/raid1/www/Hosts/bankrupt/TCRAP_Public/021218.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

            Wednesday, December 18, 2002, Vol. 5, No. 250

                         Headlines


A U S T R A L I A

ANACONDA NICKEL: Issues Fluor Daniel Arbitration Update
AUSTRALIAN RURAL: ASIC Ceases Proceedings
CAPE RANGE: Releases Business Update
EFTNET TECHNOLOGIES: Extends Offer A, B Closing Date
HIH INSURANCE: Announces Royal Commission Meeting Schedule

KAEFER TECHNOLOGIES: Reorganizing Business Units' Operations
UECOMM LIMITED: Forms Strategic Relationship With Western Power


C H I N A   &   H O N G  K O N G

CIL HOLDINGS: HK Scheme Creditors Court Meeting Adjourned
CIL HOLDINGS: Seeks Winding Up Hearing Suspension
KWOK TIN: Winding Up Sought by Fung Ming
SEAPOWER RESOURCES: Completion, Expected Timetable Postponed
SHUN KAI: Faces Winding Up Petition

SUNCORP TECHNOLOGIES: Price, Turnover Movements Unexplainable
TAT FUNG: Hearing of Winding Up Petition Set
VANDA SYSTEMS: Operations Loss Widen to HK$5.5M


I N D O N E S I A

BARITO PACIFIC: Proposes US$419M Debt Restructuring


J A P A N

ACCESS CO.: Widens Net Loss to US$8.61M
DAIEI INC.: Sales Down for Third Straight Month
KYUSHU ELECTRIC: Plans to Retire up to 500 Employees
KYOSHOKU CO.: Whale Meat Processor Files for Bankruptcy
NIPPON YAKIN: Shares Up 25% After Revival Plan Report

NTT COM: Launches Two International Call Discount Services
SUMITOMO METAL: Likely to Repay Y164B of Bonds Due 2004
KOEI REAL: Takashimaya Merges With Real Estate Firm
TOSHIBA CORP: Building 300mm Wafer Semiconductor Plants


K O R E A

CHOHUNG BANK: Govt Plans to Sell Controlling Stake by February
DAEWOO SHIPBUILDING: Wins $260M Greek Ship Order
HYNIX SEMICONDUCTOR: Chipmaker Issues ITC Probe Statement
HYUNDAI MERCHANT: Hyundai Unit Backs Off of NK Investments
HYUNDAI MOTOR: Closing Shareholders' List

KOREA ELECTRIC: Moody's Review Baa2 Rating for Possible Upgrade


M A L A Y S I A

AUTOINDUSTRIES VENTURES: Converts Default to Long Term Loan
BERJAYA SPORTS: FEAB Purchases 8% ICULS
BESCORP INDUSTRIES: Proposes Transfer of Listing Status to WCTR
CRIMSON LAND: AmF to Waive Interest Until March 2003
HOTLINE FURNITURE: Revises Proposed Restructuring Scheme

KRAMAT TIN: Continuing New Core Business Search
KSU HOLDINGS: Posts KUSBB's Additional Winding Up Info
LIEN HOE: Unit Inks SPA With Windigold for RM150,000
RASHID HUSSAIN: Posts Voluntary Partial Offer Acceptances Level
RENONG BERHAD: Enters Subscription Agreement With UEM

SASHIP HOLDINGS: Has Yet to Pay Scheme Creditors
SENG HUP: Enters Second Supplemental PA With KEB
SPORTMA CORPORATION: Changes Registered Address
TAJO BHD: Proposed Restructuring Exercise Approval Pending
UNITED CHEMICAL: SPA, CRA Signing Extended to December 20


P H I L I P P I N E S

ATLAS CONSOLIDATED: Reschedules Stockholder's Meeting
BENPRES HOLDINGS: Selling Non-Core Businesses
GLASGOW CREDIT: SEC Approves Winding Up Petition
MANILA ELECTRIC: Lopez Group Hints it May Part With Firm
MANILA ELECTRIC: May Pick Citibank, BPI as Financial Advisors

NATIONAL STEEL: Creditors Form Special Purpose Vehicle
PHILIPPINE REALTY: PSE Halts Trading


S I N G A P O R E

CHEW EU: AGM Set for December 30
FHTK HOLDINGS: Chief Financial Officer Resigns
NATSTEEL LIMITED: Posts Notice of Director's Interest


T H A I L A N D

ITALIAN-THAI: Bankruptcy Court Terminates Rehabilitation Plan
KGI SECURITIES: Restructuring Could Negatively Affect Cash Flow
MILLENNIUM STEEL: SET Lists New Securities
PRASIT PATANA: Discloses Securities Sale Report
THAI PETROCHEMICAL: Plan Administrator Confirms One-Month Bonus

UNITED CENTER: Files Business Reorganization Petition

     -  -  -  -  -  -  -  -

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


ANACONDA NICKEL: Issues Fluor Daniel Arbitration Update
-------------------------------------------------------
The Arbitrators of the dispute between Anaconda Operations Pty
Ltd, on behalf of the participants in the Murrin Murrin Joint
Venture, and Fluor Australia Pty Ltd, have delivered an award of
costs in favor of Anaconda for $12.4 million. This award covers
Phase 1 of the arbitration, and increases the net amount awarded
to Anaconda Operations to $54.6 million.

As previously announced, under the terms of a proposed debt
restructure, the secured creditors of the participants in the
Murrin Murrin Joint Venture will receive 90% of the Phase
1 award and costs. Anaconda Operations will retain 10%.
Phase 2 of the arbitration process relating to the balance of
Anaconda Operations' claims for approximately A$300 million is
currently under way, with the formal hearing scheduled to
commence in September 2003.

Under the terms of the proposed debt restructure, Anaconda
Operations will retain 25% of any amounts awarded in Phase 2 of
the arbitration.

CONTACT INFORMATION: John Quayle
                     Company Secretary
                     Anaconda Nickel Ltd
                     Tel  61-8-9212 8400
                     Fax 61-8-9212 8420
                     Mobile 0408 553390
                     Email: jquayle@anaconda.com.au


AUSTRALIAN RURAL: ASIC Ceases Proceedings
-----------------------------------------
Following the liquidation on 12 December 2002 of the Australian
Rural Group Limited (ARGL) and ARG Finance Group Limited (ARGF),
the Australian Securities and Investments Commission (ASIC) has
decided to discontinue its proceedings in relation to the ARG
group of companies, and asked the Supreme Court of New South
Wales to dismiss them.

The proceedings were initiated by ASIC on 20 September 2002 due
to concerns regarding the solvency of the group, and requested
the appointment of a receiver and manager ARGL, ARGF and ARG
Management Limited (ARGM). ARG Custodians Limited (ARGC) was
joined to the proceedings on 2 October 2002.

"ASIC took action against the ARG group of companies in the
belief that they were experiencing severe financial difficulties
which had the potential to seriously affect the interests of
investors and creditors," ASIC's Deputy Executive Director
Enforcement, Ms Jan Redfern said.

"ASIC's action was critical in ensuring the group's difficulties
were assessed fully, fairly and without delay.

"Our concerns regarding the group's solvency were clearly
supported by the administrators and creditors, who last Thursday
resolved to place ARGL and ARGF into liquidation," Ms Redfern
said.

"This decision, and the resolutions regarding ARGM and ARGC,
have addressed the reasons for ASIC's original intervention via
the Supreme Court. As a result the Court has agreed to our
request to dismiss its proceedings," Ms Redfern said.

"However, ASIC's enquiries into the affairs of the ARG group are
continuing," Ms Redfern said.

Background

ARGL is the trustee of 180 prescribed interest schemes. ARGM,
ARGF and ARGC are wholly owned subsidiaries of ARGL.

ARGM is the responsible entity of 17 managed investment schemes,
and ARGC is the custodian of the property of those schemes. ARGF
held a restricted dealers' license to provide investment advice
- ASIC revoked this license on 21 November 2002.

On 25 September 2002, when ASIC's application first came before
the court, Justice Barrett adjourned the matter for one week to
allow the companies to consider their position in light of the
application.

On 27 September 2002, ARGL, ARGM, ARGF and ARGC each appointed
Max Prentice and Mark Robinson of Prentice Parbery Barilla as
voluntary administrators.

On 2 October 2002, at ASIC's request, the administrators gave an
undertaking to the Court to provide a detailed report to the
Court and ASIC by 30 October 2002 on the status of each project,
whether the projects were liquid or illiquid, and whether or not
the administrators believed that ARG, ARG Management and ARG
Financial Group were complying with their respective license
conditions.

After assessing the group as a whole, the administrators
identified the viable components of the business, and called for
expressions of interest to sell the responsible entity arms of
the group, namely ARGM and ARGC.

On 6 November 2002, the administrators entered into a Heads of
Agreement with Huntley Consultancy Pty Ltd (Huntley), whereby
ARGL agreed to sell its shares in ARGM and ARGC to Huntley, and
to transfer a number of custodianships and trusteeships held by
ARGL to ARGC after it becomes a Huntley subsidiary.

On 12 December 2002 the creditors of ARGM approved a Deed of
Company Arrangement, and the administration of ARGC came to an
end. This action will ensure that ARGM and ARGC are able to
continue trading as Huntley subsidiaries.

The creditors of ARGL and ARGF resolved to place those companies
into liquidation.


CAPE RANGE: Releases Business Update
------------------------------------
As previously announced, Cape Range Wireless Ltd has secured its
future with a proposed US$10 Million capital injection. This is
a crucial achievement and one which, assures management, will be
able to implement the long-term business and product development
plan to which the board of directors is committed.

The Company is continually asked questions relating to
investments by Web Kingdom and on achievements and current
position of the Company in relation to the roll out and
commercialization of its core technologies.

Web Kingdom, together with the investment companies of Kenneth
Margon and Tom Mathai, are currently the major shareholders of
Cape Range Wireless Ltd. They have been joined by new investors,
who have invested through Web Kingdom Ltd to form a stronger
investment group. Mr Margon, on behalf of the Web Kingdom Group,
has advised that the group has made a long-term commitment to
Cape Range Wireless Ltd and has made the following statement to
shareholders:

"We need the market to understand that the funds now being
raised will permit the Company to grow without the need to
continuously go back to the market for working capital.
Shareholders should understand the strategic gains we are making
towards profitability and the Company's goal of becoming a
global leader in Fixed Wireless Access.

At last year's AGM I told shareholders that the sales cycle in
telecommunications is a several year process. There should be no
surprise that it has taken this amount of time to get to the
point where the Company's products are being switched on in a
national network.

While the Company holds contracts in Malaysia, including the
original one to supply 120,000 access lines, shareholders should
understand that these contracts are not the end point in a
process to generate sales. While they do obligate the customer,
the Company, and system integrator's, they represent the
starting point where the various customer departments and
organizations are allowed to interact and collaborate with Cape
Range Wireless to implement the terms of the contracts. These
contracts are major tactical gains in a strategy to build long-
term relationships with our customers in Malaysia. The Company
is building similar relationships within each country in which
we operate. These relationships are being developed with
distributors, regulatory agencies of government as well as with
customers.

