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

                   A S I A   P A C I F I C

           Wednesday, February 26, 2003, Vol. 6, No. 40

                         Headlines

A U S T R A L I A

AMP LIMITED: Undertakes Board Restructuring
ANACONDA NICKEL: Announces Rights Issue Results
ENVESTRA LIMITED: Raising Equity Under Security Purchase Plan
ENVIROSTAR ENERGY: Executes Agreement With Great Pacific
KALREZ ENERGY: Issues Oseil Oilfield Production Update

NORMANDY NFM: Court Grants Scheme Meeting Approval
STOCKFORD LIMITED: Business Continues Uninterrupted
SUNDOWNER GROUP: Revenue Climbs 5.6%
SUPERSORB ENVIRONMENTAL: Discloses Top 20 Optionholders
TELEVISION & MEDIA: Global TV Secures Facilities Deal

TRANSURBAN GROUP: Lodges CARS Prospectus With ASIC
TRANSURBAN GROUP: S&P Assigns Preliminary 'BBB' Rating to CARS


C H I N A   &   H O N G  K O N G

ASIA RESOURCES: Proposes Capital Reorganization
CHAMPION LOT: Winding Up Hearing Scheduled on March 12
HK CONSTRUCTION: Requests Trading Suspension
JILIN CHEMICAL: Price, Turnover Movements Unexplainable
SILVER CROSS: Hearing of Winding Up Petition Set

WAI BO: Winding Up Petition Slated for Hearing
WO KEE: Sees No Reason for Share Price Increase


I N D O N E S I A

BANK LIPPO: Attorney General's Office Forms Investigation Team
BANK NISP: Pefindo Assigns `idBBB' to Rp250B Subordinated Bond


J A P A N

ALL NIPPON: Plans 1,200-Job Cut by 2006
ALL NIPPON: Expects Y35B Net Loss This Year
JAPAN RADIO: R&I Downgrades Rating to BBB+
KAIHO KOSAN: Golf Course Enters Bankruptcy
MIZUHO HOLDINGS: Dissolves Subsidiary

SEIYU LIMITED: Widens Loss Forecast to Y83B
SUMITOMO RUBBER: Plans Share Buyback
SUMITOMO RUBBER: Returns to Y8.24B Profit
TAKESHIMA CORPORATION: Plumbing Firm Enters Bankruptcy
QUICK CORPORATION: Auto Firm Goes Bust


K O R E A

CHOHUNG BANK: Labor, Management Demands Independent Survival
DAEWOO INTERNATIONAL: Posts First Profit in Three Years
HYNIX SEMICONDUCTOR: Negative Shareholders' Reactions Expected
HYNIX SEMICONDUCTOR: Shareholders Filing Suit to Quash Proposal


M A L A Y S I A

ABRAR CORPORATION: Defaulted Payment Status Remains Unchanged
ANSON PERDANA: 30th AGM Scheduled in Feb 22
CRIMSON LAND: Rights Warrants Exercise Price Fixed
CSM CORPORATION: Appoints A/L Palaniappan as Exec Director
DATAPREP HOLDINGS: Dir Abd Ghani Disposes of 31,000 Securities

JASATERA BERHAD: SC Considers Proposed Exemption
KILANG PAPAN: Unit Files Stay of Winding Up Petition Order
LINGUI DEVELOPMENTS: RAM Lifts Rating Watch on Bonds
LION CORP.: Suspends Trading to Assist Capital Reconstruction
MECHMAR CORPORATION: Disposes of Assets to Repay Debts

PILECON ENGINEERING: Obtains 90-Day Restraining Order
PILECON ENGINEERING: Serves Writ of Summons, Statement of Claim
TAT SANG: Provides Defaulted Payment Status Update


P H I L I P P I N E S

MANILA ELECTRIC: JP Morgan Eyes Government Stake
NATIONAL POWER: PSALM Meets With DoF on Funding Needs
PHILIPPINE LONG: Debt Burden Falling
WORLDCOM INC.: FCC Issues Statement On Whipsawing Dispute


S I N G A P O R E

NEPTUNE ORIENT: Expects $181M Loss in 2002


T H A I L A N D

NATURAL PARK: Court Orders Business Rehabilitation Termination
PRASIT PATANA: Posts Rehab Plan Implementation Progress Report
ROBINSON DEPARTMENT: CRC Option Share Scheme Period Detailed
SWEDISH MOTORS: Syndicated Loan Payment Pending

     -  -  -  -  -  -  -  -

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


AMP LIMITED: Undertakes Board Restructuring
-------------------------------------------
AMP Limited Chairman elect Peter Willcox announced a restructure
of the AMP Limited Board resulting in the Board having a
substantial majority of new and recently appointed directors.

"The Board recognizes that shareholders have every right to be
disappointed with AMP's performance," he said.

"The directors unanimously agreed that the creation of a new
Board with a fresh approach will better assist me and the new
CEO Andrew Mohl to reinvigorate this great Australian company.

"To facilitate an orderly transition and retain corporate
knowledge, it was agreed that the restructure of the Board would
take place in stages." The stages are:

   * Stan Wallis has decided that his previously announced
retirement as Chairman and director will take effect from
Wednesday, February 26, 2003. Patricia Cross has also elected to
retire from Tuesday.

   * Sir Malcolm Bates, Paul Mazoudier and Ian Renard will
retire in the course of the next six months

   * Lord Killearn (Chairman of Henderson Global Investors) and
Richard Grellman (Chairman of the Board audit and compliance
committee) have agreed to remain on the AMP Board

   * Newly appointed executive directors Andrew Mohl and Roger
Yates will remain on the AMP Board.

Sir Malcolm Bates, Paul Mazoudier and Ian Renard have agreed to
stay for an interim period to ensure an orderly transition.
Beyond this point, the Board agreed that five of the current
directors should remain. Three of these directors - Peter
Willcox, Andrew Mohl and Roger Yates - have all been appointed
within the last six months. Richard Grellman and Lord Killearn
will stay on to provide continuity.

At the Annual General Meeting the five current directors who
will remain on the Board in the longer term will stand for
election.

"I hope to announce the appointment of up to three new non-
executive directors over the coming months," Mr Willcox said.

"The search firm Spencer Stuart has been retained to assist us
choose suitable candidates with the personal attributes and
experience we seek.

Mr Willcox said that a number of changes would be made to
current Board practices.

"Consideration is being given to a new long-term equity program
for Directors involving fee sacrifice to replace the current
system of cash-based retirement allowances for non-executive
directors. Existing obligations to directors would be met," he
said.

"This move reflects a change in community attitudes to directors
remuneration and retirement benefits. I have not entered into a
retirement allowance agreement pending these changes.

"In addition the Board has agreed that the term for Directors
would generally be no longer than nine years. Any non-executive
director remaining on the Board after nine years will be subject
to annual re-election by shareholders at the annual general
meeting. To allow this an amendment to the constitution will be
put to shareholders.

"Over time this should ensure that the Board is continually
renewed."

Mr Willcox also confirmed that the AMP Board and Paul Batchelor
(the former CEO of AMP) are currently in dispute over Mr
Batchelor's entitlement to payment on termination. Negotiations
are continuing in an attempt to resolve this dispute. "AMP
remains committed to communicating to shareholders the amount of
any payment as soon as it has been decided," he said.

"We made a commitment to communicate as soon as any amount was
agreed and that commitment stands."


ANACONDA NICKEL: Announces Rights Issue Results
-----------------------------------------------
In accordance with Listing Rule 3.10.5, Anaconda Nickel Limited
advised that it has issued 6,461,031,402 shares as a consequence
of the 14 for 1 Pro Rata Renounceable Rights Issue to
shareholders pursuant to the Prospectus dated 20 January 2003.

As a result of this share issue, the total number of ordinary
shares quoted on the ASX will be increased to 6,922,533,645.

Yesterday, Troubled Company Reporter - Asia Pacific reported
that the Takeovers Panel has received two further applications:

   * ANACONDA 16: an application from Glencore International AG
(Glencore) seeking interim orders, a declaration of unacceptable
circumstances, and final orders in
relation to the affairs of Anaconda. The application relates to:

   * ANACONDA 17: an application from Anaconda seeking interim
orders, a declaration of unacceptable circumstances, and final
orders, in relation to the affairs of Anaconda. The application
is in relation to substantially the same matters as the Anaconda
16 application. The orders sought by Anaconda are also
substantially the same as those sought by Glencore in the
Anaconda 16 application.


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


ENVESTRA LIMITED: Raising Equity Under Security Purchase Plan
-------------------------------------------------------------
Envestra Limited announces that it is offering eligible
shareholders the opportunity to purchase up to $5,000 of stapled
securities in the Company under its Security Purchase Plan.

Proceeds from the equity raising will be used to partly finance
on-going capital expenditure related to the expansion of
Envestra's natural gas distribution networks. Chairman John
Allpass said "This is the third year we have made an offer under
the Plan, which has been well supported by our shareholders in
the past. In 2002 almost 50 per cent of shareholders subscribed
for additional stapled securities."

The purchase price for each stapled security is 96 cents, a 3%
discount to the average price over the past 10 days after
adjusting for the April 2003 distribution. As in previous years,
the new securities will not qualify for the forecast
distribution of 3.8 cents per existing security to be paid in
April 2003, but will qualify for all future distributions.

Individual shareholders will be able to purchase any number of
stapled securities provided the total purchase price is between
$500 and $5,000.

"Based on the current annual distribution of 9.5 cents per
security, the cash yield on the new securities is expected to be
9.9%", Mr Allpass said.

The Record Date for entitlement to the offer is 28 February,
with details of the offer to be sent to shareholders on 5 March.
The offer will close on 26 March and is not transferable.

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


ENVIROSTAR ENERGY: Executes Agreement With Great Pacific
--------------------------------------------------------
Envirostar Energy Limited announces that it has executed a Heads
of Agreement with Great Pacific Financial Group P/L concerning a
proposed equity investment by Great Pacific in the Company. The
key terms of the Heads of Agreement are as follows:

   1. The Heads of Agreement is subject to approval by: (a) the
creditors of the Company and its subsidiaries, and (b) the
shareholders of the Company.

   2. Great Pacific offers to subscribe $1,766,000 for 204
million new ordinary shares in the Company. The amount of
$1,766,000 will comprise $1,500,000 cash and $266,000 by way of
forgiveness of rent in respect of the Company's Stapylton and
Morwell sites.

