/raid1/www/Hosts/bankrupt/TCRAP_Public/030102.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

           Thursday, January 2, 2003, Vol. 6, No. 1

                         Headlines

A U S T R A L I A

EFTNET TECHNOLOGIES: Company Secretary Ken Jackson Resigns
FLOWCOM LIMITED: Discloses AGM Results
KINGSTREAM STEEL: Changes Registered Address
SUNDOWNER GROUP: Restructures, Reorganizes Capital
SYDNEY GAS: Discloses Deed of Restructuring Notice

TELEVISION & MEDIA: Releases November 2002 Report


C H I N A   &   H O N G  K O N G

CHINA GAS: H102 Net Loss Grows to HK$13.88M
DAH HWA: Posts Results Announcement Summary
DASA RONO: Winding Up Hearing Scheduled in January
E-LIFE INTERNATIONAL: Incurs Operations Loss of HK$16.52M
EU-AMEX CELLARS: Winding Up Sought by Zeta Estates

GEMAN ENTERPRISES: Winding Up Petition Pending
GREAT WALL: Messrs. S.W. Wu & Co Replaces E&Y as Auditors
HK PARKVIEW: Loss Escalates to HK$14.4M
INNOVATIVE INTERNATIONAL: Consolidates Shares
PREMIUM LAND: Operations Loss Widens to HK$98.34M

SINOLION INTERNATIONAL: Hearing of Winding Up Petition Set
SKYNET INTERNATIONAL: Winding Up Petition Set for January 15
WIN CONCEPT: Winding Up Petition to be Heard


J A P A N

FUJITSU LIMITED: Transfers Printer Operations to Fuji Xerox  
HITACHI LIMITED: Signs Joint Venture Deal With Mitsubishi
MITSUBISHI PAPER: R&I Downgrades Rating to BBB-
NTT DOCOMO: Acquires Additional Shares in Access
RESONAL HOLDINGS: Unit Subscribes to New Shares

TOYO COMMUNICATION: R&I Downgrades Rating to BBB-


K O R E A

CHOHUNG BANK: S&P Places Ratings on Watch Positive
HYNIX SEMICONDUCTOR: Creditors Set Stage for BOE Acquisition
HYUNDAI MOTOR: ESOP Union Calls for Auditor Change  


M A L A Y S I A

BESCORP INDUSTRIES: Originating Summons Served On Waktu Cerah
CHASE PERDANA: Court Grants Unit Liberty to Withdraw Scheme
EMICO HOLDINGS: SC Extends Time for Proposal Completion
ESPRIT GROUP: Passes All Resolutions at 8th AGM
GULA PERAK: Soo Kok Re-designated as Executive Director

HOTLINE FURNITURE: Unit Faces Winding Up Petition From ISSB
LINGUI DEVELOPMENT: Rating Watch Changed to Developing Outlook
MOL.COM BERHAD: EGM Scheduled January 13
NALURI BERHAD: Replies to KLSE's Query
PLANTATION & DEVELOPMENT: MITI OKs Restructuring Scheme

RASHID HUSSAIN: Fully Redeems RM800M Secured Bonds
SOUTH MALAYSIA: Issues Restructuring Compliant RCSLS Bonds
SRIWANI HOLDINGS: Proposes Employees' Share Option Scheme
TAI WAH: Re-election of Director Bin Tambi Approved at AGM
TAP RESOURCES: SC Approves Debt Restructuring Proposals


P H I L I P P I N E S

BAYANTEL: In Talks With Potential JV Partner
BENPRES HOLDINGS: Enters Agreement With FPHC


S I N G A P O R E

PRESSCRETE HOLDINGS: Seeking Shareholder's OK for Acquisition
TSIT WING: Striking Off Dormant Unit


T H A I L A N D

CENTRAL PAPER: Discloses Warrant Exercise Results
EMC PUBLIC: Issuing Ordinary Shares to Creditor Ayudhya  
HEMARAJ LAND: Reaches Debt Settlement With Bangkok Capital
KRISDAMAHANAKORN PUBLIC: Posts Rehab Plan Progress
T.C. ALPHA: Reorganization Petition Filed in Bankruptcy Court

     -  -  -  -  -  -  -  -

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


EFTNET TECHNOLOGIES: Company Secretary Ken Jackson Resigns
----------------------------------------------------------
Eftnet Technologies Limited advised that Mr Mark William Maine
has been appointed as Company Secretary effective immediately
following the resignation of Mr Ken Jackson from that position.

The Troubled Company Reporter - Asia Pacific reported Thursday
that the Company has, on 23 December 2002, settled with
Pracom Technical Services Pty Ltd the acquisition of the
business of that company in accordance with the terms of the
Business Sale Agreement dated 1 November 2002.


FLOWCOM LIMITED: Discloses AGM Results
--------------------------------------
As required by section 251AA(2) of the Corporations Act the
following statistics are provided in respect to each motion on
the agenda. In respect to each motion the total number of votes
exercisable by all validly appointed proxies was:

ACCOUNTS

Votes where the proxy directed to vote 'for' the motion   
18,096,942
Votes where the proxy was directed to vote 'against' the motion
41,900
Votes where the proxy may exercise a discretion on how to vote
307,550

In addition, the number of votes where the proxy was directed to
abstain from voting on the motion was 230,000. The motion was
carried on a show of hands as an ordinary resolution.

RE-ELECT EDWIN FRANCIS GOODWIN

Votes where the proxy directed to vote 'for' the motion
18,213,942
Votes where the proxy was directed to vote 'against' the motion
45,900
Votes where the proxy may exercise a discretion on how to vote
317,550

In addition, the number of votes where the proxy was directed to
abstain from voting on the motion was 99,000. The motion was
carried on a show of hands as an ordinary resolution.


KINGSTREAM STEEL: Changes Registered Address
--------------------------------------------
Kingstream Steel Limited (Subject To Deed Of Company
Arrangement) has relocated its registered offices to:

     Ground Floor, 10 Ord Street
     West Perth WA 6005

The Company's e-mail address, phone and facsimile numbers remain
unchanged.

On 15 April 2002, the Troubled Company Reporter - Asia Pacific
reported that Mr B Hughes, Joint and Several Deed Administrator
of the Company, advised that the Company entered into an
agreement for the sale of it's Mining Leases, an Exploration
Lease, General Purpose Leases and Miscellaneous Licenses
covering the Tallering Peak Iron Ore Body.


SUNDOWNER GROUP: Restructures, Reorganizes Capital
--------------------------------------------------
The Sundowner Group restructuring and reorganization of capital
is progressing in accordance with the timetable previously
released to the market on 18 December 2002.

The Group confirms that each investor's proportionate level of
shareholding will remain unchanged following:

   * the unstapling of the shares and the units currently on
issue in the Group; and

   * the redemption of units currently on issue in the Trust.

The Group also confirms that the consideration for the
redemption of the units in the Trust will be one new share in
Sundowner Motor Inns Limited for each unit that is redeemed and
the Trust will then be a wholly owned subsidiary of the Company.

In other words, upon completion of the redemption of existing
units in the Trust, security holders will no longer hold units
in the Trust but have twice the number of shares in Sundowner
Motor Inns Limited as compared to the number of shares they
respectively held before the restructure.


SYDNEY GAS: Discloses Deed of Restructuring Notice
--------------------------------------------------
In accordance with the approval of shareholders at the annual
general meeting held on 4 December 2002 Sydney Gas Company NL
has issued 1,250,000 fully paid ordinary shares to each of
Mandolin Pty Ltd, Mangalore Nominees Ltd and Lateral Nominees
Pty Ltd. The shares issued to Lateral Nominees Pty Ltd are
subject to a restriction agreement under the Listing Rules of
the Australian Stock Exchange Limited for a period of 12 months
from 24 December 2002.

Sydney Gas Company NL advises that there is no information to be
disclosed of the kind that would be required to be disclosed
under subsection 713(5) of the Corporations Act 2001 if a
prospectus were to be issued in reliance on section 713 in
relation to an offer of the securities.

Attached below is Appendix 3B relating to the issue.

                            APPENDIX 3B
                        NEW ISSUE ANNOUNCEMENT

APPLICATION FOR QUOTATION OF ADDITIONAL SECURITIES AND AGREEMENT

Information or documents not available now must be given to ASX
as soon as available.  Information and documents given to ASX
become ASX's property and may be made public.

Introduced 1/7/96. Origin Appendix 5. Amended 1/7/98, 1/9/99,
1/7/2000.

Name of Entity
Sydney Gas Company NL

ACN or ARBN
93 003 324 310

We (the entity) give ASX the following information.


PART 1 - ALL ISSUES
You must complete the relevant sections (attach sheets if
there is not enough space).

1. Class of securities issued          Fully paid ordinary
shares or to be issued                                                  

2. Number of securities issued         3,750,000
   or to be issued (if known)                                       
   or maximum number which                                          
   may be issued                                                    

3. Principal terms of the securities   -
   (eg, if options, exercise price                                  
   and expiry date; if partly paid                                  
   securities, the amount                                           
   outstanding and due dates for                                    
   payment; if convertible securities,                              
   the conversion price and dates                                   
   for conversion)                                                  

4. Do the securities rank equally      Yes
   in all respects from the date                                    
   of allotment with an existing                                    
   class of quoted securities                                       

   If the additional securities                                     
   do not rank equally, please                                      
   state:                                                           
   * the date from which they do                                    
   * the extent to which they                                       
     participate for the next                                       
     dividend, (in the case of                                      
     a trust, distribution) or                                      
     interest payment                                               
   * the extent to which they do                                    
     not rank equally, other than                                   
     in relation to the next                                        
     dividend, distribution or                                      
     interest payment                                               

5. Issue price or consideration     Nil cash consideration

6. Purpose of the issue (if         Under Deed of Restructure as
   issued as consideration for      approved by shareholders at
   the acquisition of assets,       the annual general meeting
   clearly identify those           held on 04/12/2002
   assets)                                                          

7. Dates of entering securities        24/12/2002
   into uncertified holdings                                        
   or dispatch of certificates                                      
                                       
                                    NUMBER  CLASS
8. Number and class of all     122,894,189  Issued fully paid
   securities quoted on                     ordinary shares
   ASX (including the           15,506,053  Convertible Notes
   securities in clause                     01/04/2006
   2 if applicable)             976,332  Options exercisable at
                                            $0.60 expiring
                                            02/02/2004

                                      NUMBER  CLASS
9. Number and class of all        52,620,162  Various Options
   securities not quoted                      exercisable at
$0.20 to
   on ASX (including the                      $1.00 per share
   securities in clause 2                     expiring between
   if applicable)                             16/12/2002 and
                                              05/02/2005
                                14,750,000  Fully paid ordinary
                                            shares that may be
                                            issued by placement
                                            under a Subscription
                                            Agreement
                                 6,637,500  Various options that
                                         will be granted subject
                                          to placement of shares
                                          under a Subscription
                                          Agreement

10.Dividend policy (in the case        No change
   of a trust, distribution                                         
   policy) on the increased                                         
   capital (interests)                                              

PART 2 - BONUS ISSUE OR PRO RATA ISSUE

Items 11 to 33 are Not Applicable

PART 3 - QUOTATION OF SECURITIES
You need only complete this section if you are applying for
quotation of securities
     
34. Type of securities (tick one)

    (a) X  Securities described in Part 1

    (b)    All other securities

Example: restricted securities at the end of the escrowed
period, partly paid securities that become fully paid, employee
incentive share securities when restriction ends, securities
issued on expiry or conversion of convertible securities

Entities that have Ticked Box 34(a)

Additional Securities Forming a New Class of Securities
(If the additional securities do not form a new class, go to 43)
Tick to indicate you are providing the information or documents

35.     If the securities are equity securities, the names of
        the 20 largest holders of the additional securities,
        and the number and percentage of additional securities
        held by those holders

36.     If the securities are equity securities, a distribution
        schedule of the additional securities setting out the
        number of holders in the categories
         1 - 1,000
         1,001 - 5,000
         5,001 - 10,000
         10,001 - 100,000
         100,001 - and over

37.    A copy of any trust deed for the additional securities
(now go to 43)

    Entities that have Ticked Box 34 (b)

    Items 38 to 42 are Not Applicable

ALL ENTITIES

Fees

43. Payment method (tick one)

Cheque attached

Electronic payment made
Note: Payment may be made electronically if Appendix 3B is
given to ASX electronically at the same time.
    
Periodic payment as agreed with the home branch has been
arranged
Note: Arrangements can be made for employee incentive
schemes that involve frequent issues of securities.

QUOTATION AGREEMENT

1.  Quotation of our additional securities is in ASX's absolute
discretion. ASX may quote the securities on any conditions it
decides.

2.  We warrant the following to ASX.

    *   The issue of the securities to be quoted complies with
the complies with the law and is not for an illegal purpose.

    *   There is no reason why those securities should not be
granted quotation.

    *   An offer of the securities for sale within 12 months
after their issue will not require disclosure under section
707(3) or section 1012C(6) of the Corporations Act.

    *   Section 724 or section 1016E of the Corporations Act
does not apply to any applications received by us in relation to
any securities to be quoted and that no-one has any right to
return any securities to be quoted under sections 737, 738 or
1016F of the Corporations Act at the time that we request that
the securities be quoted.

    *   We warrant that if confirmation is required under
section 1017F of the Corporations Act in relation to the
securities to be quoted, it has been provided at the time that
we request that the securities be quoted.

    *   If we are a trust, we warrant that no person has the
right to return the securities to be quoted under section 1019B
of the Corporations Act at the time that we request that the
securities be quoted.
        
3.  We will indemnify ASX to the fullest extent permitted by law
in respect of any claim, action or expense arising from or
connected with any breach of the warranties in this agreement.

4.  We give ASX the information and documents required by this
form. If any information or document not available now, will
give it to ASX before quotation of the securities begins. We
acknowledge that ASX is relying on the information and
documents. We warrant that they are (will be) true and complete.


TELEVISION & MEDIA: Releases November 2002 Report
-------------------------------------------------
Television & Media Services Limited, in accordance with the
Australia Stock Exchange Listing Rules, disclosed its November
report for year 2002. Go to
http://www.bankrupt.com/misc/TCRAP_TMS0102.pdfto see a copy of  
the report.

The Troubled Company Reporter - Asia Pacific reported on
December 27 that the Company has transferred all of the shares
in the under performing Val Morgan and MEG Australian, New
Zealand and South American cinema advertising businesses
(Advertising Businesses) to major creditors of the Advertising
Business (being the cinema exhibitors Hoyts, Greater Union and
Village) in return for the release of existing and future
liabilities under cinema advertising agreements.


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


CHINA GAS: H102 Net Loss Grows to HK$13.88M
-------------------------------------------
Dragged down by a HK$9.23 million impairment loss from
investments in securities and a HK$6.1 million amortization of
goodwill, China Gas Holdings Limited's net loss grew to HK$13.88
million during the first half ended September 30 from HK$1.07
million a year ago.

