---

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

                   A S I A   P A C I F I C

           Tuesday, February 18, 2003, Vol. 6, No. 34

                         Headlines


A U S T R A L I A

A.I. LIMITED: Issues Company Update
ANALYTICA LIMITED: Datatech Ceases to Substantial Holder
AUSTRALIAN GAS: A$750M Short-Term Debt Issuance Program Rated
CARLOVERS CARWASH: Berjaya Ups Substantial Holding to 96%
GOODMAN FIELDER: Releases Half-Year Accounts, Reports

TELEVISION & MEDIA: Unit Secures Fox Sports NRL Broadcast Deal
OSBORNE COLD: Former Director Pleads Guilty
VOICENET (AUST): Posts January Consolidated Cashflow Report


C H I N A   &   H O N G  K O N G

CAN DO: Implementing Capital Reduction, Share Sub-Division
CAN DO: Proposes Change of Name; Change in Board of Directors
CROWNFAME CORPORATION: Petition to Wind Up Pending
GIGANTIC CITY: Winding Up Hearing Scheduled in March
MEN IN BLACK: Winding Up Petition Hearing Set

QUALITY HEALTHCARE: Updates Caduceus Conditional Offer Status
SINO EXPERT: Winding Up Sought by Wah Sun
SKYNET INTERNATIONAL: Requests Suspension of Trading


I N D O N E S I A

GARUDA INDONESIA: Agrees to Raise Pilot Salaries by 35%
MEDCO ENERGI: Buys 10% Stake in Oil Block From Novus Lematang


J A P A N

HITACHI LIMITED: Reinforces Ties With Oracle
NEC CORPORATION: To Showcase New Applications in 3GSM Congress
NISSAN MOTOR: S&P Raises Ratings to 'BBB/A-2' on Stable Outlook
SKYLARK CO.: Abandons Profit Prediction, Sees Net Loss Instead
SUMITOMO MITSUI: Contemplating Additional JPY250B Share Issue

UFJ HOLDINGS: Merrill Lynch to Invest in Spin-off Bank
VICTOR CO.: S&P Assigns Negative Outlook as Market Remains Dim


K O R E A

DAEWOO MOTOR: UK Firm to get Controlling Stake in Polish Unit
HYUNDAI INVESTMENT: Baring Huge Losses for 2002, Says Paper
HYUNDAI MOTOR: Board Sets Annual General Meeting for March 14

* S&P Upgrades Non-Life Insurers Ratings to 'BBpi'


M A L A Y S I A

AOKAM PERDANA: MITI Grants Proposals Approval
AUTOINDUSTRIES VENTURES: Defaulted Payment Stands at RM14.61M
CSM CORPORATION: Provides Financial Assistance Provision Info
HOTLINE FURNITURE: Unit Under Receivership Gets Judgment Notice
KAI PENG: Answers KLSE's Winding Up Petition Query

KRETAM HOLDINGS: Undertakes Capital Reduction, Consolidation
LAND & GENERAL: All Proposals Resolutions Approved
MYCOM BERHAD: Enters Supplemental Land Acquisition Agreement
PARK MAY: Managing Director Abd Rashid Steps Down
PLANTATION & DEVELOPMENT: FIC Conditionally OKs Workout Scheme

TECHNO ASIA: Submits Statutory Declaration to KLSE
UNITED CHEMICAL: Inks Restructuring Agreement With Newco
YEO AIK: Subsidiaries Serve Writ of Summon


P H I L I P P I N E S

FJP LINES: Shipping Firm Seeks Suspension of Loan Repayments
MANILA ELECTRIC: Regulator to Rule on Tariff Hike by Month's End
METRO PACIFIC: Faces Huge Penalty if it Cancels 'BoniLand' Deal
NATIONAL POWER: Plans to File Another Rate Hike Petition
PHILIPPINE AIRLINES: Top Execs Don't Know Anything About Sale

PHILIPPINE LONG: Comments on AT&T, WorldCom's FCC Petitions
PHILIPPINE NATIONAL: Clarifies PR on Bank's Improved Footing


S I N G A P O R E

ASEAN SUPREME: To Wind up Business as NAV Falls Below US$10M
CREATIVE TECHNOLOGY: Posts Changes in Shareholder's Interest
EXCEL MACHINE: Hearing on Judicial Management Order Reset
FLEXTECH HOLDINGS: Sets March 3 Extraordinary General Meeting
PRESSCRETE HOLDINGS: Completes Divestment in IWNC

XPRESS HOLDINGS: Completes Capital Reduction


T H A I L A N D

EMC PUBLIC: Gives Bt1.58M Interest Payment to Creditors
SIAM SYNTECH: Gains Q202 Profit From Debt Restructuring
SILVER HOUSE: Files Business Reorganization Petition

     -  -  -  -  -  -  -  -

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


A.I. LIMITED: Issues Company Update
-----------------------------------
On 6th February, 2003 A.I. Limited provided an update on the
proposed acquisition of Precision Components Pty Ltd, and
commented on an improved outlook for increasing levels of
production at aiAutomotive in Adelaide, expectations with
respect to half yearly results and the company's improved
outlook for financial year 2004 resulting from anticipated
productivity, volume and efficiency gains in its automotive
business.

The company advises the vendors of Precision Components and the
company have signed a letter of understanding. This letter of
understanding, whilst commercial in confidence, provides detail
pertaining to terms, conditions, price and is summarized as
follows:

   1. The acquisition Price is $12.5m plus the value of capital
expenditure incurred on plant and equipment from 1st July 2002
until settlement. The likely level of capital expenditure is
$1.5m.

   2. Proposed settlement date is 30th April 2003.

   3. Profits from the 1st January 2003 until settlement will
accrue to the purchaser.

   4. The acquisition is subject to aiLimited:

     a. securing an additional debt facility to partially fund
the acquisition of $4.0m

     b. aiLimited undertaking a capital raising to partially
fund the acquisition of $2.0m at no less than 20 cents per share

     c. no material change in aiLimited's or Precision's future
prospects during the due diligence period

     d. an independent expert forming the view that the
transaction is fair and reasonable

     e. shareholders passing the necessary resolutions to
approve the transaction at an extraordinary general meeting
convened for that purpose.

   5. aiLimited intends to fund $5.0m of the purchase price from
the realization of non core assets and businesses. The vendors
have offered bridging vendor finance, subject to satisfactory
security should the company not be able to conclude these asset
realizations prior to settlement.

   6. The vendors of Precision taking up to $3.5m in aiLimited
scrip at 20 cents per share in satisfaction of the purchase
consideration.

   7. The vendors will provide warranties with respect to June
2003 earnings and the audited Balance Sheet at settlement.

The Precision transaction is subject to reciprocal due diligence
as aiLimited scrip is being offered as part consideration. The
company has appointed Deloitte Touche Tohmatsu, Adelaide to
assist management in its due diligence investigations and
processes. The vendors of Precision intend to commence their due
diligence next week.

The company will keep shareholders informed of progress in
respect of this matter. As required by law, a detailed
information memorandum will be provided to all shareholders
contemporaneously with the calling of any Extraordinary General
Meeting convened to consider this matter.


ANALYTICA LIMITED: Datatech Ceases to Substantial Holder
--------------------------------------------------------
Datatech Financial Services Pty Ltd ceased to be a substantial
shareholder in Analytica Limited on 13 February 2003.

Troubled Company Reporter - Asia Pacific reported last week that
the Company will be in a position to repay the administrator the
final repayment of $200,000 on 9 August 2003. The Company is
also currently working on alternatives for further fund raising
this year.


AUSTRALIAN GAS: A$750M Short-Term Debt Issuance Program Rated
-------------------------------------------------------------
Standard & Poor's Ratings Services on Monday assigned its 'A-1'
short-term rating to The Australian Gas Light Co.'s (AGL) A$750
million short-term debt issuance program. The program expands
AGL's existing A$250 million CP program, and permits AGL to
issue short-term notes (STNs) and electronic promissory
notes (EPNs) to domestic and offshore investors. The STNs and
EPNs will rank equally with AGL's other unsecured and
unsubordinated obligations, with notes on issue supported by
364-day backup facilities.

"The increase in AGL's short-term debt facilities improves its
financing flexibility," said Laurie Conheady, associate
director, Corporate & Infrastructure Finance Ratings. "The
increased program size, type of notes that can be issued, and
investors that can be targeted broadens the company's funding
options and reduces its refinancing risk," Mr. Conheady
added.

The ratings on AGL reflect its low-risk network businesses;
dominant position in the Australian energy market; and the
diversity of its earnings streams, customer base, markets, and
product offering. Offsetting these strengths are the company's
moderate financial profile and exposure to the competitive
retail energy and electricity wholesale markets.


CARLOVERS CARWASH: Berjaya Ups Substantial Holding to 96%
---------------------------------------------------------
Berjaya Group (Cayman) Limited increased its relevant interest
in Carlovers Carwash Limited on 13 January 2003, from 64,739,729
ordinary shares (95.167%) to 65,441,384 ordinary shares
(96.199%).

According to Wrights Investors' Service, at the end of 2002,
CarLovers Carwash had negative working capital, as current
liabilities were A$17.77 million while total current assets were
only A$13.84 million. It has also reported losses during the
previous 12 months and has not paid any dividends during the
previous 3 fiscal years.


GOODMAN FIELDER: Releases Half-Year Accounts, Reports
-----------------------------------------------------
Goodman Fielder Limited released its Half Year Report and Half
Year Accounts for the year 2002. The Company announced on
February 4, 2002 the sale of its Milling operations to Allied
Flour Mills. The operations were sold effective on the same
date.

On February 15, 2001, the company announced the sale of the
Leiner Davis Gelatin business to Deutsche Gelatine-Fabriken
Stoess AG. Part of the gelatin business was sold on February 28,
2002 with effect from March 31, 2002. The remaining US and
Argentinian based gelatin operations were sold  31/01/2003 to
Tessenderlo Chemie SA/NV for $A115 million ($US67  million).

Go to http://www.bankrupt.com/misc/TCRAP_GMF0218.pdffor details
of the Company's Half-Year Account and Report.


TELEVISION & MEDIA: Unit Secures Fox Sports NRL Broadcast Deal
--------------------------------------------------------------
Mr Keith Spice, Chief Operating Officer of Television & Media
Service's wholly owned subsidiary Global Television Pty Ltd
announced Monday that it secured a 4-year agreement for the
provision of outside broadcast services to cover the Australian
NRL games to be broadcast by Fox Sports on subscription
television during that term. While the agreement excludes games
played in far north Queensland and New Zealand, Global will be
providing outside broadcast services for approximately 100 games
per season for the next 4-years. Global also covers the NRL
free-to-air games in Australia as part of its long-term outside
broadcast contract with the Nine Network.

Global has been providing outside broadcast services to Fox
Sports for NRL for the past 2-years, and this agreement further
strengthens the relationship Global has with Australia's pre-
eminent subscription television sports channel.

Wrights Investors' Service reports that at the end of 2002,
Television & Media had negative working capital, as current
liabilities were A$115.87 million while total current assets
were only A$56.14 million. The company has paid no dividends
during the last 12 months and also reported losses during the
previous 12 months.


OSBORNE COLD: Former Director Pleads Guilty
-------------------------------------------
Mr Ross Maitland Love has pleaded guilty in the Perth Court of
Petty Sessions to two charges that he acted as a company
director while disqualified from doing so.

Mr Love acted as a director of Fifeshire Fishing Pty Ltd between
15 September 1998 and 12 March 2000, and of Osborne Cold Stores
(WA) Pty Ltd between 15 September 1998 and 5 March 1999.

Mr Love's disqualification followed his conviction and
sentencing in the Fremantle Court of Petty Sessions on 15
September 1998 for failing to keep proper records in relation to
Kazhak Pty Ltd, a company of which he was formerly a director.

On that occasion he was fined $1,500 and had costs of $7000
awarded against him. The conviction disqualified him from
managing a corporation for five years from the date of the
conviction.

The charges arose following an ASIC investigation and the
appointment of an administrator to Osborne Cold Stores (WA) Pty
Ltd on 28 June 2001.

The Commonwealth DPP is prosecuting the matter

Mr Love will be sentenced on 20 February 2003.


VOICENET (AUST): Posts January Consolidated Cashflow Report
-----------------------------------------------------------
Voicenet (Aust) Limited posted its consolidated cashflow report
for the month ended 31 January 2003.

The receipt from borrowings of $1,250,000, which had been
expected to occur in January 2003, are now expected to occur in
February 2003.

VOICENET (AUST) LTD AND CONTROLLED ENTITIES
2002-2003 MONTHLY CONSOLIDATED CASHFLOWS
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE PERIOD 01/01/2003 -
31/01/2003
                                       CURRENT    YEAR TO
                                       MONTH      DATE
                                                 (1 MONTH)
                                      $A'000     $A'000
CASH FLOWS RELATED TO OPERATING ACTIVITIES

1.1  Receipts from customers                 -           -
1.2  Payments for
     (a) staff costs                         (4)         (4)
     (b) advertising and marketing           -           -
     (c) research and development            -           -
     (d) leased assets                       -           -
     (e) other working capital               (66)        (66)
1.3  Dividends received                      -           -
1.4  Interest and other items of a
     similar nature received                 -           -
1.5  Interest and other costs of
     finance paid                            -           -
1.6  Income taxes paid                       -           -
1.7  Other (provide details if material)     -           -

     NET OPERATING CASH FLOWS                (70)        (70)

1.8  Net operating cash flows (carried forward) (70)        (70)

CASH FLOWS RELATED TO INVESTING ACTIVITIES

1.9  Payment for acquisition of:
     (a) businesses (item 5)                    -           -
     (b) equity investments                     -           -
     (c) intellectual property                  -           -
     (d) physical non-current assets            -           -
     (e) other non-current assets               -           -
1.1  Proceeds from disposal of:
     (a) businesses (item 5)                    -           -
     (b) equity investments                     437         437
     (c) intellectual property                  -           -
     (d) physical non-current assets            -           -
     (e) other non-current assets               -           -
1.11 Loans to other entities                   (330)       (330)
1.12 Loans repaid by other entities             -           -
1.13 Other (provide details if material)        -           -

     NET INVESTING CASH FLOWS                   107         107

1.14 TOTAL OPERATING AND INVESTING CASH FLOWS   37          37

CASH FLOWS RELATED TO FINANCING ACTIVITIES

1.15 Proceeds from issue of shares, options, etc   340       340
1.16 Proceeds from sale of forfeited shares      -           -
1.17 Proceeds from borrowings                    -           -
1.18 Repayment of borrowings                     -           -
1.19 Dividends paid                              -           -
1.2  Other (provide details if material)         -           -

     NET FINANCING CASH FLOWS                    340         340

     NET INCREASE (DECREASE) IN CASH HELD        377         377

1.21 Cash at beginning of month/year to date     111         111
1.22 Exchange rate adjustments to item 1.20      (6)         (6)
1.23 Cash at end of month                        482         482


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


CAN DO: Implementing Capital Reduction, Share Sub-Division
----------------------------------------------------------
The authorized ordinary share capital of the Can Do Holdings
Limited is HK$2,500,000,000 divided into 10,000,000,000 Shares
of HK$0.25 each, of which, as at the date of this announcement,
3,314,880,000 Shares have been issued and are fully paid. The
Company also has an authorized preference share capital of
HK$171,000,000 divided into 684,000,000 Preference Shares of
HK$0.25 each, all of which have been issued and are fully paid
as at the date of this announcement.