   3. It is proposed that $1,000,000 from the cash investment
would be applied for the benefit of creditors, after deducting
fees payable to the Administrators, and that $500,000 would be
applied to future working capital.

   4. Great Pacific has paid a deposit of $150,000 into escrow.
The balance of the subscription moneys are payable within 7 days
after approval of the Heads of Agreement by creditors and
shareholders.

The Company has convened a second meeting of creditors to be
held on 27 February 2003. It is anticipated that the 2002 annual
general meeting of shareholders of the Company will occur on or
about 15 April 2003. It is proposed that a Deed of Company
Arrangement will be entered into and that the administration of
the Company will cease prior to the issue of shares to Great
Pacific.


KALREZ ENERGY: Issues Oseil Oilfield Production Update
------------------------------------------------------
Kalrez Energy Limited is a 2.5 percent shareholder in the Seram
Joint Venture that operates the Oseil oilfield. The major
shareholder, and Operator of the JV, is KUFPEC (Indonesia)
Limited with 97.5 percent.

Production from the Oseil oilfield commenced on December 30th
2002, with processing taking place through a Temporary
Production System (TPS) nominally rated to approximately 12,000
barrels per day throughput.

The TPS facility is a temporary process facility to be utilized
until the permanent facilities currently being installed are
completed. Current expectations are that the permanent
facilities will be available during April 2003.

REPORTING PERIOD                  FROM MIDNIGHT     TO MIDNIGHT
                                  16TH FEB 2003    23RD FEB 2003

Oil produced for the period            80,055     barrels of oil

Average daily production for the period 11,436    barrels of oil

Cumulative oil produced from 31/12/2002 445,842   barrels of oil

Oil sold during the period            241,299     barrels of oil
(as reported in ASX Announcement 06/02/2003)

Oil in stock                          204,543     barrels of oil

The above represent total production from the Oseil oilfield as
reported by the Operator. Kalrez entitlement is 2.5% of this
production after deducting operating costs and Indonesian
government entitlements.

COMMENTS

All three wells Oseil #1, Oseil #2 and Oseil #4 on production.

Steam heaters arrived on location 3rd Feb 2003 and remain
operating under field trial control and performing effectively
in the TPS process system to assist in combating foam induced
process problems and to aid water separation (emulsion
breakdown).

Current operations are continuing production through the TPS
system.

On January 30, Troubled Company Reporter - Asia Pacific reported
that with the first drawdown of AU$500,000 of the Tulloch Lodge
(Tulloch) Loan Facility, Kalrez Energy has cleared all default
cash calls and imposed interest penalties, due on the Seram JV
Project.


NORMANDY NFM: Court Grants Scheme Meeting Approval
--------------------------------------------------
On Friday 21 February 2003, the Federal Court of Australia made
orders convening meetings of Normandy NFM Limited (NFM)
shareholders on 2 April 2003 to vote on the proposal.

On 28 November 2002 NFM and Newmont Australia Limited announced
a proposal to acquire the shares held by minorities. Under the
proposal shareholders will be able to either:

   * Participate in a share buy-back and, subject to scaling
back (if necessary), have their NFM shares bought back by NFM
for $16.50 per share comprising a capital component of $6.60 and
a fully franked dividend of $9.90; or

   * Receive 4.40 ASX listed Newmont Mining Corporation CHESS
Depository Interests (CDIs) per NFM share,

The Federal Court has made orders convening meetings of NFM
shareholders on 2 April 2003 at which shareholders will vote on
the proposal as outlined above. Booklets explaining the proposal
will be dispatched to NFM shareholders on or before 4 March
2003.

CONTACT INFORMATION: Nicola Frazer
                     MANAGER-INVESTOR RELATIONS,
                     Telephone: +6 1 8 8303 1756
                     Facsimile +61 8 8303 1904
                     E-mail: investor@newmont.com.au


STOCKFORD LIMITED: Business Continues Uninterrupted
---------------------------------------------------
The Stockford Group of Companies for the time being will operate
business as usual under voluntary administration.

Administrators Mark A Korda and Mark F Mentha, of KordaMentha,
said Monday the Stockford practices in 42 locations throughout
Australia would continue to trade as normal while the future of
the company was assessed.

The immediate aim of the administration would be to sell
practices within the group as going concerns as soon as
possible, Mr Mentha said.

A meeting of creditors will be held in Melbourne on Friday 28
February. At this Meeting a committee of creditors will be
formed.

The group's 900 employees have been informed of the voluntary
administration and advised that the business would operate as
normal for the time being while the company was assessed.
KordaMentha staff has begun visiting Stockford offices this
morning.

The Stockford Group provides accountancy, wealth management and
financial services in all major Australian cities and regional
areas. Most of its business is in accountancy.

Gross turnover of Stockford was approximately $100m last year.
The major shareholders include the Principals of the firms that
formed the aggregated group more than two years ago.

Directors of Stockford Limited notified the Australian Stock
Exchange this morning of the appointment of voluntary
administrators and requested that shares be suspended from
trading.


SUNDOWNER GROUP: Revenue Climbs 5.6%
-----------------------------------
Chairman P Copulos announced that Sundowner Group's revenue for
the period has increased 5.6% over the corresponding period on a
like for like basis.

The Company's new managing director Mr Stephen Copulos has laid
the foundations for a new Sundowner business strategy. Major
contributing factors to the improved revenue performance have
been the implementation of new Operational and Sales & Marketing
initiatives, the ongoing Refurbishment of properties and the
increased Repairs and Maintenance program.

Relocation of the support office to Shepparton, in Victoria had
occurred during the period and the "one off" costs of the move
were brought to account. The benefits of moving to Shepparton
have already been announced and savings will be realized in the
next reporting period.

All Shareholders will be aware from previous announcements and
correspondence, that the Group restructure and corporatization
became effective on 10 January 2003, when new Holding Statements
were dispatched, leaving only the finalization of Group legal
documentation to be completed. The reduction in Group overhead
costs to be derived from the restructure will start to be
realized in the second half of this financial year, with the
full benefit of the savings being achieved next financial year.

The five year Group finance facility fell due for renewal on 30
November 2002 and following a competitive lender, the facility
was transformed to the ANZ Bank. Substantial savings will be
realized in future years compared to the alternative tender,
however the "one off" costs of the change were also brought to
account during the period.

The complex elements of this restructure were achieved at a
"one-off" cost of approximately $350,000, which was brought into
account during the period.

The Company's Directors have continued their policy of
refurbishing the Group properties as quickly as can reasonably
be achieved. This is having an impact on our cash position. In
addition to the funds available from the non renounceable rights
issue of 12 months ago, the net funds utilized as a result of
the increased Repairs & Maintenance and Depreciation Provisions
were $123,000 greater than for the corresponding period last
year. This, of course has a short term adverse impact on net
profit, but is expected to produce positive results in future
periods.

The "one-off" costs, together with increased employment,
insurance and refurbishment costs have resulted in a modest
surplus of $9,977 for the period. The Directors have determined
that having regard to the cost of making a distribution, this
amount will be added to the second half results. Consequently
there will not be an interim distribution paid.

Further commentary on the Group performance and results will be
provided in greater detail in the Half Year Report to be sent to
Shareholders shortly.

The Company's Directors are conscious of the divestment of
smaller, non strategic properties and will continue to realize
the maximum benefit to Shareholders.

The company has undergone many changes in the preceding period
including, the corporatization, restructure and the relocation
of the Support Office to Shepparton. The Board remains convinced
that those steps were necessary for the medium and long term
benefit of the Shareholders and the Group. Now that those are
virtually complete, it is expected that the new Sundowner
environment will see growth and improved results in the future


SUPERSORB ENVIRONMENTAL: Discloses Top 20 Optionholders
-------------------------------------------------------
Supersorb Environmental NL disclosed its top 20 shareholders:

                    NUMBER OF OPTIONS HELD
     RANGE OF HOLDINGS       NO OF        OPTIONS
                             HOLDERS       HELD
           1 -   1,000            1          666
       1,001 -   5,000           38      148,661
       5,001 -  10,000          190    1,611,668
      10,001 - 100,000          194    6,197,390
     100,001  and over           41   17,850,116

                 TOTAL          464   25,808,501

          TOP TWENTY LARGEST OPTIONHOLDERS
                                             NUMBER      %

Langstry Trust Company (Channel Islands) Ltd  7,078,294    27.42
Tower Trust Limited                           1,309,524     5.07
Moon Nominees Pty Ltd                           700,000     2.71
Dowhaven Pty Ltd                                600,000     2.32
HBK Management Pty Ltd                          500,000     1.93
Idameneo Number 62 Pty Ltd                      466,165     1.80
ANZ Nominees Limited                            441,665     1.71
National Nominees Ltd                           438,833     1.70
Lawrence Robert Trott & Lorraine Eva Trott      438,816     1.70
Theo Bischoff                                   363,333     1.40
Terry McCorley                                  356,666     1.38
David William Alan Simcock & Elaine Simcock     333,333     1.29
Richard John Donoghue & Miriel Olive Donoghue   330,000     1.28
David John McDougall                            270,000     1.04
Julie Ann MacPhee                               250,000     0.97
Michael Francis Reynolds                        250,000     0.97
Nenad Savich                                    220,000     0.85
Anthony Nigel Parry & Deborah Maree Parry       211,176     0.82
Mark David Abbott                               200,000     0.77
International Business Network (Services) Pty Ltd200,000    0.77
                                             14,957,805    57.90

On February 6, the Troubled Company Reporter - Asia Pacific
reported that the Voluntary Administrators of its unit Supersorb
Minerals NL (SMNL) were discharged after creditors accepted a
Deed of Company Arrangement (DOCA).


TELEVISION & MEDIA: Global TV Secures Facilities Deal
-----------------------------------------------------
Mr Keith Spice, Chief Operating Officer of Television & Media
Service's wholly owned subsidiary Global Television Pty Ltd,
announced Monday it has secured an agreement for the provision
of facilities and outside broadcast services for the 3rd Series
of the forthcoming reality television program "Big Brother", to
be produced at Dreamworld on the Gold Coast by Southern Star
Endemol and broadcast on Network Ten.

