/raid1/www/Hosts/bankrupt/TCRAP_Public/030123.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

           Thursday, January 23, 2003, Vol. 6, No. 16

                         Headlines



A U S T R A L I A

ANACONDA NICKEL: Issues Takeover Offer Update
BALLARAT GOLDFIELDS: Plans Small Shareholdings Sale
COMESTOCK CORPORATION: Former Officer Pleads Guilty
GOODMAN FIELDER: Panel Receives Second Application From BPC1
GRADIPORE LIMITED: Reducing Staff to Slow Cash Expenditures

HILLGROVE GOLD: Releases New Constitution
SELWYN MINES: Administrators Appointed to Subsidiaries
SYDNEY AIRPORT: S&P Affirms BBB/Stable/- Debt Ratings
TIETYENS INVESTMENTS: Mortgage Practice Solicitor Charged


C H I N A   &   H O N G  K O N G

CARRIES DEVELOPMENT: Winding Up Petition Pending
DAXWELL INDUSTRIES: Hearing of Winding Up Petition Set
KIWAI MOTORS: Winding Up Sought by Bank of China
PAN PACIFIC: Winding Up Petition Hearing Set
SUPER SELECT: Winding Up Petition to be Heard


I N D O N E S I A

ASTRA AGRO: 2002 CPO Production Reaches 543,635 Tons


J A P A N

G.O. GROUP: Founder Denies JPY1.37 Billion Swindling Charge
MAZDA MOTOR: To Open 37 More Dealerships in China this Year
MIZUHO HOLDINGS: Set to Absorb Largest Loss in Japan's History
NEC CORPORATION: Board Rift Cost Nishigaki his Post, Say Sources
NISSHO IWAI: Raises JPY9.32 Billion in ITX Stake Sale

SANYO ELECTRIC: Will Meet High CCD Demand Through Investment
SEIBU DEPARTMENT: Wants Former Head to Join Firm Once More


K O R E A

DAEWOO MOTOR: General Motors to Fully Re-establish Firm by 2004


M A L A Y S I A

ABRAR CORP.: Given Time Extension to Obtain Proposals Approvals
AOKAM PERDANA: Proposals Approval Subject to Conditions
BERJUNTAI TIN: Independent Director Bakar Lajim Resigns
DENKO INDUSTRIAL: SC OKs Cheong's General Offer Waiver Request
KELANAMAS INDUSTRIES: MITI Grants PRS Conditional Approval

KUB MALAYSIA: Acquires Shares in A-Centric Designs
LAND & GENERAL: RCSLS B Series Issue Price Fixed
LONG HUAT: Awaits IRB Notice to Release LHM Petition Details
MGR CORPORATION: Posts Change in Audit Committee Notice
NALURI BERHAD: Danaharta Equity Stake Sale Report Untrue

PERNAS INTERNATIONAL: N.E. Director Yusof bin Hussian Resigns
REPCO HOLDINGS: Replies to KLSE's Show Cause Letter
REPCO HOLDINGS: Signs New Restructuring Agreement
SITT TATT: FIC Approves Revised Proposals
TIME DOTCOM: Posts Proposed Capital Repayment Details


P H I L I P P I N E S

DIGITAL TELECOMMUNICATIONS: To Rollout Mobile Service Soon
MANILA ELECTRIC: Solons in Uproar over Power Rate Hike
MAYNILAD WATER: Pushing for Continued Concession Fee Deferral
NATIONAL POWER: Pending Bill in Congress Won't Delay Asset Sale


S I N G A P O R E

ASIA PULP: Indonesia's Forest to Pay for Firm's Debts
IRE CORPORATION: Warns of Huge Losses in Fiscal 2002


T H A I L A N D

BIG C: SET Grants Listed Securities
PAKBARA COLD: Files Reorganization Petition to Bankruptcy Court
PRECIOUS SHIPPING: Debentures Terms Amendments Approved
THAI MILITARY: Books Unaudited Net Loss of Bt160M

     -  -  -  -  -  -  -  -

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A U S T R A L I A
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ANACONDA NICKEL: Issues Takeover Offer Update
---------------------------------------------
The Board of Anaconda Nickel Limited has commenced a thorough review of all
aspects of the unsolicited takeover offer received on Tuesday. The highly
conditional and complex nature of the offer and its mechanics will require
careful legal and financial examination.

The Board has formed a sub-committee, comprising independent
directors, to oversee the review of the offer and external advisors have
been appointed.

Until the Bidder's Statement has been received and reviewed, Anaconda does
not have sufficient information to determine if the Bidder can meet the
conditions specified in their offer, or not.

Accordingly, the Board confirms that it is not yet in a position to make a
formal recommendation to shareholders, and advises
shareholders to take no action in relation to the offer.

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


BALLARAT GOLDFIELDS: Plans Small Shareholdings Sale
---------------------------------------------------
Ballarat Goldfields NL (BGF) has in excess of 6,500 shareholders who hold
less than a marketable parcel of shares ($500) representing approximately
14.8 million ordinary shares and 3.6% of BGF's issued capital. Any such
shareholders wishing to sell their shares on Australia Stock Exchange would
ordinarily be liable to brokerage costs representing a high proportion of
their value.

As a service to small shareholders and in order to reduce the expense to BGF
associated with their administration (printing, mailing and share registry
costs of up to $70,000 per annum), BGF is encouraging small shareholders to
allow their shares to be sold through a facility established by BGF in
accordance with the ASX Listing Rules and BGF's constitution. BGF will pay
for all brokerage costs relating to the sale, which is anticipated to be a
small proportion of the likely annual cost saving.

All small shareholders are being sent documentation. If no reply is received
by BGF's share registry by Friday 7 March 2003 requesting that the shares be
retained, the shares will be sold and the sale proceeds will be remitted to
those shareholders. BGF will make a further ASX announcement prior to
selling any shares on behalf of small shareholders.

Wrights Investors' Service reports that at the end of 2002, Ballarat
Goldfields had negative working capital, as current liabilities were A$3.40
million while total current assets were only A$1.10 million. The fact that
the company has negative working capital could indicate that the company
will have problems in expanding. However, negative working capital in and of
itself is not necessarily bad, and could indicate that the company is very
efficient at turning over inventory, or that the company has large financial
subsidiaries. The company has paid no dividends during the last 12 months
and reported losses during the previous 12 months, Wrights Investors' added.


COMESTOCK CORPORATION: Former Officer Pleads Guilty
---------------------------------------------------
Mr Harunobu Fukusato, a former manager of Comestock Corporation (Australia)
Pty Ltd (in liquidation), has pleaded guilty in the Southport District Court
to five charges under the Corporations Act and Queensland Criminal Code.

The charges were brought by the Australian Securities and Investments
Commission (ASIC) and are being prosecuted by the Commonwealth Director of
Public Prosecutions.

Comestock Corporation was a real estate investment company based in
Queensland. Mr Eikichi Yazawa, a high-profile Japanese musician, was a
director and major shareholder of Comestock Corporation.

ASIC alleges that Mr Fukusato failed to act honestly as an officer of
Comestock Corporation with intent to deceive a creditor. ASIC further
alleges that Mr Fukusato failed to properly inform Mr Yazawa of the fact
Comestock Corporation had been wound up in April of 1995, and that his
actions aided the commission of forgery offences by Mr Hiromi Kawada, the
Australian-based manager of Comestock Corporation.

Mr Fukusato will be sentenced in the District Court at Brisbane at a later
date.


GOODMAN FIELDER: Panel Receives Second Application From BPC1
------------------------------------------------------------
The Takeovers Panel advised that it has received a second application in
relation to the proposed takeover bid for Goodman Fielder Ltd. (Goodman
Fielder). The application is from the bidder, BPC1 Pty Ltd (Burns Philp) (a
subsidiary of Burns, Philp & Company Ltd). The application seeks a
declaration of unacceptable circumstances, interim orders and final orders
in relation to Goodman Fielder, its target statement and related matters.

In the application Burns Philp asserts that it has concerns in
relation to:

   * equality of access to information concerning Goodman Fielder between
rival acquirers;

   * Goodman Fielder's addressing of issues underlying the accounting
conditions in clauses 9.6(g) and 9.6(h) of the Burns Philp bidder's
statement;

   * various aspects of the target's statement relating to the basis upon
which the directors recommendation is made (particularly in relation to the
bases for, and assumptions used in, forecasts and projections used by
Goodman Fielder); and

   * recent advertisements placed by Goodman Fielder, which draw
comparisons between Burns Philp's bid consideration and acquisition
multiples, which Goodman Fielder asserts, have been applied in comparable
transactions.

Burns Philp has requested interim and final orders to address those
concerns.

Burns Philp claims that it does not have sufficient information to determine
whether matters announced by Goodman Fielder triggered conditions of the
offer and, were they to have been triggered, whether Burns Philp would rely
upon those breaches.

The Panel has not yet sought the views of Goodman Fielder in relation to the
application and has therefore formed no views on the application.

