions
contemplated and/or authorized by this Ordinary Resolution.

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


PARK MAY: RAM Places CP/MTN on Rating Watch W/ Negative Outlook
---------------------------------------------------------------
The long- and short-term ratings of BBB3 and P3 for Park May
Berhad's RM120 million Commercial Paper/Medium-Term Notes
Programme (2002/2007) (CP/MTN) have been put on Rating Watch,
with a negative outlook. Park May is principally involved in the
operation of stage and express buses.

Rating Agency Malaysia Berhad's Rating Watch follows the Group's
poor financial performance; it has incurred losses in the past 3
consecutive quarters. Park May has accumulated net losses of
approximately RM12.6 million over the last 9 months. The weaker-
than-expected performance is partly attributed to external
factors, such as the recent issuance of new bus licenses, and
the mass deportation of illegal foreign workers that form a
sizeable percentage of Park May's passengers on its stage buses.
Taken together, these have resulted in a significantly weaker
balance sheet, which is expected to have a negative impact on
Park May's capacity to meet its immediate financial obligations.

RAM's Rating Watch highlights a possible change of an issuer's
existing debt rating. It focuses on identifiable events like
mergers, acquisitions, regulatory changes, operational
developments, etc, that puts a rated debt under special
surveillance by RAM's analysts. In a broader sense, it covers
any event that may result in changes in the risk factors
relating to the repayment of principal and interest on a rated
debt instrument.

Issues will appear on RAM's Rating Watch when some of the above
events are expected to or have occurred. Appearance on RAM's
Rating Watch, however, does not inevitably mean that the
existing rating will be changed. It only means that a rating is
under evaluation by RAM and a final affirmation is expected to
be announced. A "positive" outlook indicates that a rating may
be raised while a "negative" outlook indicates that a rating may
be lowered. A "developing" outlook refers to those unusual
situations in which future events are so unclear that the rating
may potentially be raised or lowered.


PARK MAY: Unit Enters Sale, Purchase Agreement to Cut Debts
-----------------------------------------------------------
Park May Berhad announced that its subsidiaries, namely Kuantan
Town Service Company Sdn Bhd (KTS) had on 30 November 2002
entered into a sale and purchase agreement for the disposal of a
vacant industrial land measuring approximately 1.4480 acres. The
transaction is for a cash consideration of RM900,000. The
Disposal is not inter-conditional, and is not a related party
transaction.

DETAILS OF THE DISPOSAL

The property is located at Lot 35, Jalan Industri Semambu 3,
Semambu Industrial Estate, 25350, Kuantan, Pahang Darul Makmur.
It was first acquired by KTS in 1989 at the cost of RM160,000.

The cash consideration of RM900,000 was arrived at on a willing
buyer-willing seller basis upon taking into account the open
market value of the property of RM850,000 as valued by Rahim &
Co (Pahang) Sdn Bhd, a company of professional valuers, on 2
August 2002. The property was valued using the Comparison
Method. Based on the latest audited consolidated financial
statements of PMB as at 30 June 2001, the net book value of the
property was RM142,357.

A total deposit of RM90,000, representing ten per centum (10%)
of the cash consideration, was received from the purchaser upon
execution of the sale and purchase agreement. The balance of the
cash consideration of RM810,000 will be received within five (5)
months from the date of fulfillment of the condition as set out
in Section 5 below.

The property is currently charged as security for PMB's
commercial papers/ medium term notes facility. The trustee has
consented to the proposed disposal and shall deliver the title
to the purchaser free from encumbrances, subject to the receipt
of the net proceeds arising from the proposed disposal.

A copy of the sale and purchase agreement will be made available
for inspection at the Registered Office of PMB at Lot 18115,
Batu 5, Jalan Kelang Lama, 58100 Kuala Lumpur for a period of
three (3) months from the date of this announcement.

RATIONALE FOR THE DISPOSAL

The Disposal is in accordance with the Company's aim of
disposing non-core assets and to utilize the proceeds arising
from such disposals to pare its aggregate indebtedness. The
Disposal will enable PMB to realize RM0.900 million in cash,
which will be utilized to reduce its debt. The aforementioned
repayment will save PMB Group approximately RM50,000 per annum
in interest expense.

FINANCIAL EFFECTS OF THE DISPOSAL

Share Capital

The Disposal will not have any effect on the share capital of
PMB.

Substantial Shareholding

The Disposal will not have any effect on the substantial
shareholders' interests in PMB.

