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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

            Monday, February 18, 2002, Vol. 5, No. 34

                         Headlines

A U S T R A L I A

AUSDOC GROUP: Sale Process Moves to Due Diligence Stage
BRAMBLES INDUSTRIES: Sells NW Shipping and Towage
DUEBOND PTY: Former Adelaide Director Acquitted
JAMES HARDIE: Plans USA Roofing Market Launch
JOYCE CORPORATION: Posts Letter to Shareholders

OCEANAIR LIMITED: Joint Administrators Appointed
PMP LIMITED: Australian ELLE to Close
SMARTWORLD CORPORATION: AGM Further Extended to March 14


C H I N A   &   H O N G  K O N G

AEROSOL COMPANY: Winding Up Petition Set For Hearing
CIL DECORATIVE: Winding Up Petition Slated For Hearing
DAILYWIN GROUP: Reaches Settlement Agreement with Creditors
HUNTLY RESTAURANT: Hearing of Winding Up Petition Set
LIONMATE DEVELOPMENT: Petition To Wind Up Scheduled

MEICHU CORPORATION: Applies for Liquidation After Slump in Sales
NORTHEAST ELECTRICAL: Creditors Reject Proposed 60% Haircut
OCEANIA BROTHERS: Winding Up Petition To Be Heard
WIN ART: Winding Up Petition Hearing Set


I N D O N E S I A

BANK CENTRAL: BI to Complete Bidders Tests This Week
DAN LIRIS: IBRA Completes Debt Restructuring
INDAH KIAT: Restates 2000 Results


J A P A N

DAIEI INC: Sells Sport Club Unit for Y3.5B
GAP (JAPAN): Moody's Lowers Senior Unsecured Rating to Ba2
NEC CORPORATION: Enters Reseller Agreement with WebGain
NIPPON TELEGRAPH: Telecom Ministry Inspecting Operations
NIPPON TELEGRAPH: Units Get 4,000 Early Retirement Applicants

NISSAN MOTOR: Rehiring Workers Fired in Restructuring
NISSAN MOTOR: Discloses Revival Plan, Cost Reduction Target
SNOW BRAND: Itochu Willing to Help if Asked


K O R E A

HYNIX SEMICONDUCTOR: Wraps Up Alliance Deal With Micron


M A L A Y S I A

AUTOINDUSTRIES VENTURES: Posts Defaulted Payments
INNOVEST BERHAD: Shares Trading Suspended
MALAYSIAN RESOURCES: Enters Proposed Disposal SPA with TNB
MALAYSIAN RESOURCES: Revised SPA Execution Approval Pending
PAN MALAYSIA: Agrees Conditions Precedent Period With Lai Sun

PANGLOBAL BERHAD: Discloses Mining Production Figures
PSC INDUSTRIES: SC Approves Proposal Completion Date Extension


P H I L I P P I N E S

BAYAN TEL: Eyes Verizon as Strategic Partner
REYNOLDS PHILIPPINES: Expects Restructuring Deal With Creditors
NATIONAL STEEL: Awaits Creditors Debt Write-Off Approval


S I N G A P O R E

FHTK HOLDINGS: Posts Notice Of Shareholder's Interest
THAKRAL CORPORATION: March 13 EGM Scheduled
SEMBCORP INDUSTRIES: SembWaste Secures A$151M Contract


T H A I L A N D

EASTERN PRINTING: Posts Rehabilitation Plan Procedures
ITALIAN-THAI: Court Postpones Business Reorg Plan Approval
PRESIDENT PARK: Business Reorganization Petition Filed
SIAM STEEL: Meets Seventh Interest, Principal Payment
SINO-THAI ENGINEERING: Clarifies Financial Statement

SINO-THAI ENGINEERING: Discloses Resolutions Adopted at EMS
SIAM SYNTECH: Posts Board of Directors Changes

     -  -  -  -  -  -  -  -

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A U S T R A L I A
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AUSDOC GROUP: Sale Process Moves to Due Diligence Stage
--------------------------------------------------------
Ausdoc Group Limited (ASX:AUD) announced Friday that it has
invited a limited number of parties to undertake due diligence
in relation to the Company's sale process.

On 19 December 2001 the Company announced its intention to seek
expressions of interest for AUSDOC as a whole, or for AUSDOC's
individual business units. Expressions of interest were due on 1
February.

The response to the tender was strong with a number of high
quality expressions of interest in relation to the Company as a
whole and for individual businesses received. The Board has
subsequently elected to invite certain parties to undertake due
diligence.

Commenting on the sale process, AUSDOC Chairman, Mr Michael
Butler said, "Following a rigorous evaluation of our operations
last year, the Board determined that a sale process would best
determine a real value for shareholders' investment in the
company.

"We are pleased with the strong level of interest in AUSDOC to
date, however it is too early to predict the outcome of the due
diligence or the sale process. It may result in an offer for
AUSDOC shares, the sale of one or more of AUSDOC's business
units or, as an outside chance, no sale at all.

"We have achieved our initial objective of creating competitive
tension both in respect of potential offers for the shares in
the company, and for individual business units. Once the various
parties that have been invited to undertake due diligence have
lodged their final offers, we will then decide which particular
transaction, or series of transactions, yields the best outcome
for our shareholders," he said.

The due diligence process will commence shortly and is
anticipated to take up to two months to complete. AUSDOC will
keep shareholders informed of material developments throughout
this process.

Mr Butler said, "The terms of interested parties' participation
in the sale process included confidentiality as a primary issue.
Information relating to the identity of parties expressing
interest and the nature of those expressions of interest
continues to remain confidential. As a consequence we are unable
to be more definitive in our advice to shareholders about the
sale process or its likely outcome at this stage.

The process to date has included the distribution of an
information package, presentations by the senior management of
AUSDOC and its business divisions, and a written question and
answer procedure.


BRAMBLES INDUSTRIES: Sells NW Shipping and Towage
-------------------------------------------------
Brambles Industries Limited has agreed on Friday to sell North-
Western Shipping and Towage, its Tasmanian-based towage
business, to a private investor.

The sale price for the business represents a significant premium
over net assets to Brambles. The net assets of North-Western
Shipping and Towage are approximately A$11.5 million. The sale,
which is expected to be completed on 28 February 2002, will not
have a material effect on the Group's earnings.

This sale marks the final stage in the withdrawal of Brambles'
Marine Group from harbor towage activities. The group began
exiting towage in the mid-1990s, with the sale of its Port
Kembla (Wallace Tugs) and Sydney and Newcastle (J Fenwick & Co)
towage activities.

Brambles continues to pursue its marine activities through
Brambles Shipping (the major freight carrier between Tasmania
and mainland Australia) and Jardine Shipping, which operates a
Cairns-based coastal shipping service.

For further information, contact:

LONDON

Media:
Richard Mountain, FINANCIAL DYNAMICS        +44 (0)20 7831 3113

Investor and Other:
Sue Scholes, HEAD OF INVESTOR RELATIONS     +44 (0)20 7659 6012

SYDNEY

All Enquiries:

Ron Burke,
GROUP GENERAL MANAGER, CORPORATE AFFAIRS    +61 (0) 2 9256 5255

Edna Carew
GROUP MANAGER COMMUNICATIONS                +61 (0) 2 9256 5204

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


DUEBOND PTY: Former Adelaide Director Acquitted
-----------------------------------------------
Mr Paul James Cormack, a former director of Duebond Pty Ltd (In
Liquidation) (Duebond), has been acquitted in the Adelaide
District Court on Corporations Law charges alleging that, in his
capacity as a Director of Duebond, he induced the National
Australia Bank to give credit to Duebond by pretending that a
customer was indebted to Duebond.


JAMES HARDIE: Plans USA Roofing Market Launch
---------------------------------------------
James Hardie Industries N.V. announced that it has developed a
new fiber cement production technology and that it will begin
commercial production trials of a new generation of roofing
products for the US market.

The new technology, which is proprietary to James Hardie,
includes a new production process, specially engineered raw
materials and a new formulation.

The Company plans a two-stage entry into the large US roofing
products market.

In the first stage, James Hardie will build a small-scale
manufacturing plant in the southwest region to conduct
commercial production trials. Prototypes of the new product have
been tested and met the durability standards required for the
product's application in all climates.

The production and market trials will allow the Company to
confirm the viability of its new process technology and to
quantify the market potential of the new roofing product.

If the first stage is completed successfully, James Hardie
intends to develop a large scale, national roofing business in
the United States.

The US roofing market generates sales of an estimated 11 billion
square feet a year, significantly more than the US siding market
in which James Hardie already competes which generates demand of
about 7 billion square feet annually.

The initial target market for the new roofing product represents
demand of about 1.5 billion square feet a year.

The first product to be released will be a tapered fiber cement
roof shake that will compete directly as a substitute for
traditional wood shakes. It will emulate the aesthetics of
traditional wood shakes but provide superior durability and fire
resistance.

The new fiber cement product will also compete as a substitute
for other materials such as clay and concrete tiles, slates,
composite shakes, metal and high-end dimensional asphalt
roofing.

Construction of the small-scale plant will start immediately.
The plant will cost about US$10 million and have an annual
production capacity of 25 million square feet. Production of the
new roofing product is expected to start in 2003.

The production technology that will be trailed at the new plant
is proprietary to James Hardie and was developed at the
company's global R&D Center in Sydney, with additional support
from the company's development center in California.

James Hardie's Chief Executive Officer, Mr Peter Macdonald, said
the Company was excited by the long-term growth prospects for
fiber cement roofing products.

"We have yet to prove decisively that our new technology or our
new products are viable. The small-scale plant will give us the
answers at low cost and with minimum risk. It will also allow us
to evaluate the longer term commercial potential of a new
roofing business for James Hardie," Mr Macdonald said.