Subject to the conditions set out below, the Capital
Reorganisation will be implemented by first canceling the paid
up capital to the extent of HK$0.24 in respect of each of the
existing issued Shares and Preference Shares (including such
further Shares and Preference Shares as may be in issue before
the Capital Reduction becomes effective), and then by sub-
dividing each authorized but unissued Share of HK$0.25 into 25
shares of HK$0.01 each. Based on the number of the existing
issued Shares and Preference Shares, the paid up capital of the
Company will be reduced by HK$959,731,200 thus giving rise to a
credit of the same amount. This credit will be applied, to the
extent permitted by the Court and subject to such conditions as
the Court may impose, to eliminate the accumulated losses of the
Company as at the time when the Capital Reduction becomes
effective (as at 31 March 2002, the accumulated losses amounted
to approximately HK$899,202,000). Any remaining credit will be
credited to a special capital reserve, the utilization of which
will be subject to such other conditions as the Court may
impose.

Capital Increase

It is proposed that the authorized ordinary share capital of the
Company, upon the Capital Reduction and the Share Sub-division
becoming effective, be restored to its original amount of
HK$2,500,000,000 by creation of not less than 79,557,120,000
shares of HK$0.01 each.

Share Consolidation

Upon the Capital Reduction and the Share Sub-division becoming
effective, the Company will implement the Share Consolidation by
consolidating 10 shares of HK$0.01 each into one Consolidated
Share of HK$0.10 each and 10 preference shares of HK$0.01 each
into one Consolidated Preference Share of HK$0.10 each. On the
basis of the 3,314,880,000 existing issued Shares and
684,000,000 existing issued Preference Shares, the authorized
ordinary share capital of the Company after the Share
Consolidation will be HK$2,500,000,000 comprising 25,000,000,000
Consolidated Shares, of which 331,488,000 Consolidated Shares
will be in issue and the authorized preference share capital of
the Company after the Share Consolidation will be HK$6,840,000
comprising 68,400,000 Consolidated Preference Shares, all of
which will remain in issue.

The existing Shares are presently traded in board lots of 1,000.
It is proposed that following the implementation of the Capital
Reorganisation, the Consolidated Shares will be traded in board
lots of 10,000. Based on the closing price of HK$0.02 per Share
as at 14 February 2003, the market value of each board lot
before the Capital Reorganisation is HK$20, and upon the Capital
Reorganisation becoming effective, the theoretical market value
of each board lot will be HK$2,000.

Reasons for the Capital Reorganisation

Since April 2001, the Shares have consistently been traded below
the nominal value of HK$0.25. The closing price of the Shares on
14 February 2003, being the date of this announcement, was
HK$0.02 per Share. As the Company cannot issue any Shares at a
discount to the par value of the Shares, the Company is
practically precluded from raising capital in the stock market.
In view of this, the Capital Reduction is intended to facilitate
future capital raising or asset acquisition by way of allotment
or placement of new Shares. The Share Consolidation is proposed
to reduce the transaction costs for dealing in the shares of the
Company.

The Company currently has accumulated losses (which amounted to
approximately HK$899,202,000 as at 31 March 2002). Pursuant to
the laws of Hong Kong, no dividends may be declared unless the
company has distributable profits. Subject to the directions by
the Court, upon completion of the Capital Reorganisation, the
accumulated losses of the Company are expected to be
substantially eliminated, and therefore this will bring forward
the date upon which the Company is in a position to declare
dividends.

The Directors consider that the Capital Reorganisation is in the
interests of the Company and the Shareholders as a whole.

Effect of the Capital Reorganisation

Implementation of the Capital Reorganisation will not, of
itself, alter the underlying assets, business operations,
management or financial position of the Company, other than the
payment of the legal fees, printing and related expenses. The
Directors believe that the Capital Reorganisation will not have
any material adverse effect on the financial position of the
Company or the Group. Amendments to the Articles of Association
of the Company may be required so as to maintain the original
proportionate interests of the shareholders in the Company, in
particular, that between the Shareholders and the holders of the
Preference Shares, after the Capital Reorganisation. Details of
such amendments, if any, will be set out in the circular to be
dispatched to the Shareholders.

Conditions to the Capital Reorganisation

The Capital Reorganisation is conditional upon:

   (a) the passing at the EGM of a special resolution or
special resolutions (as appropriate) approving the Capital
Reorganisation and, if needed, the relevant amendments to the
Articles of Association of the Company

   (b) the Court making an order confirming the Capital
Reduction (the Confirming Order) pursuant to section 60 of the
Companies Ordinance (Cap 32) (the Ordinance);

   (c) the registration by the Registrar of Companies of an
office copy of the Confirming Order and the minute containing
the requisite particulars pursuant to section 61 of the
Ordinance (the Minute); and

   (d) the Stock Exchange granting listing of, and permission
to deal in, the Consolidated Shares in issue.

Assuming that all the conditions are fulfilled, it is expected
that the Capital Reorganisation will become effective
immediately following the registration of the Confirming Order
and the Minute. Further announcements will be made by the
Company to inform the Shareholders of the effective date of the
Capital Reorganisation.

FREE EXCHANGE OF NEW SHARE CERTIFICATES AND TRADING ARRANGEMENTS

Subject to the Capital Reorganisation becoming effective,
Shareholders may, during a specified period, submit certificates
for the existing Shares to the Company's registrar, for
exchange, at the expense of the Company, for certificates for
the Consolidated Shares. Thereafter, certificates for the
existing Shares will be accepted for exchange only on payment of
a fee of HK$2.50 (or such higher amount as may from time to time
be allowed by the Stock Exchange) for each new certificate
issued for the Consolidated Shares. Nevertheless, certificates
for the Shares will continue to be good evidence of legal title
and may be exchanged for certificates for the Consolidated
Shares at any time.

Further announcements will be made by the Company regarding the
procedures for free exchange of certificates for Consolidated
Shares and the trading arrangements for the Shares and the
Consolidated Shares after the implementation of the Capital
Reorganisation.


CAN DO: Proposes Change of Name; Change in Board of Directors
-------------------------------------------------------------
The Directors of Can Do Holdings Limited propose to change the
name of the Company to Goldbond Group Holdings Limited. The
change of name will be subject to, among other things, the
passing of a special resolution by the Shareholders. The change
of name shall take effect from the date on which the relevant
Certificate of Incorporation on Change of Name is issued by the
Registrar of Companies in Hong Kong.

The change of name will not affect any of the rights of the
Shareholders or the holders of the Preference Shares. The
Company will make a further announcement on the effective date
of the change of name. Except for the free exchange of
certificates for Consolidated Shares after the implementation of
the Capital Reorganisation as described above, there will not be
free exchange of certificates of the Shares after the change of
name of the Company.

EGM

The Capital Reorganisation, the relevant amendments to the
Articles of Association, if any, and the proposed change of name
of the Company are subject to the approval of the Shareholders
and the holders of the Preference Shares in general meeting(s)
(as appropriate). The EGM will be convened as soon as
practicable at which resolutions will be proposed to approve,
among other things, the Capital Reorganisation and the proposed
change of name of the Company.

CHANGE IN BOARD OF DIRECTORS

The board of Directors announces that with effect from 14
February 2003, Mr. Ko Po Ming and Mr. Ma Ho Fai were appointed
as independent non-executive Directors and Mr. Kwong Wai Tim,
William and Ms. Tam Chi Ling, Elaine resigned as independent
non-executive Directors.

Mr. Ko Po Ming, aged 44, was formerly the Chairman of BNP
Paribas Peregrine Capital Limited. He has over 20 years
experience in banking and corporate finance. Mr. Ko is an
independent non-executive director of iMerchants Limited, a
company listed on the Growth Enterprise Market of the Stock
Exchange and is also an independent non-executive director of
Dazhong Transportation (Group) Company Limited, a company listed
on the Shanghai Stock Exchange.

Mr. Ma Ho Fai, aged 52, is a partner of Woo, Kwan, Lee and Lo.
Mr. Ma was also admitted as a solicitor in England and Wales,
Australian Capital Territory and Singapore. Mr. Ma is a China-
Appointed Attesting Officer in Hong Kong. In addition, Mr. Ma is
also an independent non-executive director of Far East Hotels &
Entertainment Limited, a company listed on the Stock Exchange.

GENERAL

A circular containing, among other things, information on the
Capital Reorganisation and the proposed change of name, and a
notice convening the EGM will be dispatched to the Shareholders
as soon as practicable.


CROWNFAME CORPORATION: Petition to Wind Up Pending
--------------------------------------------------
The petition to wind up Crownfame Corporation Limited is set for
hearing before the High Court of Hong Kong on March 12, 2003 at
9:30 in the morning.

The petition was filed with the court on January 15, 2003 by Lam
Suet of Room 2605, Block A, Wo Ming Court, 8 Ngan O Road, Tseung
Kwan O, New Territories, Hong Kong.


GIANTIC CITY: Winding Up Hearing Scheduled in March
---------------------------------------------------
The High Court of Hong Kong will hear on March 5, 2003 at 10:00
in the morning the petition seeking the winding up of Giantic
City Investment Limited.

Chan Man Kwong of 74D1, Tsing Chuen Wai, Lam Tei, Tuen Mun, New
Territories, Hong Kong, filed the petition on January 13, 2003.
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.


MEN IN BLACK: Winding Up Petition Hearing Set
---------------------------------------------
The petition to wind up Men In Black Limited is scheduled for
hearing before the High Court of Hong Kong on March 12, 2003 at
9:30 in the morning.

The petition was filed with the court on January 15, 2003 by Koi
Shuk Man Kitty of Room 1804, Leung Kit House, Leung King Estate,
Tuen Mun, New Territories, Hong Kong.  Tam Lee Po Lin, Nina
represents the petitioner.


QUALITY HEALTHCARE: Updates Caduceus Conditional Offer Status
-------------------------------------------------------------
On 12 February 2003, the board of directors of Quality
HealthCare Asia Limited received a letter from the financial
adviser to Caduceus Medica Limited (Caduceus) informing the
Board that Caduceus had decided to make an offer for all the
issued shares of the Company (Shares), other than those Shares
in which it has a beneficial interest.

Caduceus issued an announcement dated 12 February 2003 (the
Caduceus Announcement) which was published on 13 February 2003
setting out the terms of its conditional offer (the "Offer") for
all the shares in the Company, other than those held by it. The
basis of the Offer is HK$0.15 in cash or one share in Caduceus
for every share in the Company. Shareholders should refer to the
Caduceus Announcement for full details of the terms and
conditions of the Offer. As stated in the Caduceus Announcement,
Caduceus is owned indirectly by Dr. Nelson Wong (Dr. Wong), who
is an executive Director and holds approximately 1.1% of the
issued share capital of the Company. Mr. Ronald Carstairs (Mr.
Carstairs), a non-executive deputy chairman and an independent
non-executive Director of the Company, and Dr. Wong are both
stated in the Caduceus Announcement to be directors of Caduceus.

The Board held a meeting on 13 February 2003 (the Board Meeting)
to discuss the Offer. Dr. Wong and Mr. Carstairs have written to
the Board and offered voluntarily to excuse themselves from any
consideration of the merits or terms of the Offer. Dr. Wong, who
was present at the Board Meeting, additionally volunteered that
both he and Mr. Carstairs should not receive any notice of
subsequent Board meetings, or be involved in any Board
discussions, for the purpose of dealing with all matters
relating to the Offer in view of their conflict of interests.
The Board resolved to accept this proposal with respect to the
non-participation of Dr. Wong and Mr. Carstairs subject to
receipt of Bermuda legal advice as to the appropriate procedure
in this regard.

An independent board committee will be established in accordance
with Rule 2 of the Hong Kong Code on Takeovers and Mergers
("Takeovers Code") for the purpose of considering the Offer. An
independent financial adviser will be appointed in due course to
advise the independent board committee.

THE VIEW OF THE DIRECTORS (EXCLUDING (1) DR. WONG AND MR.
CARSTAIRS AND (2) MESSRS. MOSES CHENG AND IAN STRACHAN) ON THE
OFFER

The Directors (excluding (1) Dr. Wong and Mr. Carstairs who are
associated with Caduceus and (2) Messrs. Moses Cheng and Ian
Strachan, who are independent non-executive Directors and who
wish to refrain from expressing any opinion with regard to the
Offer pending review of the advice to be obtained from the
independent financial adviser which will be appointed in due
course to advise the independent board committee) consider the
Offer to be uninvited and consider that:

   * The Offer appears to be low.

   * The cash price of HK$0.15 per Share represents a
discount of approximately 21.1% to the last traded price of
HK$0.19 per Share on 6 January 2003. There have been no
transactions in the Shares on The Stock Exchange of Hong Kong
Limited since 6 January 2003.

   * The share alternative offer appears to be unattractive
because if shareholders of the Company were to accept the share
alternative offer, they would be surrendering their Shares in a
listed company for shares in an unlisted company with no
established market for the trading of such unlisted shares and
would be deprived of the corporate governance protections
afforded by the Rules Governing the Listing of Securities on The
Stock Exchange of Hong Kong Limited. Moreover, according to the
Caduceus Announcement, shareholders of the Company will, by
accepting the share alternative, "retain indirectly their
proportional interest in Quality HealthCare" - i.e., they will
not receive anything additional to what they already have.

CHANGE OF ROLE OF CERTAIN DIRECTORS

It was also unanimously resolved at the Board Meeting that Mr.
Arthur George Dew and Mr. Joseph Tong Tang, previously non-
executive Directors, become executive Directors and that Mr.
Arthur George Dew be appointed as a deputy chairman of the
Company with effect from 13 February 2003.

WAIVER APPLICATION PURSUANT TO RULE 9.4 OF THE TAKEOVERS CODE

A waiver application pursuant to Rule 9.4 of the Takeovers Code
has been made to the Executive Director of the Corporate Finance
Division of the Securities and Futures Commission (the
"Executive") and the Executive has indicated that such waiver
will be granted to the Company to exclude Dr. Wong and Mr.
Carstairs from taking responsibility in respect of the
announcement to be made by the Company in relation to the Offer
and all subsequent announcements and documents to be issued by
the Company in respect of the Offer for so long as the Offer
remains uninvited. Details regarding the relationship between
Dr. Wong and Mr. Carstairs and Caduceus are set out in the
Caduceus Announcement.


SINO EXPERT: Winding Up Sought by Wah Sun
-----------------------------------------
Wah Sun Finance Limited is seeking the winding up of Sino Expert
Holdings Limited. The petition was filed on January 27, 2003,
and will be heard before the High Court of Hong Kong on March
19, 2003 at 9:30 in the morning.

Wah Sun Finance holds its registered office at Top Floor,
Chinachem Golden Plaza, 77 Mody Road, Tsimshatsui East, Kowloon,
Hong Kong.


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


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


GARUDA INDONESIA: Agrees to Raise Pilot Salaries by 35%
-------------------------------------------------------
PT Garuda Indonesia has agreed to increase its pilots' salaries
by 35 percent, 3 percent higher than the pilots had requested,
AsiaPulse reports, citing Assistant for Logistics and Tourism to
the State Enterprises Minister, Ferdinand Nainggolan.