Earnings

Based on the latest audited consolidated financial statements of
PMB for the financial year ended 30 June 2001, the Disposal is
expected to result in a gain on disposal of RM0.757 million.

Net Tangible Assets (NTA)

Based on the latest audited consolidated financial statements of
PMB for the financial year ended 30 June 2001, the pro forma
effects of the Disposal on the NTA of the PMB Group, which is
provided for illustration purposes only, is set out in Table 1
found at http://www.bankrupt.com/misc/TCRAP_ParkMay1210.pdf

CONDITION OF THE DISPOSAL

Shareholders' approval for the Disposal is not required as each
disposal represents less than 15% of the percentage ratios set
out in Chapter 10.02(h) of the Kuala Lumpur Stock Exchange
Listing Requirements.

DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS

None of the Directors and substantial shareholders of PMB or
persons connected to them have any interest, direct or indirect,
in the Proposed Disposal.

DIRECTORS' RECOMMENDATION

The Directors, after careful deliberation, are of the opinion
that the Proposed Disposal is in the best interest of the
Company.

COMPLIANCE WITH THE SECURITIES COMMISSION'S POLICIES AND
GUIDELINES ON ISSUE/OFFER OF SECURITIES

To the best knowledge of the Directors, the Proposed Disposals
have not departed from the Securities Commission's Policies and
Guidelines on Issue/ Offer of Securities.

CONTACT INFORMATION: Lot 18115, Batu 5
                     Jalan Kelang Lama
                     58100 Kuala Lumpur
                     Tel : 03-2742166
                     Fax : 03-2725724

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


FIRST E-BANK: Notes Unusual Movement in Share Price
---------------------------------------------------
First e-Bank responded to the unusual movement in the share
price in the Company as follows:  

Except for the disclosure regarding the change of primary
purpose from banking to a non-banking line of business as may be
approved by the board of directors and ratified by the
stockholders, the Bank is not aware of any transaction,
information or anything that would cause the unusual price
movement of its shares.


FIRST E-BANK: Transferring Assets to Banco De Oro
-------------------------------------------------
The Board of Directors of First e-Bank recently approved the
following during its board meeting:

1. Transfer of assets and liabilities to Banco de Oro in the
amount of 10 billion pesos;

2. Change of primary and secondary purpose in the Articles of
Incorporation from that of a bank to a holding Company;

3. Change of corporate name to "Prime Media Holdings, Inc.;

4. Deletion of provision in Articles of Incorporation and By-
Laws pertaining to banking activities;

5. Reduction of number of directors from 11 to 7 and Exec.
Committee members from 7 to 5.


FIRST E-BANK: Shifts to Media Operations
----------------------------------------
Shareholders of First E-Bank, a unit of Metro Pacific
Corporation, has shifted to the media business after selling its
banking business to Banco de Oro Universal Bank (BDO), AFX Asia
reports.

First E-Bank will be renamed Prime Media Holdings Inc and will
become a media holding Company.  Prime Media is envisioned to
hold strategic interests in broadcasting and advertising.

BDO recently assumed 10 billion pesos worth of assets and
liabilities in the Company, the bulk of which are in the form of
deposit liabilities valued at 8.9 billion pesos, the Troubled
Company Reporter-Asia Pacific reports.


MANILA ELECTRIC: Creation of Special Committee
----------------------------------------------
The Manila Electric Company (Meralco) announced the creation of
a Special Committee to drive and oversee the formulation and
execution of a sustained viability plan and program for Meralco.

The Special Committee is composed of members who carry
impressive competencies, track record of performance, and
reputation essential for the success of their tasks.

They are Cesar E.A. Virata, Chairman; with Washington Z. Sycip,
Octavio Victor R. Espiritu, Christian S. Monsod, Monico V. Jacob
and Emilia Vicens as members.