Shareholders should also be aware that unlike consumer products
that can be bought out of a box and turned on, the rollout of a
telecommunications network, pursuant to a contract, is a lengthy
process. It requires that both the customer and the Company work
hand in hand to guarantee a successful rollout. This process
requires planning for and the allocation of suitable frequency,
integration of the technology into the telephone network, an
understanding of how to best utilize the Arcadian Communications
System within the particular network strategy, civil and
structural work at major base station sites, integration and
provisioning (connecting the subscribers) and providing the
necessary customer service systems, integration into the billing
system and providing number codes including, in many cases, new
city codes. Each and all of these activities, which are time
consuming, must be completed before the equipment can be
switched on and taken live in a network. These activities are
not just contractual elements but require the education,
cooperation and approval of many people. Cape Range Wireless is
helping to build major parts of the infrastructure within a
country and these are elements of a complex process.

The Company has developed several important technologies and
filed for international patents on these. The patent process is
also a multi year process in each country in which we file. The
iPMA protocol that controls the way bandwidth is utilized by the
Arcadian b8 and Arcadian-r8 communications system, successfully
exploits the enhanced RF characteristics of the Company's own
Base Band Processor which uses the Company's own "Havana"
technology.

"Havana" technology is a fundamental technological advancement
ever other methods of spread Spectrum, such as Frequency Hopping
and Direct Sequence. "Havana" is being further developed for the
Company's future products and for its potential use in other
wireless products such as a transparent adjunct to CDMA.

The Company will now step up filings for new and follow-on
patents for products and applications currently under
development.

New products that will be released for shipment during the first
quarter of 2003, will allow customers, even in remote areas, to
receive high speed internet at a fraction of the price of other
systems.

Over the past 5 years, almost all of the large global
telecommunication infrastructure equipment providers walked over
the same cliff like sheep duplicating each others products and
markets, succumbing to their own hype over 3G and were driven by
short term share market perceptions. The shareholders of Cape
Range Wireless, because of the speculative nature of the
investment or perhaps though wisdom, have allowed the Company to
seek its own path of targeting the less dense and underserved
markets. This, coupled with the economic downturn which sealed
the fate of so many other companies, Cape Range Wireless emerges
in a unique position to supply integrated voice and data
telecommunications systems, in the area that represents the
largest growth potential, namely to the majority of the
population of South East Asia that lives in less dense and
undeserved regions.

Without detailed analysis of the market and the Company, it has
been difficult to understand the potential, the advancements and
setbacks of the Company. That is why we sought to get funding
for the Company through a large sophisticated investment. Now,
fully funded, with US$10 million, Cape Range Wireless is in a
position to change the market focus from that of a speculative
investment to that of a company that will be readily understood
as one with a great long-term investment future and is
considered a strategic investment in the Telecom sector."

Together with Tom Mathai and the rest of the team at Embedded
Wireless Laboratories, with our incoming investors through Web
Kingdom and with all of the staff at Cape Range, Wireless Ltd,
shareholders have a team that is committed to benefit the
Company and its shareholders in the years ahead.

According to Wrights Investors, at the end of 2001, the Company
had negative working capital, as current liabilities were A$3.25
million while total current assets were only A$1.16 million. It
has reported losses during the previous 12 months and has not
paid any dividends during the previous 2 fiscal years.


EFTNET TECHNOLOGIES: Extends Offer A, B Closing Date
----------------------------------------------------
The directors of Eftnet Technologies Limited wish to advise that
they have resolved to extend the closing date of the following
offers under the prospectus dated 25 November 2002 from 16
December 2002 to 20 December 2002:

Offer A - 20 million placement shares together with 12.5 million
free attaching Options at an issue price of 20 cents per share;
and

Offer B - 14 million Placement Options at an issue price of 1
cent each.

The closing date of Offer C remains unchanged.


HIH INSURANCE: Announces Royal Commission Meeting Schedule
----------------------------------------------------------
The HIH Royal Commission will sit on Wednesday 18 December 2002
and possibly Thursday 19 December 2002 for counsel assisting to
speak to their closing submissions.

There will be a Directions Hearing at 2.30pm Friday 20 December
2002.

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


KAEFER TECHNOLOGIES: Reorganizing Business Units' Operations
------------------------------------------------------------
Kaefer Technologies Limited advised of the restructure of the
Group's operations into the following three strategic business
units:

   KAEFER Integrated Services Pty Ltd
   KAEFER Consulting Pty Ltd
   KAEFER Products Pty Ltd

Mr Brian Keenan has resigned his position as Executive Director
of KAEFER Technologies Limited with effect from 14 December
2002. Mr Keenan takes on the position of Executive Director of
the KAEFER Products and is responsible for the Marketing & Sales
of Insta-Lag(TM) and TIPS(TM) and other KAEFER related products,
R&D and growth opportunities with effect from 16 December 2002.

Mr Peter Kelsall has been appointed Executive Director of the
KAEFER Integrated Services with effect from 16 December 2002. Mr
Kelsall has extensive experience in the management of major
maintenance and project related alliances with Blue Chip and
Major Contracting organizations.

Mr Richard Chater has been appointed Business Manager of the
KAEFER Consulting with effect from 16 December 2002. Mr Chater
is responsible for the development of company related Consulting
services both internally and externally in the areas of
Maintenance Management, Integrity Management and Engineering
Support.


UECOMM LIMITED: Forms Strategic Relationship With Western Power
---------------------------------------------------------------
Uecomm Ltd and Western Power Corporation (WPC) announced Tuesday
that they have formed a strategic relationship for the provision
of fibre broadband services to the Perth marketplace.

Uecomm will sell its existing Perth fibre network to WPC while
retaining ownership of the switching equipment. Uecomm will have
the right to use capacity on the network in addition to having
the exclusive right to market and sell telecommunication
services to the corporate, wholesale and government markets in
Perth, Western Australia.

Uecomm Chief Executive Officer, Mr Peter McGrath said that the
agreement with Western Power was an excellent solution for both
companies. "Uecomm is committed to the Western Australian market
and this initiative will enable us to focus on sales and
marketing efforts in the state. The agreement provides the
foundation for Uecomm to deliver on a number of initiatives and
ensures continuity of service to our existing customers in
Perth.

"Western Power is a substantial Perth based company with
extensive statewide facilities and is the ideal partner to
manage the ownership, maintenance and future expansion of the
fibre network," he said.

Western Power spokesman David Martin, said the company's primary
application would be to use the fibre network to support the
control of the electricity network. "Western Power uses
telecommunications facilities to control and monitor the power
system and to date this has been through a mix of carrier
services and Western Power's own telecommunications assets," he
said.

The key elements of the transaction, subject to a number of
conditions being satisfied by both parties, are as follows:

   * Uecomm will sell the Perth fibre network to Western Power
for $5.14 million. The purchase will comprise a cash
consideration of $3.64 million consisting of an up front amount
and deferred payments over a three year period. In addition
Uecomm will receive further benefits totaling $1.5 million, in a
combination of cash and non-cash benefits.

   * Uecomm will be granted the long-term right to use
substantial capacity on the network. Fees for this right of
access will be capped for up to three years.

   * Uecomm will have exclusive rights to market and sell
services from the network to the corporate, wholesale and
government markets for minimum period of three years.

After recognizing the considerations outlined above, the
accounting impact for this transaction will result in a loss of
approximately $7 million before tax.

CONTACT INFORMATION: Uecomm Investor Relations
                     Peter Dawson
                     Chief Financial Officer
                     Phone: (+613) 9221 4137
                     Mobile: 0404 072 341
                     E-mail: pdawson@uecomm.com.au

                     Media
                     Katrina Walker
                     Marketing Communications Manager
                     Phone: 03 9221 4167
                     Mobile:0416 333 200
                     E-mail: kwalker@uecomm.com.au

At the end of 2001, Uecomm Limited had negative working capital,
as current liabilities were A$20.95 million while total current
assets were only A$9.97 million. It also reported losses during
the previous 12 months and has not paid any dividends during the
previous 3 fiscal years.


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


CIL HOLDINGS: HK Scheme Creditors Court Meeting Adjourned
---------------------------------------------------------
Reference is made to the announcements made by CIL Holdings
Limited dated 15th February 2002 and 21st March 2002, the
circular of the Company dated 31st May 2002, the Scheme document
dated 2nd August 2002 and the supplemental Scheme document dated
28th November 2002 (the "Scheme Document").

On 28th November 2002, the notices relating to the reconvened
Hong Kong Scheme Creditors Court Meeting and the reconvened
Bermuda Scheme Creditors Court Meeting (the "Meetings") set
to be held on 13th December 2002 to consider the Scheme were
published. Furthermore, the Scheme Document was dispatched to
Scheme Creditors and, for information only, to Shareholders
and Excluded Claimants on 28th November 2002.

At the Meetings, representatives of Ambang Jaya Sdn Bhd and
Angkasa Marketing (Singapore) Pte Limited, being wholly owned
subsidiaries of Amsteel Corporation Berhad (collectively the
"Amsteel Group") informed the Company that the Amsteel Group
would require more time before it could decide how to vote and
suggested that there be an adjournment of the Meetings for 7
days and that the Meetings should take place on 20th December
2002. The Amsteel Group is currently a major creditor of the
Company.

Mr. Ke, the chairman of the Meetings, therefore, proposed that
it is in the interests of the Company and the Scheme Creditors
to seek adjournment of the Meetings for 7 days. The adjournment
for the Meetings were approved by the Scheme Creditors present
and, accordingly, the Meetings have been adjourned to 20th
December 2002 In addition, the Company will make further
announcements relating to the development of the Scheme if and
when necessary.


CIL HOLDINGS: Seeks Winding Up Hearing Suspension
-------------------------------------------------
Reference is made to the announcements made by the Company on
8th October 2001, 12th November 2001, 14th January 2002, 18th
March 2002, 29th April 2002, 6th May 2002, 17th June 2002 and
29th July 2002, 26th August 2002 and 4th November 2002 in
relation to the winding-up petition (the "Petition") served
against the Company by Star Dragon Securities Limited as the
substituted petitioner. Reference is also made to the
announcement made by the Company on 15th February 2002 regarding
the Restructuring Proposal.

On 31st May 2002, the Company dispatched the Circular
to its Shareholders, which addressed all of the above matters.
On 2nd August 2002, the Company had dispatched the Scheme
document to Scheme Creditors and, for information only, the
Shareholders and claimants of the Disputed Claims. On 28th
November 2002, the Company had dispatched the supplemental
Scheme document to Scheme Creditors and, for information only,
the Shareholders and claimants of the Disputed Claims.

During the Petition hearing, held on the 16th of December 2002,
the Company has made an application to the Hong Kong Court for
an adjournment of the Petition to allow time for the Company to
implement the Scheme with the Scheme Creditors.

Pursuant to the Company's application for adjournment of the
Petition as mentioned above, the Hong Kong Court made an order
to adjourn the Petition to 6th January 2003. In this connection,
further announcement will be made as and when necessary.
Trading in the Shares was suspended from 9:30 a.m. on 13th
December 2002 at the request of the Company pending release of
this announcement and application has been made to the Stock
Exchange for the resumption of trading of the Shares from 9:30
a.m. on 17th December 2002.


KWOK TIN: Winding Up Sought by Fung Ming
----------------------------------------
Fung Ming Do is seeking the winding up of Kwok Tin Limited. The
petition was filed on November 22, 2002, and will be heard
before the High Court of Hong Kong on January 29, 2003 at 10:00
in the morning.