The President of the Panel has appointed the same Sitting Panel to consider
the application i.e. Ilana Atlas, Michael Tilley and Marian Micalizzi.


GRADIPORE LIMITED: Reducing Staff to Slow Cash Expenditures
-----------------------------------------------------------
Gradipore Limited announced Wednesday that the company has initiated a
program to reduce staff levels immediately. The reductions, mostly at the
Frenchs Forest headquarters, include approximately 20 people, or 15% of
total headcount worldwide. The reductions primarily affect administrative
support and research projects with extended time horizons.

"Revenues in the six months to December fell short of our targets, in part,
due to the late release of new products," said Robert Lieb, CEO of Gradipore
Limited. "These products are now on the market".

"These staff cuts, while regrettable, are consistent with the
commitments by the Board and management at the AGM to achieve our stated
goals - to reduce net cash use this fiscal year by half and aim for cash
breakeven in FY 2004. The reduction, which is being followed by some
reassignment of people to projects, is in line with our strategic priorities
and our strong customer focus".

Gradipore is a biotechnology company that researches, develops, manufactures
and markets hematological and separation
technologies principally to provide increased efficiency for research and
development for the life science market throughout the world.

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


HILLGROVE GOLD: Releases New Constitution
-----------------------------------------
Hillgrove Gold NL (Receivers and Managers Appointed) (subject to
Deed of Company Arrangement) ACN 004 297 116 posted its Constitution, which
was prepared by Clayton UTZ Lawyers. Go to
http://www.bankrupt.com/misc/TCRAP_HGO0123.pdffor a copy of the
Constitution.

On January 10, the Troubled Company Reporter - Asia Pacific reported that
the Board extended the closing date of the offer of 15 million New Shares at
an issue price of 10 cents per share, contained in the Offer Information
Statement lodged by Hillgrove with the Australian Securities and Investments
Commission (ASIC) and ASX on 17 October 2002 (Offer) from 6 January 2003
until 12 February 2003.

Wrights Investors' Service reports that at the end of 2002, Hillgrove Gold
had negative working capital, as current liabilities were A$47.92 million
while total current assets were only A$8.59 million. It has reported losses
during the previous 12 months and has not paid any dividends during the
previous 2 fiscal years.


SELWYN MINES: Administrators Appointed to Subsidiaries
------------------------------------------------------
Selwyn Mines Limited advised that at John Patrick Cronin and Philip Arthur
Hennessy, Chartered Accountants of KPMG Level 30, Central Plaza 1, 345 Queen
Street, Brisbane in the State of Queensland have been appointed as
administrators to its wholly-owned subsidiary companies, Selwyn Operations
Pty Limited ACN 091 188 019 and Selwyn Queensland Pty Limited ACN 089 594
374, effective 22nd January 2003.

At the end of 2002, Selwyn Mines had negative working capital, as current
liabilities were A$22.81 million while total current assets were only
A$14.94 million, Wrights Investors' Service reported. The company has paid
no dividends during the last 12 months and company has not paid any
dividends during the previous 2 fiscal years.


SYDNEY AIRPORT: S&P Affirms BBB/Stable/- Debt Ratings
-----------------------------------------------------
Standard & Poor's Ratings on Wednesday affirmed its BBB/Stable/- senior
secured debt ratings on Southern Cross Airports Corp. Pty. Ltd. (SCAC), the
immediate owner of Sydney Airports Corp. Pty. Ltd. (SACL), the owner and
operator of Kingsford Smith Airport in Sydney, Australia. The 'AAA' ratings
on the notes guaranteed by MBIA Insurance Corp. were also affirmed. At the
same time, Standard & Poor's affirmed its 'BBB-' rating on the FLIERS, the
most senior obligation at the holding company, Southern Cross Airports Corp.
Holdings Ltd. (SCACH), and assigned its 'BBB-/A-3' corporate credit rating
to SCACH. The outlook is stable.

"Kingsford Smith Airport benefits from a robust business position due to the
size and nature of the port and catchment area it serves, the diversity of
both its aeronautical and nonaeronautical revenue, and higher charges under
a supportive aeronautical pricing environment," said Colin Atkin, associate
director, Corporate & Infrastructure Finance Ratings.

"These strengths are offset by aggressive gearing, and the complex debt and
legal structure adopted when the airport was privatized in June 2002," Mr.
Atkin added.

Debt, operating, and capital expenditure reserves were established at
financial close to underpin the group's  operating integrity and support
liquidity and debt capital obligations in the near term. Operating integrity
and liquidity are further enhanced by established financing facilities and
the recent A$1.5 billion debt capital markets issue, which extended that
debt maturity out to 2007 and 2012. The company has no
significant debt maturities in the next 18 months, which reduces the demand
on liquidity in the near term. The group's stable outlook and credit ratings
depend on the continued recovery and future growth of passenger traffic and
an improvement in cash flows and debt-servicing.

SCACH acquired SACL for A$5.6 billion on June 28, 2002, from the
Commonwealth of Australia through its finance subsidiary, SCAC. The
acquisition included the airport operator's lease for the next 46 years,
with an option to renew for a further 49 years. SACL previously managed and
operated three general aviation airports, however they were not acquired.
Kingsford Smith Airport is Australia's largest airport and airline hub. More
than 23 million passengers passed through the airport in fiscal 2002,
although traffic was almost 10% lower than in fiscal 2001 due to the events
of Sept. 11, 2001.


TIETYENS INVESTMENTS: Mortgage Practice Solicitor Charged
---------------------------------------------------------
Former Albury solicitor Mr Peter Lyle Sharp on Tuesday appeared in the
Sydney Local court on 39 charges brought by the Australian Securities and
Investments Commission (ASIC).

Mr Sharp has been charged with 16 counts of improperly using his position to
gain an advantage for himself, and 23 counts of concurring in the making of
false statements with intent to obtain a financial advantage.

The charges relate to the failed investment by Tietyens Investments Pty Ltd
in the Tally Ho Retirement Village located at Burwood East in Melbourne.
Tietyens Investments was the nominee company of the mortgage scheme of
Tietyens Solicitors based in Albury, New South Wales.

The Law Society of NSW appointed Mr David Lombe, of Deloitte Touche Tohmatsu
as receiver to the scheme in December 1996, after concerns relating to
investments in the Tally Ho Retirement Village.

Mr Sharp did not enter a plea. The matter will next come before the court on
4 March 2003. The Commonwealth Director of Public Prosecutions is
prosecuting the matter.


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C H I N A   &   H O N G  K O N G
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CARRIES DEVELOPMENT: Winding Up Petition Pending
------------------------------------------------
Carries Development Limited is facing a winding up petition, which is slated
to be heard before the High Court of Hong Kong on March 10, 2003 at 10:00
am.

The petition was filed on January 9, 2003 by Bank of China (Hong Kong)
Limited whose registered address is at 14/F., Bank of China Tower, No. 1,
Garden Road, Central, Hong Kong.


DAXWELL INDUSTRIES: Hearing of Winding Up Petition Set
------------------------------------------------------
The petition to wind up Daxwell Industries Limited is set for hearing before
the High Court of Hong Kong on March 10, 2003 at 10:00 in the morning.  The
petition was filed with the court on January 9, 2003 by Bank of China (Hong
Kong) Limited whose registered address is at 14/F., Bank of China Tower, No.
1, Garden Road, Central, Hong Kong.


KIWAI MOTORS: Winding Up Sought by Bank of China
------------------------------------------------
Bank of China (Hong Kong) Limited is seeking the winding up of Kiwai Motors
(China) Company Limited. The petition was filed on December 3, 2002, will be
heard before the High Court of Hong Kong on February 5, 2003 at 10:00 in the
morning.

Bank of China holds its registered office at 14/F., Bank of China Tower, No.
1, Garden Road, Central, Hong Kong.


PAN PACIFIC: Winding Up Petition Hearing Set
--------------------------------------------
The petition to wind up Pan Pacific Wine Limited will be heard before the
High Court of Hong Kong on February 26, 2003 at 10:00 in the morning.

The petition was filed with the court on December 31, 2002 by Bank of China
(Hong Kong) Limited whose registered address is at 14/F., Bank of China
Tower, No. 1, Garden Road, Central, Hong Kong.


SUPER SELECT: Winding Up Petition to be Heard
---------------------------------------------
The petition to wind up Super Select Limited is scheduled for hearing before
the High Court of Hong Kong on February 26, 2003 at 10:00 in the morning.
The petition was filed with the court on December 31, 2002 by Bank of China
(Hong Kong) Limited whose registered address is at 14/F., Bank of China
Tower, No. 1, Garden Road, Central, Hong Kong.


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


ASTRA AGRO: 2002 CPO Production Reaches 543,635 Tons
----------------------------------------------------
PT Astra Agro Lestari Terbuka (AALI) has improved its operational
performance, mainly in areas of production growth, productivity and product
quality in the year 2002.

