TCRAP_Public/030217.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

           Monday, February 17, 2003, Vol. 6, No. 33

                         Headlines

A U S T R A L I A

ANACONDA NICKEL: Independent Directors Update Recommendations
ANACONDA NICKEL: MatlinPaterson Rights Offer Closed
ANACONDA NICKEL: Panel Allows MP Global to Extend Offer
ANACONDA NICKEL: Takeovers Panel Affirms ASIC Decision
COMESTOCK CORPORATION: Former Officer Jailed On Fraud Charges

FORTLAND HOTEL: Wespac Extends Loan Facility Payment Date
NATIONAL FORGE: Administrator Seeks Further Meeting Extension
PASMINCO LIMITED: Issues Elura Mine Update


C H I N A   &   H O N G  K O N G

DEBENTURE EXCHANGE: Winding Up Sought by Lucent
CHI CHEUNG: Price, Turnover Movements Unexplainable
CHINA DEV: Trims 2002 Net Loss to HK$115.4M
HUDSON HOLDINGS: Intended Disposal Terminated
LUKS INDUSTRIAL: Circular Dispatch Postponed

MAN YICK: Winding Up Hearing Scheduled February 26
TEAM HERO: Winding Up Petition Pending
TEAM NATION: Winding Up Petition Slated for Hearing


I N D O N E S I A

KIMIA FARMA: Selling Unit to Enhance Efficiency
SINAR MAS: IBRA, ECA Undecided Over APP Restructuring Concept


J A P A N

FAL K.K.: Supermarket Chain Applies for Rehabilitation
FUJITSU LIMITED: Selects AMCC's Network Processing Solution
HITACHI LIMITED: Plans Floating Rate for Pension Fund
LION CORPORATION: Swings Back Into Profit
MATSUSHITA ELECTRIC: Eyes Work Sharing Program

MITSUBISHI MOTORS: Union OK's Performance-Based System
MIZUHO ASSET: May Resume Dividend Payments
MIZUHO HOLDINGS: Tight-Lipped on Share Buying Report
NEC CORPORATION: Scraps Initial Public Offering Plan
RESONA HOLDINGS: Consolidation of Subsidiaries

RESONA HOLDINGS: No Immediate Ratings Revision, Says S&P
SEGA CORPORATION: Plans Merger With Pachinko Maker Sammy
SEIWA KK: Golf Course Applies for Rehabilitation
SNOW BRAND: R&I Removes Company from Rating Monitor


K O R E A

CHOHUNG BANK: KDIC Reselecting New Accounting Firm
DOOSAN CORP.: Fined W500M For Issuing Bonds Without Notice
HYUNDAI HEAVY: FSC Punishes Accounting Firm
HYUNDAI HEAVY: Watchdog Punishes Firm


M A L A Y S I A

ARTWRIGHT HOLDINGS: Changes Unit's Name
BERJAYA SPORTS: Unit FEAB Properties Buys 8% ICULS
CSM CORPORATION: Provides Defaulted Facilities Status Update
FEDERAL FURNITURE: Lease Agreement With Shell Modified
MALAYSIAN AIRLINE: Chairman Abidin's Contract Extended

PANGLOBAL BERHAD: Discloses Mining Production Figures
PERAK CORPORATION: Anakku Disposal Completed
WAH SEONG: Unit Undertakes Shares Acquisition to Boost Earnings


P H I L I P P I N E S

BENPRES HOLDINGS: Seeks US$382M Termination Payment From MWSS
NATIONAL POWER: Penalty Charges on Rise to P17.7B


S I N G A P O R E

CHARTERED SEMICONDUCTOR: Closing Oldest Plant, Axe 500 Jobs
CHARTERED SEMICONDUCTOR: Outlines Profitability Strategy
EXCEL MACHINE: Suspension of Trading Requested
INTRACO LIMITED: Narrows 2002 Operating Loss to S$10.8M


T H A I L A N D

ADVANCE PAINT: Files Business Reorganization Petition
ITALIAN-THAI: Signs Water Treatment Plant Contract With MWA
MILLENNIUM STEEL: Submitting Audited Annual Instead of Q402 F/S
PICNIC GAS: Debt to Equity Conversion Completed
TONGKAH HARBOUR: Posts January Tin Mining Operating Results

     -  -  -  -  -  -  -  -

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


ANACONDA NICKEL: Independent Directors Update Recommendations
-------------------------------------------------------------
MatlinPatterson Global Opportunities Partners LP (MP Global on
Friday advised Ananconda Nickel Limited that the offers for
Anaconda shares and rights had been declared unconditional. At
the time of the announcement MatlinPatterson declared that it
had a relevant interest in 32.03% of the shares of the Company
and 39.6% of the rights.

After discussion with the Takeovers Panel and with the consent
of ANL the deadline for the MatlinPatterson Rights Offer has now
been extended to 2pm Sydney time Friday 14 February 2003.

As a consequence of MatlinPatterson's announcement, the
Independent Directors make the following updated recommendations
in respect of each of the MatlinPatterson Rights Offer and Share
Offer.

RECOMMENDATION IN RESPECT OF THE RIGHTS OFFER

The Independent Directors' unanimously recommend that
Shareholders reject the Rights Offer and subscribe for your full
entitlement of Rights so as to allow Shareholders to maintain
your proportionate interest in the Company and participate in
the future of Anaconda.

To enable Anaconda's Rights holders and Shareholders additional
time to exercise their rights under the Anaconda Rights Issue
alternative arrangements have been put in place to allow Rights
holders to exercise their entitlements. The arrangements are as
follows:

1. AGENCY ARRANGEMENTS

Anaconda has made arrangements with its share registry,
Computershare Investor Services Pty Ltd (Computershare), for
Computershare's offices in Sydney, Melbourne and Brisbane as
well as the Perth office referred to in the Rights Issue
Prospectus) to accept completed Entitlement and Acceptance forms
and cheques for application monies.

The completed Entitlement and Acceptance Forms must be delivered
to the Computershare office, together with the bank draft or
cheque for the relevant amount, in Australian currency, to reach
the Computershare office by no later than 5pm Perth time on 14
February 2003. The Computershare office details are:

Sydney   : Level 3, 60 Carrington Street
           Sydney NSW 2000
Melbourne: Level 12, 565 Bourke Street
           Melbourne VIC 3000
Brisbane : Central Plaza One
           Level 27,345 Queen Street
           Brisbane QLD 4001

2. ELECTRONIC TRANSFER OF APPLICATION MONIES

Electronic transfer into Anaconda's rights issue bank account
may also make payment of the Rights Issue application monies.
The name of the account is "Anaconda Nickel Limited. Rights
Issue - Application Account" and is held with Challenge Bank,
109 St Georges Terrace, Perth WA 6000.

The account details are:

BSB: 036 000
Account No. 571 561

In order to comply with the timing of the Rights Issue
timetable, Computershare will need confirmation from the
shareholder's transferring bank that the funds have been
transferred prior to the closing time and date for exercise of
entitlements (5pm Perth time on Friday 14 February 2003).
Completed Entitlement and Acceptance forms can be faxed to
Computershare (in Perth) on (08) 9323 2033 together with the
confirmation of transfer of monies. The original Entitlement and
Acceptance forms must then be sent to Computershare for
reconciliation purposes.

Shareholders should be aware that their bank may charge a fee to
transfer the shareholder's application monies into Anaconda's
Rights Issue Account. If shareholders choose to transfer funds
in this manner, they must ensure that the total value of the
application monies is received into Anaconda's account and that
their bank does not deduct any fees from the application monies.
If their bank does deduct fees shareholders will only have New
Shares allocated on the basis of the actual amount of funds
received by Anaconda.

However, for those rights holders who do not intend to exercise
any or all of their Rights for whatever reason, they should not
allow their Rights to lapse as they will become worthless when
the Rights Issue closes. They should accept the Rights Offer to
receive some value for their Rights as it is now unconditional
and closes by 2pm Sydney time Friday 14 February 2003.

ADVICE IN RESPECT OF THE SHARE OFFER

The Independent Directors are currently preparing a Target
Statement in respect of the Share Offer, which will contain all
information that is material to a shareholder in deciding
whether to accept or reject the Share Offer, including a
recommendation by the Independent Directors. Currently, the
Share Offer will be open for acceptance until at least 5 March
2003 and the Target's Statement will be dispatched to
shareholders on or before 20 February. Accordingly, the
Independent Directors currently advise shareholders that they
need not take any action in respect of the Share Offer at this
time.

One of the Independent Directors, Mr Morrison, believes that in
the current circumstances it is appropriate to provide some
additional advice to shareholders in respect of the Share Offer
ahead of the release of the Target Statement. In that regard, Mr
Morrison believes that in the absence of a superior offer,
shareholders should consider either accepting the unconditional
Share Offer for their existing shares or selling on-market if
higher prices can be achieved. The Share Offer of 12 cents cash
per existing share is considered by him to be fair on a post
rights issue basis. In his view, it is likely that this offer
price will exceed the price at which Anaconda shares will trade
on the ASX after completion of the Rights Issue in the absence
of the Offer or any alternative offer, based on current market
conditions.

The Independent Directors note that significant volumes of
shares traded on Friday at prices above the Offer price.

Anaconda encourages Shareholders to consider your own personal
financial circumstances and seek professional advice before
making any decision in relation to the Share Offer.

In the meantime, the Independent Directors will keep share and
rights holders informed of all relevant developments and will
advise holders if these recommendations change.

CONTACT INFORMATION: John Quayle
                     Company Secretary
                     +61 8 9212 8400
                     Tony Dawe
                     Ward Holt Corporate Communication
                     +61 8 9221 8722


ANACONDA NICKEL: MatlinPaterson Rights Offer Closed
---------------------------------------------------
Anaconda Nickel Limited on Thursday filed a release advising
that after discussion with the Takeovers Panel and with the
consent of ANL the deadline for the MatlinPatterson Rights Offer
had been extended to 2pm Sydney time on Friday 14 February 2003.

