TCRAP_Public/030117.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

           Friday, January 17, 2003, Vol. 6, No. 12

                         Headlines

A U S T R A L I A

ANACONDA NICKEL: Issues Scheme of Arrangement Update
GOODMAN FIELDER: ASIC Grants Relief to Burns Philp
GOODMAN FIELDER: Capital Notes Bridge Loan Executed
HIH INSURANCE: Commissioner Hears Counsels' Closing Submissions
NEW TEL: Broadband & Wireless Drops Plan to Enjoin Liquidation

NRG ENERGY: Aussie Unit Immune From U.S. Parent's Affliction
TOWER LIMITED: Welcomes Independent Review
TUART RESOURCES: Files for Administration Despite Looming Rescue
VOICENET (AUST): Posts December 2002 Cashflow Report


C H I N A   &   H O N G  K O N G

ASIA RESOURCES: Price, Turnover Movements Unexplainable
EASTCAP INVESTMENT: Winding Up Sought by Bank of China
LAI SUN: Developer May File for Insolvency by March, Says Paper
NEW ASSOCIATE: Petition to Wind Up Scheduled
PERFECT MANOR: Winding Up Petition Pending

PROFIT DRAGON: Winding Up Petition Set for Hearing
PCCW LIMITED: Hires Agent for Odd Lot Trading Arrangement
TUGU INSURANCE: A.M. Best Affirms B+ Rating
SAINT POWER: Winding Up Hearing Scheduled
SKYNET (INTERNATIONAL): Winding Up Petition Hearing Adjourned


I N D O N E S I A

ASTRA GRAPHIA: Gives Creditors Early Repayment of Debt
INDOCEMENT TUNGGAL: Experienced No Growth in 2002
PT PLN: Prexy Says Price Hike Only Way to Avoid Power Crisis


J A P A N

COLUMBIA MUSIC: Seeks Early Retirement Scheme
DAIEI INC: Suffers 3.2% Drop in Sales
DAIEI INC.: Selling Stakes in Four Hotels
FUJIN SEIKATSUSHA: Publishing House May File for Bankruptcy
FUJITSU LIMITED: Faces Increasing Pressure After Rating Cut

HEIJO KAIHATSU: Golf Course Applies for Rehabilitation
HITACHI ZOSEN: Markets GPS Receivers
NIPPON MEAT: Moody's Lowers Rating to Baa3
SEIBU DEPARTMENT: Seeking Y230B Assistance From Creditors
TAIHEI JUTAKU: Real Estate Firm Applies for Rehabilitation


K O R E A

CHOHUNG BANK: PFOC Delays Sale Decision
DAEWOO MOTOR: May Spend W30B on Share Buyback in H103  


M A L A Y S I A

ABRAR CORPORATION: Accepts SC's Imposed PRS Condition
ASSOCIATED: Articles of Association Amendment Deadline Extended
AUTOINDUSTRIES VENTURES: Defaulted Payment Stands RM14,616,064
DENKO INDUSTRIAL: MITI Gives PCDRS Conditional Approval
GEAHIN ENGINEERING: Proposed Restructuring Scheme Approved

GENERAL LUMBER: MITI OKs Proposed Restructuring Scheme  
KELANAMAS INDUSTRIES: FIC Faces Appeal Over PRS Condition
KRAMAT TIN: KLSE Grants Requisite Announcement Time Extension
MYCOM BERHAD: Reaches Settlement Agreement With Lenders
PAN PACIFIC: Released December Default in Payment Status

PROMET BERHAD: CCM Strikes Off Dormant Units
RAHMAN HYDRAULIC: Originating Summons Hearing Set on March 25
SPORTMA CORPORATION: Provides Defaulted Payment Status Update
SRI HARTAMAS: Proposed Scheme of Arrangement Completion Extended
SURIA CAPITAL: Appoints Awang Besar as Managing Director


P H I L I P P I N E S

BENPRES HOLDINGS: Clarifies Maynilad Rate Hike Report
MAYNILAD WATER: Reviewing MWSS' Tariff Increase Grant  
PHILIPPINE LONG: Credit Lyonnais Sees Drop in Capex
PHILIPPINE LONG: Extends Gains on ADR Valuation


S I N G A P O R E

FLEXTECH HOLDINGS: De-registers Dormant Subsidiaries
NATSTEEL LTD: Posts Notice of Shareholder's Interest
WEE POH: Revises Scheme of Arrangement


T H A I L A N D

CHRISTIANI & NIELSEN: Submits Business Reorganization Plan
SIAM TIRE: Files Reorganization Petition in Bankruptcy Court

* DebtTraders Real-Time Bond Pricing


     -  -  -  -  -  -  -  -

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


ANACONDA NICKEL: Issues Scheme of Arrangement Update
----------------------------------------------------
The Supreme Court of Western Australia on Wednesday adjourned
the proceedings to approve the Schemes of Arrangement proposed
by Anaconda's two subsidiaries, Murrin Murrin Holdings Pty
Limited (MMH) and Anaconda Nickel Holdings Pty Ltd (ANH), at the
request of Counsel acting for MMH, ANH and Glenmurrin Pty Ltd
and Glencore Nickel Pty Ltd. The Court will re-convene at 12.00
noon (Perth time) today, Friday 17 January 2003.

The adjournment of the court proceedings has been made to allow
submissions from Scheme Creditors in respect of matters raised
by certain of them relating to the group election of the Scheme
creditors of MMH, ANH, Glenmurrin and Glencore Nickel to provide
additional funding for Phase 2 of the Fluor arbitration.

As a consequence of the adjournment, Anaconda's previously
announced pro-rata renounceable Rights Issue has been delayed,
and the prospectus for the rights issue was not lodged on as
previously announced. The indicative timetables, also previously
announced, relating to the proposed Rights Issue will be
adjusted appropriately.

Anaconda will keep the market informed of all developments as
they occur.

CONTACT INFORMATION: John Quayle
                     Company Secretary
                     +61 8 9212 8400
                     Tony Dawe
                     Ward Holt Corporate Communication
                     +61 8 9221 8722


GOODMAN FIELDER: ASIC Grants Relief to Burns Philp
--------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
granted various relief from the Corporations Act to BPC1 Pty
Ltd, a wholly owned subsidiary of Burns, Philp & Company Ltd
(together, Burns Philp), in relation to the takeover bid for
Goodman Fielder Limited.

The relief was granted on 10 January 2003 to facilitate
compliance with the terms of the undertakings provided by Burns
Philp to the Takeovers Panel.

The ASIC relief enables Burns Philp to:

   * offer Goodman Fielder shareholders a withdrawal facility:
that is, shareholders who accept the takeover offer prior to
Burns Philp finalizing various financing arrangements or
declaring the offer free of the financing condition, will have
the right to withdraw their acceptance;

   * offer Goodman Fielder shareholders who exercised a right
under the withdrawal facility to re-accept the takeover offer;
and

   * amend one of the conditions of the offer (related to
financing) to limit Burns Philp's ability to rely on that
condition.


GOODMAN FIELDER: Capital Notes Bridge Loan Executed
---------------------------------------------------
Burns, Philp & Company Limited (Burns Philp) refers to the
takeover bid by its wholly owned subsidiary BPC1 Pty Limited
(BPC1), for all the Goodman Fielder Ltd (Goodman Fielder)
ordinary shares, at $1.85 per share (the Offer), and the
Bidder's Statement for the Offer dated 19 December 2002
(Bidder's Statement).

Burns Philp announced Thursday that it has completed and
executed documentation for two facilities (including the largest
facility), which together comprise approximately A$1.52 billion,
being the majority of the funding for the cash consideration for
the acquisition of Goodman Fielder shares under the Offer.

FINANCING - EXECUTION OF TERM A FACILITY DOCUMENTATION

Credit Suisse First Boston, BOS International (Australia)
Limited and Credit Agricole Indosuez Australia Limited (together
the Underwriters), Burns Philp and BPC1 have executed the TLA
Senior Funding Agreement, Term A Facility Agreement and
Revolving Facility Agreement relating to the $1.3 billion Term A
Facility referred to in the Bidder's Statement (the TLA).

The TLA is a multicurrency 5 year senior secured credit
facility, the subject of the Commitment Letter from the
Underwriters signed on 12 December 2002 and described in the
Bidder's Statement in section 6.5(b).

FINANCING - EXECUTION OF CAPITAL NOTES BRIDGE LOAN

The Credit Suisse First Boston (CSFB), Burns Philp and BPC1 have
executed the Capital Notes Bridge Loan Facility in relation to a
NZ$250 million bridge loan pending the underwritten proposed
issue of capital notes in a Burns Philp subsidiary referred to
in the Bidder's Statement (the Capital Notes Bridge Loan).

The Capital Notes Bridge Loan is the subject of the Capital
Notes Bridge Loan Commitment Letter from CSFB signed on 12
December 2002 and described in the Bidder's Statement in section
6.5(b).

FINANCING - TERM LOAN B

As described in the Bidder's Statement, the Term Loan B is the
subject of a Commitment Letter from CSFB signed on 12 December
2002. Burns Philp, BPC1 and CSFB are finalizing the
documentation of the Term Loan B (on terms substantially the
same as the TLA).


HIH INSURANCE: Commissioner Hears Counsels' Closing Submissions
---------------------------------------------------------------
On Monday 13 January 2003 the HIH Royal Commission began hearing
closing submissions by Counsel Assisting the Commission.

