TCRAP_Public/030103.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

           Friday, January 3, 2003, Vol. 6, No. 2

                         Headlines

A U S T R A L I A

CARTER HOLT: Sells Chilean Packaging Business
EARTH ESSENCE: Restructuring Plans Underway
ENERGY WORLD: CBA Extends Facility Agreement to January 31
GOODMAN FIELDER: Applies to Takeovers Panel
SOUTHERN PACIFIC: Posts Change of Director`s Interest Notice

TOWER LIMITED: AMP Ceases to be Substantial Holder


C H I N A   &   H O N G  K O N G

401 HOLDINGS: Hires Broker for Odd Lot Arrangement Services
BEST ELECTRONICS: Winding Up Petition Pending
EVERBEST CENTURY: Widens Operations Loss to HK$11.68M
GAY GIANO: H102 Net Loss Swells to HK$17.38M
GOOD FAME: Winding Up Petition Set for Hearing

HK PHARMACEUTICAL: Ups H102 Operations Loss to HK$27.27M
KARL THOMSON: Dividend Payment Not Recommended
STAR GLORY: Faces Winding Up Petition
Y T DEVELOPMENT: Winding Up Hearing Scheduled in February
Y T TECHNOLOGY: Winding Up Sought by Chartermate


I N D O N E S I A

BANK DANAMON: IBRA Implements Strategic Divestment of Shares


J A P A N

DAIWA BANK: Explores Partnership with Bank of East Asia
KINKI NIPPON: R&I Downgrades Rating to BBB+
MAZDA MOTOR: Expects Annual Figures to Shine as New Line Sells
MIZUHO HOLDINGS: Discloses Management Candidates
NIPPON YUSEN: Fined JPY2.7 Billion for Not Paying Proper Taxes

OHTSU TIRE: Sumitomo Rubber Absorbs Tire Subsidiary
ORIENT CREDIT: JCR Downgrades Rating to BB
RESONA HOLDINGS: To Issue Preferred Securities, Stocks
SEIYU LIMITED: JCR Upgrades Rating to BB+
SOFTBANK CORP.: Gives up Another Investment in Korea

TOMEN CORP.: Sees Merger with Toyota Subsidiary in Three Years


K O R E A

HYNIX SEMICONDUCTOR: Debt Plan OK'd, But Outlook Still Shaky
HYNIX SEMICONDUCTOR: To Auction KRW300 Billion Assets this Year
HYNIX SEMICONDUCTOR: Inks MoU to Sell PC Monitor Unit ImageQuest
HYUNDAI HEAVY: Wins US$745 Million Contract in Angola
HYUNDAI HEAVY: Sees 2003 New Orders Reaching US$7 Billion

HYUNDAI MERCHANT: Fined for Not Disclosing W400B Loan
HYUNDAI MOTOR: Forecasts 10% Increase in Sales this Year
KOREA THRUNET: Mulls Merger With Hanaro Telecom


M A L A Y S I A

ACTACORP HOLDINGS: Director Abdul Majid Resigns
AUSTRAL AMALGAMATED: Faces Delisting, Proposes FBO Listing
BRIDGECON HOLDINGS: Voluntarily Winds Up Unit
CHASE PERDANA: Pancar Generasi Cancels Proposed Scheme
CHG INDUSTRIES: Revises Original Proposed Debt Restructuring

GADEK (MALAYSIA): Institutions Withdraws Writ of Summons
GLOBAL CARRIERS: Revised Scheme Time Completion Extended
GREAT WALL: SC OKs Placement of Ordinary Shares
IDRIS HYDRAULIC: Amends Proposed Tahan Transfer Condition
INTAN UTILITIES: Posts Loan Defaulted Payment Summary

JASATERA BERHAD: Chong Eu Appointed as ACSB Liquidator
LAND & GENERAL: January 17 EGM Scheduled
LAND & GENERAL: SC OKs Proposed Composite Debt Workout Scheme
MBF HOLDINGS: SC Grants Proposals Implementation Time Extension
SASHIP HOLDINGS: Proposed Workout Scheme Completion Extended

SENG HUP: Provides Default in Payment Status Update
SINMAH RESOURCES: Unit LSB Further Invests RM2.99M in JVC
TAI WAH: Obtains Proposals Approval at EGM
TECHNO ASIA: SC Approves Proposed Exemption
TIMBERMASTER INDUSTRIES: SC Grants Proposed MO Waiver Approval


P H I L I P P I N E S

CLUB JOHN: In Talks with BCDA Over 2nd Restructuring of Contract
MANILA ELECTRIC: Unbundling Petition Critical to Recovery


S I N G A P O R E

DBS GROUP: Winding Up of Unit
NATSTEEL LTD.: Takeover Battle Continues, Ong's Offer Extended
PRESSCRETE HOLDINGS: EGM Set for January 11


T H A I L A N D

EMC PUBLIC: Converts Convertible Bonds
JASMINE INTERNATIONAL: Changes Planner's Director
M.E.C. FAREAST: Files Business Reorganization Petition
THAI ELECTRONIC: Supreme Court Grants Rehab Plan Approval

* DebtTraders Real-Time Bond Pricing

     -  -  -  -  -  -  -  -

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


CARTER HOLT: Sells Chilean Packaging Business
---------------------------------------------
Carter Holt Harvey announced Thursday the sale of its packaging
business in Chile to a consortium comprising of Asesorias e
Inversiones Camino Real Limitada, Inversiones y Asesorias Los
Cedros Limitada, Ahorro y Rentas La Vendimia S A and Inversiones
Chinquihue S A for US$11 million. The sale will take effect on
31 January 2003.


EARTH ESSENCE: Restructuring Plans Underway
-------------------------------------------
The Directors of Earth Essence International Limited would like
to inform the market of the current activity within the Company.

The Directors are in the process of developing a restructuring
plan for the Company. It is expected that the plan will be
completed before the second quarter of the next calendar year.
At this time the plan will be put to shareholders for their
approval.

The Directors expect that the restructuring plan will be
centered on the Company's main asset, being the Albany Explanade
Hotel. The Directors are exploring all options to optimize the
performance of the Hotel.  It is expected that loss-making
enterprises will be disposed.

The restructuring will also address the Company's negative asset
position by restructuring the loans payable by the Company.

The plan is also expected to include the Director's plans to
lift the current suspension on trading of its securities on the
ASX.

The Director's will provide further information when the
restructuring plan becomes available.


ENERGY WORLD: CBA Extends Facility Agreement to January 31
----------------------------------------------------------
The Directors of Energy World Corporation Limited are pleased to
advise that offers have been received for the sale of its Basin
Bridge India assets and for both the sale or refinancing of its
Australian Power Assets. The Directors are now considering the
offers received with a view to meeting the debt reduction
required by the Commonwealth Bank of Australia while ensuring
that the Company maintains a sound position going forward for
the maximum benefit of shareholders.

Meanwhile, the Commonwealth Bank of Australia has extended the
Company's facilities until 31 January 2003 to enable these
offers to be fully evaluated to ensure they meet the Bank's debt
reduction requirements.

The Company is also pleased to advise that Expressions of
Interest have been received for the sale or refinancing of the
assets of Australian Gasfields Limited.

Independent Consultants have recently completed a review of
these gas assets and concluded that subject to the installation
of production wells, there should be sufficient gas resources
from Gilmore alone to satisfy the gas requirements of the
Central Queensland Power Pty Ltd Barcaldine power station for
the next fifteen years.

Shareholders will be kept informed of further developments in
this matter.


GOODMAN FIELDER: Applies to Takeovers Panel
-------------------------------------------
Goodman Fielder on Monday made an application to the Takeovers
Panel following the receipt of Burns Philp's unsatisfactory
response to a request to clarify certain conditions associated
with its proposed takeover bid.

Goodman Fielder is seeking a declaration of unacceptable
circumstances, from the Takeovers Panel, in relation to each of
the following:

   * the financing condition in section 9.6(q) of the Burns
Philp Bidder's Statement;

   * the accounting conditions in section 9.6(g) and 9.6(h) of
the Bidder's Statement requiring the directors of Goodman
Fielder to confirm certain matters concerning earnings and
liabilities;

   * the condition in section 9.6(k) of the Bidder's Statement
that there be no event which has or may have a material adverse
effect on Burns Philp; and

   * certain statements in section 5.4 of the Bidder's Statement
in relation to Burns Philp's intentions upon acquisition of less
than 90% of Goodman Fielder.

Goodman Fielder is also seeking orders to the effect that these
conditions and statements be removed or that further disclosure
be made.


SOUTHERN PACIFIC: Posts Change of Director`s Interest Notice
------------------------------------------------------------
Southern Pacific Petroleum NL posted this notice:

             CHANGE OF DIRECTOR'S INTEREST NOTICE

   Name of Company          Southern Pacific Petroleum NL

   ABN                      36 008 460 366

We (the entity) give the ASX the following information under
listing rule 3.19A.2 and as agent for the director for the
purposes of section 205G of the Corporations Act.

   Name of Director         John Val Browning

   Date of last notice      18/03/2002


Part 1 - Change of director's relevant interests in securities

Direct or indirect interest             Direct and Indirect
                                        interests

Nature of indirect interest
(including registered holder)    4,232,958 Fully paid
                                 Ordinary Shares and
                                 3,618,040 Equity Participation
                                 Shares are held through
                                 ANZ Nominees Limited

Date of change                   23/12/2002

No. of securities held prior
to change                        4,232,958 Fully Paid
                                 Ordinary Shares
                                 3,618,040 Equity Participation
                                 Shares
                                 8 Guarantee Facility Options

Class                            -

Number Acquired         827,513 Fully Paid Ordinary Shares
                        1,577,513 Options (expiring 19/11/2004)


Number disposed                              -

Value/consideration:

Shares and Options were acquired through subscription to a
Private Placement at the same issue price as the company's
Rights Issue  cost was $0.35 per share, with 1 attaching Option
for each share subscribed for

No. of securities held after change:

                        5,060,471 Fully Paid Ordinary Shares
                        1,577,513 Options (expiring 19/11/2004)
                        3,618,040 Equity Participation Shares
                        8 Guarantee Facility Options

Nature of change        Subscription to Private Placement at
                        the same issue price as the company's
                        Rights Issue

Part 2 - Change of director's relevant interests in contracts

Detail of contract                -

Nature of direct interest         -

Name of registered holder         -
(if issued securities)

Date of change                    -

No. and class of securities to which     -
interest related prior to change

Interest Acquired                        -

Interest disposed                        -

Value/consideration                      -

Interest after change                 -

The Troubled Company Reporter - Asia Pacific reported on
December 23, 2002 that the Company has restructured
a number of business support functions in the Brisbane head
office and the Stuart Project site in Gladstone.


TOWER LIMITED: AMP Ceases to be Substantial Holder
--------------------------------------------------
AMP Limited ceased to be a substantial shareholder in Tower
Limited on 27 December 2002.

On December 10 last year, the Troubled Company Reporter - Asia
Pacific reported that Standard & Poor's Ratings Services
maintained its CreditWatch with negative implications on
various Australian and New Zealand subsidiaries of Tower
Ltd. following the adverse full-year results announced by the
insurer.  On Oct. 31, 2002, the ratings on Tower Ltd. group
companies had been downgraded and placed on CreditWatch
Negative.


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


401 HOLDINGS: Hires Broker for Odd Lot Arrangement Services
-----------------------------------------------------------
401 Holdings Limited announced that in order to alleviate the
difficulties arising from the existence of odd lots of the
Consolidated Ordinary Shares as a result of the Capital
Reorganization, the Company has procured Kingston Securities
Limited to stand in the market to provide matching services on a
best efforts basis for the sale and purchase of odd lot
Consolidated Ordinary Shares by the odd lots holders of such
shares at their own cost during the period from Thursday, 12
December, 2002 to Tuesday, 7 January, 2003 (both dates
inclusive) to make up a full board lot or to dispose of their
holdings of odd lots of Consolidated Ordinary Shares.

Holders of odd lots of the Consolidated Ordinary Shares who wish
to take advantage of this facility either to dispose of their
odd lots of the Consolidated Ordinary Shares or to top up their
odd lots to a full board lot of 20,000 Consolidated Ordinary
Shares may contact Ms. Rosita Kiu of Kingston Securities Limited
at Suite 2801, 28/F, One International Finance Center, 1 Harbor
View Street, Central, Hong Kong (telephone no. (852) 2298 6215)
as soon as possible starting from Thursday, 12 December 2002 to
Tuesday, 7 January, 2003 (both dates inclusive).

Holders of odd lot Consolidated Ordinary Shares should note that
matching of odd lots is not guaranteed.


BEST ELECTRONICS: Winding Up Petition Pending
---------------------------------------------
Best Electronics Company 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 15, 2002 by Cheung Man Kin of
Room 2040, 20/F., On Yat House, Shun On Estate, Kwun Tong, 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.


EVERBEST CENTURY: Widens Operations Loss to HK$11.68M
-----------------------------------------------------
Everbest Century Holdings Limited announced on 27 December 2002:

(stock code: 00578 )
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                           : 22,521             37,912
Profit/(Loss) from Operations      : (11,687)           (2,448)
Finance cost                       : (638)              (1,409)
Share of Profit/(Loss) of
  Associates                       : (355)              180
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A
Profit/(Loss) after Tax & MI       : (9,294)            (1,904)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.0012)           (0.0003)
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (9,294)            (1,904)
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 basic loss per share is based on the net loss
attributable to shareholders for the current period of
HK$9,294,000 (30/9/2001: HK$1,900,000) and on the weighted
average number of approximately 7,478,997,000 ordinary shares
(30/9/2001: 5,826,152,000 (as restated)) in issue during the
period, taking into account of the Company's open offer and
placements in June 2001.

Diluted loss per share for the period has not been shown as
there is no dilution effect if all outstanding options granted
by the Company had been exercised.