MatlinPatterson subsequently have advised that they had decided
NOT to extend the Rights Offer and it closed at midnight last
night. The Share Offer remains open until 5 March 2003. The
Target's Statement will be dispatched to shareholders on or
before 20 February.

Accordingly, the Independent Directors currently advise
shareholders that they need not take any action in respect of
the Share Offer at this time.

MatlinPatterson on Friday has advised the Company that it had a
relevant interest in 34.24% of the shares of the Company and
41.7% of the rights.


ANACONDA NICKEL: Panel Allows MP Global to Extend Offer
-------------------------------------------------------
The Takeovers Panel advises that it has agreed to a variation of
the undertaking given to it by MatlinPatterson Global
Opportunities Partners LP (MP Global) in the Anaconda 08 and 09
proceedings.

Under the varied undertaking, the Panel has allowed MP Global to
extend the closing time for MP Global's offer (the Rights Offer)
to acquire rights (Rights) in Anaconda Nickel Ltd.

The offer was due to close at 12:00 midnight on Thursday Sydney
time. Under the Panel's decision the Rights Offer may now close
at 2p.m. Sydney time (11.00 a.m. Perth time) on Friday, 14
February.

MP Global freed its offers from all conditions on Thursday.

The Panel considered that it would assist the Anaconda
shareholders if they were given some extra time to accept the
offers given the new information.

Anaconda facilitated the extension of time for its shareholders
by agreeing to its implementation.

The President of the Panel appointed Simon McKeon, David Gonski
and Ian Ramsay to sit on the application.

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: Takeovers Panel Affirms ASIC Decision
------------------------------------------------------
The Takeovers Panel advises that it has affirmed a decision by
ASIC not to grant an exemption to MatlinPatterson Global
Opportunities Partners LP (MP Global) in relation to its offer
(the Rights Offer) to acquire rights (Rights) in Anaconda Nickel
Ltd. MP Global had applied to Australian Securities and
Investments Commission for relief to allow it to exercise all of
the Rights it acquires under its Rights Offer. Currently MP
Global is limited in the number of Rights it may exercise by the
percentage of shares it becomes entitled to under its offer for
Anaconda shares at the time it exercises the Rights it acquires
under its Rights Offer.

MP Global applied to ASIC on Wednesday, and applied to the Panel
on Thursday for a review of ASIC's decision after ASIC on
Thursday declined MP Global's application. The Panel has
affirmed that decision.

The Panel agrees with ASIC's reasons for declining MP Global's
application.

The Panel considered that the shareholders of Anaconda would not
have sufficient time to consider the potentially significant
effect on MP Global's Rights Offer and the future control of
Anaconda that the relief may cause. In addition, the short
timeframe may mean that only some Anaconda shareholders would
become aware of the information before the close of the MP
Global Rights Offer, which is scheduled for 12.00 midnight
tonight.

The Panel considered that these two reasons were enough to weigh
against granting the relief.

The President of the Panel appointed Brett Heading, Tro Kortian
and Peter Scott to sit on the application.

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


COMESTOCK CORPORATION: Former Officer Jailed On Fraud Charges
-------------------------------------------------------------
Mr Harunobu Fukusato, a former manager of Comestock Corporation
(Australia) Pty Ltd (in liquidation), was sentenced on Friday in
the Brisbane District Court on five charges laid by the
Australian Securities and Investments Commission (ASIC).

Judge Healy QC sentenced Mr Fukusato to four years imprisonment
on one count of failing to act honestly as an officer of
Comestock Corporation with intent to deceive a creditor. He
ordered the sentence to be suspended after 12 months upon Mr
Fukusato providing a recognizance of $500 on the condition that
he is of good behavior r for four years.

He also sentenced Mr Fukusato to 18 months imprisonment on each
of two counts of enabling or aiding the commission of forgery
offences by Hiromi Kawada, the Australian-based manager of
Comestock Corporation, one count of forgery and one count of
uttering a forged document. These sentences were made concurrent
to the first sentence and will be suspended after six months on
the condition Mr Fukusato not commit another offence within five
years.

Background

Comestock Corporation was a real-estate investment company based
in Queensland. Mr Eikichi Yazawa, a high-profile Japanese
entertainer, was a director and major shareholder of Comestock
Corporation.

The Court heard that between 1987 and 1990 Mr Yazawa invested
AUS$27 million in residential, commercial, industrial and
tourism assets on the Gold Coast and Port Douglas, Queensland
including a large residential unit development on the Gold Coast
known as 'Rhode Island'.

Mr Fukusato and a co-accused Mr Hiromi (Henry) Kawada were
employed by Mr Yazawa's companies to manage and administer those
assets. Mr Kawada, with assistance from Mr Fukusato,
fraudulently entered into agreements with the financiers to the
Rhode Island project, which ultimately collapsed.

Mr Kawada has already pleaded guilty to charges relating to
these agreements and will be sentenced on 3 March 2003.

The fraudulent activity of Messrs Fukusato and Kawada resulted
in Mr Yazawa and his companies losing their entire Australian
property portfolio.

Mr Fukusato then aided Mr Kawada in the concealment of the
losses during the period from 1994 to 1998, by failing to advise
Mr Yazawa that Comestock Australia had been wound up in early
1995 and deregistered in 1996.

The prosecution presented to the Court, samples of the many
thousands of documents that were forged between 1994 and 1998 to
conceal the losses including rental agreements, tenancy
agreements and financial statements purporting to be on the
letter head of a firm of accountants then known as BDO Nelson
Parkhill.

It was not until 1998, shortly after Mr Fukusato was removed
from his responsibilities as property manager of the Australian-
based assets, that that fraud was uncovered.

The sentence on Friday follows unsuccessful appeals by Mr
Fukusato to the Court of Criminal Appeal and the High Court to
quash the indictment that was earlier presented against him in
the District Court.


FORTLAND HOTEL: Wespac Extends Loan Facility Payment Date
---------------------------------------------------------
Further to Fortland Hotel Property Trust's previous advice
regarding ongoing discussions regarding changes to the Fortland
Hotel Property Trust, the Responsible Entity is now able to
provide the following additional detail:

LOAN FACILITIES

The Trust's loan facility with Westpac was due to be repaid on
14 February 2003. An offer of finance from another lender has
been received and accepted by the Responsible Entity. The new
facility is interest-only and is for a term of two years. The
loan is subject to due diligence by the lender.

Based on the proposed refinancing, Westpac has agreed to extend
its facility until 17 March 2003 to allow due diligence and loan
documentation to be completed.

SALE OF PROPERTIES

As previously advised, the Trust's properties at Rockhampton and
Toowoomba were offered for sale on 11 December 2002 by way of
public auction. Neither of the properties were sold at auction.
Negotiations have continued subsequent to the auction with
interested parties regarding the sale of both properties however
no sale has been concluded. Further consideration will be given
to continuing the sale process after the refinancing has been
completed.

RIGHTS ISSUE

No further developments have occurred in relation to the
proposed rights issue at this time.


NATIONAL FORGE: Administrator Seeks Further Meeting Extension
-------------------------------------------------------------
As previously advised, David James Lofthouse and R J Cauchi
were appointed Joint and Several Administrators of National
Forge Limited (NFL) on 21 October 2002 pursuant to Part 5.3A of
the Corporations Act 2001.

A second meeting of company creditors has not been held as
Administrator Cauchi has sought a further extension of the
convening period to 7 June 2003 for the holding of this meeting.
A copy of this report to creditors will be posted on the
company's announcement board in due course.

Administrator Cauchi has been advised by Computershare Investor
Services that share maintenance has been transferred from CHESS
to their Issuer System. They have advised that all shareholders
have received statements advising of a nil CHESS balance.

Currently, Administrator Cauchi has not declared shares in the
company to be of nil value, as the company's future is still
dependent on negotiations that are to occur over the coming
months. As such, shareholders are not permitted to recognize any
capital in relation to their shareholdings until such a
declaration is made, if one is made at all.

To see a copy of Administrator Cauchi's letter to the
shareholders, go to
http://www.bankrupt.com/misc/TCRAP_NFG0217.pdf.


PASMINCO LIMITED: Issues Elura Mine Update
------------------------------------------
Consolidated Broken Hill Ltd (CBH) and Pasminco Limited (Subject
to Deed of Company Arrangement) have substantially completed
negotiations for the purchase by CBH of Pasminco's Elura
zinc-lead-silver mine near Cobar, New South Wales.

Documentation for the sale and associated agreements is now
being finalized and the CBH Board is preparing recommendations
for approvals and other required consenting authorities of the
respective companies.

Once relevant agreements are signed, CBH will make a further
announcement and seek shareholder approval for the acquisition.

The Elura Mine is currently producing between 1.1 and 1.2
million tonnes of ore per year with a metal output of
approximately 73,000 tonnes of zinc, 42,000 tonnes of lead and
880,000 ounces of silver per year contained in concentrates.

CBH proposes to extend the life of the mine and improve the
operating performance through investment in plant improvements
and the ore haulage system.


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


DEBENTURE EXCHANGE: Winding Up Sought by Lucent
-----------------------------------------------
Lucent Technologies Asia/Pacific Limited is seeking the winding
up of The Hong Kong Debenture Exchange Limited. The petition was
filed on November 26, 2002, and will be heard before the High
Court of Hong Kong on February 19, 2003.

Lucent Technologies holds its registered office at 29th Floor,
Shell Tower, Times Square, 1 Matheson Road, Causeway Bay, Hong
Kong.


CHI CHEUNG: Price, Turnover Movements Unexplainable
---------------------------------------------------
Chi Cheung Investment Company Limited has noted the recent
decreases in the price and increases in the trading volume of
the shares of the Company and wish to state that save as the
joint announcement of Chinese Estates Holdings Limited and the
Company in respect of the proposed asset transaction and
proposed capital reorganization of the Company dated 11th
February, 2003, the Company is not aware of any reasons for such
decreases in share price and increases in trading volume.