"We believe that roofing could represent a very large growth
opportunity for James Hardie, in the United States and in other
large markets around the world," Mr Macdonald said.


JOYCE CORPORATION: Posts Letter to Shareholders
-----------------------------------------------
Joyce Corporation Limited announced that shareholders recently
received a copy of the Company's 2001 Annual Report and a Notice
convening an Annual General Meeting of Joyce Corporation Ltd
(Joyce) to be held on 8 March 2002.

There are two important matters that have emerged since those
documents were prepared that shareholders should be aware of.

Firstly, Mr Smetana has resigned as Chairman and in this respect
a copy of the release to the ASX, dated 8 February 2002,
relating to this matter follows:

"Please be advised that as a consequence of the impact on Joyce
Corporation Ltd of the recent receivership Mr D A Smetana has
stood down as Chairman of the Company pending the outcome of the
forthcoming Annual General Meeting.

In the interim Mr R G Swanson will assume the role of Chairman
of the Company."

Secondly, Item 3 on the agenda set out in that Notice relates to
the proposed election of Mr J F Ries as a director of Joyce. It
has just been brought to our attention that the nomination of Mr
Ries as a proposed director did not comply with Joyce's
constitution and that accordingly it will not be possible to
propose a motion for his election at the AGM.

Please bear these changes in mind when completing the proxy
form, assuming that all shareholders are not planning to attend
the AGM in person. All other agenda items remain unchanged.

If shareholders lodged a proxy with the Company and these
changes are relevant to the voting intentions please advise and
a replacement proxy will be immediately forwarded.

The Company apologies for any inconvenience and should you have
any queries in relation to this letter or the AGM generally,
please contact the Company Secretary, Tony Edwards, on (08) 9337
4111.


OCEANAIR LIMITED: Joint Administrators Appointed
------------------------------------------------
Following an application by the Australian Securities and
Investments Commission (ASIC) for liquidation, Peter Vince and
George Georges of Ferrier Hodgson, Chartered Accountants, have
been appointed by Oceanair Limited (Oceanair) as joint
Administrators of the Company.

Oceanair was formed in early 2000 with the aim of developing a
commercial system to breed prawns and fin fish in Wonthaggi,
Victoria. The Company also intended to carry out aquaculture
research and development.

ASIC originally applied for the appointment of a provisional
liquidator to Oceanair to protect creditors and shareholders
after an independent review found the company was insolvent.

Justice Goldberg of the Federal Court decided that in light of
the directors' decision to place the company under
administration, it was appropriate at this stage to allow an
administrator to manage the affairs of the company.

ASIC will monitor the progress of the administration.

Background

In March 2001 ASIC accepted an enforceable undertaking from
Oceanair that it would not promote investment opportunities in
the company until an offer document was lodged with ASIC.

In response to ASIC's concerns and their subsequent undertaking,
Oceanair lodged an Offer Information Statement (OIS) in May
2001. ASIC placed an interim stop order on this document over
concerns that it failed to disclose that the company had to
secure a minimum level of capital to enable it to proceed with
the development of its proposed aquaculture site.

In September 2001 Oceanair lodged a replacement OIS in response
to ASIC's concerns and the stop order was revoked. A
supplementary document was lodged in October 2001.


PMP LIMITED: Australian ELLE to Close
-------------------------------------
Hachette Filipacchi Medias and PMP Limited announced on February
15, 2002 that the proposed closure of the monthly magazine
Australian ELLE, a joint venture between the two companies.

The future of Australian ELLE has been under review by Hachette
and PMP as the title is operating in a small and competitive
market in Australia.

Despite substantial investment by the joint venture and the best
efforts of the ELLE team the joint venture has not been able to
find a profitable niche for Australian ELLE. The March 2002
cover date on sale now is proposed to be the last issue of
Australian ELLE published by the joint venture.

Australian ELLE was not included in the Pacific Publications
joint venture formed in September 2001 between PMP Limited and
Seven, Limited and its proposed closure is unrelated to that
business. Hachette is exploring all possibilities for a relaunch
of ELLE in Australia in the near future.


SMARTWORLD CORPORATION: AGM Further Extended to March 14
--------------------------------------------------------
Smartworld Corporation Limited (SWC or the Company) posted
the letter of Joint Deed Administrator O Zohar of Clout &
Associates, Chartered Accountants:

SMARTWORLD CORPORATION LTC ACN 009 162 949 (SUBJECT TO A DEED OF
COMPANY ARRANGMENT) (SWC OR THE COMPANY)

"I refer to SWC, and to my previous advice of 7 January 2002
that the Australian Securities & Investments Commission (the
Commission) had, pursuant to sub-section 25OP(2) of the
Corporations Act 2001 (the Act), granted an extension of the
time to hold the Company's 2001 Annual General Meeting to 28
February 2002.

"I now advise that the Commission has granted a further
extension of the time to hold the 2001 Annual General Meeting to
14 March 2002 pursuant to the above sub-section of the Act.

The need for that further extension has arisen as a result of
the additional time which has been required to finalize the
preparation and audit of the Company's 2001 annual accounts as a
result of matters arising out of the Voluntary Administration of
SWC which commenced on 12 September 2001, and subsequent
execution of a Deed of Company Arrangement with its creditors
(the Deed) on 14 December 2001.

The 2001 Annual General Meeting will be held concurrently with
the Extraordinary General Meeting of members, which is required
to be held under the terms of the Deed to consider resolutions
for recapitalization of SWC and related matters. Details of
these resolutions have previously been announced to ASX.

The Notice of Annual General Meeting and the 2001 Annual
Accounts will be mailed to members, and should you require any
further information at this stage, please contact either myself
or, in my absence, Brendan Buckley of this office.


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C H I N A   &   H O N G  K O N G
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AEROSOL COMPANY: Winding Up Petition Set For Hearing
----------------------------------------------------
The petition to wind up Hong Kong Aerosol Company Limited is
scheduled for hearing before the High Court of Hong Kong on
April 10, 2002 at 9:30 am.  The petition was filed with the
court on January 17, 2002 by Lam Mo Bun (suing through his
friend Yung Mei Wa) of Flat 6, 7/F., Block A, cheong Chien
Court, Wyler Garden, Tokwawan, Kowloon, Hong Kong.


CIL DECORATIVE: Winding Up Petition Slated For Hearing
------------------------------------------------------
The petition to wind up CIL Decorative Products Limited is
scheduled to be heard before the High Court of Hong Kong on
April 10, 2002 at 9:30 am.  The petition was filed with the
court on January 16, 2002 by Kwok Yuk Ling, Connie of Room 26,
Block 5, Wong Chuk Hang Estate, Aberdeen, Hong Kong.


DAILYWIN GROUP: Reaches Settlement Agreement with Creditors
-----------------------------------------------------------
The Board announced that the Trustee, Dynamission Investments
Ltd. (Dynamission), Rich Time Strategy Limited (Rich Time) and
Dailywin Group Limited (the Company) have come to a settlement
in respect of the winding up petition against the Company and
the application for the appointment of provisional liquidators
against the Company scheduled to take place on 6 and 7 February
2002. Hearing of the summons for such applications were
adjourned to 25 February 2002 on the terms of the Heads of
Agreement (as defined below) and upon the solicitors for Rich
Time having given an undertaking to the court that the Trustee
shall be paid the sums of GBP 1,924,916.48 (approximately
HK$21.27 million) and HK$1,300,000, on account for the sums
payable referred to under paragraph 1 of the paragraph headed
"Heads of Agreement" below on or before 9 February 2002.

Each of Dynamission and Rich Time is a wholly owned subsidiary
of Wang On Group Limited (Wang On), a company incorporated in
Bermuda with limited liability and the shares of which are
listed on the Stock Exchange. Dynamission currently holds GBP
430,000 (approximately HK$4.75 million) of the outstanding
amount of the Stock and Rich Time holds approximately 29.19
percent of the share capital of the Company in issue.

Background

In October 2001, on the grounds that the Company had failed to
pay the interest due on the Stock, the stockholders' Trustee
issued a statutory demand for such outstanding interest and
subsequently petitioned for the winding up of the Company and
applied for appointment of provisional liquidators of the
Company.

As to date, the outstanding principal amount of the Stock is GBP
2,756,816 (approximately HK$30.46 million). The Stock is an
unsecured convertible loan stock issued by the Company and
constituted under a trust deed dated 10 December 1998 and made
between the Company and the Trustee. The Stock carries interest
at the rate of 9.5 percent per annum and, among other
provisions, may be converted into Shares during the period
commencing on 1 January and ending on 30 January in any of the
years 1999 to 2008 or the period commencing on 1 August and
ending on 30 August in any of the years 1999 to 2008 at the rate
of 14.286 Shares for every GBP 1 nominal of Stock (approximately
HK$0.77 per Share).

Heads of Agreement

Parties

1. The Trustee
2. Dynamission
3. Rich Time
4. The Company

Terms

1. Dynamission agreed to acquire from the Stockholders,
through the arrangement of the Trustee, not less than 70 percent
of the outstanding amount of the Stock at the price of 78
percent of the face value of the Stock. The sale and purchase
shall be completed on or before 20 February 2002 at which the
following sums will be payable by Dynamission by applying the
sums of GBP 1,924,916.48 (approximately HK$21.27 million) and
HK$1,300,000 previously paid to the Trustee as referred to
above:

   a. the purchase price for the outstanding amount of the Stock
delivered by (or through) the Trustee (other than the Stock in
the principal amount of GBP 430,000 (approximately HK$4.75
million) held by Dynamission) up to GBP 1,814,916.48
(approximately HK$20.05 million);

   b. payment for the commission to be charged by stockbrokers
for the sale and purchase of the above Stock not exceeding GBP
10,000 (approximately HK$0.11 million); and

   c. HK$1.3 million by way of contribution to the Trustee's
legal costs in HCCW 1280 of 2001.

