/raid1/www/Hosts/bankrupt/TCRAP_Public/030114.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

           Tuesday, January 14, 2003, Vol. 6, No. 9

                         Headlines


A U S T R A L I A

A.I. LIMITED: Sells aiWeldtronics Assets
AUSTRALIAN MAGNESIUM: Final Installment Due on DES
BECKER GROUP: Repays AMCF Convertible Note Facility
ENERGY WORLD: EWI Submits Re-Financing Proposal
GROWTHCORP (AUST.): Charles Platcher Receives 25-Year Ban

KALREZ ENERGY: Secures Funding
MAXIS CORPORATION: Director Vaz Hovanessian Resigns
MAXIS CORPORATION: Nicholas Swan Appointed as Chief Executive
STADIUM AUSTRALIA: Resolves Roofs Issue


C H I N A   &   H O N G  K O N G

DAVENPORT CAMPBELL: Hearing of Winding Up Petition Set
EVERGREEN TECHNOLOGY: Winding Up Sought by GVC
FORESEE MANAGEMENT: Winding Up Hearing Scheduled in February
GUANGDONG KELON: Sees No Reason for Share Volume Increase
LONGSHANG TRADING: Petition to Wind Up Pending

STILL KING: Winding Up Petition Hearing Set


I N D O N E S I A


DANAMON BANK: ANZ Bank Unlikely to Bid
BANK DANAMON: Shareholders OK Reverse Stock Split


J A P A N

DAIE INC.: Cancels Tie-Up With Yamada Denki
SEIBU DEPARTMENT: Likely to Shutter Four Outlets
SOGO INC.: Ready to Take the Next Step to Recovery
TOKYO ELECTRON: Unit Settles Trade Secrets Case


K O R E A

CHOHUNG BANK: Ssangyong Fraud Case Results in FSC Reprimand
DAEWOO MOTOR: Projects 25% Growth in Sales This Year
HANBO IRON: AK Capital May Sign Formal Contract
HYUNDAI GROUP: Government Denies Final Sell-Off Report
KOREA ELECTRIC: Signs MoU With Chinese Firm


M A L A Y S I A

AMSTEEL CORPORATION: SC Extends Proposals Completion Deadline
ANGKASA MARKETING: January 30 EGM Scheduled
AYER HITAM: PAHT Appoints Tong Kim as Technical Advisor
CSM CORPORATION: Proposed SVD Acquisitions SPA Signing Extended
DATAPREP HOLDINGS: Proposed Acquisition of DPM Completed

KELANAMAS INDUS.: SBM Winding Up Petition Hearing Set
LAND & GENERAL: De-Registers Dormant Subsidiary
LION CORP.: Appoints Mohd Hussain as New Audit Committee Member
LION GROUP: SC Grants Proposed GWRS Completion Extension
MBF HOLDINGS: Liquidator Appointed to Singaporean Units

MYCOM BERHAD: Defaulted Payment Status Remains Unchanged
PENAS CORPORATION: Restraining Order Extended for Three Months
RAHMAN HYDRAULIC: Writ of Summons Hearing Adjourned to June 12
TANCO HOLDINGS: Proposed Acquisition Aborted
WOO HING: Proposed Sale of Watch Business, Properties Approved


P H I L I P P I N E S

MANILA ELECTRIC: ERC Decides Rate Petition in First Quarter
NATIONAL POWER: May Up Coal Plant Use
NATIONAL POWER: Perez Calls on Officers to Support New Chief
PHILIPPINE AIRLINES: Denies Takeover of NAIA Terminal 2


S I N G A P O R E

BLU INC: Units Enter Voluntary Liquidation
CHARTERED SEMICON: Issues Statement on Technology Development
CHEW EU: Issues Scheme of Arrangement Update
EXCEL MACHINE: Issues Judicial Management Order Update
HONG LEONG: Voluntarily Liquidates Subsidiary

INTERNATIONAL PRESS: Issues Profit Warning
NATSTEEL LIMITED: 98 Holdings' Conditional Cash Offer Closes
SEMBCORP LOGISTICS: Dormant Firms in Voluntary Liquidation


T H A I L A N D

ALPHA APPAREL: Files Reorganization Petition
EASTERN STAR: Gains Bt55.10M From Debt Restructuring


     -  -  -  -  -  -  -  -

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


A.I. LIMITED: Sells aiWeldtronics Assets
----------------------------------------
A.I. Limited advised that the company has entered into
agreements to sell the assets of the aiWeldtronics hardfacing
and thermal spraying divisions. The remaining aiWeldtronics
division, special alloys, continues its operation, although
negotiations have been commenced in relation to the sale of this
business.

The combined sale price for the hardfacing and thermal spray
divisions is $575,000, which provides a small profit above the
carrying value of these assets.

aiWeldtronics has incurred losses over the previous two
financial years, and as indicated in previous announcements, our
ongoing program to dispose of non-core assets, has included the
sale of these businesses.

There will be no material impact on the revenue or trading
profitability of the Group following these sales.


AUSTRALIAN MAGNESIUM: Final Installment Due on DES
--------------------------------------------------
Participating Organizations are advised that on 31 January 2003,
the final installment of 30 cents per security (less any loyalty
discount) is due and payable on the Distribution Entitled
Securities (DES) issued by Australian Magnesium Corporation
Limited.

The Company issued a total of 660,258,713 partly paid DES on 23
November 2001. Each DES was issued at a price of 80 cents. It
comprised an ordinary share partly paid to 30.8 cents, stapled
to one unsecured loan note issued at 19.2 cents each, which is
to be redeemed on 23 November 2004.

A loyalty discount of 5 cents off the amount to be paid on the
final installment of each DES, up to a maximum of 30,000
securities per eligible holder, is available to holders who, as
at the close of business on 18 October 2001, were either:

   * an Australian resident, registered as a holder of fully
paid ordinary shares in the Company or Normandy Mining Limited;
or

   * an Australian resident employee, Director Or Proposed
Director of the Company.

The loyalty discount only applies if the DES are held in the
same registered name from the date of issue (23 November 2001)
until the final installment due date (31 January 2003).

Following payment of the final installment on the share
component of each stapled security, the share will become fully
paid and will continue to remain stapled to a loan note until
the loan note is redeemed in 2004. On redemption of the loan
note in 2004, the remaining fully paid share component of each
DES will merge with the existing fully paid shares of the
Company.

The following timetable will apply to the payment of the final
installment on the share component of the stapled security.

Friday, 6 December 2002     Notices sent to all DES holders
                            advising of the due date for
                            payment of the final installment on
                            the share component of each DES.

Thursday, 16 January 2003   Last day of partly paid, installment
                            unpaid trading in DES. Market in
                            partly paid DES [ASX Code: ANMCA]
                            ceases.

Friday, 17 January 2003   First day of "installment paid"
trading
                          on a deferred settlement basis. [ASX
                          Code: ANMNA],

Tuesday, 21 January 2003  Last day for settlement on a T+3 basis
                          of partly paid, installment unpaid
                          transfers.

Thursday, 23 January 2003  Last day for lodgment for
                           registration of transfers of partly
                           paid, installment unpaid DES.

                           Friday, 31 January 2003     Final
                           installment due and payable.

Friday, 7 February 2003    Dispatch date. Deferred settlement
                           market ends.

Monday, 10 February 2003   Normal T+3 trading commences in the
                           fully paid DES. [ASX Code; ANMNA].

Thursday, 13 February 2003 First settlement date for trades
                          conducted on a T+3 basis and the first
                          settlement of on-market trades
                          conducted on a deterred settlement
                          basis.


BECKER GROUP: Repays AMCF Convertible Note Facility
---------------------------------------------------
Becker Group Limited stated that pursuant to the terms
of the Convertible Note Facility Agreement between Becker and
Permanent Trustee of Australia Limited in its capacity as
trustee of the Australasian Media & Communications Fund (AMCF),
which was approved by shareholders at Becker's Annual General
Meeting held 30 November 1998, Becker has now repaid the loan of
$2,500,000 to AMCF. The repayment was funded utilizing Becker's
current facilities with the ANZ Bank.

The Group's principal activities are the production of
television programmers in Australia and Asia, the distribution
of television programmers in Australia and internationally, the
development of potential television programmers, the
distribution of feature films throughout Australia and New
Zealand, research and marketing services in connection with the
distribution of feature films in Australia, the exhibition of
feature films in cinemas owned (wholly or jointly) by the Group
in Australia and New Zealand and the provision of outdoor
television production facilities and services in New Zealand
and, on a more limited basis, in Australia and internationally.
Film & TV production & distribution accounted for 65% of fis
2002 revenues; cinema exhibition, 18% and outside broadcasting
services, 17%.

According to Wrights Investors' Service, the company has paid no
dividends during the last 12 months and has not paid any
dividends during the previous 2 fiscal years.


ENERGY WORLD: EWI Submits Re-Financing Proposal
-----------------------------------------------
Subsequent to the announcement made on 30th December 2002 the
Directors of Energy World Corporation Limited (EWC) are pleased
to advise that Energy World International Ltd (EWI) has
submitted a detailed proposal covering the re-financing of the
Australian Power and Gas Assets to EWC. The information detailed
in this proposal has been passed to Commonwealth Bank of
Australia (CBA) for consideration. This proposal will provide
the CBA with further debt reduction and it will ensure the
Company maintains a sound position going forward.

If the CBA are willing to accept EWI's proposal, the details of
the EWI proposal will be the subject of an independent expert's
report and will thereafter be released to Shareholders for
consideration and approval.

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

For further enquiries, please contact Mr Stewart Elliott, EWC
Managing Director or Mr Brian Allen on telephone number
(612) 9247 6888.


GROWTHCORP (AUST.): Charles Platcher Receives 25-Year Ban
---------------------------------------------------------
Mr Charles Edward Platcher is banned from managing corporations
for 25 years, following action brought against him by the
Australian Securities and Investments Commission (ASIC).

Her Honor Justice Stone of the Federal Court found Mr Platcher
had managed a company called Growthcorp (Aust.) Pty Ltd
(Growthcorp) in breach of a previous disqualification from
managing corporations between 12 February 1999 and 11 June 2002,
due to his bankruptcy.  Her Honour also dismissed Mr Platcher's
application for an annulment of his bankruptcy.

The Court heard evidence that Mr Platcher has a previous
criminal conviction for managing a similar company, Growthcorp
Pty Limited, while bankrupt and that some people who invested
with Growthcorp (Aust.) had suffered serious financial
detriment. Three investors lost a total of $660,000.

On 5 April 2001 Mr Geoffrey McDonald, of Hall Chadwick Chartered
Accountants, was appointed the company's administrator. On 23
May 2001 he was then appointed administrator of a Deed of
Company Arrangement for Growthcorp.

History of the proceedings

On 11 December 2000 ASIC obtained interim consent orders in the
Supreme Court of NSW restraining Mr Platcher from being involved
in the management of Growthcorp until further order of the
Court.

Mr Platcher sought a number of extensions of time in order to
file his affidavit evidence of defense, but failed to meet any
of these deadlines. The matter was set down for hearing in the
Supreme Court from 11 to 15 February 2002.

On 7 February 2002 Mr Platcher applied to the Federal Court for
the annulment of his bankruptcy. On 11 February 2002 Mr Platcher
was granted an adjournment of ASIC's banning proceedings against
him until the determination of his application.

ASIC's banning proceedings were then transferred from the
Supreme Court to the Federal Court, and Her Honour Justice Stone
heard the two matters together.


KALREZ ENERGY: Secures Funding
------------------------------
Kalrez Energy Limited has finalized negotiations and has agreed
with the South Australian investment company Tulloch Lodge
Limited (Tulloch) to provide a funding combination of two (2)
million dollars.

