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       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 30, 2003, Vol. 6, No. 20

                         Headlines

A U S T R A L I A

ANACONDA NICKEL: Restarts Following Planned Repair Shutdown
HORIZON ENERGY: Responds to ASX Share Price Query
KALREZ ENERGY: Clears Default Cash, Interest Penalties
KALREZ ENERGY: Issues Activities Update
KINGSTREAM STEEL: Posts Quarterly Reports Notice

STADIUM AUSTRALIA: JFFM Appointed as Responsible Entity
STADIUM AUSTRALIA: MBL Ceased to be Substantial Holder


C H I N A   &   H O N G  K O N G

GRACE WIN: Winding Up Hearing Scheduled in February
MODERN STATE: Winding Up Petition Set for Hearing
NEO-TECH GLOBAL: Narrows 2002 Net Loss to HK$13.17M
ORIENT RESOURCES: Sees No Reason for Shares Price Decrease
TAKANA TECHNOLOGY: Awaiting Petition to Wind Up

WAYWELL LIMITED: Faces Winding Up Petition
WING TAT: Winding Up Sought by Bank of China


I N D O N E S I A

MULIAKERAMIK INDAHRAYA: Unable to Pay 9th Bond Interest Payment


J A P A N

EDOSAWA CO.: JCR Downgrades Rating to BB+
FUJITSU LIMITED: Shares Down 3.6% on Wednesday
FUJITSU LIMITED: Unveils FY02 Third Quarter Results
HARIMA KOSAN: Golf Course Applies for Rehabilitation
KDDI CORPORATION: Establishes Affiliate in Guangzhou, China

LAOX CO.: JCR Downgrades Rating to BB+
NEC CORPORATION: Board Meeting Notification
NEC CORPORATION: Debt Fears Put Focus on Electronic Firms
NISSHO IWAI: Enters Merger Deal With Nichimen on Wednesday
SKYMARK AIRLINES: Aims to Profit From Shuffle

TOBU STORE: Marubeni, Maruetsu to Buy 17.5% Stake
TOUEI KK: Department Store Enters Rehabilitation
TOYOTA VISTA: Carmaker Files for Rehab


K O R E A

CHOHUNG BANK: President Elect Roh Offers Compromise to Union
HYNIX SEMICONDUCTOR: Discloses Capital Reduction Info
HYNIX SEMICON: Board Reveals Shareholders' Meeting's Agenda
HYUNDAI PETROCHEMICAL: Creditors May Approve Sale on Thursday


M A L A Y S I A

AKTIF LIFESTYLE: Replies to KLSE's Writ of Summons Query
AMSTEEL CORP.: Proposed Disposal Completion Deadline Extended
FW INDUSTRIES: Directors Yeap, Mun Retire
KILANG PAPAN: Seeks Restructuring Scheme Revision Approval
LION CORPORATION: Perwaja Acquisition Rumor Not True

LONG HUAT: Inks Restructuring MOU With White Knight
MECHMAR CORP.: Merger of Subsidiaries Activities Effective Feb 1
MGR CORPORATION: Restructuring Scheme Circular Dispatched
SATERAS RESOURCES: Audit Committee Member Mohd Noor Resigns
SISTEM TELEVISYEN: Seeks General Mandate From Shareholders

TAT SANG: Provides Defaulted Facilities Status Update
UH DOVE: Stock Number Remains Despite Name Change
UNIPHOENIX CORPORATION: Non Exec Director Tau Meng Resigns
WING TIEK: BNM Grants Proposed CDRS Approval
WOO HING: Foreign Exchange Controller Approves Kamdar Proposals


P H I L I P P I N E S

MANILA ELECTRIC: Eyes Arbitration to Resolve Row With Napocor
MANILA ELECTRIC: No Insider Trading on Shares, PSE
NATIONAL BANK: Narrows Net Loss to P1.9B in 2002
MULTITEL INTN'L: Prosecutor Indicts Owners, No Arrest Yet
VICTORIA MILLING: Update on Rehabilitation Plan


S I N G A P O R E

CHARTERED SEMICONDUCTOR: Posts 4Q02 Financial Results
NATSTEEL LTD: Posts Notice of Shareholder's Interest


T H A I L A N D

DATAMAT PUBLIC: Completes Unit's Registration
TPI POLENE: Finalizing Fund Raising Exercise Offering Price
UNITED CENTER: Files Reorganization Petition in Bankruptcy Court

     -  -  -  -  -  -  -  -

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


ANACONDA NICKEL: Restarts Following Planned Repair Shutdown
-----------------------------------------------------------
Anaconda Nickel Limited advised that it has successfully
completed a four day planned maintenance shutdown at the Murrin
Murrin nickel cobalt project. The purpose of the shutdown was to
commence the rectification of some of the design faults in the
power generation circuit and perform routine maintenance tasks.

As previously advised in the December Quarter Report, design and
construction defects in the power generation plant have been
responsible for a number of interruptions to nickel and cobalt
production since the plant was commissioned in 1999.

The power plant rectification works form part of the 12-month
$100 million capital program currently underway at Murrin
Murrin. The capital program is scheduled to be complete by the
end of the 2003 calendar year.

The capital program, which is being partially funded by the
current 14:1 Renounceable Rights Issue, will address and rectify
a number of plant design and construction defects and when
complete, should see the plant ramp up to its design capacity
rate of 40,000 tonnes of nickel per year in 2004.

Anaconda CEO Peter Johnston said, "The successful completion of
the capital program is critical to achieving our budget
forecasts and delivering long-term value for our shareholders.
Nickel prices are forecast to remain strong for the foreseeable
future and we remain focused on optimizing nickel production to
ensure shareholders receive the full benefit of these improved
market conditions."


HORIZON ENERGY: Responds to ASX Share Price Query
-------------------------------------------------
Horizon Energy Investment Group (Horizon) has received a price
query from the ASX based on the increases in Horizon's security
price and trading volumes over the last week. Horizon Energy
Investment Management Limited (HEIML), the Manager of Horizon
confirms that:

   * As previously advised to the ASX, the Loy Yang Partnership,
in which Horizon has a 25% interest, has sought offers to
acquire some or all of the Partnership.

   * At this time, interested parties from both overseas and
locally are undertaking due diligence.

   * In at least one case, negotiations with one of the
interested parties have been underway for some time.

   * However, the Partnership has not entered into any binding
contractual agreement nor has it signed any exclusivity
agreement with any of these parties.

   * An Announcement will be made if and when binding agreements
are entered into for the sale of all or part of Horizon's
interests in the Partnership or its assets.

The sale of the Partnership is one of the strategies being
pursued by the partners to deal with a significant financial
issue facing Loy Yang. In May 2003, a $500 million, debt
facility must be repaid. In the absence of a sale, this will
require a restructuring of Loy Yang's financial position, which
is likely to necessitate a capital injection from the parties.

Finally, the Company confirms that it is compliance with the
listing rules and, in particular, listing rule 3.1.


KALREZ ENERGY: Clears Default Cash, Interest Penalties
------------------------------------------------------
With the first drawdown of AU$500,000 of the Tulloch Lodge
(Tulloch) Loan Facility, Kalrez Energy Limited has cleared
Wednesday all default cash calls and imposed interest penalties,
due on the Seram JV Project.

This is a very important step for Kalrez, in that this is the
first time since January 2002, that the company has been clear
of it's payment obligations as a partner in the Seram JV
Project.

The Tulloch facility totals AU$2 million dollars and consists of
$500,000 placement in the company (already subscribed) and 1.5
million dollars loan facility, dedicated to funding Seram JV
cash calls (500,000 drawn down on Wednesday).

Eddie Smith, the company's former Chairman comments "That with
Tulloch's assistance the company now has a certainty that was
previously missing and the future now looks a lot brighter for
Kalrez shareholders."


KALREZ ENERGY: Issues Activities Update
---------------------------------------
Kalrez Energy Limited is a 2.5% shareholder in the Seram Joint
Venture that operates the Oseil oilfield. The major shareholder,
and Operator of the JV, is KUFPEC (Indonesia) Limited with
97.5%.

Production from the Oseil oilfield commenced on December 30th
2002, with processing taking place through a Temporary
Production System (TPS) nominally rated to approximately 12,000
barrels per day throughput.

The TPS facility is a temporary process facility to be utilized
until the permanent facilities currently being installed are
completed. Current expectations are that the permanent
facilities will be available during April 2003.

REPORTING PERIOD                From midnight     To midnight
                                19th Jan 2003     27th Jan 2003

Oil produced for the period            49,976     barrels of oil
Average daily production for the period 6,247     barrels of oil
Cumulative oil produced               206,845     barrels of oil
Oil sold during the period                  0     barrels of oil
Oil in stock                          206,845     barrels of oil

The above represent total production from the Oseil oilfield as
reported by the Operator. Kalrez entitlement is 2.5% of this
production after deducting operating costs and Indonesian
government entitlements.

COMMENTS

All three wells Oseil #1, 0seil #2 and Oseil #4 on production.

During the reporting period, rates at all wells had to be cut
back as BS&W increased. The TPS was not capable of segregating
the water to requisite level of 0.5% BS&W delivered to BP tanker
Shanghai.

Steam heaters are in transit to the site for installation in the
process. The injection of heat into the process is expected to
significantly aid the process separation of water, enabling
rates to be lifted.

At the reduced rates, process temperatures consequently drop and
foaming problems are magnified. Steam heaters will also
obviously assist control of the foam problem.

The next scheduled update on Oseil production will be issued
February 3rd, 2003.

DEVELOPMENT WELL 89K-5

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

After completion with a 4-1/2" screen, the well was put on flow
and allowed to clean up.

On Sunday 26th January, a downhole positive displacement pump
was installed and production has since stabilized at
approximately 40 barrels of fluid per day and 12 barrels of oil
per day. Oil API is 19.4 degrees, typical of Basal Fufa
production in this area.

Further well cleanup is anticipated to result in a slight
increase in oil rate. When the well is considered to have
cleaned up sufficiently, the pump rate will be increased.

CONTACT INFORMATION: Mr Guiseppe (Joe) Mercorella
                     Ph:  08 8239 1344
                     Fax: 08 8239 1744
                     Mobile: 0403 680 570


KINGSTREAM STEEL: Posts Quarterly Reports Notice
------------------------------------------------
Kingstream Steel Limited posted this notice from C Pougnault,
Manager for Bryan Hughes, Joint and Several Deed Administrator
of the Company, regarding the Quarterly Reports:

KINGSTREAM STEEL LIMITED
(SUBJECT TO DEED OF COMPANY ARRANGEMENT)
ACN: 009 224 800

I refer to your facsimile dated 21 January 2003 regarding the
Fourth Quarter Activities and Cashflow Reports for the period
ended 31 December 2002.

As you may be aware the Company's securities were voluntarily
suspended from quotation on the Australian Stock Exchange (ASX)
upon the Company proceeding into Voluntary Administration on 27
November 2001. The Company subsequently executed a Deed of
Company Arrangement on 3 April 2002 and the Deed Administrators,
with the approval of the Company's Committee of Creditors, have
finalized a reconstruction proposal with Koolanooka Pellets Pty
Ltd (KPPL).

The KPPL reconstruction proposal was formalized into a
conditional Reconstruction Deed and executed on 1 November 2002.
An announcement was subsequently lodged at the ASX on 11
November 2002 in this regard.

KPPL and the Deed Administrators are currently in the process of
preparing documents to convene a meeting of shareholders to
ratify the relevant actions contemplated in the Reconstruction
Deed. A copy of the draft Explanatory Memorandum to be issued to
shareholders is currently with the Perth office of the ASX for
their review and comments.

I advise the reconstruction process will address all outstanding
obligations under the ASX's listing rules.

If you have any queries in this regard please do not hesitate to
contact Mr Daniel Bredenkamp of this office.


STADIUM AUSTRALIA: JFFM Appointed as Responsible Entity
-------------------------------------------------------
James Fielding Group advises that at a meeting of unitholders
held on Wednesday in Sydney, unitholders voted in favor of
appointing James Fielding Funds Management Limited (JFFM) as the
responsible entity of the Stadium Australia Trust, Australian
Stock Exchange code SAX.

JFFM will assume responsibility of SAX once the change in
responsible entity has been registered with the Australian
Securities and Investment Commission, which is expected later
this week.