Global provided facilities and outside broadcast services for
the first two series of Big Brother and Celebrity Big Brother,
and this agreement further strengthens the relationship Global
has with the production company, Southern Star Endemol.

CONTACT INFORMATION: Keith Spice
                     CHIEF OPERATING OFFICER
                     Global Television Pty Ltd
                     Phone: 02 9886 3222



TRANSURBAN GROUP: Lodges CARS Prospectus With ASIC
--------------------------------------------------
Transurban Infrastructure Management Limited, in its capacity as
Responsible Entity of Transurban CARS Trust (TCT), announced
Tuesday an offer of Convertible Adjusting Rate Securities (CARS)
to raise a total of $430 million. TCT is wholly owned by
Transurban Holding Trust and is the primary entity through which
the Transurban Group holds its 40 per cent interest in the
Western Sydney Orbital (WSO) project.

TCT will offer 4.3 million CARS at an issue price of $100 each.

The offer has been underwritten by the Joint Lead Managers and
Underwriters Macquarie Equity Capital Markets Limited
(Macquarie) and Salomon Smith Barney Australia Securities Pty
Limited (Salomon Smith Barney).

The proceeds of the offer will be used principally to provide
long term funding for Transurban's capital contribution to the
WSO project.

"CARS allow Transurban to fund its investment in WSO at an
attractive cost of capital while protecting ordinary
distributions," said Kim Edwards, Managing Director of
Transurban.

The CARS offer will be made via an offer document, which has
been lodged Tuesday with the Australian Securities and
Investments Commission.

CARS provide the following features:

   * Cumulative, fixed, preferred distributions guaranteed by
Transurban Holdings Trust

   *  Distributions expected to be 90% tax deferred

   * Generally convertible into Transurban Securities at a 2.5%
discount

   * Some participation in growth in Transurban Security price

   *  Preliminary long term investment grade credit rating of
BBB from Standard & Poor's

Features such as the Distribution Rate, the terms of conversion
into Transurban Securities, the timing of the next Reset Date
and the guarantee provided by Transurban Holdings Trust will be
fixed until the First Reset Date (14 April 2007) but may be
varied by Transurban with effect from that date.

The offer will comprise a A$355 million entitlement offer and a
A$75 million placement. Under the entitlement offer, all
Transurban Security Holders (ASX Code: TCL) will have an
entitlement of one CARS for approximately every 144 Transurban
Securities held at the record date (5 March 2003). All dates are
indicative and subject to change.

Transurban Securities purchased up to and including 27 February
2003 will carry the entitlement to CARS. Transurban may ignore
transactions occurring on or after 28 February 2003 (Ex-
Entitlement Date) other than registrations of SEATS transactions
which occurred prior to that date, for the purposes of
determining entitlements. Transurban may also ignore any stock
borrowing transactions occurring after this announcement.

The institutional component of the entitlement offer
(approximately A$300 million) and the placement will be
conducted through a bookbuild commencing on 5 March 2003 and
closing on 6 March 2003. The bookbuild will set the margin over
the 4 year swap rate and consequently the Distribution Rate for
the CARS for the period to the First Reset Date. This rate will
be announced to the market on 7 March 2003.

The retail component of the entitlement offer (approximately $55
million) will open on 11 March 2003 and close on 4 April 2003.
CARS will be offered in this component on the same terms as set
by the bookbuild. An offer document with a personalized
entitlement application form setting out the relevant
entitlement will be sent to all retail security holders. There
will also be a public offer to the extent that retail security
holders do not take up their entitlement.

Application will be made to have the CARS quoted on the
Australian Stock Exchange, allowing holders to buy and sell CARS
at the prevailing market price after the completion of the
offer. It is anticipated that CARS will trade under the ASX code
"TCSPA".

SUMMARY OF KEY DATES

25 February 2003  Offer document lodged with ASIC
28 February 2003  Ex-Entitlement Date
5 March 2003      Record Date
5 - 6 March 2003  Institutional offer - bookbuild
7 March 2003      Distribution Rate announced
11 March 2003     Retail Offer opens
4 April 2003      Retail Offer closes
14 April 2003     CARS commence trading on a deferred settlement
                  basis

Full details of the CARS offer are contained in the offer
document, which will be sent to all Transurban Security Holders
by 12 March 2003.


TRANSURBAN GROUP: S&P Assigns Preliminary 'BBB' Rating to CARS
--------------------------------------------------------------
Standard & Poor's Ratings Services said Monday that it has
assigned a preliminary long-term rating of 'BBB' to the A$430
million convertible adjusting rate securities (CARS) to
be issued by the Transurban CARS Trust (TCT). The outlook on the
rating is stable. The rating on CARS is linked primarily to the
creditworthiness of  Transurban Finance Co. Ltd. (TFC;
BBB+/Stable/-), the financing vehicle  for the Transurban group
(Transurban). The rating on CARS reflects their  subordination
to TFC's existing debt obligations and the deferrable nature
of the CARS distribution. The final rating on CARS will be
subject to final pricing.

TCT is a subtrust of the Transurban Holding Trust, one of the
three-stapled entities of Transurban. TCT is a special purpose
vehicle for Transurban's investment in the greenfield Western
Sydney Orbital (WSO) toll road in Sydney, and the proceeds from
the CARS issue will be used to fund Transurban's 40% equity
interest in the WSO project.

The subordination of the CARS within Transurban's existing debt
portfolio, their unsecured position, and the flexibility in
meeting the obligations are reflected in their lower rating than
that on TFC. In terms of priority, the CARS rank ahead of only
Transurban's equity holders. Distributions on CARS are permitted
only after all senior and subordinated debt obligations are
serviced and covenants under the existing debt obligations are
met. Accordingly, the CARS can be serviced only out of cash
available for equity distributions at the Transurban level. The
flexibility on distribution to CARS holders comes through the
deferability of coupon payments, the ability to convert the CARS
to equity, and the ability to meet the distributions on CARS
through the issuance of Transurban securities. The CARS have an
initial term of four years, with reset at Transurban's option,
and cannot be redeemed for cash.

The outlook on the CARS rating reflects that on TFC's rating.
The stable outlook on TFC's rating reflects the strong
underlying fundamentals of the Melbourne City Link toll road,
Transurban's main asset, and the expectation that Transurban's
investment in future new projects will not exceed its initial
equity commitment.


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


ASIA RESOURCES: Proposes Capital Reorganization
-----------------------------------------------
On 21st February, 2003, Asia Resources Holdings Limited entered
into the Subscription & Option Agreement with the Investor in
relation to, inter alia,

   (i) the First Subscription of 400,000,000 New Shares at an
issue price of HK$0.20 per New Share for a subscription amount
of HK$80,000,000;

   (ii) the Second Subscription of 500,000,000 New Shares at an
issue price of HK$0.20 per New Share for a subscription amount
of HK$100,000,000; and

   (iii) the grant of the Option upon the completion of the
Second Subscription to subscribe at an initial subscription
price of HK$0.20 per New Share (subject to adjustments) in
aggregate up to a maximum amount of HK$40,000,000 of New Shares,
representing 200,000,000 New Shares, to the Investor, for a
consideration of HK$1.00.

The subscription price for the Subscription Shares of HK$0.20
per New Share (or equivalent to approximately HK$0.0067 per
Existing Share) represents a discount of about 33.33% to the
closing price of HK$0.01 per Existing Share as quoted on the
Stock Exchange on 18th February, 2003, being the last trading
day prior to the suspension of trading in the Existing Shares
pending the release of this announcement.

Completion of the Subscription & Option Agreement is conditional
upon the fulfillment or waiver by the relevant party of the
conditions set out thereon.

Upon completion of the First Subscription, the Investor will be
interested in an aggregate of 400,000,000 New Shares,
representing about 74.57% of the issued share capital of the
Company as enlarged by the issue of the Subscription Shares
under the First Subscription.

Under Rule 26 of the Takeovers Code, upon completion of the
First Subscription, the Investor and parties acting in concert
with it would be obliged to make a mandatory unconditional
general offer for all the issued New Shares not already owned or
agreed to be acquired by the Investor and parties acting in
concert with it. The Investor will make an application to the
Executive for the Whitewash Waiver. The Executive may or may not
grant the Whitewash Waiver. Completion of the Subscription &
Option Agreement is conditional upon, inter alia, the granting
of the Whitewash Waiver by the Executive. If the Whitewash
Waiver is not obtained, the Subscription & Option Agreement will
lapse.

Proposed Capital Reorganization

The Directors wish to put forward a proposal to the Shareholders
to affect the Capital Reorganization pursuant to the Companies
Act of Bermuda (as amended), which will involve:

   (i) Share Consolidation;
   (ii) Capital Reduction;
   (iii) Share Subdivision;
   (iv) Share Premium Cancellation; and
   (v) reduction of authorized share capital.

The total credit arising from the Capital Reduction and the
Share Premium Cancellation will be credited to the contributed
surplus account of the Company, which will be used to set-off
the accumulated deficit of the Company as at the effective date
of the Capital Reorganization. On the basis of 4,093,217,701
Existing Shares in issue as at the date of this announcement, a
credit of about HK$34,110,148 will arise as a result of the
Capital Reduction.


CHAMPION LOT: Winding Up Hearing Scheduled on March 12
------------------------------------------------------
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 Champion
Lot Investment Limited.

Bank of China (Hong Kong) Limited, whose registered office is
situated at 14/F., Bank of China Tower, No. 1 Garden Road,
Central, Hong Kong filed the petition on January 22, 2003.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Koo And
Partners, Solicitors for the Petitioner, 21-22/F., Bank of China
Tower No. 1 Garden Road, Central, Hong Kong.


HK CONSTRUCTION: Requests Trading Suspension
--------------------------------------------
Hong Kong Construction (Holdings) Limited requested trading in
its shares to be suspended with effect from Monday, 24 February
2003, pending the release of a clarification announcement in
relation to certain price sensitive information of the
Company.

Wrights Investors' Service reports that at the end of 2001, Hong
Kong Construction had negative working capital, as current
liabilities were HK$3.56 billion while total current assets were
only HK$1.74 billion. The company has paid no dividends during
the last 12 months and also reported losses during the previous
12 months.