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

Last week, Troubled Company Reporter - Asia Pacific reported
that the directors of Chi Cheung would propose a capital
reorganization of its share capital to the shareholders in order
to facilitate the Asset Transaction.


CHINA DEV: Trims 2002 Net Loss to HK$115.4M
-------------------------------------------
China Development Corporation Limited announced on 13 February
2003:

Year end date: 30/09/2002
Currency: HK$
Auditors' Report: Qualified
Review of Interim Report by: N/A
                                  (Audited)        (Audited)
                                  12-month         15-month
                                  Period           Period
                                  from             from
                                  01/10/2001       01/07/2000
                                  to 30/09/2002    to 30/09/2001
                                  ('000)           ('000)
Turnover                                 : 302,263    441,827
Profit/(Loss) from Operations            : 101,838   (317,631)
Finance cost                             : (12,592)    (9,797)
Share of Profit/(Loss) of Associates     : (1,285)      1,424
Share of Profit/(Loss) of
  Jointly Controlled Entities            : Nil           Nil
Profit/(Loss) after Tax & MI             : (115,407) (329,251)
% Change over Last Period                : N/A
EPS/(LPS)-Basic                          : (7.7 cents)  (31.7
cents)
         -Diluted                        : Nil           Nil
Extraordinary (ETD) Gain/(Loss)          : Nil           Nil
Profit/(Loss) after ETD Items            : (115,407)  (329,251)
Final Dividend per Share                 : Nil           Nil
(Specify if with other options)          : -             -
B/C Dates for Final Dividend             : N/A
Payable Date                             : N/A
B/C Dates for (-) General Meeting        : N/A
Other Distribution for Current Period    : N/A
B/C Dates for Other Distribution         : N/A

Remarks:

Basis of preparation

The financial statements have been prepared in accordance with
generally accepted accounting principles in Hong Kong, and
comply with statements of standard accounting practice (SSAP)
issued by the Hong Kong Society of Accountants (HKSA), the
disclosure requirements of the Hong Kong Companies Ordinance and
The Rules Governing the Listing of Securities on the Stock
Exchange of Hong Kong Limited.  The financial statements are
prepared under the historical cost convention.

In the current year, the Group has adopted for the first time a
number of new and revised SSAPs issued by HKSA. Adoption of
these SSAPs has led to a number of changes in the Group's
accounting policies and have affected the amounts reported for
the correct or prior periods.  In addition, the new and revised
SSAPs have introduced additional and revised disclosure
requirements, which have been adopted in these financial
statements.

Comparative amounts for the prior year have been restated in
order to achieve a consistent presentation.


HUDSON HOLDINGS: Intended Disposal Terminated
---------------------------------------------
Reference is made to the announcement of Hudson Holdings
Limited, together with its subsidiaries, (the Group) dated 18th
December, 2002 regarding the possible disposal by the Company to
its joint venture partner, Wuhan Department Store Group Company
Limited (JV Partner), of its 49% indirect interest in a joint
venture company, Wuhan Plaza Management Co., Ltd. (JV Company'),
which principal business is operation and management of a
department store in Wuhan, the People's Republic of China
(Intended Disposal). The JV Partner currently holds the
remaining 51% interest in the JV Company and is also a
substantial shareholder of two joint venture subsidiaries of the
Company. The Company's 49% indirect interest in the JV Company
is held through its wholly owned subsidiary, International
Management Company Limited (IMC).

The board of directors of the Company announces that after
considering the amount of potential capital gain tax and the
other taxes and expenses associated with the Intended Disposal,
it would not be in the interest of the Company to proceed
further with the Intended Disposal. The Company and the JV
Partner therefore mutually agreed on 7th February, 2003 to
terminate the negotiation on the Intended Disposal. The
termination of the negotiation itself will not have any impact
on the current trading or financial position of the Group.

DEBT SETTLEMENT AGREEMENT

Certain subsidiaries of the Company (Subsidiaries), including
IMC, owe to the JV Company a total of approximately RMB108
million (approximately HK$101.80 million) (Loans). The Loans are
unsecured, bear interest at rates ranging from 5.31% to 8.71%
per annum and are payable on demand. The JV Company commenced
extending Loans to the Subsidiaries in 1998. The Loans amounted
to approximately RMB83.6 million (approximately HK$78.9 million)
as at 31st December, 2001 and amounted to approximately RMB108
million (approximately HK$101.80 million) as at the date of the
Debt Settlement Agreement.

The Subsidiaries entered into an agreement (Debt Settlement
Agreement) with the JV Company and the JV Partner on 13th
February, 2003 pursuant to which the Subsidiaries agreed to
repay the Loans over 5 years. Interest will be charged on the
Loans based on the rate for one-year term loan quoted by the
People's Bank of China, the prevailing rate of which is
approximately 6% per annum. It is agreed that repayment of the
Loans and interest will be funded out of the dividend
distributable to IMC by the JV Company for the period from July
2002 to December 2007. The Board expects that the dividend
distributable to IMC by the JV Company during the aforesaid
period will be sufficient to cover repayment of the Loans,
together with interest. The Board has confirmed that the Group
has sufficient working capital to meet its current needs prior
to and after the signing of the Debt Settlement Agreement.

The Company, the JV Partner and the JV Company have a long
established relationship. In order to maintain the working
relationship, the JV Company, the JV Partner and the Company
agreed to enter into the Debt Settlement Agreement and
restructure the Loans as a term loan. The Board considers that
it is in the Company's interest to enter into the agreement as
the restructuring of the Loans into a term loan repayable over a
5-year period will ease the Group from immediate repayment
pressure. The interest on the Loans will also be reduced and the
settlement of the Loans from the dividend distributable to IMC
will help to reserve the cash resources of the Group.

In consideration for the JV Partner consenting to and arranging
the Debt Settlement Agreement, IMC agreed to pay a sum of
RMB14.7 million (equivalent to HK$13.85 million) to the JV
Partner as a fee (Arrangement Fee). The Arrangement Fee has been
agreed by reference to the estimated dividend attributable to
IMC from the JV Company during the period from 1st October,
2002 to 31st January, 2003. Based on the management accounts of
the JV Company, the Board estimates that the dividend for the
aforesaid period will be RMB14.7 million (equivalent to
HK$13.85 million). The fee will be recorded in the accounts of
the Company for the year ending 31st December, 2003 as non-
recurring expenses.

The terms of the Debt Settlement Agreement and the Arrangement
Fee were determined after arm's length negotiations and are
based on normal commercial terms. Taking into consideration
the reasons for the Debt Settlement Agreement and the
Arrangement Fee as stated above and the fact that the interest
on the Loans is based on the bank rate, the directors of the
Company consider the terms of the Debt Settlement Agreement and
the Arrangement Fee to be fair and reasonable and are in the
interests of the Company and its shareholders as a whole.

As the JV Partner is a substantial shareholder of two
subsidiaries of the Company and the JV Company is its
subsidiary, the Debt Settlement Agreement and the Arrangement
Fee constitute connected transactions of the Company under the
Rules Governing the Listing of Securities (Listing Rules) on the
Stock Exchange of Hong Kong Limited (Stock Exchange) and is
subject to the approval of the shareholders of the Company who
are not interested in the Debt Settlement Agreement and the
Arrangement Fee. The JV Partner and its associates do not have
any interest in the shares of the Company at present, but will
abstain from voting on the resolution approving the Debt
Settlement Agreement and the Arrangement Fee should they be
interested in any shares of the Company on the date of the
special general meeting considering and approving the Debt
Settlement Agreement and the Arrangement Fee.

GENERAL

The Company and its subsidiaries are principally engaged in
property development and investment and the provision of
decoration, property management and agency services.

A circular containing details of the Debt Settlement Agreement
and the Arrangement Fee, the letters of advice from the
independent board committee and the independent financial
advisers to be appointed to advise the independent shareholders
on the Debt Settlement Agreement and the Arrangement Fee and a
notice convening a special general meeting to consider, and if
thought appropriate, to approve the Debt Settlement Agreement
and the Arrangement Fee will be dispatched to the shareholders
of the Company as soon as practicable.

At the request of the Company, trading in the shares of the
Company on the Stock Exchange was suspended as from 9: 30 a.m.
on 10th February, 2003 pending release of this announcement.
Application has been made by the Company for the resumption of
trading in the shares of the Company with effect from 9: 30 a.m.
on 14th February, 2003.


LUKS INDUSTRIAL: Circular Dispatch Postponed
--------------------------------------------
Luks Industrial (Group) Limited refers to its announcement dated
23 January 2003 regarding the acquisition of a 65% interest in
Vigconic (International) Limited.

According to the Listing Rules, the Company is required to
dispatch a circular to its shareholders setting out information
about the Acquisition and the granting of the Facility on or
before 13 February 2003. As further time is required for the
Company to finalize the required financial information to be
included in the Circular, including, among others, the
accountants' report on VI, the combined assets and liabilities
of the Group and VI and the indebtedness statement of the Group,
as well as for the independent financial adviser to finalize its
letter to the independent board committee of the Company, an
application has been made to the Stock Exchange for an extension
of the deadline for the dispatch of the Circular to 27 February
2003. It is currently expected that the Circular will be
dispatched to the shareholders of the Company on or before 27
February 2003.

The board of directors of the Company would also like to clarify
that the shareholding interest of Mr. Luk (together with his
wife - Madam Cheng Kai On Kai Siian) in the Company is
approximately 42.36% instead of approximately 42.08% as stated
in the Announcement.

At the end of 2001, Luks Industrial had negative working
capital, as current liabilities were HK$263.87 million while
total current assets were only HK$138.06 million, Wrights
Investors' Service reports.


MAN YICK: Winding Up Hearing Scheduled February 26
--------------------------------------------------
The High Court of Hong Kong will hear on February 26, 2003 at
10:00 in the morning the petition seeking the winding up of Man
Yick Industrial Material Limited.

