/raid1/www/Hosts/bankrupt/TCRAP_Public/030128.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

           Tuesday, January 28, 2003, Vol. 6, No. 18

                         Headlines


A U S T R A L I A

AUSTRIM NYLEX: Appoints Glen Casey as Chief Executive
KALREZ ENERGY: Issues Bula Development Update
NEWCREST MINING: WBC Ceases to be a Substantial Holder
NEW TEL: Announces Business for Sale
STRAITS RESOURCES: Selling Nifty Copper Operations to Birla


C H I N A   &   H O N G  K O N G

ALLEN PERKINS: Faces Winding Up Petition
CORN YEAR: Winding Up Petition to be Heard
INNOVATIVE INTL: Sees No Reason for Shares Price Decrease
LUCKY HERO: Winding Up Petition Pending
OCEAN FOUNDATION: Winding Up Petition Set for Hearing

ORIENTAL METALS: Requests Trading Suspension
QPL INT'L: Narrows Net Loss to HK%272M
SOUTH EAST: Unit Undergoes Fixed Assets Transfer
YOUNG WAI: Winding Up Hearing Scheduled in February


I N D O N E S I A

BANK DANAMON: IBRA Cancels Pouring Shares into Market
INDOCEMENT TUNGGAL: Continues Debt Buyback
INDOCEMENT TUNGGAL: Heidelerger to Buy Put Option Stocks


J A P A N

ALL NIPPON: Dropping Five Domestic Routes This Year
AOZORA BANK: HypoVereinsbank Gives Up Bid
DAIEI INC.: METI Denies Govt Ordered Restructuring Revision
JAPAN AIRLINES: Unveils Operation Plan
KDDI CORPORATION: Selling Real Estate Unit to Orix

MIZUHO HOLDINGS: Issuing Three Types of Preferred Shares
NAGOYA RAILROAD: Forecasts Y43B Net Loss
NEC CORPORATION: Unveils Executive Personnel Changes
ROYAL CO.: JCR Downgrades Rating to BBB
SOTETSU ROSEN: JCR Affirms BB+ Ratings

TAIHEIYO CEMENT: JCR Changes Rating to BBBp(+/-)
TAKARABUNE CORPORATION: Confectioner Goes Under


K O R E A

CHOHUNG BANK: Sale Price May Be Higher
DAEWOO GROUP: Former Chairman's Interview With Fortune Magazine
DAEWOO GROUP: Founder Denies Talk With President Kim
DAEWOO SECURITIES: KDB May Sell Stake in February


M A L A Y S I A

AKTIF LIFESTYLE: Ceases Unit's Supermarket Operation
GENERAL LUMBER: Unit Faces Winding-Up Petition From Harrissons
HAP SENG: Subsidiary Company Under Voluntary Liquidation
JASATERA BERHAD: Replies to SC's Public Reprimand Notice
LONG HUAT: Replies to KLSE's Winding Up Query

MBF CAPITAL: Seeks Proposals Clarification, Revisions
MGR CORPORATION: Withdraws Appeal Passed to MITI
PAN PACIFIC: Inks Settlement Agreement With Dana Companies
RAHMAN HYDRAULIC: Exercises Labor Force Reduction
RHB CAPITAL: Business Transfer, Unit's Cessation Completed

SATERAS RESOURCES: Issues Proposed Settlement Update
UH DOVE: Changes Name to `Bertam Alliance Berhad'


P H I L I P P I N E S

MANILA ELECTRIC: Will Not Pay NPC P12B Fine
MANILA ELECTRIC: No Evidence of Insider Dealing, says PSE
MULTINATIONAL TELECOM: Lim Orders Owner to Face Investors
MULTINATIONAL TELECOM: Owner Schedules Investor's Meeting
NATIONAL POWER: DOF Orders Selection of Winning Brokers

NATIONAL POWER: Names New Executives


S I N G A P O R E

NEPTUNE ORIENT: 2002 Financial Results Update
SERIAL SYSTEM: Issues Profit Warning


T H A I L A N D

NATURAL PARK: Change of Registered Paid-Up Capital Completed
PICNIC GAS: SET to Lift `SP' Sign on February 4
TELECOMASIA CORP: Upset About New Excise Proposal
THAI MILITARY: Posts Merger, Capital Raising Report
TPI POLENE: Proposed Planner Removal Hearings Started Monday

    -  -  -  -  -  -  -  -

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


AUSTRIM NYLEX: Appoints Glen Casey as Chief Executive
-----------------------------------------------------
Directors of Austrim Nylex Ltd announced Friday the appointment
of Mr Glen Casey as Managing Director and Chief Executive,
effective February 1, 2003.

Concurrent with this appointment, Mr Casey has also been
appointed a director of the company. Mr Casey, who has been
Chief Operating Officer over the last four months, replaces Mr
Peter Crowley.

Having worked in a range of Austrim Nylex businesses over the
last seven years, most recently as Executive General Manager of
the Automotive Division, Mr Casey combines strong operational
skills with a deep understanding of the group and its strategy
to complete its extensive restructuring.

The 42-year-old Mr Casey worked for ICI in Europe and Australia
and Thorn EMI before joining Austrim Nylex.

Chairman, Mr Dick Nitto, said "We are delighted that Glen has
stepped up to the plate to take this crucial role in the
continuing reconstruction of the group. He has already made a
very strong impact on our ongoing businesses in his capacity as
Chief Operating Officer.

"The board believes that Glen's ascension to the top job at
Austrim Nylex is a significant sign that our new management team
is implementing successfully the necessary strategies to turn
around the group after two very tough years", he added.

Mr Casey said, "I look forward to working with the board,
management, staff, customers and shareholders to rebuild the
Austrim Nylex group, through lowering its debt levels and
continuing to improve the operational performances of our
businesses.

"There are still considerable challenges ahead in re-
establishing Austrim Nylex as an industrial force in Australia,
but we are determined to effect the required initiatives to
achieve this result and restore value to our shareholders",
concluded Mr Casey.

The Troubled Company Reporter - Asia Pacific reported that
Austrim undergone more restructuring last year in a bid to turn
around its fortunes, after the company booked a net loss of
A$151.98 million (US$82.62 million) for the year ended June 30,
2002, against a loss of A$269.23 million (US$146.35 million) for
the previous year. According to Wrights Investors' Service, as
of the end of 2001, the company's long-term debt was A$492.99
million and total liabilities were A$698.94 million.


KALREZ ENERGY: Issues Bula Development Update
---------------------------------------------
Wholly owned subsidiary Kalrez Petroleum (Seram) Limited is
operator and 100 percent Contractor equity holder of the Bula
Block Production Sharing Contract on Seram Island in eastern
Indonesia. Production from Bula averages approximately 520 BOPD.

On the 7th of January 2003, Kalrez reported development well
89K-5 spudded on December 31st 2002 in the Bula Tenggara field.

Since the last report, 7" casing was set to 225 mKB. Remedial
work was required as the cement job failed at the first attempt
due to gas channeling up the 7" by 9-5/8" annulus.

After completing this remedial work, the 7" casing shoe was
drilled out and hole depth opened to 255 mKB.

Four joints of 4-1/2" gravel pack screen was then landed at the
7" shoe to 255 mKB. 2-3/8" tubing was run to 208 mKB on the
evening of January 20th 2003.

The well was then allowed to flow back and has been
intermittently unloading mud, emulsion and oil on natural flow.

Current operations are rigging up to swab well to assist well
cleanup, using the company's service rig.

Drilling Rig 482 was released on January 23rd, 2003.

A further report will be issued on the well when stabilized
production is established.

CONTACT INFORMATION: Mr Giuseppe (Joe) Mercorella
                     Mobile:  0403680570
                     Ph: 08-82391344
                     Fax:     08-82391744


NEWCREST MINING: WBC Ceases to be a Substantial Holder
------------------------------------------------------
Westpac Banking Corporation ceased to be a substantial
shareholder in Newcrest Mining Limited on 16 January 2003.

At the end of 2001, Wrights Investors' Service reports that
Newcrest Mining had negative working capital, as current
liabilities were A$257.10 million while total current assets
were only A$181.14 million.


NEW TEL: Announces Business for Sale
------------------------------------
PricewaterhouseCoopers announced its sale of New Tel Limited (In
Liquidation). Phil Carter and Greg Hall of
PricewaterhouseCoopers were appointed joint and several
Voluntary Administrators of New Tel Limited (NTL) on 10 December
2002. Subsequently Phil Carter and Greg Hall were appointed
Liquidators of NTL at the second meeting of Creditors on 13
January 2003.

Sale Details

Indicative Price Range :  Unknown
Deposit Required       :  $nil
Status                 :  Open for Registration
Registration Close Date:  28/02/2003
Sale Offer Close Date  :  31/01/2003

For more information on this matter, go to www.pwcrecovery.com.


STRAITS RESOURCES: Selling Nifty Copper Operations to Birla
-----------------------------------------------------------
The Directors of Straits Resources Limited announced Friday its
intention to sell the Nifty copper operations, including the
Nifty exploration tenements located in the Paterson Province,
and its interest in Maroochydore (Assets). The Assets will be
acquired by a wholly owned Australian subsidiary of Aditya Birla
Group (Birla), a multinational conglomerate based in India with
interests in copper, aluminium, textiles, cement, viscose staple
fiber, and carbon black.

The transaction is subject to standard regulatory approvals
(including FIRB and the Reserve Bank of India) and approval by
Straits shareholders.

The net consideration to Straits for the Nifty (including
exploration tenements) and Maroochydore transactions is
approximately A$79.8 million and A$10 million respectively. This
is after repayments or assumption by the purchaser of all
project finance debt, and a trade finance facility at the
corporate level which total approximately A$69 million. The
gross consideration for the transaction is A$158.82 million. The
consideration amount was derived from valuations performed on
the Assets as at 30 June 2002, so that any subsequent changes to
working capital between that date and the completion date
will result in minor adjustments to the final consideration
payable on the transaction.