Fung Ming Do holds its registered office at of Room 1008, Wah
Yuet House, Tin Wah Estate, Tin Shui Wai, Yuen Long, New
Territories, Hong Kong.  Tam Lee Po Lin, Nina represents the
petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Tam Lee Po
Lin, Nina, which holds office on the 27th Floor, Queensway
Government Offices, 66 Queensway, Hong Kong.


SEAPOWER RESOURCES: Completion, Expected Timetable Postponed
------------------------------------------------------------
Reference is made to the circular issued by Seapower Resources
International Limited (Provisional Liquidators Appointed) and
the Investors dared November 14, 2002, as well as the joint
announcements made by the Company and the Investors dated
December 9, 11 and 13 2002.

Additional time is needed for the Investors to arrange for the
placing down of the New Shares and to obtain the Stock
Exchange's approval on the resumption of trading in the Shares,
which is one of the conditions precedent to the Restructuring
Proposal. Completion originally scheduled for Tuesday, December
17, 2002 will be postponed.

Further announcements in relation to the Completion, the
resumption of trading of the Shares and the trading arrangements
for the Capital Reorganization will be made by the Company.


SHUN KAI: Faces Winding Up Petition
-----------------------------------
The petition to wind up Shun Kai Finance Company Limited is
scheduled for hearing before the High Court of Hong Kong on
February 5, 2003 at 10:00 in the morning.

The petition was filed with the court on December 3, 2002 by
Japan Leasing (Hong Kong) Limited (In Creditors' Voluntary
Liquidation) whose registered office is situated at 8th Floor,
Prince's Building, 10 Chater Road, Central, Hong Kong.


SUNCORP TECHNOLOGIES: Price, Turnover Movements Unexplainable
-------------------------------------------------------------
SunCorp Technologies Limited has noted the recent increases in
the price and trading volume of the shares of the Company and
wish to state that it is not aware of any reasons for such
increase.

The Company also confirmed that there are no other negotiations
or agreements relating to intended acquisitions or realizations
which are discloseable under paragraph 3 of the Listing
Agreement, neither is the Board aware of any matter discloseable
under the general obligation imposed by paragraph 2 of the
Listing Agreement, which is or may be of a price-sensitive
nature.


TAT FUNG: Hearing of Winding Up Petition Set
-------------------------------------------
The petition to wind up Tat Fung: Textile Company Limited is set
for hearing before the High Court of Hong Kong on January 22,
2003 at 9:30 in the morning.

The petition was filed with the court on November 7, 2002 by
Bank of China (Hong Kong) Limited (the successor corporation to
Hua Chiao Commercial Bank Limited pursuant to Bank of China
(Hong Kong) Limited (Merger) Ordinance (Cap. 1167) of 14th
Floor, Bank of China Tower, 1 Garden Road, Central, Hong Kong.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Chu & Lau,
Solicitors for the Petitioner, 2nd Floor, The Chinese General
Chamber of Commerce Building, No. 24-25 Connaught Road Central,
Hong Kong.


VANDA SYSTEMS: Operations Loss Widen to HK$5.5M
-----------------------------------------------
Vanda Systems & Communications Holdings Limited announced on
12 December 2002:

(stock code: 757)
Year end date: 31/3/2003
Currency: HKD
Auditors' Report: N/A
Review of Interim Report by: Audit Committee
                                                 (Unaudited)
                                (Unaudited)      Last
                                 Current          Corresponding
                                 Period           Period
                                 from 1/4/2002    from 1/4/2001
                                 to 30/9/2002     to 30/9/2001
                                 ('000)           ('000)
Turnover                         : 477,161          586,807
Profit/(Loss) from Operations    : (5,488)          (4,485)
Finance cost                     : (9,781)          (14,408)
Share of Profit/(Loss) of Associates     : 312              495
Share of Profit/(Loss) of
  Jointly Controlled Entities    : -                -
Profit/(Loss) after Tax & MI     : (17,269)         (17,291)
% Change over Last Period        : N/A
EPS/(LPS)-Basic                  : (4.10 cents)     (4.12 cents)
         -Diluted                : N/A              N/A
Extraordinary (ETD) Gain/(Loss)  : -                -
Profit/(Loss) after ETD Items    : (17,269)         (17,291)
Interim Dividend per Share       : NIL              NIL
(Specify if with other options)  : N/A              N/A
B/C Dates for Interim Dividend   : N/A
Payable Date                     : N/A
B/C Dates for (-) General Meeting: N/A
Other Distribution for Current Period    : N/A
B/C Dates for Other Distribution         : N/A

Remarks:

1. ANALYSIS OF TURNOVER
                                (Unaudited)
                                Six months ended
                                   30th September,
                              2002              2001
                              HK$'000           HK$'000
Turnover
Continuing operations           476,993         571,503
Discontinued operations         168               15,304
                                ------------------------
                                477,161         586,807
                                =========      =========

2. ANALYSIS OF PROFIT / (LOSS) FROM CONTINUING OPERATIONS AND
DISCONTINUED OPERATIONS
                                (Unaudited)
                                Six months ended
                                   30th September,
                             2002             2001
                              HK$'000        HK$'000
Profit/(loss) from operating activities
Continuing operations           (5,165)         (16,406)
Discontinued operations         (323)           11,921
                                -----------------------
                                (5,488)         (4,485)
                                =========       =========

3. PROFIT / (LOSS) FROM OPERATING ACTIVITIES
                                (Unaudited)
                                Six months ended
                                30th September,
                                2002            2001
                                HK$'000         HK$'000
This is arrived at after charging / (crediting) :
Depreciation                    6,879           10,415
Amortization of deferred development costs
                                -               118
Amortization of goodwill        -               248
Interest on :
Bank and supplier loans wholly repayable within five years
                                3,001           6,083
Finance leases                  -               8
Convertible bonds               6,780           8,317
Provisions for and write-off of bad and doubtful debts
                                4,277           1,338
Provisions / (write back of provisions) against inventories *
                                (6,777)         8,758
Cost of inventories sold        377,604         457,908
Loss on disposal of subsidiaries1,941           -
Interest income                 (2,248)         (3,780)
Gain on disposal of an associate-               (561)
                                 =========      =========

* Amounts included in cost of inventories sold

4. LOSS PER SHARE

The calculation of the basic loss per share for the period is
based on the net loss attributable to shareholders of
HK$17,269,000 (2001: HK$17,291,000) and the weighted average of
421,461,735 (2001: 419,805,795) ordinary shares in issue during
the period.

Diluted loss per share amounts for the current and prior periods
have not been shown because the potential ordinary shares of the
Group outstanding during both periods had an anti-dilutive
effect on the basic loss per share for the periods.

5. COMPARATIVE AMOUNTS

Certain comparative amounts have been reclassified to conform to
the current period's presentation.


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


BARITO PACIFIC: Proposes US$419M Debt Restructuring
---------------------------------------------------
PT Barito Pacific Timber has proposed four schemes to
restructure a debt of US$419 million, Asia Pulse reports citing
Company President Johannes Djalimin.

The schemes include debt buyback through auction, issuance of
senior amortizing loan and convertible bonds and debt to equity
swap.

Johannes said that the buyback will be made in cash, according
to a decision at a shareholders meeting held on December 4. He
added that the company had secured the consent of 85 percent of
its creditors.


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


ACCESS CO.: Widens Net Loss to US$8.61M
---------------------------------------
Web browser developer Access Co. incurred a net loss of 1.04
billion yen (US$8.61 million) this year ending October versus a
net loss of 1.03 billion yen a year earlier, Asia Times said on
Tuesday.

Efforts to cut expenses, such as a temporary freeze on hiring
since August and a reduction in marketing costs, failed to stem
the losses because of delayed overseas contracts, resulting in
lower-than-expected sales.


DAIEI INC.: Sales Down for Third Straight Month
-----------------------------------------------
Store sales at ailing retailer Daiei Inc. dropped 1 percent in
November, marking the third straight month of declines, reports
the Asahi Shimbun and Dow Jones on Tuesday.

Sales of food and clothing actually increased last month, but
these gains were offset by weak sales of home electronics, due
in part to reduced floor space for these items.


KYUSHU ELECTRIC: Plans to Retire up to 500 Employees
----------------------------------------------------
Kyushu Electric Power Co. will cut between 400 and 500 jobs
through a voluntary retirement program starting on April 1,
reports the Japan Times. The Company aims to downsize the parent
firm's workforce from the current 14,000 to 12,500 by the end of
the 2006.

The firm also envisions expanding the current program for
transferring employees to group firms by lowering the age
threshold from 57 to 55.

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


KYOSHOKU CO.: Whale Meat Processor Files for Bankruptcy
-------------------------------------------------------
Kyoshoku Co. has filed for court protection from creditors on
December 13 after giving up efforts to rebuild itself, Kyodo
News, citing credit-research agency Teikoku Databank Ltd.

The sea food processor specializing in whale meat, which has
total liabilities estimated at 8.9 billion yen, filed the
application with the Chiba District Court under the civil
rehabilitation law. According to Tokyo Shoko Research, the
Company has 215 employees and is located at Ichikawa-si, Chiba,
Japan.


NIPPON YAKIN: Shares Up 25% After Revival Plan Report
-----------------------------------------------------
Shares in steel maker Nippon Yakin Kogyo Co. Limited increased
25 percent or five yen at 25 yen after reporting that it would
implement a revival plan to reduce its capital by 75 percent,
Reuters said last week. The Company will also receive a lifeline
from its creditor banks worth a total 35 billion yen ($282
million).

Nippon Yakin Kogyo Co., Ltd. http://www.nyk.co.jpis one of the
largest stainless steel producers in Japan and is the only
company in Japan with an integrated production system, from the
smelting of nickel ore to finished stainless steels.

The Company's principal stainless steel products are sheets,
plates and forgings. The Company also produces processed
stainless steel products and Fe-Ni alloys.

The Company has 17 subsidiaries and five affiliates in Japan and
overseas that are engaged mainly in the manufacture of processed
stainless steel products, including pipes and tubes, wire and
kitchen utensils.


NTT COM: Launches Two International Call Discount Services
----------------------------------------------------------
NTT Communications Corporation (NTT Com) will introduce
"International Selectalk," a new monthly discount service for
international calls made to two user-designated telephone
numbers, starting December 16.

With this service, users will be able to enjoy 50% savings on
weekdays and 55% discounts on Saturdays, Sundays and national
holidays, regardless of the time of day calls are placed. The
service will benefit users who make frequent calls to close
family members or friends living overseas, for example.

International Selectalk will be available for both analog and
digital (INS-Net 64) NTT East and NTT West phone lines. It can
be combined with other discount services, including "Shabericchi
Plus" and "Home & Office Discount Plus." No fee is necessary to
apply and register two numbers for this service (see Attachment
for specific charges).

NTT Com also announced that it will introduce a "Mobile Bundle
Discount" package that offers users who subscribe to the
"International Home Discount" or International Selectalk service
for both fixed lines and mobile/PHS phones an additional 5% off
international calls placed from their mobile/PHS handsets.
Application is necessary for this package, which will be
available from January 20.

NTT Com www.ntt.com, a Tokyo-based subsidiary of Nippon
Telegraph and Telephone Corporation, provides long-distance and
international services for voice, video and data communication
reaching more than 200 countries. NTT Com also provides world-
class IP services under the NTT/VERIO brand, as well as managed
data, multimedia and additional services under the Arcstar
brand. For more information, please visit

The Troubled Company Reporter-Asia Pacific reported in February
that NTT Communications Corp would cut 650 employees in Verio
Inc by the end of 2002 as part of the Company's ongoing plan to
restructure the business. In order to make Verio profitable by
2005, its total workforce would be lessened to 1,700-1,800
workers.

