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

                   A S I A   P A C I F I C

           Thursday, February 13, 2003, Vol. 6, No. 31

                         Headlines


A U S T R A L I A

ANACONDA NICKEL: Mongoose Ups Substantial Holding to 30.08%
ANACONDA NICKEL: No Interim Order to Shorten Period Expected
ANACONDA NICKEL: Review Panel Affirms Decision Outcome
BRISBANE BRONCOS: Appoints Directors at BOD Meeting
CARLOVERS CARWASH: Requests Suspension From ASX Official List

ENVESTRA LIMITED: Appoints CFO Ian Little as Managing Director
HILLGROVE GOLD: Reinstatement of Securities Commences Feb 21
KARL SULEMAN: Director Faces Fraud Charges
VILLAGE ROADSHOW: S&P Lowers Rating to 'BB'; Outlook Stable
VILLAGE ROADSHOW: Restructures Film Production Division


C H I N A   &   H O N G  K O N G

CHI CHEUNG: Proposes Capital Reorganization
FUNG COTTON: Winding Up Petition Slated for Hearing
FUNG TEXTILE: Petition to Wind Up Pending
GRANDMAX (H.K.): Hearing of Winding Up Petition Set
ORIENTAL METALS: Price, Turnover Movements Unexplainable

PCCW LIMITED: Parallel Trading to Cease Friday
PO CHEONG: Winding Up Sought by Bank of China
QUALITY HEALTH: Requests Suspension in Trading
SKYNET INTERNATIONAL: Requests Trading Suspension


J A P A N

HITACHI LIMITED: Develops Circuit Dual-Power-Supply Technique
KOBE STEEL: Unveils Technology Transfer For Specialty Steel Wire
MATSUSHITA ELECTRIC: Executes Own Share Repurchase
MIZUHO HOLDINGS: Undecided Yet On Overseas Fund-Raising
SEGA CORPORATION: Unit Ties Up With iRobot

SHOWA DENKO: May Resume Dividend Payouts This Year


K O R E A

CHOHUNG BANK: Citibank, Salomon to Manage US$250M Bond
CHOHUNG BANK: Deloitte Withdraws From Asset Evaluation
KOREA ELECTRIC: Moody's Cuts Rating Outlook


M A L A Y S I A

BERJAYA SPORTS: Unit FEAB Properties Purchases 8% ICULS
COUNTRY HEIGHTS: Bondholders Accept Bond Offer Purchase
CRIMSON LAND: Provides Material Litigation Status Update
DATAPREP HOLDINGS: Conversion of ICULS-3 Granted Listing
KRETAM HOLDINGS: March 5 Capital Reduction, Consolidation Set

KSU HOLDINGS: Provides Defaulted Facilities Status Update
LONG HUAT: Releases Quarterly Financial Report
MECHMAR CORPORATION: Defaulted Loan Status Remains Unchanged
NAUTICALINK BERHAD: Unit Faces Winding Up Petition Over Default
NCK CORPORATION: Changes Registered Address

REKAPACIFIC BHD: Feb 19 Judicial Review Application Hearing Set
REPCO HOLDINGS: Answers KLSE's Listing Query
SAP HOLDINGS: EGM Scheduled on Feb 28
SENG HUP: PA, SPA Fulfillment Period Extended for 60 Days
SOUTH MALAYSIA: Warrants Replacement Period Extended to Feb 18


P H I L I P P I N E S

BW RESOURCES: More Settlements Seen in Stock Scam
DIGITAL TELECOMMUNICATIONS: Seeks NTC Approval to Transfer PA
MAYNILAD WATER: Unveils Termination of Concession Deal
METRO PACIFIC: FirstPac Sells Unit to Ayala For $90M
NATIONAL BANK: Heading For Strong Recovery

NATIONAL BANK: Narrows Net Loss to P1.9B in 2002
NATIONAL POWER: Obtains Political Risk Insurance From PIC


S I N G A P O R E

CHEW EU: Scheme of Arrangement Update
CREATIVE TECHNOLOGY: Posts Changes in Shareholder's Interest
FLEXTECH HOLDINGS: Enters Management Subscription Deal
NEPTUNE ORIENT: Posts Notice of Shareholder's Interest


T H A I L A N D

KHOO KHANG: Files Business Reorganization Petition
KRISDAMAHANAKORN PUBLIC: SET Grants Listed Securities
THAI PETROCHEMICAL: Bankruptcy Court Sets Hearing Date to Mar 24

     -  -  -  -  -  -  -  -

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


ANACONDA NICKEL: Mongoose Ups Substantial Holding to 30.08%
-----------------------------------------------------------
Mongoose Pty Ltd increased its relevant interest in Anaconda
Nickel Limited on 11 February 2003, from 119,512,715 ordinary
shares (25.90%) to 138,804,740 ordinary shares (30.08%).

To see details of the Notice of Change in Substantial Holding &
Rights, go to http://www.bankrupt.com/misc/TCRAP_ANL0213.pdf.


ANACONDA NICKEL: No Interim Order to Shorten Period Expected
------------------------------------------------------------
The Takeovers Panel advises that the President of the Panel has
declined to make an interim order shortening the period until
the determination time for the offer (the Rights Offer) by
MatlinPatterson Global Opportunities Partners LP (MP Global) to
acquire rights (Rights) in Anaconda.

The decision is in response to an application by Anaconda for an
interim order bringing forward the time at which MP Global had
to declare its offer to be unconditional, or to have failed,
from 8:00 pm on Thursday 13 February, Sydney time, by two hours,
to 6:00 pm on that day. Anaconda made the application late on
Tuesday 11 February, 2003. (all references to times are to
Sydney time)

The President considered that shortening the time for
acceptances to be lodged and counted towards the success of the
bid is a serious decision to make. Given the time available to
advise those Anaconda shareholders who may have been considering
waiting until the latest possible time to accept the Rights
Offer, in order to see if any improved offers are made, the
President did not think it was appropriate to shorten that time.
He considered there remained some material risk that not all of
the Anaconda shareholders would be appropriately informed of the
shortened time. If the application had been made with several
days in which to write to Anaconda shareholders informing them
of the shortened time the decision on the application may have
been different, especially as the time between the announcement
by MP Global at 8:30 on Thursday evening if its offers have
become unconditional and the close of the Rights Offer at
12:00 midnight is very short.

The President was assisted by the advice from MP Global and
Anaconda of the arrangements that they have agreed to facilitate
acceptance by Anaconda rights holders in that short period. They
include:

   1. MP Global will ensure that the registry for lodging
applications under its Rights Offer is open for rights holders
until 12 midnight on Thursday 14 February;

   2. Anaconda will post MP Global's announcement as to the
status of its offers onto the Anaconda website by 8.30 pm for
Anaconda rights holders to be informed of the status of MP
Global's offers;

   3. MP Global will ensure that its announcement will be posted
by Australia Stock Exchange on the ASX Company Announcements
Platform (with the assistance of Anaconda as a Listed Entity if
required);

   4. Anaconda will assist MP Global by accepting faxed copies
of acceptances for MP Global's Rights Offer and faxed copies of
the Rights Issue Prospectus Entitlement and Acceptance Forms (in
respect of acceptances of Offer Alternative 2) and of MP
Global's Renunciation Form and Exercise Notice (Appendix E).
This will allow, in turn, MP Global to accept facsimile
acceptance of its Rights Offer. However, these provisions are
subject to the acceptor providing an original acceptance within
a short period after, to allow Anaconda to verify and reconcile
original acceptances against the facsimile versions.

The President of the Panel sat on the interim order application
by himself, as is provided for under section 657E of the
Corporations Act for cases where it is impractical to appoint a
Sitting Panel for a request for an interim order.

The Panel will post the reasons for this decision on its website
when they have been drafted and settled.

CONTACT INFORMATION: Nigel Morris,
                     Director, Takeovers Panel
                     Level 47 Nauru House, 80 Collins Street,
                     Melbourne VIC 3000
                     Ph: +61 3 9655 3501


ANACONDA NICKEL: Review Panel Affirms Decision Outcome
------------------------------------------------------
The Panel advises that it has made a decision on the application
made by Glencore International AG asking to review the decision
made by the Panel in Anaconda 08 in relation to the affairs of
Anaconda Nickel Limited.

The Review Panel has decided not to vary the decision by the
Anaconda 08 Panel, which was related to a decision not to make
any declaration of unacceptable circumstances in relation to the
offer (the Rights Offer) by MatlinPatterson Global Opportunities
Partners LP (MP Global) to acquire rights (Rights) in Anaconda.

MP Global remains free to seek acceptances of Anaconda
shareholders and rights holders for its offers as currently
structured.

Although the Review Panel came to broadly the same outcome as
the Anaconda 08 Panel, the two Panels arrived at their decisions
by different policy and reasoning paths.

Under its decision, the Review Panel did not consider it
necessary to ameliorate any potential effects on Glencore of MP
Global's current offers. Therefore the Review Panel did not
consider that the undertaking given to the Anaconda 08 Panel by
MP Global that it must exercise all of its rights up to 65% of
the diluted capital of Anaconda was required. Therefore, MP
Global is not required to exercise any minimum number of rights.
As under the Anaconda 08 decision, there is no maximum limit
imposed by the Panel, other than the restriction MP Global is
under pursuant to section 606 of the Corporations Act.

The Review Panel concluded that the weight given by the Anaconda
08 Panel to ensuring that its decision did not adversely affect
the market, and competition, for control of Anaconda is correct.

The Review Panel also concluded that it is materially in the
interests of the Anaconda shareholders as a class for the MP
Global offers to be allowed to proceed.

The Review Panel did not release MP Global from its undertaking
to ensure that, as far as practical, the conditions imposed
under the original ASIC relief, are applied to the conduct of
the Rights Offer.

PRECEDENT VALUE

The Review Panel considers that the unusual circumstances of the
Anaconda applications is unlikely to be repeated following these
applications, so the precedent value of the decision will be
very small in future.


BRISBANE BRONCOS: Appoints Directors at BOD Meeting
---------------------------------------------------
In accordance with ASX Listing Rule 3.16.1, the Board of
Brisbane Broncos Limited advises that at a Board meeting held on
Tuesday, February 11, 2003, Mr Peter Jourdain and Mr Dennis Watt
were appointed company directors, effective immediately.

Wrights Investors' Service At the end of 2001, Brisbane Broncos
Limited had negative working capital, as current liabilities
were A$3.24 million while total current assets were only A$2.29
million. This company has paid no dividends during the last 12
months. The company has not paid any dividends during the
previous 2 fiscal years.


CARLOVERS CARWASH: Requests Suspension From ASX Official List
-------------------------------------------------------------
The securities of CarLovers Carwash Limited will be suspended
from quotation at the close of business on Thursday 27 February
2003, following the Company's request for removal from the
official list of Australia Stock Exchange.

Berjaya Group (Cayman) Limited will stand in the market to buy
Company shares at $0.05 until the close of business on Thursday
27 February 2003.

The Company will be removed from the official list under listing
rule 17.11 at the close of business on Tuesday 4 March 2003.