STADIUM AUSTRALIA: MBL Ceased to be Substantial Holder
------------------------------------------------------
Macquarie Bank Limited ceased to be a substantial shareholder in
Stadium Australia Group on 23 January 2003.

Wrights Investors' Service reports that at the end of 2002, The
Stadium Australia Group had negative working capital, as current
liabilities were A$27.87 million while total current assets were
only A$10.84 million. The company also reported losses during
the previous 12 months and has not paid any dividends during the
previous 3 fiscal years.


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


GRACE WIN: Winding Up Hearing Scheduled in February
---------------------------------------------------
The High Court of Hong Kong will hear on February 26, 2003 at
10:00 in the morning the petition seeking the winding up of
Grace Win Industrial Limited.

Wong Tak Lun of Flat E-5, 20/F., Sun Way Gardens, 989 King's
Road, Quarry Bay, Hong Kong filed the petition on December 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.


MODERN STATE: Winding Up Petition Set for Hearing
-------------------------------------------------
The petition to wind up Modern State Development Limited will be
heard before the High Court of Hong Kong on February 26, 2003 at
9:30 in the morning.

The petition was filed with the court on December 21, 2002 by
Wong Kit Ling Venus of Flat C, 7th Floor, Tower 4, The Royal
Peninsula, 8 Hung Lai Road, Kowloon, Hong Kong.


NEO-TECH GLOBAL: Narrows 2002 Net Loss to HK$13.17M
---------------------------------------------------
Neo-Tech Global Limited posted this interim financial result:

Year end date: 30 March 2003
Currency: HKD
Auditors' Report: N/A
Review of Interim Report by: Audit Committee

                                               (Unaudited)
                             (Unaudited)        Last
                             Current            Corresponding
                             Period             Period
                             from 01/05/2002    from 01/05/2001
                             to 31/10/2002      to 31/10/2001
                             Note  ('000)       ('000)
Turnover                           : 522            681
Profit/(Loss) from Operations      : (11,395)       (110,852)
Finance cost                       : (193)          (123)
Share of Profit/(Loss) of
  Associates                       : (1,526)            N/A
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A
Profit/(Loss) after Tax & MI       : (13,171)       (111,146)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.015)        (0.019)
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (13,171)       (111,146)
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:

The calculation of the basic loss per share is based on the
Group's net loss for the period of HK$13,171,000 (2001: loss of
HK$111,146,000) and on the weighted average of 875,940,643
(2001: 5,839,604,296) shares in issue during the period.

The weighted average of shares issued during the corresponding
period was not adjusted as the right issue completed on 22
January 2002 had a dilution effect to the loss per share for
that corresponding period.

No amount has been presented for the diluted loss per share for
the current period as the effect of the exercise of the
company's outstanding share options would have been anti-
dilutive.


ORIENT RESOURCES: Sees No Reason for Shares Price Decrease
----------------------------------------------------------
Orient Resources Group Company Limited has noted the recent
decrease in the share price of the Company and stated that it is
not aware of any reasons for such decrease.

The Company also confirmed that there are no negotiations or
agreements relating to intended acquisitions or realizations
which are discloseable under paragraph 3 of the Listing
Agreement, neither is the Board aware of any matter discloseable
under the general obligation imposed by paragraph 2 of the
Listing Agreement, which is or may be of a price-sensitive
nature.


TAKANA TECHNOLOGY: Awaiting Petition to Wind Up
-----------------------------------------------
The petition to wind up Takana Technology 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 January 2, 2003 by Nan
Fung Finance Limited whose registered office is situated at 9th
Floor, Central Building, No. 3 Pedder Street, Central, Hong
Kong.


WAYWELL LIMITED: Faces Winding Up Petition
------------------------------------------
The petition to wind up Waywell Limited is set for hearing
before the High Court of Hong Kong on March 5, 2003 at 10:00 in
the morning.  The petition was filed with the court on January
14, 2002 by Bank of China (Hong Kong) Limited of 14th Floor,
Bank of China Tower, 1 Garden Road, Central, Hong Kong.


WING TAT: Winding Up Sought by Bank of China
--------------------------------------------
Bank of China (Hong Kong) Limited is seeking the winding up of
Wing Tat International Limited . The petition was filed on
December 19, 2002, and will be heard before the High Court of
Hong Kong on February 12, 2003 at 10:P00 in the morning.

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


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


MULIAKERAMIK INDAHRAYA: Unable to Pay 9th Bond Interest Payment
---------------------------------------------------------------
PT Muliakeramik Indahraya is still unable to pay the 9th
interest payment for its senior A and B Muliakeramik bond and
amortization of series A bond due January 22, 2003 since the
debt restructuring negotiation is not yet done, Bisnis Indonesia
reports, citing Hendra Heryadi Widjonarko, Muliakeramik Vice
President Director.

He added that the financial report for book year 2002 hasn't
been finished yet.

Presently, the company has an unpaid Rp30 billion in bond
interest coupon and principle amortization of senior A and B
Muliakeramik bond.

Muliakeramik has fallen into default for being unable to pay the
9th bond interest coupon of senior A and B bond falling due on
January 22, 2003.

The Company issued two kinds of bond, senior A and B to fall due
on October 31, 2007. Senior A worth Rp104.04 billion while
senior B of Rp19.56 billion with annual interest coupon of 15%-
18%.


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


EDOSAWA CO.: JCR Downgrades Rating to BB+
-----------------------------------------
Japan Credit Rating Agency (JCR) has downgraded the rating of
Edosawa Co. on the following bonds from BBB- to BB+.

Issue Amount (bn) Issue Date Due Date Coupon
convertible bonds no.1 Y2/Jun. 23, 1997/Sept. 30, 2004/1.35%

RATIONALE:

Edosawa is a Japanese food restaurant chain operator,
specializing in "chankonabe" hodge-podge stew.

While Edosawa differentiates itself from peers by specializing
in chankonabe, it is vulnerable to volatile earnings structure
with high seasonal fluctuations, reflecting the food. Recently,
it has been losing the competitive advantage in the core menu
due to variety of restaurant operations by rivals. Edosawa has
been responding to the competition by providing a la carte dish
increasingly. However, it relied on hot pot dish and an increase
in Japanese dishes whose recipe is different and complicating
from dish to dish led to drop in the earnings power.

The earnings structure became rigid with the productivity
declining. The pace of change of fixed expenses into variable
ones has been slow. The earnings is expected to have dropped
sharply in fiscal 2002 ended December 31, 2002 with the number
of customers and unit customer price being below average of the
industry. On the other hand, there is little concern about the
financial structure, because Edosawa plans to limit the capital
spending for new stores to depreciation.

JCR considers it necessary for the company to establish a
coordinated management system to combat the situation. Edosawa
is now beginning to develop new type of restaurants to loosen
the seasonal fluctuations in addition to the efforts to take in
more customers by improving services. It will take time for
these efforts to bear fruit and improve the earnings structure.
Given the drop in sales and delay in taking necessary strategy
to respond to the changing environment, JCR considers that it
will be difficult for the company to regain the earnings level
it enjoyed before.

According to Wright Investor's Service, at the end of 2001,
Edosawa Co., Ltd. had negative working capital, as current
liabilities were 2.97 billion yen while total current assets
were only 2.26 billion yen.


FUJITSU LIMITED: Shares Down 3.6% on Wednesday
----------------------------------------------
Shares of Fujitsu Limited decreased 3.6 percent after Japan's
biggest business computer maker cut sales forecast for the year
ending March 31, Bloomberg reports.

Fujitsu shares dropped as much as 13 yen to 344 and traded at
346 yen as of 9:15 in the morning in Tokyo.

According to the Troubled Company Reporter-Asia Pacific, Fujitsu
Limited posted a third quarter operating loss of 13.1 billion
yen ending December, versus a loss of 45.8 billion yen a year
earlier due to cost cutting and restructuring exercises.

The third quarter pretax loss came in at 29.2 billion yen, after
a loss of 63.1 billion in 2002, the net loss was 24.9 billion
yen after a loss of 106.1 billion.


FUJITSU LIMITED: Unveils FY02 Third Quarter Results
---------------------------------------------------
Fujitsu Limited, the global leader in customer-focused IT and
communications solutions, announced consolidated net sales of
1,017.6 billion yen (US$8,480 million) for the third quarter of
fiscal 2002 (October 1 - December 31, 2002), a decline of 4
percent over the same period in fiscal 2001. Although sales
declined, benefits from the Company's previous restructuring
initiatives and successful efforts to further reduce costs
resulted in major improvements in profitability.

Despite some isolated bright economic signs, Fujitsu continued
to face a difficult business environment in the third quarter.
The e-Japan initiative gathered momentum, China and other Asian
markets recovered, and in North America and Europe there were
indications that investment by telecommunications carriers may
have hit bottom. However, the aftereffects of the bursting of
the IT bubble the year before last were felt in the prolongation
of the stock market downturn, and there was an increase in
global deflationary pressures. Amidst this, consumer spending
languished and corporate spending on IT continued to be
restrained.

As a result of spending cutbacks by telecommunications carriers
and a cyclical downturn in sales of large-scale systems, Fujitsu
recorded a sharp decline in sales of platform products. These
were offset to some extent by increasingly strong growth in
sales of services and software to customers in the public sector
and healthcare fields, as well as gains in sales of consumer PCs
and mobility products. In electronic devices, the supply-demand
balance for logic and flash memory chips improved dramatically,
but pricing pressures intensified.

To cope with this difficult environment, Fujitsu continued to
aggressively pursue efforts to improve its cost structure. These
efforts, together with reductions in fixed costs achieved from
its extensive restructuring measures to date, resulted in a
major narrowing of the Company's consolidated third-quarter
operating loss, to 13.1 billion yen (US$110 million), an
improvement of 32.6 billion yen over the operating loss recorded
in the same period in fiscal 2001. In addition, because
restructuring charges were booked in the first half of the
fiscal year, extraordinary losses for the third quarter were
limited to a 7.0 billion yen (US$59 million) loss on the
devaluation of marketable securities. This was offset in part by
1.3 billion yen (US$11 million) in extraordinary income from the
sale of marketable securities. As a result, Fujitsu's
consolidated net loss for the third quarter narrowed to 24.9
billion yen (US$208 million), an improvement of 81.2 billion yen
compared with the 106.1 billion yen net loss recorded in the
third quarter of fiscal 2001.

For the first nine months of fiscal 2002, reflecting in
particular the renewed downturn in the global telecommunications
business in the first half of the fiscal year, consolidated net
sales declined 8 percent compared with the first nine months of
fiscal 2001, to 3,168.0 billion yen (US$26,400 million). On the
other hand, consolidated operating income improved in each of
the first three quarters compared with the same periods last
fiscal year, and by a cumulative 68.5 billion yen for the nine
months. Fujitsu's consolidated operating loss for the nine-month
period was 36.4 billion yen (US$304 million), and the
consolidated net loss for this period was 172.3 billion yen
(US$1,436 million) due to the restructuring charge posted in the
first half, but still an improvement of 108.5 billion yen from
the first three quarters of the previous fiscal year.

Results by Business Segment

Services & Software

In Japan, Fujitsu deepened its involvement in the e-Japan
initiative and recorded steady gains in sales of solutions,
systems integration and outsourcing services to central and
local government authorities, as well as in the healthcare
sector. The Company also strengthened efforts to gain from IT
investment in services & software in the manufacturing sector,
primarily by targeting major manufacturers with global
operations. In addition, Fujitsu received large outsourcing
orders from government agencies in the UK. However, sales of
services & software in the telecommunications and financial
sectors were sluggish, both in Japan and overseas. As a result,
consolidated third-quarter sales of services & software were
419.8 billion yen (US$3,499 million), an increase of 2 percent
from the third quarter of fiscal 2001. For the first nine months
of fiscal 2002, in light of the restraints in overseas IT
investment through the first half of the year, cumulative sales
of services & software remained at about the same level as in
the same nine-month period in fiscal 2001.

