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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

          Tuesday, February 11, 2003, Vol. 6, No. 29

                         Headlines


A U S T R A L I A

ANACONDA NICKEL: U.S. Suitor to Scrap Contentious Bid Clause
ANACONDA NICKEL: Pending MatlinPatterson Bid Causes Trading Halt
ANACONDA NICKEL: Panel Receives Application from Glencore
COLES MYER: Analysts Expect Below Par 2Q03 Figures
ENERGY WORLD: Secures Repayment Extension on AU$80M Bank Loan

HIH INSURANCE: Regulator Adds Three More Names to Hit List
PMP LIMITED: Appoints David Kirk as New CEO, Managing Director
TOWER LIMITED: KPMG Completes Review, Finds Firm Solvent


C H I N A   &   H O N G  K O N G

CHAN KWOK: Creditors Must Prove Claim to Receive Dividend
HOPWIN ENGINEERING: Winding Up Hearing Set for February 26
LEE CHI: Creditors Must Prove Claim by Feb. 22 to Get Dividend
LEE LOY: Winding up Hearing Slated on February 26
LIU PUI: Deadline for Lenders with Proofs of Claim Nears

MANSION HOLDINGS: Buys Health Club Amid Ailing Financial Footing
SO KIN: Creditors Must Prove Claim by Feb. 22, Says Receiver
TIFFANY INTERNATIONAL: Court to Hear Wind Up Petition Feb. 19
TSO WAI: Creditors Must Prove Claim by Feb. 22 to Get Dividend
UNIVERSE BUSINESS: Creditors Have Until Feb. 22 to Prove Claims

WONG SIK: Only Creditors with Proofs of Claim Can Get Dividend
YUNG WAI: Plans to Declare Dividend, Says Receiver
ZHONG QUAN: Receiver to Host Creditors, Contributors Meetings


I N D O N E S I A

BANK PERMATA: Expects Better Luck This Year


J A P A N

FUJITSU LIMITED: Pulls out of Commodity-Grade LCD Products
FUKUI CONSTRUCTION: Construction Firm Applies for Rehab
KAWASHO GECOSS: JCR Affirms BBB Rating
MARUBENI CORPORATION: Dissolving Food Unit in China
MARUBENI CORP.: Settles Alaska Bristol Antitrust Lawsuit

MITSUBISHI MOTORS: Investing Y50B on Restructuring
MIZUHO HOLDINGS: Issues Preferred Shares
MIZUHO HOLDINGS: Hopes to Boost Capital
MIZUHO HOLDINGS: Asks Clients for $7.14 Billion in Aid
MIZUHO HOLDINGS: Dissolves Wholly Owned Unit

RESONA HOLDINGS: Likely to Remain in Debt for Second Year
SEIWA KK: Golf Course Applies For Rehabilitation
TDK CORP: Delisting Shares From European Stock Exchanges
TOSHIBA CORPORATION: Moody's Sets Baa1 Rating on Bond
YANASE & CO.: Raises Y9B in Share Sale to Itochu


K O R E A

ASIANA AIRLINES: Posts US$164.89M Profit
DACOM CORPORATION: Bounces Back After Five Years of Losses
HYNIX SEMICONDUCTOR: Aims to Invest in Smart Card Business
TONGIL HEAVY: CNI Consortium Acquires Automaker


M A L A Y S I A

AUTOWAYS HOLDINGS: Still Awaiting Nod on Restructuring Plan
BRISDALE HOLDINGS: Shareholders OK Scheme of Reconstruction
PLANTATION & DEVELOPMENT: SC OKs Vendor Exemptions
NYLEX (MALAYSIA): FIC Approves Proposals Without Conditions
UNITED CHEMICAL: Status of Loan Defaults Remains Unchanged


P H I L I P P I N E S

MANILA ELECTRIC: Clarifies Union Fenosa Report
MAYNILAD WATER: Terminates Water Concession Business in Manila
MULTITEL INTERNATIONAL: Faces New Accusations from Clients
SHEMBERG BIOTECH: Widens Net Loss to P179-M


S I N G A P O R E

ASIA PULP: Foreign Lenders Want More Control
SEATOWN CORPORATION: Appointment of Judicial Manager


T H A I L A N D

BANGKOK TRANSIT: TAMC to Intervene in Debt Negotiations
TPI POLENE: CEO Says Rival Behind Opposition to Purchase Machine
TPI POLENE: Restructuring Planner Overcharged Firm, Says CEO

     -  -  -  -  -  -  -  -

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A U S T R A L I A
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ANACONDA NICKEL: U.S. Suitor to Scrap Contentious Bid Clause
------------------------------------------------------------
U.S. vulture fund, MatlinPatterson, was expected yesterday to
lift a condition in its bid for Anaconda Nickel Limited, which
stands as the only obstacle to its takeover offer, The West
Australian reports.

The prospective American buyer earlier required access to
Anaconda's records and forecasts for the Murrin Murrin project
as a condition for its cash bid.  But a spokesman for the U.S.
suitor told The West Australian yesterday that, "as far as we
are concerned, it is full steam ahead."

According to the paper, failure to remove this condition would
likely mark the death of MatlinPatterson's bid.  The U.S. firm
had until 3 p.m. yesterday to make a decision on the matter.  If
the condition is scrapped, Anaconda shareholders will then have
three days to decide whether to accept the cash bid or continue
as minority shareholders in a restructured Anaconda controlled
by Swiss metals trading group Glencore, the paper said.

The report says the panel has had to examine five separate
applications in the wake of MatlinPatterson rocking the market
last month with a bid that has drawn fire from Anaconda
management and its 33.8 percent shareholder, Glencore.  Glencore
is underwriting a 14-for-one rights issue that was being made as
part of a restructure of the Perth-based company's crippling
bond debt, the paper said.

MatlinPatterson's tilt came with the support of second-biggest
shareholder Anglo American, which had agreed to tip a 19.9
percent stake into the bid, and Anaconda founder Andrew Forrest,
whose interests hold about 4.5 percent.  But the MatlinPatterson
bid appeared to hit another major hurdle late last week when the
panel also revoked relief granted by the Australian Securities &
Investments Commission relating to the exercise of rights it
gained under the bid, the paper said.

MatlinPatterson's bidder's statement said the pre-bid agreement
with Anglo was terminated when ASIC relief was set aside or
revoked by any public authority and had not been replaced.  The
MatlinPatterson spokesman told The West Australian Sunday that
the company had gained confirmation from Anglo at the weekend of
its continued support for the bid.

An Anaconda spokesman told the paper in a separate interview
that MatlinPatterson had to clarify quickly all the conditions
of its bid and provide a supplementary bidder's statement,
including a disclosure on Anglo's position in relation to the
pre-bid agreement. "The ball is in their court now," the
spokesman said. "Anaconda directors will not stand in the way of
a legitimate bid."

MatlinPatterson's bid remains subject to acceptances amounting
to 51 percent of ordinary shares, a condition that seems likely
to remain.  The MatlinPatterson bid for the Anaconda rights runs
until Thursday while its bid for Anaconda scrip theoretically
runs until March 5, the report said.

The overall MatlinPatterson bid effectively expires on Thursday
because a bid for the existing shares would be pointless if
currently issued stock was diluted up to 14-fold by the rights
issue, which has a deadline of Friday night, the paper said.

The Anaconda scheme of arrangement must be finalized by February
28, otherwise the company faces administration, the paper added.


ANACONDA NICKEL: Pending MatlinPatterson Bid Causes Trading Halt
----------------------------------------------------------------
The parties involved in the Takeovers Panel application remain
in discussions to resolve matters associated with
MatlinPatterson's offer. In the meantime Anaconda has asked the
ASX for a trading halt on its shares.  Anaconda anticipates
being able to provide an update to shareholders on Tuesday.
Meanwhile, it suggests shareholders and rights holders take no
action in regard to the MatlinPatterson offer.

For further information contact:

John Quayle (Company Secretary)
Phone: +61 8 9212 8400

Tony Dawe and Ward Holt (Corporate Communication
Phone: +61 8 9221 8722


ANACONDA NICKEL: Panel Receives Application from Glencore
---------------------------------------------------------
The Takeover Panel advises that today it has received a further
application in relation to the affairs of Anaconda Nickel
Limited (ANL).

The application is from Glencore International AG (Glencore) for
a declaration of unacceptable circumstances in relation to the
structure of the offer (the Rights Offer) by MatlinPatterson
Global Opportunities Partners LP (MP Global) (through a
subsidiary) to acquire rights (Rights) in ANL.

MP Global has announced that it is proceeding with its Rights
Offer and its offer to acquire the shares in ANL. The
announcement was made after the Anaconda 02 - 05 Panel made its
decision to revoke ASIC relief that had been granted to MP
Global in relation to the Rights Offer.

Glencore submits that it is unacceptable for MP Global not to
confirm that:

(a) It will extend its offer for ANL shares to include all
    shares issued under the ANL Rights Issue; and

(b) If the Rights Offer conditions are satisfied or waived, MP
    Global will exercise all of the Rights it acquires or
    receives sufficient to maintain its percentage voting power
    in ANL at the level it has at the close of the Rights Offer.