Below is its interim financial report:

Year end date: 31/03/2003
Currency: HKD
Auditors' Report: N/A
Review of Interim Report by: Auditors

                                               (Unaudited)
                             (Unaudited)        Last
                             Current            Corresponding
                             Period             Period
                             from 01/04/2002    from 01/04/2001
                             to 30/09/2002      to 30/09/2001
                             Note  ('000)       ('000)
Turnover                           : 4,950              721               
Profit/(Loss) from Operations      : (12,200)           (1,158)           
Finance cost                       : N/A                N/A               
Share of Profit/(Loss) of
  Associates                       : (811)              N/A               
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A               
Profit/(Loss) after Tax & MI       : (13,882)           (1,069)           
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.0157)           0.0044            
         -Diluted (in dollars)     : N/A                N/A               
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
Profit/(Loss) after ETD Items      : (13,882)           (1,069)           
Interim Dividend                   : NIL                NIL               
  per Share                                                               
(Specify if with other             : N/A                N/A               
  options)                                                                
                                                                          
B/C Dates for
  Interim Dividend                 : N/A          
Payable Date                       : N/A       
B/C Dates for (-)            
  General Meeting                  : N/A          
Other Distribution for             : N/A           
  Current Period                     
                                     
B/C Dates for Other
  Distribution                     : N/A          

Remarks:
          
1.  Loss from operation has been arrived at after charging of
impairment loss of HK$6,100,000 (six months ended September 30,
2001: Nil) in respect of investments in securities.

2.  The calculation of basic loss per share is based on the
unaudited net loss for the period of HK$13,882,000 (six months
ended September 30, 2001: HK$1,069,000) and on 883,625,183 (six
months ended September 30, 2001: 240,440,268) weighted average
number of ordinary shares outstanding during the period.  The
computation of diluted loss per share does not assume the
exercise of potential ordinary shares since their exercise would
be anti-dilutive.


DAH HWA: Posts Results Announcement Summary
-------------------------------------------
Leather apparel maker Dah Hwa International (Holdings) Limited
narrowed its loss to HK$7.62M for the six months ended September
against HK$15.2M a year earlier. Below is a copy of its
financial interim report:

Year end date: 31/03/2003
Currency: HKD
Auditors' Report: N/A
Review of Interim Report by: Audit Committee
                                                (Unaudited)
                              (Unaudited)        Last
                              Current            Corresponding
                              Period             Period
                              from 01/04/2002    from 01/04/2001
                              to 30/09/2002      to 30/09/2001
                              Note  ($)          ($)
Turnover                       : 76,283,373         88,482,213        
Profit/(Loss) from Operations  : (6,215,374)        (17,033,826)      
Finance cost                   : (1,405,022)        (2,471,350)       
Share of Profit/(Loss) of
  Associates                   : N/A                4,777,034         
Share of Profit/(Loss) of
  Jointly Controlled Entities  : N/A                N/A               
Profit/(Loss) after Tax & MI   : (7,620,396)        (15,202,819)      
% Change over Last Period      : N/A       %
EPS/(LPS)-Basic (in dollars)   : (0.0101)           (0.0206)          
         -Diluted (in dollars) : N/A                N/A               
Extraordinary (ETD) Gain/(Loss): N/A                N/A               
Profit/(Loss) after ETD Items  : (7,620,396)        (15,202,819)      
Interim Dividend               : N/A                N/A               
  per Share                                                               
(Specify if with other         : N/A                N/A               
  options)                                                                
                                                                          
B/C Dates for
  Interim Dividend             : N/A          
Payable Date                   : N/A       
B/C Dates for (-)            
  General Meeting              : N/A          
Other Distribution for         : N/A           
  Current Period                     
                                     
B/C Dates for Other
  Distribution                 : N/A          


DASA RONO: Winding Up Hearing Scheduled in January
--------------------------------------------------
The High Court of Hong Kong will hear on February 5, 2003 at
9:30 in the morning the petition seeking the winding up of Dasa
Rono Bags Company Limited.

Hop Luen Enterprises Limited of Top Floor, Chinachem Golden
Plaza, 77 Mody Road, Tsimshatsui East, Kowloon, Hong Kong. Ford,
Kwan & Company represents the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Ford, Kwan &
Company, Solicitors for the Petitioner, Suites 1505-8, Chinachem
Golden Plaza, 77 Mody Road, Tsimshatsui East, Hong Kong.


E-LIFE INTERNATIONAL: Incurs Operations Loss of HK$16.52M
---------------------------------------------------------
E-Life International Limited announced on 27/December/2002:
(stock code: 00370 )
Year end date: 31/03/2003
Currency: HKD
Auditors' Report: N/A
Review of Interim Report by: Both Audit Committee and Auditors
                                                (Unaudited)
                              (Unaudited)        Last
                              Current            Corresponding
                              Period             Period
                              from 01/04/2002    from 01/04/2001
                              to 30/09/2002      to 30/09/2001
                              Note  ('000)       ('000)
Turnover                           : 7,878              38,614            
Profit/(Loss) from Operations      : (16,524)           (14,247)          
Finance cost                       : (2)                N/A               
Share of Profit/(Loss) of
  Associates                       : (615)              (134)             
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A               
Profit/(Loss) after Tax & MI       : (17,093)           (14,771)          
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.004)            (0.0144)          
         -Diluted (in dollars)     : N/A                N/A               
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
Profit/(Loss) after ETD Items      : (17,093)           (14,771)          
Interim Dividend                   : NIL                NIL               
  per Share                                                               
(Specify if with other             : N/A                N/A               
  options)                                                                
                                                                          
B/C Dates for
  Interim Dividend                 : N/A          
Payable Date                       : N/A       
B/C Dates for (-)            
  General Meeting                  : N/A          
Other Distribution for             : N/A           
  Current Period                     
                                     
B/C Dates for Other
  Distribution                     : N/A          


EU-AMEX CELLARS: Winding Up Sought by Zeta Estates
--------------------------------------------------
Zeta Estates Limited is seeking the winding up of Eu-Amex
Cellars Limited. The petition was filed on November 19, 2002,
and will be heard before the High Court of Hong Kong on January
10, 2003 at 10:00 am.

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


GEMAN ENTERPRISES: Winding Up Petition Pending
----------------------------------------------
Geman Enterprises Limited is facing a winding up petition, which
is slated to be heard before the High Court of Hong Kong on
January 22, 2003 at 9:30 in the morning.

The petition was filed on November 8, 2002 by Pang Chau Yee of
Flat G, 31/F., Block 1, Goodrich Garden, Tuen Mun, New
Territories, Hong Kong.  


GREAT WALL: Messrs. S.W. Wu & Co Replaces E&Y as Auditors
---------------------------------------------------------
The Board of Directors of Great Wall Cybertech Limited announces
that the year end date of the Company has been changed from 31st
March to 31st December with immediate effect following an
ordinary resolution passed at the Annual General Meeting held on
29 November 2002. As a result, the current financial year end
date has been changed from 31st March to 31st December from the
financial year ending 31st December 2002. The principal
activities of the Company and its subsidiaries and associates
are carried on businesses in the People's Republic of China and
the subsidiaries and associates in the PRC are having their
financial year end date of 31 December. Accordingly the changing
of the year end date of the Company from 31 March to 31 December
will facilitate the preparation of accounts of the Company and
its subsidiaries.

The Board also announces that at the Annual General Meeting of
the Company held on 29 November 2002, the retiring auditors ,
Messrs. Ernst & Young were not re-elected by the shareholders to
hold the office as auditors of the Company. In this respect,
there was a causal vacancy due to the retirement of the  
Auditors.

The Board announces that at a directors' meeting held on 20
December 2002, Messrs. S.W. Wu & Co., CP Limited was appointed
as auditors of the Company to fill the causal vacancy with
immediate effect in place of the retiring auditors, Messrs.
Ernst & Young, and will hold office until the next Annual
General Meeting at a fee to be agreed with the Directors.

The Company will issue its interim results announcement for the
six months ended 30 September 2002 on 31 December 2002. In
addition, the first set of audited financial statements of the
Company after the change of financial year end date will be for
the year ending 31 December 2002. The Company will publish its
preliminary results on or before 30 April 2003.


HK PARKVIEW: Loss Escalates to HK$14.4M
---------------------------------------
Hong Kong Parkview Group Limited, mainly engaged in property
development and investment, widened its loss to HK$14.5 million
for the first half ended September 30 from a year earlier, on
plunging turnover.  Revenue dipped to HK$20.81 million from
HK$69.9 million. Below is a summary of its financial results:

(stock code: 00207 )
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  
                             Note  ($)          ($)
Turnover                       : 20,811,036         69,903,776        
Profit/(Loss) from Operations  : (9,427,243)        (12,990,082)      
Finance cost                   : (64,013)           (924,269)         
Share of Profit/(Loss) of
  Associates                   : (5,203,060)        (1,672,082)       
Share of Profit/(Loss) of
  Jointly Controlled Entities  : N/A                N/A               
Profit/(Loss) after Tax & MI   : (14,498,055)       (13,120,688)      
% Change over Last Period      : N/A       %
EPS/(LPS)-Basic (in dollars)   : (0.0271)           (0.0245)          
         -Diluted (in dollars) : N/A                N/A               
Extraordinary (ETD) Gain/(Loss): N/A                N/A               
Profit/(Loss) after ETD Items  : (14,498,055)       (13,120,688)      
Interim Dividend               : Nil                Nil               
  per Share                                                               
(Specify if with other         : N/A                N/A               
  options)                                                                
                                                                          
B/C Dates for
  Interim Dividend             : N/A          
Payable Date                   : N/A       
B/C Dates for (-)            
  General Meeting              : N/A          
Other Distribution for         : N/A           
  Current Period                     
                                     
B/C Dates for Other
  Distribution                 : N/A          

Remarks:

Loss per share

The calculation of loss per share is based on the consolidated  
loss for the year of HK$14,498,055 (2001: loss of HK$13,120,688)
and on 535,359,258 (2001: 535,359,258) ordinary shares in issue
during the year.


INNOVATIVE INTERNATIONAL: Consolidates Shares
---------------------------------------------
Innovative International (Holdings) Limited requested market
participants to note that its shareholders have approved the
consolidation of shares on the basis of 20 then existing
ordinary shares ("Old Shares") of INNOVATIVE INTL into 1 new
ordinary shares ("New Shares").  

Effective from Tuesday (31/12/2002), a temporary counter under
stock code 2903 and stock short name "INNOVATIVE INTL" will be
established for trading in board lots of 100 New Shares each to
replace the previous counter (stock code: 729) for trading in
board lots of 2,000 Old Shares each.


PREMIUM LAND: Operations Loss Widens to HK$98.34M
-------------------------------------------------
Premium Land Limited announced on 24 December 2002:

(stock code: 00164 )
Year end date: 31/03/2003
Currency: HKD
Auditors' Report: N/A
Review of Interim Report by: Audit Committee
                                                (Unaudited)
                             (Unaudited)       Last
                              Current            Corresponding
                              Period             Period
                              from 01/04/2002    from 01/04/2001
                              to 30/09/2002      to 30/09/2001
                              Note  ('000)       ('000)
Turnover                           : 192,774            40,920            
Profit/(Loss) from Operations      : (98,340)           (61,116)          
Finance cost                       : (5,376)            (3,770)           
Share of Profit/(Loss) of
  Associates                       : 18                 (5,952)           
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A               
Profit/(Loss) after Tax & MI       : (104,068)          (66,192)          
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.0373)           (0.204)           
         -Diluted (in dollars)     : N/A                N/A               
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
Profit/(Loss) after ETD Items      : (104,068)          (66,192)          
Interim Dividend                   : NIL                NIL               
  per Share                                                               
(Specify if with other             : N/A                N/A               
  options)                                                                
                                                                          
B/C Dates for
  Interim Dividend                 : N/A          
Payable Date                       : N/A       
B/C Dates for (-)            
  General Meeting                  : N/A          
Other Distribution for             : N/A           
  Current Period                     
                                     
B/C Dates for Other
  Distribution                     : N/A          

Remarks:

(1) The accounting policies adopted are consistent with those
followed in the preparation of the Group's financial statements
for the year ended 31st March, 2002, except that in the current
period, the Group has adopted for the first time, a number of
new and revised SSAPs. The major effects of adopting these
revised SSAPs are summarized as follows :

SSAP 1 (revised)        Presentation of financial statements
SSAP 1 prescribes the basis for presentation of financial
statements and sets out guidelines for their structure and
minimum requirements from presenting a statement of recognized
gains and losses to a statement of changes in equity. The
condensed consolidated statement of changes in equity for the
current interim period and the comparative figures have
been presented in accordance with this revised SSAP.

SSAP 15 (revised)       Cash flow statements
According to the revised SSAP, cash flow during the period has
been reclassified by operation, investing and financing
activities. The condensed consolidated cash flow statement for
the current interim period and the comparative figures have been
presented in accordance with the revised SSAP.

SSAP 11 (revised)       Foreign Currency Translation
SSAP 25 (revised)       Interim financial reporting
SSAP 33         Discontinuing operations
SSAP 34         Employee benefits

Apart from SSAP 11 and SSAP 15, the other new and revised SSAPs
adopted during the period do not have significant impact to the
Group.

(2) Loss per share

The calculation of the basic and diluted loss per share is based
on the following data:
               
                                      Six months ended
                                      30th September,
                                      2002            2001
                                      HK$'000         HK$'000
                                     (Unaudited)     (Unaudited)

Loss for the purpose of basic
  loss per share                        (104,068)       (66,192)
                                       ----------      ---------
Loss for the purpose of  diluted
  loss per share                        (104,068)       (66,192)
                                       ==========      =========

                              2002            2001
                        Number of shares        Number of shares
Weighted average number of
  ordinary shares for the             
  purposes of basic and
  diluted loss per share  2,786,905,314           324,466,320
                          =============           ===========

No diluted loss per share have been presented for the six months
ended 30th September, 2001 and 2002, as there were no potential
dilutive ordinary shares in existence for the periods end
assuming no exercise of the Company's outstanding share options
as the exercise price was higher than the average fair value per
share.  

The weighted average number of the shares for the purpose of
basic and diluted loss per share for the six months ended 30th
September, 2002 has been adjusted for the effect of the
subdivision of the Company's shares pursuant to special
resolutions passed by the shareholders in a special general
meeting held on 24th April, 2002.


SINOLION INTERNATIONAL: Hearing of Winding Up Petition Set
----------------------------------------------------------
The petition to wind up Sinolion International Limited is set
for hearing before the High Court of Hong Kong on January 8,
2003 at 9:30 in the morning.

The petition was filed with the court on October 28, 2002 by Ho
Man Sum of Flat 710, Tung Ma House, Fu Tung Estate, Tung Chung,
New Territories, Hong Kong.  Tam Lee Po Lin, Nina represents the
petitioner


SKYNET INTERNATIONAL: Winding Up Petition Set for January 15
------------------------------------------------------------
Skynet (International Group) Holdings Limited, together with its
subsidiaries, announced that the Group recorded a deficiency in
audited consolidated net tangible assets of approximately
HK$8,056,000 as at 31 March 2002 and as a result, the Company is
under a general disclosure obligation under paragraphs 3.2.1 and
3.3 of PN19 to disclose any advance made to an entity and any
financial assistance to, or guarantees given for the benefits
of, the Company's affiliated companies.