NTT Communications is a wholly owned unit of Nippon Telegraph
and Telephone Corp. It aims to cut 650 people from the Web
hosting firm's staff of 2,600 by the end of 2002.

For more information, please contact:

Akira Tamachi or Daniel O'Connor
Public Relations Office, NTT Communications
Tel. +81 3 6700 4010 / info@ntt.com


SUMITOMO METAL: Likely to Repay Y164B of Bonds Due 2004
--------------------------------------------------------
Steel maker Sumitomo Metal Industries Ltd., which lost money in
three years, said it can repay 164 billion yen ($1.3 billion) of
bonds due by March 2004 without new bank loans, Bloomberg
reports.

The sale of 150 billion yen in assets in the fiscal year ending
March 31 is on schedule, according to he Vice President of
Finance Nobusato Suzuki said.  Sumitomo Metal, Nippon Steel and
Kobe Steel said in November that they expect their new alliance
to cut annual costs by 50 billion yen.

The move will enable Sumitomo Metal to reduce group borrowings
by 660 billion yen to below 1 trillion yen by the end of March
2006, Suzuki said. Bank loans may decline by 350 billion yen
while the Company plans to repay 310 billion of bonds over the
same period helping it reach the debt-cutting target.


KOEI REAL: Takashimaya Merges With Real Estate Firm
---------------------------------------------------
Department store operator Takashimaya Co will merge with Koei
Real Estate Co. on March 1 as part of the retailer's
restructuring plans, Kyodo News reports.

Both firms plan to boost operations efficiency through the
merger, whereby Takashimaya will be the surviving entity and
Koei will be liquidated.


TOSHIBA CORP: Building 300mm Wafer Semiconductor Plants
-------------------------------------------------------
Toshiba Corporation has decided in principle to construct
advanced semiconductor production facilities employing 300-
millimeter diameter wafers. The Company resolved to go ahead
with the investment project in order to assure its continued
leadership and competitiveness in the System LSI and memory
businesses.

Toshiba will construct production lines based on 300mm wafers at
two of its major facilities in Japan. The first will be at Oita
Operations, the Company's system LSI production base in Oita
Prefecture, Kyushu; the second at Yokkaichi Operations, its
memory production base in Aichi Prefecture. The investment
program will extend over four years from FY2003 and is expected
to total approximately 350 billion yen.

Announcing the investment project, Takeshi Nakagawa, Senior Vice
President of Toshiba and Company President and CEO of its
Semiconductor Company, said: 'As a world leader in
semiconductors, Toshiba is determined to remain a driving force
in technological innovation and in providing customers with
excellent products and solutions. These new facilities will
allow us to deploy industry-leading process technology that will
reinforce our leadership in key growth markets.'

The new production line at Oita Operations will mass-produce
cutting-edge System LSIs for broadband network applications,
using the Company's world-leading embedded DRAM process
technology. This advanced facility, which is expected to adopt
45-nanometer process technology in the future, will assure
Toshiba retain its leadership in the System LSI business.
Construction will start in FY2003 and mass production is
scheduled to start in FY2004.

The new facility at Yokkaichi Operations will mass-produce NAND-
type Flash memories, allowing Toshiba to maintain its leadership
and competitiveness in a fast-growing market. Mass production is
expected to begin in FY2006.

Further detailed plans will be worked out in light of market
trends and announced in due course.

The Troubled Company Reporter-Asia Pacific reported that Toshiba
in the three months to December 31 had a loss of 84.9 billion
yen ($636 million) versus a net income of 11.1 billion yen in
the year-earlier period. Consolidated sales fell 14 percent to
1.2 trillion yen from 1.39 trillion yen.


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


CHOHUNG BANK: Govt Plans to Sell Controlling Stake by February
--------------------------------------------------------------
The South Korean government wants to sell its 80 percent stake
in Chohung Bank by February, before the nation's new President
takes office in February, Bloomberg reports, citing Finance
Minister Jeon Yun Churl.  Shinhan Financial Group Ltd. and
Cerberus Partners LP are bidding for the stake.

A government-appointed committee in charge of evaluating bids
will meet on December 17 to discuss offers with executives from
Chohung, Cerberus and Shinhan.  The meeting will enable the
bidders to outline their offers, the report said.


DAEWOO SHIPBUILDING: Wins $260M Greek Ship Order
------------------------------------------------
Daewoo Shipbuilding and Marine Engineering Co. received a $260
million order to build two double-hulled bulk carriers for
Anangel Maritime Service Inc of Greece, Reuters said on Tuesday.
The ships will be 170,000 dead weight tonnes (DWTs) each, the
report said.

According to Wright Investor's Service, at the end of 2001,
Daewoo Shipbuilding & Marine Engineering had negative working
capital, as current liabilities were 1.99 trillion Korean Won
while total current assets were only 1.30 trillion Korean Won.



HYNIX SEMICONDUCTOR: Chipmaker Issues ITC Probe Statement
---------------------------------------------------------
Hynix Semiconductor announced that the US International Trade
Commission (ITC)'s preliminary investigation lays foundation for
eventual victory. Although the ITC's vote on Friday was to
continue the case, the underlying ITC investigation shows that
Micron cannot prove that is it injured by Korean DRAMs.

Hynix says it is not surprised at all by the U.S. International
Trade Commission's decision to make a preliminary affirmative
injury determination in the U.S. DRAM anti-subsidy case. The
vast majorities, over 85 percent, of all the U.S. ITC's
preliminary determinations are affirmative. The reason is that
the ITC makes its preliminary determination in very short time
period -- just 45 days after the petition is filed -- and
because the legal standard at this stage of the case is very
low. Under the law, the ITC must issue an affirmative
preliminary determination, and allow the case to continue, as
long as it finds only a "reasonable indication" of material
injury by reason of the targeted imports.

Because of this low standard and the quick time in which a
preliminary decision must be made, in practice, the ITC will
generally render an affirmative preliminary determination any
time there is some confusion with respect to the facts that make
it appropriate to allow the case to continue to a full
investigation. Essentially, under the legal standard at this
stage of the case, the petitioner (Micron) is given the benefit
of the doubt.

For the ITC's final determination, however, Micron will not be
given the benefit of the doubt. Rather, for its final
determination, expected in June, the ITC will hold Micron to a
much higher standard. Hynix fully expects that in its final
ruling the ITC will render a negative determination. Once the
ITC has time to examine properly all the relevant facts, Hynix
is confident that the ITC will agree that Micron cannot
demonstrate that the U.S. "DRAM industry suffered material
injury caused by allegedly subsidized shipments from Korea.

"I have no doubt at all" says Hynix CEO Sang Park "that at the
end of its full investigation the ITC will conclude that Micron
cannot prove its claims and will throw the case out.

For a copy of the press release, go to
http://www.hynix.com/


HYUNDAI MERCHANT: Hyundai Unit Backs Off of NK Investments
----------------------------------------------------------
Hyundai Merchant Marine (HMM) will concentrate in its shipping
business, avoiding any North Korean business projects, Digital
Chosun said on Friday, citing HMM President and CEO Noh Jeong-
ik.  The report said the North Korean investment projects have
brought about huge losses for the firm.

Noh also said that the shipping firm would not play the role of
holding firm for the Hyundai group. HMM had been deeply involved
in the group's investment projects in North Korea.

Kim Chung-sik, the Company's former President, resigned from his
post in November, succumbing to an internal conflict involving
group's major shareholder Chung Mong-hun.


HYUNDAI MOTOR: Closing Shareholders' List
-----------------------------------------
In accordance with the Clause 354 of the Korean Commercial Law
and the Clause 13 of Hyundai Motor Company's Article of
Incorporation, regarding its proposed 35th General Shareholder's
Meeting, the Company announce its intentions of suspending any
changes in title transfer of stocks, registration and
cancellation of the right of pledge, indication and cancellation
of assets in trusts, etc. in the shareholder's list during the
period from 1 January 2003 until 31 January 2003.

Those holding the shares of Hyundai Motor Company should
complete all necessary procedures before the aforementioned
period.

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

Dong Jin Kim, Representative Director
Hyundai Motor Company
231, Yangjae-Dong, Seocho-Gu, Seoul

Kim, Seung-yu, Chairman
Hana Bank
Agent of Title Transfer


KOREA ELECTRIC: Moody's Review Baa2 Rating for Possible Upgrade
---------------------------------------------------------------
Moody's Investors Service has put the Baa2 senior unsecured debt
ratings of Korea Electric Power Corp (KEPCO) on review for
possible upgrade.

The rating action is prompted by the improved operating
performance of KEPCO, backed by the continuing electricity
demand growth in Korea and the stable fuel cost. In addition the
electricity industry restructuring continues to evolve in a
manner, which is supportive of KEPCO's long-term credit profile.

Moody's will evaluate KEPCO's ability to achieve a sustained
improvement in its operating performance during the industry
reform process. It will also assess the impacts of the ongoing
industry reform and the assets disposal, including the recent
sale of 45.5 percent interest in PowerComm, on KEPCO's financial
profile.

The Baa2 rating of certain Yankee, Global and Eurobonds debt
securities, to be guaranteed by Korea Development Bank (KDB),
will remain under review for possible upgrade (rating action of
November 5, 2002).

Korea Electric Power Corporation is directly and indirectly,
through Korea Development Bank, 53.9 percent owned by the Korean
Government.

The Korea Electric Power Corp. (KEPCO) is planning to raise $250
million in December via a five-year yen-denominated euro bonds
or loan, to repay maturing yen-denominated bonds issued in 1999,
the Troubled Company Reporter-Asia Pacific reports.

DebtTraders reports that Korea Electric Power Corp.'s 8.250
percent bond due in 2005 (KORE05KRN1) trades between 112.504 and
113.066. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=KORE05KRN1


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


AUTOINDUSTRIES VENTURES: Converts Default to Long Term Loan
-----------------------------------------------------------
Further to the announcements made on 14 December 2001 and
subsequently on every month, the position of Autoindustries
Ventures Berhad in respect of its default in payments in the
month of December 2002 is as follows:

Name of Creditor           Principal        Interest     Total
(RM)

i) Financial Institutions 14,105,716.31 - 14,105,716.31

Through the Banks' Letter of Offers dated 2 December 2002 and 4
December 2002 respectively, the above loans in default will be
converted to Long Term loan over the tenure of 5 to 7 years
subject to terms and conditions as stipulated in the said Letter
of Offers.

The Company is in the course of preparing the necessary
documents to complete the above conversion.

CONTACT INFORMATION: Lot 22225, Batu 7
                     Jalan Bukit Kemuning
                     42450 Kelang
                     Selangor
                     Tel: 03-5212329;
                     Fax : 03-5212494


BERJAYA SPORTS: FEAB Purchases 8% ICULS
----------------------------------------
The Board of Directors of Berjaya Sports Toto Berhad
wishes to inform that its wholly owned subsidiary, FEAB
Properties Sdn Bhd has purchased Irredeemable Convertible
Unsecured Loan Stocks 2002/2012 (ICULS) in BToto as follows:

1. Date of Purchase : 16 December 2002

2. Number of ICULS Purchased : 80,000

3. Minimum price paid for each ICULS : RM2.95

4. Maximum price paid for each ICULS : RM3.00

5. Total consideration paid : RM239,451.38

6. Total number of ICULS held to-date : 7,770,000

7. Cumulative consideration : RM22,191,728.26
paid to-date

The Company has obtained the necessary approvals for the above
purchase of ICULS up to an amount not exceeding RM1.2 billion.
Details on the ICULS purchase were disclosed in the Company's
Circular to Shareholders dated 5th April 2002 and the Abridged
Prospectus relating to the Rights Issue of ICULS dated 20th June
2002.