In addition, Birla will pay an amount equal to 3 per cent of the
net smelter return generated from future gold production from
the Nifty exploration tenements.

Mr Milan Jerkovic, Chief Executive of Straits Resources stated,
"this deal works both for Straits and for Birla, as Birla have
the capacity and backing to extract the maximum value for the
copper in the ground, while for us, it demonstrates our ability
to enhance the value of assets".

"Since the purchase of Nifty in 1998, we have transformed the
operation into an efficient, high volume copper producer
possessing one of the largest copper resources in Australia, and
increased installed production capacity from 16,500 tpa at the
time of acquisition to 27,500 tpa of copper metal today. This is
a clear demonstration of our technical and project management
ability".

"After the transaction is completed, Straits will have a strong
balance sheet for reinvestment in new resource opportunities,
while maintaining our income producing coal assets in Indonesia,
our copper assets at Whim Creek, and our very prospective
exploration ground".

Mr Jerkovic added, "We consider our situation to be "business as
usual" and will now look to grow our portfolio of mining assets,
focusing on projects which can deliver superior returns to our
shareholders".

BACKGROUND INFORMATION ON BIRLA

Aditya Birla Group is among Indias largest business houses.
Operating in the country for over 5 decades and globally for
nearly 30years, its revenues today are in excess of US$6 billion
with net earnings of US$400 million, a US$4.5 billion asset
base, a market cap of US$5 billion and 700,000 shareholders. Its
40 state-of-the-art manufacturing units and sectoral services,
anchored by 72,000 employees, criss-cross 18 countries including
Thailand, Indonesia, Malaysia, Philippines, Egypt, Canada, USA,
and UK.

A premium conglomerate, Aditya Birla Group is a dominant player
in all of the sectors in which it operates, such as aluminium,
viscose staple fiber, copper, cement, viscose filament yarn,
branded apparel, chemicals, carbon black, fertilizers, sponge
iron, insulators, power, telecom, financial services, and more
recently, insurance. It is:

   * The worlds largest producer of viscose staple fiber;
   * amongst the worlds largest producer of white cement;
   * the largest single location refiner of palm oil;
   * the third largest producer of insulators;
   * the fifth largest producer of carbon black;
   * amongst the lowest cost producers of aluminium globally and
the largest fully integrated aluminium producer in India; and,
   * the largest copper producer in India and rapidly growing to
global levels.

In India, the Group is the single largest producer of viscose
filament yarn, white cement and rayon grade pulp, the only
producer of linen and a leader in the ready-to-wear branded
apparel.

ABOUT STRAITS RESOURCES LIMITED

Straits Resources Limited was founded in 1992 and listed on the
Australian Stock Exchange in July 1994. Since listing, the
Company has established itself as a low cost copper and coal
producer and strong value managers of assets, by turning over
assets when opportune to do so.

CURRENT OPERATIONS

The Companies current major producing assets are:

   * a 100 percent interest in Nifty in Western Australia,
currently  designed to produce 27,500 tpa of copper cathode, and
the major component of the current sale process;

   * a 100 percent interest in the Girilambone Copper Mine in
New South Wales.

This operation is currently winding down and the plan is to
relocate the SX-EW plant to Whim Creek; and

   * an 80 percent interest in the Sebuku Coal Mine in South
Kalimantan, Indonesia, producing at 2.0Mtpa, and capable of
further increasing production by some 10-15 percent.

DEVELOPMENT PROJECTS

The Company owns 100 percent of the Whim Creek Copper Project
which has the necessary development approvals in place, with
only minor engineering design works to be completed pending
board approval of construction, and relocation of the SX-EW
plant from Girilambone.

EXPLORATION

The Company has extensive exploration ground prospective for
copper, gold and coal, and although a portion of this ground is
the subject of the current sale process (Maroochydore and the
Paterson Province exploration tenements), the Company will
retain exploration tenements prospective for;

   * copper and gold in Western Australia, around Whim Creek and
Kalgoorlie;
   * copper and gold in New South Wales; and,
   * coal and gold in Indonesia.

Priority targets have been identified for detailed exploration
with work to commence in the short-term.

INVESTMENTS

The Company holds a strategic investment in the Tritton Copper
Project in New South Wales through its shareholding in Tritton
Resources.

A general meeting of Straits shareholders is planned for early
March to consider the proposed sale.

According to Wrights Investors' Service, at the end of 2001,
Straits Resources had negative working capital, as current
liabilities were A$79.83 million while total current assets were
only A$74.26 million. The company has paid no dividends during
the last 12 months and has not paid any dividends during the
previous 2 fiscal years.

CONTACT INFORMATION: Milan Jerkovic
                     CHIEF EXECUTIVE
                     Tel (08) 9480 0500
                     Fax (08) 9480 0520
                     Mob: 0418 412 628
                     www.straits.com.au


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C H I N A   &   H O N G  K O N G
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ALLEN PERKINS: Faces Winding Up Petition
----------------------------------------
The petition to wind up Allen Perkins Limited is set for hearing
before the High Court of Hong Kong on February 12, 2003 at 9:30
in the morning.

The petition was filed with the court on December 4, 2002 by Lui
Chi Hoi John of 5th Floor, 50 Marble Road, North Point, Hong
Kong, Ng Chi Hoi of 11th Floor, Flat A, Block 2, Academic
Terrace, 101 Pokfulam Road, Hong Kong, Ho Kam Wing of 10D, Vista
court, La Vista, Discovery bay, Hong Kong, Li Yee Mei Emma of
Block 4, 16C, Bayview Garden, Tsuen Wan, New Territories, Hong
Kong, Leung Shuk Fan Maggie of House 70, 18th Street, Hong Lok
Yuen, Tai Po, New Territories, Hong Kong and Leung Shuk Kam
Adelei of Flat G, 12th Floor, Block 14, Chi Fu Fa Yuen,
Pokfulam, Hong Kong.


CORN YEAR: Winding Up Petition to be Heard
------------------------------------------
The petition to wind up Corn Year Investment Limited is
scheduled for hearing before the High Court of Hong Kong on
February 12, 2003 at 10:00 in the morning.

The petition was filed with the court on December 10, 2002 by
Bank of China (Hong Kong) Limited whose registered office is
situated at 14th Floor, Bank of China Tower, 1 Garden Road,
Central, Hong Kong.


INNOVATIVE INTL: Sees No Reason for Shares Price Decrease
---------------------------------------------------------
The Board of Directors of Innovative International (Holdings)
Limited has noted the recent decreases in the price of the
shares of the Company and wishes to state that the Board is
not aware of any reasons for such decrease.

Save as disclosed in the Company announcement on 30 December,
2002, the Board also confirms 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.


LUCKY HERO: Winding Up Petition Pending
---------------------------------------
Lucky Hero Limited is facing a winding up petition, which is
slated to be heard before the High Court of Hong Kong on
February 5, 2003 at 9:30 in the morning.

The petition was filed on November 27, 2002 by Bank of China
(Hong Kong) Limited whose registered office is situated at 14th
Floor, Bank of China Tower, 1 Garden Road, Central, Hong Kong.


OCEAN FOUNDATION: Winding Up Petition Set for Hearing
-----------------------------------------------------
The petition to wind up Ocean Foundation Limited is scheduled
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 27, 2002 by Bank of China (Hong Kong) Limited
whose registered office is situated at 14th Floor, Bank of China
Tower, 1 Garden Road, Central, Hong Kong.


ORIENTAL METALS: Requests Trading Suspension
--------------------------------------------
Oriental Metals (Holdings) Company Limited requested that
trading in its shares will be suspended with effect from 9:30
a.m. Monday, (27/January/2003), pending an announcement in
relation to the result of the court hearing to be held on 27th
January, 2003 for the Summons against the Company and its three
subsidiaries.


QPL INT'L: Narrows Net Loss to HK%272M
--------------------------------------
QPL International Holdings Ltd announced on 24 January 2003:

(stock code: 00243 )
Year end date: 30/4/2003
Currency: HKD
Auditors' Report: N/A
Review of Interim Report by: Auditors

                                                 (Unaudited)
                              (Unaudited)        Last
                              Current            Corresponding
                              Period             Period
                              from 01/05/2002    from 01/05/2001
                              to 31/10/2002      to 31/10/2001
                              Note  ('Million)   ('Million)
Turnover                           : 227                124
Profit/(Loss) from Operations      : (30)               (44)
Finance cost                       : (5)                (2)
Share of Profit/(Loss) of
  Associates                       : (256)              (245)
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A
Profit/(Loss) after Tax & MI       : (272)              (387)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.51)             (0.76)
         -Diluted (in dollars)     : (0.51)             (0.76)
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (272)              (387)
Interim Dividend                   : NIL                NIL
  per Share
(Specify if with other             : N/A                N/A
  options)
B/C Dates for
  Interim Dividend                 : N/A
Payable Date                       : N/A
B/C Dates for (-)
  General Meeting                  : N/A
Other Distribution for             : N/A
  Current Period
B/C Dates for Other
  Distribution                     : N/A

Remarks:

Basis of preparation and principal accounting policies

The condensed interim financial statements have been prepared in
accordance with the applicable disclosure requirements set out
in Appendix 16 of the Rules Governing the Listing of Securities
on The Stock Exchange of Hong Kong Limited  and with Statement
of Standard Accounting Practice (SSAP) No. 25 "Interim Financial
Reporting" issued by the Hong Kong Society of Accountants
(HKSA).

The condensed financial statements have been prepared under the
historical cost convention, as modified for the revaluation of
certain properties and investments in securities.  The
accounting policies are consistent with those followed in the
preparation of the Group's annual financial statements for the
year ended 30 April, 2002.