Ferdinand said the decision to raise the employees' salaries was
taken amid the airline's financial difficulties to pay dividends
to the government. Even in 10 years' time, the airline was still
expected to suffer losses.

"Under these difficult circumstances, Garuda is still able to
raise its pilots' and employees' salaries. Therefore, the
employees should be aware of these difficulties," he said.

DebtTraders reports that PT Garuda Indonesia 2.298% bonds due on
2007 (GARU07IDN1) are trading between 60 and 64. Go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=GARU07IDN1
for more real-time bond pricing information.


MEDCO ENERGI: Buys 10% Stake in Oil Block From Novus Lematang
-------------------------------------------------------------
PT Medco Energi Internasional has acquired a 10 percent stake in
Lematang oil and gas block from Novus Lematang Ltd, Bisnis
Indonesia reports, quoting Medco's Head of Corporate Research &
Information Section Gamala V. Katoppo.

"We have added another 10% to our ownership in Lematang oil and
gas bloc working area last week from 60% to 70%," Katoppo said,
adding that the deal was signed on February 13 and was valued at
US$929,425.

Last year, Medco spent US$100 million it earned from its euro
bonds to acquire new oil and gas blocks. This year Medco may
needs up to US$300 million in loans to acquire two more
oilfields.

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


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


HITACHI LIMITED: Reinforces Ties With Oracle
--------------------------------------------
Hitachi Limited and Hitachi Data Systems Corporation, with
Oracle Corporation and Oracle Corporation Japan, announced
Wednesday that they plan to expand collaboration in key business
areas: technology, services and support, and sales and
marketing. By creating a tighter relationship in these business
areas and expanding integrated solutions built on Hitachi
Freedom Storage(TM) systems and Oracle information management
software, Hitachi and Oracle can provide their common customers
worldwide with industry-leading data storage solutions.

"Following the TrueNorth vision, Hitachi has been strengthening
its collaboration with leading software and hardware vendors in
order to provide industry-leading solutions and satisfy
customers' needs," said Ikuo Kimura, COO, Hitachi Information
and Telecommunication Group.

"By promoting harmonization of the cutting-edge technologies of
both Hitachi and Oracle, we can provide enhanced data storage
solutions globally. Also, we expect our combined efforts to
provide our customers with world-class service to satisfy
growing business needs in their mission-critical storage
environment. By working together, Oracle and Hitachi can
continue to provide our mutual customers with proven solutions
and services for their data storage environments."

"We are excited about our plans to grow our collaboration with
Hitachi," said Doug Kennedy, vice president, Platform Alliances,
System Platforms Division, Oracle. "Data storage solutions have
gotten more complex and our customers want infrastructures that
are simpler, faster, and easier to manage. We believe Hitachi
tells a compelling global story; continuing to work with Hitachi
is important to Oracle to help ensure we meet the growing needs
of our joint customers."

Technology

Hitachi and Oracle plan to continue working closely together on
the development of a number of technologies that drive tighter
product integration and enhanced customer services. Hitachi and
Oracle have worked together to develop the Hitachi DB Discovery
for Oracle. This software library is plugged into Oracle File
Mapping, Oracle's file topology extraction functionality,
enabling database administrators to visually identify and
extract information about Oracle datafile locations within
Hitachi Freedom Storage(TM) systems. The Hitachi DB Discovery
for Oracle is scheduled to be available from Hitachi and Hitachi
Data Systems worldwide in February 2003.

As a part of Oracle's Backup Solution Program, Hitachi and
Oracle plan to develop other solution technologies, which will
enable integration between Oracle's Recovery Manager interface
and the Hitachi ShadowImage(TM) replication function of Hitachi
Freedom Storage(TM) systems, reducing the complexity of and
usual time window required for petabyte class online backup and
recovery operations.

In addition to developing new technologies and products, Hitachi
and Oracle are working together to help ensure interoperability
of their products and provide customers with higher levels of
reliability and performance. The two companies have worked to
verify compatibility between Hitachi Freedom Storage(TM) systems
and Oracle9i Real Application Clusters. Through the technical
and marketing programs of Oracle Storage Compatibility Program
(OSCP), Hitachi and Oracle have also successfully completed the
validation testing for the operation of Snapshot (Split-
Mirroring) with Hitachi ShadowImage and Remote Mirroring
functionality with Hitachi TrueCopy(TM) on Hitachi Freedom
Storage(TM) Lightning 9900(TM) V Series and Thunder 9500(TM) V
Series systems.

Services and Support

In order to provide seamless support services for mutual
customers worldwide, Hitachi and Oracle have agreed to join
forces to enhance their support services. By cooperatively
providing services for customers, Hitachi and Oracle can shorten
response time, decrease downtime, increase manageability, and
lower costs. This builds on technologies like Hitachi "DB
Validator," which is a data integrity technology for Oracle
Database systems that prevents corrupted data from reaching the
networked storage disk system and alerts both database and
storage system administrators of a potential issue. Hitachi and
Oracle also plan to explore providing joint proactive service
solutions, which are collaborative services for both database
and storage environments focused on helping joint customers
improve system availability and performance while reducing total
cost of ownership.

Sales and Marketing

Hitachi and Oracle Japan have conducted joint sales and
marketing activities in Japan based on leveraging the "SAN
Solution Technology Center," a center established by both
companies for the purpose of developing and demonstrating the
value and benefit of utilizing their integrated solutions when
deploying mission critical systems. The companies plan to expand
this sales and marketing collaboration in Japan worldwide,
beginning with China. The companies also plan to introduce a
joint reference model, which would enable both Hitachi and
Oracle to develop and provide leading integrated storage
solutions to their customers.

"Hitachi Data Systems is committed to working closely with our
partners in order to provide customers with the highest quality,
open storage solutions in the industry," said Dave Roberson,
president and COO, Hitachi Data Systems. "By enhancing our
relationship with Oracle, we enable our joint customers to enjoy
the maximum business benefits of tighter integration between our
market leading products and higher levels of services and
support worldwide."

"Our commitment to being the top cellular choice for young
people in the U.S. means delivering a consistently outstanding
level of personal service," said Virgin Mobile USA chief
information officer, Mike Parks. "Reliable and fast access to
our customers' data is critical to our day-to-day business. The
close relationship between Hitachi, Hitachi Data Systems, and
Oracle, as well as their commitment to supporting our business
objectives, confirms that we chose the right combination of
storage systems and data management applications for our vital
information."

"Our mission is to provide safe and smooth train service for
customers, and we have been building and enhancing Integrated
Railway Operation System (IROS) for the mission," said Toru
Yagi, manager of System Development Department, JR East Japan
Information Systems Company. "Our latest system was built on
Hitachi storage and Oracle9i Real Application Clusters, and this
platform allowed for more stable operation with higher
performance than ever before. I expect that the collaboration of
Hitachi and Oracle will help us to deliver our system's
increasing requirements more quickly and completely."

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

Hitachi Data Systems www.hds.com is committed to enabling
organizations worldwide to exploit the full potential of
information. By following and deploying our TrueNorth(TM)
strategy, we provide customers with a broad range of storage
solutions to simplify, protect and optimize their information
infrastructures. Our offerings include enterprise and modular
storage systems and software, professional services, fully
complemented by best-of-breed products through industry
alliances.

With 2,700 employees, Hitachi Data Systems conducts business
through direct sales and resellers in the public, government and
private sectors in over 170 countries on six continents. Its
customers include more than 50 percent of Fortune 100 companies.

Oracle www.oracle.com is the world's largest enterprise software
company.

(C) Hitachi Data Systems is registered with the U.S. Patent and
Trademark Office as a trademark and service mark of Hitachi,
Ltd.

Hitachi Freedom Storage and TrueNorth are registered trademarks
of Hitachi Data Systems.

Oracle is a registered trademark of Oracle Corporation and/or
its affiliates.

All other trademarks are the properties of their respective
owners.

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

CONTACT:
Hitachi Data Systems
Jodi Reinman
(408) 970-1050
jodi.reinman@hds.com
or
Oracle Corp.
LaTisha Ephraim
(650) 506-9322
latisha.ephraim@oracle.com


NEC CORPORATION: To Showcase New Applications in 3GSM Congress
--------------------------------------------------------------
NEC Corporation will demonstrate a series of mobile Internet
application software (VS and AP Series) at 3GSM World Congress
2003 to be held from February 17-21 in Cannes, France.  The
application software will be on display at NEC's
telecommunications stand, No.B5, Hall 1.  3GSM World Congress
2003 is one of the biggest exhibitions that features a
comprehensive range of mobile communications-related products
and services in Europe.

With the creation of these new applications, NEC has once again
demonstrated its strength as a total solution provider for the
2.5G and 3G mobile Internet fields. Individual components of the
service applications suite can add significant value to many
existing mobile communications service networks deployed today.

The total system is completely modular, with each service
component offering easy integration through the open API
structure employed by NEC, thus individual modules can be
integrated within an existing mobile service environment.

NEC has already acquired considerable European success with the
VS-7800/AP-1000 series. From initial launched last April,
European operators who have adopted this application suite
within their service networks, have seen huge financial benefits
together with an increase in their subscriber base and service
portfolio.

Details of the application software to be demonstrated at 3GSM
World Congress 2003 are as follows:

Mobile Internet Platform (VS-7800)

The system delivers smooth and fast implementation of WAP-based
services, providing consumers with innovative solutions such as
portal service, mailing service, message multicasting (news,
weather, advertisements, emergency information distribution) and
location information services.  The system also offers mobile
operators and content-providers with sophisticated services
including agent charging incorporating a billing function which
automatically charges for each service, and value creation by
adding various applications.  VS-7800 will be applied to 3G
applications as well as 2Gs', which act as Proxy gateway and
realize the Online subscription for Agent charging to multimedia
contents access.

Mobile Digital Rights Management System (VS-7810)

This system encrypts digital content and software applications.
In order to access this content, users must purchase a "Ticket"
(deciphering key), which allows them to freely decode and enjoy
it. This system offers a high degree of protection against the
corruption and unauthorized copying of content for providers,
who also benefit from a more flexible and secure billing system.
This system can be applied to content such as games,
publications and music-related services.

Total Recommendation System (VS-7820)

One of the keys to business success in the mobile Internet era
is powerful CRM (Customer Relationship Management) technology.
NEC's total recommendation system offers solutions such as
individually customized portal sites, shopping sites and call
center applications, all of which are keys to mobile Internet
business success. This CRM technology is powerful and effective,
enabling Electronic Commerce (e-commerce) to be undertaken using
the Internet via mobile terminals. CRM enables service providers
to analyze user habits, and thus offer more effective services,
with a view to satisfying a broader range of end users. NEC's
original high performance algorithm has been adapted to this
system by each individual function, enabling higher speed and
accuracy.

Markup Language Conversion Gateway (VS-7830)

This system automatically and dynamically converts content
written in WML, HDML, HTML, CHTML and XHTML into a format that
can be displayed on any mobile phone browser. It represents an
innovative way in which operator revenues can be improved, as
the number of people wishing to subscribe to mobile Internet
service increases.  This system will also benefit content
providers, by offering more content and services that are
distributed globally.

Online Photo Sharing System (AP-1501)

Online Photo Sharing system is the Application software that
provides space for users to store multimedia albums (still
image, animation, audio, text). Mobile users are able to upload
multimedia contents. They can enhance their own multimedia
album. Finally, they can share or send online the enhanced
multimedia album as e-card to friends/ family by mobile phone or
PC.

About NEC Corporation

NEC Corporation (NASDAQ: NIPNY) (FTSE: 6701q.1) (TSE: 6701) is
one of the world's leading providers of Internet, broadband
network and enterprise business solutions dedicated to meeting
the specialized needs of its diverse and global base of
customers. Ranked as one of the world's top patent-producing
companies, NEC delivers tailored solutions in the key fields of
computer, networking and electron devices, through its three
market-focused, in-house companies: NEC Solutions, NEC Networks
and NEC Electron Devices. NEC Corporation employs more than
140,000 people worldwide and had net sales of approximately
US$39 billion in the fiscal year ended March 2002.  For further
information, please visit the NEC Corporation home page at:
http://www.nec.com

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


NISSAN MOTOR: S&P Raises Ratings to 'BBB/A-2' on Stable Outlook
---------------------------------------------------------------
Standard & Poor's Ratings Services said Monday that it had
raised its credit ratings on Nissan Motor Co. Ltd. to 'BBB/A-2'
from 'BBB-/A-3', based on further improvement in the
company's profitability and capital structure and increasing
integration between Nissan and Renault S.A.(BBB/Stable/A-2). The
outlook on the long-term rating is stable.

After completing its previous restructuring plan one year ahead
of schedule in fiscal 2001 (ended March 31, 2002), Nissan
continued to demonstrate operational and financial improvements
in the first half of fiscal 2002. Backed by further cost
reductions and improving sales in Japan and North America, the
company's operating margin (after depreciation) reached an
impressive 10.6%, up from 7.9% in fiscal 2001.

Under its new three-year business plan, Nissan aims to achieve a
1 million unit increase in its worldwide sales volume, an
operating margin of 8%, and zero net automotive debt by the end
of fiscal 2004.

"Although its sales volume target is aggressive, Nissan's
active introduction of new models over the next two years should
help it achieve a better sales performance, while also enhancing
its profitability," said Chizuko Satsukawa, a credit analyst at
Standard & Poor's in Tokyo.

"Even without significant sales growth, Nissan's improved cost
structure and product development strategy should help the
company maintain solid profitability," she added.

Meanwhile, integration between Renault and Nissan is increasing,
reflected not only in cross shareholdings (Renault's 44.4%
ownership in Nissan, and Nissan's 15% ownership in Renault), but
also in operational activities such as the sharing of common
components and powertrains, joint purchasing, and cross
manufacturing. The alliance partners also plan for Nissan's
president and CEO, Carlos Ghosn, to become the common CEO of
both Nissan and Renault in 2005.

"The strengthening ownership and operational ties between Nissan
and Renault support the view that, from a credit perspective,
these companies are evolving into a single economic entity,"
said Ms. Satsukawa.

Notwithstanding these developments, the rating on Nissan remains
constrained by weak demand and intensifying competition in the
Japanese auto industry, as well as the limitations of the
company's market position in North America and Europe and its
relatively modest financial resources compared with those of its
stronger peers.


SKYLARK CO.: Abandons Profit Prediction, Sees Net Loss Instead
--------------------------------------------------------------
Due to losses in various investments, family restaurant chain
operator, Skylark Co., will book a group net loss of JPY800
million for the 2002 fiscal year, Japan Today said.

The company had earlier projected profits of JPY9 billion for
the year, but actual figures have been much lower.  For
instance, pretax profit for year ended December 31 is only
JPY24.4 billion -- substantially lower than the projected JPY26
billion, the paper said.


SUMITOMO MITSUI: Contemplating Additional JPY250B Share Issue
-------------------------------------------------------------
After issuing 150 billion yen worth of shares to Goldman Sachs
Group recently, Sumitomo Mitsui Financial Group Inc. is again
planning to issue another 250 billion in shares to improve its
financial footing.

According to Japan Today, the group is anticipating further bad-
loan disposals and a decline in the value of its shareholders,
thus the additional share issuance.  The plan could be announced
this week, the paper adds.

"Sumitomo Mitsui's planned issue will bring the total amount of
money raised through new stock issues by the top five banking
groups above 2 trillion yen," Japan Today said.