CONTACT INFORMATION: Level 17, Shahzan Prudential Tower
                     30 Jalan Sultan Ismail
                     50250 Kuala Lumpur
                     Tel : 03-2935 2373/2381;
                     Fax : 03-2935 8043


BESCORP INDUSTRIES: Proposes Transfer of Listing Status to WCTR
---------------------------------------------------------------
On behalf of Bescorp Industries Berhad (Special Administrators
Appointed), Commerce International Merchant Bankers Berhad
announced that the Special Administrators of BIB had on 13
December 2002, entered into a Principal Agreement with WCT
Engineering Berhad, which involves:

   (i) Proposed acquisition of the entire issued and paid-up
share capital of BIB comprising 19,000,000 ordinary shares of
RM1.00 each held in BIB (BIB Shares) by WCT Realty Sdn Bhd, a
unit of WCT, to be satisfied through the issuance of 1,900,000
new ordinary shares of RM0.50 each in WCTR (WCTR Share(s)) to
the existing shareholders of the Company on the basis of 1 new
WCTR Share for every 10 existing BIB Shares held;

   (ii) Proposed issuance of 12,000,000 3% irredeemable
convertible cumulative preference shares of par value of RM1.00
by WCTR to the creditors of the Company through the Special
Administrators or the said creditors' agent in settlement of the
debts of the Company;

   (iii) Proposed cash payment of RM15,000,000 by WCTR to the
creditors of the Company through the Special Administrators or
the said creditors' agent in settlement of the debts of the
Company; and

   (iv) Proposed transfer of the listing status of the Company
on the Second Board of the Kuala Lumpur Stock Exchange ("KLSE")
to WCTR and the subsequent transfer of the listing of WCTR from
the Second Board to the Main Board of the KLSE.

Further details of the above proposals and the internal
restructuring exercise of WCTR will be announced in due course.


CRIMSON LAND: AmF to Waive Interest Until March 2003
----------------------------------------------------
Reference is made to the announcement dated 26 July 2002 in
respect of the Proposals, which includes, inter-alia, details of
the Proposed Debt Restructuring and the announcement dated 8
August 2002 in respect of the salient terms and conditions of
the Debt Restructuring Agreement with AmFinance Berhad (formerly
known as MBf Finance Berhad)), which includes, inter-alia, the
following term:

"(ii) waive all interest accruing under or in respect of the AmF
facilities from 1 December 2001 to 30 November 2002 (both dates
inclusive)"

In this connection, Alliance Merchant Bank Berhad, on behalf of
the Board of Directors of Crimson Land Berhad, is pleased to
announce that AmF had, vide its letter dated 13 December 2002,
agreed to the Company's request dated 21 October 2002 to extend,
inter-alia, the interest waiver period for all interest accruing
under or in respect of the AmF facilities from "1 December 2001
to 30 November 2002" to "1 December 2001 to 31 March 2003".

CONTACT INFORMATION: 5, Persiaran Lidcol
                     Off Jalan Yap Kwan Seng
                     50450 Kuala Lumpur
                     Tel : 03-2162 8099;
                     Fax : 03-2162 8711/2161 5045


HOTLINE FURNITURE: Revises Proposed Restructuring Scheme
--------------------------------------------------------
Hotline Furniture Berhad refers to the announcement dated 20
September 2002 and 15 October 2002, wherein, Public Merchant
Bank Berhad had announced the details of the Proposed
Restructuring Scheme, which encompass:

   (i) Proposed capital reduction of the Company's present
issued and paid-up share capital of RM21,788,000 comprising
21,788,000 ordinary shares of RM1.00 each (HFB Shares) to
21,788,000 ordinary shares of RM0.10 each by the cancellation of
RM0.90 of the par value of the HFB Shares and the proposed
consolidation of ten (10) ordinary shares of RM0.10 each in HFB
after the proposed capital reduction into one (1) ordinary share
of RM1.00 each (Reduced Capital) (Proposed Capital Reduction and
Consolidation); and

   (ii) Proposed acquisition of the Reduced Capital vide the
issuance of 2,178,800 new ordinary shares of RM1.00 each in
Mahajaya Berhad (formerly known as Mahajaya Corporation Berhad
(Mahajaya) (Mahajaya Shares) from the existing shareholders of
HFB (Proposed Acquisition of Reduced Capital).

Pursuant thereto, PMBB is pleased to announce on behalf of the
Board of HFB, that HFB and Mahajaya had on 13 December 2002,
entered into Supplemental Agreements with the respective vendors
of Jiwa Property Sdn Bhd, Kejuruteraan Mahajaya Sdn Bhd, Medan
Damai Realty Sdn Bhd, Salak Park Property Sdn Bhd and Spangate
Sdn Bhd to vary the details of the Proposed Restructuring
Scheme, as follows:

   (i) The Proposed Capital Reduction and Consolidation and the
Proposed Acquisition of the Reduced Capital will not be carried
out. Instead, a share exchange between the existing shareholders
of HFB and Mahajaya is proposed whereby the existing
shareholders of HFB will exchange all their shares in HFB for
new Mahajaya Shares on the basis of one (1) new Mahajaya Share
for every ten (10) existing HFB Shares held (Proposed Share
Exchange); and

   (ii) The Proposed Share Exchange, which will be undertaken
under a scheme of arrangement pursuant to section 176 of the
Companies Act, 1965, will upon completion result in HFB becoming
a wholly owned subsidiary of Mahajaya.

RATIONALE FOR THE PROPOSED SHARE EXCHANGE

The Proposed Capital Reduction and Consolidation and the
Proposed Acquisition of Reduced Capital form an integral part of
the Proposed Restructuring Scheme of HFB to regularize its
financial condition. The Board of Directors of HFB envisages
that the Proposed Capital Reduction and Consolidation, which
will be carried out vide section 64 of the Companies Act, 1965
and the Proposed Acquisition of Reduced Capital, which may be
carried out vide a take-over offer pursuant to the Malaysian
Code on Take-overs and Mergers, 1998, will require a longer
timeframe for implementation as compared to the Proposed Share
Exchange.

Moreover, the effect of the Proposed Share Exchange will be the
same as the Proposed Capital Reduction and Consolidation and the
Proposed Acquisition of Reduced Capital in that the shareholders
of HFB will receive 0.1 new Mahajaya Share for every one (1) HFB
Share presently held after the Proposed Share Exchange and HFB
will become a wholly owned subsidiary of Mahajaya. It is the
intention of Mahajaya to acquire and hold the entire equity
interest in HFB for the implementation of the Proposed
Restructuring Scheme with a view to its subsequent liquidation.

EFFECTS OF THE PROPOSED SHARE EXCHANGE

As the effect of the Proposed Share Exchange will be the same as
the Proposed Capital Reduction and Consolidation and the
Proposed Acquisition of Reduced Capital, it will not have any
impact on the share capital, earnings, net tangible assets (NTA)
and shareholding structure of Mahajaya that were announced on 20
September 2002.

The Proposed Share Exchange will not have any effect on the
following:

   (i) The present share capital of HFB;
   (ii) The earnings of the HFB Group for the financial year
ending 31 May 2003;
   (iii) The latest audited NTA of the HFB Group as at 31 May
2002; and
   (iv) The present shareholding structure of HFB.

APPROVALS REQUIRED

Other than the approvals required for the Proposed Restructuring
Scheme as set out in the announcement dated 20 September 2002,
the Proposed Share Exchange is subject to the following
approvals being obtained:

   (i) The approval of the shareholders of HFB for the Proposed
Share Exchange at a court convened meeting pursuant to section
176 of the Companies Act, 1965; and

   (ii) The sanction of the High Court of Malaya for the
Proposed Share Exchange.

EXPLANATORY STATEMENT, CIRCULAR TO SHAREHOLDERS AND NOTICES OF
EXTRAORDINARY GENERAL MEETING (EGM) AND COURT CONVENED MEETING

An explanatory statement and circular to shareholders setting
out the details of the Proposed Restructuring Scheme which
includes the Proposed Share Exchange together with the notices
of EGM and the court convened meeting will be dispatched to the
shareholders of HFB in due course.

DOCUMENTS FOR INSPECTION

The Supplemental Agreements dated 13 September 2002 are
available for inspection at the registered office of HFB at 12th
Floor (Right Wing), Menara Kemayan, 160 Jalan Ampang 50450 Kuala
Lumpur during normal office hours from Monday to Friday (except
public holidays) for a period of 14 days commencing from the
date of this announcement.


KRAMAT TIN: Continuing New Core Business Search
-----------------------------------------------
Pursuant to the Initial Announcement dated 3 August 2001 and the
latest announcement dated 3 October 2002, the Board of Directors
of Kramat Tin Dredging Berhad wishes to inform that the Company
is still attempting to identify a suitable new core business. A
new business focus will enable KTD to ensure a level of
operations that is adequate to warrant continued trading and/or
listing on the Official List.

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


KSU HOLDINGS: Posts KUSBB's Additional Winding Up Info
------------------------------------------------------
KSU Holdings Berhad, in reply to the Query Letter by KLSE
reference ID: KM-021209-52844 regarding the Winding-Up Petition
on a wholly owned subsidiary, Kumpulan Sepang Utama Sdn Bhd
(KSUSB), submitted further details, as follows:

1. Total Cost of Investment in KSUSB

The company's auditors have confirmed that as merger accounting
was adopted in the preparation of the audited accounts for the
year ended 31 December 2001 as opposed to acquisition
accounting, the carrying value of KSUSB in the group accounts
was RM42.162 Million as opposed to RM92.784 Million announced
earlier calculated by acquisition accounting.

2. Operational and Financial Impact on the Group

The property in which KSUSB is developing known as Taman Kenanga
belongs to another subsidiary, Lengkap Lagenda Sdn Bhd (LLSB).
The property was charged to Malaysia Building Society Berhad
(MBSB) for a term loan and bridging loans facilities granted to
KSUSB. As mentioned in the earlier announcement the filing of
the petition is an event of default of KSUSB's loans from MBSB.
In an announcement made to the Exchange on 29th November 2002,
it was informed that KSUSB was already in default of the same
loans, which had resulted in stoppage of work and failure to
deliver houses to buyers. In view of this situation, the winding
up petition does not add further to the existing difficulties
faced by KSUSB in financial and operational implications. As
KSUSB was the only present operating income of the Group, the
current situation of KSUSB has the same operational and
financial impact on the Group.

3. Expected Losses, if any, arising from the petition

In the event KSUSB is put into liquidation or receivership the
total exposure to the group will the costs of investment in
KSUSB and Kembangan Alam Berhad, the subsidiary of KSU and
holding company of LLSB (the subsidiary owns the land which
charged to MBSB for the loans facilities granted to KSUSB) that
amounts to approximately RM43.986 Million based on merger
accounting adopted in the preparation of audited accounts for
the year ended 31 December 2001. In addition, Earnest Equity
Development Berhad (EEDB), which is the intermediate holding
company of KSUSB, is exposed to a guarantee to MBSB of RM 26
Million for one of KSUSB's loans.