The agreed funding combination is in two (2) parts:

PLACEMENT OF SHARES

Tulloch has agreed to subscribe for 100 million Kalrez fully
paid shares at a price of 0.50 cent equal to $500,000.00. This
agreement is not subject to any fee obligation.

The proceeds from the share subscription shall be used to retire
loans and satisfy all current Australian creditors.

On completion of this task the company shall be left with
approximately $200,000.00 in working capital. This shall ensure
that all funding in place for Kalrez's Indonesian based
activities do not suffer any disruption by demands for
Australian funding.

Russell Brimage the Kalrez Indonesian based executive director,
says this will give him and his staff great relief.

Kalrez advises, the present Indonesian funding arrangements in
place are more than adequate until the company is in receipt of
the December Bula oil lifting funds totaling US $1.22 million or
approximately A $2.0 million dollars.

LOAN FACILITY

Tulloch has agreed to loan the company a further A $1.5 million
dollars in the form of a loan facility.

The loan facility is for 18 months, interest rate 8% on monies
drawn down, Tulloch will receive a facility fee of 20 million
shares, the company took this action to conserve cash.

The loan facility, is on a draw down of $250,000.00 stack basis,
and will be dedicated to funding the Seram JV cash calls.

It has been agreed the first draw down of approximately A
$750,000.00 will be on the 31st January 2003.

These funds shall be to retire all default cash calls and
associated default interest demands. The balance of the funding
shall be to satisfy further Seram JV cash calls.

Persal and Company have also consented to make available the
earlier announced A $250,000.00 loan facility on a need basis
until 31st March 2003.

All the facilities give the company confidence and a "good
feeling" for the future and shall along with the positive cash
flows from Bula and the Oseil projects shall be a comfort, from
the sudden dread of going from one default notice to another and
still trying to survive.

The real big plus out of the funding will be, it puts Kalrez on
good standing with the Seram JV operator Kufpec (Indonesian)
Limited (Kufpec

This will position the company in its own right to seek Kufpec's
authorization to investigate other opportunities on the Seram
Contract Block as a partner of good standing.

Opportunities include the possibilities of a number of sole risk
targets that Kufpec may disregard because of their size but
would be ideal for a company of Kalrez size.

Eddie Smith the company's chairman states, with this funding
from (Tulloch) in place and including the December Bula lifting
of approximately A$2.0 million plus the recent Oseil wells
coming on stream the company has turned the corner and Kalrez
shareholders can now look forward to a real future for the
company.

Wrights Investors Service reports that at the end of 2002,
Kalrez Energy Limited had negative working capital, as current
liabilities were A$6.23 million while total current assets were
only A$4.64 million. The company also reported losses during the
previous 12 months and has not paid any dividends during the
previous 4 fiscal years.


MAXIS CORPORATION: Director Vaz Hovanessian Resigns
---------------------------------------------------
The Board of Maxis Corporation Limited wishes to confirm the
resignation of Mr Vaz Hovanessian as a Director and Chief
Executive of the Company from 31 December 2002.

Mr Hovanessian previously retired from his position as Chairman
of the Board at Maxis' AGM on 29 November 2002. Mr Robin Devries
was subsequently appointed to this role.

Wrights Investors Service reports that at the end of 2002, Maxis
Corporation Limited had negative working capital, as current
liabilities were A$2.82 million while total current assets were
only A$2.56 million. The company has reported losses during the
previous 12 months and has not paid any dividends during the
previous 2 fiscal years.

Below is a completed Appendix 3Z in respect of Mr Hovanessian's
resignation:

             FINAL DIRECTOR'S INTEREST NOTICE

   Name of Company          Maxis Corporation Limited

   ABN                      52 009 239 285

We (the entity) give the ASX the following information under
listing rule 3.19A.3 and as agent for the director for the
purposes of section 205G of the Corporations Act.

   Name of Director         Vaz Hovanessian

   Date of last notice      04/09/2002

   Date that director
   ceased to be director    31/12/2002

Part 1 - Director's relevant interests in securities of which
the director is the registered holder

Number & class of securities

Nil

Part 2 - Director's relevant interests in securities of which
the director is not the registered holder

   Name of holder &                  Number & class
   nature of interest                of securities

  Director of Raxigi Pty                467,378 Ordinary Shares
  Ltd
  Director of Fern Street               300,000 Ordinary Shares
  Partners Pty Ltd

Part 3 - Director's interests in contracts

  Nil


MAXIS CORPORATION: Nicholas Swan Appointed as Chief Executive
-------------------------------------------------------------
Following Mr Vaz Hovanessian's resignation, the Board of Maxis
Corporation Limited appointed Mr Nicholas Swan as Chief
Executive of the Company. Below is a completed Appendix 3Y in
respect of to Swan.

              CHANGE OF DIRECTOR'S INTEREST NOTICE

   Name of Company          Maxis Corporation Limited

   ABN                      52 009 239 285

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         Nicholas Swan

   Date of last notice      02/02/2002

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

Direct or indirect interest       Indirect

Nature of indirect interest
(including registered holder)     Director of Viewjet Pty Ltd

Date of change                    05/12/2002

No. of securities held prior
to change                         398,450

Class                             Ordinary Shares

Number Acquired                   1,000,000

Number disposed                         Nil

Value/consideration                     $0

No. of securities held after
change                                  1,398,450

Nature of change                        Issue of Shares as per
AGM
                                        Resolution

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

  N/A


STADIUM AUSTRALIA: Resolves Roofs Issue
---------------------------------------
MTM Investment Management Limited (MTM), the responsible entity
of the Stadium Australia Trust (SAT), advised Monday of the
execution of a project variation deed between Sydney Olympic
Park Authority (SOPA), MTM, Stadium Australia Management
Limited, Obayashi Corporation (Obayashi), Multiplex
Constructions Pty Limited, Australia and New Zealand Banking
Group Limited and ANZ Capel Court Limited (Deed).

On 23 September 2002, MTM advised that it had received a notice
of default from SOPA in which SOPA alleged that MTM was in
default of its obligations under the Project Agreement with SOPA
to procure the completion of the end roofs (through its
construction contract with Obayashi) by the agreed date. MTM did
not accept that it was in default. MTM issued a notice of
default to Obayashi alleging that Obayashi was in breach of the
relevant obligations under the construction contract with MTM to
design and construct the roofs.

The execution of the Deed, among other things, remedies those
defaults alleged by SOPA and MTM and referred to in the ASX
Release dated 23 September 2002.

Resolution of the matter involves a modified design of the roofs
to ensure optimum growing conditions for the Stadium's playing
surface. The original design raised concerns over lack of
sunlight and ventilation affecting the turf. This has been
rectified with the new design which will involve a reduction in
the size of the roofs by approximately one-third.

The roofs are scheduled to be completed by end June 2003 in time
for the season's major football events, including Rugby World
Cup 2003 which commences at the Stadium on 10 October 2003.


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


DAVENPORT CAMPBELL: Hearing of Winding Up Petition Set
------------------------------------------------------
The petition to wind up Davenport Campbell (Hong Kong) Limited
is scheduled for hearing before the High Court of Hong Kong on
January 29, 2003 at 9:30 in the morning.

The petition was filed with the court on November 19, 2002 by
Chan Ka Yi, Chan Wai Man Jacqueline, Chan Sau Ling, Chow Chiu
Fong Annie, Wong Oi Ying, Lee Tung Kuen William, Lee Kang Yuen
Cyrus, So Wai Ha, Chu Hon Kit, Waterhouse, Terence Michael,
Olsson, Alan Otto, Waddell, Rachel Deborah, Chow Lai Kei, Fan
Yiu Wong and Isted, Paul Charlton all care of Rooms 1402-3, 14th
Floor, Admiralty Centre, Tower II, No. 18 Harcourt Road, Hong
Kong.


EVERGREEN TECHNOLOGY: Winding Up Sought by GVC
----------------------------------------------
GVC Corporation Limited is seeking the winding up of Evergreen
Technology International Limited. The petition was filed on
December 19, 2002, and will be heard before the High Court of
Hong Kong on February 26, 2003 at 9:30 am.

GVC holds its registered office at Room 8, 2nd Floor, Block B,
Po Lung Centre, 11 Wang Chiu Road, Kowloon Bay, Kowloon, Hong
Kong.


FORESEE MANAGEMENT: Winding Up Hearing Scheduled in February
------------------------------------------------------------
The High Court of Hong Kong will hear on February 19, 2003 at
9:30 in the morning the petition seeking the winding up of
Foresee Management Limited.

Hsu Ching Ming Peter of Flat H, 16/F., Hennessy Building, 488
Hennessy Road, Causeway Bay, Hong Kong filed the petition on
December 11, 2002.  Tam Lee Po Lin, Nina represents the
petitioner.

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


GUANGDONG KELON: Sees No Reason for Share Volume Increase
---------------------------------------------------------
Guangdong Kelon Electrical Holdings Company Limited has noted
the recent increase in trading volume of the shares of the
Company and wish to state that it is not of any reasons for such
increase.

The Company also confirmed that there are no negotiations or
agreements relating to intended acquisitions or realizations
which are discloseable under paragraph 3 of the Listing
Agreement, which is or may be of a price-sensitive nature.


LONGSHANG TRADING: Petition to Wind Up Pending
----------------------------------------------
The petition to wind up Longshang Trading Company Limited is set
for hearing before the High Court of Hong Kong on February 12,
2003 at 10:00 in the morning.

The petition was filed with the court on December 10, 2002 by
Bank of China (Hong Kong) Limited whose registered office is
situated at 14th Floor, Bank of China Tower, No. 1 Garden Road,
Central, Hong Kong.


STILL KING: Winding Up Petition Hearing Set
-------------------------------------------
The petition to wind up Still King Investment Company Limited is
scheduled to be heard before the High Court of Hong Kong on
February 12, 2003 at 10:00 in the morning.

The petition was filed with the court on December 10, 2002 by
Bank of China (Hong Kong) Limited whose registered office is
situated at 14th Floor, Bank of China Tower, No. 1 Garden Road,
Central, Hong Kong.


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


DANAMON BANK: ANZ Bank Unlikely to Bid
--------------------------------------
Australia & New Zealand Banking Group Ltd. remains interested in
expanding its Indonesian business but is unlikely to bid for a
stake in PT Bank Danamon Indonesia, Dow Jones Newswires reports.

"We are interested in the Indonesian market, but it's a matter
of finding the right asset at the right price," ANZ spokesman
Paul Edwards said on Monday, adding that ANZ is primarily
interested in a retail focus in Indonesia, "but we're quite
happy to be patient and bide our time for the right one."

Bank Danamon is publicly listed, but is 99.35% owned by the
Indonesian government after a bailout following the 1997 Asian
economic crisis.

The government, through the Indonesia Bank Reconstruction
Agency, plans to divest most of its stake in the bank this year.
It plans to sell a 20% stake via a public offering and 51% to a
strategic shareholder, which will also have management control
of the bank.


BANK DANAMON: Shareholders OK Reverse Stock Split
-------------------------------------------------
Shareholders of PT Bank Danamon have agreed to a reverse stock
split in a ratio five to one at an Extraordinary General
Shareholders Meeting on January 9, 2003, IndoExchange reported
Friday, citing President Director Arwin Rasyid.

"The shareholders meeting had decided on a reverse stock split
in a ratio of five to one," Arwin Rasyid, adding that at the end
of 2002, the Loan to Deposit ratio (LDR) of Danamon was 50
percent while non-performing loans were at five percent.

According to a company statement, the move was aimed at
improving the theoretical price of the shares as well as an
effort by management to make the stocks more manageable.

Danamon, which stock split becomes effective on January 22,
hopes the shares would be more attractive to investors and help
reduce the volatility of the price.