According to a company statement, Crude Palm Oil (CPO) production increased
from 519,760 tons in 2001 to 543,635 tons, followed by a rise in CPO
quality, as reflected by the sharp increase (80.9 percent) in Super CPO
production to 79,919 tons. The average Free Fatty Acid (FFA) content
improved from 3.3 percent in 2001 to 2.9 percent.

Wrights Investors' Service reports that at the end of 2001, PT Astra Agro
had negative working capital, as current liabilities were Rp427.52 billion
while total current assets were only Rp254.05 billion The fact that the
company has negative working capital could indicate that the company will
have problems in expanding.


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

G.O. GROUP: Founder Denies JPY1.37 Billion Swindling Charge
-----------------------------------------------------------
The founder of G.O. Group of investment companies, Genta Ogami, has pleaded
not guilty to charges of swindling investors of some JPY1.37 billion, Kyodo
News said recently.

Appearing before Tokyo District Court Presiding Judge Koiichi Ideta last
Monday, Mr. Ogami said there was nothing wrong with the way the G.O. Group
operated its business.  He blamed the media for the negative publicity that
allegedly created a wrong impression about the group's ability to make
returns on investments.

"I'm sorry for the members. I will definitely repay once I become free," Mr.
Ogami was quoted by Kyodo News as saying.

Four other executives, however, admitted the charges, leading Judge Ideta to
try Mr. Ogami separately.  The four are Fujinori Tada, Eiichi Saka, Yukinari
Suzuki, and Kiyoshi Haneda.

The report says the five masterminded the scheme that swindled 135 people
across Japan of JPY1.34 billion from 1997 to 2002.  The scheme involved
promising high dividends on investment in mail-order services.

Under the scheme, the report said, prospective G.O. Group investors received
catalogs of merchandise and were asked to pick products they thought would
sell. They were then asked to invest to help advertise the products, and
promised returns in accordance with the sales of the products.

The group also sent some of the money raised in Japan to start businesses in
Indonesia and the Philippines, according to investigators. It purchased
Unitrust Development Bank in the Philippines in September 2001.
Accordingly, the group collected money from investors in the Philippines and
Indonesia under similar schemes and caused trouble.

The five are accused of fraud under the Penal Code, and also with organized
fraud under a new law against organized crime.
Under the law against organized fraud, which took effect in February 2000,
the maximum penalty is 15 years in prison, compared with 10 years for fraud
under the Penal Code.

In their opening statement, the prosecutors alleged that most of the money
collected from investors was used mainly for entertainment expenses, the
report said. Prosecutors allege that Mr. Ogami, from around 1995, often
said: "The poor have grand desires, and once they are given bait, they will
continue to bite into it despite their losses."

In April last year, the Tokyo District Court declared Mr. Ogami and five
G.O. companies bankrupt, the report said.


MAZDA MOTOR: To Open 37 More Dealerships in China this Year
-----------------------------------------------------------
Restructuring Japanese carmaker Mazda Motor Corporation plans to increase
its dealers in China to 85 from 48 this spring in order to achieve its goal
of doubling sales in China, Japan Times reported yesterday.

The company hopes to make a 3% dent on the Chinese auto market as part of
its recovery scheme.  It aims sales of 45,000 vehicles this year.

According to the paper, Mazda has been producing its Premacy minivan and the
Mazda323 sedan, called the Familia in Japan, in cooperation with FAW Hainan
Motor Co., a unit of China's largest carmaker, First Auto Work Group Corp.
FHC is located on the southern island of Hainan.

Beginning this spring, Mazda plans to produce its midsize model Mazda6 at an
FAW Car Co. factory in Changchun, Jilin Province, and expand its vehicle
lineup in China. The Mazda6 is called the Atenza in Japan.

The carmaker expects to show a significant jump in annual earnings this
March, thanks to brisk sales of its new models.  In the six months to
September, the carmaker posted a net profit of 5.58 billion yen, a fourfold
increase from a year earlier.  The company, partly owned by Ford, forecasts
an annual net profit of 26.5 billion yen for the year ending March 31.

The improving outlook of the company, which has fallen way behind other
Japanese carmakers like Honda, Nissan and Toyota, is largely caused by the
rollout of new models.  In December, the company began selling the Mazda6 in
the U.S.  This model is selling well in the highly competitive European
market, TCR-AP said early this month.


MIZUHO HOLDINGS: Set to Absorb Largest Loss in Japan's History
--------------------------------------------------------------
Japan's leading financial group, Mizuho Holdings Inc., is expected to book
losses of JPY1.95 trillion (US$16.3 billion) this year, as the country's
financial regulator will likely demand deeper write-offs, the New York Times
says.

According to the paper, other banks will suffer huge losses as well, but
Mizuho, which does business with 70% of the companies on the Tokyo Stock
Exchange, will suffer the most.  In recent months, the bank has been
bombarded with requests from its big borrowers for debt waivers and other
assistance, the paper said.

Japan's bad loans have already ballooned to JPY52 trillion (US$433 billion),
says the New York Times, and it is expected that financial regulators will
demand for huge write-offs to cleanup the nation's troubled financial
industry.

To offset this write-off, Mizuho and its rivals plan to raise capital.
Early this week, Mizuho bared plans to sell about JPY1 trillion (US$8.3
billion) in preferred shares to investors and its clients, including Japan's
largest companies.

Mizuho has also doubled its expected credit costs to JPY2 trillion ($16.7
billion), about one-third of which will offset unrecoverable loans and the
rest set aside against potential defaults, the paper said. The higher credit
costs, coupled with deeper losses on the bank's stock portfolio, will force
Mizuho to lose JPY1.95 trillion (US$16.3 billion) this year, the paper said.

"The measures will provide maximum financial preparation for further
accelerating corporate revival and reduction of non-performing loans,"
Terunobu Maeda, president of Mizuho Holdings, said in a statement early this
week.

In December, according to the paper, the bank announced plans to overhaul
its bloated operations as well.  Mizuho, which was formed last April after
Dai-ichi Kangyo Bank, Fuji Bank and the Industrial Bank of Japan merged,
said it would eliminate an additional 5,800 jobs, or 20 percent of the work
force, by March 2005. The bank also plans to close 118 branches in Japan and
13 subsidiaries overseas.

Despite Mizuho's efforts to cut costs, its fortunes are tightly linked to
those of its biggest borrowers, the New York Times says.

A case in point is Seibu Department Stores Ltd., which sought JPY230 billion
(US$1.9 billion) in financial aid from its largest creditors, including
Mizuho Corporate Bank Ltd., Mizuho's commercial banking arm.

Yuri Yoshida, an S&P analyst interviewed by the New York Times, said these
weakened clients and the deteriorating economy will continue to cast a
shadow on Mizuho's health.


NEC CORPORATION: Board Rift Cost Nishigaki his Post, Say Sources
----------------------------------------------------------------
His restructuring measures were considered too radical and harmful in the
boardroom--that was the reason behind the NEC Corporation's President Koji
Nishigaki resignation.

Citing sources close to the firm, the Asahi Shimbun said Mr. Nishigaki's
proposals were repeatedly criticized by his predecessor, Tadahiro Sekimoto,
leading the former to announce his surprise resignation early this week.

The revelation is in stark contrast to the account given by Mr. Nishigaki on
Monday, when he told a press conference that he was stepping down because
his restructuring measures had begun to bear fruit, the paper said.  The
slashing of 16,000 workers from the payroll in fiscal 2001 had proved
effective, he said.

Mr. Nishigaki added that the company was "now in a position to project a
profit for the current fiscal year (ending in March)," after posting a
record net loss in fiscal 2001.  He also said that he would pass his post to
senior managing director Akinobu Kanasugi on March 28.  Poor health has also
been cited as a factor, as Mr. Nishigaki was hospitalized for persistent
back pain in November, the paper said.

"But it was a clash with Sekimoto that surfaced last year that the sources
claim provoked Nishigaki's resignation, coming at the end of his second
two-year term," the Asahi Shimbun said.

Asked about the internal criticism, Mr. Nishigaki conceded to the press that
he had "caused disputes (with Sekimoto) by prioritizing speed in the reform
plan."

Mr. Nishigaki became president in March 1999 and shortly thereafter
proceeded with the liquidation of a U.S. subsidiary that produced personal
computers and splintered NEC's electronic component operations, including
semiconductors, by setting up new companies, the paper said.

Mr. Sekimoto said such radical measures would "weaken the foundations of
manufacturing operations," sources told the paper.  After the company posted
a net loss of JPY312 billion in fiscal 2001 -- its worst result ever -- Mr.
Sekimoto's criticism began to gain more support within the company.

Mr. Nishigaki, who admitted to leaving still unfinished business, has
carried out the so-called second phase of his restructuring plan, which
includes realignment of the firm's three pillars of operations --
semiconductors, telecommunications and installation of information
technology infrastructure for corporations and government agencies.

While a primary goal of establishing a separate company for NEC's
semiconductor operations was achieved in November, the goal of merging the
other two operations remains unrealized, the paper said.

