TCRAP_Public/030220.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

          Thursday, February 20, 2003, Vol. 6, No. 36

                         Headlines

A U S T R A L I A

ANACONDA NICKEL: Glencore Manages to Retain Majority Control
BRAMBLES INDUSTRIES: Subject of ASIC Preliminary Probe
BRAMBLES INDUSTRIES: Issues Guide on Treatment of Comparatives
BRAMBLES INDUSTRIES: Posts Notice of Major Interests in Shares
COLES MYER: Analysts Doubt Full-year Forecast Will Hold

GOODMAN FIELDER: Confirms Ongoing Discussions with Takers
GOODMAN FIELDER: Amends Dividend Dates
MAYNE GROUP: U.S. FDA Lifts Warning, Restores Acceptable Status
MIM HOLDINGS: Records Huge Loss in Latest Half-year Report
TASSAL LTD.: Gobbles Up Rival Despite Woes


C H I N A   &   H O N G  K O N G

FRIENDWAY LIMITED: Winding up Hearing Set for March 5
KAI TAK: High Court Schedules Winding up Hearing on March 12
SENCON INVESTMENT: Winding Up Sought; Hearing Set for March 19
TOPFAIR ENGINEERING: Hearing on Winding Up Petition Set


I N D O N E S I A

ASTRA INTERNATIONAL: Wants to Seal Toyota Deal by Month's End
BANK DANAMON: To Get Rid of Government Bonds in Two Years
UNITED TRACTORS: Approval of Debt Plan Likely to be Delayed


J A P A N

TOSHIBA CORPORATION: Enters Agreement With Fujitsu and NEC
GOLF PROMOTION: Golf Course Operator Goes Under
RESONA HOLDINGS: Unit Sells Fixed Assets
SEGA CORPORATION: Revises Financial Results Ending March 2003
SEIBU DEPARTMENT: Seeking Y10B From Four Firms

SHOWA DENKO: Returns to Y13.02B Profit
STANDARD SHOE: Files For Civil Rehabilitation Proceedings


K O R E A

ASIANA AIRLINES: Selling Catering Division To LSG Sky
CHOHUNG BANK: Shinhan Accounting to Undertake Due Diligence
CHOHUNG BANK: Government May Rework Bank Sale
CHOHUNG BANK: Union Calls For Independent Survival
DAEWOO MOTOR: GM Daewoo May Speed Up Bupyong Plant Takeover

KIA STEEL: Sale Fails on Price Dispute  


M A L A Y S I A

BERJAYA SPORTS: Wholly Owned Unit Buys 100,000 More ICULS
BERJAYA SPORTS: B-Land Comes Through with ICULS Redemption
IDRIS HYDRAULIC: Securities Commission OKs Issue Variation
L&M CORPORATION: Unit Ordered to Pay Outstanding Debt
NYLEX BHD: Ordered to Pass New SC-Compliant Restructuring Plan


P H I L I P P I N E S

BAYAN TELECOM: Finalizing Restructuring Deal With Creditors
METRO PACIFIC: Clarifies Agreement With Ayala and Greenfield
NATIONAL BANK: Remittance Business in Tokyo Operating Normally
PHILIPPINE LONG: SEC Issues Pre-Effective Clearance
VICTORIAS MILLING: Set to Pay Creditors

VICTORIAS MILLING: Appoints New Directors


S I N G A P O R E

CHARTERED SEMICONDUCTOR: Reposting of Schedule 13G Filing
CREATIVE TECHNOLOGY: Posts Changes in Shareholder's Interest
FLEXTECH HOLDINGS: Dissolves Dormant Unit
ISOFTEL LTD: Posts Changes in Shareholder's Interest
KOH BROTHERS: Unveils Disposal of Units

LEE KIM: Dormant Unit Enters Liquidation

     -  -  -  -  -  -  -  -  -

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


ANACONDA NICKEL: Glencore Manages to Retain Majority Control
------------------------------------------------------------
American vulture fund, MatlinPatterson, has failed to take
control of Anaconda Nickel, but ended up with 35% of the
company, Asia Pulse said yesterday.

According to the news agency, Glencore International, Anaconda's
majority shareholder managed to retain its position after other
shareholders exercised their entitlements in the rights issue
underwritten by Glencore.  CEO Peter Johnston saw this
development as a vote of confidence for the company.

Asia Pulse said the vulture fund secured 41.7 percent of all
Anaconda's rights and 34.24 percent of its shares.  Glencore, on
the other hand, raised its holdings to more than 40 percent.
Canada's Sherritt International will maintain its 8.8 percent
stake if it exercises its full entitlements in Anaconda's vital
14-for-1 rights issue, the report said.  

"We welcome MatlinPatterson as an investor, it is a good
outcome," Mr Johnston said.  
  
MatlinPatterson's hostile bid won the support of Anglo American,
which tipped in its 24 percent stake, and Andrew Forrest,
Anaconda's former chief executive whose family interests held
around 4.5 percent, the report said.

As underwriter to the issue, Glencore could have lifted its
stake in Anaconda to around 95 percent had other shareholders
chosen not to participate in the issue.  Proceeds of the
transaction will be used in part to repay Anaconda's US
bondholders on February 28.

"We'll pay off our bondholders now, so we will emerge relatively
debt free, we'll have a clean balance sheet, there is a strong
nickel market and we'll get back to being able to focus on
production and costs and running a sound nickel business," Mr.
Johnston told Asia Pulse.

Anaconda holds 60 percent of the Murrin Murrin nickel operation
in Western Australia. Glencore holds the remaining 40 percent.


   
BRAMBLES INDUSTRIES: Subject of ASIC Preliminary Probe
------------------------------------------------------
We wish to advise that, following our 21 November 2002 trading
update, the Australian Securities & Investments Commission is
making preliminary inquiries in relation to comments concerning
Brambles' financial performance during the period 28 August - 28
November 2002.

While no allegations have been made and no new matters have been
raised, we consider it appropriate to keep the market informed.

Brambles will be providing ASIC with every assistance in its
enquiries.

C A van der Laan de Vries
COMPANY SECRETARY

FOR FURTHER INFORMATION, CONTACT:

Sydney Media: Jeannette McLoughlin, Group General Manager,
Corporate Communications
+61 (0) 9256 5255
Mobile 0401 990 425

Investor: Edna Carew, Group Manager Communications
+61 (0) 2 9256 5204

London Investor: Sue Scholes, Head of Investor Relations
+44 (0) 20 7659 6012

The Brambles Industries Group is globally headquartered in
Sydney,
Australia.


BRAMBLES INDUSTRIES: Issues Guide on Treatment of Comparatives
--------------------------------------------------------------
Brambles will be releasing its interim results for the 6 months
to December 2002 at the end of the Sydney trading day on 26th
February 2003. In order to assist understanding of the
underlying business performance, Brambles press release and
presentations to analysts will be made on the basis described
below and comparative data for the 6 months to December 2001
should be adjusted (Schedule 1). The changes are in presentation
only and do not affect the profits of the Group reported last
year.

(a) CHEP - ANALYSIS OF PROFITABILITY BY GEOGRAPHY

An analysis of CHEP's profit by region will be included in
presentations to analysts and will be available on our website.
Schedule 1 attached reflects the following in respect of the
prior half year:

a. Geographic breakdown

b. An allocation of the ongoing accounting harmonisation

c. An allocation of the one off element of the accounting
   harmonisation

For ongoing measurement, the profit after ongoing harmonisation
and described as EBITA on Schedule 1 is the appropriate
comparison of performance.