Lee Suk Yee of Room 3304, 33/F., Block B, Hiu Lai Court, 21 Hiu
Kwong Street, Kwun Tong, Hong Kong filed the petition on
December 30, 2002. Tam Lee Po Lin, Nina represents the
petitioner.

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


TEAM HERO: Winding Up Petition Pending
--------------------------------------
Team Hero Limited is facing a winding up petition, which is
slated to be heard before the High Court of Hong Kong on
February 19, 2003 at 10:00 in the morning.

The petition was filed on December 13, 2002 by Lam Wing Fai of
Flat B, 6/F., Fook Gay Mansion, 375-379 Lockhart Road, Wanchai,
Hong Kong.


TEAM NATION: Winding Up Petition Slated for Hearing
---------------------------------------------------
The petition to wind up Team Nation Limited is set for hearing
before the High Court of Hong Kong on February 19, 2003 at 10:00
in the morning.

The petition was filed with the court on December 13, 2002 by
Lam Wing Fai of Flat B, 6/F., Fook Gay Mansion, 375-379 Lockhart
Road, Wanchai, Hong Kong.


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


KIMIA FARMA: Selling Unit to Enhance Efficiency
-----------------------------------------------
Pharmaceutical company PT Kimia Farma is ready to sell its 29.2
percent stake in PT Riasima Abadi Farma (RAF) to PT Indofarma in
order to improve efficiency, AsiaPulse reports, citing Company
President Gunawan Pranoto.

He said paracetamol producer RAF is no longer efficient as it
depends on imported basic material.  The Company wants to
concentrate more on its distribution and retail role.

The Troubled Company Reporter - Asia Pacific reported last month
that the Indonesian government has cancelled its plans to divest
stakes in state-owned PT Kimia Farma this year because the
Company still needs time to restructure.


SINAR MAS: IBRA, ECA Undecided Over APP Restructuring Concept
-------------------------------------------------------------
Export Credit Agencies (ECA) and Indonesia Bank Restructuring
Agency (IBRA) are still contending opinions on the US$6.5
billion debt restructuring concepts of Sinar Mas Group unit Asia
Pulp & Paper, Bisnis Indonesia reports.

ECA, one of the major creditors of Asia Pulp, believes that
before March 31, 2003 IBRA will accept the concept it has
offered.

"The negotiation has been intensively taken. We are sure that
IBRA will accept the concept that we offer since the concept
will provide the agency with much higher recovery," an unnamed
ECA source revealed, adding that the three restructuring
concepts that ECA had offered were APP Trading, share in trust,
and keeping IBRA as lead creditor until APP signed the debt
restructuring agreement.

However, IBRA's Deputy Chairman for Credit Management Asset
Mohammad Syahrial said the proposals advanced by ECA were
legally unfounded. "The share in trust proposal requires the
stocks to be issued in advance. Furthermore, the stocks should
be held by, and registered in the name of, [a] trustee, despite
[the fact] that there are still convertible bonds. The problem
is Indonesia doesn't have [a] Trustee Law. IBRA will gladly
accept the proposal if there is a legal basis to support it.
When we [explain] the situation to the foreign creditors, they
cannot talk back."

Syahrial added that IBRA had no objection to APP Trading
proposal provided that the authorities of the respective
managements of PT Lontar Papayrus, PT Pindo Deli, PT Indah Kiat
and PT Tjiwi Kimia, were not transferred to the trading house.

Syahrial concluded that IBRA would still sell APP's loan in
Strategic Asset Sales Program slated by the first semester of
2003.


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


FAL K.K.: Supermarket Chain Applies for Rehabilitation
------------------------------------------------------
FAL K.K., which has total liabilities of 9.5 billion yen against
a capital of 155 million yen, recently applied for civil
rehabilitation proceedings, according to Tokyo Shoko Research.
The supermarket chain operator is located at Morioka-si, Iwate,
Japan.


FUJITSU LIMITED: Selects AMCC's Network Processing Solution
-----------------------------------------------------------
Industry leader Applied Micro Circuits Corp. (AMCC) announced
the integration of several generations of the Company's complete
switching and network processing platform in Fujitsu Limited's
GeoStream R900 Series, which functions as small, medium or large
scale nodes anywhere from the core of a Carrier's IP network to
the edge switch.

Fujitsu Limited is the most recent in a series of major
networking equipment vendors to profit from the reduced
development costs and accelerated time-to-market synonymous with
AMCC's best-in-class technology, simplified programming model
and on-time delivery. These design wins mark the continuation of
Fujitsu Limited's consistent use of AMCC's solutions through
multiple generations of network processor and traffic manager
development.

"Our early investment in NPU technology and long history of
working with AMCC is really paying off. Their extensive
experience in this market was a key facilitator in our delivery
of best-in-class edge routers that meet the high performance,
high reliability and high value-add requirements of our carrier
customers," said Atsuhisa Takahashi, general manager of Fujitsu
Limited's IP System Division. "Our use of AMCC devices, even
earlier generations that we employed, has helped ensure the
performance levels necessary to earn independent validations,
such as The Tolly Group's 'Up To Spec' certification. AMCC's
successful track record and commitment to delivering easily
integrated, high-performance networking devices to this market
makes them a strong match for the R900 Series."

AMCC's architecture coupled with Fujitsu Limited's expertise has
established the development of a complete range of required
network interfaces at varying speeds while leveraging a common
base of network processor (NPU) forwarding plane software.
AMCC's market-leading traffic management technology enabled the
deployment of edge routing solutions that embody the carrier-
class QoS required to support the realities of today's mixed
network deployments and future technology migration strategies.

"Our unparalleled experience in the combination of network
processing, traffic management and switching solutions, along
with our scalable hardware and software architecture made us a
clear choice for Fujitsu Limited's R900 Series. With one product
family, they are able to support any protocol and any speed, and
can quickly and cost-effectively build a carrier-class, multi-
service platform," said Jeff Cashen, Vice President and general
manager of AMCC's Switching and Network Processing division.
"This kind of complete and best-in-class product offering from
one strong supplier makes it possible for our customers to
devote their time and efforts on further expanding their own
value-adds and delivery capabilities while reducing overhead."

The GeoStream R900 Series of feature-rich routers span the edge
routing market from the core of a carrier's IP network to the
edge switch. The devices can function as Broadband Remote Access
Servers (BRAS), handling ADSL broadband access lines and fiber
to the home (FTTH), thereby increasing their value to the
carrier.

AMCC's http://www.amcc.comcomplete product offering includes
the highly programmable nP7250 OC-48 NPU and nP7510 10Gbps NPU,
the nPX5700 10Gbps traffic manager for fine-grained, feature-
rich queuing and scheduling, and the nPX5800 and nPX8000 fabrics
for switching connectivity scaling to 1.2 Tbps. Having first
pioneered the market in the 1990s and even coined the term,
"network processor," the Company continues to innovate,
presently sampling its fourth generation of NPUs, and was this
year the first vendor to sample a combined 10 Gbps NPU, Traffic
Manager, and Switch Fabric platform. The Company's nPsoft(TM)
development environment, a comprehensive combination of
software, tools and partnerships, accelerates equipment vendor
time-to-market; enables rich networking and communications
feature sets; and promotes both easy future feature enhancements
and swift migration to future generations of AMCC network
processors.

AMCC designs, develops, manufactures, and markets high-
performance, high-bandwidth silicon solutions empowering
intelligent wide-area networks. AMCC utilizes a combination of
digital, mixed-signal and high frequency analog design expertise
coupled with system-level knowledge and multiple silicon process
technologies to offer integrated circuit products that enable
the transport of voice and data over fiber optic networks. The
Company's system solution portfolio includes switch fabric,
traffic management, network processor, framer/mapper, PHY and
PMD devices that address the high-performance needs of the
evolving intelligent optical network. AMCC's corporate
headquarters and wafer fabrication facilities are located in San
Diego, California. Sales and engineering offices are located
throughout the world.

Fujitsu Limited will lower wages in all levels of the company by
reducing the size of standard annual pay hikes, the Troubled
Company Reporter-Asia Pacific reports.

The move is expected to affect 30,000 union members, who
currently receive an annual raise of 1 to 1.5 percent of their
base pay, the paper said, noting that the move is a drastic step
for a major Japanese firm, which traditionally increase their
employees' base pay automatically each year.

The company hopes to reduce overhead and improve its
competitiveness in the international arena, a source told the
paper.  This, as the company has suffered severely from poor
performance in recent months.

CONTACT:
Applied Micro Circuits Corp.
Karen Hartz or Mary Pund
858/535-3436 or -6523
khartz@amcc.com
mpund@amcc.com
or
The Ardell Group
Jennifer Purcell, 858/792-2912
jpurcell@ardellgroup.com


HITACHI LIMITED: Plans Floating Rate for Pension Fund
-----------------------------------------------------
Hitachi Limited will abolish the fixed yield on its employee
pension fund and adopt a floating rate to prevent the collapse
of the Company's pension fund, Kyodo News and Dow Jones reported
on Wednesday, citing Hitachi Executive Vice President Takashi
Kawamura.

The Company plans a floating rate in October when it returns a
portion of the employee pension fund it has been managing for
the government.

Under the new plan, Hitachi employees who retire from now on
will receive three-fourths of their pension benefits on the
basis of floating rates and the remainder from a 401(k)-style
pension scheme whose benefits hinge on investment performance.
Those who have already retired would not be affected.




LION CORPORATION: Swings Back Into Profit
-----------------------------------------
Household product manufacturer Lion Corporation returned to a
net profit of 5.85 billion yen in the year to December 31, 2002,
versus a loss of 13.86 billion yen a year earlier, Kyodo News
said on Thursday.

The profitability was attributed to reductions in manufacturing,
distribution, labor and other costs.


MATSUSHITA ELECTRIC: Eyes Work Sharing Program
----------------------------------------------
Matsushita Electric Industrial Co. will consider a work-sharing
program to create new labor-management relations, Kyodo News and
Dow Jones reports, quoting Company President Kunio Nakamura.