For more information, go to
http://bankrupt.com/misc/tcrap_meralco1209.pdf


MANILA ELECTRIC: ASAP Statement Re Govt Takeover Proposal
---------------------------------------------------------
The Association of Securities Analysts of the Philippines
(ASAP)'s statement regarding the government's proposed
management takeover of Meralco as are follows:

As a major component of the PSE Composite Index (PHISIX) and the
Philippine economy, utility firms' fortunes and misfortunes
significantly impact the general market sentiment. The recent
Supreme Court decision ordering Meralco to adopt a rate
adjustment to P0.017/kwH effective from February 1994 and to
refund the excess of P0.167/kwH to its consumers will indeed
have an impact on Meralco's profitability. This milestone
decision has the potential of opening a flood of similar suits
against all Philippine utility companies, both listed and
private. Many of our member-analysts are presently looking at
their financial models of Meralco and determining the extent of
the impact, as well as the implications on other utility firms,
whether directly listed or which are subsidiaries of listed
holding firms. Clearly, Meralco needs to address this Supreme
Court ruling and if it becomes executory, all appropriate steps
must be taken to ensure that it is complied to. Other utilities
on the other hand have to be prepared for the worst should it
materialize.

The root of the problem lies in the method for calculating a
utility firm's power and/or distribution rates. The inclusion of
Income Tax in the formula is not unique to Meralco. The
methodology is a result of the Public Service Act and relevant
sections of E. O. No. 172. It was never Meralco's, or any other
utilities' formula to begin with. The calculation of the power
and/or distribution rates has always been the realm of the
Energy Regulatory Commission or its predecessor, the ERB. Other
power utility firms in the country are using the same formula
over these past years. It is, in fact, a standard formula being
applied by power utility firms in the United States, as well.
The recent Supreme Court ruling effectively changes this formula
and Meralco must now abide by it.

Whatever the amount will be refunded once the SC decision is
executory, Meralco will need to settle this obligation to its
consumers through various methods, none of which we shall delve
into now. In other words, it will need to have various and
multiple options that they may avail of should the refund be
required of them. Should a similar suit be filed versus other
utilities and ruled accordingly, Meralco's repayment options can
be a template for these utilities.

A management change, be it government or private, will not
reverse, and have an impact on utilities in addressing, the SC
decision. We do not believe that the present management of all
utilities is a detriment to its operations. They will continue
to post profits and secure lines of credit when necessary. A
change in management in any of these power utilities will not
affect the computation of the new rate adjustment. In Meralco's
case, a government takeover of the company's management is not
the appropriate solution to the problem.

Having said that, we believe that the proposal of government's
management takeover is unwise and fraught with dangerous
implications. Government has never proven itself to be an
efficient manager. The history books will show that throughout
the past 30 years, a government-run private institution does not
necessarily lead to increased profitability or even more
efficient operations. Should this alternative materialize, it
might be replicated in other major Philippine utilities that may
end up encountering a similar ruling in the future. Moreover,
this proposal is a clear reversal of government's plan to
privatize its holdings in private enterprises - a policy that
has been adhered to since former President Corazon Aquino's
administration. Why would the government contemplate on
reversing this long-standing policy by proposing to wrest
management of Meralco when they already have representatives to
its Board of Directors who oversee the company's management?
Does this indicate an inclination towards the nationalization of
public utilities? We hope not.

To sum up, the Association of Securities Analysts of the
Philippines (ASAP) believes that the government should shy away
from trying to stick its hands in private enterprises, as it has
wisely done since EDSA 1. Whatever the future financial
implications of the milestone SC ruling will be on other
Philippine utilities, government must allow existing management
to approach the dilemma. Any attempt to try and wrest management
or any other form of control could provide the wrong signal to
the market, already reeling from a slew of national economic and
global concerns.

For a copy of the press release, go to
http://e-services.meralco.com.ph

ASAP Contact Information:

Mr. Harry G. Liu
Chairman
Tel. No.: (63 2 ) 631-1032 to 37
Fax: (63 2 ) 631-1033
E-mail: hgl@eastern.com.ph

Mr. Astro C. del Castillo
Director and Corporate Secretary
Tel. No.: (63 2 ) 843-2850; (63 2 ) 891-1008 to 10
Fax: (63 2 ) 750-9470; (63 2 ) 891-1010
Mobile: (63 917) 814-8174
E-mail: astro@info.com.ph


MANILA ELECTRIC: Court Unlikely to Reverse Refund
-------------------------------------------------
Manila Electric Co. (Meralco) was lower in early trade on Monday
as investors anticipated that the Company's petition for a
reversal of the over billings refund ordered by the Supreme
Court will not be granted, AFX Asia said.

Last week, Meralco asked the Supreme Court to reconsider its
order mandating a refund to Meralco's customers for over
billings since 1994. Meralco B was down 0.10 pesos or 1.11
percent at 8.90 on volume of 501,000 shares. Meralco A was
untraded from the previous close of 8.40.