Mr. Nishigaki said the second stage of reforms will be carried out by
incoming President Kanasugi, who is currently in charge of the company's IT
infrastructure operations.  He will stay on as vice chairman to support the
new administration.  He plans to oversee discussions between the new
semiconductor firm and NEC, the paper said.


NISSHO IWAI: Raises JPY9.32 Billion in ITX Stake Sale
-----------------------------------------------------
Debt-laden Japanese trading house, Nissho Iwai, has agreed to sell part of
its stake in start-up IT business, ITX, for JPY9.32 billion, the Financial
Times said recently.

The company, which is set to merge in April with Nichimen, another mid-sized
debt-laden trading house, says it has not yet decided what to do with the
money, but it may use it to pay its main creditors -- UFJ, Mizuho and Tokyo
Mitsubishi banks.

The paper said Olympus Optical, the world's biggest maker of endescopes,
will acquire the 100,200 shares of ITX, increasing its stake in the company
to 22.34 percent from a current 1.9 percent. Olympus has already bought
JPY10 billion of convertible bonds issued by ITX.

The move, according to the paper, will make Olympus the top shareholder in
ITX, a start-up focusing on telecoms and networking.  Nissho, on the other
hand, will reduce its stake in ITX to 22.3 percent from 42.75 percent
following the sale, the paper said.

"The deal will allow ITX to access Olympus's precision technology and
marketing strength, while Olympus will benefit from ITX's ability to
generate new businesses," Olympus President Tsuyoshi Kikukawa was quoted by
the Financial Times as saying.

The paper said it was Olympus who acted as a catalyst for the deal,
approaching ITX last summer regarding a possible partnership.  ITX then
consulted Nissho Iwai -- then its largest shareholder -- as to how it should
proceed.

Meanwhile, Nissho and Nichimen plan to cut 4,000 jobs and 130 subsidiaries
over three years to help cut costs by a cumulative JPY80 billion.  The paper
said even with the JPY200 billion capital injection the two companies seek
after merging in April, the new entity would have to continue to cut total
debt, which stands at about JPY3 trillion.


SANYO ELECTRIC: Will Meet High CCD Demand Through Investment
------------------------------------------------------------
Sanyo Electric Co. has earmarked JPY45 billion for investment into the
production of charge-coupled devices (CCD) commonly used in digital devices
like camera-equipped mobile phones.

Riding on the growing demand for CCDs, the firm hopes to achieve JPY100
billion in sales by 2005.  The investment, according to Japan Times, will be
spread over three years, beginning with JPY10 billion in fiscal 2003.  The
investment is designed to boost Sanyo's monthly CCD production capacity by
five times to 5 million units in spring 2004, it said.

The company also said it will start sample shipments of blue-violet
semiconductor laser parts in May to start mass production this autumn.  The
paper said the laser will be used in next-generation optical discs, for
writing and retrieving data.

Sanyo Electric will invest JPY10 billion yen in advanced optical parts,
including new laser parts, by 2005, aiming to achieve 15 billion yen in
sales from those products in 2006, it said.


SEIBU DEPARTMENT: Wants Former Head to Join Firm Once More
----------------------------------------------------------
It would be a return of some sorts for Shigeaki Wada if he takes up the
offer to head anew, ailing Seibu Department Stores Ltd.

According to the Japan Today, the former president, which now heads retailer
Sogo Co., has been offered to take up his old position at Seibu, while
serving concurrently as President of Sogo.  The paper did not say whether or
not the 69-year-old executive is considering the offer.

The cash-strapped department stores plans to close its outlets in Hakodate,
Hokkaido; Toyohashi, Aichi Prefecture; Sendai and Kawasaki in August, as
part of its restructuring scheme.  The Company had originally considered
closing or reducing operations by February 2008, which will mark the end of
a five-year restructuring program that will get under way in the 2003
business year.

The Company decided to halt operations at the Hakodate, Sendai and Kawasaki
outlets because they have suffered pretax losses and it is unlikely their
balance sheets will improve, TCR-AP said Monday. It will close the pre-tax
profitable Toyohashi outlet because of its aging building.

The company also plans to freeze hiring in order to cut down an annual
JPY17.8 billion bill related to workers' compensation and benefits beginning
next month, the start of its fiscal 2003.  TCR-AP on Monday said the move is
unprecedented for the major department store that has recruited an average
of 40-80 employees annually since 1993.  Its workforce, currently numbering
5,400, will be reduced to 3,400 next month.  At the end of the freeze in
February 2008, the company will only have
2,400 workers.

The company has six major creditor banks, which include Mizuho
Corporate Bank, and the affiliated Credit Saison Co.


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


DAEWOO MOTOR: General Motors to Fully Re-establish Firm by 2004
---------------------------------------------------------------
The restructuring of South Korean carmaker, Daewoo Motor, is now in full
swing, as evidenced by General Motor's grand design to put the company back
on the motoring map by 2004.

According to Blue News, the U.S. car giant, which came to Daewoo's aid last
year, intends to increase the latter's production by one-third this year
from only 300,000 units last year and to exceed 500,000 units in 2004.

General Motors also plans to produce about 35% of Daewoo vehicles under
another brand belonging to GM, the news agency said.  To restore Daewoo's
image, the U.S. partner will also go on a marketing blitz, allotting 20%
more budget for advertising this year.  Daewoo's main targets are South
Korea, Europe and Australia, the report said.


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


ABRAR CORP.: Given Time Extension to Obtain Proposals Approvals
---------------------------------------------------------------
Abrar Corporation Berhad (Special Administrators Appointed)
refers to the announcement made by Public Merchant Bank Berhad (PMBB) on
behalf of ACB on 21 November 2002 in relation to the Proposals.

On behalf of ACB, PMBB wishes to announce that the relevant parties to the
Share Sale Agreements of the Proposed Acquisitions, and the Listing
Agreement have agreed to extend the date of which the parties were to obtain
all approvals for the Proposals to 11 March 2003.

The Proposals refers to:

   - Proposed Share Exchange
   - Proposed Debt Settlement
   - Proposed Transfer
   - Proposed Acquisitions
   - Proposed Offer for Sale


AOKAM PERDANA: Proposals Approval Subject to Conditions
-------------------------------------------------------
Aokam Perdana Berhad, in reference to its previous 18 December 2002
announcement and 19 December 2002 Proposals, consisting of  its Proposed
Rescue Scheme and Proposed Employees' Share Option Scheme, released this
information:

On behalf of the Board of Directors of Aokam, Southern Investment Bank
Berhad (SIBB) announced that the Labuan Offshore Financial Services
Authority (LOFSA) had stated, via its letter dated 20 January 2003, which
was received by SIBB on 21 January 2003, that it has no objection to the
Proposals.

The approval of the LOFSA is subject to the following conditions:

   (i) Credit Suisse First Boston, Labuan Branch, obtains the formal
approval from the LOFSA to participate in the proposed debt settlement
(Proposed Debt Restructuring) to be undertaken pursuant to the Proposals;
and

   (ii) The approval is obtained from Bank Negara Malaysia for the proposed
issuance of redeemable convertible secured loan stocks to non-residents
pursuant to the Proposed Debt Restructuring.


BERJUNTAI TIN: Independent Director Bakar Lajim Resigns
-------------------------------------------------------
Berjuntai Tin Dredging Berhad posted this Change in Boardroom notice:

Date of change : 20/01/2003
Type of change : Resignation
Designation    : Director
Directorate    : Independent & Non Executive
Name           : Datuk Haji Abu
Age            : 65
Nationality    : Malaysian
Qualifications : Nil
Working experience and occupation : Executive Chairman of Tuah Guard (M) Sdn
Bhd and ABL Security Sdn Bhd - present
Directorship of public companies (if any) : Medas Corporation Berhad
Sime UEP Properties 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

COMPANY PROFILE

The Company (BTD) began as a tin mining company in Selangor. Due to poor tin
market conditions, it ceased all tin operations from December 1993. BTD
retained two dredges and kept them under care and maintenance while the
remaining units were sold. Meanwhile BTD continued with its cement bricks
manufacturing business. As a result of the downturn in the property market,
in October 1997, BTD suspended its bricks operations.

Currently, BTD is awaiting approval of its applications for renewal of its
mining leases and is continuing discussion with the state government on the
proposal to develop its mining land into a mixed residential and commercial
property. Besides this proposal, the Board is seeking new business
opportunities.

The Company had proposed to restructure the financial position of the Group.
This involved the acquisition of property development companies, Uniphoenix
Jaya Sdn Bhd, Bukit Permata Sdn Bhd and Oaksvilla Sdn Bhd; land in Bandar
Sri Menjalara, Selangor, and Mt Austin, Johor; and conversion of RM18.10m
debts owed by BTD to holding company Malaysia Mining Corporation. The
proposal was part of BTDs intention to be involved in property development.

On 26 November 2001, the SC informed it is unable to grant a waiver to the
Company for not complying with the minimum land-bank requirement for
property development companies of 1,000 acres. Consequently, the Board is
deliberating on the course of action to be taken.