UFJ HOLDINGS: Merrill Lynch to Invest in Spin-off Bank
------------------------------------------------------
Merrill Lynch & Co. will buy JPY120 billion worth of preferred
shares to be issued by UFJ Bank, a spin-off company from UFJ
Holdings Inc., Japan Today said last Saturday.

The amount will become the initial capital of the bank, which is
being spun off from the holding company in order to manage its
bad loans.  Merrill Lynch has a right to purchase additional
preferred shares, said the report.


VICTOR CO.: S&P Assigns Negative Outlook as Market Remains Dim
--------------------------------------------------------------
Doubting the sustainability of the company's improved earnings
and cash flow protection, Standard & Poor's maintained its
negative outlook on Victor Co. of Japan Ltd (JVC Corp.) even as
it affirmed its long-term credit grade at 'BBB-' and short-term
rating at 'A-3'.

The international rating agency believes the outlook for demand
in the electronics market remains uncertain; hence the negative
outlook.  It noted, however, the firm's "[improved] operating
efficiency and competitiveness in its core consumer electronics
business through its recent restructuring measures."

According to S&P, the company has implemented a number of
business restructuring measures, including collaborating with
Matsushita in research and development, withdrawing from
unprofitable devices and picture businesses, introducing an
early retirement program, and reducing procurement costs.

These efforts, says S&P, has enhanced JVC's manufacturing
operations and helped boost its sales of audiovisual products
such as digital video cameras and DVDs, and led to an
improvement in its operating profits and cash flow generation.

"Nevertheless, amid rising pricing pressures and uncertain
demand prospects for the consumer electronics market, further
improvement in JVC's earnings could be constrained, hindering
the company's ability to make the necessary capital and R&D
investments to maintain its competitiveness over the coming
years," S&P says.

"JVC's operating margin recovered to over four percent at
September 2002 from 1.5 percent at March 2002. However, the
company's cash flow protection is still somewhat weak, with
funds from operations to total debt at around 20 percent (on a
full-year adjusted basis)," S&P notes.

"JVC's capital structure is also mediocre, with total debt to
capital at 53 percent, and is unlikely to improve significantly,
given the high capital and R&D investments necessary for the
company to maintain its competitiveness in the consumer
audiovisual business," the rating agency adds.


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


DAEWOO MOTOR: UK Firm to get Controlling Stake in Polish Unit
-------------------------------------------------------------
MG Rover, the Birmingham-based car company that used to be owned
by BMW, is likely to take a minority stake in the bankrupt
Polish unit of Daewoo Motors, the Financial Times said last
week.

According to the report, the British carmaker will pay about
US$125 million for the minority, but controlling stake; the
quantity of which is yet unknown.  Although the deadline for a
deal expired last Friday, MG Rover is confident it can wrap up
the deal.  The only remaining obstacle to a deal is just the
acquiescence of the board of the Polish and Korean banks, which
assumed control of the Polish plant when Daewoo went bust.

"We set a deadline of Friday for concluding these negotiations
or moving on.  We haven't concluded the negotiations but things
are moving in the right direction and we are hopeful of getting
a positive result before the end of the month," an unnamed MG
Rover source told the Financial Times.

The talks, according to the paper, have been delayed by Polish
creditor banks concerned that the factory near Warsaw could
generate more by being sold for redevelopment than Rover's
business plan would produce.


HYUNDAI INVESTMENT: Baring Huge Losses for 2002, Says Paper
-----------------------------------------------------------
The annual report of Hyundai Investment & Securities Co Ltd for
fiscal year 2002 will be printed in red, says The Korea Herald,
which reported over the weekend huge losses and sharp dives in
the firm's performance last year.

Accordingly, the company's net losses have ballooned by 12.3
billion to 109.8 billion, while sales dropped 20.6% from 453.5
billion in 2001 to 360 billion last year.

"Operating losses and ordinary losses reached 124.1 billion won
and 109.8 billion won last year, respectively," The Korea Herald
said.

In an overview of its patron in South Korea, Sun Microsystems
says Hyundai Investment & Securities has 108 branch offices that
offer diversified investment opportunities and products.
Established in 1982, the company is the country's first
investment bank and employs about 1,400 workers.  Sun
Microsystems created the company's electronic trading platform,
it said.


HYUNDAI MOTOR: Board Sets Annual General Meeting for March 14
-------------------------------------------------------------
Corporate Disclosure to Korea Stock Exchange

Disclosure Date  :  February 14, 2003

Disclosure Title :  Resolution of the Board of Directors on
                    Convocation of General Meeting of
                    Shareholders

(1) Date of Board Resolution:  February 14, 2003 (four out of
    four outside directors were present)

(2) Reason for Convocation of BOD Meeting: To discuss the date
    of convocation of the 35th general meeting of shareholders
    and the agenda.

(3) Expected Date of General Meeting of Shareholders: March 14,
    2003 10:00 a.m.

(4) Expected Place of General Meeting of Shareholders: Grand
    conference room of the 2nd floor of Hyundai Motor Company,
    231 Yangjae-dong, Seocho-ku, Seoul, Korea

(5) Agenda:

    (a) Approval of the financial statements of the 35th
        business year (January 1, 2002 - December 31, 2002)

    (b) Appointment of director(s)

        Nominees        Name                    Position

        Outside     Byung Il Park        Outside Director of HMC
        Director    Miyamoto Masao       Outside Director of HMC

        Inside      Jeong In Park        Hyundai MOBIS Chairman
        Director

    (c) Appointment of member(s) of Audit Committee

    (d) Approval of the limit of director's remuneration

(6) Result: Agenda approved as proposed


* S&P Upgrades Non-Life Insurers Ratings to 'BBpi'
--------------------------------------------------
Standard & Poor's Ratings Services said Thursday that it had
raised its ratings based on public information on Hyundai Marine
& Fire Insurance Co. Ltd. and Oriental Fire & Marine Insurance
Co. Ltd. to 'BBpi' from 'Bpi'. At the same time, Standard &
Poor's withdrew its 'CCCpi' rating on Ssangyong Fire & Marine
Insurance Co. Ltd.

The upgrade of Hyundai Marine reflects the insurer's stable
market position and profitability, which has recovered after
losses incurred in fiscal 2000 (ended March 2001). The ratings
are constrained by Hyundai Marine's improving but still weak
capitalization and its vulnerability to the volatile capital
markets. Concerns also remain over the company's pressured
earnings amid intensifying competition in the deregulating
Korean non-life insurance sector.

The upgrade of Oriental Fire reflects the insurer's
strengthening market position and stable profitability. Factors
constraining the ratings are continuing underwriting losses and
concerns over Oriental Fire's capitalization.

"The ratings on the Korean non-life insurers incorporate their
improved underwriting performance and capitalization as the
domestic insurance industry has recovered after the Asian
financial crisis," said Young Il Choi, a Standard & Poor's
credit analyst.

"However, deregulation in the Korean non-life sector will
intensify competition, which will add pressure on domestic
insurers' earnings. Furthermore, the volatile investment
environment makes profits from investment activities
vulnerable," Mr. Choi said.

The flight to quality by Korean consumers resulted in increased
market shares for most of the five largest insurers (including
Samsung Fire & Marine Insurance Co. Ltd., and LG Insurance Co.
Ltd.).

Hyundai Marine is the second-largest non-life insurer in Korea.
The insurer's market share grew to 14.3% in fiscal 2001 from
14.1% in fiscal 2000 based on direct premiums. Its underwriting
performance improved in fiscal 2001, resulting in a combined
ratio of 101.2%, down from 107.7% in fiscal 2000. Hyundai
Marine's strength in auto insurance is backed by its business
relationship with Hyundai Motor and Kia Motor.

Oriental Fire is the fifth-largest non-life insurer in Korea.
The company's market share grew sharply to 8.4% in fiscal 2001
from 7.7% in fiscal 2000 in terms of direct premiums. Its
combined ratio improved to 102.5% in fiscal 2001 from 109.0% in
fiscal 2000, and, despite continuing underwriting losses,
Oriental Fire's expense ratio was one of the lowest among its
domestic peers.

The rating on Ssangyong Fire was withdrawn due to a lack of
publicly available information on the company.


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


AOKAM PERDANA: MITI Grants Proposals Approval
---------------------------------------------
Aokam Perdana Berhad refers to the announcements made on behalf
of the Board of Directors of Aokam on 18 December 2002, 19
December 2002, 21 January 2003, 28 January 2003 and 6 February
2003 in relation to the Proposals, which involves a Proposed
Rescue Scheme and Proposed Employees' Share Option Scheme.

On behalf of the Board, Southern Investment Bank Berhad is
pleased to announce that the Ministry of International Trade and
Industry (MITI) had stated, vide its letter dated 13 February
2003, which was received on 14 February 2003, that it has taken
note and has no objection to the Proposals.

The decision from MITI is subject to:

   (i) Approval from the Securities Commission (SC) in relation
to the Proposals;

   (ii) Approval from the Foreign Investment Committee in
relation to the Proposals, which was obtained on 27 January
2003; and

   (iii) The allocation of 20,000,000 new ordinary shares of
RM0.50 each in Aokam (Shares) to Bumiputera investors at an
issue price of RM0.50 per Aokam Share, where its allocation will
be finalized upon receipt of approval from the SC in relation to
the Proposals, will be subject to the MITI's approval.

Aokam is also required to notify the MITI upon completion of the
Proposals.


AUTOINDUSTRIES VENTURES: Defaulted Payment Stands at RM14.61M
-------------------------------------------------------------
Further to the announcements made on 14 December 2001 and
subsequently on every month, the position of Autoindustries
Ventures Berhad and the Group in respect of its default in
payments in the month of February, 2003 is as follows:

Name of Creditor           Principal Interest    Total  (RM)

i) Financial Institutions  14,616,064.04         14,616,064.04

As mentioned in the announcement made by the Company to the
Kuala Lumpur Stock Exchange last January, the conversion of the
loan is at the final stage of documentation between the Company
and its Bankers.


CSM CORPORATION: Provides Financial Assistance Provision Info
-------------------------------------------------------------
The Board of Directors of CSM Corporation Berhad, pursuant to
Paragraph 3.0 of Practice Note No. 11/2001 which is to be read
in conjunction with Paragraph 8.23(1)(ii) of the Kuala Lumpur
Stock Exchange Listing Requirements, provided the information on
financial assistance rendered or made by CSM, in the format as
set out in Appendix PN11/2001-A of the said Practice Note found
at http://www.bankrupt.com/misc/CSM0218.doc.

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


HOTLINE FURNITURE: Unit Under Receivership Gets Judgment Notice
---------------------------------------------------------------
The Board of Directors of Hotline Furniture Berhad announced
that a wholly owned subsidiary of HFB, Hotline Wooden Furniture
Manufacturers Sdn Bhd (HWF) has received a sealed copy of
Judgment on even date from Carton Box Enterprise Sdn Bhd.

The total amounts claimed is RM24,645-63 together with interest
at the rate of 8% per annum calculated from 26 August 2002 until
full settlement together with legal cost of RM737-00.

The Board has no knowledge as to the steps to be taken because
Receiver & Manager has been appointed to HWF on 9 August 2002.


KAI PENG: Answers KLSE's Winding Up Petition Query
--------------------------------------------------
Kai Peng Berhad, in reference to the Query Letter by Kuala
Lumpur Stock Exchange reference ID: MN-030214-36032 on the
Notice Of Winding-Up Petition dated 14 February 2003, replied as
follows:

1. The date of presentation of the Winding-Up Petition was 26
September 2002 and the date served was on 11 December 2002.

2. The Principal amount claimed is RM70,000/- only. However,
there is a security cash deposit of RM30,000 with the
Petitioner. There is no element of interest claimed.

3. Non payment of rental.

4. RM5.0 million.

5. We do not anticipate the Winding-Up proceeding to have any
financial and operational impact on the Group.

6. There are no material losses arising from these Winding-Up
proceedings.

7. The matter to-date is resolved amicably. We enclose herewith
a copy of a letter of even date from the Petitioners' solicitors
stating their undertaking to withdraw the Petition for Winding-
Up as well as our letter to the Petitioner with the Petitioner
having acknowledged receipt of the payment deemed as full and
final settlement. Please also be advised that the amount of
RM70,000 claimed is deemed fully settled from the RM40,000
payment made on even date as well as a set-off against a deposit
amount of RM30,000 already in the Petitioners' possession.

Below is the KLSE's Query Letter content:

We refer to the advertisement of petition, appearing on page 7
of The Star, Classified Section, on Friday, 14 February 2003, a
copy of which is enclosed for your reference.

In this connection, kindly furnish the Exchange immediately with
the following additional information for public release:

1) The date of the presentation of the winding-up petition and
the date the winding-up petition was served on Kai Peng
Engineering Sdn Bhd ("KPESB").

2) The particulars of the claim under the winding-up petition,
including the amount claimed for under the petition and the
interest rate.

3) The details of the default or circumstances leading to the
filing of the winding-up petition against KPESB.

4) The total cost of investment in KPESB.

5) The financial and operational impact of the winding-up
proceedings on the group.

6) The expected losses, if any arising from the winding-up
proceedings.

7) The steps taken and proposed to be taken by KPESB / Kai Peng
Berhad in respect of the winding-up proceedings.

Yours faithfully,
TAN YEW ENG
Senior Manager, Listing Operations
WSW/TYE/LMN
copy to: Securities Commission (via fax)


KRETAM HOLDINGS: Undertakes Capital Reduction, Consolidation
------------------------------------------------------------
Kretam Holdings Berhad is implementing the capital reduction of
its existing issued and paid-up share capital of RM105,253,500
comprising 105,253,500 ordinary shares of RM1.00 each to
RM52,626,750 comprising 105,253,500 ordinary shares of RM0.50
each, by canceling RM0.50 of the par value of each existing
ordinary share of RM1.00 each in KRETAM and thereafter the
105,253,500 ordinary shares of RM0.50 each will be consolidated
into 52,626,750 ordinary shares of RM1.00 each.

To facilitate the recalling and cancellation of the existing
KRETAM shares of RM1.00 each and issuance of new consolidated
shares, the trading of KRETAM shares will be suspended with
effect from 9.00 a.m. Wednesday, 26 February 2003 until further
notice.


LAND & GENERAL: All Proposals Resolutions Approved
--------------------------------------------------
On behalf of the Board of Directors of Land & General Berhad,
Commerce International Merchant Bankers Berhad announced that
the resolutions as set out in the Notice of Extraordinary
General Meeting (EGM) dated 30 January 2003 in relation to the
Proposals have been duly passed by the shareholders of L&G at
the EGM of the Company held on Friday, February 14, 2003.

