TCRAP_Public/030210.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

           Monday, February 10, 2003, Vol. 6, No. 28

                         Headlines


A U S T R A L I A

ANALYTICA LIMITED: Replies to ASX Appendix 4C Query
ANACONDA NICKEL: Waldron Lawyers Disclose Bidder's Statement
ANACONDA NICKEL: Panel Receives Two Appeal Applications
ANACONDA NICKEL: Welcomes Takeovers Panel's Decision
BALLARAT GOLDFIELDS: Settles Overdraft Facilities; Debt Free

CTI COMMUNICATIONS: Issues Tritton Acquisition Update
GOODMAN FIELDER: Burns Philp Progresses Takeover Offer
GOODMAN FIELDER: Panel Accepts BPC Application Undertakings
GOODMAN FIELDER: Welcomes Takeovers Panel`s Decision


C H I N A   &   H O N G  K O N G

INNOVATIVE INT'L: Unaware of Why Share Price Decreased
LAI SUN: DebtTraders Estimates Asset Value Will Cover Debt
MANSION HOLDINGS: Requests Trading Suspension
PCCW LIMITED: States No C&W Takeover Negotiations in Progress
SKYNET INTERNATIONAL: Winding Up Hearing Set for Wednesday

XINYE (INTERNATIONAL): Winding Up Sought by Everbright


I N D O N E S I A

BANK INTAN: Owner Wins Suit Over Bank's Closure Against IBRA, BI
DUTA PERTIWI: Books Low 2002 Property Sales of Rp978.694B
MEDCO ENERGI: Considering Plan to Issue Bonds


J A P A N

FUJITSU LIMITED: Spends Y15B to Boost Chip Capacity
MIZUHO HOLDINGS: Issues Y850B in Preferred Shares
MIZUHO HOLDINGS: Maeda Apologize to Shareholders
RESONA HOLDINGS: Seeks Capital From Credit Agricole
TOKYO ELECTRON: Narrows 3Q02 Net Loss to Y2.7B


K O R E A

ASIANA AIRLINES: Begins New Departing Service Today
CHOHUNG BANK: Due Diligence on Assets May Take Four Weeks
HANARO TELECOM: Narrows Net Loss in Q402
HYUNDAI MERCHANT: Kim's Aides May Testify in Hearing


M A L A Y S I A

AKTIF LIFESTYLE: Proposed Restructuring Scheme Approval Pending
AOKAM PERDANA: FIC Grants Proposals Approval
ASSOCIATED KAOLIN: PCDRS Status Remains Unchanged
DAMANSARA REALTY: Finalizing Additional Proposals Conditions
GENERAL LUMBER: SC Conditionally OKs Proposed Workout Scheme

KEMAYAN CORPORATION: Foreign Shareholdings Level Reaches 49%
KUANTAN FLOUR: Proposed Acquisition Payment Period Extended
LION GROUP: Issues Proposed GWRS Update
LION GROUP: Lodges Court Order With Companies Commission
MYCOM BERHAD: Proposes Restructuring Scheme Variations

NCK CORPORATION: SC Approves Proposed Disposals
OLYMPIA INDUSTRIES: Discloses PROPOSED VARIATIONS Details
PAN PACIFIC: Presenting Debt-Restructuring Concept to Bankers
PROMET BERHAD: In Restructuring Talks With White Knight
SITT TATT: Vendors Extend Proposed Acquisitions Time Completion

TONGKAH HOLDINGS: Vendors Not Obliged to General Offer Extension


P H I L I P P I N E S

BELLE CORPORATION: Appoints New Audit Chairman
BENPRES HOLDINGS: Issues Special Stockholders' Meeting Update
MANILA ELECTRIC: Union Fenosa Will Reconsider Investment
NATIONAL POWER: Govt Saves US$850M on IPP Negotiations
NATIONAL POWER: Sale Delay May Result in $1B Yearly Loss, PSALM

NATIONAL STEEL: Asset Bidders Line Up at DTI
NATIONAL STEEL: Bidding for Assets Slated Soon, Says Roxas
PHILIPPINE LONG: SEC OKs P2B Short-Term CP's


S I N G A P O R E

NEPTUNE ORIENT: Posts Notice of Shareholder's Interest


T H A I L A N D

CHRISTIANI & NIELSEN: Feb 18 Creditors Meeting Scheduled
T. C. ALPHA: Files Reorganization Petition in Bankruptcy Court
THAI DURABLE: Resolutions Passed at Shareholders' Meetings
THAI DURABLE: Releases Rehabilitation Plan Summary

     -  -  -  -  -  -  -  -

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


ANALYTICA LIMITED: Replies to ASX Appendix 4C Query
---------------------------------------------------
In response to Australia Stock Exchange's questions relating to
the Company's December 2002 Appendix 4C, Analytica Limited
replied in order of ASX questions, as follows:

QUESTION 1

No, the above conclusion is not correct, as there are the
following factors that should be taken into amount.

Combining cash at hand on 31 December, plus funds available
under the "come and go" facility, plus funds from the delayed
settlement of the rights issue equates to $935,000.

The Company expects an operating cash outflow for the March
quarter. The outflow of cash is related to its continued
investment in Research & Development to amend the current
product range and for the patent cost associated with its sPLA2
product, which is now entering national phase.

Financing cash inflow is expected from the "come and go"
facility with Psiron, as well as from further funds from the
rights issue conducted last year.

Under the "come and go' facility with Psiron, Analytica has the
right to draw down any early repayments the Company makes on
this facility. The Company has a policy to make early repayments
under this facility once funds are available in order to keep as
interest cost down. Currently Analytica can access $250,000
under this facility.

In addition the Company still has to receive $484,000 from its
2002 rights issue. Under the terms of the underwriting the
underwriter has until May 2003 to pay for its shares.

QUESTION 2

The Company expects that Operating Cash flows will fluctuate
from quarter to quarter but will on an annualized basis remain
negative whilst the Company is investing money on research and
development of new diagnostic products (two of which have been
launched late last year and at least another three products are
expected to be launched before the end of this financial year)
and to maintain and progress its sPLA patent portfolio.

The Company will be in a position to repay the administrator the
final repayment of $200,000 on 9 August 2003.

The Company is also currently working on alternatives for
further fund raising this year.

You may also wish to elaborate on the statement contained in the
Announcement as follows.

"The attached cash flow report shows that receipts for the
second quarter were equal to the first quarter. It shows a cash
outflow of $145,000 for the quarter primarily as a result of our
continued investment in research and development and timing
issues associated with once off annual expenditures which always
arise in this quarter."

This statement referred to out quarterly research and
development expenditure of $41,000 and the payment of the
Company's annual audit fee, preparation of a number of prior
year tax returns, printing of annual return and costs associated
with annual shareholder meetings which all fell in the quarter.

QUESTION 3

Actual revenue and expense in the quarter closely matched the
Company's anticipated revenue and expenses.

QUESTION 4

Not applicable

QUESTION 5

The company can confirm that it is in compliance with the
listing rules and in particular listing rule 3.1

Below is the content of ASX Query:

I refer to the Company's Quarterly Report in the form of
Appendix 4C for the period ended 31 December 2002, released to
Australian Stock Exchange Limited (ASX) on 28 January 2003, (the
Appendix 4C), and  to the Company's covering announcement to the
Appendix 4C dated 28  January 2003 (the Announcement).

ASX notes that the Company has reported the following:

1. Receipts from customers of $320,000.

2. Net negative operating cash flows for the quarter of
$145,000.

3. Cash at end of quarter of $201,000.

In light of the information contained in the Announcement 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 Company were to continue to expend cash at
the rate for the quarter indicated by the Appendix 4C, the
Company may only have sufficient cash to fund its activities for
a further 1.4 quarters. Is this the case, or are there other
factors that should be taken into account in assessing the
Company's position?

2. Does the Company 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?

In this regard, the Company notes that a final payment of
$200,000 is due to be paid to the Company's administrator on 9
August 2003.

You may also wish to elaborate on the statement contained in the
Announcement as follows.

"The attached cash flow report shows that receipts for the
second quarter were equal to the first quarter. It shows a cash
outflow of $145,000 for the quarter primarily as a result of our
continued investment in research and development and timing
issues associated with once off annual expenditures which always
arise in this quarter."

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

4. If the Company's actual revenues and expenses are not
substantially in accordance with the Company's anticipated
revenues and expenses, when did the Company 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 Company's
revenues and expenses.

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

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 (03) 9614 0303. 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 (i.e. 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 Company's
securities.

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

D Litis
SENIOR COMPANIES ADVISOR


ANACONDA NICKEL: Waldron Lawyers Disclose Bidder's Statement
------------------------------------------------------------
Pursuant to Item 8 of section 633(1) of the Corporations Act,
Blake Dawson Waldron Lawyers posted a notice that the Bidder's
Statement (which includes the offer) in relation to Mongoose Pty
Limited's off-market takeover bid for all of the ordinary shares
in Anaconda Nickel Limited has been sent as required by Item 6
of section 633(1). A copy of the Bidder's Statement that has
been sent to shareholders is also attached.

For a copy of the notice and the Bidder's Statement, go to
http://www.bankrupt.com/misc/TCRAP_ANL0210.pdf.


ANACONDA NICKEL: Panel Receives Two Appeal Applications
-------------------------------------------------------
The Takeovers Panel advises that it has received two further
applications in relation to the affairs of Anaconda Nickel
Limited (ANL). One of the applications is from by
MatlinPatterson Global Opportunities Partners LP (MP Global),
whilst the other is from ANL itself. These two further
applications are appeal applications, which are in addition
to the five previously announced applications in relation to
ANL.

The President of the Panel has appointed himself, Mr David
Gonski and Professor Ian Ramsay as the Sitting Review Panel.

MP GLOBAL APPLICATION:

Under its application, MP Global:

   (a) applies for a review of the decision of the Sitting Panel
in the Anaconda 02 to 05 applications to make an interim order
(the Interim Order) requiring MP Global to advise the market by
6.00pm AEST on 10 February 2003 as to the status of the
independent expert condition (the Expert Condition) in the bid
by Mongoose Pty Limited (MPG). MPG seeks an extension of the
time to make the announcement until 6:00 p.m. AEST on 13
February 2003;

   (b) applies for a further interim order extending the time
that it has to advise on the status of the Expert Condition
until Panel has determined this review application; and

   (c) requests the Panel to announce that any person wishing to
object to MP Global proceeding with its offer for rights in ANL
without Australian Securities and Investments Commission relief
should apply to the Panel before 12 noon AEST on Friday 7
February 2003.

The Panel has not yet considered the issues raised in the MP
Global application and makes no comment on the merits of the
application. It has not received submissions from the parties
affected by the application at this stage.

ANL APPLICATION:

Under its application, ANL sought:

   (d) a review of the Interim Order, changing the time and date
at which MP Global was required to advise the market from 6.00pm
AEST Monday, 10 February to 9:00 a.m. AEST Friday, 7 February
2003; and

   (e) a further interim order extending the Interim Order to
require MPG to advise as to the status of the condition in MP
Global's bid relating to ASIC relief, which is set out in
section 7.6(b)(i) of MPG's bidder's statement.

ANL's application was received after 7.30pm (Melbourne time) on
6 February 2003 and sought orders to take effect from 9.00am on
7 February 2003.

The Sitting Review Panel met and decided that it could not make
an informed and considered decision given the time available and
the small amount of information on the matter which they could
feasibly consider in that time. The Sitting Review Panel
therefore decided not to commence proceedings in relation to the
ANL application.

CONTACT INFORMATION: Nigel Morris,
                     Director, Takeovers Panel
                     Level 47 Nauru House,
                     80 Collins Street,
                     Melbourne VIC 3000
                     Ph: +61 3 9655 3501
                     nigel.morris@takeovers.gov.au


ANACONDA NICKEL: Welcomes Takeovers Panel's  Decision
-----------------------------------------------------
The Independent Directors of Anaconda Nickel Limited welcomed
Thursday's Takeovers Panel decision in relation to the
unsolicited takeover offer from MatlinPatterson Global
Opportunities Partners LP.

Responding to the decision, Anaconda CEO Peter Johnston said,
"Preserving the Court approved Scheme of Arrangement has been
its number one priority, because it protects the solvency of the
Company, which is essential for all shareholders, creditors and
other stakeholders.

The decision of the Takeovers Panel removes much of the
uncertainty surrounding the status of the $323 million
underwritten Rights Issue, which is an integral component of the
Schemes of Arrangement (Schemes)"

"The decision should provide shareholders with greater
confidence that Anaconda can complete the Rights Issue and
fulfill its obligations under the Schemes."

The Independent Directors made a recommendation to shareholders
dated 3 February 2003, which was current at the time, but could
change and that updates would be provided.

In the absence of any revised proposal from MatlinPatterson, the
Independent Directors continue to recommend that rights holders
do not accept the MatlinPatterson Rights Offer and shareholders
take no action in relation to the Share Offer at this time.

In response to comments made by the Panel, the Independent
Directors note that the Independent Expert condition, which in
the view of its advisors appears to be unprecedented in breadth
and subjectivity in an unsolicited bid in Australia, has been
the subject of considerable negotiation with MatlinPatterson.
Agreement has not been able to be reached as to how this issue
should be dealt with, or indeed, the precise form that the
conditions should take.