Below is the Letter to Shareholders Re Suspension Request:

The company's request to be removed from the Official List of
the Australian Stock Exchange has been approved and its shares
will not be listed after February 27, 2003.

Berjaya Group (Cayman) Limited whose Off-Market Takeover bid
closed on January 6, 2003 has advised it will stand in the
market until February 27, 2003 to enable all remaining
shareholders to sell their CarLovers Carwash Limited shares at
the price of A$0.05 (5 cents) for each share.

Berjaya Group (Cayman) Limited together with its associates now
has a relevant interest of 95.1675% in CarLovers Carwash
Limited.

You can also obtain the acquisition price of $0.05 by completing
the Right of buy out form forwarded to you by Berjaya Group
(Cayman) Limited on January 23, 2003.

R Fong
DIRECTOR


ENVESTRA LIMITED: Appoints CFO Ian Little as Managing Director
--------------------------------------------------------------
The Board of Envestra Limited announced Wednesday that Mr Ian
Little, the Company's Chief Financial Officer will replace Mr
Ollie Clark who has given notice of his retirement as Managing
Director, effective 28 March 2003.

Commenting on the appointment Chairman John Allpass said "Ian
brings a strong commercial background to the role gained through
20 years in financial management in the oil and gas industry in
Australia and internationally.

"His former roles include Chief Financial Officer, GPU Gasnet
and Finance Manager  Pacific Division, Shell Group. He also
acted as a consultant to the Victorian Government in
establishing their Gas Industry Reform process."

Mr Allpass added, "The Board wishes to acknowledge the role of
Ollie Clark in the establishment of Envestra, which was floated
in 1997, and leading and overseeing a period of considerable
growth over the past five years."

According to Wrights Investors' Service, at the end of 2002,
Envestra Limited had negative working capital, as current
liabilities were A$101.58 million while total current assets
were only A$36.88 million.


HILLGROVE GOLD: Reinstatement of Securities Commences Feb 21
------------------------------------------------------------
Hillgrove Gold NL (Receivers and Managers Appointed) was
suspended from official quotation from the commencement of
trading on 4 January 2002 following the appointment of Ferrier
Hodgson as Receivers and Managers of the Company. The Company
convened a shareholder meeting on 11 November 2002 to consider
amongst other things the following resolutions. To approve the
acquisition from Tronoh Mines Malaysia Berhad by Denlin Nominees
Pty Limited and its nominees (Denlin) of 201,019,037 ordinary
shares in the capital of the Company at a purchase price of
$1.00 and upon the terms and conditions of the Implementation
Deed dated 29 August 2002 (the Implementation Deed), the
consolidation of the Company's share capital on a 1 for 60
basis,the issue of 35 million shares and 15 million options to
Denlin, the issue of up to 15 million shares to investors at a
subscription price of not less than 10 cents per share and the
change of the Company's name to Hillgrove Gold Limited.
Shareholders at the meeting subsequently approved all
resolutions.

Reinstatement to official quotation of the Company will commence
on Friday, 21 February 2003 following approval by the Company's
board to the consolidation of the Company's share capital, the
issue of the post consolidated securities approved by
shareholders and the issue of up to 15 million shares pursuant
to the Company's offer information statement dated 17 October
2002.

Below is an indicative timetable for the consolidation and
reinstatement to official quotation of the Company's securities,
pending receivership is lifted.

Thursday, 6 February 2003  Results of board meeting announced


Monday, 10 February 2003   Trading in reorganized securities
                           on a deferred settlement basis
                           commences (ASX Code: HGODA)

Friday, 14 February 2003   Record Date


Monday, 17 February 2003   Dispatch Date
                           Confirmation Receivership has been
                           lifted

Friday, 21 February 2003   Reinstatement to official quotation
                           (ASX Code: HGO)

Quoted Securities:         55,408,626 fully paid ordinary shares

ASX Codes:                 HGO

Time:                      Normal opening applies - trading
                           commences between 10:00 am and
                           10:10 am EDST

SEATS Abbreviation:        HILLGROVE

ISIN:                      AU000000HG06

Home Branch:               Sydney

Registered Office:         C/- Ron Belz & Associates
                           Level 1
                           511 Pacific Highway
                           Crows Nest NSW 2065

                           Ph: (02) 9906 3211
                           Fax: (02) 9906 4654

Company Secretary          Ron Belz

Share Registry             Computershare Investor Services
                           Pty Limited
                           Level 3
                           60 Carrington Street
                           Sydney NSW 2000
                           Ph:  (02) 8234 5169
                           Fax: (02) 8235 8156

Balance Date:              31 January

CHESS:                     Participating. The Company will also
                           operate an issuer-sponsored
                           sub-register

State/Country of
Incorporation:             Victoria

Dividend Policy            As per offer information statement

Activities:                Mineral exploration

Unquoted Securities:       15,000,000 options exercisable at 10
                           cents each on or before 31 December
                           2004.

ASX Contact:               Andrew Black

Business Unit              Companies Sydney

Ext No:                    7899


KARL SULEMAN: Director Faces Fraud Charges
------------------------------------------
Mr Karl Suleman appeared on Tuesday before the Downing Center
Local Court in Sydney on four fraud charges brought by the
Australian Securities and Investments Commission (ASIC).

The charges result from an ASIC investigation into Karl Suleman
Enterprizes Pty Ltd (KSE) and the Froggy Group of companies. The
Commonwealth Director of Public Prosecutions is prosecuting this
matter.

Mr Suleman was a director of KSE and all companies within the
Froggy Group, including Froggy Holdings Pty Ltd.

ASIC alleges that around 11 December 2000, Mr Suleman used a
false bank statement, which he gave to a finance broker, with
the intention of obtaining financing to purchase a Ferrari motor
vehicle.

ASIC also alleges that on three separate occasions between 1
March 2001 and 16 October 2001, Mr Suleman made false statements
to finance brokers with the intention of obtaining finance to
purchase a $3.3 million motor yacht and another Ferrari.

KSE was placed into voluntary administration on 12 November
2001. At that time, ASIC had already commenced proceedings in
the NSW Supreme Court to close down an unregistered managed
investment scheme operated by the company.

KSE and several related companies within the Froggy Group have
since been placed into liquidation.

On 22 July 2002, the NSW Supreme Court ordered Mr Suleman to pay
a total of $17.4 million in damages to KSE for breaches of
directors duties. On 30 July 2002, Mr Suleman was declared
bankrupt.

Mr Suleman was bailed on the condition that he does not apply
for a new passport, or in the event that his passport is
released by the NSW Supreme Court where it is currently held,
that he surrender the passport to ASIC.

Mr Suleman is also required to notify ASIC of his address within
seven days of ceasing to be legally represented.

The matter is next before the Local Court Downing Center on 22
April 2003.

ASIC's investigation is continuing.



VILLAGE ROADSHOW: S&P Lowers Rating to 'BB'; Outlook Stable
-----------------------------------------------------------
Standard & Poor's Ratings Services on Wednesday lowered its
long-term corporate credit rating on Village Roadshow Ltd. to
'BB' from 'BB+' and its debt issue rating on the company's
convertible subordinated notes to 'B+' from 'BB-'. At the same
time, the ratings were removed from CreditWatch Negative, where
they were placed on Jan. 23, 2003. The outlook is stable.

"The rating adjustment reflects concerns about the group's
aggressive financial structure, its increasing exposure to
higher risk film production, and the increasingly competitive
Australian radio broadcasting market," said Andrew Lally,
associate, Corporate & Infrastructure Finance Ratings. The
ratings are supported by the solid position of the company's
Australian/New Zealand cinema network, which is currently
benefiting from a high point in the film creative cycle, and the
solid market position of its radio business.

Village's aggressive financial structure is derived from its
active use of operating leases to finance long-term access to
cinema sites; high debt levels, incorporating on- and off-
balance-sheet debt; and material contingent liabilities. Despite
rationalizing its cinema network over the past three years,
Village had operating lease commitments of A$1.6 billion
at June 30, 2002. Although Village's businesses are benefiting
from a strong supply of quality film product, the company's
credit protection measures, incorporating operating lease
adjustments, are weak for a 'BB+' rating, and are not expected
to materially improve over the next three years.

"Movie production has become a more material component of
Village's broad entertainment model," Mr. Lally noted. The
growing exposure to film production is evidenced by an increase
in ownership of the financing vehicle to 100% from 19.9%,
incurring an additional US$122 million capital investment, and
an increase in loan facility size to US$900 million from
US$750 million. The group derives substantial production and
distribution fees through its film production activities.

"Although Village has a track record of successfully financing,
exploiting, and producing films, and now has full access to the
equity returns of its production subsidiary, movie production
has high operating leverage, given its capital intensity and
the difficulty of predicting box office success," Mr. Lally
said. Standard & Poor's considers movie production to be a more
volatile business than the company's exhibition, radio, and
theme park businesses.

A sluggish advertising market and the entry of new radio
competitors into Australia is affecting the performance of
Village's radio broadcasting subsidiary, Austereo Group Ltd. New
licenses to be awarded in Sydney, Adelaide, and Melbourne in the
next two years will ensure that competition for a share of radio
advertising spending remains intense. Although Austereo remains
a source of free operating cash flow for the group, uncertainty
surrounding the timing of a rebound in advertising spending
may pressure cash flow in the short-to-medium term.

Liquidity is adequate for Village's businesses, with access to
an undrawn A$120 million committed bank facility, a US$900
million secured revolving loan facility maturing in January
2006, and demonstrated willingness to defer dividends on
ordinary shares.

Village's mix of businesses will likely generate sufficient cash
flows to meet the group's high debt and lease commitments
through economic, advertising, and film creative cycles.


VILLAGE ROADSHOW: Restructures Film Production Division
-------------------------------------------------------
Village Roadshow Limited's production arm, Village Roadshow
Pictures, announced Wednesday the comprehensive restructure of
its financing arrangements had been completed. This involves
committing to a revolving fund of US$1b which is composed of
borrowings of US$900m and US$100m of equity. This will provide
access to higher budget and sequel movies including The Matrix
Reloaded and The Matrix Revolutions as well as an expansion of
the co-production deal with Warner Bros beyond the present 40
film deal.

The financing previously was made available through a special
purpose off balance sheet entity, Village Roadshow Films (BVI)
Limited (VRF), in which Village Roadshow had a 19.9% interest.
Village Roadshow has bought out the existing shareholders and
provided 100% of the increased (effective) equity and as a
consequence VRF will now be consolidated as a subsidiary. The
effective equity for this company has increased to US$100m.
Village Roadshow's incremental contribution for this re-
capitalization is US$46m which will be added to its existing
US$4m equity and US$50m loan. As a consequence VRF's borrowing
limit has been increased from US$750m to US$900m. Given the
increased VRL contributions, the revolving facility continues to
be limited recourse and involves a syndicate of banks led by
CIBC which extends for three years through to January 2006.