CONTACT INFORMATION: 32nd Floor Menara PNB
                     201-A Jalan Tun Razak
                     50400 Kuala Lumpur
                     Tel : 03-2161 6000;
                     Fax : 03-2161 2951


DENKO INDUSTRIAL: SC OKs Cheong's General Offer Waiver Request
--------------------------------------------------------------
Further to the announcements dated 27 November 2002, 23 December 2002 and 30
December 2002, Public Merchant Bank Berhad (PMBB), on behalf of Denko
Industrial Corporation Berhad, announced that the application on behalf of
Yong Boon Cheong for a waiver from his obligation to undertake a mandatory
general offer for the remaining voting shares in Denko pursuant to Practice
Note 2.9.3 of the Malaysian Code on Take-Overs and Mergers 1998 (Waiver),
has been approved by the Securities Commission (SC) vide its letter dated 20
January 2003. The SC had approved the Waiver after taking note that
following the implementation of all the proposals under the Proposed
Corporate And Debt Restructuring Scheme, the shareholdings of Yong Boon
Cheong will be reduced from 34.92% to 20.81% upon full conversion of all the
redeemable convertible secured loan stocks, irredeemable convertible
preference shares and irredeemable convertible unsecured loan stocks to be
issued by Denko. In relation thereto, PMBB and Yong Boon Cheong are to take
note of the following matters:

   (a) The Waiver is only in relation to the shareholding of Yong Boon
Cheong in Denko of 34.92% following the proposed acquisition of Winsheng
Plastic Industry Sdn Bhd;

   (b) In relation to the 34.92% equity interest held in Denko, any increase
in shareholding of more than 2% of the voting shares in Denko by Yong Boon
Cheong will give rise to a new mandatory general offer obligation by Yong
Boon Cheong; and

   (c) Any increase of more than 33% of the voting shares in Denko by Yong
Boon Cheong after his shareholdings are reduced to less than 33% following,
among others, the implementation of other proposals under the PCDRS, will
also give rise to a new mandatory general offer obligation by Yong Boon
Cheong.


KELANAMAS INDUSTRIES: MITI Grants PRS Conditional Approval
----------------------------------------------------------
Reference is made to the announcement on the Proposed Restructuring Scheme
(PRS) dated 30 August 2002. AmMerchant Bank Berhad (formerly known as
Arab-Malaysian Merchant Bank Berhad), on behalf of the Board of Directors of
Kelanamas Industries Berhad announced that the Ministry of International
Trade and Industry (MITI) has vide a letter dated 15 January 2003 approved
the Proposed Restructuring Scheme subject to, inter alia, the following
conditions.

The special issue of 30,000,000 new MP Technology Resources Berhad's shares
to be subject to the approval of MITI, the allocation of which is to be
determined after the approval of the Securities Commission.

At least 70% of the ordinary shares of Plastronic Industries Sdn Bhd
(Plastronic) to be acquired and held by Malaysian citizens, including at
least 30% reserved.

Plastronic and Tai Seng Plastic Industry Sdn Bhd (who are currently applying
for the manufacturing license and will be subject to the same equity
conditions as above) are required to discuss with the MITI on the compliance
to the said equity conditions within three (3) years from the date of the
MITI's approval.

SBM Food Industries Sdn Bhd, a wholly owned subsidiary of KIB, to surrender
its manufacturing license to MIDA.


KUB MALAYSIA: Acquires Shares in A-Centric Designs
--------------------------------------------------
KUB Malaysia Berhad informed that it has acquired two (2) ordinary shares of
RM1.00 each in the capital of A-Centric Designs Sdn Bhd (A-Centric Designs)
for a total cash consideration of RM2.00. With the aforesaid acquisition,
A-Centric Designs has become a wholly-owned subsidiary of the Company.

A-Centric Designs, which has an authorized and paid-up share capital of
RM100,000.00 and RM2.00 respectively, was established to undertake the
advertising and public relation works for KUB Group.

None of the directors or major shareholders of KUB or persons connected with
them has any interest, direct and indirect in the aforesaid acquisition of
shares in A-Centric Designs.

The Troubled Company Reporter - Asia Pacific reported on January 13 that the
Company, through appointed Receivers & Managers, is currently attempting to
dispose off Visionscape's assets via tender to recover the balance.
Currently, KUB Malaysia Berhad has advanced a total sum of RM40.3 million to
Visionscape Sdn Bhd (VisionScape) out of which KUB has made a provision of
RM8.9 million, leaving a balance of RM31.4 million.


LAND & GENERAL: RCSLS B Series Issue Price Fixed
------------------------------------------------
Land & General Berhad refers to the announcement dated 27 December 2002 in
relation to the Proposed Composite Debt Restructuring Scheme of the L&G
Group comprising:

   (i) Settlement by the L&G Group of Secured Debts Owed to the Financial
Institution Lenders of L&G and Certain Financial Institution Lenders of a
Subsidiary and Associated Company of L&G to Whom Corporate Guarantees Have
Been Provided and Holders of 4.5% Euro Convertible Bonds Due 2004 Issued by
L&G in 1994 (Scheme Creditors) Amounting to Rm101.043 Million Via Proposed
Issue of RM16.884 Million Nominal Value of 5% Redeemable Convertible Secured
Loan Stocks of RM1.00 Each to be Issued at 100% of its Nominal Value; and

   (ii) Settlement of Unsecured Debts Owed to the Scheme Creditors Amounting
to RM349.448 Million Via the Proposed Issue of RM304.079 Million Nominal
Value of 5% Redeemable Convertible Secured Loan Stocks of RM1.00 Each to be
Issued at 100% of its Nominal Value (RCSLS B Series) and the Proposed Issue
of RM45.369 Million New Ordinary Shares of RM1.00 Each in L&G (L&G Shares)
at an Issue Price to be Determined (Proposed Unsecured Debts Settlement).

On behalf of the Board of Directors of L&G, Commerce International Merchant
Bankers Berhad wishes to announce that the Company has decided to fix the
issue price of the RCSLS B Series to be issued pursuant to the Proposed
Unsecured Debts Settlement at RM1.00, being the higher of the weighted
average market price of L&G Shares for the period from 14 January 2003 to 20
January 2003 of RM0.29 per share or at par.


LONG HUAT: Awaits IRB Notice to Release LHM Petition Details
------------------------------------------------------------
Long Huat Group Berhad refers to the advertisement on a leading newspaper
dated 17 January 2003 in relation to the notice of winding up petition
(Section 218 Notice of Companies Act) served on Long Huat Manufacturing Sdn
Bhd (LHM), a wholly owned subsidiary of LHUAT by Government of Malaysia
(Inland Revenue Board (IRB)).

However, as of Tuesday the Company has yet to receive the said notice from
the IRB and as such, the Company is unable to release the relevant details
on the winding up petition. The Company has instructed its solicitors to
obtain a copy of the notice from IRB. LHUAT will make a full announcement on
the winding up petition upon getting the said notice from IRB.


MGR CORPORATION: Posts Change in Audit Committee Notice
-------------------------------------------------------
MGR Corporation Berhad posted this notice:

Date of change : 17/01/2003
Type of change : Vacation of Office
Designation    : Member of Audit Committee
Directorate    : Non Independent & Non Executive
Name           : Keiichiro Muramatsu
Age            : 61
Nationality    : Japanese
Qualifications : Bachelor Degree in Physical Education from Yokohama
University
Working experience and occupation  :

1) 1964-Chief Scaler with Toyogumi Co Ltd , Japan, a company authorized by
the Japanese Government in the area of timber scaling, weighing and customs
declaration.
2) 1984-Chief Marketing Manager with Harada & Co Ltd, a wholesaler of round
logs.
3) 1987-set up own business called Muramatsu & Co, agent for sawn timber
imports into Japan.
4) Technical Advisor in the marketing of the Group's timber products into
the Japanese Market.

Directorship of public companies (if any) : NIL
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) Dato' Haji Abdul Aziz Bin Mohamed - Independant non-Executive
Director
2) Loi Lung Kiong - Non Independant Managing Director

COMPANY PROFILE

The MGR Group is primarily engaged in the manufacturing, marketing and
trading of timber and timber related products in Malaysia.

MGR was engaged in sawn timber trading when it began operations in 1985. It
later expanded into the sale of timber logs. In 1989, MGR ventured into
downstream activities beginning with wood moldings. In mid-1996, MGR
branched into the downstream processing of plain plywood and subsequently
supplemented its furniture operation by moving into the manufacturing of
doors.

The acquisition of a sawmill in 1993 enabled the Company to capture foreign
markets. Henceforth, high-end value-added wood moldings and interior
furniture were manufactured for the European and American markets.

Currently, the Company is in the process of undergoing a restructuring
scheme involving the acquisition of certain assets of the Company, including
its listed status. On 5 March 2002, a conditional principal agreement was
entered into with Crest Builders Sdn. Bhd and its shareholders for the
purpose of implementing the scheme.