2. The Company has paid and the Trustee acknowledges receipt
of GBP 224,586.09 (approximately HK$2.48 million) from the
Company as payment of the outstanding interest due on the Stock
up to 7 February 2002.

3. The parties shall invite the court to dismiss the winding
up petition upon completion of the sale and purchase of the
Stock stipulated above. In the event that the sums referred to
in paragraph 1 above are not paid on or before 20 February 2002,
the Trustee shall be at liberty to proceed with the winding up
petition against the Company.

Total advance by Wang On Group to the Company

As a result of the implementation of the arrangements provided
in the Heads of Agreement, and taking into account the current
total indebtedness of the Company to Wang On and its
subsidiaries (Wang On Group), the possible total relevant
advance made by the Wang On Group to the Company is
approximately HK$61.39 million as follows:

   a. HK$21 million, by way of an 18 months unsecured term loan
advanced on 29 August 2001 at an interest rate equal to prime
plus 2 percent per annum;

   b. HK$6.15 million (HK$3 million advanced on 27 September
2001, HK$0.9 million on 11 December 2001, HK$0.9 million on 19
December 2001, HK$0.5 million on 29 December 2001, HK$0.5
million on 28 January 2002 and HK$0.35 million on 6 February
2002), in each case by way of an 18 months unsecured term loan
at an interest rate equal to prime plus 2 percent per annum;

   c. HK$3.78 million, by way of an 18 months unsecured term
loan advanced on 7 February 2002 at an interest rate equal to
prime plus 2 percent per annum for payment of the sums of GBP
224,586.09 (approximately HK$2.48 million) and HK$1.3 million
referred to above; and

   d. HK$30.46 million, being the entire amount of the Stock
(i.e. GBP 2,756,816) upon Dynamission's purchase of the
outstanding Stock.

Dynamission has undertaken to the Company that it will not
exercise the conversion rights to convert the Stock into Shares
unless the Company and Dynamission have complied with all the
applicable provisions of the Listing Rules and other applicable
regulations in respect thereof.

Trading in the shares of the Company was suspended from 10:00
a.m. on 6 February 2002 at the request of the Company pending
the release of this announcement. An application will be made to
the Stock Exchange for resumption of trading in the shares of
the Company with effect from 10:00 a.m. on 15 February 2002.

Further announcements will be made as and when appropriate.
Investors are advised to exercise extreme caution when dealing
in the securities of the Company.


HUNTLY RESTAURANT: Hearing of Winding Up Petition Set
-----------------------------------------------------
The petition to wind up Huntly Restaurant Limited will be heard
before the High Court of Hong Kong on March 27, 2002 at 9:30 am.
The petition was filed with the court on January 7, 2001 by Chu
Fung Mei of Room 719, 7th Floor, Po Man House, Oi Man Estate,
Kowloon, Hong Kong.


LIONMATE DEVELOPMENT: Petition To Wind Up Scheduled
---------------------------------------------------
The petition to wind up Lionmate Development Limited is set for
hearing before the High Court of Hong Kong on March 6, 2002 at
9:30 am.  The petition was filed with the court on December 14,
2001 by Leung Lai Chun, Queenie of Flat K, 5th Floor, Chung Nam
Building, 78A Ma Tau Chung Road, Tokwawan, Kowloon, Hong Kong.


MEICHU CORPORATION: Applies for Liquidation After Slump in Sales
----------------------------------------------------------------
Beijing Meichu Corporation, once ranked as the mainland's
fourth-largest instant noodle producer in terms of sales volume,
has filed an application for liquidation.  Beijing's No. 1
intermediate court had accepted Meichu's case, the Beijing
Evening News reported.

At least two of Meichu's creditors had already filed claims with
the court. The case is a strong indication that the heyday of
instant noodles, which ballooned in the late 1980s, is rapidly
declining. Official data showed the sales volume of instant
noodles had climbed from 1.3 billion servings in 1992 to 19B in
2000, the newspaper said. During the same period, the sales
volume of instant noodles in Japan, where it had originated, had
only increased by 400 million servings.

Meichu launched its instant noodles in 1992 when the food was in
ascendancy, the Beijing Evening News said. Even in 2000 when
sales generally shrank, Meichu's sales in 20 major cities were
ranked fourth in terms of volume.  But in less than a decade,
Meichu, which had a registered capital of US$11.28 million, saw
a reversal of its fortunes and had accumulated net losses of 52
million yuan.  To survive in a shrinking market, instant noodle
producers would have to improve their management, introduce new
products and market them to the huge population in the
countryside, the Beijing Evening News said.


NORTHEAST ELECTRICAL: Creditors Reject Proposed 60% Haircut
-----------------------------------------------------------
Northeast Electrical Transmission & Transformation Machinery
Manufacturing Ltd's proposal for 60 percent debt forgiveness was
rejected by creditor banks, Apple Daily reported, quoting
President Shi Yanping.

He is hopeful that creditors will reconsider the Company's
proposal in order to see off the threat of liquidation for the
company.


OCEANIA BROTHERS: Winding Up Petition To Be Heard
-------------------------------------------------
The petition to wind up Oceania Brothers Manufacturing Company
Limited is set for hearing before the High Court of Hong Kong on
February 27, 2002 at 9:30 am. The petition was filed with the
court on December 12, 2001 by Cheung Yee Lin, Eileen of 82A, 9th
Floor, Broadway Street, Mei Foo Sun Chuen, Kowloon, Hong Kong.


WIN ART: Winding Up Petition Hearing Set
----------------------------------------
The petition to wind up Win Art Design & Decoration Company
Limited is scheduled for hearing before the High Court of Hong
Kong on March 27, 2002 at 9:30 am. The petition was filed with
the court on January 4, 2002 by Yeung Sze of Room C707, Wun Wah
House, Lok Wah South Estate, Kowloon, Hong Kong.


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I N D O N E S I A
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BANK CENTRAL: BI to Complete Bidders Tests This Week
----------------------------------------------------
Bank Indonesia (BI) Governor Syahril Sabirin would submit to
Indonesia Bank Restructuring Agency (Indonesia Bank
Restructuring Agency) the results of the fit and proper test on
the four PT Bank Central Asia (BCA) bidders next week, Jakarta
Post reports.

"If only one passes the test we will submit one and if two we
will give two. It is IBRA that will further process it," he
said.

Syahril declined to say if the bidders' documents the bank
received on Tuesday were complete.  He added that BI still
examined the completeness of their documents while conducting
administrative selection and interviews on the bidders.

IBRA Chairman I Putu Gde Ary Suta said he was ready to become a
facilitator between Bank Indonesia and the bidders if there were
still documents not yet complete.

"My task is facilitating and we will not interfere in Bank
Indonesia in the fit and proper test. If there are incomplete
documents we will ask them to complete them," he said, adding
that IBRA would accept whatever the results of the test because
it was one of the most important conditions for determining if a
bidder met the drop date test requirements.


DAN LIRIS: IBRA Completes Debt Restructuring
--------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) has completed
the debt restructuring of PT Dan Liris Industrial & Trading
Company worth US$23,198,128. The Debt Restructuring Agreement
(PRH) was signed by IBRA and the debtor company's share holders
in the end of January 2002.

The restructuring scheme mutually agreed by IBRA and PT Dan
Liris Industrial & Trading Company sums up as follows:

Tranche A:

Ex debt principal of USD5,000,000. converted into Term Loan with
tenor of 8 years and step up Sibor interest rates + 2.5% pa -
Sibor + 5.5% pa.

Tranche B:

Ex debt principal of US$6,434,476. switched into Convertible
Bond (called CB 1) with tenor of 8 years. The coupon 0.5% pa and
yield step up 7.5%-11.5%

Tranche C:

Ex Overdue Interest of US$6,017,352. converted into Term Loan
with tenor of 3 years.

Tranche D:

Ex debt principal of US$5,746,300 switched into Convertible Bond
(called CB 2) with tenor of 2 years and coupon 10.5% pa.
PT Dan Liris Industrial & Trading Company is a debtor under the
obligor Batik Keris. The company is operational in textile
industry including the production printing fabrics and garment
for domestic and export market destinations.


INDAH KIAT: Restates 2000 Results
---------------------------------
DebtTraders analysts, Daniel Fan (852-2537-4111) and Blythe
Berselli (1-212-247-5300), said Indah Kiat, a unit of Asia Pulp
& Paper, reported that its 2000 loss nearly triple the US$147
million losses incurred in August.  The Company has restated its
2000 loss to US$400.7 million, which Indah Kiat blames on poor
pulp prices.

"On February 1, Asia Pulp & Paper's proposed debt plan to pay
its $12.7 billion in 13 years was rejected by the creditors'
steering committee. The Committee's financial advisor, KPMG, was
unable to complete its financial review of the APP group due to
insufficient information from the group. The Committee also felt
the proposed plan should have included shareholders'
contributions, business plans, and a cash sweeping mechanism,"
Fan and Berselli added.

DebtTraders repots Indah Kiat's 11.875% bonds due on 2002
(KIAT4) are trading between 25 and 30. Go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=KIAT4for
real-time bond pricing.


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


DAIEI INC: Sells Sport Club Unit for Y3.5B
------------------------------------------
Supermarket chain operator, Daiei Inc., will sell its 82 percent
stake in Daiei Olympic Sports Club Inc. to Konami Sports for
Y3.5 billion on February 27, Namnews reported on Wednesday. The
sale will lessen the Daiei group's interest-bearing debts by
Y9.6 billion.

TCR-AP reported last week that under a restructuring plan, Daiei
would close 50 debt-ridden outlets starting in April. It plans
to have 500 workers to quit next month and the other 900 are
expected to leave in July.