Glencore is seeking consequential orders in relation to its
application.

The Panel has not yet sought the views of persons potentially
involved in the application and has therefore formed no views on
the application.

The Panel is aware of the timing issues in the current
commercial events in relation to Anaconda and will endeavor to
ensure that Panel proceedings interfere with those timetables as
little as possible.

The President of the Panel has appointed the Anaconda 01 to 05
Panel, Brett Heading, Tro Kortian and Peter Scott, to consider
the application.

For more information, please contact:
N Morris (Anaconda Director)
Address: Level 4, 30 The Esplanade
          Perth Western Australia 6000
   Phone: (08) 9212 8400
     Fax: (08) 9212 8401
   Email: anaconda@anaconda.com.au
Web site: http://www.anaconda.com.au/


COLES MYER: Analysts Expect Below Par 2Q03 Figures
--------------------------------------------------
Several analysts downgraded late last week their profit
forecasts for Coles Myer, which pegged the figure at AU$435
million in December, The Advertiser said yesterday.

Market observers believe falling sales and rising cost had
likely battered the group's second quarter performance.  They
also forecast weakness in the company's core food and liquor
operations.  They expect the group's second-quarter sales, due
on Friday, to show disappointing food earnings and weaker
margins across all divisions.

The paper said rumors the head of the supermarket division Alan
Williams would leave the company earlier than expected kicked
off the 5% share price slide.  Credit Suisse First Boston's
Michael Jenneke told The Advertiser the food arm showed signs of
a "negative loop" of falling sales and rising costs and was on
the verge of losing market share to Woolworths.  He has cut his
annual profit forecast to AU$393 million from AU$403 million
previously, the paper said.


ENERGY WORLD: Secures Repayment Extension on AU$80M Bank Loan
-------------------------------------------------------------
Ailing power generator, Energy World Corp, has finally reached a
deal with Commonwealth Bank over a repayment extension on an
AU$80 million-plus debt facility, The West Australian said
yesterday.

But under the agreement, the debt-laden power firm must sell
non-core assets and repay its outstanding debts to the bank in
nine months, the paper said.  Other than the rescheduling of the
due date, nothing in the loan agreement was restructured.

"We [did] not [ask] the bank to take a haircut or cents in the
dollar," Energy World Executive Director Ian Jordan told The
West Australian in an interview Sunday.

The AU$120 million facility was set up in 1997, according to the
paper, but after the Asian financial crisis triggered an
economic meltdown in the region, the company experienced
difficulty paying up.  The company has been trying to
restructure the debt for more than two years now.

In July last year, the paper said, Commonwealth Bank granted
Energy World an extension until the end of the year but company
management again failed to sell asset or secure other
refinancing to relieve the bank of its unsyndicated exposure.

The debt facility, taken out while the company was a share
market darling, has proven to be a financial nightmare as well
as a source of embarrassment, the paper said.  Previously known
as Energy Equity, the firm changed its name after coming under
the control of Energy World International, a Hong Kong-based
group linked to investor and dealmaker Stewart Elliott.

The Energy World International-led management team has spent two
year trying to restructure the finance facility and has survived
with cash injections from the Hong Kong group and a series of
short-term extensions on the long-expired Commonwealth Bank
facility, the paper said.

Mr. Jordan believes now is not a good time to sell assets in
light of difficulties faced by other power-related companies,
but Energy World is better off than many other companies in the
sector.  He said all the assets of the firm are being reviewed
and it has already identified several non-core assets for
disposal, including a 25 percent stake in the Basin Bridge power
project near Madras and an undeveloped project in the
subcontinent.


HIH INSURANCE: Regulator Adds Three More Names to Hit List
----------------------------------------------------------
An independent investigation by the Australian Securities and
Investment Commission has found three other people responsible
for the AU$5 billion collapse of HIH Insurance.

Citing Channel Nine who interviewed ASIC Chairman David Knott on
its Business Sunday program, The Age newspaper said the
identities of the three are not known.  But Mr. Knott said they
will likely face the same charge currently leveled against CEO
Ray Williams and director Rodney Adler.

"I said last year our own investigation into parts of HIH would
be likely to result in further prosecutions and I still have
that view," Mr. Knott was quoted by The Age as saying.

"As late as Friday we referred recommendations to the Director
of Public Prosecutions (DPP) for criminal charges against three
additional people.  These are in relation to matters not
connected with existing charges," he said.

"I don't want to say anything about the people or the matters
because the DPP now has to assess that information and decide
whether to lay charges so, in fairness, we need to wait," he
added. "These are matters that have been the subject of evidence
before the Royal Commission."

Mr. Knott said it is possible that more people would be charge
after the release of the Royal Commission report expected in
April.  He noted that prosecutors assisting the Commission have
noted 1,000 possible breaches of the law relating to the high-
profile collapse.  The list of breaches includes hundreds of
instances of potentially criminal activity, but he said ASIC
would be waiting for recommendations from Royal Commissioner
Justice Neville Owen.

Meanwhile, he said, the ASIC might need to request an increased
budget and adjust processes regarding action over HIH, depending
on Justice Owen's findings.  The Federal Government has already
provided ASIC with an extra AU$5 million to help it deal with
the large number of cases that are expected to come out of the
royal commission's report, although those funds are expected to
run out midway through the year, the paper said.

"It really depends on what Commissioner Owen does, but it may
not just be a matter of how much money," Mr. Knott said. "It may
be a question how these things are to be taken forward."

"There may need to be some sort of special taskforce set up, led
by ASIC, but involving other people as well... If the volume (of
cases) was such that it was clearly beyond our capacity to
manage it, we would need to look at some other way of handling
it," he said.


PMP LIMITED: Appoints David Kirk as New CEO, Managing Director
--------------------------------------------------------------
PMP Limited announced yesterday the appointment of David Kirk as
its new Managing Director and Chief Executive Officer.

A Rhodes Scholar and former policy advisor to the New Zealand
government, Mr. Kirk has held key executive roles in Australia,
the UK and New Zealand.  He has extensive experience of the
newsprint and magazine paper markets, and is currently regional
President of Norske Skog (Australasia) Sydney, part of the
Norwegian Norske Skog group, the world's second largest
manufacturer of newsprint and the third largest manufacturer of
magazine paper.  He is also Chairman of the Australian Paper
Industry Council.

PMP Chairman, Graham Reaney, welcomed Mr. Kirk's appointment,
which followed an extensive executive search.

"Mr. Kirk brings to PMP the operational and leadership skills
required to implement the recommendations of the strategic
review currently being undertaken by PMP in conjunction with
Bain International," he said.

"He has a strong track record of growing shareholder value by
driving change through all levels of a business. Key to his
selection were his experience of managing businesses with
similar operating environments to PMP and his track record of
successfully leading companies through the type of challenges
the group is currently facing."

"Mr. Kirk's strong management skills base together with his
understanding of the newsprint and magazine paper markets will
enable him to drive PMP's business with a focus on profitability
and restoring shareholder value."

Mr. Reaney said that Mr. Kirk's salary package contains
incentives to achieve PMP's performance improvement targets,
which will be outlined to the market on February 27.

Mr. Kirk will receive a base salary package of AU$A675,000 pa.
He will also receive three million five-year options made up of:

(1) One million options exercisable at 60 cents per PMP share
    after March 1, 2005;

(2) One million options exercisable at 70 cents per PMP share
    after March 1, 2006; and

(3) One million options exercisable at 80 cents per PMP share
    after March 1, 2007

Mr. Kirk said he was looking forward to the challenge of his new
role.

"I intend to work closely with the Chairman, the PMP management
team and Bain International over the next few months to assess
the findings of the current strategic review and to implement an
appropriate profit improvement plan," he said.

Mr. Kirk has had a distinguished sporting career representing
New Zealand in rugby. He captained the All Blacks to win the
inaugural Rugby World Cup in 1987. He was awarded a Member of
the British Empire (MBE) in the same year.

Mr. Kirk replaces Mr. Robert Muscat, who announced in December
2002 that he would not be renewing his contract with PMP. As
part of PMP's CEO transition plan, Mr. Muscat will continue in
his role until February 28, 2003.  Mr. Kirk will be appointed to
the PMP Board and commence his role as CEO on March 3, 2003.

As previously announced, PMP will report on the findings of its
current strategic review and announce its half-year results on
February 27, 2003.

For further information please contact:

Graham Reaney, CHAIRMAN (02) 9412 6000
Graham Canning, CANNINGS (02) 9252 0622


TOWER LIMITED: KPMG Completes Review, Finds Firm Solvent
--------------------------------------------------------
TOWER Australia Limited announced yesterday that the review for
APRA by KPMG had been completed. In welcoming the findings, Jim
Minto, Chief Executive Officer of TOWER Australia said:

"It is important for our clients to be assured of our security.
We are pleased with both the review and the progress that we
have been making in strengthening our capital position."

The review was based on the company's financial accounts and
position as at September 30, 2002, the balance date for the
company. Key conclusions of the review by KPMG were:

(1) TOWER Australia Ltd was solvent and was likely to have been
    capital adequate at September 30, 2002.