GAY GIANO: H102 Net Loss Swells to HK$17.38M
--------------------------------------------
Gay Giano International Group Limited announced its Interim
Financial Report on 27 December 2002:

(stock code: 00686 )
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 01/04/2002    from 01/04/2001
                              to 30/09/2002      to 30/09/2001
                              Note  ('000)       ('000)
Turnover                           : 70,654             94,099
Profit/(Loss) from Operations      : (16,764)           (11,379)
Finance cost                       : (620)              (1,923)
Share of Profit/(Loss) of
  Associates                       : N/A                N/A
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A
Profit/(Loss) after Tax & MI       : (17,386)           (13,308)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.0869)           (0.0665)
         -Diluted (in dollars)     : N/A                (0.061)
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (17,386)           (13,308)
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:

Earnings Per Share

The calculation of the basic and diluted earnings per share is
based on the following data:

                                   Six months      Six months
                                 ended Sept 30,  ended Sept 30,
                                     2002            2001
                                        HK$'000         HK$'000
Losses for the purposes of basic and
        diluted earnings per share      (17,386)        (13,308)

                                     Number          Number
                                    of shares       of shares
                                        '000            '000
Weighted average number of ordinary
        shares for the purposes of
        basic earnings per share        200,009         200,000
Effect of dilutive potential ordinary
        shares:
        share options                   N/A             18,195
                                     --------------  -----------
                                        200,009         218,195
                                     ==============  ===========

The calculation of basic loss per share is based on the
unaudited net loss attributable to shareholders for the six
months ended September 30, 2002 of HK$17,386,000 (six months
ended September 30, 2001: HK$13,308,000) and the weighted
average of 200,008,750 (six months ended September 30,
2001: 200,000,000) ordinary share for the period.

Diluted loss per share for the six months ended September 30,
2002 has not been disclosed as the potential ordinary shares
outstanding during the period had an anti-dilutive effect on the
basic loss per share for the period.

The calculation of diluted loss per share for the six months
ended September 30, 2001 is based on the net loss from ordinary
activities attributable to shareholders for the six months ended
September 30, 2001 of HK$13,308,000 and 218,195,000 ordinary
shares, being the weighted average number of ordinary shares
outstanding during the period, adjusted for the effects of
dilutive potential ordinary shares outstanding during the year.


GOOD FAME: Winding Up Petition Set for Hearing
----------------------------------------------
The petition to wind up Good Fame International Transportation
Company Limited will be heard before the High Court of Hong Kong
on January 29, 2002 at 9:30 am.

The petition was filed with the court on November 18, 2002 by
Tsang Ka Yat of Room 1305, Block A, King On House, Shan King
Estate, Tuen Mun, New Territories, Hong Kong.  Tam Lee Po Lin,
Nina represents the petitioner.


HK PHARMACEUTICAL: Ups H102 Operations Loss to HK$27.27M
--------------------------------------------------------
Hong Kong Pharmaceutical Holdings Limited posted its Interim
Report reviewed by both Audit Committee and Auditors:

(stock code: 00182 )
Year end date: 31/3/2003
Currency: HKD
                                              (Unaudited)
                           (Unaudited )       Last
                            Current            Corresponding
                            Period             Period
                            from 1/4/2002      from 1/4/2001
                            to 30/9/2002       to 30/9/2001
                            Note  ('000)       ('000)
Turnover                           : 49,806             27,379
Profit/(Loss) from Operations      : (27,273)           (17,918)
Finance cost                       : (3,527)            (3,064)
Share of Profit/(Loss) of
  Associates                       : N/A                N/A
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A
Profit/(Loss) after Tax & MI       : (23,193)           (18,065)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.0168)           (0.0132)
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (23,193)           (18,065)
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 PER SHARE

The calculation of the basic loss per share is based on the net
loss from ordinary activities attributable to shareholders for
the period of approximately HK$23,193,000 (2001: HK$18,065,000)
and on the weighted average of 1,383,629,485 (2001:
1,364,926,753) ordinary shares in issue during the period.

Diluted loss per share for the six months ended 30 September
2002 and 2001 has not been presented as the effect of the
assumed conversion of the share options and the convertible
notes of the company during these periods was anti-dilutive.

2. DIVIDEND

The Directors do not recommend the payment of any interim
dividend for the six months ended 30 September 2002 (2001: Nil).


KARL THOMSON: Dividend Payment Not Recommended
----------------------------------------------
Karl Thomson Holdings Limited announced on 24 December 2002:

(stock code: 00007)
Year end date: 31/3/2003
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                           : 15,941             18,554
Profit/(Loss) from Operations      : (36,722)           (7,121)
Finance cost                       : (70)               (45)
Share of Profit/(Loss) of
  Associates                       : N/A                N/A
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A
Profit/(Loss) after Tax & MI       : (19,177)           (5,194)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.0417)           (0.0115)
         -Diluted (in dollars)     : (0.0417)           (0.0115)
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (19,177)           (5,194)
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:

BASIC AND DILUTED LOSS PER SHARE

The calculation of the basic and diluted loss per share is based
on the following data:

                                      Six months ended
                                        30 September
                                  2002                  2001
                                HK$'000               HK$'000
   Net loss for the period attributable to shareholders
                                (19,177)              (5,194)

                                      Number of shares
                                 '000                  '000
   Weighted average number of ordinary shares for the
   purpose of basic and diluted loss per share
                                460,000               449,727

The computation of the diluted loss per share for the six months
ended 30 September 2002 does not assume the exercise of
Company's options as their exercise prices were higher than the
average market price of the Company's shares for year 2002.

INTERIM DIVIDEND

The Directors do not recommend the payment of an interim
dividend for the six months ended 30 September 2002 (2001: Nil).


STAR GLORY: Faces Winding Up Petition
-------------------------------------
The petition to wind up Star Glory Asia Limited is set for
hearing before the High Court of Hong Kong on January 22, 2003
at 9:30 in the morning.  The petition was filed with the court
on November 8, 2002 by Lo Suk Ching of Room 1505, 15/F., Tin Wan
House, Shun Tin Estate, 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.


Y T DEVELOPMENT: Winding Up Hearing Scheduled in February
---------------------------------------------------------
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 Y T
Development Limited.

Chartermate Electronics Limited of Room B1, 8th Floor, Yip Fung
Industrial Building, Nos. 28-36 Kwai Fung Crescent, Kwai Chung,
New Territories, Hong Kong filed the petition on November 25,
2002. Messrs. Wat & Co. represents the petitioner.


Y T TECHNOLOGY: Winding Up Sought by Chartermate
------------------------------------------------
Chartermate Electronics Limited is seeking the winding up of Y T
Technology Circuits Limited . The petition was filed on November
25, 2002, and will be heard before the High Court of Hong Kong
on February 5, 2003 at 9:30 am.

Chartermate Electronics holds its registered office at Room B1,
8th Floor, Yip Fung Industrial Building, Nos. 28-36 Kwai Fung
Crescent, Kwai Chung, New Territories, Hong Kong.


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


BANK DANAMON: IBRA Implements Strategic Divestment of Shares
------------------------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) announces that
it will divest its majority shares in PT. Bank Danamon Tbk (Bank
Danamon). This divestment plan has obtained approval from
Commission IX DPR-RI on November 12, 2002, in which IBRA will be
allowed to sell its shares totaling 51% by means of private
placement method which will be offered to strategic investors
(Strategic Divestment) and in addition 20% maximum sale through
stock market.

In efforts to execute the strategic divestment program of Bank
Danamon, IBRA has appointed JP Morgan as the financial advisor
and Lubis Ganie Surowidjojo as the legal advisor.

In general, the following are several processes which involved
in strategic divestment Bank Danamon which own by government:

Sending teaser letter to potential strategic investors.
Submission preliminary bid by potential strategic investor.
Due Diligence by potential strategic investor.
Submission final bid by potential strategic investor.
Fit & Proper test for potential strategic investor by Bank
Indonesia Signing of Sales & Purchase Agreement (Closing)
Strategic divestment process of Bank Danamon is expected to be
completed in March or April 2003.

So as to secure transparency of divestment process of the Bank
Danamon, IBRA will disseminate information of every significant
development which occurs to the public. IBRA will announce any
related schedule of strategic divestment process.


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


DAIWA BANK: Explores Partnership with Bank of East Asia
-------------------------------------------------------
Daiwa Bank, which closed foreign branches in 2000, is planning
to tie-up with Hong Kong-based Bank of East Asia amid the rising
demand for loans in China, The Asahi Shimbun said Tuesday.

Sources told the paper the move will allow Daiwa Bank to provide
its clients, who are small and midsize companies operating in
Asia, with loans in local currencies through BEA. Daiwa will
guarantee the loans given by BEA and will receive guarantee fees
from the borrowers, they said.

According to the paper, BEA has 16 branches in 15 cities in
mainland China, including Shanghai.  It is treated as a foreign
bank inside China and has the biggest business network there
among foreign financial institutions.  It also has five branches
in other parts of Asia, including Taiwan and Singapore.  BEA's
total assets as of June 2002 were worth about 2.8 trillion yen,
the report said.

Since its withdrawal from overseas banking operations, Daiwa has
not been able to directly offer loans abroad, the paper said.
The small and midsize companies that are Daiwa's main domestic
clients are increasingly expanding operations overseas and
demand for loans, especially in China, are rising.

"If Daiwa were to fail to provide such clients with funds in
local currencies, the bank would face losing them to Japanese
competitors with overseas branches, such as the Bank of Tokyo-
Mitsubishi," The Asahi Shimbun said.

Daiwa closed its last overseas branch in 2000 after being hit by
enormous losses incurred by a fraudulent bond trader at its New
York branch in 1995.


KINKI NIPPON: R&I Downgrades Rating to BBB+
-------------------------------------------
Rating and Investment Information, Inc. (R&I), has downgraded
the following ratings:

ISSUER: Kinki Nippon Railway Co., Ltd. (TSE Code: 9041)

Senior Long-term Credit Rating; Long-term Bonds (19 series)
Preliminary Rating for the Shelf Registration Scheme
R&I RATING: BBB+ (Downgraded from A-)
Domestic Commercial Paper Program
R&I CP RATING: a-2 (Downgraded from a-1)

RATIONALE:

R&I has downgraded the senior long-term credit rating for Kinki
Nippon Railway (Kintetsu) one notch due to the unlikelihood of a
recovery in the profitability of its mainstay railway
operations. Accordingly, its CP rating has also been downgraded
to a-2. In recent years, Kintetsu has suffered a substantial
decline in passenger numbers. One cause has been the scheduling
of trains after the beginning of operations at Kintetsu's Shima
Spanish Village project. This schedule emphasizes service to the
Ise-shima area and has not sufficiently met the commuting needs
of people in metropolitan Osaka and surrounding suburbs, who are
the primary source of fare revenue. In particular, Kintetsu was
unsuccessful in gaining commuter and business traveler
acceptance of its limited express service, on which all seats
are reserved.

Kintetsu has experienced annual 3 percent declines in its
passenger numbers since 1996. That pace has continued during the
current year and for its fiscal year 2002, Kintetsu will likely
see only 80 percent of the passenger number it achieved in the
peak year of 1991. One macro cause for this decline is the poor
performance of the Kansai economy, which has taken a toll on all
private-sector railway companies in the Kansai area. This,
however, is the only identifiable externality affecting
Kintetsu. An example of an externality having an individual
impact on Kintetsu would be a loss of passengers to West Japan
Railway, but Kintetsu's commuter lines see almost no competition
from West Japan Railway, so the impact of this factor is very
slight. In addition, the Great Hanshin Earthquake basically had
no major affect on Kintetsu's railway operations.
It must be surmised, then, that most of the problems Kintetsu
has had to face have been internal. Schedules that emphasize
service to the Ise-shima area appear to have been one such
problem. Kintetsu has turned the resources of its entire group
toward the transport of visitors to Shima Spanish Village.
However, most of the visitors to this facility come by private
automobile or chartered bus, so train service, particularly
limited express service connecting Ise-shima with Osaka and
Nagoya, is probably in oversupply. Another problem has been fare
increases, which Kintetsu has implemented twice (excluding a
fare hike related to a consumption tax increase) since 1990. The
1995 fare increase, which was implemented after passenger
numbers began to decrease, had a particularly negative effect in
exacerbating the decline in passenger numbers.

Kintetsu operates in the Kinki and Chubu regions of Japan, and
is the largest private-sector railway Company in those areas. In
a country with a rapidly aging population, the population served
by Kintetsu is expected to age at a rate equal to the national
average and it is highly likely that passenger numbers will
continue to decline. Kintetsu relies on its railway operations
for over half of its cash flow, so the impact of pressure on its
railway operation profits is not small. To address its current
situation, Kintetsu plans to revise its schedules in spring 2003
and concentrate on developing untapped demand. Kintetsu will
introduce new rolling stock for its Osaka/ Namba- Nagoya Urban
Liner limited express and offer a schedule that emphasizes the
needs of commuters.

Under its new Kintetsu Group Management Improvement Plan,
Kintetsu is currently working to lower personnel expenses,
withdraw from unprofitable operations, and reduce its assets by
holding investments down. This plan is literally a balanced
reduction plan and, considering the future of the population
Kintetsu serves, can be seen as a forward-thinking plan from the
perspective of a ratings assessment. Despite that, however, it
is difficult to expect a turnaround in the operating
environment, so some uncertainties remain. Improved
profitability for the Kintetsu Group's hotels and Spanish
Village recreational facilities are essential for fulfilling the
plan. Furthermore, steady progress in asset liquidations will
also be necessary to realize the planned reduction of 300
billion yen in interest-bearing debt.


MAZDA MOTOR: Expects Annual Figures to Shine as New Line Sells
--------------------------------------------------------------
Restructuring Japanese carmaker, Mazda Motor, expects to show a
significant jump in annual earnings this March, thanks to brisk
sales of its new models, The Wall Street Journal said yesterday.

