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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

            Friday, February 22, 2002, Vol. 5, No. 38

                         Headlines

A U S T R A L I A

ANACONDA NICKEL: Director Forrest Changes Interest
ANSETT AUSTRALIA: Sydney Terminal Agreement Reached
ANSETT AUSTRALIA: Tesna Restores Golden Wing Memberships
CAPRAL ALUMINIUM: Improves 2001 Operations Results
GOODMAN FIELDER: Issues Executive's Long-Term Incentive Plan

IOCOM LIMITED: Issues General Meeting Results
LEND LEASE: Half-Yearly Report Provides Increased Confidence
NORMANDY MINING: Reaches Restructuring Agreement With JWMN
PMP LIMITED: Reduces Net Debt to $432M From $542M


C H I N A   &   H O N G  K O N G

GLIDING HORSE: Winding Up Petition Set For Hearing
GREAT WALL: Discloses Open Offer Results
HAN XUAN: Faces Winding Up Petition
HUNGEXPRESS INVESTMENT: Winding Up Sought By Sino Earn
PROBEST INVESTMENTS: Winding Up Petition To Be Heard

SWEET YEAR: Petition To Wind Up Slated
WANG ON: Exceptional Price Movement Unexplainable


I N D O N E S I A

ASTRA INTERNATIONAL: Debt Rescheduling Likely
INDAH KITA: Trade Debts in Doubt


J A P A N

DAIEI INC: Considers New Stock Issuance, More Store Closures
DAIEI INC: President Asks Nakauchi to Give Up Stake
HASEKO CORP: TSE Suspends Trading
MATSUSHITA KOTOBUKI: Expects Y69.6B Net Loss
MATSUSHITA SEIKO: Sees Y550M Net Loss

NTT COMMUNICATIONS: Slashes 650 Employees in US Unit
SOGO INC: Sees Y800M-1B Operating Profit, Undergoing Rehab


K O R E A

DAEWOO ENGINEERING: Likely to Win Libya Order This Week
HYNIX SEMICONDUCTOR: Submits Revised Deal Conditions to Micron
HYNIX SEMICONDUCTOR: Trust Firms to Meet February End Over Sale
HYNIX SEMICONDUCTOR: CIE Stresses Alliance With Samsung
KOOKMIN BANK: Clears Auto Loan Case Report With Insurance Firms


M A L A Y S I A

FABER GROUP: Resolutions Passed at Bondholders' Meetings
GADEK CAPITAL: SPA with Malton Corporation Completed
HONG LEONG: Voluntary Winds-Up Unit
HOTLINE FURNITURE: Unit Faces Winding Up Petition
IDRIS HYDRAULIC: Gets FIC's Nod on Proposals

KUANTAN FLOUR: Judgment Hearing Date Yet to be Determined
RAHMAN HYDRAULIC: KLSE Rejects RA Time Extension
RAHMAN HYDRAULIC: Resolutions Passed at Adjourned 86th AGM
RASHID HUSSAIN: SC Grants Warrants Proposed Extension Approval
TECHNO ASIA: Unit's Notice of Levy Annotated

TRANSWATER CORPORATION: KLSE Approves RA Time Extension Request


P H I L I P P I N E S

COSMOS BOTTLING: Notifies Full Payment of Shares
NATIONAL BANK: Selling P2B Bad Assets in 1st Yr of Rehab
NATIONAL BANK: Clarifies $1B Recovery Fund Issue
RFM CORPORATION: Issues Cash Dividend Declaration Report


S I N G A P O R E

RAFFLES HOLDINGS: Increases Shareholding in Subsidiaries
SEKSUN PRECISION: Goes Into Liquidation
THAKRAL CORPORATION: Discloses EGM Amendment Notice


T H A I L A N D

EMC POWER: Bank Thai Requests Tender Offer Submission Exemption
MEC FAREAST: Business Reorganization Petition Filed
SINO-THAI: Signs Contract With Chiyoda for Plant Expansion
SUN TECH: Releases Financial Statement Information
THAI TELEPHONE: Posts EGM No.1/2002 Resolutions

     -  -  -  -  -  -  -  -

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


ANACONDA NICKEL: Director Forrest Changes Interest
--------------------------------------------------
Anaconda Nickel Limited posted this notice:

CHANGE OF DIRECTOR'S INTEREST NOTICE

   Name of Company          Anaconda Nickel Limited

   ABN                      23 060 370 783

We (the entity) give the ASX the following information under
listing rule 3.19A.2 and as agent for the director for the
purposes of section 205G of the Corporations Act.