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


DAIE INC.: Cancels Tie-Up With Yamada Denki
-------------------------------------------
Troubled retailer Daiei Inc. scrapped a sales tie-up with Yamada
Denki Co. to review its strategy to boost slumping sales of
household appliances, Kyodo News said on Friday.

Yamada Denki closed a sales outlet in Daiei's Yokosuka store in
Kanagawa Prefecture on Friday, in what Daiei described as "a
failure to implement the contract."


SEIBU DEPARTMENT: Likely to Shutter Four Outlets
------------------------------------------------
Seibu Department Stores Limited may close four outlets by the
end of 2008 as part of its restructuring scheme, Kyodo News said
on Saturday.  The outlets are in Hakodate in Hokkaido, Toyohashi
in Aichi Prefecture, Kawasaki in Kanagawa Prefecture, and Sendai
in Miyagi Prefecture.

The Company may also ask Mizuho Corporate Bank and five other
creditor banks as early as Tuesday for debt forgiveness and
conversion of debt into equity. Seibu will also seek help from
Credit Saison Co, an affiliated consumer credit Company, via a
debt-equity swap worth some 10 billion yen.


SOGO INC.: Ready to Take the Next Step to Recovery
--------------------------------------------------
Sogo Inc. is ready to move ahead on the road to recovery as it
plans to file papers on its rehabilitation process with the
Tokyo District Court as early as the end of this month, the
Asahim Shimbun reports.

The reason for the speedy resurrection lies in a fiscal 2002
operating-profit forecast of more than 6 billion yen-six times
greater than the previous year.

If the procedures are finalized, there will be an increase in
its operational independence. The Company is also planning to
integrate its operations with those of Seibu Department Stores
Inc., which is receiving financial assistance and also aiming
for rehabilitation.

In July 2000, the Sogo group declared bankruptcy and filed for
court protection. In January 2001, a rehabilitation plan was
approved.


TOKYO ELECTRON: Unit Settles Trade Secrets Case
-----------------------------------------------
Tokyo Electron Arizona, Inc. (TAZ), a subsidiary of Tokyo
Electron Limited (TEL), has settled its claims of
misappropriation of trade secrets and other claims against
another supplier of replacement parts in its case now pending in
the United States District Court for the Eastern District of New
York. In the lawsuit, TAZ alleges that Discreet Industries
Corporation, located in Mineola, New York, stole TAZ's designs
for replacement parts used in TAZ Eclipse machines and corrupted
TAZ's confidential supplier network for those valuable
replacement parts. New Horizon Machine Company, one of TAZ's
suppliers, settled with TAZ on October 23, 2002, admitting its
liability and agreeing to pay a substantial royalty to TAZ on
the replacement parts it manufactured for Discreet based on
misappropriated designs. The lone defendants are Discreet
Industries Corporation and Ovadia Meron, Discreet's President.

To date, TAZ has entered into four separate settlements with
replacement parts suppliers in the case based on the suppliers'
business dealings with Discreet Industries Corporation. TAZ
entered the first settlement in the case, with Hummel Machine
and Tool Company, on May 29, 2002. TAZ entered settlements with
Gilbert Precision Machine and an unnamed supplier, in September
2002. "Until these settlements were reached, Discreet was able
to purchase qualified, but pirated replacement parts from TAZ's
original suppliers, in violation of non-disclosure agreements
between these suppliers and TAZ," said Jerry Adomshick, TAZ's
President. "With these settlements in place, TAZ has
successfully severed 85 to 90 percent of the illegal flow of
qualified but pirated parts to Discreet. These are parts
critical to the wafer-handling portion of the Eclipse Tool. Non-
qualified parts used in this area can result in damaged
product."

TAZ anticipates, by its action against Discreet and the
suppliers in question, to preserve its trade secrets, secure
just damages for the theft of its intellectual property, and
ensure a free flow of replacement Eclipse parts to TAZ's
customers. Jerry Adomshick continued, "TAZ continues to gather
substantial evidence of misappropriation of its trade secrets in
the case against Discreet Industries Corporation and Ovadia
Meron and is confident that TAZ will prevail after trial."

TAZ's focus has always been to assure its customers high-quality
replacement parts for the Eclipse. TAZ parts are machined to the
highest standards, undergo extensive quality testing and are
covered by TAZ's comprehensive warranty. The purchase of non-
qualified or modified replacement parts, however, is not covered
by any warranty, and customers assume the significant risks
associated with the use of such parts, including any performance
or functional problems.

TEL http://www.tel.co.jp,established in 1963, is a leading
supplier of innovative semiconductor and FPD production
equipment worldwide. Product lines include coater/developers,
thermal processing systems, dry etchers, CVD systems, sputtering
systems (PVD), wet cleaning systems, and test systems. In Japan,
TEL distributes other leading edge semiconductor equipment
tools, such as metrology tools and process control systems. In
addition, TEL distributes high quality computer systems,
semiconductor devices and electronic components of other leading
suppliers, as well as computer network related products from
around the world. To support this diverse product base, TEL has
strategically located research & development, manufacturing,
sales, and service locations all over the world. TEL is a
publicly held Company listed on the Tokyo Stock Exchange.

TCR-AP reported that Tokyo Electron Ltd. incurred a group net
loss of 4.2 billion yen in the first quarter of 2002 through
June, versus a 3.5 billion yen loss in 2001.

The poor result was caused by a decline in sales of chip-making
equipment and a smaller gross margin.

CONTACT:
Tokyo Electron America, Inc.
Mindy Russell, 512/424-1533
Fax: 512/424-1034
mrussell@aus.telusa.com
http://www.tel.co.jp


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


CHOHUNG BANK: Ssangyong Fraud Case Results in FSC Reprimand
-----------------------------------------------------------
South Korea's Financial Supervisory Service (FSC) has
reprimanded CEO Hong Serck-joo of Chohung Bank and CEO Hong
Serck-joo of Woori Bank after Ssangyong Corporation used forged
documents to borrow funds from the banks, Dow Jones said on
Friday.

The FSC revealed in September that a regional office of
Ssangyong Corporation defrauded six domestic banks by securing
$94.8 million in short-term credit using fake documents.

Ssangyong's Busan branch defrauded Chohung, Woori, New York and
four other banks - Korea First Bank, Kookmin Bank, Industrial
Bank of Korea and Daegu Bank.

Ssangyong Corporation, the trading affiliate of Ssangyong Cement
Co., is currently under the management of its creditors.


DAEWOO MOTOR: Projects 25% Growth in Sales This Year
----------------------------------------------------
Daewoo Motor Sales Corporation expects its sales to grow 25
percent this year, aided by the launching of GM Daewoo Auto &
Technology, Reuters said on Saturday.

The auto distributor aims to reach 4.5 trillion won ($3.81
billion) in 2003 sales from an estimated 3.6 trillion won last
year. It aims to sell 274,118 units, up from 216,355 last year.

With its parent Daewoo Motor bankrupt, it had almost no sales in
overseas markets in 2002, in contrast with its competitors,
which benefited from buoyant domestic spending and robust demand
from the United States.

Daewoo Motor Sales is an independent distributor for GM Daewoo
Auto and other carmakers. GM Daewoo Auto was set up in October
after the U.S. carmaker General Motors Corporation took over
most of the assets of insolvent Daewoo Motor.


HANBO IRON: AK Capital May Sign Formal Contract
-----------------------------------------------
AK Capital is considering accepting a formal contract with the
Korea Asset Management Corporation (KAMCO) to acquire Hanbo Iron
& Steel Co. by the middle of this month, the Korea Herald
reports.

The steel maker was undergoing a court receivership when AK
Capital, a Netherlands-based fund established by Chungwho
Industrial President Kwon Ho-sung, was chosen as the priority
negotiator for acquiring it.


HYUNDAI GROUP: Government Denies Final Sell-Off Report
------------------------------------------------------
The South Korean government disputes a Yonhap Infomax report
saying it has resolved key issues with U.S.-based Prudential
Financial Inc. (PRU) relating to the sale of controlling stakes
in two Hyundai Group financial affiliates, Dow Jones said on
Friday.

"The government is negotiating with a foreign investor on the
sale of the Hyundai companies and no details on the timing and
terms of the sale have been determined," the Financial
Supervisory Service said in a statement.

The local newswire said that the two parties had resolved their
differences, and if the Prudential Board of directors approved
the purchase at its next meeting, a pact could be signed as
early as January 2003.

The government has been trying over the past few years to sell
three ailing Hyundai Group affiliates - Hyundai Securities,
Hyundai Investment Trust & Securities Co. and Hyundai Investment
Trust Management Co. - in a package deal.


KOREA ELECTRIC: Signs MoU With Chinese Firm
-------------------------------------------
The Korea Electric Power Co. (KEPCO) has signed a memorandum of
understanding (MoU) with a Chinese power Company to build two
thermal power plants in China, Asia Times said on Monday.  The
name of the Chinese firm was not disclosed in the report.

Under the agreement, KEPCO will construct the power plants - one
with a capacity to generate 110,000 kilowatts of electricity and
the other with 500,000 kw capacity and retain management rights
for 20 years after their completion.

Korea Electric Power Corporation (KEPCO) will hold a tender on
January 22 to sell its power generation unit Korea South-East
Power Co. for $759 million, as part of its privatization
efforts, according to the Troubled Company Reporter-Asia
Pacific.  KEPCO plans to select more than one bidder at this
month's tender and hold a second tender as early as February to
name final negotiating partners.

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


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


AMSTEEL CORPORATION: SC Extends Proposals Completion Deadline
-------------------------------------------------------------
The Board of Directors of Amsteel Corporation Berhad announces
that following an application by Amsteel, the Securities
Commission has extended the deadline for Amsteel to complete the
Proposals to 28 February 2003.

Shareholders are advised to refer to Amsteel's announcements
dated 20 June 2001, 8 February 2002, 7 August 2002, 13 September
2002 and 14 October 2002 for further information on the
Proposals.

The Proposals collectively refers to:

   (i) Proposed disposal of 150,000 ordinary shares of RM1.00
each representing 100% equity interest in Optima Jaya Sdn Bhd
(OJSB), a wholly-owned subsidiary of Amsteel to SCB Developments
Berhad (SCB) for a consideration of RM150,000 to be settled
pursuant to proposal (iii) below (Proposed Disposal);

   (ii) Proposed assumption of certain liabilities of OJSB by
Amsteel amounting to RM112,681,542 and waiver by Amsteel of
RM87,244,640 owing by OJSB to Amsteel; and

   (iii) Proposed settlement by SCB of the consideration for the
Proposed Disposal of RM150,000 and the net aggregate amount of
RM113,850,000 owing by OJSB to Amsteel via a cash payment of
RM10,000,500 and the balance of RM103,999,500 by an issue of
23,111,000 new ordinary shares of RM1.00 each in SCB valued at
RM4.50 per SCB share


ANGKASA MARKETING: January 30 EGM Scheduled
-------------------------------------------
Notice is hereby given that an Extraordinary General Meeting of
Angkasa Marketing Berhad will be held at the Century Ballroom,
Level 2, Novotel Century Hotel, 17-21, Jalan Bukit Bintang,
55100 Kuala Lumpur on Thursday, 30 January 2003 at 9.30 a.m. for
the purpose of considering and, if thought fit, passing the
following Special Resolutions 1 to 3 inclusive and Ordinary
Resolutions 1 to 5 inclusive:

SPECIAL RESOLUTION 1 - PROPOSED CAPITAL RECONSTRUCTION FOR AMB

THAT subject to the confirmation by the High Court of Malaya
(the Court), approval be and is hereby given for the capital of
the Company to be altered in the following manner (Proposed
Capital Reconstruction for AMB):