JILIN CHEMICAL: Price, Turnover Movements Unexplainable
-------------------------------------------------------
Jilin Chemical Industrial noted the recent increases in the
price and trading volume of the shares of the Company and wish
to state that, save for the information disclosed in our
announcement of 10 February 2003, it is not aware of
any reasons for such increases.

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

On December last year, Troubled Company Reporter - Asia Pacific
reported that Jilin Chemical recorded losses of RMB879 million
and RMB1,083 million in the years 2001 and 2002 respectively in
accordance with PRC accounting standard. Given that a loss of
RMB659 million was incurred during the period between January
and September 2002, the Company is expected to suffer a loss for
the whole year.


SILVER CROSS: Hearing of Winding Up Petition Set
------------------------------------------------
The petition to wind up Silver Cross International Limited is
scheduled to be heard before the High Court of Hong Kong on
March 5, 2003 at 9:30 in the morning.

The petition was filed with the court on January 7, 2003 by Bank
of China (Hong Kong) Limited whose registered office is situated
at 14/F., Bank of China Tower, No. 1 Garden Road, Central, Hong
Kong.


WAI BO: Winding Up Petition Slated for Hearing
----------------------------------------------
The petition to wind up Wai Bo Construction And Engineering (HK)
Co. Limited is set for hearing before the High Court of Hong
Kong on March 5, 2003 at 10:00 in the morning.

The petition was filed with the court on January 14, 2003 by
Bank of China Group Insurance Company Limited whose registered
office is situated at 9/F., Wing On House, 71 Des Voeux Road
Central, Hong Kong.


WO KEE: Sees No Reason for Share Price Increase
-----------------------------------------------
Wo Kee Hong (Holdings) noted the recent increase in the price of
shares of the Company and stated that it is not aware of any
reasons for such increase.

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

Troubled Company Reporter - Asia Pacific reported that Wo Kee
Hong and Mitsubishi Heavy Industries Limited entered on 28 June
2002 a Deed of Settlement in relation to the settlement of the
Debt due from WKHL to MHI by way of:

   * the transfer of 24.5% of the equity interest in MJA by
Metro Global to MHI for a consideration of US$9,207,656.89
(equivalent to approximately HK$71.9 million); and

   * the repayment of the Outstanding Balance by way of a loan
from MHI to WKHL for the amount of US$17,039,689.38 (equivalent
to approximately HK$133.0 million) for a term of fifteen years
with the principal amount bearing interest at the rate of 2.5%
per annum and repayable in ten equal half yearly installments
commencing from 30 June 2012.


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


BANK LIPPO: Attorney General's Office Forms Investigation Team
--------------------------------------------------------------
The Attorney General's Office has formed a team to investigate
the controversial case of data manipulation and publishing of
double version financial report of Bank Lippo as Bapepam has
been unable to prove the alleged manipulation, Bisnis Indonesia
reports, quoting Antasari Azhar, Head of Information and Law
Center.

The Attorney General Office thanked the Capital Market
Supervisory Agency (Bapepam) and the Jakarta Stock Exchange
(JSX) for their support in providing data.

One Bisnis Indonesia source said that with no report of loss
from investors lodged so far and Indonesian Bank Restructuring
Agency (IBRA) standing as the majority shareholder in the bank,
it would be difficult for Bapepam to substantiate the alleged
manipulation.

An unnamed Bisnis Indonesia source said that with no report of
loss from investors lodged and Indonesian Bank Restructuring
Agency (IBRA) standing as the majority shareholder in the bank,
it would be difficult for Bapepam to prove such alleged
manipulation. "There must be report from investors and strong
evidence to fortify allegation of market manipulation."


BANK NISP: Pefindo Assigns `idBBB' to Rp250B Subordinated Bond
--------------------------------------------------------------
Credit Rating Indonesia, PT Pefindo assigned an "idBBB' rating
to the proposed Rp250 billion subordinated bond issued by Bank
NISP Tbk., (NISP) due in 2013.

The rating reflects characteristics of the sub-debt that is
junior compared to all the bank's senior unsecured debts (based
on Bank Indonesia decree (Surat Keputusan Bank Indonesia) No.
26/20/KEP/DIR Tentang Kewajiban Penyediaan Modal Minimum Bank).
In addition, the sub-debt can be classified as Tier-2 capital
that will strengthen the bank's capital. The issued debt will be
treated paripassu with all the bank's future junior debts.


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


ALL NIPPON: Plans 1,200-Job Cut by 2006
---------------------------------------
All Nippon Airways Co. Limited (ANA) aims to end 1,200 jobs,
thereby cutting 30 billion yen in costs by March 2006 to boost
profitability and survive intense competition, Reuters said on
Monday.

The airline will slash about 20 billion yen ($168.5 million) in
personnel costs through various measures including the job cuts
and cutting an additional 10 billion yen in costs over the same
period by boosting the utilization rate of small airplanes and
reducing leasing costs.

ANA revised its group net forecast for the year to March to a
loss of 35 billion yen versus its previous estimate of 18
billion yen loss.


ALL NIPPON: Expects Y35B Net Loss This Year
-------------------------------------------
All Nippon Airways Co. (ANA) expects a net loss of 35 billion
yen ($294 million) this fiscal year, due to industry
competition, according to the Associated Press on Monday.

Competition to fill flights forced the airline to increase
marketing outlays, and led to the earnings revision from the
previous forecast for a loss of 18 billion yen ($151 million)
for the year ending March 31.

ANA expects an operating loss of 4.0 billion yen ($33.6 million)
and sales of 1.225 trillion yen ($10.29 billion) - both revised
from predictions of 15 billion yen ($126 million) in operating
profits and 1.23 trillion yen ($10.33 billion) in sales.

To cut costs, the airline would overhaul its salary structure
and pension plan, rethink its domestic routes and eliminate
1,200 jobs by October 2005. It wasn't clear what percentage of
total jobs the cutbacks constituted.


JAPAN RADIO: R&I Downgrades Rating to BBB+
------------------------------------------
Rating and Investment Information, Inc. (R&I) has downgraded the
following ratings of Japan Radio Co. Limited:

Senior Long-term Credit Rating: BBB+ (Downgraded from A-)

ISSUE: Bonds Rated Issue Date Redemption Issue Amount (mn)
Unsec. Str. Bonds No. 4 Sep 17, 1997 Sep 17, 2004 Yen 8,000
Unsec. Str. Bonds No. 6 Jan 30, 1998 Jan 30, 2004 Yen 5,000
Unsec. Str. Bonds No. 7 Jul 25, 2001 Jul 25, 2006 Yen 7,000

ISSUE: Domestic Commercial Paper Program
Issue Limit: 30,000 million yen
R&I CP RATING: a-2 (Downgraded from a-1)

RATIONALE:

Japan Radio Co. Limited is a major manufacturer of wireless
communications equipment, which handles system electronics,
mobile phone communication equipment and marine electronics.
Consolidated subsidiaries New Japan Radio Co., Ltd. involved in
semiconductors and Aloka Co., Ltd., involved in medical
equipment make a contribution as stable earnings sources.

However, a recurring deficit, caused by the Company's high cost
structure, has persisted on the non-consolidated base for the
last few years. Japan Radio has been trying to improve the
structure of its earnings and expenses, but it will be difficult
to achieve a turnaround to recurring surplus in the period
ending in March 2003 given the deterioration in the business
environment for wireless communication equipment.

Furthermore, creditworthiness at Nagano Japan Radio Co., Ltd.,
an equity method subsidiary of Japan Radio, has declined due to
the slump in demand for wireless communications equipment and
the Company's high cost structure. Nagano Japan Radio is in
urgent need of radical structural reform, but there are limits
to the restructuring it can achieve by itself. Therefore, it is
possible Japan Radio, the effective parent Company of Nagano
Japan Radio, will be exposed to the risk of assisting it.

The rating was only downgraded by one notch in this review, but
there is likely to be further downward pressure on the rating if
restructuring at the entire Japan Radio group, including Nagano
Japan Radio, appears to be delayed.


KAIHO KOSAN: Golf Course Enters Bankruptcy
------------------------------------------
Kaiho Kosan KK has been declared bankrupt, according to Tokyo
Shoko Research Limited. The golf course, located at Kunigashira-
gun, Okinawa, Japan has 100 million yen in capital against total
liabilities of 16 billion yen.


MIZUHO HOLDINGS: Dissolves Subsidiary
-------------------------------------
Mizuho Holdings, Inc. has announced that its wholly-owned
subsidiary, Mizuho Securities Co., Ltd. (MHSC), has decided to
take necessary steps to dissolve Fuji Alternative Asset
Management Company, a consolidated subsidiary of MHSC, as
follows.

1.The Subsidiary to be dissolved:

Corporate Name: Fuji Alternative Asset Management Company
Location: Walker House, Mary Street, P.O.Box 265G, George Town,
Grand Cayman, Cayman Islands, British West Indies
Representative: Shigeto Umatani, Director; Bernard G. Jensen,
Director

2.Reason for Dissolution

After reviewing the overseas businesses of MHSC's subsidiaries,
MHSC has decided to dissolve the subsidiary.

3.Outline of the Subsidiary

Business Asset Management
Date of Establishment: January 1998
Capital Stock: USD 25 million
Number of Common Stock Issued: 500,000
Total Assets: (December 31, 2002) USD 25 million
Number of Executives and Staff
(as of December 31, 2002) 0
Shareholders Mizuho Securities USA Inc.  100%
Recent Performance Ordinary Profit JPY 0 million
(Fiscal Year Ended in Dec, 2002) Net Profit JPY 0 million

4.Scheduled Date of Dissolution

By the end of March 2003

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


SEIYU LIMITED: Widens Loss Forecast to Y83B
-------------------------------------------
Seiyu Limited, 37.8 percent owned by Wal-Mart, widened its net
loss forecast to 83 billion yen ($705 million) for the year
ending this month, four times larger than its previous loss
forecast of 5.2 billion yen, the Financial Times reports.

The Company expects to fall deeper into the red because of heavy
valuation losses and weak sales during the critical December-
January sales period.

Seiyu has been forced to widen its loss forecast mainly because
it will almost entirely write off its 35.5 billion yen
investment in Seibu, the troubled department store chain. Debt-
laden Seibu is this week will be given a financial lifeline
worth up to 230 billion yen by its creditors.

Seiyu, which has about 400 stores, has been under the spotlight
since Wal-Mart bought a 6.1 per cent initial stake in the
Company last year.