In the current period, the Group has adopted, for the first
time, the following new and revised SSAPs issued by the HKSA
which are effective for accounting periods commencing on or
after 1 May, 2002.

SSAP 1 (Revised)        Presentation of Financial Statements
SSAP 11 (Revised)       Foreign Currency Translation
SSAP 15 (Revised)       Cash Flow Statements
SSAP 34                 Employee Benefits

The adoption of SSAP 1 (Revised) changes the requirements from
presenting a statement of recognized gains and losses to a
statement of changes in equity.

In accordance with SSAP 15 (Revised), cash flows are classified
under three headings - operating, investing and financing,
rather than the previous five headings.  Interest and dividends,
which were previously presented under a separate heading, are
classified under either operating, financing or investing
activities.  Cash flows arising from taxes on income are
classified as operating activities, unless they can be
separately identified with investing or financing activities.
The condensed consolidated cash flow statement for the current
period and the comparative figures have been presented in
accordance with this revised SSAP.

Except for the above, the adoption of above new and revised
SSAPs has no material impact on the Group's condensed financial
statements.


SOUTH EAST: Unit Undergoes Fixed Assets Transfer
------------------------------------------------
On 21st January 2003, South Perfect and Yimin reached an
agreement in respect of the Transaction involving the assigning
of the Bank Loan from Yimin to Fushiwang in consideration of the
transfer of Fixed Assets from Yimin to Fushiwang and the writing
off of the Debt by Yimin.

Fushiwang is an indirect subsidiary of South East Group Limited
owned as to 55 percent by South Perfect (a wholly owned
subsidiary of the Company) and 45 percent by Yimin. Accordingly,
the Transaction constitutes a connected transaction of the
Company under the Listing Rules.

THE TRANSACTION

Date of the Agreement: 21st January 2003

Parties: South Perfect and Yimin

South Perfect and Yimin have equity interests of 55 percent and
45 percent in the registered capital of Fushiwang respectively.
South Perfect is a wholly owned subsidiary of the Company.
Fushiwang is therefore an indirect subsidiary of the Company.

Consideration of the Transaction: Yimin shall transfer ownership
of the Assets (with an aggregate net book value of RMB3,110,000
per the unaudited management accounts of Yimin as at 30th
November 2002) and eliminate the liability attributable to the
Debt (valuing at RMB1,640,000 per the unaudited management
accounts of Yimin as at 30th November 2002) as the consideration
for Fushiwang shouldering the Bank Loan (in the amount of
RMB4,750,000) Terms of the Agreement:

Pursuant to the terms of the Agreement:

   (1) the Bank Loan be assigned from Yimin to Fushiwang;
   (2) in consideration of Fushiwang taking up such liability
from Yimin and subject to the completion of assigning the Bank
Loan from Yimin to Fushiwang (which is expected on/before 31st
March 2003):

     (a) the Assets be transferred from Yimin to Fushiwang; and
     (b) the Debt be written off by Yimin

The setting-off referred above shall be effective with immediate
effect.

The Directors consider that the terms of the Agreement have been
arrived at after arm's length negotiation based on normal
commercial terms, are fair and reasonable so far as the
shareholders of the Company are concerned.

REASONS FOR PROCEEDING WITH THE TRANSACTION

Fushiwang was established in the PRC in October 1998 as a joint
venture enterprise between South Perfect and Yimin for the
manufacturing and trading of grape wine. The reasons for
proceeding with the Transaction are that Fushiwang is in need of
the Assets for its ongoing operation while the Debt can be
settled accordingly. The Assets comprise of fixed assets and
inventory of grape juice. The fixed assets mainly include
yeasting facilities and warehouse space owned by Yimin but have
been providing to Fushiwang for use free of charge since its
inception in 1998. The Debt incurred as Yimin applied such
equivalent amount out of the Bank Loan to meet with the working
capital requirements of Fushiwang. The Bank Loan will be rolled
over continuously after it is assigned to Fushiwang.

GENERAL

The Group is principally engaged in manufacturing and trading of
magnetic media products, property development and investment and
other strategic investment projects. The Transaction constitutes
a connected transaction under the Listing Rules. Since the
Transaction falls within the de minimis level under paragraph
14.25(1) of the Listing Rules, no independent shareholders'
approval is required. The Company will include details of the
transaction in its next published annual report and accounts. In
the opinion of the Directors, the terms of the Transaction
are on normal commercial terms, which were negotiated on an
arm's length basis.

DEFINITIONS

"Agreement" an unconditional agreement entered into between
South Perfect and Yimin which took effect on 21st January 2003
involving (i) the assignment of the Bank Loan from Yimin to
Fushiwang, (ii) transfer of ownership of the Assets from Yimin
to Fushiwang and (iii) writing off of the Debt owing to Yimin

"Assets" assets in the aggregate net book value of RMB3,110,000
(per the unaudited management accounts of Yimin as at 30th
November 2002) beneficially owned by Yimin, comprising (i)
yeasting facilities and warehouse space valuing at RMB998,000
currently provided by Yimin to Fushiwang for use free of charge
and (ii) inventory of grape juice in good condition valuing at
RMB2,112,000 procured by Yimin using its own funds

"Bank Loan" a secured 1-year term loan amounting to RMB4,750,000
first granted to Yimin by a bank in the PRC in 21st December
2000, the interests accrued therefrom have been fully paid when
due and the principal amount has been rolling over since then

"Company" South East Group Limited

"Debt" A debt amounting to RMB1,640,000 due from Fushiwang to
Yimin (per the unaudited management accounts of Yimin as at 30th
November 2002)

"Directors" the existing directors of the Company, including
independent nonexecutive directors of the Company

"Fushiwang" Qingdao Fushiwang Grape Wine Co., Ltd., a joint
venture enterprise in the PRC owned as to 55 percent by South
Perfect and 45 percent by Yimin

"Group" the Company and its subsidiaries

"Listing Rules" the Rules Governing the Listing of Securities on
The Stock Exchange of Hong Kong Limited

"PRC" the People's Republic of China

"RMB" Renminbi, the lawful currency in the PRC

"South Perfect" South Perfect International Limited, a company
incorporated in Hong Kong, which is wholly owned by the Company

"Transaction" the arrangement between South Perfect and Yimin
pursuant to the agreement reached on 21st January 2003 for the
assigning of the Bank Loan from Yimin to Fushiwang in
consideration of Yimin transferring the Assets to Fushiwang and
writing off of the Debt due from Fushiwang

"Yimin" Qingdao Yimin Putaojiu Chang, a state owned enterprise
established in the PRC


YOUNG WAI: Winding Up Hearing Scheduled in February
---------------------------------------------------
The High Court of Hong Kong will hear on February 5, 2003 at
9:30 in the morning the petition seeking the winding up of Young
Wai Products Limited.

Lau Hon Kwong of Room 216, 2/F., Tin Hor House, Tin Ping Estate,
Sheung Shui, New Territories, Hong Kong filed the petition on
November 27, 2002. Tam Lee Po Lin, Nina represents the
petitioner.

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


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


BANK DANAMON: IBRA Cancels Pouring Shares to Market
---------------------------------------------------
Indonesia Bank Restructuring Agency again cancels its plan to
pour Bank Danamon's shares to the market as price dived by 7
percent last week, Bisnis Indonesia reported Saturday, referring
to IBRA's Deputy Chairman for Banking Restructuring I Nyoman
Sender.

He stated the pouring-to-the-market measure would still be
carried on provided that the price improved.

"IBRA actually plans to pour Bank Danamon's shares to the
market. However, IBRA certainly won't take a chance with the
price declining like this," he said.

On Friday, Bank Danamon's shares trade on Jakarta Stock Exchange
were closed at Rp975 per share, moving down 7 percent or Rp75
from Rp1,050 per share. Since stock reversing process on January
22, the price has declined by 13.3 percent.

Although reaching only 406,000 shares, the sales volume actually
showed drastic improvement from the daily volume of 30,000 that
Bank Danamon's average shares trade had experienced throughout
the last semester.


INDOCEMENT TUNGGAL: Continues Debt Buyback
------------------------------------------
PT Indocement Tunggal Perkasa Tbk plans to continue its debt
buyback through the auction in February, Bisnis Indonesia
reported Saturday, citing Thomas Kern, Financial Director of the
Company.

He said the fund for the buyback came from the divestment of 39
percent of its shares at PT Wisma Nusantara International worth
US$20.7 million and from some of the last year's cash surplus.

"We will take debt buyback in February and put into account the
price discount," Kern said.

Indocement has taken debt buyback worth US$8.95 million at 29
percent average discount. The fund for the previous buyback is
from the divestment of 8.8 percent of its shares at PT Citra
Marga Nusaphala Persada Tbk last year.

Kern refused to mention the debt buyback price since it went on
through auctioning process


INDOCEMENT TUNGGAL: Heidelerger to Buy Put Option Stocks
--------------------------------------------------------
Heidelberger Zement, the owner of the controlling stock of PT
Indocement Tunggal Prakarsa Tbk-is going to buy 4.8 percent of
Indocement's put option stocks that the government will sell,
Bisnis Indonesia reports, quoting the company's Financial
Director, Thomas Kern.

"Heidelberger indeed is going to buy the put option stocks since
it is stated on the preliminary agreement when Heidelberger
entered Indocement. The percentage of the put option will
probably be less than 5 percent," Kern said though declined to
comment when asked on the remaining government-owned
Indocement's stocks that would be sold.

Kern also refused to reveal at what possible price Heidelberger
would buy the put option.

Of 16.87 percent of its shares in Indocement, the government has
a right to sell 4.8 percent of them. The government is entitled
to execute the Indocement's put option stocks before the right
expires by April-May 2003.

Presently, Heidelberger controls 61.7 percent of Indocement's
stocks and it will grow into 66 percent if Heidelberger buys the
put option stocks.


