/raid1/www/Hosts/bankrupt/TCRAP_Public/030206.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

           Thursday, February 06, 2003, Vol. 6, No. 26

                         Headlines

A U S T R A L I A

ANACONDA NICKEL: Directors Recommend Holders Reject Rights Offer  
BALLARAT GOLDFIELDS: Sells Highlake Resources to Abbotsleigh
ENERGY WORLD: CBA Debt Restructuring Discussions Ongoing
GOODMAN FIELDER: ACCC Not to Oppose BPC Proposed Acquisition
GOODMAN FIELDER: BPC Issues US$150M Senior Subordinated Notes

GOODMAN FIELDER: Takeover Bid Extended to March 5
HORIZON ENERGY: Board Structure Back to Normal
STADIUM AUSTRALIA: Responds to ASX Appendix 4C Query
SUPERSORB ENVIRONMENTAL: Discloses Activities Report Summary
TELEVISION & MEDIA: Discloses December Entities Report


C H I N A   &   H O N G  K O N G

DA FONG: Winding Up Hearing Scheduled Feb 19
EZCOM HOLDINGS: Price, Turnover Movements Inexplicable
INNOVATIVE INT'L: Parallel Trading to Start Friday


I N D O N E S I A

UNITED TRACTORS: Restructuring Requires All Creditors' Approval  


J A P A N

HITACHI LIMITED: Posts 3Q02 Financial Results
KINKI NIPPON: Offering Y30B 4-Year Bonds
MIZUHO FINANCIAL: Writing Off Y2-3T in Appraisal Losses
NEC CORP: Develops High-Strength Heat Resistant Bioplastic
NISSHO IWAI: Asking Creditors for Y300B Aid


K O R E A

CHOHUNG BANK: Shortlists 6 Firms for Bancassurance Deals
HYNIX SEMICONDUCTOR: Completes Imagequest Stake Sale
HYNIX SEMICONDUCTOR: May Take Legal Action Against HDEC
HYUNDAI PETROCHEMICAL: Turns to Profit in 2002
KOREA ELECTRIC: POSCO Reconsidering Bid for Unit

KOREA LIFE: Gets Additional Public Funds  


M A L A Y S I A

ACTACORP HOLDINGS: Chairman Omar Shah Resigns From Post
AOKAM PERDANA: BNM, LOFSA Approve Corporate Proposals
BRIDGECON HOLDINGS: Considers Independent Audit Firm Appointment
BRIDGECON HOLDINGS: SC Approves Moratorium Shares Redistribution
FW INDUSTRIES: Modifies PCDR Agreement With White Knight

HIAP AIK: FIC Endorses Proposed Restructuring Scheme
PLANTATION & DEVELOPMENT: SC OKs Proposed Restructuring Scheme
SCK GROUP: Currently in Restructuring Scheme Talks With Lenders
SIN HENG: Submits Proposal Conditions Waiver to SC
SRI HARTAMAS: SAs in the Midst of Assets Disposal Completion

TAT SANG: Restructuring Scheme Status Remains Unchanged
TRANS CAPITAL: Finalizing Proposals Explanatory Statement
TRANSWATER CORPORATION: Corporate Proposals Subject to Approvals
WOO HING: Workout Proposal Implementation Underway


P H I L I P P I N E S

MANILA ELECTRIC: In talks With IPPs to Lower Costs
MANILA ELECTRIC: Unveils Financial Management Program
MEYCAUAYAN RURAL: PDIC Services Claims Ongoing
MULTINATIONAL TELECOM: Scam Suspects Promise to Return Money
NATIONAL BANK: May Sell Foreclosed Assets Worth P15B


S I N G A P O R E

NEPTUNE ORIENT: May Sell $200M Bonds
ROYAL CLICKS: Dormant Units Enter Liquidation


T H A I L A N D

AM/PM (THAILAND): Files Business Reorganization Petition
JASMINE INT'L: Official Receiver Sets March 6 Creditors Meeting
NATURAL PARK: Posts Investment Report
PICNIC GAS: Changes LPG Acquisition Date to Feb 28
SUN TECH: Pays 0.42% of Debt to Group 7 Creditors  

     -  -  -  -  -  -  -  -

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


ANACONDA NICKEL: Directors Recommend Holders Reject Rights Offer  
----------------------------------------------------------------
As previously announced, Anaconda Nickel Limited has
successfully concluded the approval process for the creditors'
schemes of arrangement with final Court approval on 15 January
2003 and has issued its prospectus for a renounceable rights
issue (Rights Issue) to fund its proportion of the cash payment
to its secured creditors under these schemes of arrangement. The
Prospectus was lodged with the ASIC on 20 January 2003 and on 21
January 2003 MatlinPatterson Global Opportunities Partners made
a highly conditional and unsolicited take over offer
LP(MatlinPatterson).

The Independent Directors of Anaconda, which exclude
representatives of Glencore International AG and Anglo American
plc, have carefully considered the Share and Rights Offers
(Offers). In light of the abbreviated timetable imposed by
MatlinPatterson, and in order to provide the holders with timely
advice, the Independent Directors make the following
recommendations.

1. RIGHTS OFFER

The Independent Directors of Anaconda currently recommend that
rights holders do not accept the Rights Offer because it is
highly conditional.

The Independent Directors believe that the continued solvency of
Anaconda (which involves the protection of the compromise
reached with the secured creditors under the Creditors Scheme
and the injection of working capital to provide for ongoing
solvency) and the protection of the shareholders' equity
investment in the Company are of paramount importance.

The Independent Directors believe that if the Creditors Scheme
is completed and the Company's solvency can be assured through
the completion of the fully underwritten Rights Issue, then
shareholders have an opportunity to participate in the future
potential of Anaconda.

Under the Prospectus dated 20 January 2003, shareholders were
offered rights to subscribe for 14 new Anaconda shares at a
price of 5 cents per share for every share held. Independent
Directors invite shareholders to participate in this Rights
Issue to maintain their proportionate interest in Anaconda.

It is important to note that, under Anaconda's Rights Issue,
Rights trading on the Australian Stock Exchange ceases at the
close of business on 7 February 2003, and applications to
exercise Rights must be received by close of business on 14
February 2003. The Rights Offer from MatlinPatterson closes at
midnight on 13 February 2003 unless extended.

For those shareholders who, for whatever reason, do not wish, or
are unable, to take up their rights entitlements, the options
available are selling on market, letting their rights lapse, or
accepting the highly conditional Rights Offer. The last two
alternatives are not recommended by the Independent Directors.
Selling rights entitlements on market provides certainty
although the price will vary on a daily basis. However, the
market for Rights is relatively illiquid and it may not be
possible for some Rights holders to sell their Rights.
Rights holders should closely monitor the prices for rights
obtainable on the ASX (code ANLR).

The Independent Directors believe that MatlinPatterson, by
announcing its unsolicited Offer a short time prior to
commencement of the Rights Issue, has acted opportunistically to
maximize its own strategic advantage and deny Anaconda
shareholders the necessary period to fully consider the
implications of a proposal that may potentially result in a
change of control of Anaconda, whilst at the same time
potentially jeopardizing the Creditors Schemes.

Accepting the Rights Offer may provide an opportunity to sell
the rights but the offer is highly conditional and provides
holders of rights entitlements no certainty that they will
receive the consideration offered. The Independent Directors
understand that the Rights Offer may not proceed unless
MatlinPatterson obtains acceptances of greater than 50% of
Anaconda's fully diluted capital through the Rights Offer and
Share Offer. The Rights Offer is also conditional, inter alia,
on MatlinPatterson receiving assurances from an independent
expert as to certain matters regarding the current and
prospective operating performance of the Murrin Murrin project.
As advised on 24 January 2003, this request has been rejected by
the Company as being inappropriate and, as at this date,
MatlinPatterson has not waived that condition or proposed a
satisfactory compromise.

Accordingly, there is a substantial possibility that the Rights
Offer will not become unconditional and that this will not be
known until 14 February 2003. In this case, Rights holders who
accept the Rights Offer may be left in a position where the
Rights Offer falls away and they have no time to take
alternative actions in dealing with their Rights. The Fall Back
Subscription facility put forward by MatlinPatterson is of no
benefit to these Rights holders if they do not wish, or are
unable, to exercise their Rights.

The Independent Directors therefore believe that at this time it
is not in Rights holders best interests to accept the Rights
Offer as it currently stands. In the meantime, Anaconda
encourages the holders to consider the holder's personal
financial circumstances and seek professional advice before
making any decision in relation to the shareholder's Rights.

2. SHARE OFFER

The Independent Directors of Anaconda currently recommend that
shareholders take NO ACTION at this date in relation to the
proposed Share Offer.

At the date of this letter the proposed Share Offer documents
had not been dispatched to shareholders. It is important to note
that the Share Offer proceeding is conditional on the outcome of
the Rights Offer. Further advice will be provided to
Shareholders in relation to the proposed Share Offer.

3. DISCUSSIONS WITH MATLINPATTERSON

The Independent Directors and their advisers, Caliburn
Partnership and Clayton Utz, have continued to negotiate with
MatlinPatterson and its advisers to remove the impediments that
they see in the Offer and it is possible that this initial
recommendation to reject the Rights Offer may change. Should
this occur, the holders will be advised immediately.

In the meantime, the Independent Directors will keep rights
holders informed of all relevant developments and will advise
shareholders if this recommendation changes.


BALLARAT GOLDFIELDS: Sells Highlake Resources to Abbotsleigh
------------------------------------------------------------
Following a review of its exploration into the objectives
outlined in the August 2002 prospectus, Ballarat Goldfields
(BGF) announces that it intends to sell its Campbelltown,
Maryborough and Dunolly tenements. BGF has entered into an
agreement to sell Highlake Resources NL, the holder of these
tenements, to Abbotsleigh Pty Ltd.

The sale removes exploration funding commitments of
approximately $680,000 per annum, and enables BGF to focus on
its core gold tenements around the Ballarat gold fields.

Abbotsleigh Pty Ltd, is a private company with a strong
Victorian focus, which it supports through investments in
publicly listed gold mining companies. They hold a 7% interest
in BGF.

The sale entitles BGF to receive a 1% royalty of gold recovered
from the tenements at no future cost to BGF. As a result BGF
will write down the carrying value of its tenements by
approximately $3.7 million.

The transaction follows the sale of the Oztrak Group Pty Ltd
announced on 15 January 2003.

BGF has now completed its restructuring following the
recapitalization undertaken last year and is free to pursue its
objective of establishing a mining operation on the Ballarat
tenements.


ENERGY WORLD: CBA Debt Restructuring Discussions Ongoing
--------------------------------------------------------
Subsequent to the announcement made on 13th January 2003 the
Directors of Energy World Corporation Limited (EWC) are pleased
to advise that the discussions with the Commonwealth Bank of
Australia in respect of the debt restructuring are proceeding
satisfactorily and the Company anticipates they will be able to
make further announcement on this topic within the next week.