The context for the changes in presentation is that in February
2002, Brambles Industries announced a harmonisation of
accounting policies within CHEP, affecting pallet depreciation
and loss provisioning. At the same time, there was a write-down
of pallets in the non participating distributor (NPD) channel in
the USA. Full details of these changes can be found in the
Annual Review for the year to June 2002, available on our
website http://www.brambles.com.At the time of this
announcement, CHEP's EBITA (profit before interest, tax and
goodwill amortisation) was not split out by geography and the
effect of the accounting harmonisation on specific regions was
not identified.

Additionally the full year results to June 30th 2002 included
the CHEP harmonisation in operating activities rather than
"operating exceptional items" for UK reporting purposes. The
half year results to December 31st 2001 now reflect the same
treatment.

The post on-going harmonisation figures (EBITA in Schedule 1)
will be used as prior year comparatives to explain trading
movements in the press release and analyst presentations when
results for the current financial year are released.

For reference purposes only, CHEP EBIT by region for the prior
year is included in Schedule 3.

(b) TREATMENT OF BUSINESSES SINCE DIVESTED

As in previous periods and in line with accounting standards,
results for those businesses which have since been divested are
shown as 'Discontinued'. Schedule 2 shows the effect of the
reallocation on the prior year segmental analysis.

(c) USE OF CONSTANT CURRENCY COMPARATORS

The press release and presentations to analysts will measure
financial performance in constant currency. The basis for the
calculation of the constant currency will be the average
exchange rates for the six months to December 31st 2001, which
will be applied to the current period foreign currency results.


Craig van der Laan de Vries
COMPANY SECRETARY

For further information, contact:

SYDNEY
Investor    Richard Manson               +61 (0) 2 9256 5234
            Edna Carew                   +61 (0) 2 9256 5204
Media       Jeannette McLoughlin         +61 (0) 2 9256 5255

LONDON
Investor    Sue Scholes                  +44 (0) 20 7659 6012
Media       Richard Mountain,
            Financial Dynamics           +44 (0) 20 7269 7291


BRAMBLES INDUSTRIES: Posts Notice of Major Interests in Shares
--------------------------------------------------------------
(1) NAME OF COMPANY

Brambles Industries plc

(2) NAME OF SHAREHOLDER HAVING A MAJOR INTEREST

Franklin Resources, Inc and its affiliates

(3) Please state whether notification indicates that it is in
respect
of holding of the shareholder named in 2 above or in respect of
a non-beneficial interest or in the case of an individual holder
if it is a holding of that person's spouse or children under the
age of 18

On behalf of clients of Franklin Resources, Inc and its
affiliates

(4) Name of the registered holder(s) and, if more than one
holder, the number of shares held by each of them

See list appended

(5) Number of shares/amount of stock acquired

Not advised

(6) Percentage of issued class

Not advised

(7) Number of shares/amount of stock disposed

N/A

(8) Percentage of issued class

N/A

(9) Class of security

Ordinary shares of 5p each

(10) Date of transaction

Not advised

(11) Date company informed

14 February 2003

(12) Total holding following this notification

58,455,230

(13) Total percentage holding of issued class following this
notification

8.08%

(14) Any additional information

-

(15) Name of contact and telephone number for queries

Sandra Walters  020 7659 6039

(16) Name of authorised company official responsible for
making this notification

Sandra Walters,
ASSISTANT COMPANY SECRETARY

Date of notification 17 February 2003


DETAILS OF REGISTERED HOLDERS

Bank of New York, London              243,556    0.03%
Chase Nominees Ltd                 48,340,021    6.68%
Citibank Nominees Ltd                 276,871    0.04%
Clydesdale Bank PLC, Glasgow        2,110,322    0.29%
Deutsche Bank AG, London              962,610    0.13%
Northern Trust Company              1,287,809    0.18%
Royal Trust Corp of Canada, London    784,587    0.11%
State Street Nominees Limited       4,449,454    0.62%

Total                              58,455,230    8.08%


COLES MYER: Analysts Doubt Full-year Forecast Will Hold
-------------------------------------------------------
UBS Warburg has cut its forecast for Coles Myer's full year net
profit to AU$426.9 million from AU$431.8 million, after the
retailing giant reported a slower growth rate in the second
quarter, Asia Pulse said yesterday.

According to the brokerage house, the company was too slow to
react to rival Woolworths' petrol strategy.  "Even if Coles Myer
announces a response soon it is difficult to see a bottom line
benefit given there may be a reactive price response by
Woolworths, increasing its discount offer," Nick Wade of UBS
Warburg told Asia Pulse.

Last Friday, Coles Myer reported that second quarter sales grew
at a slower rate of 4.1 percent to AU$7.5 billion (US$4.43
billion), below analysts forecasts.  As a result, shares of the
company slipped to five-month lows.

According to the report, management blames the below expected
results on the pulling power of discount fuel offered by rival
Woolworths Ltd.  Retail analyst at Tolhurst Noall, Warren
Jeffries, agrees.  He said he is sticking to his earnings
forecast in the upper range of Coles Myer's forecast, at least
until he sees the half year results next month.

"They have said everything is on track to achieve what they
forecast.  They say margins are holding together so we will have
to wait and see," Mr. Jeffries said.  He said Coles Myer
attributed a lot of that second quarter sales loss to heavy
promotion by Woolworths of their petrol offer.

Meanwhile, Coles Myer food and liquor chief Alan Williams said
the division was on track to deliver double-digit profit growth
for the first half after sales grew 5.3 percent in the half and
3.4 per cent in the second quarter.

"This profit is sustainable. Earnings growth has been
underpinned by very disciplined approach to the fundamentals,"
Mr. Williams told Asia Pulse.

FW Holst analyst David Spry believes Coles Myer's full year net
profit will come in at the lower end of the guidance range: "It
looks a touch wobbly and I will probably get around to pruning
it a little but not significantly below the forecast range."

"The market is saying there are likely to be downgrades and
there are some already occurring.  Coles Myer is at a critical
phase, they really need to make sure food and liquor doesn't
decline any further because it constitutes the major portion of
earnings," Mr. Spry told Asia Pulse in an interview.


GOODMAN FIELDER: Confirms Ongoing Discussions with Takers
---------------------------------------------------------
In response to media speculation, Goodman Fielder confirmed
Tuesday that it continues to explore various alternatives to
enhance shareholder value.

These alternatives include ongoing discussions in relation to
possible transactions.

If any material outcome results from these discussions or if all
discussions terminate, then Goodman Fielder will advise its
shareholders via an announcement to the Australian Stock
Exchange.

Goodman Fielder is a leading retail branded food company in
Australasia and the Pacific with icon brands including Uncle
Tobys, Meadow Lea, Mighty Soft, White Wings, Quality Bakers,
Pampas, Praise, Helga's, Flame and Bluebird.

Goodman Fielder is the subject of an unsolicited takeover bid by
Burns Philp.

FURTHER INFORMATION:

INVESTOR RELATIONS
Lina Melero Nichele  phone (61) 2 8874 6095, mobile (61) 401 700
000

MEDIA RELATIONS
Stephen Ellaway  phone (61) 2 8874 6064, mobile (61) 401 700 151

RETAIL SHAREHOLDERS

Retail shareholders information line 1800 242 200 or for callers
from
outside Australia +61 2 9207 3697 (Monday to Friday, 8am to 6pm
AEST).


GOODMAN FIELDER: Amends Dividend Dates
--------------------------------------
The Company advises that the Record date for the Special
Dividend announced by Goodman Fielder on 19 February 2003 has
been amended, at the request of the Australian Stock Exchange.