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


ALL NIPPON: Dropping Five Domestic Routes This Year
---------------------------------------------------
All Nippon Airways (ANA) will abandon five domestic air routes
this year, starting April 1, while increasing flight numbers on
eight routes that are more profitable, Kyodo News said on
Friday.

The Company will withdraw three routes out of Tokyo's Haneda
airport to Asahikawa airport in Hokkaido, Aomori airport in
Aomori Prefecture and Tokushima airport in Tokushima Prefecture.
It aims to compete with rival Japan Airlines System Corporation,
a holding Company under which Japan Airlines and Japan Air
System integrated operations last October.

The Troubled Company Reporter-Asia Pacific recently reported
that All Nippon Airways Co (ANA) would postpone raising fares on
domestic flights until June, from the originally scheduled
April.

The operating environment surrounding ANA is changing
significantly due to the integration of Japan Airlines Co.,
Ltd., and Japan Air System Co., Ltd. On domestic routes, there
are concerns over deterioration in profit due to fare cutting in
the short term.

According to Wright Investor's Service, at the end of 2002, All
Nippon Airways Co. Ltd (ANA) had negative working capital, as
current liabilities were 444.86 billion yen while total current
assets were only 407.83 billion yen.


AOZORA BANK: HypoVereinsbank Gives Up Bid
-----------------------------------------
German firm HypoVereinsbank has quit the competition to acquire
Aozora Bank, Kyodo News reports.

HypoVereinsbank said its plan to acquire Aozora would not match
its strategy to concentrate management resources on European
operations.

Aozora Bank Ltd. is set to give Cerberus Capital Management
permission to proceed with due diligence when it meets on
January 24, moving a step closer towards gaining control of the
bank, the Troubled Company Reporter-Asia Pacific reported last
week.

Aozora Bank has a total of 469.7 billion yen in bad loans as of
June end, down 19.9 billion yen from the end of March.

Aozora Bank (formerly Nippon Credit Bank) was the second
Japanese credit bank nationalized in the wake of Asia's
financial crisis after the Long-Term Credit Bank of Japan (now
Shinsei Bank, owned by US investor group Ripplewood Holdings).
Bad loans and Japan's "Big Bang" financial deregulation added to
the bank's troubles.


DAIEI INC.: METI Denies Govt Ordered Restructuring Revision
-----------------------------------------------------------
The Ministry of Economy, Trade and Industry (METI) denied
reports that the government wants Daiei Inc. to revise its
restructuring scheme, Kyodo News reports, citing Industry
Minister Takeo Hiranuma.

"There is no such a plan whatsoever. This is a free economy and
I think the private Company will make a decision voluntarily,"
Hiranuma said.


JAPAN AIRLINES: Unveils Operation Plan
--------------------------------------
Japan Airlines System Corporation, the holding Company for Japan
Airlines (JAL) and Japan Air System (JAS), will start its fiscal
2003 management plan on April 1, according to Kyodo News.

The plan features the operation of JAL flights over most key
domestic routes. Local flights will be operated primarily under
the JAS brand. The airline will also increase operations between
Fukuoka and Shanghai, and JAS's withdrawal from the Narita-Seoul
route.

Japan Airlines System Corporation will delay raising fares on
domestic flights until June, from the originally scheduled
April, to cope with a government plan to hike airport-landing
fees, TCRAP reported last week.

The Troubled Company Reporter-Asia Pacific reported in June that
Japan Airlines Co Ltd (JAL) would redeem its 17-year
exchangeable corporate bonds issued on December 13, 1987 ahead
of the bonds' redemption date of March 31, 2005, in view of the
approaching joint venture with Japan Air System in October 2002.

As of June 18, 2002, a total of 18.664 billion yen worth of
bonds have not yet been redeemed. JAL issued a total of 25
billion yen of exchangeable bonds carrying a coupon of 1.6
percent.


KDDI CORPORATION: Selling Real Estate Unit to Orix
---------------------------------------------------
Phone Company KDDI Corporation is planning to sell its real
estate unit KDDI Development to leasing firm Orix Corporation
for more than 18 billion yen anytime in March, Asia Pulse
reports.

The Company is aiming to reduce it debt by about 120 billion yen
by March 31.

TCR-AP reported in June that KDDI would cut its annual capital
spending to Y310 billion by March 2005.


MIZUHO HOLDINGS: Issuing Three Types of Preferred Shares
--------------------------------------------------------
Mizuho Holdings Inc. will issue three types of preferred shares
for raising 1 trillion yen in the fiscal year to March 31 under
a drastic fund-raising plan announced last week, Kyodo News
reported Friday.

The banking group plans to change statutes to make it possible
to issue such shares for up to 4.5 trillion yen.

According to the Troubled Company Reporter-Asia Pacific, 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 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.


NAGOYA RAILROAD: Forecasts Y43B Net Loss
----------------------------------------
Nagoya Railroad Co. expects a group net loss of 43 billion yen
for the year to March 31, resulting from a new three-year
restructuring program, Kyodo News reported on Saturday.

The result will force the railway firm to skip dividends.

According to Wright Investor's Service, at the end of 2002,
Nagoya Railroad Co Ltd had negative working capital, as current
liabilities were 633.44 billion yen while total current assets
were only 261.96 billion yen.


NEC CORPORATION: Unveils Executive Personnel Changes
----------------------------------------------------
NEC Corporation announced these executive personnel changes
effective March 28, 2003.

Appointments

New title                        Name               Current
title

Vice Chairman of the Board,   Koji Nishigaki     President,
NEC Corporation                                  NEC Corporation

President,           Akinobu Kanasugi  Executive Vice
NEC Corporation                        President and
                                       Member of the Board;
                                       Company President, NEC
                                       Solutions

For the fiscal year through March, NEC expects to post a Y10
billion group net profit, marking a major turnaround from the
Y312.0 billion loss it posted last year, according to the
Troubled Company Reporter-Asia Pacific.

According to Wright Investor's Service, during the 12-month
period ending March 31, 2002, the Company reported losses of
187.06 per share, implying that the management believes that the
Company will return to profitability soon.

Press Contacts:
Japan
Chris Shimizu
Daniel Mathieson
NEC Corporation
+81-3-3798-6511


ROYAL CO.: JCR Downgrades Rating to BBB
---------------------------------------
Japan Credit Rating Agency (JCR) has downgraded the senior debts
of ROYAL Co. Limited from BBB+ to BBB.

RATIONALE:

ROYAL is a major restaurant chain operator with family
restaurants, Royal Host, being the main operation.

ROYAL plans to be a differentiator, keeping a distance from low-
cost strategies rivals are taking. However, there is a gap
between the consumers' preferences and its concept, leading to
drop in the number of customers and delay in cost reductions.
The revenue for fiscal 2002 ended December 31, 2002 is estimated
to have dropped due to closure of stores and the lingering
effects of BSE. On the other hand, the operating profit is
estimated to have remained unchanged. Given the increasing
number of unprofitable stores, however, the company will have to
incur loss with respect to the closure in the future.

ROYAL may be able to guarantee sufficient free cash flow and
reduce the interest-bearing debt, closing the unprofitable
stores and constraining the new stores. However, it will take
time for the company to return the financial standing to the
previous level, given the slow increase in the net assets made
through earnings.

ROYAL is now pushing ahead with the reforms of operations from
purchasing to store operation. There is a sign of delay in its
response to the fast changing environment, however. Without
change in the brand concept, it will face difficulty in
establishing the business model that is balanced contraction
over the intermediate to long term. JCR downgraded the rating
for ROYAL, accordingly.

Wright Investor's Service disclosed that at the end of 2001,
Royal Co. Ltd. had negative working capital, as current
liabilities were 27.69 billion yen while total current assets
were only 19.89 billion yen.


SOTETSU ROSEN: JCR Affirms BB+ Ratings
--------------------------------------
Japan Credit Rating Agency (JCR) has affirmed the BB+ ratings of
Sotetsu Rosen Co. Limited on the following bonds.

Issues Amount (bn) Issue Date Due Date Coupon

Convertible bonds no.5 Y5 / Aug. 31, 1994 / Aug. 29, 2003 /1.0
percent Convertible bonds no.6 Y5 / Nov. 9, 1995 / Feb. 28, 2005
/ 1.0 percent

RATIONALE:

Sotetsu Rosen is a midsize regional supermarket operator of
Sagami Railway group. Although the revenue is expected to
decline for fiscal 2002 through March 31, 2003 reflecting fewer
new outlets opened, the drop in sales at the existing stores has
been small with the number of customers increasing, supported by
renovation of stores laying stores dealing in alcoholic
beverages inside the stores. Profit is expected to increase due
to closure of unprofitable stores. Issues for the Company will
be the maintaining of the number of customers and the increase
in their purchases. Sotetsu Rosen plans to increase the number
of regular customers through introduction of discount services
using cards.

Sotetsu Rosen is making efforts to improve efficiency by
consolidating the distribution centers. Construction of new
center will reduce the distribution cost, cutting the inventory.
However, improvement in the cost structure characterized by the
heavy burden of fixed expenses remains as an issue to be
addressed.

The financial standing is relatively poor. Interest-bearing debt
needs to be reduced further. Given the plan to open new outlets
in and after next fiscal year, the interest-bearing debt may
increase. JCR considers it necessary to watch carefully the
balance between the cash inflows and cash outflows for the
investments.

According to Wright Investor's Service, at the end of 2002,
Sotetsu Rosen Co., Ltd. had negative working capital, as current
liabilities were 18.47 billion yen while total current assets
were only 10.24 billion yen.


TAIHEIYO CEMENT: JCR Changes Rating to BBBp(+/-)
------------------------------------------------
Japan Credit Rating Agency (JCR) has changed the BBBp rating on
senior debts of Taiheiyo Cement Corporation to BBBp +/-.