The carmaker posted a net profit of 5.58 billion yen for the six
months ended in September, a fourfold increase from a year
earlier.  The company, partly owned by Ford, forecasts an annual
net profit of 26.5 billion yen for the year ending March 31.

The improving outlook of the company, which has fallen way
behind other Japanese carmakers like Honda, Nissan and Toyota,
is largely caused by the rollout of new models.  In December,
the company began selling the Mazda6 in the U.S.  According to
the Journal, this model sells well in the highly competitive
European market.

Mazda had recently increased production in Japan of the Mazda6
from 10,000 vehicles a month to about 14,500 from this summer,
after early sales in Europe topped company forecasts, the paper
said.  During the past three months, the car has sold at an
average pace of 7,600 vehicles a month in Europe -- mostly in
Germany and the U.K. -- well above Mazda's target of 5,000 a
month.

In North America, Mazda expects sales of the Mazda6 to top
75,000 vehicles in the first year on the market. That would be a
big increase over the 626's sales. Mazda will likely sell about
40,000 units of that aging model for 2002, the Journal said.  In
Japan, Mazda's sales picked up 5.1% in November from the year-
earlier period, thanks to strong sales of the Mazda6 -- known in
Japan as the Atenza -- and a new version of the compact Demio.

Mazda will also rollout another model: the RX-8 sports car,
which it plans to launch early this year in the U.S., Europe and
Japan.  The model is a completely new version of the flagship
RX-7.   Combined with a continuing restructuring effort, the new
models promise to revive Mazda's sales and profitability,
analysts told the Journal.

Among Japanese carmakers, "Mazda holds the greatest promise,"
Steve Usher, senior analyst at J.P. Morgan in Tokyo, told the
Journal in an interview. "This is a company that is turning
around."

Mr. Usher has an "outperform" rating on Mazda's shares.

Until recently, Mazda has been the worst performing stock among
Japan's top five carmakers, the Journal said.  In 2002, shares
sank more than 5% to 220 yen, after soaring in April to about
400 yen.

In the past two years, Mazda's problem has been a lack of new
models, the result of earlier delays in vehicle development as
the company focused on getting costs under control.  The
carmaker didn't rollout any models in 2001 or the first half of
last year.  Analysts believe the hot new cars and persistent
cost cutting could soon put Mazda's shares on a faster track.


MIZUHO HOLDINGS: Discloses Management Candidates
------------------------------------------------
On December 4, 2002, Mizuho Holdings, Inc. (MHHD) announced the
implementation of a program titled 'Business Reorganization' of
the Mizuho Financial Group in order to reform the group strategy
drastically and to enhance our competitiveness, secure high-
level and stable profitability, and maximize the corporate value
on a group basis.

As part of the implementation of the 'Business Reorganization,'
the Company announced the candidates for director and corporate
auditor positions of Mizuho Financial Group, Inc., (MHFG), which
will become a new financial holding Company of the group, and
MHHD, which will become a holding Company responsible for the
business management of the group's banking and securities
business sector as attached hereafter.

Subject to the approval of relevant government authorities and
the resolution to be made at the shareholders meeting, MHFG,
which is scheduled to be established as a wholly owned
subsidiary of MHHD on January 8, 2003, will become a financial
holding Company through a stock-for-stock exchange (kabushiki-
kokan) with MHHD on March 12, 2003. MHHD will then become an
intermediate holding Company for the group's banking and
securities business sector as a wholly owned subsidiary of MHFG.

(Mizuho Financial Group, Inc.)

1. Board of Directors and Corporate Auditors
(Newly appointed, effective as of January 8, 2003.)

     Title                  Name

President & CEO       Mr. Terunobu Maeda

Deputy President      Mr. Yuji Watanabe

Deputy President      Mr. Tadao Noda

Deputy President      Mr. Yukio Obara

Director              Mr. Hiroshi Saito

Director              Mr. Tadashi Kudo

Director              Mr. Yoshiharu Fukuhara

Director              Mr. Glen S. Fukushima

Corporate Auditor     Mr. Yoriaki Sakata

Corporate Auditor     Mr. Minoru Nakai

Corporate Auditor     Mr. Setsuo Umezawa

Corporate Auditor     Mr. Yukio Nozaki

Corporate Auditor     Mr. Toshiaki Hasegawa

                      same as the present directors and
corporate auditors of
                      Mizuho Holdings, Inc.


(Mizuho Holdings, Inc.)

1. Board of Directors and Corporate Auditors
  (Newly appointed, effective as of March 12, 2003.)

      Title               Name                     Current
Position

President & CEO     Mr. Terunobu Maeda     Mizuho Holdings, Inc.
                                           President & CEO

Director            Mr. Hiroshi Saito      Mizuho Corporate
Bank, Ltd.
                                           President & CEO

Director            Mr. Tadashi Kudo       Mizuho Bank, Ltd.
                                           President & CEO

Director            Mr. Yoshio Osawa       Mizuho Securities
Co., Ltd
                                           President

Director            Mr. Taira Hosaka       Mizuho Investors
Securities Co., Ltd.
                                           President

Director            Mr. Hideshi Iwai       Mizuho Securities
Co., Ltd
                                           Advisor

Director            Mr. Shoichi Nakai      Mizuho Bank, Ltd
                                           Internal Audit
Division
                                           Senior Manager

Corporate Auditor   Mr. Hiroaki Noda       Mizuho Corporate
Bank, Ltd.
                                           Human Resources
Division
                                           General Manager

Corporate Auditor   Mr. Yoriaki Sakata     Mizuho Holdings, Inc.
                                           Corporate Auditor

Corporate Auditor   Mr. Toshiaki Hasegawa  Mizuho Holdings, Inc.
                                           Corporate Auditor


NIPPON YUSEN: Fined JPY2.7 Billion for Not Paying Proper Taxes
--------------------------------------------------------------
The Tokyo Regional Taxation Bureau has ordered Nippon Yusen K.K.
to pay an estimated 2.7 billion yen, including penalties, for
failing to declare taxable income in the five years through
1999, says The Japan Times.

The taxable income amounted to 5.8 billion yen, said sources
from the tax bureau.  Authorities have reportedly found that
several subsidiaries of Nippon Yusen's client companies located
in tax-haven regions, including Panama, are effectively
controlled by Nippon Yusen, and the income of those subsidiaries
should therefore be considered as that of the Japanese parent
company.

"We didn't agree with the allegations, but have agreed to follow
the orders of the tax authorities," a spokesman for Nippon Yusen
told The Japan Times.

The paper said many Japanese shipping companies register their
vessels through subsidiaries set up in tax havens to avoid the
high costs levied on ships registered in Japan.  However, such
companies are required to consolidate the income of their
subsidiaries when they declare income tax.

Sources told the paper that Nippon Yusen has sold about 10
freighters to two client companies since the late 1990s.  The
client firms then had subsidiaries in tax havens take over
ownership of the vessels before leasing the ships back to Nippon
Yusen, they said.

The tax authorities, however, had recently come across a
contract stipulating that the subsidiaries were not allowed to
dispose of the freighters without Nippon Yusen's permission, the
paper said.  The authorities then concluded that Nippon Yusen
had only transferred the ownership of the ships.

Nippon Yusen, established in 1885, has more than 100
distribution centers in more than 20 countries.  It operates
some 580 ships, including those owned by subsidiaries.  For the
business year to last March 31, the company posted about 740
billion yen in revenues on an unconsolidated basis, the report
said.

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

"The fact that the company has negative working capital could
indicate that the company will have problems in expanding.
However, negative working capital in and of itself is not
necessarily bad, and could indicate that the company is very
efficient at turning over inventory, or that the company has
large financial subsidiaries," Wrights Investors clarified.


OHTSU TIRE: Sumitomo Rubber Absorbs Tire Subsidiary
---------------------------------------------------
Sumitomo Rubber Industries Ltd, Japan's third-largest tire-
maker, Sumitomo Rubber Industries Ltd, will absorb its
subsidiary Ohtsu Tire and Rubber Co Ltd (5106) July 1, a deal
aimed at raising management efficiency and boosting the
competitiveness of group operations, a Reuters News report said.
Sumitomo Rubber, which currently holds a 51% stake in Ohtsu,
Japan's fifth-largest tire- maker, will buy the remaining stake
through an equity swap, although the swap ratio has not been
decided, it said.

Based on the pre-announcement share price for Ohtsu Tire of 195
yen, the transaction would be worth 8.2 billion yen ($68.13
million).

"Given the difficult business environment, we have decided to
merge to reinforce operations by reducing overlaps and
simplifying the corporate structure," Sumitomo Rubber said in
the report, citing a statement issued by the company.

In July, Sumitomo Rubber will also absorb its fully owned
subsidiary Dunlop Japan as part of group restructuring, it
added.

About Sumitomo Rubber

Sumitomo Rubber Industries, a leading tire maker in Japan, makes
tires under the Dunlop trademark. Through its alliance with US-
based Goodyear Tire and Rubber, Sumitomo Rubber makes Goodyear-
brand tires in Japan, while Goodyear makes Dunlop tires in North
America and Europe. Sumitomo Rubber also makes golf (under the
Srixon brand name) and tennis equipment and industrial products
such as printer blankets, precision rubber components (for use
in office automation equipment), marine products (dock fenders
and skirts), rubber gloves, and beds. Sumitomo Electric
Industries owns almost 30% of the company. (M&A REPORTER-ASIA
PACIFIC, Vol. No.1, Issue No. 255, December 30, 2002)


ORIENT CREDIT: JCR Downgrades Rating to BB
------------------------------------------
Japan Credit Rating Agency has downgraded the rating on senior
debts of Orient Credit Co., Ltd. (unlisted) from BBB- to BB.

Rationale

Orient Credit is a midsize consumer finance firm. Unison Capital
acquired the shares of Orient Credit in March 2000 and sent
management to it.

Orient Credit had been growing, targeting women via transfer
loans and subprime clientele. The loans balance and earnings,
however, were lower than the forecasts due to deterioration in
the business environment characterized by increases in
unemployment and personal bankruptcies. Nonperforming loans and
write-offs increased sharply in the current fiscal 2002. The
pretax profit before extraordinary items for the first half of
fiscal 2002 ended September 30, 2002 dropped to 10 million yen
from 1.1 billion yen for the same period a year ago, reflecting
sharp rise in burden of write-offs.

Orient Credit has taken restructuring measures including the
strengthening of screening and recovery and cost reductions as
well as capturing of good clients. These restructuring measures
will pay off in and after the second half of the next year.
Credit costs are expected to put downward pressure on the
earnings for the time being.

The weight of borrowings from nonbank financial institutions and
industrial firms in the fundraising is large. This
characteristic weakens the fundraising base. Orient Credit
mitigates the risk with respect to cash management through
securitization of receivables and increase in funds in hand.

The asset quality and performance deteriorated more than
expected. Recovery of performance will be made in and after the
second half of next year. JCR downgraded the rating for the
Company from BBB- to BB, accordingly. JCR will pay attention to
the going of the shift of policy from expansion strategy,
revision of marketing channels and restructuring measures


RESONA HOLDINGS: To Issue Preferred Securities, Stocks
------------------------------------------------------
Japanese financial group, Resona Holdings Inc., plans to issue
preferred securities as part of a plan to hike capital by up to
100 billion yen, Japan Today said Wednesday.

Insiders told the paper the group is also considering issuing
common shares for third-party allotment.  The capital increase
will be implemented by end of March.

Resona Holdings is the parent company of Daiwa Bank and Asahi
Bank.  Daiwa Bank withdrew from overseas banking in 2000 after
incurring huge losses.  Asahi Bank will also close foreign
branches by March to improve its lot.


SEIYU LIMITED: JCR Upgrades Rating to BB+
-----------------------------------------
Japan Credit Rating Agency has upgraded the ratings of BB and
BB- on the following senior debts and bonds to BB+, affirming
the J-3 rating on the CP program, removing them from Credit
Monitor.

Issuer: The Seiyu, Ltd. (securities code no.: 8268)

senior debts
Issue Amount(bn) Issue Date Due Date Coupon
convertible bonds no.1 Y30 / Sept. 12, 1996 / Aug. 29, 2003 /
0.8 percent
CP Maximum: Y70 billion Backup Line: 0 percent

Rationale

JCR placed the ratings for Seiyu under Credit Monitor on
November 25 on the ground that Wal-Mart Group would probably
exercise subscription right due to Seiyu's sell-off of Tokyo
City Finance (TCF). Subsequently, Wal-Mart decided to exercise
the warrants. The warrants were exercised and cash was paid.
Wal-Mart Group became the majority shareholder of Seiyu, having
34 percent stake.

Wal-Mart's purchase increases Seiyu's capital by 52 billion yen.
On the other hand, the sell-off of TCF reduced the interest-
bearing debt by 150 billion yen. Although the financial
structure improved, the capital ratio still remains low around
10 percent while the interest-bearing debt remains relatively
large. It is also true that the increase in capital base would
underpin the credit worthiness and improve the cash management
of Seiyu. The relationships with the lenders would also improve.
Given these improvements, JCR upgraded the ratings for Seiyu,
removing them from Credit Monitor.

Introduction of IT, procurement of goods and cost reductions
will be carried out through support from Wal-Mart Group. JCR
will continue to watch carefully the improvements in the
earnings power and financial structure through these measures in
the midst of difficult earnings environment.

JCR differentiated the bonds from the senior debts, considering
that the bonds were subordinate to the senior debts. JCR put
these ratings into the same rating, believing that there is no
such subordination this time any longer after taking into
account the financial structure as a whole.


SOFTBANK CORP.: Gives up Another Investment in Korea
----------------------------------------------------
Leading Japanese Internet investor Softbank Corp. will give up
its stake in Korea Thrunet Co., which is going to be acquired by
Hanaro Telecom Inc., Asia Pulse said Tuesday.

The news agency said the 16.23% stake will be sold to Korean PC
maker Trigem Computer Inc. and its affiliate Naray & Company
Inc. in time for Thrunet's sale to Hanaro.