Anaconda Rights (ASX: ANLR) cease trading on the ASX on Friday
7th February. Shareholders are reminded that the Rights Issue
closes, and subscriptions are due to be received, on 14
February.


BALLARAT GOLDFIELDS: Settles Overdraft Facilities; Debt Free
------------------------------------------------------------
Ballarat Goldfields NL announced that Significant Highlights of
its Second Quarter Activities Report:

   * Successful completion of $6.4 million capital raising
   * Recommencement of trading on the ASX
   * New Board and management in place
   * New geological team appointed
   * Debt free
   * Sale of Oztrak completed
   * Gold refocus
   * Significant progress was made in compiling the historical
data into 3D format.

CORPORATE

The Company began the quarter by successfully completing a
capital raising of $6,377,926 by way of a Rights Issue and
Public Issue on 11 October 2002. A total of 125,127,220 ordinary
shares were issued as part of the Rights Issue at a price of 2.3
cents per share, and 140,000,000 ordinary shares were issued as
part of the Public Issue at a price of 2.5 cents per share.
Following the completion of the recapitalization, the Company
was reinstated to official quotation on the ASX on 18 October
2002.

Since completing the capital raising, the Company has worked
rapidly to meet the objectives set out in the prospectus.

   * The ANZ overdraft facility has been repaid, and the
remaining creditors and borrowings have been settled, leaving
the Company debt free.

   * As part of the restructuring, a new Board has been
appointed, comprising Richard Laufmann (Managing Director),
Colin Smith (Chairman) and Nick Mather (Director). Richard has
extensive mining industry experience, most recently as
operations manager of WMC's gold division. This includes three
years as the general manager of St Ives Gold, Australia's third
largest gold operation, his skills and knowledge will be
invaluable to the Company going forward. Steve Johnston has been
appointed Company Secretary.

   * A new geology team has also been put in place to progress
work rapidly on the Company's gold tenements. Steven Olsen, who
joined the Company in late November 2002 as Geology Manager,
heads the team.

   * The geological program is currently ahead of schedule, with
work progressing around the clock on constructing a three-
dimensional model of the Ballarat field. The aim of this work is
to better understand the geology of the field, and to provide a
base from which the resource potential of the Ballarat field can
be tested and a project scoping plan can be developed. This work
is explained more fully below.

Since the end of the quarter, BGF has made further advancements
on the objectives embarked upon under the prospectus.

   * In order to conserve funds, BGF has relocated its corporate
office to the mine site.

   * As part of the Company's objective to refocus on gold, its
technology subsidiary Oztrak has been sold. Importantly, the
terms of the sale entitles BGF to 55 percent (less costs up to
15 percent) of the proceeds recovered from the substantial claim
against BSK GmbH Germany.

   * After reviewing the Highlake tenements and their place in
the BGF strategy in line with the objectives given in the
prospectus, the decision has been made to sell these assets. The
sale enables the Company to focus its attention on the Ballarat
and Berringa assets.

   * BGF has also announced a Small Shareholders Plan, whereby
the Company is encouraging small shareholders to allow their
shares to be sold. This will allow BGF to reduce administration
expenses by up to an estimated $70,000 per annum. BGF will pay
for all brokerage costs relating to the sale.

   * Following the sale of Highlake, the Company has now removed
all superfluous assets.

BGF is now solely concentrated on its Ballarat and Berringa gold
leases and cash at the end of the quarter was $2.2million.

EXPLORATION

Steven Olsen was appointed as the Geology Manager. Steve has
extensive experience directly applicable to the Ballarat field.
Steve worked in exploration for WMC in the Kalgoorlie goldfields
and Canada. His most recent role as Senior Mine Geologist at
Central Norseman gave him exposure to some of the most
structurally complex quartz hosted goldfields famous for the
course gold content. Steve achieved significant success at
Norseman and substantially advanced the geological understanding
of the region with the aid of 3D modelling. The Norseman field
is significant, in that although it is a different geological
environment, it has many similarities to the Ballarat gold
field.

During the quarter, the company's new geological team commenced
a comprehensive compilation of geological data to enable the
construction of a three dimensional model of the Ballarat gold
fields. Vulcan software was chosen as the platform for this
work.

The aim of the model will be to:

   * Demonstrate the extent and configuration of historical
workings
   * Demonstrate the geological features of the field
   * Develop models to predict the location of undiscovered gold
shoots at Ballarat
   * Indicate the position of historical ore bodies and predict
the location of extensions
   * Assist in the future development plans for the existing
decline and additional development of the field
   * Demonstrate the significance of the exploration potential
for the field outside the current one million ounce resource
previously defined.

BGF is well advanced in the entry of historical mine production
and geological data and expects to be able to provide a full
presentation of the model by the end of the March 2003 quarter.


CTI COMMUNICATIONS: Issues Tritton Acquisition Update
-----------------------------------------------------
CTI Communications Limited announced that it has finalized an
underwriting agreement with Montt Securities Pty Limited (Montt)
and that it has reached an agreement to extend the settlement
date for the Tritton Acquisition to 31 March 2003.

UNDERWRITING

The Company intends to raise the sum of $1,500,000 by the offer
of 3,000,000 fully paid ordinary shares (or such greater amount
and number of shares not exceeding $2,000,000 and 4,000,000
shares respectively as is necessary to satisfy the minimum
requirements of ASX and provide working capital) (Underwritten
Shares) at an issue price of $0.50 per share (Offer). In
addition, the Company also intends to provide for over
subscriptions of up to 2,000,000 Shares to raise a further
$1,000,000 (Over subscription Shares). Despite shareholder
approval being obtained for the issue of up to 10 million
shares (at $0.50 each), the Company has decided to raise the
minimum amount it needs to be re-admitted to the official list
of ASX and provide working capital in order to minimize any
dilution to CTI's current capital structure.

The Company has requested Montt to manage and underwrite the
subscription of the Underwritten Shares and Montt has agreed to
do so subject to the terms, covenants and conditions contained
in the underwriting agreement. CTI has agreed to pay Montt an
underwriting fee of 5 percent and a management fee of 1 percent
of all amounts raised from the Offer and any Over subscription
Shares.

Montt's obligations under the underwriting agreement are subject
to and conditional upon, among other matters:

   1. Montt being satisfied with the pricing and structure of
the Offer, the future prospects of the Company, the proposed
corporate structure of the Company (including the Board and all
senior management) and that the prevailing market conditions are
conducive to underwriting the Offer;

   2. Montt arranging satisfactory sub-underwriting in relation
to the Offer;

   3. due diligence investigations and reports being carried out
or prepared to Montt's reasonable satisfaction;

   4. ASX granting approval (which approval may be conditional)
for the Company's shares to be granted, or reinstated to,
Official Quotation and the Company demonstrating that it will
satisfy any conditions imposed by ASX in relation to the same;
and

   5. the Company agreeing to undertake a pro rata non-
renounceable entitlements issue of options at such time and on
such terms as are acceptable to Montt including, but not limited
to, agreeing to grant Montt a first right of refusal to
underwrite and manage that entitlements issue for the same
underwriting commission and management fee as set out in the
underwriting.

EXTENSION OF TRITTON SETTLEMENT

The parties to the original Tritton acquisition agreement have
reached a conditional agreement to extend the settlement date
for the Tritton Acquisition until 31 March 2003 (or such later
date as the parties may agree) in order to allow sufficient time
to complete the Offer.

PROPOSED BONUS ISSUE

The record date for the proposed bonus issue has not yet been
set as CTI is still discussing this matter with various parties.
An announcement will be made with respect to the record date in
the near future. In any case, the exercise notice that option
holders would have received was prepared on the basis that it is
not effective until the record date for the proposed bonus
issue. Therefore, the Company strongly encourages all option
holders wishing to take advantage of the proposed bonus issue to
return their exercise notices (together with the required
payment) as soon as possible.

BACKGROUND

CTI intends to acquire 100 percent of the issued capital of
Tritton Resources Limited (Tritton), referred to as the Tritton
Acquisition. Tritton is the owner of:

   * the Tritton copper project in New South Wales, comprising
an approved Mining Lease Application with Proven and Probable
Reserves, bankable feasibility study and associated equipment
and clearances;  and

   * five granted Exploration Licenses covering 2,100 sqkm in
New South Wales surrounding the Tritton Copper Project and the
Girilambone copper mine,

(collectively referred to as the Tritton Assets). The Tritton
Assets were recently acquired by Tritton from Straits Mining Pty
Limited (a subsidiary of Straits Resources Limited) (Straits).
Moreover, Tritton has entered into a conditional purchase
agreement with Straits to acquire 2 granted Mining Leases and 2
Mining Purpose Leases over the old Girilambone Copper Mine.
Tritton has also entered into a 'take or pay' copper concentrate
off-take agreement covering the initial ore reserves.

The consideration for the Tritton Acquisition will be the issue
of the following CTI securities:

   1. approximately 9 million shares to the Tritton
shareholders;

   2. 6 million shares to Straits;

   3. a $2.75 million convertible note to Straits, which is
convertible into no more than 5.5 million shares;

   4. an option to Sempra Metal Concentrates Corporation to
acquire up to 5 million shares; and

   5. 5,333,333 options (each to acquire 1 share) to Macquarie
Bank Limited,

to occur following an effective one for three consolidation of
securities and the undertaking of a capital raising.


GOODMAN FIELDER: Burns Philp Progresses Takeover Offer
------------------------------------------------------
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).

TAKEOVERS PANEL DECISION

The Takeovers Panel (Panel) announced Thursday its decision in
relation to the application to the Panel by BPC1 and Burns Philp
on 20 January 2003 (Re Goodman Fielder Ltd (No 2)).

Burns Philp raised a number of concerns with the presentation of
comparable acquisition multiple tables in Goodman Fielder's
Target's Statement and related advertising, which stated
"Implied Goodman Fielder Offer Prices". Burns Philp submitted to
the Panel that this was likely to be misinterpreted by Goodman
Fielder shareholders as a valuation of Goodman Fielder shares.

In summary, the Panel concluded that:

   * the comparable acquisition multiples tables in Goodman
Fielder's Target's Statement and newspaper advertising campaign
on 18 January 2003 were "incomplete to the point of being
misleading" because they failed to disclose the data on which
they are based;

   * it was unacceptable that the earnings forecast in the
Target's Statement did not disaggregate actual and forecast
information and did not disclose the identity and experience of
the persons who compiled it and the data and methods they used;

   * the inclusion of the Ernst & Young report in the Target's
Statement was "likely to induce a belief that the directors'
forecast has been subject to a full negative assurance review"
(i.e. a full review of methods, data and assumptions) by Ernst &
Young when in fact it was very limited in scope; and

   * Goodman Fielder should have disclosed the identity of the
provider of its advice relating to its dispute with the
Australian Tax Office (ATO) and the consent of that person to
that disclosure.

Goodman Fielder has given undertakings (in the absence of which,
the Panel stated it would have declared Goodman Fielder's
conduct to be unacceptable and made appropriate orders) to
address these issues in a supplementary target's statement and
in corrective advertising to be published in national
newspapers.

Goodman Fielder has also indicated that it will issue its half
yearly results early, namely on or about 14 February 2003.
While the Panel concluded it would not require Goodman Fielder
to:

   * provide further information sought in relation to
Accounting Conditions to the Offer; or

   * give Burns Philp similar access to non-public information
that Goodman Fielder had given to potential rival bidders, it
has required Goodman Fielder to explain to its shareholders why
it has given information to potential rival bidders but not to
Burns Philp.

ACCOUNTING CONDITIONS

If, when provided on or about 14 February 2003, Goodman
Fielder's half-yearly results and disaggregated forecast are
consistent with the information disclosed to date, through ASX
announcements, the Target Statement and submissions made during
the Panel proceedings, Burns Philp anticipates waiving the
Accounting Conditions (clauses 9.6(g) and 9.6(h) of the Bidder's
Statement). However, if that further information is not
consistent with prior disclosures, or reveals any adverse
financial, profit or trading results, Burns Philp will
reconsider its position, and in any event reserves its rights to
rely on the Accounting Conditions.

FINANCING

Burns Philp announces that additional banks have joined the lead
syndication of the underwritten Term Loan A Facility (A$1.3
billion).

The TLA Facility was originally underwritten by three financial
institutions, Credit Suisse First Boston, BOS International
(Australia) Limited and Credit Agricole Indosuez Australia
Limited. These financial institutions are now joined, in lead
syndication, by the National Australia Bank Limited, Rabobank
Australia Limited and WestLB Ag.

Burns Philp announced on 4 February 2003 that it commenced an
offering of US$150 million of senior subordinated notes. In
addition, syndication of the underwritten US$375 million Term
Loan B Facility is proceeding according to plan.

ON MARKET PURCHASES

Burns Philp also announces that it placed an order on ASX this
morning to purchase a further 41,000,000 shares (representing
approximately 3.5 percent of Goodman Fielder) at the Offer price
of $1.85 per share. The full order was cleared at $1.82 per
share in the ordinary course of trading. This takes Burns
Philp's interest, including acceptances received to date from
more than 3,600 shareholders, to approximately 19.8 percent of
Goodman Fielder.

RIVAL PROPOSALS

The Goodman Fielder Target Statement dated 17 January 2003
disclosed that Goodman Fielder was in active discussions with
other parties, which may lead to alternative proposals. Burns
Philp is unaware of any further advice to the market or to
Goodman Fielder shareholders updating this position, although it
notes that there has been considerable media speculation on this
issue.