(2) The addition of the recently announced AU$30 million cash
    injection by TOWER would have been sufficient to have
    exceeded capital adequacy uncertainties as at September 30,
    2002.

(3) TOWER Australia Limited's position would be substantially
    improved by replacing the three strategic assets held by
    TOWER Australia Ltd statutory funds with cash or investment
    securities.

TOWER expects that when the $30 million capital is injected by
March 31, 2003, the company will be in excess of target surplus
requirements.

The review considered a number of technical issues such as
treatment of participating reserves, expense reserves,
reinsurance and inadmissibility of strategic assets which all
impact on solvency and capital adequacy. These are matters that
require consideration and judgment as to the right treatment,
and will be further considered by TOWER and discussed with APRA.

The investment value of TOWER's three strategic assets that are
held in the statutory funds of TOWER Australia Limited -
Bridges, TOWER Trust Australia and distribution group FSP - are
reviewed on a six monthly basis, with a valuation being carried
out by external experts. The experts used at March 31, 2003 will
be changed as part of a normal rotational process. KPMG
supported the approach adopted by TOWER, but did not
specifically revalue the assets.

Mr. Minto continued: "TOWER strongly supports APRA's view and
role of protecting policyholders. We have been investing funds,
paying claims and looking after client needs for over 130 years.
It is important for our clients to know that we remain secure,
as we have been throughout our history."

Mr. Minto confirmed that all other aspects of the strategy to
strengthen TOWER's position in Australia are very much on track.

"We implemented the first stage of restructuring late last year
and we continue to implement key steps of our plan as we look to
rebuild the TOWER Australia business," he said.

For further information:

Jim Minto, CHIEF EXECUTIVE OFFICER, TOWER Australia -
+61 2 9448 9217 or 0061 403 277 244


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C H I N A   &   H O N G  K O N G
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CHAN KWOK: Creditors Must Prove Claim to Receive Dividend
---------------------------------------------------------
E T O'Connell, official receiver and trustee of Chan Kwok Ying,
announces that the company intends to declare dividends and that
those creditors, who have not proved their debts by February 22,
2003, will be excluded from transaction.


HOPWIN ENGINEERING: Winding Up Hearing Set for February 26
----------------------------------------------------------
A petition seeking the winding up Hopwin Engineering Limited is
scheduled for hearing before the High Court of Hong Kong on
February 26, 2003 at 10:00 in the morning.

Fong Yung Ping of flat B, 5th Floor, 143 Fuk Wa Street,
Shamshuipo, Kowloon, Hong Kong filed the petition on December
27, 2002.  Tam Lee Po Lin, Nina represents the petitioner.

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


LEE CHI: Creditors Must Prove Claim by Feb. 22 to Get Dividend
--------------------------------------------------------------
E T O'Connell, official receiver and trustee of Lee Chi Wai,
announces that the company intends to declare dividends and that
those creditors, who have not proved their debts by February 22,
2003, will be excluded from transaction.


LEE LOY: Winding up Hearing Slated on February 26
-------------------------------------------------
The High Court of Hong Kong will hear on February 26, 2003 at
10:00 in the morning the petition seeking the winding up of Lee
Loy Houseware & Toys Factory Limited.

Mui Man Yee of Room 9, 1st Floor, Shing Chung House, Mei Chung
Court, Shatin, New Territories, Hong Kong filed the petition on
December 30, 2002.  Tam Lee Po Lin, Nina represents the
petitioner.

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


LIU PUI: Deadline for Lenders with Proofs of Claim Nears
--------------------------------------------------------
E T O'Connell, official receiver and trustee of Liu Pui Wing
Eva, announces that the company intends to declare dividends and
that those creditors, who have not proved their debts by
February 22, 2003, will be excluded from said transaction.


MANSION HOLDINGS: Buys Health Club Amid Ailing Financial Footing
----------------------------------------------------------------
Despite failing to show any profit for three years now, Mansion
Holdings has bought a health club owned by Tai Sun, The Standard
reported yesterday.

The shares-and-cash deal is worth HK$7.9 million, according to
the paper, and is equivalent to 10 cents per share or 400%
premium over the 2-cent closing price of Mansion's stock last
Thursday.  Trading was halted last Friday pending the
announcement of this deal.

Mansion Holdings said it would issue 68.98 million new shares on
top of HK$1 million in cash, to acquire office furniture and
equipment of the health club located at one of its properties
leased to Tai Sun.  In addition, it will also issue 131.02
million new shares as compensation to Tai Sun for early
termination of the lease.  The total of nearly 200 million new
shares would represent 4.56 percent of its enlarged issued share
capital, the report said.

"The board considers that such premium is justified by the
income generating potential of the assets... The company is
seeking a tenant for the premises at the moment," Mansion
Holdings said.

Listed in 1992, Mansion Holdings has reported three straight
years of losses since 1999.  As of the latest reporting year of
2001, its net loss stood at HK$11.3 million and it registered
negative cashflow of HK$10.9 million, The Standard said.


SO KIN: Creditors Must Prove Claim by Feb. 22, Says Receiver
------------------------------------------------------------
E T O'Connell, official receiver and trustee of So Kin Hung,
announces that the company intends to declare dividends and that
those creditors, who have not proved their debts by February 22,
2003, will be excluded from said transaction.


TIFFANY INTERNATIONAL: Court to Hear Wind Up Petition Feb. 19
-------------------------------------------------------------
Tiffany International Fine Food & Wines Company Limited faces a
winding up petition, which the High Court of Hong Kong will hear
on February 19, 2003 at 10:00 in the morning.

Ho Chi Yan of Room 2211, Tin Tsui House, Tin King Estate, Tuen
Mun, New Territories, Hong Kong filed the petition on December
18, 2002.  Tam Lee Po Lin, Nina represents the petitioner.

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


TSO WAI: Creditors Must Prove Claim by Feb. 22 to Get Dividend
--------------------------------------------------------------
E T O'Connell, official receiver and trustee of Tso Wai Yin,
announces that the company intends to declare dividends and that
those creditors, who have not proved their debts by February 22,
2003, will be excluded from said transaction.


UNIVERSE BUSINESS: Creditors Have Until Feb. 22 to Prove Claims
---------------------------------------------------------------
E T O'Connell, the official receiver and liquidator of Universe
Business Centre (HK) Limited, announces that the last day for
creditors to show their proofs of claim is February 22, 2003.


WONG SIK: Only Creditors with Proofs of Claim Can Get Dividend
--------------------------------------------------------------
E T O'Connell, official receiver and trustee of Wong Sik Kwan,
announces that the company intends to declare dividends and that
those creditors, who have not proved their debts by February 22,
2003, will be excluded from said transaction.


YUNG WAI: Plans to Declare Dividend, Says Receiver
--------------------------------------------------
E T O'Connell, official receiver and trustee of Yung Wai Kwong,
announces that the company intends to declare dividends and that
those creditors, who have not proved their debts by February 22,
2003, will be excluded from said transaction.


ZHONG QUAN: Receiver to Host Creditors, Contributories Meetings
---------------------------------------------------------------
E T O'Connell, the official receiver and provisional liquidator
of Zhong Quan Cheuk Kei Engineering Company Limited, announces
that he will host the creditors meeting on February 18, 2003 at
2:30 in the afternoon.  He will similarly host the meeting of
contributories slated at 3:30 p.m. that day.  Both meetings will
be held at the official receiver's office on the 10th Floor,
Queensway Government Offices, 66 Queensway, Hong Kong.


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


BANK PERMATA: Expects Better Luck This Year
-------------------------------------------
PT Bank Permata, which recently reported racking up losses of
Rp603.5 billion (US$67 million) last year, expects to reverse
its fortune in 2003, Asia Pulse said yesterday.

A product of the merger of Bank Bali and four other ailing
private banks intervened by the government after being
recapitalized; Bank Permata has accordingly maintained an
adequately high capital adequacy ratio recorded by Bank Bali
before the merger.

The bank has attributed the huge loss last year to the cost of
the merger.


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


FUJITSU LIMITED: Pulls out of Commodity-Grade LCD Products
----------------------------------------------------------
Increased competition from South Korean and Taiwanese companies
has led to the decision by Fujitsu Limited to withdraw from
production of commodity-grade LCD's, such as those for desktop
computers, Asia in Focus and Asia Pulse reports.

The Company will now concentrate its LCD resources on high-end
products, such as those for LCD TV sets and notebook computers.

Fujitsu Display Technologies, a wholly owned unit, stopped
marketing LCD panels for use in PCs with 15-inch screens by the
end of 2002.

The subsidiary projects an operating loss of 2 billion yen in
the current fiscal year through March, compared with an
initially projected loss of 200 million yen (US$1,660,404
million), due to the market downturn.


FUKUI CONSTRUCTION: Construction Firm Applies for Rehab
-------------------------------------------------------
Fukui Construction Co. Limited, which has total liabilities of
5.2 billion yen against a capital of 73 million yen, recently
applied for civil rehabilitation proceedings, according to Tokyo
Shoko Research. The general construction firm is located at
Hiroshima-shi, Hiroshima, Japan.