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

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


GOODMAN FIELDER: ACCC Not to Oppose BPC Proposed Acquisition
------------------------------------------------------------
The Australian Competition and Consumer Commission (ACCC) will
not oppose the proposed acquisition of Goodman Fielder Limited
by Burns Philp Limited, ACCC Chairman, Professor Allan Fels,
said Wednesday.

Burns Philp is a multinational Organization listed on the
Australian Stock Exchange. Burns Philp's principle activities
are the manufacture and distribution of both fresh and dry
yeast, with more than 45 yeast manufacturing facilities world-
wide.

Goodman Fielder Limited is a publicly listed company that
produces a diverse range of retail branded food products
including packaged bread and baked goods sold under the
Buttercup, Wonder White, Mighty Soft, Big Bite Muffins,
Molenberg, Helga's, Riga, and Vogel's brands. Goodman Fielder
operates in Australia, New Zealand and the Pacific region. Its
Australian operations represent 58.3 per cent of the company's
global profits.

In its investigation of the proposed acquisition, the ACCC
considered the competitive impact of the proposed acquisition on
the fresh and dry yeast and the bread markets and the
implications of the vertical links between the yeast and bread
markets.

"Careful consideration was given to the effect of the proposed
acquisition on yeast and bread markets, and views were sought
from customers and competitors.  Following these discussions,
the ACCC concluded that the proposed acquisition would be
unlikely to result in a reduction in competition.

"Competition in dry yeast is driven not only by domestic
production, but also by significant levels of imports",
Professor Fels said.

The ACCC noted, in respect of the fresh yeast market, there is
strong competition provided by Bakels-Lesaffre.

Burns Philp does not currently operate in the bread market so
competition in that market is unlikely to be affected by the
transaction. Burns Philp bread competitors will be able to
source ingredients from other suppliers.

"Following market inquiries, the ACCC has come to the view that
the acquisition is unlikely to substantially lessen competition
in the yeast and bread markets", Professor Fels said.

"Accordingly, the ACCC concluded that the proposed acquisition
is unlikely to substantial lessening competition".

CONTACT INFORMATION: Professor Allan Fels
                     Chairman
                     (03) 9290 1812 or pager (02) 6285 6170
                     Ross Jones
                     Commissioner, (02) 9230 9133
                     Lin Enright
                     Director, Public Relations,
                     (02) 6243 1108 or 0414 613 520


GOODMAN FIELDER: BPC Issues US$150M Senior Subordinated Notes
-------------------------------------------------------------
On December 13, 2002, Burns, Philp & Company Limited announced
that it had acquired 14.9% of the outstanding ordinary shares of
Goodman Fielder Limited. On 3 January 2003, the Company made an
offer for all of the remaining ordinary shares of Goodman
Fielder Limited for cash, at a price of $1.85 per share, or
approximately A$2.2 billion in the aggregate (Offer).

In the Bidders Statement for the Offer, the Company stated that
the cash consideration for the Offer would be sourced from
existing cash reserves and from a number of new underwritten
facilities, including a US$100 million subordinated bridge loan
(Bridge Loan). The Bridge Loan will not be drawn to the extent
that the Company issues that amount of senior subordinated
indebtedness.

Burns, Philp & Company now announces that it has commenced an
offering of US$150 million of a senior subordinated notes issue,
subject to market and other conditions (the Notes). The Notes
will have a fixed coupon and a term of 8 years, being due for
repayment in 2011. The Notes will be unsecured, guaranteed by
certain of the Burns, Philp & Company's subsidiaries and
subordinated in right of payment to the senior debt of the Burns
Philp group.

The Notes will be offered only to qualified institutional buyers
in the United States, pursuant to rule 144A of the United States
Federal Securities Act of 1933, as amended (the Securities Act),
and outside the United States pursuant to Regulation S under the
Securities Act.

The Notes initially will not be registered under the Securities
Act and therefore may not be offered or sold in the United
States without registration or an applicable exemption from the
registration requirements of the Securities Act. It is
anticipated that a registration statement will be filed under
the Securities Act registering notes having terms substantially
identical in all material respect to the Notes (the Exchange
Notes) to permit exchange of the Notes for the Exchange Notes.

    
GOODMAN FIELDER: Takeover Bid Extended to March 5
-------------------------------------------------
Burns, Philp & Company Limited (Burns Philp) refers to the
takeover bid by its wholly owned subsidiary BPC1 Pty Limited
(BPC1), for all the Goodman Fielder Ltd (Goodman Fielder)
ordinary shares, at $1.85 per share (the Offer), and the
Bidder's Statement for the Offer dated 19 December 2002
(Bidder's Statement).

ACCC APPROVAL

Burns Philp announces that it has received advice from the ACCC
that the ACCC does not propose to intervene in the proposed
acquisition of Goodman Fielder by BPC1 pursuant to section 50 of
the Trade Practices Act.

Accordingly, condition 9.6(b) of the Offer has been satisfied.

HART-SCOTT-RODINO (USA) CONDITION

The applicable waiting periods under the United States
Hart-Scott-Rodino Anti-Trust Improvements Act of 1976 and the
regulations thereunder have expired.

Accordingly, clause 9.6(d) of the Offer has been satisfied.

NON APPLICATION OF CONDITION  SALE OF GELATINE BUSINESS

BPC1's Offer is subject to a condition in clause 9.6(m) of the
Bidder's Statement that Goodman Fielder does not dispose or
offer to dispose one of more of its assets or companies, other
than any proposed transaction publicly announced by Goodman
Fielder before 13 December 2002 (the date Burns Philp announced
the Offer).

BPC1 confirms that this condition does not apply in relation to
Goodman Fielder's sale of its remaining gelatine businesses as
this disposal was announced prior to the date on which the Offer
was announced.

WAIVER OF CONDITION  FLOUR SUPPLY CONTRACT

Goodman Fielder lodged its Target's Statement on 17 January 2003
(Target's Statement). On page 59 of the Target's Statement,
Goodman Fielder stated that:

"the terms of and conditions under which Goodman Fielder
acquires flour from Allied Mills Limited are, on average, no
less favorable than the terms and conditions under which Goodman
Fielder acquired flour for FY02 as was included in the
computation of the segment result as disclosed in note 32 of the
FY202 Annual Accounts".

On the basis of this statement, BPC1 confirms that it will
declare the Offer free of the condition in clause 9.6(n) of the
Bidder's Statement and a notice under section 650F of the
Corporations Act will be provided shortly.

NON APPLICATION OF CERTAIN BID CONDITIONS

On 23 December 2002, Goodman Fielder announced that it had
issued 2.165 million shares to Goodman Fielder employees under
the Goodman Fielder Long Term Incentive Plan (LTI Plan).

Goodman Fielder has confirmed that these shares were not issued
prior to the time for determination of entitlement to receive an
Offer (see clause 9.1(d)(1) of the Bidder's Statement). BPC1
proposes to apply to ASIC for consent to vary the Offer so that
it extends to these additional shares. This would lead to an
increase in the Offer Amount (as described in section 6.1 of the
Bidder's Statement) of approximately $4.0 million. However, BPC1
has sufficient cash available from the sources described in
section 6.3 to 6.5 of the Bidder's Statement to fund this
additional amount if required.

As noted in clause 4.4(d) of the Bidder's Statement, on 16
December 2002, Goodman Fielder also announced its intention to
implement a new option plan "in line with" the LTI Plan.

BPC1 confirms that it will not rely on either the issue of
shares under the LTI Plan or the issue of options under the new
option plan as an event triggering the condition in clause
9.6(p) of the Bidder's Statement.

EXTENSION

Following discussions with the New Zealand Commerce Commission,
BPC1 has made a decision to extend the Offer until 5 March 2003
in order to provide adequate time for the New Zealand Commerce
Commission to consider BPC1's application for clearance or
authorization under the New Zealand Commerce Act 1986 in
relation to the acquisition of Goodman Fielder shares by BPC1
under the Offer.

Formal documents to extend the offer will be dispatched to
shareholders shortly.


HORIZON ENERGY: Board Structure Back to Normal
----------------------------------------------
Horizon Energy Investment Group previously advised a
reorganization of the HEIG Boards for regulatory reasons in
September 2002. The regulatory issue is now resolved and the
HEIG Boards have now returned to their usual composition as
follows:

HORIZON ENERGY INVESTMENT MANAGEMENT LIMITED
(Responsible Entity of Horizon Energy Investment Trust and
Manager of Horizon Energy Investment Limited and Horizon Energy
Investment No 2 Pty Limited)

Wallace Richard Sheppard (Chairman)
Ian Kay
James Hayes
Nicholas Wright          (re-appointed 31 January 2003)
Michael Rodriguez        (re-appointed 31 January 2003)
William Fitzgerald       (re-appointed 31 January 2003)

HORIZON ENERGY INVESTMENT LIMITED

Wallace Richard Sheppard (Chairman) (Ian Kay alternate)
Nicholas Wright
William Fitzgerald
Michael Rodriguez
James Hayes              (re-appointed 31 January 2003)

James Hayes' re-appointment is on a casual vacancy basis and he
will be required to stand for election at the next HEIG general
meeting.

HORIZON ENERGY INVESTMENT NO 2 PTY LIMITED

Wallace Richard Sheppard (Chairman)
Ian Kay
James Hayes
Nicholas Wright
William Fitzgerald
Michael Rodriguez


STADIUM AUSTRALIA: Responds to ASX Appendix 4C Query
----------------------------------------------------
In response to the queries raised in Australia Stock Exchange's
letter dated 3 February 2003 regarding the lodgment of the
Appendix 4C by Stadium Australia Group (the Group) on 31 January
2003, the Group responds as follows:

1. No, it is not the case that the Group will only have
sufficient cash to fund its activities for less than two
quarters. Due to the seasonality of the Group's business and
consequently the seasonality of its revenues and expenditure it
is not correct to draw this conclusion. This seasonality is
highlighted by the fact that the Group reported a positive
operating cash flow for the six months ended 31 December 2002
despite reporting a negative operating cash flow in the quarter
ended 31 December 2002.

2. Due to the seasonality of the Group's business, it is likely
that in the future the Group will report negative operating cash
flows in certain quarters while reporting positive operating
cash flows in other quarters. As indicated in the response to
question 5 and as detailed in the 30 June 2002 Annual Report,
the Group has finance arrangements in place with ANZ which
enable it to continue to meet the Group's obligations.

3. The Group's actual revenues and expenses as reported in the
Appendix 4C were substantially in accordance with the Group's
anticipated revenues and expenses for the quarter.

4. N/A.

5. As detailed in the Group's 30 June 2002 Annual Report (refer
in particular to Note 23) the Group's primary financier, the ANZ
Bank, has provided a "Temporary Release and Waiver" letter which
waives any breach of the Term Facility arising as a result of
certain events. Subject to the continued support by the ANZ
Bank, the Group will continue to operate the business to ensure
that business objectives are met. As noted in Note 23, "ANZ, the
Company and the Trust have agreed to continue discussions during
the waiver period to negotiate acceptable alternate long term
finance arrangements to apply following the end of the waiver
period."