The Proposals refers to

   * Proposed Composite Debt Restructuring Scheme Between L&G,
Certain of its Subsidiaries and their Respective Scheme
Creditors for a Total Scheme Borrowings of Rm450,491,794
Involving the Following:

   (i) Settlement of Secured Debts Amounting to Rm101,043,377
via the Proposed Issue of 16,883,720 Nominal Value of 5%
Redeemable Convertible Secured Loan Stocks a Series of Rm1.00
each to be Issued at 100% of its Nominal Value and the Proposed
Conversion of Rm84,159,657 Secured Debts into Secured Term
Loans; and

   (ii) Settlement of Unsecured Debts Amounting to Rm349,448,417
via the Proposed Issue of 304,078,917 Nominal Value of 5%
Redeemable Convertible Secured Loan Stocks B Series of Rm1.00
each (RCSLS B Series) to be Issued at 100% of its Nominal Value
and the Proposed Issue of 45,369,500 New Ordinary Shares of
Rm1.00 Each in L&G (L&G Shares) to be Issued at Rm1.00 per L&G
Share;

   * Proposed Allotment of 2,600,969 New L&G Shares at an Issue
Price of Rm1.00 per L&G Share and 17,432,411 Nominal Value of
RCSLS B Series at 100% of the Nominal Value to Tan Sri Azmi Wan
Hamzah, a Major Shareholder and Former Director of L&G as
Consideration for the Settlement of Rm20,033,380 of Unsecured
Debts Pursuant to the Proposed Composite Debt Restructuring
Scheme.


MYCOM BERHAD: Enters Supplemental Land Acquisition Agreement
------------------------------------------------------------
On 14 August 2000, Alliance Merchant Bank Berhad, had announced
that Mycom Berhad had entered into, amongst others, the
following conditional sale and purchase agreements, as part of
the Proposed Restructuring Scheme:

   (i) A conditional assets acquisition agreement dated 14
August 2000 with Olympia Industries Berhad (OIB) and some of its
subsidiaries, namely United Malaysian Properties Sdn Bhd (UMP),
Mascon Sdn Bhd (Mascon), and Regal Unity Sdn Bhd (RU), for the
proposed acquisition of ordinary shares of RM1.00 each in seven
(7) companies and properties within the OIB group of companies
(OIB Group) for a purchase consideration of RM73,175,000
(Proposed OIB Acquisitions). The seven (7) companies proposed to
be acquired are as follows:

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

     (b) 100% equity interest in Olympia Plaza Sdn Bhd (OP);
     (c) 100% equity interest in Rambai Realty Sdn Bhd (RR);
     (d) 100% equity interest in Salhafa Sdn Bhd (Salhafa);
     (e) 100% equity interest in City Properties Development Sdn
Bhd (CPD);
     (f) 100% equity interest in Mascon Construction Sdn Bhd
(MCSB) together with one (1) unit factory situated at Lot 14,
Jalan Perusahaan 1, Beranang Industrial Estate, 43700 Beranang,
Selangor Darul Ehsan and one (1) unit 4-storey shop/office
situated at Lot 050, Taman Shamelin Perkasa, Phase 1A, Jalan
Cheras, 56000 Kuala Lumpur, Wilayah Persekutuan;
     (g) 70% equity interest in Maswarna Colour Coatings Sdn Bhd
(Maswarna); and
     (h) one (1) parcel of land measuring approximately five (5)
acres situated at Country Lease 015106251, District of Kota
Kinabalu, Sabah (RU Land).

(collectively referred to as Acquiree Assets); and

   (ii) A conditional land acquisition agreement dated 14 August
2000 with Kenny Height Developments Sdn Bhd (KHD) for the
proposed acquisition of approximately 41.14 acres of land
situated at Mukim Batu, Wilayah Persekutuan (KHD Land) for a
purchase consideration of RM290,000,000 (Proposed KHD Land
Acquisition).

Further to the above announcement, Alliance, on behalf of the
Board of Directors of Mycom (Board), wishes to announce that on
Friday, Mycom had entered into a supplemental agreement in
respect of the Proposed OIB Acquisitions (Supplemental
Agreement) and a supplemental agreement in respect of the
Proposed KHD Land Acquisition (Supplemental Land Acquisition
Agreement). The salient terms of the Supplemental Agreement and
Supplemental Land Acquisition Agreement.

In addition, Alliance also wishes to announce on behalf of the
Board in respect of the following agreements, which were entered
on Friday:

   (i) A consortium agreement entered into between KH Estates
Sdn Bhd, a 100% subsidiary of Mycom (KHE), and Olympia
Properties Sdn Bhd (formerly known as Stanmont Development Sdn
Bhd) (OPSB), a 100% subsidiary of OIB (Consortium Agreement) for
the proposed development of the KHD Land acquired under the
Proposed KHD Land Acquisition as well as approximately 32.3
acres of land situated at Mukim Batu, Wilayah Persekutuan
proposed to be acquired by OIB (Proposed KHD Joint Venture).
Both the KHD Land and the land proposed to be acquired by OIB
will be referred to herein as Total KHD Land.

KHE and OPSB will form a consortium to develop the Total KHD
Land with assets, liabilities, income and expenses sharing ratio
of 58% and 42%, respectively. The proposed development will be
spearheaded by KH Land Sdn Bhd (KHL), a 100% subsidiary of KHE,
under Mycom, as the active partner whilst OIB, through OPSB,
will be the passive partner to the consortium. Based on the
current proposed layout plan of the Total KHD Land, the
estimated total development cost is projected to be
approximately RM2.2 billion. The salient terms of the Consortium
Agreement and background information of KHE, OPSB and KHL, are
set out in Section 3 and 4 below, respectively;

   (ii) Exchange of letters (Exchange of Letters) between Mycom
and the following parties:

     (a) OIB;
     (b) OIB and Miles & Miles Leisure Sdn Bhd (MML) (a 100%
owned subsidiary of Olympia Ventures Sdn Bhd, which in turn is a
100% owned subsidiary of OIB);
     (c) OIB and Jupiter Capital Sdn Bhd (JCSB) (a 100% owned
subsidiary of OIB);
     (d) OIB and Mascon (a 71% owned subsidiary of OIB);
     (e) OIB and LC (BVI) Ltd (LCBVI) (a 100% owned subsidiary
of Lotteries Corporation Sdn Bhd, which in turn is a 100% owned
subsidiary of OIB);

The Exchange of Letters are in relation to the proposed debt
novation undertaken as part of the Proposed Restructuring
Scheme. Details of the Proposed Restructuring Scheme have been
announced previously on 8 May 2000, 1 August 2001, 3 December
2001, 11 March 2002, 18 October 2002 and 6 February 2003. The
salient terms of the Exchange of Letters are set out in Section
3 below.

   (iii) Exchange of letters in relation to the proposed
settlement of the trade and other creditors of certain of
Mycom's subsidiaries (Exchange of Letters on Trade and Other
Creditors) between Mycom and the following parties:

     (a) UNP Plywood Sdn Bhd (UNP) (a 77.5% owned subsidiary of
Mycom);
     (b) Pacific Forest Industries Sdn Bhd (PFI) (a 51% owned
subsidiary of Mycom); and
     (c) Duta Grand Hotels Sdn Bhd (DGH (a 51% owned subsidiary
of Mycom).

The Exchange of Letters on Trade and Other Creditors are in
relation to the proposed settlement undertaken as part of the
Proposed Restructuring Scheme. Details of the Proposed
Restructuring Scheme have been announced previously on 8 May
2000, 1 August 2001, 3 December 2001, 11 March 2002, 18 October
2002 and 6 February 2003. The salient terms of the Exchange of
Letters on Trade and Other Creditors.

The Supplemental Agreement, Supplemental Land Acquisition
Agreement, Consortium Agreement, Exchange of Letters and
Exchange of Letters on Trade and Other Creditors, are
collectively referred to as "Agreements".

RATIONALE

Subsequent to the date of conditional agreements entered into in
respect of the Proposed OIB Acquisitions and Proposed KHD Land
Acquisition, certain terms of the aforesaid agreements are
sought to be revised in order to reflect the terms and
conditions imposed by the Securities Commission (SC) vide its
approval letter dated 8 March 2002 as well as the latest
available information and developments subsequent to the
conditional agreements dated 14 August 2000.

In addition, as announced on 6 February 2003, Mycom had proposed
to vary the purchase consideration in respect of the Proposed
OIB Acquisitions and had sought SC's approval in relation to the
variation to the purchase consideration by letter to SC dated 6
February 2003. Hence, the Supplemental Agreement in respect of
the Proposed OIB Acquisitions is also to facilitate the revision
in the purchase consideration. The decision of the SC is still
pending at this juncture.

The rationale for the Exchange of Letters is to facilitate the
proposed debt novation, which is undertaken as part of the
Proposed Restructuring Scheme. Prior to 29 June 1999, OIB was a
subsidiary of Mycom. On 29 June 1999, certain of Mycom's lenders
disposed of the OIB shares, which were pledged to them as
collateral for Mycom's borrowings in the open market. As a
result, Mycom's shareholding in OIB then decreased from 50.12%
to 46.87%. Mycom had previously used the assets of OIB's
subsidiaries as collateral in order to obtain loan financing.
OIB's subsidiaries had also used Mycom's assets for similar
purposes. The proposed debt novation provides an opportunity for
both Mycom and its subsidiaries (Mycom Group) and OIB and its
subsidiaries (OIB Group) to eliminate cross-charge of assets
between both groups as OIB is no longer a subsidiary of Mycom.
Debts of the OIB Group, which are secured by Mycom's assets as
collateral, are now proposed to be restructured under the
Proposed Restructuring Scheme of Mycom whilst the debts of Mycom
Group, which are secured by OIB's assets as collateral, are to
be restructured under the proposed restructuring scheme of OIB.

The rationale for the Exchange of Letters on Trade and Other
Creditors is to facilitate the proposed settlement of the trade
and other creditors of UNP, PFI and DGH is undertaken in order
to restructure the debts of certain trade and other creditors of
UNP, PFI and DGH in addition to the debts owing to the scheme
creditors. The trade and other creditors are novated from UNP,
PFI and DGH as these companies are non-operating and unable to
service such debts. The novation of such debts to Mycom and
settlement through cash and new ordinary share of Mycom to be
issued will provide an exit for the relevant trade and other
creditors.

The Proposed KHD Joint Venture is in line with the objective of
Mycom to focus on property development activities after the
Proposed Restructuring Scheme. In addition, the Proposed KHD
Joint Venture is also undertaken in order to provide Mycom with
profits and cashflows in the future years for the repayment of
financial instruments proposed to be issued pursuant to its
Proposed Restructuring Scheme and its interest as announced
previously.

SALIENT TERMS OF THE AGREEMENTS

(a) SUPPLEMENTAL AGREEMENT

The salient amendments to the terms of the Proposed OIB
Acquisitions reflected in the Supplemental Agreement, are
summarized in Table 1 below. Alliance had, on behalf of Mycom,
sought the approval of the SC on 6 February 2003, to vary
certain terms of the Proposed OIB Acquisitions, the variations
of which have been announced on the same date. The approval of
the SC is still pending at this juncture.

(b) SUPPLEMENTAL LAND ACQUISITION AGREEMENT

The salient amendments to the terms of the Proposed KHD Land
Acquisition reflected in the Supplemental Land Acquisition
Agreement are summarized in Table 2 below. The Proposed KHD Land
Acquisition with the terms revised pursuant to the Supplemental
Land Acquisition Agreement, has been approved by the SC in its
approval letter dated 8 March 2002, as announced on 11 March
2002.

(c) CONSORTIUM AGREEMENT

The salient terms of the Consortium Agreement are as follows:

   (i) Mycom's and OIB's wholly-owned subsidiaries, KHE and
OPSB, respectively, intend to form a consortium to develop the
Total KHD Land into a proposed township, known as Bandar Sri
Duta. The proposed development involves earthworks,
infrastructure and construction of the proposed township in
accordance with approvals from relevant authorities;

   (ii) For the purposes of development of Bandar Sri Duta, the
Total KHD Land will be transferred to a Trustee As of to-date,
the Trustee has yet to be appointed who in turn shall hold the
beneficial interest in favor of KHE and OPSB, respectively;

   (iii) The Trustee shall make the necessary application to the
relevant authorities for the purposes of amalgamation and sub-
division of the Total KHD Land in accordance with the terms of
the proposed development;

   (iv) The respective share of assets, liabilities, income and
expenses,, contribution to working funds and disbursements and
liabilities and all obligations whatsoever in connection with
the execution of the Consortium Agreement shall be at a ratio of
58% and 42% for KHE and OPSB, respectively;

   (v) The conditions precedent to completion of the Consortium
Agreement are as follows:

     (a) The obtaining of the approval (if required) of the
shareholders of KHE or Mycom, being the holding company of KHE,
and OPSB or OIB, being the holding company of OPSB, for inter-
alia, the formation of a consortium between KHE and OPSB, the
transfer of the Total KHD Land to the Trustee and the proposed
development of the Bandar Sri Duta project by the consortium
(Shareholders' Approval);

     (b) The obtaining of the approval of the chargees for the
proposed development on the Total KHD Land (Chargees' Approval);
and

     (c) Upon the beneficial interest of the Total KHD Land
being held in trust by the Trustee in favor of OPS and KHE
(Beneficial Interest

   (vi) Each party shall as soon as reasonably practicable,
proceed to convene and hold general meetings to obtain
Shareholders' Approval, make the necessary applications to the
relevant chargees for the Chargees' Approval and effect the
Beneficial Interest in its favor and shall endeavor to obtain
Shareholders' Approval, Chargees' Approval and Beneficial
Interest in its favor within twelve (12) months from the date of
the Consortium Agreement (Approval Period); and

   (vii) Both OPSB and KHE mutually agrees that any proceeds
derived from the sale of the condominium units, retail units and
commercial units, constructed or to be constructed on the such
charged land, shall first be utilized and applied towards
redemption of the existing charge(s) created against such land.

(d) EXCHANGE OF LETTERS

The salient terms of the corresponding Exchange of Letters
referred to above are as follows:

   (i) Between Mycom and OIB

Pursuant to the proposed restructuring scheme of Mycom, the net
amount owing by Mycom to OIB for inter-company settlement
between Mycom and OIB amounting to RM140,692,847 shall be
settled by the issuance of RM140,692,847 nominal amount of
Irredeemable Convertible Unsecured Loan Stocks by Mycom (ICULS)
at the rate of RM1.00 nominal value of ICULS for every RM1.00 of
the net outstanding amount (Proposed Inter-Company Settlement).

In the event of any additional amount owing by Mycom to OIB in
excess of the net outstanding amount, Mycom will settle such
amount by cash or such other mode to be mutually agreed between
the two parties. In addition, the Proposed Inter-Company
Settlement is conditional upon the proposed restructuring
schemes of both Mycom and OIB proceeding as contemplated.

   (ii) Between Mycom, OIB and MML

Certain debts of MML amounting to RM6,425,372 as at 30 June 2001
are to be novated to Mycom in exchange for the set off and
reduction of an equivalent amount from the amount owed by Mycom
to OIB under the Proposed Inter-Company Settlement. In
consideration of the above, an inter-company advance owing from
MML to OIB amounting to RM6,425,372 will be created. The inter-
company advance is unsecured, interest free and have no fixed
term of repayment.

The proposed debt novation between Mycom, OIB and MML is
conditional upon the proposed restructuring schemes of both
Mycom and OIB proceeding as contemplated.

   (iii) Between Mycom, OIB and JCSB

Certain debts of JCSB amounting to RM23,267,038 as at 30 June
2001 are to be novated to Mycom in exchange for the set off and
reduction of an equivalent amount from the amount owed by Mycom
to OIB under the Proposed Inter-Company Settlement. In
consideration of the above, an inter-company advance owing from
JCSB to OIB amounting to RM23,267,038 will be created. The
inter-company advance is unsecured, interest free and have no
fixed term of repayment.