"The 20th century-type labor-management relationship of
uniformly paying high wages despite low productivity has ended,"
Nakamura told Kyodo News.

"We must create a 21st century labor-management relationship
including work sharing."

Nakamura was referring to his Company's reconsideration of
annual pay-scale increases.

The restructuring plan is aimed at enhancing efficiency by
getting rid of overlapping management resources.

Last year, Matsushita incurred a group operating loss of 211.81
billion yen as it fell victim to the slump in the information
technology industry.


MITSUBISHI MOTORS: Union OK's Performance-Based System
------------------------------------------------------
Union and management of Mitsubishi Motors Corporation (MMC)
agreed to replace the seniority-based wage structure with a
performance-based system, the Japan Times reports.

Under the new system, each employee's pay will depend on
managers' assessments of the worker's performance.

The new system will apply to engineering and office employees,
regardless of length of service, they said.

Other Japanese companies are also dropping or revising
seniority-based pay.

The MMC deal may influence the course of this spring's labor-
management wage talks at various big companies, at which one of
the focal points is whether the seniority-based wage system
should be maintained.

MMC previously introduced the performance-based wage system for
employees in administrative posts who do not belong to the labor
union and has been in talks with the union since last year about
introducing it for all employees.

According to Japan Credit Ratings Agency (JCR), Mitsubishi
Motors Corporation (MMC) plans to turn the domestic passenger
car business into the black while maintaining the current
earnings level for North American business under the turnaround-
restructuring plan. JCR has been pointing out that it is highly
probable that the turning of the domestic car operation into the
black would be delayed, considering it is difficult to bring
back customers who left MMC due to the recall scandal in such a
short period of time. MMC has now put brakes on deterioration in
the financial structure. The financial structure is expected to
improve gradually along with recovery of the earnings power.


MIZUHO ASSET: May Resume Dividend Payments
------------------------------------------
Mizuho Asset Trust & Banking Company, a unit of Mizuho Holdings
Inc., may resume dividend payments this year through March 2004
for the first time in four years, Kyodo News reports, citing
Mizuho Asset President Hiroaki Eto.

A resumption of dividend payments is "in sight" because Mizuho
Asset's cleanup of bad loans and latent losses on shareholdings
is nearing an end, Eto said.


MIZUHO HOLDINGS: Tight-Lipped on Share Buying Report
----------------------------------------------------
Mizuho Holdings Inc. and Merrill Lynch & Co Inc. declined to
comment on Wednesday on a report that the U.S. investment bank
was considering buying 150 billion yen ($1.24 billion) of Mizuho
shares, according to Reuters.

Reports said Merrill was in final talks to acquire the Mizuho
stake, which helped lift the share price in the Japanese bank --
the world's largest by assets -- to its highest close since late
November.

A Mizuho spokesman declined to comment on the report, carried in
Tuesday's Sankei Shimbun newspaper, while Merrill Lynch
spokesman Takayuki Inoue said: "Officially, we have no comment.
We neither confirm nor deny the report."

Last week, Mizuho planned to raise 850 billion yen by issuing
preferred shares to be allocated to its domestic business
clients. For the remaining amount, Mizuho said it would seek a
wide range of institutional investors overseas.

Mizuho's capital increase plan followed a sharp cut in its full-
year earnings forecast to a group net loss of 1.95 trillion yen
on expectations of huge stockholding losses and rising costs to
clean up problem loans.


NEC CORPORATION:  Scraps Initial Public Offering Plan
-----------------------------------------------------
NEC Corporation scrapped plans to raise as much as 100 billion
yen ($827 million) by March in an initial sale of shares in chip
unit NEC Electronics Corporation, fearing insufficient demand,
Bloomberg said on Wednesday.

The computer maker, which posted a record loss of 312 billion
yen in the year to March, had planned to sell shares in the unit
to raise money to shrink its 2.1 trillion yen of debt.


RESONA HOLDINGS: Consolidation of Subsidiaries
----------------------------------------------
On March 1, 2003, Resona Holdings, Inc. will consolidate and
realign the operations of its fully owned subsidiaries, The
Daiwa Bank, Ltd. and The Asahi Bank, Ltd. to establish Resona
Bank and Saitama Resona Bank, subject to the approvals from the
competent government authorities.

1. Outline of the Consolidation and Realignment of Subsidiary
Banks In accordance with the "Contract for Corporate Separation
and Merger," Asahi Bank will transfer the operations of its
branch and other offices in Saitama Prefecture to Saitama Resona
Bank, Ltd. on March 1, 2003 (planned).

Based on the same contract, Daiwa Bank and Asahi Bank will merge
on March 1, 2003 with Daiwa Bank being a surviving institution.
Simultaneously, the corporate name will be changed to Resona
Bank, Ltd.

2. Outline of Resona Bank and Saitama Resona Bank
Outline of Resona Bank and Saitama Resona Bank after the
consolidation and realignment is as follows.

Resona Bank will develop its business activities, maintaining
and strengthening its ties with local communities. Moreover, the
specialized service capabilities, such as derivatives and real
estate transactions, will be concentrated in Resona Bank, and
the Resona Group will work to enhance these capabilities. This
will provide one common platform for the Group as a whole and
make it possible to offer these services to all the customers of
the Group banks.

Saitama Resona Bank will also develop its business activities
with all customer segments in Saitama Prefecture, building close
ties with the local communities and responding to the needs of
its customers with carefully tailored services.

Resona Holdings Inc. recently requested a capital injection of
several billion yen from Credit Agricole SA of France, the
Troubled Company Reporter-Asia Pacific reports.

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

For more information, visit http://www.resona-hd.co.jp


RESONA HOLDINGS: No Immediate Ratings Revision, Says S&P
--------------------------------------------------------
Standard & Poor's Ratings Services said that Resona Holdings
Inc.'s announcement of a downward revision of its forecasts for
fiscal 2002 coupled with its capital enhancement plan would not
lead to an immediate revision of its ratings on Resona group
banks Daiwa Bank Ltd. (BB+/Negative/B) and Asahi Bank Ltd.
(BB+/Negative/B).

On February 12, 2003, Resona announced its revised financial
performance forecasts for fiscal 2002 (ending March 2003) to a
consolidated net loss of 185 billion yen from its previous
forecast of 3 billion yen in net profit.

This is mainly due to additional credit costs incurred in
raising its reserves for non-performing loans, and losses on its
stock holdings affected by the continuing slump in the domestic
stock market.

At the same time, Resona announced its plan to issue preferred
securities of about 100 billion yen by the end of the current
fiscal year. The securities will be offered mainly to closely
relate corporate customers, some institutional investors, and
two foreign banks, Bank of East Asia Ltd. and Credit Agricole
Group, with which Resona has recently formed business tie-ups.

While the announced strategic plan to restore its profitability
coupled with the capital increase, which could lift the group's
Tier 1 capital ratio by about 0.4 percentage points to the mid 3
percent level at the end of March 2003, are regarded as positive
measures to absorb possible future losses, the effects will not
be sufficient to immediately quell concerns over the group's
asset quality problems and capital quality. Like other major
Japanese banks, Resona's capital already includes a substantial
amount of preferred stock and securities, which Standard &
Poor's regards as low quality capital, because of its debt-like
characteristics.


SEGA CORPORATION: Plans Merger With Pachinko Maker Sammy
--------------------------------------------------------
Sega Corporation and pachinko machine maker Sammy Corporation
will merge on October 1, to resolve Sega's financial troubles,
Japan Times said on Friday.

Sammy President Hajime Satomi will assume the top post at the
new Company, while the designation of Sega President Hideki Sato
is yet to be decided, the report said.

Sega has been hit by disappointing sales in its consumer game
software division since it pulled the plug on its Dreamcast game
console, which failed to catch on with consumers.

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.


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


SNOW BRAND: R&I Removes Company from Rating Monitor
---------------------------------------------------
Rating and Investment Information, Inc. (R&I) has removed Snow
Brand Milk Products Co. Ltd's ratings from the Rating Monitor
scheme, and affirmed them as follows:

R&I RATING: B+
Senior Long-term Credit Rating: B+
(Affirmed; Removed from the Rating Monitor scheme)
ISSUE: Long-term Bonds (4 series)

R&I RATING: B
(Affirmed; Removed from the Rating Monitor scheme)

ISSUE: Bonds Rated Issue Date Redemption Issue Amount (mn)
Unsec. Str. Bonds No. 1 Oct 21, 1997 Oct 21, 2004 Yen 10,000
Unsec. Str. Bonds No. 2 Oct 21, 1997 Oct 19, 2007 Yen 10,000
Unsec. Str. Bonds No. 3 Dec 01, 1999 Dec 01, 2009 Yen 10,000
Unsec. Str. Bonds No. 4 Dec 01, 1999 Dec 01, 2006 Yen 10,000

RATIONALE:

On February 6, Snow Brand Milk Products Co., Ltd. (Snow Brand)
received financial support in the form of debt wavers amounting
to 30.0 billion yen from the Central Cooperative Bank for
Agriculture and Forestry (Norinchukin). On the same day, the
firm decided to newly issue 10.9 billion in common stock and
20.0 billion yen in preferred stock through third party
allocation (private placement). Since these measures are
expected to eliminate the firm's debt surplus at end-March 2003,
R&I have decided to remove the firm from its Rating Monitor
scheme.

Snow Brand now focuses on dairy products after merging its milk
operations into the Nippon Milk Community. To date, the firm has
rebuilt its operations in line with its reconstruction plans.
Since the firm's finances remain fragile even after the
financial support, however, R&I is maintaining its current
ratings despite taking the firm off the Rating Monitor scheme.


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


CHOHUNG BANK: KDIC Reselects New Accounting Firm
------------------------------------------------
The Korea Deposit Insurance Corporation will reselect, from
among world-famous accounting firms this week, the company to
carry out due diligence on Chohung Bank (CHB) for the sell-off
of the Korean bank, reports the Korea Herald.

Accounting firm AhnKwon, affiliated with the U.S. accounting
firm Deloitte Touche Tohmatsu (DTT), gave up the job because of
unspecified ``conflicting interests.''