Further to issue of the Group's Annual Report, the Group issued
a company announcement to the ASX, on 29 November 2002, advising
of ANZ's rejection of a proposal by Babcock & Brown involving a
joint venture to operate Telstra Stadium, the Sydney Cricket
Ground and Aussie Stadium. The Australia Stock Exchange release
reported that "In advising SAG of its rejection of Babcock &
Brown's offer, ANZ reiterated its support of the Stadium and
expressed its belief that full repayment of the loan will be
received. ANZ said it expects to negotiate a long-term (15-20
year) financing arrangement with SAG as soon as the issue of the
construction of the end roofs at Telstra Stadium is settled." It
should be noted that this issue has been settled as reported to
Australia Stock Exchange on 13 January 2003 in release titled
"Stadium Australia, Group Resolves Roofs Issue". Discussions
with the ANZ regarding renegotiation of the long term debt are
due to commence shortly.

6. Yes, the Group confirms it considers it is in compliance with
all listing rules including listing rule 3.1.

7. See response to question 5 above and the Group 30 June 2002
Annual Report, in particular notes 23 and 21.

8. Breakdown of $3,164,000 Working Capital as reported at
paragraph 1.2(e) of Appendix 4C.

Cost incurred to operate and maintain
Telstra Stadium                             $1,403,000 (Note 1)

Stadium Australia Management Limited
Corporate Expenditure                        $634,000 (Note 2)
Stadium Australia Trust Expenditure          $1,127,000 (Note 3)

Total Expenses                               $3,164,000

Note 1 - Includes maintenance, security, cleaning, event
specific costs, utilities, administrative costs and other costs
required to operate and maintain Telstra Stadium.

Note 2 - Includes corporate expenditures such as directors and
company secretarial fees, legal fees and insurance costs.

Note 3 - Includes costs incurred by the Responsible Entity of
the Stadium Australia Trust primarily in relation to overseeing
the Stadium construction works. Costs include construction
monitoring fees, legal fees, rates and land tax and management
fees paid to the Responsible Entity of the Stadium Australia
Trust.

Below is the ASX QUERY content:

I refer to the Group's Quarterly Report in the form of Appendix
4C for the period ended 31 December 2002, released to Australian
Stock Exchange Limited ("ASX") on 31 January 2003, (the
"Appendix 4C").

ASX notes that the Group has reported the following.

1. Receipts from customers of $9,257,000.

2. Net negative operating cash flows for the quarter of
$2,739,000.

3. Cash at end of quarter of $1,318,000.

4. Unused loan facilities of $1,479,000 and credit standby    
arrangements of $1,500,000.

In light of the information contained in the prospectus and the
Appendix 4C, please respond to each of the following questions.

1. It is possible to conclude on the basis of the information
provided that if the Group were to continue to expend cash at
the rate for the quarter indicated by the Appendix 4C, the Group
may only have sufficient cash to fund its activities for less
than 2 quarters. Is this the case, or are there other factors
that should be taken into account in assessing the Group's
position?

2. Does the Group expect that in the future it will have
negative operating cash flows similar to that reported in the
Appendix 4C for the quarter and, if so, what steps has it taken
to ensure that it has sufficient funds in order to continue its
operations at that rate?

3. To what extent have the Group's actual revenues and expenses
in  the quarter, as reported in the Appendix 4C, matched the
Group's anticipated revenues and expenses for that reporting
period?

4. If the Group's actual revenues and expenses are not
substantially in accordance with the Group's anticipated
revenues and expenses, when did the Group become aware that its
revenues and expenses would not substantially match the
anticipated revenues and expenses? You may wish to outline any
circumstances that may have had an effect on the Group's
revenues and expenses.

5. What steps has the Group taken, or what steps does it propose
to take, to enable it to continue to meet its business
objectives as set out in its prospectus? The Group's business
objectives and strategies may have changed since the date of the
prospectus. If so, this should be taken into account in your
response.

6. Can the Group confirm that it is in compliance with the
listing rules, and in particular, listing rule 3.1?

7. Please comment on the Group's compliance with listing rule
12.2, with reference to the matters discussed in the note to the
rule.

8. Please provide a breakdown of the $3,164,000 of payments for
other working capital as reported at paragraph 1.2(e) of the
Appendix 4C.

LISTING RULE 3.1

Listing rule 3.1 requires an entity to give ASX immediately any
information concerning it that a reasonable person would expect
to have a material effect on the price or value of the entity's
securities. The exceptions to this requirement are set out in
the rule.

In responding to this letter you should consult listing rule 3.1
and the guidance note titled "Continuous disclosure: listing
rule 3.1".

If the information requested by this letter is information
required to be given to ASX under listing rule 3.1 your
obligation is to disclose the information immediately.

Your responsibility under listing rule 3.1 is not confined to,
or necessarily satisfied by, answering the questions set out in
this letter.

This letter and your response will be released to the market. If
you have any concerns about your response being released, please
contact me immediately. Your response should be sent to me on
facsimile number (02) 9241 7620. It should NOT be sent to the
Company Announcements Office.

Unless the information is required immediately under listing
rule 3.1, a response is requested as soon as possible and, in
any event, not later than half an hour before the start of
trading (ie before 9.30 am EDST) on Wednesday, 5 February 2003.

If you are unable to respond by the time requested you should
consider a request for a trading halt in the Group's securities.

If you have any queries regarding any of the above, please let
me know.

Sean Ward
COMPANIES ADVISOR
Direct Line: (02) 9227 0656


SUPERSORB ENVIRONMENTAL: Discloses Activities Report Summary
------------------------------------------------------------
Supersorb Environmental NL posted the key point summary of its
Quarterly Report:

CORPORATE/ASX ISSUES

   *The Voluntary Administrators were discharged from SMNL after
creditors accepted a Deed of Company Arrangement (DOCA).

   *All Group operations now back under control of the
Directors.

   *The Board has been restructured to give representation to
major funds provider - Quangi Pty Ltd.

   *Shares remain suspended from ASX since Receivers were
appointed to SMNL on 8 August 2002.

   *Directors will ask ASX to lift suspension once shareholders
approve the proposed share issues.

FINANCIAL

   *Further loans for working capital of $0.6million have been
provided to SMNL by Quangi Pty Ltd ($0.3m) and two existing
shareholders ($0.3m) - total $2.6m now received.

   *Preliminary accounts indicate profitable trading was
achieved after excluding substantial once off costs relating to
restructuring, previous Receiver & Managers and Voluntary
Administrators of SMNL.

   *Significant reductions in overheads ($1.0m pa) and operating
costs have been achieved.

PROPOSED SHAREHOLDER MEETING

   *Shareholders will be asked to approve Board changes and
proposed conversion of $2.1m loan funds to new equity at a
General Meeting to be held before the end of March 2003.

   *Notices of Meeting including an Independent Expert's Report
will be mailed out in the near future.

GROUP SALES REVENUE

   *Gross sales for the half-year to 31 December 2002 of $5.1
million represented a 23% increase on the sales for the previous
half-year ($4.2 million).

   *Sales revenue for the quarter eased 11.8% to $2.4 million
after a record September quarter ($2.7m).

ABSORBENT MINERALS

   *Pet Litter Sales were down 18.9%, mainly due to the effects
of stock building of Homebrand in the previous quarter.

   *Industrial absorbents sales eased 6.6%.

ENVIRONMENTAL TECHNOLOGY

   *Activated Zeolite Sales were down 30.8% on previous quarter.

   *Feedlot and other product marketing has been curtailed while
Supersorb Minerals NL (SMNL) has been under Voluntary
Administration.

TRADING OUTLOOK

   *The priority management focus is on continuing to
consolidate gains through improved operating efficiencies and
improved of margins through review and re-negotiation of product
pricing.

   *During the current half, the Company will start to re-focus
on growth strategies based on re-introducing pet litter brands
and continued commercialization of priority Activated Zeolite
products in feedlots and horticulture.


TELEVISION & MEDIA: Discloses December Entities Report
------------------------------------------------------
Television & Media Services Limited disclosed its Appendix 4C -
Monthly Report for December:

                        APPENDIX 4C
               QUARTERLY REPORT FOR ENTITIES
                  ON BASIS OF COMMITMENTS

Name of entity
Television & Media Services Limited

ABN                        Quarter ended ("current quarter")
83 004 160 249                31/12/2002

CONSOLIDATED STATEMENT OF CASH FLOWS

Cash flows related to                    Current   Year to date
operating activities                     Quarter   (6 months)
                                         AUD'000      AUD'000

1.1  Receipts from customers             7,530       69,480
1.2  Payments for         
       (a) staff costs                   (2,367)     (19,751)
       (b) advertising & marketing       -        (116)
       (c) research & development        -            -
       (d) leased assets                 (46)        (444)
       (e) other working capital         (3,536)     (49,087)
1.3  Dividends received                  -            -
1.4  Interest and other items of
     a similar nature received           -            -
1.5  Interest and other costs of
     finance paid                        (335)      (1,095)
1.6  Income taxes paid                   -            -
1.7  Other (provide details if material) -            -

1.8  Net Operating Cash Flows            1,246      (1,013)

Cash flows related to investing activities                
1.9  Payment for acquisition of:        
       (a) businesses (item 5)           -            -
       (b) equity investments            -            -   
       (c) intellectual property         -            -   
       (d) physical non-current assets   -            -   
       (e) other non-current assets      -            -
1.10  Proceeds from disposal of:        
       (a) businesses                    (4,881)          800
       (b) equity investments            -            -   
       (c) intellectual property         -            -   
       (d) physical non-current assets   -            -   
       (e) other non-current assets      -       19,400
1.11 Loans to other entities             -            -
1.12 Loans repaid by other entities      -            -
1.13 Other - CAPEX                       (98)        (923)

     Net investing cash flows            (4,979)       19,277

1.14 Total operating and
     investing cash flows                (3,733)       18,264

Cash flows related to financing activities                
1.15 Proceeds from issues of
     shares, options, etc.                  -            -
1.16 Proceeds from sale of
     forfeited shares                       -            -
1.17 Proceeds from borrowings               -        2,062
1.18 Repayment of borrowings                -     (25,915)
1.19 Dividends paid                         -            -
1.20 Other (provide details if material)    -            -

     Net financing cash flows               -     (23,853)

     Net increase (decrease) in cash held   (3,733)      (5,589)

1.21 Cash at beginning of quarter/
     year to date                           4,307        6,163

1.22 Exchange rate adjustments to item 1.20 10           10

1.23 Cash at end of quarter                 584          584

PAYMENTS TO DIRECTORS OF THE ENTITY AND ASSOCIATES OF THE
DIRECTORS PAYMENTS TO RELATED ENTITIES AND ASSOCIATES OF THE
RELATED ENTITIES
                                             Current Quarter
                                                AUD'000
1.24 Aggregate amount of payments to
     the parties included in item 1.2            62

1.25 Aggregate amount of loans to the
     parties included in item 1.11               -

1.26 Explanation necessary for an understanding
     of the transactions                         -

NON-CASH FINANCING AND INVESTING ACTIVITIES

2.1  Details of financing and investing transactions which have
had a material effect on consolidated assets and liabilities but
did not involve cash flows  NONE

2.2  Details of outlays made by other entities to establish or
increase their share in businesses in which the reporting entity
has an interest   NONE

FINANCING FACILITIES AVAILABLE
Add notes as necessary for an understanding of the position.
(See AASB 1026 paragraph 12.2)
                                        Amount       Amount
                                       available       used
                                        AUD'000      AUD'000

3.1  Loan facilities                      59,481       56,311
3.2  Credit standby arrangements          -            -

RECONCILIATION OF CASH

Reconciliation of cash at the end        Current     Previous
of the quarter (as shown in the          quarter      quarter
consolidated statement of cash flows)    AUD'000      AUD'000
to the related items in the accounts
is as follows.