Financial assistance to the Company's affiliated companies by
the Group as at 31 March 2002 amounted to approximately
HK$20,654,000 before allowance. All such amounts due from the
Company's affiliated companies have been allowed for during the
year ended 31 March 2002.

Since the Group recorded a deficiency in audited consolidated
net tangible assets of approximately HK$8,056,000 as at 31 March
2002 and trade receivable from Best Cheer before accumulated
provision as at 30 September 2002 of approximately HK$9,760,000
represents an increase over trade receivable from Best Cheer
before accumulated provision as at 31 March 2002 of
approximately HK$9,543,000, there is a general disclosure
obligation under paragraph 3.2.2 of PN19. As at 30 September
2002, there was no increase in the receivables from the
other debtors as compared to the receivables from such debtors
as at 31 March 2002.

As disclosed in the annual results announcement of the Company
dated 25 July 2002 and the interim results announcement of the
Company dated 13 December 2002, the Group had been in breach of
a covenant on the financial position of the Group in respect of
certain bank borrowings, resulting in the bank borrowings
immediately repayable on demand. Such bank borrowings amounted
to approximately HK$31,390,000 as at 31 March 2002 and
approximately HK$32,789,000 as at 30 September 2002. On 2
December 2002, the Group successfully negotiated with the bank
for restructuring of such borrowings and fully settled the
outstanding balance.

Save as disclosed above, the directors of the Company consider
that there is no general disclosure obligation under paragraph
3.6 or 3.7.1 of PN19 as at the date of this announcement and
undertake to comply with the continuing disclosure requirements
under paragraphs 3.8 and 3.10 of PN19.

As announced by the Company on 31 October 2002, a winding up
petition was served on the Company by Lombard Asian Private
Investment Company LDC (Lombard) on 30 October 2002 alleging the
failure of the Company to cause Skynet Limited, an approximately
64.91% subsidiary of the Company, to pay the redemption amount
of HK$93,600,000 for the convertible cumulative redeemable
participative preferred shares of Skynet Limited held by
Lombard. The winding up petition is scheduled to be heard on
15 January 2003. Further announcement in this regard will be
made by the Company as and when appropriate in accordance with
the Listing Rules.

Shareholders and potential investors of the Company are advised
to exercise caution when dealing in the shares of the Company.


WIN CONCEPT: Winding Up Petition to be Heard
--------------------------------------------
Win Concept Development Limited is facing a winding up petition,
which is slated to be heard before the High Court of Hong Kong
on January 29, 2003 at 9:30 am.

The petition was filed on November 18, 2002 by Cheung Yum Hing
of Room 1133, Kai Yue House, Kai Yip Estate, Kowloon Bay, Hong
Kong.  

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.


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


FUJITSU LIMITED: Transfers Printer Operations to Fuji Xerox  
-----------------------------------------------------------
Fuji Xerox Co., Ltd. and Fujitsu Limited have reached a final
agreement on the transfer of Fujitsu's printer systems business
to Fuji Xerox, and recently signed articles of agreement for the
transfer.

The contract contents are as follows:

Fujitsu transfers to Fuji Xerox its printer systems development
and manufacturing operations, as well as its related wholesale
business for sales of consumable products to affiliated
companies. The transfer excludes Fujitsu's personal computer-
related printer business.

Fuji Xerox will acquire Fujitsu's assets related to the
operations being transferred, and Fujitsu employees engaged in
these operations will be transferred to Fuji Xerox.

Even after the transfer, however, Fujitsu will continue to
market and provide maintenance services for printer systems to
its customers.

With its state-of-the-art color laser printer engine and image
processing technology, Fuji Xerox is a leader in the document
solutions business. From low-end desktop printers to high-speed
high-end printers, the Company has positioned its full line of
laser printers as one of its core businesses over a medium term.
With this transfer, Fuji Xerox will leverage technologies to
handle backbone information systems, together with the engine
technology for super high-speed continuous business form
printers, which has been an advantage of the Company, further
strengthening its printer business.

Fujitsu has been undertaking various measures in conjunction
with the major structural reform program and mid-term strategy
for achieving new growth opportunities that it announced last
year. In accordance with these measures, and after reviewing its
growth strategy for the printer systems business, in which it
has noted strengths in high-speed printing and controller
technologies, the Company determined that the needs of its
customers would best be served by partnering with Fuji Xerox
rather than continuing to develop the business on its own.

The two companies reached a final agreement on the transfer, as
the move, which builds on close cooperation in the document
solutions business, is intended to allow both companies to focus
on their strategic priorities.

Fujitsu Limited www.fujitsu.com/ is a leading provider of
customer-focused IT and communications solutions for the global
marketplace. Pace-setting technologies, high-
reliability/performance computing and telecommunications
platforms, and a worldwide corps of systems and services experts
make Fujitsu uniquely positioned to unleash the infinite
possibilities of the broadband Internet to help its customers
succeed. Headquartered in Tokyo, Fujitsu Limited (TSE:6702)
reported consolidated revenues of 5 trillion yen (about US $38
billion) for the fiscal year ended March 31, 2002.

Founded in 1962, Fuji Xerox www.fujixerox.co.jp/eng is a 75/25
joint venture between Fuji Photo Film Co., Ltd. of Japan and
Xerox Corporation of Stamford, Connecticut, U.S.A. It is a
market leader in digital monochrome and color products and
document solutions in Japan and the Asia-Pacific region, with
manufacturing facilities in Japan, China (including Taiwan), and
Korea. It is also a leader in recycling, knowledge management
and corporate citizenship. The Fuji Xerox Group has 33,800
employees, including 13,400 in Fuji Xerox Co., Ltd., Japan. Fuji
Xerox recorded revenues of 942.8 billion yen in fiscal year
2001.

According to the Troubled Company Reporter-Asia Pacific, the
effects of cost reductions from last year's restructuring
initiatives, Fujitsu was able to narrow its first-half
consolidated operating loss to 23.2 billion yen (US$189
million), compared with a 59.1 billion yen operating loss in the
same period last year. However, as a result of extraordinary
charges for the additional restructuring initiatives and the
aforementioned hard disk drive matter, the Company posted a net
loss of 147.4 billion yen (US$1,199 million) for the first half,
compared to a net loss of 174.7 billion yen in the same period
last year.

Contact:
Ichirou Hazama
Fuji Xerox Co., Ltd.
Corporate Communications
Tel: +81-3-3585-6792 (Tokyo)
Fax: +81-3-3505-1609
e-mail : hazama.ichirou@fujixerox.co.jp

Naomi Ogawa, Robert Pomeroy
Fujitsu Limited
Public & Investor Relations
Tel: +81-3-3215-5259 (Tokyo)
Fax: +81-3-3216-9365


HITACHI LIMITED: Signs Joint Venture Deal With Mitsubishi
---------------------------------------------------------
Hitachi, Ltd. and Mitsubishi Electric Corporation recently
announced the signing of a joint venture agreement and proposed
top management for Renesas Technology Corp., a new semiconductor
Company to be established on April 1, 2003 that will focus on
system LSI operations. This announcement is the culmination of
discussions that began when a basic agreement was signed on
October 3 this year regarding the separation of each Company's
respective semiconductor operations.

Hitachi and Mitsubishi Electric plan to seek approval for this
reorganization of their system LSI operations at extraordinary
shareholder meetings on February 6, 2003. Discussions are
currently being held with labor unions and employees regarding
the employees who will be transferred to the new Company. The
terms and conditions of existing employment contracts will be
honored in accordance with the applicable legal requirements.

Sales activities for Renesas Technology in Japan will be
conducted by Renesas Technology Sales Co., Ltd., which will also
start operations on April 1 next year. Renesas Technology Sales
will be formed from the merger of wholly owned Hitachi
subsidiary Hitachi Semiconductor and Devices Sales Co., Ltd.
(HSDS) and Mitsubishi Electric's wholly owned subsidiary
Mitsubishi Electric Semiconductor Systems Corp.

Both companies currently sell semiconductors in Japan for their
respective parent Company groups. The President & CEO of Renesas
Technology Sales will be Katsumi Suizu (currently Group Vice
President, Semiconductor, Director, Mitsubishi Electric), and
Saburo Tajima (currently Senior Vice President & Director, HSDS)
will be appointed executive Vice President & COO. Renesas
Technology Sales will sell RENESAS-brand products in Japan from
19 bases as well as provide services and support. In a related
development, HSDS subsidiary Hitachi Electronic Devices Sales
Co., Ltd. (Chuo-ku, Tokyo)* will become a subsidiary of the new
sales Company.

Regarding overseas sales, plans call for the integration of
Hitachi and Mitsubishi Electric system LSI sales activities in
Europe, the U.S. and elsewhere in Asia in the first half of
fiscal 2003. The integration of Japanese and overseas sales
companies will facilitate end-to-end management of operations at
Renesas Technology, from development, design and manufacture
through sales, service and support.
*This Company will be renamed Renesas Device Sales Co., Ltd. on
April 1, 2003.

In the system LSI market, which is expected to maintain
continuous growth, Renesas Technology will:

1) Secure a stable operating base with microcomputers as its
flagship business in microcontrollers, which are the core
products for system LSIs;

2) Enhance operations in analog, flash memory and discrete
devices, where Hitachi and Mitsubishi Electric have a
technological edge, to develop these areas into new earnings'
pillars; and

3) Expand operations in the System on Chip (SoC) domain by
targeting new markets with hybrid products combining
microcomputer, logic and analog technologies. Here, too, Renesas
Technology will leverage the competitive advantage that Hitachi
and Mitsubishi Electric have in respect of applied technologies.

In particular, Renesas Technology aims to establish leading
positions in the mobile, network, automotive, and digital home
electronics fields. The overriding goal is to become a reputable
source of intelligent chip solutions for customers worldwide in
order to make an affluent and ubiquitous society.

Profile of Renesas Technology

(1) Name:             Renesas Technology Corp.
(2) Head office:      Marunouchi Building, 2-4-1 Marunouchi,
                      Chiyoda-ku, Tokyo  
(3) Capital:          50,000 million yen (5 million shares)
(4) Stock allocation: Hitachi: 2.75 million shares (55 percent);
                      Mitsubishi Electric: 2.25 million shares
(45 percent)  
(5) Date of incorporation: April 1, 2003
(6) Business operations: Development, design, manufacture, sales
and
                         servicing of system LSIs, including
                         microcomputers, logic and analog
devices,
                         discrete devices and memory products,
                         including flash memory and SRAM

(7) Directors :         

Dr. Koichi Nagasawa, Chairman & CEO
(currently Executive Vice President, Member of the Board Group
President, Semiconductor, Mitsubishi Electric)

Satoru Ito, President & COO (currently Senior Corporate Officer,
President & Chief Executive Officer, Semiconductor & Integrated
Circuits, Hitachi) Yasuhiko Fukuda, Senior Executive Vice
President &
Director (currently Group Vice President, Semiconductor,
Director, Mitsubishi Electric) Masayoshi Ito, Senior Executive
Vice President &
Director (currently Managing Officer, President & Chief
Executive Officer, Hitachi Semiconductor and Devices Sales Co.,
Ltd., and Chief Marketing Officer and Chief Information Officer,
Semiconductor & Integrated Circuits, Hitachi)

Katsumi Suizu, Executive Managing Director
(currently Group Vice President, Semiconductor,
Director, Mitsubishi Electric)
Koichi Ogino, Executive Managing Director
(currently General Manager, Corporate Auditing
Dept., Director, Mitsubishi Electric)

Hideo Inayoshi, Executive Managing Director
(currently General Manager, Management Planning Division,
Semiconductor & Integrated Circuits, Hitachi)

Chikara Onishi, Executive Managing Director
(currently General Manager, Human Resources Strategy Division,
Semiconductor & IntegratedCircuits, Hitachi)

Michiharu Nakamura, Board Director (part-time)
(currently Corporate Officer, President, Research & Development
Group, Hitachi)

Katsuhiro Tsukamoto, Board Director (part-time)
(currently Group Vice President, Semiconductor, Director,
Mitsubishi Electric)

Kimihiro Ogawa, Corporate Auditor
(currently Managing Officer, Managing Director, Hitachi Nippon
Steel Semiconductor Singapore Pte.)

Takashi Miyoshi, Corporate Auditor (part-time)
(currently Managing Officer, General Manager, Finance Department
I, Hitachi)

Masanori Saito, Corporate Auditor (part-time)
(currently Director, General Manager, Mitsubishi Electric)

*Representative Directors

(8)  Sales (Consolidated):  Over 900 billion yen (forecasted for
FY
                            2003)
(9)  No. of employees:     (Consolidated)  Approx. 27,200 (on
                           establishment)

(10) Assets and liabilities to be transferred (Unconsolidated):
Hitachi plans to transfer assets of 335.2 billion yen and
liabilities of 157.4 billion yen to the new Company, while
Mitsubishi Electric plans to transfer assets of 223.4 billion
yen and liabilities of 119.8 billion yen.

Profile of Renesas Technology Sales

(1) Name:          Renesas Technology Sales Co., Ltd.
(2) Head office:   Nippon Building, 2-6-2 Otemachi, Chiyoda-ku,
Tokyo
(3) Capital:       2,500 million yen (5 million shares)
(4) Shareholder:   Renesas Technology Corp. (100 percent)
(5) Date of incorporation: April 1, 2003

(6) Business operations:   Sales of semiconductor devices,
integrated
circuits, other electronic components as well as electronics
application equipment for developing these products; development
of microcomputer-related software

(7) Representative directors:   Katsumi Suizu, President & CEO
                                (currently Group Vice
President,Semiconductor, Director, Mitsubishi Electric)
Saburo Tajima, Executive Vice President & COO

(currently Senior Vice President & Director,
Hitachi Semiconductor and Devices Sales Co., Ltd.)

(8) Sales:              520 billion yen (forecasted for FY 2003)
(9) No. of employees:   Approx. 900 (on establishment)


Hitachi Semiconductor and Devices Sales Co., Ltd.

(1) Head office:                1-8-2 Marunouchi, Chiyoda-ku,
Tokyo
(2) Capital:                    2,000 million yen  
(3) Shareholder:                Hitachi, Ltd. (100 percent)
(4) Date of incorporation:      June 1, 1996
(5) Business operations:        Sales of electronic components
and
                                electronics application
equipment for
                                developing these products
(6) Representative directors:   Masayoshi Ito, President & CEO
(7) Sales:                      190 billion yen (forecasted for
FY
                                2002)
(8) No. of employees:           540 (as of July 1, 2002)


Mitsubishi Electric Semiconductor Systems Corp.