The Commissioner, Justice Owen, opened the hearings referring to
Counsel's submissions as serving three main purposes. In short
those were to:

   * provide a convenient assembly of evidentiary references to
assist the Commissioner in making findings and preparing his
report;

   * a mechanism by which the entire process affords procedural
fairness to affected parties by alerting parties to potential
findings; and

   * provides an analysis following 16 months of investigations
and inquiries as to the range of possible issues of which the
Commissioner may have to deal with in his report and the range
of possible findings that the Commissioner may have to make for
his report.

The Commissioner repeated that the responsibility to make
findings is his and his alone.

The Commissioner noted that he still regards that the biggest
question that needs to be answered is why HIH collapsed. The
Commissioner will address that question specifically in his
final report.

In large part the non-publication Counsel Assisting removed
orders from Counsel Assisting's submissions with the exception
of some matters that are still under investigation.

Senior Counsel Assisting, Wayne Martin QC, reiterated the
Commissioner's comments noting that Counsel Assisting's
submissions are "simply the first step in a process" and that it
is "sheer speculation to predict what ultimately might be
concluded".

In his opening Martin made note of the recent tragedies
affecting the general insurance industry such as bushfires,
drought and terrorism, which have "served to emphasize the
utility and public importance of a stable, efficient and credit
worthy insurance industry". Further that a "stable and efficient
insurance industry is therefore a vital component of the fabric
of our civilized society and plays a fundamental role in the
alleviation of hardship for those disadvantaged by misfortune.
But the insurance industry can only achieve these social
benefits if the community can be confident that insurers will
have the capacity to pay claims when made".

Martin also provided some insight into what might be the reasons
for the failure of HIH. He noted that "in the case of
insolvencies, especially insolvencies of this magnitude it's
common for the people to ask where did the money go. In the
present case. the short answer is the money hasn't gone anywhere
because it was never there".

Martin describes the "big four reasons" for the failure of HIH
as:

   1. chronic failure to adequately estimate liabilities;
   2. unprofitability of the group's business in the UK;
   3. the unprofitability of the group's business in the US; and
   4. the consequence of the FAI acquisition in terms of the
assumption of liabilities on business that had been written by
FAI prior to its acquisition.

In addition two other major factors were also recognized by
Martin to be:

   * the sale by Winterthur of the major shareholding; and

   * the Allianz joint venture and its effect on cash flow (no
adverse findings were made in relation to Allianz).

Counsel Assisting then outlined submissions relating to the
failures of a wide range of parties including senior management,
the board of directors, the auditors, the professional advisors
in the form of actuaries, lawyers and financial advisor and the
prudential regulator.

Counsel Assisting will continue to present closing submissions
followed by other parties making their closing submissions.


NEW TEL: Broadband & Wireless Drops Plan to Enjoin Liquidation
--------------------------------------------------------------
Hong Kong-based investment group Broadband & Wireless is not
pursuing its plan to challenge the liquidation of New Tel, the
Perth-based phone company it had tried to acquire since it
entered administration.

Citing "no commercial grounds" to file the suit, the investment
firm said it would no longer try to derail the wind-up and will
instead offer a straight asset sale proposal.

Last Monday creditors were dead even in voting between
liquidation and adjournment of the EGM to consider a last-minute
deed of company arrangement proposed by Broadband & Wireless.  
But joint administrator Phil Carter, unimpressed by the bidder's
offer, decided to cast his vote for liquidation, leading the
Hong Kong group to threaten a suit to enjoin the decision.

In voting to commence liquidation, Mr. Carter explained that he
doesn't believe that B&W could raise the AU$11 million it had
promised, of which AU$8.5 million will come from Europcar
Australia head Mario Salvo.  Mr. Salvo, who on Tuesday denied he
had agreed to bankroll the B&W bid, was the same businessman who
sold his mobile phone business to New Tel in June last year.


NRG ENERGY: Aussie Unit Immune From U.S. Parent's Affliction
------------------------------------------------------------
NRG Flinders, the South Australian power generator, clarified
that it is not affected by the impending prospect of a Chapter
11 bankruptcy filing by its American parent, NRG Energy Inc.

In fact, the company told the Australian Financial Review, it is
even forging ahead with its AU$150 million project to upgrade
its Port Augusta power station complex.  Although it admitted to
having its own financial woes, the Australian affiliate
clarified that they are still manageable.

The project, launched last year, involves the refurbishment of
six boilers and four turbines at the 1950s Playford plant, which
is scheduled for closure next year during the installation of
new automation and environmental systems, the paper said.

The first stage of the upgrade, involving three boilers and two
turbines, should be finished in July or August.  The second
stage would start in April, putting Playford out of commission
for about four months, at a time of reduced electricity demand,
the paper said.


TOWER LIMITED: Welcomes Independent Review
------------------------------------------
TOWER Australia Limited advised Thursday that an independent
actuarial review to address some specific questions has been
commissioned at the direction of the Australian Prudential
Regulatory Authority (APRA).

According to Jim Minto, Chief Executive Officer of TOWER
Australia, the review is welcomed as an opportunity to provide
APRA with the level of comfort it requires about TOWER Australia
Limited's financial position.

An independent actuary is undertaking the review and a report is
expected to APRA in February 2003. The report will look at
admissibility (for capital and solvency purposes) and valuations
of certain strategic assets. It will also consider some
assumptions and review some aspects of reserving.

TOWER Australia Limited financial accounts have already been
through statutory financial and actuarial audit processes
(completed December 2002) but TOWER recognizes the position and
requirements of APRA to look at some aspects more closely.

TOWER Group announced this week that it will increase TOWER
Australia Limited's surplus assets by a further A$30 million.
This timeframe has been agreed with APRA and the process will be
completed by 31 March 2003.

TOWER Australia Chief Executive Officer Jim Minto said "Work on
the rebuilding of target surplus has been under way since the
finalization of the statutory accounts in December last year.
TOWER Australia Limited was then in excess of statutory solvency
levels but below its internal target surplus of 1.2 times
minimum solvency. TOWER advised APRA in December that it
intended to return to its target surplus levels. APRA asked that
this be done earlier than originally intended."

"The increase gives us even more financial comfort in excess of
solvency reserve requirements," said Jim Minto. "It follows our
longstanding practice across the TOWER Group of maintaining a
target surplus level to provide an extra tier of security for
our customers and investors".

"We have been in business for over 100 years by making sure we
safeguard policyholder funds and this remains our paramount
concern."

Other aspects of the TOWER Australia strategy to turn the
business around are on track Mr Minto said. "We implemented the
first stage of restructuring late last year. We are implementing
further steps of our plan now as we look to rebuild
profitability of the TOWER Australia business. I am pleased with
the progress we have made but will be only fully satisfied when
we post a strong profit result. Last year's losses are behind us
and we look forward a strong 2003."

CONTACT INFORMATION: Jim Minto
                     CHIEF EXECUTIVE OFFICER
                     Tel: +61 2 9448 9217 or
                     +61 403 277 244


TUART RESOURCES: Files for Administration Despite Looming Rescue
----------------------------------------------------------------
Vineyard manager and explorer Tuart Resources agreed Monday to
be placed in voluntary administration ahead of a capital
injection by Ascent Capital, The West Australian said recently.

Ascent Capital, known for reviving several failed companies,
including Vostech, Triton Corp and Smart World, has offered more
than AU$1.3 million in cash injection.  Under the proposal,
Ascent will receive 113.2 million Tuart shares (equal to 15
percent of its share base) ahead of a one-for-30 share
consolidation.

Existing investors will also receive free converting shares on a
one-for-one basis, which will convert should Tuart attain full
control of its 60 percent-owned Preston Vale vineyard at
Donnybrook, the paper said.  Post consolidation, Ascent and its
nominees will receive an extra 55 million shares for AU$55,000
and be granted approval to place 130 million shares to raise
another AU$1.3 million.

All of Tuart's assets and liabilities allocated to its creditors
are to be placed in a trust, to speed up Tuart's eventual
release from administration, the paper said.  Tuart's chairman,
lawyer Martin Bennett, said Ascent intended to raise additional
equity as soon as Tuart was released, and that Ascent's proposal
represented "the best opportunity for Tuart shareholders to
rebuild value in their company".

Mr. Bennett told the paper the need to re-capitalize Tuart had
become more urgent since Christmas, when creditors of subsidiary
Southern Wine Corporation endorsed a deed of company
arrangement, also proposed by Ascent, which needed to be
ratified by September 28.

Tuart's problems, according to the paper, stem from its
disastrous AU$37 million scrip takeover of the Nelson Ridge wine
group in 2000, which gave it control of Preston Vale and the
nearby Diamond Ridge vineyard.


VOICENET (AUST): Posts December 2002 Cashflow Report
----------------------------------------------------
Voicenet (Aust) Limited posted below a consolidated cashflow
report for the month ended 31 December 2002.

The payment of $330,000 in relation to the Microgenix
acquisition and the receipt from borrowings of $1,250,000, which
had been expected to occur in December 2002, are now expected to
occur in January 2003. The balance of the Microgenix payment of
$278,000 is expected to be paid in February 2003.