KAWASHO GECOSS: JCR Affirms BBB Rating
--------------------------------------
Japan Credit Rating Agency (JCR) has affirmed the BBB and the J-
2 ratings of Kawasho Gecoss on the following senior debts and CP
program, respectively.

Senior Debts
CP Maximum: Y5 Backup Line: 0 percent

RATIONALE:

Kawasho Gecoss is Japan's largest leasing firm of construction
steel scaffolding materials.

The business environment will continue to be severe due to
cutback in public works and weak economy. Kawasho Gecoss's sales
have been declining with the drops in contracts and prices. It
plunged into a net loss for fiscal 2001, following the previous
fiscal 2000. In fiscal 2001 the Company incurred a large credit
cost. The price is now beginning to bottom out. The profit-
oriented policy on contracts and negotiations for recovery of
price are beginning to pay off. The Company also pushed for cost
reductions. Commercial rights will increase along with
integration of Kawasaki Steel and NKK under the umbrella of JFE
group.

Sales to general contractors represent majority of the total
sales. The credit risks of some of the contractors remain high.
Kawasho Gecoss cut the credit exposure, switching the sales to
leasing. JCR will continue to watch carefully the credit
exposure, given the fact that the Company cannot reduce the
credit risk rapidly.

The net loss impaired the owners' equity. On the other hand, the
Company reduced the interest-bearing debt, constraining purchase
through efficient use of inventory. Kawasho Gecoss plans to
reduce the debt further through securitization of the notes
receivable in the current fiscal 2002. The financial structure
will likely improve. Both the earnings and financial structures
are improving. JCR believes that the debt service capability
will remain unchanged.

According to Wright Investor's Service, at the end of 2002,
Kawasho Gecoss had negative working capital, as current
liabilities were 68.18 billion yen while total current assets
were only 65.91 billion yen.


MARUBENI CORPORATION: Dissolving Food Unit in China
---------------------------------------------------
Marubeni Corporation will dissolve its unprofitable Chinese
subsidiary Tianjin Ronghong Sales & Distribution Co. by the end
of fiscal 2002, the Japan Times reports.

The unit distributes food products to mass-sales stores in China
and is capitalized at $5 million.

The result of the dissolution on its fiscal 2002 financial
results will be insignificant.

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

Trading house Marubeni Corporation returned to a net profit of
17.8 billion yen in the first half of 2002 to September,
due to cost cutting measures and removal of loss-making units
from its books.

Marubeni suffered a net loss of 107 billion yen in the same
period of 2001.

In September, PT Barito Pacific Timber filed petition in the
Central Jakarta District Court against Marubeni Corporation and
creditors after creditors failed to recognize Barito's stake in
PT Tanjung Enim Lestari declined to 40 percent after it wasn't
able to inject additional capital, thus failing to approve the
dilution of Barito's stake in pulp production subsidiary
Tanjung, the Troubled Company Reporter-Asia Pacific reports.


MARUBENI CORP.: Settles Alaska Bristol Antitrust Lawsuit
--------------------------------------------------------
Marubeni Corporation announced Friday that a settlement has been
reached with the plaintiffs' counsels in the Bristol Bay
antitrust suit brought by the representatives of fishers in the
Bay. This settlement is subject to the final approval of the
Superior Court For the State of Alaska, Third Judicial District
at Anchorage.

1. Settlement Amount:
Marubeni Group defendants will pay US$25 million to the
Plaintiffs.

2. Initiation of the Suit and the Circumstances through the
Settlement:

(1) In 1995, eight (8) fishers commenced actions, on behalf of
themselves and all others similarly situated, against Marubeni
Corporation, its US subsidiary North Pacific Processors, Inc.,
several local marine food processors, and other entities
alleging that the defendants committed a conspiracy to suppress
the purchase prices of Bristol Bay salmon during the period from
1989 through 1995. In 1997 the court granted the class action
certification, when the plaintiffs composed of 3,000 fishers and
the damages sought amounted to US$975 million (trebling the
alleged damages of US$325 million pursuant to the state
antitrust law) plus prejudgment interest and legal fees.

(2) From the inception of the proceeding, the Marubeni Group
defendants unequivocally denied committing any wrongdoing
alleged by the plaintiffs and vigorously defended the case. On
July 2, 1999, the Superior Court granted summary judgment in
favor of defendants, holding that the plaintiffs had failed to
present evidence sufficient to raise a genuine issue of fact as
to whether a conspiracy existed.

(3) Upon plaintiffs' appeal, on May 31, 2002 the Supreme Court
of Alaska reversed the summary judgment and remanded to the
Superior Court for further proceedings.
(4) Thereafter, the Marubeni Group defendants have been
searching for the settlement, and have finally reached an
agreement.

3. Marubeni Group defendants' thoughts about this lawsuit:
Settlement Agreement is not an admission or suggestion that the
Marubeni Group defendants have committed any wrongdoing and the
Marubeni Group defendants have denied and continues to deny any
wrongdoing or liability alleged by plaintiff in the action; the
Marubeni Group defendants could have decided to continue to
litigate in the jury trial starting from the early February this
year. However, considering the uncertainty that jury trials may
involve and the size of verdict that plaintiffs are seeking, and
based upon the advice from our attorneys in charge, the Marubeni
Group defendants have concluded that the settlement serves its
best interest.

4. Effect on the Financial Prospects of Marubeni Corporation:
Marubeni Corporation does not revise the financial prospects for
the fiscal year ending March 2003.

For a copy of the press release, go to
http://www.marubeni.co.jp


MITSUBISHI MOTORS: Investing Y50B on Restructuring
--------------------------------------------------
Mitsubishi Motors Corporation will invest 50 billion yen (US$417
million) over three years to restructure the group's sales
channels, cutting the number of dealerships and concentrate
investment in highly competitive shops, Asia Times said on
Monday.

In the face of sluggish domestic sales, the automaker is set to
revamp its marketing operations as well as product lineup.

According to the Troubled Company Reporter-Asia Pacific,
Mitsubishi Motors Corporation (MMC) plans to turn the domestic
passenger car business into the black while maintaining the
current earnings level for North American business under the
turnaround-restructuring plan.

Japan Credit Rating Agency has been pointing out that it is
highly probable the turning of the domestic car operation into
the black would be delayed, considering it is difficult to bring
back customers who left MMC due to the recall scandal in such a
short period of time. The cost reductions such as cutback in
jobs and reduction in materials cost have been going well as
scheduled. However, it is estimated that MMC would fall behind
around 2 years in turning of the domestic passenger car business
(excluding exports) into the black for fiscal 2003. Introduction
of new cars into the domestic market will be made on a full
scale in and after fiscal 2005, accordingly. During this time,
MMC needs to reduce the burden of loss via rehabilitation of
marketing system and additional models in an urgent manner.


MIZUHO HOLDINGS: Issues Preferred Shares
----------------------------------------
Mizuho Holdings, Inc. (MHHD) announced that Mizuho Financial
Group, Inc. MHFG, a subsidiary of MHHD, whose President-CEO is
Terunobu Maeda, adopted a resolution to issue preferred shares
the issuance Resolution by allotting such shares to customers of
Mizuho Bank, Ltd. and Mizuho Corporate Bank, Ltd., both of whom
are subsidiaries of MHHD, at the meeting of the Board of
Directors of MHFG held on February 6, 2003.

MHFG will become a financial holding Company through stock-for-
stock exchange the Stock-for-Stock Exchange with MHHD on March
12, 2003 and MHHD will become a holding Company for the group's
banking and securities businesses as a wholly owned subsidiary
of MHFG. The Issuance Resolution is subject to the amendment to
the articles of incorporation of MHFG as of the entry into force
of the Stock-for-Stock Exchange, and the entry into force of
notifications, licenses, and approvals under all applicable laws
and regulations.

Particulars:

I.    Issuance of Preferred Shares by Allocation to Third
Parties

1.    Terms and Conditions of Issuance of Eleventh Series Class
XI Preferred Shares

This document entitled 'Capital Increase of Mizuho Financial
Group, Inc. by Allotment of Shares to Third Parties (Issuance of
Preferred Shares)' is prepared in order to announce facts
relating to MHHD's subsidiary's capital increase by allotting
shares to third parties and does not constitute a solicitation
of investments or any similar act, in or outside of Japan

(1) Name of shares

Mizuho Financial Group, Inc. Eleventh Series Class XI Preferred
Shares the Eleventh Series Class XI Preferred Shares

(2) Number of newly issued shares

650,000 shares (It is possible to be changed at the meeting of
the Board of Directors of MHFG to be held on Wednesday, March
12. 2003.)

(3) Issue price

1,000,000 yen per share

(4) Aggregate issue price

650,000,000,000 yen

(5) Amount incorporated into stated share capital

500,000 yen per share

(6) Offering period

Friday, March 28, 2003

(7) Payment date

Sunday, March 30, 2003

(8) Dividend calculation commencement date

Monday, March 31, 2003

(9) Parties to whom shares will be allotted and the number of
shares to be allotted

The shares will be allotted to customers of Mizuho Bank, Ltd.
and Mizuho Corporate Bank, Ltd., both of whom are subsidiaries
of MHHD. The details will be determined at the meeting of the
Board of Directors of MHFG to be held on Wednesday, March 12,
2003.