The new Record date is now Friday 7 March 2003.  The payment
date remains at 11 April 2003.

I M Gilmour
COMPANY SECRETARY


MAYNE GROUP: U.S. FDA Lifts Warning, Restores Acceptable Status
---------------------------------------------------------------
Mayne Group Limited advised Monday that it had received formal
notification from the United States Food and Drug Administration
(FDA) confirming that the warning letter received in November
2002 has been lifted, now placing the Mulgrave facility in
'Acceptable' status.

This follows a full investigation and report by Mayne in regard
to the FDA concerns, culminating in discussions in Washington
with the FDA. These discussions emphasized Mayne's commitment to
sustainable compliance with current Good Manufacturing Practice,
including the establishment of a global quality unit.

The lifting of the status allows the company to continue with
programs for new product approvals in the US market.

Mayne's Group Managing Director and Chief Executive Officer,
Stuart James, said that he was pleased with the company's
ability to promptly address the issues raised in the warning
letter.

"Our dialogue with the FDA was very productive and in a little
over two months we have been able to resolve this matter,
allowing our business to progress with minimum disruption," Mr
James said.

Mayne has businesses in pharmaceuticals (the manufacture of oral
and injectable pharmaceuticals for distribution to more than 50
countries), health-related consumer products, health services
(pathology, diagnostic imaging, medical centres and pharmacy
services) and hospitals. Mayne, which is listed on the
Australian Stock Exchange, has a presence in 50 countries and
more than 26,000 employees.

Media inquiries:       Investor inquiries:

Rob Tassie             Cameron Fuller
Ph: 03 9868 0886       Ph: 03 9868 0968
Mb: 0411 126 455       Mb: 0417 338 953


MIM HOLDINGS: Records Huge Loss in Latest Half-year Report
----------------------------------------------------------
Brisbane-based mining house, MIM Holdings Ltd., has turned its
year earlier net profit of AU$21 million for the six months to
December into a gaping hole on its income statement for the same
period in 2002.

According to Asia Pulse, the company absorbed a staggering
AU$204.8 million net loss in the six months to December 31,
2002.  The report did not say what triggered the huge loss.

Despite this, the company is expecting the current half to be
better. "If commodity prices and exchange rates remain broadly
in line with current levels, the June half 2003 financial
results for continuing operations is expected to be
significantly better than that of the December half 2002," MIM
said in a statement.

"The current half will see a continuation of the strategy of
improving operations and pursuing capital efficient growth and
diminishing currency hedging and European losses," the statement
reads.

MIM said the proposal to close the loss making Avonmouth zinc
smelter was in the final consultation phase.  "Closure of
Avonmouth would provide the opportunity to streamline the
Northfleet operation where the smelter's by-product lead is
currently refined."

The company, meanwhile, anticipates increased copper production
at Mount Isa in the June half.  A copper ISASMELT rebrick is
scheduled for the September quarter although preparations have
been made should an earlier rebrick be required, MIM said.

"In lead-zinc, progressive implementation of a revised min plan
at George Fisher will allow production rates at George Fisher to
be increased to an annualised rate of 2.2 mt/yr by mid calendar
2003, improving unit costs and consequently financial
performance," the company said.

At Ravenswood, MIM said the immediate focus was optimising the
recently expanded Sasfield pit and ore benefication plant.

"At the gold processing plant, the recent expansion to around 5
mt/yr, when combined with the planned acquisition of Haoma's
interest in the plant should treble pre expansion capacity
available to MIM," the company said.

"Ravenswood expects to lift FY2004 gold output to 200,000 ozs,
with potential for further expansion."

MIM said it has a pipeline of potential growth projects which
would be prioritised on the basis of their investment returns
and scheduled to ensure acceptable shareholder returns.

"At the Newlands coal mine, work will continue on the new
Northern Underground and acquisition of additional dragline
capacity to increase open cut production while the greenfield
Rolleston thermal coal project is approaching the final
approvals stage," MIM said.  "Mount Isa operation will continue
feasibility work on early development of open pit mining to lift
copper production."


TASSAL LTD.: Gobbles Up Rival Despite Woes
------------------------------------------
Tassal Ltd., which is currently under receivership, made some
sort of history when it recently acquired smaller rival, Nortas,
forming Australia's largest Atlantic salmon producer, Asia Pulse
said yesterday.

Citing Tassal receiver and manager Mark Ryan, Asia Pulse said
this is the first time in Australia that a company placed under
receivership has taken over a competitor.  Workers, however,
could only be happier since this means that their jobs are now
more or less secure.

"What this does for the future of Tassal is significantly
improve security for employees, which I think is paramount
here," Mr. Ryan told Asia Pulse.  "We have 630 employees working
for the Tassal entity now, which is... one of the largest
employers in Tasmania."  

"What this does by putting the two businesses together is create
a sustainable business that, on a worldwide scale, is very
attractive to international buyers," he added.

Producing about 8,000 tonnes of Atlantic salmon and trout a
year, the revitalised Tassal is hoping to deliver AU$4 million
(US$2.36 million) in profitability within the first few months.

Nortas principal Richard Doedens, in a separate interview, told
Asia Pulse the cost efficiency and profitability of Nortas made
it an ideal acquisition for Tassal.

"The industry has grown up with a lot of little players and
those little players have already amalgamated and formed larger
groups," he said, adding that he believed the only real future
for Nortas was to amalgamate with a larger operator to create a
more competitive entity.

"Salmon is becoming a very important protein source, therefore
around the world very large operators now own salmon farming
companies.  This new entity formed now is not large on a world
scale. It's large for our local scene," Mr. Doedens said.

The combined company, which accounts for 65 percent of
Tasmania's salmon industry, estimates its annual turnover at
AU$100 million (US$59.02 million) with an annual profit of up to
AU$11 million (US$6.49 million), Asia Pulse said.

Tassal was placed in receivership last June with an annual loss
of AU$10 million (US$5.9 million) and debt of AU$33 million
(US$19.48 million), the news agency added.


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


FRIENDWAY LIMITED: Winding up Hearing Set for March 5
-----------------------------------------------------
The High Court of Hong Kong will hear on March 5, 2003 at 9:30
in the morning the petition seeking the winding up of Friendway
Limited.

Yim Wai Hing of Room 2604, 26/F., Koon Yat House, Choi Wan
Estate, Kowloon, Hong Kong filed the petition on January 8,
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.


KAI TAK: High Court Schedules Winding up Hearing on March 12
------------------------------------------------------------
Kai Tak Palace Co., Limited faces a winding up petition, which
the High Court of Hong Kong will hear on March 12, 2003 at 10:00
in the morning.

Chan Ying Kau of Room 3424, 34/F., Fook Wo House, Tai Wo Estate,
Tai Po, New Territories, Hong Kong filed the petition on January
20, 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.


SENCON INVESTMENT: Winding Up Sought; Hearing Set for March 19
--------------------------------------------------------------
A petition seeking the winding up of Sencon Investment Limited
is scheduled for hearing before the High Court of Hong Kong on
March 19, 2003 at 9:30 in the morning.

Chan Shun Kwong of Room 1911, Tsui Hong House, Tsui Wan Estate,
Chai Wan, Hong Kong filed the petition on January 22, 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.


TOPFAIR ENGINEERING: Hearing on Winding Up Petition Set
-------------------------------------------------------
The High Court of Hong Kong will hear on March 12, 2003 at 10:00
in the morning the petition seeking the winding up of Topfair
Engineering Limited.