Consolidated services & software operating income for the first
nine months of fiscal 2002 was roughly the same level as in the
comparable period the previous year. However, due to a higher
concentration of major contracts at the end of the fiscal year,
third-quarter operating income declined slightly, to 16.6
billion yen (US$138 million). To further reduce costs and
improve profitability, the Company is continuing to improve
software development efficiency through advancing EJB
componentization technology, as well as expand information
sharing and reuse of accumulated know-how through improvements
in knowledge management.

Platforms

In personal computers, while the Japanese market saw a decline
in the number of units shipped in the third quarter, Fujitsu's
PC sales to public-sector authorities increased, and consumer
sales of new desktop models with built-in LCD screens also rose,
helping to achieve unit and market share gains in those
segments. Fujitsu also recorded growth in domestic sales of IMT-
2000 (3G) mobile communications systems, as well as in mobile
telephones, thanks to the introduction of popular new models.
However, investment by global telecommunications carriers
remained depressed, and sales of transmission systems in North
America in particular fell sharply. Likewise, due to the
completion last year of large system orders to financial
institutions and other corporate customers, server-related
sales, in particular large-scale enterprise systems, declined
significantly. As a result, consolidated third-quarter sales in
the Platforms sector were 352.8 billion yen (US$2,940 million),
down 21 percent from the same period in the previous fiscal
year, and sales for the first nine months of the year declined
by a similar margin.

In spite of the large decline in sales, thanks to reductions in
fixed costs from restructuring and other cost-saving measures,
the Company was able to hold its consolidated operating loss in
this sector to 13.7 billion yen (US$114 million), a slight
deterioration over the operating loss recorded in the third
quarter of fiscal 2001. On the other hand, the operating loss
for the first nine months of fiscal 2002 narrowed compared with
the first three quarters of the previous fiscal year.

With respect to the extraordinary charge posted at mid-year to
cover costs of corrective measures for certain small form-factor
hard disk drives due to some procured parts that were found to
be defective, the Company is continuing corrective measures,
while making strong efforts to prevent any reoccurrence of such
problems.

Electronic Devices

Buoyed by an upturn at the start of the US Christmas selling
season, as well as a trend toward recovery in Asian markets,
sales of logic chips, primarily for digital electronic
appliances, increased significantly over the third quarter of
the previous fiscal year. In flash memory, continuing progress
in inventory adjustments led to a major recovery in terms of
units shipped, as well as a large increase in sales. In
addition, strong demand emerged for plasma display panels (PDPs)
and other high-quality displays, and those sales increased
significantly. As a result, overall third-quarter sales of
electronic devices jumped 31 percent, to 156.5 billion yen
(US$1,304 million), and cumulative sales for the first nine
months of the fiscal year were also ahead of the comparable
period in fiscal 2001.

Although flash memory and other products faced intensified
pricing pressures, the shift of its PDP operations into the
black along with major reductions in fixed costs from aggressive
restructuring helped greatly reduce Fujitsu's operating loss in
this segment to 5.5 billion yen (US$46 million), an improvement
of 32.0 billion yen.

Summary of Cash Flows

Regarding cash flows, free cash flow in the third quarter
improved by 14.7 billion yen to negative 54.5 billion yen ($455
million). Despite the large improvement in income, lower
depreciation and large cash outflows from restructuring charges
booked at mid-year pushed cash flows from operating activities
to negative 49.3 billion yen (US$411 million) for the third
quarter. On the other hand, cash flows from investing activities
for the period were held to negative 5.2 billion yen (US$44
million), an improvement of 85.1 billion yen from the same
period last fiscal year, as a result of tightly focusing new
plant and equipment investment on growth sectors and from the
sale of fixed assets. Adding negative 21.8 billion yen (US$182
million) in cash flows from repayment of loans and bonds, cash
and cash equivalents in the third quarter declined to negative
76.7 billion yen (US$640 million).

For the first nine months of fiscal 2002, free cash flow was
negative 146.1 billion yen (US$1,218 million), a major
improvement of 221.3 billion yen over the comparable period in
the previous fiscal year. This was made possible by a 302.5
billion yen improvement in cash flow from investment activities,
stemming from increased efficiency in capital expenditure and
from asset sales.

Revised Projections for Fiscal 2002

Since the last earnings projections in October, the e-Japan
initiative has gained further momentum, Asian economies have
picked up, and signs have emerged that investment by North
American and European telecommunications carriers may have
bottomed out. But these glimmers of light are being overshadowed
in the immediate term by increasingly uncertain consumer
spending and corporate investment attitudes due to rising
tensions between the US and Iraq. In Japan, as well, delays in
adequately responding to the problem of non-performing loans has
prolonged the severe downturn in the stock market, and there is
growing uncertainty regarding domestic telecommunications
carriers' investment plans, as well as instability regarding
overall corporate earnings.

Continuing its cost reduction and restructuring initiatives from
the mid-term, Fujitsu was able to improve operating income in
the third quarter more than previously planned, despite a
continuing decline in sales. This trend is expected to continue
into the fourth quarter, and sales to domestic
telecommunications carriers and financial institutions are now
expected to be lower than previously forecast. Overseas, because
of a delay in the recovery of US markets, sales of electronic
devices are also now expected to fall short of previous
projections. Nevertheless, the Company anticipates that cost
reductions and efficiency improvements in all its business
segments will enable it to absorb these sales declines, without
further eroding profitability.

Taking these factors into consideration, Fujitsu has revised the
earnings projections at
http://pr.fujitsu.com/en/news/2003/01/28.html


HARIMA KOSAN: Golf Course Applies for Rehabilitation
----------------------------------------------------
Harima Kosan KK, which has total liabilities of 43.2 billion yen
against a capital of 61 million yen, recently applied for civil
rehabilitation proceedings, according to Tokyo Shoko Research.
The golf course firm is located at Osaka-si, Osaka, Japan.


KDDI CORPORATION: Establishes Affiliate in Guangzhou, China
-----------------------------------------------------------
KDDI Corporation, Japan's second largest telecommunications
carrier, recently announced the establishment of a new affiliate
in Guangzhou, China. The new company, to be established in
January through KDDI's 100%owned subsidiary, KDDI Hong Kong,
will be called KDDI Guangzhou Corporation (KDDI Guangzhou). KDDI
Guangzhou will take advantage of expertise in infrastructure and
engineering to support needs of area corporations.

KDDI first began customer support operations in China with the
opening of its Beijing office as far back as 1983 and has worked
to increase customer solutions to the area. In May of 2000 the
Company opened the joint venture Shanghai Kaixu in coalition
with Shanghai Telecommunications. In October 2001 it established
KDDI China in Beijing and in September 2002 KDDI became the
first Japanese telecommunications carrier to set up operations
in Tianjin City. All of these ventures provide advanced customer
support in the Huabei and Huadong areas.

KDDI Hong Kong had previously set up an office in Guangzhou, the
central city of the Huanan region, in February 2000. KDDI
Guangzhou was established in order to respond to accelerating
expansion of Japanese corporations into the area, following
China's instatement in the WTO, and the diversification of user
needs. KDDI Hong Kong and KDDI Guangzhou will work together to
provide a wide range of services. KDDI Guangzhou will also
cooperate with sales offices in the Huabei and Huadong areas to
improve sales alignment and streamline the provision of network
solution services in China's major cities.

KDDI plans to continue to respond to telecommunication network
needs, aiming to improve customer satisfaction in China.

Details of KDDI Guangzhou
1) Name of Company: KDDI Guangzhou Corporation (KDDI Guangzhou)
2) Capital: HKD3,300,000
3) Shareholdings: KDDI Hong Kong 100%
4) Location: Guangzhou, Guangdong
5) President: Gong Zhenguang
6) Date of Establishment: January 17, 2003
7) Major Business: Provision of solution services for corporate
customers

Support for domestic and international network establishment.


LAOX CO.: JCR Downgrades Rating to BB+
--------------------------------------
Japan Credit Rating Agency (JCR) has downgraded the ratings of
Laox Co. on the following bonds from BBB- to BB+.

Issues Amount (bn) Issue Date Due Date Coupon
Convertible bonds no.4 Y7 / Oct. 6, 1993 / Mar. 31, 2003 / 1.9%
Convertible bonds no.5 Y13 / Nov. 7, 1994 / Mar. 31, 2004 / 1.8%

RATIONALE:

Laox is a major retailer of consumer electronics, operating 123
stores (as of the end of September 2002) primarily in Tokyo
metropolitan area. It opened a new store dealing in
entertainment products in Akihabara district, Tokyo in October
2002.

The consumer electronics and home appliances retailers are
suffering from drop in sales of personal computers. The domestic
shipments of personal computers dropped consecutively in fiscal
2002, following fiscal 2001. It is unlikely that demand for
personal computers will recover in the foreseeable future, given
the already high diffusion rate.

Laox will incur loss for fiscal 2002, following fiscal 2001, due
to stagnant sales of personal computers. Weight of sales of
personal computers is large in the total sales of Laox. It plans
to turn into the black in the next fiscal 2003 via change in
product mix, closure and consolidation of stores and cost
reductions including introduction of new distribution system and
job cut of full-time workers.

However, recovery of earnings may take time, given the current
fierce competition. Firstly, it is unlikely that sales at the
existing stores will increase sharply in the foreseeable future.
Secondly, Laox will be facing fiercer competition with rivals.
Thirdly, effects of new stores will be limited due to the
intensification of competition. Accordingly, JCR downgraded the
rating for Laox.

At the end of 2002, Laox CO., LTD. had negative working capital,
as current liabilities were 49.36 billion yen while total
current assets were only 49.10 billion yen, according to Wright
Investor's Service.


NEC CORPORATION: Board Meeting Notification
-------------------------------------------
A meeting of the Board of Director's of NEC Corporation is
scheduled to be held on January 30, 2003 at 1:00 P.M (Tokyo
time) at which a quarterly financial result of the Company on a
consolidated basis for the third quarter (October to December)
of this fiscal year ending March 31, 2003 is to be approved for
publication.

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.


NEC CORPORATION: Debt Fears Put Focus on Electronic Firms
---------------------------------------------------------
The problems of NEC Corporation and Fujitsu Limited are in the
spotlight this week with third-quarter results expected to
confirm they are under the greatest pressure of Japan's
integrated electronics companies, the New York Times said on
Tuesday.

Both electronic firms are suffering from high debts, exposure to
weakening markets and the slow pace of restructuring.

With a net debt to equity ratio of 3.69 times, NEC Corp.'s
financial health does not compare favorably with Fujitsu, which
has a ratio of 2.37 times, says Steve Myers, analyst at HSBC
Securities in Tokyo.

NEC also faces continuing uncertainty over Elpida, which has yet
to build a profitable operating base.


NISSHO IWAI: Enters Merger Deal With Nichimen on Wednesday
----------------------------------------------------------
Trading houses Nissho Iwai and Nichimen had a meeting with the
press at 4:00 p.m. on January 29, on their planned business
integration, Dow Jones reports.

Local media reports said both firms are likely to call for an
early retirement of almost 1,000 workers.

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 Troubled Company Reporter-Asia Pacific said last
week.

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.

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.


SKYMARK AIRLINES: Aims to Profit From Shuffle
---------------------------------------------
Masayuki Inoue has been appointed as the new President of
Skymark Airlines, replacing Takashi Ide, as part of a shakeup at
the executive level, the Japan Times said on Wednesday.

Ide stepped down to the post of Director and Vice Chairman after
serving a four-year term.

Representative Director and Chairman Hideo Sawada, 51, dropped
the representative position and became director and Chairman.
Sawada will remain President of travel agency H.I.S. Co., which
is the airline's parent Company.

At a news conference, Inoue pledged to get the Company's
operations back into the black on a single fiscal year basis.

Skymark Airlines has been continuously in the red since its
establishment in 1996, but aims to turn a profit in 2003 under
the new President.

Citing Wright Investor's Service, TCR-AP had previously bared
that at the end of 2001, Skymark Airlines Co., Ltd. had negative
working capital, as current liabilities were 4.17 billion yen
while total current assets were only 1.47 billion yen.



TOBU STORE: Marubeni, Maruetsu to Buy 17.5% Stake
-------------------------------------------------
Marubeni Corporation and affiliate Maruetsu Inc. will purchase
17.5 percent of the outstanding total of shares in Tobu Store
Co. for around 2 billion yen sometime during the current fiscal
year to March, reports the Asahi Shimbun and Dow Jones.