2002-2003 MONTHLY CONSOLIDATED CASHFLOWS

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD 01/12/2002 - 31/12/2002

                                         CURRENT    YEAR TO
                                         MONTH      DATE
                                         (12 MONTHS)
                                         $A'000     $A'000
CASH FLOWS RELATED TO OPERATING
ACTIVITIES

1.1  Receipts from customers              -       2,648
1.2  Payments for
     (a) staff costs                      (7)     (3,122)
     (b) advertising and marketing        -         (22)
     (c) research and development         -           -   
     (d) leased assets                    -        (162)
     (e) other working capital            (86)     (3,213)
1.3  Dividends received                   -           -
1.4  Interest and other items of a        
     similar nature received              -          16
1.5  Interest and other costs of                      
     finance paid                         -        (431)
1.6  Income taxes paid                    -          13
1.7  Other (provide details if material)  -         376
     NET OPERATING CASH FLOWS             (93)     (3,897)

1.8  Net operating cash flows (carried forward) (93)   (3,897)

CASH FLOWS RELATED TO INVESTING ACTIVITIES

1.9  Payment for acquisition of:
     (a) businesses (item 5)               -           -
     (b) equity investments                -           -
     (c) intellectual property             -           -
     (d) physical non-current assets       -         (17)
     (e) other non-current assets          -           -
1.1  Proceeds from disposal of:
     (a) businesses (item 5)               -           -
     (b) equity investments                6           6
     (c) intellectual property             -           -
     (d) physical non-current assets       -          44
     (e) other non-current assets          -           -
1.11 Loans to other entities               (1)       (334)
1.12 Loans repaid by other entities        -         474
1.13 Other (provide details if material)   -          45
     NET INVESTING CASH FLOWS              5         218
1.14 TOTAL OPERATING AND INVESTING CASH FLOWS (88)   (3,679)

CASH FLOWS RELATED TO FINANCING ACTIVITIES

1.15 Proceeds from issue of shares, options, etc -       1,738
1.16 Proceeds from sale of forfeited shares      -           -
1.17 Proceeds from borrowings                    -         561
1.18 Repayment of borrowings                     -        (310)
1.19 Dividends paid                              -           -
1.2  Other (provide details if material)         -           -
     NET FINANCING CASH FLOWS                    -       1,989

     NET INCREASE (DECREASE) IN CASH HELD        (88)    (1,690)

1.21 Cash at beginning of month/year to date     198      1,828
1.22 Exchange rate adjustments to item 1.20      1         (27)
1.23 Cash at end of month                        111         111


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


ASIA RESOURCES: Price, Turnover Movements Unexplainable
-------------------------------------------------------
Asia Resources Holdings has noted the recent increases in the
price and trading volume of the shares of the Company on 15
January 2003 and wish to state that it is not aware of any
reasons for such increases.

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, neither is the Board aware of any matter discloseable
under the general obligation imposed by paragraph 2 of the
Listing Agreement, which is or may be of a price-sensitive
nature.


EASTCAP INVESTMENT: Winding Up Sought by Bank of China
------------------------------------------------------
Bank of China (Hong Kong) Limited is seeking the winding up of
Eastcap Investment Limited. The petition was filed on November
25, 2002, and will be heard before the High Court of Hong Kong
on January 29, 2003.

Bank of China (Hong Kong) Limited (the successor corporation to
The National Commercial Bank Limited pursuant to Bank of China
(Hong Kong) Limited (Merger) Ordinance (Cap. 1167) holds its
registered office at of 14th Floor, Bank of China Tower, 1
Garden Road, Central, Hong Kong.


LAI SUN: Developer May File for Insolvency by March, Says Paper
---------------------------------------------------------------
Two Singaporean investors are no longer counting on the
possibility that Lai Sun Development could still get back to its
old form as the leading property developer in Hong Kong.

According to Business Times, all signs point to an imminent
insolvency, maybe as early as March 31, when the company plans
to meet with its exchangeable- and convertible- bondholders.  
This meeting, originally scheduled for last month, was
postponed, leading many to believe that the firm could not raise
HK$1.7 billion to redeem the bonds.

On Monday, LSD's stock price plunged to 36 cents, a far cry from
HK$12 in 1997.  With liabilities totaling HK$8.5 billion, the
company is practically on the brink with just HK$700 million in
remaining equity.

Investors likely to absorb the most losses from a Lai Sun
collapse, according to Business Times, are CapitaLand and DBS.  
The former's tie to LSD is the HK$4 billion AIG Towers, while
the latter is connected to the troubled developer via the Furama
Hotel.

In early 2000, debt-ridden LSD was casting around for a major
investor in Furama, and CapitaLand - then eager to hop onto the
North Asia bandwagon - jumped in, along with AIG.  Today, the
paper said, CapitaLand and AIG each hold 35 percent of AIG
Towers while LSD has the remaining 30 percent.

The 39-story office block next to the Ritz Carlton Hotel should
be ready by 2005 and will have 450,000 square feet of space. At
HK$4 billion, the cost per sq ft is HK$8,888.88.  This
auspicious number - eight is the Cantonese equivalent of
'prosper' and highly valued by Hongkongers - is the only cheer
the developers are likely to get from AIG Tower, the paper said.

Since 2000, the paper said, prime office rents in Hong Kong have
fallen 60 percent and are expected to slide a further 15-20
percent to HK$25 a month. Vacancies are high (4.6 million sq ft
empty in Central alone) and new supply plentiful (3 million sq
ft alone from the 88-story International Finance Centre Two).
Given this, AIG Towers will be lucky to be 70 percent filled
when it opens its doors, the paper said.

DBS, on the other hand, inherited its LSD headache through Dao
Heng.  The Singaporean financial group had just made Dao Heng a
wholly owned subsidiary, which means it will have to bear 100
percent of any provisions, the paper said.   Along with American
insurer AIG, Dao Heng helped LSD redevelop the former Furama
Hotel in Hong Kong Central into a prime office block.

Though Dao Heng ranks behind Bank of China, Hang Seng and HSBC
in loans, its exposure could amount to hundreds of millions of
Hong Kong dollars.  Given the depressed property market, banks
will be lucky to get back 50 cents in the dollar, the paper
said.

"The key date to watch is March 31, when LSD is due to meet
holders of its exchangeable and convertible bonds. Unless Peter
Lam [LSD President] is able to pull a rabbit out of a hat, LSD's
days may be numbered," Business Times said.


NEW ASSOCIATE: Petition to Wind Up Scheduled
--------------------------------------------
The petition to wind up New Associate Development Limited is
scheduled for hearing before the High Court of Hong Kong on
January 29, 2003 at 10:00 am.

The petition was filed with the court on November 25, 2002 by
Bank of China (Hong Kong) Limited (the successor corporation to
The China State Bank Limited pursuant to Bank of China (Hong
Kong) Limited (Merger) Ordinance (Cap. 1167) of 14th Floor, Bank
of China Tower, 1 Garden Road, Central, Hong Kong.


PERFECT MANOR: Winding Up Petition Pending
------------------------------------------
Perfect Manor Development Limited is facing a winding up
petition, which is slated to be heard before the High Court of
Hong Kong on February 19, 2003 at 9:30 in the morning.

The petition was filed on December 17, 2002 by Bank of China
(Hong Kong) Limited (the successor corporation to Sin Hua Bank
Limited pursuant to Bank of China (Hong Kong) Limited (Merger)
Ordinance (Cap. 1167) of 14th Floor, Bank of China Tower, 1
Garden Road, Central, Hong Kong.


PROFIT DRAGON: Winding Up Petition Set for Hearing
--------------------------------------------------
The petition to wind up Profit Dragon Trading Limited is set for
hearing before the High Court of Hong Kong on February 5, 2003
at 9:30 in the morning.  The petition was filed with the court
on November 26, 2002 by Lok Wai Keung of Flat 28E, Tower 3, Hoi
San Mansions, Rivera Garden, Tsuen Wan, Hong Kong.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Messrs. Ngai,
Leung & Co., Solicitors for the Petitioner, Unit 521, 5th Floor,
Star House, No. 3, Salisbury Road, Tsimshatsui Hong Kong.


PCCW LIMITED: Hires Agent for Odd Lot Trading Arrangement
---------------------------------------------------------
PCCW Limited announced that in order to facilitate the trading
of odd lots of New Shares as a result of the Consolidation, it
has appointed the Agent to provide a "matching service" to those
Shareholders who wish to top-up or sell their holdings of odd
lots of New Shares.

The Agent will provide the service to match the sale and
purchase of odd lots of New Shares during the period from
January 8, 2003 to February 14, 2003, both dates inclusive.
Holders of New Shares in odd lots who wish to take advantage of
this facility either to dispose of or top up their odd lots to a
board lot of 1,000 New Shares may directly contact the Agent on
telephone number 2867 1968 or through their brokers who should
contact the Agent on telephone number 2867 1859 or at 3rd Floor,
Hutchison House, 10 Harcourt Road, Central, Hong Kong during
such period.

Shareholders should note that the matching service is on a "best
efforts" basis only and successful matching of the sale and
purchase of odd lots of New Shares is not guaranteed and will
depend on there being adequate amounts of odd lots of New Shares
available for such matching.

Shareholders are recommended to consult their stockbroker, other
registered dealer in securities, bank manager, solicitor,
professional accountant or other professional adviser if they
are in any doubt about the matching facility described above.


TUGU INSURANCE: A.M. Best Affirms B+ Rating
-------------------------------------------
A.M. Best Co. has affirmed the financial strength rating of B+
(Very Good) of Tugu Insurance Co. Ltd, Hong Kong. The outlook is
stable.