4.1  Cash on hand and at bank            (525)        3,198
4.2  Deposits at call                    -            -
4.3  Bank overdraft                      -            -
4.4  Other (provide details)             1,109        1,109

Total: cash at end of quarter (item 1.22)  584        4,307

ACQUISITIONS AND DISPOSALS OF BUSINESS ENTITIES

                               Acquisitions        Disposals
                             (item 1.9(a))      (Item 1.10(a))

5.1 Name of entity               -                 Val Morgan &   
                                                   Co (Aust) Pty  
                                                   Ltd and its    
                                                   controlled     
                                                   entities       

5.2 Place of incorporation
    or registration              -                 Australia      

5.3 Consideration for
    acquisition or disposal      -                 (4,881)        

5.4 Total net assets             -                 Cinema         
                                                   Advertising    

5.5 Nature of business           -                 -              

The Troubled Company Reporter - Asia Pacific reported on
December 27 that the Company has transferred all of the shares
in the under performing Val Morgan and MEG Australian, New
Zealand and South American cinema advertising businesses
(Advertising Businesses) to major creditors of the Advertising
Business (being the cinema exhibitors Hoyts, Greater Union and
Village) in return for the release of existing and future
liabilities under cinema advertising agreements.


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


DA FONG: Winding Up Hearing Scheduled Feb 19
--------------------------------------------
The High Court of Hong Kong will hear on January 8, 2003 at 9:30
in the morning the petition seeking the winding up of Da Fong
Construction Engineering Company Limited.

Lai Sung Leung of Room 932, Kai Yue House, Kai Yip Estate,
Kowloon, Hong Kong filed the petition on December 18, 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.


EZCOM HOLDINGS: Price, Turnover Movements Inexplicable
------------------------------------------------------
The directors of Ezcom Holdings Limited have noted the recent
decrease in the price and increase in the trading volume of the
shares of the Company and wish to state that they are not aware
of any reasons for such movement except a proposed open offer of
shares in the Company as announced by the Company on 29 January
2003.

The directors of the Company also confirm 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.

On January 27, the Troubled Company Reporter - Asia Pacific
reported that the Company is proposing a capital restructuring
and to make an open offer of shares to its shareholders, amongst
other things, which may involve a `whitewash waiver' application
under the Hong Kong code on Takeovers and Mergers.


INNOVATIVE INT'L: Parallel Trading to Start Friday
--------------------------------------------------
Market participants are requested to note the parallel trading
in the ordinary shares of Innovative International (Holdings)
Limited  will cease after the close of business on Friday,
07/February/2003.

As from the close of business on that day, the counter for
trading in the consolidated shares (stock code: 2903) of
INNOVATIVE INTL as  represented by old share certificates will
be withdrawn and trading in the  shares of INNOVATIVE INTL will
only be under the following arrangements:

Stock Code  Stock Short Name    Board Lot      Certificate Color
----------  ----------------    ---------      -----------------
729         INNOVATIVE INTL     400,000 shares  Beige                     

According to Wrights Investors' Service, aAt the end of 2002,
Innovative International had negative working capital, as
current liabilities were HK$836.71 million while total current
assets were only HK$35.06 million. The company has paid no
dividends during the last 12 months and reported losses during
the previous 12 months.


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


UNITED TRACTORS: Restructuring Requires All Creditors' Approval  
---------------------------------------------------------------
PT United Tractors must obtain approval from all its creditors
for the debt restructuring, Bisnis Indonesia reports, quoting
Mark Florance, President Director of PT Rothschild Indonesia,
the Financial Advisor of the Company.

"Negotiation with creditors is underway. Unlike debt
restructuring of PT Astra International which requires approval
from only two third of the creditors, UT debt restructuring
requires approval from 100% creditors," Mark Florance said, but
declined to comment when asked about the proposed restructuring
scheme details.

John Slack, Director of Finance of its parent PT Astra
International, confirmed that UT debt restructuring requires
approval from 100% creditors. "Hopefully the process would end
soon."

The Company's Facility Debt I, which was due on 2002, amounted
to US$88 million while the Facility Debt II amounts to US$180
million.


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


HITACHI LIMITED: Posts 3Q02 Financial Results
---------------------------------------------
Hitachi Limited announced its consolidated financial results for
the third quarter of fiscal 2002, which ended December 31, 2002.

During the quarter, the outlook for the U.S. economy, which had
remained resilient on the strength of consumer spending, became
increasingly uncertain due to rising tensions over Iraq and to
other factors. Meanwhile, the Japanese economy saw domestic
demand continue to languish due to lackluster private-sector
plant and equipment investment and soft personal spending.
External demand, however, was relatively strong, backed by brisk
exports from Japan to the U.S. and other Asian countries.

Against this backdrop, net sales rose 5% year on year, to
1,921.0 billion yen (US$16,009 million). Hitachi posted
operating income of 12.8 billion yen (US$107 million), reversing
an operating loss of 69.2 billion yen (US$577 million) in the
previous fiscal year's third quarter. This improvement was
mainly due to lower fixed costs brought about by the structural
reforms implemented in the previous fiscal year, as well as the
results of the Corporate Innovation Initiative (CII), including
the Procurement Renewal Project.

By segment, Information & Telecommunication Systems sales rose
10% year on year, to 409.6 billion yen (US$3,414 million) as
disk array subsystems and hard disk drives posted strong sales.
The segment recorded operating income of 1.8 billion yen (US$15
million), a 15.3 billion yen (US$128 million) improvement from
the 13.5 billion yen (US$113 million) loss recorded in the same
period of the previous fiscal year. This improvement reflects
growth in sales of disk array subsystems and hard disks drives,
in addition to benefits from structural reforms, particularly in
the telecommunication network sector.

In Electronic Devices, sales of small and medium-size TFT LCDs
used in mobile phones increased. However, sales of large-size
TFT LCDs dropped sharply due to falling panel prices and a soft
PC market. In semiconductors, demand was strong for system LSIs,
including LCD drivers used in mobile phones and microcomputers
for automotive applications. Demand was also strong for multi-
purpose semiconductors. As a result, segment sales were 378.4
billion yen (US$3,154 million), 11% higher year on year. While
the segment recorded an operating loss of 6.0 billion yen (US$50
million), this was a 48.0 billion yen (US$400 million)
improvement from the 54.0 billion yen (US$450 million) loss
recorded in the third quarter of fiscal 2001. This turnaround
reflects the benefits of structural reforms.

In Power & Industrial Systems, sales increased 3% overall, to
498.7 billion yen (US$4,156 million) due to firm demand for
construction machinery, mainly overseas, and the inclusion in
consolidated results of the former Unisia JECS Corporation (now
Hitachi Unisia Automotive, Ltd.), which became a wholly owned
subsidiary in the current fiscal year. These factors outweighed
lower sales of maintenance services for nuclear power plants of
Japanese utilities, as well as the effects of lackluster
private-sector plant and equipment investment that reflected the
sluggish state of the Japanese economy. Operating income surged
352%, to 9.5 billion yen (US$80 million) as a strong performance
from construction machinery offset deteriorating results in air-
conditioning equipment and other industrial equipment areas.

In Digital Media & Consumer Products, sales rose 1%, to 307.4
billion yen (US$2,562 million) due to brisk sales of optical
storage products and plasma TVs and to higher demand for
lithium-ion batteries used in mobile phones and other
rechargeable batteries manufactured by Hitachi Maxell, Ltd.
Hampering growth was sluggish sales of large home appliances,
which resulted from falling sales prices in Japan. The segment
recorded operating income of 2.7 billion yen (US$23 million),
336% higher year on year. Higher earnings reflected a strong
performance in recordable DVD disks and a return to
profitability in rechargeable batteries at Hitachi Maxell.

In High Functional Materials & Components, although Hitachi
Cable, Ltd. saw sales decline year on year, segment sales rose
2%, to 310.3 billion yen (US$2,586 million) thanks mainly to
higher sales for electronics-related materials and components at
Hitachi Chemical Co., Ltd. Due to the benefits of structural
reforms, the segment posted operating income of 7.1 billion yen
(US$59 million), an 11.6 billion yen (US$97 million) turnaround
from the loss of 4.5 billion yen (US$38 million) recorded in the
same period of the previous fiscal year.

In Logistics, Services & Others, sales rose 9% year on year, to
375.9 billion yen (US$3,133 million) on higher sales of
information and telecommunications-related equipment, such as
hard disk drives and servers, at overseas sales companies.
Segment operating income climbed 121% to 2.6 billion yen (US$22
million).

In Financial Services, segment sales rose 1% year on year, to
142.9 billion yen (US$1,191 million) due to a steady performance
from financial services, particularly the leasing business for
information equipment. This offset the effects of a weak
Japanese economy. Segment operating income dropped 65%, to 3.1
billion yen (US$26 million) as a result of increased
competition.

Other income fell 11.5 billion yen (US$97 million), to 7.3
billion yen (US$61 million). However, other deductions fell 94.2
billion yen (US$785 million), to 13.4 billion yen (US$112
million).

As a result, income before income taxes was 6.8 billion yen
(US$57 million). After income taxes of 1.0 billion yen (US$9
million), Hitachi recorded income before minority interests of
5.7 billion yen (US$48 million). Net income was 1.3 billion yen
(US$11 million), a 117.1 billion yen (US$976 million)
improvement from the 115.8 billion yen (US$965 million) loss
recorded in the third quarter of fiscal 2001.

Financial Position

Operating activities used net cash of 30.1 billion yen (US$251
million), 20.0 billion yen (US$167 million) more than in the
same period of the previous fiscal year, due to an increase in
inventories and accounts receivable in line with higher sales.

Investing activities used net cash of 337.9 billion yen
(US$2,816 million), 170.7 billion yen (US$1,423 million) more
year on year, reflecting Hitachi's acquisition during the third
quarter of IBM's hard disk drive operations. However, cash used
for the purchase of property, plant and equipment decreased as
Hitachi adopted a more selective approach to capital
investments.

Free cash flows, the sum of cash flows from operating and
investing activities, were an outflow of 368.0 billion yen
(US$3,067 million), an increase of 190.8 billion yen (US$1,591
million) year on year.

Financing activities provided net cash of 269.4 billion yen
(US$2,246 million), compared with net cash used of 266.1 billion
yen (US$2,218 million) in the same period of the previous fiscal
year, due to an increase in debt.

Cash and cash equivalents as of December 31, 2002 amounted to
775.0 billion yen (US$6,458 million), a net decrease of 100.1
billion yen (US$835 million) during the third quarter.