Village Roadshow in the last five years has become established
as the world's leading independent film producer with a strong
library that includes titles such as The Matrix, Ocean's Eleven,
Miss Congeniality, Space Cowboys and Training Day. Recently
Village Roadshow Pictures has released the highly successful Two
Weeks Notice with US grossing to date US$92m and Australia to
date grossing A$15m with solid openings expected across the rest
of the world rolling out in the next few months. Warner Bros
will continue to be the exclusive distributor for films co-
produced with Warner Bros (and its affiliate Castle Rock) on a
worldwide basis with the exception of Australia, New Zealand,
Greece and Singapore, which will continue to be handled by
Village Roadshow's distribution operations.

Managing Director of Village Roadshow, Graham Burke, said "The
new financing arrangements provide flexibility and a more robust
foundation for Village Roadshow Pictures going forward. The
existing successful "portfolio" approach to selecting a diverse
range of films will continue. The new facility will allow us to
continue producing between 6 and 8 films per year and in
particular it will enable us to participate in co-producing the
eagerly anticipated sequels to The Matrix. We believe The Matrix
is the Star Wars of the new Millennium and that 2003 is going to
be the year of The Matrix with Matrix Reloaded in May and Matrix
Revolutions in November. In addition sequels are in development
for Ocean's Eleven, Miss Congeniality and Cats & Dogs. No other
company in the industry can claim such a unique array of proven
hits. This is all part of a new slate of films with our
principal partner Warner Bros with whom, through Chairman Barry
Meyer and President Alan Horn, we at Village Roadshow enjoy a
unique relationship that is based on many decades of building
success together."

In addition to the effective equity noted above, Village
Roadshow is required to provide a security deposit of US$70m,
which is an incremental US$60m on the existing terms. As with
the previous financing arrangements, Village Roadshow may also
be required to contribute a proportion of the prints and
advertising expenditure (P&A) associated with the release of
each film in the event that receipts from film exploitation are
insufficient to meet third party repayment requirements.
Importantly at acquisition date there is no shortfall in P&A.
All up therefore, including the existing equity takeout, Village
Roadshow's incremental investment is US$122m for the division,
taking it to a total of US$186m.

In addition, Chairman of Village Roadshow, Robert Kirby, said
"We believe that the most significant growth prospects for the
company lie within the production division. This refinancing
ensures that Village Roadshow is appropriately structured to
deal with the changing profile of the group as we increase our
focus on production going forward. We are confident that this
strategy will provide excellent future returns. This would not
have been possible without the support of MBIA, one of the
world's leading financial guarantors together with CIBC World
Markets, our lead bank, who coordinated the entire transaction."

"Warner Bros and Village Roadshow share some 30 years of mutual
respect, trust and extraordinary success; this is one Hollywood
partnership that keeps on working and growing," said Barry
Meyer, Chairman & Chief Executive Officer, Warner Bros "John,
Robert and Graham are not just long-time colleagues; they are
long-time and highly valued friends."

"Our partnership with Village Roadshow has enabled us to make
some of the highest quality and most exciting motion pictures in
our history," said Alan Horn, President & Chief Operating
Officer, Warner Bros "It is truly a pleasure to work with the
Village Roadshow team and we are looking forward to many, many
more years of creative and business success."

Village Roadshow Pictures, together with Warner Bros, has a
number of films in active development and production as well as
the Matrix sequels. These include Dreamcatcher directed by
Lawrence Kasdan and from Stephen King's biggest best seller;
Troy an epic adventure directed by Wolfgang Petersen and to star
Brad Pitt and Eric Bana; and Mystic River starring Laurence
Fishburne and directed by Clint Eastwood.

CONTACT INFORMATION: Mr Graham Burke
                     MANAGING DIRECTOR
                     Mr Peter Foo
                     FINANCE DIRECTOR
                     Ph: 03 9667 6696


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


CHI CHEUNG: Proposes Capital Reorganization
-------------------------------------------
On 11th February, 2003, Chinese Estates Holdings Limited
entered into the S&P Agreement with Chi Cheung Investment
Company Limited and Jumbo Legend Limited, a unit of Chi Cheung,
under which:

   (i) Chinese Estates has agreed to sell or procure the sale
of, and Jumbo Legend has agreed to purchase or procure the
purchase of, the entire issued share capital of the Sale
Companies and the benefits of the Sale Loan and Jumbo Legend has
also agreed to assume the liabilities of the Assumed Debt by way
of novation; and

   (ii) Chi Cheung has agreed to sell or procure the sale of,
and Chinese Estates has agreed to purchase or procure the
purchase of, the entire issued share capital of Super Series and
the benefits of the Super Series Loan.

Based on the unaudited consolidated management account of Super
Series, the C Consideration is estimated to be of approximately
HK$103.9 million (subject to adjustments) which will be
satisfied in cash. Based on the aggregate unaudited consolidated
management accounts of each of the Sale Companies, the CC
Consideration is estimated to be of approximately HK$637.2
million (subject to adjustments) which will be satisfied partly
by an amount equal to the C Consideration in cash (approximately
HK$103.9 million) and partly (as to the balance of the
consideration, approximately HK$533.3 million) by the allotment
and issue of approximately 11,850.4 million consideration shares
(subject to adjustments) at an issue price of HK$0.045 per Chi
Cheung Share (or the equivalent approximately 237.0 million New
Shares), credited as fully paid, to Chinese Estates.

The market value of the Consideration Shares is approximately
HK$331.8 million based on the closing price of HK$0.028 per Chi
Cheung Share on 5th February, 2003. Under the S&P Agreement,
the parties thereto have agreed that the sum payable by Chinese
Estates to Chi Cheung and the cash portion of the CC
Consideration payable to Chinese Estates shall set off each
other at completion.

Proposed Capital Reorganization of Chi Cheung

In order to facilitate the Asset Transaction, the directors of
Chi Cheung would propose a capital reorganization of the share
capital of Chi Cheung to the shareholders of Chi Cheung for
approval to

   (i) consolidate every 50 Chi Cheung Shares of HK$0.10 each in
the issued and unissued share capital of Chi Cheung into one CC
Consolidated Share of HK$5.0 each;

   (ii) reduce the nominal value of each issued and unissued CC
Consolidated Share from HK$5.0 each into New Shares of HK$0.01
each; and

   (iii) immediately after the Capital Reduction becoming
effective, to restore the authorized share capital of Chi Cheung
to the original amount of HK$500,000,000.

On the basis of 2,971,305,343 Chi Cheung Shares in issue as at
the date of this announcement, a credit of approximately
HK$296,536,273.2 will arise as a result of the Capital
Reduction. To the extent permitted by the Court and subject to
any conditions which the Court may impose, such credit will be
applied towards the elimination of the accumulated losses of Chi
Cheung. The remaining balance of such credit (if any) will be
transferred to the special capital reserve account of Chi
Cheung.

The effective date of the Capital Reduction is not ascertainable
at present and an application will be made to the Court in
respect of the Capital Reduction. Further announcement(s) on
this matter including the effective dates of the Capital
Reduction and the Capital Reorganization will be made as soon as
practicable.

The Capital Reorganization is not conditional on the completion
of the Asset Transaction. The Asset Transaction is conditional
upon the Capital Reorganization becoming effective.

General

The Asset Transaction constitutes a major transaction for Chi
Cheung under the Listing Rules. As Chinese Estates is the
controlling shareholder of Chi Cheung, the Asset Transaction
also constitutes a connected transaction for Chi Cheung under
the Listing Rules and is therefore subject to the approval of
the independent shareholders of Chi Cheung. The Asset
Transaction constitutes a connected transaction for Chinese
Estates as Chi Cheung is a non-wholly owned subsidiary of
Chinese Estates and is subject to the approval of the
shareholders of Chinese Estates.

The Capital Reorganization is subject to, among other things,
the approval by the shareholders of Chi Cheung and confirmation
by the Court.

Currently, Chinese Estates is interested in 2,159,475,904 Chi
Cheung Shares, representing approximately 72.7% of the existing
issued share capital of Chi Cheung. In view of Chinese Estates's
interest in the Asset Transaction, Chinese Estates will abstain
from voting on the resolution in respect of the Asset
Transaction at the EGM. As at the same date, Mr. Joseph Lau,
Luen-hung, Mr. Thomas Lau, Luen-hung and their respective
associates (as defined under the Listing Rules) are interested
in 1,648,124,855 shares in Chinese Estates, representing
approximately 72.1% of the issued share capital of Chinese
Estates. In compliance with the undertaking given by Chinese
Estates to the Stock Exchange on 20th September, 1990 (as
supplemented and amended), they will abstain from voting the
resolution in respect of the Asset Transaction at the SGM.

An independent committee of the board of directors of each of
Chinese Estates and of Chi Cheung will be established to
consider the Asset Transaction. Independent financial advisers
will be appointed to advise the independent committee of the
board of directors of Chinese Estates and of Chi Cheung
respectively regarding the Asset Transaction.

A joint circular containing, inter alia, details of the Asset
Transaction, the Capital Reorganization, the advice of the
independent committee of the board of directors of Chinese
Estates, the advice of the independent committee of the board of
directors of Chi Cheung, the advice of the independent
financial advisers, the respective valuation reports of the
Properties and the Hillier Property, notice of the SGM and
notice of the EGM, will be dispatched to the shareholders of
Chinese Estates and the shareholders of Chi Cheung as soon as
practicable.

The Stock Exchange has stated that, if less than 25% of the
issued New Shares are in public hands following the completion,
or if the Stock Exchange believes that a false market exists or
may exist in the trading of the New Shares or that there are
insufficient New Shares in public hands to maintain an orderly
market, it will consider exercising its discretion to suspend
dealings in the New Shares.

The Stock Exchange has also stated that in the event that less
than 10% of the issued New Shares are held by the public at
completion of the Asset Transaction and the Capital
Reorganization, it will exercise its discretion to suspend
trading in the New Shares.

Shareholders should exercise caution when dealing in the
securities of Chi Cheung. Trading in the securities of Chi
Cheung on the Stock Exchange was suspended at the request of Chi
Cheung with effect from 9:30 a.m. on 6th February, 2003 pending
the release of this announcement. Application has been made for
the resumption of trading in the securities of Chi Cheung with
effect from 9:30 a.m. on 12th February, 2003.


FUNG COTTON: Winding Up Petition Slated for Hearing
------------------------------------------------
The petition to wind up Tat Fung Cotton Company Limited will be
heard before the High Court of Hong Kong on February 19, 2003 at
9:30 in the morning.

The petition was filed with the court on November 7, 2002 by
Bank of China (Hong Kong) Limited (the successor of all the
undertakings of Hua Chiao Commercial Bank Limited by virtue of
the Bank of China (Hong Kong) Limited (Merger) Ordinance, Cap.
1167) of 14th Floor, Bank of China Tower, No. 1 Garden Road,
Central, Hong Kong.


FUNG TEXTILE: Petition to Wind Up Pending
-----------------------------------------
The petition to wind up Tat Fung Textile Company Limited is set
for hearing before the High Court of Hong Kong on February 19,
2003 at 9:30 in the morning.

The petition was filed with the court on November 7, 2002 by
Bank of China (Hong Kong) Limited (the successor of all the
undertakings of Hua Chiao Commercial Bank Limited by virtue of
the Bank of China (Hong Kong) Limited (Merger) Ordinance, Cap.
1167) of 14th Floor, Bank of China Tower, No. 1 Garden Road,
Central, Hong Kong.