Below is the KLSE's Query Letter content:

We refer to your reply to query on 4 December 2002 in relation
to the above-mentioned matter.

In this connection, kindly furnish the Exchange immediately with
your further clarification for public release in respect of the
following:

The total cost of investment in KSUSB.
The operational and financial impact on the group, if any,
arising from the aforesaid petition.
The expected losses, if any, arising from the aforesaid
petition.

Yours faithfully
INDERJIT SINGH
Senior Manager
Listing Operations
CKM


LIEN HOE: Unit Inks SPA With Windigold for RM150,000
----------------------------------------------------
Lien Hoe Corporation Berhad wishes to announce that on 12
December 2002, its wholly owned subsidiary, Hotel Armada Group
Sdn Bhd, entered into a sale and purchase agreement with
Windigold Sdn Bhd for the disposal of the entire shareholding in
Falcon for a cash consideration of RM150,000 (the Disposal).

Falcon is a travel agent offering ticketing and tour services.
Based on the latest audited accounts as at 31 December 2001, it
has a deficit in shareholders' funds of RM1.3 million and
incurred a loss of RM268,627 for the financial year ended 31
December 2001.  The Disposal however does not have any material
effect on the earnings and net tangible assets of the Company.

None of the directors or substantial shareholders of the Company
has any interest, direct or indirect, in the Disposal.

COMPANY PROFILE

Originally the Company (LHC) and its subsidiaries were engaged
in the manufacture and trading of building materials. In 1982
and 1983, Peak Hua Holdings Bhd (PHH), a company involved in
real estate and securities investment, acquired the majority
shareholding in LHC. LHC then embarked upon a restructuring
exercise, which resulted in diversification into property
development in June 1983. Distribution of scientific/medical
supplies was added in mid 1988 as was the manufacture of kitchen
cabinets and knock down furniture. In 1988 the Company ceased to
be a subsidiary of PHH.

Subsequent to a scheme of financial restructuring in 1990, LHC
branched into property investment and management through
acquisitions. Over the years, LHC has also ventured into timber
logging and hotel property.

Currently, the Group is in the process of implementing a
proposed restructuring scheme which comprises capital reduction
and share consolidation; acquisition of Billiontex Industries
Sdn Bhd, Rusella Teguh Sdn Bhd and Atria Properties Sdn Bhd;
restricted offer for sale; debt restructuring; and rights issue
of warrants. The SC on 30 May 2000 and shareholders of the
Company approved the scheme on 23 November 2000.

CONTACT INFORMATION: 18th Floor, Menara Lien Hoe
                     No. 8, Persiaran Tropicana
                     Tropicana Golf & Country Resort
                     47410 Petaling Jaya
                     Tel : 03-7805 1331;
                     Fax : 03-7805 3112


RASHID HUSSAIN: Posts Voluntary Partial Offer Acceptances Level
---------------------------------------------------------------
In reference to the announcement dated 11 December 2002 in
relation to the extension of the closing date for the Voluntary
Partial Offer from Friday, 13 December 2002 (First Closing Date)
to Wednesday, 18 December 2002 (Extended Closing Date).

Pursuant to the Malaysian Code on Take-overs and Mergers, 1998,
AmMerchant Bank Berhad (formerly known as Arab-Malaysian
Merchant Bank Berhad) on behalf of Rashid Hussain Berhad
is pleased to announce that the level of acceptances of the
Voluntary Partial Offer received by RHB as at 5:00 p.m. on the
First Closing Date are as set out in Table 1 and Table 2 set at
http://www.bankrupt.com/misc/TCRAP_RHB1218.pdf.

As announced on 11 December 2002, RHB extended the closing date
for the Voluntary Partial Offer to 18 December 2002. This is to
allow more time for shareholders and warrant holders of RHB
Capital to submit their acceptances given the recent Hari Raya
holidays. A further announcement on the final level of
acceptances (including those which are subject to verification,
if any) received by RHB as at 5:00 p.m. on the Extended Closing
Date will be made before trading commences on the following
market day. All acceptances will be pro-rated should the final
level of acceptances result in RHB holding more than 75% of RHB
Capital shares and warrants respectively.


RENONG BERHAD: Enters Subscription Agreement With UEM
-----------------------------------------------------
On behalf of Renong Berhad, Commerce International Merchant
Bankers Berhad in relation to the Private Placement of up to
800,000,000 New Ordinary Shares of RM0.50 each (Placement
Shares) in Renong to raise proceeds of approximately RM400.0
million (Private Placement), announced that the Company had on
12 December 2002 entered into a Subscription Agreement (SA) with
United Engineers (Malaysia) Berhad (UEM) for the subscription by
UEM of up to 800,000,000 ordinary shares of RM0.50 each in
Renong at an issue price based on the five (5)-day weighted
average market price prior to the price fixing date or the par
value of Renong shares of RM0.50 each, whichever is higher.

Pursuant to the SA, UEM and/or its private limited companies
shall subscribe for or procure the subscription of the remaining
number of Placement Shares not subscribed by any other placees
whether in one (1) or more tranches (Subscriber's Shares).

The subscription amount payable by UEM for the Subscriber's
Shares will be set off against part of the RM8.2 billion nominal
value 7-year zero coupon redeemable secured bond due in 2006
(Renong SPV Bond) as partial redemption of the same.

Save for the approval of the Kuala Lumpur Stock Exchange (KLSE)
for the listing of and quotation for the Placement Shares on the
Main Board of the KLSE, all other conditions precedent pursuant
to the SA have been fulfilled. The price fixing date to
determine the issue price of the Placement Shares will be
announced in due course.


SASHIP HOLDINGS: Has Yet to Pay Scheme Creditors
------------------------------------------------
The Board of Directors of Saship Holdings Berhad informed that
under the Proposed Composite Scheme of Arrangement a specific
cash portion is payable to Scheme Creditors not later than 90
days after the Effective Date being the date of lodgment of the
Court Order sanctioning the Scheme with the Registrar of
Companies on 12 September 2002 which falls due on 12 December
2002. The Board of Directors of SHB wishes to advise that no
payment has been made as the Proposed Special Issue of
120,000,000 new SHB shares to raise the cash for payment to the
Scheme Creditors has not been implemented.

CONTACT INFORMATION: 10th Flr - Tower Block
                     Kompleks Antarabangsa
                     Jlln Sultan Ismail
                     50250 Kuala Lumpur
                     Tel : 03-2454337 ;
                     Fax : 03-2415757


SENG HUP: Enters Second Supplemental PA With KEB
------------------------------------------------
Reference is made to the announcements dated 27 August 2002 and
30 September 2002 whereby the following agreements were entered
into between SHCB and Kumpulan Emas Berhad (KEB):

   (i) a principal agreement for the proposed acquisition of the
entire issued and paid-up share capital of Salcon Engineering
Berhad (SEB), a subsidiary of KEB, from KEB and other
shareholders of SEB (Vendors) by a new company to be
incorporated (Newco), to regulate and record basic understanding
of the key areas of agreement pending finalization and approval
of the workout proposal for SHCB (PA); and

   (ii) a supplemental principal agreement with KEB to amend,
modify and/or vary the PA (Supplemental PA).

AmMerchant Bank Berhad (formerly known as Arab-Malaysian
Merchant Bank Berhad), on behalf of Seng Hup Corporation Berhad
(Special Administrators Appointed), wishes to announce that the
Company had, on 13 December 2002 entered into a second
supplemental principal agreement (2nd Supplemental PA) with KEB
to vary the security margin on the charge of the Newco Shares
held by the Vendors in favor of the Special Administrators of
SHCB and/or the creditors' agent. All other terms of the PA and
Supplemental PA remains unchanged.


SPORTMA CORPORATION: Changes Registered Address
-----------------------------------------------
Sportma Corporation Berhad posted this notice:

Change description : Registered
Old address  : 12th Floor (Right Wing), Menara Kemayan, 160
               Jalan Ampang, 50450 Kuala Lumpur
New address : Unit 725, 7th Floor, Block A, Kelana Centre Point,
              No 3 Jalan SS7/19, Kelana Jaya, 47301 Petaling
              Jaya, Selangor Darul Ehsan
Name of Registrar :
Telephone no : 03-78809699
Facsimile no : 03-78808699
E-mail address : cpasia@tm.net.my
Effective date : 11/12/2002

COPMPANY PROFILE

On 9 September 1999, Pengurusan Danaharta Nasional Bhd appointed
Special Administrators (SA) to manage the affairs of the
Company. Production activities were reduced to the minimum
during the Receiver & Manager's period and during the
appointment of the SA. Subsequently the Company ceased
operations following a Lease Agreement, which was executed on 3
December 1999 between the Company and Amalgamated Composite
Technologies Sdn Bhd (ACT) for the lease of fixed and hire
purchase assets of the Company and Silkprint Industries Sdn Bhd.

On 15 March 2000, the secured creditor of the Company approved a
scheme as proposed by the SA. The SA has prepared a revised
Proposed Corporate and Debt Restructuring Scheme (PRS) for the
Company and approval has been obtained from the SC on 30 August
2000 and 6 November 2000. The PRS was also approved by the FIC
on 9 May 2000 and the MITI on 13 July 2000.

The PRS involves cancellation of the entire share premium
reserves of Sportma, transfer of Sportma's listing status to
Harn Len Corporation Bhd by way of exchanging 10 existing
Sportma shares for one new share in Harn Len, rights issue,
injection of profit generating assets, disposal of non-
synergistic business and liquidation of existing non-viable and
defunct businesses.

As a result, shareholders of Sportma will become shareholders of
Harn Len and Sportma will become a wholly owned subsidiary of
Harn Len. Harn Len will thus become the new ultimate holding
company of Sportma.

Sportma had commenced operations in 1990 producing tennis,
badminton, squash and racquetball racquets for leading brands
such as Wilson, Spalding, Rossignol, Kneissl and Adidas.


TAJO BHD: Proposed Restructuring Exercise Approval Pending
----------------------------------------------------------
On 10 June 2002, Public Merchant Bank Berhad had, on behalf of
Tajo Berhad, made a requisite announcement with regards to
Tajo's plan to regularize its financial condition via the
proposed restructuring exercise (Proposed Restructuring
Exercise). Subsequently, on 10 August 2002, PMBB, had on behalf
of Tajo, made a submission in relation to the Proposed
Restructuring Exercise to the Securities Commission (SC) for its
approval. In addition, Tajo had also submitted its application
for the Proposed Restructuring Exercise to the Ministry of
International Trade and Industry (MITI) and the Foreign
Investment Committee (FIC) on 14 August 2002.

STATUS OF THE PROPOSED RESTRUCTURING EXERCISE

The approvals for the Proposed Restructuring Exercise obtained
to date, are as follows:

  ú The FIC, via its letter dated 3 October 2002; and

  ú The MITI, via its letter dated 8 October 2002.

Currently, the approvals of the SC for the Proposed
Restructuring Exercise is still pending.

Pursuant to the requirement of Paragraph 5.1(c) of PN4, it is
stated that all necessary approvals must be obtained within four
(4) months from the date of submission (i.e. 14 December 2002).

Premised on the above, PMBB, had on behalf of Tajo, made an
application for an extension of time on 11 December 2002 to the
KLSE, seeking its approval for an extension until 31 December
2002 for Tajo to comply with the requirements of Paragraph
5.1(c) of PN4.