CONTACT INFORMATION: Wisma Aman, Mile 1 1/2
                     Jalan Tuaran
                     88400 Kota Kinabalu
                     Sabah
                     Tel : 088-239006
                     Fax : 088-239009


NALURI BERHAD: Danaharta Equity Stake Sale Report Untrue
--------------------------------------------------------
Naluri Berhad (Special Administrators Appointed) responded to the article in
the Malay Mail dated 20 January 2003 entitled "Valiant, Danaharta to ink new
deal on Naluri Stake", which implied Pengurusan Danaharta Nasional Berhad
(Danaharta) is about to sell a significant equity stake in Naluri Berhad to
Valiant Entity Sdn Bhd:

In line with KLSE disclosure rules governing material events affecting
listed companies, Naluri Berhad has sought clarification from Danaharta as
the chargee over an equity stake of approximately 44.8% in Naluri. Danaharta
has confirmed that they are not in discussion with Valiant Entity Sdn Bhd
over the said equity stake and such, there is no basis for the article.


PERNAS INTERNATIONAL: N.E. Director Yusof bin Hussian Resigns
-------------------------------------------------------------
Pernas International Holdings Berhad posted this notice:

Date of change : 20/01/2003
Type of change : Resignation
Designation    : Director
Directorate    : Independent & Non Executive
Name           : Mohd Yusof bin Hussian
Age            : 54
Nationality    : Malaysian
Qualifications :

Registered Accountant, Malaysian Institute of Accountants
Fellow Member of The Chartered Association of Certified Accountants (UK)
Member of the Chartered Institute of Purchasing and Supply (UK)
Certified Financial Planner

Working experience and occupation :
1986 - 1999 : Shell Malaysia
Internal Audit for 1 year
Treasurer for 4 years
Contrat Manager (Purchasing) for 5 years
Special Project Manager (Finance) in Shell Malaysia Trading for 1 year.
Business Support Manager in Shell Refining for 2 years.

Directorship of public companies (if any) : Foremost Holdings 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 : 14,000 Ordinary Shares

Wrights Investors reports that at the end of 2001, Pernas International had
negative working capital, as current liabilities were RM853.37 million while
total current assets were only RM352.45 million. It also reported losses
during the previous 12 months and has paid no dividends during the last 12
months.


REPCO HOLDINGS: Replies to KLSE's Show Cause Letter
---------------------------------------------------
Further to the announcement made on 6 January 2003, the Special
Administrators of Repco Holdings Berhad stated that pursuant to the
de-listing procedures, they have on behalf of Repco, submitted a written
response to Kuala Lumpur Stock Exchange's notice to show cause on 17 January
2003 giving reasons as to why Repco's securities should not be removed from
the Official List of the Exchange.

At the same time, the SA have also appealed to the KLSE to grant the Company
an extension of time until 31 July 2003 to enable the Company to regularize
its financial condition as required under paragraph 5.1 of PN4/2001.


REPCO HOLDINGS: Signs New Restructuring Agreement
-------------------------------------------------
Following the Securities Commission's (SC) rejection, in October 2002, of
Repco Holdings Berhad (Special Administrators Appointed)'s application to
the SC dated 19 April 2002 on its Proposed Scheme of Arrangement pursuant to
a Definitive Agreement with the consortium, comprising Alsirat Sdn Bhd and
Gateway Attempt Sdn Bhd, the Special Administrators (SA) of Repco along with
the consortium and the vendors have proceeded to mutually terminate their
agreement after due consideration. The SA had promptly, on 27 November 2002,
advertised in major national newspapers inviting potential white knights
with strong asset backing and financial resources to participate in the debt
restructuring of Repco and its subsidiaries. A number of offers for the
listing status of Repco were received in December 2002.

The SA of Repco wish to announce that after considering and evaluating the
offers received, they have, on behalf of Repco, accepted the joint
participation proposal from Damansara Indah Sdn Bhd (DISB), Tanigra
Construction Sdn Bhd (TCSB) and Accos Communication Sdn Bhd (ACSB) to
participate in the proposed corporate and debt restructuring scheme
(Proposed Workout) of Repco and have entered into a Restructuring Agreement
with the shareholders of DISB, TCSB and ACSB on 17 January 2003 to record
the key terms of agreement on their participation in the Proposed Workout.

The Proposed Workout would include, inter-alia, the following key features:

   1) setting up of a new company to assume the listing status of Repco
(NewCo);

   2) acquisition of strategic assets by NewCo;
   3) share swap arrangement between NewCo and the shareholders of Repco;
and
   4) debt restructuring and settlement involving the debts of Repco.

The Proposed Workout will be subject to all requisite approvals, consents or
waivers being obtained from the relevant regulatory and other
authorities/parties.

Details of the Proposed Workout will be further announced in due course.


SITT TATT: FIC Approves Revised Proposals
-----------------------------------------
Further to the announcements dated 1 November 2002, 6 November 2002 and 14
November 2002, Utama Merchant Bank Berhad (UMBB) wish to announce, on behalf
of the Board of Directors of Sitt Tatt Berhad that the Foreign Investment
Committee (FIC) has approved the revisions to the Proposals vide its letter
dated 13 January 2003.

There are no conditions imposed by the FIC in relation to the Proposals.

The Proposals are:

    (i)  Proposed Rights Issue;
   (ii)  Proposed Acquisitions;
  (iii)  Proposed ESOS;
   (iv)  Proposed Waiver; and
    (v)  Proposed IASC.


TIME DOTCOM: Posts Proposed Capital Repayment Details
-----------------------------------------------------
Time Dotcom Berhad (TdC) refers to the announcement dated 12 December 2002
whereby it was revealed that TdC and Maxis Communications Berhad (Maxis)
have reached an agreement to fix the consideration for the Proposed Disposal
at RM1.475 billion including the payment of a maximum amount of the
Inter-Company Loans (as defined in the conditional sale and purchase
agreement dated 18 September 2002 on the Proposed Disposal (Conditional SPA)
entered into between TdC and Maxis) of RM150.0 million owing by TIMECel to
TdC and TIMECel's relevant Related Corporations (as defined in the
Conditional SPA). It was also announced that TdC proposes to make available
proceeds receivable by TdC (net of the Inter-Company Loans of RM150.0
million) less a provision of RM75 million, which is to be set aside for
possible warranty claims pursuant to the Conditional SPA, and also the
estimated expenses relating to the Proposed Disposal for the Proposed
Capital Repayment to the shareholders of TdC.

In this respect, on behalf of TdC, AmMerchant Bank Berhad is pleased to
announce the details of the Proposed Capital Repayment including the method
to be adopted.

PROPOSED CAPITAL REPAYMENT

Details Of The Proposed Capital Repayment

Upon completion of the Proposed Disposal, TdC proposes to distribute
RM1,265,387,500 from the proceeds receivable pursuant to the Proposed
Disposal to the shareholders of TdC on the basis of 50 sen cash for every
one (1) existing ordinary share held in TdC at an entitlement date to be
determined later by the Board of Directors.

Implementation Of The Proposed Capital Repayment

In order to facilitate the Proposed Capital Repayment, TdC proposes to
reduce its share premium reserves in accordance with the provisions of
Section 64 of the Companies Act, 1965 by an amount equal to the amount to be
distributed pursuant to the Proposed Capital Repayment of RM1,265,387,500.
Based on the audited accounts of the Company as at 31 December 2001, the
share premium reserves of TdC are RM3,215,761,000.

Rationale For The Proposed Capital Repayment

After taking into account the future funding requirements and financial
obligations of the TdC Group and having considered that the amount raised
from the Proposed Disposal would be in excess of the needs of the TdC Group
going forward, the Board of Directors is of the view that the Company is in
a position to distribute part of the proceeds receivable from the Proposed
Disposal to the shareholders of the Company so as to return part of their
investment in TdC. More importantly, the Proposed Capital Repayment is
intended to reward the shareholders for their continuous support towards the
TdC Group since its listing.

The High Court of Malaya's (High Court) approval is required to effect the
reduction of the share premium reserves for the purposes of the Proposed
Capital Repayment. An application will be made to the High Court upon
obtaining the shareholders' approval for the Proposed Capital Repayment at
the extraordinary general meeting to be convened for the Proposals.

EFFECTS OF THE PROPOSED CAPITAL REPAYMENT

Share Capital

The Proposed Capital Repayment will not have any effect on the issued and
paid-up share capital of TdC. However, there will be a reduction in the
share premium reserves of the Company by approximately RM1,265,387,500,
being the amount to be distributed pursuant to the Proposed Capital
Repayment.

The effects of the Proposed Capital Repayment on the share premium reserves
of the Company based on the audited consolidated balance sheet of TdC as at
31 December 2001 are set out in Table 1 at
http://www.bankrupt.com/misc/TCRAP_TIME0123.doc.
NTA

Based on the audited consolidated balance sheets of TdC as at 31 December
2001 and on the assumption that the Proposals had been effected on that
date, the effect of the Proposed Capital Repayment on the proforma NTA of
the TdC Group is set out in Table 2 at
http://www.bankrupt.com/misc/TCRAP_TIME0123.doc.