The on-market purchases on Friday evidence Burns Philp's
commitment to its bid for Goodman Fielder. Burns Philp is
Goodman Fielder's largest shareholder. It is committed to
remaining so in the long term. Accordingly, it has no intention
of selling its shareholding and would strongly oppose any
proposal for the sale of Goodman Fielder's component businesses.

BOARD REPRESENTATION

Burns Philp intends to approach Goodman Fielder shortly to
discuss appropriate board representation.


GOODMAN FIELDER: Panel Accepts BPC Application Undertakings
-----------------------------------------------------------
The Takeovers Panel accepted on Friday the offer of undertakings
from Goodman Fielder in relation to the application by BPC1 Pty
Ltd and Burns Philp Co Ltd for a declaration of unacceptable
circumstances and orders in relation to the affairs of Goodman
Fielder Ltd. BPC1 is currently bidding for Goodman Fielder. It
made the application on 20 January 2003.

On the basis of the undertakings from Goodman Fielder in
relation to several of the matters raised by Burns Philp in its
application, the Panel declined to make the declaration or
orders requested. Under the undertakings, Goodman Fielder will
publish a supplementary target's statement and advertisements
containing additional and corrective information.

The advertisements and the supplementary target's statement will
contain additional information about the companies used by
Goodman Fielder in bar charts that Goodman Fielder had published
in previous advertisements and in its target's statement. The
bar charts were of comparative trading and acquisition multiples
in transactions, which Goodman Fielder has asserted are
comparable to an acquisition of Goodman Fielder. The
advertisements and target's statement will contain a statement
that the bar charts and additional information should not be
relied on as a valuation of shares in Goodman Fielder.

The supplementary target's statement will also contain:

   * fuller information in relation to the Goodman Fielder
directors' forecast of the company's earnings for the current
financial year,

   * a plain English explanation of the limited scope of the
review of that forecast provided by Ernst & Young and

   * the identity of the experts who provided Goodman Fielder
with the advice mentioned in paragraph 6.3 of its target's
statement that it should have no additional tax liability in
relation to the dispute with the Australian Tax Office, which it
disclosed, to the market on 8 January 2003.

The Panel has declined to order Goodman Fielder to provide
additional information to Burns Philp in relation to the
Accounting Conditions in the bid or to provide Burns Philp with
access to non-public information similar to that given to
prospective rival bidders. The Panel found no grounds to
override Goodman Fielder's right to choose to whom and on what
terms to provide access to its proprietary information in the
best interests of Goodman Fielder and its shareholders. The
supplementary target's statement will, however, provide an
explanation of Goodman Fielder's decision not to give Burns
Philp access.

The sitting Panel comprises Ilana Atlas (sitting President),
Michael Tilley and Marian Micalizzi.

Below is a copy of the undertakings:

TAKEOVERS PANEL
IN THE MATTER OF GOODMAN FIELDER LIMITED (NO 2)
UNDERTAKING BY GOODMAN FIELDER LIMITED

BACKGROUND

The undertaking set out below relates to the off-market takeover
bid by BPC1 Pty Limited (Burns Philp) for all the issued
ordinary shares in Goodman Fielder Limited (Goodman Fielder) in
respect of which a bidder's statement was lodged with ASIC on 19
December 2002 and a target's statement was lodged with ASIC on
17 January 2003.

UNDERTAKING

Pursuant to s201A(1) of the Australian Securities and
Investments Commission Act 2001, Goodman Fielder undertakes to
the Takeovers Panel that it will:

1. issue no later than 14 February 2003 (or such later date as
is approved by the Panel) a supplementary target's statement and
send it to Goodman Fielder shareholders as soon as possible
after issuing it, which shall be approved by the Panel before
publication (supplementary target's statement);

2. set out in the supplementary target's statement the same data
about the comparisons with other companies as are set out in the
tables in section 4.3 of the Goodman Fielder submissions lodged
with the Panel on 28 January 2003. The comparison companies will
be grouped in the same way as in the tables of acquisition and
trading multiples on pages 18 and 19 of the target's statement.
The supplementary target's statement will state that the tables
are not a valuation of Goodman Fielder shares and should not be
relied upon as a valuation;

3. set out in the supplementary target's statement:

   (a) disaggregated forecast financial information for the
financial year to 30 June 2003, separately stating half year
actual results to 31 December 2002;

   (b) who prepared the earnings forecast in the target's
statement;

   (c) the qualifications of those persons who prepared the
earnings forecast in the target's statement;

   (d) the nature of the data and the methods used to compile
the earnings forecast;

   (e) an express statement that the directors are satisfied
that the forecast is based on events and actions that the
directors believe on reasonable grounds will take place; and

   (f) a statement why the directors believe the assumptions are
reasonable;

4. set out in non-technical language in the supplementary
target's statement how limited the Ernst & Young review is and
why such a limited report was obtained. In particular, the
supplementary target's statement will explain that the Ernst &
Young review should not be taken as a full review of the
forecast and that Ernst & Young have reviewed the compilation of
the forecast and its compliance with accounting standards, but
not the reasonableness of the earnings forecast itself or of the
assumptions and data used in the preparation of the earnings
forecast;

5. state in the supplementary target's statement why Goodman
Fielder has given access to potential rival bidders, but not to
Burns Philp;

6. state in the supplementary target's statement the names and
consents of the experts who provided the tax advice referred to
in part 6.3 of the target's statement;

7. as soon as possible, and no later than Saturday 15 February,
publish advertisements of the same size as the 18 January
advertisements and in the same sections of the paper as the 18
January advertisements appeared (if the advertisements are
published in the Saturday papers), or in the business sections
(if the advertisements are published in a weekday or Sunday
paper), of each newspaper in which the 18 January advertisements
appeared, and announce the same text to ASX;

8. the advertisements will be approved by the Panel before
publication. The advertisements will use the term "additional
and corrective information" and include the information and
statement referred to in paragraph 2 above, to the extent that
those tables formed part of the 18 January advertisements. They
will also state that the tables are not a valuation of Goodman
Fielder shares and should not be relied upon as a valuation;

9. not publish any other advertisements concerning the same
subject-matter as the 18 January advertisement unless they
include the same information referred to in paragraph 8 above;
and 10 provide a copy of the Staff Video to the Panel by 10
February 2003 and take such action in relation to the Staff
Video as the Panel requires.


GOODMAN FIELDER: Welcomes Takeover Panel`s Decision
---------------------------------------------------
Goodman Fielder Limited on Thursday welcomed the Takeovers
Panel's decision to decline Burns Philp's application in
relation to access to non-public information and aspects of
Goodman Fielder Target's Statement.

The Panel endorsed Goodman Fielder's right to provide access to
proprietary, confidential information in the best interest of
shareholders. It also declined Burns Philp's request for Goodman
Fielder to provide additional information in relation to the
accounting conditions currently attached to Burns Philp's
takeover
bid.

The Panel found that Goodman Fielder's Target's Statement was in
line with what was expected and required by the Australian
market and that the company had met its continuous disclosure
obligations.

In addition, the Panel has accepted undertakings from Goodman
Fielder to provide further information to shareholders in a
supplementary Target's Statement that will be issued no later
than 14 February 2003.

The supplementary Target's Statement will contain further
information about Goodman Fielder's forecasts and accompanying
Ernst & Young limited scope review, the granting of access to
proprietary information and the name of the company's
independent tax advisers. It will also clarify some of the data
relating to recent comparable transactions in the global and
Australian food sectors, which was included in Goodman Fielder's
Target's Statement.

Goodman Fielder has undertaken to publish advertisements
containing additional and corrective information concerning
recent transactions in the food sector.


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


INNOVATIVE INT'L: Unaware of Why Share Price Decreased
------------------------------------------------------
The Board of Directors of Innovative International (Holdings)
Limited has noted the recent fluctuation in the price of the
shares of the Company and wishes to state that the Board is
not aware of any reasons for such fluctuation.

Save as disclosed in the announcement of the Company on 30
December, 2002, the Board also confirms that there are no
negotiations or agreements relating to intended acquisitions or
realizations which are discloseable under paragraph 3 of the
Listing Agreement, neither is the Board aware of any matter
discloseable under the general obligation imposed by paragraph
2 of the Listing Agreement, which is or may be of a price
sensitive nature.


LAI SUN: DebtTraders Estimates Asset Value Will Cover Debt
----------------------------------------------------------
DebtTraders expects Lai Sun Development asset value will be able
to cover its debt, including the 5 percent Exchangeable Bond
(CB) and 4 percent Convertible Bond (CB) due on 2002, on a
market adjusted basis.

Analyst, Daniel Fan (852 2537-4111), says "We believe holders of
the EB and CB will be able to recover more if they can resolve
the ranking issues of Lai Sun's debt. To allow more time to
resolve the outstanding issues and outline and overall debt
plan, bondholders have extended the debt standstill for another
three months to the end of March 2003. As soon as the ranking
issues are resolved, we estimate the price of the EB and CB has
the potential to go up to 42.9 from 28.8."

DebtTraders reports that Lai Sun International (1997)
4.000 percent convertible bonds due on 2002 (LAIS02HKS1) are
trading between 25 and 32. For more real-time bond pricing info,
go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=LAIS02HKS1.



MANSION HOLDINGS: Requests Trading Suspension
---------------------------------------------
Mansion Holdings Limited requested that trading in its shares be
been suspended with effect from 10:33 a.m. on Friday 7 February
2003 pending issue of an announcement regarding a possible share
transaction by the Company.

Mansion Holdings Limited had negative working capital, as
current liabilities were HK$76.41 million while total current
assets were only HK$72.16 million, Wrights Investors Service
reported, adding that it reported losses during the previous 12
months and has not paid any dividends during the previous three
fiscal years.


PCCW LIMITED: States No C&W Takeover Negotiations in Progress
-------------------------------------------------------------
PCCW Limited confirms that a preliminary approach was made to
the Chairman of C&W by way of letter dated December 31, 2002
indicating an interest in engaging in discussions regarding a
possible takeover offer for C&W. This proposal was rebuffed by
C&W in a letter dated January 27, 2003. The Company also
confirms that it has not made a takeover offer for C&W.

Further, the Company is not engaged in any negotiations with C&W
with respect to a potential offer or any other prospective
transaction nor has it made any decision to proceed with any
transaction with C&W. Furthermore, the Company has no current
intention to repurchase the Company's shares held by C&W.

In the circumstances, the Company will continue to monitor
developments in relation to C&W but emphasizes that no decision
has been made whether to make any further approach. Whilst the
Company is still considering its options in relation to C&W
(which may or may not result in participating in an offer for
C&W), it would not consider proceeding further unless it was
offered a reasonable opportunity to undertake appropriate due
diligence with regard to C&W.


SKYNET INTERNATIONAL: Winding Up Hearing Set for Wednesday
----------------------------------------------------------
The High Court of Hong Kong will hear on Wednesday, February 12,
2003 at 9:30 in the morning the petition seeking the winding up
of Skynet (International Group) Holdings Limited.

Lombard Asian Private Investment Company LDC, whose registered
office is at the offices of W.S. Walker & Company, Caledonian
House, Mary Street, P.O. Box 265G, George Town, Grand Cayman,
Cayman Islands, filed the petition on October 30, 2002.
Richards Butler represents the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Richards
Butler, Solicitors for the Petitioner, which holds office on the
20th Floor, Alexandra House, 16-20 Chater Road, Central, Hong
Kong.


XINYE (INTERNATIONAL): Winding Up Sought by Everbright
------------------------------------------------------
Everbright Investment & Management Limited is seeking the
winding up of Xinye (International) Holdings Limited.  The
petition was filed on December 30, 2002, and will be heard
before the High Court of Hong Kong on February 26, 2003.

Everbright holds its registered office at Room 2704, 27th Floor,
Far East Finance Center, 16 Harcourt Road, Hong Kong.


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


BANK INTAN: Owner Wins Suit Over Bank's Closure Against IBRA, BI
----------------------------------------------------------------
Fadel Muhammad, the owner of the defunct PT Bank Intan, won his
suit against the Indonesian Bank Restructuring Agency (IBRA) and
Bank Indonesia (BI) over the closure of Bank Intan, Kompas
reports.

A South Jakarta District Court judge has ruled that BI and IBRA
must pay compensation of Rp23.5 billion to Fadel, currently
governor of Gorontalo province and who was among 29 bankers
reported to the National Police for failure to cooperate in
repaying debts owed to IBRA.

The ruling stipulates that the closure of Bank Intan in 1998
violates an agreement, which will expire in 2011, between the
bank and BI in 1996 for the restructuring of Bank Intan.

Fadel said IBRA failed to appoint an independent consultant to
verify Bank Intan's financial condition prior to its closure.

"The ruling is unfair," IBRA Lawyer Hendrasjah said, adding that
the agency will appeal the ruling.


DUTA PERTIWI: Books Low 2002 Property Sales of Rp978.694B
---------------------------------------------------------
PT Duta Pertiwi's property sales in the year 2002 declined to
Rp978.694 billion from Rp1.290 trillion a year earlier.

According to AFX-Asia, housing sales dropped to Rp518.827
billion from Rp596 billion, small retail space sales to
Rp218.668 billion from Rp445.553 billion, and shop-house sales
fell sharply to Rp77.698 billion from 231.690 billion.