SUMITOMO RUBBER: Plans Share Buyback
------------------------------------
Sumitomo Rubber Industries Limited plans to seek approval at a
shareholders meeting on March 28 to buy back up to 25 million of
its own shares for as much as 12.5 billion yen, Dow Jones
reports.

The Company will make use of the "treasury stock" scheme, in
which shares are bought back and held for strategic purposes.


SUMITOMO RUBBER: Returns to Y8.24B Profit
-----------------------------------------
Tire maker Sumitomo Rubber Industries Limited returned to the
black in 2002 with a profit of 8.24 billion yen ($69.4 million)
on brisk exports to the United States and Asia, a weak yen, and
cost cuts, according to Reuters.

"In order to achieve a 'V' shaped recovery after our fall into
the red in 2001/02, we instilled emergency profit boosting
measures and radical reform measures, and have achieved big cuts
in areas like personnel costs," Sumitomo said in a statement.

The had also benefited from efforts to restructure its European
bed business, as well as the reorganization of some of its
sporting goods operations, where it books around 14 percent of
its total sales.


TAKESHIMA CORPORATION: Plumbing Firm Enters Bankruptcy
------------------------------------------------------
Takeshima Corporation has been declared bankrupt, according to
Tokyo Shoko Research Limited. The plumbing Company, located at
Takatsuki-shi, Osaka, Japan has 96 million yen in capital
against total liabilities of 5 billion yen.


QUICK CORPORATION: Auto Firm Goes Bust
--------------------------------------
The Tokyo District Court has declared Quick Corporation
bankrupt, a pioneer in sales of new automobiles for low prices
through the Internet, Kyodo News said Tuesday.

The Company has total liabilities of 450 million yen, consisting
of debt to banks and money that has not been returned to
customers.


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


CHOHUNG BANK: Labor, Management Demands Independent Survival
------------------------------------------------------------
With another round of due diligence on Chohung Bank (CHB) set to
start on February 26, the bank's labor and management made a
joint call on Monday for the bank's independent survival, Asia
Pulse reports.

An unnamed union leader said CHB's labor union will join forces
with management in "pushing for its independent survival." "The
labor union will not reveal its position on how CHB's management
should be formed until the ongoing due diligence is completed,"
he added.

It was the first time for the bank's labor and management to
make a joint public call for independent survival. With a
controlling 80.3-percent stake in CHB, the government is moving
to sell the bank to a private investor.


DAEWOO INTERNATIONAL: Posts First Profit in Three Years
-------------------------------------------------------
Daewoo International Corporation reported its first net profit
since it was spun off from the now dissolved Daewoo Corporation
three years ago, JoongAng Daily said Tuesday.

The Company posted 78.4 billion won ($65.8 million) in net
profit on 6.5 trillion won in revenues for the fiscal year 2002.
The Company posted a 99 billion won net loss a year earlier.


HYNIX SEMICONDUCTOR: Negative Shareholders' Reactions Expected
--------------------------------------------------------------
Hynix Semiconductor Inc. expects to face hostile minority
shareholders on February 25, when the chipmaker seeks approval
to slash equity capital by 95 percent, according to Reuters.
Despite small shareholders' objections, it may be difficult to
stop the plan since creditors control the bulk of the shares.

The chipmaker will hold a general shareholders' meeting on
Tuesday to sign off on a plan to merge every 21 shares into one
in a bid to cut the face value of equity capital to 1.3 trillion
won ($1.09 billion) from 26.2 trillion.

Hynix creditors are seeking to cut the troubled chipmaker's
capital before offering an additional 1.9 trillion won worth of
debt for equity to help it stay afloat.

But minority shareholders want creditors to shoulder more of the
burden, arguing creditors' shares should be merged at a ratio of
20:1 while those of smaller shareholders at only 5:1.


HYNIX SEMICONDUCTOR: Shareholders Filing Suit to Quash Proposal
---------------------------------------------------------------
A group of minority shareholders of Hynix Semiconductor Inc.
will file a suit to nullify the passage of its Annual General
Meeting (AGM) on Tuesday, for an equity write down proposal, AFX
Asia and Nasdaq reports, citing minority shareholders
representative Oh Pil-Keun.

"We are going to file a suit to nullify the rammed passage of
the equity write down," Oh said after the AGM. Hynix recently
secured enough votes for its 21-to-1-equity write-down proposal
at the AGM.

Minority shareholders will also file a complaint with
prosecutors against former Hynix president Park Chong-Sup and
Hyundai Asan chairman Chung Mong-Hun for dereliction of duty, Oh
said.


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


ABRAR CORPORATION: Defaulted Payment Status Remains Unchanged
-------------------------------------------------------------
Abrar Corporation Berhad (Special Administrators Appointed)
announced that there has been no changes to the status of
default in payment since the Company's previous announcement
made on 27 January 2003.

The Company has been placed under the care of Special
Administrators since 27 May 2000 by Pengurusan Danaharta
Nasional Berhad (Danaharta) pursuant to Section 24 of the
Pengurusan Danaharta Nasional Berhad Act, 1998 (the Danaharta
Act).

With the appointment of the Special Administrators, there is a
moratorium on the Company and no creditors may take action
against the Company except in accordance with Section 41 of the
Danaharta Act. The moratorium expires on 26 May 2003.

On 1 November 2002, Public Merchant Bank Berhad (PMBB), on
behalf of the Company, announced that the Company's debt
restructuring proposal (the Workout Proposal) prepared by the
Special Administrators of the Company, was approved by Danaharta
in accordance with Section 45(2) of the Danaharta Act. Under
Section 46(4) of the Danaharta Act, the Workout Proposal binds
the Company, all members and creditors of the Company and any
other person affected by the Workout Proposal. The Workout
Proposal will address the Company's default in payments.

On 23 December 2002, PMBB, on behalf of the Company, announced
that the Securities Commission (SC) had, by their letters dated
18 December 2002 and 20 December 2002 approved the Company's
Workout Proposal as proposed, subject to certain conditions to
be fulfilled


ANSON PERDANA: 30th AGM Scheduled in Feb 22
------------------------------------------
Anson Perdana Berhad advises that at the Thirtieth Annual
General Meeting of the Company held on 22 February 2003, the
resolutions pertaining to the following matters were duly passed
by the shareholders:

   1) Adoption of the Audited Financial Statements for the year
ended 31 August 2002 together with the Directors' and Auditors'
Reports thereon.

   2) Payment of Directors' Fees for the year ended 31 August
2002.

   3) Re-election of the following Directors who retire in
accordance with the Company's Articles of Association:

     i) Soo Suat Swon
     ii) Dato' Haji Abdul Kayoom Bin Mustakim
     iii) Haji Abdul Hamid Bin Mohd Hassan

   4) Re-appointment of Tan Sri Dato' Jaffar Bin Abdul who
retires in accordance with Section 129(6) of the Companies Act,
1965.

   5) Re-appointment of Messrs. HLB I.M. Chieng & Co. as
Auditors of the Company and authority to Directors to fix their
remuneration.

   6) Ordinary Resolution - Authority to Directors to allot and
issues shares in general pursuant to Section 132D of the
Companies Act, 1965.

COMPANY PROFILE

The 1997 financial crisis adversely affected the operations of
Anson Perdana, and in year 2000, the Group's plantation
interests in Perak were disposed of for cash to meet working
capital requirements. In view of the adverse financial
conditions, the Company had developed an integrated debt-
restructuring scheme with financial institutions, trade and
other creditors.

The High Court of Malaya granted the Company and certain
subsidiaries a Stay and Restraining Order pursuant to Section
176(10) of the Companies Act, 1965. At the Court convened
creditors' meetings held on 15 March 2001 and 27 March 2001, the
majority of creditors approved the Scheme in terms of number and
value. On 24 October 2001, the Company submitted to the SC its
application in respect of the Scheme, which is now being
processed. The FIC approved the Scheme via its letter of 18
January 2002.

CONTACT INFORMATION: No. 21 & 23, Jalan Hussein (Ground Floor)
                     30250 Ipoh, Perak
                     Tel : 05-2415633
                     Fax : 05-254157


CRIMSON LAND: Rights Warrants Exercise Price Fixed
--------------------------------------------------
Further to Crimson Land Berhad's announcements dated 26 July
2002, 8 August 2002, 27 November 2002, 16 December 2002 and 22
January 2003 pertaining to the following:

   (i) proposed renounceable rights issue of up to RM52,041,254
nominal value of 5% 5-year irredeemable convertible unsecured
loan stocks (ICULS) at 100% of the nominal value together with
up to 104,082,508 free detachable warrants (Rights Warrants) on
the basis of RM1.00 nominal value of ICULS and two (2) free
detachable Rights Warrants for every five (5) existing ordinary
shares of RM0.50 each in Crimson (Crimson Shares) (Proposed
Rights ICULS Issue with free Rights Warrants); and

   (ii) proposed issuance of RM10,090,000 nominal value of ICULS
at 100% of the nominal value as full settlement of borrowings
owing to PICA (M) Corporation Berhad (PICA) pursuant to the
proposed debt restructuring,

Alliance Merchant Bank Berhad, on behalf of the Board of
Directors of Crimson, is pleased to announce that:

   (i) the conversion price of the ICULS to be issued pursuant
to the Proposed Rights ICULS with free Rights Warrants;

   (ii) the conversion price of the ICULS to be issued to PICA
pursuant to the proposed debt restructuring; and

   (iii) the exercise price of the Rights Warrants,

have been fixed at RM0.50 per share respectively, being the par
value of Crimson Shares.

The conversion price and exercise price of RM0.50 per share
represents a premium of 177.78% or 0.32 sen over the weighted
average market price of Crimson Shares for the past five (5)
market days from 17 February 2003 to 21 February 2003 of RM0.18
per share.


CSM CORPORATION: Appoints A/L Palaniappan as Exec Director
----------------------------------------------------------
CSM Corporation Berhad posted this Change in Boardroom Notice:

Date of change : 24/02/2003
Type of change : Appointment
Designation    : Director
Directorate    : Executive
Name           : Karuppannan A/L Palaniappan
Age            : 55
Nationality    : Malaysian
Qualifications : A member of the Malaysian Institute of
                 Accountants
Working experience and occupation  :

Mr. Karuppannan commenced his career in 1974 with the Malaysian
Government and was attached with the Accountant General's
Department until 1994. He subsequently joined Chase Perdana
Berhad, a company listed on the Second Board of the Kuala Lumpur
Stock Exchange as the Group General Manager/Financial
Controller. He served on the Board of Sitt Tatt Berhad and S&P
Food Industries Berhad. He had also served as an Executive
Director of Merces Holdings Berhad.