As at the date of this announcement, the approval for the
extension of time from the KLSE is still pending.

CONTACT INFORMATION: LG9, Lower Ground Floor
                     Wisma UOA II
                     No 21 Jalan Pinang
                     50450 Kuala Lumpur
                     Tel : 03-21634600
                     Fax : 03-21634700


UNITED CHEMICAL: SPA, CRA Signing Extended to December 20
---------------------------------------------------------
Further to the announcement dated 29 November 2002 in respect of
the Proposed acquisition of subsidiary companies owned by
Perbadanan Kemajuan Negeri Perak (PKNP) (Proposal), United
Chemical Industries Berhad wishes to announce that the time
frame for the signing of the conditional sale and purchase
agreements (SPAs) between UCI and PKNP for the Proposal expired
on 15 December 2002.

Meanwhile, UCI and PKNP have via an exchange of letters dated 16
December 2002, respectively, agreed to extend the time frame for
the signing of the SPAs and Corporate Restructuring Agreement
(CRA) to 20 December 2002.

The SPAs and CRA are purported to formalize the Proposal in
accordance with the terms of the Heads of Agreement (HOA) dated
13 May 2002.

COMPANY PROFILE

The Company (UCI), located in Penang, was set up to manufacture
polypropylene woven bags for flour. Through expansionary
programmers, the Company has increased its production capacity
and presently has modern technological machinery for the
manufacturing of polypropylene/polyethylene cloth and bags. The
raw materials for production are mainly sourced locally. The
Company has an estimated 12% share of the local market. About
80% of the products is sold locally and the balance 20%
comprising substantially polypropylene cloth is exported mainly
to the Netherlands and Australia. Currently, annual production
capacity and output stand at 2,400 m/t and 2,040 m/t
respectively.

In September 1996, the Company entered into a SPA with Sungei
Wang Properties Sdn Bhd (SWP) to acquire Hongkew Holdings (M)
Sdn Bhd. However the SA was subsequently terminated. In late
June 2001, the Company appointed a merchant bank to formulate a
restructuring plan to regularize the Group's financial position.
This followed the Group's write-off of the investment incurred
to acquire Hongkew. To this end, UCI has also appointed a
solicitor to assist the Company in recovering deposits paid to
SWP.

CONTACT INFORMATION: 20th Floor, East Wing
                     IGB Plaza
                     Jalan Kampar
                     Off Jalan Tun Razak
                     50400 Kuala Lumpur
                     Tel : 03-4430411
                     Fax : 03-4439233


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


ATLAS CONSOLIDATED: Reschedules Stockholder's Meeting
-----------------------------------------------------
The Board of Directors of Atlas Consolidated Mining and
Development has approved to postpone the stockholders meeting of
the Corporation from December 20, 2002 to March 31, 2003.

The Troubled Company Reporter-Asia Pacific reported that the
Company posted a net loss of 31.528 million pesos in the first
quarter of this year, versus a net loss of 625.698 million a
year earlier.

The mining firm was established through the merger of assets and
equities of three distinctive companies. These are Masbate
Consolidated Mining Company, IXL Mining Company and the Antamok
Goldfields Mining Company. Its copper minesite is located in
Toledo, Cebu while its gold minesite is in Aroroy, Masbate. The
Company is into mineral and metallic mining and exploration and
primarily produces copper concentrates and gold with silver and
pyrites as major by-products.


BENPRES HOLDINGS: Selling Non-Core Businesses
---------------------------------------------
Benpres Holdings will sell its non-core businesses including its
stake in Manila North Tollways Corporation, in favor of its
power and media interests, AFX Asia said on Tuesday, quoting
Benpres Chief Finance Officer Angel Ong.  The report did not
mention how much its non-core assets will cost.

"We won't be venturing into other sectors outside of power and
media," Ong said.

Benpres has been discussing with creditors, a balance sheet
management plan prepared by financial adviser Credit Suisse
First Boston. Benpres is likely to sell its stake in Manila
North Tollways to unit First Philippine Holdings or a strategic
investor.

Benpres Holdings Corporation widened its net loss to 40.4
percent to 450 million pesos (US$8.44 million) during the nine-
month period ending September, the Troubled Company Reporter-
Asia Pacific reports. The Company is still negotiating with
creditors to restructure nearly US$600 million in debt.


GLASGOW CREDIT: SEC Approves Winding Up Petition
------------------------------------------------
The Securities and Exchange Commission (SEC) has approved
Glasgow Credit and Collection Services, Inc.'s offer to
voluntarily wind up and permanently cease its operations, the
Philippine Star said on Tuesday.

Glasgow President Manuel Roldan Jr. said Glasgow made the
settlement offer in a bid to avoid "protracted litigation which
could adversely affect the firm's some 9,000 creditors."

The payment involving close to 700 million pesos will be
completed by the middle of this month, Roldan said.

The cease-and-desist order (CDO) was issued in July this year
following unverified allegations that the firm might have been
involved in the sale of securities, which was not allowed under
the terms of its incorporation.

Roldan clarified that the offer to settle "does not in anyway
mean an admission of guilt or liability". The firm pointed out
that in contrast to other companies suspected of engaging in the
so-called Ponzi scheme, Glasgow has not been remiss in the
payment of its creditors, nor has it engaged in pyramiding.


MANILA ELECTRIC: Lopez Group Hints it May Part With Firm
--------------------------------------------------------
Oscar Lopez, Chairman of Benpres Holdings Corporation, hinted
that his family is considering the possibility of giving up
Manila Electric Co., the Philippine Daily Inquirer and Dow Jones
reported Monday.

The family is currently dismantling its debt-laden water
concessionaire, Maynilad Water Services Inc., a subsidiary of
Benpres, the Lopez group's listed holding concern.


MANILA ELECTRIC: May Pick Citibank, BPI as Financial Advisors
-------------------------------------------------------------
Manila Electric Co. (Meralco) is likely to appoint Citibank NA
and Bank of the Philippine Islands, its biggest creditors, as
financial advisors, AFX Asia reports, citing Chairman and Chief
Executive Officer Manuel Lopez.

Meralco has created a special committee that will formulate its
long-term viability program as it faces an order from the
Supreme Court to refund over billings to customers from 1994.

"The special committee is most likely to get the biggest
creditors of the Company like Citibank (representing the foreign
creditors) and BPI (for the locals)," Lopez told reporters.

Meralco expects to refund overcharges in the 1994-1998 period to
reach up to 11.5 billion pesos once the Supreme Court refund
ruling becomes final. Meralco has filed a motion for
reconsideration with the Supreme Court on the refund ruling.


NATIONAL STEEL: Creditors Form Special Purpose Vehicle
------------------------------------------------------
Creditors and shareholders of National Steel Corporation have
filed an application incorporating Philippine Newsteel Industry
Inc., which will be made to acquire the firms operating assets,
AFX Asia said on Monday, citing Securities and Exchange
Commission chairwoman Lilia Bautista said.

Philippine Newsteel will decide whether to sell, lease or
operate on its own National Steel's plant in Iligan in Mindanao.
National Steel creditors led by Philippine National Bank earlier
entered into a restructuring agreement with National Steel
shareholders led by Hottick Investments Ltd.


PHILIPPINE REALTY: PSE Halts Trading
------------------------------------
The Philippine Stock Exchange (PSE) has ordered the indefinite
suspension of the trading of the shares of stock of Philippine
Realty and Holdings Corporation (Philrealty), the Manila
Bulletin said on Tuesday.

The suspension comes after the Philrealty unveiled that it has
filed a petition for corporate rehabilitation. Aside from the
planned rehabilitation, Philrealty is also asking the courts to
allow it to suspend debt payments in accordance with a board
resolution adopted on December 11, 2002.

PSE disclosure department head Trisha Zamesa said the PSE will
inform brokers and the investing public of further developments
regarding Philrealty.


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


CHEW EU: AGM Set for December 30
--------------------------------
The Annual General Meeting (AGM) of Chew Eu Hock Holdings
Limited will be held at 58 Kallang Pudding Road, 9th Floor, CEH
Industrial Building, Singapore 349330 on 30 December 2002 at
9.00 a.m. for the following purposes:

AS ORDINARY BUSINESS

1. To receive and adopt the Directors' Report and the Audited
Accounts of the Company for the year ended 31 July 2002 together
with the Auditors' Report thereon. (Resolution 1)

2. To re-elect the following Directors retiring pursuant to the
Company's Articles of Association:

Dr Wang Kai Yuen (Independent Director) (Retiring under Article
91) (Resolution 2)

Chew Eu Hock (Non-executive Director) (Retiring under Article
106) (Resolution 3)

Wong Swee Choo (Executive Director) (Retiring under Article 106)
(Resolution 4)

Wang and Madam Wong will, upon re-election as Directors of the
Company, remain as members of the Audit Committee.

3. To approve the payment of Directors' fees of S$45,000 for the
year ended 31 July 2002 (previous year: S$45,000). (Resolution
5)

4. To re-appoint Messrs Ernst & Young as the Company's Auditors
and to authorize the Directors to fix their remuneration.
(Resolution 6)

AS SPECIAL BUSINESS

To consider and if thought fit, to pass the following
resolutions as Ordinary Resolutions, with or without any
modifications:

5. Authority to allot and issue shares up to 50 percentum (50
percent) of issued capital

"That pursuant to Section 161 of the Companies Act, Cap. 50 and
Rule 806(2) of the Listing Manual of the Singapore Exchange
Securities Trading Limited, the Directors be empowered to allot
and issue shares in the capital of the Company at any time and
upon such terms and conditions and for such purposes as the
Directors may, in their absolute discretion, deem fit provided
that the aggregate number of shares to be allotted and issued
pursuant to this Resolution shall not exceed fifty percentum (50
percent) of the maximum potential issued share capital of the
Company at the time of the passing of this Resolution Maximum
Share Capital, of which the aggregate number of shares to be
issued other than on a pro rata basis to all shareholders of the
Company shall not exceed twenty percentum (20 percent) of the
Maximum Share Capital of the Company and that such authority
shall, unless revoked or varied by the Company in general
meeting, continue in force until the conclusion of the Company's
next Annual General Meeting or the date by which the next Annual
General Meeting of the Company is required by law to be held,
whichever is the earlier." [See Explanatory Note (i)]
(Resolution 7)

6. To transact any other business which may properly be
transacted at an Annual General Meeting.

Explanatory Notes:

(i) The Ordinary Resolution 7 proposed in item 5 above, if
passed, will empower the Directors from the date of the above
Meeting until the date of the next Annual General Meeting, to
allot and issue shares in the Company. The number of shares that
the Directors may allot and issue under this Resolution would
not exceed fifty percentum (50 percent) of the Maximum Share
Capital of the Company at the time of the passing of this
resolution. For issue of shares other than on a pro rata basis
to all shareholders, the aggregate number of shares to be issued
shall not exceed twenty percentum (20 percent) of the Maximum
Share Capital of the Company.

The Maximum Share Capital is the maximum potential share capital
of the Company at the date the proposed Ordinary Resolution is
passed (taking into account the conversion or exercise of any
convertible securities and employee share options on issue at
the time this proposed Ordinary Resolution is passed, which were
issued pursuant to previous shareholders' approval), adjusted
for any subsequent consolidation or subdivision of shares.