The rating reflects Tugu's prudent capitalization, strengthened
loss reserves and conservative investment portfolio. The rating
also considers the increased diversification in its underwriting
portfolio, which has reduced its reliance on group business
emanating from Indonesia.

The company is prudently capitalized relative to its business
volume with a premium leverage ratio of 0.23 times. The Best's
Capital Adequacy Ratio (BCAR), which measures capitalization on
a risk-adjusted basis, also demonstrates the conservative
statutory solvency margin that exists. The ongoing capital
commitment from Pertamina, the Indonesian state-owned oil
and gas company, is evident in the dividend payout limit of 40%,
which will remain effective until 2003.

As a result of adverse developments in the motor and employees'
compensation business, Tugu has had to significantly strengthen
its reserve position. The level after the two increases in 2001
and 2002 is considered to be adequate. Going forward, the
reserve adequacy of these two long-tailed business lines will
continue to be subject to Hong Kong's regulatory requirements.

Any shortfall in the loss reserves will be addressed on an
annual basis.

Tugu has maintained a conservative investment portfolio. At
year-end 2001, 30% of total assets were invested in USD- and
HKD-denominated cash and time deposits. Approximately 7% of
total assets are comprised of an externally managed fund, which
includes equity and debt holdings in mostly highly rated
entities. Sufficient liquidity is expected to be maintained
despite management's intention to adopt a more aggressive asset
allocation strategy.

As a percentage of total gross premium income, Hong Kong
business increased from 28% in 1998 to 63% in 2001, reflecting
the company's strategy to diversify away from its Indonesian-
based captive exposure. However, the Hong Kong portfolio has
generally under-performed the market; the loss ratio for 2001
stood at 92%, compared to the industry average of around 60%.
The success of Tugu's new business direction is contingent upon
its ability to improve its profitability in its underwriting
operations in Hong Kong.

Offsetting factors include the intense competition in Hong
Kong's general insurance market and increased reinsurance costs,
which will both exert downward pressure on medium-term
profitability and ultimately, the company's ability to generate
internal surplus growth. Tugu is also indirectly exposed to the
country risk of Indonesia through its ownership structure. This
is mitigated, to some extent, by the fact that the company
is subject to Hong Kong's insurance regulations and that it is
gradually developing into a self-reliant local insurer.

A.M. Best Co., established in 1899, is the world's oldest and
most authoritative insurance rating and information source. For
more information, visit A.M. Best's Web site at www.ambest.com.


SAINT POWER: Winding Up Hearing Scheduled
-----------------------------------------
The High Court of Hong Kong will hear, on February 5, 2003 at
10:00 in the morning, the petition seeking the winding up of
Saint Power Industrial Limited.

Hsu Lap Foo of 15th Floor, Fung House, 19-20 Connaught Road
Central, Hong Kong. filed the petition on November 28, 2002.
Dibb Lupton Alsop represents the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Dibb Lupton
Alsop, 41st Floor, Bank of China Building, 1 Garden Road,
Central Hong Kong.


SKYNET (INTERNATIONAL): Winding Up Petition Hearing Adjourned
-------------------------------------------------------------
Reference was made to the announcements of Skynet (International
Group) Holdings Limited dated 31 October 2002, 13 December 2002
and 27 December 2002 in relation to, among others, the winding
up petition served on the Company by Lombard Asian Private
Investment Company LDC  on 30 October 2002 alleging the failure
of the Company to cause Skynet Limited, an approximately 64.91%
non-wholly owned subsidiary of the Company at the date of the
Petition, to pay the redemption amount of HK$93,600,000 for the
convertible cumulative redeemable participative preferred shares
of Skynet Limited held by Lombard.

During the hearing of the Petition held on 15 January 2003, the
solicitors for Lombard made an application to the High Court of
the Hong Kong Special Administrative Region for an adjournment
of the hearing of the Petition to allow more time for discussion
on the settlement arrangement. The High Court made an order that
the hearing be adjourned to 9:30 a.m. on 12 February 2003.

Further announcement on the development in the above matter will
be made by the Company as and when appropriate in accordance
with the Rules Governing the Listing of Securities on The Stock
Exchange of Hong Kong Limited.

Trading in the shares of the Company on the Stock Exchange has
been suspended from 9:30 a.m. on 15 January 2003 at the request
of the Company pending the release of this announcement.

Application has been made to the Stock Exchange for the
resumption of trading in the Shares on the Stock Exchange with
effect from 9:30 a.m. on 16 January 2003.

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


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


ASTRA GRAPHIA: Gives Creditors Early Repayment of Debt
------------------------------------------------------
PT Astra Graphia has sent a release date certificate to ABN Amro
Bank NV as facility agent declaring that it has repaid more than
50 percent of its debt, AFX-Asia reports, thus no longer under
the cash monitoring and control mechanism.

As a result, the company is now allowed to propose a dividend
payment this year, manage its cash flow and capital expenditure  
independently, and seek new loans for working capital.

On December 30 last year, the Company made voluntary advance
installments of US$7.77 million for debt payments due June 30
and December 31, 2003 under the restructuring agreement signed
at end-1999.

After the December installments, the Company's total outstanding
debt was reduced to US$27.15 million from the original debt of
US$82.26 million.


INDOCEMENT TUNGGAL: Experienced No Growth in 2002
-------------------------------------------------
PT Indocement Tunggal Prakarsa expects to post unconsolidated
revenue of Rp3.8 trillion in 2002, AFX-Asia reports, citing
Indocement's Investor Relations Danny Kasmara, adding that the
company has increased its cement sales price by around 15 pct
last year as volumes fell slightly.

"Our total sales volume is expected to fall to 11.5 million tons
in 2002 from 11.6 million tons in 2001," Kasmara said.

He added that the company is not likely to post any growth this
year due to lower demand and the recent fuel tariff hike will
increase the operating costs.

The company may consider raising cement prices further if the
utility tariff hikes lead to a significant drop in demand for
cement, Kasamra said. "However, any price increases will be
undertaken only after keeping in mind the company's aim to
maintain its market share, which currently stands at around 33
percent."

Wrights Investors Service reports that the company's long term
debt was Rp8.43 trillion. The long term debt to equity ratio of
the company is 3.05. The company has paid no dividends during
the last 12 months. it last paid a dividend during fiscal year
1996, when it paid dividends of 70.00 per share.


PT PLN: Prexy Says Price Hike Only Way to Avoid Power Crisis
------------------------------------------------------------
Ailing state-owned power utility PT PLN warns of acute power
shortages by 2005 if the government bows to pressure and cancels
a 'critical' rate hike, company President Eddie Widiono told The
Jakarta Post recently.

According to Mr. Eddie, only the rate increase could help the
company get back into the black after operating at a loss since
the Asian financial crisis hit the country in 1998.  He said a
healthy PLN would finance new investments in power generation
and transmission.  Last year, PLN suffered a huge financial loss
of around Rp4.47 trillion (US$502 million).

Protests, however, are mounting over the series of tariff
adjustments the government had approved for this year.  Fuel
prices are set to go up 22%, while telephone charges will be 15%
more this year.   Mr. Eddie explained, however, that the
government's decision in 2001 to permit quarterly 6 percent
increases in electricity prices is a critical part of the effort
to bring the company into the black.

"We have no other choice," he said.  "The policy is like a
bitter pill, but people must eventually swallow it."

He said the quarterly power price increase policy was aimed at
bringing electricity charges up to the commercial price level of
7 U.S. cents per kilowatt-hour (kWh) by 2005.  He said the
current price level of Rp 488 per kWh was equal to around 5.42
cents.

"This price is still lower than our production costs," he told
the Jakarta Post in an interview.

According to Mr. Eddie, adding to the company's woes are the
power purchase contracts signed with independent power producers
(IPPs) during the rule of authoritarian president Suharto.  
Under these contracts, PLN must purchase power from the IPPs at
prices that experts say is too high and will eventually bankrupt
the state company. After the financial crisis sent the rupiah
plunging in value against the dollar, PLN was forced to
renegotiate the contracts with the IPPs, which sell their power
at dollar-based rates, while PLN's revenue is in rupiah.

"Therefore, the price hike policy is badly needed so as to give
PLN greater room to maneuver," Mr. Eddie explained.

According to the company's blueprint, electricity demand in the
country will grow by 8 percent annually. In order to cope with
the demand, PLN needs US$28.5 billion in new power generation,
transmission and distribution investment up to 2010.  Without
this investment, the country will suffer a power crisis.


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


COLUMBIA MUSIC: Seeks Early Retirement Scheme
---------------------------------------------
Columbia Music Entertainment Inc. will solicit 110 early
retirement applications from its 800 total workforce, as part of
its cost cutting scheme, Kyodo News said on Thursday.

The music and visual content provider incurred a group net loss
of 1.47 billion yen on a 68.6 percent plunge in sales to 13.24
billion yen in the fiscal first half through September 30 from
the year before.

According to Wright Investor's Service, at the end of 2002,
Columbia Music Entertainment Inc. had negative working capital,
as current liabilities were 10.79 billion yen while total
current assets were only 9.89 billion yen.


DAIEI INC: Suffers 3.2% Drop in Sales
-------------------------------------
Daiei Inc. suffered a 3.2 percent drop in its same-store sales
in December from a year earlier due to a poor performance in the
home appliances sector, Kyodo News said Thursday.