A formal announcement is scheduled for Wednesday afternoon.

The group led by Tobu Railway Co. has asked Marubeni Corporation
to help run supermarket operator Tobu Store Co., the Troubled
Company Reporter-Asia Pacific reported last month.

Tobu Department Store Co. plans to sell the 17.5 percent of
ailing Tobu Store's outstanding shares it holds to trading house
Marubeni and supermarket operator Maruetsu Inc. for 2 billion
yen. The Tobu Railway group is struggling to reduce its
interest-bearing liabilities, while Marubeni is turning to
aggressive investment in supermarkets.


TOUEI KK: Department Store Enters Rehabilitation
------------------------------------------------
Touei KK, which has total liabilities of 34.839 yen against a
capital of 360 million yen, has applied for civil rehabilitation
proceedings, Tokyo Shoko Research reports. The department store
is located at Asahikawa-si, Hokkaido, Japan.


TOYOTA VISTA: Carmaker Files for Rehab
--------------------------------------
Toyota Vista Asahikawa KK, which has total liabilities of 6.5
billion yen against a capital of 100 million yen, has applied
for civil rehabilitation proceedings, Tokyo Shoko Research
reports. The automaker is located at Asahikawa-si, Hokkaido,
Japan.



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


CHOHUNG BANK: President Elect Roh Offers Compromise to Union
------------------------------------------------------------
The South Korean government may halt the sale of Chohung Bank if
an outside valuation shows that the lender is sound enough to
operate independently, the Chosun Ilbo and Bloomberg reported,
citing South Korean President-elect Roh Mu Hyun.

The President met union leaders on January 13 and persuaded them
to hold off on strike plans and wait for the findings of the
independent valuation of the bank's finances.

Chohung union didn't go on a strike upon the approval, contrary
to its earlier threat, partly because of the prior discussions
with the President-elect over the compromise, the report said.


HYNIX SEMICONDUCTOR: Discloses Capital Reduction Info
-----------------------------------------------------
Hynix Semiconductor Manufacturing Co. revealed its capital
reduction exercise as:

Capital Reduction

1. Number of reduced stocks

Common shares 4,990,449,779
Preferred shares -
New preferred shares -

2. Par value (KRW) 5,000

3. Method of capital reduction: 21 registered common stocks with
par value 5,000 won will be merged with the par value share of
equivalent value

4. Total capital before reduction (KRW) 26,217,501,670,000

5. Total capital after reduction (KRW) 1,265,252,675,000

6. Number of outstanding shares before capital reduction
5,239,972,289

7. Number of shares after capital reduction

Total outstanding shares 249,522,490
Common shares 249,522,490
Preferred shares -
New preferred shares -

8. Record date of capital reduction January 30, 2003

9. Capital reduction ratio(%)
Majority shareholders 95.23809524
Minority shareholders 95.23809524

10. Schedule for capital reduction

Scheduled date of shareholders' meeting 2003.02.25

Period of the close of shareholder's registry from 2003.01.01 to
2003.01.31

Period for tendering existing share certificates from 2003.02.28
to 2003.03.30

Period of scheduled trading suspension from 2003.03.27 to
2003.04.13

Scheduled date for distribution of new share certificates
2003.04.21

11. Place for tendering existing share certificates and
delivering new share certificates: HANA BANK registrar &
transfer agent service division

12. Disposal of fractional shares: The fractional shares will be
paid in cash equivalent to the amount calculated using the
closing price of the first trading day of new shares.

13. Purpose of capital reduction To improve financial structure.

14. Date of board resolution 2003.01.28

14. Date of board resolution 2003.01.28
    Attendance of outside directors present(no.) 5
    Absent (no.)
    Attendance of auditors present

15. Procedure for creditors protection period of scheduled
    Creditors protection:  2003.02.28-2003.03.30

16. Others The period of tendering existing share certificates
(2003.02.28~2003.03.30): May change according to outcome of the
consultation with relevant institutions.

Date of relevant disclosure 2002.04.27

For more information, go to http://www.kse.or.kr


HYNIX SEMICON: Board Reveals Shareholders' Meeting's Agenda
----------------------------------------------------------
The Board of Directors of Hynix Semiconductor announced the
following:

1. Date of board resolution 2003.01.28
  -Attendance of outside directors present (no.) 5/ absent (no.)
  -Attendance of auditors present

2. Purpose of calling the meeting of the board Resolution on the
calling of the regular shareholders' meeting for the 55th
business year

3. Date of shareholders' meeting 2003.02.25

4. Place of shareholders' meeting Inside Company
(San 136-1, Ami-Ri, Bubal-eub, lchon-si, Kyongki-do, Korea).

5. Agenda and key issues: Approval of the balance sheet, income
statement and statement of appropriation of retained earnings
for the 55th business year (01.01.2002 - 12.31.2002).

- Partial amendment to articles of Incorporation (including
business area change).

- Election of directors.

- Election of audit committee members.

- Approval on the limit of remuneration for directors.

6. Details of resolution Approved as proposed

For a copy of the press release, visit http://www.kse.or.kr


HYUNDAI PETROCHEMICAL: Creditors May Approve Sale on Thursday
-------------------------------------------------------------
Creditors of Hyundai Petrochemical Co. may approve the sale of
the Company to a consortium of LG Chem Ltd. and Honam
Petrochemical Corporation valued at $1.45 billion, Dow Jones and
Reuters said on Wednesday.

The report did not reveal how much the deal cost but Reuters
said the deal is worth $1.45 billion.

Creditors will meet again in February to close the deal, said
the spokesman for Woori Bank, which is one of the major
creditors.

In 2002, the Company's creditors selected the LG-Honam
consortium as the prime bidder, leaving U.S.-based Koch
Industries Inc. as the secondary bidder. Koch will come into the
picture if talks between the creditors and the prime bidder fall
through.

The LG-Honam consortium is bidding for 100 percent of Hyundai
Petrochemical, while Koch intends to buy at least 51 percent.

The Company was spun off from Hyundai Group in November 2001
after major shareholders agreed to the creditors' request to
fully write down their capital as part of a debt restructuring.

Goldman Sachs is the lead manager for the sale.

In 2001, Hanvit and 64 other creditors approved a 2 trillion won
rescue for Hyundai Petrochemical, resulting to a first quarter
profit of 35 billion won from a 77.6 billion won loss at the end
of that year, TCRAP reports. Creditors, who now fully own
Hyundai Petrochemical following the debt bailout, plan to sell
all Company shares by the end of 2002.


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


AKTIF LIFESTYLE: Replies to KLSE's Writ of Summons Query
--------------------------------------------------------
Aktif Lifestyle Corporation Bhd, in answer to the Query Letter
by KLSE reference ID: JL-030124-36713 Subject on Writ of Summons
Served on Aktif Lifestyle Stores Sdn Bhd (ALS) and
the Company filed by OCBC Bank (Malaysia) Berhad at Kuala
Lumpur, High Court Suit No. D8-22-2108-2002, provided the
following:

1. The interest rate is specified at 8.40% per annum (i.e. 2%
above the Bank's current base lending rate of 6.4%) on monthly
rest from 1 December 2002.

2. As the Company is a PN4 classified entity, the financial and
operational impact of the writ is expected to be minimal. The
Company's subsidiary, Aktif Lifestyle Stores Sdn Bhd is current
in servicing the interest element and negotiations for
settlement with OCBC is on-going as part of the Company's plan
to regularize the group's financial situation.

3 Its is not expected the Company will incur any additional
losses arising from this writ other than legal fees in defending
it. The Company expects to settle this financial predicament in
line with its current plan to regularize its financial position.

4. Full details of the default leading to this writ of summons
have been announced to KLSE via the Company's announcement dated
18 December, 2002.

Below is the Query Letter content:

We refer to your announcement dated 23 January 2003.
In this connection, kindly furnish the Exchange with the
following additional information for public release:

(1) The interest rate on the amount claimed for.
(2) The financial and operational impact of the Writ of Summons
on the group.
(3) The expected losses, if any arising from the Writ of
Summons.
(4) Details of the default or circumstances leading to the
filing of the Writ of Summons.

Kindly furnish the Exchange with your reply within two (2)
market days from the date hereof.

Yours faithfully
KUALA LUMPUR STOCK EXCHANGE
Tan Yew Eng
Senior Manager, Listing Operations
TYE/WSW/JT
Copy to: Securities Commission (via fax)


AMSTEEL CORP.: Proposed Disposal Completion Deadline Extended
-------------------------------------------------------------
Reference is made to the earlier announcements dated 27 August
2002 and 8 November 2002 in respect of the Proposed Disposal by
Henrietta Rubber Estate Limited (Henrietta or the Vendor) of
900.87 acres of Freehold Agricultural Land in the Tanjung
Rambutan Estate within the town boundary of Tanjung Rambutan and
the Mukim of Hulu Kinta, District of Kinta, Perak Darul Ridzuan
(Land) for a cash consideration of approximately RM27.93 Million
(Proposed Disposal).

On behalf of the Board of Directors of Amsteel Corporation
Berhad, OSK Securities Berhad wishes to announce that Henrietta
has received the consents of all the seven (7) purchasers for
the Land to extend the completion of the Proposed Disposal for a
further two (2) months to 30 April 2003.


FW INDUSTRIES: Directors Yeap, Mun Retire
-----------------------------------------
FW Industries Berhad (414937-U) announced that at the Sixth
Annual General Meeting of the Company duly held at Kelab Rahman
Putra Malaysia, Batu 13.5, Jalan Kuala Selangor, Bukit Rahman
Putra, Sg. Buloh, 47000 Selangor Darul Ehsan on Tuesday, 28th
January 2003 at 9.30 a.m., all other resolutions put forth to
the shareholders were carried and adopted except for the
following:

Resolution 3
Mr Teh Eng Yeap who is retiring in accordance with Article 83 of
the Company's Articles of Association had declined to seek re-
election as a Director of the Company; and

Resolution 4
Mr Tong Kai Mun who is retiring in accordance with Article 90 of
the Company's Articles of Association had declined to seek re-
election as a Director of the Company.

COMPANY PROFILE

The FW Group is involved in the manufacturing of industrial
plant and process engineering equipment and plant fabrication,
construction and related engineering works for diverse
industries. These range from resource based processing and
mining to high technology manufacturing and heavy industries
(cement, petro-chemical, power generation, oil and gas,
oleochemical, chemical and general manufacturing). The FW
factories, located at Rawang, Selangor, have a combined
production capacity and output of approx. 10,000 m/t of steel-
based industrial equipment and components per annum.

The Company is an 'affected listed issuer' under KLSE's Practice
Note 4/2001. FW has made plans to regularize and consolidate its
financial position by downsizing and cost cutting exercises and
a corporate restructuring exercise (CRE). FW has appointed
Arthur Andersen & Co and/or Southern Investment Bank Bhd as
independent advisers to formulate a corporate restructuring
plan. The Company is in preliminary stages of negotiations with
interested parties to map out terms of the CRE which is expected
to be finalized latest by April 2002.

CONTACT INFORMATION: Lot 89, Rawang Integrated Industriala Park
                     Mukim Rawang
                     Gombak
                     48000 Selangor
                     Tel : 03-6092 8828;
                     Fax : 03-6092 8013


KILANG PAPAN: Seeks Restructuring Scheme Revision Approval
----------------------------------------------------------
AmMerchant Bank Berhad (formerly known as Arab-Malaysian
Merchant Bank Berhad), on behalf of Kilang Papan Seribu Daya Bhd
(Special Administrators Appointed) announced that it had on 24
January 2003 made an application to the Securities Commission
(SC) to seek their approval to revise certain terms and
conditions set by the SC in their approval of the proposed
restructuring scheme.

The final terms and conditions of the SC's approval will be
announced once the SC has decided on the Company's application
above.


LION CORPORATION: Perwaja Acquisition Rumor Not True
----------------------------------------------------
Lion Corporation Berhad refers to the Kuala Lumpur Stock
Exchange's Query Letter dated 27 January 2003 in relation to the
article entitled, "March deadline for Perwaja deal - Lion Group
said to be interested too," appearing in The Edge on Monday, 27
January 2003, in particular, to the following statement in the
reported article:

"..... Lion group is also eyeing Perwaja ...."