Tung Kwong of Room 921, 9/F., Leung Wah House, Leung King
Estate, Tuen Mun, New Territories, Hong Kong filed the petition
on January 17, 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.


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


ASTRA INTERNATIONAL: Wants to Seal Toyota Deal by Month's End
-------------------------------------------------------------
Restructuring Astra International is intent on selling its
majority stakes in PT Toyota Astra Motor to its Japanese
principal, Toyota Motor Corporation, by the end of the month,
says Asia Pulse.

Although Astra President Budi Setiadharma admits that there is
no significant development in talks with the Japanese carmaker,
the company intends to dispose of the stake at all cost so that
it can focus more on car distribution, the news agency said.

The deal is estimated at US$270 million, but a conclusion to the
talks has been delayed due to disagreement over the price.

In a separate report citing Finance Director John Slack, AFX-
Asia said the company will sign today a memorandum of
understanding in relation to the stake sale.  Mr. Slack told
AFX-Asia that Astra is proposing to sell a 46% stake in the
joint venture, retaining just 5%.

The divestment is not expected to help the company raise cash
for debt repayment.  Mr. Slack said the MoU is a non-binding
agreement but it will help both sides to speed up the
negotiations.

"It is an indication that we are seriously discussing the terms
of the sale," he said.  Unlike the source of Asia Pulse, Mr.
Slack said he expects the deal to be concluded in the third
quarter.


BANK DANAMON: To Get Rid of Government Bonds in Two Years
---------------------------------------------------------
Bank Danamon plans to dispose its remaining IDR15.6 trillion
government bonds within the next two years, says Asia Pulse, by
offering it in the secondary market and through mutual fund
scheme.

In an interview with Asia Pulse, bank Director Krisna Suparto
said part of the bonds will be used in asset to bond swap to
acquire credit assets controlled by IBRA, the government rescue
vehicle that owns 99% of the bank.

The government issued bonds valued at hundreds of trillions of
rupiahs since 1999 to recapitalize a number of ailing banks
including Bank Danamon in the wake of the monetary crisis in
late 1997.  In 2000, Bank Danamon still held IDR47.2 trillion in
recapitaization bonds, Asia Pulse said.


UNITED TRACTORS: Approval of Debt Plan Likely to be Delayed
-----------------------------------------------------------
Thomas Aslim, investor relations manager of PT United Tractors,
disclosed recently that the company will not be able to complete
its debt restructuring by March.

In an interview with Asia Pulse, Mr. Thomas cited difficulty in
getting the approval of creditors as the major reason for the
delay.

"Therefore, the process could not be completed in short time.
Realistic estimate for the completion will be June," Mr. Thomas
told Asia Pulse.

Originally management had hoped to thrash out talks on the debt
restructuring in March to come at the close of the book year for
its Japanese creditors, the news agency said.  The company
defaulted on the repayment of a US$88 million debt maturing last
year prompting it to seek a second debt restructuring.


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


TOSHIBA CORPORATION: Enters Agreement With Fujitsu and NEC
----------------------------------------------------------
Fujitsu Microelectronics Europe, NEC Electronics Corporation and
Toshiba Corporation announced that they have reached an
agreement on common specifications for Pseudo Static Random
Access Memory (PSRAM) devices that feature burst mode function
enabling fast access operation. Each of the three companies will
independently manufacture and market PSRAM products based on the
common specifications, which are to be called Common
Specifications for Mobile RAM (COSMORAM), with product
introduction expected to begin in the first half of fiscal 2003.

In September 1998, the three firms promulgated common
specifications for stacked multi-chip packages (MCPs) that
include both flash memory and SRAM. Then in March 2002, it was
announced that the three companies agreed on common
specifications for PSRAMs that feature page mode function,
forming the basis for a common spec for the page mode PSRAM and
stacked MCPs that include the PSRAM. Defining user-interface
specifications for high-speed, high-density PSRAMs resolved
compatibility problems, thereby allowing customers to
efficiently implement the PSRAM devices of all three firms.

The trio of companies has now expanded the agreement to include
common specifications for a burst mode PSRAM user interface and
the stacked MCPs that house the PSRAMs. Burst mode function
enables high-performance operation superior to fast page mode,
making it ideally suited to respond to the high-speed processing
needs of next-generation cell phones and other mobile equipment,
such as PDAs.

Because the specifications for burst mode PSRAM, much like those
adopted for page mode PSRAM, standardize the basic electrical
properties, packaging and pin layout, customers will benefit
from a uniform design format, eliminating the need to customize
designs for each product. This advantage will help shorten the
design cycle and dramatically improve design efficiency. In
addition, since the three companies are using common specs, they
can also act as alternative sources for each other, helping to
ensure a stable market supply.

The COSMORAM specifications for burst mode PSRAM user interface
cover:

- Densities
- Supply voltage range
- Control pin names
- Truth table
- Partial refresh function (refresh size and corresponding base
address assignment)
- Burst mode function (burst length and corresponding
addressing)
- Mode register defaults
- Mode-register setting method
- Power-on sequence
- Pinouts
- Packaging

Trademark notice

All product names and proper names mentioned in this document
are trademarks or registered trademarks of their respective
firms.

Fujitsu Microelectronics Europe http://www.fme.fujitsu.comis a  
major supplier of semiconductor products to the European and
global market. The Company's main business focus is on providing
systems solutions to the networking/telecommunications, mobile
communications, automotive and multimedia markets.

Fujitsu offers a broad range of semiconductor devices, including
telecommunications ICs, RF devices, MPEG encoders and decoders,
microcontrollers, graphic display controllers and
microprocessors, FCRAMs and Flash memory. The Company is also a
leader in colour plasma display panels.

NEC Electronics Corporation http://www.necel.comis a wholly  
owned subsidiary of NEC Corporation, one of the world's leading
providers of Internet, broadband network and enterprise business
solutions. NEC Electronics specialises in semiconductor products
encompassing advanced technology solutions for the broadband and
communications markets, system solutions for the mobile
handsets, PC peripherals, automotive and digital consumer
markets, and platform solutions for a wide range of customer
applications. NEC Electronics Corporation has 24 subsidiaries
worldwide including NEC Electronics America, Inc. and NEC
Electronics (Europe) GmbH.

Toshiba Corporation http://www.toshiba.co.jpis a leader in  
information and communications systems, electronic components,
consumer products, and power systems. The Company's integration
of these wide-ranging capabilities assures its position as a
leading Company in semiconductors, displays and other electronic
devices. Toshiba has 176,000 employees' worldwide and annual
sales of over US$40 billion.

The Troubled Company Reporter-Asia Pacific reported that Toshiba
in the three months to December 31 had a loss of 84.9 billion
yen ($636 million) versus a net income of Y11.1 billion in the
year- earlier period. Consolidated sales fell 14 percent to Y1.2
trillion from Y1.39 trillion.


GOLF PROMOTION: Golf Course Operator Goes Under
-----------------------------------------------
Japan Golf Promotion Inc. filed for court protection from
creditors on Tuesday with total liabilities of 360 billion yen,
Kyodo News reports.

The biggest golf course in Japan, took the legal action together
with the state-run Resolution and Collection Corp (RCC), its
main creditor, with the Osaka District Court under the fast-
track Civil Rehabilitation Law. RCC has some 80 billion yen in
claims on Japan Golf Promotion.


RESONA HOLDINGS: Unit Sells Fixed Assets
----------------------------------------
Asahi Bank Limited (Asahi Bank, President: Yukio Yanase), one of
the banking subsidiaries of Resona Holdings, Inc. (Resona HD)
decided to assign the following fixed assets and sold them.