Notes:

1. A Member entitled to attend and vote at the Annual General
Meeting (the "Meeting is entitled to appoint a proxy to attend
and vote instead of him/her/it. A proxy need not be a Member of
the Company.

2. If the appointer is a corporation, the instrument appointing
a proxy must be executed under seal or the hand of its duly
authorized officer or attorney.

3. The instrument appointing a proxy must be deposited at the
Registered Office of the Company at 58 Kallang Pudding Road, 9th
Floor, CEH Industrial Building, Singapore 349330 not less than
48 hours before the time for holding the Meeting.


FHTK HOLDINGS: Chief Financial Officer Resigns
----------------------------------------------
The Board of Directors of FHTK Holdings Limited announced that
the resignation of Paul Loh Kok Seng as Chief Financial Officer
with effect from 31 December 2002 and the appointment of Ms Chow
Siew Hwa in replacement with effect from 16 December 2002.

Reference is made to the announcement by FHTK Holdings Ltd. on 1
October 2001 regarding completion of the Company's Debt
Restructuring Exercise. The Development Bank of Singapore
Limited is one of the Group's Creditor Banks referred to in the
announcement. A total of 74,942,047 ordinary shares of S$0.05
each in the capital of the Company (the Conversion Shares) have
been issued to The Development Bank of Singapore Limited
pursuant to the Company's Debt Restructuring Exercise. The
Conversion Shares represent approximately 6.09 percent of the
total outstanding shares of the Company.


NATSTEEL LIMITED: Posts Notice of Director's Interest
-----------------------------------------------------
Natsteel Limited posted a notice of changes in Director Ang Kong
Hua's interest:

Date of notice to Company: 17 Dec 2002
Date of change of interest: 16 Dec 2002
Name of registered holder: Ang Kong Hua

Circumstance(s) giving rise to the interest: Others
Please specify details: Exercise of options under NatSteel Share
Option Scheme for the purpose of tendering, disposing or selling
to 98 Holdings Pte. Ltd. and its shareholders pursuant to the
terms of the Participation Agreement.

Shares held in the name of registered holder
No. of options of the change: (1,500,000)
% of issued share capital:
Amount of consideration per share excluding brokerage,GST,stamp
duties,clearing fee: NA
No. of options held before change: 2,850,000
% of issued share capital:
No. of options held after change: 1,350,000
% of issued share capital:

Holdings of Director including direct and deemed interest
                                   Deemed Direct
No. of options held before change:       2,850,000
% of issued share capital:
No. of options held after change:        1,350,000
% of issued share capital:
Total shares:


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


ITALIAN-THAI: Bankruptcy Court Terminates Rehabilitation Plan
-------------------------------------------------------------
The Central Bankruptcy Court granted the order for approval of
the Business Rehabilitation Plan of Italian-Thai Development
Public Co., Ltd. on April 4th, 2002, which the Company has
proceeded the rehabilitation process as stipulated in the
Plan.

Presently, the Company has achieved performance according to the
Plan thus the Central Bankruptcy Court has ordered on December
16, 2002 to terminate the Business Rehabilitation  Process.

After the cancellation of the Business Rehabilitation, the
Company is pleased to announce its new set of officers:

   1. The Board of Directors are:

      - Dr. Chaijudh  Karnasuta         Chairman
      - Pol.Lt Chartachai Bunya-ananta  Independent Director
      - Mr. Premchai  Karnasuta         Director
      - Mrs. Nijaporn Charanachitta     Director
      - Mr. Adisorn Charanachitta       Director
      - Dr. Mingsarn Kaosa-ard          Independent Director
      - Dr. Krisorn  Jittorntrum        Independent Director

   2. The Audit Committee are:

      - Pol.Lt Chartachai Bunya-ananta  Audit Committee Chairman
      - Dr. Mingsarn Kaosa-ard          Audit Committee member
      - Dr. Krisorn Jittorntrum         Audit  Committee  member


KGI SECURITIES: Restructuring Could Negatively Affect Cash Flow
---------------------------------------------------------------
TRIS Rating Co., Ltd. has announced that it will review the
rating of KGI Securities (Thailand) PLC after KGI's board of
directors revealed a plan to restructure the company's capital
that proposes to return Bt2.50 per share to shareholders. TRIS
Rating said it is concerned that the proposed plan could
negatively impact the company's cash flow.

KGI's proposed restructuring is conditional and needs approval
of an Extraordinary General Meeting (EGM) of shareholders
scheduled for 9 January 2003 and of the Securities and Exchange
Commission (SEC), which is expected to hear SEC's decision no
later than 20 February 2003.

TRIS Rating said it is in the process of conducting an extensive
review of KGI's credit rating that takes into consideration
KGI's improved performance for this year and the impact of the
proposed restructuring plan.  TRIS Rating said it will issue a
CreditUpdate to KGI's company rating after the SEC rules on the
company's proposed plan. The current company rating of KGI is
"BBB-".


MILLENNIUM STEEL: SET Lists New Securities
------------------------------------------
The Stock Exchange of Thailand (SET) has granted
a listing of Certificates representing the rights to
purchase shares (warrants No.1and No.2) of Millennium
Steel Public Company Limited from December 18, 2002.

The SET has set warrants No.1 and No.2 of Millennium
Steel Public Company Limited, amounting to 1,068,328,082
units and 1,499,779,189 units respectively, to be traded on
the SET under the sector of warrants to subscribe to common
shares using the trading name of "MS-W1" and "MS-W2"
respectively commencing from December 18, 2002 onwards.

Please see the Description, Condition and Major
Characteristics of Warrants to Purchase Ordinary Shares No.1
and No.2 of Millennium Steel Public Company Limited at
http://www.set.or.th/set/en/news/news_u6.jsp?index=7&origin=u3&m
ode=next&aTimeInsert=2002-12-
17+08%3A28%3A45.123456789&headLine=&startDate=&stopDate=&symbol=
BEC.


PRASIT PATANA: Discloses Securities Sale Report
-----------------------------------------------
PricewaterhouseCoopers Corporate Restructuring Limited, as the
Plan Administrator of Prasit Patana Public Company Limited,
disclosed the Report of Sale of Securities:

1. Information on Share Swap

   Type of Share Swap    :   Common Shares
   Volume of Shares      :   1,639,276 Shares

   The Rehabilitation Plan of Prasit Patana Pcl.(PYT) stipulates
that minority shareholders of Phyathai 2 Hospital Company
Limited (PYT2) and Phyathai 3 Hospital Company Limited (PYT3)
have an option to swap their common shares with common shares of
PYT at ratios of 1.1746 and 0.37114  common shares respectively
for each PYT common share at the transfer price of 10 Baht /
share PYT issued shares to the shareholders of PYT2 and PYT3 who
exercised their swap option on 11th  December 2002

2. Result of Share Swap

   The share swap is a condition stipulated in the plan of PYT.
The shareholders of PYT 2 and PYT 3 have exercised  their swap
option as follows:

Minority shareholders at PYT 2 will receive 65,589 shares
Minority shareholders at PYT 3 will receive 673,687 shares
Total PYT shares to be received by minority shareholders
1,639,276 shares

3. Shares swap Information

         Thai Investors         Foreign Investors      Total

      Legal Entity   Individual  Legal Entity  Individual
#  of
Shareholders  3         335          0       1           339

#  of PYT shares to be received
from share swap
             106,845   1,531,256     0      1,175     1,639,276


4. Proceeds received from share swap

   No cash proceeds were received for the share swaps.  Minority
shareholders of PYT 2 and PYT 3 swapped their shares with those
of PYT.


THAI PETROCHEMICAL: Plan Administrator Confirms One-Month Bonus
---------------------------------------------------------------
Effective Planners Limited, a wholly owned subsidiary of Ferrier
Hodgson, a leading accounting, financial restructuring and
recovery firm, confirmed on Monday that Thai Petrochemical
Industry Public Company Limited (TPI) will pay at least a one
month bonus for 2002 to all TPI staff.  The bonus payment will
be made on January 2, 2003.

The 2002 bonus scheme, agreed to between EPL, TPI's management
and TPI's union representatives, guarantees a minimum of one
month's bonus for all TPI staff if TPI meets its annual earnings
targets. The program allows for the bonus to be increased on a
pro-rata basis to the extent TPI exceeds its annual budgeted
earnings target.

The announcement of at least one month's bonus is a result of
the strong expectation that TPI will meet its budgeted earnings
target of US$154 million this year.

Projected budgets are prepared annually based on up-to-date
information and are not directly related to the original
earnings projections outlined in TPI's rehabilitation plan which
were prepared several years ago.

These bonus payments will be made to employees of those TPI
companies in which Effective Planners Limited is currently
acting as Plan Administrator.

In an agreement reached earlier this year EPL, TPI's management
and the company's unions, determined that bonuses for TPI staff
were to be applied for the first time according to a
performance-based matrix focused on targeted and realized EBITDA
for each year.

EPL has approved bonus payments  to all TPI staff in all of the
years in which it has served as Plan Preparer/Plan Administrator
of TPI.

No bonuses were paid to any TPI executives in any the three
years preceding EPL becoming the court sanctioned Plan Preparer
of TPI.

"Even with TPI's tight financial situation and margins for the
majority of its products at ten year lows, we believed it was
important to once again reiterate our appreciation to all TPI
staff for their dedication and support of our management of the
company, especially in these difficult market conditions. This
current system clearly rewards all employees for their daily
cooperation in rebuilding TPI and in assisting the company in
meeting its earnings targets," said Mr Peter Gothard, Managing
Director at Effective Planners Limited.

Effective Planners Limited is the Plan Administrator of Thai
Petrochemical Industry Public Company Limited and is a wholly-
owned subsidiary of Ferrier Hodgson.  Ferrier Hodgson operates
throughout Australia and specializes in financial restructuring,
corporate recovery, insolvency management and related services.
Ferrier Hodgson established a Bangkok office in March 1998.
Since then, the firm has developed a solid and growing presence
in Bangkok with 60 specialists in diverse sectors including
banking, petrochemical, telecommunications, hotel, property and
transportation. In Thailand, Ferrier Hodgson has been involved
in projects acting for creditors (including major bank lenders)
and shareholders, with the total financial debts of transactions
exceeding USD 12 billion.

CONTACT INFORMATION: Aziam Burson-Marsteller
                     Khun James/Waraporn/ Satida
                     Tel. 252-9871-7


UNITED CENTER: Files Business Reorganization Petition
-----------------------------------------------------
Real estate rental United Center Company Limited (DEBTOR)'s
Petition for Business Reorganization was filed to the Central
Bankruptcy Court:

   Black Case Number 513/2544

   Red Case Number 717/2544

Petitioner : UNITED CENTER COMPANY LIMITED

Debts Owed to the Petitioning Creditor : 4,140,590,388.03 Baht

Date of Court Acceptance of the Petition : June 18, 2001

Date of Examining the Petition: July 16, 2001 at 9.00 AM; the
objection may be filed with the Central Bankruptcy Court not
less than three days prior to the trial date

Court postponed the Date of Examining the Petition to August 25,
2001

Court had issued an Order Canceling the Petition for Business
Reorganization: August 29, 2001

Contact : Mrs. Bang - Orn Tel, 6792525 ext. 112


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
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USA, and Beard Group, Inc., Washington, DC USA. Lyndsey Resnick,
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Copyright 2002.  All rights reserved.  ISSN: 1520-9482.

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                 *** End of Transmission ***