GAP (JAPAN): Moody's Lowers Senior Unsecured Rating to Ba2
----------------------------------------------------------
Moody's Investors Service lowered Thursday the long and short-
term ratings of Gap Inc. to Ba2/Not Prime respectively,
concluding the review for possible downgrade begun on December
11th. The rating action is based on the deterioration in Gap
Inc.'s comparable store sales and profitability, as well as
uncertainty about when management's new merchandising strategy
will gain traction.

Additionally, Moody's expects that it will be difficult for Gap
Inc. to achieve significant improvement in its operating
performance in 2002 given the soft economy, fierce competition
and sated consumer appetite for apparel. The outlook for the
senior unsecured long-term rating is negative reflecting the
likelihood that this rating will be adjusted by a further notch
when the new secured bank credit facility closes.

Ratings lowered:

Gap Inc.

Senior unsecured intermediate term Notes issued under Rule 144A
to Ba2 from Baa3.

Senior unsecured notes to Ba2 from Baa3.

Commercial paper and extendible commercial notes to Not Prime
from Prime-3.

Gap International B.V.

Eurobonds, guaranteed by Gap Inc., to Ba2 from Baa3.

Gap (Japan) K.K.

Senior Notes, guaranteed by Gap Inc., to Ba2 from Baa3.

Rating assigned:

Gap, Inc.

Senior implied at Ba2.

Gap Inc. operates about 4171 stores in the U.S., Canada, the
U.K., France, Germany and Japan and an internet business.


NEC CORPORATION: Enters Reseller Agreement with WebGain
-------------------------------------------------------
WebGain, Inc., a leading provider of e-business development
environments, announced on February 14, 2002 that its Japanese
subsidiary, WebGain Japan K.K., has entered into a reseller
agreement with NEC Corporation (Nasdaq: NIPNY) (FTSE: 6701q.l)
for Java development solutions.

Pursuant to the Agreement, NEC agreed to resell WebGain's Java-
development tools, WebGain VisualCafe(TM) Enterprise Edition and
WebGain Studio(TM), alongside its existing solutions. In
addition, WebGain and NEC will jointly provide support services,
based on WebGain's standard maintenance and support offerings,
including upgrades and technical support.

WebGain expects that its partnership with NEC, will further
promote sales of its WebGain VisualCafe Enterprise Suite and
WebGain Studio products. Moreover, in tandem with NEC, WebGain
has launched a "WebGain Experience Campaign" which will run
through March 31, 2002.

WebGain products and Java

Java is increasingly popular for system development by business
enterprises because of its power as a unifying language across
multiple platforms and multiple devices, from mobile phones to
large Enterprise systems, and because it offers high security
for user authentication and protection against computer viruses.
It is also increasingly popular for system development targeted
at enterprises. In this way, applications for Java are
expanding, and now users are looking for cost reductions and
time savings in Java system development. To answer these market
demands, WebGain offers WebGain VisualCafe Enterprise Suite and
WebGain Studio.

WebGain VisualCafe(TM) Enterprise Suite is a development
environment for e- business applications that delivers together
an enterprise class Java IDE, integrated UML design, and JSP and
XML authoring into one integrated product suite. VisualCafe
provides rapid application development with various easy-to- use
utilities and templates for quickly generating and debugging
code and seamless deployment of applications to the target
environment.

WebGain Studio(TM) helps companies rapidly define, design,
develop, and deploy mission critical Java 2 Enterprise Edition
(J2EE) applications to leading J2EE application servers. WebGain
Studio integrates business requirements management, integrated
UML modeling, an enterprise class Java IDE, quality testing and
analytics, HTML/JSP design, and XML authoring into one
integrated development environment for the Enterprise J2EE
development team.

About NEC Corporation

NEC Corp. is a leading provider of Internet solutions, dedicated
to meeting the specialized needs of its customers in the key
computer, network and electron device fields through its three
market-focused in-house companies: NEC Solutions, NEC Networks
and NEC Electron Devices. NEC Corporation, with its in- house
companies, employs more than 150,000 people worldwide and saw
net sales of 5,409 billion Yen (approx. US$43 billion) in fiscal
year 2000-2001. For further information, please visit the NEC
home page at: http://www.nec.com

About WebGain, Inc.

WebGain, Inc. accelerates the definition, design, construction,
deployment and evolution of enterprise-class e-business
applications for leading application server technologies.
WebGain Studio, the company's flagship product, reduces time to
market for e-business applications through providing integrated
development solutions across the application development
lifecycle. Privately held, WebGain, Inc., is headquartered in
Santa Clara, Calif., and is on the Web at www.webgain.com .

NOTE: WebGain, the WebGain logo, WebGain Studio, VisualCafe,
TopLink, WebGain Application Composer, WebGain Quality Analyzer,
WebGain Business Designer, and other WebGain product names are
registered trademarks and service marks, or trademarks and
service marks, of WebGain, Inc. in the U.S. and other countries.
Java and all Java-based trademarks and logos are trademarks or
registered trademarks of Sun Microsystems, Inc., in the U.S. and
other countries. Other products, names, or logos may be the
property of their respective owners.

CONTACT:
Dianne Tejada of WebGain, Inc., +1-408-517-5831, or
dianne.tejada@ webgain.com

TCR-AP reported last week that NEC incurred Y300B loss in the
full year ending in March. The firm said it would lose Y57
billion during the period, reversing its previous forecast for a
profit of Y30 billion.


NIPPON TELEGRAPH: Telecom Ministry Inspecting Operations
--------------------------------------------------------
The Telecommunications Ministry will inspect Nippon Telegraph &
Telephone Corporation's (NTT) operations as part of the
government's three-year reorganization of the telephone giant,
Dow Jones reported Thursday. The government's reorganization of
NTT introduced a new system in July 1999 that formed an NTT
holding company and units namely NTT East Corp., NTT West Corp.
and NTT Communications Corp.

Nikkei Shimbun reported on Thursday that the ministry will ask
NTT to discontinue the practice of letting one unit offer
discount phone services by using the networks of its two
regional carriers under preferential terms. A ministry official
said the ministry would publish the results of its inspection of
NTT's operations by March.


NIPPON TELEGRAPH: Units Get 4,000 Early Retirement Applicants
-------------------------------------------------------------
Nippon Telegraph and Telephone Corp have received over 4,000
applications for voluntary retirement schemes introduced last
month, the Nihon Keizai News and AFX News reported on Wednesday.

NTT East Corp and NTT West Corp plan to transfer in May about
100,000 workers to group companies as part of a restructuring
scheme. These changes appear to have encouraged workers to
consider the option of voluntary retirement, with transferred
workers possibly having their wages slashed by 30 percent. The
two units have a total of 170,000 workers at the end of
December.


NISSAN MOTOR: Rehiring Workers Fired in Restructuring
-----------------------------------------------------
Nissan Motor Co Ltd will rehire some workers it fired during its
drastic restructuring most of whom were dismissed under the
company's staff reduction efforts in 1999-2001 as it prepares
for the launch of 12 new vehicles worldwide in the coming fiscal
year, Reuters and Dow Jones reported on Wednesday.

Nissan expects to finish its restructuring plan one year early
and resume business expansion in the fiscal year starting April,
enabling it to take on workers. Confirming its comeback from the
brink of bankruptcy three years ago, Nissan will meet the profit
and debt-slashing targets of its current three-year revival plan
by March.

Meanwhile, Renault SA will hold an extraordinary general meeting
on March 28 to allow shareholders to vote on the company's plan
to increase its stake in Nissan Motor Co Ltd, AFX News reported
Thursday. Under the deal Renault will increase its stake to 44.4
percent from 36.8 percent, and Nissan will take a 15 percent
holding in the French carmaker.


NISSAN MOTOR: Discloses Revival Plan, Cost Reduction Target
-----------------------------------------------------------
Carlos Ghosn, President & Chief Executive officer of Nissan
Motor has emphasized that Nissan Revival Plan (NRP)'s
commitments will be successfully achieved by March 2002, a year
ahead of schedule.

In line with this, Mr. Ghosn said that all critical targets,
including the 20 percent reduction in purchasing costs as
outlined in the 3-year NRP, would also be reached a year earlier
than planned. The company, as a consequence, decided to
implement its new 3-year business plan, NISSAN 180, a year ahead
of schedule starting April 2002, he said. NISSAN 180 will be a
comprehensive 3-year operational blueprint for Nissan's
continuing revival, calling for growth, profit and zero debt.

Mr. Ghosn also revealed Nissan's new target of 15 percent
purchasing cost reduction in three years within context of
NISSAN 180, in which purchasing cost reduction is one facet.
Planning is currently underway for its full implementation
incorporating a wide range of action plans from the acceleration
of new model introductions to the development of new
technologies, as well as further cost reductions necessary in
distribution, R&D, and administrative costs.

Calling for continued support in Nissan's revival process, Mr.
Ghosn acknowledged the strong contribution made by Nissan
suppliers in partnership with Nissan's Engineering and
Purchasing Departments to arrive at the early achievement of the
NRP commitments. Referring to Nissan 3-3-3 that calls for such
partnership, Mr. Ghosn said it is critical to seek increased
contribution from this initiative, from the current 33 percent
to 50 percent.

"Much of what has been done in reducing purchasing costs under
NRP has been accomplished with already existing vehicles," Mr.
Ghosn said. "Starting in FY2002, the renewal rate of our total
portfolio of products worldwide will increase significantly
compared to FY2000 and 2001. This means that a much greater
number of cars to come will be designed and engineered with
significantly lowered cost base and will benefit form higher
scale due to communization of platforms, components and
growth."

Nissan will make public NRP's results upon completion, as it
will the multiple components of the NISSAN 180 plan, in early
FY2002.

The NRP, announced as a 3-year plan in October 1999, to turn
Nissan to profitability, had committed to achieving net
consolidated profit in FY2000, an operating margin of at least
4.5 percent, and reducing net consolidated automotive debt to no
more than 700 billion yen by the end of FY2002.