(1) Head office:                Tokyo MI Building, 2-2-4 Higashi
Shinagawa,
                                Shinagawa-ku, Tokyo
(2) Capital:                    500 million yen
(3) Shareholder:                Mitsubishi Electric Corp. (100
percent)
(4) Date of incorporation:      October 1, 1997
(5) Business operations:        Sales of semiconductor products,
products using
                                semiconductors and electronic
devices
(6) Representative directors:   Tetsuo Takayama, President
(7) Sales:                      15.5 billion yen (forecasted for
FY 2002)
(8) No. of employees:           160 (as of July 1, 2002)

About Mitsubishi Electric Corporation

With over 80 years of experience in providing reliable, high-
quality products to both corporate clients and general consumers
all over the world, Mitsubishi Electric Corporation (FTSE:
6503q.l) is a recognized world leader in the manufacture,
marketing and sales of electrical and electronic equipment used
in information processing and communications, space development
and satellite communications, consumer electronics, industrial
technology, energy, transportation and building equipment. The
Company has operations in 35 countries and recorded consolidated
group sales of 3,649 billion yen (US$27.4 billion) in the year
ended March 31, 2002. For further information, please visit the
Mitsubishi Electric Corporation home page at:
www.mitsubishielectric.com/index.php


About Hitachi, Ltd.

Hitachi, Ltd. (TSE: 6501 / NYSE: HIT) headquartered in Tokyo,
Japan, is a leading global electronics Company, with
approximately 320,000 employees worldwide. Fiscal 2001 (ended
March 31, 2002) consolidated sales totaled 7,994 billion yen
($60.1 billion). The Company offers a wide range of systems,
products and services in market sectors, including information
systems, electronic devices, power and industrial systems,
consumer products, materials and financial services. For further
information, please visit the Hitachi, Ltd. home page at:
global.hitachi.com

Contact:
Hitachi, Ltd.
Mr. Masanao Sato
Corporate Communications Division
+81-3-3258-2055

Mitsubishi Electric Corporation
Robert Barz
Robert.Barz@hq.melco.co.jp
+81-3-3218-2346


MITSUBISHI PAPER: R&I Downgrades Rating to BBB-
-----------------------------------------------
Rating and Investment Information, Inc. (R&I) has downgraded the
senior long-term credit rating of Mitsubishi Paper Mills, Ltd.
to BBB- from BBB.

ISSUE: Bonds Rated Issue Date Redemption Issue Amount (mn)
Unsec. Str. Bonds No. 16 Feb 27, 1998 Feb 27, 2003 Yen 5,000
Unsec. Str. Bonds No. 22 Nov 22, 1999 Nov 22, 2004 Yen 10,000
Unsec. Str. Bonds No. 23 Nov 02, 2000 Nov 02, 2005 Yen 10,000
R&I RATING: BBB- (Downgraded from BBB)

RATIONALE:

Mitsubishi Paper Mills, Ltd. is the number five firm in the
paper industry. Several high value-added products, such as
coated paper used for pamphlets and posters and ink-jet printing
paper, are among its strength. However, its earnings are
volatile because it is not involved in the production of
newsprint paper, where demand and prices are relatively stable.
Photosensitive materials business, which accounts for 20 percent
of net sales, is affected by the slow demand in this sector and
continues to drag down the Company's earnings.

Activation of the photographic base-paper plant at the Kitakami
Mill has fallen far behind the original plan. This plant is an
investment aimed specifically for restructuring of production
facilities and development of new markets. The Nakagawa Mill,
which is currently making up for the shortage from the Kitakami
Mill, is scheduled to close in March 2003. Although operation at
Kitakami Mill gradually picked up during the second half of
fiscal 2002, R&I is still concerned about whether or not the
production at the Kitakami Mill will stabilize after the closure
of the Nakagawa Mill. Aggressive investments in plants and
equipment in the past and faltering earnings have left
Mitsubishi Paper's financial structure with much room for
improvement. The impact of the production risks described above,
if they materialized, would not be insignificant.

Thus, R&I has lowered the long-term debt rating for Mitsubishi
Paper Mills, Ltd. from BBB to BBB- because of current earnings
and the potential delay in improvement in the Company's
financial situation. The rating for Mitsubishi Paper Mills,
Ltd.'s commercial paper remains unchanged at a-2.

According to Wright Investor's Service, at the end of 2002,
Mitsubishi Paper Mills Ltd had negative working capital, as
current liabilities were 202.60 billion yen while total current
assets were only 133.73 billion yen.


NTT DOCOMO: Acquires Additional Shares in Access
------------------------------------------------
NTT DoCoMo, Inc. will acquire additional shares in Access Co.,
Ltd., which is increasing its capital by offering new shares to
third parties.

Following initial investment in ACCESS in January 2000, DoCoMo
currently has 360 shares in the Company. With the purchase of an
additional 1,400 shares at 1.17 million yen per share, totaling
1.638 billion yen, DoCoMo will hold 1,760 shares in ACCESS,
raising its ownership percentage from 2.13 percent to 9.61
percent.

Established in February 1984, ACCESS develops and sells
internet-related software. Through additional investment, DoCoMo
expects to strengthen its ties with ACCESS, benefiting from the
Company's technological expertise in the development and
application of browsers for third-generation mobile phones. In
line with this, the two companies signed a licensing agreement
under which ACCESS will license to DoCoMo the browser it
originally designed for DoCoMo's 3G handsets.

NTT DoCoMo www.nttdocomo.com/top.shtml is the world's leading
mobile communications Company with more than 44 million
customers. The Company provides a wide variety of leading-edge
mobile multimedia services. These include i-mode(R), the world's
most popular mobile internet service, which provides e-mail and
Internet access to over 35 million subscribers, and FOMA(R),
launched in 2001 as the world's first 3G mobile service based on
W-CDMA. In addition to wholly owned subsidiaries in Europe and
North and South America, the Company is expanding its global
reach through strategic alliances with mobile and multimedia
service providers in the Asia-Pacific, Europe and North and
South America. NTT DoCoMo is listed on the Tokyo (9437), London
(NDCM), and New York (DCM) stock exchanges.

ACCESS Co., Ltd. www.access.co.jp is a global provider of
integrated, next-generation mobile data platforms and mobile
Internet access technologies for the mobile communications
market. ACCESS develops and markets PCSS(TM), an integrated
platform that enables wireless network operators to rapidly
deploy value-added data services on 2.5G and 3G networks. With
PCSS, operators can generate revenue from premium branded third-
party content such as graphical web pages, Java applications,
ring-tones, screen-savers, premium MMS messages, and other push
services. ACCESS' embedded NetFront(TM) and Compact NetFront(TM)
browsers power 191 different commercial products worldwide
including mobile phones, digital televisions, set-top boxes,
game consoles, PDAs, car navigation systems, web phones, kiosk
terminals and intranet terminals. ACCESS' Compact NetFront
microbrowser is most widely deployed in phones for NTT DoCoMo's
popular i-mode service. To date, almost 80 million ACCESS
software licenses have shipped from more than 40 major vendors.
ACCESS Co. Ltd. is headquartered in Tokyo, Japan, with ACCESS
Systems America, its US subsidiary, in Fremont, California,
ACCESS Systems Europe, its German subsidiary, in Oberhausen,
Germany and with ACCESS (Beijing) Co., Ltd., its Chinese
subsidiary, in Beijing, China.

According to the Troubled Company Reporter-Asia Pacific, NTT
DoCoMo Inc. may raise dividends or buy back and retire some of
its own stock from the market to boost the faltering price of
its shares, citing NTT President Keiji Tachikawa.

Contact:
NTT DoCoMo
Takumi Suzuki
suzukitaku@nttdocomo.co.jp
+81 3 5156 1111


RESONAL HOLDINGS: Unit Subscribes to New Shares
-----------------------------------------------
Resona Holdings, Inc. (Resona HD) announced that one of its
banking subsidiaries, (The Kinki Osaka Bank, Ltd. Kinki Osaka
Bank, President: Yasuhiro Takatani), decided to subscribe the
new shares to be issued and allotted by Kinki Osaka Leasing Co.,
Ltd. KOL, one of its affiliated companies applied the equity
method, and make it a consolidated subsidiary, contingent on  
approvals from competent authorities.

This reorganization is intended for Kinki Osaka Bank to clarify
its relationship with KOL and make the best use of the KOL's
leasing functions in order to capture more transaction
opportunities with its corporate customers. In addition, KOL
will be able to strengthen its financial position through the
capital increase.

Details were announced as follows:

1. Outline of KOL

Address 12-2 Morinomiya-Chuo 1-chome, Chuo-ku, Osaka
Representative President: Isao Kawamoto
Capital Amount 1.8 billion yen
Ownership Kinki Osaka Bank 4.21 percent, Daiwa Bank 1.27 %,
Osaka Card Service Co., Ltd. 16.90%, etc.
Line of Business General leasing
Fiscal Year End March
Number of Employees 75

2. Outline of the Reorganization

Kinki Osaka Bank will subscribe KOL's new shares (totaling 6
billion yen) and make KOL one of its consolidated subsidiaries.
After the capital increase by KOL, Kinki Osaka Bank and Resona
HD's other subsidiaries will hold more than 90 percent of voting
rights.

3. Outline of the Capital Increase by Third-party Allotment

(1) Date of Capital Increase Late March 2003 (Planned)

(2) Amount of Capital Increase 6.0 billion yen

(3) Allotment Whole amount to be subscribed by Kinki Osaka Bank

4. Impact of This Development on Earnings Forecasts

This development does not affect the earnings forecasts for the
fiscal year ending March 31, 2003, which were announced on
November 25, 2002.


TOYO COMMUNICATION: R&I Downgrades Rating to BBB-
-------------------------------------------------
Rating and Investment Information, Inc. (R&I) has downgraded the
senior long-term credit rating of Toyo Communication Equipment
Co. Limited to BBB- from BBB.

ISSUE: Bonds Rated Issue Date Redemption Issue Amount (mn)
Unsec. Conv. Bonds No. 2 Mar 31, 1997 Sep 30, 2004 Yen 13,000

RATIONALE:

An affiliate of the NEC Corporation, Toyo Communication
Equipment Co., Ltd. is a medium sized manufacturer of
communications equipment. The second largest producer of crystal
devices and a telecommunications equipment manufacturer for
carriers with an NTT infrastructure, the Company has been
recognized as having two major earning sectors. In April 2002,
NTT announced its decision to cease in principle investment in
conventional telecommunications equipment in view of the
increasing usage of VoIP (voice communication technology using
internet protocol networks).

To keep pace with the rapid innovations in communications
technology, Toyo Communication Equipment has no choice but to
revamp its earnings structure. R&I believe there is little
expectation of a recovery in demand for conventional
telecommunications equipment and, with the demise of this sector
of the market, the Company has lost one of its earning sectors.

On the other hand, the customer base for crystal devices, which
accounts for more than half of the Company's sales, remains firm
and 80 percent of the Company's crystal products are for the
highly profitable cellular phone market, in spite of strong
fluctuations in that sector. Considering the high degree of
technical difficulty involved in the manufacture of crystal
products and business practices in that sector, R&I had judged
the sector would be largely unaffected by market conditions.
Since the bursting of the telecommunications bubble, however,
the general downward trend in unit prices has continued and,
even with the competitive edge Toyo Communication Equipment has
gained through technological know-how, the possibility that the
Company will become more vulnerable to future market influences
cannot be overlooked.

While the business risk is greater than what it was previously,
R&I can give a certain assessment concerning expectations of
results that can be achieved through the Company's restructure.
With the Company currently holding excess assets and looking as
if it will postpone initiatives to improve financial
composition, its most pressing tasks now are to get rid of its
idle assets, streamline its bases, and proceed with staff cuts
to enable a transition to an asset level that is appropriate for
the Company's future cash flow.

According to Wright Investor's Service, Toyo Communication has
paid no dividends during the last 12 months. The company also
reported losses during the previous 12 months.


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


CHOHUNG BANK: S&P Places Ratings on Watch Positive
--------------------------------------------------  
Standard & Poor's Ratings Services on December 27, 2002 had
placed its 'BB+' long-term and 'B' short-term counterparty
credit ratings on Chohung Bank, and its ratings on the bank's
notes, on CreditWatch with positive implications. At the same
time, it placed its 'BBB+' long-term counterparty credit ratings
on Shinhan Bank on CreditWatch with negative implications. The
CreditWatch placements are due to the emergence of Shinhan
Financial Group (SFG) as the likely buyer of Chohung Bank.

On Dec. 26 2002, Korea's Public Fund Oversight Sub-committee
recommended SFG as the preferred bidder for Chohung Bank to the
Public Fund Oversight Committee. A final decision by the
Committee is expected in early 2003. Chohung Bank is currently
80% owned by Korea Deposit Insurance Corp., after receiving a
capital injection from the government in January 1999 amid the
Asian financial crisis. SFG is the holding company that owns
100% of Shinhan Bank, the fifth-largest Korean bank. Chohung
Bank is the fourth-largest Korean bank in terms of asset size.

"The placement of the ratings on Chohung Bank on CreditWatch
with positive implications reflects the expected convergence in
credit quality that would likely result over time from a
combination with the stronger SFG," Standard & Poor's analyst
Young Il Choi said. "If the acquisition is completed, the proven
risk management skills and operational efficiencies of Shinhan
Bank should rapidly start benefiting Chohung Bank and help
improve its credit profile."

On the other hand, the placement of the rating on Shinhan Bank
on CreditWatch with negative implications reflects potential
operational and reputation risks to Shinhan Bank stemming from
the acquisition, as well as uncertainties regarding funding for
the acquisition. Despite SFG's plan to maintain Chohung Bank as
a separate subsidiary for the next few years, it cannot isolate
Shinhan Bank from the typical convergence of business risks
that occur among the subsidiaries of a common holding company.

One clear benefit from the combination is expected to stem from
economies of scale in shared customer information and cost
savings in IT expenses, as the combined new entity will have
total assets of more than Korean won (W) 136 trillion, placing
it second behind Kookmin Bank. However, some groups of employees
at Chohung Bank have already made clear that they will resist
the integration, which could result in costly operational
problems and prove damaging to the combined entity's business
franchise.

Should the ratings on Chohung Bank be raised, the upgrade is
likely to be within two notches, while the ratings on Chohung's
lower subordinated and upper subordinated notes would be raised
to within one and two notches of the counterparty rating,
respectively, in line with Standard and Poor's policies on
rating subordinated debt. Any change to the rating on Shinhan
Bank is likely to be within one notch.  Standard and Poor's will
resolve the CreditWatch placements after the terms and
conditions of the acquisition are finalized and details of the
funding scheme and consolidation strategy emerge.


HYNIX SEMICONDUCTOR: Creditors Set Stage for BOE Acquisition
------------------------------------------------------------
The main creditors of Hynix Semiconductor have agreed to extend
188.3 mln usd in loans to BOE Technology Group Co Ltd, setting
the stage for the Chinese company to proceed with the
acquisition of Hynix's TFT-LCD unit, main creditor Korea
Exchange Bank said in a statement.

Under the financing deal, Korea Development Bank will lend
USD100 million, KEB USD50 million, Woori Bank USD30 million, and
Hyundai Fire & Marine Insurance USD8.3 million.

After signing a contract in September to buy Hyundai Display
Techology Inc (Hydis) from Hynix for about USD380 million, BOE
Technology said its ability to proceed with the acquisition
would depend on the loans from KEB and other creditors.