RATIONALE:

Taiheiyo Cement is Japan's largest cement manufacturer. It is
the world's 5th manufacturer in cement production capacity.

Taiheiyo Cement has been strengthening it business in the
Pacific Rim, facing decline in domestic demand for cement.
Operation in West Coast of the U.S. is contributing to boosting
the earnings. Its equity method Company in Korea that has been
dragging down the consolidated performance is expected to
improve the operation, supported by the recovery of cement
business.

Although the earnings are beginning to improve due to
rationalization measures, Taiheiyo Cement incurred net loss,
writing down the equity securities. The interest-bearing debt
increased to 901.4 billion yen as of the end of March 2002,
reflecting the expansion in the overseas investments. Taiheiyo
Cement placed cutback in the interest-bearing debt as the most
important issue, changing its policy from the expansion policy,
in fiscal 2002. It plans to reduce the interest-bearing debt by
more than 200 billion yen for three years to come via sell-off
of assets.

The recovery of earnings will be slow, given the severe
operating environment in Japan. On the other hand, the overseas
business may help improve the earnings of the Company in the
future.


TAKARABUNE CORPORATION: Confectioner Goes Under
-----------------------------------------------
Confectioner Takarabune Corporation has filed for rehabilitation
under the fast-track Civil Corporate Revival Law, crippled with
debts worth 25.53 billion yen, the Japan Times reports.

The firm, based in Kyoto Prefecture, was unable to raise its
profitability amid dwindling sales. The Company runs about 1,100
confectionery retail outlets nationwide.


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


CHOHUNG BANK: Sale Price May Be Higher
--------------------------------------
The price for the government's 80 percent stake in Chohung Bank,
likely to be sold to Shinhan Financial Group Co., may rise
during the scheduled evaluation process, Dow Jones said last
week, citing South Korea's Minister of Finance and Economy Jeon
Yun-churl.

On Thursday, Shinhan was selected as the potential buyer for the
entire government stake in the bank, at the proposed price of
about 2.9 trillion won- half of the stake in cash and the other
half through a share swap.

Following the selection, there will be an evaluation on
Chohung's corporate value by a third party institute.

"I hope there will be an adjustment to the sale price during the
remaining negotiation process," Jeon said, in a radio program.

He didn't elaborate.


DAEWOO GROUP: Former Chairman's Interview With Fortune Magazine
---------------------------------------------------------------
In an exclusive series of interviews with Fortune magazine, Kim
Woo Choong, the former Chairman of Daewoo, in hiding for three
years, talks for the first time about his rise and fall, his
life in exile, and his hopes for a comeback.

The interviews with Fortune Magazine took place over the course
of four meetings in an undisclosed country in Southeast Asia and
will appear in the February 3, 2003, issue of the magazine at
www.fortune.com.

Since vanishing in 1999, as his companies were collapsing under
$65 billion in debt, Kim has been vilified by former employees
and branded a criminal by a judge in Seoul. But in the FORTUNE
interviews, Kim reveals that he left Korea not to escape
prosecution but at the urging of its highest government
officials and tells a tale of political intrigue and management
error that led to Daewoo's collapse. In addition, Kim admits to
"window dressing" Daewoo's balance sheet and details his travels
since his disappearance in October 1999. Excerpts of FORTUNE's
interviews with Kim follow.

Kim built Daewoo's international business by cultivating close
relationships with political leaders from France to Pakistan. He
boldly entered Third World markets that Western rivals
considered too risky. But as his strategy began to fail, and
Daewoo began crumbling, Kim expected a rescue from the
Korean government, reports Kraar. Instead, after repeated
clashes with government bureaucrats and desperate efforts to
stay afloat by flooding the market with bonds and commercial
paper, Kim finally lost control of Daewoo. The government took
control of its debts, an indirect form of nationalization that
lead to the breakup of the conglomerate. "In effect,"
says Kraar, "Korean officials decided that Kim had become a
political and economic liability."

Business Wire revealed Fortune magazine's interview with Kim Woo
Choong as follows:

Kim claims that Korean President Kim Dae Jung and senior aides
persuaded him to get out of the way of a debt restructuring in
1999 by promising him he wouldn't face criminal charges and that
he could come back and run Daewoo's auto Company.

"The President told me directly by phone before the workout to
go away for a short period," Kim tells FORTUNE.

Kim admits to "window dressing" Daewoo's balance sheet:

"It's not a big thing," he says. Twenty Daewoo executives and
accountants were convicted of fraud in 2001 and served six
months in jail for inflating Company assets by $30 billion in
1997 and 1998. Kim's attorney tells FORTUNE the correct total is
$12 billion.

Kim takes responsibility his share of fatal misjudgments,
focusing particularly on his attempt to become a global force in
the auto industry:

"My big mistake was being too ambitious, especially in autos. I
tried to do too much too fast.... I tried to do in five years
what usually took ten to 15 years. This was my mistake. To gain
economies of scale we made investments without the markets'
being there and then had to find ways to sell cars."

Last year Seoul asked Interpol, the international police liaison
agency, to look for Kim -- but evidently no one is looking for
him very hard. Kim travels freely on his Korean passport and
reveals to FORTUNE that since going into hiding, he has traveled
to Spain and Italy and then spent the first half of 2001 in
Sudan.

For more information, go to www.businesswire.com and
www.fortune.com

CONTACT INFORMATION: Jenny Parker, 212/522-7149
                     jenny--parker@timeinc.com
                     or
                     Caroline Plauche, 212/522-2134
                     caroline--plauche@timeinc.com


DAEWOO GROUP: Founder Denies Talk With President Kim
----------------------------------------------------
Kim Woo-choong, the former Chairman of the bankrupt Daewoo
Group, denied press reports Thursday that President Kim Dae-jung
had advised him to go into hiding overseas just before the
business group was put under a government-sponsored debt-workout
program, the Korea Herald reports, quoting Kim's legal advisor
Seok Jin-gang said.

Jin-gang said that in a phone call, his client denied having
received any direct calls from the President recommending him to
leave the country. Kim left Korea in 1999 as Daewoo was going
under and is now said to be in hiding out somewhere in Europe.

Local newspapers, quoting business magazine Fortune's interview
with the Daewoo founder, reported that it was President Kim who
called the former Daewoo chairman to recommend that he should
hide overseas.

"Kim Woo-choong said that the weekly's reporter apparently
misunderstood his words when he met with the reporter - not
recently - between May and June of last year," Jin-gang said.

Meanwhile, Lee Kun-young, Chairman of the Financial Supervisory
Commission (FSC), denied allegations he had asked the Daewoo
founder to leave the country in 1999, when he served as the
governor of Korea Development Bank.


DAEWOO SECURITIES: KDB May Sell Stake in February
-------------------------------------------------
Korea Development Bank (KDB) may sell its 39 percent stake in
Daewoo Securities Co., sometime in February or March through an
auction, Dong-a Ilbo and Bloomberg reported, without citing
anyone.

The report said Hana Bank, Woori Finance Holdings Co. and two
other companies are interested in buying the stake.

Daewoo Securities is worth about 300 billion won ($256 million)
based on the stock's closing price on Friday.

The Troubled Company Reporter Asia-Pacific reported in November
that Hana Bank would revive plans to acquire Daewoo Securities
Co. by March 2003, to expand its brokerage business after its
merger with SeoulBank is completed in December of last year.

The brokerage, which is up for sale, posted a wider net loss of
36.7 billion won in the three months ending September 30,
compared with 11 billion won loss based on preliminary figures
announced in October.


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


AKTIF LIFESTYLE: Ceases Unit's Supermarket Operation
----------------------------------------------------
Aktif Lifestyle Corporation Bhd wishes to announce that Aktif-
Sunway Sdn Bhd, a 80 percent owned subsidiary of Aktif Lifestyle
Stores Sdn Bhd, which is in turn is a wholly owned subsidiary of
the Company, has ceased its supermarket operation at the Sunway
Pyramid Shopping Mall, 3 Jalan PJS 11/15, Bandar Sunway, 46150
Petaling Jaya on 24 January 2003.

The closure of the supermarket business results from the Company
having to rationalize its trading operations and the need to cut
loss-making operations.


GENERAL LUMBER: Unit Faces Winding-Up Petition From Harrissons
--------------------------------------------------------------
The Board of Directors of General Lumber Fabricators & Builders
Bhd announced that a winding-up petition was served on its
subsidiary company, General Lumber Processing Sdn Bhd (GLP) by
Harrissons Trading (Peninsular) Sdn Bhd (Harrissons Trading) at
its registered address on 23 January 2003.

The petition has been presented to the High Court of Malaya at
Shah Alam - Winding-Up No. MT 3-28-248-2002. The date of
presentation of the winding-up petition was on 21 November 2002
and the matter is fixed for hearing on 21st May 2003 at Shah
Alam High Court of Malaya.

The total amount claimed was RM24,406.54 inclusive cost of
action of RM899.00 and interest at 1.5 percent per mensem from
16 April 2002 until full and final settlement of debts.

The winding-up petition was filed pursuant to Section 218 of
Companies Act, 1965 on the ground that GLP is unable to pay its
debts. The cost of investment in GLP is RM7,500,000.

The Group submitted its proposed restructuring plan to relevant
authorities for approval, on 13 November 2002 and is expected to
get the same within the first quarter of year 2003. Therefore,
we are unable, right now, to determine the operational and
financial impact of the winding-up petition on the Group.

There shall be no additional expected losses arising from the
winding-up petition except for the total amount claimed of
RM24,406.54 together with interest thereon at 1.5 percent per
mensen from 16 April 2002 until the date of full realization of
the debts.

The Group has instructed the solicitors handling the case to
negotiate with the petitioner towards a settlement agreement.


HAP SENG: Subsidiary Company Under Voluntary Liquidation
--------------------------------------------------------
The Board of Directors of Hap Seng Consolidated Berhad
announced that Drei Kronen 1308 Euro-Asia (Bermuda) Limited
[DKEA] has on Friday been placed under members' voluntary
liquidation [Liquidation].