Details are announced as follows:

1. Fixed Assets Sold

Location: 11-1 Kamiaso 1-chome, Aso-ku, Kawasaki-shi
Land: 40,041 square meters
Building Total floor space: 1,170.38 square meters
Book Value (after revaluation): 10.3 billion yen
Transfer Price: 7.0 billion yen
Loss on Transfer: 3.5 billion yen
Settlement: Entire amount settled by cash

* The expense related to the sale is approximately 0.2 billion
yen. Acquisition cost of the land is 0.1 billion yen and the
book value of the building is 0.1 billion yen, respectively.
Total taxable gain on transfer is 6.5 billion yen.

2. Outline of Assignees

Name: Sekisui House, Ltd.
Address: 1-88, Oyodonaka 1-chome, kita-ku, Osaka
Representative: Isami Wada
Name: Tokyu Land Corporation
Address: 21-2, Dogenzaka 1-chome, Shibuya-ku, Tokyo
Representative: Masatake Ueki

* To be purchased and owned by the two companies.

3. Date of Assignment: February 17, 2003

4. Reason for the Assignment

As part of the reviews of welfare provisions for reducing idle
assets, Asahi Bank decided to dispose of the assets specified
above.

5. Impact of the Assignment on Forecasted Earnings

The loss on transfer will not affect the earnings forecast for
the fiscal year ending March 31, 2003, which was announced on
February 12, 2003.

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

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


SEGA CORPORATION: Revises Financial Results Ending March 2003
-------------------------------------------------------------  
Sega Corporation has revised its results forecasts for the year
ending March 31, 2003, which were initially announced on
November 20, 2002. Details of the revisions are as follows.

1. Revisions to the Consolidated Results Forecasts for the Year
Ending March 31, 2003

(1) Results Forecasts for the Year (April 1, 2002, to March 31,
2003)

Millions of yen

                          Net Sales    Recurring Profit   Net
Income
Initial Forecast (A)   200,000          9,000           5,000
Revised Forecast (B)   195,000          6,000           500
Difference (B-A)       (5,000)        (3,000)           (4,500)
Differential Ratio (%) (2.5)          (33.3)            (90.0)
Previous Year          206,334        12,471            (17,829)

The documents or audiovisual files that you are going to access
may contain information subject to the regulation concerning
insider trading in Securities Transaction Regulation No. 166. If
you trade equity-related securities, including derivative
instruments, of the Company within 12 hours of the announcement
(before Feb. 14, 2003, 3:00JST) of related information, you may
violate the insider trading regulation.

2. Revisions to Non-Consolidated Results Forecasts for the Year
Ending March 31, 2003

(1) Results Forecasts for the Year (April 1, 2002, to March 31,
2003)

Millions of yen

                     Net Sales   Recurring Profit  Net Income
(Loss)
Initial Forecast (A)  100,000         2,000            1,000
Revised Forecast (B)  97,000          1,800             (3,000)
Difference (B-A)      (3,000)         (200)            (4,000)
Differential Ratio (%)(3.0)           (10.0)               -
Previous Year         106,550         4,718            (20,766)

3. Reasons for Revisions to the Consolidated Results Forecasts

The main reason for the revised forecast is due to factors
concerning the consumer business. SEGA forecasts that sluggish
sales of "NFL 2K3," which was launched in the first half in the
North America market, will have a big effect on our earnings.

At the end of the first half of this fiscal year, SEGA adjusted
its accounting procedures to lower the product price, which took
effect from the beginning of the holiday season.

However, in the forth quarter, the sales units seem to be much
lower than our target. The sales volume of "NBA 2K3," which was
launched in the second half, seems to be lower than our sales
target, although SEGA anticipates it will retain in the No. 2
position in this category in the North America market.

In addition, in the domestic market, the release of "Initial D
special stage (PS2)" and "J.LEAGUE Let's make a professional
soccer Club! 3(PS2)" are quite certain to be delayed to next
fiscal year. Turning to the amusement business, regarding the
amusement machine sales and the amusement center operations,
SEGA forecasts that we will maintain our excellent condition, by
riding on the strength of our product ability and operation
know-how.

Significantly, we forecast that amusement machine sales will
exceed our targets. That being stated, however, with the present
circumstance of economic slump and continuation of deflation,
the domestic economic situation seems unstable.

As a result of these factors, SEGA anticipates 195 billion yen
in consolidated net sales, 6 billion yen in consolidated
recurring profit, and 0.5 billion yen in consolidated net income
for fiscal year 2003.

4. Future Tasks and Reforming Measures

Regarding the consumer business, we are fully aware of the
problems, including those in development systems, sale s
structures and cost calculation. We are thus taking corrective
action in Japan, North America and Europe. Regarding the
amusement business, we will keep strengthening our revenue base.

5. Reasons for Revisions to the Non-Consolidated Results
Forecasts

Revisions were made to SEGA's non-consolidated results forecasts
for the same reasons listed above regarding revisions to the
consolidated results forecasts, with regard to the amusement
machine sales, and consumer business, particularly domestic
sales. We anticipate an extraordinary loss of 4.7 billion yen,
consisting of allowance for investment loss for North American
subsidiary.

SEGA Corporation www.sega.jp, formerly known as SEGA
Enterprises, Ltd., was founded in 1951 and incorporated in 1960.
The Company is a world leader in high-tech entertainment and is
affiliated to CSK Corporation, which holds 19.52 percent of
issued stock. The Company's principal activity is manufacturing
of games and toys. Operations are carried out through the
following divisions: Consumer Products (toys, hardware and
software for home-video games systems and portable games);
Amusement Machines (Coin-operated amusement machines); Amusement
Centres (operator of amusement centres and distributor of
amusement machines). Consumer products accounted for 55 percent
of fiscal 2000 revenues; Amusement centres, 23 percent and
Amusement centre operations, 22 percent.

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

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

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

Contact:
Shoichi Yamazaki, Officer
Corporate Planning Division
+81-3-5736-7071


SEIBU DEPARTMENT: Seeking Y10B From Four Firms
----------------------------------------------
Seibu Department Stores Limited will ask four companies and the
Development Bank of Japan to purchase a combined 10 billion yen
in new shares to be issued by the ailing Company, Nihon Keizai
Shimbun and Kyodo News reported on Tuesday.

The four firms are Sogo Inc., Mizuho Investors Securities Co,
Seibu Railway Co and trading house Itochu Corporation.

The Company will ask Sogo to buy 5 billion yen in new shares,
Mizuho Investors 2 billion yen, and Seibu Railway, Itochu and
the government-affiliated bank 1 billion yen each, the report
said.


SHOWA DENKO: Returns to Y13.02B Profit
--------------------------------------
Chemical maker Showa Denko KK reported a net profit of 13.02
billion yen in the year ending December 31, versus a loss of
34.26 billion yen a year earlier, due to cost-cutting efforts as
well as one-off gains from unit sales, according to Kyodo News.

Sales fell 4.9 percent to 674.02 billion yen, the report said.

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

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

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


STANDARD SHOE: Files For Civil Rehabilitation Proceedings
---------------------------------------------------------
Resona Holdings, Inc. (Resona HD) announced that Standard Shoe
Co. Limited, which is a customer of its subsidiary bank, The
Daiwa Bank Limited (Daiwa Bank, President: Yasuhisa Katsuta),
filed an application for commencement of civil rehabilitation
proceedings with the Tokyo District Court. As a result of this
development, there arose a concern that its claims to the
Company may become irrecoverable or their collection may be
delayed. Details were announced as follows:

1. Outline of the Company

(1) Name: Standard Shoe Co., Ltd.
(1) Address: 10-2 Ningyocho 3-chome, Nihonbashi, Chuo-ku, Tokyo
(2) Representative: Shizuo Nagai
(3) Amount of capital: 200 million yen
(4) Line of business: Sales of shoes

2. Fact Arisen to the Company and Its Date
The Company filed an application for commencement of civil
rehabilitation proceedings with the Tokyo District Court on
February 14, 2003.