GRANDMAX (H.K.): Hearing of Winding Up Petition Set
---------------------------------------------------
The petition to wind up Grandmax (H.K.) Limited is scheduled for
hearing before the High Court of Hong Kong on February 26, 2003
at 9:30 in the morning.

The petition was filed with the court on December 23, 2003 by
Bank of China (Hong Kong) Limited (the successor of all the
undertakings of Sin Hua Bank Limited by virtue of the Bank of
China (Hong Kong) Limited (Merger) Ordinance, Cap. 1167) of 14th
Floor, Bank of China Tower, No. 1 Garden Road, Central, Hong
Kong.


ORIENTAL METALS: Price, Turnover Movements Unexplainable
--------------------------------------------------------
Oriental Metals (Holdings) has noted the recent increases in the
price and trading volume of the shares of the Company and wish
to state that it is not aware of any reasons for such increases.

Save and except for the press announcements dated 22 January
2003 and 30 January 2003, the Company confirmed that there are
no negotiations or agreements relating to intended acquisitions
or realizations which are discloseable under paragraph 3 of the
Listing Agreement, neither is the Board aware of any matter
discloseable under the general obligation imposed by paragraph
2 of the Listing Agreement, which is or may be of a price-
sensitive nature.


PCCW LIMITED: Parallel Trading to Cease Friday
----------------------------------------------
Market participants are requested to note the parallel trading
in the ordinary shares of PCCW Limited will cease after the
close of business on Friday, 14/02/2003.  As from the close of
business on that day, the counter for trading in the
consolidated shares (stock code: 2906) of PCCW as represented by
old share certificates will be withdrawn and trading in the
shares of PCCW will only be under the following arrangements:

Stock Code  Stock Short Name     Board Lot     Certificate Color
----------  ----------------     ---------     -----------------
8           PCCW                 1,000 shares     Red


PO CHEONG: Winding Up Sought by Bank of China
---------------------------------------------
Bank of China (Hong Kong) Limited is seeking the winding up of
Po Cheong Textile Company Limited.  The petition was filed on
December 23, 2002, and will be heard before the High Court of
Hong Kong on February 26, 2003 at 9:30 in the morning.

Bank of China (the successor of all the undertakings of Sin Hua
Bank Limited by virtue of the Bank of China (Hong Kong) Limited
(Merger) Ordinance, Cap. 1167) holds its registered office at
Unit  6-9, Ground Floor, Hi-Tech at 14th Floor, Bank of China
Tower, No. 1 Garden Road, Central, Hong Kong.


QUALITY HEALTH: Requests Suspension in Trading
----------------------------------------------
Quality HealthCare Asia Limited requested trading in its
shares to be suspended with effect from 2:30 p.m. Wednesday 12
February 2003 pending an announcement in relation to a price
sensitive development.

Wrights Investors Service reports that as of the end of 2001,
the company's long-term debt was HK$67.35 million and total
liabilities were HK$259.55 million. Its long-term debt to equity
ratio of the company


SKYNET INTERNATIONAL: Requests Trading Suspension
-------------------------------------------------
Skynet (International Group) Holdings Limited requested trading
in its shares to be suspended with effect from 9:30 a.m.,
Wednesday, 12 February 2003, pending the release of an
announcement in relation to the result of the winding up
petition.


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


HITACHI LIMITED: Develops Circuit Dual-Power-Supply Technique
-------------------------------------------------------------
Hitachi Limited announced the development of a circuit technique
that is effective in achieving both high-speed performance and
low power dissipation in large-scale integrated circuits (LSI's)
such as system-on-a-chip (SoC). With a test chip of Arithmetic
Logic Unit (ALU)--a main circuit of a microprocessor--using this
technique showed the saving in power dissipation of
approximately 25 percent compared with single-power-supply
circuitry, while the decrease in operating frequency was kept to
a mere 2.8 percent.

Hitachi Limited and the University of California (Berkeley) has
jointly developed the technique. The results achieved will be
announced jointly at the International Solid-State Circuits
Conference (ISSCC) to be held from February 9 in San Francisco,
U.S.A.

The power dissipation of LSIs, the mainstay of IT devices,
continues to increase in line with the trends of higher
performance and functionality, and technologies for reducing
power dissipation are very important issue in the future
development of increasingly larger-scale integration. An
effective method of achieving lower power dissipation is to use
the lower supply voltage of LSIs, but simply using a lower
voltage also causes a drop in the operating frequency. One
technique that has been proposed to solve this problem is the
use of dual-power-supply circuitry, in which a comparatively
high voltage is used for circuits requiring high speed, while a
lower voltage is used for other circuits. However, with
conventional dual-power-supply circuit techniques, the layout
and wiring of the nominal-voltage circuits and low-voltage
circuits is complex, and there is a further problem of increased
signal delay times due to the voltage level conversion circuitry
for converting the lower voltage to the higher voltage.

Against this background, Hitachi and UC Berkeley conducted joint
research into a circuit technology capable of both increasing
the operating speed and decreasing the power dissipation of an
LSI. The two developed a basic technique for implementing a
dual-power-supply system, and confirmed its effectiveness.
Features of this jointly developed technique are as follows.

1) A Shared-Well type circuit was developed, with a structure
allowing sharing of a circuit substrate on a silicon wafer by
both nominal-voltage circuitry and low-voltage circuitry. As a
result, a dual-power-supply system, which has previously been
difficult to implement because of the complexity of circuit
layout and wiring design, can be designed using virtually the
same procedures as for a single-power-supply system. Moreover,
this technique has been confirmed as reducing leakage current in
the standby state without the need for special control.

2) A domino type level conversion circuit was developed for the
block handling signal input from low-voltage circuitry to high-
voltage circuitry. This circuit combines the functions of a
voltage level conversion circuit and logic circuitry, making it
possible to suppress the increased delay times associated with
signal level conversion.

3) The ALU inside the CPU core, a major circuit of a processor,
has a particular need for high-speed operation. For the adder at
the center of the ALU, a low-power-dissipation adder was devised
that exploits the advantages of dual-power-supply circuitry. It
was confirmed that power dissipation could be reduced without
sacrificing operating speed.

A test chip of 64-bit ALU has been constructed, using a 0.18-
micron CMOS process, to verify the effectiveness of the above-
described technique. Tests confirmed that, in dual-power-supply
operation, power dissipation fell by approximately 25 percent
with a decrease in operating frequency of only 2.8 percent, and
by approximately 33 percent with a decrease in operating
frequency of 8.3 percent, compared with the power dissipation at
the maximum operating frequency of 1.16 GHz when the dual power
supplies were made equivalent to a single power supply, using
the same voltage. Moreover, leakage current in the standby state
was confirmed as falling by approximately 42 percent compared
with a single-power-supply system, demonstrating the
effectiveness of the dual-power-supply system in decreasing
standby power as well as power dissipation during LSI operation.

This newly developed technique is expected to be an important
role in as a basic circuit technique for creating low-power-
dissipation LSIs while continuing to improve LSI performance.

Hitachi Limited global.hitachi.com headquartered in Tokyo,
Japan, is a leading global electronics Company, with
approximately 320,000 employees worldwide. Fiscal 2001 (ended
March 31, 2002) consolidated sales totaled 7,994 billion yen
($60.1 billion). The Company offers a wide range of systems,
products and services in market sectors, including information
systems, electronic devices, power and industrial systems,
consumer products, materials and financial services.

Hitachi Limited posted a third quarter profit of 1.3 billion yen
($10.8 million) in 2002, versus a loss of 115.8 billion yen a
year earlier, as a result of its restructuring scheme, the
Troubled Company Reporter-Asia Pacific reports.

Analysts said Hitachi may still struggle to meet its year to
March target due to stiff price competition for liquid crystal
displays (LCD's) and home appliances amid a weak domestic
economy.

Contact:
Yoshinobu Sato
Hitachi, Ltd.
+81-3-5201-5250
sato-yoshinobu@sic.hitachi.co.jp


KOBE STEEL: Unveils Technology Transfer For Specialty Steel Wire
----------------------------------------------------------------
Kobe Steel Limited and Europe's Lucchini Group have concluded
two technology transfers for specialty steel wire rod and bar
used in automotive applications.

Kobe Steel has transferred to Ascometal, a Lucchini group
Company, and technology to produce a steel wire rod product
called UHS 1900. This high strength steel is used to make
automotive suspension springs. In late 2002, Ascometal began
production of UHS 1900 for parts makers to Japanese automobile
transplants in Europe.

UHS 1900 production technology has also been furnished to
Republic Engineered Products LLC, North America's largest
supplier of special bar quality steel. REP began production in
1999, and UHS 1900 is now widely used by Japanese transplants in
North America.

In addition, Ascometal has transferred to Kobe its technology
for low-distortion gear steel. Kobe has begun supplying a
Japanese manufacturer in Japan with samples to gain its
approval.

These technology exchanges will enable the two companies to
better meet the parts procurement needs of European and Japanese
automobile manufacturers in Europe and Japan.

Technology Transfer to Lucchini: Kobe's UHS 1900 Suspension
Steel

In April 2002, Kobe transferred to Ascometal its UHS 1900 steel
wire rod technology. Ascometal began trial production and
supplied samples to Iberica de Suspensiones, S.A., the Spanish
affiliate of Japan's NHK Spring Co., Ltd. A major Japanese
automobile transplant in Europe has approved the material, which
enabled Ascometal to commence production last December.

UHS 1900 is widely used by Japanese automobile manufacturers.
Noted for its outstanding qualities, this high strength
suspension steel contributes to reducing automobile weight and
is highly resistant to salt corrosion. The technology transfer
enables Ascometal to meet the growing need for this product from
Japanese transplants in Europe.

Technology Transfer to Kobe: Lucchini's Low-Distortion Gear
Steel

Ascometal has transferred its low-distortion gear steel
technology to Kobe Steel. Kobe has begun supplying samples it
has produced to Japan's O-oka Corporation, a forging
manufacturer, which has received an order from a European
carmaker. Gears are commonly forged from low-carbon or low-
carbon alloy steel. After machined into the shape of a gear, the
piece undergoes heat treatment to improve durability (wear
resistance) and fatigue strength. Heat treatment hardens the
surface of the gear, while maintaining internal toughness of the
material.

Lucchini's gear steel undergoes carburization followed by gas
quenching for heat treatment. It has superlative surface
hardness and internal toughness. At the same time, the surface
hardness is uniform and distortion is low. These characteristics
are generating growing demand and orders are on the rise. Not
only in Europe, but demand in Japan for gas-quenched automotive
gear steel is anticipated to grow in the future.

Background

In April 2001, Kobe Steel and the Lucchini Group agreed to begin
technical exchanges on automotive steel wire rod and bar. The
exchanges between Kobe Steel and Lucchini subsequently served as
the basis on which the companies began to consider forming a
strategic global cooperation. In April 2002, Kobe and Lucchini
signed the final agreement to form a cooperation pact for
specialty steel wire rod and bar used in automotive
applications. The cooperation consists of technical exchanges,
technology transfers, joint research and development, and user
support. To promote these activities, a management committee
made up of members from both companies meets about twice a year
to select projects and set objectives.