   Name of Director         John Andrew Henry Forrest

   Date of last notice      06/02/2002

Part 1 - Change of director's relevant interests in securities

Direct or indirect interest             Indirect                 

Nature of indirect interest
(including registered holder)           Director and shareholder
                                        of Forrest Family
                                        Investments Pty Ltd, the
                                        registered holder of the
                                        securities

Date of change                          07/02/2002

No. of securities held prior
to change                               12,722,049               

Class                                   Ordinary                 

Number Acquired                               

Number disposed                         12,722,049

Value/consideration                                              

No. of securities held after
change                                  2,032,000                

Nature of change                     Off market trade dated   
                                     July 1999. See explanatory
                                     note to ASX regarding
                                     circumstances of
transaction

Wrights Investors' Service reports that at the end of 2001,
Anaconda Nickel had negative working capital, as current
liabilities were A$267.33 million, while total current assets
were only A$217.40 million.  The Company has paid no dividends
during the last 12 months. It also reported losses during the
previous 12 months.


ANSETT AUSTRALIA: Sydney Terminal Agreement Reached
---------------------------------------------------
Tesna Co-Chairmen, Mr Lindsay Fox and Mr Solomon Lew, said that
an agreement had been reached with Sydney Airports Corporation
Ltd (SACL) in relation to all outstanding commercial issues
necessary for the formal assignment of the Ansett Domestic
Terminal lease.

The agreement follows a meeting in Melbourne last night
(Thursday) involving Messrs Lew and Fox, the Chairman of SACL,
Mr David Mortimer and SACL CEO, Mr Tony Stuart.

Messrs Fox and Lew said (that), "the agreement represents a key
milestone as Tesna moves towards completion of the sale
agreement with the Ansett Administrators. We will now work
closely with SACL and the Administrators to finalize the formal
documentation as expeditiously as possible."


ANSETT AUSTRALIA: Tesna Restores Golden Wing Memberships
--------------------------------------------------------
Tesna Holdings Pty Ltd (Tesna) confirmed it would restore all
former Golden Wing memberships including one-year, two-year,
five-year and life memberships, which were valid at 13 September
2001.

In recognition that former Golden Wing members had not been able
to enjoy full services at the airport lounges since 13 September
last year, Tesna will offer an additional complimentary six-
month membership extension beyond members' current expiry date.

The offer takes effect following completion of the sale
agreement between Tesna and Ansett's Administrators.

Golden Wing life members will also have their memberships fully
recognized.

Tesna Co-Chairmen, Solomon Lew and Lindsay Fox, said that
"Golden Wing members had been highly valued customers of Ansett
in the past and we want to let them know that we want them back
as Ansett customers in the future. This initiative is one
practical way of demonstrating our commitment to reclaiming our
customers as will our frequent flyer program which we will
announce very shortly."

Returning members can expect to be warmly welcomed with
substantial food, beverage and bar services, all former
facilities and delighted lounge staff who will re-establish the
high level of personal service for which Golden Wing is known.

As Tesna prepares to take over private ownership of a new all-
Airbus Ansett next month, the existing Ansett website is
receiving more than 300 inquiries per day with one of the most
frequently asked questions relating to existing Golden Wing
memberships.

The lounges were opened on a limited basis under Ansett Mark II
and received regular patronage from Ansett customers despite
only offering coffee and tea services and food choices limited
to snack vending machines.

Upon settlement of Tesna's purchase of the Ansett mainline
business, Golden Wing lounges will re-open fully, initially in
Sydney, Melbourne, Brisbane, Adelaide, Perth and Canberra. The
Canberra Golden Wing lounge has relocated to the site of the
former Ansett Executive Lounge.

The lounges are now being prepared for the return to full
service.


CAPRAL ALUMINIUM: Improves 2001 Operations Results
--------------------------------------------------
Capral Aluminium Limited announced a net profit after tax of
$0.1 million for the year ending 31 December 2001, compared with
$75.0 million for the corresponding period last year which
included the Smelter and Sheet operations. EBIT from the
continuing business, after deducting unallocated expenses but
before restructuring costs, was $4.0 million, compared with $8.9
million for 2000.

Included in the pre-tax result were: profits from the
finalization of the smelter sale of $10.4 million; profits from
the sale of redundant property plant and equipment of $11.1
million; plant and equipment write downs associated with the
closure of the Granville remelt facility and redundant extrusion
presses of $14.5 million; and restructuring costs associated
with right sizing the new business of $6.5 million.