(10) Preferred dividends

(A) Preferred dividends on the Eleventh Series Class XI
Preferred Shares

This document entitled 'Capital Increase of Mizuho Financial
Group, Inc. by Allotment of Shares to Third Parties (Issuance of
Preferred Shares)' is prepared in order to announce facts
relating to MHHD's subsidiary's capital increase by allotting
shares to third parties and does not constitute a solicitation
of investments or any similar act, in or outside of Japan

Where MHFG distributes dividends to its shareholders, it will
pay the dividends in the amount provided in item (B) below per
Eleventh Series Class XI Preferred Share the Eleventh Series
Class XI Preferred Dividends to the holders of the Eleventh
Series Class XI Preferred Shares the Eleventh Series Class XI
Preferred Shareholders and the registered pledgees of the
Eleventh Series Class XI Preferred Shares the Eleventh Series
Class XI Preferred Registered Pledgees in preference to the
holders of common shares the Common Shareholders, the registered
pledgees of the common shares the Common Registered Pledgees,
and the holders of fractional common shares. However, when MHFG
distributes all or any of the Eleventh Series Class XI Preferred
Interim Dividends provided in (C) below in the relevant business
year, it will pay the dividends in the amount as the result of
the deduction of such interim dividend.

(B) Amount of preferred dividends

Not yet determined. (To be determined from 17,500 yen to 22,500
yen per year and per share (which is the temporary condition) in
light of the circumstances of the offering, at the meeting of
the Board of Directors of MHFG to be held on Wednesday, March
12, 2003.)

(C) Preferred interim dividends

Where MHFG distributes interim dividends to its shareholders, it
will pay one- half of the amount provided in item (B) above the
Eleventh Series Class XI Preferred Interim Dividends to the
Eleventh Shares Class XI Preferred Shareholders and the Eleventh
Shares Class XI Preferred Registered Pledgees in preference to
the Common Shareholders, the Common Registered Pledgees, and the
holders of fractional common shares.

(D) Non-cumulative nature

In the event that all or any of the preferred dividends are not
paid to the Eleventh Series Class XI Preferred Shareholders and
the Eleventh Series Class XI Preferred Registered Pledgees, such
deficient dividend will not accumulate in or after the
subsequent business year.

(E) No participatory rights

MHFG will neither pay to the Eleventh Series Class XI Preferred
Shareholders nor the Eleventh Series Class XI Preferred
Registered Pledgees any dividend in excess of the Eleventh
Series Class XI Preferred Dividends.

This document entitled 'Capital Increase of Mizuho Financial
Group, Inc. by Allotment of Shares to Third Parties (Issuance of
Preferred Shares)' is prepared in order to announce facts
relating to MHHD's subsidiary's capital increase by allotting
shares to third parties and does not constitute a solicitation
of investments or any similar act, in or outside of Japan

(11) Distribution of residual assets

Where MHFG distributes its residual assets to its shareholders,
it will pay 1,000,000 yen per Eleventh Series Class XI Preferred
Share to the Eleventh Series Class XI Preferred Shareholders and
the Eleventh Series Class XI Preferred Registered Pledgees in
preference to the Common Shareholders, the Common Registered
Pledgees, and the holders of fractional common shares. Except
for the foregoing, residual assets will neither be distributed
to the Eleventh Series Class XI Preferred Shareholders nor the
Eleventh Series Class XI Preferred Registered Pledgees.

(12) Purchase and cancellation

MHFG may at any time purchase and hold all or some of the
Eleventh Series Class XI Preferred Shares and cancel such shares
at such purchase price out of its profits distributable to its
shareholders.

(13) Voting rights

The Eleventh Series Class XI Preferred Shareholders are not
entitled to exercise voting rights at any shareholders' meeting.
However, they will be entitled to exercise voting rights (i)
where a proposal of distribution of preferred dividends is not
submitted to an annual shareholders' meeting, from such
shareholders' meeting, or (ii) where such proposal is rejected,
from the close of such shareholders' meeting, until a proposal
of distribution of preferred dividends is adopted.

(14) Preemptive right and the like

MHFG will not consolidate or split any Eleventh Series Class XI
Preferred Shares. MHFG will not grant to any Eleventh Series
Class XI Preferred Shareholders any preemptive right, preemptive
right with respect to the share purchase warrant, preemptive
right with respect to the bonds with share purchase warrant, or
preemptive right with respect to the share purchase warrant or
the bonds regarding the bonds with share purchase warrant to be
separated and transferred.

(15) Conversion right

(A) Period for conversion request

The period for conversion request of the Eleventh Series Class
XI Preferred Shares commences on July 1, 2008 and ends on June
30, 2016.

This document entitled 'Capital Increase of Mizuho Financial
Group, Inc. by Allotment of Shares to Third Parties (Issuance of
Preferred Shares)' is prepared in order to announce facts
relating to MHHD's subsidiary's capital increase by allotting
shares to third parties and does not constitute a solicitation
of investments or any similar act, in or outside of Japan

(B) Conditions of conversion

During the foregoing period, the Eleventh Series Class XI
Preferred Shares may be converted into the common shares of MHFG
at the conversion price per share in accordance with (a) through
(c) below.

(a) Initial conversion price

The initial conversion price is the market price of a common
share on July 1, 2008; provided, however, that where such market
price is less than 50,000 yen, the initial conversion price will
be 50,000 yen. The 'market price' above means the average price
of the closing prices (including the closing bid or offered
price) (regular way) of a common share of MHFG as reported by
the Tokyo Stock Exchange for the 30 consecutive trading days
(excluding any trading day or days on which neither closing
price nor closing bid nor offered price is reported) commencing
on the 45th trading day prior to July 1, 2008, calculated to
units of 10 yen and rounded up to the nearest 100 yen when equal
to or more than 50 yen, disregarding amounts less than 50 yen.

(b) Modification of conversion price

In the event that the market price of a common share on each
July 1 from July 1, 2009 to July 1, 2015 the Conversion Price
Adjustment Date is less than the conversion price effective on
the day immediately preceding the current Conversion Price
Adjustment Date, the conversion price will be modified to such
market price as at the relevant Conversion Price Adjustment
Date. However, if such market price is less than (x) the amount
equal to 60 percent of the initial conversion price (subject to
adjustment in accordance with (c) below), calculated to units of
10 yen and rounded up to the nearest 100 yen when equal to or
more than 50 yen, disregarding amounts less than 50 yen, or (y)
50,000 yen, the greater amount between (x) and (y) the Minimum
Conversion Price will be the modified conversion price. The
'market price' above means the average price of the closing
prices (including the closing bid or offered price) (regular
way) of a common share of MHFG as reported by the Tokyo Stock
Exchange for the 30 consecutive trading days (excluding any
trading day or days on which neither closing price nor closing
bid nor offered price is reported) commencing on the 45th
trading day prior to the relevant Conversion Price Adjustment
Date, calculated to units of 10 yen and rounded up to the
nearest 100 yen when equal to or more than 50 yen, disregarding
amounts less than 50 yen.

This document entitled 'Capital Increase of Mizuho Financial
Group, Inc. by Allotment of Shares to Third Parties (Issuance of
Preferred Shares)' is prepared in order to announce facts
relating to MHHD's subsidiary's capital increase by allotting
shares to third parties and does not constitute a solicitation
of investments or any similar act, in or outside of Japan

(16) Deemed conversion into common shares

All of the Eleventh Series Class XI Preferred Shares for which a
conversion request is not made by June 30, 2016 will be
converted into the common shares in such number obtained by
dividing the amount equal to the subscription price for one of
such Eleventh Series Class XI Preferred Shares by the market
price of a common share, on July 1, 2016 the Deemed Conversion
Date. The 'market price' above means the average price of the
closing prices (including the closing bid
or offered price) (regular way) of a common share of MHFG as
reported by the Tokyo Stock Exchange for the 30 consecutive
trading days (excluding any trading day or days on which neither
closing price nor closing bid nor offered price is reported)
commencing on the 45th trading day prior to the Deemed
Conversion Date, calculated to units of 10 yen and rounded up to
the nearest 100 yen when equal to or more than 50 yen,
disregarding amounts less than 50 yen. In this case, when such
market price is less than the Minimum Conversion Price (50,000
yen, where such Minimum Conversion Price is less than 50,000
yen), such unconverted Preferred Shares will be converted into
common shares in such number obtained by dividing the
subscription price per Eleventh Series Class XI Preferred Shares
by such Minimum Conversion Price; provided, however, that where
the conversion price is adjusted in accordance with (15)(B)(c)
above by the Deemed Conversion Date, the Minimum Conversion
Price will be adjusted similarly.

If any fractional share less than one hundredth of one full
share occurs as a result of the above-mentioned calculation, the
provisions of the Commercial Code of Japan with respect to stock
consolidation will be applied mutatis mutandis.

(17) Order of priority

The order of priority of the payment of preferred distribution
and interim preferred distribution and the distribution of
residual assets is ranked pari passu among the other preferred
shares issued by MHFG.