The sales drop was largely the result of a decline in the number
of items bought per customer amid prolonged deflation, Daiei
President Kunio Takagi said.


DAIEI INC.: Selling Stakes in Four Hotels
-----------------------------------------
Daiei Inc. will sell four hotels to U.S. firm Goldman Sachs
Group Inc. for 45.4 billion yen as part of its three-year
business reconstruction program, the Japan Times reports. It
also said it is considering selling Fukuoka Dome.

The struggling supermarket chain will sell stakes in Shin-
Urayasu Oriental Hotel located in Urayasu, Chiba Prefecture,
Kobe Meriken Park Oriental Hotel in Hyogo Prefecture, Namba
Oriental Hotel in Osaka and Hotel Centraza Hakata in the city of
Fukuoka.

Goldman Sachs Group is making the purchases through its unit TN
Development Company. Daiei signed a contract deal on January 15
and expects it to be settled by the end of next month.

The retailer aims to reduce its interest-bearing debts, which
stood at 1.23 trillion yen at the end of last August to 1.21
trillion yen by the end of February 2002.


FUJIN SEIKATSUSHA: Publishing House May File for Bankruptcy
-----------------------------------------------------------
Fujin Seikatsusha is likely to file for voluntary bankruptcy
with the Tokyo District Court anytime now, Kyodo News said on
Wednesday, citing an unnamed Company lawyer. Total obligations
are estimated at 2.7 billion yen.

The publishing firm specializes in women's magazines and other
publications related to people's daily lives. Some of its
popular magazines include Maternity, Baby Age and Log House
Plan. One of its magazines, Fujin Seikatsu (women's lives), was
widely read in the 1970's.


FUJITSU LIMITED: Faces Increasing Pressure After Rating Cut
-----------------------------------------------------------
Fujitsu Limited faces increasing pressure to step up
restructuring measures after Moody's Investors Service on
Wednesday downgraded its credit rating to just two notches above
speculative grade, the Financial Times said on Thursday.

Moody's downgraded Fujitsu from A3 to Baa2 on concern that it
will incur heavy restructuring charges again this year, further
damaging its capital base.

The Company posted a net loss of 382.5 billion yen ($3.2
billion) last year, reflecting restructuring charges of 417
billion yen. In the first half of this year, it made a further
pre-tax loss of 220 billion yen due largely to restructuring
charges of 150 billion yen.

The credit rating agency said it was concerned that Fujitsu's
equity base would suffer "a severe weakening" this year.

"Although the world information technology market has begun to
improve since its worst year in 2001, the pace of recovery will
be modest," it said.


HEIJO KAIHATSU: Golf Course Applies for Rehabilitation
------------------------------------------------------
Heijo Kaihatsu KK, which has total liabilities of 75.3 billion
yen against a capital of 20 million yen, recently applied for
civil rehabilitation proceedings, according to Tokyo Shoko
Research. The golf course is located at Saitama-si, Saitama,
Japan.


HITACHI ZOSEN: Markets GPS Receivers
------------------------------------
Hitachi Zosen Corporation and unit Nippon GPS Solutions Corp
will start marketing a trio of low-cost GPS (Global Positioning
System) receivers for surveying and civil engineering management
purposes, Asia Times said on Thursday.

Hitachi Zosen expects a group net loss of 35 billion yen for the
year ending March 31, compared with its 10.3 billion yen loss
forecast in May, the Troubled Company Reporter-Asia Pacific
reports.

The shipbuilder more than tripled its loss forecast for this
business year because of reorganization costs such as the merger
of its shipbuilding business with that of NKK Corporation.


NIPPON MEAT: Moody's Lowers Rating to Baa3
-----------------------------------------
Moody's Investors Service on Wednesday downgraded the senior
unsecured long-term debt ratings of Nippon Meat Packers Inc.
(NMP) to Baa3 from Baa2. The outlook is stable.

The rating action reflects Moody's view that NMP will continue
to face challenges in recovering its overall brand image, which
will, in turn, prevent a strong recovery of its earnings and
cash flow.

In early August 2002, its unit Nippon Food Inc. was revealed to
have deliberately mislabeled some of its beef products.

Moody's believes the scandal has damaged NMP's brand image, one
of its main competitive advantages. Moody's expects NMP will
need time to recover consumer confidence and past shelf-space
allocations at retailers for some of its hams, sausages and
other processed foods.

The Baa3 senior unsecured rating continues to incorporate NMP's
product development capability, its established distribution
network and operating franchise, a factor that helps maintain
the Company's market competitiveness.

Nippon Meat Packers Inc. will ask creditors to extend its credit
line by 50 billion yen as it seeks to cope with a sales slump
brought on by a false-labeling scandal, TCRAP reported.

The Company is planning to close 10 percent of its 400 sales
offices by the end of March 2006 as part of its rehabilitation
plan.

Nippon Meat Packers Inc, headquartered in Osaka, is a leading
Company in Japan's meatpacking and processing industry.


SEIBU DEPARTMENT: Seeking Y230B Assistance From Creditors
---------------------------------------------------------
Seibu Department Stores Ltd. will ask its six major creditor
banks and Credit Saison Co. for a total of 230 billion yen in
financial assistance, Japan Times reports.

The ailing department store chain will hold its first meeting
with its creditors on January 21 to request assistance
consisting of 220 billion yen in loan forgiveness and conversion
of debt into equity worth about 10 billion yen.

Seibu will ask Mizuho Corporate Bank to forgive some 135 billion
yen in loans, and a debt waiver totaling 85 billion yen from its
five other creditor banks -- Bank of Tokyo-Mitsubishi, Asahi
Bank, Mitsubishi Trust & Banking Corp., Chuo Mitsui Trust &
Banking Co., and Sumitomo Mitsui Banking Corp.

Seibu will also seek help from Credit Saison, an affiliated
consumer credit Company, via a debt-equity swap worth some 10
billion yen.

The move would help cut interest-bearing debts totaling 580
billion yen on a consolidated basis, and would smooth the way
for the Company to integrate its operations with another
struggling department store chain, Sogo Co.


TAIHEI JUTAKU: Real Estate Firm Applies for Rehabilitation
----------------------------------------------------------
Taihei Jutaku KK recently applied for civil rehabilitation
proceedings, according to Tokyo Shoko Research. The real estate
firm has total liabilities of 32.3 billion yen versus a capital
of 500 million yen. The Company is located at Shinjuku-ku,
Tokyo, Japan.


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


CHOHUNG BANK: PFOC Delays Sale Decision
---------------------------------------
The Public Fund Oversight Committee (PFOC) is unlikely to pick
the preferred bidder for Chohung Bank at its general meeting on
January 16, The Korea Herald and Bloomberg reports, citing the
Ministry of Finance and Economy said yesterday.

PFOC may delay a decision on whether to approve Shinhan
Financial Group Ltd. as preferred negotiator to complete the
purchase of the government's 80 percent stake in Chohung Bank.

The committee will probably need to hold more meetings before
deciding on a preferred negotiator, according to Vice Finance
Minister Yoon Jin Sik. A subcommittee last month recommended
Shinhan as preferred negotiator.

Shinhan offered about 1.7 trillion won ($1.4 billion) in cash
for half of the stake, and shares for the remainder, Yonhap News
earlier reported. Shinhan officials have declined to comment on
the details of the bid.

Finance Minister Jeon Yun Churl, a member of the committee, has
reiterated the government's plans to complete the sale before
President-elect Roh Moo Hyun takes office in February.


DAEWOO MOTOR: May Spend W30B on Share Buyback in H103  
-----------------------------------------------------
Daewoo Motor Sales may spend about 30 billion won to buy back
its own shares in the first half of this year, Internet news
provider MoneyToday and AFX Asia reported on Tuesday, citing
Company President Lee Dong-Ho.

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, the Troubled Company Reporter-Asia
Pacific reports.


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


ABRAR CORPORATION: Accepts SC's Imposed PRS Condition
-----------------------------------------------------
Further to the announcement on 23 December 2002 in relation to
the Securities Commission's (SC) decision on the Proposed
Restructuring Scheme, on behalf of Abrar Corporation Berhad
(Special Administrators Appointed), Oilcorp Berhad (OilCorp) and
the vendors of the Proposed Acquisitions (Vendors), Public
Merchant Bank Berhad wishes to announce that ACB, OilCorp and
the Vendors had deliberated on the SC's decision and conditions
imposed on the Proposed Restructuring Scheme and had agreed to
accept the said SC's decision and conditions imposed.

In relation to the announcement on 23 December 2002, the
following paragraph,

'In relation to the above, the shareholders of Oil-Line and
Ascentland, whose shares are placed under moratorium, are
required to provide undertakings not to sell, transfer or assign
their respective shareholdings in OilCorp during the entire
moratorium period.'

should be read as follows:

'In relation thereto, shareholders of the said company are
required to provide undertakings not to sell, transfer or assign
their shareholdings in the said company during the entire
moratorium period'.

The "Proposed Restructuring Scheme" refers to:

   - Proposed Share Exchange
   - Proposed Debt Settlement
   - Proposed Transfer
   - Proposed Acquisitions
   - Proposed Waiver of Mandatory General Offers
   - Proposed Offer for Sale
   - Proposed listing of and quotation for the entire issued and
fully paid-up share capital in Oilcorp Berhad on the Main Board
of Kuala Lumpur Stock Exchange.