This cooperation is a technical alliance. Kobe Steel and
Lucchini do not hold equity in each other's Company.

The world's leading producer of specialty steel wire rod and
bar, Kobe Steel supplies a wide variety of steel products to the
automobile industry. Lucchini is Europe�fs top maker of
automotive steel wire rod and bar. In both scale and quality,
Lucchini holds a leading position in the European market. As
automakers consolidate their worldwide procurement of materials
and parts, the alliance between Kobe Steel and Lucchini aims to
enhance the two companies of presence in the automobile
industry.

Kobe's alliance with Lucchini and its technology assistance to
Republic Engineered Products creates a global network that
enables Kobe to supply the same high-quality wire rod and bar
products to Japanese automobile manufacturers in Japan, North
America and Europe.

TCRAP reported that Kobe Steel posted a group net loss of 28.52
billion yen in 2002 ending March 31 from a profit of 6.50
billion yen the previous year. The Shinagawa-ku, Tokyo-based
steel maker attributed the poor earnings to a hefty
extraordinary loss resulting from appraisal losses on securities
holdings amid the stock market slump and charges to cover
shortages in reserves for retirement benefits.

Kobe Steel Limited www.kobelco.co.jp/index_e_wi.htm is one of
Japan's leading steel makers and producers of aluminum and
copper products. Other businesses include welding consumables,
infrastructure and plant engineering, machinery, and real
estate.

Contact:
Kobe Steel, Ltd.
Gary I. Tsuchida, Communication Center
E-mail: www-admin@kobelco.co.jp
+81-3-5739-6010


MATSUSHITA ELECTRIC: Executes Own Share Repurchase
--------------------------------------------------
Matsushita Electric Industrial Co. Limited, best known for its
"Panasonic" and "National" brand products, announced Monday that
it has purchased a portion of its own shares from the market in
conformity with provisions of Article 210 of the Japanese
Commercial Code.

Details of the share repurchase are as follows:

1. Class of shares: Common stock

2. Period of purchase: Between January 30, 2003 and February 10,
2003

3. Aggregate purchase amount: 9,494,334,000 yen

4. Aggregate number of shares purchased: 8,000,000 shares

5. Method of purchase: Shares were purchased on the Tokyo Stock
Exchange

(Reference)

1) The following are the resolutions that were approved at the
ordinary general meeting of shareholders held on June 27, 2002:

-Class of shares: Common stock

-Aggregate number of shares to be purchased: Up to 180 million
shares

-Aggregate purchase amount: Up to 300 billion yen

2) Cumulative total of shares repurchased through February 10,
2003:

-Aggregate purchase amount: 85,645,752,000 yen

-Aggregate number of shares purchased: 70,000,000 shares

The Troubled Company Reporter-Asia Pacific reported that
Matsushita Electric Industrial Co.'s recovery is on track after
posting a group operating profit of 45.37 billion in the first
half ending September, versus a loss of 75.71 billion yen a year
earlier.

No earnings figures were officially given for the July-September
period. The Company posted a group net profit of 17.85 billion
yen for the first half, reversing from a year-earlier loss of
69.47 billion yen.


MIZUHO HOLDINGS: Undecided Yet On Overseas Fund-Raising
-------------------------------------------------------
Mizuho Holdings Inc. hasn't made any decision yet on which
overseas institutions it will approach over its planned fund-
raising this fiscal year ending March 31, Dow Jones and Sankei
Shimbun newspaper reports.

The report said Mizuho is in final talks with Merrill Lynch &
Co. for a 150 billion yen fund-raising from the U.S. securities
giant. Merrill Lynch had no comment to make on the report.

The Company has been planning to raise 1 trillion yen of funds
to accelerate bad loan write-offs and strengthen financial
standing.


SEGA CORPORATION: Unit Ties Up With iRobot
------------------------------------------
Sega Toys Limited, a unit of the Sega Corporation, has teamed up
with U.S. technology development start-up iRobot Corporation,
Asia Pulse said on Wednesday.

The unit will revamp for the Japan market an automatic vacuum
cleaner developed by iRobot, a Massachusetts firm. Sega Toys
will alter power supply mechanisms in the product, dubbed
Roomba, and change the appearance for the Japanese market.

Sega Toys plans to begin marketing the vacuum cleaner, a
circular machine with a diameter of 34cm, in Japan in March. The
Roomba will sell for 39,800 yen (US$328), and the first-year
sales goal for the automatic machine in Japan is 100,000 units.

Both firms will also engage in the joint development of other
products that make use of iRobot technology.

The Massachusetts firm develops robots that have artificial
intelligence capabilities. It provides technology that has
military and space applications.

Sega Corporation earned 1.01 billion yen (US$8.3 million) in the
six months ending September, versus a loss of 20.87 billion yen
in the same period of last year, the Troubled Company Reporter-
Asia Pacific reports.

Sega returned to profitability for the first time in five in
years, with an operating profit of 14.2 billion yen ($112
million) last year, compared with an operating loss of 51.7
billion yen previously.

The Tokyo-based maker of video game software has been cutting
costs and strengthening its balance sheet through disposals of
assets, including offices and stock holdings.


SHOWA DENKO: May Resume Dividend Payouts This Year
--------------------------------------------------
Showa Denko KK is likely to resume dividend payments for the
year through December, for the first time in five years, on the
back of a group operating profit forecast of 38 billion yen, AFX
Asia and Nihon Keizai Shimbun reported.

This year's dividend payments are expected to be 2 to 3 yen a
share, the report said.

Showa Denko's shareholders equity remained poor while the
interest-bearing debt reached as high as the sales as of end of
December 2001, Japan Credit Rating Agency reported last year.
The cumulative loss amounting to 51.7 billion yen as of end of
December 2001 will be cleared off by the end of December 2002
using the capital reserve and earnings retained in fiscal 2002.
The financial conditions, however, will remain poor.

According to Wright Investor's Service, Showa Denko Kabushiki
Kaisha at the end of 2001 had negative working capital, as
current liabilities were Y488.73 billion while total current
assets were only Y308.55 billion.

Showa Denko Kabushiki Kaisha's principal activity is the
manufacture and sale of chemical products serving a wide range
of fields ranging from heavy industry to the electronic and
computer industries.


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


CHOHUNG BANK: Citibank, Salomon to Manage US$250M Bond
------------------------------------------------------
Chohung Bank has selected Citibank and Salomon Smith Barney to
oversee its US$250 million upper tier-two subordinated bond,
Reuters and BasisPoint said on Monday.

The deal could come to market as early as the end of February.


CHOHUNG BANK: Deloitte Withdraws From Asset Evaluation
------------------------------------------------------
Deloitte & Touche LLP withdrew from an evaluation of Chohung
Bank's assets, citing conflict of interest, nine days after its
Korean venture Ahn Kwon & Co. was hired for the job, Bloomberg
said on Wednesday. KDIC will hire another international
accounting firm anytime this week.

The evaluation result will set a final price for its 80 percent
stake in Chohung in talks with preferred bidder Shinhan
Financial Group Ltd. Shinhan offered 1.7 trillion won ($1.4
billion) in cash for half of the stake and shares for the
remainder, Yonhap News Agency said in December.

Shinhan officials have declined to confirm that figure.

Chohung reported a loss of 586 billion won last year from profit
of 522.5 billion won a year earlier.


KOREA ELECTRIC: Moody's Cuts Rating Outlook
-------------------------------------------
Moody's Investors Services has changed the outlook for the A3
foreign currency rating for Korea Electric Power Corporation
(KEPCO), Korea Hydro & Nuclear Power Co Limited (KHNP), and KT&G
Corporation to negative.

This rating action follows Moody's decision to change the
outlook for South Korea's sovereign rating to negative from
positive.

Korea Electric Power Corporation is directly and indirectly
(through Korea Development Bank) 53.9 percent owned by the
Korean Government. Korea Hydro & Nuclear Power Co. Ltd is 100
percent owned by Korea Electric Power Corporation. KT&G
Corporation, headquartered in Taejeon City, Republic of Korea,
is a dominant supplier of cigarettes in Korea with about 80
percent market share. It also produces and supplies high-quality
red ginseng products.

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


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


BERJAYA SPORTS: Unit FEAB Properties Purchases 8% ICULS
-------------------------------------------------------
The Board of Directors of Berjaya Sports Toto Berhad informed
that its wholly-owned subsidiary, FEAB Properties Sdn Bhd has
purchased of 8% Irredeemable Convertible Unsecured Loan Stocks
2002/2012 in BToto as follows:

   1. Date of Purchase : 11 February 2003

   2. Number of ICULS Purchased : 135,000

   3. Minimum price paid for each ICULS : RM2.92

   4. Maximum price paid for each ICULS : RM2.98

   5. Total consideration paid : RM399,143.49

   6. Total number of ICULS held to-date : 14,699,000

   7. Cumulative consideration : RM43,480,775.78
paid to-date

The Company has obtained the necessary approvals for the above
purchase of ICULS up to an amount not exceeding RM1.2 billion.
Details on the ICULS purchase were disclosed in the Company's
Circular to Shareholders dated 5th April 2002 and the Abridged
Prospectus relating to the Rights Issue of ICULS dated 20th June
2002.


COUNTRY HEIGHTS: Bondholders Accept Bond Offer Purchase
--------------------------------------------------------
Further to Country Heights Holdings Bhd's announcement on 13
January 2003, the Company would like to inform the KLSE that it
has received notification from its Managing Director and
substantial shareholder, Y Bhg Tan Sri Lee Kim Yew that up until
10 February 2003, the following Bondholders have accepted his
offer to purchase the bonds:

No.       Name                   Nominal Value of Bond (RM)  %

1. Mayban (Nominees) Sdn Bhd            56,000,000     28.00
2. Universal Trustee (Malaysia) Berhad  12,000,000      6.00
  -A/C Mayban Balanced Trust Fund
3. Universal Trustee (Malaysia) Berhad   8,000,000      4.00
  -A/C Mayban Income Trust Fund
4. Affin Bank Berhad                     8,000,000      4.00
5. Prudential Assurance Malaysia Berhad  8,000,000      4.00
6. Amanah Raya Berhad                    4,000,000      2.00
7. Arab-Malaysian Merchant Bank Berhad   4,000,000      2.00
8. Bee Garden Holdings Sdn Bhd           4,000,000      2.00
9. South East Asia Insurance Berhad      4,000,000      2.00
10. Great Eastern Life Assurance        14,400,000      7.2
    (Malaysia) Berhad
11. Overseas Assurance Corporation       1,600,000      0.8
    (Malaysia) Berhad
12. Universal Trustee (Malaysia) Berhad  4,000,000      2.00
    -A/C BHLB Pacific Emerging Companies Growth Fund
13. Bank Pertanian Malaysia             32,000,000     16.00
Total                                  160,000,000     80.00

The Troubled Company Reporter - Asia Pacific reported last month
that Rating Agency Malaysia Berhad (RAM) has downgraded the
rating of the Company's RM200 million Redeemable Bonds
(Bonds) (1996/2005) from B2 to D.  The B2 rating had been on
rating watch since April 2001.