As for the NISSAN 180, its name symbolizes the three goals
Nissan will aim for in 3 years starting April 2002:

   1) grow global unit sales by one million vehicles on an
annualized basis by the end of FY2004 compared to FY2001's base
under reasonable macroeconomic conditions,

  2) reach 8 percent operating profit margin to place Nissan in
the top rank among global automakers, and

  3) eliminate net automotive debt, which represents for Nissan
the goal of becoming debt-free allowing for investment decisions
based only on their return.

About Nissan Motor Co., Ltd.

Nissan Motor Co., Ltd. (TSE: 7201)(NASDAQ: NSANY) was
established in 1933 to manufacture and market the Datsun, a
small passenger car, and related automotive components. The
company is Japan's second largest automobile manufacturer and
the world's fifth, with annual global sales of 2,415,433
vehicles. The company markets a wide range of passenger cars,
commercial vans, trucks and buses, parts and components in over
one hundred and seventy countries. The company has also expanded
its operations to include forklifts, textile machinery and other
industrial machinery and equipment. Nissan's affiliation with
French automaker Renault in 1999 has helped produce Nissan's
best results in a decade. The company has three hundred and
forty two consolidated subsidiaries worldwide. Consolidated
sales in FY 2000 exceeded $49 billion dollars (Euro 55 billion.)


SNOW BRAND: Itochu Willing to Help if Asked
-------------------------------------------
Itochu Corp will help Snow Brand Milk Products Co's
restructuring efforts if asked, but the trading company is
unlikely to get involved with Snow Brand's mainstay milk
business, Kyodo News said on Friday, citing Itochu President
Uichiro Niwa.

TCR-AP reported last week that Snow Brand Milk Products Co. will
enter talks with another dairy company and two agricultural
associations to form a nationwide alliance. The move would aid
Snow Brand Milk's survival the financial drubbing it took after
its unit Snow Brand Foods Co., which was found to have switched
labels on meat to win government subsidies amid the mad cow
disease scare.


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


HYNIX SEMICONDUCTOR: Wraps Up Alliance Deal With Micron
-------------------------------------------------------
Hynix Semiconductor Inc. has effectively agreed to forge a US$4
billion strategic alliance agreement with Micron Technology
Inc., PR Newswire reports. The debt-ridden chipmaker said that
the two companies have been able to iron out differences over
the price the U.S. company will pay to take over the memory chip
arm of the Korean firm.

They have also eliminated gaps in other crucial issues like the
retention of Hynix' existing workforce. Hynix President Park
Chong-sup said Wednesday night, after returning from the fifth
round of talks with his Micron counterpart in the United States,
that both sides had "virtually" resolved outstanding issues
related to a tie-up.


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


AUTOINDUSTRIES VENTURES: Posts Defaulted Payments
-------------------------------------------------
Autoindustries Ventures Berhad, further to the announcement made
on 14 December 2001 and 14 January 2002 respectively, the
Company's in respect to its default in payments during the month
of February 2002 is:

Name of Creditor  Principal (RM)  Interest (RM)  Total (RM)

i) Pacven Walden  2,788,255.00  1,131,703.00    3,919,958.00
Ventures Kedua III L.P

ii) BI Walden  1,069,577.00    434,120.00    1,503,697.00
Ventures Kedua Sdn Bhd

iii) Financial  3,872,195.37    25,590.45    4,128,105.82
Institutions

Total    7,730,027.3     1,591,413.45    9,551,760.82
===========   ============    ============

a) The reasons for the default in payments and the measures to
be taken by the Company are as announced on 14 December 2001.

   One of the measures mentioned by the Company in the
announcement to KLSE on 14 December 2001 to address the default
in payments is to carry out a proposed restricted issue of up to
13,000,000 new ordinary shares of RM1.00 each at a proposed
issue price of RM1.00 each per share for cash and issue of
2,000,000 new ordinary shares of RM1.00 each to BI Walden
Ventures Kedua Sdn Bhd and Pacven Walden Ventures III L.P. at a
proposed issue price of RM1.00 each as part settlement of the
amount due.

   The Company stated that the Merchant Bankers, Commerce
International Merchant Bankers Berhad who is the Adviser for the
Corporate Exercise has submitted to the relevant authorities,
i.e. the Securities Commission, Foreign Investment Committee and
Ministry of International Trade and Industries, the application
for the Proposed Restricted Issue of Shares on 8 February 2002
for their evaluation.

b) There should not be financial and legal implications in
respect of the default in payments including the extent of the
Company's liability in respect of the obligations incurred under
the agreements for the indebtedness as the Management is
currently negotiating with the lenders on the rescheduling of
payment terms through the Proposed exercise.

   The Management is of the opinion that the default in payments
should not constitute any event of default under a different
agreement for indebtedness (cross default) due

c) The Management is of the opinion that the default in payments
should not constitute any event of default under a different
agreement for indebtedness (cross default) due to the
Management's initiative as indicated in Paragraph (b) above.


INNOVEST BERHAD: Shares Trading Suspended
-----------------------------------------
Innovest Berhad advised that trading in the Company's shares was
suspended with effect from 9.00 a.m., Thursday, 14 February 2002
until further notice.

Barely days ago, TCR-AP reported that a winding-up petition was
presented at the Kuala Lumpur High Court on 22 January 2002
against Merry Acres Sdn Bhd (MASB), a wholly owned subsidiary of
the Company, and served on MASB on 8 February 2002, for a claim
of RM3,394,356.22.


MALAYSIAN RESOURCES: Enters Proposed Disposal SPA with TNB
----------------------------------------------------------
On behalf of Malaysian Resources Corporation Berhad (MRCB or the
Company), Public Merchant Bank Berhad (PMBB) announced that the
Company had on 9 February 2002 entered into an agreement for the
Sale and Purchase of Shares (SPA) with Tenaga Nasional Berhad
(TNB) for the disposal of its entire 20 percent equity interest
in Fibrecomm Network (M) Sdn Bhd (FNSB) (Proposed Disposal).

THE PROPOSED DISPOSAL

Particulars

The Proposed Disposal involves the sale of 15,000,000 ordinary
shares (Sale Shares) of RM 1.00 each representing 20 percent of
the issued and paid-up share capital of FNSB to TNB for a cash
consideration of RM22 million (Share Sale Consideration) to be
paid subject to the terms and conditions set out in the SPA.

Basis of Arriving at the Sale Consideration

The Share Sale Consideration of RM22 million or RM1.47 per share
was derived at on a willing-buyer willing-seller basis after
taking into account the unaudited net tangible assets (NTA) of
FNSB of RM0.99 per share as at 30 November 2001 including a
premium for the controlling stake in FNSB.

Information on FNSB

FNSB, a joint venture company between TNB, Celcom Transmission
(M) Sdn Bhd (CTX) and MRCB, was incorporated on 21 May 1996. Its
core business is in the provision of telecommunication network
services over TNB's power infrastructure. FNSB currently owns
and operates an extensive 98,000 fiber kilometers of network and
offers a wide range of products and services including
connectivity, bandwidth and other network facilities to service
providers in the Information Communications Technology (ICT)
industry.

The authorized, issued and paid-up share capital of FNSB is RM75
million comprising 75,000,000 ordinary shares of RM1.00 each.
The issued and paid-up share capital of the FNSB is held by
MRCB, CTX and TNB (collectively known as "Parties") based on the
percentage shareholdings of 20 percent, 41 percent and 39
percent respectively.

Based on FNSB's audited accounts as at 31 December 2000, the
company recorded NTA of RM76 million, turnover of RM21 million
and profit after taxation of RM1.7 million.

The cost of investment in FNSB at both the MRCB Group and
Company level is RM15 million. The 15,000,000 ordinary shares of
RM1.00 each in FNSB was acquired in several tranches as follows:

   (a) First call of RM0.50 for a total of RM7.5 million on 9
June 1997;

   (b) Second call of RM0.20 for a total of RM3 million on 6
December 1997; and

   (c) Third call of RM0.30 for a total of RM4.5 million on 12
March 2000.

Salient terms and conditions

The salient terms and conditions of the SPA are as follows:

   (a) The Sale Shares shall be disposed of free from all
encumbrances and together with all the rights and benefits
attached thereto upon the completion of the Proposed Disposal.

   (b) The Share Sale Consideration will be satisfied in the
following manner:

     (i) cash payment of RM1.5 million upon the execution of the
SPA; and

     (ii) cash payment of RM20.5 million upon the completion of
the SPA.

   (c) A further cash payment of RM23 million will be made upon
the successful award of a license under the Communications and
Multimedia Act 1998 to either TNB, its subsidiary or FNSB,
provided always that the license shall be obtained within three
(3) years from the date of the SPA. In the event that the
license is not obtained within this period, no payment shall be
made.

   (d) The completion of the SPA is conditional upon:

     (i) the relevant approvals as described in Section 4 of
this announcement; and

     (ii) MRCB having obtained from CTX the following:

       (a) a waiver on its first right of refusal to sell the
Sale Shares to CTX;

       (b) a consent to discharge MRCB from all of its
outstanding obligations under the Joint Development Agreement
and the Shareholders Agreement entered into between the Parties;
and

       (c) a letter of undertaking in favor of TNB for the
purpose of obtaining a waiver set out in Section 4(ii)
hereunder.

Information on Purchaser

TNB was formed on 12 July 1990 for the purpose of corporatizing
the operations of the National Electricity Board or Lembaga
Letrik Negara (LLN) through the Electricity Supply (Successor
Company) Act, 1990. On 1 September 1990, all properties, rights
and liabilities to which LLN was entitled or subject to, were
transferred to TNB thereby corporatizing the generation,
transmission and distribution of electricity in Peninsular
Malaysia. TNB was listed on the Main Board of the KLSE on 28 May
1992.