   (a) the nominal value of each of the issued and unissued
ordinary shares in the capital of the Company be reduced from
RM1.00 to RM0.30 so that the authorized share capital is reduced
from RM500,000,000 divided into 500,000,000 ordinary shares of
RM1.00 each to RM150,000,000 divided into 500,000,000 ordinary
shares of RM0.30 each and the issued and fully paid-up share
capital is reduced from RM147,451,096 divided into 147,451,096
ordinary shares of RM1.00 each to RM44,235,328.80 divided into
147,451,096 ordinary shares of RM0.30 each;

   (b) the credit of RM103,215,767.20 arising from the said
capital reduction will be utilized to reduce the accumulated
losses of the Company;

   (c) four new ordinary shares of RM0.30 each be allotted and
issued to Wang Wing Ying (or such other person as the Directors
of the Company may nominate) at par for cash, so that the issued
and fully paid-up share capital of the Company be increased from
RM44,235,328.80 to RM44,235,330.00 divided into 147,451,100
ordinary shares of RM0.30 each;

   (d) the 147,451,100 issued and fully paid-up ordinary shares
of RM0.30 each in the capital of the Company be consolidated in
such manner that every ten of the said shares shall constitute
three issued and fully paid-up ordinary shares of RM1.00 each
upon which the sum of RM1.00 shall be credited as having been
fully paid-up (Consolidated Shares) thereby consolidating
147,451,100 ordinary shares of RM0.30 each into 44,235,330
ordinary shares of RM1.00 each, and the Consolidated Shares
which represent fractions of shares in the Company shall be
disregarded and dealt with in such manner as the Directors in
their absolute discretion think fit and expedient; and

   (e) the 352,548,900 unissued ordinary shares of RM0.30 each
in the capital of the Company be consolidated in such manner
that every ten of the said shares shall constitute three
unissued ordinary shares of RM1.00 each thereby consolidating
352,548,900 unissued ordinary shares of RM0.30 each into
105,764,670 unissued ordinary shares of RM1.00 each;

AND THAT the Directors be and are hereby authorized to do all
such acts and things and execute all necessary documents to give
full effect to the Proposed Capital Reconstruction for AMB with
full power to assent to or make any modifications, variation
and/or amendments as may be required by the relevant authorities
and to take all steps and actions as may be required by the
relevant authorities and as the Directors may deem necessary and
expedient to finalize, implement and give full effect to the
Proposed Capital Reconstruction for AMB.

ORDINARY RESOLUTION 1 - PROPOSED CORPORATE TRANSACTIONS

THAT contingent upon the passing of Special Resolution 1 and
Ordinary Resolutions 2 to 5 inclusive and subject to the
approvals from the regulatory authorities, approval be and is
hereby given for the Company and its subsidiary companies to
undertake the following proposed corporate transactions pursuant
to the Proposed AMB Scheme (as defined in the circular to
shareholders dated 9 January 2003 (Circular)) (collectively the
"Proposed Corporate Transactions"):

   (a) pursuant to the Conditional Share Sale Agreement dated 5
July 2000 and five Supplemental Share Sale Agreements dated 19
October 2000, 8 October 2001, 26 March 2002, 3 September 2002
and 7 January 2003 respectively, the Company to acquire 100%
equity interest in Silverstone Berhad (Silverstone) comprising
203,877,500 ordinary shares of RM1.00 each (Silverstone Shares)
from Amsteel Corporation Berhad (ACB) and Umatrac Enterprises
Sdn Bhd (106,567,006 Silverstone Shares); Posim Berhad (140,000
Silverstone Shares); Lion Corporation Berhad and Limpahjaya Sdn
Bhd (12,946,752 Silverstone Shares); Datuk Cheng Yong Kim (DAC)
and persons connected to Tan Sri William H.J. Cheng and DAC
(31,727,292 Silverstone Shares) (collectively referred to as the
Relevant Silverstone Shareholders) and from the minority
shareholders of Silverstone (Minority Silverstone Shareholders)
(52,496,450 Silverstone Shares), for a total purchase
consideration of RM255.68 million to be satisfied in the
following manner (Proposed Acquisition of Silverstone):

     (i) the issuance of 174.31 million new ordinary shares of
RM1.00 each in the Company (AMB Shares) at RM1.05 per AMB Share
which shall rank pari passu in all respects with the then
existing ordinary shares in the Company save for any dividends,
rights, allotments or other distributions, the entitlement date
for which is before the date of allotment of the new AMB Shares
to the Relevant Silverstone Shareholders and RM6.82 million to
be satisfied in the manner set out in proposal (d) in Ordinary
Resolution 3; and

     (ii) the issuance of 65.83 million new AMB Shares at RM1.00
per AMB Share to the Minority Silverstone Shareholders;

   (b) pursuant to the Conditional Share Sale Agreement dated 5
July 2000 and three Supplemental Share Sale Agreements dated 19
October 2000, 8 October 2001 and 26 March 2002 respectively, the
Company to divest the entire 20% equity interest in Avenel Sdn
Bhd comprising 20,000,000 ordinary shares of RM1.00 each to ACB
for a consideration of RM80.63 million payable by the Company to
ACB to be satisfied in the manner set out in proposal (a)(i) in
Ordinary Resolution 3 (Proposed Divestment of Avenel); and

   (c) the Company and its subsidiary and associated companies
(AMB Group) shall take necessary steps to divest the AMB Group's
non-core and peripheral assets and businesses as contemplated
under the Proposed AMB Scheme provided that as and when the
buyers for such assets and businesses have entered into the
necessary agreements with the AMB Group, the Company shall prior
to completion of such divestment comply with all the then
prevailing laws including the Listing Requirements of the Kuala
Lumpur Stock Exchange, such as making the necessary
announcements and obtaining the approval of shareholders of the
Company and provided further that the net sale proceeds arising
from such divestments shall be applied in the manner as
contemplated under the Proposed Debt Restructuring Exercise (as
defined in the Circular);

AND THAT the Directors be and are hereby authorized to do all
such acts and things and execute all necessary documents to give
full effect to the Proposed Corporate Transactions with full
power to assent to or make any modifications, variation and/or
amendments as may be required by the relevant authorities and/or
as may be notified by the Company to the relevant authorities
and agreed to by the relevant authorities and to take all steps
and actions as may be required by the relevant authorities and
as the Directors may deem necessary and expedient to finalize,
implement and give full effect to the Proposed Corporate
Transactions.

ORDINARY RESOLUTION 2 - PROPOSED SCHEME OF ARRANGEMENT BY AMB
WITH ITS SCHEME CREDITORS

THAT contingent upon the passing of Special Resolution 1 and
Ordinary Resolutions 1 and 3 to 5 inclusive and subject to the
sanction of the Court pursuant to Section 176 of the Companies
Act 1965, the proposed scheme of arrangement between the Company
with its scheme creditors (Proposed Scheme of Arrangement)
comprising the Proposed AMB Scheme, for which approvals of
shareholders are being sought under Special Resolution 1 and
Ordinary Resolutions 1 and 3, be and is hereby approved;

AND THAT the Directors be and are hereby authorized to do all
such acts and things and to execute all necessary documents to
give full effect to the Proposed Scheme of Arrangement with full
power to assent to or make any modifications, variation and/or
amendments as may be required by the relevant authorities and to
take all steps and actions as may be required by the relevant
authorities and/or the Court and as the Directors may deem
necessary and expedient to finalize, implement and give full
effect to the Proposed Scheme of Arrangement.

ORDINARY RESOLUTION 3 - PROPOSED DEBT RESTRUCTURING EXERCISE

THAT contingent upon the passing of Special Resolution 1 and
Ordinary Resolutions 1, 2, 4 and 5, approval be and is hereby
given for the AMB Group to undertake the following debt
restructuring exercise pursuant to the Proposed AMB Scheme
(Proposed Debt Restructuring Exercise):

   (a) the proposed settlement of RM222.00 million of aggregate
net inter-company indebtedness owing by ACB and its subsidiary
and associated companies (ACB Group) to the AMB Group and
Silverstone by way of:

     (i) the Company setting-off the consideration payable by
the Company to ACB of RM97.38 million (after taking into account
the Cash Yield Adjustment as explained in Appendix XIII of the
Circular) for the Proposed Divestment of Avenel;
(ii) ACB paying to the Company, upfront cash payment of RM1.25
million;

     (iii) ACB issuing to the Company, 28.92 million new
ordinary shares of RM1.00 each in ACB ("ACB Shares") at RM1.00
per ACB Share; and

     (iv) ACB issuing to the Company, RM94.45 million in net
present value (RM131.03 million in nominal amount) of Ringgit
Malaysia denominated bonds together with up to 5.09 million
detachable new ACB Shares as equity-kicker shares credited as
fully paid-up;

   (b) the proposed settlement of RM3.00 million of net inter-
company indebtedness owing by Chocolate Products (Malaysia)
Berhad (CPB) to the AMB Group (as set out in Appendix X of the
Circular) by way of CPB paying to the Company RM3.00 million
cash;

   (c) the proposed settlement of RM134.00 million of net inter-
company indebtedness owing by the AMB Group to Lion Land Berhad
(LLB) and its subsidiary and associated companies (LLB Group) by
way of:

     (i) the Company paying to the LLB Group, upfront cash
payment of RM5.79 million;

     (ii) the Company issuing to the LLB Group, 6.70 million new
AMB Shares at RM1.00 per AMB Share and 6.70 million redeemable
cumulative convertible preference shares of RM0.01 each (the
terms and conditions of which are as set out in Appendix XI of
the Circular) ("RCCPS") at an issue price of RM1.00 per RCCPS;
and

     (iii) the Company issuing to the LLB Group, RM114.81
million in net present value (RM147.12 million in nominal
amount) of Ringgit Malaysia denominated bonds (AMB Bonds)
together with up to 4.65 million detachable new AMB Shares as
equity-kicker shares credited as fully paid-up;

   (d) the proposed settlement of RM8.00 million of net inter-
company indebtedness owing by LCB and its subsidiary and
associated companies (LCB Group) to the AMB Group (as set out in
Appendix X of the Circular) by netting-off part of the purchase
consideration payable by the Company to the LCB Group for the
Proposed Acquisition of Silverstone (after taking into account
the Cash Yield Adjustment as explained in Appendix XIII of the
Circular);

   (e) the proposed settlement of RM26.62 million of
indebtedness owing by the AMB Group to the AMB Group's financial
institution lenders (AMB Group FI Lenders by way of the Company
paying upfront cash of RM1.15 million and issuing 1.33 million
new AMB Shares at RM1.00 per AMB Share, 1.33 million RCCPS at an
issue price of RM1.00 per RCCPS and RM22.81 million in net
present value (RM29.23 million in nominal amount) of AMB Bonds
together with up to 0.93 million detachable new AMB Shares as
equity-kicker shares credited as fully paid-up, to the AMB Group
FI Lenders;

   (f) the proposed settlement of USD144.41 million (or
equivalent to approximately RM548.75 million) of indebtedness
owing by the AMB Group to the AMB Group FI Lenders (as set out
in Section 6.2 of the Circular) by way of the Company paying
upfront cash of USD5.70 million (or equivalent to approximately
RM21.656 million) and issuing 24.206 million new AMB Shares at
RM1.00 per AMB Share and 24.206 million RCCPS at an issue price
of RM1.00 per RCCPS and AMB Harta (L) Limited issuing USD125.97
million (or equivalent to approximately RM478.68 million) in net
present value (USD153.19 million or equivalent to approximately
RM582.12 million in nominal amount) of USD denominated
consolidated and rescheduled debts together with up to 16.35
million detachable new AMB Shares as equity-kicker shares
credited as fully paid-up, to the AMB Group FI Lenders; and

   (g) the proposed issuance of RM234.04 million in net present
value (RM251.66 million in nominal amount) of Ringgit Malaysia
denominated subordinated bond by Silverstone to the Company;

AND THAT the Directors be and are hereby authorized to do all
such acts and things and to execute all necessary documents to
give full effect to the Proposed Debt Restructuring Exercise
with full power to assent to or make any modifications,
variation and/or amendments as may be required by the relevant
authorities and to take all steps and actions as may be required
by the relevant authorities and as the Directors may deem
necessary and expedient to finalize, implement and give full
effect to the Proposed Debt Restructuring Exercise.