ASSOCIATED: Articles of Association Amendment Deadline Extended
---------------------------------------------------------------
Associated Kaolin Industries Berhad (Special Administrators
Appointed) wishes to announce that Kuala Lumpur Stock Exchange
had on 14 January 2003 approved AKI's application for a further
extension of time of six months until 30 June 2003 to amend its
Articles of Association in order to comply with Chapter 7 of the
Listing Requirements.


AUTOINDUSTRIES VENTURES: Defaulted Payment Stands RM14,616,064
--------------------------------------------------------------
Further to the announcements made on 14 December 2001 and
subsequently on every month, the position of Autoindustries
Ventures Berhad in respect of its default in payments in the
month of January, 2003 is as follows:

Name of Creditor      Principal (RM)  Interest (RM) Total (RM)

Financial Institutions   14,616,064.04   -        14,616,064.04

As mentioned in the announcement made by the Company to the
Kuala Lumpur Stock Exchange on 13 December 2002, the loan
documentation to convert the existing loans as agreed by the
Financial Institutions as per their Letter of Offers dated 2
December 2002 and 4 December 2002 respectively is still in
progress.


DENKO INDUSTRIAL: MITI Gives PCDRS Conditional Approval
-------------------------------------------------------
Further to the announcements made on 27 November 2002, 18
December 2002, 23 December 2002 and 30 December 2002 in respect
of the Proposed Corporate And Debt Restructuring Scheme (PCDRS),
on behalf of Denko Industrial Corporation Berhad, Public
Merchant Bank Berhad announced that the Ministry of
International Trade and Industry Malaysia (MITI) had, via its
letter dated 10 January 2003 (which was received on 13 January
2003), approved the PCDRS. The MITI's approval is subject to the
following conditions:

   (i) approvals from the Foreign Investment Committee and the
Securities Commission, which were obtained on 21 November 2002
and 23 December 2002 respectively;

   (ii) the equity condition of Winsheng Plastic Industry Sdn
Bhd (Winsheng) amended as follows:

"Up to 70% of the ordinary shares in Winsheng must be acquired
and held by Malaysians of which at least 30% should be allocated
to Bumiputera"

   (iii) Winsheng, Denko-HLB Sdn Bhd and Skiva Holdings Sdn Bhd
are required to comply with the equity conditions stated in
their respective manufacturing licenses within three (3) years
from the date of MITI's approval, i.e. 10 January 2003.

In addition, Denko is required to inform MITI upon
implementation of the above matters.


GEAHIN ENGINEERING: Proposed Restructuring Scheme Approved
----------------------------------------------------------
Further to the announcements made on 5 December 2002, 20
December 2002, 30 December 2002 and 3 January 2003 in respect of
the Proposed Restructuring Scheme (PRS), on behalf of Geahin
Engineering Berhad, Public Merchant Bank Berhad is pleased to
announce that the Ministry of International Trade and Industry
Malaysia (MITI) had, vide its letter dated 10 January 2003
(which was received on 13 January 2003), approved the PRS.

MITI has also allowed Maxbiz Corporation Sdn Bhd (Maxbiz), which
will assume the listing status of Geahin pursuant to the PRS, to
comply with the minimum 30% Bumiputera equity condition within
one (1) year from the date of listing and quotation of the new
Maxbiz shares on the Main Board of the Kuala Lumpur Stock
Exchange.

The MITI's approval is subject to the approvals from the
Securities Commission and the Foreign Investment Committee,
which were obtained on 26 December 2002 and 30 December 2002
respectively.

In addition, Geahin is required to inform MITI upon
implementation of the above matters.


GENERAL LUMBER: MITI OKs Proposed Restructuring Scheme  
------------------------------------------------------
Further to the announcements on the Proposed Restructuring
Scheme dated 15 October 2002 and 2 December 2002, PM Securities
Sdn Bhd, on behalf of General Lumber Fabricators & Builders Bhd
announced that the Ministry of International Trade and Industry
(MITI) has via its letter dated 10 January 2003 approved the
Proposed Restructuring Scheme of GLFB, as proposed, subject to,
amongst others, the following conditions:

   a) The approval from the Securities Commission (SC) and the
Foreign Investment Committee (FIC);

   b) GLFB is to surrender its manufacturing license to the
Malaysian Industrial Development Authority
(MIDA);

   c) Maxtral Industry Berhad (MIB) is required to apply for a
manufacturing license from MIDA upon the Proposed Restructuring
Scheme being approved; and

   d) Rimyasa Development Sdn Bhd (RDSB) is required to discuss
with the MITI on the compliance with the equity conditions
within a period of three years from MITI's approval dated 10
January 2003. RDSB is presently a wholly-owned subsidiary of
GLFB.

In addition to the above, the Company is required to inform the
MITI on completion of the Proposed Restructuring Scheme.

In respect of the condition (c) above, the Board of Directors of
GLFB intends to discuss with the MITI on the requirement to
apply for a manufacturing license as MIB is an investment
holding company and not a manufacturing concern.


KELANAMAS INDUSTRIES: FIC Faces Appeal Over PRS Condition
---------------------------------------------------------
Reference is made to the announcement dated 2 December 2002 made
in relation to the Proposed Restructuring Scheme.

On behalf of the Directors of Kelanamas Industries Berhad,
AmMerchant Bank Berhad (formerly known as Arab-Malaysian
Merchant Bank Berhad) wish to announce that vide a letter dated
14 January 2003, an appeal was made against the Foreign
Investment Committee's (FIC) condition such that MP Technology
Resources Berhad (MPTR), the company to assume the listing
status of KIB, be granted a period of three (3) years from the
date of quotation of MPTR's shares on the Main Board of the
Kuala Lumpur Stock Exchange to achieve the 30% bumiputra equity
interest instead of upon listing of MPTR's shares as contained
in FIC's approval letter dated 21 November 2002.

An announcement on the outcome of the appeal will be made upon
receipt of the decision letter from the FIC


KRAMAT TIN: KLSE Grants Requisite Announcement Time Extension
-------------------------------------------------------------
Further to the announcement dated 3 January 2003, the Board of
Directors of Kramat Tin Dredging Berhad announced that the Kuala
Lumpur Stock Exchange has, vide its letter dated 13 January
2003, granted KTD an extension of 3 months from 4 January 2003
to 3 April 2003 to make its Requisite Announcement under
Practice Note No. 10/2001 to the Exchange for public release.

COMPANY PROFILE

Formerly a tin mining company, the Company merged with Malaysia
Mining Corporation Berhad in June 1980. Subsequently, mining
operations ceased in November 1988.

As at the end of July 2001, the Company has been operating
without a core business and is in the process of identifying
suitable business opportunities.

CONTACT INFORMATION: 32nd Floor, Menara PNB
                     201-A Jalan Tun Razak
                     50400 Kuala Lumpur
                     Tel : 03-2616000
                     Fax : 03-2612951


MYCOM BERHAD: Reaches Settlement Agreement With Lenders
-------------------------------------------------------
Further to the last monthly status announcement on 9 January
2003 on the default in payment, the Board of Mycom Berhad wishes
to announce that its wholly-owned subsidiaries namely, Tingkayu
Plantations Sdn Bhd (TPSB) and Pertama Land & Development Sdn
Bhd (PLD) had on 13 January 2003 reached agreements with both
RHB Bank Berhad and OCBC Bank Berhad (the Lenders) for the
proposed settlement of the outstanding revolving credit
facilities of RM15.0 million each by TPSB and PLD of which the
principal sums are to be settled over a three (3) year period.

By way of this settlement, the civil suits no. D5-22-127-2002
and D5-22-128-2002 commenced by the Lenders against TPSB and PLD
presently pending applications for judgment which are fixed for
hearing on 21 January 2003 before the High Court, Kuala Lumpur
shall be by consent of both parties kept in abeyance or
withdrawn with no order as to costs.


PAN PACIFIC: Released December Default in Payment Status
--------------------------------------------------------
The Board of Directors of Pan Pacific Asia Berhad announced the
Default in Payment as at 31 December 2002 of PPAB and its
subsidiaries in accordance with the Practice Note No. 1/2001,
found at http://www.bankrupt.com/misc/TCRAP_PPAB0117.xls.

The Board also informed that there are no material changes in
PPAB's status of default from the date of last announcement
until 31 December 2002.


PROMET BERHAD: CCM Strikes Off Dormant Units
--------------------------------------------
Following the Company's application to the Companies Commission
of Malaysia (CCM), Promet Berhad on 13 January 2003 received
notices from the CCM that the following dormant subsidiaries of
Promet Berhad have been struck off pursuant to Section 308(4) of
the Companies Act, 1965:

   (a) Promet Contractors Sdn. Bhd. (Company No. 457852 K)
having a share capital of RM1,000,000.00 comprising 1,000,000
ordinary shares of RM1.00 each;

   (b) Ramunia Engineering Sdn. Bhd. (Company No. 53568 P)
having a share capital of RM15,002.00 comprising 15,002 ordinary
shares of RM1.00 each, which is wholly owned by Promet
Construction Sdn. Bhd. which in turn is wholly owned by Promet
Berhad;

   (c) Teknik Samudera Sdn. Bhd. (Company No. 80687 P) having a
share capital of RM120,000.00 comprising 120,000 ordinary shares
of RM1.00 each.