The proposed debt novation between Mycom, OIB and JCSB is
conditional upon the proposed restructuring schemes of both
Mycom and OIB proceeding as contemplated.

   (iv) Between Mycom, OIB and Mascon

Certain debts of Mascon amounting to RM12,481,760 as at 30 June
2001 are to be novated to Mycom in exchange for the set off and
reduction of an equivalent amount from the amount owed by Mycom
to OIB under the Proposed Inter-Company Settlement. In
consideration of the above, Mascon proposes to issue 12,481,760
new Mascon ordinary shares to OIB at an issue price of RM1.00
per share.

The proposed debt novation between Mycom, OIB and Mascon is
conditional upon the proposed restructuring schemes of both
Mycom and OIB proceeding as contemplated.

   (v) Between Mycom, OIB and LCBVI

Certain debts of LCBVI amounting to RM45,407,550 as at 30 June
2001 are to be novated to Mycom in exchange for the set off and
reduction of an equivalent amount from the amount owed by Mycom
to OIB under the Proposed Inter-Company Settlement. In
consideration of the above, an inter-company advance owing from
LCBVI to OIB amounting to RM45,407,550 will be created. The
inter-company advance is unsecured, interest free and have no
fixed term of repayment.

The proposed debt novation between Mycom, OIB and LCBVI above is
conditional upon the proposed restructuring schemes of both
Mycom and OIB proceeding as contemplated.

(e) EXCHANGE OF LETTERS ON TRADE AND OTHER CREDITORS

The salient terms of the corresponding Exchange of Letters on
Trade and Other Creditors referred to above are as follows:

  (i) Between Mycom and UNP

Mycom proposes to settle the trade and other creditors of its
subsidiary, UNP pursuant to the Proposed Restructuring Scheme.
The amount to be novated is based on the audited financial
statements of UNP for the financial year ended 30 June 2002 or
any other higher amount as may be confirmed by those trade and
other creditors and agreed by UNP.

Accordingly, the debts of UNP to be settled by Mycom will be
novated to Mycom. In consideration of the above, UNP proposes to
issue redeemable cumulative convertible preference shares at an
issue price of RM1.00 each on the basis of one (1) redeemable
cumulative convertible preference share for every RM1.00 of the
amount novated to Mycom. The salient terms of the redeemable
cumulative convertible preference shares are set out in Table 3
below.

The proposed debt novation between Mycom and UNP is conditional
upon the Proposed Restructuring Scheme of Mycom proceeding as
contemplated.

   (ii) Between Mycom and PFI

Mycom proposes to settle the trade and other creditors of its
subsidiary, PFI pursuant to the Proposed Restructuring Scheme.
The amount to be novated is based on the audited financial
statements of PFI for the financial year ended 30 June 2002 or
any other higher amount as may be confirmed by those trade and
other creditors and agreed by PFI.

Accordingly, the debts of PFI to be settled by Mycom will be
novated to Mycom. In consideration of the above, PFI proposes to
issue redeemable cumulative convertible preference shares at an
issue price of RM1.00 each on the basis of one (1) redeemable
cumulative convertible preference share for every RM1.00 of the
amount novated to Mycom. The salient terms of the redeemable
cumulative convertible preference shares are set out in Table 4
below.

The proposed debt novation between Mycom and PFI is conditional
upon the Proposed Restructuring Scheme of Mycom proceeding as
contemplated.

   (iii) Between Mycom and DGH

Mycom proposes to settle the trade and other creditors of its
subsidiary, DGH pursuant to the Proposed Restructuring Scheme.
The amount to be novated is based on the audited financial
statements of DGH for the financial year ended 30 June 2002 or
any other higher amount as may be confirmed by those trade and
other creditors and agreed by DGH.

Accordingly, the debts of DGH to be settled by Mycom will be
novated to Mycom. In consideration of the above, DGH proposes to
issue redeemable cumulative convertible preference shares at an
issue price of RM1.00 each on the basis of one (1) redeemable
cumulative convertible preference share for every RM1.00 of the
amount novated to Mycom. The salient terms of the redeemable
cumulative convertible preference shares are set out in Table 5
below.

The proposed debt novation between Mycom and DGH above is
conditional upon the Proposed Restructuring Scheme of Mycom
proceeding as contemplated.

The salient terms of ICULS have been set out in an earlier
announcement dated 1 August 2001. The Proposed Inter-Company
Settlement, proposed debt novation and proposed settlement of
trade and other creditors of UNP, PFI and DGH are undertaken as
part of the Proposed Restructuring Scheme as announced on 8 May
2000, 1 August 2001, 3 December 2001, 11 March 2002 and 6
February 2003. The Proposed Restructuring Scheme has been
approved by the SC in its approval letter dated 8 March 2002, 18
March 2002 and 27 November 2002, as announced on 11 March 2002,
21 March 2002 and 2 December 2002, respectively.

EFFECTS

(a) Share capital

The Proposed KHD Joint Venture has no effect on the number of
new Mycom Shares to be issued pursuant to the Proposed
Restructuring Scheme as announced previously on 18 October 2002.

(b) Earnings

The Proposed KHD Joint Venture is not expected to have a
material impact on the earnings of Mycom Group for the financial
year ending 30 June 2003.

(c) Proforma consolidated net tangible assets (NTA)

The Proposed KHD Joint Venture has no effect on the proforma
consolidated NTA per share as announced previously on 6 February
2003.

(d) Shareholding structure

The Proposed KHD Joint Venture has no impact on the shareholding
structure of Mycom as announced previously on 18 October 2002.
The effects of the Proposed Restructuring Scheme incorporating
the proposed debt novation, Proposed KHD Land Acquisition,
Proposed Inter-Company Settlement, proposed settlement of the
trade and other creditors of UNP, PFI and DGH and variation to
the Proposed OIB Acquisitions have been announced earlier on 18
October 2002 and 6 February 2003.

APPROVALS REQUIRED

The revised Proposed OIB Acquisitions, Proposed KHD Land
Acquisition, proposed debt novation, Proposed Inter-Company
Settlement, proposed settlement of the trade and other creditors
of UNP, PFI and DGH and Proposed KHD Joint Venture which are all
in relation to the Proposed Restructuring Scheme are subject to,
inter-alia, the following approvals:

   (a) SC for the Proposed Restructuring Scheme, which was
obtained on 8 March 2002, 18 March 2002 and 27 November 2002,
as, announced on 11 March 2002, 21 March 2002 and 2 December
2002, respectively. However, Mycom sought the approval of the SC
for the variation to certain terms of the Proposed OIB
Acquisitions and revision from complying with certain condition
imposed by the SC in relation to the Proposed OIB Acquisitions,
as announced previously on 6 February 2003. The decision of the
SC is still pending at this juncture;

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

  (c) Any other relevant authorities or parties.

DIRECTORS' AND MAJOR SHAREHOLDERS' INTEREST ON THE PROPOSED KHD
JOINT VENTURE

As of to-date, there are no common interested Directors between
KHE and OPSB. However, there are common interested Directors of
Mycom and OIB, being the immediate holding companies of KHE and
OPSB, respectively.

Tan Sri Dato' Jaffar bin Abdul, Dato' Yap Yong Seong and Yap Wee
Keat are the common Directors of Mycom and OIB. Thus, Tan Sri
Dato' Jaffar bin Abdul, Dato' Yap Yong Seong and Yap Wee Keat
are deemed interested in the Proposed KHD Joint Venture.
Accordingly, they have abstained and will continue to abstain
from deliberation and voting at the board meetings of Mycom on
the Proposed KHD Joint Venture.

They will also abstain from voting, in respect of their direct
and indirect shareholdings, on the relevant resolution
pertaining to the Proposed KHD Joint Venture at the forthcoming
EGM and have undertaken to ensure that person(s) connected to
them, if any, will abstain from voting in respect of their
direct and indirect shareholdings, on the same resolution at the
forthcoming EGM.

As of to-date, Mycom is a major shareholder of OIB, whilst Duta
Equities Sdn Bhd (DESB), in turn, is a major shareholder of
Mycom. Datin Leong Li Nar is a deemed major shareholder of both
Mycom and OIB by virtue of her major shareholding in DESB. In
addition, Dato' Yap Yong Seong, Yap Wee Keat and Yap Wee Chun,
the other shareholders of DESB, are persons connected to Datin
Leong Li Nar. Furthermore, as of to-date, Koperasi Polis DiRaja
Malaysia Berhad is a common major shareholder of both Mycom and
OIB.

As such, Mycom, DESB, Datin Leong Li Nar, Dato' Yap Yong Seong,
Yap Wee Keat, Yap Wee Chun and Koperasi Polis DiRaja Malaysia
Berhad, are deemed interested in the Proposed KHD Joint Venture.
Accordingly, they will abstain from voting, in respect of their
direct and/or indirect shareholdings, on the relevant resolution
pertaining to the Proposed KHD Joint Venture at the forthcoming
EGM and have undertaken to ensure that person(s) connected to
them, if any, will abstain from voting in respect of their
direct and/or indirect shareholdings, on the same resolutions at
the forthcoming EGM.

DIRECTORS'S OPINION

After taking into consideration the current financial position
of the Mycom Group, the Directors of Mycom are of the opinion
that the revised Proposed OIB Acquisitions, Proposed KHD Land
Acquisition, proposed debt novation, Proposed Inter-Company
Settlement, proposed settlement of the trade and other creditors
of UNP, PFI and DGH and Proposed KHD Joint Venture which are all
in relation to the Proposed Restructuring Scheme are in the best
interest of the Mycom Group and its shareholders.

ADVISER

The revised Proposed OIB Acquisitions, Proposed KHD Land
Acquisition and Proposed KHD Joint Venture are all in relation
to the Proposed Restructuring Scheme, of which Alliance is the
adviser to Mycom.

In view of the interest of the interested Directors and major
shareholders as set out above, Messrs Horwath Mok & Poon (HMP)
had been appointed as the independent adviser to the minority
shareholders and independent Directors of Mycom on the Proposed
KHD Joint Venture. The appointment of HMP as the independent
adviser to the minority shareholders in relation to the related
party transaction under the Proposed Restructuring Scheme had
been approved by the KLSE on 24 October 2002, as announced on 25
October 2002.

DOCUMENTS AVAILABLE FOR INSPECTION

All the Agreements referred to in this announcement are
available for inspection at the Registered Office at Level 23,
Menara Olympia, Jalan Raja Chulan, 50200 Kuala Lumpur during
office hours Mondays to Fridays (excluding Public Holidays) from
9.00 am to 6.00pm for a period of three (3) months from date of
this announcement

Tables 1-5 can be found at
http://www.bankrupt.com/misc/TCRAP_Mycom0218.doc.


PARK MAY: Managing Director Abd Rashid Steps Down
-------------------------------------------------
Park May Berhad announced that its Managing Director, Mohamad
Fakhri Abd Rashid tendered his resignation on 10 February 2003.
The Board of Directors duly deliberated and accepted his
resignation on the evening of 13 February 2003.

As at the time of announcement, a new Managing Director has yet
to be appointed. The Company will make the necessary
announcement as and when the appointment is made.

During the interim period, the Chief Operating Officer, Mohd Ali
Mohd Nor will assume the management of the day-to-day operations
of the Company.

Troubled Company Reporter - Asia Pacific reported on January 13
that the Rating Agency Malaysia Berhad (RAM) downgraded the
long- and short-term ratings of Park May Berhad's (PMB) RM120
million Commercial Paper/Medium-Term Notes Programme (2002/2007)
(CP/MTN), from BBB3 and P3 to BB3 and NP, respectively.


PLANTATION & DEVELOPMENT: FIC Conditionally OKs Workout Scheme
--------------------------------------------------------------
AmMerchant Bank Berhad, on behalf of Plantation & Development
(Malaysia) Berhad, announced to the Kuala Lumpur Stock Exchange
that the Foreign Investment Committee, via its letter dated 13
February 2003, has approved the revisions to the Proposed
Restructuring Scheme of P&D announced on 19 December 2002. The
approval is subject to the condition that Fountain View
Development Berhad (formerly known as Fountain View Development
Sdn Bhd), the company that is proposed to assume the listing
status of P&D, has at least 30% direct Bumiputera equity
interest on listing on the KLSE.

There is no other material development in the Proposed
Restructuring Scheme of P&D subsequent to the announcements
dated 5 February 2003 and 10 February 2003.


TECHNO ASIA: Submits Statutory Declaration to KLSE
--------------------------------------------------
Pursuant to PN 4/2001 in relation to paragraph 8.14 of the
Revamped Listing Requirements of the Kuala Lumpur Stock Exchange
(KLSE), Techno Asia Holdings Berhad (Special Administrators
Appointed), being an affected listed issuer wishes to announce
that in compliance with the obligation imposed under the
practice note, the monthly report for the month of January 2003
accompanied by the statutory declaration duly executed by the
Special Administrators had been submitted to the KLSE on 14th
February, 2003.

Early this month, Troubled Company Reporter - Asia Pacific
reported that TECASIA and its subsidiaries, namely Mount Austin
Properties Sdn. Bhd (Special Administrators Appointed), PMMSB
(Special Administrators Appointed), Prima Moulds Sdn. Bhd. and
Ganda Energy and Holdings, Inc continue to default in payments
of their loan interest and principal sums owing to several
financial institutions. The outstanding amounts as at 31
December, 2002 are tabled at
http://www.bankrupt.com/misc/TCRAP_TecAsia0203.gif.


UNITED CHEMICAL: Inks Restructuring Agreement With Newco
--------------------------------------------------------
Further to the announcement made on 18 December 2002, the Board
of Directors of United Chemical Industries Berhad announced that
on 13 February 2003, the Company had entered into a
Supplementary Agreement with Perbadanan Kemajuan Negeri Perak
(PKNP) and Aspirasi Ekuiti Sdn Bhd (AESB or Newco) for the
purpose of amending certain provisions of the Corporate
Restructuring Agreement (CRA) which was entered into on 18
December 2002. PKNP had also entered into a Supplemental
Agreement with AESB for the purpose of amending certain
provisions of the Sale and Purchase Agreement, which was entered
into on 18 December 2002. The proposed amendments are detailed
at http://www.bankrupt.com/misc/TCRAP_UCIa0218.pdf.

EFFECTS ON FINANCIALS

The effects of the Proposed Restructuring on the financials of
Newco are set out below:

Share capital

The effects of the Proposed Restructuring on the issued and
paid-up share capital of Newco after adjusting for the Proposed
Revisions are set out in Table 1.

Earnings

Barring any unforeseen circumstances, the Proposed Restructuring
is expected to enhance the future earnings of the enlarged
group.

NTA

The effects of the Proposed Restructuring on the NTA of the
Newco Group after adjusting for the Proposed Revisions are set
out in Table 2.

Shareholding structure

The effects of the Proposed Restructuring on the shareholding
structure of Newco after adjusting for the Proposed Revisions
are set out in Table 3.

2.5 Gearing

The effects of the Proposed Restructuring on the gearing of
Newco after adjusting for the Proposed Revisions are set out in
Table 4.

SUBMISSION TO THE SECURITIES COMMISSION

The submission to the Securities Commission for the Proposed
Restructuring was made on 14 February 2003.