DKEA is a private limited company incorporated in Bermuda on 24
March 1997 with 50 percent shareholding therein being held by
Euro-Asia Food & Beverage (Bermuda) Limited, the wholly-owned
subsidiary of HSCB. DKEA has remained dormant since its
incorporation.

Other than liquidation expenses, the Liquidation is not expected
to give rise to any financial effect on the net tangible assets
and/or earnings per share of HSCB.


JASATERA BERHAD: Replies to SC's Public Reprimand Notice
--------------------------------------------------------
Jasatera Berhad wishes to response to the public reprimand
issued by Securities Commission dated 7th January 2003
pertaining to the alleged failure to make a mandatory general
offer by two (2) groups of shareholders of the Company.

The 25.85 percent stake or 5,165,080 shares of the Company
comprising 969,280 free shares and 4,195,800 moratorium shares
registered in the names of See Cheng Siang, See Chee Beaw and
Dato' Jaffar Mohd Ali are the block of shares allegedly sold by
them to Tri-Align Holdings Sdn Bhd (Tri-AlignIt is the same
block of shares purportedly acquired later by Influx Advance Sdn
Bhd (Influx) from MBf Finance Bhd.

According to the Company's records, the Company received a
letter dated 9th July 1998 addressed to the share registrars,
together with copies of 3 powers of attorney (given by the
registered owners of the block of shares to Tri-Align) all dated
24 January 1997 and 3 deeds of substitution of powers of
attorney (given by Tri-Align to Influx) all dated 3 June 1998
from the lawyer purportedly acting for Influx. The attorney was
supposedly entitled to exercise all rights and privileges
attached to a total of 4,195,800 shares of the company
registered in the names of See Cheng Siang, See Chee Beaw and
Dato' Jaffar Mohd Ali.

The Company wishes to assure its shareholders and members of the
public that the Company has never recognized these powers of
attorney nor were any voting rights in respect of these
moratorium shares allowed to be exercised by the so called
attorneys or their substitutes. This assurance is made pursuant
to the legal advice by the Company's solicitors dated 24 July
1998, which states that the powers of attorney were void. The
Company's Board at that time had acted on the legal advice and
rejected all instruments of proxy executed by the attorneys or
their substitutes.

Since both Koo Woon Kee and Koo Yuen Kim are also directors of
Jasatera, the Board hope that the said article will not affect
the implementation of the Revised Proposed Recapitalization
Exercise, which is currently being implemented.


LONG HUAT: Replies to KLSE's Winding Up Query
---------------------------------------------
Long Huat Group Berhad, in reference to the Query Letter by KLSE
reference ID: MN-030124-33067 on Winding-up Petitions against
LHuat and Long Huat Marketing (M) Sdn Bhd by Public Bank Berhad,
replied as follows:

1. The interest rates on the amount claimed under the bank
facilities procured by Long Huat Mktg from Public Bank are as
follows:

Bank Facilities                    Interest Rate

Overdraft Facility                 9.9 % per annum
Banker's Acceptance Facility       9.9 % per annum
Revolving Credit Facility          2.5% per annum with penalty
                                   interest of 1%

2. The total cost of investment of LHUAT in Long Huat Mktg is
RM500,000.

Below is the Kuala Lumpur Stock Exchange's Query Letter content:

We refer to your Company's announcement dated 23 January 2003 in
respect of the aforesaid matter. In this connection, kindly
furnish the Exchange immediately with the following additional
information for public release:

1) The interest rate on the amount claimed for; and
2) The total cost of investment of LHUAT in Long Huat Mktg.

Yours faithfully
TAN YEW ENG
Senior Manager, Listing Operations
WSW/TYE/LMN
copy to: Securities Commission (via fax)


MBF CAPITAL: Seeks Proposals Clarification, Revisions
-----------------------------------------------------
Further to the announcement dated 31 December 2002, on behalf of
the Board of Directors of MBf Capital Berhad, Alliance Merchant
Bank Berhad, announced that Alliance had, on 7 January 2003
applied to the Securities Commission (SC) for clarification and
revisions to the Proposals in respect to:

   (i) the acquisition of 1,694,400 ordinary shares of RM1.00
each in Leisure Holidays Berhad (LHB) (representing 56.48
percent equity interest in LHB) for a purchase consideration of
RM80,668,133 to be satisfied by the issuance of 80,668,133 new
Perfect Utilization Sdn Bhd (PUSB) shares of RM1.00 each (PUSB
Shares) at par value as opposed to a purchase consideration of
RM80,612,022 (as approved by the SC) to be satisfied by the
issuance of 80,612,022 new PUSB Shares at par value;

   (ii) the acquisition of 986,255 ordinary shares of RM1.00
each in Leisure Commerce Square Sdn Bhd (LCS) (representing 70.0
percent equity interest in LCS) for a purchase consideration of
RM40,944,329 to be satisfied by the issuance of 40,944,329 new
PUSB Shares at par value as opposed to a purchase consideration
of RM41,763,421 (as approved by the SC) to be satisfied by the
issuance of 41,763,421 new PUSB Shares at par value;

   (iii) the moratorium shares to be imposed on Leisure Holidays
Holdings Sdn Bhd (LHHSB) of 60,806,230 new PUSB Shares or 50
percent of the new PUSB Shares to be issued pursuant to the
acquisition of LHB and LCS as opposed to the moratorium shares
of 61,187,720 (as imposed by the SC) new PUSB Shares.

The SC had, via its letter dated 22 January 2003, approved the
revisions made in respect of the Proposals, which refers to:

   i. Proposed Capital Reduction;
   ii. Proposed Consolidation;
   iii. Incorporation of Perfect Utilization Sdn Bhd;
   iv. Proposed Scheme of Arrangement;
   v. Proposed Subsidiary Debt Restructuring and Debt
      Settlement;
   vi. Proposed Internal Reorganization;
   vii. Proposed Transfer of Listing Status;
   viii. Proposed Liquidation/Disposal; and
   ix. Proposed Acquisitions.


MGR CORPORATION: Withdraws Appeal Passed to MITI
------------------------------------------------
Reference is made to the announcement dated 10 October 2002,
made by AmMerchant Bank Berhad (formerly known as Arab-Malaysian
Merchant Bank Berhad) (AmMerchant Bank), on behalf of the
Company, wherein it was announced that the Company will be
appealing to the Ministry of International Trade and Industry
(MITI) against the condition imposed by the MITI in its approval
letter dated 8 October 2002 that the Company and its
subsidiaries, i.e. Parakaya Plywood Sdn Bhd and Kimanis Bay
Timbers Sdn Bhd are to surrender their manufacturing licenses to
the Malaysian Industrial Development Authority.

In this regard, AmMerchant Bank, on behalf of MGR Corporation
Berhad (Special Administrators Appointed), wishes to announce
that the Company has on 21 January 2003 withdrawn the appeal
made to the MITI on 12 November 2002. This is in view that the
Company and its subsidiaries have ceased all manufacturing
operations and hence, would no longer require the manufacturing
licenses.


PAN PACIFIC: Inks Settlement Agreement With Dana Companies
----------------------------------------------------------
Alliance Merchant Bank Berhad announced on behalf of the Board
of Directors of Pan Pacific Asia Berhad (PPAB) that the Company
had on 22 January 2003 entered into a settlement agreement with
Danaharta Managers Sdn Bhd and Danaharta Urus Sdn Bhd (Dana
Companies) (Settlement Agreement).

The Dana Companies are creditors of the PPAB group of companies
with an outstanding debt balance of approximately RM58,000,000
collectively, as at 30 June 2001. They have agreed to accept
payment of RM14,100,000 cash as settlement of their outstanding
debt balances. As at 14 January 2003, the Dana Companies had
received up to RM9,410,000 of the portion of the proposed cash
settlement. The balance sum of RM4,690,000 will be paid to the
Dana Companies on or before 14 February 2003.

Further, in consideration of the Dana Companies agreeing to the
proposed terms of settlement, PPAB has also agreed to pay
interest on the unpaid sum of RM4,690,000 at the rate of 2
percent above Malayan Banking Berhad base lending rate on
monthly rest commencing from 15 December 2002 until full
settlement.

The proposed settlement of the Dana Companies' debts is
consistent with the terms of the proposed restructuring scheme
of PPAB announced on 17 December 2002.

The Settlement Agreement will be available for inspection at the
Registered Office of the Company at Unit 602B, Level 6, Tower B,
Uptown 5, 5 Jalan SS21/39, Damansara Uptown, 47400 Petaling
Jaya, Selangor Darul Ehsan during normal business hours from
Monday to Friday (except on public holidays) from the date of
this announcement.


POS MALAYSIA: Strikes Off Dormant Subsidiaries
----------------------------------------------
Pos Malaysia & Services Holdings Berhad refers to the
announcement dated 5 August 2002 in respect of the Strike Off
Dormant Companies Pursuant to Section 308 of the Companies Act,
1965

The Company informed the Exchange that the following wholly
owned subsidiaries of Pos Malaysia & Services Holdings Berhad
(formerly known as Phileo Allied Berhad) have been struck off
from the register of the Companies Commission of Malaysia
pursuant to the powers conferred by Section 308 of the Companies
Act 1965:

   (a) PSH Education Sdn Bhd (formerly known as Phileo Allied
Education Sdn Bhd)

   (b) Prima Managers Sdn Bhd

The abovementioned companies have been dormant since the date of
incorporation.


RAHMAN HYDRAULIC: Exercises Labor Force Reduction
-------------------------------------------------
Rahman Hydraulic Tin Berhad (Special Administrators Appointed)
wishes to announce that the Company will conduct an exercise to
reduce the labor force of the Company at its head office at
Petaling Jaya.