"With the sale of its TFT-LCD units, Hynix will be able to
secure more cash-flow and speed up its restructuring efforts,"
the KEB said.

It said it will hold a meeting of all creditors today (December
30) to seek an approval for the proposed debt restructuring plan
for the chip maker, which includes a KRW1.9 trillion debt-for-
equity deal and a 21-to-1 equity write-down.

About Hynix

Hynix Semiconductor is battling to remain among the world's top
makers of dynamic random-access memory (DRAM) chips; it trails
Samsung Electronics and Micron Technology, and is running neck
and neck with Infineon. Hynix still makes DRAMs, other memory
chips, and application-specific integrated circuits (ASICs), but
has spun off or sold other businesses as it tries to avoid
sinking under the weight of its massive debt. The company
changed its name from Hyundai Electronics Industries (HEI) in
2001 as it separated itself from South Korean conglomerate
Hyundai Group. Creditor banks including Korea Exchange Bank own
more than 65% of Hynix. (M&A REPORTER-ASIA PACIFIC, Vol. No.1,
Issue No. 255, December 30, 2002)


HYUNDAI MOTOR: ESOP Union Calls for Auditor Change  
--------------------------------------------------
A group of members of Hyundai Motor's employee stock-ownership
program (ESOP) has demanded a replacement in its external
auditing firm Anjin & Co., Digital Chosun reports.

ESOP said that the auditor has also been in charge of providing
management consultation to the firm, compromising its
impartiality. The external auditing firm is the Korean affiliate
of Deloitte Touche Tohmatsu. The group is entitled to make the
demand, according to the labor-management collective bargaining
agreement.

The management of Hyundai Motors replied that the appointment of
the external auditor was made by the firm's audit committee,
composed of four external directors, and, therefore the
management does not hold any responsibility to replace the
auditor.


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


BESCORP INDUSTRIES: Originating Summons Served On Waktu Cerah
------------------------------------------------------------
Bescorp Industries Berhad (Special Administrators Appointed)
wishes to inform that the office of the Secretary had on 23
December 2002 received the following Originating Summons filed
with the Shah Alam High Court (MT4), Kompleks Mahkamah Shah
Alam, Persiaran Pegawai, Seksyen 5, 40000 Shah Alam, Selangor
Darul Ehsan which were served on Waktu Cerah Sdn. Bhd. (Waktu
Cerah), a subsidiary company:

Name of       Originating    Sale & Purchase   Amount Claimed
Plaintiff     Summons No     Agreement Dated        (RM)

Fan Wing Kwok  MT4-24-2158-   22 July 1996     129,350.00
& Tan Eng Wan       2002     

Yap Keng Lee   MT4-24-2157-   22 July 1996     129,350.00
                   2002

The aforesaid Plaintiffs had entered into a Sale and Purchase
Agreement (S & P) with Waktu Cerah, for the purchase of light
industrial factory at Taman Perindustrian Bescorp held under
master title no H.S. (D) 576/85, No P.T. 473, Mukim Sungai
Petani, Daerah Kuala Muda, Kedah for a total consideration of
RM398,000.00.

In accordance with Clause 22 of the S & P, Waktu Cerah was to
deliver the vacant possession of the building to the Plaintiffs
within 36 months from the date of execution of the S & P.
However, as at to date, the Plaintiffs have yet to receive any
Notice of Handing Over of Key for the vacant possession of the
building from Waktu Cerah. As at the date of this Originating
Summons, Waktu Cerah had only completed 65% of the construction
works.

Under the Originating Summons, the orders sought by the
Plaintiffs are as follows:

   1) A declaration that the S & P entered into between the
Plaintiffs and Waktu Cerah dated 22 July 1999 for the
aforementioned properties be terminated

   2) Waktu Cerah shall refund to the Plaintiffs a total sum of
RM258,700 plus interest from 22 July 2002 until the date of full
settlement of the purchase price

   3) Other relief's which the Honorable Court deems reasonable
and just

   4) Cost of application to be borne by Waktu Cerah

The Plaintiffs have applied to the High Court to terminate the S
& P and refund of monies paid by the Plaintiffs under the law
and the provisions of Contract Act, 1950 and Specific
Performance Act 1950.

The Company is unable to disclose the next course of action at
this point in time as Smallholders Development Corporation Sdn
Bhd, a 20% shareholder of Waktu Cerah is currently awaiting for
approval from the relevant parties for the implementation of
Waktu Cerah's proposed restructuring scheme. The Company will
also consult its solicitors on the next course of action in
tandem with the above.


CHASE PERDANA: Court Grants Unit Liberty to Withdraw Scheme
-----------------------------------------------------------
Reference is made to the announcement on 11 December 2002 on the
Court Convened Meeting of Unsecured Creditors of Pancar Generasi
(M) Sdn Bhd (Pancar Generasi) originally convened on 3 December
2002 which had been adjourned to 9 December 2002, has been
further adjourned to 27 December 2002.

On behalf of Chase Perdana Berhad, Southern Investment Bank
Berhad wishes to announce that pursuant to the order by the High
Court of Malaya dated 24 December 2002, in the event the Court
Convened Meeting of Unsecured Creditors of Pancar Generasi
scheduled for 27 December 2002 is adjourned again for whatever
reason, Pancar Generasi has been given the liberty to withdraw
and/or cancel the scheme proposed to its creditors.

Please refer to http://www.bankrupt.com/misc/TCRAP_Chase0102.doc
for the notice in respect of the above matter.


EMICO HOLDINGS: SC Extends Time for Proposal Completion
-------------------------------------------------------
Reference is made to the announcements made on 8 August 2001, 23
August 2001, 28 February 2002 and 1 July 2002 pertaining to the
Proposals, which involves Proposed Debt Restructuring Scheme;
Proposed Two-Call Rights Issue; and Proposed Employee Share
Option Scheme.

On behalf of the Board of Directors of Emico Holdings Berhad,
announced that the Securities Commission (SC) had, vide their
approval letter dated 24 December 2002, granted an extension of
time to complete the implementation of the Proposals for a
further six (6) months to 25 June 2003.


ESPRIT GROUP: Passes All Resolutions at 8th AGM
----------------------------------------------
Esprit Group Berhad announced that at the 8th Annual General
Meeting of the Company held at Delima Room, Lobby Level, Empress
Hotel, Sepang, Jalan ST 1C/7, Medan 88, Bandar Baru Salak
Tinggi, 43900 Sepang, Selangor Darul Ehsan on Tuesday, 24th
December 2002 at 9.00 a.m., all resolutions put to the general
meeting were duly passed.

COMPANY PROFILE

The Group has ceased operations pending a proposed debt
restructuring scheme participated by a diversified construction
company, Kemajuan Amoy Bhd (KAB), entered into on 4.11.98.
Trading in the Company's shares was suspended on 1.4.98.

On 26 August 1999, the High Court had ordered the winding-up of
the Group's core subsidiary, Esprit Corporation Sdn Bhd (ECSB),
subsequent to a petition filed by a merchant bank on 20 February
1999. The Group has not lodged an appeal against this order
pending agreement on the proposed debt restructuring scheme. The
scheme has been presented to the Corporate Debt Restructuring
Committee and the relevant creditors for consideration. Upon
acceptance of the scheme by the creditors, the Group will
proceed to submit an application to the Court to stay the
winding-up order placed on ECSB.

On 25 October 2001, the Company announced details of the scheme
as follows: scheme of arrangement with shareholders, (capital
reduction and share consolidation and acquisition of Esprit
Group by Forum Master Sdn Bhd (FMSB)), scheme of arrangement
with creditors (debt reconstruction and settlement), rights
issue by FMSB, acquisition of KAB by FMSB, offer for sale to
shareholders of rights to allotment of ICULS and shares and
transfer of listing status to FMSB.

The Company is in the midst of preparing the relevant documents
and will arrange for creditors' and members' meetings for the
Company and creditors' meetings for participating subsidiaries
pursuant to Section 176(1) of the Companies Act, 1965. Upon
approval of the scheme by the scheme creditors, submission of
the scheme to the relevant authorities will be made. As such,
the Exchange has approved a five-month extension to 24.5.2002
for the submission of the scheme to the relevant authorities.

CONTACT INFORMATION: Suite 705, Block A
                     Kelana Business Center
                     97, Jalan SS7/2
                     47301 Petaling Jaya
                     Tel : 03-7492 1166;
                     Fax : 03-7492 2299


GULA PERAK: Soo Kok Re-designated as Executive Director
-------------------------------------------------------
Gula Perak Berhad posted Change in Boardroom Notice:

Date of change : 24/12/2002  
Type of change : Redesignation
Previous Position : Non-Executive Director
New Position : Executive Director
Directorate : Executive
Name : LIM SOO KOK
Age : 34
Nationality : Malaysian
Qualifications : Bachelor of Arts with Honors degree in Law from
University of Kent at Canterbury, England.
Working experience and occupation  :

In 1990, he obtained the degree of Utter Barrister Gray's Inn,
England. He was called to the Bar in Malaysia in 1991. He then
joined Soo Thien Ming & Sharizat as a legal assistant. In 1993,
he set up a sole proprietor legal firm under the name Lim Soo
Kok & Associates. He was appointed as a legal committee member
of Chinese Chamber of Commerce & Industry of Kuala Lumpur and
Selangor in 1997. He was also appointed as a Commissioner for
Oaths by the Chief Justice of Malaysia in 1999 till present.  

Directorship of public companies (if any) : Nil
Family relationship with any director and/or major shareholder
of the listed issuer : He is a son to Tan Sri Dato' Lim Cheng
Pow who is the Managing Director of the Company and a sibling to
Lim Sue Beng and Lim Bee Ling who are Executive Directors of the
Company. They are also major shareholders of the Company  

Details of any interest in the securities of the listed issuer
or its subsidiaries : Indirect : 80,711,000 ordinary share of
RM1.00 each by virtue of his parents' and siblings' direct
shareholdings

COMPANY PROFILE

Hotelier, Gula Perak, was originally an integrated sugar group.
It commenced operations in 1971 but incurred losses leading to
receivership and suspension of the trading of its shares in
1975. The receivership was lifted in 1981 and the Company
commenced operations but was again put under receivership in
1986. As part of a reconstruction scheme in 1987, approval was
obtained to convert land use of the Company's estates from sugar
to oil palm cultivation. In 1988, the 1987 scheme of financial
reconstruction was approved and launched. As a result, the
Company's receivers were discharged in February 1989 and the
share suspension was lifted. The Company subsequently commenced
contracting work and disposed of two of its estates.

In 1994, the Company diversified into property development
through the acquisition of several parcels of freehold
industrial and residential land in Selangor and Wilayah
Persekutuan. Two years later, the Company diversified into the
hotel business via its acquisition of Dynawell Corporation (M)
Sdn Bhd, the owner of a condominium project, commercial space
and the Dynasty Hotel in Kuala Lumpur. In March 1998, the
Company acquired a 70% interest in KSB Requirement & Rest Sdn
Bhd, which owns the Empress Hotel Sepang.

The Company has, in 2000, proposed to undertake a proposed debt-
restructuring scheme with lenders to settle its RM150m 1995/2000
redeemable guaranteed bonds, RM25m Revolving Credit Facility and
RM21m Syndicated Term Loan.

CONTACT INFORMATION: Level 7, Dynasty Hotel
                     Kuala Lumpur
                     218, Jln Ipoh,
                     51200 Kuala Lumpur
                     Tel : 03-4044 2828;
                     Fax : 03-4044 6688


HOTLINE FURNITURE: Unit Faces Winding Up Petition From ISSB
-----------------------------------------------------------
The Board of Hotline Furniture Berhad, in reply to Query Letter
by KLSE reference ID: MM-021223-55038 on Notice of Winding Up
Petition on Hotline Wooden Furniture Manufacturers Sdn Bhd,
announced that its wholly owned subsidiary had received a sealed
copy of a winding up petition dated 7 November 2002 filed by
Idaman Semenanjung Sdn Bhd (ISSB).

The amount claimed by ISSB is RM52,108.28 with no interest. The
amount claimed is for the supply of raw materials for HWF's
manufacturing usage.

On 20 February 2002, HWF was served with a winding-up petition
by ISSB for a claim of RM150,270.70. The claim was settled
amicably and the winding-up petition was withdrawn by ISSB on 23
April 2002. Receiver & Manager (R&M) was appointed to HWF on 9
August 2002 and the subsequent last 2 payments of RM52,108.28
payable to ISSB were dishonored. The total cost of investment in
HWF is RM1 million.

The Board will not be able to ascertain the financial and
operational impact as R&M had been appointed to HWF on 9 August
2002. It will not be able to ascertain the losses as R&M had
been appointed to HWF on 9 August 2002. It has no knowledge as
to the steps to be taken by R&M towards the winding-up
proceedings.


LINGUI DEVELOPMENT: Rating Watch Changed to Developing Outlook
--------------------------------------------------------------
The Rating Watch on the A3 ratings assigned to Lingui
Development Berhad's (Lingui) RM150 million 5-year Fixed Rate
Bonds (2001/2006) and RM150 million 7-year Fixed Rate Bonds
(2001/2008) (the Bonds) has been changed, from a negative
outlook to a developing outlook.

On 20 December 2002, Lingui announced that its existing
syndicated USD loan was expected to be refinanced via a Facility
Agreement between its wholly owned sub-subsidiary, Hikurangi
Forest Farms Limited, and ANZ Investment Bank, a division of ANZ
Banking Group (New Zealand) Limited. If successful, this
refinancing exercise, targeted for completion by February 2003,
is expected to result in significant improvements to Lingui's
cash flow position throughout the tenure of the Bonds, as it
will facilitate a better matching of cash flow and debt-service
obligations. Based on this favorable development, RAM is
changing the Rating Watch on Lingui's Bonds, from a negative
outlook to a developing outlook.

Lingui had been placed on a Rating Watch with a negative outlook
on 19 March 2002 based on its poor performance for 3 consecutive
quarters since the 4th quarter of FYE 30 June 2002. This was as
a result of the unprecedented slump in world timber prices in
2001, which we believed would likely have a negative impact on
Lingui's credit risk profile. Nevertheless, the management has
been proactive in addressing the situation, with a proposal to
acquire Samling Plywood Miri Sdn Bhd (SP Miri) via the issuance
of new Lingui shares. SP Miri holds a concession for 204,895
hectares of timber and a plywood mill in Kuala Baram, Sarawak.
RAM viewed the proposed injection of this asset into Lingui
favourably, in light of the increased future cash generation
from SP Miri's logging and plywood operations.

Concurrently, there was also a proposed capital reduction
exercise by an associate company, Glenealy Plantations (Malaya)
Berhad (Glenealy), which involves the distribution of Redeemable
Preference Shares (RPS) of a subsidiary of Lingui to the
existing shareholders of Glenealy. Glenealy currently holds
these RPS. Lingui will obtain its share of the RPS upon their
distribution and simultaneously issue new Lingui shares to
acquire the remaining RPS held by the other shareholders of
Glenealy. The completion of this exercise will see a reduction
in Lingui's future cash outflow by approximately RM89.3 million.