ORDINARY RESOLUTION 4 - AUTHORITY TO ISSUE ORDINARY SHARES
PURSUANT TO THE RCCPS CONVERSION

THAT contingent upon the passing of Special Resolution 1,
Ordinary Resolutions 1 to 3 inclusive and Ordinary Resolution 5
and subject to the approval-in-principle of the Kuala Lumpur
Stock Exchange for the listing of and quotation for the new AMB
Shares and pursuant to and in accordance with Section 132D of
the Companies Act, 1965, authority be and is hereby given to the
Directors of the Company to allot and issue 29.31 million new
AMB Shares arising from the conversion of the RCCPS, which shall
rank pari passu in all respects with the then existing AMB
Shares save for any dividends, rights, allotments or other
distributions the entitlement date for which is before the
conversion date of the RCCPS (Proposed Issuance of Shares);

AND THAT the Directors be and are hereby authorized to do all
such acts and things and to execute all necessary documents to
give full effect to the Proposed Issuance of Shares with full
power to assent to or make any modifications, variation and/or
amendments as may be required by the relevant authorities and to
take all steps and actions as may be required by the relevant
authorities and as the Directors may deem necessary and
expedient to finalize, implement and give full effect to the
Proposed Issuance of Shares;

PROVIDED THAT this authority shall be without prejudice to any
other authority under the said Section 132D previously granted
before the date on which this resolution is passed.

ORDINARY RESOLUTION 5 - PROPOSED INCREASE IN AUTHORISED SHARE
CAPITAL

THAT contingent upon the passing of Special Resolution 1 and
Ordinary Resolutions 1 to 4 inclusive, the authorized share
capital of the Company be increased from RM150,000,000 divided
into 150,000,000 ordinary shares of RM1.00 each to RM500,000,000
divided into 499,650,000 ordinary shares of RM1.00 each and
35,000,000 RCCPS of RM0.01 each by the creation of 349,650,000
new ordinary shares of RM1.00 each and 35,000,000 RCCPS of
RM0.01 each (Proposed Increase in Authorized Share Capital);

AND THAT the Directors be and are hereby authorized to do all
such acts and things and to execute all necessary documents to
give full effect to the Proposed Increase in Authorized Share
Capital with full power to assent to or make any modifications,
variation and/or amendments as may be required by the relevant
authorities and to take all steps and actions as may be required
by the relevant authorities and as the Directors may deem
necessary and expedient to finalize, implement and give full
effect to the Proposed Increase in Authorized Share Capital.

SPECIAL RESOLUTION 2 - PROPOSED AMENDMENTS TO THE ARTICLES OF
ASSOCIATION OF THE COMPANY

THAT contingent upon the passing of Ordinary Resolution 4,
approval be and is hereby given for the Articles of Association
of the Company to be altered by inserting new Articles 10 (c)(4)
to 10 (c)(9) inclusive immediately after Article 10 (c)(3), in
the manner as set out in Appendix XIX of the Circular.

SPECIAL RESOLUTION 3 - PROPOSED CHANGE OF NAME

THAT contingent upon the passing of Ordinary Resolution 1, the
name of the Company be changed from "Angkasa Marketing Berhad"
to "Silverstone Corporation Berhad" with effect from the date of
the Certificate of Incorporation on Change of Name to be issued
by the Companies Commission of Malaysia (Proposed Change of
Name);

AND THAT the Directors be and are hereby authorized to carry out
all necessary formalities in effecting the Proposed Change of
Name.


AYER HITAM: PAHT Appoints Tong Kim as Technical Advisor
-------------------------------------------------------
The Board of Directors of Ayer Hitam Tin Dredging Malaysia
Berhad announced that Mr. Choo Tong Kin @ Chew Tong Kim (NRIC
No.: 440206-01-5179) has been appointed as Technical Advisor to
the Company's wholly owned subsidiary, Pembinaan AHT Sdn Bhd
(170478-U) (PAHT) with immediate effect.

PAHT is the company responsible for the development of the
Group's existing Taman Juara Jaya project, located on 52 acres
of freehold land at Lot No. 1092 and 1536, Mukim of Cheras,
Daerah of Hulu Langat, Selangor that has been approved as a
mixed development comprising more than 1,800 residential and
commercial units.

Mr. Chew Tong Kim who is also a Director of the Company,
graduated with a Diploma in Building Design from the Kuala
Lumpur Technical College and has over 30 years of experience in
the building and property industry.

COMPANY PROFILE:

AHT is an investment holding company with interests principally
in property development. Most of AHT's projects revolve around
mixed developments in Balakong, Cheras, Selangor.

AHT was incorporated to assume the Malaysian mining operations
of Ayer Hitam Tin Dredging Ltd (AHL), a company incorporated in
the UK in 1926. The collapse of the world tin market in the mid-
1980s resulted in a change of core business to property
development and cessation of all mining activities in 1990.

The Group's property-related concern, Motif Harta Sdn Bhd, is in
the midst of undertaking a proposed loan restructuring scheme of
its syndicated term loan facility from a number of financial
institutions. In November 2001, the bank lenders agreed to the
terms and conditions of the restructuring scheme. The scheme is
pending completion of legal documentation.

CONTACT INFORMATION: Suites 4-6 Level 24
                     Menara Olympia
                     8 Jalan Raja Chulan
                     50200 Kuala Lumpur
                     Tel : 03-2031 9633;
                     Fax : 03-2031 6920


CSM CORPORATION: Proposed SVD Acquisitions SPA Signing Extended
---------------------------------------------------------------
Further to the announcement dated 31 December 2002, Malaysian
International Merchant Bankers Berhad wishes to announce on
behalf of the Board of Directors of CSM Corporation Berhad that
CSM and Fairdex Consolidated Sdn Bhd, the 95% shareholder of
Speedy Video Distributors Sdn Bhd (SVD) have mutually agreed to
extend the signing of the relevant conditional sale and purchase
agreement for the Proposed SVD Acquisition by 5 days.

The Troubled Company Reporter - Asia Pacific on December 23,
2002 provided an update on the status of default in interest
payments and principal loan repayments of the CSM Group bank
borrowings as at 30 November 2002 at
http://www.bankrupt.com/misc/TCRAP_CSM1223.pdf.


DATAPREP HOLDINGS: Proposed Acquisition of DPM Completed
--------------------------------------------------------
Further to the announcement dated 12 December 2002, the Board of
Directors of Dataprep Holdings Bhd announces that following
receipt of the approval of the Foreign Investment Committee,
Dataprep has completed the Proposed acquisition of the entire
issued and paid-up capital of Dataprep (Malaysia) Sdn Bhd
("DPM") for a consideration of RM10 million .

COMPANY PROFILE

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

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

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

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

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

The conditions precedent for the debt restructuring as set out
in the DSA have been complied with or fulfilled and the DSA
became unconditional on 28 June 2002.

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


KELANAMAS INDUS.: SBM Winding Up Petition Hearing Set
-----------------------------------------------------
The Board of Directors of Kelanamas Industries Berhad wishes to
announce that Kian Joo Packaging Sdn Bhd ("Kian Joo")
advertised a winding-up petition against KIB wholly owned
subsidiary, SBM Food Industries Sdn Bhd (Company No. 251259-M)
in The Malay Mail, 2 January 2003. However, the Company was not
aware and/or hadn't received any notice of the winding-up
petition from Kian Joo.

The advertisement was only brought to the Company's attention on
January 9, 2003 and it has indirectly caused inconveniences to
the financial and operations of SBM Food Industries Sdn Bhd. At
this juncture, the Board is unable to quantify the financial and
operational impact or expected loss of the winding-up
proceedings, except as to continue, implement and complete our
restructuring scheme, which was approved by the relevant
authorities on 31 December 2002. The Board of Directors of KIB
is currently seeking legal redress on the above matter.

The hearing of the Winding-Up Petition is fixed on 26 February
2003 at the Kuala Lumpur High Court. The Advocates and
Solicitors acting on behalf of Kian Joo is Messrs Koh &
Associates.


LAND & GENERAL: De-Registers Dormant Subsidiary
-----------------------------------------------
Land & General Berhad informed that Landgen Holdings (PNG)
Limited ("Landgen"), a wholly-owned subsidiary of L&G, has been
de-registered in accordance with Section 366 (1)(d) of the
Companies Act 1997, Independent State of Papua New Guinea.
Hence, Landgen has ceased to be a subsidiary of L&G.

Landgen has been dormant with a paid-up share capital of Kina2
only and L&G has no future plan to activate Landgen.


LION CORP.: Appoints Mohd Hussain as New Audit Committee Member
---------------------------------------------------------------
Lion Corporation Berhad posted this notice:

Date of change : 10/01/2003
Type of change : Appointment
Designation    : Member of Audit Committee
Directorate    : Independent & Non Executive
Name : Datuk Emam Mohd Haniff bin Emam Mohd Hussain
Age  : 61
Nationality    : Malaysian
Qualifications : BA (Hons) University Malaya, Kuala Lumpur
Working experience and occupation  :

Appointed to the Ministry of Foreign Affairs in 1966. Has served
in various capacities in a number of Malaysian Diplomatic
missions overseas. He was Ambassador to Pakistan (1983-1986),
Ambassador to the Philippines (1987-1991) and High Commissioner
to Singapore (1992-1997). He retired from government service
upon reaching the age of 55 in 1997.

Directorship of public companies (if any) : Edaran Digital
Systems Berhad
Family relationship with any director and/or major shareholder
of the listed issuer : Nil
Details of any interest in the securities of the listed issuer
or its subsidiaries : Nil

Composition of Audit Committee (Name and Directorate of members
after change) :

   1) Y M Raja Zainal Abidin bin Raja Haji Tachik (Chairman,
Independent Non-Executive Director)

   2) Y Bhg Dato' Haji Yahya bin Haji Talib
(Member, Non-Independent Non-Executive Director)

   3) Mr Folk Fong Shing @ Kok Fong Hing
(Member, Independent Non-Executive Director)

COMPANY PROFILE

The Company was originally established in Singapore in 1939
under the name of Lion Teck Chiang Chiang Foundry Company to
carry on the business of an iron foundry. As the Company
expanded its activities to cover the manufacture of rubber
compound for tire retreading, furniture products as well as
steel slotted angles, panels and shelves, the operation was
expanded overseas. In 1972, Lion (Teck Chiang) Sdn
Bhd was incorporated in Malaysia to restructure all these
operations. Since then, the Company has ventured into other
areas including agriculture, horticulture, motor vehicle
assembly, security equipment production and office furniture
manufacturing. In 1986, it acquired the business licensed to
produce hot rolled coils, which is one of the key raw materials
used in higher value added manufacturing, engineering,
industrial and construction-related applications. The RM2.5b
plant is currently the only producer of such products in the
country with annual rated capacity of 2m m/t.

The Company is presently undertaking a Group-wide restructuring
scheme aimed at consolidating, stabilizing and rationalizing the
cash flow and funding of the Group and optimizing utilization of
the Group's businesses. The Company and its subsidiary, Lion
Construction & Engineering Sdn Bhd, have obtained a Court Order
to convene scheme meetings with their respective financial
institution scheme creditors on or before 1 January 2002.

The Company has been granted an extension of time to 11 August
2002 to obtain all necessary approvals from the regulatory
authorities for the proposed GWRS.