Hanaro said Monday it will acquire about 72 percent of Thrunet
Co. to take full control of the Internet service company.
Softbank's withdrawal from its Korean investments shows it had
failed to make desirable profits for the past two years, Asia
Pulse said.

In October, Moody's Investors Service changed the stable outlook
of the ADSL provider to negative, citing severe competition,
which will likely increase the business costs for maintaining
and growing the subscriber base, leading to pressure on earnings
and a delay in any recovery in investments.

Moody's said the company needs to generate positive profit and
cash flow soon if it wants to avoid financial difficulties in
the very near future.  The rating agency believes until the
company can generate positive operating cash flow, Softbank
intends to use the unrealized gains on its securities holdings
to finance its ADSL business.

Moody's rates Softbank's long-term debt 'B1.'


TOMEN CORP.: Sees Merger with Toyota Subsidiary in Three Years
--------------------------------------------------------------
The merger of Tomen Corp., the debt-laden trading house, and
Toyota Tsusho Corp. will create the seventh largest trading
group in the industry if it pushes through, says The Asahi
Shimbun.

According to the paper, the two companies logged a combined sale
of 4.64 trillion yen in 2001.  A business-integration will place
them within the industry's elite circle.

The paper says it is not yet clear whether the two companies
will form a holding company, merge outright or choose another
method to consolidate their operations.  One thing is clear,
though, both want full integration within three years.

"We will try to establish all the conditions necessary for the
integration within the next three years, and hope to combine our
operations as soon as possible.  As the two firms' main
operations do not overlap, both firms will benefit from the
integration," Tomen President Morihiko Tashiro said in a
statement.

According to Toyota Tsusho, the primary reason behind its
decision to team up with Tomen was a desire to acquire more
talent and to improve its business functions during ongoing
expansion of operations abroad.

Aiming to bring Tomen under its wing, the Toyota group told the
paper it will invest 10 billion yen in the company, while Osaka-
based Tomen will seek an additional 170 billion yen in financial
assistance from its main creditor UFJ Bank and others. The aid
is expected to cover losses from the disposal of real estate and
securities assets.  Toyota Tsusho, Tomen's top shareholder with
an 11.5 percent stake, will increase its equity stake to more
than 20 percent. Tomen, meanwhile, also plans to reduce its
capital, the paper said.

The financial aid will break down into 110 billion yen worth of
debt pardons and 60 billion yen in debt-for-equity swaps and
other measures.  Mr. Tashiro will resign in June to take
responsibility for Tomen's second debt waiver since 2000.

Tomen also plans to slash about 4,000 jobs from its payroll on a
consolidated basis, from 9,200 as of March 2002 to around 5,000
by March 2006.  The company intends to lower its roughly 1.11
trillion yen in interest-bearing debts to 463 billion yen, the
paper said.


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


HYNIX SEMICONDUCTOR: Debt Plan OK'd, But Outlook Still Shaky
------------------------------------------------------------
Creditors of Hynix Semiconductor finally approved Monday the 4.9
trillion won debt-restructuring plan, which will convert more
than a quarter of debts into equity, the Korea Herald said
Wednesday.

The plan, proposed by main creditor bank Korea Exchange Bank,
includes 1.9 trillion won debt-for-equity swap, 3 trillion won
debt rollover and a 21:1 capital write-down, the paper said.
But despite this positive development, analysts believe there
are still obstacles lying ahead for the world's third-biggest
chipmaker.

"The debt restructuring may relieve the debt service burden for
a while," said Daewoo Securities analyst Chung Chang-won in an
interview with Korea Herald.  "Yet its survival will largely
depend on how much the company can invest on its technology in
the future."

Given its dire situation and a slumping chip industry, Hynix
would not be able to raise enough money for investment by
itself, he said.  "It (Hynix) may live on borrowed time once
again, if chip prices fail to rebound next year," Mr. Chung
said.

Hynix invested 400 billion in upgrading its dynamic random
access memory (DRAM) chip production facility this year,
compared with about 4 trillion won investment by Samsung
Electronics Co., the paper said.

Korea Exchange Bank said after the debt-for-equity swap, Hynix's
debt-to-equity ratio will fall to 71 percent from 147 percent at
the end of September.   Creditors, which took control of the
company in June through a 3 trillion won debt-for-equity swap,
own about 67 percent of Hynix.

According to the paper, the bailout package does not include
fresh funds, which Hynix needs to invest in technology to keep
up with rivals such as Samsung Electronics Co., U.S-based Micron
Technology Inc. and German-based Infineon Technologies AG, and
to counter falling chip prices.

"When looking back, high pile of debts and falling chip prices
have been the main reasons behind the chipmaker's ill-fated
situation," said Simon Woo, a semiconductor analyst at Hyundai
Securities Co.

"From now on, Hynix should step up re-aligning its production
facility to meet the global trend," Mr. Woo told the Korea
Herald.

Aside from market factors, observers believe the company also
faces uphill battle between creditors and Hynix minority
shareholders, who are strongly opposed to the proposed capital
write-down.   Creditors aim to secure agreement among
shareholders to reduce the number of shares outstanding through
a swap of one new share for every 21 shares.

Creditors propose to exchange debt for Hynix shares at a value
of at least 453 won a share, a 62 percent premium to Monday's
closing market price of 280 won, the paper said.

Outside South Korea, the company also faces a potential import
tariff in the U.S. as rival Micron Technology presses the U.S.
Commerce Department to declare the bailout as illegal government
subsidy.  German rival Infineon had also made a similar
complaint to the European Commission.  The U.S. agency has
already launched an inquiry into this allegation.


HYNIX SEMICONDUCTOR: To Auction KRW300 Billion Assets this Year
---------------------------------------------------------------
Troubled Korean chipmaker Hynix Semiconductor Inc. will sell
some 300 billion won-worth of assets and shares this year to
meet the conditions set under its recently approved debt-
restructuring program, Asia Pulse said Tuesday.

The news agency said the chipmaker is now in talks with foreign
companies over the terms of its sale of stakes in ONSE Telecom
(28.3 percent) and Hyundai Information Technology (31.87
percent).  Hynix's assets in Hyundai Autonet (23.4 per cent)
will likely be sold to Hyundai Motor Co. (KSE:05380), which is
set to take over Hyundai Investment & Securities Co., Hyundai
Autonet's major shareholder.

Korea's No. 2 chipmaker will also push for the sale of its
stakes in Hyundai Unicorns Baseball Club (76.2 per cent) and
Hyundai Networks (80 per cent) early next year, Asia Pulse said.


HYNIX SEMICONDUCTOR: Inks MoU to Sell PC Monitor Unit ImageQuest
----------------------------------------------------------------
Hynix Semiconductor Inc. has signed a memorandum of
understanding to sell its entire 47.34% stake or 20.29 million
shares in its PC monitor-making unit ImageQuest for 45 billion
won to a consortium led by a local restructuring firm.

According to AFX-Asia, Hynix will receive 35 billion won of the
total proceeds by the end of January, when it will sign a final
contract. ImageQuest, which was spun off from Hynix in Aug 2000,
exports about US$300 million of CDT and LCD monitors a year.


HYUNDAI HEAVY: Wins US$745 Million Contract in Angola
-----------------------------------------------------
Hyundai Heavy Industries Co. has been contracted to build a
crude oil producing and storage plant in Angola for US$745
million, Reuters reported yesterday.

In a statement released to the Korea Stock Exchange, Hyundai
Heavy disclosed that the plant for Esso Exploration Angola Ltd.
will take 34 months to complete.  The company did not say when
the construction will begin.

Hyundai Heavy Industries is the world's largest shipbuilder. The
company is expanding into areas such as robotic systems and
large industrial pumps and presses, a Hoovers.com dossier says.

The company's shipbuilding division (more than 50% of sales)
makes tankers, bulk carriers, containerships, and high-tech gas
and chemical carriers.  It also provides offshore construction
and exploration services.  Additionally, the company makes
diesel engines -- its groundbreaking 93,000-horsepower diesel
"super engine" for ships has power equivalent to 700 midsize
cars.  Other products include electrical and construction
equipment and power systems.


HYUNDAI HEAVY: Sees 2003 New Orders Reaching US$7 Billion
---------------------------------------------------------
Leading shipbuilder Hyundai Heavy Industries plans to secure
US$7.33 billion in new orders this year, up 23.3% from last
year's projections, the Korea Herald said Wednesday.

The paper said the new orders targeted for this year break down
to US$3.04 billion for new ships, up 3.3 percent from last year,
marine structure amounting to US$1.5 billion, up 36.1 percent
from last year, plant orders amounting to US$800 million, up
341.7 percent and US$661.7 million for orders in ship engines
and machinery.

The company told the paper it will increase investment in
research and development by 20% to 117.9 billion won.  The ship
builder said its facility investment this year would be down 8.2
percent from 2002 at 283.7 billion won.  The company said it set
only a slight increase in total sales since a 4 percent
reduction is expected in sales this year, but hiked targets for
new ship orders and R&D investments.


HYUNDAI MERCHANT: Fined for Not Disclosing W400B Loan
-----------------------------------------------------
Hyundai Merchant Marine has been ordered to pay 30 million won
in fines due to its attempt to conceal the 400 billion won it
borrowed from Korea Development Bank, The Chosun Ilbo said
recently.

An inspection two years ago found evidence that HMM deleted data
on the 400 billion won loan.  Another inspection of the firm
last year found more evidence of concealment. The Grand National
Party has accused HMM of having secretly sent funds to North
Korea.

According to Wright Investors' Service, Hyundai Merchant Marine
Co., Ltd. had negative working capital at the end of 2001, as
current liabilities were 3.77 trillion Korean Won while total
current assets were only 1.70 trillion Korean Won.  The
company's long-term debt total 115.46 billion Korean Won and
total liabilities amount to 6.59 trillion Korean Won.  The long-
term debt to equity ratio of the company is 0.20.


HYUNDAI MOTOR: Forecasts 10% Increase in Sales this Year
--------------------------------------------------------
A growing domestic sale, coupled by rising exports, has led
South Korean automaker Hyundai Motor Co. to project recently a
10% increase in sales this year, says Reuters.

The carmaker believes sales will hit 30.1 trillion won this year
as it expects to sell 2.04 million units from just 1.85 million
last year.  The company also expects its affiliate, Kia Motors,
to post sales of 16.7 trillion won in 2003, up from last year's
projected 14.2 trillion.

South Korea's No.1 carmaker, Hyundai produces about a dozen
models of cars and minivans, as well as trucks, buses, and other
commercial vehicles, according to a Hoovers.com dossier.

The company reestablished itself as Korea's leading carmaker in
1998 by acquiring a 51% stake in Kia Motors (since reduced to
about 46%).  Hyundai's exports include the Accent and Sonata,
while its Korean models include the Atos sub-compact. The
company also manufactures machine tools for factory automation
and material handling equipment.


KOREA THRUNET: Mulls Merger With Hanaro Telecom
-----------------------------------------------
A Hanaro Telecom spokesman told the Maeil Business News that the
South Korean telecommunications company has held talks with
Korea Thrunet Co. (KOREA) regarding a possible merger and is
"positively reviewing the matter."

The spokesman's remark follows a Friday report that said Hanaro
will acquire Korea Thrunet through a stock swap. Each Hanaro
Telecom shareholder will get four Korea Thrunet shares under the
deal, according to the report.

Joseph Yoon, Korea Thrunet's executive vice president, said the
company "isn't in a position to comment on the matter
currently."

Hanaro and Korea Thrunet had merger talks earlier this year but
the talks failed after Korea Thrunet decided to sell its
domestic leased-line business, including its local fiber optic
network, to SK Global Co. (Q.SGL).

For much of the year, Korea Thrunet has been undergoing a
restructuring program aimed at reducing its heavy debt load. Its
total liabilities stood at KRW1.18 trillion at the end of
September.

The Hanaro Telecom spokesman said the company is currently in
talks with American International Group Inc. (AIG) to raise
foreign capital.

Talks of a possible merger resurfaced after a Hanaro-led
consortium, which includes American International Group, lost
the bid to acquire a stake in Korea Electric Power Corp.'s (KEP)
Powercomm unit to Dacom Corp. (Q.DCM). Hanaro had planned to
raise $1.4 billion in foreign capital to purchase the stake.

At the end of November, Hanaro Telecom had 2.9 million Internet
subscribers while Korea Thrunet had 1.3 million subscribers.

Analysts said if the two companies merge, they would be in a
better position to take on market leader KT Corp. (KTC).

About Hanaro

Hanaro Telecom is scrambling to ease the last-mile bottleneck in
the South Korean telecommunications landscape. Korea's only
competitive local-exchange carrier (CLEC), the company provides
broadband Internet access, data transport, and local telephone
service. Targeting office buildings and apartment complexes,
Hanaro connects its customers using its own fiber-optic cable or
leased hybrid fiber coaxial (HFC) cable; it has more than 2.7
million subscribers. The company was formed in 1997 by seven
conglomerates to take on former monopoly Korea Telecom. Talks
with rival Korea Thrunet about a possible merger ended with no
deal. Hanaro's shareholders include Korea's LG Group (17%),
Samsung (9%), and SK Group (6%).

About Korea Thrunet

Korea Thrunet, broadband ISP, providing cable modem-based
Internet services to more than 1.3 million residential and
business customers. The company also provides fiber-based data
communications. Subsidiary KOREA.COM Communications operates an
Internet portal. Thrunet was founded in 1996 by computer
manufacturer TriGem and power company KEPCO, which leases its
fiber-optic backbone and coaxial cable network to Thrunet. Talks
about a possible merger with rival Hanaro Telecom ended without
a deal being reached. Thrunet in 2002 sold its cable leased line
unit to SK Global in a deal valued at $283 million. M&A
REPORTER-ASIA PACIFIC, Vol. No.1, Issue No. 255, December 30,
2002)


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


ACTACORP HOLDINGS: Director Abdul Majid Resigns
-----------------------------------------------
Actacorp Holdings Berhad wishes to announce that all the
Ordinary Resolutions numbered one to seven were unanimously
passed and carried at the Fourteenth Annual General Meeting
which was duly convened and held on 27th December 2002.