Debt as of December 31, 2002 stood at 3,115.5 billion yen
(US$25,963 million), 338.6 billion yen (US$2,822 million) more
than at September 30, 2002.

Capital investment on a completion basis decreased 8%, to 184.0
billion yen (US$1,534 million), and depreciation decreased 8%,
to 117.6 billion yen (US$981 million).

All figures were converted at the rate of 120 yen = U.S.$1, the
approximate exchange rate on the Tokyo Foreign Exchange Market
as of December 30, 2002.

CONTACT:
Hitachi, Ltd. Japan:
Takafumi Ichinose, +81-3-3258-2056
takafumi_ichinose@hdq.hitachi.co.jp
or
Hitachi Asia Ltd.
Singapore:
Yuji Hoshino, +65-6231-2522
yhoshino@has.hitachi.com.sg
or
Hitachi America, Ltd.
U.S.:
Matt Takahashi, 650/244-7902
masahiro.takahashi@hal.hitachi.com
or
Hitachi Europe Ltd.
U.K.:
Kantaro Tanii, +44-(0)1628-585379
kantaro.tanii@hitachi-eu.com

For more information, go to www.businesswire.com


KINKI NIPPON: Offering Y30B 4-Year Bonds
----------------------------------------
Kinki Nippon Railway Co. is offering in Japan 30 billion yen of
four-year bonds with the following terms, Dow Jones reports,
citing an official at lead manager Nomura Securities Co. said on
Friday.

The bonds are sold at the retail market.

Amount:                30 Billion Yen
Maturity:              February 23, 2007

Coupon:                1.10 percent (swaps plus 85 bps, No.191
                       JGBs plus 92.2 bps)
Issue Price:           100.00
Payment Date:          Feb. 20
Fees:                  0.50 percent  (total)
                       0.10 percent  (mgmt & underwriting)
                       0.40 percent  (selling)

Debt Ratings:          BBB+ (R&I)
Denominations:         Y1 Mln
Chief Commission Bank: Bank of Tokyo-Mitsubish

Interest is payable semiannually.

According to Rating and Investment Information, Inc. (R&I), the
earning potential of Kinki Nippon Railway Co., Ltd.'s leisure
business and other peripheral operations is poor, and it is also
difficult to envision an upturn in the operating environment in
these spheres.

Kintetsu's rating therefore strongly reflects operational risks
associated with these peripheral operations. Only a handful of
the properties in its hotel operations, which consist of a chain
developed as the Miyako Hotels & Resorts, are in the black, and
its Shima Spain Village is also struggling. Furthermore, the
scale of assets of Kintetsu's overall real estate operations,
including the former Kintetsu Real Estate Co., Ltd., became
bloated due to an upswing in unprofitable properties.  


MIZUHO FINANCIAL: Writing Off Y2-3T in Appraisal Losses
-------------------------------------------------------
Mizuho Financial Group aims to write off latent losses of about
2-3 trillion yen from its holding in Mizuho Corporate Bank in
the year to March 2003, the Nihon Keizai Shimbun and AFX Asia
reported.

The group will tap some 3.9 trillion yen from its capital
reserves to finance such a write-down without affecting its
dividend policy, the report said.

Mizuho Financial Group will hold an emergency shareholders'
meeting on February 4 to obtain approval for the plan.


NEC CORP: Develops High-Strength Heat Resistant Bioplastic
----------------------------------------------------------
NEC Corporation (NEC) has successfully developed a bioplastic
with substantially higher heat resistance and strength
(rigidity) than conventional bioplastics composed of polylactic
acid (Note 1). The new bioplastic was achieved by reinforcing
the polylactic acid with kenaf (Note 2) fiber, which is highly
effective in the prevention of global warming. The superior heat
resistance and strength of this bioplastic allows use in high-
end applications such as electronic devices.

The newly developed bioplastic has the following features:

1) Thermal deformation temperature raised from 67C to 120C and
bending modulus (Note 3) improved from 4.5 giga-pascal (GPa) to
7.6 GPa by reinforcing the polylactic acid material of a
traditional bioplastic with 20 percent kenaf fiber, enabling
strength and heat resistance properties exceeding those of
conventional oil-based plastics used for packaging such as ABS
resin and fiberglass-reinforced ABS resin.

2) No deterioration of vital characteristics such as fluidity
and moisture resistance during polylactic acid formation.

These features not only enable use of bioplastic in high-end
applications such as electronic devices, but also allow the
development of value-added applications for kenaf fiber, which
contributes greatly to the prevention of global warming.

Bioplastics composed of organic materials such as polylactic
acid are currently in the spotlight as eco-friendly plastics
that effectively utilize reproductionable biomass materials.
However, bioplastics developed until now have been difficult to
use in electronic devices due to inadequacies such as low
thermal deformation tolerance and brittleness.

NEC has responded by successfully developing a bioplastic that
features a thermal deformation temperature 1.8 times higher and
a strength (bending modulus) 1.7 times higher than conventional
polylactic acid bioplastics by reinforcing the polylactic acid
with kenaf fiber.

Kenaf grows quickly and has the highest CO2 absorption capacity
of any plant, thereby helping to prevent global warming, and
until now has most commonly been used as a substitute for
existing materials such as paper fiber and animal feed. This new
development, however, will broaden the application range of
kenaf into previously unexplored fields such as electronic
devices. The kenaf fiber used by NEC in its development was
supplied by Nature Trust Inc. (head office: Shibuya, Tokyo;
President: Hirokazu Furukawa), the first Company to successfully
grow kenaf in bulk (in Australia), so NEC will have no problem
maintaining a stable supply from this Company once practical
application commences.

NEC plans to realize practical application of the new bioplastic
in electronic devices within the next two years, and will
continue to enhance its research and development projects in
this field.

Note 1: Polylactic acid bioplastic --

A plastic now being mass-produced that consists of polymerized
lactic acid made from fermented corn, etc. Although this plastic
has the best heat resistance and strength features of all mass-
produced organic plastics, its characteristics have been
inadequate for use in electronic equipment.

Note 2: Kenaf --

Kenaf grows faster than any other plant (3 to 9 times faster)
and is extremely effective in absorbing carbon dioxide gas (one
ton of kenaf absorbs 1.5 tons of atmospheric CO2). However,
kenaf has traditionally been used as a substitute for existing
materials such as paper fiber and animal feed, and its potential
has remained unexploited.

Note 3: Bending modulus --

A value that indicates the bending resistance of a material.

NEC Corporation www.nec.com is one of the world's leading
providers of Internet, broadband network and enterprise business
solutions dedicated to meeting the specialized needs of its
diverse and global base of customers. Ranked as one of the
world's top patent-producing companies, NEC delivers tailored
solutions in the key fields of computer, networking and electron
devices, through its three market-focused, in-house companies:
NEC Solutions, NEC Networks and NEC Electron Devices. NEC
Corporation employs more than 140,000 people worldwide and had
net sales of approximately $39 billion in the fiscal year ended
March 2002.

NEC Corporation narrowed its losses to 4.5 billion (US$38
million) for the October-December period but lowered its sales
forecast for this year due to doubts about a U.S. economic
recovery, TCRAP reports.

NEC was able to reduce its losses despite lower sales because of
cost cutting exercises. Its chip sector lost 300 million yen
($2.5 million) in the quarter, but that was an improvement of 55
billion yen from last year.

Contact:
Daniel Mathieson
NEC Corporation
+81-3-3798-6511
d-mathieson@bu.jp.nec.com


NISSHO IWAI: Asking Creditors for Y300B Aid
-------------------------------------------
Ailing trading houses Nissho Iwai Corporation and Nichimen
Corporation will ask creditor banks including UFJ Holdings Inc.
for 300 billion yen ($2.5 billion) in financial aid, Reuters and
Mainichi Shimbun said on Wednesday.

The equity financing will include 100 billion yen from UFJ, and
10 billion yen from U.S. investment bank Lehman Brothers
Holdings Inc. The Bank of Tokyo-Mitsubishi will contribute 60
billion yen, the paper said.

The medium-sized trading firms said in late January that they
were seeking 200 billion yen of equity financing to help them
slash their huge debts.


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


CHOHUNG BANK: Shortlists 6 Firms for Bancassurance Deals
--------------------------------------------------------
Chohung Bank shortlisted six life insurers as bidders for its
bancassurance alliances, reports the Naeway Economic Daily and
Dow Jones.

The insurers are Samsung Life Insurance Co., Kyobo Life
Insurance Co., MetLife Inc., Korea Life Insurance Co., American
International Group Inc. (AIG) and Lina Korea, a unit of Cigna
Corp. (CI).

The bank also plans to shortlist six non-life insurers as
candidates for bancassurance tie-ups and will also name three of
them for bancassurance deals by the end of February.


HYNIX SEMICONDUCTOR: Completes Imagequest Stake Sale
----------------------------------------------------
Hynix Semiconductor Inc. signed a final contract Monday to sell
its 47.3 percent stake in flat panel unit Imagequest Co. to a
consortium formed by Trigem Info Comm and GB Synerworks Inc.,
the Korea Herald said on Wednesday.

The proceeds from the stake sale are expected to net close to 45
billion won, said KSE officials.

Imagequest is hoping to hit the 500 billion won mark in sales
this year, a figure more than 30 percent higher from last year's
figure.


HYNIX SEMICONDUCTOR: May Take Legal Action Against HDEC
-------------------------------------------------------
Hynix Semiconductor Inc. may take legal action against Hyundai
Engineering and Construction Co. (HDEC) to retrieve "evaporated
money" from the builder, which is suspected of having secretly
given it to North Korea to facilitate inter-Korean summit talks
in June 2000, Asia Pulse said Tuesday.

"We're studying ways to recover US$100 million we lent now-
defunct Hyundai Al Khafajy Contracting (HAKC), HDEC's affiliate
in Dubai, United Arab Emirates, in May 2000 from US$160.20
million gained from selling our former self, Hyundai
Electronics' factory in Scotland," an unnamed Hynix official
said.

"We have no idea whether the money in question was conveyed to
North Korea because all officials in charge of the matter at
that time left the Company," the official said.

Reports said HDEC remitted the $100 million to the North just a
month before the June 15 inter-Korean summit talks.

Hyundai Electronics reportedly sent $80 million and $20 million
first to its offices in the United States and Japan,
respectively.

Hyundai Electronics wrote off the money as losses in the 2000
financial settlements and went insolvent in September 2001,
completely evaporating the money.


HYUNDAI PETROCHEMICAL: Turns to Profit in 2002
----------------------------------------------
Hyundai Petrochemical Co. posted a net profit of 100 billion won
(US$84.9 million) in 2002, versus a loss of 211.1 billion won a
year earlier, Asia Pulse reports.

The Company, soon to be taken over by a consortium of Honam
Petrochemical Corp. and LG Chem Ltd., reported its first profit
in five years.

Meanwhile, Hyundai creditors are scheduled to meet on February
17 to finally approve the sale of the Company.