Directorship of public companies (if any) : Nil
Family relationship with any director and/or major shareholder
of the listed issuer : None
Details of any interest in the securities of the listed issuer
or its subsidiaries : Nil

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


DATAPREP HOLDINGS: Dir Abd Ghani Disposes of 31,000 Securities
--------------------------------------------------------------
Dataprep Holdings informed that Director En Fauzi Bin Abd Ghani,
has transacted in the shares of the Company through his nominee,
Ke-Zan Nominees (Tempatan) Sdn Bhd. Details of the transaction
are as follows:

Date of interest disposed: 17 February 2003
Name of registered holder of securities: Ke-Zan Nominees
            (Tempatan) Sdn Bhd
Price of securities disposed: 1.4112
No of securities disposed: 31,000
Total no of securities held after disposal: 444,000
Particulars of events by reason of which change has occurred:
            Forced sale of security by Broker

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


JASATERA BERHAD: SC Considers Proposed Exemption
------------------------------------------------
Further to the announcement dated 23 September 2002, wherein it
was announced that the Securities Commission (SC) had rejected
the proposed exemption sought by Dato' Koo Yuen Kim, Dr Koo Woon
Kee and parties acting in concert with them from the obligation
to extend a mandatory offer for the remaining voting shares in
Jasatera not already owned by them pursuant to PN 2.9.3 of the
Code, Public Merchant Bank Berhad (PMBB), had on 5 November 2002
applied to the SC on behalf of Dato' Koo Yuen Kim, Dr Koo Woon
Kee and parties acting in concert with them (i.e. Datin Su Bee
Leng, Yen Mooi Lan and Influx Advance Sdn Bhd) (collectively
known as "parties acting in concert") for an exemption from the
obligation to undertake a mandatory offer on the remaining
voting shares in Jasatera not already owned by them under PN
2.9.1 of the Code (Proposed Exemption).

Pursuant thereto, PMBB, on behalf of Jasatera Berhad, announced
that the SC had, vide its letter dated 18 February 2003,
received on 21 February 2003, indicated that it will consider
the Proposed Exemption after the following has been obtained:

   (i) The parties acting in concert are required to obtain the
approval for the Proposed Exemption from the shareholders of
Jasatera by way of poll at an Extraordinary General Meeting to
be convened in which all the interested parties shall abstain
from voting. The results of the voting by way of poll must be
verified by an independent auditor;

   (ii) Independent advice to be provided to the shareholders of
Jasatera, wherein, the appointment of the independent adviser
(IA) and the independent adviser's circular (IA Circular) to be
issued to the shareholders of Jasatera must be pre-approved and
agreed by the SC. In this respect, the appointed IA is required
to disclose the following information in the IA Circular to be
issued to the shareholders of Jasatera:

     (a) Details of the public reprimand issued by the SC on the
parties acting in concert on 7 January 2003 as to the failure of
the parties acting in concert to undertake a mandatory offer for
the remaining voting shares in Jasatera after the acquisition of
the moratorium shares of Jasatera in 1998 from MBF Finance
Berhad; and

     (b) The steps to be taken by the parties acting in concert
on the mandatory offer as set out in (a) given that this
mandatory offer obligation for the remaining voting rights in
Jasatera which is still in force;

and;

   (iii) The parties acting in concert are required to furnish
to the SC, statutory declarations that they have not acquired
any Jasatera Shares in the 6 months prior to the posting of
circular to the shareholders of Jasatera but subsequent to
negotiation, discussion, understanding or agreement with the
directors of the Company in relation to the proposed issue of
new securities, whichever is the earlier, and until the SC
approves the Proposed Exemption.


KILANG PAPAN: Unit Files Stay of Winding Up Petition Order
----------------------------------------------------------
On 20 February 2003, Kilang Papan Seribu Daya Berhad
received notification in a local newspaper that the High Court
in Sabah and Sarawak at Kota Kinabalu has granted a Winding-up
Order against Padas Hevea Wood Products Sdn Bhd, an 80 percent
owned subsidiary of KPSD.

The directors of the subsidiary have instructed a firm of
solicitors to file an application for a Stay of the Winding-up
Order in view of the Restructuring Scheme of KPSD, which
includes settlement to all creditors of the subsidiary.


LINGUI DEVELOPMENTS: RAM Lifts Rating Watch on Bonds
----------------------------------------------------
In March 2002, the long-term ratings of A3 for Lingui
Developments Berhad's (Lingui) RM150 million Fixed Rate Bonds
(2001/2006) and RM150 million Fixed Rate Bonds (2001/2008)
(collectively known as "the Bonds") were put on Rating Watch
with a negative outlook.  This had been premised on the adverse
impact of timber prices falling to 25-year lows in 2001. The low
timber prices have resulted in Lingui posting pre-tax losses for
4 consecutive quarters since the 4th quarter of FYE 30 June 2001
(4Q FY 2001).

In December 2002, RAM changed the Rating Watch from a negative
outlook to a developing outlook when Lingui announced that its
existing USD-denominated syndicated loan would be refinanced via
a Facility Agreement between its wholly owned subsidiary,
Hikurangi Forest Farms Limited (HFFL), and ANZ Investment Bank,
a division of ANZ Banking Group (New Zealand) Limited.  HFFL
owns and operates the Group's radiata pine forest plantation in
New Zealand.  This funding programmed, which was completed in
January 2002, facilitates a better matching of cash flow and
debt-service obligations and as such, is expected to alleviate
potential constraints on Lingui's cash flow throughout the
tenure of the Bonds.

RAM has now lifted the Rating Watch on Lingui's Bonds and
reaffirmed their ratings at A3.  The reaffirmation is premised
on the various corporate exercises undertaken by Lingui to
address the adversities arising from the timber slump in 2001.
The success of these corporate exercises is envisaged to
rejuvenate the Group's cash-generating ability, which had taken
a beating as timber prices plunged to 25-year lows in 2001.
Besides completing the NZ funding programmed, Lingui has also
acquired a 60%-stake in relatively debt-free Samling Plywood
Miri Sdn Bhd (SP Miri) via a share swap in December 2002.  There
will also be a capital repayment and distribution exercise by an
associate, Glenealy Plantations (Malaya) Berhad (Glenealy),
which will effectively result in Lingui extinguishing a RM89.34
million debt.

The reaffirmation is further supported by the Group's access to
timber resources from its forest concessions, which have just
added another 204,895 ha with the recent inclusion of SP Miri.
Moreover, the strength of Lingui's management team clearly shone
through in the past year as the Group weathered one of the worst
years in the global timber industry and emerged with an intact
financial profile.  On the other hand, the cyclicality of the
industry as well as the Group's high concentration risk vis-…-
vis its export market remains as key concerns.


LION CORP.: Suspends Trading to Assist Capital Reconstruction
-------------------------------------------------------------
To facilitate Lion Corporation Berhad's Capital Reconstruction,
the trading of LIONCOR's securities will be suspended with
effect from 9:00 a.m., Thursday, 6 March 2003 until the
completion of the Capital Reconstruction.

The Capital Reconstruction involves reduction in the capital of
LIONCOR by the cancellation of RM0.30 from every existing
ordinary share of RM1.00 each in LIONCOR and thereafter a
capital consolidation on the basis of ten (10) resultant
ordinary shares of RM0.70 each into seven (7) ordinary shares of
RM1.00 each credited as fully paid-up.


MECHMAR CORPORATION: Disposes of Assets to Repay Debts
------------------------------------------------------
Bells Properties Sdn Bhd (BPSB), a wholly-owned subsidiary of
Mechmar Corporation (Malaysia) Berhad, is a private limited
company incorporated in Malaysia with its registered office at
No. 1, Jalan Perunding U1/17, Section U1, Hicom-Glenmarie
Industrial Park, 40150 Shah Alam, Selangor Darul Ehsan with a
paid-up capital of RM 2,563,225 divided into 2,563,225 ordinary
shares of RM1.00 each.

BPSB is the registered owner of one parcel of leasehold land
held under Lot No. 7, Section 36, Town of Petaling Jaya,
District of Kuala Lumpur, State of Selangor comprising in area
approximately 43,440 square feet together with a building
bearing a postal address at No. 110, Jalan Semangat, Seksyen 14,
46200 Petaling Jaya, Selangor Darul Ehsan (hereinafter referred
to as "the said Land"). The said Land is currently charged to
Utama Merchant Bank Berhad as agent bank for a syndicated term
loan of RM26 million granted to the Company.

Handi-Mart (Malaysia) Sdn Bhd and Handi-Mart (USJ) Sdn Bhd
(HandiMart), Mechmar Corporation (Malaysia) Berhad's wholly-
owned subsidiaries, both are private limited companies
incorporated in Malaysia with their registered office at No. 1,
Jalan Perunding U1/17, Section U1, Hicom-Glenmarie Industrial
Park, 40150 Shah Alam, Selangor Darul Ehsan. HandiMart had on 29
October 2001 entered into agreements with Cartel Vista Sdn Bhd
(CVSB) to authorize CVSB to operate their DIY outlets under the
trade name of HANDI-MART.

The Company on 24 February 2003, entered into an agreement with
CVSB , a private limited company incorporated in Malaysia and
having its registered office at No.110, Jalan Semangat, Seksyen
14, 46200 Petaling Jaya, and Selangor Darul Ehsan to:

   i) Sell its entire shareholdings in BPSB comprising of
2,563,225 ordinary shares of RM1.00 each; and

   ii) The stock in trade and assets of HandiMart as at 31
December 2002.

for a total sale consideration of RM9, 600,000, of which RM7,
920,000 is to be utilized towards redemption of the said Land
and the balance RM 1,680,000 (subject to adjustment after a due
diligence and stock take to be conducted by the CVSB's auditors
on HandiMart) is to be utilized by HandiMart towards repayment
of debts under their debentures.