The expectations about a subsequent delay in the examination on
the worth and growth potential of Chohung set back the process
of the KDIC's sell-off of the bank, in which the government
holds a 80.04 percent stake.


DOOSAN CORP.: Fined W500M For Issuing Bonds Without Notice
---------------------------------------------------------
The Financial Supervisory Commission (FSC) has fined Doosan
Corporation 500 million won for the breach of disclosure rules
requiring a company to file prior notice to regulators for
issues of securities, AFX Asia said on Tuesday.

The food and beverage maker sold US$100 million of bonds with
warrants to local banks during July 12-15, but failed to report
the issue to the FSC, the report said.

According to Wrights Investor's Service, at the end of 2001,
Doosan had negative working capital, as current liabilities were
3.11 trillion Korean Won while total current assets were only
2.67 trillion Korean Won.


HYUNDAI HEAVY: FSC Punishes Accounting Firm
-------------------------------------------
The Financial Supervisory Commission (FSC) gave Samil Accounting
Corporation 30 penalty points on February 11 for negligent
audits of Hyundai Heavy Industries Co. and Kumho Investment
Bank, the Korea Times reported last week.

Three accountants from Samil, a local member of
PricewaterhouseCoopers LLC, were also warned for failing to
detect illegal bookkeeping practices at the two companies.

According to the Financial Supervisory Commission (FSC), Hyundai
Heavy Industries was found to have omitted important factors
from its accounting books, though the improprieties had little
effect on the Company's stock price.

"We've found that Samil neglected its duties as an audit partner
when the accounting firm took on audits of Hyundai from 1999 to
2000, the FSC said.


HYUNDAI HEAVY: Watchdog Punishes Firm
-------------------------------------
The Securities Futures Commission has levied a three-month ban
on securities issuance against Hyundai Heavy Industries Co.
Limited for failing to observe accounting rules requiring firms
to specify details of losses in firms they have invested in
their financial statements, AFX News reports, citing statement
from the Korea Stock Exchange.

Hyundai Heavy "did not disclose in detail ... losses" in its
affiliates and other firms in which it has more than a 20 pct
stake in its financial statements, which is a violation of the
accounting rules", KLSE said.

The Company disclosed in its financial statements that it
included preliminary financial statements of its affiliates and
invested firms in its 2000 results, but failed to disclose
details of the firms' losses.


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


ARTWRIGHT HOLDINGS: Changes Unit's Name
---------------------------------------
The Board of Directors of Artwright Holdings Berhad wishes to
inform that with effect from 30 January, 2003, Artwright
Industries Sdn Bhd, a wholly-owned subsidiary of Artwright
Holdings Berhad has changed its name to Create Space Sdn Bhd.

COMPANY PROFILE

Founded in 1965 as a manufacturer of T-Squares and drafting
boards, Artwright is today a leading manufacturer of medium to
high-end office furniture in South East Asia. About 70% of the
products manufactured are sold in the domestic market while the
remainder is exported to South and Central America, Europe, the
Middle East and Asia Pacific.

Artwright's flagship product is the System MX V2. It has also
launched an up-market system known as System MX i as an
integrated office desk and panel workstation system. Annual
production capacity and output are RM200m and RM40m
respectively.

Artwright is certified ISO 9002 compliant and its products have
been tested under the various international product performance
testing and various accreditation through ANSI, BIFMA and
British Standard.

The Company and its four subsidiaries had on 6 September 2000
entered into a debt restructuring agreement with its financial
institution lenders and hire-purchase and lease creditors to
reschedule debt payments as well as to issue ICULS as part
settlement of unsecured debts.

Subsequently, the Group renegotiated with scheme creditors on a
revised proposed voluntary debt-restructuring scheme for which
it entered into a supplementary debt restructuring agreement on
17 August 2001. The Company has on 21 August 2001 submitted the
revised proposal to the relevant.

CONTACT INFORMATION: 6th Floor, 3 Cangkat Raja Chulan
                     50200 Kuala Lumpur
                     Tel : 03-2031 1988;
                     Fax : 03-2031 9788


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

   1. Date of Purchase : 13 February 2003

   2. Number of ICULS Purchased : 99,000

   3. Minimum price paid for each ICULS : RM2.95

   4. Maximum price paid for each ICULS : RM2.99

   5. Total consideration paid : RM294,225.08

   6. Total number of ICULS held to-date : 14,798,000

   7. Cumulative consideration : RM43,775,000.86
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.


CSM CORPORATION: Provides Defaulted Facilities Status Update
------------------------------------------------------------
Pursuant to the KLSE Practice Note No. 1/2001, CSM Corporation
Berhad provided an update on the status of default in interest
payments and principal loan repayments of the CSM Group bank
borrowings as at 31 January 2003. Details could be found at
http://www.bankrupt.com/misc/TCRAP_CSM0217.pdf.

COMPANY PROFILE

The Company's activities are focused in manufacturing, trading
and distribution of food and allied products, property
management, investment and development. Formed as a wholly-owned
subsidiary of Cold Storage Holdings PLC (CSH), the Company
commenced operations in February 1974, upon completion of a
reorganization of the CSH Group in Malaysia. As part of the
reorganization the Company acquired the Malaysian assets of Cold
Storage Singapore Pte Ltd and was then converted into a public
company and listed on KLSE. Current production
capacity/production output is 236 m/t of butter per month.

Recently, the Company entered into a JV with Saujana Pertiwi Sdn
Bhd for development of mixed residential and commercial
properties on leasehold land measuring approx. 19.56 acres
located at Kelana Jaya, Selangor (Kelana Perdana Project). The
first phase, the Bayu Sutera Condominium comprising 260 units
residential apartments, was launched in December 1999.

Trading, manufacturing and property management will remain the
focus of the Group, in addition to property development that is
envisaged to improve in years to come.

Group operations are located in Kuala Lumpur, Penang, Ipoh,
Malacca, Johor, Kuantan, Sabah and Sarawak.

Following its shareholders' deficit position for financial year
ending 31 December 2000 and default with its bank lenders, the
Group is undertaking a corporate and debt restructuring
exercise, which may include the divestment of certain assets of
the Group, restructuring of the Group's borrowings and new
assets injection. The Group has appointed an independent
financial advisor and merchant banker to advise on the
restructuring proposals. The Group together with its advisors
are currently formulating a restructuring scheme to regularize
its financial conditions and address its debt obligations. The
KLSE has granted the Company a three-month extension until 25
October 2001 to make an announcement on its plan to regularize
its financial condition.

CONTACT INFORMATION: 10th Floor Jaya Shopping Center
                     Jalan Semangat
                     46100 Petaling Jaya
                     Tel : 03-7958 8888,
                     Fax : 03-7958 1289


FEDERAL FURNITURE: Lease Agreement With Shell Modified
------------------------------------------------------
Further to the announcement made on 27 November 2001 regarding
the Lease of Land, Aspek Sensasi Sdn Bhd (ASSB), a unit of
Federal Furniture Holdings (M) Berhad , has signed on Thursday a
variation letter to the Agreement To Lease (the Lease) with
Shell Malaysia Trading Sdn Bhd (Shell). Under the terms of the
variation letter, the lease amount will be maintained at
RM5,300,000 although the size of the land will be reduced from
approximately 36,372 sq ft to approximately 33,658 sq. ft. as a
result of an impending compulsory acquisition of 2,714 sq. ft.
by Jabatan Parit dan Sungai (JPS).

ASSB will retain the compensation sum receivable from JPS in
consideration of which ASSB will transfer the title of the land
to Shell on date of completion. Under the Lease signed on 27
November 2001, Shell has an option to purchase the land for a
cash consideration of RM80,000 during the period commencing from
1 January 2025 until the end of the lease period on 27 April
2030.

CONTACT INFORMATION: Suite 1501B Menara Choy Fook On
       1B Jalan Yong Shook Lin, Section 7
       46050 Petaling Jaya
       Tel : 03-7955 9937;
       Fax : 03-7956 2812

COMPANY PROFILE

The Group's involvement in the furniture industry began as a
small family concern. The Group now has three principal
operating business units consisting of manufacturing and export
of furniture, trading and retailing of furniture and renovations
and interior fit-outs.

The manufacturing and export division manufactures wooden dining
sets and case goods for the export markets. The plant, located
in Banting, has a capacity to produce about 40, 40-foot
containers a month. The export markets are the US, Korea, Japan,
UK, Ireland, Singapore, Greece, Russia, Germany and Turkey.

The trading operations source furniture products consisting
mainly of dining sets, bedroom sets, antique reproductions and
outdoor furniture for customers in the US and Europe. These are
sourced from manufacturers in Malaysia, China and Indonesia.

Retailing operations have a showroom in the Klang Valley that
specializes in home interior design and renovations and
retailing of high-end furniture, light fittings and fabric for
home furnishings.

The renovation and interior fit-out operations carry out
renovations and interior fit-outs of hotels and corporate
offices in the private and government sectors. The main market
is in Malaysia although it has recently secured projects
overseas. The operations also import high-end Italian office and
home furniture for the local market.

On 11 October 2000, the Company entered into a conditional debt
restructuring agreement with certain of its lenders to
restructure part of its borrowings and to undertake the
following proposals : (i) a proposed renounceable rights issue
of up to 41.4m new ordinary shares together with 24.8m
detachable new warrants on the basis of five rights shares
together with three warrants for every five ordinary shares
held. (ii) A debt restructuring arrangement between the Company
and certain subsidiaries and their respective scheme lenders to
restructure an estimated debt of RM58,700,457 (inclusive of
interest capitalized up to 31 May 2001).

Barring unforeseen circumstances, submission papers to the SC
and the relevant authorities to seek approval for the proposals
are expected to be completed within three months from 12 July
2001. The Company is currently awaiting written approval from
some of the creditor banks who are parties to the debt
restructuring agreement signed on 11 October 2000, to extend the
stipulated period for the fulfillment of the conditions
precedent, before the submissions can be made.