Utilization of Proceeds

The proceeds to be derived from the Proposed Disposal will be
utilized for working capital, investments and repayment of
borrowings.

RATIONALE

The Proposed Disposal enables MRCB to immediately realize the
value of its investments.

In addition, the Proposed Disposal is in line with MRCB's
current efforts to rationalize its investments and refocus its
resources to core activities, namely engineering, construction,
infrastructure and property businesses.

APPROVALS

The Proposed Disposal will be subject to the following approvals
being obtained:

   (i) The Foreign Investment Committee for the acquisition of
the Sale Shares by TNB;

   (ii) The SC for a waiver from making a mandatory general
offer under the Malaysian Code on Take-overs and Mergers, 1998
by TNB to acquire the remaining shares in FNSB that TNB does not
already own after the Proposed Disposal; and

   (iii) The shareholders of MRCB at an Extraordinary General
Meeting (EGM) to be convened;

   (iv) Any other relevant approvals, if required.

FINANCIAL EFFECTS

Share Capital

The Proposed Disposal will not have any effect on the share
capital of MRCB.

NTA

Upon completion of the Proposed Disposal, MRCB's Group NTA based
on the audited accounts as at 31 August 2001 is expected to
improve by approximately RM7.0 million. This would improve the
NTA per share by 0.72 sen from 5 sen to 5.72 sen.

Earnings

MRCB is expected to realize an exceptional gain of approximately
RM7.0 million at both the Company and Group levels, on
completion of the Proposed Disposal. The exceptional gain would
therefore result in the Group's earnings per share for the year
increasing by 0.72 sen.

INTEREST OF DIRECTORS AND SUBSTANTIAL SHAREHOLDERS AND
PERSONS CONNECTED TO THEM

The Employees Provident Fund (EPF) is a common substantial
shareholder in MRCB and TNB with equity interests of 12.04
percent as at 31 December 2001 and 7.3 percent as at 12 November
2001 respectively. EPF as such is deemed interested in the
Proposed Disposal and pursuant to Chapter 10 Part E of the Kuala
Lumpur Stock Exchange (KLSE) Listing Requirements, EPF is
required to abstain from voting on the resolution in respect of
the Proposed Disposal at the forthcoming EGM.

With regard to the above, MRCB will be seeking a waiver from the
KLSE from having to comply with the abovesaid KLSE Listing
Requirements.

Save as disclosed above, none of the Directors and substantial
shareholders of MRCB and persons connected with them has any
direct or indirect interest in the Proposed Disposal.

ADVISER

PMBB has been appointed as the Adviser for MRCB in respect of
the Proposed Disposal. In view of the interests of EPF in
respect of the Proposed Disposal as stated in Section 6 above,
Southern Investment Bank Berhad has been appointed as the
Independent Adviser to advise the independent directors and
minority shareholders of MRCB in respect of the Proposed
Disposal.

STATEMENT BY THE DIRECTORS

After considering all relevant factors, the Board of Directors
of MRCB is of the opinion that the Proposed Disposal is in the
best interest of the Company and its shareholders.

ESTIMATED TIMEFRAME FOR COMPLETION AND CIRCULAR TO SHAREHOLDERS

The Proposed Disposal is expected to be completed by June 2002.
A circular to the shareholders of MRCB setting out the details
of the Proposed Disposal will be dispatched to the shareholders
in due course.

DOCUMENTS FOR INSPECTION

The SPA dated 9 February 2002 is available for inspection by
shareholders at the registered office of the Company at Level
10, Menara MRCB, No. 2, Jalan Majlis 14/10, Seksyen 14, 40000
Shah Alam, Selangor during normal business hours.


MALAYSIAN RESOURCES: Revised SPA Execution Approval Pending
-----------------------------------------------------------
Malaysian Resources Corporation Berhad (MRCB and the Company),
pursuant to its announcement and reply to queries on 25 July
2001 and 25 September 2001 respectively, in relation to the
Proposed Disposal of 105,127,000 ordinary shares of RM1.00 each
of Rashid Hussain Berhad (RHB) for a total consideration of
RM399,482,600 or RM3.80 per share, announced that the total
consideration for the said shares has been revised to
RM504,609,600 or RM4.80 per share with the agreement of Utama
Banking Group Berhad (UBG). Bank Negara has been notified of the
change in terms and the execution of a revised Sale and Purchase
Agreement (SPA) is pending their approval.

The Proposed Disposal is conditional upon the approvals being
obtained from:

   (a) The Minister of Finance/Bank Negara Malaysia
   (b) The Foreign Investment Committee
   (c) Shareholders of MRCB
   (d) Shareholders of UBG

The Board of Directors of MRCB, after careful consideration and
having considered all relevant factors, is of the opinion that
the Proposed Disposal is in the best interest of the Company and
its shareholders.

None of the Directors or substantial shareholders of MRCB, and
persons connected with them has any interest, direct or
indirect, in the Proposed Disposal.


PAN MALAYSIA: Agrees Conditions Precedent Period With Lai Sun
-------------------------------------------------------------
Pan Malaysia Holdings Berhad (PMH), further to its announcement
on 20 December 2001 concerning the Proposal, informed that PMH
and Lai Sun Development Company Limited (Lai Sun) have mutually
agreed that the Conditions Precedent Period (as defined in the
agreement dated 19 December 2001 entered into between PMH and
Lai Sun) shall be extended for a further period of thirty (30)
days to 20 March 2002.

The "Proposal" refers to:

(i) Acquisition by PMH of the remaining 800,000 ordinary shares
of RM1 each in Pengkalen Holiday Resort Sdn Bhd (PHR) from Lai
Sun for a cash consideration of RM1

(ii) Acceptance of the Assignment of Debt owed by PHR to Lai Sun
for a cash consideration of RM549,998


PANGLOBAL BERHAD: Discloses Mining Production Figures
-----------------------------------------------------
PanGlobal Berhad (PGB) announced that the production volume of
coal of its wholly owned subsidiary, Global Minerals (Sarawak)
Sdn Bhd for the month of January 2002 was 40,704.86 mt.

Early this month, TCR-AP reported that PGB is still awaiting the
Kuala Lumpur Stock Exchange's approval as well as the approval
of the Securities Commission (SC) for its proposed scheme of
arrangement (the Scheme). The Company has obtained the approval
of the Foreign Investment Committee and the conditional approval
of Bank Negara Malaysia for the Scheme.


PSC INDUSTRIES: SC Approves Proposal Completion Date Extension
--------------------------------------------------------------
On behalf of PSC Industries Berhad (PSCI or the Company),
Aseambankers Malaysia Berhad, in reference to its announcement
dated 17 August 2001 in respect of the Securities Commission's
(SC) approval on the corporate exercise, announced that the SC
had vide its letter dated 11 February 2002 approved the
extension of the completion date for the Proposals to 15
September 2002.

The "Proposals" are comprised of the:

  * Proposed Bonus Issue
  * Proposed Private Placement
  * Proposed Debt Restructuring
  * Proposed Restricted Offers For Sale
  * Proposed Waivers Of Mandatory General Offers


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


BAYAN TEL: Eyes Verizon as Strategic Partner
--------------------------------------------
Bayan Telecommunications Inc. (BayanTel) is considering US firm
Verizon Communications Inc. as its strategic partner, according
to Philippine Star Friday. BayanTel Chief Officer Gary Olivar
said preliminary discussions with Verizon have begun, although
nothing has been finalized yet. Verizon has a 19-percent stake
in BayanTel Holdings, which owns BayanTel Inc. currently the
fixed telephone business.

The partnership would give BayanTel an edge over other existing
players in the cellular market considering Verizon's joint
venture with Vodafone, the largest mobile telecommunications
network company in the world.

The Supreme Court recently reversed a lower court ruling that
prevented BayanTel from using its provisional authority to
engage in the cellular mobile telephone service (CMTS) business,
which is currently dominated by Globe Telecom and Smart
Communications.

DebtTraders reports that Bayan Telecommunications, Inc' 13.500%
bond due in 2006 (BAYANA) trades between 18.5 and 20.5. For
real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=BAYANA


REYNOLDS PHILIPPINES: Expects Restructuring Deal With Creditors
---------------------------------------------------------------
Reynolds Philippines Corporation (RPC) expects a debt
restructuring agreement with creditors after Metropolitan Bank
and Trust Co. (Metrobank), Land Bank of the Philippines,
Asiatrust Bank, and 67 percent of its bank creditors approved
the Company's financial restructuring plan, Manila Bulletin said
on Thursday. The agreement will call for the restructuring of
presently secured loans into 7-year loans with a two-year grace
period and the conversion of unsecured bank loans into preferred
shares convertible into common shares of the firm.

RPC corporate information officer Maria Olivia Yabut-Misa said
the firm and its financial advisor PentaCapital Investment
Corporation are confident that the execution of the
restructuring deal will be completed within the next 60 days.


NATIONAL STEEL: Awaits Creditors Debt Write-Off Approval
--------------------------------------------------------
Cash-strapped National Steel Corporation (NSC) expects creditors
to agree to write off one-third of its P16B total debt, Business
World reported on Friday, citing Trade and Industry Secretary
Manuel A. Roxas II. If the banks agree on the debt cut, a huge
portion of the debt will be converted into equity, giving the
financiers majority stake in the steel firm, he said.

NSC's Malaysian shareholders, represented by state-owned
rehabilitation agency Pengurusan Danaharta Nasional Berhad, will
end up owning only 15 percent to 33 percent stake from the
present 82.5 percent. NSC will end up virtually debt-free or
will pay only about 15 percent to 16 percent of its total
liabilities.

Roxas said the banks are currently in discussion on the proposed
write-off. He said that DTI has received sufficient responses
and they are confident that the banks will obtain a majority
vote in approval of the plan. The banks, through lead NSC
creditor Philippine National Bank (PNB), will be presenting
their position to DTI early next week.