KOREA ELECTRIC: POSCO Reconsidering Bid for Unit
------------------------------------------------
Posco Co. is reconsidering whether to bid for a unit in state-
run Korea Electric Power Corporation, Yonhap News and Bloomberg
reports, citing Posco Chief Executive Yoo Sang Boo.

Posco will decide whether to bid after discussing the plan with
adviser Salomon Smith Barney Inc.

The comments come a day after SK Corp. said it may drop plans to
bid for a stake in Korea South-East Power unless the government
clarifies its sale plans. Korea Electric wants to sell its five
non-nuclear power plant units as part of a government pledge to
sell off state holdings and promote competition.

According to Wright Investor's Service, at the end of 2001,
Korea Electric Power Corporation (KEPCO) had negative working
capital, as current liabilities were 9.29 trillion Korean Won
while total current assets were only 5.37 trillion Korean Won.

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


KOREA LIFE: Gets Additional Public Funds  
----------------------------------------
About 30 billion won in public funds will be injected into Korea
Life Insurance anytime this month, Digital Chosun reports,
citing the Korea Deposit Insurance Corporation (KDIC).

The insurer recently requested the agency to inject 34 billion
won into the Company. The request is in accordance with a put-
back option the government allowed Korea Life when the firm had
taken over insurance contracts operated by two ailing insurance
firms, Hyundai Life Insurance and Samshin Life Insurance, at the
end of August 2001.

The put-back option guaranteed that the insurer could demand
compensation for losses resulting from the takeover of insurance
contracts held at the two liquidated insurance firms.

With the new public fund injection, the government has spent a
total of about 3.58 trillion won (US$2.8 billion) to keep the
insurer afloat.

The firm was recently sold to a Hanwha group-led consortium.


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


ACTACORP HOLDINGS: Chairman Omar Shah Resigns From Post
-------------------------------------------------------
Actacorp Holdings Berhad posted this Change in Boardroom Notice:

Date of change : 31/01/2003  
Type of change : Resignation
Designation    : Chairman
Directorate    : Non Independent & Non Executive
Name           : YBhg Tan Sri Dato' Amin Shah Haji Omar Shah
Age            : 49
Nationality    : Malaysian
Qualifications : 0
Working experience and occupation         : 0
Directorship of public companies (if any) : 0
Family relationship with any director and/or major shareholder
of the listed issuer : 0
Details of any interest in the securities of the listed issuer
or its subsidiaries  : 0

COMPANY PROFILE

The Actacorp Group is a construction concern. Flagship company
V-Pile Sistem Sdn Bhd undertakes construction and engineering
activities.

The Group started out as manufacturers and distributors of
agricultural chemicals and organic fertilizers. In 1991,
activities were enhanced through diversification into
engineering and construction. Participation in property
development followed in 1994.

The Group is currently in an advanced stage of negotiation for a
restructuring exercise. The proposed restructuring exercise is
intended to revitalize the Group's financial position.

CONTACT INFORMATION: 68A, Jalan SS21/62,
                     Damansara Utama
                     47400 Petaling Jaya, Selangor
                     Tel : 03-7727 4881
                     Fax : 03-7727 4911


AOKAM PERDANA: BNM, LOFSA Approve Corporate Proposals
-----------------------------------------------------
Further to the announcement dated 2 January 2003 made pursuant
to Paragraph 4.1(b) of PN 4, Aokam, as the affected listed
issuer as defined under Paragraph 2.1(a) of PN 4 due to deficit
in the adjusted shareholders' equity on a consolidated basis,
Aokam Perdana Berhad announced that Bank Negara Malaysia (BNM)
and the Labuan Offshore Financial Services Authority (LOFSA) had
on 28 January 2003 and 20 January 2003 respectively,
conditionally approved the Proposed Rescue Scheme and Proposed
Employees Share Option Scheme of Aokam (hereinafter referred to
as "Corporate Proposals").

The approvals from the following authorities are still pending:

   (i) Securities Commission, Foreign Investment Committee,
Ministry of International Trade and Industry on the Corporate
Proposals; and

   (ii) High Court of Malaya on the Proposed Debt Restructuring
Scheme of Aokam and its subsidiaries, Aokam Industries Sdn Bhd
(AISB) and Pembangunan Papan Lapis (Sabah) Sdn Bhd (PPL)
pursuant to Section 176 (1) of the Companies Act, 1965 and the
Restraining Order for Aokam and PPL pursuant to Section 176 (10)
of the Companies Act, 1965.


BRIDGECON HOLDINGS: Considers Independent Audit Firm Appointment
----------------------------------------------------------------
Bridgecon Holdings Berhad (Special Administrators Appointed)
Informed that pursuant to Practice Note No. 4/2001 (PN4), the
Company had on 15th August 2002 as an affected listed issuer
under PN4, submitted its Requisite Announcement to the Exchange.

As announced earlier, the Company has obtained the relevant
approval from the respective regulatory bodies, namely:

   1. Foreign Investment Committee (FIC)
   2. Ministry of International Trade and Industry (MITI)
   3. Securities Commission (SC)

The Special Administrators of the Company (SAs) are presently
deliberating on the appointment of an independent audit firm
within 2 months from SC's approval letter dated 26 December 2002
to carry out an investigative audit on the past business losses
of BHB. The Company is also required to take the necessary steps
to recover such losses. The investigative audit is to be
completed within 6 months from the date of appointment.

Public Merchant Bank Berhad (PMBB) has submitted an application
to the SC to appeal certain conditions imposed by SC on proposed
corporate and debt restructuring scheme of BHB. In this regard,
SC has approved the redistribution of 14,323,164 Premium
Nutrients Berhad share under moratorium from Sunworth
Corporation Sdn Bhd to Y. Bhg. Tan Sri Dato' Dr. K. R.
Somasundram, and rejected the appeal made against other
conditions imposed by SC.

An announcement will be made to the Exchange upon the
appointment of the independent audit firm.


BRIDGECON HOLDINGS: SC Approves Moratorium Shares Redistribution
----------------------------------------------------------------
Bridgecon Holdings Berhad (Special Administrators Appointed)
refers to the announcement dated 14 January 2003 wherein the
Company had submitted an appeal to the Securities Commission
(SC) on the conditions as stipulated in paragraphs (ii),(iii)(c)
and 2(i) (Conditions) of the announcement on 30 December 2002 on
the SC's approval on the PRS (Approval Announcement).

In relation thereto, PMBB wishes to announce that the SC had
vide its letter dated 28 January 2003 (which was received on 30
January 2003) approved the appeal on Condition 2(i) and rejected
the appeal on Conditions (ii) and (iii)(c) of the Approval
Announcement. The SC's approval is to allow for the
redistribution of 14,323,164 Premium Nutrients Berhad's shares
under moratorium (Moratorium Shares) from Sunworth Corporation
Sdn Bhd to Y. Bhg. Tan Sri Dato' Dr. K. R. Somasundram. Details
of the revised Moratorium Shares are set at
http://www.bankrupt.com/misc/TCRAP_Bridge0206.pdf.

Save for the above, all the other terms and conditions of SC's
approval on the PRS shall remain unchanged


FW INDUSTRIES: Modifies PCDR Agreement With White Knight
--------------------------------------------------------
The Board of FW Industries Bhd informed that based on the
feedback received from certain major Financial Institution
lenders (FI), the Proposed Corporate and Debts Restructuring
Scheme (PCDR) and the agreement with the White Knight would have
to be modified.

To allow time for re-negotiation with the White Knight and
modification of the PCDR, the Company had on January 30, 2003
via its Adviser, Southern Investment Bank Berhad applied to the
Exchange for further extension of time to make the requisite
announcement (RA) until April 3, 2003. The approval is still
pending and an announcement will be made upon receipt of the
same.


HIAP AIK: FIC Endorses Proposed Restructuring Scheme
----------------------------------------------------
Further to the announcement made on 2 January 2003 by AmMerchant
Bank Berhad (formerly known as Arab-Malaysian Merchant Bank
Berhad) pertaining to Hiap Aik Construction Berhad (Special
Administrators Appointed)'s plan to regularize its financial
position, AmMerchant Bank, on behalf of the Company, wishes to
inform that the Foreign Investment Committee had, vide its
letter dated 30 December 2002, no objection to the Proposed
Restructuring Scheme, which was announced on 14 November 2002.

Save for the above, there is no other material development to
the status of HACB's plans to regularize its financial position.


PLANTATION & DEVELOPMENT: SC OKs Proposed Restructuring Scheme
---------------------------------------------------------------
AmMerchant Bank Berhad (formerly known as Arab-Malaysian
Merchant Bank Berhad), on behalf of Plantation & Development
(Malaysia) Berhad, wishes to announce to the Kuala Lumpur Stock
Exchange (KLSE) that the Securities Commission (SC) has via its
letter dated 28 January 2003, approved the following proposals
pursuant to the Proposed Restructuring Scheme of P&D:

   (i) Proposed reduction of the existing issued and paid-up
share capital of P&D from 159,828,000 ordinary shares of RM1.00
each (Shares) to 159,828,000 ordinary shares of RM0.05 each, by
canceling RM0.95 of the par value of every existing Share and
subsequent consolidation of the 159,828,000 ordinary shares of
RM0.05 each into 7,991,400 Shares;

   (ii) Incorporation of Fountain View Development Berhad
(Fountain View);

   (iii) Proposed exchange of P&D shares with the shares of
Fountain View on the basis of one (1) consolidated Share in P&D
for one (1) new Share in Fountain View;

   (iv) Proposed debt compromise of the P&D Group, which
involves the issuance of RM94,200,000, nominal amount of
redeemable convertible secured loan stocks (RCSLS) and
RM17,425,000 nominal amount of irredeemable convertible
unsecured loan stocks (ICULS) of Fountain View;

   (v) Proposed acquisition of the entire issued and paid-up
share capital of Everange Sdn Bhd (Everange) for a total
purchase consideration of RM161,696,000 to be satisfied via the
issuance of 150,000,000 new Fountain View Shares at an issue
price of RM1.00 each and 11,696,000 nominal amount of Fountain
View ICULS at 100% of its nominal amount;

   (vi) Proposed settlement of debts to creditors of the
Everange Group, amounting to RM244,000,000, to be settled via
the issuance of 104,000,000 new Fountain View Shares at an issue
price of RM1.00 each and RM140,000,000 nominal amount of
Fountain View ICULS at 100% of its nominal amount;

   (vii) Proposed offer for sale and/or placement of 60,000,000
Fountain View Shares and at least RM100,000 nominal value of the
Fountain View ICULS;

   (viii) Proposed transfer of listing status of P&D to Fountain
View;

   (ix) Proposed listing of and quotation for Fountain View
Shares and ICULS to be issued pursuant to the Proposed
Restructuring Scheme, and all Fountain View Shares to be issued
upon conversion of the RCSLS and ICULS, on the Main Board of the
KLSE; and

   (x) Proposed settlement and/or compromise with American Home
Assurance Company - Singapore for an amount up to but not
exceeding RM5,462,000, on terms not more favorable than those
applicable to the contingent unsecured scheme creditor.