MIZUHO HOLDINGS: Hopes to Boost Capital
---------------------------------------
Mizuho Holdings Inc. is seeking cooperation from Japan's 10
biggest electric power companies in its plan to boost its
capital, Kyodo News said on Friday.

The 10 companies are Tokyo Electric Power Co, Chubu Electric
Power Co, Kyushu Electric Power Co, Hokuriku Electric Power Co,
Hokkaido Electric Power Co, Kansai Electric Power Co, Tohoku
Electric Power Co, Chugoku Electric Power Co, Shikoku Electric
Power Co and Okinawa Electric Power Co.


MIZUHO HOLDINGS: Asks Clients for $7.14 Billion in Aid
------------------------------------------------------
Mizuho Holdings Inc. will ask its clients to help fund 85
percent of a 1 trillion yen ($8.4 billion) bailout, raising
concern it will become entangled in conflicts of interest,
according to Bloomberg on Friday.

``It would be a problem if Mizuho forces borrowers to invest by
using its leverage'' as a lender, said Minister for Financial
Services Heizo Takenaka, who wants banks to stop lending money
to clients with historical ties that may stretch back decades
and include cross shareholdings.

Mizuho is trying to build capital eroded by bad loans and a
decline in the value of its investments.

The bank last month said it would double spending to reduce
overdue credits, resulting in a record 1.95 trillion yen loss in
the year ending March 31.


MIZUHO HOLDINGS: Dissolves Wholly Owned Unit
--------------------------------------------
Mizuho Holdings, Inc. announced that its wholly owned subsidiary
Mizuho Corporate Bank, Ltd. (MHCB), decided to take necessary
steps to dissolve Miracle Funding Corporation, MHCB's
consolidated subsidiary, as follows.

1.The Consolidated Subsidiary to be dissolved

Corporate Name: Miracle Funding Corporation

Location: The offices of Maples and Calder, Attorneys-at-Law,
Ugland House, George Town, Grand Cayman, Cayman Islands, British
West Indies.

Representative Anthony Baker, Director
Philip Hinds, Director
Martin Couch, Director
Hugh Thompson, Director

2.Reason for Dissolution

After a careful examination of the business strategy relative to
structured finance business, Mizuho Financial Group has decided
to integrate or dissolve special purpose companies and take
necessary steps to dissolve Miracle Funding Corporation.

3.Outline of the Consolidated Subsidiary

Business To purchase money claims
Date of Establishment May 2000
Paid-in Capital USD 1,000
Number of Common Stock issued 1,000
Total Asset (as of September 30, 2002) JPY 35,160 million
Number of Executives and Staff (as of October 1, 2002) 5
Ownership Charitable Trust (100%)
Recent Performance Ordinary Profit: JPY 1 million
(Fiscal Year Ended Sep. 2002) Net Profit : JPY 0 million

4.Scheduled Date of Dissolution

By the end of June 2003

5.This decision will have no material effect on the profit and
loss of Mizuho Holdings, Inc. (consolidated or non-consolidated)
for this fiscal year.

For a copy of the press release, go to
http://www.mizuho-fg.co.jp


RESONA HOLDINGS: Likely to Remain in Debt for Second Year
---------------------------------------------------------
Resona Holdings Inc, the holding Company for Daiwa Bank and
Asahi Bank, will remain in the red in the fiscal 2002 for the
second consecutive year, retracting its earlier profit
projection, Kyodo News said Friday.

The reversal is due to an expected increase in charges to cover
latent losses on shareholdings and non-performing loans.

The Troubled Company Reporter-Asia Pacific, meanwhile, said The
Company 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.


SEIWA KK: Golf Course Applies For Rehabilitation
------------------------------------------------
Seiwa KK, which has total liabilities of 11 billion yen against
a capital of 10 million yen, recently applied for civil
rehabilitation proceedings, according to Tokyo Shoko Research.
The golf course is located at Fukaya-shi, Saitama, Japan.


TDK CORP: Delisting Shares From European Stock Exchanges
--------------------------------------------------------
On February 7, 2003, TDK Corporation (President: Hajime Sawabe)
announced the following fact that applications for the delisting
of shares of the Company from the stock exchanges in Paris,
Amsterdam, Frankfurt and Switzerland (Zurich) have been
accepted, and that the delisting has been completed,
respectively:

1. Delisting Effective Date at each Exchange:

Amsterdam Stock Exchange: June 26, 2002

Zurich Stock Exchange:  October 11, 2002

Paris Stock Exchange:  October 15, 2002

Frankfurt Stock Exchange: January 23, 2003

2. Stock Exchanges where the Company's shares are listed:

Tokyo Stock Exchange

Osaka Securities Exchange

New York Stock Exchange

London Stock Exchange

Brussels Stock Exchange

3. Future Prospect:

Currently, the Brussels Stock Exchange is under the umbrella of
the Euronext exchange, a holding Company in which both the Paris
Stock Exchange and the Amsterdam Stock Exchange are also
integrated. Provided the Company lists its shares on the
Euronext, trading of shares at other exchanges will continue to
be carried out in the same manner as before. Therefore, it is
not anticipated that there will be a decrease in the volume of
trading arising from these delistings.

TCR-AP reported that TDK Corp. incurred a net loss of 24.8
billion yen (US$191 million) in March 2002 due to restructuring
costs and a slowdown in technology investment.

The world's largest maker of magnetic tapes also planned to
close or consolidate eight plants globally in the future.

Any inquiry relating hereto should be made to:

Mr. Koike, Corporate Communications Dept. Tel: +81-3-5201-7102


TOSHIBA CORPORATION: Moody's Sets Baa1 Rating on Bond
-----------------------------------------------------
Moody's Investors Service has assigned a Baa1 rating to Toshiba
Corporation's 30 billion yen domestic unsecured straight bonds
due 2006. The rating outlook is negative.

The rating reflects Toshiba's strong presence in the electronics
industry, with products ranging from finished goods to
components, such as notebook PCs, mobile phones, broadcasting
equipment, discrete ICs, system LSIs, DVDs (digital versatile
discs), HDD drives, LCDs (liquid crystal displays) and NAND type
flash memories.

Meanwhile, the steep downturn in the global IT market beginning
in 2001 severely affected Toshiba's profitability, damaging its
capital base.

Moody's considers that Toshiba will be able to manage its
profitability to some extent because it has withdrawn from the
standard type DRAM, which has substantial price volatility.

However, the negative rating outlook reflects Moody's concern
that Toshiba lacks a range of competitive products as profitable
as its DRAM and notebook PCs in the past.

Toshiba has a leading position with NAND type flash memories and
low-temperature polysilicon LCDs, which could be future profit
generators. However, Moody's believes it may take some time
before these products alone can sustain overall profitability.
As a result, Toshiba may continue to face earnings pressure in
the intermediate term.

Toshiba Corporation's net loss narrowed to 6.9 billion yen
(US$58.5 million) for the third quarter, versus a loss of 84.9
billion yen a year earlier, the Troubled Company Reporter-Asia
reported last month.

The loss decline is "partially explained by a 65 billion yen
restructuring charge posted in the third quarter of last year,"
the report said.

Toshiba Corporation, headquartered in Tokyo, is the 2nd largest
integrated electronics Company in Japan.


YANASE & CO.: Raises Y9B in Share Sale to Itochu
------------------------------------------------
Struggling imported car dealer Yanase & Co. has raised about 9.1
billion yen through sales of new shares to trading house Itochu
Corporation and Nippon Tochi-Tatemono Company.

The third-party allotment made the two companies the largest
shareholders in the Company, with each holding a 13 percent
stake, it said.


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


ASIANA AIRLINES: Posts US$164.89M Profit
----------------------------------------
Asiana Airlines posted a net profit of 194.1 billion won
(US$164.89 million) in 2002, a sharp switch from a net loss of
384.7 billion won a year earlier, Asia Times and Bloomberg
reports.

The airline benefited from its efforts to focus on more
profitable routes to countries including China and Japan, a rise
in cargo demand and a stronger won against the U.S. dollar. The
airline expects to fill 76.1 percent of seats on international
flights this year.


DACOM CORPORATION: Bounces Back After Five Years of Losses
----------------------------------------------------------
Dacom Corporation, a fixed-line operator affiliated with LG
Group, incurred a net profit of 23.8 billion won (US$20.22
million) versus a net loss of 68.8 billion a year earlier, Asia
Times reports.

The Company returned to the black for the first time in five
years.

Address:
DACOM CORPORATION - http://www.dacom.net/
709-1 Yoksam-Dong Kangnam-Gu
Dacom Bldg
Seoul SEOUL 135-080
KOREA (SOUTH)  +82 2 6220 0220
+82 2 6220 0377

President & Chief Executive Officer- Park Un-suh

Dacom Corporation provides international telephone services and
database services, which include Chollian (multimedia online
service), BORANet (internet leased-line service), BORAHOMENet
(offers high-speed Internet and multimedia services through
fiber optic cables, CATV network and BORANet network), e-
commerce business, telephone service, digital leased line
service, international data services (IDLS, International ATM,
International Frame Relay) and frame relay service.