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


FHTK HOLDINGS: Posts Notice Of Shareholder's Interest
-----------------------------------------------------
FHTK Holdings Ltd posted a notice of changes in substantial
shareholder The Development Bank of Singapore Ltd's interest:

Date of notice to company: 31 Jan 2002
Date of change of interest: 31 Jan 2002
Name of registered holder: DBS Nominees (Private) Limited
Circumstance giving rise to the change: Others
Please specify details: Debt Restructuring Exercise/ Change of
Registered Holder

Shares held in the name of registered holder
No. of shares of the change: 624,517
% of issued share capital: 0.05
Amount of consideration per share excluding brokerage, GST,
stamp duties, clearing fee: See footnote
No. of shares held before change: 1,873,551
% of issued share capital: 0.15
No. of shares held after change: 2,498,068
% of issued share capital: 0.2

Holdings of Substantial Shareholder including direct and deemed
interest
                                   Deemed       Direct
No. of shares held before change:  0            74,942,047
% of issued share capital:         0            6.09
No. of shares held after change:    0            74,942,047
% of issued share capital:          0            6.09

Total shares:                       0            74,942,047


FHTK Holdings Ltd on February 6, 2002 referring to the
announcement by the Company on 1 October 2001 regarding
completion of the Company's Debt Restructuring Exercise. The
Development Bank of Singapore Limited is one of the Group's
Creditor Banks referred to in the announcement. A total of
74,942,047 ordinary shares of S$0.05 each in the capital of the
Company (the Conversion Shares) have been issued to The
Development Bank of Singapore Limited pursuant to the Company's
Debt Restructuring Exercise. The Conversion Shares represent
approximately 6.09 percent of the total outstanding shares of
the Company.

2. Arthur Andersen Associates (S) Pte Ltd, as escrow agent,
holds the Conversion Shares for the benefit of The Development
Bank of Singapore Limited.

3. The Conversion Shares are registered in the name of UOB Kay
Hian Private Limited. UOB Kay Hian Private Limited, as
depository agent, holds the Conversion Shares for the benefit of
Arthur Andersen Associates (S) Pte Ltd.

4. DBS Nominess (Private) Limited is the registered holder of
The Development Bank of Singapore Limited.


THAKRAL CORPORATION: March 13 EGM Scheduled
--------------------------------------------
Thakral Corporation Ltd advised that on February 15 that an
Extraordinary General Meeting of the Shareholders holding
ordinary Shares in the capital of Thakral Corporation Ltd (the
Company) will be held in Ocean 5, Level 2, The Pan Pacific
Singapore, 7 Raffles Boulevard, Marina Square, Singapore 039595
on 13 March 2002, Wednesday, at 11.30 am for the purpose of
considering and, if thought fit, passing with or without any
modifications to these resolutions:

AS SPECIAL RESOLUTION

Resolution 1: Capital Reduction

That, subject to and contingent upon the confirmation of the
High Court being obtained, the passing of the Ordinary
Resolution 2 set out in this Notice of EGM and the Singapore
Exchange Securities Trading Limited granting its in-principle
approval for the listing and quotation of the Conversion
Ordinary Shares (as defined in the Circular to Shareholders
dated 19 February 2002 (the Circular)) and Subscription Shares
(as defined in the Circular):

   (a) the capital of the Company be reduced from S$200,000,000
divided into 2,000,000,000 ordinary Shares of S$0.10 each, of
which as at the Latest Practicable Date 584,996,654 ordinary
Shares of S$0.10 each have been issued and fully paid-up, or
credited as fully paid-up, to S$ 100,000,000 divided into
2,000,000,000 ordinary Shares of S$0.05 each of which
584,996,654 ordinary Shares of S$0.05 each have been issued and
fully paid-up, or credited as fully paid-up, and that such
reduction be effected by:

     (i) canceling paid-up capital to the extent of S$0.05 on
each of the 584,996,654 ordinary Shares of S$0.10 each which
have been issued and are fully paid-up, or credited as fully
paid-up which will be used to write-off part of the accumulated
losses of the Company; and

     (ii) reducing the nominal amount of all ordinary Shares,
both issued and unissued, from S$0.10 to S$0.05 (the Capital
Reduction);

   (b) the Memorandum of Association of the Company be and is
hereby amended in the manner described in Section 5 of the
Circular with effect from the date that the Capital Reduction
takes effect; and

   (c) approval be and is hereby given to the Directors to take
such steps and exercise such discretion in connection with all
or any of the above matters and the resolutions set out in the
Notice of EGM of the Circular, with full power to assent to any
condition, modification, variation and/or amendment as may be
required by the relevant authorities, as the Directors may in
their absolute discretion deem fit, advisable or necessary.


AS ORDINARY RESOLUTIONS

Resolution 2: The Scheme

Subject to and contingent upon the passing of the Special
Resolution 1 set out in this Notice of EGM, the Scheme (as
defined in the Circular) comprising the following components be
and is hereby approved:

   (a) a cash injection of S$15,000,000 to the Company by the
Thakral Family (as defined in the Circular) in the form of the
Share Subscription (as defined in the Circular);

   (b) a cash injection of US$19,445,000 by the Company, which
includes the cash injection from (a) above, for purposes of the
Debt Buy Back (as defined in the Circular) and/or the Cash
Distribution (as defined in the Circular);

   (c) the Debt Buy Back;

   (d) the Cash Distribution to the Participating Creditors (as
defined in the Circular) on a pari passu basis towards the
partial discharge of their claims against the Company less any
debt discharged via the Debt Buy Back;

   (e) the retention by the Company of a level of debt being the
Sustainable Long-Term Debt (as defined in the Circular);

   (f) the Capital Reduction to reduce the par value of the
Shares (as defined in the Circular) in the Company from S$0.10
each to S$0.05 each, as provided for in Special Resolution 1 of
this Notice of EGM;

   (g) in relation to the Debt Conversion (as defined in the
Circular) the Directors be and are hereby authorized to allot
and issue one new Share of S$0.05 each in the capital of the
Company credited as fully paid-up for every S$0.25 claim of each
Participating Creditor that is admitted by the Scheme Manager
(as defined in the Circular) pursuant to the Scheme (as defined
in the Circular), towards the discharge of the Conversion Debt
(as defined in the Circular), provided always that a
Participating Creditor whose holding of Conversion Ordinary
Shares (as defined in the Circular) may result in a
contravention of the laws of Singapore or who does not wish to
be allotted and issued Conversion Ordinary Shares shall be
entitled to nominate another party to whom the Conversion
Ordinary Shares shall be allotted and issued;

   (h) in relation to the Share Subscription (as defined in the
Circular) by the Thakral Family the Directors be and are hereby
authorized to allot and issue the Subscription Shares (as
defined in the Circular) to Asia Indo Opportunity 1 Ltd and
Arthur Andersen Associates (S) Pte Ltd pursuant to written
instructions dated 15 November 2001 by Mr. Kartar Singh Thakral
on behalf of the Thakral Family given for purposes of the Terms
and Conditions of Share Subscription (as defined in the
Circular) in accordance with the Subscription Shares
Allotment(as defined in the Circular) credited as fully paid-up
as consideration for the cash injection of S$15,000,000 in (a)
above;

   (i) for purposes of the allotment and issue of the Conversion
Ordinary Shares and the Subscription Shares, the rights of the
existing Shareholders of the Company under Article 12(1) of the
Articles of Association of the Company is hereby waived;

   (j) the grant of the Put Option (as defined in the Circular)
by the Put Option Companies (as defined in the Circular) to the
Participating Creditors to put 88,000,000 Conversion Ordinary
Shares to the Put Option Companies and the grant of the First
Call Option (as defined in the Circular) by the Participating
Creditors to the Thakral Family to acquire 88,000,000 Conversion
Ordinary Shares;

   (k) the grant of the Second Call Option (as defined in the
Circular) by the Participating Creditors to the Thakral Family
to acquire up to 53 percent of the Balance Conversion Ordinary
Shares (as defined in the Circular); and

   l) the Directors be and are hereby authorized to complete and
do all such acts and things including, without limitation, to
execute all such documents and to approve any amendments,
alteration; or modification to any documents as they may
consider necessary, desirable or expedient to give effect to
this Resolution.

Resolution 3: Share Issue Approval

Pursuant to Section 161 of the Companies Act, Cap. 50, the
Directors be and are hereby authorized to issue up to
921,922,034 new ordinary Shares of S$0.05 each in the capital of
the Company under the Scheme representing approximately
60,000,000 Subscription Shares to Asia Indo Opportunity 1 Ltd
and Arthur Andersen Associates (S) Pte Ltd and approximately
861,922,034 Conversion Ordinary Shares to the Participating
Creditors respectively.


SEMBCORP INDUSTRIES: SembWaste Secures A$151M Contract
------------------------------------------------------
SembCorp Waste Management's (SembWaste) Australian associate,
SITA Environmental Solutions (SITA Aus. formerly known as
Pacific Waste Management) on February 14 has been awarded
Australia's single biggest waste contract worth A$151 million
(approximately S$142 million) to provide domestic waste and
recyclables collection services for Brisbane, Australia. Awarded
by the Brisbane City Council, the contract is for a period of
eight years starting from July 2002.

SembWaste has a strategic 40 per cent stake in SITA Aus. with
the rest held by SITA France, one of the largest environmental
solutions companies in the world. SITA Aus. is Australia's
second largest waste management services provider with
operations in Sydney, Perth, Canberra, Adelaide and Melbourne.