METRO PACIFIC: Seeking Partners in Fort Bonifacio
-------------------------------------------------
Metro Pacific Corporation is looking for partners for the 10-
hectare development area in the Fort Bonifacio Global City that
will remain in its books after the transfer of control of the
global city to the Ayala-Campos group, reports AFX Asia.

The Company is now in the middle of debt restructuring deals to
lessen the strain on its finances. Following the sale of control
in Bonifacio, Metro Pacific will be left with 4 billion pesos in
debts.


NATIONAL BANK: Mulls Joint Venture to Get Rid of Bad Loans
----------------------------------------------------------
The Philippine National Bank (PNB) is looking at forming a joint
venture with possible partners to get rid of non-performing
assets and bad loans, Business World reports.

The bank is exploring a plan to sell assets on a joint-venture
basis by putting up assets for a separate Company in exchange
for cash or shares in that Company. The Company will be tasked
to handle non-performing loans and assets.

The report said PNB is in talks with three unnamed foreign
investment banks to devise ways to get rid of the bank's bad
loans and assets. With or without a special purpose asset
vehicle (SPAV) law, the bank should be able to clean up its
balance sheet before the end of 2003, PNB President Lorenzo V.
Tan had said.


PHILIPPINE TELEGRAPH: Eyes Tie-Up With Suppliers
------------------------------------------------
Philippine Telegraph and Telephone Co. (PT&T) is eyeing a tie up
deal with equipment suppliers, after signing a master
restructuring agreement with 12 foreign creditors, the Manila
Times said on Monday.

According to PT&T Chairman Jose Luis Santiago, the Company is in
discussions with two unnamed foreign potential partners. The
Company also welcomes local partners.

PT&T will now focus on delivering broadband services to the
country, especially in areas were big Telco's are absent. He
cited Aurora province in Luzon, which is now being serviced with
broadband Internet.


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


NATSTEEL LIMITED: 98 Holdings Ups Offer
---------------------------------------
98 Holdings announced that it has raised its offer for NatSteel
Limited by $0.02 to $2.05, Kelive reports.  The latest to
shareholders offer expires on December 23.

As of December 5, the offer has received valid acceptances of
74.1 million shares or 19.99 percent of the issued and paid-up
capital of NatSteel Limited.  At $2.05, the offer is on par with
Oei's highest purchase price for NatSteel shares.  Kelive advise
shareholders to accept the offer.

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


NATSTEEL LIMITED: Shareholders Consider Sanion Request Letter
-------------------------------------------------------------
The Board of Directors notes the Sanion 4 December Letter that,
among other things, makes certain requests of the Board.

The Board informed that the shareholders of the Company that it
is considering the requests set out in the Sanion 4 December
Letter and is currently in discussion with appropriate
regulatory authorities.

The Board will continue to keep Shareholders informed as
developments warrant. The Board wishes to remind Shareholders
that the Revised 98 Holdings Offer is currently the only general
offer available to Shareholders and that the Revised 98 Holdings
Offer still remains open for acceptances. The closing date of
the Revised 98 Holdings Offer is 3.30pm on 9 December 2002
(unless revised by 98 Holdings).

In the meantime, Shareholders are advised to refrain from taking
any action in relation to their shares in Natsteel, which may be
prejudicial to their interests. The Directors of the Company
(including those who have delegated detailed supervision of this
announcement) have taken all reasonable care to ensure that the
facts stated in this announcement are fair and accurate, and
that no material facts have been omitted and they jointly and
severally accept responsibility accordingly.

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

For further information, please contact:

Communications Advisers
Weber Shandwick Singapore
Tel: +65 6825 8000
Andrew Pirie (Co-President, Asia Pacific)
Peter Poulos (Senior Vice President)
Ng Chip Keng (Account Director)
DID: +65 6825 8084, Mobile: +65 9623 2166, Email:
ckng@webershandwick.com

Financial Advisers
Salomon Smith Barney Singapore Pte Ltd
Tel: +65 6432 1240
Richard Seow (Managing Director)
Chang Tou-Chen (Director)
Feisal Zahir (Vice President)


WAH SHING: Issues Profit Warning
--------------------------------
The Board of Directors of Wah Shing International Holdings
Limited, which together with its subsidiaries are collectively
referred to as the group informed that on 4 December 2002, the
Group received a notice of a court order Court Order granted by
Superior Court of Justice in Ontario pursuant to an application
under the Companies' Creditors Arrangement Act of Canada made
by, inter alia, Irwin Toy Limited, Irwin Toy USA Inc. and Irwin
USA Inc., which are customers of the Group, for the relief set
out in the application. The Court Order provides, among other
things, that:

1) During the period from 2 December 2002 (the date of the Court
Order) to 30 December 2002 or further order of the Court, all
proceedings commenced, taken or may be commenced or taken
against Irwin, whether pursuant to Bankruptcy and Insolvency Act
and the Winding-Up and Restructuring Act of Canada, are stayed
and suspended;

2) Irwin shall remain in possession and control of their assets
and to carry on business in a manner consistent with the
preservation of the value of Irwin's business and property and
to pursue all avenues of refinancing and offers for the sale of
or investment in material parts of Irwin's business;

3) Irwin shall file with the Court and submit to their creditors
(including the Group), one or more plans of compromise or
arrangement on or before 30 December 2002 or any later date
fixed by order of the Court; and

4) Irwin Toy USA Inc. and Irwin USA Inc. are authorized to apply
for the commencement of proceedings under Chapter 11 of the
United States Bankruptcy Code, as necessary.

In view of the above, the Directors of the Company deem it
necessary to issue a profit warning to shareholders.

The aggregate sum due to the Group by Irwin amounts to
approximately US$3.81 million. The Directors of the Company will
have a clearer picture of the extent of recoverability of such
amount after the Group receives the plan of compromise or
arrangement Plan to be submitted by Irwin pursuant to the Court
Order. It is likely that the Group's performance for the year
ending 31 December 2002 may be adversely affected. Further
announcement will be released after the Directors of the Company
have studied the Plan and obtained professional advice thereon.


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


BANGKOK RUBBER: Administrator Submits Reorganization Plan
---------------------------------------------------------
The Central Bankruptcy Court issued on 21 November 2002 an order
approving the Business Reorganization Plan of Bangkok Rubber
Public Company Limited. B.R.C. Planner Company Limited, as the
Plan Administrator, then prepares and submits a summary of the
Business Reorganization Plan, as follows:

1. Business Restructuring

Bangkok Rubber has a policy to restructure the business of its
organization to enhance the efficiency to be appropriate for
future operations.

2. Debt Restructuring

The amounts of debt pursuant to the application for debt
repayment claim of each group of creditors filed to the official
receiver as at June 21, 2002 are as follows:

No.           Creditors                        Amount of Debt    
                                            (Unit: Million Baht)
                                          Principal     Interest

1  Creditors supporting revolving credit    855.44         5.70
2  Financial Creditors                     2,032.16      428.00
3  Creditors who issued letters of guarantee 118.60        0.30
4  Guarantee Obligation Creditors          4,231.20    1,626.51
5  Trade Creditors                             0.00*       0.00*
6  Tax Creditors                             322.56*     150.59*
7  Public Utility Creditors                    7.82        0.53
8  Labor Creditors                             0.26        0.36
9  Related Companies                         120.72       17.58

    * The amounts calculated as at November 21, 2002.

In the debt restructuring under the Business Reorganization
Plan, methods of repayment of debt are set for each group of
creditors as follows:

Methods of Debt Restructuring    The Creditors applying for  
                                 Methods of Debt Restructuring

1. Creditors will receive repayment    Group 1 and 5
of debt as per the existing contract
and/or agreement.                

2. Creditors agree to discharge        Group 2,3,4**,6,7,8 and 9
Bangkok Rubber from accrued interest
and other fees.*                  

3. Creditors will receive repayment    Group 2,3,4**,6 and 7
of principal of debt from operational
cash flow, not more than the amount of
2,200 Million Baht, together with
interest within 10 years from  the
date on which the Court approves the
the Plan.

4. Creditors will receive repayment    Group 2,3,4**,6 and 7
of principal of debt in cash derived
from Bangkok Rubber's exercising claim
based on evidence of loan owed by
affiliates, not more than the amount
of 300 Million Baht, together with
interest, within 10 years from the date
on which the Court approves the Plan.

5. Creditors will receive repayment    Group 2,3,4**,6,7 and 9
of principal by debt to equity
conversion, for debt not more than
the amount of 1,290 Million Baht, at
the price of Baht 17 per Share within
150 days from the date on which the
Court approves the Plan.