RATIONALE FOR TERMINATION OF EMPLOYMENT

As an integral part of the Workout Proposal, the Company has
executed agreements to dispose of its listing status and some of
its major assets. In light of the above, the said exercise is
being carried out to reduce the number of redundant labor force
and expenses of its head office.

EFFECTS OF THE TERMINATION OF EMPLOYMENT

The exercise involved the termination of employment contracts of
some of RHTB's employees at its head office at Petaling Jaya.
The affected employees will be compensated for the termination
of their contracts in accordance to the terms of their
employment and/or the applicable legislation.

The above exercise is not expected to have any material
financial effect on the net tangible assets and earnings per
share of the RHTB Group for the financial year ending 31
December 2003.


RHB CAPITAL: Business Transfer, Unit's Cessation Completed
----------------------------------------------------------
RHB Capital Berhad announced that its indirect wholly-owned
subsidiary, Straits Securities Sdn Bhd (Straits Securities) has,
at the close of business on 24 January 2003, completed the
transfer of its stockbroking business (including its assets and
liabilities) to RHB Securities Sdn Bhd, formerly known as Rashid
Hussain Securities Sdn Bhd (RHB Securities), another indirect
wholly-owned subsidiary of RHB Capital (Business Transfer).

Following completion of the Business Transfer, the current
business premises of Straits Securities is converted into the
Melaka branch of RHB Securities (Conversion), and Straits
Securities shall thereafter cease to be a licensed dealer under
Section 12(1) of the Securities Industry Act 1983 and will
change its name to "SSSB Services (Melaka) Sdn Bhd".

RHB Capital also wishes to announce that Straits Futures Sdn Bhd
(Straits Futures), an indirect wholly-owned subsidiary of the
Company had voluntarily ceased its business operations with
effect from the close of business on Friday. Straits Futures
will surrender its Futures Broker's License to the Securities
Commission on 27 January 2003 and voluntarily suspend its
membership with the Malaysian Derivatives Exchange Berhad after
which it will change its name to "SFSB Services (Melaka) Sdn
Bhd".

The Business Transfer and Conversion, and the cessation of the
business operations of Straits Futures, is not expected to have
any material effect on the consolidated earnings of the RHB
Capital Group for the current financial year ending 30 June
2003.


SATERAS RESOURCES: Issues Proposed Settlement Update
----------------------------------------------------
Sateras Resources (Malaysia) Berhad wishes to announce
development of the following:

ACQUISITION OF VARIA BIDARI SDN BHD

On 9 August 2000, the Company entered into a Sale and Purchase
of Shares Agreement (SPSA) with Anika Wijayah Sdn Bhd (AWSB) to
acquire the entire issued and paid-up share capital of Varia
Bidari Sdn Bhd (VBSB") consisting of 20 ordinary shares of
RM1.00 each for a total cash consideration of RM26,000,000.

The SPSA lapsed on 6 May 2002. The agreement was not renewed and
deemed frustrated as VBSB had subsequently disposed their assets
to third party. The Company has on 14 January 2003 sent a legal
demand letter to recover the deposit sum paid to AWSB on the
acquisition of VBSB.

SETTLEMENT WITH ANANTHARAJAH

On 15 September 2000, the Company entered into a Settlement
Agreement (SA) with Anantharajah a/l Kathirasoo and AWSB for the
purpose of settling the obligation of Anantharajah a/l
Kathirasoo, Frances a/l Augustine Peter and Vijayakumari Velu to
the Company amounting to RM15,000,000 as the minimum profit
guarantee arising from the acquisition of Goon Institution Sdn
Bhd (GISB) by the Company.

The SA is conditional upon the execution of the SPSA dated 9
August 2000 entered into between AWSB and the Company to acquire
VBSB. As the SPSA had lapsed and deemed frustrated, the Company
had recommenced legal actions against Anantharajah a/l
Kathirasoo, Frances a/l Augustine Peter and Vijayakumari Velu
and through our lawyer, send a demand letter dated 14 January
2003 to Anantharajah a/l Kathirasoo and two others for breach of
contract on the acquisition of GISB demanding settlement on the
profit warranty.


UH DOVE: Changes Name to `Bertam Alliance Berhad'
-------------------------------------------------
The Board of Directors of UH Dove Holdings Bhd is pleased to
inform that the Company's name has been changed from "UH Dove
Holdings Berhad" to "Bertam Alliance Berhad" on 21 January 2003.

COMPANY PROFILE

UH Dove is an investment holding company with subsidiaries
principally involved in the manufacturing and marketing of
hardware products and building materials. Manufacturing
operations commenced in 1977 and today total annual turnover is
RM10m. About 90 percent of the Group's products is sold locally
while the remaining 10 percent is exported to South Africa.

Current production output is 840,000 sets of louvre windows,
3,400 m/t of nails and 800 m/t of hard-drawn wire. Operations
are located in Malacca, Federal Territory, Johor, Terengganu,
Pahang, Perak and Kedah.

The Group is proposing a restructuring exercise, which may
include a rights issue, restructuring of its bank borrowings and
acquisition of assets from a developer of mixed property
development projects.

CONTACT INFORMATION: 6th Floor
                     3 Changkat Raja Chulan
                     50200 Kuala Lumpur
                     Tel : 03-2380266


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


MANILA ELECTRIC: Will Not Pay NPC P12B Fine
-------------------------------------------
Manila Electric Co (Meralco) will not pay the 12 billion pesos
being collected by the National Power Corporation (NPC) as
penalty for its failure to meet minimum power purchase
requirements under their supply contract, BPI Securities
reports.

The contract, which expires in 2004, requires Meralco to buy
3,600 megawatts of power from Napocor monthly. MER has sent a
letter to Napocor terminating the contract in January last year,
which took effect two months after. Napocor has since levied
penalties against Meralco for failing to buy power at the
minimum amount, and said it will seek payment of a 12 billion
pesos to 14 billion pesos fine before entering into any
transition contract.

Meralco claims that the penalty levied is excessive, as the
contract had prescribed smaller penalties than that being sought
by Napocor. Meralco further claims that the original contract
had been effectively terminated when the newly enacted power
sector reform law mandated Napocor to enter into transition
supply contracts six months from the passage of the law.


MANILA ELECTRIC: No Evidence of Insider Dealing, says PSE
---------------------------------------------------------
Philippine Stock Exchange (PSE) President Ernest Leung said no
evidence of insider dealing was uncovered in an investigation
into the high-volume trading in Manila Electric Co. shares, AFX
Asia reports.

PSE started the probe in November 2002 after Meralco's share
price and trading volume rose sharply prior to the Supreme
Court's decision ordering a refund of over-billings to
customers.

"There was not enough evidence to make a determination of
insider trading, " Leung told reporters.

"We went through the process of tracking down the transactions,
including those made by related parties and transfer agents.
During the period in review, we found no significant ownership
change."

The Exchange will be forwarding the results of its investigation
to the Securities and Exchange Commission (SEC).


MULTINATIONAL TELECOM: Lim Orders Owner to Face Investors
---------------------------------------------------------
Former Interior Secretary Alfredo Lim has called on owners of
Multinational Telecom Investors Corporation (Multitel) to face
complaining investors and return their money, the Malaya
Newspaper said on Monday.

Lim said separate cases against Multitel officials, led by its
President Rosario Baladjay, have been filed with the
prosecutor's offices in San Pedro in Laguna, Pasig, Makati, and
Quezon City, but Baladjay allegedly has not appeared during
preliminary investigations.

Lim said even as Baladjay refused to face investors, she
appeared in an interview over a TV program Thursday night where
she claimed the victims were lying.

He said all the complainants want to know is where their money
went.

Twenty-six victims of Multitel and its affiliates, including a
single proprietorship called MTST, filed swindling charges with
the justice department last month against Baladjay, her husband
Saturnino Baladjay, Multitel Vice President, Edgar Smith of BF
Homes Para¤aque City and Roberto Hernandez also of Paranaque.

Chief state prosecutor Jovencito Zuno, in the radio program,
said he has instructed the different prosecutor's offices to
speed up investigations.


MULTINATIONAL TELECOM: Owner Schedules Investor's Meeting
---------------------------------------------------------
Investors of Multinational Telecommunications Investors
Corporation (Multitel) remain skeptical of being able to
retrieve their investments, even as its President Rosario
Baladjay has scheduled a general membership meeting at the
Manila Quirino Grandstand on January 27 at 6 p.m., Business
World reports.

Investors expect Baladjay to again reassure the thousands of
Multitel investors at the meeting that she will be able to pay
their interest and principal investments.

In a television interview with GMA-7 last Thursday, Baladjay
said she would call for a general assembly of Multitel investors
and counselors to clear the accusations against her by
investors.

Earlier, the Rising Alliance Against Business Scams (RABS) filed
a complaint at the Department of Justice against Baladjay, her
husband Saturnino and numerous Multitel officials for syndicated
estafa or swindling.

The RABS is composed of 1,478 investors and counselors who claim
to have been defrauded of 517.25 million Philippine pesos.


NATIONAL POWER: DOF Orders Selection of Winning Brokers
-------------------------------------------------------
The Department of Finance (DOF) has ordered that that there
should be two winning brokers in the public bidding for the
$6.5-billion main industrial all-risk policy reinsurance
contract off the National Power Corporation (Napocor), the
Philippine Star said on Monday, citing Finance Secretary Isidro
Camacho.

Brokers that had earlier participated in the bidding process
were Jardine Lloyd Thompson Insurance Brokers, GTS Insurance and
Reinsurance Brokers Inc., Aon Reinsurance Brokers Asia PTE Ltd.,
Hubertus Clausius Insurance and Reinsurance Brokers Inc., PWS
East Asia PTE Ltd. Singapore, Alexander Forbes Philippines Risk
Services Inc., Marsh Philippines, and Ultraman Reinsurance
Brokers Inc.