The company said the occupancy rate at its Plaza BII office
building was flat year-on-year at 87 percent, while the
occupancy rate at Dusit Mangga Dua Hotel and Dusit Balikpapan
Hotel increased to 65 percent from 51 percent in the previous
year.

On August 15 last year, the Troubled Company Reporter - Asia
Pacific reported that Pefindo revised the ratings of PT Duta
Pertiwi's Bond II/1997 (amounting to Rp425.7 billion) and Bond
III/1997 (Rp315.7 billion) both to "idB+", respectively from
"idD" and "idSD", following the restructuring agreed by DUTI's
bondholders on the meeting (RUPO) held on June 19, 2002.


MEDCO ENERGI: Considering Plan to Issue Bonds
---------------------------------------------
PT Medco Energi Internasional intends to issue bonds valued at
US$100 million to US$150 million for finance expansion program,
Asia Pulse reports, citing Company Spokesman Thendri Suprinato,
adding that the Company prefers to issue bonds in US dollar.

He added that the company chose to issue bonds to raise funds as
it is simpler than seeking bank loan, which always require
collateral.

The publicly listed oil company is serious in its bonds issue
plan and for that purpose non-deal road show has been made to
Singapore, London and Hong Kong.

On February 11 last year, TCR-AP reported that PT Medco Energi
has repaid 99 percent of the principal of its total debt of
US$97 million to PT Bahana Pembina Usaha Indonesia. It also
has a US$46 million debt to Indonesia Bank Restructuring Agency.


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


FUJITSU LIMITED: Spends Y15B to Boost Chip Capacity
---------------------------------------------------
Fujitsu Limited will spend 15 billion yen to boost capacity of
semiconductors using 90-nanometre-line width technology to 5,000
wafers a month from the current 1,000 wafers, AFX Asia reports.

"In the summer we will start production of wafers for internal
use. (The 5,000 wafer figure) is our planned production
capacity," Fujitsu spokeswoman Nancy Ikehara said.

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

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


MIZUHO HOLDINGS: Issues Y850B in Preferred Shares
-------------------------------------------------
Mizuho Holdings Inc. will raise 850 billion yen by allotting
three types of new preferred shares to third parties in Japan in
March, Kyodo News said on Friday.

The Company aims to bolster its capital by 1 trillion yen and
book more than 2 trillion yen in loan-loss charges for fiscal
year 2002 to March 31.


MIZUHO HOLDINGS: Maeda Apologize to Shareholders
------------------------------------------------
Terunobu Maeda, President of Mizuho Holdings Inc., apologized to
shareholders for a projected 1.95 trillion yen ($27 billion)
loss in the year to March, the Age and Bloomberg reported on
Thursday.

Shareholders are voting on a plan to sell as much as 4.5
trillion yen of preferred stock, enabling it to complete a sale
of 1 trillion yen of such shares to shore up capital before the
Japanese financial year ends on March 31.

The Company is trying to lift capital eroded by bad loans and a
decline in the value of its stockholdings. Mizuho shares lost
almost half their value in the last quarter of 2002 on concern
investors would baulk at its attempts to raise funds, the report
said.


RESONA HOLDINGS: Seeks Capital From Credit Agricole
---------------------------------------------------
Resona Holdings Inc. requested a capital injection of several
billion yen from Credit Agricole SA of France, Kyodo News and
Reuters said on Friday.

Resona, the umbrella group that includes Daiwa Bank and Asahi
Bank, aims to boost capital as it may have to put up larger-
than-expected loan-loss reserves under stiffer asset assessment
guidelines issued by the Financial Services Agency.

The Nihon Keizai Shimbun newspaper, meanwhile, said Resona is
expected to post a net loss of between several billion and 100
billion yen for this business year through March, due in part to
an expected increase in stockholding losses.


TOKYO ELECTRON: Narrows 3Q02 Net Loss to Y2.7B
----------------------------------------------
Tokyo Electron Limited incurred a net loss of 2.70 billion yen
in the April to December period of last year, versus a loss of
8.10 billion yen a year earlier, due to sluggish demand for
semiconductor manufacturing equipment, Kyodo News reports.

TCR-AP reported that Tokyo Electron Ltd. incurred a group net
loss of 4.2 billion yen in the first quarter of 2002 through
June, versus a 3.5 billion yen loss in 2001.

The poor result was caused by a decline in sales of chip-making
equipment and a smaller gross margin.


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


ASIANA AIRLINES: Begins New Departing Service Today
---------------------------------------------------
Asiana Airlines Inc. will launch the departing procedure service
for international lines starting February 10 at the Central City
airport terminal located in Southern Seoul, reports Asia Times.
The terminal has complete functions like check-in, departing
examination and baggage consignment so passengers who use the
facility can save 10 to 20 minutes.

According to TCR-AP, Asiana Airlines had a negative working
capital at the end of 2000, as current liabilities were
W1.47trillion while total current assets were only
W558.91billion.


CHOHUNG BANK: Due Diligence on Assets May Take Four Weeks
---------------------------------------------------------
The due diligence being conducted on Chohung Bank's assets and
liabilities will be finalized in about four weeks, Asia in Focus
said last week, citing the Ministry of Finance and Economy
(MOFE). The negotiations will take place under the next
administration, though MOFE and the Korea Deposit Insurance
Corporation (KDIC) are asking Ahnkwon, the Company conducting
the due diligence process, to complete its review as quickly as
possible.

The due diligence is being undertaken to remove concerns the
government is trying to sell the bank cheaply.

The accounting firm will assess the due diligence carried out by
Samsung Securities and Morgan Stanley, the firms who undertook
the initial examination in the bank.


HANARO TELECOM: Narrows Net Loss in Q402
----------------------------------------
Fixed-line carrier Hanaro Telecom Inc. posted a fourth quarter
net loss of 18.2 billion won in 2002, versus a loss of 56.7
billion won a year earlier, the Korea Herald said on Friday.

For the fiscal year 2002 ending December 31, Hanaro posted 123.1
billion won in net losses. Operating profits reached 6.1 billion
won, reversing the negative trend in 2001 when the Company
posted an operating loss of 165.2 billion won.

The Company will promote next-generation DSL (digital subscriber
line) services that can boost data transmission speeds to 50mbps
under ideal conditions.

At the end of 2001, Hanaro Telecon Inc. had negative working
capital, as current liabilities were 904.82 billion Korean Won
while total current assets were only 642.77 billion Korean Won,
Wright Investor's Service reports.


HYUNDAI MERCHANT: Kim's Aides May Testify in Hearing
----------------------------------------------------
Outgoing South Korean President Kim Dae-jung and President-elect
Roh Moo-hyun reached an agreement to have Kim's aides testify in
a closed parliamentary hearing to resolve suspicions that the
government used Hyundai Merchant Marine as middleman for the
transfer of nearly $200 million in return for Pyongyang's
consent to hold the first-ever inter-Korean summit two-and-a-
half years ago, the Korea Times said on Thursday.

The opposition Grand National Party (GNP) was threatening to use
its parliamentary majority and appoint an independent
prosecutor. Acting Chairman Park Hee-tae wants to get to the
bottom of the matter through a special counsel.

State auditors had confirmed recently that HMM had remitted
nearly $200 million to the North.

In a related development, it was alleged that about $100 million
of proceeds from Hyundai Electronics' sale of its overseas
subsidiary ended up in Pyongyang.


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


AKTIF LIFESTYLE: Proposed Restructuring Scheme Approval Pending
---------------------------------------------------------------
Under PN4/2001, Aktif Lifestyle Corporation Bhd is required to
announce the status of its plan to regularize its financial
condition on the first market day of each month. Accordingly,
Southern Investment Bank Berhad (SIBB), on behalf of Aktif,
wishes to announce that the Company is in the midst of
finalizing and obtaining its creditors' approval-in-principle
for the proposed restructuring scheme.

Under PN4/2001, Aktif is also required to make an announcement
to the KLSE which contains detailed plans, the implementation of
which will enable Aktif to regularize its financial position
(Requisite Announcement). The Requisite Announcement is to be
made within six (6) months from the date of the First
Announcement, i.e. by 7 November 2002. On 6 November 2002, SIBB,
on behalf of Aktif announced that an application was made to the
KLSE on 31 October 2002 for an extension of time for a period of
three (3) months from 7 November 2002 to 7 February 2003, for
Aktif to make the Requisite Announcement. Subsequently, on 17
December 2002, SIBB, on behalf of Aktif announced that the KLSE
had approved the said application vide its letter dated 3
December 2002.

In view of the Company being in the midst of finalizing and
securing its creditors' approval-in-principle in relation to the
proposed restructuring scheme, SIBB on behalf of the Company had
on 22 January 2003, submitted an application to the KLSE for a
further extension of time for a period of three (3) months from
7 February 2003 to 7 May 2003 for Aktif to make the Requisite
Announcement. The approval from the KLSE on the said application
is still pending.

The Company will inform its shareholders of any pertinent
development on the proposed restructuring scheme.


AOKAM PERDANA: FIC Grants Proposals Approval
--------------------------------------------
Reference is made to the announcements made on 18 December 2002
and 19 December 2002 in relation to the Proposed Rescue Scheme
and Proposed Employees' Share Option Scheme.

On behalf of the Board of Directors of Aokam Perdana Berhad,
Southern Investment Bank Berhad (SIBB) announced that the
Foreign Investment Committee (FIC) had stated, via its letter
dated 27 January 2003, which was received on 6 February 2003,
that it has no objection to the Proposals.

The FIC's approval is subject to the condition that FIC would
review the equity structure of Aokam three (3) years from the
date of FIC's approval.


ASSOCIATED KAOLIN: PCDRS Status Remains Unchanged
-------------------------------------------------
Pursuant to Practice Note No. 4/2001 in relation to paragraph
8.14 of the Revamped Listing Requirements, Associated Kaolin
Industries Berhad (Special Administrators Appointed) wishes to
announce the following:

Further to its announcement dated 17 January 2003, the status of
AKI's Proposed Corporate and Debt Restructuring Scheme (PCDRS)
remains unchanged.

The Special Administrators of AKI are currently finalizing the
Modified Workout Proposal for approval by Pengurusan Danaharta
Nasional Berhad and thereafter will finalize the submission to
the relevant authorities on certain revisions to the Scheme as
announced by AKI on 17 January 2003. AKI will announce the
financial effects of the revised Scheme in due course.


DAMANSARA REALTY: Finalizing Additional Proposals Conditions
------------------------------------------------------------
AmMerchant Bank Berhad {formerly known as Arab-Malaysian
Merchant Bank Berhad} announced on 5 August 2002, on behalf of
Damansara Realty Berhad, the details of the Proposed
Reconstruction and Restructuring Scheme, which collectively
refers to:

   - Proposed Capital Reduction and Consolidation of Shares;
   - Proposed Exchange of DBHD Shares with the Shares of a
Newly-Incorporated Public Company (Newco), which will assume the
Listing Status of DBHD;
   - Proposed Acquisition of `A' Redeemable Convertible
Cumulative Preference Shares (RCCPS) from Johor Corporation
(JCorp);
   - Proposed Acquisition of the Rights to Allotment of
400,000,000 New Ordinary Shares of Rm1.00 Each in Damansara Town
Center Sdn Bhd (DTCSB), a Wholly-Owned Subsidiary of DBHD, from
Johor City Development Sdn Bhd (JCD), a Wholly-Owned Subsidiary
of JCorp, pursuant to the Proposed Conversion by JCD of its
Entire Holding of `B' RCCPS into New Ordinary Shares in DTCSB;
   - Proposed Acquisition of Approximately 240.59 Acres of
Freehold Land (formerly known as Tampoi Land) to be Developed
for a Mixed Development Project Known as `Taman Damansara Alif'
From JCD;
   - Proposed Exemptions to JCorp, JCD and Parties Acting in
Concert With Them From the Obligation to Extend a Mandatory
Take-Over Offer for all the Remaining Shares Not Already Owned
by them in Newco;
   - Proposed Offer for Sale / Placement of Shares in Newco by
JCorp and/or JCD; and
   - Proposed Admission of the Entire Issued and Paid-Up Share
Capital of Newco to the Official List of the Kuala Lumpur Stock
Exchange and Proposed Delisting of DBHD.

It was also announced that the application on the Proposed
Reconstruction And Restructuring Scheme will be made to the
Securities Commission (SC) and other relevant authorities within
six (6) months from the date of the said announcement, being 5
February 2003.

Presently, the Company is in the process of finalizing the terms
and conditions of certain additional proposals with third
parties (Additional Proposals). These additional proposals will
form part of the application to be made to the SC and other
relevant authorities, in addition to the Proposed Reconstruction
And Restructuring Scheme. In view of the foregoing, the Company
is not able to submit the application on the Proposed
Reconstruction And Restructuring Scheme within the stipulated
timeframe mentioned above.

In any event, an announcement on the Additional Proposals will
be made once they have been finalized and the relevant
definitive agreements have been executed. The Company expects to
make the application on the Proposed Reconstruction And
Restructuring Scheme together with the Additional Proposals to
the SC and other relevant authorities within four (4) months
from the date of this announcement, being 5 June 2003.