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


LION GROUP: SC Grants Proposed GWRS Completion Extension
--------------------------------------------------------
The Board of Directors of Lion Corporation Berhad (LCB), Lion
Land Berhad (LLB), Amsteel Corporation Berhad (ACB) and Angkasa
Marketing Berhad (AMB ) (collectively referred to as the "Lion
Group") announced that following an application by the Lion
Group, the Securities Commission has extended the deadline for
the Lion Group to complete the proposed corporate and debt
restructuring exercises (Proposed GWRS) to 9 April 2003.

With reference to the settlement of the purchase consideration
for 30% equity interest in Akurjaya Sdn Bhd of RM385.51 million
payable to Horizon Towers Sdn Bhd and the purchase consideration
for 13.5% equity interest in Hiap Joo Chong Realty Sdn Bhd of
RM1.825 million payable to Teck Bee Mining (M) Sdn Bhd, both
said considerations shall be fully satisfied by an issue of new
ordinary shares of RM1.00 each in ACB at an issue price of
RM1.00 per share, as opposed to RM1.05 per share announced on 8
January 2003.


MBF HOLDINGS: Liquidator Appointed to Singaporean Units
-------------------------------------------------------
MBf Holdings Berhad (MBfH) informed that the following
subsidiary companies in Singapore have been placed under
voluntary winding-up and Mr Tow Juan Dean was appointed the
Liquidator of these companies:

   1. MBf-Insight Travel Services Pte Ltd (MBfITS) - Creditors'
Voluntary Winding-Up

   2. Carpenters Shipping (S) Pte Ltd (CSS) - Members' Voluntary
Winding-Up

Information on subsidiary companies

MBfITS was incorporated on 3 July 1972 and the principal
activity was those of travel agents. MBfITS ceased its
operations in 1992. The authorized and paid-up capital is
S$2,200,000.00 and S$14,193 respectively.

CSS was incorporated on 8 January 1985 under the name Insight-
Conventions & Tours Pte Ltd and the intended principal activity
was those of organizing conventions and tours. The present name
was changed in 1995 and CSS did not commence operations in its
provision of shipping services. The authorized and paid-up
capital is S$100,000.00

Rationale for the Winding-Up

The winding-up exercise of these companies is part of the
rationalization and streamlining exercise of the MBfH Group.

Financial Effect of the Winding-Up

The winding-up of MBfITS and CSS will not have any material
effect to the Group.

Interests of Directors, Substantial Shareholders and Persons
connected to the Directors and Substantial Shareholders

None of the directors, substantial shareholders and persons
connected to the directors and substantial shareholders of MBfH
has any interest, direct or indirect in the said exercise.


MYCOM BERHAD: Defaulted Payment Status Remains Unchanged
--------------------------------------------------------
The Board of Mycom Berhad wishes to announce that in respect of
the default in payment by both its wholly owned subsidiaries,
Tingkayu Plantations Sdn Bhd and Pertama Land & Development Sdn
Bhd to the Lenders, there has been no major development since
the last monthly status announcement on 9 December 2002. The
solicitors are still in negotiations for an amicable settlement.


PENAS CORPORATION: Restraining Order Extended for Three Months
--------------------------------------------------------------
Further to the announcement made on 18 October 2002, AmMerchant
Bank Berhad (formerly known as Arab-Malaysian Merchant Bank
Berhad), on behalf of Penas Corporation Berhad, announced that
the High Court of Malaya had on 7 January 2003 granted Pencorp
and its subsidiaries, namely Penas Management Sdn Bhd, Penas
Engineering Sdn Bhd and Penas Construction Sdn Bhd and its
associated company, namely Innovisco Sdn Bhd to extend the
restraining order for ninety (90) days from 15 January 2003.


RAHMAN HYDRAULIC: Writ of Summons Hearing Adjourned to June 12
--------------------------------------------------------------
Rahman Hydraulic Tin Berhad (Special Administrators Appointed)
announced that the High Court of Malaya at Kuala Lumpur, Suit
No. D4-22-988-2001 Leong Yew Chin v the Company & 12 Ors has
adjourned the hearing of the Plaintiff's Appeal to the Judge in
Chambers and the Case Management to 12 June 2003 to enable
counsel for the Defendants to file their reply to the
Plaintiff's submission dated 2 January 2003.


TANCO HOLDINGS: Proposed Acquisition Aborted
--------------------------------------------
Reference is made to announcement on 18 October 2000 and 31
October 2000 respectively pertaining to the Proposed Acquisition
of the entire issued and paid-up share capital in Gem Beach
Resort Sdn Bhd for a total cash consideration of RM4,981,309.

The Board of Directors of Tanco Holdings Berhad announced that
Tanco Resorts Berhad (TRB), a wholly-owned subsidiary of the
Company had on 9 January 2003 mutually agreed with Dato' Chee
Peck Kiat @ Chee Peck Jan and Datin Yeoh Gake Poh (the Vendor)
to abort the Proposed Acquisition. The termination of the
Proposed Acquisition is due to effluxion of time in the
fulfillment of the conditions precedent for the Proposed
Acquisition.

The effective date of this termination is 31 December 2002
(Termination Date) as mutually agreed between TRB and the Vendor
in a letter dated 9 January 2003.


WOO HING: Proposed Sale of Watch Business, Properties Approved
--------------------------------------------------------------
Woo Hing Brothers (Malaya) Berhad (Special Administrators
Appointed) refers to the announcements dated 6 September 2002,
29 November 2002 and 8 January 2003, in relation to the Workout
Proposal in Accordance with Section 44 of the Pengurusan
Danaharta Nasional Berhad Act 1998, as Amended by Pengurusan
Danaharta Nasional Berhad (Amendment) Act 2000 (Danaharta Act),
which encompasses:

   (a) Kamdar Proposals, which Comprise the Following:

     (i) Proposed Acquisition of Revenue-Based Companies;

     (ii) Proposed Acquisition of Asset-Based Companies;

     (iii) Proposed Share Swap;

     (iv) Proposed Restricted Renounceable Offer for Sale (ROS)
Package A;

     (v) Proposed ROS Package B;

     (vi) Proposed Cash and Securities Transfers;

     (vii) Proposed Placement by the Vendors;

     (viii) Proposed Put Option Granted by the Vendors to the
Creditors of WHB;

     (ix) Proposed Transfer of the Listing Status of WHB on the
Second Board of the Kuala Lumpur Stock Exchange to Positive
Noble Sdn Bhd (PNSB);

     (x) Proposed Transfer of the Listing Status of PNSB from
the Second Board of the KLSE to the Main Board of the KLSE;

     (xi) Proposed Disposal of WHB;

   (b) Proposed Sale of Watch Business and Properties;

   (c) Proposed Debt Settlement; and

   (d) Proposed Liquidation of WHB and its Subsidiaries.

Further to the abovementioned announcements, Commerce
International Merchant Bankers Berhad (CIMB), on behalf of WHB,
is pleased to announce that the Securities Commission (SC) has,
via its letter dated 7 January 2003 approved the Kamdar
Proposals, the Proposed Sale of Watch Business and Properties
and the transfer of properties to the secured creditor, Malayan
Banking Berhad, under the Proposed Debt Settlement.

A. Kamdar Proposals

The approval of the SC for the Kamdar Proposals is conditional
upon:

   (i) PNSB must be converted into a public company prior to
implementing the Kamdar Proposals;

   (ii) Kamdar Group (namely the "revenue-based" and "asset-
based" companies, collectively) must submit to the SC the
following items related to its landed properties before WHB/PNSB
issues the information circular to shareholders and prospectus:

     a. A written confirmation by Kamdar Sdn Bhd that no
renovations or structural changes, that require the approval of
the relevant authorities, have been made on the landed
properties bearing the following addresses:

      ú No. 19, Jalan SS2/64, Petaling Jaya, Selangor; and

      ú No. 61, Jalan SS2/64, Petaling Jaya, Selangor;

     b. A written confirmation by Pusat Membeli-Belah Kamdar Sdn
Bhd ("PMBK") that no renovations or structural changes, that
require the approval of the relevant authorities, have been made
on the landed properties bearing the address of Nos. 15 & 16,
Kompleks Seri Temin, Jalan Ibrahim, Sungai Petani, Kedah, since
the date the certificate of fitness was issued (on 7 August
1986);

     c. A written confirmation by PMBK that no renovations or
structural changes, that require the approval of the relevant
authorities, have been made on the landed properties bearing the
address of Nos. 64, 66 & 68, Jalan Langgar, Alor Setar, Kedah;

     d. A written confirmation by Kamdar Holdings Sdn Bhd that
no renovations or structural changes, that require the approvals
of the relevant authorities, have been made on the landed
properties bearing the address of Nos. 83 & 85, Jalan Tuanku
Abdul Rahman, Kuala Lumpur, since the date the certificate of
fitness was issued (on 7 September 1982);

     e. A written confirmation by Mint Saga Sdn Bhd that no
renovations or structural changes, that require the approvals of
the relevant authorities, have been made on the landed
properties bearing the address of No. 1, Jalan 241, Seksyen 51A,
Petaling Jaya, Selangor, since the date of acquisition of the
said landed properties from Danaharta Hartanah Sdn Bhd (on 30
January 2001);

   (iii) WHB/PNSB must fully disclose in:

     a. the information circular to shareholders:

       ú the valuation of the "revenue-based" companies and a
comparison between the said valuation and the valuation of other
companies that operate in the same industry as the "revenue-
based" companies;

       ú the valuation of the "asset-based" companies; and

       ú the valuation of the PNSB Bonds together with PNSB
Warrants; and;

     b. the information circular to shareholders and prospectus:

       ú the interest/involvement of the Kamdar family in any
other businesses that may give rise to a conflict of interest
situation with the business of the PNSB/Kamdar Group, if any, as
well as the steps that have/will be undertaken to address the
said conflict of interest;

       ú the risk factor that three (3) generations of the
Kamdar family, with a total of approximately 70.46% equity
interest in PNSB after the implementation of the Kamdar
Proposals, shall emerge as the major shareholder in PNSB. As
such, they are able to control the outcome of certain matters
which require their votes; and

       ú the risk management plans and practices to address the
risks connected to the business operations of the PNSB/Kamdar
Group, including the risks associated with the termination of
the rental agreements for certain retail premises occupied by
Kamdar Group, fire, energy crisis as well as other emergency
risks;

   (iv) in relation to the business inventory of the PNSB/Kamdar
Group:

     a. WHB/PNSB must disclose in full the following matters in
the information circular to shareholders and prospectus:

       ú the latest total/position of the PNSB/Kamdar Group's
inventory;

       ú policies/methods used by the PNSB/Kamdar Group in
monitoring its business inventory and avoiding inventory
obsolescence from occurring; and

       ú comments from the directors of the PNSB/Kamdar Group on
the saleability of the said business inventory and whether
provision for inventory obsolescence are adequate; and

     b. the directors of the PNSB/Kamdar Group must submit to
the SC a written declaration that the business inventory are
fairly stated based on cost and net realizable value, whichever
is lower, and whether full provisions have been made for the
financial accounts as well as the financial forecast/projections
of the PNSB/Kamdar Group in relation to inventory obsolescence,
prior to WHB/PNB implementing the Kamdar Proposals;

   (v) the SC's approval must be obtained for any amendments to
the terms and conditions of the issuance of the PNSB
Irredeemable Convertible Unsecured Loan Stocks ("ICULS") and
PNSB Bonds together with PNSB Warrants;

   (vi) Prior to the issuance of the PNSB ICULS and PNSB Bonds
together with PNSB Warrants, CIMB is required to submit the
following items:

     a. FMF/JPB forms to the SC and Bank Negara Malaysia;

     b. The trust deed which has been duly executed to the SC;

     c. The final rating for the PNSB Bonds and the basis of the
rating to the SC;

     d. The extract of the resolution by the new board of
directors of PNSB, after it has been formed, that ratifies the
declaration letters that had been submitted to the SC in respect
of the issuance of the PNSB ICULS and PNSB Bonds together with
PNSB Warrants;