The approval by the SC is subject to, inter alia, the following
principal conditions:

   (i) P&D or Fountain View is required to appoint an
independent audit firm within two (2) months from the date of
the SC's approval letter to conduct an investigative audit on
previous business losses of the P&D Group. P&D or Fountain View
is also required to take necessary or relevant steps to recover
the said losses; and

   (ii) All transactions between the Fountain View Group and its
related parties are required to be transacted on arm's-length
basis.

The SC has rejected the proposed issuance of Fountain View
Warrants as announced on 19 December 2002.

P&D will be seeking the approvals of its shareholders for the
Proposed Restructuring Scheme at an extraordinary general
meeting and court convened meetings of members. An announcement
to the KLSE of the notice of the meetings will be made and a
relevant circular to the shareholders of P&D will be circulated
in due course.


SCK GROUP: Currently in Restructuring Scheme Talks With Lenders
---------------------------------------------------------------
Further to the "First Announcement" made on 26 February 2001 and
the last Monthly Announcement made on 2 January 2003 in relation
to the above, SCK Group Berhad announced the status of the
Company's plan to regularize the Company's financial condition
for the month ended 31 January 2003 as follows:

MONTHLY UPDATE ON THE STATUS OF SCK PLAN TO REGULARISE THE
COMPANY'S FINANCIAL CONDITION

The Company has announced on 30 December 2002 a revised proposed
restructuring scheme to address the Company's PN4 status as
follows:

   (a) Proposed capital reduction exercise to reduce the
existing issued and paid-up share capital from RM19,875,000
comprising 19,875,000 ordinary shares of RM1.00 each to
19,875,000 ordinary shares of RM0.10 each, involving the
cancellation of RM0.90 from every ordinary share of RM1.00 each
in SCK and thereafter consolidated into 1,987,500 ordinary
shares of RM1.00 each on the basis of ten (10) RM0.10 ordinary
shares to one (1) RM1.00 ordinary share (Proposed Capital
Reduction);

   (b) Proposed renounceable rights issue of 4,968,750 new
ordinary shares of RM1.00 each at par on the basis of five (5)
new ordinary shares for every two (2) existing ordinary shares
held after Proposed Capital Reduction together with 4,968,750
free detachable warrants on the basis of one (1) free detachable
warrant for every one (1) new rights share subscribed (Proposed
Rights Issue With Warrants);

   (c) Proposed settlement of the entire credit facilities in
SCK amounting to RM80.05 million to the lenders of SCK (Lenders)
via a proposed partial waiver of interest and principal
amounting to RM44,948,000 and by utilizing part of the proceeds
from the Proposed Rights Issue with Warrants. The balance of the
total debt pursuant to the proposed debt waiver and cash
repayment from the Proposed Rights Issue with Warrants is
RM33,302,000, of which will be converted into 33,302,000
ordinary shares of RM1.00 each (Proposed Debt Settlement
Scheme);

   (d) Proposed put and call option arrangement between YAM
Tengku Syarif Laksamana Perlis Dato' Seri DiRaja Syed Razlan
Jamalullail (Dato' Seri Syed Razlan) , Adnan Bin Mohamed Lazim
and/or their nominees (collectively referred to as "the Holders)
and the Lenders for the entire 33,302,000 ordinary shares of
RM1.00 each to be issued pursuant to the proposed debt-equity
conversion under the Proposed Debt Settlement Scheme (Proposed
Put-Call Option);

   (e) Proposed waiver from undertaking a mandatory general
offer (MGO) to be sought by the Holders pursuant to the Proposed
Put-Call Option (Proposed Waiver from MGO);

(hereinafter collectively referred to as "Revised Proposed
Restructuring Scheme").

The Company is currently in negotiation with the Lenders to
finalize certain issues on the Revised Proposed Restructuring
Scheme.

The Petition for the Winding-Up of SCK Builders Sdn Bhd by
AmBank Berhad fixed for hearing at Kuala Lumpur High Court of
Malaya on 21 January 2003 had been adjourned to 23 September
2003 for mention pending settlement.
The Company has on 17 January 2003 filed Written Representations
to the Exchange stating the reasons why the securities of SCK
should not be de-listed from the Official List of the Exchange.
Concurrently the Company has requested for an oral hearing
before the Listing Sub-Committee of the Exchange ("the
Committee") for the Company to make the requisite oral
submission and representations. The Company has on 29 January
2003 made a further Written Representations to the Exchange on
similar matter.

The Company is currently awaiting a decision by the Exchange on
the Company's request for Oral Representations at a date to be
specified by the Exchange. Should the Committee refuse to grant
Oral Representations, the Committee will proceed to consider all
facts and circumstances and will then make a decision on whether
the securities of the Company is to be de-listed from the
Official List of the Exchange.

Further announcements on the progress of the Revised Proposed
Restructuring Scheme would be made monthly or as and when
required.


SIN HENG: Submits Proposal Conditions Waiver to SC
--------------------------------------------------
Sin Heng Chan (Malaya) Berhad wishes to announce that there is
no change in the status of the Company's plan to regularize its
financial condition since its last announcement on 30 August
2002. The relevant authorities namely the Securities Commission
(SC), Ministry of International Trade and Industry (MITI) and
Foreign Investment Committee (FIC) have given their conditional
approval to the Proposal.

On behalf of the Company, Southern Investment Bank Berhad had on
27 January 2003 submitted an appeal to the Securities Commission
(SC) for the waiver of certain conditions imposed. Any further
developments to the restructuring scheme will be informed in due
course.


SRI HARTAMAS: SAs in the Midst of Assets Disposal Completion
------------------------------------------------------------
Sri Hartamas Berhad (Special Administrators Appointed) refers to
the Practice Note No. 4/2001 on the criteria and obligations
pursuant to paragraph 8.14 of the Listing Requirements.

The Special Administrators of SHB wish to inform that there is
no change to the announcement made on 2 January 2003 on the
status of SHB's plan to regularize its financial position.

Further to receiving the conditional approval of the Securities
Commission on 9 July 2002 on the Proposed Scheme of Arrangement
of SHB, the Special Administrators are presently fulfilling the
conditions imposed before implementing the proposals. The
Securities Commission had granted SHB an extension of time for a
period of 6 months up to and including 9 July 2003 to complete
the Proposed Scheme of Arrangement. The Securities Commission
had also, via its letter dated 14 August 2002, granted its
approval to SHB to implement the proposed disposals and set-off
and transfers of assets of SHB and its subsidiaries as a means
to settle outstanding debts of SHB and its subsidiaries. The
Special Administrators are in the midst of completing the
various disposals and set-off and transfers of assets.


TAT SANG: Restructuring Scheme Status Remains Unchanged
-------------------------------------------------------
The Board of Directors of Tat Sang Holdings Berhad wishes to
announce that all resolutions as described in the Notice of AGM
dated 9 January 2003 have been duly passed at the Fifth Annual
General Meeting held on 31 January 2003.

The Company also announced that, in pursuant to Practice Note
4/2001 issued by Kuala Lumpur Stock Exchange, the status on the
discussion with the relevant parties to formulate a
restructuring scheme remain unchanged.


TRANS CAPITAL: Finalizing Proposals Explanatory Statement
---------------------------------------------------------
Reference is made to the announcement dated 2 January 2003 with
regards to the receipt of the approvals from all the relevant
regulatory bodies for the implementation of its plan to
regularize its financial condition in compliance with Practice
Note No. 4/2001 of the Kuala Lumpur Stock Exchange Listing
Requirements.

Further thereto, AmMerchant Bank Berhad, on behalf of Trans
Capital Holding Berhad, announced that the Explanatory Statement
and Circular containing the details of the proposals together
with a notice for an extraordinary general meeting and the
notice of scheme meeting pursuant to Section 176 of the
Companies Act, 1967 to the shareholders and creditors of TCHB is
still being finalized and will be dispatched in due course.


TRANSWATER CORPORATION: Corporate Proposals Subject to Approvals
----------------------------------------------------------------
On behalf of the Board of Directors of Transwater Corporation
Berhad (TCB), AmMerchant Bank Berhad (formerly known as Arab-
Malaysian Merchant Bank Berhad) announced the status of TCB's
plan to regularize its financial position as follows:

As announced on 2 January 2003, TCB has received conditional
approval from the Securities Commission for the Corporate
Proposals on 26 December 2002 vide its letter dated 24 December
2002. The Corporate Proposals is still subject to approvals
from, among others, the shareholders of TCB via an extraordinary
general meeting to be convened.


WOO HING: Workout Proposal Implementation Underway
--------------------------------------------------
Bradley Dean Norman, Special Administrator of Woo Hing Brothers
(Malaya) Berhad, announced that as detailed in Commerce
International Merchant Bankers Berhad's Announcements dated 29
November 2002, 8 January 2003, 9 January 2003, and 28 January
2003, the Company has obtained the relevant approvals from the
following authorities for the Special Administrators' Workout
Proposal dated 8 August 2002 and its modifications (Workout
Proposal):

     1. Foreign Investment Committee
     2. Securities Commission
     3. Foreign Exchange Controller of Bank Negara Malaysia

The Company will take the necessary steps to implement the
Workout Proposal and to comply with terms and conditions imposed
by the relevant authorities for the approvals.


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


MANILA ELECTRIC: In talks With IPPs to Lower Costs
--------------------------------------------------
Manila Electric Co. (Meralco) is negotiating with Independent
Power Producer's namely Quezon Power Philippines Limited and
First Gas Power Corporation, to reduce costs of purchased power
that it passes on to consumers, BPI Securities reports.

Meralco wants to revise its IPP contracts similar to the changes
undertaken by the state-run National Power Corporation in its
contract with other IPP's. The government has previously
announced the renegotiation of its IPP contracts.


MANILA ELECTRIC: Unveils Financial Management Program
-----------------------------------------------------
The Manila Electric Company is preparing a "Comprehensive
Financial Management Program," with the help of its biggest
creditor banks Citibank and BPI under the supervision of the
six-man Special Committee of its Board of Directors. The Company
has maturing long-term and short-term loans in 2003 of more than
P10 billion in principal payments.

The financial plan is expected to be completed within the month
of February and will be presented to the Board of Directors for
approval before the same is presented to the Company's
creditors.

With respect to the 2002 financial results, the third quarter
net income was more than P700 million. For the year, based on
unaudited figures and considering the partial lifting of the CDO
by ERC in which the Company may make provision for the lower
amount of deferred PPA allowed to be recovered, a net loss may
result for the year 2002.

For more information, go to
http://bankrupt.com/misc/tcrap_meralco0205.pdf


MEYCAUAYAN RURAL: PDIC Services Claims Ongoing
----------------------------------------------
Claims servicing operations for the depositors of the closed
Meycauayan Rural Bank (Bulacan), Inc. is ongoing at the premises
of the bank's head office and six branches, according to the
Philippine Deposit Insurance Corporation (PDIC).

The schedules are as follows:  January 14 to Feb. 6, MRBI Head
Office and Calvario branch; January 14 to 30, MRBI - Malhacan
and Karuhatan branches; January 14 to 23, MRBI - Bocaue and
Malanday branches; and January 14 to 21, MRBI - Bancal branch.  
Please refer to Payoff Schedule.