In winning this contract, SITA Aus. will be operating the
world's first "single pass" garbage and recycling trucks in
Brisbane. A leading edge innovation, the trucks feature separate
compartments for waste and recyclables such that only one truck
will be required to collect both types of bins. Fitted with low
emission engines, they are more environmentally efficient than
single-use vehicles. In all, SITA Aus. will be bringing 71 of
these vehicles into circulation.

Apart from new world class technology, environmental
performance, cost, residential amenity and demonstrated ability
were reasons for securing the contract for SITA Aus.

The environmental engineering arm of SembCorp Industries,
SembWaste is the largest environmental services company in
Singapore, offering total integrated waste management solutions
including collection and post-collection of waste, recycling,
waste-to-energy incineration, industrial and street cleansing,
and environmental engineering and consultancy.

Media Contact:

Ms Chow Hung Hoeng
Assistant Manager
Group Corporate Relations
SembCorp Industries

Tel: +65 3579 152
Fax: +65 3522 163
Email: chowhh@sembcorp.com.sg
Website: www.sembcorp.com.sg


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


EASTERN PRINTING: Posts Rehabilitation Plan Procedures
------------------------------------------------------
The Central Bankruptcy Court has approved Eastern Printing
Public Company Limited (the Company)'s Rehabilitation Plan on
January 17, 2002.  The Plan entails these Principles and Methods
of Rehabilitation:

1) Re-capitalization Plan

   1.1 The Company will decrease the number of outstanding
common shares from 36 million shares  to 9 million shares (at a
ratio of 4 to 1) and the Company will decrease the par value
from Bt10 to Bt4; resulting in decreasing the paid-up Capital by
Baht 324 million with only Bt36 million left as paid-up Capital.

   1.2 The Company will increase Capital by 377,557,651 shares
(at par value of Bt4), which will consist of:

     * 243,191,788 shares for debt conversion to equity
(Bt972,767,152)

     * 134,365,863 shares as provision for Warrant conversion
(Bt537,463,452)

After the capital increase, the Company will have 386,557,651
shares, par value Bt4 each totaling Bt1,546,230,604. The Company
will seek registration and approval from the Ministry of
Commerce accordingly.  The Company will close the registration
book for share reduction on February 25, 2002 at noon, until the
said process has been completed.

2) Payment of outstanding Interests

Convert all outstanding interests to  Warrants at Bt4 per unit
that can be exercised from year 2005 to 2009 on the last working
day of each quarter at a ratio of 1 to 1 (one unit of warrant to
one common share with zero exercise price).


ITALIAN-THAI: Court Postpones Business Reorg Plan Approval
----------------------------------------------------------
Italian-Thai  Development  Public Co., Ltd informed that on Feb
11, 2002 the Central Bankruptcy Court issued an order to
postpone approving the Business Reorganization Plan of the
Company at the request of ITD Planner and Siam Commercial Bank
Public Company Limited.

ITD Planner wishes to revise the detail of the Plan in order to
make clear the benefit to all creditors. ITD Planner will then
resubmit the Plan to the official receiver and the Central
Bankruptcy Court for further consideration.

Further reports will be issued as this matter progresses.


PRESIDENT PARK: Business Reorganization Petition Filed
------------------------------------------------------
Real estate developer President Park Housing Development Company
Limited (DEBTOR) filed its Petition for Business Reorganization
in the Central Bankruptcy Court:

   Black Case Number 509/2544

   Red Case Number 892/2544

Petitioner: BANGKOK BANK PUBLIC COMPANY LIMITED

Planner: ARTHUR ANDERSEN BUSINESS ADVISORY LIMITED

Debts Owed to the Petitioning Creditor: Bt16,562,352,444.00

Date of Court Acceptance of the Petition: June 15, 2001

Date of Examining the Petition: July 16, 2001 at 9.00 AM; the
objection may be filed with the Central Bankruptcy Court not
less than three days prior to the trial date

Court postponed the Date of Examining the Petition to July 31,
September 10, 20, and 25, 2001

Court had set the date for a Hearing on October 5, 2001

Court Order for Business Reorganization: October 5, 2001 and
Appointed Arthur Andersen Business Advisory Limited to be an
Interim Executive

Announcement of Court Order for Business Reorganization in
Matichon Public Company Limited and Siam Rath Company Limited:
October 15, 2001

Announcement of Court Order for Business Reorganization in
Government Gazette: October 30, 2001

Court Appointment for the Hearing of the Consideration to
appoint the Planner: December 6, 2001

Court Order for Appointment of Planner: December 6, 2001

Announcement of Court Order for Appointment of the Planner in
Matichon Public Company Limited and Siam Rath Company Limited:
December 17, 2001

Announcement of Court Order for Appointment of the Planner in
Government Gazette : January 8, 2002

Contact: Ms. Amornrat Tel, 6792525 ext. 132


SIAM STEEL: Meets Seventh Interest, Principal Payment
-----------------------------------------------------
Deloitte Touche Tohmatsu Planners Co., Ltd. and Siam Steel
Planner Co., Ltd., the First and Second Plan Administrator of
Siam Steel International Public Company Limited, respectively,
announced that according to the Terms of the Rehabilitation
Plan, the seventh interest payment and the sixth repayment of
principal to financial institution creditors was made on
December 27, 2001 for the period  September 28, 2001 to December
27, 2001.

The interest payments amounted to Bt15.24 million and the
repayment of principal was Bt20 million, respectively, a total
of Bt35.24 million.


SINO-THAI ENGINEERING: Clarifies Financial Statement
----------------------------------------------------
Sino-Thai Engineering & Construction Public Company Limited
Clarified its yearly financial statement ended December 31, 2001
which shows the decreased in net profit of  80.41 percent as the
following reasons:

  * In 2000, due  to the accomplishment of debt restructuring
process, the company had recorded  from restructuring of
Bt3,565.33 million. Where as the year 2001, net profit of
Bt354.27 million came from the normal business operation.

Ending  December 31,            (In thousands)

For year
Year                          2001        2000

Net profit (loss)         354,273   1,808,376
EPS (baht)                4.54       56.44


SINO-THAI ENGINEERING: Discloses Resolutions Adopted at EMS
-----------------------------------------------------------
Sino-Thai Engineering & Construction Public Company Limited (the
Company) reported the resolutions adopted at the Extraordinary
Meeting of Shareholders (EMS) No. 1/2002 held on February 14,
2002:

1. Approval of the issuance of warrants on ordinary shares.

The details are:

Category of Warrant : the warrants on ordinary shares of
Sino-Thai Engineering & Construction Plc.

Type                    : transferable warrant certificate
specified name of shareholders.

Allotment method        : to the Company's existing
shareholders.  The allotment of warrants on ordinary shares
shall be made upon prior approval from the Office of Securities
and Exchange Commission.

Number of Warrants issued:  17,000,000 Units

Sale Price/Warrant       :  0 Baht (Zero Baht)

Maturity Period          :  5 years from the date of issuing of
warrant

Exercising Ratio         :  The ordinary shareholder and/or the
preferred shareholder are eligible to one unit of warrant for
the five existing shares of which he holds.

Exercising Price         :  10 Baht (Ten Baht)

Exercising Period        :  The exercising of the rights of
warrants shall commerce after period of one year calculated from
the date of issuing of warrants up to the date of its maturity
of five years. The exercising of the right of warrants shall
made on every 30th day of March, June, September, December of
each year.

The last exercise of the right of warrants  shall be made on the
date of its maturity of five years. If the said exercise date
falls under the SET's holiday, the exercising of the rights of
warrants shall be made on the following  business day.

Number of shares reserved for exercising the rights of
warrants                   :  17,000,000 shares.

Secondary Market           :  The Company shall file an
application for listing the warrants that are issued for
registration to the Stock Exchange of  Thailand.

The Affect of shareholder  :  Number of share reserved for
exercising the rights of warrants is 16.67 percent of the paid
up registered capital after the capital increase and the
exercising of the right of warrants in this time.

2.  Approval of the increase of capital and allotment of new
shares.

The details are as follows:

Registered Capital      :       From Baht 850 Million
              To Baht 1,020 Million
Number of new common shares issued: 17,000,000 Shares
          - Par value per share   :       Baht 10
          - Total capital increase:       Baht 170 Million

Allotment of new share for exercising
Number of shares : 17,000,000 Shares
Ratio             : 1 unit of warrant entitles  to buy 1
ordinary share

3. Approval of the amendment of Clause 4 of the Company's
Memorandum of Association as follows:

Clause 4.
The Registered Capital  :       1,020,000,000   Baht
Divided into            :          102,000,000  Shares
Par Value per share     :                10     Baht
Ordinary Share        95,000,000        Shares
Preferred Share         7,000,000       Shares

4.  Approval of adding new Article 56 to the Company's Articles
of Association as follows:

Article 56.  In the case that the Company or a subsidiary
company agrees to enter into a connected transaction or the
transaction in relation to acquisition or the disposal of assets
of the Company or of the subsidiary company, as described in the
Stock Exchange of Thailand Regulations governing connected
transactions of listed companies or the acquisition or the
disposal of assets of listed companies as the case may be, then
the Company shall comply with the criteria and procedures
prescribed in each aforementioned regulations.


SIAM SYNTECH: Posts Board of Directors Changes
----------------------------------------------
The Board of Siam Syntech Planner Co., Ltd., as Plan
Administrator of Siam Syntech Construction Pcl., has approved
these changes in its membership:

1. Accepted the resignation of these directors:

Name                             Position

Mrs. Kaisri  Nithikarnphisitha   Director
Mr. Andrew Donal Robert Gordon        Director effective from
  January 23rd , 2002

2. Approved the appointment of Directors:

Name                             Position

Mrs. Sawang  Mankhongchareon           Director
Mr. Somchai  Sirilertpanich            Director effective from
     January 23rd , 2002

These new Directors have replaced the position and authorities
of those resigned, and are now registered to the Public Company
Registrar at Ministry of Commerce.


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 2002.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
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