Earnings

The Proposed Capital Repayment will not have any effect on the earnings of
the TdC Group.

Substantial Shareholders Shareholdings

The Proposed Capital Repayment will not have any effect on the shareholdings
of the substantial shareholders of TdC.

The Company is presently in the midst of finalizing the Circular on the
Proposals, which is to be dispatched to the shareholders of TdC in due
course.


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


DIGITAL TELECOMMUNICATIONS: To Rollout Mobile Service Soon
----------------------------------------------------------
The mobile phone service of Digital Telecommunications Philippines (Digitel)
will be launched soon even without an interconnection agreement with the
country's two leading cellular phone company.

In an interview with the Manila Times, Senior Vice President William
Pamintuan said the launch will definitely happen, but the exact date is a
secret.  He said the company wants to surprise competitors.

The nation's second-biggest fixed-line phone company, Digitel delayed its
mobile phone business rollout five times last year, mainly because it failed
to reach interconnection agreements with Globe Telecom Inc. and Smart
Communications Inc., the nation's two biggest cellular companies.  Digitel,
partly owned by Sweden's Telia AB, is expanding into wireless phones because
its fixed-line service is losing traffic to cellular rivals.

The company is now running the cell service on a trial basis with 5,000
subscribers, all employees of Digitel or of parent JG Summit Holdings Inc.,
the paper said.

In December, the company announced that it would issue US$31.12 million
worth of zero-coupon convertible bonds to finance its entry into the local
mobile phone industry.  The bonds will have a 10-year maturity and carry 12
percent interest. ATR-Kim Eng Capital Partners Inc. has been tapped to
market the bonds, with the issue date tentatively set for December 12.  They
bonds are only available to shareholders on record as of September 30, 2002,
with each of them entitled to subscribe to US$1 face value of bonds for
every 217 shares of Digitel.

According to a Wright Investor's Service dossier, Digitel at the end of 2001
had negative working capital, as current liabilities were PHP8.99 billion
while total current assets were only PHP6.01 billion.


MANILA ELECTRIC: Solons in Uproar over Power Rate Hike
------------------------------------------------------
No less than members of both the Senate and House of Representatives are
against the impending rate increase of Manila Electric Co., the Manila Times
said yesterday.

Some congressmen, representing militant groups like Bayan Muna, even went to
the extent of predicting massive protests as a result of the rate hike,
which opposition Senator Aquilino Pimentel Jr. called an "alarming
development."

Senator Pimentel said the approval is proof that government has succumbed to
corporate pressures applied by the Lopez-led power firm.

"Now an additional burden is laid on the backs of the people because
government has caved in to these pressures," Mr. Pimentel said.  "If
government cannot prevent the rise of Meralco rates because there is an
automatic system allowing Meralco to pass on its problems to consumers, then
it should at least take steps to lower the oppressive PPA (power purchase
adjustment)."

The PPA is a mechanism used by power distributors like Meralco to recover
changes in the cost of power purchased from producers.  According to
Meralco, this PPA currently amounts to PHP2.74, up by 13 centavos from
December.  Meralco buys much of its electricity from state-owned National
Power Corp., and from independent power producers Duracom, Quezon Power
Plant and its own subsidiary or associated company, First Gas Power Corp.

The paper says the power suppliers are empowered to pass on costs from
exchange rate losses and oil price rises to distribution firms.  In turn,
the distributors pass on these costs to their customers.   According to the
Department of Energy, the rate increase will take effect this month.

Last week, Meralco predicted net profit for 2002 to drop 65-70 percent due
to the delay in the energy regulatory body's approval of a previous rate
hike petition.  The company is currently saddled by huge debts, including a
possible obligation to repay customers billions of pesos in illegally
transmitted income tax charges.  The Supreme Court declared this practice
illegal late last year.


MAYNILAD WATER: Pushing for Continued Concession Fee Deferral
-------------------------------------------------------------
Troubled water utility, Maynilad Water Services, Inc., will not implement
the water rates hike granted by the Metropolitan Waterworks and Sewerage
Services, BusinessWorld said yesterday.  The highly indebted water firm
assured water concessionaires, however, that its service would continue sans
the rate increase.

"We will not implement the approved increase. The rate increase was a
unilateral decision of the MWSS-Regulatory Office.  In the business plan we
submitted in October 2002, we didn't ask for a tariff increase for 2003 and
2004," Maynilad Assistant Vice-president for Corporate Affairs, Jesus S.
Matubis, Jr., said in an interview with the paper.

The executive did not state clearly the company's reason for not
implementing the hike, but said that it will push for the continued
suspension of concession payments to MWSS.  The two had previously agreed to
suspend these payments beginning March 2001 to resume by March this year.

Mr. Matubis said the firm's concession fee payments to MWSS should remain
suspended, in light of Maynilad's allegations of the MWSS' failure to
perform its obligations under their concession agreement, which was used as
basis for the concessionaire's filing for an early termination of its
contract.

"That (Maynilad's nonpayment of concession fees to MWSS) is the status quo.
The reason why we filed for early termination of the concession contract is
that they were not performing their obligations, so why should we resume
payments of the concession fees?" Mr. Matubis told BusinessWorld.

MWSI filed for an early termination of its contract with the government last
month and sought for the return of at least US$303 million it invested in
the concession area.  The matter is up for arbitration.

Early this month, the MWSS board granted Maynilad the authority to collect
an all-in average tariff of PHP26.76 per cubic meter starting February, from
the current PHP19.92 per cubic meter.  Maynilad, however, will be allowed to
initially increase its all-in average tariff rates to PHP24.28 per cubic
meter for this year, while the remainder of the approved tariff increase
amounting to PHP2.44 per cubic meter is spread over the next four years.

The larger of the two water concessionaires, Maynilad serves Metro Manila's
west zone which covers Valenzuela, Caloocan, Malabon, Navotas, parts of
Quezon City and Makati City, Manila, Pasay, Las Pinas, Paranaque and
Muntinlupa; and areas in Cavite.


NATIONAL POWER: Pending Bill in Congress Won't Delay Asset Sale
---------------------------------------------------------------
The bidding of National Power Corporation's transmission assets will be
conducted within the month, even if the approval of the Transco Franchise
bill is still pending in Congress.

In an interview with BusinessWorld, National Transmission Corp. (TransCo)
Vice President Roque Corpuz said the Power Sector Assets and Liabilities
Management (PSALM) will bid out only the maintenance and expansion of the
transmission assets.

"If the law will be passed, PSALM will re-bid for the maintenance and
expansion of transmission assets and also with operations," Mr. Corpuz told
BusinessWorld.

Mr. Corpuz said PSALM will put a provision in the agreement that would
protect the potential bidders, such as right of first refusal, allowing the
winning concessionaire for the assets' maintenance and expansion to match
the highest bid.  Upon the implementation of TransCo bill, he said,
operations of transmission assets would be included in the bidding.

The approval of Transco Franchise Bill will support to push through the
privatization of transmission assets - a key component in attracting
serious, qualified and experienced bidders that would improve and expand the
country's transmission network, the paper said.

PSALM intends to offer to local financial investors a 60 percent equity
stake in TransCo, while the other 40 percent would be offered to a foreign
group, which would also act as the operator of the company.

Interested firms in the privatization of TransCo reportedly include the
National Grid, Red Electrica, TransPower New Zealand Ltd., Kyushu Electric
Corp. and Kansai Electric Corp. It has also been reported that ABB Equity
Ventures of Switzerland, EdF of France, Hydro Quebec/TransEnergie (Canada),
RWE Group (Germany), and Singapore Power are similarly interested,
BusinessWorld said.


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


ASIA PULP: Indonesia's Forest to Pay for Firm's Debts
-----------------------------------------------------
Pressures from environmental groups may be forcing Asia Pulp & Paper Co.
(APP) to establish self-sustaining plantations in its concession, but until
the second half of this decade, massive deforestation in Indonesia will
continue, the World Wide Fund for Nature (WWF) says.

According to the environmental group, at least 1/3 of Indonesia's forest has
already been harvested as pulp companies, among them (APP) and Asia Pacific
Resources International Holdings Ltd. (April), scramble for wood to feed
their operations.  WWF, which runs a 180,000-hectare conservation area in
Tessonilo, fears that dwindling supply of forest means logs from protected
areas will end up in sawmills.

Dow Jones Newswires says APP, which has operations in Indonesia and China,
borrowed heavily from international banks and bond markets in the 1990s to
build its empire, quickly becoming Indonesia's largest pulp producer as it
benefited from access to cheap wood from forestry concessions under
Suharto's government, which fell in 1998.

But in March 2001, APP said it was unable to keep repaying its debt because
of slumping pulp prices worldwide and rising wood costs, as its forestry
concessions became unsustainable. It still is locked in talks with creditors
over how to repay US$13.9 billion of debt, Dow Jones says.