The consideration was arrived on a willing buyer willing seller
basis and based upon a recent valuation report by Raine & Horne
International Zaki + Partners Sdn Bhd.

Details of Purchaser - CVSB

1. Date of Incorporation: 23 July 1994
2. Authorized Capital: RM500, 000
3. Paid-up Capital: RM500, 000
4. Directors: Rohaizan Binti Ghazali, Rafidah Binti Mahayuddin,
Charles Clement Kilroy Augustin, Razmi Bin Alis
5.Shareholders: Rohaizan Binti Ghazali (250,000 - 50%)
Rafidah Binti Mahayuddin (250,000 - 50%)

To the best of our knowledge, the Purchaser has no connection
with any of the directors of the Company, BPSB and HandiMart and
it does not own any shares in the Company, BPSB and HandiMart.

Mode of Payment

RM960, 000 refundable deposit will be paid upon execution of
agreement and RM8, 640,000 totaling RM9, 600,000 to be deposited
with the Company's solicitors as stakeholders within one month
of the fulfillment of the conditions precedent stipulated in the
agreement. The main conditions are as stated under Clause 6.

Rationale

The Company needs to rectify the present default situation with
its syndicated lenders and repay outstanding debts.

Financial Effect of the Disposal

The disposal of the Land, assets and stock in trade of HandiMart
will increase the earning per share and net tangible assets of
the Company by 3.5% each for financial year ending 31 December
2003.

Salient Features of the Sales and Purchase Agreement

(1) The final sale consideration is subject to a due diligence
exercise on the financial, contractual and trading position of
BPSB and the list of inventory of HandiMart's assets and stock
in trade by CVSB's auditors. Any variance will be adjusted
accordingly to the final sales consideration.

(2) The sale is subject to the approval by the shareholders of
the Company.

(3) Completion on the sale of BPSB is subject to the
confirmation of the redemption sum by the syndicated lenders.

Directors' and Substantial Shareholders' Interest

None of the directors and/or substantial shareholders and/or
persons connected to directors and/or substantial shareholders
of the Company have any interest, either direct or indirect in
the disposal of the said Land by BPSB and assets and stock in
trade by HandiMart.

Directors' Recommendation

The Board of Directors is of the opinion that the said disposal
is in the best interest of the
Company


PILECON ENGINEERING: Obtains 90-Day Restraining Order
-----------------------------------------------------
Further to Pilecon Engineering Berhad's announcement dated 21
February 2003, Alliance Merchant Bank Berhad, on behalf of the
Company's Board of Directors, announced that prior to the
application for the restraining order pursuant to section
176(10) of the Companies Act, 1965 from the Kuala Lumpur High
Court (Restraining Order), Pilecon has, since 2001, been
negotiating with certain lenders and corporate guarantee
creditors of Pilecon excluding its trade creditors (Unsecured
Creditors), for the restructuring of the Company's financial
obligations.

The Company informally presented a few schemes to the Unsecured
Creditors during the period. However, the Unsecured Creditors
were not able to arrive at a unanimous decision on the scheme.
Pursuant to this, Pilecon has decided to implement the debt-
restructuring scheme via a formal scheme.

The Restraining Order for a period of ninety (90) days from 21
February 2003 and the order to convene a meeting pursuant to
section 176(1) of the Companies Act, 1965 are not expected to
have any effect on the financials and operations of the Pilecon
group as both orders are obtained to facilitate the
implementation of the Proposals, which involves the following:

   - Proposed Two-Call Rights Issue;
   - Proposed Acquisition of Mahabudi Land; and
   - Proposed Debt Restructuring Scheme, involving:
   - Proposed Cash Settlement;
   - Proposed Debt-to-Equity Conversion;
   - Proposed Issuance of RCSLS-A; and
   - Proposed Issuance of ICULS.


PILECON ENGINEERING: Serves Writ of Summons, Statement of Claim
---------------------------------------------------------------
The Board of Pilecon Engineering Berhad announced that the
Company has on 24 February 2003 been officially served a Summons
filed by Affin Bank Berhad, Bumiputra-Commerce Bank Berhad, RHB
Bank Berhad, Southern Bank Berhad and Public Bank Berhad
(collectively known as "the Plaintiffs") for a claim of
RM82,073,000.00 together with accruing interest of
RM7,374,177.61 as at 1 October 2002 against the Company.

BACKGROUND

Development and Commercial Bank Bhd, Malayan Banking Bhd, Bank
Bumiputra Malaysia Bhd, Kwong Yik Bank Berhad, Bank of Commerce
(M) Bhd, Perwira Habib Bank Malaysia Bhd, Ban Hin Lee Bank Bhd
and Public Bank Bhd (collectively known as "the Guarantors") had
sometime on or about 6 April 1994, entered into a Guarantee
Facility Agreement (the GFA) with the Company providing the
Company a guarantee facility of up to a maximum amount of
RM157,312,500.00 to guarantee the payment obligations of the
Company (the Payment Obligations) in connection with its five
(5) years 4.875% Redeemable Guaranteed Bonds (the Bonds) to be
issued by the Company up to a maximum amount of RM150,000,000.00
and interest thereon for a maximum amount of RM7,312,500.00.

The Guarantors had on or about 9 June 1999 demanded from the
Company in accordance with the terms of the GFA, a Trust Deed
and a further Undertaking Letter issued by the Company to the
Guarantors immediate payment of an amount of RM156,995,775.78
(the Debt) paid by the Guarantors for the Payment Obligations.

The Company had subsequently proposed various debt restructuring
schemes to resolve its indebtedness. The latest proposal dated
25 October 2002 was sent to all lenders for their approval the
same of which was annexed as an exhibit in support of an
application for a restraining order pursuant to Section 176(10)
of the Companies Act, 1965.

The Plaintiffs have now prayed for judgment against the Company
in the statement of claim particulars of which are as follows:

   1. Principal outstanding sum of RM82,073,000.00
   2. Accruing interest as at 1 October 2002 of RM7,374,177.61
   3. Agency fee of RM45,000.00 owing to the Facility Agent,
Public Bank Berhad
   4. Costs for the collection of the Debt
   5. Such further or other relief as the Court deems fit

ACTION TAKEN

The Company had on 21 February 2003 obtained a Restraining Order
from the High Court of Malaya pursuant to Section 176 of the
Companies Act, 1965.

FINANCIAL AND OPERATIONAL IMPACT

As the Company has obtained the Restraining Order under Section
176 of the Companies Act, 1965, the Directors do not expect any
financial and operational impact on the Group for the next three
(3) months. In the event the Restraining Order is set aside, the
Company would be under an immediate financial obligation to
honor the repayment of the sum claimed and would therefore take
all necessary actions to defend the suit with all the remedies
available at law.


TAT SANG: Provides Defaulted Payment Status Update
--------------------------------------------------
Tat Sang Holdings Berhad provided an update on the details of
all banking facilities, which are currently in default as per
attached Table 1 at
http://www.bankrupt.com/misc/TCRAP_TatSang0226.doc

The Company also informed that the hearing date of the following
legal suits are fixed as follows:

1. Standard Chartered Bank (M) Berhad - VS - Mercuries & Muar
Wooden Furniture Mfg Sdn. Bhd. (MMWF) at Kuala Lumpur High Court

Suit No. : D5-23-1051-2001
Decision : The above suit case, which came up for decision of
the Plaintiff's application for Summary Judgment on the 1 August
2002. The Senior Assistant Registrar allowed the Plaintiff's
application and recorded Summary Judgment against all the
defendants. Our Solicitors have filed an appeal to the Judge in
Chambers and the plaintiff did not proceed with further action.

2. Malayan Banking Berhad (MBB) - VS - MMWF at Muar High Court

Suit No. : 23-108-2001
Decision : Based on the outcome of the hearing on 10 October
2002, our solicitors have managed to set aside the aforesaid
Summary Judgment against all the Defendants. As the dispute is
on the amount claimed by MBB, Interlocutory Judgment was instead
entered by consent with amount to be assessed before the Senior
Assistant Registrar based on the rate as specified in the letter
of offer dated 19 August 2000. MBB will not be able to enforce
or execute the aforesaid Interlocutory Judgment until the amount
to be calculated is agreed upon by the parties. The plaintiff
has filed an application to fix hearing date for assessment of
the actual amount due and is now pending for the court to fix
the hearing date.

3. Bumiputra-Commerce Bank Berhad - VS- MMWF at Muar High Court

Suit No. : 23-76-2001
Hearing date : An application to amend the Writ of Summons and
Statement of Claims dated 16 May 2002 and application for
Summary Judgment which was fixed for hearing of the Order 14
Application on 20 June 2002 has fixed for decision on 23 August
2002.
Decision : The Judgment was obtained in 23 August 2002, the
plaintiff's application for Summary Judgment against the
defendants were allowed by the Senior Assistant Registrar.
Notice of Appeal was filed and the hearing date was fixed on 9
December 2002. The next hearing date for the appeal, which was
fixed on 6 February 2003, has postponed to 19 May 2003.

4. Bank Pembangunan & Infrastuktur Malaysia Berhad (BPIMP) - VS
- MMWF

Suit No. : 23-54-2002
Status of the suit: Memorandum of Appearance was filed on 25
July 2002 and our solicitors had filed in defense on 8 August
2002. Hearing date was fixed on 28 November 2002. The BPIMP had
filed an application for Summary Judgment under Order 14 of the
Rules of the High Court 1989 together with the necessary
affidavit in support of application for the aforesaid sum. The
next hearing date has been postponed from 15 January 2003 to 20
February 2003 and subsequently to 20 March 2003.


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


MANILA ELECTRIC: JP Morgan Eyes Government Stake
------------------------------------------------
US-based investment bank JP Morgan eyes interest in the
privatization of the government's remaining stake in the Manila
Electric Co. (Meralco), the Philippine Star said on Tuesday.

The Department of Finance (DOF) has begun to line up its key
assets for privatization this year and officials said Meralco
remains the biggest item in its list despite the controversy
over rates and the 28-billion yen refund issue.

Finance Undersecretary Eric Recto said the Energy Regulatory
Commission is about to come up with a decision on Meralco's
petition for a rate hike, which, if decided in favor of Meralco,
would improve the value of its shares.