GENERAL LUMBER: SC Conditionally OKs Proposed Workout Scheme
------------------------------------------------------------
Further to the previous announcements on the Proposed
Restructuring Scheme of General Lumber Fabricators & Builders
Bhd dated 2, 14, 17 and 30 January 2003, PM Securities Sdn Bhd
(PM Securities) on behalf of the Company wishes to announce that
the Securities Commission (SC) has, via its letter dated 28
January 2003, approved the Proposed Restructuring Scheme, as
proposed, subject to the following conditions:

   (i) A moratorium has been imposed on the disposal of
59,785,419 new ordinary shares of Maxtral Industry Bhd (MIB) and
59,785,419 ICPS of MIB (representing 50 percent of the
119,570,837 new ordinary shares and 119,570,837 ICPS to be
issued pursuant to the Proposed Acquisition of KYWI) to be held
by Platinum Digital (M) Sdn Bhd (Platinum), a nominee company of
the vendors of KYWI, which is not permitted to sell, transfer,
or assign its respective shareholdings in MIB which are under
moratorium for at least one (1) year from the date of listing of
the MIB shares and ICPS on the KLSE (Moratorium Period).
Thereafter, the vendors are allowed to sell, transfer or assign
not more than one-third (1/3) per annum of their respective
shareholdings of MIB shares and ICPS which are under the above
said moratorium.

In this regard, every shareholder of Platinum (if the
shareholder is an individual) or every ultimate individual
shareholder (if the shareholder of Platinum is another private
holding company) must give an undertaking to the SC that he/she
will not sell, transfer or assign his/her shareholdings in
Platinum during the Moratorium Period. However, Platinum could
apply the relevant SC's Guidelines in relation to the moratorium
on disposal of shares to be announced at a later stage in line
with the implementation of the final phase of the Disclosure-
Based Regulation;

   (ii) Full disclosure must be made in the circular to
shareholders/prospectus on the status of trade debtors of KYWI
including log advances, ageing analysis of the trade debtors and
comments/statements from KYWI's directors on the prospects of
recovery for debts which are over due.

Full provision must be made for overdue debts under dispute
where legal proceedings have been initiated/undertaken or have
been outstanding for more than six (6) months. In addition,
written notification is to be made to the SC to inform that the
trade debtors which have exceeded the credit period is
collectable; otherwise full provision for doubtful and bad debts
is to be made in the estimated/projected financial accounts;

   (iii) Detailed disclosure is to be made in the circular to
shareholders on the following issues:

     a. The risks associated with the supply of timber including
the terms of the supply agreement with Bugaya Forests Sdn Bhd
(Bugaya Supply Agreement) and how MIB intends to mitigate the
aforesaid risks. In addition, full disclosure must be made
regarding the availability of timber supply in Sabah and the
area where KYWI operates and how KYWI can secure enough timber
supply for future production;

     b. Risks associated with the lack of long-term supply
contracts of MIB Group with its customers and how MIB Group
intends to mitigate the risks;

     c. The risk of MIB Group being dependent on the American
market and steps it proposes to undertake to mitigate the risk;

     d. The basis and justification in determining the purchase
consideration of KYWI, the comparison with similar companies and
the comments from PM Securities regarding the reasonableness of
the purchase consideration; and

     e. The risk management plan to mitigate risks associated
with the business of MIB Group including risk associated with
fire and other emergencies, which could jeopardize the future
operations of MIB Group.

   (iv) Any future transactions between MIB Group and its
Directors and substantial shareholders or companies related to
the Directors and substantial shareholders of the MIB Group must
be at arm's length and shall not include any special terms,
which are more favorable than normal commercial terms and are
therefore detrimental to MIB Group. The Audit Committee of MIB
is required to monitor these transactions and the Board of
Directors of MIB is required to report such transactions, if
any, in the Annual Report of the MIB;

   (v) The Directors and substantial shareholders of MIB are not
allowed to be involved in businesses that will be in competition
with the existing businesses of the MIB Group and the companies
to be acquired pursuant to the Proposed Acquisition. In this
regard, the Directors and substantial shareholders are required
to furnish the SC with their letters of undertaking that they
will not be involved in a similar or competing business with MIB
Group. Furthermore, any existing interests or involvement of the
vendors and Directors of MIB in such businesses, if any, should
be disclosed in the circular to shareholders;

   (vi) The directors/substantial shareholders of MIB Group who
are involved on a full time basis with the MIB Group are not
allowed to be involved full time with their personal businesses;

   (vii) Directors of MIB are required to give written
confirmation to the SC that the factory and premises of KYWI are
fully insured before the implementation of the Proposed
Restructuring Scheme;

   (viii) MIB is prohibited from venturing into businesses that
are not related to its core businesses for a period of three (3)
years from the implementation of the Proposed Restructuring
Scheme;

   (ix) Should the audited profit after taxation for the
financial year ending 31 December 2003 be lower than the
estimated profit after taxation as provided to the SC, the
vendors of KYWI are required to pay in cash to MIB the deficit
within thirty (30) days after the audited financial statements
are finalized;

   (x) GLFB is required to appoint an independent audit firm
which is experienced in conducting an investigative audit and
which is not GLFB's current or past auditors, within the next
two (2) months from the date of the SC's approval letter to
perform an investigative audit on the losses incurred by GLFB.
Concurrently, GLFB is required to undertake all necessary
actions to recover all losses previously incurred. Upon
obtaining the report of the investigative audit, GLFB is to
report to the relevant authorities should there be any breaches
of any laws, regulations, guidelines and/or the memorandum and
articles of the Company by the Directors of the Company or any
other parties which resulted in GLFB's losses. The investigative
audit is to be concluded within six (6) months from the date of
the appointment of the independent auditors and appropriate
announcement on the findings of the investigative audit is to be
made. Two (2) copies of the investigative audit findings are to
be submitted to the SC after the investigative audit is
concluded; and

   (xi) PM Securities, GLFB and MIB are required to fully comply
with all requirements in relation to the Proposed Restructuring
Scheme as provided under the SC's Guidelines.

PM Securities, GLFB and MIB are further required to confirm in
writing upon the compliance with all the conditions imposed by
the SC for its approval until the completion of the Proposed
Restructuring Scheme.

In addition to the conditions imposed by the SC for its approval
of the Proposed Restructuring Scheme, the SC has indicated that
it will only consider the Proposed Disposal of the entire issued
and paid-up share capital of GLFB by MIB to the scheme
administrator (to be appointed later) at a nominal purchase
consideration of RM1.00 after obtaining the relevant
justifications from PM Securities as to why GLFB's timber
concession in Papua New Guinea would be disposed of and not be
used to supply timber to KYWI. Furthermore, PM Securities is
required to provide detailed justification on KYWI's ability to
secure continuous timber supply for its operations as the Bugaya
Supply Agreement is for a period of three (3) years and any
extension of the said agreement is subject to new negotiations
on the supply terms and conditions.


KEMAYAN CORPORATION: Foreign Shareholdings Level Reaches 49%
------------------------------------------------------------
The Board of Directors of Kemayan Corporation Berhad announced
the following information on the level of foreign shareholdings
as at 31 December 2002:

1) The percentage shareholdings of entitled foreigners as at 31
December 2002 is 49 percent; and

2) The percentage shareholdings of non-entitled foreigners as at
31 December 2002 is 6.95 percent.

Kemayan had already approved to award non-entitled foreigners
all rights and privileges etc. except the right to vote at the
General Meeting of the Company.

COMPANY PROFILE

The Company originated as a plantation concern developing oil
palm plantations in Pahang and cocoa plantations in Sabah. It
undertook corporate exercises from 1993 to 1995 focusing on
construction and property related activities via the acquisition
of companies and projects. Besides these, the Group is also
involved in other activities like timber logging and saw-
milling, food manufacturing, retailing and trading, education,
aviation, hotel and tourism.

The 1997/1998 economic crisis faced by the country and the
region severely affected the Group's cashflow and operation of
projects. The Company and certain of its subsidiary companies
obtained a Restraining and Stay Order (RO) on 12 August 1998
from the High Court of Malaya under Section 176(10) of the
Companies Act, 1965 for the purpose of implementing a proposed
corporate restructuring scheme. The RO has been extended to 3
June 2002.

The Company entered into a second MOU on 19 February 2002 with a
White Knight for injection of assets and to propose a corporate
restructuring scheme.

CONTACT INFORMATION: 167, Jln Glasiar
                     Taman Tasek
                     80200 Johor Bahru
                     Johor.
                     Tel : 07-2362390 ;
                     Fax  : 07-2365307


KUANTAN FLOUR: Proposed Acquisition Payment Period Extended
-----------------------------------------------------------
Reference is made to the announcement by Public Merchant Bank
Berhad on behalf of Kuantan Flour Mills Berhad on 2 December
2002 in relation to the Proposals, which consists of the
Proposed Acquisition of APM Industries Holdings Berhad (Proposed
Acquisition) and Proposed Transfer to the Main Board of the
Kuala Lumpur Stock Exchange.

On behalf of KFM, PMBB wishes to announce that the relevant
parties involved in the Proposed Acquisition have mutually
agreed to extend the time period for the first cash payment for
an additional thirty (30) days to 3 March 2003 pending
completion of the due diligence exercise.

Wrights Investors' Service reported that Kuantan Flour Mills at
the end of 2001 had negative working capital, as current
liabilities were Rp34.92 million while total current assets were
only Rp34.06 million.

The Company paid no dividends during the last 12 months. It also
reported losses during the previous 12 months.


LION GROUP: Issues Proposed GWRS Update
---------------------------------------
Lion Corporation Berhad and Lion Land Berhad submitted a joint
application to the Securities Commission (SC) to seek waivers of
the following general offer obligations that may be triggered
pursuant to the Proposed Corporate and Debt Restructuring
Exercises for the LCB, LLB, Amsteel Corporation Berhad (ACB) and
Angkasa Marketing Berhad group of companies (collectively
referred to as the `Lion Group') (Proposed GWRS);

   (i) proposed waivers to the parties acting in concert with
each other (which includes, inter-alia, Tan Sri William Cheng
Heng Jem and LCB) to the control of LLB and ACB respectively,
under Practice note 2.9.7 of the Malaysian Code on Take-overs
and Mergers 1998 (Code), from the obligations to undertake
mandatory general offers for all remaining LLB Shares and ACB
Shares not already owned by them upon completion of the Proposed
GWRS;

   (ii) proposed waivers to the parties acting in concert with
each other (which includes, inter-alia, Tan Sri William Cheng
Heng Jem) to the control of LCB, under Practice Note 2.9.7 of
the Code, from the obligation to undertake a mandatory general
offer for all remaining LCB Shares not already owned by them
upon completion of the Proposed GWRS; and

   (iii) proposed waivers to the parties acting in concert with
each other (which includes, inter-alia, Tan Sri William Cheng
Heng Jem and LLB) to the control of Chocolate Products
(Malaysia) Berhad (CPB) and Posim Berhad (Posim) respectively,
under Practice Note 2.9.7 of the Code, from the obligations to
undertake mandatory general offers for all remaining CPB Shares
and Posim Shares not already owned by them upon completion of
the Proposed GWRS

(collectively, `Proposed Waivers').

In the Circular to shareholders issued by LCB, LLB and ACB dated
9 January 2003, it was stated that the Proposed GWRS would only
proceed to completion if, inter-alia, the Proposed Waivers are
granted.

The SC has, via its letter dated 31 January 2003, determined
that the Proposed GWRS would not give rise to any mandatory
general offer obligations for the remaining LLB Shares, ACB
Shares, LCB Shares, CPB Shares and Posim Shares on the part of
Tan Sri William Cheng Heng Jem and the parties acting in concert
with him, as the Proposed GWRS would not result in a change in
control in the aforementioned companies and the Proposed GWRS is
intended to restore the financial position of these companies.


LION GROUP: Lodges Court Order With Companies Commission
--------------------------------------------------------
On 30 January 2003, the Board of Directors of Amsteel
Corporation Berhad (ACB), Angkasa Marketing Berhad (AMB), Lion
Corporation Berhad (LCB) and Lion Land Berhad (LLB)
(collectively `the Lion Group') collectively announced, inter
alia, that the High Court of Malaya has granted an order
pursuant to Section 176(3) of the Companies Act, 1965
sanctioning the proposed schemes of arrangement of the Lion
Group and of Amsteel Mills Sdn Bhd (a 99.9 percent owned
subsidiary of LLB) with their respective scheme creditors and
also the proposed scheme of arrangement between Silverstone
Berhad (Silverstone) (a 52.27 percent owned subsidiary of ACB)
and its shareholders to reorganize the share capital of
Silverstone to facilitate the proposed acquisition by AMB of 100
percent equity interest in Silverstone (Court Order).

The Company stated the Court Order was lodged with the Companies
Commission of Malaysia on 6 February 2003.


MYCOM BERHAD: Proposes Restructuring Scheme Variations
------------------------------------------------------
Further to the earlier announcements made by Alliance Merchant
Bank Berhad (Alliance) and Mycom Berhad (Mycom or Company) on
the Proposed Restructuring Scheme, Alliance, on behalf of the
Board of Directors (Board) of Mycom wishes to announce certain
variations to the Proposed Restructuring Scheme (Proposed
Variations).

DETAILS OF THE PROPOSED VARIATIONS

(a) Proposed Share Premium Account Reduction

As previously announced
The reduction of the entire amount outstanding in the share
premium account as at 30 June 2001 of RM134,488,604, being set
off against the accumulated losses of Mycom.