6. Creditors will receive repayment    Group 2,3,4**,6 and 7
of principal out of the  proceeds from
sale of assets of affiliates against
which Bangkok Rubber exercise claim
under the relevant loan agreements
executed with affiliates, and by way
of assumption of right under the
relevant guarantees, not more than the
amount of 600 Million Baht, without
interest, within five years from the
later of the date on which the Court
approves the Plan and the date on
which the Court issues final order to
receive repayment of debt.

7. Creditors agree to suspend principal, Group 2,3,4**,6 and 7
not more than the amount of 370 Million
Baht, for repayment from excess cash
flow for a period of ten years without
interest. If Bangkok Rubber is able to
make repayment in the amount of not less
than 50 percent of this portion of debt,
creditors agree to discharge Bangkok
Rubber from the whole remaining debt.

8. Creditors will receive repayment       Group 8
of principal from cash flow of the Company,
not more than the amount of 256,090 Baht,
without interest within one year from the
later of the date on which the Court
approves the Plan and the date on which
the Court issues final order to receive
repayment of debt.

   * This includes interest at normal rate, default rate,
penalty, charge, other fees incurred under law and/or existing
agreements, and court fees incurred from the date on which each
creditor has the right to charge interest as specified in the
existing agreements to the later of the date on which the Court
approves the Business Reorganization Plan and the date on which
the Court issues final order to receive repayment of debt.

  ** The group 4 creditors who will subject to methods of debt
restructuring of the plan are as follows:

     1.  Creditors, who have claims over affiliates, which are
able to continue their business operations, and such affiliates
default terms of the existing agreement or new agreement without
completion of cure of such default.

     2.  Creditors, who have claims over affiliates, which are
unable to continue their business operations, and such
affiliates complete to transfer their mortgaged/pledged assets
to creditors.

     3.  Creditors, who have claims over affiliates, which are
unable to continue their business operations, and such
affiliates have not mortgaged or pledged any assets to
creditors.

3.  Equity Restructuring

Within 150 days from the date on which the Court approves the
Business Reorganization Plan, the Plan Administrator will
arrange for decrease and increase in the registered capital to
support debt to equity conversion with the following details:

   3.1  To decrease the registered capital from Baht
1,500,000,000 to Baht 975,000,000by reducing the number of
shares from 150,000,000 shares to 97,500,000 shares;

   3.2  To increase the registered capital to support debt
restructuring by way of debt to equity conversion from the
registered capital amounting to Baht 975,000,000  to Baht
1,805,010,490 by issuing 83,001,049 ordinary shares with a par
value of Baht 10 per share;

   3.3  To register the increased paid-up capital to be in
compliance with the number of ordinary shares of Bangkok Rubber,
which are allocated to creditors, after the date on which
Bangkok Rubber allocates its ordinary shares to creditors.

4.  Success of Business Reorganization Plan

Success of the Business Reorganization Plan will occur only when
Bangkok Rubber has fully undertaken and/or followed the
procedures of the Business Reorganization Plan mentioned below:

   4.1  Bangkok Rubber has completed the decrease and increase
of the registered capital to support debt to equity conversion;

   4.2  Shareholding percentage of Bangkok Rubber has become
more than zero; and 4.3  Bangkok Rubber has made repayment of
debt as specified in the Business Reorganization Plan to all
creditors in the amount of not less than 50 percent.

5.   Benefits to be received by creditors from the debt
repayment under the Business Reorganization Plan

If Bangkok Rubber implements the Business Reorganization Plan
successfully, creditors will receive repayment of debt in the
net present value of approximately Baht 6,425 Million or 61.30
percent of debts as per applications for debt repayment as at 21
June 2002, which will be higher than the case that Bangkok
Rubber is adjudged bankrupt by the Court, in which case
creditors will receive repayment of debt only in the amount of
approximately Baht 2,220 Million, representing 21.19 percent of
total debts as per the applications for debt repayment as at 21
June 2002.