CRIMSON LAND: Provides Material Litigation Status Update
--------------------------------------------------------
Crimson Land provided update on the following material
litigation:

1. SEREMBAN HIGH COURT WRIT OF SUMMONS NO. 22-17-2002
SEREMBAN HIGH COURT WRIT OF SUMMONS NO. 22-18-2002

Both Crimson Land Berhad and Crimson Properties Sdn Bhd were
granted further extension of time from 31st January 2003 to 10th
February 2003 to enter Defense for their respective case.

Crimson Land Berhad and Crimson Properties Sdn Bhd both filed
their Defense and Counterclaim for their respective case on 10th
February 2003 and the same were served on the Solicitors of
Malaysia Building Society Berhad.

2. ORIGINATING SUMMONS NO. 24-70-02
ORIGINATING SUMMONS NO. 24-71-02
ORIGINATING SUMMONS NO. 24-72-02

The cases had been fixed for hearing on 27th January 2003 and
had now been adjourned for hearing on 30th June 2003.


DATAPREP HOLDINGS: Conversion of ICULS-3 Granted Listing
--------------------------------------------------------
Dataprep Holdings Berhad advised that the additional 134,000 new
ordinary shares of RM1.00 each arising from the Conversion of
RM201,000 nominal amount of 4% 3-year Irredeemable Convertible
Unsecured Loan Stocks 2002/2005 (ICULS-3) into 134,000 new DPREP
ordinary shares will be granted listing and quotation with
effect from 9:00 a.m., Monday, 17 February 2003.

According to Wrights Investors' Service, at the end of 2002, the
company had negative common shareholder's equity of -RM29.13
million. This means that at the present time, the common
shareholders have essentially no equity in the company. This is
further compounded by the fact that among the assets the company
does have on its balance sheet, there are RM16.62 million in
intangible assets. This company's total liabilities are higher
than total equity, which means that the money this company owes
are greater than all of the assets of the company.


KRETAM HOLDINGS: March 5 Capital Reduction, Consolidation Set
-------------------------------------------------------------
Further to the announcement dated 28 January 2003, on behalf of
Kretam Holdings Berhad, Alliance Merchant Bank Berhad wishes to
announce the Book Closure Date of the Record of Depositors in
relation to the capital reduction of the Company's existing
issued and paid-up share capital of RM105,253,500 comprising
105,253,500 ordinary shares of RM1.00 each to RM52,626,750
comprising 105,253,500 ordinary shares of RM0.50 each, by
canceling RM0.50 of the par value of each existing ordinary
share of RM1.00 each in KHB. After the completion of the share
capital reduction, the issued and paid-up share capital of KHB
comprising 105,253,500 ordinary shares of RM0.50 each will be
consolidated on the basis of two (2) ordinary shares of RM0.50
each into one (1) ordinary share of RM1.00 each (Consolidated
Shares) credited as fully-paid-up.

NOTICE IS HEREBY GIVEN THAT a depositor of KHB registered in the
Record of Depositors as at 5 March 2003 will be subject to
capital reduction and consolidation in respect of shares
transferred into the depositor's securities account before 4:00
p.m. on 5 March 2003 in respect of ordinary transfer.

To facilitate the recalling and cancellation of the existing KHB
shares of RM1.00 each and issuance of new Consolidated Shares,
the trading of KHB shares will be suspended three (3) clear
Market Days prior to Books Closure Date i.e. on 26 February 2003
effective 9.00 a.m., and the suspension will continue until the
capital reduction and consolidation exercise is completed.
Hence, the last day for trading of KHB shares shall be Tuesday,
25 February 2003.

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

Lawco Corporate Services Sdn Bhd
9.06, Level 9, Wisma Technip
241, Jalan Tun Razak
50400 Kuala Lumpur
Tel : 03 - 2730 1822/ 03 - 2730 1811
Fax : 03 - 2148 7868

KHB's information Circular in relation to the recalling and
cancellation of the existing KHB Shares of RM1.00 each and
issuance of Consolidated Shares will be dispatched on 13
February 2003.


KSU HOLDINGS: Provides Defaulted Facilities Status Update
---------------------------------------------------------
As required by the KLSE Practice Note 1/2001, the Board of
Directors of KSU Holdings Bhd provided an update on the details
of all the facilities currently in default, as enclosed in
Appendix A found at
http://www.bankrupt.com/misc/TCRAP_MayPlas0213.pdf.

The default by KSUH as at 31 January 2003 amounted to
RM106,315,379.17 of principal sum and RM19,539,104.25 of
interest for term/bridging loans and overdraft facilities.

There are no other new development since the previous
announcement with regards to this Practice Note.


LONG HUAT: Releases Quarterly Financial Report
----------------------------------------------
Long Huat Group Berhad released its unaudited quarterly report
for the financial period ended 31 December 2002, which can be
found at http://www.bankrupt.com/misc/TCRAP_Lhuat0213.pdf.

COMPANY PROFILE

Long Huat and its companies were principally engaged in timber
moulding and related machining activities. The manufacturing
plant is located in Maran, Gambang and Temerloh, Pahang. The
Group had experienced shortage of working capital amidst the
softening timber market and the directors decided to cease
operations and implement substantial downsizing of timber
operations in 2001. In view of this, a comprehensive financial
restructuring as well as injections of new income-generating
assets needs to be implemented to return the Group to the path
of profitability. To this end, the Company is in negotiations
with several parties for the acquisition of new income-
generating assets.

The Company had been served with a Winding-up Petition on 28
September 2001. The hearing on the Winding-up Petition is fixed
on 20 August 2002.

The trading of shares in the Company is currently suspended.

CONTACT INFORMATION: No 47-C Jalan SS 21/60
                     Damansara Utama
                     47400 Petaling Jaya
                     Tel : 03-7729 6843,
                     Fax : 03-7729 5242


MECHMAR CORPORATION: Defaulted Loan Status Remains Unchanged
------------------------------------------------------------
Mechmar Corporation (Malaysia) Berhad informed that there is no
change in status in the list of loans under default since 31
December 2002. Repayment is as per agreed schedules with
respective lenders.

Attached the list of loans as at 31 January 2003 for reference
at http://www.bankrupt.com/misc/TCRAP_Mechmar0213.xls.


NAUTICALINK BERHAD: Unit Faces Winding Up Petition Over Default
---------------------------------------------------------------
The Board of Directors of Nauticalink Berhad is obliged to
announce that a Winding-Up Petition has been served against
Nauticalink Logistic Sdn Bhd (NLSB), a wholly-owned subsidiary
of the Company at the Registered office on Friday, 7 February
2003.

The details of the Winding-Up Petition are as follows:

   1. The Winding-Up Petition had been presented at the Shah
Alam High Court on 6 November 2002 by AmBank Berhad (the
Petitioner).

   2. As per the Petition, NLSB is indebted to the Petitioner
for the sum of RM744,781.60 together with interest thereon at
the rate of 2.50% above the Base Lending Rate from 26 June 2002
until the date of full settlement and penalty interest at the
rate of 1% per annum on the sum in default to be calculated from
26 June 2002 to be date of full and final settlement and costs.

   3. The circumstances leading to the filing of the Winding-Up
Petition were due to default on the part of NLSB in respect of
its overdraft facility as granted by the Petition which led to
the said Bank instituting legal action against NLSB from issuing
of Demand Notice to obtaining final judgment of the Kuala Lumpur
High Court in Writ of Summons No.D5-22-2676-1999 dated 8
December 2000.

   4. Total cost of investment in NLSB : RM100,000

   5. At the moment, the Management and the Company's Corporate
Advisers are still negotiating with prospective "white knights"
in working out a fresh corporate restructuring scheme.
Therefore, the Company is unable for the time being to determine
the operational and financial impact of the said Petition on the
group.

   6. There shall be no additional expected losses arising from
the Winding-Up Petition except for the amount claimed as
mentioned above.

   7. The Company will continue to pursue its negotiations with
the Petitioner in conjunction with the corporate restructuring
scheme.


NCK CORPORATION: Changes Registered Address
-------------------------------------------
NCK Corporation Bhd (Special Administrators Appointed) posted
this change of address notice:

Change description : Registered
Old address        : 4TH FLOOR, WISMA NCK 3, LOT 45A
                     SECTION 92A, BATU 3 1/2
                     JALAN SUNGEI BESI, 57100
                     KUALA LUMPUR
New address        : 2ND FLOOR OF UNITS NO. 6,8,10,12,
                     JALAN 2/109E, JALAN DESA, TAMAN DESA
                     OFF JALAN KLANG LAMA, 58100
                     KUALA LUMPUR
Telephone no       : 03-79812299
Facsimile no       : 03-79802233
E-mail address     : NCK3@TM.NET.MY
Effective date     : 10/02/2003

COMPANY PROFILE

The NCK Group's core activities are manufacturing and marketing
of aluminium and steel building materials and building
contracting.

The materials supplied by the Group are mainly used in the
construction and engineering sectors as structural reinforcement
for buildings and river banks; construction material for
highways, bridges and roads; structures in the construction of
factories; structure and construction material for machinery and
palm oil mills, the shipbuilding and mining industries and the
oil and gas industry. The majority of the Group's sales
are to the domestic market. The Group has diversified
both upstream into the manufacturing sector and downstream into
the property development, construction and related services
sector.

The Group is currently undertaking a rationalization exercise to
provide an avenue for the restructuring of its working capital
requirement and the streamlining of its operations into
profitability. With the cash proceeds arising from various
disposals that are proposed, NCK would be able to reduce its
debt burden.


REKAPACIFIC BHD: Feb 19 Judicial Review Application Hearing Set
---------------------------------------------------------------
Rekapacific Berhad advised that the Honorable Court has granted
the Company's application to stay the hearing of the substantive
judicial review application (Enclosure 9) pending final disposal
of the Company's appeal to the Court of Appeal against the
dismissal of its applications for discovery and interrogatories
and leave to cross-examine (Enclosure 11 and 18 respectively).

The hearing of the substantial judicial review application
scheduled for 19 February 2003 is now vacated.

COMPANY PROFILE

The Company has been granted a stay of the decision to de-list
its securities from the Official List of Kuala Lumpur Stock
Exchange, which had been scheduled for 26 December 2001. The
stay is pending disposal of the application for judicial review
of the decision to de-list.

Originally, the Company was in the business of manufacturing
steel wire products. From late 1984, it ventured into non-steel
businesses.

In December 1996, majority ownership of the Company changed
hands from the Berjaya Group to Linksun Avenue, and with this, a
rationalization exercise was undertaken where the Group divested
its property-based business and investment/ development
properties. New companies were acquired in 1996, changing the
Company's focus to strategic equity investments, real estate
investments, and other related investments and financial
services.

Subsequently, on 3 January 2000, Public Bank Bhd pursuant to
Section 218 of the Companies Act, 1965, served a Winding-up
Petition the Company. The petition was, however, withdrawn on 24
August 2000 to allow the Company to proceed with a financial
restructuring proposal.