DOCUMENTS FOR INSPECTION

The Supplemental Agreements are available for inspection at the
registered office of UCI at 20th Floor, East Wing, Plaza
Permata, Jalan Kampar Off Jalan Tun Razak, 50400 Kuala Lumpur
during normal office hours from Mondays to Fridays (except
public holidays) from the date of this announcement up to the
date of the extraordinary general meeting to be convened for the
Proposed Restructuring.

Tables 1-4 could be found at
http://www.bankrupt.com/misc/TCRAP_UCI0218.doc.


YEO AIK: Subsidiaries Serve Writ of Summon
------------------------------------------
Yeo Aik Resources Berhad announced that Winshine Holdings Sdn
Bhd (WHSB) and Winshine Industries Sdn Bhd (WISB), wholly-owned
subsidiaries of YAR have been served a Writ of Summon and
Statement of Claim by Affin Bank Berhad (Plaintiff) on 5
February 2003. The Plaintiff also named two other parties as
defendants for recovery of the goods and amounts outstanding
stated under certain Hire-Purchase Agreements or alternatively
for payment of RM860,768.68 and RM955,610.99 together with
interests pursuant to the Hire-Purchase Agreements and other
documents.

The Directors are of the opinion that the claim by the Plaintiff
cannot be sustained as it is bound by the terms and provisions
of the Workout Proposal and as such the debts owed to the
Plaintiff have been waived completely. YAR has instructed its
Solicitors to take all necessary measures to defend the claim.


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


FJP LINES: Shipping Firm Seeks Suspension of Loan Repayments
------------------------------------------------------------
Inter-island shipping line, FJP Lines Inc., has filed for
rehabilitation, citing huge losses and a precarious financial
condition, Sun Star Cebu said over the weekend.

The firm, a wholly owned subsidiary of Palacio Shipping Lines,
has asked the Regional Trial Court in Cebu City to suspend all
claims against it while it tries to sort out its finances.  The
company also prayed that it be spared from having to pay any of
its obligations during the duration of the rehabilitation.

The shipping firm traces its problems to a 10-year PHP80 million
loan from the Development Bank of the Philippines.  The company
claims it had already paid PHP163 million to the bank for what
was supposed to be a PHP142.4 million loan-repayment program at
12% interest per annum.  Despite this, the company claims it is
still indebted to the bank.

In its petition, the company accused the bank of bloating its
figures in a predatory and exploitative manner, citing one
particular year when it allegedly raised the 12% agreed interest
to as much as 51.13%.

"As a result, FJP was made to service supposed debt obligations
that were never used to finance project costs but to satisfy
unwarranted returns for DBP," the petition reads in part.

FJP also blamed for its woes severe deterioration of revenues
and cash, DBP's refusal to release the insurance proceeds of
some of FJP's vessels that sank, union strikes and the Asian
financial crisis in the late 1990s.

"During these times of worse financial difficulties, FJP in good
faith exerted all persuasive efforts to convince DBP to give FJP
a chance to continue operating, to allow it to recover and
sustain long-term viability of operations.  Instead, DBP
threatened to initiate foreclosure proceedings against the real
estate mortgage properties and chattels," the petition claims.

The firm has more than 200 employees and services the ports of
Bantayan and Camotes Islands in Cebu, and the provinces of
Negros Oriental, Siquijor, Bohol, Misamis Occidental and Samar.
According to Sun Star, the firm has nine vessels that ferry
about 60,000 passengers and 70,000 tons of cargo a year.


MANILA ELECTRIC: Regulator to Rule on Tariff Hike by Month's End
----------------------------------------------------------------
The Energy Regulatory Commission will likely reach a decision on
the unbundling rate petition of Manila Electric Co (Meralco) by
end of the month, says the Manila Bulletin.

The troubled company, which distributes electricity in the
Metropolitan Manila area, is pinning its survival on this
petition, which is essentially a request to hike tariffs.  The
approval of the unbundled rates would allow the company to
recover its deferred purchased power adjustment charges, which
is estimated to be PHP5.76 billion, the report says.

According to Acting Chairman Leticia V. Ibay, the Commission is
also reviewing the other PHP1.5 billion in transmission fees,
which Meralco wants to pass on to its consumers.  She said the
collection of the total amount could be spread over three years.

Based on the simulations of the Commission, the deferred charges
may amount to PHP0.08 per-kilowatt-hour if collection would be
spread over three years.  But since the initial amount allowed
to be recouped is just PHP5.76 billion, the per-kilowatt-hour
cost is seen to be lower than what was initially computed, the
paper said.

Meanwhile, the regulatory body refuses to say whether or not
Meralco's tariffs would increase as result of the adjustment of
its financial statement to the prescribed historical test year
of 2000 from its last increase in 1994.

The utility firm had earlier sounded off that if it would fail
again in securing adjustment in its rates, then it would already
face the danger of real default with its lenders.  Meralco has
around PHP5 billion worth of debts falling due this year, the
paper said.  Already, the company has applied for another waiver
from lenders, Asian Development Bank and World Bank, after
failing to meet anew its prescribed 8.0 percent return on rate
base (RORB) as stated under the loan agreements.

In year 2002, Meralco officials indicated that the company's
level of RORB may just hover at 3.0 percent or even lower, the
report said.  The total loan obligation of Meralco currently
stands at more than PHP25 billion (roughly US$500 million),
accounting for both long-term and short-term facilities acquired
from both local and international lending firms.

To prop up its profitability, the company is pinning hope on
either the approval of its unbundled rates within the quarter or
the regulator's action on its pending PHP0.30 per-kilowatt-hour
rate hike, the paper said.


METRO PACIFIC: Faces Huge Penalty if it Cancels 'BoniLand' Deal
---------------------------------------------------------------
Troubled property developer, Metro Pacific Corp., could suffer a
penalty of PHP427 million if it fails to pursue a deal to sell
its controlling stake in Bonifacio Land Corp, Dow Jones said
late last week.

Citing a company statement, the news agency said the penalty is
part of the agreement with Ayala Land, which together with
Greenfield Development Corp. and Evergreen Holdings Inc., wants
to acquire a 50.4% stake in Bonifacio Land.  The pact prescribes
a penalty of PHP100 million if either party withdraws from the
transaction before the signing of an implementing accord.  It
would increase to PHP327.5 million if the withdrawal happens
after signing the implementing accord.

"The escalating nature of the two-stage penalty clauses only
underscore the seriousness of all parties involved, and their
intent that this transaction is successfully and mutually
concluded," the Metro Pacific statement reads.

The Ayala Land-led group will assume a US$90 million loan Metro
Pacific owes its sister company, Larouge B.V., in order to
acquire the majority stake in Bonifacio Land, which has been
pledged as loan collateral, Dow Jones said.  Bonifacio Land is
Metro Pacific's unit and the government's private-sector partner
in the development of a 165-hectare section of former army camp,
Fort Bonifacio, into a new commercial district.

Both Metro Pacific and Larouge are units of Hong Kong's First
Pacific Co. (H.FPC).  Last week, First Pacific said the transfer
of Larouge's loan to Metro Pacific still needs the approval of
independent shareholders of First Pacific, and that there isn't
any guarantee the transaction will proceed.  The deal is
expected to be closed in April, Dow Jones said.


NATIONAL POWER: Plans to File Another Rate Hike Petition
--------------------------------------------------------
State-run National Power Corporation (Napocor) is readying a new
rate hike petition, which it plans to submit to the Energy
Regulatory Commission within two weeks, the Manila Times said
over the weekend.

Vice President Froilan A. Tampinco told the paper the hike is
necessary due to the low unbundling tariff granted by the
Commission in September.  He declined to say how much the rates
would be, but Napocor officials say they would file for a much
higher rate than the company's earlier petition.

The paper said Napocor had earlier sought a 17-centavo per-
kilowatt-hour adjustment in its rates since its historical base
year was adjusted from 1993 to 2000.  Its petition was denied,
however, and the ERC ordered the company to implement a seven-
centavo reduction, instead.

Mr. Tampinco said the filing would be made once the Commission
approves the new guidelines for deferred accounting procedures
for recovery of fuel and independent power producers' cost
(IPPs).   The ERC will hold a public consultation on the
guidelines on February 17, the paper said.

At least 10 power and distribution firms have submitted comments
to the Commission.  These include First Gas Holdings; Manila
Electric Company (Meralco); Small Power Utilities Group (SPUG)
of Napocor; Dagupan Electric Co.; Angeles Electric Company;
Cagayan Electric and Light Co. Inc.; Iligan Light and Power Inc.
and Cotabato Light and Power Inc.

This year, Napocor expects to incur a PHP70 billion net loss as
it continues to implement the rate reduction, the paper said.


PHILIPPINE AIRLINES: Top Execs Don't Know Anything About Sale
-------------------------------------------------------------
Philippine Airlines President Avelino Zapanta denies
speculations that businessman Lucio Tan is selling his majority
stakes in the flag carrier.

In an interview with BusinessWorld late last week, Mr. Zapanta
said he is not aware of such a plan and dismissed the rumors as
"definitely untrue."  Last week, several dailies quoted an
unnamed source as saying that Mr. Tan has even offered a 3%
commission to whoever can broker a deal.  The source is
allegedly close to the business tycoon, according to the
newspapers.

Contrary to Mr. Zapanta's pronouncement, PAL vice-president for
corporate communications, Rolando Estabillo, told the
BusinessWorld in a separate interview that it is possible for
Mr. Tan to be considering a sale at this time.

"It's not a new story.  Mr. Tan is an entrepreneur and if a good
opportunity arises, he is open to that," Mr. Estabillo told
BusinessWorld.

The PAL executive said the Chinese-Filipino businessman will
look into a possible sale if there is a serious buyer although
there is none thus far: "He is not closing (his doors) to
anything."

Asked what would be an enticing offer Mr. Tan will not resist,
Mr. Estabillo said he will not second-guess his superior.
However, he said Mr. Tan will seek premium on his investments on
670 million PAL shares "having turned the company around."

"He was able to turn it around against all odds. The buyer will
look into the prospects of the viability of the airline. Right
now, our creditors seem happy.  Somehow, the airline has
improved its credibility in all aspects," Mr. Estabillo said.

The carrier is set to report an annual net income for fiscal
year ending in March.  This despite a plan to trim down its
earlier projections of between PHP900 billion and PHP1 billion
net income due to rising fuel prices and the threat of war in
Iraq.  PAL was set to report its third year of profit making
last year after years of losses, but ended with a PhP1.6-billion
loss following weakness in air travel due to the Sept. 11
attacks.  The loss blew the carrier's plan to go public as it is
still under a five-year receivership plan, BusinessWorld said.

Meanwhile, according to the paper, PAL continues to pare its
PHP1.8 billion debt to keep in pace with the company's goal to
exit receivership by 2004.

"We are profitable but we will see how things will fare these
last two months.  January seems to be coming out all right, but
we don't have the final figures yet. It will be a profitable
month," Mr. Estabillo told the paper.

Mr. Tan took over PAL in 1995 and launched a PHP3 billion re-
fleeting program two years after.  Huge capital expenditures
later forced it to suspend debt payments.  PAL is still
embroiled in a legal case involving government's PHP2 billion
put-option claim on its shares.  PAL's refusal to settle has led
government financial institutions to run after guarantors Asia
Brewery and Fortune Tobacco, the paper said.


PHILIPPINE LONG: Comments on AT&T, WorldCom's FCC Petitions
-----------------------------------------------------------
On February 7, 2003, AT&T Corp. and WorldCom Inc. filed separate
petitions with the Federal Communications Commission requesting
the FCC to take action to protect U.S. international carriers
and U.S. consumers from alleged "whipsawing" behavior occuring
on the U.S.-Philippines route.

PLDT, through its U.S. counsel, is now in the process of
preparing submissions including comments/opposition to the
petitions and the requested interim relief.  PLDT is also
reserving its right to take all other necessary legal actions to
protect its interest under the circumstances.

PLDT's position is that termination rates are governed by
bilateral commercial agreements between the parties.  AT&T and
WorldCom's termination rate agreements with PLDT expired in
December 2002.  Well ahead of the expiration of these
termination rate agreements, PLDT had given notice to AT&T and
WorldCom of its intention to increase termination rates and had
been in discussions and negotiations with them in respect to
such termination rates.  On December 13, 2003, PLDT sent notice
that it will implement the rate increase effective February 1,
2003.  The termination rate agreements of AT&T and WorldCom
lapsed in December 2002, without them agreeing with PLDT any
provisional arrangement or permanent agreement on the new
termination rate for continuity of service.

PLDT notes that even after the increase in termination rates,
the new termination rates remain well below the FCC's benchmark
rate of US$0.19 per minute for low middle income economies, such
as the Philippines.  It is also substantially below the ITU
suggested target settlement rate of US$.238 per minute for
countries with teledensity between 1 to 5 telephones per 100
population.  The rate increase is to US$0.012/US$0.125 per
minute from US$0.074/US$0.08 per minute terminations on the
fixed-line network.

As of [Monday], PLDT has already concluded agreements for new
termination rates with 92 carriers worldwide.  With respect to
AT&T and WorldCom, PLDT remains open to negotiate an agreement
on new termination rate including an interim arrangement
regarding the calculation and payment of termination rates for
their U.S.-outbound traffic terminated on PLDT's network.

PLDT is mindful of its responsibilities as a public service
provider and will ensure compliance with its existing and
effective agreements particularly in maintaining the flow of
traffic in and between circuits covered by such agreements.


PHILIPPINE NATIONAL: Clarifies PR on Bank's Improved Footing
------------------------------------------------------------
This is in reference to Circular for Brokers No. 0225-2003 dated
January 29, 2003 pertaining to the press release submitted by
Philippine National Bank regarding the Bank's significantly
lower net loss for the year 2002.  The Bank attributed the
reduced net loss to various revenue generating and cost cutting
initiatives, which were facilitated by the signing of the
Memorandum of Agreement (MOA) between the National Government
and the Lucio Tan Group on May 3, 2002.

In a letter dated February 13, 2003, the Bank further disclosed
that"

     "X X X

     The strengthening of the Bank's capital base through a
     restructuring of the remaining obligations with the
     Philippine Deposit Insurance Corporation, which is the most
     significant agreement reached in the MOA, has since been
     implemented, as follows:

        (a) Coversion of PHP7.8B obligation to equity in the
            Bank by issuing 195,175,144 preferred shares to
            PDIC.

        (b) Dacion-en-pago to PDIC of PHP10B government and/or
            government-related accounts held by the Bank.  These
            accounts consist of obligations to PNB of the
            National Government, government-owned and controlled
            corporations (GOCCs), local government units and
            those obligations which carried the guaranteed as to
            principal and interest by the National Government
            and GOCCs and have become the direct obligation of
            the National Government and the GOCCs.

        (c) Remaining PHP6.1B loan with PDIC to be repaid over a
            period of ten (10) years from October 1, 2001.

     X X X"

A copy of the Memorandum of Agreement executed between the
National Government and the Lucio Tan Group is available for
reference at the PSE Plaza and PSE Centre Libraries.


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


ASEAN SUPREME: To Wind up Business as NAV Falls Below US$10M
------------------------------------------------------------
The Board of Directors wishes to inform Shareholders that the
net asset value of the Company (NAV) as at February 13, 2003,
being the latest Valuation Day prior to the date of this
Announcement, was US$9,910,134. The NAV per Redeemable
Preference Share was US$4.83.