3. Amount of Claims to the Company

Daiwa Bank: Loans 2.7 billion yen
Other banking subsidiaries of Resona HD, Asahi Bank, Kinki Osaka
Bank and Nara Bank have no claims to the Company.

4. Impact of This Development on the Forecasted Earnings of
Resona HD

This development does not affect the earnings forecast of Resona
HD for the fiscal year ending March 31, 2003, which was
announced on February 12, 2003.


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


ASIANA AIRLINES: Selling Catering Division To LSG Sky
-----------------------------------------------------  
Asiana Airlines will sell its catering division to LSG Sky
Chefs, a food-service subsidiary of Lufthansa Airlines for 6.5
billion won (US$54.01 million), as part of its restructuring
scheme, the Korea Herald said on Tuesday.

The airline will maintain a 20 percent share of ownership in the
subsidiary and have an active hand in its management.

LSG Sky is the world's top in-flight food-service provider,
delivering meals to 260 airlines in 45 countries.

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


CHOHUNG BANK: Shinhan Accounting to Undertake Due Diligence
-----------------------------------------------------------
Shinhan Accounting Corporation has been selected by the Korea
Deposit Insurance Corporation (KDIC) to carry out due diligence
on Chohung Bank, Asia in Focus said on Tuesday.

Shinhan Accounting, a member of the RSM International Group of
accounting, auditing and consulting companies, is not connected
in any way to the Shinhan Financial Group, the KDIC said.

Samjong KPMG Inc. and Anjin & Co. will also take part in the
examination of the lenders assets, liabilities and future
potential.

Anjin is a partner of Deloitte Touche Tohmatsu (DTT) and has
ties with CHB, while Samjong, a member of the Swiss-based KPMG
International, is connected to the Shinhan Financial Group.


CHOHUNG BANK: Government May Rework Sale of Bank
------------------------------------------------
The government may rework its plan to sell Chohung Bank (CHB) to
a private investor, Asia Times reports.

The report said the Korea Deposit Insurance Corporation (KDIC)
is likely to sound out whether the bank could stand on its own
via another round of due diligence by an independent
institution, as well as to set the proper sale price.


CHOHUNG BANK: Union Calls For Independent Survival
--------------------------------------------------
The labor union of Cho Hung Bank once again called for the
bank's independent survival, re-igniting the dispute over the
sale of the government-owned bank, according to Digital Chosun
on Tuesday.

An unnamed labor union official said that the government's
appointment of a third-party asset evaluation firm for the bank
has been made not to speed up the sale of the bank but to judge
whether the bank could stand on its own feet. The official also
said that he believed that the President-elect does not have any
intention of bulldozing the sale.

The union and the Korea Financial Industry Union, an umbrella
union of the financial organization, claimed the same day that
when the new government is inaugurated later this month, the
issue of the Cho Hung sales would be sent back to its drawing
board.

The ruling Millennium Democratic Party (MDP) and the
Presidential transition committee for President-elect Roh,
however, said that they would proceed with the sales of
government-owned banks according to the original schedule.


DAEWOO MOTOR: GM Daewoo May Speed Up Bupyong Plant Takeover
-----------------------------------------------------------
GM Daewoo Auto & Technology Co., the automaker set up by General
Motors Corporation, may acquire Daewoo Motor Co.'s Bupyong plant
earlier than expected, Bloomberg and the Maeil Newspaper
reports.

Bupyong was excluded from the list of assets General Motors took
over from Daewoo Motor in April 2002. Under the takeover
agreement, the world's biggest automaker said it may buy the
plant within six years if its conditions are satisfied.


KIA STEEL: Sale Fails on Price Dispute  
--------------------------------------
The sale of Kia Steel, which is under bank receivership, came to
a failure again due to price disputes, the Maeil Business
Newspaper said on Monday.

Haewon Steeltech Co. Ltd.'s bidding price, which was reportedly
380 billion won, couldn't satisfy creditors, the report said.


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


BERJAYA SPORTS: Wholly Owned Unit Buys 100,000 More ICULS
---------------------------------------------------------
The Board of Directors of Berjaya Sports Toto Bhd wishes to
inform that its wholly owned subsidiary, FEAB Properties Sdn Bhd
has purchased ICULS in the company as follows:

(1) Date of Purchase: 19 February 2003

(2) Number of ICULS Purchased: 100,000

(3) Minimum price paid for each ICULS: RM2.98

(4) Maximum price paid for each ICULS: RM3.00

(5) Total consideration paid: RM299,685.48

(6) Total number of ICULS held to-date: 15,100,000

(7) Cumulative consideration: RM44,680,178.96
    paid to-date

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


BERJAYA SPORTS: B-Land Comes Through with ICULS Redemption
----------------------------------------------------------
Further to the announcement on 24 September 2002, Commerce
International Merchant Bankers Berhad, on behalf of the Board of
Directors of Berjaya Sports Toto Bhd, is pleased to announce
that Berjaya Land Berhad (B-Land) has fulfilled its undertaking
in respect of the redemption of a minimum of RM192.374 million
nominal value of ICULS, comprising 50% of the ICULS beneficially
owned by the B-Land Group. The B-Land Group would have a total
of RM199,870,486 nominal value of ICULS free from encumbrances,
before the disposal of an aggregate of RM40,226,000 nominal
value of ICULS on 27 January 2003 and 29 January 2003. The ICULS
were disposed of at an average price of RM3.03 per BToto ICULS,
with the entire net proceeds being applied towards part
repayment of the outstanding inter-company advances owing to
BToto.

Accordingly, as at to date, the B-Land Group beneficially owns a
balance of RM159,644,486 nominal value of ICULS which are free
from encumbrances.


IDRIS HYDRAULIC: Securities Commission OKs Issue Variation
----------------------------------------------------------
We refer to the announcements dated 13 July 2000, 17 August
2000, 11 January 2001, 21 February 2001, 9 March 2001, 19 June
2001, 28 June 2001, 7 August 2001, 22 August 2001, 8 September
2001, 10 June 2002, 1 October 2002, 25 October 2002 and 27
December 2002 on the above.

On behalf of Idris Hydraulic (Malaysia) Bhd, Commerce
International Merchant Bankers Berhad wishes to announce that
IHMB had on 8 and 10 January 2003 applied to the Securities
Commission for a variation to the issuance of 150,000,000 new
ordinary shares of RM1.00 each (Newco Shares) in Idaman Unggul
Sdn Bhd (Newco) in two tranches comprising 28,300,207 Newco
Shares and 121,699,793 Newco Shares, as approved by the SC via
their letter dated 27 September 2002 and announced on 1 October
2002, to one tranche comprising the entire 150,000,000 Newco
Shares. The said variation will result in Newco not complying
with the public spread requirement at the time of issuance of
the entire 150,000,000 Newco Shares and SC's approval was sought
to allow the public spread of Newco to be met within a period of
six (6) months from the listing date of the 150,000,000 new
Newco Shares.