Whether the Company can implement a restructuring scheme,
however, depends on the outcome of the judicial review against
the de-listing of its securities.

CONTACT INFORMATION: Level 11-2
                     Faber Imperial Court
                     Jalan Sultan Ismail
                     50250 Kuala Lumpur
                     Tel : 03-292 4271
                     Fax : 03-460 5388


REPCO HOLDINGS: Answers KLSE's Listing Query
--------------------------------------------
Repco Holdings Berhad, in response to the letter from the Kuala
Lumpur Stock Exchange dated 10 February 2003 on the article
titled "Repco remains listed until July 31" appearing in The
Edge Malaysia, page 12, on Monday, 10 February 2003, in
particular the opening paragraph which stated that "Repco
Holdings Bhd has appealed for, and obtained, an extension until
July 31 to avoid delisting and proceed with its corporate
restructuring plan, sources say", announced as follows:

The Company has NOT received any approval from the Exchange on
the Company's application for an extension of time until 31 July
2003 (Application) to enable the Company to regularize its
financial condition as required under paragraph 5.1 of PN4/2001.
As announced by the Company on 10 February 2003, the Company is
currently still awaiting the Exchange's response on the said
Application.

As shown in the Company's latest audited financial statements
for the financial year ended 30 June 2002, the gaming operations
generated a profit after taxation of RM6.4 million whereas the
timber and automotive parts operations incurred a loss of RM1.6
million and RM0.5 million respectively.

The Company's timber operations are currently suspended.
The Group's debts stood at approximately RM560 million as at 30
June 2002.

Below is the KLSE's Query Letter content:

We refer to the above news article appearing in The Edge, page
12, on Monday, 10 February 2003, a copy of which is enclosed for
your reference.

In particular, we would like to draw your attention to the
underlined sentence, which is reproduced as follows:

"Repco Holdings Bhd has appealed for, and obtained, an extension
until July 31 to avoid delisting and proceed with its corporate
restructuring plan, sources say. "

You are required to furnish the Exchange with an immediate
announcement for public release denying that you have been
granted an extension of time until 31 July 2003 to avoid
delisting. In the event you deny any other part of the above
reported article, you are required to set forth facts sufficient
to clarify any misleading aspects of the same. In the event you
confirm any other part of the above reported article, you are
required to set forth facts sufficient to support the same.

Yours faithfully
TAN YEW ENG
Senior Manager
Listing Operations
TYE/WSWLPY
c.c. Securities Commission (via fax)


SAP HOLDINGS: EGM Scheduled on Feb 28
-------------------------------------
Aseambankers Malaysia Berhad, on behalf of SAP Holdings Berhad,
announced that an Extraordinary General Meeting (EGM) of the
Company will be held at Kayangan Ballroom, Quality Hotel Shah
Alam, Plaza Perangsang, Persiaran Perbandaran, 40000 Shah Alam,
Selangor Darul Ehsan on Friday, 28 February 2003 at 3:00 p.m. or
any adjournment thereof, for the purpose of considering and, if
thought fit, approving the Proposals (as defined in the Circular
to shareholders to be dispatched on 13 February 2003).

Go to http://www.bankrupt.com/misc/TCRAP_SAP0213.docfor a copy
of the notice of the EGM.


SENG HUP: PA, SPA Fulfillment Period Extended for 60 Days
---------------------------------------------------------
Further to the announcements dated 27 August 2002, 30 September
2002, 9 October 2002, 30 December 2002, 2 January 2003 and 30
January 2003, AmMerchant Bank Berhad (formerly known as Arab-
Malaysian Merchant Bank Berhad), on behalf of Seng Hup
Corporation Berhad, announced that in respect of Clause 3.4 of
the Principal Agreement (PA) dated 27 August 2002 entered into
between KEB, as the promoter of Salcon Engineering Berhad (SEB)
and SHCB as supplemented by supplemental agreements dated 30
September 2002 and 13 December 2002, KEB and SHCB had agreed to
an extension of time of 60 days from the expiration of the time
frame of 180 days from the date of the PA for the fulfillment of
the conditions precedent pursuant to the PA.

In relation thereto, in respect of Clause 2.2 of the Sale and
Purchase Agreement (SPA) dated 30 September 2002 entered into
between KEB, Eminent Triumph Sdn Bhd, Mampu Alam Sdn Bhd, Salcon
Sdn Bhd and SHCB, the said parties had agreed to an extension of
time of 60 days from the expiration of the time frame of 150
days from the date of the SPA for the fulfillment of the
conditions precedent pursuant to the SPA.


SOUTH MALAYSIA: Warrants Replacement Period Extended to Feb 18
--------------------------------------------------------------
Further to the announcement made on 7 January 2003, Alliance
Merchant Bank Berhad, on behalf of South Malaysia Industries
Berhad, announced that the last day and time for acceptance and
payment in respect of the Replacement of Warrants have been
extended from 18 February 2003 at 5:00 p.m. to 5 March 2003 at
5:00 p.m.

COMPANY PROFILE

The Company (SMI), which was originally engaged primarily in the
manufacture and trading of assorted metal wire and zinc sheets,
began diversifying its activities in 1984. In 1989, the
manufacture of galvanized iron sheets was terminated due to
continued shortages of raw materials and escalating import
costs. The manufacture of wire-mesh also ceased.

The principal activity of SMI thereafter changed to that of
property development with the acquisition of Perantara
Properties Sdn Bhd and Kuchai Entrepreneurs Park in 1993.

In 1994, the Company entered into various JVAs in China, dealing
mainly with the leisure and entertainment industry. This helped
launch SMI into the international scene. In the process of
expanding its entertainment business, the Company acquired a 70%
equity stake in UA Cineplex Holdings Sdn Bhd (UA).

In November 2000, the Company unveiled its comprehensive debt
restructuring and capital raising exercises. The proposals were
revised on 16 February 2001 to incorporate a share premium
reduction exercise and restructure, additional loan and
liquidated damages. BNM and FIC approved the proposals on 22
January 2001 and 19 January 2001 respectively. Currently,
approvals from its lenders, shareholders, the High Court and the
SC are still pending.

On 2 April 2001, the Company completed the acquisition of
Stellar Acres Sdn Bhd (SA), which had been announced in December
1996 and later revised.

CONTACT INFORMATION: 2G Bangunan Foh Chong
                     Jalan Ibrahim
                     80000 Johore Bahru
                     Tel : 07-2241088
                     Fax : 07-2238988


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


BW RESOURCES: More Settlements Seen in Stock Scam
-------------------------------------------------
The Securities and Exchange Commission (SEC) expects to receive
settlement offers from 30 unnamed individuals who were found to
have allegedly participated in the grand scheme to push up the
share prices of BW Resources Corporation, the Philippine Star
reported Wednesday.

They were found to have engaged in fraudulent trading activities
including wash sales, matched orders, done-thru, marking the
close, hyping the stock, and squeezing the float.

The SEC will pursue administrative charges against them should
they fail to make settlement offers or pay the assessed
penalties.

During the years 2000 to 2002, the SEC received a total P21.27
million in settlement offers from individuals and brokerage
houses implicated in the BW scandal.

The SEC investigation was spurred by the phenomenal rise in the
share prices of BW only 1.98 peso per share to a peak of P107
per share in just seven months. The shares have since fallen to
below 1 peso.


DIGITAL TELECOMMUNICATIONS: Seeks NTC Approval to Transfer PA
-------------------------------------------------------------
Gokongwei-owned Digital Telecommunications Philippines Inc.
(Digitel) has sought approval from the National
Telecommunications Commission (NTC) to transfer its provisional
authority (PA) to engage in the cellular mobile telephone
service (CMTS) business to its newly formed subsidiary Digitel
Mobile Philippines Incorporated, according to the Philippine
Star on Wednesday.

Digitel also aims to transfer its cellular mobile network assets
to the new Company.

Gokongwei is now in the process of reviewing the various legal
administrative requirements in order to transfer the mobile
business to Digitel Mobile. Once the transfer is completed,
Digitel will be focusing on the landline business while Digitel
Mobile will handle the CMTS business.

According to a Wright Investor's Service dossier, Digitel at the
end of 2001 had negative working capital, as current liabilities
were 8.99 billion pesos while total current assets were only
6.01 billion pesos.


MAYNILAD WATER: Unveils Termination of Concession Deal
------------------------------------------------------
The Concession Agreement between the Metropolitan Waterworks and
Sewerage System (MWSS) and Maynilad Water Services, Inc. (MWSI)
was terminated February 7, 2002. As such, the operations,
management and obligations of Maynilad will revert to the MWSS.

In a letter addressed to the MWSS, Maynilad President Rafael M.
Alunan III informed Administrator Orlando C. Honrade, "Maynilad
does hereby confirm that the termination of the Concession has
occurred on 7 February 2003 pursuant to the applicable and
pertinent provisions of the Concession Agreement".

In the event that the MWSS is not prepared to take over,
Maynilad emphasized that it will continue to perform its
obligations on behalf of the MWSS "to the extent necessary to
serve the public interest, to preserve the assets of the
Concession and to provide uninterrupted and efficient service to
the Customers of the West Zone Concession." Alunan stressed that
the continuity of the service to the customers shall be
maintained.

Earlier, on December 9, 2002, Maynilad issued a "Notice of Early
Termination" notifying the MWSS of the termination of the
concession effective 60 days from the date of the notice due to
MWSS' serious breaches of its obligations under the Concession
Agreement. In 1997, Maynilad had been granted a 25-year
Concession over the West Zone, which covers parts of Makati,
Manila and Marikina as well as Valenzuela, Kalookan, Navotas,
Malabon, Las Pinas, Paranaque, Pasay and Muntinlupa and certain
other areas of Cavite province.

As a consequence of the termination by reason of MWSS' breaches
of its obligations, Maynilad is entitled to the payment by MWSS
of an Early Termination Amount, among others. The parties are in
the process of constituting both Minor and Major Appeals Panels
in accordance with the Concession Agreement, which shall resolve
all disputes between the parties. Maynilad has therefore
requested that MWSS meet "within three (3) days following your
receipt of this letter to discuss and agree on the mechanics of
the turnover."

The press release is located at
http://www.benpres-holdings.com


METRO PACIFIC: FirstPac Sells Unit to Ayala For $90M
----------------------------------------------------
First Pacific Co., the parent of Metro Pacific Corporation, will
be able to slash its debt by half using proceeds from the sale
of Bonifacio Land Corporation, Bloomberg reports.

The Hong Kong-based Company, which currently has debt of $187
million, is selling control of Bonifacio Land Corp. to Ayala
land Inc. and Philippine pharmaceutical businessman Jose Campos
for $90 million.

It expects to complete the sale by April 2, First Pacific said
in a statement to the Hong Kong Stock Exchange. That's about two
months later than originally announced.

Metro Pacific Corporation will owe its parent 700 million pesos
($13 million) after the sale, First Pacific said. Metro Pacific
used the stake as collateral for a $90 million loan from its
parent about two years ago.