The Company also posted this Change in Boardroom Notice:

Date of change : 27/12/2002
Type of change : Resignation Boardroom
Designation    : Director
Directorate    : Independent & Non Executive
Name           : ARIFFIN ABDUL MAJID
Age            : 39
Nationality    : MALAYSIAN


AUSTRAL AMALGAMATED: Faces Delisting, Proposes FBO Listing
----------------------------------------------------------
Austral Amalgamated Berhad has undertaken the following
proposals:

   (i) Proposed capital reduction of AUSAMAL's existing issued
and paid-up share capital of RM188,275,313 comprising
188,275,313 ordinary shares of RM1.00 each to RM9,413,766
comprising 188,275,313 ordinary shares of RM0.05 each, which
shall then be consolidated into 9,413,766 ordinary shares of
RM1.00 each on the basis of every twenty (20) ordinary shares of
RM0.05 each shall constitute one (1) ordinary share of RM1.00
par value (Proposed Capital Reduction);

   (ii) Proposed share exchange of 9,413,766 consolidated
AUSAMAL shares for 9,413,766 new ordinary shares of RM1.00 each
in Furqan Business Organization Berhad (FBO Shares);

   (iii) Proposed rights issue of 18,827,536 new FBO Shares with
18,827,536 free detachable warrants 2002/2005 (Warrants) on the
basis of two (2) new FBO Shares with two (2) free detachable
Warrants for each existing FBO Shares held after the Proposed
Capital Reduction;

   (iv) Proposed injection of 100% equity interest in Eastern
Biscuit Factory Sdn Bhd (EBF) for a consideration of
RM182,453,000 to be satisfied by the issuance of 182,453,000 new
FBO Shares at an issue price of RM1.00 each;

   (v) Proposed injection of 100% equity interest in Wilayah
Leasing Sdn Bhd (WL) for a consideration of RM70,000,000 to be
satisfied by the issuance of 70,000,000 new FBO Shares at an
issue price of RM1.00 each;

   (vi) Proposed restricted issue of 45,000,000 new FBO Shares
to Forad Management Sdn Bhd at an issue price of RM1.00 each;

   (vii) Proposed creditors scheme of AUSAMAL by way of
conversion of AUSAMAL's debts into term loans, new FBO Shares
and RM37,655,072 nominal value of 2% redeemable convertible loan
stocks 2002/2005 (RCLS) attached with 18,827,536 Warrants;

   (viii) Proposed listing of FBO on the Main Board of the Kuala
Lumpur Stock Exchange (KLSE) in place of AUSAMAL which shall be
delisted; and

Collectively referred to as "Proposals".

Kindly be advised that FBO's entire issued and paid-up share
capital comprising 412,026,304 ordinary shares of RM1.00 each,
37,655,072 Warrants and RM37,655,072 nominal value of RCLS
arising from the aforesaid Proposals, will be admitted to the
Official List of the Exchange, in place of AUSAMAL.

The listing and quotation of FBO's ordinary shares and Warrants
and RCLS on the Main Board under the `Property' and `Loans'
sectors respectively, on a `Ready' basis pursuant to the Rules
of the Exchange, will be granted with effect from 9:00 a.m,
Monday, 30 December 2002

The Stock Short Name, Stock Number and ISIN Code of FBO's
ordinary shares, Warrants and RCLS are as follows:

Stock Short Name         Stock number      ISIN Code
FBO ordinary shares      FBO 2097        MYL2097OO003
Warrants                 FBO-WA 2097WA   MYL2097WAFC8
RCLS                     FBO-LA 2097LA   MYL2097LAFC1

The reference price for FBO's ordinary shares is RM1.00 and the
trading limit will be 500%.

The principle features of the Warrants and RCLS are as follows:-

Warrants

Exercise Price : RM1.00
Exercise Period : Period commencing from and including the day
of listing of the Warrants (i.e. 30 December 2002) up to 5.00
p.m. on the maturity date of the Warrants (i.e. 19 December
2005)

RCLS

Redeemability : Bullet redemption at principal amount of
RM37,655,072 on maturity date of the RCLS (i.e. 19 December
2005). At the option of FBO, the RCLS may be redeemed earlier
during the tenure of the RCLS anytime after the issue date (i.e.
20 December 2002) up to and including the maturity date of the
RCLS (i.e. 19 December 2005)

Conversion period : On maturity date of the RCLS (i.e. 19
December 2005) unless the RCLS is redeemed earlier

Conversion price : RM1.00 to be satisfied by tendering RM1.00
nominal value of RCLS for one (1) new ordinary share in FBO.

Kindly be advised that the ordinary shares, Warrants and RCLS of
FBO are prescribed securities. Dealings in the aforesaid
securities should be carried out in accordance with Securities
Industry (Central Depositories) Act, 1991 and the Rules of
Malaysian Central Depository Sdn Bhd.

Kindly also be reminded that only `free securities' can be
utilized for settlement of trades involving the aforesaid
ordinary shares, Warrants and RCLS.


BRIDGECON HOLDINGS: Voluntarily Winds Up Unit
---------------------------------------------
Bridgecon Holdings Berhad (Special Administrators Appointed)
informed that Amdex Corporation Sdn Bhd, which is 61.11 percent
owned by BHB, has been placed under Member's voluntary winding
up pursuant to Section 254 of the Companies Act 1965 and
pursuant to the Special Resolution passed by the respective
members at the Extraordinary General Meeting held on 26 December
2002. Mr. Chew Chong Eu of Business Suite, 19A-30-2, Level 30,
UOA Center, No. 19, Jalan Pinang, 50450 Kuala Lumpur has been
appointed by the members of Amdex as Liquidator on the same
date.

Amdex had ceased its business operation since 2000 and there are
no future plans to reactivate Amdex. The winding up of Amdex
forms part of the Company's restructuring exercise to regularize
its financial condition in accordance with Practice Note No
4/2001.

The member's voluntary winding up of Amdex will not have any
significant impact on the net tangible assets and earning per
share of the Company for the financial year ended 31 December
2002.


CHASE PERDANA: Pancar Generasi Cancels Proposed Scheme
------------------------------------------------------
As announced on 9 December 2002, the Court Convened Meeting of
the Unsecured Creditors of Pancar Generasi (M) Sdn Bhd held on 9
December 2002 was adjourned to 27 December 2002.

In addition, as announced on 24 December 2002, Chase Perdana
Berhad had obtained an order from the High Court of Malaya on 24
December 2002 that 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.

On behalf of Chase Perdana Berhad, Southern Investment Bank
Berhad wishes to announce that the Court Convened Meeting of the
Unsecured Creditors of Pancar Generasi held on 27 December 2002
has been further adjourned sine die.

In view of the above, Pancar Generasi is withdrawing and
cancelling the scheme proposed to its creditors.

Accordingly, the Schemes of Arrangement of CPB, LH Capital Sdn
Bhd, Imacentre Development Sdn Bhd, Chew Piau Properties Sdn
Bhd, Binaprimas Sdn Bhd, Santun Indah Sdn Bhd and CPB-Plastronic
JV Sdn Bhd will proceed as proposed as these Schemes of
Arrangement are not inter-conditional upon the Scheme of
Arrangement of Pancar Generasi.

However, the size of settlement shall be reduced by the
threshold value of the asset owned by Pancar Generasi and the
total debts to be settled shall also be reduced accordingly by
the amount of debts due to the creditors of Pancar Generasi.

Following the above adjustments, the debt waiver pursuant to the
Proposed Debt Restructuring Scheme of 44.3% will be increased to
44.4%. In addition, the asset owned by Pancar Generasi known as
Malacca Aviation City which is held under Advanced Certificate
of Title Holding Nos. 1240, 1243, 1144, 1145, 1146, 1147, 1148,
1149 and 1150, Mukim of Melekek, Alor Gajah, Melaka will no
longer form part of the assets to be disposed under Proposed
Mandatory Assets Disposal Programmed as described in the
Circular to shareholders of CPB dated 29 November 2002.
Accordingly, the revised Proposed Settlement of Scheme Debts is
as set out in the table found at
http://www.bankrupt.com/misc/TCRAP_Chase0103.doc.



CHG INDUSTRIES: Revises Original Proposed Debt Restructuring
------------------------------------------------------------
Reference is made to the announcements dated 27 August 2002, 29
August 2002, 4 October 2002, 25 November 2002 and 27 November
2002 in relation to the Proposals, which include amongst others,
the Original Proposed Debt Restructuring. The Original Proposed
Debt Restructuring comprise the following:

   (i) The proposed issue of up to RM23,547,000 nominal value
six (6)-year 4% Redeemable Secured Loan Stocks (RSLS) at an
issue price of approximately 81.97% of its nominal value by CHG,
as settlement of up to RM14,397,548 bank borrowings of CHG and
up to RM4,902,938 bank borrowings of Syarikat Galas Setia (Ulu
Kelantan) Sdn Bhd (SGS), a wholly-owned subsidiary of CHG, to be
assumed by CHG (Proposed CHG RSLS Issue);

   (ii) The proposed issue of up to RM72,096,000 nominal value
six (6)-year 4% RSLS at an issue price of approximately 83.33%
of its nominal value by CHG Plywood Sdn Bhd (CHGPly), a wholly-
owned subsidiary of CHG, as settlement of up to RM60,079,448
bank borrowings of CHGPly (Proposed CHGPly RSLS Issue);

   (iii) The proposed issue of up to RM22,145,000 nominal value
six (6)-year 4% RSLS at an issue price of approximately 83.33%
of its nominal value by Cheng Hin Timber Industries Sdn Bhd
(ChengHin), a wholly-owned subsidiary of CHG, as settlement of
up to RM18,453,693 bank borrowings of ChengHin (Proposed
ChengHin RSLS Issue); and

   (iv) The proposed issue of up to RM72,354,000 nominal value
three (3)-year 4.5% Irredeemable Convertible Unsecured Loan
Stocks (ICULS) at an issue price of 100% of its nominal value as
settlement of up to RM10,648,000 bank borrowings of CHG and up
to RM61,706,000 bank borrowings of CHGPly, ChengHin and SGS, to
be assumed by CHG (Proposed ICULS Issue).

Commerce International Merchant Bankers Berhad (CIMB), on behalf
of CHG Industries Berhad, wishes to announce that the Company
has decided to revise the Original Proposed Debt Restructuring
(Revisions). Details of the Revisions are found at
http://www.bankrupt.com/misc/TCRAP_CHG0103.gif.

All other terms of the Original Proposed Debt Restructuring
remain unchanged.

The Original Proposed Debt Restructuring after incorporating the
Revisions shall collectively be referred to as the Proposed Debt
Restructuring.

The Revisions were made to incorporate the settlement of the
interest accrued under a loan facility.

On behalf of CHG, CIMB is also pleased to announce that the
Securities Commission (SC) had, vide its letter dated 24
December 2002, approved the Proposals.

The approval of the SC on the Proposals is subject to the
following conditions:

   (i) The utilization of proceeds raised from the Proposed
Rights Issue are subject to the following:

     (a) Approval from the SC should be sought for any changes
to the utilization of proceeds other than for the core business
of CHG;

     (b) Shareholders' approval is required for any deviation by
twenty-five percent (25.0%) or more from the utilization as
determined. If the deviation is less than twenty-five percent
(25.0%), appropriate disclosure should be made to the
shareholders of CHG;

     (c) Any extension of time on the period of utilization
already determined by CHG should be approved by the Board of
Directors of CHG through resolution and fully disclosed to the
Kuala Lumpur Stock Exchange; and

     (d) Appropriate disclosure on the status of utilization is
required to be made in the quarterly and annual report of CHG
until all the proceeds have been fully utilized.

   (ii) Prior to the issuance of the abridged prospectus, CIMB
has to furnish to the SC a written confirmation stating that the
substantial shareholders of CHG, namely Francis Foo See Yuan and
Lum Weng Loy, have sufficient financial resources to subscribe
for their respective entitlements of the rights shares;

   (iii) In connection with the ICULS and RSLS, the following
conditions have to be complied with:

     (a) The SC's approval has to be obtained for any amendments
made to the terms and conditions of their issuance; and

     (b) The executed trust deed has to be furnished to the SC
for their record purposes.

   (iv) CHG is required to execute the debt restructuring
agreement with the relevant creditors before proceeding with the
implementation of the Proposals;

   (v) CHG is required to comply fully with the relevant
requirements of the SC's Policies and Guidelines on Issue/Offer
of Securities in relation to the Proposals.

The SC also requires the Company to appoint an independent firm
of auditors (with the relevant experience in carrying out an
investigative audit and shall not be the current or past
auditors of the CHG Group) within two (2) months from the date
of the SC's approval letter to conduct an investigative audit on
the business losses previously incurred. CHG is also required to
take necessary/relevant steps to recover the losses incurred.
Based on the results of the investigative audit, CHG has to
report to the relevant authorities if there is any violation of
laws, regulations, guidelines and/or the Memorandum and Articles
of Association of CHG by the Directors of CHG and/or any other
parties which resulted in the said losses.

Thereafter, CHG has to improve on its corporate governance. The
investigative audit has to be completed within six (6) months
from the date of appointment of the independent firm of auditors
and appropriate announcements are required to be made on the
findings of the investigative audit. Two (2) copies of the
investigative audit report have to be forwarded to the SC upon
completion.

The Proposals are further subject to the approvals, amongst
others, from the Kuala Lumpur Stock Exchange, the High Court of
Malaya, the lender banks involved in the Proposed Debt
Restructuring and the shareholders of CHG and any other relevant
authorities and/or parties, if applicable.
This announcement is dated 27 December 2002.