JASMINE INTERNATIONAL: Discloses 2003 Public Holidays
-----------------------------------------------------
Jasmine International Public Company Limited (JASMIN) informed
public holidays in 2003, as follows:

1.  Wednesday  1  January   New Year's Day
2.  Monday    17  February  Substitution for Makha Bucha Day
3.  Monday     7  April     Substitution for Chakri Day
4.  Monday    14  April     Songkran Day
5.  Tuesday   15  April     Songkran Day
6.  Thursday   1  May       National Labor Day
7.  Monday     5  May       Coronation Day
8.  Thursday  15  May       Visakha Bucha Day
9.  Monday    14  July      Buddhist lent Day
10. Tuesday   12  August    H.M.The Queen's Birthday
11. Thursday  23  October   Chulalongkorn Day
12. Friday     5  December  H.M.The King's Birthday
13. Wednesday 10  December  Constitution Day
14. Wednesday 31  December  New Year's Eve

The Troubled Company Reporter-Asia Pacific reported that the
Central Bankruptcy Court on 17 September 2002 has ordered
Jasmine International Public Company Limited (JASMIN) and
Jasmine International Rehabilitation to be under rehabilitation
process.


MEDIA OF MEDIAS : Updates Business Rehabilitation Status
--------------------------------------------------------
Pursuant to the approval of the Business Rehabilitation Plan of
Media of Medias Public Company Limited by the Bankruptcy Court
on January 15,2002, K.Y.S. Holding Co., Ltd., as the Plan
Administrator, reported the progress of the rehabilitation
status up to September 30, 2002, as follows:

Business Structuring

        The plan administrator has disposed the investments in
related companies, Akkara Media Company Limited, M Square
Entertainment Company Limited and TV Thunder Company Limited, of
which theirs total liabilities exceeded total assets. Gain from
disposal of such investments recognizes by of Media of Medias
Public Company totaling Baht 47.53 million.

Payments of principal and interests

        Principal repayments are made according to the plan.
Creditors under Section 130 ( Group 3 ) are the first group to
be settled. Interest payment for Interest carried debt has been
made every month, payment for Hanging debt and Convertible
debenture has been made every 6 months.

        The total amount paid to creditors during the terms of
plan to date is as follows:

        Interest repayments    1.447 million Baht
        Principal repayments   9.211 million Baht


PAKBARA ICE: Files Business Reorganization Petition  
---------------------------------------------------
The Petition for Business Reorganization of Pakbara Ice Company
Limited (DEBTOR), engaged in ice production used in fishery, was
filed to the Central Bankruptcy Court:

   Black Case Number 1014/2543

   Red Case Number -/2543

Petitioner: PAKBARA ICE COMPANY LIMITED

Debts Owed to the Petitioning Creditor: Bt110,669,633.14

Date of Court Acceptance of the Petition: December 7, 2000

Date of Examining the Petition: January 16, 2001 at 9.00 AM

Court postponed the date of Examining the Petition: February 21,
2001

Appointment for the Court Hearing: March 15, 2001 at 13.30 PM

Court postponed the Examination Date to March 19, 2001

Court postponed another Examination Date to June 21, 2001

Court issued the Order cancelled the Petition for Business
Reorganization on June 21, 2001

Contact: Mr. Apirak Tel, 6792525 ext 113


PREECHA GROUP: Posts 2003 Holidays
----------------------------------
Preecha Group Public Company Limited announces details of the
company's holidays for the year 2003 as follow:

1. January      1   Wednesday  New Year's Day
2. February     3   Monday     Chinese New Year's Day
3. February    17   Monday     Substitution For Makha Bucha Day
4. April            Monday     Substitution For Chakri Memorial
Day
5. April       14   Monday     Songkran Day   
6. April       15   Tuesday    Songkran Day
7. May          1   Thursday   National Labor Day
8. May          5   Monday     Coronation Day
9. May         15   Thursday   Visakha Bucha Day
10. July        14   Monday     Buddhist Lent Day
11. August      12   Tuesday    H.M. The Queen's Birthday
12. October     23   Thursday   Chulalongkorn Memorial Day
13. December     5   Friday     H.M. The King's Birthday
14. December    10   Wednesday  Constitution Day
15. December    31   Wednesday  New Year's Eve

The company informed once again the office hours:

        Head Office     Working days    Monday - Friday
        Office hours    08:00 a.m. to 04:00 p.m.
        Project Office  Working days    Monday - Sunday
        Office hours    09:00 a.m. to 05:00 p.m.

On May 20, The Troubled Company Reporter-Asia Pacific reported
that the Company and its subsidiaries have a net loss from the
operation at Bt45.147 million.  In comparison, the Company had
net loss from the operation at Bt75.180 million at the end of
the 1st quarter of last year. In fact, the reduction of the net
loss was the result of debt restructuring in 2002.


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,
Maria Vyrna Nineza-Merlin, Maria Cristina Pernites-Lao, Editors.

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

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

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

                 *** End of Transmission ***