For a copy of the transaction, go to http://www.firstpacco.com


NATIONAL BANK: Heading For Strong Recovery
------------------------------------------
The Philippine National Bank (PNB) is on the way to a "very
strong recovery," due to the various cost-cutting and revenue-
generating initiatives of the bank since the start of its
rehabilitation, Asia Pulse reports, citing PNB Chairman
Francisco "Paquito" Dizon.

Dizon said PNB aims to break even if not earn money, this year.

"We are way ahead of schedule. Initially, the target of the
rehabilitation plans was to make money during the fourth year.
But I think we are going to make money this year,' he said.

The Lucio Tan group signed in May 2002 a memorandum of agreement
(MOA) with the government, which PNB owed 25 billion pesos, for
the rehabilitation of PNB. One of the MOA's provisions was to
convert 7.5 billion pesos of PNB's 25 billion pesos loan into
government equity in the form of preferred stock.

This allowed the government to increase its share in PNB from 16
percent to 45 percent, which is equal to Tan's share.

The public shares the remaining 10 percent.


NATIONAL BANK: Narrows Net Loss to P1.9B in 2002
------------------------------------------------
Philippine National Bank (PNB) reported a net loss of 1.9
billion pesos (US$35.24 million) in 2002, versus a loss of 4.1
billion pesos a year earlier, Asia in Focus reported. The bank
signed a five-year rehabilitation plan with the government seven
months ago.

The figure for 2002 fell well short of the bank's original
projected net loss of 3.1 billion pesos for last year, PNB
Chairman Francisco "Paquito" Dizon said.

Dizon said although the rehabilitation plan aimed to achieve a
profit in the fourth year, he expected to make money as early as
2003.


NATIONAL POWER: Obtains Political Risk Insurance From PIC
---------------------------------------------------------
National Power Corporation has obtained political risk insurance
from Overseas Private Investment Corporation (PIC) for a U.S.
dollar bond, according to BasisPoint.

The deal size is around US$250 million and the Power Company is
reported to need at least US$1 billion this year to repay
maturing debt.


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


CHEW EU: Scheme of Arrangement Update
-------------------------------------
Further to the announcements made by Lian Beng Group on April
26, 2001 and July 12, 2002 in respect of contracts made between
the Company's wholly owned subsidiary Lian Beng Construction
(1988) Pte Ltd LBC and Chew Eu Hock Construction Co. Private
Limited CEH Construction, the Board of Directors of the Company
announced that pursuant to the scheme of arrangement between
Chew Eu Hock Holdings Ltd CEH, CEH Construction and the
unsecured creditors of CEH Construction the Scheme, LBC was paid
by way of 54,341,400 shares in CEH as part payment for the
Punggol Project and 50,000,000 shares in CEH as part payment for
the Queensway/Commonwealth Project.

LBC has in turn transferred a total of 85,714,286 shares from
the said shares to several sub-contractors involved in the
abovementioned Projects who have agreed to accept them in lieu
of progress payment, leaving a balance of 18,627,114 shares in
its name.

The Company's wholly owned subsidiary L.S. Construction Pte Ltd
L.S. was also paid by way of 10,354,900 shares in CEH as final
payment for a project in Sengkang. In addition, as L.S. was
holding 250,000 shares in CEH, L.S. received 188,381 additional
shares in CEH pursuant to the Scheme and the MS Loan Conversion
(as defined in the circular of CEH dated 15 November 2002) on
the basis of 0.753525462 Converted MS Share (as defined in the
circular of CEH dated 15 November 2002) for every 1 ordinary
share in CEH held by L.S.

The above transactions are not expected to have a material
impact on the earnings per share or net tangible assets per
share of the Company and its subsidiaries for the current
financial year ending 31 May 2003.

None of the Directors or substantial shareholders of the Company
has any interest, direct or indirect, in the transaction, save
through their shareholdings in the Company.

TCR-AP reported that Chew Eu Hock Holdings Ltd posted a net loss
S$35.325 million in the six months to January 2002 against a
loss S$1.129 million a year earlier.


CREATIVE TECHNOLOGY: Posts Changes in Shareholder's Interest
------------------------------------------------------------
Creative Technology Limited posted a notice of changes in
substantial shareholder Causeway Capital Management LLC's
interests:

Date of notice to Company: 11 Feb 2003
Date of change of shareholding: 31 Jan 2003
Name of registered holder: DBS Nominees Pte Ltd
Circumstance(s) giving rise to the interest: Others
Please specify details: Shares acquired through exchange
transactions

Information relating to shares held in the name of the
registered holder:

No. of shares which are the subject of the transaction: 47,800
% of issued share capital: 0.06
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: SGD 11.39
No. of shares held before the transaction: 2,271,179
% of issued share capital: 2.863
No. of shares held after the transaction: 2,318,979
% of issued share capital: 2.923

Holdings of Substantial Shareholder including direct and deemed
interest
                                           Deemed Direct
No. of shares held before the transaction: 4,559,874
% of issued share capital:                 5.748
No. of shares held after the transaction:  4,607,674
% of issued share capital: 5.808
Total shares: 4,607,674

Creative Technology Limited posted a loss of S$4.98 million in
the first quarter of this year, compared with a loss of S$12.8
million a year ago, due to smaller investment losses, the
Troubled Company Reporter-Asia Pacific reports. Sales fell 11
percent to their lowest level since 1994.

Investment losses narrowed to S$6.32 million from S$16.4
million. Sales have fallen on a decline in demand for personal
computers that use Creative's cards for enhancing digital audio.
The Company also makes modems, digital cameras and music layers.


FLEXTECH HOLDINGS: Enters Management Subscription Deal
------------------------------------------------------
On 19 December 2002, Flextech Holdings Limited disclosed that as
an initiative taken as part of a comprehensive review and
restructuring of its business, operations and borrowings, the
Company has entered into the 2 following agreements to allot and
issue, in the aggregate, 62,500,000 new ordinary shares of
S$0.15 each in the capital of the Company Ordinary Shares at an
issue price of S$0.16 per share:

(a) A placement agreement dated 18 December 2002 (the "Placement
Agreement with UOB Kay Hian Private Limited (the "Placement
Agent whereunder the Placement Agent has agreed to subscribe
and/or procure subscriptions for 56,250,000 Ordinary Shares; and


(b) A subscription agreement dated 18 December 2002 (the
"Management Subscription Agreement with certain management and
staff of the Company and its subsidiaries to subscribe for a
total of 6,250,000 Ordinary Shares.

Pursuant to the terms of the Placement Agreement and the
Management Subscription Agreement, an Additional Listing
Application dated 21 January 2003 ALA was submitted to the SGX-
ST to obtain their approval for the listing of the new Ordinary
Shares to be issued and allotted pursuant to the Placement
Agreement and the Management Subscription Agreement, subject to
the approval of the shareholders of the Company.

The Company is pleased to announce that the in-principle
approval of the SGX-ST for the ALA has been given on 11 February
2003, subject to the approval of the shareholders of the
Company. The Company will, shortly, issue a circular to its
shareholders convening an extraordinary general meeting to seek
its shareholders' approval for the transactions contemplated in
the Placement Agreement and the Management Subscription
Agreement (specifically the issuance of the new Ordinary Shares
thereunder).

The SGX-ST assumes no responsibility for the correctness of any
of the statements made or opinions expressed in the above-
mentioned circular to be issued. The said approval of the ALA by
SGX-ST is not to be taken as an indication of the merits of the
issuance under the Placement Agreement and the Management
Subscription Agreement, the Company, its subsidiaries, the
Ordinary Shares or the new Ordinary Shares.


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

Date of notice to Company: 10 Feb 2003
Date of change of deemed interest: 05 Feb 2003
Name of registered holder: CDP : DBS VICKERS SEC

Circumstance(s) giving rise to the interest: Sales in open
market at own discretion

Information relating to shares held in the name of the
registered holder: -
No. of shares, which are the subject of the transaction,:
(750,000)
% of issued share capital: 0.064
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: S$0.944
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:  4,193,304 383,465,362
% of issued share capital:                 0.36      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
===============


KHOO KHANG: Files Business Reorganization Petition
--------------------------------------------------
The Petition for Business Reorganization of Khoo Khang Public
Company Limited (DEBTOR) was filed to the Central Bankruptcy
Court:

   Black Case Number 1614/2544

   Red Case Number 1319/2544

Petitioner: KHOO KHANG PUBLIC COMPANY LIMITED

Planner: Mr. Tawat Pharangtaepint

Debts Owed to the Petitioning Creditor : 822,037,063.34Baht

Date of Court Acceptance of the Petition : November 26, 2001

Date of Examining the Petition: December 24, 2001 at 9.00 A.M.

Court Order for Business Reorganization and Appointment of
Planner : December 24, 2001

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: January 4, 2002

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette: January 22,
2002

Deadline for the Planner to submit the Reorganization Plan to
the Official Receiver: April 22, 2002

Planner postponed the Date to submit the Business Reorganization
Plan to Official Receiver #1st : May 22, 2002

Planner postponed the Date to submit the Business Reorganization
Plan to Official Receiver #2nd : June 22, 2002

Court cancelled the Petition for Business Reorganization:
September 23, 2002

Contact : Mr. Apirak Tel, 6792525 ext. 113


KRISDAMAHANAKORN PUBLIC: SET Grants Listed Securities
-----------------------------------------------------
Starting from February 12,2002, the Stock Exchange of
Thailand (SET)allowed the securities of Krisdamahanakorn
Public Company Limited (KMC) to be traded on the SET after
finishing capital increase procedures.

Name                : KMC
Issued and Paid up Capital
     Old            : 4,201,437,880 Baht
                      - Common Shares    : 1,807,807,040 Baht
                      - Preferred Shares : 2,393,630,840 Baht

     New            : 4,790,437,880 Baht
                      - Common Shares    : 2,396,807,040 Baht
                      - Preferred Shares : 2,393,630,840 Baht

Allocate to         : Other creditors from Debt Restructuring
                      58,900,000 common shares
Ratio               : -
Price               : 10 Baht
Payment Date        : December 15,2002 - January 15,2003


THAI PETROCHEMICAL: Bankruptcy Court Sets Hearing Date to Mar 24
----------------------------------------------------------------
The Official Receiver has advised Effective Planners Limited, as
the Plan Administrator of Thai Petrochemical Industry Public
Company Limited, that the creditors of TPI and its six main
subsidiaries have passed two resolutions pursuant to the terms
of the restructuring plan and the Bankruptcy Act. The statutory
voting on these two resolutions was held on February 10 and 11,
2003.

The first resolution removes the ability of individual creditors
to veto material changes to the plan and introduces a system,
which requires approval of 75% of creditors (by value of debt
that is voted, measured on an aggregated basis across all seven
TPI companies in rehabilitation) to any material change to the
Plan.

The second resolution provides for an extension of the USD 200
million non-core asset sale deadline, from 31 December 2001 to
31 March 2003 or such later date as may be agreed by
Participating Scheme Creditors holding more than 50 percent of
Participating Scheme Debt.

The Central Bankruptcy Court has set a hearing date of March 24,
2003 in order to formally incorporate these changes into TPI's
court sanctioned rehabilitation plan.


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

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

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