Proposed Variation
The reduction of the entire amount outstanding in the share
premium account as at 30 June 2002 of RM134,488,604, being set
off against the accumulated losses of Mycom.

(b) Proposed Revaluation Reserve Account Reduction

As previously announced
The reduction of RM105,037,000 in the revaluation reserve
account as at 30 June 2001, being set off against the
accumulated losses of Mycom.

Proposed Variation
The reduction of RM98,485,000 in the revaluation reserve account
as at 30 June 2002, being set off against the accumulated losses
of Mycom.

(c) Proposed Debt Novation

As previously announced
Certain debts will be novated as follows:

    from certain subsidiaries of Mycom, namely, Duta Grand
Hotels Sdn Bhd (DGH), UNP Plywood Sdn Bhd (UNP), Pacific Forest
Industries Sdn Bhd (PFI) and Sentul Murni Sdn Bhd (SM) to Mycom
of RM251.3 million;

    from Olympia Industries Berhad (OIB) group of companies
(OIB Group) to Mycom of RM99.5 million; and

    from Mycom to OIB of RM51.6 million.

Proposed Variation
Certain debts will be novated as follows:

    from certain subsidiaries of Mycom, namely, DGH, UNP, PFI
and SM to Mycom of RM255,900,932;

    from OIB Group to Mycom of RM87,581,720;

    from Mycom to OIB of RM49,000,780;

    from OIB to Mycom of RM76,162,010; and

    from OLB and OP to Mycom of RM38,015,626.
(d) Proposed OIB Acquisitions

As previously announced
Proposed acquisition of seven (7) companies and properties from
OIB Group for a total purchase consideration of RM51,683,000 to
be settled as follows:

    novation of debts from OIB Group to Mycom (which forms part
of the proposed debt novation) totaling RM42,696,000; and

    cash consideration payable to OIB totaling RM8,987,000.

The companies and properties to be acquired are as follows:

   (a) 100 percent equity interest in Olympia Land Berhad (OLB)
together with its selected subsidiaries, namely MB Properties
Sdn Bhd, Olympia Leasing Sdn Bhd, Bakti Jati Sdn Bhd, Olympia
Property Services Sdn Bhd, Olympia Waterfront Sdn Bhd and Guya
Management Sdn Bhd;

   (b) 100 percent equity interest in Olympia Plaza Sdn Bhd
(OP);
   (c) 100 percent equity interest in Rambai Realty Sdn Bhd;
   (d) 100 percent equity interest in Salhafa Sdn Bhd;
   (e) 100 percent equity interest in City Properties
Development Sdn Bhd;

   (f) 100 percent equity interest in Mascon Construction Sdn
Bhd (MCSB) together with one (1) unit factory situated at Lot
14, Jalan Perusahaan 1, Beranang Industrial Estate, 43700
Beranang, Selangor Darul Ehsan and one (1) unit 4-storey
shop/office situated at Lot 050, Taman Shamelin Perkasa, Phase
1A, Jalan Cheras, 56000 Kuala Lumpur, Wilayah Persekutuan;

   (g) 70 percent equity interest in Maswarna Colour Coatings
Sdn Bhd (Maswarna); and

   (h) one (1) parcel of land measuring approximately five (5)
acres situated at District of Kota Kinabalu, Sabah.
(collectively referred to as Acquiree Assets)

Proposed Variation
Proposed acquisition of the Acquiree Assets for a total purchase
consideration of RM56,377,660 to be settled as follows:

    novation of debts from OIB to Mycom (which forms part of
the proposed debt novation) totaling RM47,390,660; and

    cash consideration payable to OIB totaling RM8,987,000.

(e) Proposed joint venture between Mycom and OIB to develop the
land situated on Lot Nos 21763 - 21768, Mukim Batu, Federal
Territory (KHD Land) proposed to be acquired by Mycom from Kenny
Height Developments Sdn Bhd

As previously announced
OIB will be a passive partner in the joint venture company,
which will undertake the development of KHD Land whilst Mycom
will be actively involved in the property development,
activates.

Proposed Variation
Mycom had incorporated a wholly-owned subsidiary named KH
Estates Sdn Bhd (KHE). KHE together with Olympia Properties Sdn
Bhd (formerly known as Stanmont Development Sdn Bhd) (OPSB), a
wholly-owned subsidiary of OIB, will form a consortium instead
of a joint venture company to undertake the development of KHD
Land. The percentage of revenue, cost, profit and loss sharing
in the consortium is 58:42 for KHE and OPSB, respectively. OPSB
will be the passive partner to the joint venture consortium.

(f) Proposed Debt Restructuring

As previously announced
The Redeemable Unsecured Loan Stocks (RULS) was previously
ascribed a preliminary rating of BB by Malaysian Rating
Corporation Berhad (MARC) on 3 August 2000.

Proposed Variation
The RULS was given a preliminary rating of B by MARC on 16 April
2002.

(g) Proposed Revision in SC's Condition

The Securities Commission (SC), in its approval letter dated 8
March 2002, had imposed a condition that the latest adjusted
audited net tangible assets (NTA) for each of the acquiree
company in the Proposed OIB Acquisitions referred to in (d)
above shall not be less than the NTA value of the respective
acquiree companies as at 30 June 2001. In addition, the latest
adjusted audited NTA for each acquiree company shall not be
later than four (4) months from the final acquisition date.

Due to the lapse of time and delay in implementation of the
proposed restructuring scheme of OIB, OIB has proposed to revise
the purchase consideration of the acquiree companies to reflect
the latest adjusted audited NTA/NTL (except for MCSB) of the
said companies as at 30 June 2002. For the same reason, the
purchase consideration of MCSB, which is based on the discounted
cashflow method, will be adjusted to reflect the revised
cashflow forecast and projections of MCSB for the financial
years ending 30 June 2004 to 2006. As such, Mycom is seeking a
revision to the said condition imposed by the SC as it should
now be based on the audited NTA as at 30 June 2002 instead of 30
June 2001 (Proposed Revision in SC's Condition).

However, Mycom will comply with the SC's condition that the
latest adjusted audited NTA of the respective companies shall
not be later than four (4) months from the final acquisition
date.

RATIONALE FOR THE PROPOSED VARIATIONS

The proposed variations to the Proposed Restructuring Scheme of
Mycom reflect the latest available information and take into
consideration development subsequent to the approval letters
dated 8 and 18 March 2002 and 27 November 2002 issued by the SC.
The variation on the proposed debt novation would have no effect
on the number of securities to be issued by Mycom as approved by
the SC as the loans to be restructured and securities to be
issued pursuant thereto, have been fixed and confirmed with the
respective financial institutions creditors via the due
diligence exercise undertaken.

In addition, the variation to the Proposed OIB Acquisitions has
no effect to the nominal amount of Irredeemable Convertible
Unsecured Loan Stocks to be issued by Mycom (Mycom ICULS). As a
result of varying certain terms of the Proposed OIB Acquisitions
and the Proposed Debt Novation and updating of the inter-company
balance as at 30 June 2002, a net amount of RM142,450,710 is
owing by Mycom to OIB. Mycom proposes to settle the net amount
owing via the issuance of RM140,692,847 nominal amount of Mycom
ICULS to OIB, which had been approved by the SC in its letter
dated 8 March 2002. The remaining RM1,757,863 trade related
debts will be settled by internally generated funds of Mycom.
The amount to be settled by the internally generated funds may
vary in accordance with the ordinary course of business as the
debts are trade in nature. The details of the proposed inter-
company settlement are set out in Table 1 at
http://www.bankrupt.com/misc/TCRAP_Mycom0210.doc.

As stated above, the SC, in its approval letter dated 8 March
2002, had imposed a condition that the latest adjusted audited
NTA for each of the acquiree company in the Proposed OIB
Acquisitions referred to in (d) above shall not be less than the
NTA value of the respective acquiree companies as at 30 June
2001. In addition, the latest adjusted audited NTA for each
acquiree company shall not be later than four (4) months from
the final acquisition date.

Due to the lapse of time and delay in implementation of the
proposed restructuring scheme of OIB and the subsequent
variation to the Proposed OIB Acquisitions, Mycom is seeking a
corresponding revision from complying with the condition imposed
by the SC as it should now be based on the audited NTA as at 30
June 2002 instead of 30 June 2001.

EFFECTS OF THE PROPOSED VARIATIONS

(a) Share capital

The Proposed Variations have no effect on the number of new
ordinary shares of RM1.00 each in Mycom to be issued pursuant to
the Proposed Restructuring Scheme as announced previously on 18
October 2002.

(b) Earnings

The Proposed Variations are not expected to have a material
impact on the earnings of Mycom and its subsidiaries for the
financial year ending 30 June 2003.

(c) Proforma consolidated NTA

Based on the audited consolidated balance sheets as at 30 June
2002, the effects of the Proposed Restructuring Scheme (after
reflecting the Proposed Variations) on the proforma consolidated
NTA per share are shown in Table 2 at
http://www.bankrupt.com/misc/TCRAP_Mycom0210.doc.

(d) Shareholding structure

The Proposed Variations have no impact on the shareholding
structure of Mycom as announced previously on 18 October 2002.

APPROVALS REQUIRED

The Proposed Variations to the Proposed Restructuring Scheme are
subject to, inter-alia, the following approvals:

   (a) SC in respect of the variation to the Proposed OIB
Acquisitions and Proposed Revision in SC's Condition;

   (b) Shareholders of Mycom for the Proposed Restructuring
Scheme (which reflect the Proposed Variations) at the
extraordinary general meeting to be convened; and

   (c) Any other relevant authorities or parties.

DIRECTOR'S OPINION

The Board of Directors of Mycom is of the opinion that the
Proposed Variations to the Proposed Restructuring Scheme are in
the best interest of Mycom and its subsidiaries.

SUBMISSION TO THE RELEVANT AUTHORITIES

The application to the SC in respect of the Proposed Variations
has been made on the date of this announcement. The Foreign
Investment Committee, Ministry of International Trade and
Industry and/or any other authorities or parties will be
notified of the Proposed Variations within one (1) month from
the date of this announcement.

EXTENSION OF TIME IN ACCORDANCE WITH PRACTICE NOTE NO. (PN)
4/2001 IN RELATION TO PARAGRAPH 8.14 OF THE LISTING REQUIREMENTS
ISSUED BY THE KUALA LUMPUR STOCK EXCHANGE (KLSE)

In view of the above, Alliance, on behalf of the Board, wishes
to announce that the Company has on Friday sought an extension
of time from the KLSE to obtain all the necessary approvals from
the regulatory authorities for four (4) months from the date of
submission to the SC in relation to the Proposed Variations on 6
February 2003 to 6 June 2003 (Proposed Extension). The Proposed
Extension was sought in accordance with PN 4/2001 in relation to
Paragraph 8.14 of the KLSE's listing requirements.


NCK CORPORATION: SC Approves Proposed Disposals
-----------------------------------------------
On behalf of NCK Corporation Berhad (Special Administrators
Appointed), Alliance Merchant Bank Berhad announced the Company
had on 5 February 2003 received the approval of the Securities
Commission for the Proposed Disposals via its letter dated 30
January 2003.

The Proposed Disposals collectively refers to:

   * Proposed disposal of assets by NCK Aluminium Extrusion Sdn
Bhd (Special Administrators Appointed) to Yee Po Lam for a cash
consideration of RM5,300,000

   * Proposed disposal of assets by Ng Choo Kwan & Sons Hardware
Sdn Bhd (Special Administrators Appointed) to Puncak Stamaz Sdn
Bhd for a cash  consideration of RM14,929,000

   * Proposed disposal of NCK Metal Sdn Bhd (Special
Administrators Appointed) to  Oriental Castle Sdn Bhd for a net
cash consideration of RM1,514,048

   * Proposed disposal of a piece of land by Multi-Success
Builder Sdn Bhd to Mampu Jaya Sdn Bhd for a cash consideration
of RM5,650,000


OLYMPIA INDUSTRIES: Discloses PROPOSED VARIATIONS Details
---------------------------------------------------------
Further to the previous announcements made by Alliance Merchant
Bank Berhad (Alliance) and Olympia Industries Berhad (OIB or
Company) on the Proposed Restructuring Scheme, Alliance, on
behalf of the Board of Directors (Board) of OIB wishes to
announce certain variations to the Proposed Restructuring Scheme
(Proposed Variations).

DETAILS OF THE PROPOSED VARIATIONS

(a) Proposed Share Premium Account Reduction

As previously announced
The reduction of the entire amount outstanding in the share
premium account as at 30 June 2000 of RM190,534,826 being set
off against the accumulated losses of OIB.

Proposed Variation
The reduction of the entire amount outstanding in the share
premium account as at 30 June 2002 of RM190,534,826 being set
off against the accumulated losses of OIB.

(b) Proposed Debt Novation

As previously announced
Certain debts will be novated as follows:

    from six (6) subsidiary companies of OIB to OIB of RM630.2
million;

    from OIB group of companies (OIB Group) to Mycom Berhad
(Mycom) of RM99.5 million; and

    from Mycom to OIB of RM51.6 million;

Proposed Variation
Certain debts will be novated as follows:

    from six (6) subsidiary companies of OIB to OIB of
RM588,074,624;

    from OIB Group to Mycom of RM87,581,720;

    from Mycom to OIB of RM49,000,780; and

    from OIB to Mycom of RM76,162,010.