The Securities Commission approved these proposed corporate
exercises and their proposed revisions in July and September
2002. The acquisition of SP Miri is likely to be completed by 31
December 2002 as all necessary approvals have been obtained.

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

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


MOL.COM BERHAD: EGM Scheduled January 13
----------------------------------------
Mol.com Berhad advised that an Extraordinary General Meeting
(EGM) of MOL.com Berhad will be held at Dewan Berjaya, Bukit
Kiara Equestrian & Country Resort, Jalan Bukit Kiara, Off Jalan
Damansara, 60000 Kuala Lumpur on Monday, 13 January 2003 at 9.30
a.m. The full text of the Notice of EGM is found at
http://www.bankrupt.com/misc/TCRAP_MOL0102.doc.

COMPANY PROFILE

During FYE 30 June 2001, the Group consolidated and streamlined
its operations in both the industrial products and ICT sectors
to strengthen its financial position through the disposal of :
100% equity stake in LKH Lamps Sdn Bhd, 51% equity stake in
Dijaya Ceil Sdn Bhd, freehold land and building, plant and
machinery and stocks in LKH Wires & Cables Sdn Bhd and 41% in
Mcities.com Sdn Bhd.

Due to losses incurred by the Group up to 31 December 2001,
shareholders' funds after excluding reserves on consolidation is
in deficit by RM31.7m. The Company on 18 April 2001 announced,
inter-alia, a rights issue of two for one at par which will
result in an issue of approx. 150,674,600 shares, raising
RM150,674,000. The application is pending approval from the
relevant authorities. Completion of the rights issue will
significantly strengthen the financial position of the Group. As
at 31 December 2001, Tan Sri Dato' Tan Chee Yioun (TSVT), the
major controlling shareholder of the Company, has advanced
principal amount of RM125.05m to the Group. TSVT has indicated
that the whole of these advances will be applied towards the
subscription of his entitlement of the rights issue and has
further stated his intention to subscribe for any remaining
rights shares that are not taken up by other shareholders.


NALURI BERHAD: Replies to KLSE's Query
--------------------------------------
The Special Administrators of Naluri Berhad, in reference to the
Query Letter by KLSE reference ID: TH-021223-44752 on its
request for Resumption of Trading of Shares on the Kuala Lumpur
Stock Exchange, announced the following pursuant to Chapter 9 of
the Exchange's Listing Requirements:

1. Date of Appointment: 23 December 2002

2. Particulars of the Special Administrators

Mr. Gan Ah Tee, Mr. Ooi Woon Chee and Encik Mohamed Raslan Bin
Abdul Rahman of KPMG Corporate Services Sdn Bhd.

3. Events Leading to the Appointment of Special Administrators
(SAs)

In May 2002, Pengurusan Danaharta Nasional Berhad (Danaharta)
conducted an open tender to dispose of 309,648,000 ordinary
shares in Naluri Berhad (Naluri) representing an equity interest
of approximately 44.84%. The tender was awarded to the sole
bidder, Valiant Entity Sdn Bhd (Valiant Entity), who matched the
reserve price of RM1.65 per share.

Valiant Entity subsequently entered into a Share Sale Agreement
(SSA) and a Call and Put Option Agreement (CPA) with Danaharta
on 17 June 2002. Upon signing of the SSA, a cash deposit of
RM10.218 million being 10% of the total amount due for 61.929
million Naluri shares was made by Valiant Entity. The remaining
90% of the amount due for the 61.929 million Naluri shares under
the SSA would have become due for payment once the SSA became
unconditional upon satisfaction of all conditions precedent. The
conditions precedent included the issuance of an irrevocable and
unconditional standby letter of credit (SBLC) for the remaining
247.719 million Naluri shares under the CPA.

Valiant Entity failed to procure the issuance of SBLC in
accordance with the SSA by the dateline of 17 December 2002.
Valiant Entity had requested for an extension of time to issue
the SBLC to which Danaharta declined.

As such, Danaharta has terminated the SSA and forfeited the 10%
deposit of RM10.218 million that was earlier paid by Valiant
Entity. The SSA and CPA have therefore ceased to have effect and
Danaharta remains a chargee of the Naluri shares.

As a result, Danaharta had appointed Mr Gan Ah Tee, Mr Ooi Woon
Chee and Encik Mohamed Raslan Bin Abdul Rahman of KPMG Corporate
Services Sdn Bhd as SAs of Naluri with effect from 23 December
2002 pursuant to Section 21(1)(d), Section 24 and Section 25(d)
of Pengurusan Danaharta Nasional Berhad Act 1998 (the Act).

Section 24 of the Act states that Danaharta may, on its own
motion, recommend to the Oversight Committee for appointment of
a Special Administrator of any affected person.

Section 21(1)(d) of the Act defines "affected person" as any
company where at least two percent of its share capital has been
charged, pledged or mortgaged by any person to secure the
performance of or discharge of a duty or liability owed by any
person to Danaharta or its subsidiary, whether present, future,
vested or contingent.

Section 25(d) of the Act states that Danaharta may recommend for
the appointment of a Special Administrator under Section 23 or
24 if it is satisfied that the appointment may achieve a more
advantageous realization or a more expeditious settlement of a
duty or liability owed by any person to Danaharta or its
subsidiary, whether future, present, vested or contingent.

4. Terms of Reference of the Special Administrators

The SAs have assumed control of the assets and affairs of Naluri
with effect from 23 December 2002. The powers of the management
and the Board of Directors of Naluri are effectively suspended
and only the SAs can deal with Naluri's assets and affairs. The
appointment of SAs will help ensure that the assets of the
Company are preserved for the benefit of stakeholders.

5. Financial and Operational Impact of the Appointment on the
Group

The appointment of SAs will not have any immediate financial
impact on Naluri. The SAs have however assumed control of
Naluri's operations.

6. Effect of the Appointment on the Business Operations of the
Listed Issuer

The appointment should not have any material effect on the
business operations as it is the intention of the SAs to allow
the operations to continue as usual.

In this regard, Naluri is not designated as an affected issuer
under Practice Note 4/2001.

7. Steps Taken or Proposed to be Taken by the Listed Issuer in
respect of the appointment of Special Administrators
Not applicable.

8. Role of the Board of Directors in light of the appointment of
the Special Administrators

The powers of the Board of Directors of Naluri are effectively
suspended on the date of the appointment of SAs on 23 December
2002. Pursuant to the provisions of the Act, the SAs shall be
entitled to exercise all the functions of the Board of Directors
of Naluri.

Below is the KLSE' Query Letter content:

We refer to the announcement released by KPMG Corporate Services
Sdn Bhd, SA of the Company, dated 23 December 2002 in respect of
the aforesaid matter.
In this connection, please furnish the Exchange with the
following additional information for public release:
1. The details of the events leading to the appointment of the
SA.
2. The terms of reference of the SA.
3. The financial and operational impact of the appointment of
the SA on the group.
4. The steps taken or proposed to be taken by the Company in
respect of the appointment of the SA.
Kindly furnish the Exchange with your reply within one (1)
market day from the date thereof.

Yours faithfully
KOAY LEAN LEE
Manager
Listing Operations
KLL/YYT/GTH


PLANTATION & DEVELOPMENT: MITI OKs Restructuring Scheme
-------------------------------------------------------
AmMerchant Bank Berhad (formerly known as Arab-Malaysian
Merchant Bank Berhad), on behalf of Plantation & Development
(Malaysia) Berhad, wishes to announce to the Kuala Lumpur Stock
Exchange that the Ministry Of International Trade And Industry
has approved the Proposed Restructuring Scheme of P&D as
announced on 8 August 2002. The approval is subject to the
condition that the proposed restructuring scheme is approved by
the Securities Commission and the Foreign Investment Committee.
The Foreign Investment Committee has approved the said proposed
restructuring scheme via its letter dated 20 November 2002.

In respect to the proposed revision to certain terms of the
Proposed Restructuring Scheme of P&D as announced on 19 December
2002, on behalf of P&D, AmMerchant Bank had made an application
to the relevant authorities.

There is no other material development in the Proposed
Restructuring Scheme of P&D subsequent to the announcements
dated 2 December 2002, 10 December 2002 and 19 December 2002.


RASHID HUSSAIN: Fully Redeems RM800M Secured Bonds
--------------------------------------------------
Reference is made to the announcement dated 17 December 2002 in
relation to the determination of the final purchase price of
RM1,804,254,000 for the Acquisition of Bank Utama.

AmMerchant Bank Berhad (formerly known as Arab-Malaysian
Merchant Bank Berhad) on behalf of Rashid Hussain Berhad is
pleased to announce that the sale and purchase agreement dated
20 March 2002 between RHB, RHB Bank, Cahya Mata Sarawak Berhad
and Utama Banking Group Berhad (UBG) for the Acquisition of Bank
Utama was successfully completed on December 24, 2002, whereby
the final purchase price of RM1,804,254,000 was fully paid by
RHB on behalf of RHB Bank, to UBG as follows:

   (a) cash payment of RM937,136,000;

   (b) issuance of RM463,646,102 nominal value RHB ICULS-A; and

   (c) issuance of RM403,471,898 nominal value RHB ICULS-B.

RHB Bank in turn repaid RHB via the issuance of RM800.0 million
nominal value 10-year non callable 5-year redeemable unsecured
RHB Bank Tier II subordinated debt (RHB Bank RM Sub-Debt) and a
cash payment of RM1,004,254,000 of which RM570.0 million is
funded by the issuance of USD150.0 million nominal value 10-year
non callable 5-year redeemable unsecured RHB Bank Tier II
subordinated bonds.

As a result of the completion of the Acquisition of Bank Utama,
Bank Utama has become a wholly owned subsidiary of RHB Bank.

REPAYMENT OF BORROWINGS

Reference is also made on the announcement dated 20 March 2002
and are pleased to announce that RHB has fully redeemed its
outstanding RM800.0 million nominal value 2.5% per annum
redeemable secured bonds 1997/2002 by way of an exchange with
the RHB Bank RM Sub-Debt.

VOLUNTARY PARTIAL OFFER

Further reference is made to the announcement dated 19 December
2002 in relation to the level of acceptances received by RHB as
at 5.00 p.m. (Malaysian time) on 18 December 2002 being the
closing date of the Voluntary Partial Offer.

AmMerchant Bank is pleased to announce that the final level of
valid acceptances pursuant to the Voluntary Partial Offer are as
set out in Tables 1 and 2 at
http://www.bankrupt.com/misc/TCRAP_RHB0102.pdf,and that in full  
satisfaction of the aforesaid acceptances, the notices of
allotment for a total of:

   (1) RM217,468,487 nominal value RHB ICULS-B; and

   (2) 235,897,791 new RHB ordinary shares of RM1.00 each;
were dispatched to the accepting shareholders and warrantholders
of RHB Capital, and that the Voluntary Partial Offer is now duly
completed.


SOUTH MALAYSIA: Issues Restructuring Compliant RCSLS Bonds
----------------------------------------------------------
Further to the announcement made by South Malaysia Industries
Berhad on 20 December 2002, Alliance Merchant Bank Berhad, on
behalf of the SMI, announced that the Company has, on 24
December 2002, issued the RM183,500,000 nominal value of
redeemable convertible secured loan stocks (RCSLS) and
RM61,453,450 nominal value of irredeemable convertible unsecured
loan stocks (ICULS) to the respective holders of SMI's
RM150,000,000 nominal value of 3% redeemable secured bonds
1995/2000 pursuant to the Bonds Restructuring as well as the
lenders and creditors pursuant to the Debts Restructuring.

In addition, a lender has also placed out RM100,000 nominal
value each of the RCSLS and ICULS such that there are at least
100 holders, each holding at least RM1,000 nominal value of
RCSLS and ICULS respectively.


SRIWANI HOLDINGS: Proposes Employees' Share Option Scheme
---------------------------------------------------------
On behalf of the Board of Directors of Sriwani Holdings Berhad,
Commerce International Merchant Bankers Berhad (CIMB) is pleased
to announce that the Company proposes to implement an employees'
share option scheme for the eligible employees and Executive
Directors of SHB and its subsidiaries, other than the
subsidiaries which are dormant (SHB Group or Group), who meet
the criteria of eligibility for participation in the Scheme
(Eligible Employees) as set out in the bye-laws containing the
terms and conditions of the Scheme (Bye-Laws).

DETAILS OF THE PROPOSED ESOS

The Proposed ESOS will involve the granting of options to the
Eligible Employees in accordance with the Bye-Laws whereupon
such options so granted shall entitle the Eligible Employees to
subscribe for new ordinary shares of RM1.00 each in SHB (SHB
Shares) at a specified price (Options).

The maximum number of Options to be offered under the Scheme
shall not exceed 10% (or such other higher percentage as may be
permitted by the relevant regulatory authorities) of the total
issued and paid-up share capital of the Company at any one time
during the existence of the Scheme. Furthermore, not more than
50% of the new SHB Shares available under the Scheme should be
allocated, in aggregate, to Directors and senior management of
the SHB Group. In addition, not more than 10% of the new SHB
Shares available under the Scheme shall be allocated to any
Eligible Employee who, either singly or collectively through
his/her associates, holds 20% or more of the issued and paid-up
share capital of the Company.

Eligible Employees include any employee, including the Executive
Directors, of the SHB Group who, as at the date on which an
offer (including subsequent offers) is made to participate in
the Scheme (Offer Date):

   (a) has attained the age of eighteen (18) years; and

   (b) is a confirmed employee of a company that is within the
SHB Group;

   (c) is employed full time by and on the payroll of a company
within the SHB Group; and

   (d) is under such categories and of such criteria that the
committee, which is to be duly appointed and authorized by the
Board of Directors of SHB to administer the Scheme (Options
Committee), may from time to time decide.

The Scheme shall be in force for a period of five (5) years
commencing from the date of the confirmation letter submitted by
the adviser of SHB for the Scheme to the Securities Commission
(SC) that the Company has:

   (i) fulfilled the SC's conditions of approval for the
Proposed ESOS and that the Bye-Laws do not contravene the
guidelines on employees' share option scheme as stipulated under
the SC's Policies and Guidelines on Issue/Offer of Securities
(SC Guidelines); and

   (ii) obtained other relevant approvals for the Proposed ESOS
and has fulfilled any conditions imposed therein.

The Scheme may at the discretion of the Options Committee be
extended or renewed (as the case may be) provided always that
the initial scheme period stipulated above and such extension of
the Scheme made pursuant to the Bye-Laws shall not in aggregate
exceed a duration of ten (10) years.

The new SHB Shares to be issued pursuant to the exercise of the
Options shall, upon allotment and issue, rank pari passu in all
respects with the then existing issued and paid-up SHB Shares,
save and except that the new SHB Shares will not be entitled to
any dividends, rights, allotments and/or other distributions
where the Entitlement Date precedes the date of allotment of the
new SHB Shares. For the purpose hereof, Entitlement Date means
the date at the close of business on which shareholders must be
registered in order to participate in any dividends, rights,
allotment and/or other distributions.