In respect of the above, CIMB is pleased to announce, on behalf
of IHMB that the SC had via its letter dated 17 February 2003,
approved the variation to the implementation method of the
issuance of Newco Shares as mentioned above, subject to the
condition that Newco obtains the approval of Kuala Lumpur Stock
Exchange ("KLSE") for the listing of Newco Shares on the KLSE,
and if the KLSE approval is obtained, that Newco will meet the
public spread requirement within six (6) months from the date of
the listing mentioned.


L&M CORPORATION: Unit Ordered to Pay Outstanding Debt
-----------------------------------------------------
The Special Administrators of L & M Corporation (M) Bhd hereby
announce that on 18 February 2003, L & M Geotechnic Sdn Bhd, a
wholly owned subsidiary of L&M, was served with a notice
pursuant to Section 218 of the Companies Act, 1965, to claim for
payment of an amount of RM55,792.78 owed by LMG to Supermix
Concrete (Malaysia) Sdn Bhd. A judgment order was obtained by
Supermix from the High Court of Malaya in Shah Alam on 3 October
2002.


NYLEX BHD: Ordered to Pass New SC-Compliant Restructuring Plan
--------------------------------------------------------------
The Securities Commission has rejected the restructuring
proposal of Nylex Bhd, citing non-compliance to its existing
policies and guidelines.

In an announcement on Tuesday, Ancom Bhd -- which is Nylex's
controlling shareholder -- said the SC had rejected an
application by Nylex for a waiver for the departure of the
guidelines.

As part of its restructuring plan, Nylex proposed a capital
reduction plan that would effectively have resulted in splitting
the par value of Nylex's shares from the existing RM1 per share
to 50 sen per share, The Edge said.  As this had not conformed
to the SC's guidelines, the company had applied for a waiver but
the application was rejected.

"In this regard, Nylex is required to furnish a revised proposed
reorganisation scheme to the SC for their further consideration.
The company will make an announcement in relation to the revised
proposed restructuring scheme by Nylex in due course," the
company said.

Nylex is a 51.94 per cent subsidiary of Rhodemark Development
Sdn Bhd, which in turn is a 50.10 percent owned subsidiary of
Ancom.


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


BAYAN TELECOM: Finalizing Restructuring Deal With Creditors
-----------------------------------------------------------
Bayan Telecommunications Inc. (BayanTel) is finalizing its debt
restructuring agreement with creditor banks and bondholders by
the middle of this year, Business World reports.

BayanTel is restructuring some $477 million in obligations, $277
million of which is owed to banks and $200 million to
bondholders. About five percent, or $26 million, of the bank
loans and all the bonds are unsecured.


METRO PACIFIC: Clarifies Agreement With Ayala and Greenfield
------------------------------------------------------------
Metro Pacific Corporation, with reference to a request for
clarification from the Philippine Stock Exchange (PSE) with
regards to news articles dated 13th February 2003 that appeared
in various newspaper:

1. "First Pacific sees April turnover of Ft. Boni to Ayala
Group" as published in the 13th February issue of the Manila
Standard.

As the investing public may be aware, on 23rd November 2002
Metro Pacific announced it had entered into a binding Memorandum
of Agreement with Ayala Land Inc. and Greenfield Development
Corporation for the purpose of repaying Metro Pacific's US
$90,000,000 million loan to Larouge B.V., a subsidiary of First
Pacific Company Limited (First Pacific).

At that time, it was anticipated to complete the transaction by
end-January. However, in order to ensure that First Pacific is
able to meet Hong Kong Stock Exchange regulations regarding
notification to shareholders and other disclosure issues, as
well as the time required to ensure the full completion of all
conditions precedent to the original MOA, all parties involved
in the transaction have agreed to assume a new target closure
date of 2nd April 2003.

2. "Penalty clause hangs over loan transfer deal" as published
in the 13th February issue of Business World.

Under the terms of the MOA, there exist not a single penalty
clause of Pesos 427.5 million but two penalty clauses, a "first
stage" penalty clause amounting to Pesos 100 million and a
"second stage" penalty clause amounting to Pesos 327.5 million.

The first stage penalty clause is applicable to any party who
withdraws from the transaction prior to the signing of the
definitive implementing agreement, while the second stage
penalty clause is applicable to any party who withdraws from the
transaction after all conditions precedent have been fulfilled,
and the definitive implementing agreement is concluded. In fact,
the escalating natures of the two-stage penalty clauses only
underscore the seriousness of all parties.

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, TCRAP reported
Tuesday.

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.

For a copy of the press release, go to
http://www.metropacific.com



NATIONAL BANK: Remittance Business in Tokyo Operating Normally
--------------------------------------------------------------
The Philippine National Bank (PNB) said its remittance business
in Tokyo is operating normally despite the Japan postal office's
rejection of an attempt to link its automated teller systems
with the bank on money laundering concerns, AFX Asia reports.

PNB handles 60 percent of Philippine-bound remittances sent by
Filipino workers through Japanese banks.

The Japanese postal authority had declined the remittance tie-up
sought by the bank due to the Philippines' inclusion in the
Financial Action Task Force (FATF) list of uncooperative
countries in the fight against money laundering.

PNB clarified in a statement that the application was rejected
in December last year, long before the amendments to the law
were passed.

PNB said it had "not encountered any unusual difficulties so
far" after the FATF demanded the Philippines correct the
deficiencies in the law before March 15.


PHILIPPINE LONG: SEC Issues Pre-Effective Clearance
---------------------------------------------------
In the letter to the Philippine Stock Exchange dated February
12, 2003, the Philippine Long Distance Telephone Company (PLDT)
disclosed that: "The Corporate and Finance Department of the SEC
issued on February 6, 2003 a pre-effective clearance for the
proposed issuance by the Company of up P2,000,000,000 worth of
short term commercial papers (Peso Notes).

The Company was informed of the issuance of the said SEC pre-
effective clearance on Tuesday, 11 February 2003. " A copy of
the pre-effective clearance from the SEC, as well as a copy of
the Registration Statement and Preliminary Prospectus referred
therein is available for reference at the PSE Centre library.

The press release is located at
http://bankrupt.com/misc/tcrap_pldt0219p3.pdf


VICTORIAS MILLING: Set to Pay Creditors
---------------------------------------
Local suppliers and creditor banks of Victorias Milling Co.
(VMC) will be paid starting April as the sugar mill shifts into
a full rehabilitation mode for the next 15 years, the Philippine
Star said yesterday.

According to VMC President Arthur Aguilar, the Company is ready
to infuse 300 million pesos of fresh capital by April 15, which
is the last requirement before VMC can fully implement its
rehabilitation plan.

The Company will pay 385 million pesos in the next 12 months to
creditor banks and about 150 to 200 local suppliers will be paid
one-third of what VMC owes them.

VMC employed 3,200 workers when the crisis began in 1997. Now,
it operates with 1,645 employees.

Meanwhile, the Company is currently holding separate
negotiations for collective bargaining agreements with the
supervisory and rank and file unions.


VICTORIAS MILLING: Appoints New Directors
-----------------------------------------
The Board of Directors of Victorias Milling Corporation (VMC),
during its special meeting on February 11, 2003 held at the UCPB
Boardroom, 15/F, UCPB Building, Makati Avenue, Makati City
elected Mr. Edmundo A. Barcelon as Director/Member of the Board
in the existing vacancy.

The Board appointed: 1. Mr. Arthur N. Aguilar - President 2. Mr.
Abelardo E. Bugay - Senior Vice President 3. Mr. Nilo A.
Florcruz - Vice-President-Manufacturing.