GADEK (MALAYSIA): Institutions Withdraws Writ of Summons
--------------------------------------------------------
Further to the announcement on 5 June 2001 and subsequent to the
issuance of the loan stocks by Gadek (Malaysia) Berhad in
relation to its debt restructuring exercise, the Board of
Directors of DRB-HICOM Berhad announced that the Writ of Summons
Suit No: D4-22-833-2001 filed in Kuala Lumpur High Court by the
following institutions against its wholly owned subsidiary
Gadek, had been withdrawn on 17 December 2002:

   1. Commerce International Merchant Bankers Berhad
   2. Overseas-Chinese Banking Corporation Limited
   3. Public Bank Berhad
   4. Maybank International (L) Limited
   5. Bayerische Landesbank Girozentrale
   6. The Sanwa Bank Limited
   7. RHB Bank Berhad
   8. Bumiputra-Commerce Bank Berhad


GLOBAL CARRIERS: Revised Scheme Time Completion Extended
--------------------------------------------------------
The Board of Directors of Global Carriers Berhad is pleased to
announce that the Securities Commission (SC) had vide its letter
dated 24 December 2002 approved GCB's application for the
following:

   (a) Exemption from complying with the public spread
requirement for a period of six months from the date of GCB's
re-listing of shares on the Kuala Lumpur Stock Exchange (KLSE).
The public spread requirement was one of the conditions of the
approval for the Proposed Revised Scheme approved by the SC on
31 July 2001.

   (b) Extension of time of 3 months up to 31 March 2003 to
complete the Proposed Revised Scheme.

The SC's approval for the above is subject to the following:

   (a) Prior to the re-listing of GCB shares on the KLSE, Utama
Merchant Bank Berhad as the Adviser, or GCB, is to submit to SC
a detailed plan (including specific timing for the
implementation of each part of the plan) on how GCB plans to
meet the public spread requirement; and

   (b) The approval of the KLSE is to be obtained for the
exemption from complying with the public spread requirement.


GREAT WALL: SC OKs Placement of Ordinary Shares
-----------------------------------------------
Further to announcements dated 23 April 2002, 26 July 2002 and
28 August 2002, Alliance Merchant Bank Berhad (Alliance), on
behalf of the Board of Directors of Great Wall Plastic
Industries Berhad, wishes to announce that the Securities
Commission (SC), via its letter dated 24 December 2002, has
approved the placement by Lavista Sdn Bhd of 29,800,000 ordinary
shares of RM1.00 each in Encorp. The placement is in compliance
with the condition imposed by the SC in its letter dated 24 July
2002 approving the Revised Proposals for the purpose of
achieving the required public shareholding of at least 25% in
Encorp.

The "Revised Proposals" refers to:

   - Acquisition of Enfari Sdn Bhd by Encorp Berhad ("Encorp")
   - Bonus issue by Encorp Berhad
   - Voluntary scheme of arrangement between GWPI and its
shareholders involving Encorp
   - Proposed transfer of the listing status of GWPI to Encorp
   - Proposed listing of Encorp on the Main Board of the Kuala
Lumpur Stock Exchange

COMPANY PROFILE

The Company (GWPI) was initially involved in the manufacturing
of plastic packaging products for general household and consumer
use such as shopping bags and plastic sheets. In 1973, GWPI
expanded its range of products to include packaging bags for
commercial and industrial use. Total production output in 2000
was 31,500 m/t. Current annual production capacity is 33,000
m/t. 61% of total sales is sold to the domestic market whilst
the remaining 39% is exported to Asia Pacific countries such as
Japan, Australia, Singapore, Hong Kong, Indonesia and
Philippines.

GWPI has undertaken a restructuring exercise involving, inter
alia, a scheme of arrangement whereby the existing shares of
GWPI would be exchanged for new shares in Encorp Bhd (formerly
known as Pioneer Design Bhd), resulting in GWPI becoming a
wholly-owned subsidiary of Encorp. The listing status of GWPI
would be transferred to Encorp, and Encorp would acquire Enfari
Sdn Bhd through a share-swap.

Approvals from the relevant authorities and GWPI shareholders
have been obtained for the proposed restructuring. Encorp has,
in April 2001, completed the acquisition of Enfari. However, the
scheme as well as, inter-alia, the transfer of listing, have not
been completed.

Following a request by the vendor, the Company announced on 23
April 2002 that the proposed restructuring will be revised to
include a proposed bonus issue by Encorp to be effected prior to
the implementation of the proposed scheme. The Economic Planning
Unit on 25 September 2002, approved the revised proposals. The
approvals of the other authorities/shareholders of GWPI are
still pending.

CONTACT INFORMATION: 1st Floor, Custodev Tower
                     Lot 2679, Jalan Rock
                     93200 Kuching
                     Sarawak
                     Tel : 082-244000
                     Fax : 082-248588


IDRIS HYDRAULIC: Amends Proposed Tahan Transfer Condition
---------------------------------------------------------
On behalf of the Board of Directors of Idris Hydraulic
(Malaysia) Bhd, Commerce International Merchant Bankers Berhad
wishes to announce that the Securities Commission (SC) has via
its letter dated 24 December 2002, amended the condition that
latest net tangible asset (NTA) of Tahan at the time of the
implementation of the proposed transfer of Tahan to Idaman
Unggul Sdn Bhd (Newco) (Proposed Tahan Transfer) must not be
less than the NTA of Tahan as at 31 December 1999 and that in
this regard, the latest adjusted NTA of Tahan should be based on
a date not exceeding four (4) months from the date of
implementation of the Proposed Tahan Transfer as set out in
their letter dated 27 September 2002 to as follows:

"The latest NTA of Tahan at the time of the implementation of
the proposed acquisition of Tenaga, PICM and MNI by Tahan must
not be less than the NTA of Tahan as at 31 December 1999. In
connection herewith, the latest adjusted NTA of Tahan must be
based on a date not more than four (4) months from the date of
the implementation of the acquisitions of the three (3)
mentioned insurance companies."

The Proposals collectively refers to:

   (i) Proposed Restructuring Exercise which includes the
following:

      Proposed Capital Reconstruction;
      Proposed Corporate Restructuring; and
      Proposed Debt Reconstruction; and

   (ii) Proposed Acquisition by Tahan Insurance Berhad (formerly
known as Talasco Insurance Berhad) (Tahan) of the entire equity
interest in Tenaga Insurance Berhad (Tenaga), the People's
Insurance Company (Malaysia) Berhad (PICM) and Malaysia & Nippon
Insurans Berhad (MNI) (Proposed Acquisitions)


INTAN UTILITIES: Posts Loan Defaulted Payment Summary
-----------------------------------------------------
Further to the announcement dated 29 November 2002 and pursuant
to Paragraphs 9.02 and 9.04 (1) of the Listing Requirements and
Practice Note No. 1/2001, the Board of Directors of Intan
Utilities Berhad wishes to announce the summary of the
borrowings in default and the steps taken to address the
defaults by IDS Electronics Sdn. Bhd. and IDS Technology Sdn
Bhd, an 69% effectively-owned subsidiaries of Intan Utilities
Berhad. Details of which are found at
http://www.bankrupt.com/misc/TCRAP_Intan0103.xls.


JASATERA BERHAD: Chong Eu Appointed as ACSB Liquidator
------------------------------------------------------
Jasatera Berhad wishes to announce that the shareholders of
Amdex Corporation Sdn Bhd (ACSB), an associated company of
Jasatera Berhad (JASATERA) had resolved the voluntarily winding
up of ACSB at an Extraordinary General Meeting held on
Thursday,26 December 2002 at No.18, Jalan Wan Kadir 1, Taman Tun
Dr. Ismail, 60000 Kuala Lumpur pursuant to Section 254 (1)(b) of
the Companies Act, 1965.

The shareholders further resolved the appointment of Mr. Chew
Chong Eu of Suite 19A-30-2, Level 30 UOA Center, No. 19 Jalan
Pinang, 50450 Kuala Lumpur as the Liquidator.

The company wishes to state that the voluntary winding up of
ACSB, wherein JASATERA has a 38.8% equity interest, will not
have a material impact on JASATERA and it's group of companies.


LAND & GENERAL: January 17 EGM Scheduled
----------------------------------------
Land & General Berhad advised that its Extraordinary General
Meeting will be held at the Sri Damansara Club, Saga Room, Lot
23304, Persiaran Perdana, Bandar Sri Damansara, 52200 Kuala
Lumpur on Friday, 17 January 2003, at 10:00 a.m., or any
adjournment thereof, for the purpose of considering and, if
thought fit, passing the following resolution:

ORDINARY RESOLUTION - PROPOSED TERMINATION OF AGREEMENTS BETWEEN
L&G AND MURNA JAYA DEVELOPMENT BERHAD IN RELATION TO THE JOINT
VENTURE DEVELOPMENT OF A TOWNSHIP KNOWN AS BANDAR SUNGAI BUAYA
ON SEVERAL PIECES OF LEASEHOLD LAND EXPIRING ON 4 JANUARY 2095
HELD UNDER P.T. NOS. 10452 TO 10456 AND 10458 TO 10466, ALL
LOCATED AT MUKIM SERENDAH, DAERAH HULU SELANGOR, SELANGOR DARUL
EHSAN AND MEASURING A COMBINED LAND AREA OF APPROXIMATELY
3,094.5 ACRES THROUGH BANDAR SUNGAI BUAYA SDN BHD, A WHOLLY-
OWNED SUBSIDIARY OF L&G
(PROPOSED TERMINATION)

"THAT, subject to all the relevant approvals being obtained, L&G
be and is hereby authorized to terminate the Joint Venture
Agreement between L&G and MJD dated 16 May 1996 (as amended by
the Supplemental Agreement dated 23 May 1996 and Further
Supplemental Agreement dated 23 November 2000) in relation to
the joint venture development of several pieces of leasehold
land expiring on 4 January 2095 held under P.T. Nos. 10452 to
10456 and 10458 to 10466 and measuring a combined land area of
approximately 3,094.5 acres, all located at Mukim Serendah,
Daerah Hulu Selangor, Selangor Darul Ehsan into a township known
as Bandar Sungai Buaya consisting of housing, commercial,
industrial units and recreational facilities through BSB AND
THAT L&G be and is hereby authorized to terminate the Master
Agreement dated 20 May 1999 between BSB and MJD and the
Settlement Agreement dated 30 November 2000 between MJD, BSB and
L&G AND FURTHER THAT the Board of Directors of the Company be
and is hereby authorized to give effect to the Proposed
Termination with full power to assent to any conditions,
modifications, variations and/or amendments in any manner as may
be required by the relevant authorities and to deal with all
matters relating thereto and to enter into all such agreements,
arrangements, undertakings, indemnities, transfers, assignments
and guarantees with any party or parties and to take all steps
and to do all acts and things in any manner as they may deem
necessary or expedient to implement, finalize and give full
effect to the Proposed Termination."


LAND & GENERAL: SC OKs Proposed Composite Debt Workout Scheme
-------------------------------------------------------------
Reference is made to the announcement dated 28 February 2002
wherein Commerce International Merchant Bankers Berhad (CIMB)
announced on behalf of Land & General Berhad, inter-alia, the
details of the Proposed Composite Debt Restructuring Scheme and
the announcement dated 9 September 2002 pertaining to the
completion of the settlement of amount owing by L&G to eligible
Scheme Creditors in exchange for ordinary shares of RM1.00 each
in Bumi Armada Berhad.

On behalf of Land & General Berhad, CIMB hereby announces that
the Securities Commission (SC) has vide its letter dated 23
December 2002 which was received on 24 December 2002, approved
the Proposed Composite Debt Restructuring Scheme without
variation except for the fixing of the issue price for the RCSLS
B Series to be issued pursuant to the Proposed Unsecured Debts
Settlement shall be fixed based on the weighted average market
price of L&G Shares for five (5) consecutive market days prior
to the price fixing date (being a date to be determined after
the approval of the SC) or RM1.00 each, whichever is higher, as
compared to the issue price of RM1.00 each, as proposed.

The SC has also approved the listing of and quotation for the
new L&G Shares to be issued pursuant to the Proposed Unsecured
Debt Settlement and the new L&G Shares to be issued pursuant to
the conversion of the RCSLS A Series and RCSLS B Series, on the
Main Board of the Kuala Lumpur Stock Exchange (KLSE).

The SC notes that L&G will settle the balance of the outstanding
secured debts owed to the Scheme Creditors via conversion into
new long-term Ringgit Malaysia (RM) and United States Dollar
(USD) loan of RM28.390 million and USD14.676 million (equivalent
to RM55.769 million) nominal value respectively.