HYNIX SEMICONDUCTOR: Aims to Invest in Smart Card Business
----------------------------------------------------------
Hynix Semiconductor Manufacturing and Samsung Electronics Co.
are planning to invest a huge chunk of capital spending in smart
card business, according to Asia Pulse.

In a bid to prop up its sagging business, Hynix also will spare
no effort to develop IC products related to system on chip
(SOC).

Hynix is also seeking to forge strategic partnerships with
European companies and plans to develop "RF combi card" used for
transportation in the first half of this year.

"Smart card business is the next-generation technology, where
domestic and foreign semiconductor makers are making all-out
efforts to get ahead of competitors in total secrecy," an
industry insider said. "Within this year, a series of new smart
cards will make their debut."

Market research firm Dataquest estimated the world smart card
chip market will grow to US$32 billion by 2005 from last year's
US$1.4 billion.

Last month, creditors approved to swap 1.9 trillion won ($1.6
billion) of debt into Hynix equity and extend Hynix' payment on
3 trillion won in loans, the Troubled Company Reporter-Asia
Pacific reports.

DebtTraders reports that Hyundai Semiconductor's 8.625 percent
bond due in 2007 (HYUS07KRA1) trades between 60 and 65. For
real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=HYUS07KRA1


TONGIL HEAVY: CNI Consortium Acquires Automaker
-----------------------------------------------
The CNI Consortium has acquired Tongil Heavy Industries Co.
(THI), ending its three years of court receivership, Asia Pulse
said on Monday.

THI creditors will turn over their stake to CNI Consortium after
a debt-for-equity swap worth 418.3 billion won and a 25 to 1
capital write-down. The sale price of 145 billion won will be
distributed among creditors after CNI deposit it in the court's
bank account.

Tongil Heavy Industries produced auto parts, lathes and defense
equipment until it went bankrupt on November 30, 1998 in the
midst of the economic crisis in Korea. It fell under court
management in February 2000.

The Korea Development Bank (KDB) holds a 38.2 per cent stake in
the Company.


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


AUTOWAYS HOLDINGS: Still Awaiting Nod on Restructuring Plan
-----------------------------------------------------------
Reference is made to the announcement dated January 3, 2003,
reference no. CU-030103-65276.

In compliance with the directive from Kuala Lumpur Stock
Exchange and the KLSE Listing Requirements, Autoways Holdings
Bhd, on behalf of AUTOWAY, wishes to announce that the Company
is still awaiting the approval of the Official Receiver to
submit the Proposed Restructuring Scheme as per the Company's
announcement on January 3, 2003 to the Securities Commission.


BRISDALE HOLDINGS: Shareholders OK Scheme of Reconstruction
-----------------------------------------------------------
Brisdale Holdings Bhd is pleased to inform that the Composite
Scheme of Reconstruction tabled at the Court Convened Scheme
Meeting of the Company held on February 7, 2003 at the Kayangan
Ballroom, Quality Hotel Shah Alam, Plaza Perangsang, Persiaran
Perbandaran, 40000 Shah Alam, Selangor Darul Ehsan, has been
duly passed.


PLANTATION & DEVELOPMENT: SC OKs Vendor Exemptions
--------------------------------------------------
AmMerchant Bank Berhad, on behalf of Plantation & Development
(Malaysia) Bhd, wishes to announce to the Kuala Lumpur Stock
Exchange that the Securities Commission has, via its letter
dated 5 February 2003, approved the proposed exemption to
certain vendors of Everange Sdn Bhd namely, Datin Yam Yuet Chew,
Meadow Dazzle Sdn Bhd, Goh Yaik Peah and CCL Corporation, and
parties deemed acting in concert with them, namely Dato' Chin
Chan Leong, Stockware Capital Sdn Bhd, Sim Keng Ten and Tan Tien
Kok, from the obligation to undertake a mandatory take-over for
the remaining ordinary shares of RM1.00 each in Fountain View
not already held by them pursuant to the Proposed Restructuring
Scheme, under Practice Note 2.9.3 of the Malaysian Code on Take-
Overs and Mergers, 1998.

However, the decision for the application for the proposed
exemption to Mujur Zaman Properties Sdn Bhd ("MZPSB"), a
creditor of Everange Sdn Bhd who will receive Fountain View
Shares as part settlement of Everange's liability to the
creditor, and parties deemed acting in concert with MZPSB, from
the obligation to undertake a mandatory take-over (Proposed
Exemption), is still outstanding.

There are no other material developments in the Proposed
Restructuring Scheme of P&D subsequent to the announcement dated
February 5, 2003.


NYLEX (MALAYSIA): FIC Approves Proposals Without Conditions
-----------------------------------------------------------
Further to our announcement dated September 3, 2002, Alliance
Merchant Bank Berhad on behalf of Nylex (Malaysia) Bhd wishes to
announce that the Foreign Investment Committee has, via its
letter dated 30 January 2003, approved the proposals, without
any conditions, as follows:

(a) The proposed capital distribution of the Company's entire
    investment in Tamco Corporate Holdings Berhad ("Tamco") of
    RM112,243,860 comprising 224,487,720 ordinary shares of a
    par value of RM0.50 each in Tamco (after the share split)
    arising from the proposed cancellation of fifty (50) sen per
    share from the entire issued and paid-up share capital of
    Nylex comprising 224,487,720 ordinary shares of a par value
    of RM1.00 each to entitled shareholders of Nylex on the
    basis of one (1) Tamco share for every one (1) Nylex share
    after the proposed capital reduction ("Proposed Capital
    Distribution"); and

(b) Proposed acquisitions from Ancom Berhad, the ultimate
    holding company of Nylex, of four (4) companies involved in
    the manufacturing and trading of chemicals and chemical
    related products for a total purchase consideration of
    RM64,427,000 to be satisfied by the issuance of 128,854,000
    ordinary shares of RM0.50 each in Nylex at an issue price of
    RM0.50 (at par) credited as fully paid-up after the Proposed
    Capital Distribution, as follows:

    (1) 2,213,000 ordinary shares of a par value of RM1.00 per
        share in Perusahaan Kimia Gemilang Sdn Bhd representing
        the entire equity interest therein;

    (2) 8,000,000 ordinary shares of a par value of RM1.00 per
        share in Fermpro Sdn Bhd representing the entire equity
        interest therein;

    (3) 205,004 ordinary shares of a par value of RM1.00 per
        share in Kumpulan Kesuma Sdn Bhd representing the entire
        equity interest therein; and

    (4) 21,000 ordinary shares of a par value of RM1.00 per
        share in Wedon Sdn Bhd representing the entire equity
        interest therein.


UNITED CHEMICAL: Status of Loan Defaults Remains Unchanged
----------------------------------------------------------
The Board of Directors of United Chemical Industries Berhad
wishes to inform that there are no new significant developments
in relation to the various defaults in payment further to the
announcement on January 9, 2003.

The Board of Directors of UCI would like to further provide an
update on the details of all facilities currently in default in
compliance with Section 3.1 of Practice Note 1/2001.

Details of the defaulted loans may be viewed through this link
http://announcements.klse.com.my/EDMS/edmsweb.nsf/ba387758ae3741
2b482568a300466fb6/482568bb00440ef548256cc900331ba4/$FILE/LOAN%2
0DEFAULTED10%20February20031.xls


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


MANILA ELECTRIC: Clarifies Union Fenosa Report
----------------------------------------------
Manila Electric Co. (Meralco) clarified that there is "no truth"
to a report that Union Fenosa SA is considering divesting its
holdings in the Company given its weak market performance, BPI
Securities reports.

Meralco has appealed the Supreme Court order for the Company to
refund fee overcharges from 1994, which the firm estimates may
cost it some 11.5 billion pesos over a five-year period. First
Philippine Holdings (FPH) owns 60 percent of the joint venture,
First Philippine Union Fenosa.


MAYNILAD WATER: Terminates Water Concession Business in Manila
--------------------------------------------------------------
Maynilad Water, the water and sewage concession holder serving
Manila since 1997 has decided to terminate its contract with
MWSS (Metropolitan Waterworks and Sewerage System), PR Newswire
reports. Maynilad is jointly owned by SUEZ (23.35 percent)* and
its partner Benpres.

This decision is in accordance with the termination notice of
December 9 and for lack of agreement with MWSS at the end of the
60-day period.

During the past five years, thanks to Maynilad's technical
support, the quality of Manila's water service has greatly
improved.  The coverage ratio improved from 62 percent to 84
percent; water production increased 30 percent; and, the end of
2001 had installed 150,000 new connections installed, extending
service to 560,000 residents of low-income neighborhoods.

MWSS, the Manila concession-granting authority, refused to apply
contractual clauses previously agreed following the Asian crisis
permitting Maynilad to continue to provide quality service under
economically viable conditions.

As provided under its terms, and after a number of formal
notices to MWSS, Maynilad has decided to terminate the contract
as of February 7, 2003.  At the same time, in accordance with
contract provisions, Maynilad intends to claim its right to
damages as a result of the termination and will refer the matter
to a court of arbitration to fix compensation.

On January 9, 2003, SUEZ announced an action plan for 2003-2004
by which the Group intends to reduce its exposure to risks in
emerging countries and to become more demanding with regard to
its partners' upholding their contractual obligations.