The Philippine government still holds a 10-percent block in
Meralco, estimated to be worth 9 billion pesos in 2000. By the
time preparations were underway to sell the shares, the value
had gone down dramatically to 4 billion pesos in 2001.


NATIONAL POWER: PSALM Meets With DoF on Funding Needs
-----------------------------------------------------
The Power Sector Assets and Liabilities Management Corp. (PSALM)
will meet with the Department of Finance (DoF) this week to set
the financial requirement of National Power Corporation
(Napocor) for 2003, Business World said on Monday.

In a telephone interview, PSALM President Edgardo M. del Fonso
said the firm would likely secure foreign borrowings and float
bonds in international capital markets to raise funds for
Napocor. PSALM is also likely to push for structured finance
arrangements for Napocor.

He said no definite fund-raising activities for Napocor have
been scheduled, so far, pending the determination of the amount
needed by the power firm to finance its operations and pay off
maturing loans this year.

DebtTraders reports that National Power Corporation's 9.750%
bond due in 2009 (NATP09PHN1) trades between 104.892 and
106.358. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=NATP09PHN1


PHILIPPINE LONG: Debt Burden Falling
------------------------------------
Higher profit may increase Philippine Long Distance Telephone
Co. (PLDT)'s ability to pay its 140 billion pesos ($2.6 billion)
of debt, the Philippine Star said on Tuesday. Concern that it
might struggle to pay $600 million due in 2004 helped undermine
the stock last year.

Moody's Investors Service has a negative outlook on the Company,
indicating it may cut PLDT's rating on senior unsecured debt
from Ba3, three levels below investment grade. Still, it said on
February 12 the Company's ability to pay debt is `improving.''

PLDT refinanced $777 million of debt last year at lower
borrowing costs. In addition, PLDT President Manuel Pangilinan
said in December it has paid off $130 million. Debt costs
probably fell to 14.3 billion pesos last year from 14.6 billion
pesos in 2001, Salomon Smith Barney Inc. said in a note to
clients.

The Company doesn't expect to pay dividends on common stock
until at least next year.


WORLDCOM INC.: FCC Issues Statement On Whipsawing Dispute
---------------------------------------------------------
Federal Communications Commission (FCC) Commissioner Kathleen Q.
Abernathy issued a statement regarding the dispute affecting the
United States - Philippines route as follows:

On February 7, 2003, AT&T Corp. and WorldCom Inc. both filed
requesting that the Commission take action to protect U.S.-
international carriers and U.S. consumers from alleged
"whipsawing" behavior occurring on the
U.S.-Philippines route.

"Whipsawing" is a form of anti-competitive behavior that
involves the ability of foreign carriers to obtain unduly
favorable terms and conditions from U.S.-international service
providers by setting competing U.S. carriers against one
another.

Specifically, in this proceeding, AT&T and WorldCom allege that
several Philippines carriers have blocked the traffic of U.S.
carriers for their refusal to agree to unilateral rate
increases, which has resulted in significant service
disruptions.

AT&T and WorldCom have requested that the FCC take action to
protect U.S. carriers in their negotiations on the U.S.-
Philippines route from whipsawing and prevent further network
disruptions and harm to U.S. consumers.

In addition, these providers have requested the FCC to prohibit
U.S. carriers from making payments to the Philippines carriers
until international service on this route is fully restored.

I believe this is an urgent matter and must be resolved in the
near term. Service to the Philippines has been disrupted for
almost a month for many consumers and U.S. carriers are being
financially harmed by the disruption.

I am pleased the International Bureau has been very responsive
in trying to resolve the dispute. First, the Bureau has engaged
in direct discussions with the Philippines regulator in an
effort to find a solution. Second, the Bureau quickly placed the
AT&T and WorldCom Petitions on public notice.

I am hopeful that when the comment period on the Petitions
concludes at the end of next week, the International Bureau will
act expeditiously to review the record in this proceeding and
speed the Federal Communications Commission action," Abernathy
added.

MEDIA CONTACT:
Jennifer Manner at (202) 418-2530
Email: jmanner@fcc.gov

For a copy of the press release, go to
http://hraunfoss.fcc.gov/edocs_public/attachmatch/DOC-
231392A1.pdf


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


NEPTUNE ORIENT: Expects $181M Loss in 2002
------------------------------------------
Neptune Orient Lines Limited (NOL) expects a loss of $181
million in the six months to December 31, versus a loss of $67.2
a year earlier, because of a fall in freight rates and write-
offs of the value of assets, according to Bloomberg.

The Company has debts of $2.5 billion, with interest payments
accounting for 43 percent of first-half losses. It's planning to
sell bonds secured by some shipping revenue to reduce interest
payments.


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


NATURAL PARK: Court Orders Business Rehabilitation Termination
--------------------------------------------------------------
N P K Management Service Co., Ltd., as the Plan Administrator of
Natural Park Public Company Limited, notified that after the
Central Bankruptcy Court issued an order approving the Business
Rehabilitation Plan of the Company (the Plan) on 26 June 2002,
the Plan Administrator has arranged for the Company to implement
all processes as provided in the said Plan.

Presently, the business rehabilitation process of the Company
has completed successfully under the Plan.  The Court therefore
issued an order terminating the Business Rehabilitation of the
Company on 13 February 2003. After the Court issued the order
terminating the Business Rehabilitation of the Company
aforesaid, the Board of Directors of the Company are required to
manage the businesses and assets of the Company.

The Plan Administrator will then hand over the authority for
managing the businesses and assets of the Company to the Board
of Directors of the company, which comprise as follows:

        1.      Mr. Thosapong   Jaruthavee
        2.      Mr. Tharagant   Protpagorn
        3.      Mr. Suwan       Thanombooncharoen
        4.      Mr. Nakorn      Luksanakarn
        5.      Mr. Peerapong   Tungkasemwattana


PRASIT PATANA: Posts Rehab Plan Implementation Progress Report
--------------------------------------------------------------
PricewaterhouseCoopers Corporate Restructuring Limited, as the
Plan Administrator of Prasit Patana Public Company Limited, sets
out below its Progress Report on the implementation of its
Rehabilitation Plan:

   * Assignments of Receivables have been signed by the relevant
parties as security to the creditors on 18 October 2002.

   * Share Pledge Agreements and Assignments of Accounts have
been signed by the relevant parties as security to the creditors
on 28 November 2002.

   * Minority shareholders holding shares in Phyathai 2 Hospital
Company Limited (PYT2) and Phyathai 3 Hospital Company Limited
(PYT3) have exchanged their shares in PYT2 or PYT3 for shares in
PYT and PYT has registered the change to its issued capital to
account for the share swaps with the Ministry of Commerce on 12
December 2002.

   * Progress has continued towards completion of other security
documentation for granting security over land, buildings, plant
and machinery.

   * The budgeted capital expenditure for the period from 1
March 2002 to 31 December 2002 is 76.86 MB, and total spending
for the period from 1 March 2002 to 31 December 2002 is 51.94
MB.


ROBINSON DEPARTMENT: CRC Option Share Scheme Period Detailed
------------------------------------------------------------
Reference is made to the Reorganization Plan (the Plan) of
Robinson Department Store Public Company Limited approved by the
Central Bankruptcy Court on 20 December 2000,  21 percent of
total shares of the Company's share is set aside for CRC Option
share scheme in which Central Retail Corporation Limited and/or
its authorized Designee (refer to as "CRC") will be entitled to
exercise the option shares at market price with certain
discounts, if the Company can meet the EBITDA target as follow:

Year Tranche No. of  EBITDA Target Actual EBITDA % Discount from
             Option  (Million THB) (Million THB)   Market Price
             Shares

2000     1        7%         515.0          683.65           10%
2001     2        7%         655.7          873.68           20%
2002     3        7%         792.9      To be determined     30%

The above mentioned market price refers to the weighted average
share price for all trades of the Company's share recorded on
the Stock Exchange of Thailand (SET) during the pricing
period. The pricing period for each fiscal year is to be
determined as follows:

   * Fiscal year 2000:  The Pricing Period shall be a period of
30 trading days commencing on the day 90 calendar days after the
first day upon which the new shares issued pursuant to the
restructuring plan become eligible to be traded on the SET (the
period from  24 February 2003 to 4 April 2003);

   * Fiscal years 2001 and 2002:  The Pricing Period shall be a
period of 30 trading days commencing on the day the Company
announces its audited annual financial results for the
immediately preceding fiscal year.

Following the completion of share issuance and capital
reduction, the Company's shares became eligible for trading on
SET on 26 November 2002. Also as a result of the Company's
achievement in meeting the EBITDA target for year 2000 and year
2001 as mentioned in the table above, CRC becomes eligible for
exercise the tranche 1 and tranche 2 Options shares accordingly.

Due to the unavailability of market price upon the submission of
year 2001 financial statement to SET as the Company's share were
not yet allowed for trading, therefore pricing period of tranche
2 options share for the market price determination will be the
period from 24 February 2003 to 4 April 2003 as the same as
tranche 1.

In case where the Company can manage to submit its financial
statement for fiscal year 2002 to SET by 24 February 2003, the
pricing period for tranche 3 shall be the same period as that
of tranche 1 and 2 mentioned above. However whether the Company
will meet the EBITDA target and CRC will be eligible to exercise
tranche 3 will be known once the audited financial statement for
fiscal year 2002 is completed and submitted to SET.

Within the next business following the expiry of pricing period
CRC shall have to inform its intention whether to exercise the
option or not and further actions are to be taken accordingly.
The result of such will then be reported accordingly.

Please note according to the condition set forth in the plan,
both CRC and the Unsecured Financial Creditors are prohibited
from trading, either directly or indirectly, in the Company's
shares during the Pricing Period.


SWEDISH MOTORS: Syndicated Loan Payment Pending
-----------------------------------------------
Swedish Motors Corporation Public Company Limited has entered
into the Syndicated Facilities Agreement dated November 29, 1999
with its syndicated lenders. The Company has been in discussions
with the syndicated lenders for the debt restructuring of the
Company. However, the outcome of the discussion has not been
finalized.

The Company informed that pursuant to the Board of Directors
Meeting No.2/2003 held on February 24, 2003, the Board
unanimously resolved that the Company will not pay future
interest and principal installments under the Syndicated
Facilities Agreement dated November 29, 1999, pending the
outcome of the debt restructuring under discussion as proposed
to all syndicated lenders.


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.

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