For a copy of the disclosure, go to
http://bankrupt.com/misc/tcrap_vmc0219.pdf


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


CHARTERED SEMICONDUCTOR: Reposting of Schedule 13G Filing
---------------------------------------------------------
Chartered is re-posting the attached Schedule 13G filed by
Temasek Holdings (Private) Limited, Singapore Technologies Pte
Ltd and Singapore Technologies Semiconductors Pte Ltd with the
United States Securities and Exchange Commission (SEC) on 14
February 2003 on Masnet for the conveniences of investors,
shareholders and other members of the public in Singapore.

For a copy of 13G filing, go to
http://bankrupt.com/misc/tcrap_csm0219.pdf


CREATIVE TECHNOLOGY: Posts Changes in Shareholder's Interest
------------------------------------------------------------
Creative Technology Limited posted a notice of changes in
substantial shareholder Causeway Capital Management LLC's
interests:
  
Date of notice to Company: 17 Feb 2003
Date of change of shareholding: 14 Feb 2003
Name of registered holder: Boston Safe Deposit and Trust
Circumstance(s) giving rise to the interest: Others
Please specify details: Shares acquired through exchange
transactions

Information relating to shares held in the name of the
registered holder:  
No. of shares which are the subject of the transaction: 19,950
% of issued share capital: 0.025
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: SGD 11.11
No. of shares held before the transaction: 307,598
% of issued share capital: 0.388
No. of shares held after the transaction: 327,548
% of issued share capital: 0.413

Holdings of Substantial Shareholder including direct and deemed
interest
                                           Deemed Direct
No. of shares held before the transaction: 4,683,474  
% of issued share capital:                 5.904  
No. of shares held after the transaction:  4,703,424  
% of issued share capital:                 5.929  
Total shares:                              4,703,424


FLEXTECH HOLDINGS: Dissolves Dormant Unit
-----------------------------------------
The Board of Directors of Flextech Holdings Limited announced
that Electec Inc., a dormant subsidiary incorporated in the
British Virgin Islands (BVI) and wholly-owned by Electec Pte
Ltd, has, by way of a Plan of Dissolution filed with the
Registry of Companies in the BVI, been wound up and dissolved on
28 January 2003.

Electec Pte Ltd is a wholly owned subsidiary of FE Global
Electronics Pte Ltd which in turn is a wholly-owned subsidiary
of the Company. Both Electec Pte Ltd and FE Global Electronics
Pte Ltd are incorporated in Singapore.

The dissolution of Electec Inc. is not expected to have a
material effect on the earnings and net tangible asset per share
of the Flextech group of companies for the financial year ended
31 December 2002.


ISOFTEL LTD: Posts Changes in Shareholder's Interest
----------------------------------------------------
Isoftel Limited posted a notice of changes in substantial
shareholder Au Sai Chuen's interest:

Date of notice to Company: 18 Feb 2003
Date of change of interest: 07 Feb 2003
Name of registered holder: UOB Nominees Pte Ltd
for account of Au Sai Chuen
Circumstance(s) giving rise to the interest: Sale initiated by
financial institution to meet obligations

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

No. of shares which are the subject of the transaction:
1,500,000
% of issued share capital: 0.66
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: S$0.04
No. of shares held before the transaction: 37,636,000
% of issued share capital: 16.44
No. of shares held after the transaction: 36,136,000
% of issued share capital: 15.78

Holdings of Director/Substantial Shareholder including direct
and deemed interest
                                           Deemed     Direct
No. of shares held before the transaction: 37,636,000 25,000
% of issued share capital:                 16.44      0.01
No. of shares held after the transaction:  36,136,000 25,000
% of issued share capital:                 15.78      0.01
Total shares:                              36,136,000 25,000

Percentage of shareholding calculated based on 228,868,152
shares in issue as of February 18, 2003.


KOH BROTHERS: Unveils Disposal of Units
---------------------------------------
The Board of Directors of Koh Brothers Group Limited refers to
the announcement made on April 25, 2002 in relation to the
proposed Disposal. Terms defined in the Announcement will have
the same meanings when used in this announcement.

Pursuant to the sale and purchase agreement dated 25 April 2002
entered into between the Company and G&W in respect of the
Disposal, the Company was to procure the completion of the
Restructuring Exercise involving the divestment by KBI of its
interests in all its subsidiaries save for KBRS and KBPM, which
Restructuring Exercise was to be completed within six (6) months
of 12 July 2002 (being the date when the last of the relevant
conditions precedent under the Agreement was fulfilled).

In furtherance of its obligations under the Agreement to
undertake the Restructuring Exercise, the Company had procured
the divestment by KBI of its interests in all of its
subsidiaries as of 31 December 2002 save for Shantou SEZ New
City Recreation Co., Ltd SNCR and Shantou SEZ Jia Xin Real
Estate Deve., Co., Ltd. SJXR. The liquidation of SNCR and
divestment of SJXR are currently in progress.

At the Company's request, G&W entered into a supplemental letter
agreement on 31 December 2002 (the "Supplemental Agreement with
the Company to amend the Agreement, pursuant to which the
Company and G & W agreed to:

(a) Complete the Disposal with effect from 31 December 2002
notwithstanding that SNCR and SJXR have not been divested
pursuant to the Restructuring Exercise, and the Completion Date
has taken place on 31 December 2002; and

(b) Adopt 1 August 2002 as the Effective Date for purposes of
the Agreement (as amended by the Supplemental Agreement), in
particular, for determining the sums payable by G&W or KBGL on
account of Restructuring Exercise Losses or Restructuring
Exercise Profits, as the case may be.

In consideration of G&W agreeing to proceed with the aforesaid
Completion notwithstanding that SNCR and SJXR have not been
divested pursuant to the Restructuring Exercise, KBGL has
undertaken to G&W that:  

(a) SNCR and SJXR shall continue to be under the management and
control of the Company after the Completion Date, and KBGL shall
deploy sufficient and adequate persons to serve as directors of
SNCR and SJXR, and otherwise to manage the affairs and
operations of SNCR and SJXR with effect from the Completion
Date;

(b) The Company shall procure that the board of directors of
SNCR and SJXR complete the liquidation or divestment of SNCR and
SJXR within one (1) year of the Completion Date, failing which
G&W shall be entitled to and be empowered as the Company's
lawful attorney to liquidate SNCR and SJXR; and

(c) The Company shall indemnify G&W against all damages, losses,
costs and expenses, which G&W may suffer or incur in relation to
or in connection with:

(i) Any damage, loss, cost or expense suffered or incurred by
SJXR and/or SNCR arising in connection with the business,
affairs or otherwise of SJXR and/or SNCR;

(ii) Any claim against or liability of SJXR and/or SNCR
howsoever arising and regardless whether such claim or liability
has arisen before or after the Effective Date; and

(iii) The liquidation or divestment of SNCR and SJXR.

Following the completion of the Disposal, the KBI, KBRS and KBPM
have ceased to be the subsidiaries of the Company with effect
from 31 December 2002.

The Disposal of KBI (which in turn owns KBRS and KBPM) and the
undertaking and indemnity given by the Company to G & W in
respect of SJXR and SNCR will not have any significant impact on
the Company's net tangible assets and earnings per share for the
financial year ending 31 December 2002 other than the impact as
announced on 25 April 2002.


LEE KIM: Dormant Unit Enters Liquidation
----------------------------------------
Lee Kim Tah Holdings Limited disclosed that Unitect Resources
Pte Limited, its wholly owned dormant subsidiary has been fully
wound-up on February 18, 2003.

The winding-up of the subsidiary does not have any effect on the
financial position of the Company for the current financial
year.



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,
Mavy 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 ***