MALAYSIAN AIRLINE: Chairman Abidin's Contract Extended
------------------------------------------------------
Malaysian Airline System Berhad announced that the contract of
Y.Bhg. Tan Sri Dato' Seri Azizan Zainul Abidin as Chairman of
MAS has been extended for a period of 1 year beginning from 15
February, 2003 to 14 February, 2004 and the contract of Y.Bhg.
Dato' Md. Nor Md. Yusof as Managing Director of MAS has been
extended for a period of 2 years beginning from 14 February,
2003 to 13 February, 2005.

Wrights Investors' Service reports that at the end of 2002,
Malaysian Airline had negative working capital, as current
liabilities were RM8.84 billion while total current assets were
only RM2.44 billion. The company has paid no dividends during
the last 12 months and reported losses during the previous 12
months.


PANGLOBAL BERHAD: Discloses Mining Production Figures
-----------------------------------------------------
PanGlobal Berhad wishes to announce that the production volume
of coal of its wholly-owned subsidiary, Global Minerals
(Sarawak) Sdn Bhd for the month of January 2003 was 34,673.90mt.

COMPANY PROFILE

The Group's principal activities include general insurance
business, extraction of logs, sawmilling and manufacturing of
veneer, coal mining, property investment and development, rental
of office and commercial premises and operation of hotel
apartments.

The Company was originally a housing developer. In 1966, the
Company disposed of these activities and entered into the towel
and yarn manufacturing business. Over the years, the Company
diversified its activities into property development, computers
and insurance. The Company maintains its insurance operations
through PanGlobal Insurance Bhd, with head office in Kuala
Lumpur and branches in 12 states. It transferred its towel
manufacturing operations to one of its subsidiaries in 1987,
thus becoming a purely investment holding company. Subsequently,
the Company, in 1994, disposed of its property development
division and computer division and, in 1995, its textile
operations.

Following this, the Company became involved in timber extraction
and related activities and operation of a coal mine. Both
activities are carried out in Sarawak.

An affected listed issuer under Practice Note 4/2001 of KLSE's
Listing Requirements, the Company has submitted a proposed
composite scheme of debt arrangement to the SC and the relevant
authorities. The proposals are awaiting approval from SC, the
High Court of Malaya and shareholders. A Restraining Order under
Section 176 of the Companies Act, 1965, granted to PanGlobal
together with four of its subsidiaries (PanGlobal Properties Sdn
Bhd, Menara PanGlobal Sdn Bhd, Global Minerals (Sarawak) Sdn Bhd
and Limbang Trading (Limbang) Sdn Bhd) has been extended to 15
November 2002. This Restraining Order affects only banking
creditors.

CONTACT INFORMATION: Level 27, Menara IMC
                     8 Jalan Sultan Ismail
                     50250 Kuala Lumpur
                     Tel : 03-2019199
                     Fax : 03-2023977


PERAK CORPORATION: Anakku Disposal Completed
--------------------------------------------
Perak Corporation Berhad, pursuant to the Disposal of the Entire
Equity Interest in Anakku Holdings Sdn Bhd (AHSB), Comprising
11,352,326 Ordinary Shares of RM1.00 Each to Audrey
International (M) Bhd (AIMB) for a Sale Consideration of
Rm50,000,000, inform that the Disposal was completed on 11
February 2003.

Following the completion of the Disposal, AHSB has ceased to be
a wholly-owned subsidiary of PCB and AIMB becomes an associated
company of PCB.

On April last year, the Troubled Company Reporter - Asia Pacific
reported that the Company had entered into a Heads of Agreement
with Audrey International (M) Bhd for the proposed disposal of
the entire interest in the issued and paid up capital of its
wholly owned subsidiary, Anakku Holdings Sdn Bhd (the Proposed
Disposal) for a total consideration of RM50 million for part
repayment of bank borrowings, defraying expenses and the balance
for working capital requirements.


WAH SEONG: Unit Undertakes Shares Acquisition to Boost Earnings
---------------------------------------------------------------
The Board of Directors of Wah Seong Corporation Berhad
announced that its wholly owned subsidiary, Wah Seong Industrial
Holdings Sdn Bhd (WSIH), has further strengthened its equity
interest in Petro-Pipe Industries (M) Sdn Bhd (PPI), a
subsidiary of the Company by acquiring an additional 399,999
shares of RM1.00 each representing 0.926% of the issued and paid
up capital of PPI for a total cash consideration of
RM1,039,997.40 @ RM2.60 per share from the following person:-

Name of Vendor No. of Shares Consideration (RM)

Dato' Seri Khalid Ahmad 399,999 1,039,997.40
Bin Sulaiman

INFORMATION ON WSIH AND PPI

WSIH was incorporated on 7 March 1991 as a private company
limited by shares under the Companies Act 1965 and having its
registered office at Suite 2-1, 2nd Floor, Menara Penang Garden,
42A Jalan Sultan Ahmad Shah, 10050 Penang. It is principally an
investment holding company and is involved in the provision of
management services. WSIH is a 100% owned subsidiary of Wah
Seong Corporation Berhad ("WSC"). Its present authorized share
capital is RM100,000,000.00 comprising of 100,000,000 ordinary
shares of RM1.00 each whilst its present issued and paid-up
share capital is RM54,150,000 comprising 54,150,000 ordinary
shares of RM1.00 each.

PPI was established on 16 June 1982 as a private company limited
by shares under the Companies Act 1965 and having its registered
office at No. 59-2 The Boulevard, Mid Valley City, Lingkaran
Syed Putra, 59200 Kuala Lumpur. It is principally involved in
the production and sale of welded steel pipes and other related
products. WSC's direct and effective interest through WSIH in
PPI is currently 67.771%.

SALIENT DETAILS OF THE ACQUISITION

Some of the salient details of the acquisition are as follows:

a. The total consideration of RM1,039,997.40 @ RM2.60 per share
will be wholly satisfied by WSIH in cash;

b. Payment of the consideration by WSIH will be made immediately
upon stamping and confirmation of the share transfers by the
Company Secretary of PPI; and

c. Full settlement for this acquisition is expected to be
completed by or before end-March 2003.

BASIS OF CONSIDERATION

The purchase consideration for the acquisition of RM2.60 per
share takes into account the net maintainable earnings of PPI
and its group of companies (collectively referred to as "the PPI
Group") and was arrived at on a 'willing-buyer willing-seller'
basis.

The purchase consideration will be financed from WSIH's own
internally generated funds and/or bank borrowings.

RATIONALE FOR THE ACQUISITION

The acquisition will be synergistic to the existing business(s)
of WSIH and is expected to contribute positively to the earnings
of the Wah Seong Corporation Berhad (WSC) group.

FINANCIAL EFFECTS OF THE ACQUISITION

Share Capital

The acquisition will not have any effect on the share capital of
PPI although the effective degree of equity control in PPI by
WSC through WSIH will in aggregate be increased from 67.771% to
68.697%.

Earnings

The acquisition by WSIH of the shares in PPI is not expected to
have any material effect on the consolidated earnings of WSC for
the financial year ending 31 December 2003. However, the net
profit from PPI Group operations is expected to contribute
positively to WSC's future earnings.

Substantial Shareholdings

The acquisition by WSIH will result in the following changes in
the substantial shareholdings of PPI's equity structure as set
out in Table 1 at
http://www.bankrupt.com/misc/TCRAP_Wseong0217.pdf.

Net Tangible Assets ("NTA")

The acquisition will not have any material effect on the
consolidated NTA value of WSC for the year ending 31 December
2003.

APPROVAL BY AUTHORITIES

This acquisition is not subject to the approval of any other
governmental authority.

COST OF INVESTMENT

The original cost and date of WSIH's investment in PPI is as set
out in Table 2 at
http://www.bankrupt.com/misc/TCRAP_Wseong0217.pdf.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTEREST

None of the directors, major shareholders, persons connected to
Directors or persons connected to the major shareholders of the
Company and of the Group or any of its subsidiaries has any
interest, direct or indirect, in the above acquisition, except
for the following:

a. Dato' Seri Khalid Ahmad Bin Sulaiman, is a Director of PPI
and having declared his interest herein, has duly abstained from
voting on the same resolution in PPI.

b. Mr Robert Tan Chung Meng is a Director of WSC, WSIH and PPI
and a major shareholder in WSC.

c. Mr Chan Cheu Leong is a Director of WSC, WSIH and PPI and a
major shareholder in WSC.

d. Mr Ooi Chai An @ Ooi Chai Aun is an Alternate Director and
minority shareholder in WSC and Director of WSIH and PPI.

DIRECTORS' STATEMENT

Having considered all aspects of the acquisition, the Board of
Directors is of the opinion that the acquisition is in the best
interest of the Company.


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


BENPRES HOLDINGS: Seeks US$382M Termination Payment From MWSS
-------------------------------------------------------------
Benpres Holdings Corporation is formally seeking a US$382
million payment from the Metropolitan Waterworks and Sewerage
System for the early termination of unit Maynilad Water Services
Inc's water supply concession, AFX Asia said on Thursday.

The report said Maynilad Water sent a letter discussing the
claims to MWSS on February 7.

Maynilad's claim represents its investments and loan obligations
as supplier of water to the west zone metropolitan Manila.


NATIONAL POWER: Penalty Charges on Rise to P17.7B
-------------------------------------------------
The Manila Electric Company now owes the National Power
Corporation (Napocor) 17.7 billion pesos in penalty charges for
not complying with the terms of their 10-year supply agreement,
the Malaya newspaper and AFX Asia reported on Thursday, citing
an unidentified Napocor official.

Napocor earlier estimated that the penalty charges on Meralco
stood at 14 billion pesos as of end-December, the report said.
Under their supply agreement, Meralco should buy up to 3,600
megawatts of its monthly requirements from Napocor.

But Meralco has been getting less than that from Napocor as it
wants to source more of its requirements from its independent
power producers.