NATIONAL POWER: Names New Executives
------------------------------------
Energy Secretary and National Power Corp. (Napocor) Vice-
Chairman Vincent S. Perez, Jr. announced that the Napocor board
has approved the appointments of three new senior vice-President
(SVP) and 10 vice-Presidents. The appointment of new officers
came at the heels of institutionalizing reforms in the power
sector including the restructuring of the state power firm to
best address the challenges and demands of a deregulated
industry.

The new SVPs are: Roland S. Quilala for corporate services; Pio
J. Buenavidez for operations and Silvano C. Zanoria for
technical services.

Ten vice-Presidents were also named. They are: Froilan A.
Tampinco for sales and services; lawyer Rainer B. Butalid for
legal; Edmund P. Anguluan for human resources and
administration; Melburgo S. Chui for hydro generation; Reynaldo
J. Santiago for geothermal generation; Eduardo R. Eroy for
thermal generation; Pasayud M. Macarambon for Mindanao
generation; Lorenzo S. Marcelo for Small Power Utilities Group
(SPUG); Danilo S. Sedilla for technical and maintenance services
and Juan Carlos J. Guadarrama for logistics.

The Napocor board also named lawyer Victor Guadencio C. Garcia
as the new corporate secretary, Josie Montero as head of the
internal audit department and Oscar C. Lorico as head of the IPP
contracts management.

The new officers, who were recommended by a board selection
committee after extensive interviews from among two dozen
applicants, will assume office starting February 1.

Early this month, Napocor's new President, Rogelio M. Murga, was
also sworn into office. Mr. Murga was a former vice-Chairman and
President of EEI Corp. with more than 30 years experience in the
engineering field and management profession.

Secretary Perez said he is optimistic that the new set of
Napocor officials will be bring Napocor back to its feet to
become one of the world's best power firm, providing the most
efficient and reliable power service especially those in the
rural areas.


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


NEPTUNE ORIENT: 2002 Financial Results Update
---------------------------------------------
Neptune Orient Lines Limited (NOL) had revised the full year
outlook for its 2002 financial results.

"Our statement at the interim results in September that,
although still recording a loss, we expected the second half of
2002 to be better than the first half remains correct at the
operating level. However, exceptional items will significantly
affect the overall bottom-line," NOL Chairman Cheng Wai Keung
said.

Cheng said that exceptional items could amount to about US$110
million. He said this reflected an impact of US$8 million from
industrial disruption last year on the West Coast of the United
States; US$14 million additional write-down of goodwill;
restructuring and severance costs of US$37 million; provision of
US$33 million relating to losses from the sale of subsidiaries
either realized or pending, including write-down of software;
and US$18 million for diminution of asset values, including
vessels. The exceptional items have a cash impact of US$50
million with US$60 million being non-cash in nature.

"Our preliminary estimate of the results for the full year 2002
while worse than expected, is unlikely to exceed US$335
million," he said.

Cheng emphasized that NOL has a strong asset base and positive
operating cash flow.

Cheng said the full year results for 2002 will be announced
around end February 2003.

Meanwhile, Dow Jones reported that the shipping Company lost
US$151 million in the six months to June 30, a development that
analysts say likely contributed to the departure of Chief
Executive Flemming Jacobs on January 7.

Media inquiries:
Sarah Lockie
+65.6371.5022
sarah_lockie@nol.com.sg


SERIAL SYSTEM: Issues Profit Warning
------------------------------------
The Board of Directors of Serial System Ltd. would like to refer
to Serial's announcement of the Group's results for the first
half year period ended 30 June 2002 made on 23 August 2002. In
the announcement, the Directors stated that they were cautiously
optimistic of the Group performing better in the second half as
compared to the first half of the financial year 2002.

In anticipation of Serial's announcement of the Group's results
for the full year ended 31 December 2002, which is expected to
be released in late February/ early March 2003, the Directors
deem it necessary to issue a profit warning to shareholders.

The results of the second half of financial year 2002 would be
worse than that of the first half due largely to specific
doubtful debts and inventory provisions. As a consequence, the
Directors expect the Group to report a loss for financial year
2002.


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


NATURAL PARK: Change of Registered Paid-Up Capital Completed
------------------------------------------------------------
N P K Management Service Co., Ltd. as the Plan Administrator of
Natural Park Public Company Limited, notified that the Plan
Administrator has completed the registration of change of the
paid-up capital from the existing amount of Bt10,607,895,970 to
Bt201,432,117,320 under the Business Rehabilitation Plan of the
Company, as submitted to the Department of Business Development,
Ministry of Commerce, on 23 January 2003.


PICNIC GAS: SET to Lift `SP' Sign on February 4
-----------------------------------------------
As the Board of Governors of the SET revised rules on allowing
securities trading of listed companies in the REHABCO sector
with the concept that the companies make certain level of
progress in solving their financial problems and fully disclose
relevant information to investors. Listed companies can submit a
petition for trading reinstatement to the SET if their debt
restructuring completed by more than 50 percent worth of total
debts and rehabilitation plans have  either been approved by
their shareholders or the Bankruptcy Court. Applicants are also
required to disclose major elements of their debt restructuring
agreements signed by such companies and their creditors together
with major elements of the rehabilitation plans as approved by
their shareholders or the Bankruptcy Court.

Picnic Gas and Chemicals Public Company Limited (PICNIC) has
submitted the petition for trading reinstatement to the SET
because PICNIC has completed its debt restructuring agreement by
more than 50 percent worth of total debts, and the
rehabilitation plan has been approved by the Bankruptcy Court on
5 August 2002.In addition, PICNIC has already disclosed major
elements of rehabilitation plan as specified by the SET's rules
(details as on Public SIMS).

Therefore, the SET decides to lift `SP' sign from PICNIC on 4
February 2003 to allow the trading of such securities in REHABCO
sector. Shareholders and investors should follow the companies'
debt restructuring and their rehabilitation plans before making
investment decision.

However, since this issue may affect the stock price of the
company in the market. Therefore, according to Clause 24 (3) and
(6) of the regulation on trading, clearing and settlement for
listed securities 1999, the ceiling and floor limits on the main
board of the securities of PICNIC will be temporarily removed n
4 February 2003 to allow the market mechanism to work freely.


TELECOMASIA CORP: Upset About New Excise Proposal
-------------------------------------------------
TelecomAsia Corporation Public Company Limited sees no urgency
to convert its current concession should the government's new
excise-based proposal requires remission of the same revenue
sharing rate of 16 percent, Business Day Thailand reports,
citing TA's Managing Director Supachai Chearavanond.

Chearavanond said that TA would rather wait until the formation
of the new regulatory body - the National Telecommunication
Committee (NTC) - to discuss the deal. He added that scrapping
the current concession to replace it with the excise-tax may
produce additional costs on network access, as well as equipment
maintenance, and would be unfair if a new requirement led to
higher operating costs for private operators.

The NTC will be the sole agency with the power to set telecom
regulations, including the handing of operating licenses to
private operators, said Supachai.

"But the NTC might abolish this new excise-based revenue in the
future and come up with a new set of rules on sharing revenue
between the state and private operators," said Supachai, adding
that if a new excise-based revenue was set by the government was
too high, local operators would not be able to compete with
their foreign competition.

An unnamed source at the underwriter for the issue of Bt3.6-
billion-baht amortizing bond said that TA has set a coupon rate
of 5.8 percent on the bond.

"The four-year-and-eight-month bond will be sold to retail and
institutional players February 10-14," the source said but
Chearavanont said that the issue could be delayed if market
conditions aren't suitable.


THAI MILITARY: Posts Merger, Capital Raising Report
---------------------------------------------------
Refer to previous report to the Stock Exchange of Thailand to
deny on rumor of merging Thai Military Bank with other
commercial bank, the bank further reported as follows:

The bank has policy to set aside sufficient provision for
doubtful debt in order to be able to restructure its current
NPL.  The bank targeted to have loan loss reserve provisioning
up to the average level of the peer.

The bank also plans to redeem its CAPS in to 2004 which could
reduce its interest expense by approximately Bt2.0 billion per
annum, thus will increase the bank's operational profit.

The bank has engaged financial consultant to prepare capital
assessment as well as other related financial restructuring
options.  The bank has closely consult with the representative
of the Ministry of Finance, as well as the major shareholders.
It is estimated that the bank should be able to complete the
financial restructuring plan, including capital raising plan
prior to the annual Shareholders' Meeting this year.

Thai Military Bank would like its customers and investors to be
confident on the bank's financial performance.  In 2002, the
bank had expanded and achieved both customer deposits and loan
growth higher than peer average as well as continue developing
its business into one of the top Thai bank.


TPI POLENE: Proposed Planner Removal Hearings Started Monday
------------------------------------------------------------
The Central Bankruptcy Court started on Monday the first of the
18 hearings for the proposed removal of Prachai Leophairatana,
the current Chief Executive and Plan Administrator of the $1.2
billion-debt-ridden TPI Polene Public Company Limited, Business
Day reported Monday.

On Sunday, creditors expressed their confidence that they would
be successful in their wish to remove the TPI Planners as the
debt manager for the Company, though they may have to wait for a
few months more.

On December 9 the Court said that it would need 18 hearings
before reaching a decision, provisionally set for April 29,
though decisions on other aspects of the protracted case have
been postponed several times.

"The court will start its hearings [on Monday] and will make the
decision in late April, but we are relatively sure that we will
gain the upper hand as more than 90 percent of the creditors of
the company have given us their support," said a member of the
steering committee of the creditors.

The steering committee, which comprises of some of the largest
creditors of TPI Polene such as Bangkok Bank and Kreditanstalt-
fur Wiederaufbau (KfW), have petitioned the bankruptcy court to
remove Prachai as the debt-restructuring manager.


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

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

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                 *** End of Transmission ***