   (vii) The Proposed Placement must fully comply with the
requirements of paragraph 10.06 of the SC's Policies and
Guidelines for Issuance/Offer of Securities ("SC Guidelines").
In this regard, CIMB or the independent placement agent to be
appointed by WHB/PNSB must submit to the SC the final placement
price, the final list of investors that will receive the
Placement Shares and a written confirmation that the said
placement fully complies with the requirements of paragraph
10.06 of the SC Guidelines, after the Proposed Placement has
been implemented;

   (viii) The members of the Kamdar family which are involved on
a full-time basis in the operations/management of the
PNSB/Kamdar Group are prohibited from being involved on a full-
time basis in the operations/management of their other private
businesses;

   (ix) The Kamdar family are prohibited in the future from
running any business that will, directly or indirectly, be
competing against and cause a conflict of interest with the
PNSB/Kamdar Group;

   (x) Any future business transactions between the PNSB/Kamdar
Group and the future directors, substantial shareholders of PNSB
or companies that are related/significant to the future
directors and substantial shareholders of PNSB must be made on
an "arms-length" basis and not based on terms that are
disadvantageous to the PNSB/Kamdar Group. In this regard, the
PNSB Audit Committee must monitor and the directors of PNSB must
report such business transactions, if any, in PNSB's Annual
Report;

   (xi) A moratorium condition is imposed on the disposal of
PNSB Shares and PNSB ICULS held by the vendors of the "revenue-
based" and "asset-based" companies whereby the said vendors are
prohibited from selling, transferring or assigning 50% of the
PNSB Shares and PNSB ICULS that will be received as
consideration for the proposed acquisition of the "revenue-
based" companies, for at least one (1) year from the date of
listing, as stipulated under paragraph 18.09(5) of the SC's
Guidelines. After that, the vendors of the "revenue-based" and
"asset-based" companies are only allowed to sell, transfer or
assign no more than one third (1/3rd) of the PNSB Shares and
PNSB ICULS imposed by the moratorium condition in each of the
following year.

In this regard, the application made by CIMB, on behalf of
WHB/PNSB, to obtain a waiver from fully complying with the
requirements of paragraph 18.09(5) of the SC Guidelines, whereby
CIMB had requested for the said moratorium conditions be imposed
on 50% of the net PNSB Shares and PNSB ICULS to be received by
the vendors of the "revenue-based" and "asset-based" companies
(that is after taking into account of the Proposed ROS, Proposed
Cash and Securities Transfer and Proposed Placement), has not
been approved.

As such, WHB/PNSB is required to fully comply with paragraph
18.09(5) of SC Guidelines and submit to the SC the names of the
vendors of the "revenue-based" and "asset-based" companies as
well as the number/amount of PNSB Shares and PNSB ICULS held by
them that will be under the said moratorium condition.

Nevertheless, WHB/PNSB may adopt any amendments made on the SC
Guidelines in relation to the moratorium condition on sale when
it is announced later, in line with the implementation of the
third phase disclosure-based regulations.

   (xii) WHB must appoint an independent audit firm (that has
experience in investigative audit and are not the current or
past auditors of the WHB Group) within two (2) months from the
date of the SC's approval letter, to perform investigative audit
on its past losses. WHB must also undertake the necessary/
related steps to recover the losses it incurred. Based on the
investigative audit report, WHB must report to the relevant
authority if there are any breach of any relevant laws,
regulations, guidelines and memorandum and articles of
association ("M&A") by any members of the board of directors of
WHB and/or any parties which caused the said WHB's losses. The
said investigative audit must be completed within six (6) months
form the date of appointment of the independent audit firm, and
an appropriate announcement must be made on the findings of the
said investigative audit. Two (2) copies of the said
investigative audit report must be submitted to the SC after the
said investigative audit has been completed; and

   (xiii) CIMB and WHB/PNSB must fully comply with the relevant
requirements related to the Kamdar Proposals as stipulated by
the SC Guidelines.

B. Proposed Sale of Watch Business and Properties

The approval of the SC for the Proposed Sale of Watch Business
and Properties and the proposed transfer of properties to the
secured creditor, Malayan Banking Berhad, under the Proposed
Debt Settlement is conditional upon CIMB and WHB fully complying
to the requirements of the SC Guidelines which are relevant to
the said proposal.

In addition to the above, the SC has also taken note of the
following matters:

   (i) The vendors of the "revenue-based" and "asset-based"
companies will undertake a swap/exchange and distribution of the
PNSB Shares, PNSB ICULS, PNSB Bonds and PNSB Warrants amongst
themselves after the implementation of the Proposed
Acquisitions; and

   (ii) WHB and its subsidiaries will be liquidated after the
implementation of the Kamdar Proposals and the Proposed Sale of
Watch Business and Properties.

The PNSB/Kamdar Group is also advised by the SC to place more
emphasis in the implementation of a good internal control and
accounting system to monitor and protect its assets and
financial records in the future.

CIMB and WHB/PNSB are required to provide written confirmation
on the compliance of all the terms and conditions imposed by the
SC, as stated above, after the implementation of the above
proposals.

With regards to the issuance of the PNSB ICULS and the PNSB
Bonds together with the PNSB Warrants, CIMB, on behalf of WHB,
is also pleased to announce that the SC has approved WHB's
proposal to:

   (i) Fix the conversion price of the PNSB ICULS at RM1.50 per
PNSB Share, via its letter dated 26 November 2002; and

   (ii) Fix the exercise price of the PNSB Warrants at RM1.20
per PNSB Share, via its letter dated 9 December 2002.


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


MANILA ELECTRIC: ERC Decides Rate Petition in First Quarter
-----------------------------------------------------------
The Energy Regulatory Commission (ERC) expects to decide on
Manila Electric Co. (Meralco)'s rate increase petition within
the first quarter of this year, ERC commissioner Mary Anne
Colayco told AFX-ASIA.  Meralco has a consolidated petition for
rate adjustment pending with the ERC for a 0.30 peso per
kilowatthour rate increase and a 1.12 peso adjustment for
unbundled rates.

"I can't state a date but I think it will be within the first
quarter," Colayco said. "We have not received all the documents
required to issue the final decision."

The Supreme Court ordered Meralco to refund over billings from
1994, which the Company estimates could cost 11.5 billion pesos.


NATIONAL POWER: May Up Coal Plant Use
-------------------------------------
The National Power Corporation (Napocor) is planning to increase
the use of its cola-fired power plants to cushion the impact of
the Clean Air Act (CAA) on consumer's electricity bills, the
Philippine Star said on Monday.

"Our coal plants are already clean-air compliant so we only have
to make additional adjustments in the specifications of our oil-
based fuels which in turn do not account for a significant chunk
in our generation mix," Napocor electricity tariff division
(ETD) head Luisa Esteban said.

Based on the latest simulation, Napocor's fuel cost adjustment
will increase by a mere P0.0086 per kwh in Luzon, P0.0174 per
kwh in Cebu-Negros-Panay, and P0.0126 per kwh in Mindanao. The
impact of the CAA will depend on the customers, electricity
consumption.

According to the Troubled Company Reporter-Asia Pacific, the
National Transmission Corporation (TransCo) might ask the
Power Sector Assets and Liabilities Management (PSALM) to
reevaluate the transmission assets of the National Power
Corporation (Napocor) because of the changes in the exchange
rate for the past few months, citing The National Transmission
Corp. (TransCo) President Alan T. Ortiz.

The Napocor transmission assets were valuated at $2.5 billion by
Credit Suisse First Boston (CSFB).  Proceeds from the sale of
Napocor's assets would be used to financially support and pay
the state-owned power Company's debts.


NATIONAL POWER: Perez Calls on Officers to Support New Chief
------------------------------------------------------------
Former Vice-Chairman and President of EEI Corp. Rogelio M. Murga
last Wednesday formally took over the state firm National Power
Corp. (Napocor) after he was sworn into office by Finance
Secretary Jose Isidro N. Camacho, the Department of Energy (DOE)
announced on Friday.

Murga becomes the 17th Napocor President, replacing Rolando S.
Quilala, who was officer-in-charge President since last year.
President Arroyo announced Murga's appointment as Napocor head
mid-December 2002.

Energy Secretary Vincent S. Perez, Jr. welcomed Murga's
appointment as it this underscores the administration's policy
to institutionalize reforms in the power sector and improve the
efficiency of Napocor's operations.

"Napocor is in a transition period following the passage of the
Electric Power Industry Reform Act. We definitely need someone
who has a wide experience and expertise as a professional
manager. I am confident that given Murga's impressive background
in the private sector and his more than 30 years experience in
the engineering and construction fields will help Napocor rise
above these challenges to become a globally competitive power
company under a deregulated market," he said.

The energy Chief also urged the management and employees of
Napocor to throw in their full support to Murga and rally behind
him in addressing the major challenges facing the company and
the electric industry as a whole.

"I appeal to the men and women of Napocor to give their
unwavering support to Murga. President Arroyo has already spoken
and made her choice. We need the cooperation of every Filipino
to lead the Philippines to a road to prosperity. This is the
same in the energy sector. I call on everyone's support to help
the Government's in reforming the power industry to give a level
playing field to all stakeholders and the most efficient service
to the electric consumers in the cities or in the far flung
areas," he said.

Murga, who is a mechanical engineer, served as EEI'S President
and Chief Operating Officer for 11 years (May 1988- May 1999)
and then became vice-chairman and board member in May 1999 to
July 2001. Prior to his stint in EEI Corp., he was a consultant
for DCCD Engineering Corp.

The press release is located at
http://www.doe.gov.ph/


PHILIPPINE AIRLINES: Denies Takeover of NAIA Terminal 2
-------------------------------------------------------
Philippine Airlines, Inc. (PAL) denied accusations it has taken
over Terminal 2 at the Ninoy Aquino International Airport (NAIA)
without spending a single centavo for its construction, Business
World reports, citing PAL counsel Eduardo R. Ceniza.

"At the hearing of this case on December 10, 2002, Atty.
Francisco I. Chavez, counsel for Philippine International Air
Terminals Co., Inc. (Piatco), in the course of his oral
argument, launched an attack on the person of Lucio Tan," Mr.
Ceniza wrote.

"Among the false and baseless charges he made was that Mr. Tan
and (PAL) has taken over Terminal 2 at the airport without
spending a single centavo for its construction and up to this
very day, he (Mr. Tan) uses it without paying anything," he also
said.

But as the terminal is a government-owned and -built facility,
carriers like PAL are required to pay rental fees for the
concession areas leased to them, but they are not obliged to
spend for the construction, Mr. Ceniza explained.


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


BLU INC: Units Enter Voluntary Liquidation
------------------------------------------
Blu Inc. Group Limited announced that its indirect subsidiaries
incorporated in Malaysia, MPH Online.com (M) Sdn Bhd MPH
Online.com and Hudson Media Group (M) Sdn Bhd (formerly known as
MPH Group (M) Sdn Bhd) Hudson Media (collectively the
Subsidiaries), have been placed into Members' Voluntary
Liquidation.

MPH Online is a dormant Company and Hudson Media is an
investment holding Company.  Tang Kin Kheong and Ms Gan Morn
Ghuat of Messrs. Moores Rowland have been appointed as the
liquidators of MPH Online and Hudson Media.

The Members' Voluntary Liquidation of these Malaysian
Subsidiaries is part of the Group's efforts to rationalize and
streamline the Group's corporate structure and will not have any
material impact on the net tangible assets or earnings per share
of the Blu Inc Group for the financial year ending 31 March
2003.