The impact of the Argentine crisis was entirely provided** for
in SUEZ's accounts for 2002.  The same holds for the termination
of the Manila, Atlanta, and Djakarta contracts.

*SUEZ holds a direct 20 percent interest in Maynilad, with
another 3.35 percent held indirectly through LAWL, likewise a 20
percent Maynilad shareholder.  SUEZ owns 16.75 percent of LAWL.
The remaining 60 percent of Maynilad is owned by Benpres.


MULTITEL INTERNATIONAL: Faces New Accusations from Clients
----------------------------------------------------------
Multitel International Holdings, Inc. and its owners are facing
additional complaints from three more customers, Business World
reports.

The three complainants are Brigida Ochosa, Bella Dacutanan and
Laarni P. Clavel. The three invested a total of three million
pesos and $3,000 with Multitel last year, with promised returns
of five percent to 10 percent, which Multitel allegedly never
delivered.

The NBI recommended Multitel President Rosario Baladjay and
husband Saturnino for prosecution before the DoJ along with nine
other officials.

Included in the new charge are Multitel incorporators Rodolfo D.
Pagtalunan, Jr., Julius Gonzalo L. Fuentebella, Marissa M.
Castulo and counselors Marlene Santuile, Vicente Ramo, Gina
Datu, Leonora Rimando, Jaimelyn Cayaban, and Alma Provido.

Investigation by the NBI showed Ms. Baladjay and her associates
were originally operating under the name of Multinational
Telecom Investors Corp. in soliciting investments from the
public.

However, despite two cease and desist orders issued by the
Securities and Exchange Commission (SEC) in March 2001 and
January last year, the accused continued their operations under
the name Multitel.


SHEMBERG BIOTECH: Widens Net Loss to P179-M
-------------------------------------------
Shemberg Biotech Corporation incurred a net loss of 179.10
million pesos in the first 10 months of 2002, versus a net loss
of 168.25 million pesos in the same period a year earlier, the
Philippine Star said on Friday.

The Company is engaged in farming and culturing of seaweeds and
in the processing, preserving and manufacture of highly refined
carrageenan and its by-products.

In 2001, Joaquin Cunanan & Co., the Company's auditors, said the
Company's accumulated loss rose to 955.13 million pesos, from
786.87 million pesos as of 2000.

The auditing firm reported that the Company's current
liabilities exceeded its assets by 1.03 billion pesos and 909.53
million pesos as of 2001 and 2000, respectively.


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


ASIA PULP: Foreign Lenders Want More Control
--------------------------------------------
Foreign creditors want new changes on the current multi-billion-
dollar debt-restructuring scheme of Asia Pulp & Paper Co Ltd.,
which must be finalized by the end of next month, Reuters said
recently.

Citing a 16-page document prepared by 11 export agencies
collectively owed about US$960 million, the news agency said the
group wants two critical arrangements to be added to the interim
debt pact entered into by the company and Indonesia's Bank
Restructuring Agency in December.

The foreign lenders believe the current pact does not contain
adequate provisions for cash control and preventive measures
against a second default.  In their proposal, they suggested an
entity called APP Trading to be set up to ensure cash in the
group's four Indonesian units.  They also proposed most of the
shares in the four units be placed into a trust account where,
in the event of a second default, creditors would have control
over the companies.

"APP Trading which will control cash flow (in APP's four
Indonesian units) and Equity in Trust, which will provide
incentives to avoid a second default," the document reads.

Under the interim debt pact IBRA signed in December with APP and
a handful of creditors, about half of APP's total US$13.9
billion debts would be restructured.  The deadline for that
agreement to be signed is March 31 and needs to be signed by a
majority of creditors, Reuters said.

Attempts by the export agencies to strike a better deal follows
a similar move by foreign bondholders late last year.  It is the
latest twist in the debt-restructuring saga of the Singapore-
based company, which called a debt moratorium early in 2001,
after being hit by a cash crunch following aggressive expansion
in the 1990s, the report said.

A source close to the debt deal said IBRA was currently
discussing the proposals outlined in the document with
creditors.  When asked to comment about the document, IBRA
deputy chairman Mohammad Syahrial told Reuters: "Basically we
will wait until March 31. Negotiations are taking place and we
cannot say how many creditors have agreed (to the interim deal)
since it keeps changing."

"If they don't sign, they won't get paid," he added.

APP is the largest pulp and paper group in Asia outside Japan
with 16 manufacturing facilities in Indonesia and China.  Its
four Indonesian units are PT Indah Kiat Pulp & Paper, PT Tjiwi
Kimia, PT Lontar Papyrus Pulp & Paper Industry and PT Pindo Deli
Pulp & Paper Mills, Reuters said.


SEATOWN CORPORATION: Appointment of Judicial Manager
----------------------------------------------------
Further to the announcement issued by the Board of Directors of
Seatown Corporation Limited on January 23, 2003, the High Court
of Singapore issued the following orders:

(a) Seatown Construction Pte Ltd (A wholly owned subsidiary) be
placed under judicial management.

(b) Goh Ngiap Suan of M/s Goh Ngiap Suan & Company be appointed
as the Judicial Manager of Seatown Construction Pte Ltd.


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


BANGKOK TRANSIT: TAMC to Intervene in Debt Negotiations
-------------------------------------------------------
The Finance Ministry has authorized the Thai Asset Management
Corporation to step in and mediate in the debt negotiations of
Bangkok Transit System and its creditors, Business Day said
yesterday.

"It is one of the city's major infrastructures that needs to be
directed and controlled in order to provide optimum services for
the town residents," Finance Minister Somkid Jatusripitak told
Business Day over the weekend.

"The BTS and its creditors were unable to settle debt problems
in previous talks. Therefore the government needs to step in to
help find an acceptable resolution for both parties," he said,
adding that the ministry had previously settled similar debt
cases between Thai steel industrial groups.

BTS' debt is estimated to be over 30 billion baht.  It has been
knee-deep in financial quagmire since it began operations in
December 1999, as a result of lower passenger traffic and
foreign debt that ballooned when the baht plunged following the
Asian financial crisis.


TPI POLENE: CEO Says Rival Behind Opposition to Purchase Machine
----------------------------------------------------------------
Prachai Leophairattana, the embattled CEO of troubled cement
maker, TPI Polene, disclosed recently that a global cement maker
is actually behind the opposition to his plan to import
machines.

In an interview with Business Day, Mr. Prachai said he has
received information that the rival group has asked KFW to block
the purchase for fear that the firm's total capacity would
eventually erode its market.  He did not name the manufacturer.

The new machines are meant to boost the company's production to
12 million tonnes a year from its current 9 million tonnes, Mr.
Prachai said.  He said the company has so far invested about 4
billion baht on the expansion of its Line 4 production unit.

Once its Line 4 production is in operation, the company's total
cement output would become second only to market leader Siam
Cement, which produces 23 million tonnes a year. Currently Siam
City Cement is second-ranked with a total output of 10 million
tonnes a year, Mr. Prachai added.

Despite the stern opposition to the purchase, he expects the
arbitration panel to decide favorably.   Mr. Prachai said he
recently visited Switzerland to get additional information on
the machines for the arbitration panel to consider.

Creditors are challenging the purchase and are currently seeking
a court ruling on whether a firm under debt restructuring could
legally import machines.  Led by KFW, the creditors -- long been
at odds with Mr. Prachai and have a pending court petition
seeking his removal as CEO and administrator of the firm's
restructuring plan -- are claiming a German supplier of the
machines had collected down payment for such machines although
the arbitration body has yet to rule on the petition.  Business
Day says creditors would like the firm to raise US$180 million
in fresh capital before the new production machines are bought.

Meanwhile, in relation to a plan to sell shares to raise US$180
million in fresh capital, Mr. Prachai said the firm plans to
conduct domestic roadshows between February 18 and 28.  Foreign
roadshows are also being planned in Singapore, Hong Kong,
Taiwan, and Shanghai between March 4 and 5.  The three-day
subscription period for TPIPL share starts on March 19.


TPI POLENE: Restructuring Planner Overcharged Firm, Says CEO
------------------------------------------------------------
Effective Planners Ltd, the firm spearheading the debt
restructuring of Thai Petrochemical Industry, has been accused
of charging the firm fees unrelated to the procedure, Bangkok
Post said yesterday.

TPI lawyers, International Legal Counselor Ltd., claim they have
found evidence indicating that Effective Planners had
"unreasonably reimbursed" themselves from TPI for matters
unrelated to debt payment.  The amount ranges from 320 million
baht to 600 million baht, but the 200-300 million baht need
additional evidence.

Executive of Effective Planners, which is restructuring TPI's
debts totaling 3.5 billion baht, could not be contacted, said
Bangkok Post.

TPI CEO Prachai Leophairattana also told the paper that the
planners had told TPI staff not to provide him with documents,
although the court had allowed him to make inquiries to find
evidence to support his case against the restructuring
specialist.  The Central Bankruptcy Court is expected to rule on
the matter on April 12.


                            *********


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

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                 *** End of Transmission ***