Voluntary Winding Up

As stated in Article 157(1)(a) of the Articles of Association of
the Company, the Company shall be dissolved if

(1) The net assets of the Company first fall to a sum of
    US$10,000,000 or less; or

(2) The Company receives redemption notices in respect of which
    redemption would result in the net assets of the Company
    falling to US$10,000,000 or less.

Accordingly, the Company must be dissolved.

Winding Up Procedures

A Board of Directors meeting will be convened as soon as
practicable for the Directors to consider the Statement of
Affairs [1], to make the Declaration of Solvency [2], and to
convene an Extraordinary General Meeting (EGM) of the
Shareholders to resolve that the Company be wound up
voluntarily.  The notice of EGM will be issued to Shareholders
thereafter.  In accordance with the provisions of the Companies
Act, the EGM will be held within 5 weeks from the date of the
Declaration of Solvency (that is, the date of the Board
Meeting).  At the EGM, the Shareholders' approval will be sought
(pursuant to a special resolution) for inter alia,

     (i) The voluntary liquidation of the Company,

    (ii) The formal appointment of the Liquidator who will be
         responsible for winding up the Company's affairs and
         distributing the assets of the Company, and for

   (iii) The delisting of the Redeemable Preference Shares.

The Notice of the EGM would be released in due course.

Delisting of the Company In conjunction with the winding up of
the Company, the Company has obtained in principle approval from
the Singapore Exchange Securities Trading Limited (the
SGX-ST) for :

     (i) The delisting of the Redeemable Preference Shares from
         the Main Board of the SGXST pursuant to the voluntary
         liquidation of the Company, and

    (ii) A waiver from compliance with Rule 1307 of the Listing
         Manual in relation to the requirements that

         (1) A reasonable exit alternative, which should
             normally be in cash, should be offered to (a) the
             issuer's shareholders and (b) holders of any other
             classes of listed securities to be delisted and

         (2) The issuer should normally appoint an independent
             financial adviser to advise on the exit offer,
             subject to (a) the NAV of the Company falling to
             US$10 million or less, and (b) Shareholders'
             approval being obtained for the proposed voluntary
             liquidation of the Company.  Such approval from the
             SGX-ST is not to be taken as reflective of the
             merits of the delisting of the Redeemable
             Preference Shares or the voluntary liquidation of
             the Company.

Monthly Redemptions

Prior to the EGM, Shareholders may, subject to the limitation
set out in Article 13(5) of the Articles of Association of the
Company (that is, the Directors may limit the total number of
Redeemable Preference Shares that may be redeemed on any
relevant Valuation Day to 10% of the total number of Redeemable
Preference Shares then in issue), continue with the monthly
redemption of their Redeemable Preference Shares in accordance
with the usual procedures as set out in the Articles of the
Company up to the last Monthly Redemption Calculation Date prior
to the EGM. Redemption notices received in respect of any
Monthly Redemption Calculation Date on or after the EGM Date
will be rejected.

Distribution of Surplus Assets upon the winding up of the
Company Upon the commencement of the winding up proceedings, all
liabilities of the Company will be discharged as soon as
practicable.  After deducting the liquidation expenses, the
surplus assets of the Company will be distributed to
Shareholders in cash in the manner set out in Article 157(2) of
the Company's Articles of Association, that is:

(a) First, in repayment of the nominal amount on the Company's
    Redeemable Preference Shares (if any);

(b) Secondly, in repayment of the nominal amount on Ordinary
    Shares of the Company, (if any);

(c) Thirdly, the Net Assets remaining after repayment of the
    nominal amount on the Company's Redeemable Preference Shares
    and Ordinary Shares shall be distributed equally among the
    holders of the Redeemable Preference Shares Provided Always
    That if the Net Assets remaining for distribution to the
    holders of Redeemable Preference Shares after repayment
    under sub-paragraphs (a) and (b) above exceeds US$1,000,000
    per Redeemable Preference Share, the amount payable under
    subparagraph (d) below to the holders of Nominal Shares
    shall be deducted from the Net Assets first before
    distributing to the holders of the Redeemable Preference
    Shares; and

(d) Fourthly, Provided That the Net Assets remaining for
    distribution to the holders of Redeemable Preference Shares
    after repayment under sub-paragraphs (a) and (b) above
    exceeds US$1,000,000 per Redeemable Preference Share, in
    repayment of the nominal amount on the Nominal Shares.

Singapore Tax Status of the Company

The Company is exempt from Singapore income tax under Section
13C of the Income Tax Act, (Chapter 134). Income derived by the
Company will be tax exempt if it satisfies all the conditions as
specified in the Income Tax (Income From Funds Managed For
Foreign Investors) Regulations. One of the conditions specified
in the Regulations is for the Company to qualify as a "foreign
investor."  As a foreign investor, the Company has to ensure
that no more than 20% of the issued share capital is
beneficially owned, directly or indirectly by shareholders who
are Singapore citizens or tax residents in Singapore (excluding
the percentage owned directly by Government of Singapore
Investment Corporation Pte Ltd and Singapore statutory boards).

If the Directors of the Fund determine that this shareholding
limit may be or has been exceeded, the Company may require the
compulsory transfer or redemption of any Redeemable Preference
Shares upon the giving of at least 5 Business Days prior notice
to the relevant shareholder(s). For the purpose of the Income
Tax Act, (Cap.134), Singapore tax resident is defined:

     (i) In relation to an individual, as a person who in the
         year preceding the year of assessment, resides in
         Singapore except for such temporary absences therefrom
         as may be reasonable and not inconsistent with a claim
         by such person to be resident in Singapore, and
         includes a person who is physically present or who
         exercises an employment (other than a director of a
         company) in Singapore for 183 days or more during the
         year preceding the year of assessment; and

    (ii) In the case of a company or body persons, as a company
         or body of persons the control or management of whose
         business is exercised in Singapore.

As at 13 February 2003, 9.051% of the Company's issued
Redeemable Preference Shares were held by Singapore Tax Resident
Shareholders.  The tax advisors of the Company,
PricewaterhouseCoopers Services Pte Ltd, have advised that the
specified income [4] derived by the Company will continue to be
tax exempt as long as the Company is able to continue to satisfy
all the conditions and requirements specified under the Income
Tax (Income From Funds Managed For Foreign Investors)
Regulations when the Company is being voluntarily liquidated. In
this regard, the Company will take appropriate steps to ensure
that the Company continues to comply with the applicable
conditions and requirements for the tax exemption in the course
of its liquidation.

You may view the original press release through this link
http://bankrupt.com/misc/TCRAP_ASF0215.pdf

For Enquiries: Noraini Latiff
               Asean Supreme Fund Ltd
               Phone: 65 6224 7155

Notes:

[1] The Statement of Affairs of the Company will contain
    information concerning the assets of the Company and the
    total amount expected to be realized from the winding up of
    the Company, the liabilities of the Company and the
    estimated expenses of the winding up.

[2] The Declaration of Solvency is a declaration required to be
    made by the Directors to the effect that they have made an
    inquiry into the affairs of the Company and have formed the
    opinion that the Company will be able to pay its debts in
    full within a period not exceeding 12 months after the
    commencement of the winding up.

[3] Market Day means a day on which the SGX-ST is open for
    securities trading.

[4] The term "specified income" is defined in the Income Tax
    (Income From Funds Managed for Foreign Investors)
    Regulations (Chapter 134, Regulation 8)


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

Date of notice to Company: 13 Feb 2003
Date of change of shareholding: 10 Feb 2003
Name of registered holder: Oversea-Chinese Bank Nominees Private
Ltd
Circumstance(s) giving rise to the interest: Others
Please specify details: Refer to table created below

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

No. of shares which are the subject of the transaction:
% of issued share capital:
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received:
No. of shares held before the transaction:
% of issued share capital:
No. of shares held after the transaction:
% of issued share capital:

Holdings of Substantial Shareholder including direct and deemed
interest
                                           Deemed    Direct
No. of shares held before the transaction: 4,678,474
% of issued share capital:                 5.897
No. of shares held after the transaction:  4,671,174
% of issued share capital:                 5.888
Total shares:                              4,671,174

Shares held in the name of Oversea-Chinese Bank Nominees Private
Ltd Circumstances giving rise to the change: Shares acquired
through exchange transactions

No. of shares of the change: (7,300)
% of issued share capital: (0.009)%

Amount of consideration per share excluding
brokerage, GST, stamp duties, clearing fee: SGD 10.94

No. of shares held before change: 403,313
% of issued share capital: 0.508%

No. of shares held after changed: 396,013
% of issued share capital: 0.499%

EXCEL MACHINE: Hearing on Judicial Management Order Reset
---------------------------------------------------------
STATUS UPDATE ON JOINT PETITION FOR JUDICIAL MANAGEMENT ORDER

The Board of Directors of Excel Machine Tools Ltd wishes to
announce that the joint petition for judicial management order
(the "Petition"), which was heard before the High Court of
Singapore on Friday, has been further adjourned to a future date
to be fixed by the Court.

The Board will make an announcement immediately upon the fixing
of the hearing date of the Petition.


FLEXTECH HOLDINGS: Sets March 3 Extraordinary General Meeting
-------------------------------------------------------------
Notice is hereby given that an extraordinary general meeting of
Flextech Holdings Limited will be convened and held at 1 Kallang
sector #06-01, Kolam Ayer Industrial Park, Singapore 349276 on 3
March 2003 at 11.00 a.m.  For the purpose of considering and, if
thought fit, passing (with or without modification) the
following ordinary resolution:

Ordinary Resolution - Approval For New Share Issue Pursuant To
Placement Agreement And Subscription Agreement

That the allotment and issuance of up to 62,500,000 new ordinary
shares of SG$0.15 each in the capital of the Company at SG$0.16
for each ordinary share, in accordance with the terms of the
following agreements, be and are hereby approved:

(a) The Placement Agreement dated 18 December 2002 entered into
    between the Company and UOB Kay Hian Private Limited; and

(b) The Subscription Agreement dated 18 December 2002 entered
    into between the Company and certain employees of the
    Company and/or its subsidiaries named therein; and that any
    Director be and is hereby authorized to take all such steps,
    and sign and execute all such documents and instruments, as
    he may deem necessary, desirable or expedient in connection
    with the above.

By Order of the Board

Au Sai Chuen
Executive Chairman and Acting Chief Executive Officer

Notes:

[1] A member entitled to attend and vote at the Extraordinary
    General Meeting is entitled to appoint a proxy (or a
    representative in the case of a corporation) to attend and
    vote on his behalf. Such proxy (or representative) need not
    be a member of the Company.

[2] If the appointor is a corporation, the proxy must be
    executed under seal or the hand of its director, attorney or
    duly authorized officer.

[3] The instrument appointing a proxy must be deposited at the
    registered office of the Company at 10 Collyer Quay, #19-08,
    Ocean Building, Singapore 049315 not less than 48 hours
    before the time appointed for holding the Extraordinary
    General Meeting.


PRESSCRETE HOLDINGS: Completes Divestment in IWNC
-------------------------------------------------
Further to the MASNET Announcement No.97 of 2 January 2003, the
Directors of Presscrete Holdings Ltd would like to announce that
Adventure Training Systems (Asia-Pacific) Pte Ltd , which is 85%
owned by the Company has completed the disposal of its 51%
interest in I Will Not Complain Pte Ltd (IWNC) and IWNC has
ceased to be a subsidiary of the Company.

Messrs. Khoo Boo Tat, Wong Meng Khoon and Russell Ian Moy have
resigned as Directors of IWNC.


XPRESS HOLDINGS: Completes Capital Reduction
--------------------------------------------
Further to the announcement released on 5 February 2003 by
Xpress Holdings Ltd, the Board of Directors of the Company are
pleased to announce that following the order of the High Court
of Singapore on 5 February 2003 (the Court Order) confirming the
following (the Capital Reduction):

(a) The reduction in the nominal value of all ordinary shares in
    the capital of the Company, both issued and unissued, from
    $0.05 to $0.01 each by canceling the paid-up share capital,
    which is lost or unrepresented by available assets to the
    extent of $0.04 on each of the 612,000,000 issued and paid-
    up shares; and

(b) The cancellation of the sum of $33,065,182 standing to the
    credit of the share premium account of the Company, such
    that the amount standing to the credit of the Company's
    share premium account will be reduced from $38,540,904 to
    $5,475,722.

A copy of the Court Order was lodged with the Registrar of
Companies and Businesses last Friday.  Accordingly, the Capital
Reduction is now complete and effective.


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


EMC PUBLIC: Gives Bt1.58M Interest Payment to Creditors
-------------------------------------------------------
EMC Power Co., Ltd., pursuant to the approval of EMC Public
Company Limited's Rehabilitation Plan and its appointment to be
the Rehabilitation Plan Administrator of EMC by the Central
Bankruptcy Court on May 15, 2001, reported progress in
implementation of the Rehabilitation Plan from  November 16,
2002 to February 14, 2003, as follows:

1. The Plan Administrator had paid the interest payment on
September 30, 2002, in the amount of Bt1,581,028.17 to the
creditor group 1 and 2.

2.  The convertible bonds amounts of 50,000 units, which will be
converted on June 30 and December 30 of the year. The ratio of
exercising of the conversion right is 1 unit of convertible
bond: 100 ordinary shares. There were no conversions on December
2002.

3. On January 6, 2003, the Plan Administrator registered the
paid-up capital from Bt590,278,160 to Bt592,789,770 by issuing
the additional ordinary shares to the creditor:  Ayudhya
International Factors Co., Ltd., in the number of 251,161
shares.


SIAM SYNTECH: Gains Q202 Profit From Debt Restructuring
-------------------------------------------------------
Siam Syntech Planner Ltd., as the Plan Administrator of Siam
Syntech Construction Public Company Limited, announced that the
Consolidated Financial Statements as of 31 December 2002 and 30
June 2002, show a net profit of Bt33.93 million, which is
decreased by Bt8,422.28 million or 99.60 percent compared to the
same period last year.

This is due to decrease in Sales and service revenues, gain from
debt restructuring and increase in other expenses, which
includes tax expense like assessed penalties and surcharge.

For the period of six months ended 31 December 2000, it shows a
net loss of Bht11.39 million, which is decreased by Bht8,538.75
million or 99.87 percent compared to the same period last year.
This is due to the decreased Sales and service revenues,
gain from debt restructuring and increased in other expenses,
which represents tax expense including assessed penalties and
surcharge.

Below is Siam Syntech Construction's reviewed quarterly
financial statements

                Ending  December 31,            (In thousands)
                    Quarter 2               For 6 Months
           Year     2002     2001            2002        2001

Net profit (loss)   33,931   8,456,210        11,389   8,550,138
EPS (baht)           0.96    3,183.41          0.32    5,600.42


SILVER HOUSE: Files Business Reorganization Petition
----------------------------------------------------
Silver House Company Limited (DEBTOR), engaged in service
business, filed its Petition for Business Reorganization to the
Central Bankruptcy Court:

   Black Case Number 770/2545

   Red Case Number1310/2545

Petitioner: SILVER HOUSE COMPANY LIMITED

Debts Owed to the Petitioning Creditor : 1,075,766,500Baht

Date of Court Acceptance of the Petition : May 14, 2002

Date of Examining the Petition: June 10, 2002 at 9.00 A.M.

Court had issued an order cancelled the Petition for Business
Reorganization

Contact : Ms. Umaporn Tel, 6792525 ext. 142


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 ***