After making due and diligent inquiries, Lion Corporation Berhad
Wishes to inform that the Company is not considering any
proposal to acquire Perwaja presently. Accordingly, the Company
confirmed that the above statement is not true.

Below is the KLSE's Query Letter content:

We refer to the above news article appearing in The Edge, pages
1 and 57, on Monday, 27 January 2003, a copy of which is
enclosed for your reference.

In particular, we would like to draw your attention to the
underlined sentence, which is reproduced as follows:
" ... Lion group is also eyeing Perwaja ... "

In accordance with the Exchange's Corporate Disclosure Policy,
you are requested to furnish the Exchange with an announcement
for public release confirming or denying the above reported
article and in particular the underlined sentence after due and
diligent enquiry with all the directors, major shareholders and
all such other persons reasonably familiar with the matters
about which the disclosure is to be made in this respect. In the
event you deny the above sentence or any other part of the above
reported article, you are required to set forth facts sufficient
to clarify any misleading aspects of the same. In the event you
confirm the above sentence or any other part of the above
reported article, you are required to set forth facts sufficient
to support the same.

Please furnish the Exchange with your reply within one (1)
market day from the date hereof.

Yours faithfully,
LISA LAM
Senior Manager
Listing Operations
LL/WSW/CY
c.c. Securities Commission (via fax)


LONG HUAT: Inks Restructuring MOU With White Knight
---------------------------------------------------
The Board of Directors of Long Huat Group Berhad announced that
LHuat had on 27 January 2003, entered into a Memorandum of
Understanding (MOU) with Lee Swee Kiat Holdings Sdn Bhd
(hereinafter referred to as White Knight or LSK) in relation to
the latter's participation in the Proposed Restructuring
Exercise of LHuat, information of which are set out in the
ensuing paragraphs.

THE PROPOSED RESTRUCTURING EXERCISE

LHuat is an affected listed issuer classified under Practice
Note 4/2001 (PN4) pursuant to the requirements under paragraph
8.14 of the Listing Requirements of Kuala Lumpur Stock Exchange
(KLSE). It intends to undertake a restructuring scheme to
regularize its financial position, which will involve, inter-
alia, the following proposed restructuring exercise:

   i) Proposed Capital Reduction And Consolidation: LHuat
proposes a capital reduction of RM0.975 for every ordinary share
of RM1.00 each, resulting in the reduction of its issued and
paid-up share capital to RM933,600 (comprising 37,344,000
ordinary shares of RM0.025 each) from the existing RM37,344,000.

Thereafter, the 37,344,000 ordinary shares of RM0.025 each shall
be consolidated into 933,600 ordinary shares of RM1.00 each
(collectively hereinafter referred to as the Consolidated Shares
and any one of them as the Consolidated Share) on the basis of
one (1) Consolidated Share for forty (40) ordinary shares of
RM0.025 each.

   ii. Proposed Share Swap: Upon completion of the Proposed
Capital Reduction and Consolidation, the Consolidated Shares of
RM933,600 comprising 933,600 ordinary shares of RM1.00 each in
LHuat shall be exchanged with 933,600 new shares of RM1.00 each
in a new company to be set up (Newco), on the basis of one (1)
new ordinary share in Newco of RM1.00 each for every one (1)
Consolidated Share held in LHuat. As a result, LHuat shall
become a wholly owned subsidiary of Newco.

   iii. Proposed Debt Settlement: Newco proposes to issue
approximately RM13,974,300 worth of new shares of RM1.00 each to
the creditors of LHuat (the Creditors), in full satisfaction of
the debt as at a date to be fixed, and a debt settlement
proposal to be finalized. In addition, the White Knight will
also settle amount owing to other essential creditors such as
Employees Provident Fund Board, Social Security Organization
(SOCSO), retrenchment benefits, taxes, providers and suppliers
of essential services by a cash payment of not more than RM2.0
million.

   iv. Proposed Acquisition of Target Companies: Newco proposes
to acquire the following companies (Target Companies) from the
White Knight for an estimated total purchase consideration of
RM69 million (subject to final confirmation), to be satisfied by
the issuance of new ordinary shares of RM1.00 each at par in
Newco or such other combination of financial instruments, which
purchase consideration is based on the fair value of the Target
Companies to be agreed between L. Huat and the White Knight:

     a) 100% equity interest in Lamifoam Sdn. Bhd. (Lamifoam)
     b) 100% equity interest in Mattressworld Industries (M) Sdn
Bhd (MIM);
     c) 100% equity interest in Mattressworld Marketing (M) Sdn
Bhd (MMM);
     d) 100% equity interest in Mattressworld Marketing
(Northern) Sdn Bhd (MMN);
     e) 100% equity interest in Goldenite Marketing (M) Sdn Bhd
(Goldenite); and
     f) 100% equity interest in Foamland Industries Sdn Bhd
(Foamland).

   v. Waiver of Mandatory Offer: Upon completion of the Proposed
Acquisition of Target Companies, the White Knight will likely
control more than fifty one percent (51%) of the enlarged issued
and paid-up share capital of Newco (subject to further
confirmation). An application will be made to the Securities
Commission pursuant to the Malaysian Code on Take-Overs and
Mergers, 1998, to exempt the vendors of the Target Companies
from having to undertake a mandatory offer for the remaining
shares not owned by them upon completion of the Proposed
Acquisition of Target Companies. ;

   vi. Proposed Disposal of LHuat Group: Upon completion of the
Proposed Acquisition of Target Companies, Newco proposes to
dispose the entire issued and paid-up share capital of LHuat for
RM1.00 to facilitate the liquidation process of LHuat.
VII. Proposed Private Placement, Offer For Sale and/or Public
Issue : In conjunction with the Proposed Restructuring Exercise,
certain vendors of the Target Companies may undertake a private
placement and/or offer for sale of their shares in Newco in
order to meet the public spread and bumiputera shareholding
spread. If necessary and subject to further confirmation, Newco
may also implement a public issue of such number of shares in
Newco in order to meet the public spread purposes. The proceeds
from the proposed public issue, if applicable, shall be utilized
for capital expenditure and working capital purposes.
VIII. Transfer of Listing Status of LHuat To Newco: Newco shall
apply to the KLSE for the transfer of the listing status of
LHuat on the Second Board which shall result in LHuat being
delisted from the Second Board of KLSE.

Notwithstanding the above, the Proposed Restructuring Exercise,
both LHuat and the White Knight also recognize that the Proposed
Restructuring Exercise may be subject to variations and
amendments. The Proposed Restructuring Exercise, in particular
the Proposed Acquisition of Target Companies, is subject to
revaluation to be carried out and purchase consideration to be
agreed upon.

EXECUTION OF SALE AND PURCHASE AGREEMENT

Upon the finalization of the negotiation and if LHuat and the
White Knight are agreeable to all the final terms of the
Proposed Restructuring Exercise, the definitive agreement and
various conditional sale and purchase agreements and such other
agreements as may be necessary to implement the Proposed
Restructuring Exercise shall be entered into between LHuat and
the White Knight within thirty (30) days from the date of the
MOU or such extended period as may be mutually agreed upon in
writing between LHuat and the White Knight, failing which the
MOU shall be terminated and neither LHuat nor the White Knight
shall have any rights against the other.

The relevant parties will make the Requisite Announcement
pursuant to PN4 upon the execution of the aforementioned
agreements in relation to the Proposed Restructuring Scheme.

BRIEF INFORMATION ON THE TARGET COMPANIES

(i) Lamifoam

Lamifoam was incorporated as a private limited company in April
1982 under the Companies Act, 1965, and is principally involved
in the manufacturing of laminated foams and mattresses as well
as trading of foaming chemicals.

Currently, it has an authorized share capital of RM5,000,000
comprising 5,000,000 ordinary shares of RM1.00 each, of which
RM3,300,000 is issued and fully paid up.

Lamifoam is a pioneer in the foam lamination industry in
Malaysia. It has pioneered the flame lamination technology in
Malaysia which uses flame to substitute water based glue in the
lamination process, particularly in the following industries:

   ú automotive industry - vehicle seats, door trims, headlining
etc.;
   ú sports industry - golf bags, racket cover and other related
products; and
   ú footwear industry.

Lamifoam has been one of the main sub-vendors of car seats and
car interior parts for Perusahaan Otomobil Nasional Berhad since
1990. Lamifoam is also the sub-vendor to Perusahaan Otomobil
Kedua Sdn Bhd, and other international car assemblers such as
Recaro and Toyota.

Its production facilities are located on a 5-acre freehold
industrial land with a purpose built factory cum office with a
total built-up area of 140,000 square feet in Meru Industrial
Zone, Klang.

(ii) MIM

MIM was incorporated as a private limited company in November
1995 under the Companies Act, 1965, and is principally involved
in the manufacturing of mattresses.

Currently, it has an authorized share capital of RM100,000
comprising 100,000 ordinary shares of RM1.00 each, all of which
are issued and fully paid up.

MIM specializes in the manufacturing of mattresses for the
export market, namely Japan, New Zealand, Australia, Singapore,
Taiwan, Europe and African countries. Its production facilities
are located in the abovementioned factory in Meru Industrial
Zone.

(iii) MMM

MMM was incorporated as a private limited company in November
1995 under the Companies Act, 1965and is principally involved as
distributors and dealers of mattresses and related products.

Currently, it has an authorized share capital of RM500,000
comprising 500,000 ordinary shares of RM1.00 each, all of which
are issued and fully paid up.

The mattresses distributed by MMM is marketed under its own
brand name "MATTRESSWORLD" which has become one of the premium
mattress brands in Malaysia.

(iv) MMN

MMN was incorporated as a private limited company in March 1996
under the Companies Act, 1965 and is currently a dormant
company.

Currently, it has an authorized share capital of RM1,000,000
comprising 1,000,000 ordinary shares of RM1.00 each, of which
RM500,000 is issued and fully paid up.

(v) Goldenite

Goldenite was incorporated as a private limited company in
December 1998 under the Companies Act, 1965 and is principally
involved as distributors and dealers of mattresses and related
products.

Currently, it has an authorized share capital of RM100,000
comprising 100,000 ordinary shares of RM1.00 each, of which RM3
is issued and fully paid up.

The mattresses distributed by Goldenite are marketed under the
brand name "GOLDENITE" which caters for the medium to low-end
market.

(vi) Foamland

Foamland was incorporated as a private limited company in
September 1992 under the Companies Act, 1965 and is principally
involved in the manufacturing of foams and related products.

Currently, it has an authorized share capital of RM1,000,000
comprising 1,000,000 ordinary shares of RM1.00 each, of which
RM980,000 is issued and fully paid up.

EFFECTS OF THE PROPOSED RESTRUCTURING EXERCISE

The effects of the Proposed Restructuring Exercise on the share
capital, net tangible assets, earnings and the shareholding
structure of LHuat can only be determined after the finalization
of the terms of the Proposed Restructuring Exercise.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

All of the current Directors of LHuat, namely Dato' Syed Alwi
bin Tun Syed Nasir, Mohd Qari bin Ahmad and Kamaruzzaman bin Abu
Kassim are also Directors of Damansara Realty Berhad. The latter
is a major unsecured creditor of LHuat in the Proposed Debt
Settlement.

Save as disclosed above, none of the directors or substantial
shareholders of LHuat or person connected with them has any
interest, direct or indirect in the Proposed Restructuring
Exercise.

INSPECTION OF DOCUMENT

The MOU will be available for inspection at the Company's
registered office at Level 3, Block C (South), Pusat Bandar
Damansara, 50470 Kuala Lumpur, during office hours for a period
of fourteen (14) days from the date of this announcement.


MECHMAR CORP.: Merger of Subsidiaries Activities Effective Feb 1
----------------------------------------------------------------
Mechmar Corporation (Malaysia) Berhad informed that it will
merge the operations and services of its subsidiaries, Mechmar
Energy Sdn Bhd and Mechmar Boilers Sdn Bhd into one single
company named Mechmar Cochran Boilers (M) Sdn Bhd (MCB),
formerly known as MechMar Steam Management Sdn Bhd effective
from 1 February 2003.

The planned strategic restructuring exercise will allow MCB to
be more competitive in the local and regional markets, enable
expertise and best practice to be fully shared and implemented,
allow greater manufacturing flexibility and enhance engineering
design capability.