The price at which an Eligible Employee is entitled to subscribe
for each new SHB Share (Subscription Price) may be at a discount
of not more than 10% from the five (5)-day weighted average
market price of SHB Shares immediate preceding the Offer Date,
provided that the Subscription Price shall in no event be less
than the par value of the SHB Shares.

RATIONALE FOR THE PROPOSED ESOS

The rationale for the Proposed ESOS is as follows:

   (i) to reward and retain the Eligible Employees whose
services are vital to the operations and continued growth of the
Group, thus ensuring that loss of key personnel is kept to the
minimum;

   (ii) to provide an incentive for the Eligible Employees to
participate more actively in the operations of the Group and
encourage them to contribute to the future growth of the Group;

   (iii) to give the Eligible Employees a greater sense of
ownership and belonging so that they are motivated to be more
productive; and

   (iv) to increase the level of commitment, dedication and
loyalty amongst the Eligible Employees.

EFFECTS OF THE PROPOSED ESOS

Beside the Proposed ESOS, SHB has also proposed to implement
several corporate exercises (collectively referred to as the
`Proposed Corporate Exercise'), details of which have been
announced on 28 June 2002, 5 July 2002 and 1 August 2002. The
Proposed Corporate Exercise include, amongst others, the
following:

   (i) Proposed capital reduction of the existing issued and
paid-up share capital of SHB of 121,214,124 comprising
121,214,124 SHB Shares pursuant to Section 64 of the Companies
Act, 1965, by the cancellation of RM0.98 from the par value of
every SHB Share in issue and thereafter the consolidation of
every fifty (50) ordinary shares of RM0.02 each into one (1) SHB
Share (Proposed Capital Reduction And Consolidation);

   (ii) Proposed restricted issue of 7,272,847 new SHB Shares at
an issue price of RM1.00 each to Multi Esprit Sdn. Bhd. after
the Proposed Capital Reduction And Consolidation (Proposed
Restricted Issue);

   (iii) Proposed renounceable rights issue of up to 24,440,516
new SHB Shares at an issue price of RM1.00 each on the basis of
seven (7) new SHB Shares for every three (3) SHB Shares held
together with up to 392,794,013 5-year irredeemable convertible
preference shares (ICPS) of RM0.10 each (ICPS-A) at an issue
price of RM0.10 per ICPS-A on the basis of seventy-five (75)
ICPS-A for every two (2) SHB Shares held, after the Proposed
Capital Reduction And Consolidation and the Proposed Restricted
Issue;

   (iv) Proposed debt restructuring scheme between SHB, certain
of its subsidiaries, namely Sriwani Trading Sdn. Bhd.,
Cergasjaya Sdn. Bhd., Sriwani Duty Free Supplies Sdn. Bhd. and
Kelana Megah Sdn. Bhd. and certain of their respective creditors
for debts totaling RM663.918 million;

   (v) Proposed acquisition by SHB of the entire equity interest
in Winner Prompt Sdn. Bhd and Selasih Ekslusif Sdn. Bhd. for
total purchase consideration of RM26.0 million to be satisfied
by the issuance of 23,636,363 new SHB Shares at an issue price
of RM1.10 per SHB share;

   (vi) Proposed issuance of 7,808,742 ICPS-C at an issue price
of RM1.10 per ICPS-C to Malaysia Airports (Sepang) Sdn. Bhd. (MA
Sepang) for the settlement of debts owing by Syarikat Sriwani
(M) Sdn. Bhd., a wholly-owned subsidiary of SHB, to MA Sepang;
and

   (vii) Proposed additional issue of 100,000 ICPS-B1, 100,000
ICPS-B2 and 100,000 ICPS-C at an issue price of RM1.00 each to
CIMB, for cash totaling RM300,000.

In view of the above, the effects of the Proposed ESOS on the
issued and paid-up share capital of SHB, the shareholdings of
major shareholders of SHB, the NTA, the earnings and the
dividends of the SHB Group shall therefore also take into
account the effects of the Proposed Corporate Exercise. For the
purpose of the effects of the Proposed ESOS, all references or
abbreviations used shall have the same meanings as those made in
the announcements dated 28 June 2002, 5 July 2002 and 1 August
2002 unless otherwise stated herein.

Share Capital

The Proposed ESOS will not have an immediate effect on the
existing issued and paid-up ordinary share capital of SHB.
However, the issued and paid-up ordinary share capital of SHB
will increase progressively depending on the number of Options
exercised and hence the number of new SHB Shares issued pursuant
thereto.

Assuming full exercise of the Options, the effects of the
Proposed ESOS (together with the Proposed Corporate Exercise) on
the issued and paid-up ordinary share capital of the Company are
as set out in Table 1 at
http://www.bankrupt.com/misc/TCRAP_Sriwani0102.doc.

Earnings

The Proposed ESOS is not expected to have any effect on the
earnings of the SHB Group for the financial year ending 31
December 2002 as the Proposed ESOS is expected to be completed
after the said financial year end. However, for the financial
year ending 31 December 2003 and thereafter, the earnings per
share of the SHB Group will be correspondingly reduced as a
result of the increase in the issued and paid-up share capital
of the Company pursuant to the exercise of the Option granted
under the Proposed ESOS.

NTA

The Proposed ESOS will not have an immediate effect on the
consolidated NTA of the SHB Group. However, the consolidated NTA
of the SHB Group will increase progressively depending on the
number of new SHB Shares to be issued pursuant to the exercise
of the Options and the Subscription Price thereof, which shall
be determined at the time an Option is granted.

Assuming full exercise of the Options, the effects of the
Proposed ESOS (together with the Proposed Corporate Exercise) on
the NTA of the SHB Group, based on the audited consolidated
balance sheet of SHB as at 31 December 2001, are as set out in
Table 2 at http://www.bankrupt.com/misc/TCRAP_Sriwani0102.doc.

Shareholdings of major shareholders

The Proposed ESOS will not have an immediate effect on the
existing shareholdings of the major shareholders of SHB.
However, the shareholdings of the major shareholders who are
also executive directors who meet the criteria of eligibility,
will increase progressively depending on the number of options
exercised and hence the number of new SHB Shares issued pursuant
thereto.

Dividends

The Proposed ESOS is not expected to have any material effect on
the dividend payment of the Company. No dividend was declared in
respect of the financial year ended 31 December 2001. The Board
of Directors of SHB does not expect the Company to declare any
dividends for the financial year ending 31 December 2002.
Barring unforeseen circumstances, any dividends to be declared
by SHB for the financial year ending 31 December 2003, would
depend on, amongst others, the profitability and cashflow
position of the Group.

CONDITIONS OF THE PROPOSED ESOS

The Proposed ESOS shall be conditional upon the following being
obtained:

   (i) the approval of the SC;

   (ii) the approval of the Kuala Lumpur Stock Exchange (KLSE),
for the listing of and quotation for the new SHB Shares to be
issued pursuant to the exercise of the Options on the Main Board
of the KLSE;

   (iii) the approval of the shareholders of SHB at an
Extraordinary General Meeting (EGM) to be convened; and

   (iv) the approval of any other relevant authorities.

DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS

Dato' Ong Kar Beau, being the Managing Director, Dato' Khalid
bin Mohamad Jiwa, Wong Soo Teong, Goh Seng Choon and Wong Peng
Yew, being Executive Directors of the Company (collectively
referred to as the `Interested Directors'), are entitled to
participate in the Proposed ESOS and are therefore deemed
interested in respect of their respective entitlements under the
Proposed ESOS. The aforesaid Interested Directors have abstained
and will continue to abstain from all deliberations and voting
on their respective entitlements under the Proposed ESOS at the
relevant meetings of the Board of Directors.

As at 29 November 2002, Wong Soo Teong has direct shareholding
of 405,165 SHB Shares representing 0.33% equity interest in SHB.
Accordingly, Wong Soo Teong will abstain from voting in respect
of his direct shareholding in SHB on the ordinary resolution
pertaining to his entitlement under the Proposed ESOS to be
tabled at the forthcoming EGM. The Interested Directors shall
undertake to ensure that persons connected to them will abstain
from voting on the ordinary resolutions pertaining to their
respective entitlements under the Proposed ESOS.

Other than those disclosed above, insofar as the Directors of
SHB are aware, none of the other Directors or major shareholders
and/or persons connected to them, have any interest, direct or
indirect, in the Proposed ESOS.

ADVISER

CIMB has been appointed as the adviser to the Company for the
Proposed ESOS.

STATEMENT BY THE DIRECTORS

The Board of Directors of SHB, after careful deliberation, is of
the opinion that the Proposed ESOS is in the best interest of
the Company and the SHB Group.

APPLICATION TO THE SC

An application to the SC in relation to the Proposed ESOS will
be made within three (3) months from the date of this
announcement.


TAI WAH: Re-election of Director Bin Tambi Approved at AGM
-----------------------------------------------------------
Tai Wah Garments Manufacturing Berhad informed the results of
the Proposed Resolutions as set out in the Notice of the 32nd
Annual General Meeting (AGM) dated 8 October 2002, the
Additional Agenda for the Notice of the 32nd AGM dated 23
October 2002 and the new Notice of the 32nd AGM dated 2 December
2002 as follows:

Resolution no. 1, 2, 4, 5, 6 and 7 pertaining to the following
matters were duly carried:

1. Adoption of the Directors' Report and Audited Financial
Statements for the financial year ended 30 April 2002 together
with the Auditors' Report.

2. Re-election of Tuan Haji Rusli Bin Tambi as Director of the
Company.

3. Appointment of Messrs Shamsir Jasani Grant Thornton as
Auditors of the Company at a remuneration to be determined by
the Directors.

4. Authorization of Directors to issue shares not exceeding 10%
of the issued capital of the Company.

5. Appointment of Mr. N. Sivagurunathan a/l V. Narayanasamy as
Director of the Company.

6. Appointment of Mr. Low Han Teong as Director of the Company.

As for Resolution 3 on the re-election of Tuan Haji Ahmad Kamal
bin Abdullah Al-Yafii, the resolution was not tabled due to his
withdrawal of his consent to be re-elected as Director of the
Company.


TAP RESOURCES: SC Approves Debt Restructuring Proposals
-------------------------------------------------------
Further to the announcement dated 23 October 2002, Malaysian
International Merchant Bankers Berhad (MIMB), on behalf of the
Board of Directors of TAP Resources Berhad (TAP), announced that
the Company has received the approval of the Securities
Commission (SC) for the following proposals:

   (a) Proposed Debt Restructuring by the TAP Group by way of:

     (i) the issuance of up to a maximum of RM36,634,000 nominal
value of 5% 3-year redeemable convertible secured loan stocks
(RCSLS) to financial institutions; and

    (ii) the issuance of up to a maximum of RM43,178,831 nominal
value of 2% 3-year irredeemable convertible unsecured loan
stocks (ICULS) to trade and non trade creditors;

at 100% of its nominal value as full and final settlement of the
loans and amounts owing by the TAP Group;

   (b) Proposed Waiver from the profit guarantee of RM16,716,000
for the financial year ended 30 April 2000;

   (c) Proposed Rights Issue of 29,332,666 new ordinary shares
of RM1.00 each in TAP (Rights shares) on the basis of two (2)
new ordinary shares for every three (3) existing shares held at
an issue price to be determined on a price fixing date where
part of the issue price amounting to RM0.57 per Rights share
will be paid by the Guarantors as compensation to the
shareholders of TAP for the waiver from the profit guarantee as
mentioned on paragraph (b) above; and

   (d) the listing of and quotation for the ICULS to be issued
pursuant to the Proposed Debt Restructuring and new ordinary TAP
shares of RM1.00 each to be issued pursuant to the Proposed
Rights Issue and the conversion of the RCSLS and ICULS on the
Second Board of the Kuala Lumpur Stock Exchange (KLSE).

The approval of the SC for the Proposals is subject to, amongst
others, the following conditions:

   (a) The promoters and directors of TAP are required to give
the SC a written undertaking that they will not dispose of their
shareholdings in TAP from the ex-date until ten (10) market days
after the listing of the Rights shares, if the issue price of
the Rights shares is fixed at a discount of more than 30% from
the theoretical ex-rights price based on the weighted average
market price of TAP shares for five (5) consecutive market days
before the price fixing date;

   (b) the conversion price of the RCSLS and ICULS is to be
fixed at a discount of not more than 10% from the theoretical
price based on the weighted average market price of TAP for the
five (5) consecutive market days before the price fixing date,
or at par value, whichever is the higher;

   (c) The SC's approval is required for any amendments to the
terms and conditions of the RCSLS and ICULS to be issued by TAP;

   (d) MIMB is required to inform the SC of the final number of
RCSLS and ICULS to be issued, the issue price, the parties to
which the RCSLS and ICULS are to be issued to and their
respective amounts, before the RCSLS and ICULS are issued;

   (e) TAP is required to appoint an independent audit firm
(which is experienced in investigative audit and has not been in
the past and is not the current auditor of the TAP Group) within
the next two (2) months from the date of the letter of approval
of SC to conduct an investigative audit on the past business
losses of TAP. TAP is also required to take the necessary steps
to recover such losses. Based on the findings of the
investigative audit, TAP has to report to the relevant
authorities if there has been any breach to any laws, rules,
guidelines and/or Memorandum and Articles of Association by the
directors of TAP and/or other parties which resulted in the
losses of TAP. Further, TAP has to strengthen its corporate
governance. The investigative audit has to be completed within
six (6) months from the date of the appointment of the said
independent audit firm and an announcement has to be made on the
findings. Two (2) copies of the investigative audit report have
to be submitted to the SC after completion of the investigative
audit; and

   (f) MIMB and TAP must fully satisfy all the conditions in
relation to the said Proposals as stated in the provisions under
the Policies and Guidelines for Issue/Offer of Securities.

The Proposals are now subject to the approval in-principle of
the KLSE for the following:

   (a) admission of the ICULS to the Official List of the KLSE;
and

   (b) listing of and quotation for the new shares to be issued
pursuant to the Proposed Rights Issue and the new shares to be
issued pursuant to the conversion of the RCSLS and ICULS.

The Board of Directors of TAP is presently deliberating on the
above-mentioned terms and conditions of the SC's approval and an
appropriate announcement will be made in due course.


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


BAYANTEL: In Talks With Potential JV Partner
--------------------------------------------
Bayantel Communications Inc. Chief Financial Officer Gary Olivar
said that an agreement with an Asia Pacific consortium may be
ready by the first half of next year to be the company's
potential joint venture partner in its determination to set up
its own mobile business, the Business Times reported.

"I am satisfied they have the financial and technical resources.
A number of structures have been identified but nothing is final
yet," Olivar said.

Olivar said that the discussions between the "telecom leader"
and BayanTel was still in a very "early stage." He also said
BayanTel wanted the group to shoulder the bulk of the funding
for the mobile phone project. He did not say though how much was
needed for the project.

Olivar admitted that Benpres Holdings Corp. is not in a position
to support Bayantel's funding needs. Benpres is currently
negotiating with creditors for the restructuring of its $596.9-
million debt. He added that if it were not for its own debt-
restructuring program, BayanTel could be more aggressive in
pushing its mobile business.