CHARTERED SEMICON: Issues Statement on Technology Development
-------------------------------------------------------------
In view of the queries that Chartered Semiconductor
Manufacturing Ltd. have received relating their technology
development agreement with IBM Microelectronics (IBM) with the
announcement of an agreement between IBM and Advanced Micro
Devices Inc (AMD) on 8 January 2003 (U.S. time), the Company
announced:

1. The Chartered-IBM joint development agreement is a separate
agreement, unrelated to the IBM-AMD agreement. The scope of our
agreement with IBM does not include silicon-on-insulator (SOI),
which is included in the IBM-AMD agreement as mentioned in the
IBM-AMD press release.

2. For further details on the Chartered-IBM agreement, please
refer to our press release, which was issued on 26 November
2002.

Chartered Semiconductor Manufacturing Co. is re-posted the
attached Schedule 13G filed by Merrill Lynch & Co., Inc with the
United States Securities and Exchange Commission (SEC) on 9
December 2002 on Masnet for the conveniences of investors,
shareholders and other members of the public in Singapore.

For a copy of the 13G Filing, visit
http://bankrupt.com/misc/tcrap_csm1212.pdf


CHEW EU: Issues Scheme of Arrangement Update
--------------------------------------------
The Board of Directors of Chew Eu Hock Holdings announced that
the court sanction granted on 11 December 2002 in respect of the
scheme of arrangement between the Company, Chew Eu Hock
Construction Co. Private Limited CEH Construction and the
unsecured creditors of CEH Construction was lodged with the
Registrar of Companies and Businesses on 16 December 2002, and
the Scheme has accordingly become effective as at 16 December
2002.

(B) Supplemental Letter Agreement to the Option Agreement

The Directors refers to the circular of the Company dated 15
November 2002 relating to, inter alia, the Acquisition (the
Circular) . All terms defined in the Circular shall have the
same meanings where used in this Announcement.

The Directors further refers to the following:

(a) Clause 4.1.2 of the Option Agreement, which states that a
condition to the exercise of the call option and/or the put
option under the Option Agreement is "the approval in-principle
of the SGX-ST being obtained for the purchase of the Company
Shares and for the listing and quotation of the Creditor Shares
and the Consideration Shares upon their issue and allotment,
such approval not being withdrawn prior to the Exercise of the
Call Option or the Put Option, whichever is earlier, and all
conditions set out in such approval, including, but not limited
to, any shareholding spread requirement or moratorium on the
Consideration Shares, being complied with, where applicable; and

(b) Condition (v) of the letter from the Singapore Exchange
Securities Trading Limited SGX-ST dated 15 October 2002 granting
its approval in-principle for the listing and quotation of the
Creditor Shares, the Majority Shareholder Converted Shares and
the Consideration Shares on the SGX Sesdaq and the transfer of
the listing status of the Company from the SGX Main Board to SGX
Sesdaq (the SGX-ST) AIP Letter, which states that the Company
has to comply with "the distribution guidelines under Practice
Note 3a of the old SGX-ST Listing Manual. For this purpose, the
distribution guidelines would be applied to the public float
following the Scheme, MS Loan Conversion and Acquisition, such
that at least 50 percent of such public float held by
Shareholders each holding not more than 1 percent of the public
float portion of the enlarged share capital of the Company (the
Shareholding) Distribution Condition.

In order for the Company to comply with the Shareholding
Distribution Condition set out in the SGX-ST AIP Letter, Hiap
Hoe has, pursuant to a letter of undertaking dated 15 November
2002, undertaken to place out approximately 120,000,000 of the
Consideration Shares to public investors Hiap Hoe Placees at a
price to be determined (the Placement).

The Directors wish to announce that the Company, Hiap Hoe and
the Majority Shareholders have entered into a letter agreement
(the 2ND) Supplemental Letter Agreement, which is supplemental
to the Option Agreement (as supplemented by the supplemental
deed dated 5 June 2002 and the letter agreement dated 16 October
2002. Pursuant to the 2nd Supplemental Letter Agreement, the
parties have agreed and acknowledged that Clause 4.1.2 of the
Option Agreement shall be deemed to be fulfilled when Hiap Hoe
has delivered to the Company documentary evidence Placement
Evidence that it has entered into binding agreements with the
Hiap Hoe Placees to sell not less than an aggregate of
73,121,529 of the Consideration Shares (the Placement) Shares to
the Hiap Hoe Placees, with each Hiap Hoe Placee acquiring and
holding not more than 8,257,063 Placement Shares, completion of
which will satisfy the Shareholding Distribution Condition as
set out in the SGX-ST AIP Letter.

The parties have further agreed under the 2nd Supplemental
Letter Agreement that upon the delivery of the Placement
Evidence to the Company, the put option under the Option
Agreement shall be deemed to be exercised by Hiap Hoe, and the
Company and Hiap Hoe shall mutually fix a date as the agreed
Completion Date to effect completion of the sale and purchase of
the entire issued and paid-up share capital of the Hiap Hoe
Companies pursuant to Clause 5 of the Option Agreement, in
consideration of which the Consideration Shares will be allotted
and issued to Hiap Hoe.

The Directors will in due course announce the Completion Date,
which the Company and Hiap Hoe shall mutually agree upon
pursuant to the 2nd Supplemental Letter Agreement.

TCR-AP reported that Chew Eu Hock Holdings Ltd posted a net loss
S$35.325 million in the six months to January 2002 against a
loss S$1.129 million a year earlier.


EXCEL MACHINE: Judicial Management Order Update
-----------------------------------------------
As announced by the Board of Directors of Excel Machine Tools
Ltd on December 11, 2002, the joint petition of United Overseas
Bank Limited as the successor-in-title to Overseas Union Bank
Limited, The Development Bank of Singapore Limited, Standard
Chartered Bank, HL Bank, Malayan Banking Berhad, Citibank, N.A.
and Oversea-Chinese Banking Corporation Limited (collectively,
the Creditor Banks) to place the Company under judicial
management (the Petition) was heard.

The Board wishes to announce that the major creditor bank has
withdrawn from the Petition. The hearing of the Petition has
been adjourned to 31 January 2003.

The Board will provide a monthly update regarding the Company's
financial situation and will announce immediately any material
development, which takes place between the monthly updates.


HONG LEONG: Voluntarily Liquidates Subsidiary
---------------------------------------------
Hong Leong announced that that Hong Leong - AMF Leisure Holdings
Pte Ltd, a subsidiary of the Company, incorporated in Singapore,
has been voluntarily liquidated under The Companies Act, Chapter
50.


INTERNATIONAL PRESS: Issues Profit Warning
------------------------------------------
Further to the half-year financial statement and dividend
announcement dated August 16, 2002, the Directors of Softcom
Limited report that the Group's results for the second half of
2002, although expected to be better than our Group's results
for the first half of 2002, remains in a loss position.
Accordingly, the Directors expect the Group to be in a loss
position for the financial year ended 2002.

The Group intends to implement a restructuring plan, details of
which are in the process of being finalized and will be
announced in the first quarter of 2003. The proposed
Restructuring Plan will involve one-time additional costs, which
will further add to the Group's losses for fiscal 2002. However,
when fully implemented, the Restructuring Plan is expected to
enhance the Group's efficiency and competitiveness, and help
steer it back towards profitability.


NATSTEEL LIMITED: 98 Holdings' Conditional Cash Offer Closes
------------------------------------------------------------
The Board of Directors of NatSteel Limited announced to
shareholders that the mandatory conditional cash offer (the 98
Holdings Offer) by 98 Holdings Pte. Ltd. 98 Holdings closed on
January 10, 2003, unless the 98 Holdings Offer becomes or is
declared to be unconditional as to acceptances.

Shareholders should note that 98 Holdings may not be able to
announce the level of acceptances of the 98 Holdings Offer
pending final confirmation from The Central Depository (Pte)
Limited.

The NatSteel shares will continue to trade on the Singapore
Exchange Securities Trading Limited after 3.30 p.m. on 10
January 2003. Shareholders trading in NatSteel shares pending
the announcement regarding the level of acceptances of the 98
Holdings Offer are advised to exercise caution when dealing in
NatSteel shares and to refrain from taking any action in respect
to their NatSteel shares, which may be prejudicial to their
interests.

The Directors of the Company (including those who have delegated
detailed supervision of this announcement) have taken all
reasonable care to ensure that the facts stated in this
announcement are fair and accurate, and that no material facts
have been omitted and they jointly and severally accept
responsibility accordingly.


SEMBCORP LOGISTICS: Dormant Firms in Voluntary Liquidation
----------------------------------------------------------
SembCorp Logistics (SembLog) announced that the following
subsidiaries have been placed under members' voluntary
liquidation:

(1) Semseas Agencies Pte Ltd (Semseas), Registration No.
199406042H; and

(2) Auto Batam Ferries & Tours Pte Ltd (Auto Batam),
Registration No. 198902112M.

Semseas and Auto Batam are 100 percent owned by SembLog.

On January 9, 2003, Tam Chee Chong and Wee Aik Guan have been
appointed as the liquidators for both subsidiaries.

Both the subsidiaries are dormant companies and their
liquidation is not expected to have any material financial
impact on SembLog.

For media and investor enquiries, please call:

Chow Hung Hoeng (Ms)
Investor Relations
SembCorp Logistics
Tel: (65) 6462 8408 / 6357 9152
Fax: (65) 6468 2797 / 6352 2163
Email: chowhh@sembcorp.com.sg
Website: www.semblog.com


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


ALPHA APPAREL: Files Reorganization Petition
--------------------------------------------
Apparel exporter Alpha Apparel Company Limited (DEBTOR)'s
Petition for Business Reorganization was filed in the Central
Bankruptcy Court:

   Black Case Number 412/2543

   Red Case Number 472/2543

Petitioner : ALPHA APPAREL COMPANY LIMITED

Debts Owed to the Petitioning Creditor : 239,017,770.18 Baht

Planner : Alpha Planner Company Limited

Date of Court Acceptance of the Petition : May 31, 2000

Date of Examining the Petition: June 26, 2000 at 9.00 AM

Court Order for Business Reorganization and Appointment of
Planner : June 26, 2000

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: , 2000

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette : August 3,
2000

Deadline for the Planner to submit the Business Reorganization
Plan to the Official Receiver : November 3, 2000

Planner postponed the date for submitting the Plan #1st :
December 3, 2000

Planner postponed the date for submitting the Plan #2nd :
January 3, 2001

Appointment date of the Creditors' meeting for the Plan
Consideration : February 6, 2001 at 9.30 am. Convention Room no.
1105, 11th Floor Bangkok Insurance Building, South Sathorn Rd.

The Creditors' meeting had a special resolution accepting the
plan

Court Order for Accepting the reorganization plan : February 14,
2001 and appointed Alpha Planner Company Limited to be the Plan
Administrator

Announcement of Court Order for Accepting the Reorganization
Plan in Matichon Public Company Limited and Siam Rath Company
Limited: February 21, 2001

Announcement of Court Order for Accepting the Reorganization
Plan in Government Gazette : March 22, 2001

Court had issued the Order for canceling the reorganization of
Alpha Apparel Company Limited since December 3, 2001

Announcement of Court Order for Canceling the Reorganization in
Matichon Public Company Limited and Siam Rath Company Limited:
January 7, 2002

Announcement of Court Order for Canceling the Reorganization in
Government Gazette : January 22, 2002

Contact : Mr. Amornrhat Tel 6792525 Ext. 132


EASTERN STAR: Gains Bt55.10M From Debt Restructuring
----------------------------------------------------
Eastern Star Real Estate Public Company Limited has signed the
Debt Restructuring Agreement with TAMC on 4 December 2002 for a
debt-to-asset swap of Bt86.95 million (principal plus
interest).  The process of debt settlement was completed on 2
January 2003. The Company booked a gain of Bt55.10 million from
the debt restructuring.


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.

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