(c) Proposed disposal of companies and properties to Mycom
(Proposed OIB Disposals)

As previously announced
Proposed disposal of seven (7) companies and properties to Mycom
for a total disposal consideration of RM51,683,000 to be settled
as follows:

    novation of debts from OIB Group to Mycom (which forms part
of the proposed debt novation) totaling RM42,696,000; and

    cash consideration payable to OIB totaling RM8,987,000.

The companies and properties to be disposed are as follows:

   (a) 100 percent equity interest in Olympia Land Berhad
together with its selected subsidiaries, namely MB Properties
Sdn Bhd, Olympia Leasing Sdn Bhd, Bakti Jati Sdn Bhd, Olympia
Property Services Sdn Bhd, Olympia Waterfront Sdn Bhd and Guya
Management Sdn Bhd;
   (b) 100 percent equity interest in Olympia Plaza Sdn Bhd;
   (c) 100 percent equity interest in Rambai Realty Sdn Bhd;
   (d) 100 percent equity interest in Salhafa Sdn Bhd;
   (e) 100 percent equity interest in City Properties
Development Sdn  Bhd;
   (f) 100 percent equity interest in Mascon Construction Sdn
Bhd together with one (1) unit factory situated at Lot 14, Jalan
Perusahaan 1, Beranang Industrial Estate, 43700 Beranang,
Selangor Darul Ehsan and one (1) unit 4-storey shop/office
situated at Lot 050, Taman Shamelin Perkasa, Phase 1A, Jalan
Cheras, 56000 Kuala Lumpur, Wilayah Persekutuan;
   (g) 70 percent equity interest in Maswarna Colour Coatings
Sdn Bhd; and
   (h) one (1) parcel of land measuring approximately five (5)
acres situated at District of Kota Kinabalu, Sabah.
(collectively referred to as Disposal Assets)

Proposed Variation
Proposed disposal of the Disposal Assets for a total
consideration of RM56,377,660 to be settled as follows:

    novation of debts from OIB to Mycom (which forms part of
the proposed debt novation) totaling RM47,390,660; and

    cash consideration payable to OIB totaling RM8,987,000.

(d) Utilization of proceeds arising from the proposed special
issue

OIB proposes to vary the utilization of proceeds arising from
the proposed special issue (Proposed Utilization) approved by
the SC in its letter dated 8 March 2002 and announced on 11
March 2002. The details of the variation are set out in Table 1.

(e) Proposed joint venture between Mycom and OIB to develop the
land situated on Lot Nos 21759 - 21762, Mukim Batu, Federal
Territory (KHD Land) proposed to be acquired by OIB from Kenny
Height Developments Sdn Bhd

As previously announced
OIB will be a passive partner in the joint venture company,
which will undertake the development of KHD Land whilst Mycom
will be actively involved in the property development
activities.

Proposed Variation
OIB's wholly-owned subsidiary named Olympia Properties Sdn Bhd
(formerly known as Stanmont Development Sdn Bhd) (OPSB) together
with KH Estates Sdn Bhd (KHE), a wholly-owned subsidiary of
Mycom, will form a consortium instead of a joint venture company
to undertake the development of KHD Land. The percentage of
revenue, cost, profit and loss sharing in the consortium is
58:42 for KHE and OPSB, respectively. OPSB will be the passive
partner to the joint venture consortium.

(f) Proposed waiver to SC's condition on the proposed
acquisition of MA Realty Sdn Bhd (MAR), Naturelle Sdn Bhd (NSB)
and Harta Sekata Sdn Bhd (HSSB) (collectively referred to as
Proposed Companies Acquisition) (Proposed Waiver)

The Proposed Companies Acquisition, as announced on 11 March
2002, in summary, entail the proposed acquisition by OIB of the
remaining 66.2 percent, 37.9 percent and 78.0 percent equity
interest in MAR, NSB and HSSB, for a purchase consideration of
RM79,440,000, RM41,690,000 and RM48,360,000, respectively. The
purchase consideration for the Proposed Companies Acquisition
was calculated based on the percentage of equity interest
remaining to be purchased by OIB multiplied by the valuation of
the land held by the respective companies as approved by the SC
in its letters dated 26 February 2001 and 4 October 2001 and
took into account the audited NTA of the acquiree companies as
at 31 December 1999 adjusted for the SC approved valuation of
the land held by the respective companies.

In view of the fact that the Proposed Companies Acquisition is
undertaken in order to facilitate the proposed disposal of the
land held by MAR, NSB and HSSB, directly or indirectly, in the
future years, and that the purchase consideration of the
remaining shares only takes into consideration the value of the
land in MAR, NSB and HSSB, OIB proposes to acquire the remaining
equity interest in MAR, NSB and HSSB with the companies holding
only the land. All other assets and all liabilities of the
acquiree companies are to be transferred to the respective
vendors of MAR, NSB and HSSB and be excluded from the accounts
of the acquiree companies at the time of completion of the
Proposed Companies Acquisition.

However, the SC, in its approval letter dated 8 March 2002, had
imposed a condition that the latest adjusted audited NTA for
each acquiree company shall not be less than the NTA value of
the respective acquiree companies as at 31 December 1999. In
addition, the latest adjusted audited NTA shall not be later
than four (4) months from the final acquisition date. As such,
OIB would like to seek a waiver from the SC for complying with
the said condition as stated above.

RATIONALE FOR THE PROPOSED VARIATIONS

The proposed variations to the Proposed Restructuring Scheme of
OIB reflect the latest available information and take into
consideration development subsequent to the approval letter
dated 8 March 2002 issued by the SC. The variation to the
proposed debt novation would have no effect on the number of
securities to be issued by OIB as approved by the SC as the
loans to be restructured and securities to be issued pursuant
thereto, have been fixed and confirmed with the respective
financial institution creditors via the due diligence exercise
undertaken.

In addition, the variation to the Proposed OIB Disposals has no
effect to the nominal amount of Irredeemable Convertible
Unsecured Loan Stocks to be issued by Mycom (Mycom ICULS). As a
result of varying certain terms of the Proposed OIB Disposals
and the Proposed Debt Novation and updating of the inter-company
balance as at 30 June 2002, a net amount of RM142,450,710 is
owing by Mycom to OIB. Mycom proposes to settle the net amount
owing via the issuance of RM140,692,847 nominal amount of Mycom
ICULS to OIB, which had been approved by the SC in its letter
dated 8 March 2002. The remaining RM1,757,863 trade related
debts will be settled by internally generated funds of Mycom.
The amount to be settled by the internally generated funds may
vary in accordance with the ordinary course of business as the
debts are trade in nature. The details of the proposed inter-
company settlement are set out in Table 2.

The utilization of proceeds arising from the proposed special
issue is adjusted to include the payment of tax expenses and
penalties for the year of assessment 1995 to 2000 as advised by
OIB's tax agent on 6 July 2002. The utilization had also been
adjusted to reflect the fact that the consultants of the Duta
Plaza project who were proposed to be settled by cash amounting
to RM581,200 pursuant to the proposed special issue, had
subsequently agreed to accept the Mycom ICULS to be issued by
Mycom to OIB pursuant to the proposed inter-company settlement
as full and final settlement of the amount owing to them.

The rationale for the Proposed Waiver is that MAR, NSB and HSSB
are land holding companies which are inactive and have minimal
other assets such as cash and bank balances or receivables. The
assumption of assets other than the land held in the respective
acquiree companies and liabilities by the vendors of the
acquiree companies would ensure that the adjusted NTA of these
companies would reflect the SC approved valuation of the land in
these companies. That being the case, it is not necessary to
compare the NTAs of the said companies with their respective NTA
as at 31 December 1999.

The Proposed Waiver would not require a variation on the number
of OIB Shares to be issued to the vendors of MAR, NSB and HSSB
as approved by the SC on 8 March 2002.

EFFECTS OF THE PROPOSED VARIATIONS

(a) Share capital

The Proposed Variations have no effect on the number of new
ordinary shares of RM1.00 each in OIB (OIB Shares) to be issued
pursuant to the Proposed Restructuring Scheme, as announced on
11 March 2002.

(b) Earnings

The Proposed Variations are not expected to have a material
impact on the earnings of OIB and its subsidiaries for the
financial year ending 30 June 2003.

(c) Proforma consolidated NTA

Based on the audited consolidated balance sheets as at 30 June
2002, the effects of the Proposed Restructuring Scheme (after
reflecting the Proposed Variations) on the proforma consolidated
NTA per share are shown in Table 3.

(d) Shareholding structure

The Proposed Variations have no impact on the shareholding
structure of OIB.

APPROVALS REQUIRED FOR THE PROPOSED VARIATIONS

The Proposed Variations to the Proposed Restructuring Scheme are
subject to, inter-alia, the following approvals:

   (a) SC in respect of the variation to the Proposed OIB
Disposals, Proposed Utilization and Proposed Waiver;

   (b) Shareholders of OIB for the Proposed Restructuring Scheme
(which reflects the Proposed Variations) at the extraordinary
general meeting to be convened; and

   (c) Any other relevant authorities or parties.

DIRECTOR'S OPINION ON THE PROPOSED VARIATIONS

The Board of Directors of OIB is of the opinion that the
Proposed Variations to the Proposed Restructuring Scheme are in
the best interest of OIB and its subsidiaries.

SUBMISSION TO THE RELEVANT AUTHORITIES ON THE PROPOSED
VARIATIONS

The application to the SC in respect of the Proposed Variations
has been made on the date of this announcement. The Foreign
Investment Committee, Ministry of International Trade and
Industry and/or any other authorities or parties will be
notified of the Proposed Variations within one (1) month from
the date of this announcement.

EXTENSION OF TIME IN ACCORDANCE WITH PRACTICE NOTE NO. (PN)
4/2001 IN RELATION TO PARAGRAPH 8.14 OF THE LISTING REQUIREMENTS
ISSUED BY THE KUALA LUMPUR STOCK EXCHANGE (KLSE)

In view of the above, Alliance, on behalf of the Board, wishes
to announce that the Company has sought on Friday an extension
of time from the KLSE to obtain all the necessary approvals from
the regulatory authorities for four (4) months from the date of
submission to the SC in relation to the Proposed Variations on 6
February 2003 to 6 June 2003 (Proposed Extension). The Proposed
Extension was sought in accordance with PN 4/2001 in relation to
Paragraph 8.14 of the KLSE's listing requirements.

Tables 1 to 3 can be found at
http://www.bankrupt.com/misc/TCRAP_Olympia0210.doc.


PAN PACIFIC: Presenting Debt-Restructuring Concept to Bankers
-------------------------------------------------------------
The Board of Directors of Pan Pacific Asia Bhd announce the
Default in Payment as at 31 January 2003 of PPAB and its
subsidiaries in accordance with the Practice Note No. 1/2001, as
attached at http://www.bankrupt.com/misc/TCRAP_PPAB0210.xls

The Board of Directors also announced that the Company has yet
to receive any approval from the relevant authorities for its
debt restructuring exercise.

Meanwhile, the Company has presented the debt-restructuring
concept to one banker and will continue to present the debt
restructuring scheme to the other bankers within the next two
weeks. As announced on 24 January 2003, the Company has entered
into a Settlement Agreement with Danaharta Managers Sdn Bhd and
Danaharta Urus Sdn Bhd (the said Companies) for the settlement
of debts due to the said Companies by the Group of approximately
RM58million.


PROMET BERHAD: In Restructuring Talks With White Knight
-------------------------------------------------------
Promet Berhad had on 28 January 2003 entered into a Memorandum
of Agreement with Dato' Mahmud Bin Ali and Mohd Shafie Bin
Mahmud on behalf of the shareholders of Mersik (M) Sdn Bhd
(White Knight party) to establish the framework of negotiations
towards the participation of Mersik (M) Sdn Bhd in a
restructuring scheme of Promet Berhad.

The Company and the White Knight party are working towards a
definitive restructuring agreement and various sale and purchase
agreements in respect of the proposed assets injection.


SITT TATT: Vendors Extend Proposed Acquisitions Time Completion
---------------------------------------------------------------
Further to the announcement dated 14 November 2002 in relation
to the Proposals, Utama Merchant Bank Berhad (UMBB) announced,
on behalf of the Board of Directors of Sitt Tatt Berhad that
MISL & Associates Sdn Bhd (the vendor for the Proposed
Acquisitions) have in their letter to Sitt Tatt Berhad dated 30
January 2003, agreed to extend the completion date of the
Proposed Acquisitions of 31 January 2003 as per the Third
Supplemental Agreement dated 13 November 2002 to the new
completion date of 30 April 2003.

The Proposals are:

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


TONGKAH HOLDINGS: Vendors Not Obliged to General Offer Extension
----------------------------------------------------------------
Reference is made to the announcements dated 30 September 2002
and 5 November 2002, in relation to the Proposals, which
involves a Proposed Restructuring Scheme and Proposed Exemption.

Public Merchant Bank Berhad, on behalf of the Board of Tongkah
Holdings Berhad, wishes to announce that the Securities
Commission had, by its letter dated 5 February 2003, mentioned
that the vendors of Harbour-Link (M) Sdn Bhd (HLM), Harbour
Agencies (Sarawak) Sdn Bhd (HAS) and Eastern Soldar Engineering
and Construction Sdn Bhd (ESEC) are not obliged to extend a
mandatory general offer pursuant to the proposed acquisitions of
HLM, HAS and ESEC by Harbour-Link Group Berhad.