After said dates, depositors may file their claims at the
Philippine Deposit Insurance Corporation office, 2228 Chino
Roces Ave., Makati City.  Last day for filing claims is on May
22, 2004.  For inquiries, depositors may call 810 - 4901 to 10
locals 143 and 144.

Representatives from the PDIC shall accept and settle claims
Monday to Friday.  Claimants are required to proceed directly to
the branch where they maintained their account.   They are
likewise required to submit their evidence of deposit (savings
passbook, Certificate of Time Deposit and unused checks) and
their latest identification cards (IDs).  To facilitate
settlement of claims, MRBI depositors, except for depositors of
the bank's Karuhatan and Bocaue branches, will be paid by PDIC
Disbursing Officers.  Approved claims of MRBI Karuhatan and
Bocaue branches shall be serviced by Land Bank of the
Philippines - Valenzuela and Balagtas branches, respectively.   

The Philippine Central Bank's Monetary Board closed MRBI on
November 28, 2002.  PDIC took over the bank on November 29,
2002.


MULTINATIONAL TELECOM: Scam Suspects Promise to Return Money
------------------------------------------------------------
Rosario and Saturnino Baladjay, owners of Multinational Telecom
Investors Corp. (Multitel), promised to return all the money
they collected from their investors, the Malaya Newspaper
reports.

Investors allege they lost 470 million pesos to Multitel from
2001 to 2002.

Multitel Lawyer Hercules Cabug-os denied accusations that the
owners are hiding from investors, claiming they have chosen to
keep a low profile because of threats to their lives.

Cabug-os said the Baladjays would face all their accusers in due
time.

To give the Baladjays more time to file their counter-affidavit,
the continuation of the preliminary investigation was reset to
February 10 at 2 in the afternoon.

NBI Director Reynaldo Wycoco said the Bureau of Immigration has
issued a hold departure order against the Baladjays.

At least 10 more complainants joined the complaint filed by 26
investors and counselors against the Baladjays and their
associates, claiming they were also duped into investing in non-
existent business ventures of Multitel. The complainants have
formed a business watchdog, the Rising Alliance Against Business
Scam.


NATIONAL BANK: May Sell Foreclosed Assets Worth P15B
----------------------------------------------------
The Philippine National Bank (PNB) is planning to sell
foreclosed assets worth 15 billion pesos this year as part of
measures to reduce its non-performing loan ratio to below 40
percent, AFX Asia said on Tuesday, citing PNB President Lorenzo
Tan.

The move may help the bank break even or at least cut its losses
this year.

The bank's NPL ratio stood at 51 percent in December.


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


NEPTUNE ORIENT: May Sell $200M Bonds
------------------------------------
Neptune Orient Lines Limited (NOL) may sell as much as $200
million of bonds secured by revenue to lock in lower interest
rates, Bloomberg said on Wednesday.

The Company, which has debts of $2.5 billion or more than four
times its market value, is in talks with Citigroup Inc. to sell
bonds secured by the Company's receivables from its container
business, the report said.

Neptune Orient last month said it is likely to post a 2002 loss
of as much as $335 million.

NOL has S$540 million ($312 million) worth of bonds due in 2008
paying interest of 4.09 percent.


ROYAL CLICKS: Dormant Units Enter Liquidation
---------------------------------------------
Royal Clicks Limited announced that it has commenced members'
voluntary liquidation of its two dormant subsidiaries, namely
Mantra Investments Pte Ltd and Karam (Singapore) Pte Ltd.

The above liquidation is not expected to have any material
impact on the financial results or net tangible assets of the
Company and the Group for the financial year ending 31 March
2003.


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


AM/PM (THAILAND): Files Business Reorganization Petition
--------------------------------------------------------
Convenient store AM/PM (Thailand) Company Limited (DEBTOR),
filed its Petition for Business Reorganization to the Central
Bankruptcy Court:

   Black Case Number 1692/2544

   Red Case Number- /2545

Petitioner: S.N. PRODUCTION TRADING COMPANY LIMITED

Debts Owed to the Petitioning Creditor : 606,059,283.82Baht

Date of Court Acceptance of the Petition : December 6, 2001

Date of Examining the Petition: January 14, 2002 at 9.00 A.M.

Court has postponed the Date for Examining the Petition to
February 4, 15 and 19, 2002 at 9.00 a.m.

Court has postponed the Date for Examining the Petition to March
14, 2002 and April 4, 2002 at 9.00 A.M.

Appointment date for the Court Hearing on June 14, 2002 at 13.00
pm.

Court had issued an Order for Canceling the Petition for
Business Reorganization

Contact : Mr. Chat Tel, 6792525 ext. 124


JASMINE INT'L: Official Receiver Sets March 6 Creditors Meeting
---------------------------------------------------------------
As the Central Bankruptcy Court ordered Jasmine International
Public Company Limited (JASMIN) to be under rehabilitation
process and appointed Chaengwatana Planner Co., Ltd. to be the
planner of JASMIN on 17 September 2002, the Official Receiver
will convene the Creditors' meeting to consider the Plan at
Bangkok-Insurance Building, 11th Floor, South Sathorn Road,
Tungmahamak Sub-district, Sathorn District, Bangkok 10120 on
Thursday 6th March 2003 at 09:30 in the morning.


NATURAL PARK: Posts Investment Report
-------------------------------------
N P K Management Service Co., Ltd., as the Plan Administrator of
Natural Park Public Company Limited, reported information
regarding the investment in certain companies, as follows:

1. The investment in Sansiri Public Company Limited.

Summary of the operating result of Sansiri Public Company
Limited

Unit : Million Baht

                                      2002        2001      2000
Balance Sheet
Cash on hand and at bank             767.69      131.79   130.60
Property development for sales-net 1,895.26      407.09   388.41
Total current assets               3,626.59      686.79   667.54
Property development for rent-net    608.18      565.11   696.33
Land Leasehold building and        2,586.79      478.50   457.34
equipment-net
Total Assets                       6,789.30   1,772.93  1,937.45

Total current liabilities            768.65      274.32   460.86
Long term loan                     2,098.19      158.52    44.80
Total liabilities                  3,615.56    1,183.14 1,253.74

Share capital-paid-up              8,670.32    2,800.32 2,800.32
Total equities                     3,173.74      585.68   683.71

Income Statement
Revenues                             720.26      347.43   181.19
Expenses                             706.90      373.28   386.27
Interest expenses                     18.06       11.79    86.41
Net income (loss)                     -2.94      -71.50   746.61

Book value (Baht)                      3.66        2.09     2.44

Projects of Sansiri Public Company Limited at present.
Projects for sale.

1.  Bann Narasiri Project, Vacharapol Road
    Project area    32-2-37 Rai
    Project location Vacharapol Road, Kwaeng Tahraeng, Khet
                     Bangken, Bangkok
    Project details 104 units of allotted house and 4 units of
                    blank land
    Sale value      584 Million Baht
    Investment value540.4 Million Baht

2.  Bann Narasiri Project (Phase 2), Vacharapol Road
    Project area    21-2-47.5 Rai
    Project location Vacharapol Road, Kwaeng Tahraeng, Khet
                     Bangken, Bangkok
    Project details 63 units of allotted house
    Sale value      450 Million Baht
    Investment value350 Million Baht

3.  Bann Narasiri Project, Pinklaw
    Project area    17-2-66.4 Rai
    Project location Chimpli Road, Kwaeng Chimpli, Khet
                     Talingchan, Bangkok
    Project details 38 units of allotted house
    Sale value      291.21 Million Baht
    Investment value225.30 Million Baht

4.  Bann Sansaran Project
    Project area    16-3-8.4 Rai
    Project location Hua-Hin Beach, Prachuap Khiri Khan Province
    Project details 308 units of Condominium Resort
    Sale value      1,194 Million Baht
    Investment value1,454 Million Baht

Projects for rent

5.  Bann Siripinyo Project
    Project area    2-3-13 Rai
    Project location Sri Ayudhya Road, Khet Phyathai, Bangkok
    Project details 17 storeys Building, total area of 43,700  
                    square meters, with lease area of 18,240
                    square meters.
    Project opening B.E. 2535 (1992)
    Investment value563 Million Baht

6.  Siri Apartment Project, Wireless Road
    Project area    3-3-20 Rai
    Project  location Wireless Road, Khet Pathumwan, Bangkok
    Project details 2 Apartment Buildings, 5 storeys and 6
                    storeys high, with lease area of 4,380
                    square meters, totaling 18 units.
    Project opening B.E. 2544 (2001)
    Investment value100 Million Baht

7.  Siri Apartment Project, Soi Sukhumvit 12
    Project area    1-1-22 Rai
    Project  location Soi Sukhumvit 12, Bangkok
    Project details 2 Apartment Buildings, 4 storeys and 8
                    storeys high, with lease area of 5,230  
                    square meters, totaling 21 units.
    Project opening B.E. 2544 (2001)
    Investment value120 Million Baht

Benefits expected to derived by the Company:

Apart from dividends, the investment in Sansiri Public Company
Limited also creates business allies for the Company.

2. The investment in Suriyawong Holding Co., Ltd.,

Suriyawong Holding Co., Ltd., is carrying out its business of
real estate development and operating the project as follows:

    Project name    Mercury Tower
    Project location at the corner of Ploenchit Road and Lang-
                     suan Road, opposite Central Chidlom
                     Department Store.
    Project details 23 storeys Office Building for rent, which
                    1st - 3rd Floor are shopping plaza and 4th -
                    23rd  Floor are office space for rent.  The
                    lease areas are 21,400 square meters,
                    with approximately 69% of the total lease
                    areas are leased.
    Project value   950 Million Baht

Financial Statement of Suriyawong Holding Co., Ltd. as of 31
December 2002 (unaudited)
                                                  
Unit : Million Baht
Total current assets                      197.50
Land  building and equipment - net      1,000.00
Other assets                               16.00
Total assets                            1,213.50

Total liabilities                         224.29

Share capital - paid-up                 1,000.00
Total equities                            989.21

Revenues                                    0.00
Expenses                                   10.79
Net income (loss)                         -10.79

      
PICNIC GAS: Changes LPG Acquisition Date to Feb 28
--------------------------------------------------
Due to the delay of the approval process of the government
agencies, Ultimate Key Company Limited, as the Plan
Administrator of Picnic Gas and Chemicals Public Company
Limited, informed the change of the acquisition date of Liquid
Petroleum Gas (LPG) Trading business from Union Gas and
Chemicals Co., Ltd. from within January 31, 2003 to
approximately within February 28, 2003.


SUN TECH: Pays 0.42% of Debt to Group 7 Creditors  
-------------------------------------------------
Reference is made to the Central Bankruptcy Court approval order
to Sun Tech Group Public Company Limited's Business
Reorganization Plan (the Plan) having Srisongkram Planner
Company Limited as the plan administrator on May 3, 2001.

The Company has repaid to the Group 7 Creditors  (Unsecured
debts Creditors as Trade Creditors) on November 4, 2002 to
February 3, 2003 the amount of Bt259,530.18 for this quarter or
0.42 percent of the Plan.


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

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