MCB will continue to be engaged in the business and project
management of industrial boilers of all ranges. All the existing
contracts secured by Mechmar Energy Sdn Bhd and Mechmar Boilers
Sdn Bhd will remain unchanged until completion.

MechMar Boilers Sdn Bhd will remain as the manufacturing
division of MCB and will maintain its manufacturing license, its
Class 1 Pressure Vessel Fabricator from Lloyd's Register of
Shipping since 1985 as well as its ISO 9002 status.

The merger will not have any material effect on the EPS or NTA
of the Company for financial year ending 31 December 2003.

None of the directors or substantial shareholders or persons
connected to the directors and/or substantial shareholders have
any direct or indirect interest in the proposed restructuring
exercise.


MGR CORPORATION: Restructuring Scheme Circular Dispatched
---------------------------------------------------------
Further to the announcement dated 2 January 2003, AmMerchant
Bank Berhad (formerly known as Arab-Malaysian Merchant Bank
Berhad), on behalf of MGR Corporation Berhad (Special
Administrators Appointed), wishes to announce that a circular
dated 28 January 2003 has been dispatched to the shareholders of
MGR on these matters:

   (i) Restructuring Scheme (for information only); and

   (ii) Notice of book closure in relation to the Share Exchange
as follows:

The recall and exchange of 50,250,000 ordinary shares of RM1.00
each in MGR (MGR Shares) for 2,512,500 new ordinary shares of
RM1.00 each in Crest Builder Holdings Berhad (CBHB) (CBHB
Shares) on the basis of twenty (20) MGR Shares for one (1) new
CBHB Share.

The notice of book closure is hereby given that:

     (a) Shareholders whose names appear on the Record of
Depositors of MGR at the close of business at 5.00 p.m. on 10
February 2003 shall be subject to the Share Exchange.

     (b) Depositors shall be subject to the Share Exchange in
respect of the following:

       - MGR Shares deposited into the Depositor's securities
account before 12.30 p.m. on Thursday, 6 February 2003 (in
respect of MGR Shares which are exempted from mandatory
deposit); and

       - MGR Shares transferred into the Depositor's securities
account before 4.00 p.m. on Monday, 10 February 2003 (in respect
of ordinary transfers).

To facilitate the Share Exchange, the suspension of the trading
of MGR Shares will be maintained.

Any queries concerning the above notice of book closure should
be addressed to the Company's share registrar at:

Malaysian Share Registration Services Sdn Bhd (378993-D)
7th Floor, Exchange Square
Bukit Kewangan
50200 Kuala Lumpur
Tel: 03 - 2026 8099
Fax: 03 - 2026 3736


SATERAS RESOURCES: Audit Committee Member Mohd Noor Resigns
-----------------------------------------------------------
Sateras Resources (Malaysia) Berhad posted this change in audit
committee notice:

Date of change : 28/01/2003
Type of change : Resignation
Designation    : Member of Audit Committee
Directorate    : Independent & Non Executive
Name           : Kamaludin Bin Mohd Noor
Age            : 48
Nationality    : Malaysian

Qualifications :

B Sc. (Quantity Surveying)
- Registered Quantity Surveyor with Board of Quantity Surveyor
in Malaysia
- Member of Institution of Surveyor Malaysia

Working experience and occupation  : Dewan Bandaraya Kuala
Lumpur (1974 - 1994)
Occupation: Senior Surveyor

Syarikat Pembinaan Anggerik Sdn Bhd (1995 - Present)
Occupation: Managing Director

Directorship of public companies (if any) : Nil
Family relationship with any director and/or major shareholder
of the listed issuer : No
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) : Ee Ching Boon (Executive Director)
Tan Yong How (Independent & Non Executive Director)

COMPANY PROFILE

The Company's (SRM) principal activity prior to 1984 was the
manufacture and sale of PVC resins and compounds. SRM
diversified into property investment in November 1982 with the
acquisition of Development Securities (DSSB) which owned an
office building known as Bangunan Sateras. A year later, with
the acquisition of Sarawak Motor Industries Bhd (SMI), the
Company became involved in timber operations and property
development, and held contracts to assemble Hino and other heavy
commercial vehicles as well as franchises to assemble and sell
Toyota land cruisers, Toyota Dyna and BMW passenger cars.
Subsequently, SRM transferred its PVC manufacturing operations
to then subsidiary Industrial Resins (Malaysia) Sdn Bhd (IRM),
transforming itself into an investment holding company. However,
due to shrinking business and non-renewal of timber licenses,
SRM disposed of SMI, Bangunan Sateras and IRM between 1988-89.

In searching for new a earnings base, SRM later branched into
the manufacture and sale of water meters, fishing, industrial
and agricultural nets, ropes, twines and rice husk boards as
well as cocoa planting, education, leisure, property and
information technology. Among the property projects associated
with the Group are the Hefei World Trade Center in China, the
18-hole Serendah Golf Resort and a mixed-development project in
Johor known as Cosmo City. In education, SRM holds a stake in
Kolej WIT Sdn Bhd (formerly known as WIT Education Holdings Sdn
Bhd) and Goon Institution Sdn Bhd. Meanwhile, SRM teamed up with
an Australian-incorporated company to jointly operate,
commercialize, promote and develop an electronic cash system
known as CYBANK, which offers commerce transactions on the
Internet.

Due to the recession, SRM has proposed a debt-restructuring
scheme which has received approval-in-principle from 70% of its
creditors and financial institutions. The scheme proposed a
debts-for-equity swap with 12% accrued interest up to the date
of share issuance. In September 1999, the debt-restructuring
scheme was approved by the FIC and MITI while the SC's approval
was obtained in April 2000. On 7 November 2001, the SC approved
variations to the proposals and a further extension of time to
27 April 2002 for completion of the proposals. The proposals are
currently pending shareholders' approval at an EGM to be
convened.

CONTACT INFORMATION: 46th Floor, Empire Tower City
                     Square Center
                     182 Jalan Tun Razak
                     50400 Kuala Lumpur
                     Tel : 03-2625288
                     Fax : 2618529


SISTEM TELEVISYEN: Seeks General Mandate From Shareholders
----------------------------------------------------------
The Board of Directors of Sistem Televisyen Malaysia Berhad
(STMB) wishes to announce that the Company would be seeking a
general mandate from its shareholders for recurrent related
party transactions of a revenue or trading nature which are
necessary for the day-to-day operations of STMB and its
subsidiaries (TV3 Group) entered or to be entered into by STMB
and its subsidiaries with the related parties.

DETAILS OF THE PROPOSED MANDATE

The principal activity of STMB is commercial television
broadcasting. The principal activities of the STMB Group consist
sale of programmed rights, sale of video, media revenue, sale of
home shopping goods and other trading inventories and the
provision of production, event management and other industry
related services.

The STMB Group has before and after the enforcement of Paragraph
10.09 of the Listing Requirements entered into certain Recurrent
Related Party Transactions (Recurrent Transactions) with persons
deemed as related parties as defined under the KLSE Listing
Requirements ("Related Parties") in the ordinary course of
business and which are necessary for the day-to-day operations.
It is anticipated that the STMB Group would, in the ordinary
course of business, continue to enter into such Recurrent
Transactions.

In this respect, the Board of Directors of TV3 wishes to seek
the shareholders' mandate to allow the TV3 Group to enter into
the Recurrent Transactions in the normal course of their
businesses with the Related Parties. The mandate shall be
effective from the date of approval by the shareholders at an
Extraordinary General Meeting (EGM) of the Company to be
convened. The Company is also seeking the shareholders'
ratification of Recurrent Transactions entered into from 1 June
2001 up to the date of the EGM to be convened.

RATIONALE FOR THE PROPOSED MANDATE

As provided under Paragraphs 10.09 of the Listing Requirements
and Paragraph 3.3 of KLSE's Practice Note 12/2001, if the
Company has obtained a mandate in respect of the Recurrent
Transactions, pursuant to the Proposed Mandate, during the
period of the validity of the mandate, the obligation to make an
immediate disclosure for Recurrent Transactions as set out in
the Listing Requirements shall not apply to the Recurrent
Transactions comprised in the Proposed Mandate.

Accordingly, the Proposed Mandate would result in savings in
terms of administrative time, inconvenience and expenses
associated with the convening of general meetings without
compromising the corporate objectives of the Group.

CONDITIONS OF THE PROPOSED MANDATE

The Proposed Mandate is conditional upon the approval being
obtained from the shareholders of the Company at an EGM to be
convened.

FINANCIAL EFFECTS OF THE PROPOSED MANDATE

The Proposed Mandate will not have any effects on the issued and
paid-up share capital of the Company. It is also not expected to
have any material effect on the net tangible assets and earnings
of the TV3 Group.

DIRECTORS AND MAJOR SHAREHOLDERS' INTERESTS

The Directors who are deemed interested in the Proposed Mandate
in respect of certain Recurrent Transactions have accordingly
abstain and will continue to abstain from Board deliberations
pertaining to the Proposed Mandate. Further, such Directors as
well as persons connected to them will abstain from voting in
relation to the Recurrent Transactions which they are interested
in at the EGM to be convened on the Proposed Mandate.

Certain major shareholders of TV3 as well as persons connected
to them, who are deemed interested in the Proposed Mandate in
respect of certain Recurrent Transactions will abstain from
voting in respect of their Recurrent Transactions which they are
interested in at the EGM to be convened on the Proposed Mandate.

DIRECTORS' RECOMMENDATION

The Board of Directors of TV3, with the exception of the
Directors who have abstained from making a recommendation on the
Proposed Mandate, is of the opinion that the Proposed Mandate is
in the best interest of the Company and its shareholders.

A circular to the shareholders setting out the details of the
Recurrent Transactions and information on the Proposed Mandate
shall be dispatched to the shareholders of TV3 in due course.


TAT SANG: Provides Defaulted Facilities Status Update
-----------------------------------------------------
Tat Sang Holdings Berhad provided an update on the details of
all banking facilities which are currently in default as per
attached Table 1 found at
http://www.bankrupt.com/misc/TCRAP_tatSang0130.doc

The status and hearing date of the legal suits are as follows:

1. Standard Chartered Bank (M) Berhad - VS - Mercuries & Muar
Wooden Furniture Mfg Sdn. Bhd. (MMWF) at Kuala Lumpur High Court

Suit No. : D5-23-1051-2001
Decision : The above suit case which came up for Decision of the
Plaintiff's Application for Summary Judgment on 1 August 2002.
The Senior Assistant Registrar allowed the Plaintiff's
Application and recorded Summary Judgment against all the
defendants. Our Solicitors have filed an Appeal to the Judge in
Chambers and the plaintiff did not proceed with further action.

2. Malayan Banking Berhad (MBB) - VS - MMWF at Muar High Court

Suit No. : 23-108-2001
Decision : Base on the outcome of the hearing on 10 October
2002, our solicitors have managed to set aside the aforesaid
Summary Judgment against all the Defendants. As the dispute is
on the amount claimed by MBB, Interlocutory was instead entered
by consent with amount to be assessed before the Senior
Assistant Registrar based on the rate as specified in the letter
of offer dated 19 August 2000. MBB will not be able to enforce
or execute the aforesaid Interlocutory Judgment until the amount
to be calculated is agreed upon by the parties.

3. Bumiputra-Commerce Bank Berhad -VS- MMWF at Muar High Court

Suit No. : 23-76-2001
Hearing date : An Application to amend the Writ of Summons and
Statement of Claims dated 16 May 2002 and Application for
Summary Judgment which was fixed for hearing of the Order 14
Application on 20 June 2002 has fixed for decision on 23 August
2002.
Decision : The Judgment was obtained on 23 August 2002, the
Plaintiff's Application for Summary Judgment against the
defendants were allowed by the Senior Assistant Registrar.
Notice of Appeal was filed and the hearing date was fixed on 9
December 2002. The next hearing date for the appeal is fixed on
6 February 2003.

4. Bank Pembangunan & Infrastruktur Malaysia Berhad ("BPIMB") -
VS - MMWF

Suit No. : 23-54-2002
Status of the suit : Memorandum of Appearance was filed on 25
July 2002 and our solicitors had filed in defense on 8 August
2002. Hearing date was fixed on 28 November 2002. BPIMB had
filed an application for Summary Judgment under Order 14 of the
Rules of the High Court 1989 together with the necessary
affidavit in support of application for the aforesaid sum. The
next hearing date has been postponed from 15 January 2003 to 20
February 2003.