In connection thereto, there is no requirement for an
application for an exemption from the obligation to extend a
general mandatory offer under the Practice Note 2.9.3 of the
Malaysian Code on Take-Overs and Mergers, 1998.


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


BELLE CORPORATION: Appoints New Audit Chairman
----------------------------------------------
The Board of Directors of Belle Corporation has elected Gregorio
U. Kilayko as the new independent Director-Chairman of the
Corporation's Audit Committee. Kilayko was elected as member
thereof to replace, and serve out the unexpired term of Luis P.
Lorenzo, Jr.

Kilayko is currently the President of ABN-AMRO Asia Securities
(Philippines), Inc.

The Troubled Company Reporter-Asia Pacific reported that Belle
Corporation posted a consolidated net profit of 520.5 million
pesos in the nine-month period to September, versus a net loss
of 977.1 million a year ago.

Contributing significantly to Belle's turnaround was its net
capital gain from the sale of its majority stake in Highlands
Prime Inc. to Henry Sy Sr. of the SM group.

Belle, however, incurred operating losses of 15.2 million pesos
during the period, compared with the year-earlier loss of 93.4
million pesos.

For a copy of the press release, go to
http://bankrupt.com/misc/tcrap_belle0207.pdf



BENPRES HOLDINGS: Issues Special Stockholders' Meeting Update
-------------------------------------------------------------
Further to the Circular for Brokers No. 0348-2003 dated February
6, 2003, Benpres Holdings Corporation (BPC) furnished the
Exchange a copy of its SEC Form 17-IS (Preliminary Information
Statement) in connection with its Special Stockholders' Meeting,
which will be held on March 13, 2003, at 9:30 a.m., at Studio 1,
ABS-CBN Broadcast Centre, Mother Ignacia, Quezon City. The
proposed action for the said meeting, as stated in the
Information Statement, shall be:

"The Board of Directors would recommend to the stockholders the
delegation to the Board of Directors the authority to take all
actions and matters necessary and desirable for the
restructuring of the Corporation's obligations under its Balance
Sheet Management Plan."

As previously announced, "All stockholders of record as of
February 19, 2003 are entitled to notice and to vote at the
Special Stockholders' Meeting."

For a copy of the press release, go to
http://bankrupt.com/misc/tcrap_bhc0207.pdf


MANILA ELECTRIC: Union Fenosa Will Reconsider Investment
--------------------------------------------------------
Union Fenosa SA of Spain is rethinking its investments in Manila
Electric Co. (Meralco) amid the latter's failure to meet income
targets and the danger of losing some 28 billion pesos
(US$518.87 million) it allegedly over billed customers, Business
World reports.

The report said Union Fenosa is dismayed over the failure of
Meralco to prop up share prices and consequently, "add premium"
to multimillion-dollar investments in the power distributor.

Union Fenosa representative Emilio Vicens recently met with
ranking Meralco officials and asked them how they plan to
increase the value of Meralco stockholdings.

"The officials were red in the face and could not give an
explanation," the source said.

Meralco Corporate Communications head Elpidio Cuna denied Union
Fenosa is mulling pulling out of Meralco, stressing he himself
had met with Mr. Vicens. "There is no truth to that. It's false.
Withdrawal is not even in the works," he said.

Meralco is awaiting the Supreme Court's ruling on its appeal
seeking to overturn the November decision requiring it to refund
some 28 billion pesos in over billings to its three million
customers.


NATIONAL POWER: Govt Saves US$850M on IPP Negotiations
------------------------------------------------------
The Department of Energy (DOE) and the Power Sector Assets and
Liabilities Management Corp. (PSALM) announced Wednesday that
the Philippine government has generated estimated savings of
about $850 million or 44 billion pesos in present value as a
result of the discussions with the National Power Corporation
(Napocor)'s fuel suppliers and independent power producer
(IPP)'s.

The successful negotiations so far cover a total of 16
contracts. These include the Navotas gas turbines, Pagbilao
coal-fired plant and Subic bunker-fired plant. These savings
have been offered by the IPPs within the terms of the contracts,
following a series of bilateral discussions with the DoE and
PSALM.

Napocor and Philippine Geothermal, Inc. (PGI) have also recently
reached an agreement on the terms of a new sales steam
agreement, ending a seven-year-long dispute on the
interpretation of the renewal clause of the original 25-year
Service Contract for the operations of the Tiwi and Makiling-
Banahaw geothermal sites.

"The resolutions of these issues will definitely help ease the
financial burden of these energy off-take agreements on the
government and lead to a lower universal charge to consumers
while preserving the sanctity of contracts," Energy Secretary
Vincent S. Perez, Jr.

"We also appreciate the cooperative spirit and willingness of
the IPPs to balance their interest with those of the consuming
public," the energy chief added.

President Gloria Macapagal-Arroyo mandated the DoE and PSALM to
conduct the second-phase review of the IPP contract in relation
to the financial issues. An Inter-Agency Review Committee
composed of the departments of Finance, Justice and the National
Economic and Development Authority did the first-phase review of
Napocor's IPP contracts.

Section 68 of the Electric Power Industry Reform Act ordered the
review of IPP contracts to help reduce the cost of electricity
for consumers while respecting valid commercial contracts and
honoring government obligations.

The National Power Corporation (Napocor) is set to complete its
restructuring by the end of February, the Troubled Company
Reporter-Asia Pacific reports. As a result of this move, 3,800
employees out of its 5,100-strong work force would be retained
to fill in the positions in a reorganized Napocor.

Napocor will post vacant positions within the firm, which must
be filled by February 28, 2003. At least 1,500 Napocor employees
will be retrenched and retired as part of restructuring program
in the privatization of the state-owned firm.


NATIONAL POWER: Sale Delay May Result in $1B Yearly Loss, PSALM
---------------------------------------------------------------
The Power Sector Assets and Liabilities Management Corporation
(PSALM), the government agency handling the sale of the
transmission assets of National Power Corp. warned the power
firm of $1 billion yearly losses if the sale will be delayed,
the Malaya Newspaper said on Friday.

PSALM President Edgardo del Fonso said the loss would stem from
higher interest charges, lower asset value and continuing losses
from Napocor.

At present, the Transco franchise bill is pending at the Senate,
and del Fonso added that its passage is still uncertain.

"Privatization value may not be optimized as investors would
likely apply for higher discount rates on Transco cash flows,
that would result to lower proceeds," del Fonso said.

According to del Fonso at least four firms have already sent
letters of intent for the bidding. Though he refused to name
these firms, he said they are all Asian companies that are
"pretty substantial players" in terms of asset base.

"The four firms are individual companies but may be later they
may decide to form a consortium," he said.


NATIONAL STEEL: Asset Bidders Line Up at DTI
--------------------------------------------
Interested parties have lined up at the Department of Trade and
Industry (DTI) to bid for the mothballed National Steel
Corporation (NSC), the Philippine Star said on Friday, quoting
Trade and Industry Secretary Manuel Roxas II.

Roxas refused to identify the interested bidders.

At the same time, he also assured employees of the NSC that the
payment of their retirement and benefit claims will be
considered when the process of liquidation starts.

"Some assets of NSC would be liquidated. The plant assets would
be used to settle the claims of secured creditors," Roxas said.

The free assets - which include the 11-hectare Pasig plant,
various real estate properties in Antipolo, Baguio, Bohol and
Iligan, as well as material and supplies inventory remaining in
the Iligan plant - would be applied to other Company
obligations, principal among which is the employees' claim for
retirement and separation benefits.


NATIONAL STEEL: Bidding for Assets Slated Soon, Says Roxas
----------------------------------------------------------
The government is set to bid out the assets of National Steel
Corporation (NSC), Business World reported on Friday, citing
Trade and Industry Secretary Manuel A. Roxas II.

Creditors and shareholders of NSC signed on November 26 a MoA
for the steel firm's debt restructuring and rehabilitation. The
government is now in the process of turning the MoA into a
shareholders agreement, which could later pave the way for the
reopening of the steel firm.

NSC closed its plants in Iligan City in November of 1999
following failure to repay debts of about 18 billion Philippine
pesos (US$333.56 million).

As this developed, NSC employees, in a letter to the Department
of Trade and Industry (DTI), urged the government to speed up
the process of liquidating NSC assets. They also sought
assurance employees' interests will be prioritized.

NSC employees, the hardest hit when the NSC plant in Iligan City
closed, have yet to receive PhP650 million in separation
benefits.


PHILIPPINE LONG: SEC OKs P2B Short-Term CP's
--------------------------------------------
The Securities and Exchange Commission has approved Philippine
Long Distance Telephone Company (PLDT)'s proposed 2.0 billion
pesos one-year notes issue, AFX Asia reports. The peso-
denominated notes will be issued in one or several tranches. The
rate for the notes will be based on prevailing market rates at
the time of issue.

Citicorp Capital Philippines Inc is the arranger and lead-
selling agent of the issue together with Citicorp Securities
(R.P.) International Inc.

The net proceeds of the issue will be mostly used for non-
interest bearing payables such as interconnection access charges
to local carriers. These interconnection dues were previously
estimated at 1.5 billion pesos.

The proceeds will not be used to settle long-term debt.


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


NEPTUNE ORIENT: Posts Notice of Shareholder's Interest
------------------------------------------------------
Neptune Orient Lines Limited (NOL) posted a notice of changes in
substantial shareholder Neptune Orient Lines Ltd's interest:

Date of notice to Company: 05 Feb 2003
Date of change of deemed interest: 29 Jan 2003
Name of registered holder: CDP : DBS NOMINEES
Circumstance(s) giving rise to the interest: Others
Please specify details: Securities Lending/Borrowing Transaction

Information relating to shares held in the name of the
registered holder:
No. of shares, which are the subject of the transaction,:
(900,000)
% of issued share capital: 0.077
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: -
No. of shares held before the transaction: 1
% of issued share capital:
No. of shares held after the transaction: 2
% of issued share capital:

Holdings of Substantial Shareholder including direct and deemed
interest
                                            Deemed   Direct
No. of shares held before the transaction: 4,943,304 383,465,362
% of issued share capital:                  0.42     32.6
No. of shares held after the transaction:  4,043,304 383,465,362
% of issued share capital:                 0.34      32.6
Total shares:

Note: Under "Shares held in the name of registered holder",
Temasek will revert with the figures for 1 & 2 when they are
available.

Based on NOL's paid up capital of 1,176,133,887 as of March 7,
2002.


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


CHRISTIANI & NIELSEN: Feb 18 Creditors Meeting Scheduled
--------------------------------------------------------
CN Advisory Company Limited, as the Planner of Christiani &
Nielsen (Thai) Public Company Limited, informed that the
Creditors' Meeting will be held on the 18th day of February
2003, 09:30 a.m., at 2nd Floor Meeting Room Y.W.C.A Association,
13th South Sathorn Road, Tungmahamek Subdistrict, Sathorn
District, Bangkok Metropolis.


T. C. ALPHA: Files Reorganization Petition in Bankruptcy Court
--------------------------------------------------------------
The Petition for Business Reorganization of T. C. Alpha Jibsen
Company Limited (DEBTOR), representative for distribution of
building equipment, agricultural equipment and other
goods/services, was filed to the Central Bankruptcy Court:

   Black Case Number 1045/2545

   Red Case Number- /2545

Petitioner: T. C. ALPHA JIBSEN COMPANY LIMITED

Debts Owed to the Petitioning Creditor : 1,124,150,260.90Baht

Date of Court Acceptance of the Petition : June 25, 2002

Date of Examining the Petition: July 22, 2002 at 9.00 A.M.
Court had issued an order cancelled the Petition for Business
Reorganization on August 19, 2002

Contact : Ms. Piyanant Tel, 6792525 ext. 114


THAI DURABLE: Resolutions Passed at Shareholders' Meetings
----------------------------------------------------------
The Extra-Ordinary Shareholders Meeting of Thai Durable Textile
Public Company Limited No. 1/2003, which was held on February 5,
2003 at the 7th Floor, Landmark Ballroom, The Landmark Hotel,
No. 138, Sukhumvit Road, Klongtoey, Bangkok, has resolved the
following:

   1. It was resolved to approve the rehabilitation plan made by
the company and Seamico Securities Public Company Limited, the
financial advisor of the company.

  2.  It was resolved to approve the amendment to the Articles
of Association of the Company with respect to the appointment of
the share registrar, the shares buy back, the capital reduction
and the execution of connected transaction to comply with the
laws and the rules and regulations of the Stock Exchange of
Thailand.


THAI DURABLE: Releases Rehabilitation Plan Summary
--------------------------------------------------
Thai Durable Textile Public Company Limited released a copy of
the Rehabilitation Plan Summary, as the Extra-Ordinary
Shareholders Meeting No. 1/2003 held on February 5, 2003, has
unanimously resolved to approve the Plan.

Go to http://www.bankrupt.com/misc/TCRAP_TDT0210.pdfto see an
English translation of the summary of the rehabilitation plan,
which should not be relied upon as the definitive or official
document of the Company. The Thai version is the definitive and
official document and shall prevail in all respects in the event
of any inconsistency with the English translation.


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

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

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

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

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

                 *** End of Transmission ***