The approval of the SC for the Proposed Composite Debt
Restructuring Scheme is subject to the following conditions:

   (i) Full disclosure of the following in the circular to
shareholders:

     (a) Loan facilities provided to the L&G Group by
Bumiputera-Commerce Bank Berhad (BCB), as a related company to
CIMB and the appointment of CIMB as the facility and calculation
agents for the RCSLS A Series and RCSLS B Series and the
facility agent for the new RM and USD denominated loan
facilities. In addition, disclosure has to be made on
justifications provided by CIMB that the provision of the loan
facilities by BCB and the appointment of CIMB as facility and
calculation agents will not give rise to any conflict of
interest in CIMB's capacity as adviser to L&G for the Proposed
Composite Debt Restructuring Scheme; and

     (b) The decreasing land bank of the L&G Group and steps
undertaken/to be undertaken to overcome the aforesaid decrease
in the land bank and to ensure that the L&G Group has sufficient
future development projects;

   (ii) CIMB/L&G is to inform the SC of the total number and
final price of the new L&G Shares to be issued pursuant to
Proposed Unsecured Debts Settlement after they have been
determined;

   (iii) The conversion prices of RCSLS A Series and RCSLS B
Series are to be fixed based on discount of not more than 10%
from the weighted average market price of L&G Shares for five
(5) consecutive market days prior to the price fixing date
(being a date to be determined after the approval of the SC) or
RM1.00, whichever is higher;

   (iv) L&G is required to disclose in the announcement of its
quarterly results and in the annual report of the L&G Group,
status of the assets disposal programmed, including the details
of the following:

     (a) Summary of the status of the assets disposal programmed
with details of the stages of the aforesaid programmed and total
proceeds from the disposals at each stage;

     (b) Comparison between the value of disposals which have
been completed and the cash received for each completed
transaction (on a quarterly basis and for latest financial year)
with the forecast/projection for each full year;

     (c) Details of the transactions which have been completed
on a quarterly basis including details of the gross and net
proceeds for each asset disposed and the timeframe for the
receipt of the aforesaid proceeds;

     (d) Details of the utilization of proceeds received; and

     (e) Plans to overcome any reduction in the estimated
proceeds from disposals, if necessary;

   (v) Approval from the SC is required for any amendments to
the terms and conditions of the issue of the RCSLS A Series and
RCSLS B Series;

   (vi) CIMB is required to submit the following to the SC prior
to the issue of the RCSLS A Series and RCSLS B Series:

     (a) Form FMF/JPB to the SC and Bank Negara Malaysia;
     (b) The executed trust deed to the SC; and

     (c) Final ratings and the basis of ratings for the RCSLS A
Series and RCSLS B Series to the SC; and

   (vii) CIMB and L&G are required to fully comply with the
relevant requirements of the Policies and Guidelines on
Issue/Offer of Securities issued by the SC in relation to the
Proposed Composite Debt Restructuring Scheme.

CIMB and L&G are required to give written confirmation to the SC
on compliance with all the terms and conditions imposed, details
of which are set out in paragraphs (i) to (vii) above, upon
completion of the Proposed Composite Debt Restructuring Scheme.

The Proposed Composite Debt Restructuring Scheme is now subject
to approvals being obtained from the following:

     (i) the KLSE for the listing of and quotation for the new
L&G Shares to be issued pursuant to the Proposed Unsecured Debts
Settlement and the new L&G Shares to be issued pursuant to the
conversion of the RCSLS A Series and RCSLS B Series;

     (ii) the shareholders of L&G at an extraordinary general
meeting to be convened; and

     (iii) any other relevant authorities/parties.

On behalf of the Board of Directors of L&G, CIMB hereby
announces that the conversion price of RCSLS A Series and RCSLS
B Series are fixed at RM1.00, being the higher of the par value
of L&G Shares and the five (5)-day weighted average market price
of L&G Shares for the five (5) consecutive market days from 19
December 2002 to 26 December 2002 of RM0.23.


MBF HOLDINGS: SC Grants Proposals Implementation Time Extension
---------------------------------------------------------------
On behalf of the Board of Directors of MBf Holdings Berhad,
Alliance Merchant Bank Berhad is pleased to announce that the
Securities Commission has, vide its letter dated 24 December
2002, granted an extension of the approval period for another
three (3) months i.e. till 31 March 2003 for MBf-H to implement
the Proposals, which consists of Proposed Schemes of Arrangement
and Proposed Employees' Share Option Scheme.

COMPANY PROFILE

The Group began as Island Hotels & Properties, a developer of
hotels, holiday resorts and other landed properties. It later
diversified into financial services and manufacturing and bought
a substantial stake in Malaysia Borneo Finance Corporation (M)
Bhd (now MBf Finance Bhd), which was floated in 1983. The Group
ventured into insurance, credit cards and countertrade
businesses between 1983 and 1985. By 1987, the Group began
venturing overseas.

A restructuring and rationalization saw the Group transferring
its interests in financial services-related companies to MBf
Capital Bhd in 1992. MBf Capital was subsequently listed on KLSE
in place of MBf Finance following a share exchange.

In July 1998, the Company and some of its subsidiaries proposed
to restructure operations. All local lenders have given their
approvals-in-principal to a Scheme of Arrangement (SOA). The
proposed SOA, which includes the restructuring of the Group's
borrowings, involves the Company (MBfH) and selected
subsidiaries. A major thrust is to reorganize the Group to focus
on three core businesses, i.e. credit card and related services,
property development, and trading. Meanwhile, operations of MBf
Finance have been completely taken over by BNM since January
1999.

The Company has obtained approvals for the proposed SOA from
local scheme creditors on 31 March 1999, offshore scheme
creditors on 11 September 2000, sanction on the proposed
offshore schemes from the High Court of Hong Kong SAR on 26
September 2000 and shareholders on 10 January 2001. The Company
has also obtained sanction for the proposed local restructuring
schemes and proposed reduction of share capital on 17 April
2001. Applications pertaining to the proposed SOA were submitted
to the SC and FIC on 26 June 2001 and to BNM on 13 August 2001.

CONTACT INFORMATION: Block B1, Level 9
                     Pusat Dagang Setia Jaya
                     (Leisure Commerce Square)
                     No.9, Jalan PJS 8/9
                     46150 Petaling Jaya
                     Tel : 03-7877 3777
                     Fax : 03-7877 1051


SASHIP HOLDINGS: Proposed Workout Scheme Completion Extended
------------------------------------------------------------
With reference to the announcement made on 10 December 2001, 3
June 2002 and 14 June 2002 relating to the Proposed
Restructuring Scheme Under Section 176 Of The Companies Act,
1965, Commerce International Merchant Bankers Berhad (CIMB), on
behalf of the Board of Directors of Saship Holdings Berhad
(formerly known as Westmont Industries Berhad), announces that
the Securities Commission (SC) had, vide their letter dated 24
December 2002, approved the extension of time for the completion
of the Proposed Restructuring Scheme to 18 June 2003. However,
this extension will be the final extension which will be granted
to SHB for the completion of the Proposed Restructuring Scheme.

The Proposed Restructuring Scheme was approved by the SC vide
their letter dated 19 September 2000.


SENG HUP: Provides Default in Payment Status Update
---------------------------------------------------
As required by the KLSE Practice Note 1/2001, Seng Hup
Corporation Bhd (Special Administrators Appointed) provides an
update on its default in payment, as enclosed at
http://www.bankrupt.com/misc/TCRAP_Shup0103.xls.

The default by SHCB as at 30 November 2002 amounted to
RM56,593,290 made up of principal sums, plus RM27,686,818 in
interest for revolving credit facilities, trade financing and
overdraft.

P.T. Krisindo Mas, a subsidiary of SHCB had as at 30 November
2002, defaulted USD2,280,000 made up of principal sum plus,
USD1,234,326 in interest, in respect of its property loan.

Dasar Jernih Sdn Bhd and Nazar Holdings Sdn Bhd, both
subsidiaries of SHCB have respectively defaulted in the
principal repayment of their property loans amounting to
RM5,728,000 and RM1,180,000 together with interest of
RM2,472,692 and RM599,434 respectively as at 30 November 2002.


SINMAH RESOURCES: Unit LSB Further Invests RM2.99M in JVC
---------------------------------------------------------
Reference is made to the announcements made on 17 January 2002
(Ref: SR-020117-63238) and 18 December 2002 (Ref: C&-021218-
547EC) in relation to the joint venture agreement (the said JVA)
between Lynbridge Sdn Bhd (LSB), a wholly owned subsidiary of
Sinmah Resources Berhad (Sinmah) and Bukit Saudara Sdn Bhd
(BSSB) dated 17 January 2002 and the Letter of Variation (the
said Letter of Variation) between LSB and BSSB dated 7 October
2002 on the consolidation and management of rubber smallholders
in the States of Negeri Sembilan and Melaka.

Pursuant to the terms and conditions of the said JVA and the
said Letter of Variation, the total investment of LSB in the
joint venture company known as SMNS Rubber Holding Sdn Bhd (JVC)
is Ringgit Malaysia Five Million (RM5,000,000.00) Only. The
consideration would be provided by LSB through internally
generated funds for which the total shares would be allotted as
follows:

Names of Parties     Number of Shares in JVC                %
LSB               2,495,000 ordinary shares of RM1.00 each 49.9
BSSB              2,505,000 ordinary shares of RM1.00 each 50.1
TOTAL:            5,000,000 ordinary shares of RM1.00 each 100.0

The Board of Directors of Sinmah wishes to announce that
following the investment of Ringgit Malaysia Nine Hundred and
Ninety Eight (RM998.00) only in JVC by LSB as announced on 18
December 2002, LSB has on 23 December 2002 further invested
Ringgit Malaysia Two Million Nine Hundred and Ninety Nine
Thousand (RM2,999,000.00) only in JVC by way of internally
generated funds for which shares are allotted as follows:

Names of Parties      Number of Shares in JVC               %
LSB               1,496,501 ordinary shares of RM1.00 each 49.9
BSSB              1,502,499 ordinary shares of RM1.00 each 50.1
TOTAL:            2,999,000 ordinary shares of RM1.00 each 100.0

The final capital contribution of Ringgit Malaysia Two Million
(RM2,000,000.00) only by LSB in JVC for which 998,000 ordinary
shares of RM1.00 each would be allotted to LSB and 1,002,000
ordinary shares of RM1.00 each would be allotted to BSSB will
take place subsequent to the aforementioned two investments.
Appropriate announcement will be made to the Exchange
accordingly.

The Board of Directors of Sinmah expects the equity
participation in JVC to be a long-term investment and the
rationale for the investment is to promote the Sinmah Group's
profit maximization and to broaden earnings base. This
investment also provides a diversification into a new business
activity for the Sinmah Group.

Nonetheless, the Board of Directors of Sinmah is of the opinion
that the above joint venture is not expected to have any
material effects on the earnings of the Sinmah Group for the
financial year ending 31 January 2003.

COMPANY PROFILE

The Company was activated when it implemented a restructuring
scheme involving the acquisition of 100% in Sinmah Breeders,
100% of Sinmah Livestocks, 100% of Sinmah Food Industries and
99.99% of Sinmah Multifeed. Multifeed handles contract farming
operations while Sinmah Breeders has about six breeder farms
raising 380,000 parent stocks and two hatcheries with a total
capacity of 2.58m hatching eggs annually. Due to higher demand,
Sinmah Group has to import 50,000 parent stock day old chicks
(DOCs) from the US and Canada and source locally another 250,000
parent stock DOCs annually. The Group sells DOC and poultry
feeds to contract and independent broiler farmers. Live broilers
are sold to local wholesalers and Singapore poultry processing
plants. The Group exports some of its processed products like
nuggets, frankfurters and burgers to Brunei. In 1995, the Group
ventured into property development in Malacca. Primarily
concentrating on low- and medium-cost housing projects, the
Company launched the Taman Saujana Indah project in the first
quarter of 2001. It is also developing the Saujana Puri
apartment project.

Currently, the Company is undertaking a restructuring exercise
involving acquisition of 51% interest in Linggi Agriculture Sdn
Bhd and of freehold land in Malacca. The rights issue that was
part of the restructuring was substantially undersubscribed. As
a result, the Company is considering other alternatives to
substitute for the rights issue.

CONTACT INFORMATION: Graha Maju (Bangunan P.K.N.M)
                     Tingkat 10, Lot 1A
                     Jalan Graha Maju
                     75300 Melaka
                     Tel : 06-2840393
                     Fax : 06-2817481


TAI WAH: Obtains Proposals Approval at EGM
------------------------------------------
The Board of Directors of Tai Wah Garments Manufacturing Berhad
is pleased to announce that the Company has obtained the
approval of its shareholders at the Extraordinary General
Meeting held on 27 December 2002 for the Proposals. Details of
the Proposals have been circulated earlier to shareholders via
the Circular to Shareholders dated 12 December 2002.

The Proposals collectively refers to:

   (a) Proposed disposal of the entire equity interest in Tai
Wah Garments Industry Sdn Bhd;

   (b) Proposed disposals of land and buildings by TWGB and
Maxfit Textiles Corporation Sdn Bhd, a wholly owned subsidiary
company of TWGB;

   (c) Proposed utilization of proceeds raised from the Proposed
Disposals


TECHNO ASIA: SC Approves Proposed Exemption
-------------------------------------------
Further to the announcements made on 8 February 2002, 6 November
2002 and 20 December 2002 in relation to the Proposals,
AmMerchant Bank Berhad (formerly known as Arab-Malaysian
Merchant Bank Berhad), on behalf of Techno Asia Holdings Berhad
(Special Administrators Appointed), wishes to announce that the
Securities Commission has vide its letter dated 24 December 2002
(which was received on 26 December 2002) approved the Proposed
Exemption as proposed.

The Proposals entails:

   (i) Proposed Capital Reduction and Consolidation;

   (ii) Proposed Share Swap with Yu Neh Huat Berhad (formerly
Known as Giant Express Berhad) (YNHB);

   (iii) Proposed Acquisition of Kar Sin Berhad (KSB) and its
subsidiaries (KSB Group) and Yu & Sons Sdn Bhd (YSSB) by YNHB;

   (iv) Proposed Exemption for the Vendors of KSB and YSSB and
Parties Acting in Concert with them to Undertake a Mandatory
Take-Over Offer to Acquire the Remaining Shares in YNHB Not
Owned by Them (Proposed Exemption);

   (v) Proposed Restricted Issue of YNHB Shares to Selected
Shareholders of YNHB;

   (vi) Proposed Transfer of Listing Status of TaHB to YNHB;

   (vii) Proposed Disposal of TAHB;

   (viii) Proposed Offer for Sale of Shares by the Vendors of
KSB and YSSB;

   (ix) Proposed Transfer of Rm100,000 Nominal Value of
Irredeemable Convertible Unsecured Loan Stocks (ICULS) for free;

   (x) Proposed Listing of the entire issued and Paid-Up Share
Capital and ICULS of YNHB on the Main Board of the Kuala Lumpur
Stock Exchange (KLSE); and

   (xi) Proposed Employee Share Option Scheme by YHNB.