UH DOVE: Stock Number Remains Despite Name Change
-------------------------------------------------
UH Dove Holdings Bhd advised that the Company has changed its
name to "BERTAM ALLIANCE BERHAD". As such, the Company's
ordinary shares will be traded and quoted under the new name
with effect from 9.00 a.m., Wednesday, 5 February 2003.

The Stock Short Name will be changed from "UHDOVE" to "BERTAM".
However, the Stock Number remains unchanged.


UNIPHOENIX CORPORATION: Non Exec Director Tau Meng Resigns
----------------------------------------------------------
Uniphoenix Corporation Berhad posted this change in boardroom
notice:

Date of change : 27/01/2003
Type of change : Resignation
Designation    : Director
Directorate    : Non Independent & Non Executive
Name           : Chiam Tau Meng
Age            : 50
Nationality    : Malaysian
Qualifications : Bachelor of Commerce
Working experience and occupation  : Principal, CTM Consulting
Directorship of public companies (if any) : Meda Inc. 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

The Troubled Company Reporter - Asia Pacific reported last week
that the Company has, on 15 January 2003, entered into
a conditional Restructuring Agreement with Irama Spektrum Sdn
Bhd (ISSB) to undertake the following proposals:

   (i)   Proposed Acquisitions);
   (ii)  Proposed Revaluation Exercise;
   (iii) Proposed Bonus Issue;
   (iv)  Proposed Capital Reduction and Consolidation;
   (v)   Proposed Share Exchange;
   (vi)  Proposed Debt Restructuring;
   (vii) Proposed Restricted Offer for Sale;
   (viii)Proposed Transfer of Listing Status; and
   (ix)  Proposed Exemption.

Go to http://www.bankrupt.com/misc/TCRAP_UCP0121.docfor further
information on the Proposals.


WING TIEK: BNM Grants Proposed CDRS Approval
--------------------------------------------
Wing Tiek Holdings Berhad refers to the announcements on 30
August 2002, 3 December 2002 and 11 December 2002 in relation to
the Proposed Corporate and Debt Restructuring Scheme.

The Board of Directors announced that the Bank Negara Malaysia
(BNM) has, vide its letters dated 20 January 2003 and 27 January
2003, approved the Proposed CDRS that was previously announced
by the Company as proposed.

The Proposed CDRS remains pending the receipt of the following
approvals:

   (i) the MITI;

   (ii) the Scheme Creditors in respect of their respective
schemes of arrangement under the Proposed CDRS pursuant to
Section 176 of the Act;

   (iii) the shareholders of WTHB at the Court-convened meeting
to be held pursuant to Section 176 of the Act and at the EGM to
be held;

   (iv) the shareholders of WTMI, WTDIP, WBH, VS and WTSP at
their respective EGMs;

   (v) the Proposed CDRS being sanctioned by the Court pursuant
to Section 176 of the Act;

   (vi) the KLSE for the listing of and quotation for the entire
enlarged issued and paid-up share capital of JAKS Resources; and

   (vii) any other relevant authorities, if required.


WOO HING: Foreign Exchange Controller Approves Kamdar Proposals
---------------------------------------------------------------
We refer to our announcements dated 6 September 2002, 29
November 2002, 8 January 2003 and 9 January 2003, in relation to
Kamdar Proposals, which is comprised of:

   (i) Proposed Acquisition of Revenue-Based Companies;
   (ii) Proposed Acquisition of Asset-Based Companies;
   (iii) Proposed Share Swap;
   (iv) Proposed Restricted Renounceable Offer For Sale (ROS)
Package A;
   (v) Proposed ROS Package B;
   (vi) Proposed Cash and Securities Transfers;
   (vii) Proposed Placement by the Vendors;
   (viii) Proposed Put Option Granted by the Vendors to the
Creditors of WHB;
   (ix) Proposed Transfer of the Listing Status of WHB on the
Second Board of the Kuala Lumpur Stock Exchange (KLSE) to
Positive Noble Sdn Bhd (PNSB);
   (x) Proposed Transfer of the Listing Status of PNCSB from the
Second Board of the KLSE to the Main Board of the KLSE; and
   (xi) Proposed Disposal of 15,600,000 WHB Shares Representing
100% Equity Interest in WHB by PNSB to the Special
Administrators or a Special Purpose Vehicle Nominated by the
Special Administrators for a total cash consideration of RM1.00

Further to the abovementioned announcements, Commerce
International Merchant Bankers Berhad, on behalf of Woo Hing
Brothers (Malaya) Berhad (Special Administrators Appointed),
announced that the Foreign Exchange Controller, Bank Negara
Malaysia (FEC) has, via its letter dated 22 January 2003 (which
was received on 27 January 2003) approved the following:

   (a) The proposed issuance of new PNSB Shares by PNSB as
consideration for the Proposed Acquisitions to the Vendors,
which include the non-resident Vendors;

   (b) The Proposed Share Swap by the existing shareholders of
WHB, including those that are non-residents, whereby WHB Shares
will be swapped with new PNSB Shares; and

   (c) The proposed issuance of 50,000,000 PNSB Warrants by PNSB
as consideration for the Proposed Acquisitions to the Vendors,
which include the non-resident Vendors.

In addition, the FEC has no objections towards the following:

   (i) The proposed issuance of new PNSB ICULS and PNSB Bonds by
PNSB as consideration for the Proposed Acquisitions to the
Vendors, which include the non-resident Vendors;

   (ii) The Proposed ROS by the Vendors to the existing
shareholders of WHB, including those that are non-residents, the
following securities:

     (1) 6,240,000 PNSB Shares based on four (4) PNSB Shares for
every one (1) PNSB Share held by the Vendors after the Proposed
Share Swap;

     (2) RM7,800,000 nominal value PNSB ICULS and 7,800,000 PNSB
Warrants based on RM5.00 nominal value PNSB ICULS and five (5)
PNSB Warrants for every one (1) PNSB Share held after the
Proposed Share Swap.

   (iii) Proposed Placement of 12,200,000 PNSB Shares and
10,000,000 PNSB Warrants by the Vendors to investors, including
those that are non-resident; and

   (iv) Proposed Put Option in respect of PNSB ICULS granted by
the Vendors to the creditors of WHB, including those that are
non-resident.


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


MANILA ELECTRIC: Eyes Arbitration to Resolve Row With Napocor
-------------------------------------------------------------
The Department of Energy (DOE) is exploring the possibility of
bringing to arbitration the dispute between the Manila Electric
Co. (Meralco) and the National Power Corp. (Napocor) on the 10-
year power supply agreement, the Philippine Star said on
Wednesday.

"If we do not come to a resolution soon one possibility may be
that we will mutually agree to take this into arbitration which
is provided for in the power sale agreement," Energy Secretary
Vincent S. Perez told reporters during the inauguration of the
500-megawatt (MW) San Lorenzo Power Plant of First Gas Power
Corp. (FGPC) here.

Perez, however, is uncertain when the two parties can resolve
the issue unlike Murga who said he wants the issue resolved
within the first half of 2003. "I don't like to a put deadline,"
he said.


MANILA ELECTRIC: No Insider Trading on Shares, PSE
--------------------------------------------------
The Philippine Stock Exchange (PSE) clarified that the officers
of Manila Electric Co. (Meralco) have no involvement in insider
trading, the Philippine Star said on Wednesday.

The Securities and Exchange Commission (SEC) is still waiting
for the PSE report and will decide whether to conduct its own
probe or not to validate PSE's findings on Meralco.

The investigation was spurred by the sharp sell down of Meralco
stocks three weeks prior to the release of the Supreme Court
ruling, fueling speculations that the decision had been leaked
and used for market positioning to the detriment of other
investors.

Meralco officials denied any wrongdoing and said the firm's
stock transfer agent would be the best person to ask.


NATIONAL BANK: Narrows Net Loss to P1.9B in 2002
------------------------------------------------
In a Company statement, the Philippine National Bank (PNB) ended
2002 with significantly lower net loss of P1.9 billion, a 54 per
cent improvement from the P4.1 billion net loss the Bank
recorded in 2001. This is also much lower than the net loss of P
3.1 billion originally projected for its full-year 2002
operations.

The improved performance was due to significant headway made by
the Bank in implementing various revenue generating and cost-
cutting initiatives during the past seven months since the
signing of the Memorandum of Agreement between the Lucio Tan
Group and the Government in May 2002.

The initiatives include a new approach to managing the Bank's
assets which yielded ROPOA sales for the year of P1.8 billion,
generating P767 million in revenues; focused workout efforts on
non-performing accounts by way of restructuring, debt-to-equity
scheme (similar to the solution adopted for National Steel
Corporation), dacion en pago, or foreclosure of collateral, all
of which have helped reduce the Bank's NPL by P10 billion as of
December 31, 2002 from its peak of P54 billion in May 2002; and,
the implementation of fee-based income enhancement measures that
include rationalization of service charges, fees and commissions
on remittances, deposit transactions, and trade finance, which
increased fees and commissions by P260 million during the last
four months of 2002 to P1.6 billion.

The Bank likewise continued to leverage on its extensive
distribution network of 82 overseas offices and remittance
centers. The importance of this franchise to PNB's overall
business can be translated in terms of the remittance business'
income contribution to PNB amounting to U.S.$12.8 million during
the year. This was boosted by the 9 percent growth in both
volume and remittance items coursed through PNB overseas offices
and remittance centers alone. A total of 3.6 million remittance
customers were serviced in the counters of the Bank's offices
abroad.

Based on its unaudited income statement for the year 2002, PNB
reversed the previous year's negative interest margin of P805
million with a positive P457 million net interest margin. This
came as a result of the implementation of the debt-to-equity
conversion provision of the MOA that substantially reduced the
Bank's debt burden, the 19 percent or P9.1 billion growth in the
Bank's low-cost current and savings deposits that significantly
improved deposit mix, lower cost of funds due to the prevailing
low interest rate environment, risk-adjusted pricing of loan
portfolio, and aggressive collection on past due accounts

Meanwhile, results of cost management initiatives kept pace with
those of revenue generation. Operating expenses were reduced by
P650 million compared to actual expenses incurred the previous
year. The savings were realized mainly from lower compensation
costs due to the implementation of the early retirement program
and much reduced occupancy expenses as a result of lower lease
expenses on branch quarters.

And to beef up current levels of allowance for probable loan
losses, the bank made additional provisions of around 500
million pesos during the year.

This year, the Bank intends to post bigger gains in its
financial performance by pursuing the initiatives it has started
in 2002. These include creative asset management solutions for
ROPOA including the setting up of PNB's own asset management
company (AMC); launching of new deposit products and promotions
to boost deposits; remittance strategies that will expand
remittance volumes and strengthen the Bank's market share;
Management's continued focus on improving return on equity from
the Bank's various businesses; and organizational strengthening
measures that include re-training of people and the continued
initiation of quality standards to improve service efficiencies.

All these measures are focused on the transformation of PNB into
a more dynamic and marketing-oriented, customer-centric sales
organization.


MULTITEL INTN'L: Prosecutor Indicts Owners, No Arrest Yet
---------------------------------------------------------
Rosario and Saturnino Baladjay, the owners of Multitel
International Holdings, Inc., have been indicted by the Makati
Prosecutor's office after failing to appear at pre-trial
hearings and submit affidavits to debunk the case filed by the
Securities Exchange Commission (SEC), Business World reports.

Last November, the SEC filed criminal charges against Multitel
and its owners at the Makati Prosecutors Office after it found
Multitel used the "Ponzi" scheme in soliciting investments from
the public and promising high interest rates on investments.

Meanwhile, the National Bureau of Investigation (NBI) is
awaiting the issuance of arrest warrants by at least four courts
before it can go after the owners.


VICTORIA MILLING: Update on Rehabilitation Plan
-----------------------------------------------
Victoria Milling Corporation filed its application with the SEC
for the amendment to its articles of incorporation for the
decrease and increase of its capital stock and certificates
issued by the Securities and Exchange Commission October 2,
2002.