The de-registration of the above-mentioned subsidiaries does not
have any financial and operational impact on Promet Berhad
Group.

COMPANY PROFILE

Originally in the business of building contractors and civil
engineers, the Company diversified into the property and hotel
industries in 1981.

In early 1990, after a period of rationalization, the Group re-
focused its business plans and concentrated on four core
activities: steel fabrication, marine engineering and
construction, civil engineering and construction, property
investment and development. Subsequently, it divested its
interests in the hotel industry in 1993.

The Group has since disposed of its Teluk Ramunia Fabrication
Yard and all the assets at this Yard including temporary
structures as well as machinery, operating equipment and cranes
to Ramunia Energy and Marine Corporation Sdn Bhd pursuant to two
agreements dated 21 June 2001.

The Company is currently working out a restructuring scheme to
inject suitable assets to regularize its financial condition.

CONTACT INFORMATION: 3rd Flr, Plaza Kelanamas
                     19, Lorong Dungun
                     Damansara Heights
                     50490 Kuala Lumpur
                     Tel : 03-2521919
                     Fax : 03-2521911


RAHMAN HYDRAULIC: Originating Summons Hearing Set on March 25
-------------------------------------------------------------
Rahman Hydraulic Tin Berhad (Special Administrators Appointed)
wishes to announce that the Learned Judge has fixed the
Originating Summons on Kuala Lumpur High Court Originating
Summons No. D5-24-184-2002 Speed Operations Sdn. Bhd. & Anor v
the Company & 3 Ors for hearing on 25 March 2003 in Open Court.

The application by the Defendants to strike out the Originating
Summons, which was fixed for hearing on 14 January 2003, has
been vacated pending the outcome of the hearing of the
Originating Summons.


SPORTMA CORPORATION: Provides Defaulted Payment Status Update
-------------------------------------------------------------
As required by the KLSE Practice Note 1/2001, Sportma
Corporation Berhad (Special Administrators Appointed) provides
an estimate of its default in payment as at 31 December 2002, as
attached in Appendix A at
http://www.bankrupt.com/misc/TCRAP_Sportma0117.xls.

The total default by Sportma on the principal sum plus interest
as at 31 December 2002 amounted to RM227,783,832.76. Sportma in
respect of revolving credit facilities, trade financing and
overdraft utilizes the default payment.

There is no further default of payment by the Company, save as
disclosed above, since the previous announcement with regard to
this Practice Note.


SRI HARTAMAS: Proposed Scheme of Arrangement Completion Extended
----------------------------------------------------------------
Further to the announcement dated 10 July 2002 made on behalf of
Sri Hartamas Berhad (Special Administrators Appointed), Commerce
International Merchant Bankers Berhad announced that the
Securities Commission (SC) had, via its letter dated 13 January
2003 granted the Company an extension of time for a period of
six (6) months up to and including 9 July 2003 to complete the
Proposed Scheme of Arrangement.


SURIA CAPITAL: Appoints Awang Besar as Managing Director
--------------------------------------------------------
The Board of Directors of Suria Capital Holdings Berhad  
wishes to announce that the Kuala Kumpur Stock Exchange had vide
a letter dated 13 January 2003 approved SURIA's application for
an extension of two (2) months from 23 December 2002 to 22
February 2003 to enable SURIA to make its requisite announcement
pursuant to paragraph 6.1 of PN 10.

The Board also announced that there's a typing error on the date
on which the Company had filed the legal action against KPMG (as
Defendant). The announcement made on 11 November 2002 had stated
the date as 31 October 2002. The actual date on which the action
was filed was on 30 October 2002.

The Board further announced that YBhg Datuk Ismail Awang Besar,
the Managing Director of the Company, had been appointed as the
Chairman and Managing Director of Sabah Ports Sdn Bhd, which is
a subsidiary company of SURIA. Both appointments are with effect
from 10 January 2003.


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


BENPRES HOLDINGS: Clarifies Maynilad Rate Hike Report
-----------------------------------------------------
Benpres Holdings responded to the news article entitled
"Maynilad rate hike plea gets clearance from MWSS" published in
the January 15, 2003 issue of the BusinessWorld.

The article reported that: "The Metropolitan Waterworks and
Sewerage System (MWSS) yesterday said it approved new rebased
rates for Maynilad Water Services, Inc. In a telephone
interview, MWSS-Regulatory Office (MWSS-RO) chief Eduardo C.
Santos said the board has allowed Maynilad to raise water tariff
by P6.84 per cubic meter to P26.76 per cubic meter from P19.92
at present. However, Mr. Santos said initially, Maynilad can
only increase its all-in average tariff rates this year by P4.4
per cubic meter, while the P2.44-per-cubic-meter balance will be
implemented in the next four years.

Benpres Holdings Corporation, in its letter dated January 15,
2003, disclosed that:

In a letter from Mr. Orlando Hondrade, Administrator of MWSS,
dated January 9, 2003, Maynilad Water Services, Inc. was
informed of the MWSS Board Resolution to grant a rate increase
to Maynilad. The news article currently captures the specific
amount and timing of the rate hike granted by MWSS.

However, the rate adjustment is one of the several issues raised
by Maynilad against MWSS in its Notice of Early Termination
submitted to MWSS on December 9, 2002. Maynilad, with its legal
counsel, are currently reviewing the impact of the rate hike
implementation.

For a copy of the press release, go to
http://bankrupt.com/misc/tcrap_benpres0116.pdf


MAYNILAD WATER: Reviewing MWSS' Tariff Increase Grant  
-----------------------------------------------------
Maynilad Water Services Inc. is reviewing the 6.84 pesos per
cubic meter tariff increase granted by the Metropolitan
Waterworks and Sewerage System (MWSS) after having given up the
water concession, AFX Asia reports.

An initial 4.40 pesos per cubic meter will implement the
increase this year, with the balance to be collected over the
next four years.

In declaring its termination of the concession in December,
Maynilad said the government had not fulfilled its end of the
bargain due to delays in critical infrastructure for the water
system and regulators' reluctance to give the Company a rate
adjustment. The concession dispute is due for arbitration.

"The rate adjustment is one of the several issues raised by
Maynilad against MWSS in its notice of early termination,"
Benpres said.

"Maynilad, with its legal counsel, are currently reviewing the
impact of the rate hike implementation."


PHILIPPINE LONG: Credit Lyonnais Sees Drop in Capex
---------------------------------------------------
Credit Lyonnais Securities Asia (CLSA) Emerging Markets expects
a drop in the capital expenditure (capex) this year of the
wireless services provider Globe Telecom, Inc. and Philippine
Long Distance Telephone Co. (PLDT), Business World reports.

CLSA said it expects the dip as the two telcos have already
built the necessary infrastructure for their cellular
businesses. Also, the subscriber take-up is normalizing, CLSA
said.

"The PLDT Group and Globe's capex is set to fall. Funds can then
be used to reduce debt or pay cash dividends. This is exactly
what happened to Smart Communications, Inc., which with its huge
profit and reduced capex will start to pay out dividends to its
parent PLDT," the report stated.

Smart's capex will fall to $100 million-$150 million annually
starting 2003. This compared to a $300-million capex in 2001 and
less than $200 million in 2002.

Globe's combined fixed-line and mobile business capex is
expected to reach $500 million for this year and next from more
than $600 million last year.

CLSA projects mobile subscriber growth of 10 percent this year
and seven percent next year.

It said the government's plan to hike taxes on the mobile
industry will just force cellular companies to pass the added
cost to subscribers. But it believes the Arroyo administration
will not push through with the move, as officials would be wary
of displeasing the public with the coming elections.

"The government is looking at taxing text messages which have
become the norm among more than 12 million mobile subscribers.
However, as in the past we believe that any new tax will not
gain ground," CLSA said.
      

PHILIPPINE LONG: Extends Gains on ADR Valuation
-----------------------------------------------
Philippine Long Distance and Telephone Co. (PLDT) extend its
rise following gains by its American Depositary Receipt (ADR)'s
and with its low valuation continuing to attract interest, AFX
Asia said on Thursday, citing unnamed dealer.

At 11.11 am on Thursday PLDT was up 7.50 pesos or 2.27 percent
at 337.50 on volume of 43, 080 shares.

The composite index was up 3.83 points at 1,079.30.

"Buying in PLDT was supported by the ADR gains," Regina Capital
Development Corporation analyst Gomer Tan said.

"Based on its book value, PLDT should be at around 499, so it's
still undervalued."

Tan sees PLDT's immediate resistance in the 440-450 ranges after
maintaining support at above 320.

DebtTraders reports that Philippine Long Distance Telephone's
11.375 percent bond due in 2012 (TELP12PHS1) trades between 92
and 94. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=TELP12PHS1


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


FLEXTECH HOLDINGS: De-registers Dormant Subsidiaries
----------------------------------------------------
The Board of Directors of Flextech Holdings Limited announced
that Corpserv Pte Ltd. (Corpserv) and Multimedia Junction Pte
Ltd. (MMJ), both dormant subsidiaries of the Company, have on
December 20, 2002 been deregistered from the Register of
Companies pursuant to Section 344 of the Companies Act, Cap. 50
of Singapore.

Corpserv and MMJ are wholly-owned subsidiaries of the Company
and their deregistration is not expected to have a material
effect on the earnings and net tangible asset per share of the
Flextech group of companies for the financial year ended 31
December 2002.