TIMBERMASTER INDUSTRIES: SC Grants Proposed MO Waiver Approval
--------------------------------------------------------------
Reference is made to the announcements dated 20 September 2002
and 30 September 2002 in relation to the Proposed waiver from
obligation to make a mandatory offer.

Aseambankers Malaysia Berhad, on behalf of Timbermaster
Industries Bhd (Special Administrators Appointed) and the
Vendors, is pleased to announce that the Securities Commission
had vide its letter dated 23 December 2002, which we have
received on 26 December 2002, approved the Proposed MO Waiver,
as proposed.


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


CLUB JOHN: In Talks with BCDA Over 2nd Restructuring of Contract
----------------------------------------------------------------
Club John Hay Development Corporation is again seeking a
restructuring of its lease contract with the Bases Conversion
Development Authority (BCDA), the Manila Bulletin said
Wednesday.

The paper said the private developer has unpaid lease payments
of PHP931 million and is seeking to re-restructure the pact
using a combination of cash, shares and 'dacion.'  BCDA
President and CEO Rufo Colayco has confirmed that negotiations
are ongoing.

According to the paper, the developer entered into a 25-year
lease agreement with BCDA in 1996 to transform the former US
military camp into a tourism complex, multiple use of watershed
and human resource development center.   The agreement set the
fixed annual rental of PHP425 million or five percent of the
gross revenues for the first five years and the PHP150 million
per year starting the sixth year until the end of the contract.

Club John Hay, the paper, made an advance payment of PHP250
million during the signing of the original lease agreement in
1996 and the annual PHP425 million rent in 1997.  But the firm
sought a restructuring of its lease agreements following the
Asian financial crisis in 1997.

Following the signing of the lease agreements, the developer
paid another PHP50 million in cash and PHP70 million in golf
shares and properties.  Under the new contract, Club John Hay
was supposed to pay the PHP425 million annual rentals starting
1999 to 2002 or one year longer than the original schedule.

For 1999, the company shall pay PHP150 million to be paid in
cash after the MOA signing and PHP200 million in five annual
installments starting the year 2003 and the remaining PHP75
million by way of golf and club shares, the paper said.  For
2002, the developer had to pay PHP150 million and PHP275 million
in five annual installments starting the year 2004.

The developer claims that BCDA had failed to resolve key issues,
thus resulting in further delays in their proposed projects for
the former American military summer camp causing them
opportunity losses and lower sales.

According to the Club John Hay, BCDA had failed to transfer to
them effective control and possession of portions of the leased
areas.  It had also lost money due to the delay in the issuance
of the environmental compliance certificate by the Department of
Environment and Natural Resources.


MANILA ELECTRIC: Unbundling Petition Critical to Recovery
---------------------------------------------------------
Troubled power distributor, Manila Electric Co., is banking on
its unbundling petition to keep the company afloat and steer
clear of bankruptcy, the Manila Times said yesterday.

In an interview with the paper, Meralco President Jesus
Francisco disclosed that the Energy Regulatory Commission is
expected to finalize the implementation of the unbundling rate
petition this month.

"Our viability will not only depend on our creditors' action.
The other equal important aspect is the regulatory action on our
pending unbundling proposal. [This has] impact on our day-to-day
operations," Mr. Francisco said.

According to the paper, Meralco's petition on a 30-centavo rate
increase was consolidated into an unbundling petition, which now
includes the PHP1.112 per kilowatt-hour unbundling rate increase
and 30-centavo rate increase petition.  The unbundling of rates
will make electricity rates transparent and understandable to
consumers, the paper said.

In unbundled rates, the electricity bill will be composed of
charges in generation, transmission system, line loss, supply,
metering charge, cross subsidy credit, lifeline rate and power
act reduction, the paper explained.

Aside from the unbundling of rates, Meralco also depends on a
special committee negotiating with financial creditors.  The
committee is currently negotiating with the firm's creditors
that would manage its financial position.


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


DBS GROUP: Winding Up of Unit
-----------------------------
This is to advise that, as part of a restructuring exercise by
The Development Bank of Singapore Ltd (DBS Bank), Thai Danu -
DBS Limited, a partly-owned subsidiary of DBS Thai Danu Bank
Public Company Limited which is itself a partly-owned subsidiary
of DBS Bank, was voluntarily wound up on 13 December 2002.

DBS Bank is a wholly-owned subsidiary of DBS Group Holdings Ltd.


NATSTEEL LTD.: Takeover Battle Continues, Ong's Offer Extended
--------------------------------------------------------------
The battle for control of NatSteel Ltd. will drag on until the
middle of this month, after hotelier Ong Beng Seng extended
Tuesday his takeover offer for the steel-maker, Reuters said.

In a statement, NatSteel confirmed early this week that
98 Holdings Pte Ltd was extending its deadline for its S$2.06
per share offer to January 10 at 3:30 p.m. (0730 GMT) from
January 3.

NatSteel said given the vast amount of information sent recently
to shareholders it was concerned that the earlier closing date
would not have given investors enough time to evaluate all
information regarding the offer by 98 Holdings.

Mr. Ong's high-profile consortium has garnered only about a
third of NatSteel's shares -- shy of the 50 percent plus a share
needed to take control of the steel miller, Reuters said.   Mr.
Ong's bid has been frustrated by rival tycoon Oei Hong Leong,
who has grabbed spoiling 29.79 percent stake of NatSteel during
a sometimes bitter campaign to sway shareholders into rejecting
Mr. Ong's offer on grounds that the price was not good enough.
The takeover battle is now entering its eighth month, the news
agency said.

NatSteel's shares ended on Tuesday at S$2.06.


PRESSCRETE HOLDINGS: EGM Set for January 11
-------------------------------------------
Notice is hereby given that an Extraordinary General Meeting of
Presscrete Holdings Ltd will be held at 31 Changi South Avenue
2, Singapore 486478 on 11 January 2003 at 10.00 a.m., for the
purpose of considering and, if thought fit, passing the
following resolutions with or without any modifications:

1. Ordinary Resolution 1: The Acquisition

That, contingent upon the passing of Ordinary Resolution 2
below, approval be and is hereby given for the acquisition by
the Company of the entire issued and paid-up share capital of
NeoCorp Innovations Pte Ltd comprising 20,000,000 ordinary
shares of $1.00 each (Acquisition) from Neo Investment Pte Ltd
(Neoinvest) and Neo Corporation Pte Ltd (collectively, the
Vendors) and;

That the Directors be and are hereby authorized to issue and
allot an aggregate of 333,333,333 new ordinary shares of $0.06
each in the capital of the Company in favor of Neoinvest and
NCPL as consideration for the Acquisition, each such share to be
credited as fully paid and to rank pari passu in all respects
with the then existing issued and paid-up ordinary shares of the
Company.

2. Ordinary Resolution 2: The Whitewash Resolution

That, contingent upon the passing of Ordinary Resolution 1
above, the shareholders of the Company, not being the Vendors or
persons not otherwise independent of the Vendors do hereby, on a
poll taken, unconditionally and irrevocably waive their rights
to receive a mandatory unconditional offer by Neoinvest and
parties acting in concert with it in respect of all or any part
of the ordinary shares of $0.06 each (as more particularly
described in the Circular dated 27 December 2002 (Circular))
held by them for each ordinary share in the capital of the
Company, in accordance with Rule 14 of the Singapore Code on
Take-overs and Mergers, 2001 and Section 139 of the Securities
and Futures Act, 2001 as a result of the completion of the
Acquisition.

3. Ordinary Resolution 3: General Mandate for Interested Person
Transactions

That, subject to the passing of Ordinary Resolutions 1 and 2
above,

(i) approval be and is hereby given for the purpose of Chapter 9
of the Listing Manual of the Singapore Exchange Securities
Trading Limited (Listing Manual) for the Company, its
subsidiaries and target associated companies (as defined in
Chapter 9 of the Listing Manual) or any of them to enter into
any of the transactions falling within the categories of the
Interested Person Transactions as described in the Circular,
provided that the Interested Person Transactions are carried out
in the normal course of business, at arm's length and on normal
commercial terms and in accordance with the guidelines of the
Company for the Interested Person Transactions as set out in the
Circular;

(ii) such approval shall, unless revoked or varied by the
Company in general meeting, continue to be in force until the
next Annual General Meeting of the Company; and

(iii) the Directors be and are hereby authorized to complete and
do all such acts and things (including executing all such
documents as may be required) as they may consider expedient or
necessary to give effect to this Ordinary Resolution 3.

Note:

(1) A Shareholder entitled to attend and vote at a meeting of
the Company is entitled to appoint not more than two proxies to
attend and vote on his behalf. A proxy need not be a Shareholder
of the Company.

(2) An instrument of proxy must be deposited at the registered
office of the Company at 31 Changi South Avenue 2, Singapore
486478 not less than 48 hours before the time appointed for the
holding of this meeting or adjourned meeting otherwise the
instrument of proxy shall not be treated as valid.


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


EMC PUBLIC: Converts Convertible Bonds
--------------------------------------
EMC Power Co.,Ltd., the Plan Administrator of EMC Public Company
Limited, has issued the convertible  bonds which is due to be
redeemable in the year 2011, in the amount of  Baht 50,000,000,
divided into 50,000 units, which have the denomination of Baht
1,000 per unit, on October 19, 2001.

The conversion was made on June 30 and December 30 last year.
The ratio of exercising of the conversion right is 1 unit of
Convertible Bond: 100 ordinary shares.


JASMINE INTERNATIONAL: Changes Planner's Director
-------------------------------------------------
Chaengwatana Planner Co., Ltd., the Planner of Jasmine
International Public Company Limited, informed that at the
extra-ordinary shareholders meeting No. 1/2002 held on 24
December 2002, they passed the resolutions to acknowledge the
resignation of Director Pindao Rojanakul.

They also ratified the election of Miss Oranuch Chandhasin to be
Director of Chaengwatana Planner Co., Ltd. instead of Mrs.
Pindao Rojanakul since 2 January 2003 onwards.


M.E.C. FAREAST: Files Business Reorganization Petition
------------------------------------------------------
M.E.C. Fareast Corporation Company Limited (DEBTOR), engaged in
buying, selling and renting heavy machines using in the general
building, filed it Petition for Business Reorganization to the
Central Bankruptcy Court:

   Black Case Number 1069/2543

   Red Case Number 38/2544

Petitioner : M.E.C. FAREAST CORPORATION COMPANY LIMITED

Planner : Fareast Planner Company Limited

Debts Owed to the Petitioning Creditor : 1,170,067,000 Baht

Date of Court Acceptance of the Petition : December 20, 2000

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

Court Order for Business Reorganization and Appointment of
Planner : January 23, 2001

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: February 5, 2001

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette : March 1, 2001

Deadline for the Planner to submit the Reorganization Plan to
Official Receiver : June 1, 2001

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

Planner postponed the date of submitting the reorganization plan
#2nd to August 1, 2001

Appointment date for the Meeting of Creditors to consider the
plan had been postponed to September 17, 2001 at 9.30 am.

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 November 16, 2001

Announcement of Court Order Cancelled the Order for Business
Reorganization in Matichon Public Company Limited and Siam Rath
Company Limited: November 26, 2001

Announcement of Court Order Cancelled the Order for Business
Reorganization in Government Gazette : December 11, 2001

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


THAI ELECTRONIC: Supreme Court Grants Rehab Plan Approval
---------------------------------------------------------
The Premier Planner Company Limited, the Plan Administrator of
Thai Electronic Industry Public Company Limited (the Listed
Company), had advised the Stock Exchange of Thailand by the
Letter No. 024/2544 dated July 16, 2002 that a financial
institution has appealed to the Supreme Court against the order
of the Bankruptcy Court on approval of the Rehabilitation Plan
of the Listed Company.  The Plan Administrator requested for an
amendment of the Rehabilitation Plan for pending all operation
under the Plan until the Supreme Court has granted the decision,
and then on June 28, 2001 the Bankruptcy Court granted an order,
in compliance with the Creditor Meeting, on approval to such
amendment.

In view of the above, the Plan Administrator informed that on
December 25, 2002 the Supreme Court has granted the Judgment
confirming the order of the Bankruptcy Court on approval of the
Rehabilitation Plan of the Listed Company. Therefore, the order
on approval of the Rehabilitation Plan has become final and the
Listed Company by the Plan administrator, Premier Planner
Company Limited, will then arrange for the operation stipulated
in the Rehabilitation Plan which is approved by the Bankruptcy
Court.


* DebtTraders Real-Time Bond Pricing
------------------------------------

Issuer             Coupon   Maturity   Bid - Ask   Weekly change
-----              ------   --------   ---------   -------------

Asia Pulp & Paper     FRN     due 2001   1.5 - 2.5       -1
Asia Pulp & Paper     11.75%  due 2005    31 - 32        +0.5
APP China             14.0%   due 2010    28 - 30        0
Asia Global Crossing  13.375% due 2006    11 - 13        +1
Bayan Telecom         13.5%   due 2006    16 - 18        0
Daya Guna Sumudera    10.0%   due 2007     1 - 3         0
Hyundai Semiconductor8 .625%  due 2007    61 - 64        0
Indah Kiat            11.875% due 2002    33 - 34        -2
Indah Kiat            10.0%   due 2007    26 - 28        -0.5
Paiton Energy         9.34%   due 2014    71 - 76        +1
Tjiwi Kimia           10.0%   due 2004    24 - 26        0
Zhuahi Highway        11.5%   due 2008    35 - 37        0

Bond pricing, appearing in each Friday's edition of the
TCR-AP, is provided by DebtTraders in New York. DebtTraders is
a specialist in global high yield securities, providing clients
unparalleled services in the identification, assessment, and
sourcing of attractive high yield debt investments. For more
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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
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
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contained herein is obtained from sources believed to be
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The TCR -- Asia Pacific subscription rate is $575 for 6 months
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information, contact Christopher Beard at 240/629-3300.

                 *** End of Transmission ***