In accordance with the approved rehabilitation plan, the
authorized capital stock of VMC has been reduced initially from
P 2,700,000,000.00 divided into 270,000,000 shares with par
value of 10 pesos per shares to P 495,957,670.00 divided into
170,432,189 shares, with a par value of 2.91 pesos per share.

For copies of supplementary information relative to the
rehabilitation plan, go to
http://bankrupt.com/misc/tcrap_vmc0129.pdf


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


CHARTERED SEMICONDUCTOR: Posts 4Q02 Financial Results
-----------------------------------------------------
Chartered Semiconductor Manufacturing, one of the world's top
three silicon foundries, announced revenues and net loss for its
fourth quarter and year ended December 31, 2002. "The market
environment for our industry continued to be very challenging
during 2002," said Chia Song Hwee, President & CEO of Chartered.
"At the beginning of the year, most market observers expected
that 2002 would be a year of solid growth. However, the latest
estimates indicate that there was little or no year-over-year
growth as three quarters of sequential increase were followed by
an abnormally low fourth quarter.

For Chartered, revenues including SMP grew 62 percent from
fourth quarter 2001 to fourth quarter 2002, compared to the
semiconductor market, which market observers estimate grew
approximately 20 percent over that period. While this strength
in relative performance - largely driven by shipments at the
leading-edge technologies - is a step in the right direction for
Chartered, we need to move more quickly in returning Chartered
to profitability.

"In fourth quarter 2002, shipments of 0.18-micron and below
product represented 39 percent of total revenues, up from 13
percent in the year-ago quarter. And also during the quarter, we
achieved our goal of first revenue shipments of our 0.13-micron
product offering. Even more important to Chartered's future, we
announced during the quarter a milestone joint-development
agreement with IBM for 90- nanometer (nm) and 65-nm
technologies. We believe this puts us at the forefront of
technology development in our industry," Chia said.


Summary of Fourth Quarter 2002 Performance

- Net revenues were $107.9 million in fourth quarter 2002, down
16.7 percent compared to third quarter 2002. Including
Chartered's share of Silicon Manufacturing Partners (SMP or Fab
5), net revenues were $125.3 million, down 10.7 percent from
$140.4 million in the third quarter, primarily due to the
computer segment and to a lesser extent, the memory segment
partially offset by increases in the communications segment. SMP
is a minority-owned joint venture Company and therefore, under
the Company's US GAAP reporting, its revenues are not
consolidated. Compared to fourth quarter 2001, net revenues were
up 41.9 percent from $76.1 million. Including Chartered's share
of SMP, net revenues were $125.3 million, up 62.1 percent from
$77.3 million in the year-ago quarter. Revenues were
significantly higher in the communications segment, and to a
lesser extent, the consumer and computer segments.

- Gross loss was $53.9 million, or negative 49.9 percent of net
revenues, an improvement from a loss of $74.5 million, or
negative 98.0 percent of net revenues in the year-ago quarter,
primarily due to significantly higher revenues.

- Research and development (R&D) expenses were $28.1 million, an
increase of 33.7 percent from the year-ago quarter, primarily
due to a favorable impact in fourth quarter 2001, related to
cost sharing associated with the joint-development agreement
with Agere.

- Sales and marketing expenses were $9.8 million, down 33.2
percent compared to $14.7 million in the year-ago quarter,
primarily due to lower support for customer prototyping
activity.

- Other operating expenses were $10.0 million in fourth quarter
2002, associated with the workforce re-sizing announced in
October 2002 and a fixed asset write-off.

- Equity in loss of our minority-owned joint-venture fab, SMP
(Fab 5), was a loss of $11.5 million compared to a loss of $27.9
million in the year-ago quarter, primarily due to significantly
higher revenues.

- Other income was $4.4 million, up 147.3 percent from $1.8
million in fourth quarter 2001, primarily due to an increase in
grant income.

- Net interest expense was $4.7 million compared to a net
expense of $5.8 million in the year-ago quarter, primarily due
to lower interest rates resulting in lower interest expense.

- Exchange gain was $0.3 million, compared to $4.4 million in
fourth quarter 2001, due to the fluctuations of the Japanese yen
and Singapore dollar against the US dollar.

- Minority interest in loss of our joint-venture fab, Chartered
Silicon Partners (CSP or Fab 6), was $17.6 million compared to
$18.9 million in the year-ago quarter, primarily due to higher
revenues, partially offset by higher depreciation.

- Net loss of $108.7 million, or negative 100.7 percent of net
revenues, reflected an improvement of $18.5 million from a net
loss of $127.2 million, or negative 167.2 percent of net
revenues, in the year-ago quarter.

- Loss per American Depositary Share (ADS) and loss per share in
fourth quarter 2002 were $0.45 and $0.05 respectively, compared
with a loss per ADS and loss per share of $0.80 and $0.08
respectively in fourth quarter 2001. Average ADS count and
ordinary share count increased by
81.9 million and 818.6 million respectively, primarily due to
the eight-for-ten rights offering completed in October 2002.

Summary of Year 2002 Performance

- Net revenues were $449.2 million, down 2.9 percent compared to
$462.7 million in 2001. Including Chartered's share of its
minority-owned joint venture Company, Silicon Manufacturing
Partners (SMP or Fab 5), net revenues were $484.8 million, up
1.2 percent from $479.0 million a year ago. SMP is a minority-
owned joint venture Company and therefore, under the Company's
US GAAP reporting, its revenues are not consolidated. Revenues
were up in the consumer, computer and communications segment and
down significantly in the memory segment.

- Gross loss was $179.5 million, or negative 40.0 percent of net
revenues, an improvement from a loss of $202.6 million or
negative 43.8 percent of net revenues in 2001, primarily due to
reductions in manufacturing cost.

- Research and development (R&D) expenses increased 14.9 percent
to $95.3 million from $82.9 million in 2001, due to increased
investments to accelerate the Company's technology roadmap,
which provides customers a breadth of processes enabling
systems-level integration.

- Pre-production fab start-up costs were $8.3 million, all
related to Fab 7, compared to $13.3 million in 2001, primarily
due to moderated activity level during the year.

- Sales and marketing expenses were $41.2 million, up 6.5
percent compared to $38.7 million in 2001, primarily due to
expansion of worldwide sales and marketing activities to further
enhance the level of customer support.

- Other operating expenses were $10.0 million in 2002,
associated with the workforce re-sizing announced in October
2002 and a fixed asset write-off.

- Equity in loss of our minority-owned joint-venture fab, SMP
(Fab 5), was a loss of $84.8 million compared to a loss of $92.7
million a year ago, primarily due to higher revenues.

- Other income was $23.6 million, up 19.8 percent from $19.7
million in 2001, primarily due to an increase in grant income.

- Net interest expense was $25.0 million compared to an income
of $6.6 million in 2001, primarily due to lower interest income
resulting from lower interest rates and to a lesser extent a
lower average cash balance.

- Exchange loss was $2.0 million, compared to a gain of $4.2
million, primarily due to currency fluctuations of the Japanese
yen and Singapore dollar against the US dollar.

- Minority interest in loss of our joint-venture fab, CSP (Fab
6), was $55.6 million compared to $72.6 million in 2001,
reflecting the improved financial performance of this fab which
resulted primarily from significantly higher revenues, partially
offset by increased depreciation.

- Net loss of $417.1 million, or negative 92.8 percent of net
revenues, reflected an increase of $33.1 million from a net loss
of $384.0 million, or negative 83.0 percent of net revenues in
2001.

- Loss per American Depositary Share (ADS) and loss per share in
2002 were $2.32 and $0.23 respectively, compared with the loss
per ADS and loss per share of $2.42 and $0.24 respectively in
2001. Average ADS count and ordinary share count increased by
21.0 million and 210.1 million respectively, primarily due to
the eight-for-ten rights offering completed in October 2002.

For more information, go to
http://bankrupt.com/misc/tcrap_csm0129.pdf

DebtTraders reports that Chartered Semiconductor Mnfg's 2.500
percent convertible bond due in 2006 (CSM06SGN1) trades between
89 and 91. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=CSM06SGN1


NATSTEEL LTD: Posts Notice of Shareholder's Interest
----------------------------------------------------
Natsteel Limited posted a notice of changes in substantial
shareholder Cameo International Finance Ltd's interest:

Date of notice to Company: 26 Jan 2003
Date of change of deemed interest: 24 Jan 2003
Name of registered holder: Standard Chartered Bank

Circumstance(s) giving rise to the interest: Others
Please specify details: Receipt by 98 Holdings Pte. Ltd. (98
Holdings) of acceptances in respect of an aggregate of 931,090
ordinary shares of S$0.50 each in the capital of NatSteel Ltd
(Acceptance Shares) pursuant to 98 Holdings' mandatory
conditional cash offer (Offer) for all the issued and paid-up
ordinary shares of S$0.50 each in the capital of NatSteel Ltd.

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

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

Information relating to shares held in the name of the
registered holder: -
No. of shares which are the subject of the transaction: 931,090
% of issued share capital: 0.25
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: S$2.06
No. of shares held before the transaction: 190,429,363
% of issued share capital: 50.98
No. of shares held after the transaction: 191,360,453
% of issued share capital: 51.23

Holdings of Substantial Shareholder including direct and deemed
interest
                                           Deemed      Direct
No. of shares held before the transaction: 190,429,363
% of issued share capital:                 50.98
No. of shares held after the transaction:  191,360,453
% of issued share capital:                 51.23
Total shares:                              191,360,453

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


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


DATAMAT PUBLIC: Completes Unit's Registration
---------------------------------------------
Reference is made to the resolution of the Board of Directors'
Meeting No. 14/2002 held on December 26, 2002 which resolved to
establish a new subsidiary in the software business. After the
incorporation, Datamat Public Company Limited would transfer
software staffs, employees, intellectual properties, existing
works and related contracts into the company.

The Company has completed the registration of a new company
under the name of "Soft Venture Co., Ltd.", with  a registered
capital of Bt1,000,000.00, divided into 100,000 shares  with a
par volume of Bt10.00 of which the Company holds 99,993 shares
of the new company.

The company has now employed an international consultancy firm
to value intellectual properties, investment and assets to be
capitalize into the new company.

Wrights Investors' Service reports that at the end of 2001, the
company had negative common shareholder's equity of -Bt529.72
million. This means that at the present time, the common
shareholders have essentially no equity in the company. This
company's total liabilities are higher than total equity, which
means that the money this company owes are greater than all of
the assets of the company.


TPI POLENE: Finalizing Fund Raising Exercise Offering Price
-----------------------------------------------------------
Reference is made to the news article in the Krungthep Thurakit
dated January 28, 2003 and information sent to efinancethai.com
on January 27, 2003 regarding the trading price of TPI Polene
Public Company Limited's share on the SET, after the completion
of the capital increase of US$180 million, which will
potentially be doubled of its book value per share (Bt26.13 per
share as of September 30, 2003) or at the level of Bt50-60 per
share, as international global cement producers will participate
to take majority interest in TPIPL.

TPIPL informed that currently it still does not finalize its
offering price of the fund raising exercise. The trading price
of TPIPL's share on the SET, after the completion of the fund
raising, will be subject to its offering price, the trading
volume of TPIPL's share together with the capital market
situation during such period of time. Neither the management nor
the Company gave any information concerning the trading price as
reported in the press.


UNITED CENTER: Files Reorganization Petition in Bankruptcy Court
----------------------------------------------------------------
The Petition for Business Reorganization of United Center
Company Limited (DEBTOR), engaged in real estate rental, was
filed to the Central Bankruptcy Court:

   Black Case Number 1188/2544

   Red Case Number 224/2545

Petitioner: Mr. Surawong Daechavibul

Debts Owed to the Petitioning Creditor: 4,140,590,388.03Baht

Date of Court Acceptance of the Petition: October 1, 2001

Date of Examining the Petition: October 29, 2001 at 9.00 A.M.

Court had set the Date for the last Examining the Petition:
December 7, 2001

Court had set the Date for Hearing the Order: January 31, 2002
at 9.00 a.m.

Court has postponed the Date for Examining the Petition to
February 21, 2002 at 10.00 a.m.

Court had issued an Order for Canceling the Petition for
Business Reorganization on February 21, 2002

Contact : Mr. Apirak Tel, 6792525 ext. 113


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

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