NATSTEEL LTD: Posts Notice of Shareholder's Interest
----------------------------------------------------
Natsteel Limited posted a notice of changes in substantial
shareholder Beryl Overseas Ltd's interest:
  
Date of notice to company: 15 Jan 2003
Date of change of deemed interest: 13 Jan 2003
Name of registered holder: Standard Chartered Bank
  
Circumstance(s) giving rise to the interest: Others
Please specify details: Receipt by 98 Holdings Pte. Ltd. 98
Holdings of acceptances in respect of an aggregate of 106,277
ordinary shares of S$0.50 each in the capital of NatSteel Ltd
(Acceptance Shares) pursuant to 98 Holdings' mandatory
conditional cash offers (Offer) for all the issued and paid-up
ordinary shares of S$0.50 each in the capital of NatSteel Ltd.

(Note: For the purpose of this notice, 98 Holdings is regarded
as having a direct interest in the Acceptance Shares, regardless
of whether or not settlement and transfer of such shares have
taken place.)

By virtue of Section 7 of the Companies Act, Chapter 50, Beryl
has deemed interest in the Acceptance Shares in respect of which
acceptances of the Offer are received by 98 Holdings.

Information relating to shares held in the name of the
registered holder: -
No. of shares, which are the subject of the transaction: 106,277
% of issued share capital: 0.03
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: S$2.06
No. of shares held before the transaction: 187,935,244
% of issued share capital: 50.31
No. of shares held after the transaction: 188,041,521
% of issued share capital: 50.34

Holdings of Substantial Shareholder including direct and deemed
interest
                                            Deemed     Direct
No. of shares held before the transaction: 187,935,244  
% of issued share capital:                 50.31  
No. of shares held after the transaction:  188,041,521  
% of issued share capital:                 50.34  
Total shares:                              188,041,521  

The percentages above have been computed based on 373,558,237
shares issued as at 18 December 2002. There has been no change
in the no. of issued shares since 18 December 2002.


WEE POH: Revises Scheme of Arrangement
--------------------------------------
Wee Poh Holdings Limited refers to the scheme of arrangement
(SOA) under section 210 of the Companies Act of W&P Piling Pte
Ltd (a subsidiary) of the Company.

Capitalized terms not otherwise defined in this Announcement
shall have the same meanings ascribed to them in the Statement
of Material Facts dated 14 January 2003.

At the Court-ordered meeting of WPP Creditors, which was held on
15 January 2003 to consider the Revised SOA of WPP, WPP failed
to garner the percentage of votes necessary for the approval of
the Revised SOA ie. at least 75 per cent in value of the
Approved Claims. WPP remains in default under the SOA for all
Approved Claims admitted and outstanding and those to be
admitted by the Scheme Administrator. As at the date of this
Announcement, a sum of between $4.7 million and $5.6 million,
depending on the final claims to be admitted as Approved Claims
by the Scheme Administrator, remains unpaid.

The Board of Directors Board are evaluating if there are any
other options available to WPP. However, the Board must caution
that the Company has limited resources to assist WPP in
resolving its financial difficulties. As the Revised SOA has not
been approved, WPP would remain liable to the WPP Creditors
under the SOA for outstanding sums. Should the WPP Creditors,
either individually or collectively, decide to commence legal
proceedings against WPP for amounts owing under the SOA, the
Directors are of the view that WPP would not be able to pay on
demand. The Company has contingent liabilities of approximately
$1.3 million in support of approximately $0.8 million in secured
banking loans and the issuance of performance bonds of
approximately $0.5 million by a certain financial institution on
behalf of WPP. Save for the said contingent liabilities, there
are no other claims on the Company arising from the difficulties
of WPP. The Company shall make timely and relevant announcements
to keep Shareholders informed as and when further developments
occur in respect of WPP.

The Board wish to draw Shareholders' attention to the Strategic
Agreement dated 2 December 2002 between the Company and Tay Hung
Cheow THC for the issue of 1,600,000,000 New Shares at an issue
price of $0.005 each (the Strategic) Issue. One of the
conditions precedents for the completion of the Strategic Issue
is for the WPP Creditors to agree to the Revised SOA, which has
now failed. The Company is presently approaching THC to consider
waiving this requirement. Even if the waiver is granted in
respect of the Revised SOA, the Board must emphasize that the
other conditions precedent under the Strategic Agreement with
respect to the Best Effort Debt Conversion of amounts owing (at
least $2.0 million and not more than $4.0 million) by WPC to its
unsecured creditors would need to be fulfilled.

The Board hopes to obtain THC's waiver in light of the
relatively limited negative impact of WPP's difficulties on the
Group as a whole. If THC's waiver were obtained, the Company
would continue to work on the Capital Reduction, the Best Effort
Debt Conversion and the Strategic Issue. The Board remains of
the view that the capital resulting from the Best Effort Debt
Conversion and the Strategic Issue would be sufficient to
restore and stabilize the financial position of the Group
(excluding WPP). On this assumption, the Board is of the view
that the Company and the Group (excluding WPP) can continue to
operate as going concerns.

The Board is of the view that sufficient financial information
has been provided and properly disseminated to the market to
allow for the orderly trading in the Shares. Save as disclosed
in this Announcement, the Board is not aware of any material
information that will have a material bearing on investors'
decision which have yet to be announced.


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


CHRISTIANI & NIELSEN: Submits Business Reorganization Plan
----------------------------------------------------------
CN Advisory Company Limited, as the Planner of Christiani &
Nielsen (Thai) Public Company Limited, informed that on January
15, 2003 the Company has submitted the Business Reorganization
Plan of the Company to the Official Receiver.

On September last year, the Troubled Company Reporter - Asia
Pacific reported that the company is in the process of
restructuring debts of one billion baht, 300 million of which
are due for repayment six years from now, with Siam Commercial
Bank as its largest creditor. The remaining debts are mostly
owed to trade creditors.


SIAM TIRE: Files Reorganization Petition in Bankruptcy Court
------------------------------------------------------------
The Petition for Business Reorganization of Siam Tire Cord
Company Limited (DEBTOR), engaged in production and sales of
tire cord, was filed to the Central Bankruptcy Court:

   Black Case Number 390/2543

   Red Case Number 450/2543

Petitioner : SRINAKORN BANK PUBLIC COMPANY LIMITED
           : SIAM TIRE CORD COMPANY LIMITED

Planner : SIAM TIRE CORD PLANNER COMPANY LIMITED

Debts Owed to the Petitioning Creditor : 1,685,914,969 Baht

Date of Court Acceptance of the Petition : May 25, 2000

Court Order for Business Reorganization and Appointment of
Planner : June 19, 2000

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: June 26, 2000

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette : July 20, 2000

Deadline for the Planner to submit the Business Reorganization
Plan to the Official Receiver : October 20, 2000

Appointment Date of the Creditors' Meeting for the Plan
Consideration : November 22, 2000 at 9.30am. 11th Floor, Meeting
room no. 1105, Bangkok Insurance Building, Sathorn Rd.

The Creditors' meeting had passed a resolution accepting the
Plan on November 22, 2000

Court hearing has been set on December 15, 2000 at 13.30 pm.

Court had issued the order accepting the reorganization plan :
December 15, 2000 and Appointed Siam Tire Cord Planner Company
Limited to be as the Plan Administrator

Announcement of Court Order for accepting the Business
Reorganization Plan and Appointment of the Plan Administrator in
Matichon Public Company Limited and Siam Rath Company Limited:
January 5, 2001

Announcement of Court Order for accepting the Business
Reorganization Plan and Appointment of the Plan Administrator in
Government Gazette : January 30, 2001

Court had issued the Order for Canceling the Reorganization of
Siam Tire Cord Company Limited since January 31, 2002

Announcement of Court Order for Canceling the Reorganization in
Matichon Public Company Limited and Siam Rath Company Limited:
February 11, 2002

Announcement of Court Order for Canceling the Reorganization in
Government Gazette : February 26, 2002

Contact : Mr. Anusit Tel 6792525 Ext. 122


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

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

Asia Pulp & Paper     FRN     due 2001   1.5 - 2.5       0
Asia Pulp & Paper     11.75%  due 2005    30 - 31        -1
APP China             14.0%   due 2010    30 - 32        0
Asia Global Crossing  13.375% due 2006  11.5 - 13.5      0
Bayan Telecom         13.5%   due 2006    16 - 18        0
Daya Guna Sumudera    10.0%   due 2007     2 - 4         +0.5
Hyundai Semiconductor 8.625%  due 2007    61 - 64        0
Indah Kiat            11.875% due 2002  34.5 - 35.5      0
Indah Kiat            10.0%   due 2007  25.5 - 27.5      0
Paiton Energy         9.34%   due 2014    73 - 78        0
Tjiwi Kimia           10.0%   due 2004    20 - 22        0

Bond pricing, appearing in each Friday's edition of the
TCR-AP, is provided by DebtTraders in New York. DebtTraders is
a specialist in global high yield securities, providing clients
unparalleled services in the identification, assessment, and
sourcing of attractive high yield debt investments. For more
information on institutional services, contact Scott Johnson at
1-212-247-5300. To view our research and find out about private
client accounts, contact Peter Fitzpatrick at 1-212-247-3800.
Real-time pricing available at www.debttraders.com


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

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

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

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

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

                 *** End of Transmission ***