April, on the other hand, reached an agreement last year with local banks to
restructure US$1.3 billion in debt, the newswire said.  Meantime, APP, under
an outline plan under discussion, will earn US$750 million in annual profit
before taxation and interest payments, part of which will go to repaying
creditors.

The two Singaporean pulp companies say they are working to establish
self-sustaining plantations on their own concessions, which they almost have
finished clearing of natural forest. Both companies concede, however, that
it will take until well into the second half of the decade before the
plantations yield enough to fully support operations.

Until then, they will continue to source a majority of wood through cutting
back what remains of natural forest on their concessions, and increasingly
through joint ventures with other companies, Dow Jones said.
Environmentalists claim wood from these joint ventures is often illegal.

Lie Gendo, head of forestry at APP's sister company Arara Abadi, admitted to
Dow Jones that the company is probably using some illegal wood unknowingly
when it buys from outside its own concession areas, but asks: "How can we
police it?"

In separate interviews with Dow Jones, April Vice President Ibrahim Hasan
acknowledged that in the past it hasn't been too careful about where it gets
wood, but says that is changing because of pressure from its suppliers: "We
take seriously allegations from environmentalists."

Without tighter procedures, WWF's Michael Stuwe believes Sumatra's forests
are unlikely to survive for much longer.


IRE CORPORATION: Warns of Huge Losses in Fiscal 2002
----------------------------------------------------
Singaporean construction firm, IRE Corporation Limited, says second half
results last year will be worse that the first half due to intense market
competition.

A slowdown in the construction industry in both Singapore and Hong Kong has
also impacted its bottom line, the company was quoted by The Straits Times
as saying recently.  The company warns of significant losses for the year
ended December 31, 2002.

The company listed total current assets of SG$106.5 million at December 31,
2001 with current liabilities of SG$103.1 million.

COMPANY PROFILE

The Company was incorporated in Singapore on November 26, 1985 under the
name of IRE Contract Services Pte Ltd. It started as a partnership in the
mid 1970s, and in 1985, entered into a joint venture with Nippon Paint, part
of the Wuthelam Holdings group.

In 1992, the Company set up its first overseas subsidiary in Hong Kong.
Later in the mid-1990s, three more subsidiaries were set up in Shanghai,
Beijing and Wuxi in the PRC to provide painting and architectural coating
services. Since then, it has built up a network of appointed applicators in
all major cities in China.

In 1993, the Company was renamed IRE Corporation Pte Ltd. In 1994, the
Company further diversified its activities by entering into the retrofitting
and construction sector, through a 50:50 joint venture with China
Construction (an overseas subsidiary of China State Construction Engineering
Corporation, one of the largest construction firms in China) to tender for
HDB construction projects. By 1996, the Company had extended its painting
and architectural coating services on a project basis to Vietnam, Malaysia,
Indonesia and Myanmar.

The Group's principal activities are building maintenance and upgrading; the
supply and application of architectural finishing products and related
services; and building construction and formwork design engineering.

CONTACT INFORMATION: 1 Sophia Road #05-03
                     Peace Centre
                     Singapore 228149
                     Tel: (62) 503838
                     Fax: (62) 538585
                     Web site: http://www.ire.com.sg


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


BIG C: SET Grants Listed Securities
-----------------------------------
Starting from 23 January 2003, the Stock Exchange of Thailand
(SET) allows the common shares of Big C Supercenter Public Company Limited
(BIGC) to be traded on the SET after finishing capital registered
procedures.

Name                        :  BIGC
Issued and Paid up Capital
   Old                      :  7,996,375,740 Baht
   New                      :  8,003,645,740 Baht
Allocate to                 :  ESOP Warrant holders 727,000 units
                               exercise to 727,000  common shares
Ratio                       :  1 : 1
Exercise Price Per Share    :  14.80 Baht
Exercise/Payment Date       :  27 December 2002

The Troubled Company Reporter - Asia Pacific reported December 17 last year
that BIGC was affected from the winding up and liquidation of its subsidiary
Ubol Big C Company Limited. It has reduced its total expenses and increased
the efficiency on
its operation. The subsidiary company has returned the investment capital to
the Company at the amount of Bt78,120,000 in total.


PAKBARA COLD: Files Reorganization Petition to Bankruptcy Court
---------------------------------------------------------------
The Petition for Business Reorganization of Pakbara Cold Storage Company
Limited (DEBTOR), engaged in cold storage and seafood in ice business, was
filed to the Central Bankruptcy Court:

   Black Case Number 1036/2543

   Red Case Number 604/2543

Petitioner : PAKBARA COLD STORAGE COMPANY LIMITED

Planner : PAKBARA PLANNER COMPANY LIMITED

Debts Owed to the Petitioning Creditor : 994,770,000 Baht

Date of Court Acceptance of the Petition : December 14, 2000

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

Court postponed the Date of Examining the Petition: February 21, 2001

Appointment of the Court Hearing: March 15, 2001 at 13.30 PM

Court postponed the Examination Date to March 19, 2001

Court postponed another Examination Date to June 22, 2001

Appointment for the Court hearing: July 31, 2001

Court Order for Business Reorganization and Appointment of Planner : July
31, 2001

Announcement of Court Order for Business Reorganization and Appointment of
the Planner in Matichon Public Company Limited and Siam Rath Company
Limited: August 14, 2001

Announcement of Court Order for Business Reorganization and Appointment of
the Planner in Government Gazette : September 4, 2001

Deadline for the Planner to submit the Reorganization Plan to Official
Receiver : December 4, 2001

Planner postponed the date of submitting the reorganization plan #1st to
January 4, 2002

Planner postponed the date of submitting the reorganization plan #2nd to
February 4, 2002

Appointment date for the Meeting of Creditors to consider the Reorganization
Plan : March 13, 2002 at 9.30 am. Convention Room 1103, 11th Floor, Bangkok
Insurance Building, South Sathorn Road

The Meeting of Creditors had a resolution Not accepting the reorganization
plan

Central Bankruptcy Court had issued the Order for Canceling the Petition for
Reorganization of Pakbara Cold Storage Company Limited since May 30, 2002

Announcement of Court Order for Canceling the Petition for Reorganization in
Matichon Public Company Limited and Siam Rath Company Limited: June 5, 2002

Announcement of Court Order for Canceling the Petition for Reorganization in
Government Gazette : July 2, 2002

Contact : Miss Bang-Orn Tel, 6792525 ext 113


PRECIOUS SHIPPING: Debentures Terms Amendments Approved
-------------------------------------------------------
Precious Shipping Public Company Limited, in reference to the  Extraordinary
resolution of Debentures Holders' Meeting No. 1/2003 on Thai Baht
589,503,000 zero coupon redeemable Convertible Debentures due 2003
(Debentures) issued by the Company held on Friday 17th January, 2003,
announced that
the meeting approved the amendment of the terms and conditions of the
Debentures, with effect from 17 January 2003 (Effective Date) by the
substitution in full of the existing terms and conditions of the Debentures
with amended terms and conditions.

In summary, the principal amendments to the Debentures include the
following:

The Debentures:

   (i) are no longer convertible into shares of the Company;

   (ii) bear interest at the rate of 5 per cent. per annum from the
Effective Date to 17 January 2006 and 6 per cent. per annum from 17 January
2006 to 17 January 2009;

   (iii) will be redeemed by the Company in quarterly installments from 17
April 2006 to 17 January 2009.

The Debentures outstanding as of the effective date is Baht 316, 503,000.


THAI MILITARY: Books Unaudited Net Loss of Bt160M
-------------------------------------------------
To comply with the Stock Exchange of Thailand's regulations, - Thai Military
Bank submitted its pre-audit financial statements for the years 2002 and
2001 as well as its advice on operating results as follows:

Operations during 2002 resulted in a net loss of Bt160 million. Comparing
with the net profit of Bt655 million achieved in 2001.   This was due to the
following factors:

   1.  During 2002, the provision for doubtful debts and loss from debt
restructuring increased by Bt2,278 million over the provision made in 2001.
However, interest expense during 2002 decreased by Bt1,143 million while our
non-interest income improved by Bt686 million. Net operating loss,
therefore, was substantially reduced to settle at Bt160 million.

   2.  Personnel expense grew up as a result of our second early retirement
program introduced during the year by Bt575 million.

   3.  Low quality loans (Non -Performing Loans) as at 31 Dec. 2002 stood at
Bt43,109 million or 14.23% of total loans before provision for doubtful
debts, which were compiled in compliance with the announcement No. Sor Nor
Sor (22) Wor 7/2546 regarding the redefinition of non-performing loans dated
Jan. 16, 2003 issued by the Bank of Thailand.  Low quality loans are
currently defined as debts classified as sub-standard, doubtful, doubtful of
loss, and loss. This was different from the old NPL classification standard,
which cover any debt account with
aging status of longer than 3 months.


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,
Larri-Nil G. Veloso, 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
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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
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term of the initial subscription or balance thereof are $25 each.  For
subscription information, contact Christopher Beard at 240/629-3300.

                 *** End of Transmission ***