Earlier, the National Telecommunications Commission extended the
provisional authority for BayanTel to install, operate and
maintain a nationwide cellular mobile telephone system or CMTS
to November 2005. The original permit was issued on May 3, 2000.

Transportation and Communications Secretary Leandro Mendoza
earlier said there is still room for another cellular firm in
the industry. At present, Globe Telecom and Smart Communications
Inc. dominate the country's mobile phone industry. (M&A
REPORTER-ASIA PACIFIC, Vol. No.1, Issue No. 255, December 30,
2002)


BENPRES HOLDINGS: Enters Agreement With FPHC
-------------------------------------------
In preparation for the initial draw of the project financing of
the Manila North Tollways Corporation (MNTC) tollways project,
and as required by the MNTC lenders, First Philippine Holdings
Corporation (FPHC) and Benpres Holdings Corporation (Benpres)
signed on Thursday a memorandum of agreement for the
modification of the ownership structure of First Philippine
Infrastructure Development Corporation (FPIDC), the Lopez
Group's holding Company for MNTC shares.

Under the sponsor support agreement with MNTC lenders, Benpres,
as one of the sponsors of the tollways project is required to
guarantee certain obligations of FPIDC. MNTC's lenders agreed
for FPHC to replace this Benpres guarantee with an FPHC
guarantee; provided, among other things, that the ownership
structure of FPIDC is modified.

Both FPHC and Benpres have advanced amounts to FPIDC for MNTC's
pre-operation. The changes in the ownership structure FPIDC will
involve the assignment by Benpres of certain of its advances in
FPIDC in the amount of P1.1 billion to FPHC. The FPHC and
Benpres advances to FPIDC, inclusive of the assigned advances,
would eventually be converted equity. Benpres would retain all
economic rights with respect to the shares converted from
advances assigned by Benpres to FPHC.

The press release is located at
http://bankrupt.com/misc/tcrap_bpc1227.pdf


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


PRESSCRETE HOLDINGS: Seeking Shareholder's OK for Acquisition
-------------------------------------------------------------
Further to the announcement Presscrete Holdings Limited made on
September 6, 2002, the Board of Directors announced that in
relation to the proposed acquisition by the Company of NeoCorp
Innovations Pte Ltd NIPL from Neo Investment Pte Ltd and Neo
Corporation Pte Ltd the Acquisition, the Company has received
clearance from the Singapore Exchange Securities Trading Limited
for the issue of the circular (the Circular) to seek
shareholders' approval for the Acquisition. The Circular will be
dispatched to shareholders within the next few days.

The Troubled Company Reporter-Asia Pacific reported that
Presscrete Holdings Limited posted a net loss of S$1.302 million
in the six months to May from 3.254 million a year earlier due
to lower interest charges arising from the deconsolidation of
unit Ceramic Technologies Pte Ltd's debts.

Ceramic Technologies was placed under judicial management in
January 2002.


TSIT WING: Striking Off Dormant Unit
------------------------------------
The Board of Directors of Tsit Wing International Holdings
Limited announced that the Company's wholly-owned subsidiary,
Tsit Wing Trading Sdn. Bhd. (TW Malaysia) has applied to the
Registrar of Companies, Malaysia to be struck off from the
Register under Section 308 of the Companies Act., 1965.

TW Malaysia was incorporated on 13 March 2000 for the purpose of
holding the Tsit Wing Group's 80% investment in a subsidiary,
Tsit Wing Australia Pty. Limited (TW Australia), which was
established in the same year of 2000 to undertake the Group's
operations in Australia. To streamline and rationalize the Group
structure and business activities for the purpose of listing the
Company's shares on the SGX-ST, the Group underwent a
Restructuring Exercise, under which TW Malaysia became dormant
and TW Australia turned into a wholly-owned subsidiary of the
Group with 100 percent of its shares being held by another
wholly-owned subsidiary, Tsit Wing International Company
Limited. TW Malaysia has therefore, never commenced business and
has no plans to commence business in the future. TW Malaysia
will be struck off from the Register by the second quarter of
2003.

The Company does not expect the dissolution of this subsidiary
to have a material impact on the net tangible assets and
earnings per share of the Company and the Group for the
financial year ending 31 December 2002.


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


CENTRAL PAPER: Discloses Warrant Exercise Results
-------------------------------------------------
As the Central Paper Industry  Public  Co.,Ltd (CPICO) issued  
120 million units of warrant No.1 (CPICO-W1) with 10 years term
offering to the existing shareholders during July 11-18, 2000.  
The exercise is fixed on every 3 months of the normal working
hours of the Company's share registrar on the date 15th or the
next working day of March, June, September and December of each  
year through the maturity date.  The Exercise Date shall be on
15th September, 2000 while the last Exercise Date shall be on  
15th June, 2010  respectively.  1 unit of warrant give the  
right to the holder to purchase 1 share of the company in the  
Exercise Price of Baht 10 per share.

The company informed that there are 119,994,600 units of Right
Warrants  No.1 (CPICO-W1), on the Exercise Date of December 6th,
2002 there is not any warrant holder exercised his rights to
purchase new ordinary shares. Therefore, there are 119,994,600  
units remaining Right Warrants  No.1 (CPICO-W1).


EMC PUBLIC: Issuing Ordinary Shares to Creditor Ayudhya  
-------------------------------------------------------
EMC Power Co., Ltd., the Plan Administrator of EMC Public
Co.,Ltd., announced that the Company increased its registered
capital to Baht 677,954,310 divided into 67,795,431 ordinary
shares which has the par value of Baht 10 per share as mentioned
in the rehabilitation plan.  At present, the paid-up capital is
Baht 590,278,160.

Due to EMC received the additional orders from the official
receiver and as provided in the rehabilitation plan that
EMC has to convert the debt to equity by issuing the ordinary
shares, the Administrator informed that EMC will convert the
debt to equity by issuing the ordinary shares to Ayudhya
International Factors Co.,Ltd. in the amount of Baht
2,511,610 divided into  251,161 shares, the par value of Baht 10
per share.

After issuing of the ordinary shares, the paid-up capital will
be Baht 592,789,770 and Ayudhya International Factors Co.,Ltd.
will hold the shares in the proportion of 0.42 of  the total
shares.

EMC will convert the debt to equity and issue the ordinary
shares to Ayudhya International Factors Co.,Ltd. on  
January 6, 2003.


HEMARAJ LAND: Reaches Debt Settlement With Bangkok Capital
----------------------------------------------------------
Hemaraj Land and Development Public Company Limited previously
disclosed its entry into the Securities Pledge Agreement dated
28th March, 1996 (Pledge Agreement) with Thai Finance and
Securities Public Company Limited (TFS).   Under the Pledge
Agreement, the Company pledged 7,000,000 shares in Sriracha
Harbour Public Company Limited with TFS as part of collateral
for Baht 105,000,000 loan facility granted by TFS to Standard
Intertrade Company Limited (Debtor).  The collateral was also to
secure accessories such as interest, compensation payable upon
default, cost and other related fees.  The pledge transaction
was regarded as a connected transaction and was approved by way
of ratification from the 1999 Annual General Meeting of
Shareholders on 30th April, 1999.  TFS subsequently assigned its
right over such loan facility to a mutual fund (Creditor).  

On 3rd August, 2000, the Creditor initiated a lawsuit against
the Debtor and the Company claiming for a joint liability to pay
Baht 210,000,000 together with accrued interest.  This court
case and the status of other legal proceedings to which the
Company was a party were reported to the 2001 Annual General
Meeting of Shareholders of the Company.

The Company initiated a negotiation and has reached a settlement
with the Creditor by which the Company agreed to pay to the
Creditor a settlement sum of Baht 132,153,030.50 (Settlement
Amount).  The settlement sum was less than the amount of court
claim for which the Company might be held liable jointly with
the Debtor as described above.  As part of the settlement
arrangement, the Company has been assigned the right of claims
in relation to other debts owing by the Debtor's related
persons.  The Company has procured its subsidiary, i.e. Eastern
Industrial Estate Company Limited (EIE), to enter into with the
Creditor a conditional assignment agreement in order to acquire
the right of claims against the Debtor and its related persons
as well as to make payment of the settlement sum to the
Creditor.

On 26th December, 2002, EIE paid to the Creditor the Settlement
Amount and acquired the right of such claims, including the
pledge over 7,000,000 shares in Sriracha Harbour Public Company
Limited and all other collateral.  The Creditor would cease all
legal proceedings against the Company as well as other relevant
persons and accordingly the present court cases against the
Company relating to this matter would be withdrawn.

The Settlement Amount was paid in connection with the Pledge
Agreement as referred to above which was regarded as a connected
transaction previously reported to the SET.  However, the
Settlement Amount represented the payment of principal,
interest, costs and other related fees.  The Company realized
that the Settlement Amount was greater than Baht 105,000,000 (as
disclosed to the shareholders for the purpose of its approval on
the connected transaction) by the sum of Baht 27,153,030.50.  
Accordingly, the difference of Baht 27,153,030.50 was equivalent
to 1.26 % of the net tangible asset of the Company, which was
higher than 0.3% but less than 3% of the net tangible asset.  
Therefore, this transaction must be disclosed to the SET, the
details of which are set out in this report but no approval from
the shareholders would be required in accordance with the SET
Notification re: rules, procedures and disclosure of connected
transactions by listed companies, dated 17th February, 1993.


KRISDAMAHANAKORN PUBLIC: Posts Rehab Plan Progress
--------------------------------------------------
In reference to the rules and regulations of the Stock Exchange
of Thailand regarding the rehabilitation plan, any company under
rehabilitation (REHABCO) that its shareholders approve its
rehabilitation plan is required to retain a financial advisor to
providing the report on its operating performance in each
quarter during the period of the rehabilitation plan.

Krisdamahanakorn Public Company Limited was notified by the SET
on March 5, 1999 regarding the classification of being delisted
by the SET. KMC has notified the SET regarding its intention to
rehabilitate the company and has appointed Finansa Securities
Limited (Finansa) to be a financial advisor for preparing of
KMC's rehabilitation plan.

Finansa has prepared KMC's rehabilitation plan with the
cooperation of KMC and Ernst & Young Office Limited (E&Y) as
KMC's auditor who reviewed KMC's financial projection over the
2-year rehabilitation plan from 3rd quarter of 2000 to 2nd
quarter of 2002.

The extraordinary shareholders' meeting No. 1/2000 of KMC has
resolved to approve the rehabilitation plan on October 16, 2000.  
By the request of KMC under the conditions of the SET, KMC's
shares were resumed their trading on the SET on December 7,
2000. Since then, KMC and Finansa have submitted the progress
reports of rehabilitation plan for the 3rd quarter of 2000 to
the 1st quarter of 2002 to the SET.

The Progress of the Rehabilitation Plan and Operating
Performance of 2nd Quarter of 2002

KMC and Finansa have analyzed KMC's auditor reports of last 8
quarters 3rd quarter of 2000 to 2nd quarter of 2002) compared
with KMC's financial projection under the rehabilitation plan.
The progress of the rehabilitation plan and operating
performance of last 8 quarters is as follows:        

Overall operating performance of normal property development
business for the last 8 quarters is as follows: Revenues from
sales of property and revenue from construction services are
24.46% and 51.16% lower than the projection, respectively.
However, KMC can maintain 34.62% gross profit margin which is
0.35% higher than the projection.

The main reasons that KMC's revenues have not met the projected
figure are as follows: The current property market requires
houses to be built before sales. The property development
companies have to maintain a significant amount of working
capital while the financial institutions are very caution in
lending to property development companies.

As a result, KMC is able to construct only limited number of
houses at a time. Thus the actual sales volume was caused by the
mentioned factors. However, KMC tries to maintain the gross
profit margin at high level.

Revenue from management fees and interest income are 80.82%
and 984.99% higher than the projection, respectively. Rental
income, revenue from golf course and other income are
10.54%,7.24% and 20.91% lower than the projection, respectively.
Cost of sales and construction services are lower than the
projection figures due to the decrease in sales of property and
revenue from construction services.

KMC is able to control selling and administration expenses to be
7.10% lower than the projection. However, interest expenses on
debt under restructuring are still high because KMC recognized
interest expenses at the market interest rate, but the interest
expenses which were recognized during debt restructuring will be
added back to be the profit from debt restructuring after the
debt restructuring has been completed.

Total extraordinary items of the last 8 quarters are close to
the projection since the debt restructuring is nearly completed.
Although, the debt restructuring is not entirely completed,
total profit from debt restructuring in the last 8 quarters is
21.25% higher than the projection due to KMC received better
debt restructuring conditions than originally projected.
Therefore, whenever KMC fully completes the debt restructuring,
total profit from debt restructuring will be higher than the
projected figure, resulting in an increase of KMC's net profit.
KMC expects to complete debt restructuring with Thai Asset
Management Corporation (TAMC) within the 3rd-4th quarter of
2002.  

Overall, revenue from sales of property and revenue from
construction services are still affected by the limited working
capital. However, KMC is able to produce the gross profit margin
and profit from debt restructuring better than the projection.
Extraordinary items are close to the projection.


T.C. ALPHA: Reorganization Petition Filed in Bankruptcy Court
-------------------------------------------------------------
The Petition for Business Reorganization of T.C. Alpha Jibsen
Company Limited (DEBTOR), engaged in representative for
distributing of building equipment, agricultural equipment and
other goods/services, was filed to the Central Bankruptcy Court:

   Black Case Number 1098/2543

   Red Case Number 30/2544

Petitioner : T.C. ALPHA JIBSEN COMPANY LIMITED

Planner: Dragon Capital (Thailand) Company Limited

Debts Owed to the Petitioning Creditor : 790,258,682.75 Baht

Date of Court Acceptance of the Petition : December 27, 2000

Date of Examining the Petition: January 22, 2001 at 9.00 AM

Court Order for Business Reorganization and Appointment of
Planner : January 22, 2001

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: January 31, 2001

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette : February 27,
2001

Deadline for the Planner to submit the Reorganization Plan to
Official Receiver : May 27, 2001

Planner postponed the date of submitting the reorganization plan
#1st to June 27, 2001

Planner postponed the date of submitting the reorganization plan
#2nd to July 27, 2001

Appointment date for the Meeting of Creditors to consider the
plan had been postponed to September 28, 2001 at 9.30 am.
Convention Room 1104, 11th Floor, Bangkok Insurance Building,
South Sathorn Road

The Meeting of Creditors had a resolution Not Accepting the
reorganization plan pursuant to Section 90/48

Court had issued an Order Cancelled the Order for Business
Reorganization on October 26, 2001

Announcement of Court Order Cancelled the Order for Business
Reorganization in Matichon Public Company Limited and Siam Rath
Company Limited: January 18, 2002

Announcement of Court Order Cancelled the Order for Business
Reorganization in Government Gazette : February 5, 2002

Contact : Mr. Somkit Tel, 6792525 ext 144


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Washington, DC USA. Lyndsey Resnick,
Maria Vyrna Nineza-Merlin, Maria Cristina Pernites-Lao, Editors.

Copyright 2003.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
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