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


CHARTERED SEMICONDUCTOR: Closing Oldest Plant, Axe 500 Jobs
-----------------------------------------------------------
Loss-making Chartered Semiconductor will close its oldest
microchip factory in Singapore by the end of March 2004 in an
effort to slash costs, Channel News Asia reports.

It will also lay off the plant's 500 workers, or 14 percent of
its workforce, after the Science Park Drive plant is closed.

The restructuring exercise is part of a wider blueprint to turn
the Company around.

For more information, go to
http://bankrupt.com/misc/tcrap_csm0214.pdf

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


CHARTERED SEMICONDUCTOR: Outlines Profitability Strategy
--------------------------------------------------------
Chartered Semiconductor Manufacturing, one of the world's top
three silicon foundries, outlined its strategy for moving faster
toward its return to profitability with plans to enhance the
Company's growth potential and improve its cost structure.
Chartered's strategy is focused on top-line growth and
transformation of its capacity base, which includes a
consolidation of its Fab 1 business into Fab 2 by March 2004.

"We believe that gains Chartered has made in advanced technology
in the last two years, coupled with the recently announced
joint-development agreement with IBM and our customer-preferred
open EDA/IP approach, place the Company in a much stronger
position with respect to advanced technology and access to new
customer and market opportunities," said Chia Song Hwee,
President & CEO of Chartered.

"However, the speed at which Chartered can return to
profitability continues to be paced by a capacity and cost base
which were put in place several years ago, when our customers
were expecting much higher growth in their markets. While
Chartered believes it can grow faster than the overall
semiconductor market this year, the industry remains depressed
as it continues to slowly recover from the worst downturn in its
history and the global economic outlook remains clouded. Our
strategy addresses these issues and opportunities."

For more information, go to
http://bankrupt.com/misc/tcrap_csm0214.pdf


EXCEL MACHINE: Suspension of Trading Requested
----------------------------------------------
The Board of Directors of Excel Machine Tools Ltd. requested for
the suspension of the trading of the Company's shares on The
Singapore Exchange Securities Trading Limited with effect from
9.00 am on February 14, 2003 pending the outcome of the hearing
of the adjourned Joint Petition for judicial management order.


INTRACO LIMITED: Narrows 2002 Operating Loss to S$10.8M
-------------------------------------------------------
Intraco Limited reported an operating loss of S$10.8 million in
2002 compared to a loss of S$37.2 million a year earlier. The
loss was mainly due to prudential provision for obsolete
inventory made by the Telecommunications unit.

Loss after tax and minority interests was S$12.4 million in 2002
compared to a loss of S$45.8 million in 2001.

In 2002, the Group adopted SAS 11, where recognition of projects
was on the percentage-of-completion method instead of completed
contract method. During the year, the Engineering and Projects
business unit completed several projects that included the
overhead collection system for the North East Line, 2 units of
fireboat for Maritime and Port Authority and the GIS switch gear
equipment to the Loyang Substation for Powergrid Limited. Full
year turnover registered by the Engineering and Projects
business unit was S$56.3 million as compared to S$55.0 million
in 2001. Operating profit for the business unit was S$1.7
million in 2002 against a loss of S$1.7 million registered in
2001.

The Semiconductors business unit witnessed a difficult year in
2002. The expected recovery in the semiconductor sector did not
materialize. The rampant dumping of products in the Asia Pacific
region in the second half of 2002 further aggravated the
semiconductor market. The Semiconductors business unit's full
year turnover in 2002 contracted to S$58.5 million from the
S$89.7 million registered in 2001. The business unit suffered an
operating loss of S$1.3 million as compared to an operating loss
of S$3.3 million in 2001.

Following a business review in 2001, the Food business unit
discontinued the Distribution and the Seafood trading business.
As a result, the business unit registered a fall in turnover
from S$120.9 million in 2001 to S$17.9 million in 2002. The
business unit managed to reduce its loss from S$11.6 million in
2001 to S$0.1 million in 2002.

Turnover for the Commodities Trading business was lower at
S$143.5 million in 2002 compared to the S$193.0 million turnover
registered in 2001. The lower turnover was due mainly to the
rationalization exercise carried out by the business unit. The
business unit turned in an operating profit of S$1.4 million in
2002, an improvement over the S$1.1 million operating profit in
2001.

The Telecommunications business, Teledata Group, was affected by
the downturn in the global technology market. As a result of
rapid technological development and generally weak business
conditions, the business unit has prudently provided for
obsolete inventory. The unit has successfully completed its debt
restructuring exercise on 31 October 2002. As such, the current
financial position of the unit is positive and the working
capital available to the unit is sufficient to meet its present
requirements.

Meanwhile, Straits Times reported that the Company reduced its
net loss for last year to $12.36 million from $45.84 million
previously. NO dividend was declared.


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


ADVANCE PAINT: Files Business Reorganization Petition
-----------------------------------------------------
Paint manufacturer and distributor Advance Paint And Chemical
(Thailand) Public Company Limited (DEBTOR) filed its Petition
for Business Reorganization at the Central Bankruptcy Court:

    Black Case Number 1243/2544

    Red Case Number 1025/2544

Petitioner: ADVANCE PAINT AND CHEMICAL (THAILAND) PUBLIC COMPANY
LIMITED

Planner: BANG - PA - IN PLANNER COMPANY LIMITED

Debts Owed to the Petitioning Creditor: 683,096,388.65Baht

Date of Court Acceptance of the Petition: October 10, 2001

Date of Examining the Petition: November 5, 2001 at 9.00 A.M.

Court Order for Business Reorganization and Appointment of
Planner: November 5, 2001

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: November 16, 2001

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette: December 4,
2001

Deadline for the Planner to submit the Reorganization Plan to
the Official Receiver: March 4, 2002

Appointment date for the Meeting of Creditors to consider the
Plan: June 13, 2002 at 9.30 am. Convention Room 1105, 11th
Floor, Bangkok Insurance Building, South Sathorn Road

Court had issued the order accepting the reorganization plan:
July 5, 2002 and Appointed Bang Pa In Planner Company Limited to
be as a Plan Administrator

Announcement of Court Order for accepting the Business
Reorganization Plan and Appointment of the Plan Administrator in
Matichon Public Company Limited and Siam Rath Company Limited:
July 30, 2002

Announcement of Court Order for accepting the Business
Reorganization Plan and Appointment of the Plan Administrator in
Government Gazette: August 20, 2002

Court had issued the Order for Canceling the reorganization of
Advance Paint and Chemical (Thailand) Public Company Limited
since September 30,2002

Contact: Ms. Pulsiri Tel, 6792525 ext. 111


ITALIAN-THAI: Signs Water Treatment Plant Contract With MWA
-----------------------------------------------------------
Italian-Thai Development Public Company Limited informed that on
Feb 13, 2003, JV. ITD-DGT-AQT, which comprised of Italian-Thai
Development Pcl., Aquathai Co., Ltd. and Degre'mont Co., Ltd.
signed the contract with Metropolitan Waterworks Authority to
proceed of Bang Khen Water Treatment Plant (Contract No. G-BK-7)

The details of the contract are as follows:

Description of works  : Civil  Works,  Equipment  works,
                        Electrical  works, Provisional  and
                        Contingency  sums

Contract  value       : Bt254,679,260   (including VAT)
                        (ITD Portion  34.31% = Bt  87,383,690)

The period of work    : 26 months

According to Wrights Investors' Service, at the end of 2001,
Italian-Thai Development had negative working capital, as
current liabilities were Bt15.07 billion while total current
assets were only Bt11.71 billion. The company has paid no
dividends during the last 12 months and reported losses during
the previous 12 months. It has last paid a dividend during
fiscal year 1996, when it paid dividends of 3.00 per share.


MILLENNIUM STEEL: Submitting Audited Annual Instead of Q402 F/S
---------------------------------------------------------------
Millennium Steel Public Company Limited informed that it would
carry out to submit the Audited Annual Financial Statement in
place of the 4th Quarter Financial Statement within 60 days
counted from the end of accounting period.

Last November, the Stock Exchange of Thailand (SET) granted a
listing of common shares of the Company established to support
the restructuring of NTS Steel Group Public Company Limited
(NTS), as it will be formally delisted from the SET.        The
SET has set common shares of the Company to 1,851,619,759 shares
with a par value of Bt1 per share totaling of Bt1,851,619,759 to
be listed company in the SET from November 29, 2002 onwards in
order to transfer the status of being listed company from NTS to
MS under the sector of `REHABCO' using trading name of `MS'


PICNIC GAS: Debt to Equity Conversion Completed
-----------------------------------------------
Ultimate Key Company Limited, the Plan Administrator of Picnic
Gas and Chemicals Public Company Limited, in reference to the
Company's Rehabilitation Plan, which was approved by the Central
Bankruptcy Court on August 5, 2002, informed that the capital
reduction, capital increase, debt to equity conversion, and
share acquisition has been completed.

Based on the plan administration, premiums on shares were
already deducted on deficit.


TONGKAH HARBOUR: Posts January Tin Mining Operating Results
-----------------------------------------------------------
Tongkah Harbour Public Company Limited informed its shareholders
and investors of the production output for January 2003 as
follows:

                                Tin Ore Production Output
                                    Unit : Kilograms

                           Jan   Jan   Accumulated  Accumulated
                           2003  2002  (Jan 2003)   (Jan 2002)

Tin Ore Stock              25,200   15,000    25,200    15,000
Dredged during the period   0        4,500    0          4,500
Sold during the period    (25,200)  (19,500)  (25,200) (19,500)
Balance - end of period     0          0      0          0

The Company, which is under REHABCO category on the Stock
Exchange of Thailand, completed a Private Placement in August
2002.  The Company received a net fund of Bt17,941,008.63 in the
exercise and reported that from the proceeds, Bt10,000,000 was
used to repay a short term loan, and approximately Bt1,700,000
was made for purchasing equipment.  The remaining sum was
utilized as the Company's working capital.


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

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

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

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

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

                 *** End of Transmission ***