The Company has made good progress during the year improving the
Balance Sheet and has developed a strategic plan to move forward
to create value for shareholders. The coming year will be
focused on executing these strategies which will lead to
improved services to customers and substantially lower operating
costs.

Dr Ben Lochtenberg advised that he was resigning from the Board
effective from the close of Thursday's Board meeting.

A final dividend of 3 cents per share, fully franked, was
declared.

  CONSOLIDATED PROFIT AND LOSS ACCOUNT
                                           CURRENT     PREVIOUS
                                          PERIOD   CORRESPONDING
                                                       PERIOD
                                          AUD000       AUD000

1.1  Revenues from ordinary activities      570,174    1,214,465

1.2  Expenses from ordinary activities
     (see items 1.24 + 12.5 + 12.6)         570,836    1,094,309

1.3  Borrowing costs                          1,855        7,748

1.4  Share of net profit (loss) of
     associates and joint venture
     entities (see item 16.7)                     -            -

1.5  Profit (loss) from ordinary
     activities before tax                  (2,517)      112,408

1.6  Income tax on ordinary
     activities (see note 4)                (2,618)       37,373

1.7  Profit (loss) from ordinary
     activities after tax                       101       75,035

1.8  Profit (loss) from extraordinary
     items after tax (see item 2.5)               -            -

1.9  Net profit (loss)                          101       75,035

1.10 Net profit (loss) attributable to
     outside equity interests                     -            -  
                           
1.11 Net profit (loss) for the period
     attributable to members                    101       75,035

CONSOLIDATED RETAINED PROFITS

1.12 Retained profits (accumulated losses)
     at the beginning of the financial
     period                                 153,208       50,027

1.13 Net profit (loss) attributable to
     members (item 1.11)                        101        75035

1.14 Net transfers (to) and from reserves     3,543       65,195

1.15 Net effect of changes in accounting
     policies                                     -            -

1.16 Dividends and other equity distributions
     paid or payable                      (103,321)     (37,049)

1.17 Retained profits (accumulated losses)
     at end of financial period              53,531      153,208

PROFIT RESTATED TO EXCLUDE AMORTISATION OF GOODWILL                    

1.18 Profit (loss) from ordinary activities
     after tax before outside equity
     interests (items 1.7) and amortization
     of goodwill                                409       75,580

1.19 Less (plus) outside equity interests         -            -

1.20 Profit (loss) from ordinary activities
     after tax (before amortization of
     goodwill) attributable to members          409       75,580

PROFIT (LOSS) FROM ORDINARY ACTIVITIES
ATTRIBUTABLE TO MEMBERS

1.21 Profit (loss) from ordinary activities
     after tax (item 1.7)                       101       75,035

1.22 Less (plus) outside equity interests         -            -

1.23 Profit (loss) from ordinary activities
     after tax, attributable to members         101       75,035

REVENUE AND EXPENSES FROM ORDINARY ACTIVITIES

AASB 1004 requires disclosure of specific categories of revenue
and AASB 1018 requires disclosure of expenses from ordinary
activities according to either their nature of function.  
Entities must report details of revenue and expenses from
ordinary activities using the layout employed in their accounts.  
See also items 12.1 to 12.6

                                          Current      Previous
                                          Period   Corresponding
                                                       Period
                                          AUD000       AUD000

1.24 Details of revenue and expenses

     Revenue from operating activities      517,226      779,457
     Revenue from outside the operating     52,948      435,008
      activities                                                   
                                                                   
     Changes in inventories of finished    (46,804)        4,499
      goods and work in progress                                     
     Raw materials and consumables used   (308,499)    (393,224)
     Employee benefits expense             (87,116)    (135,911)
     Depreciation and amortization expenses (14,072)    (45,379)
     Borrowing costs expense                (1,855)      (7,748)
     Other expenses from ordinary activities (114,345) (524,294)

INTANGIBLE AND EXTRAORDINARY ITEMS

                                Consolidated  -  current period

                          Before   Related   Related     Amount
                            tax      tax     outside     (after
                                              equity       tax)
                                         interests  attributable
                                                      to members

                          AUD000    AUD000    AUD000      AUD000

2.1 Amortization of
    goodwill                 308         -         -        308

2.2 Amortization of
    other intangibles         71         -         -         71

2.3 Total amortization
    of intangibles           379         -         -        379

2.4 Extraordinary items        -         -         -          -
              (details)

2.5 Total extraordinary
    items                      -         -         -          -   


COMPARISON OF HALF YEAR PROFITS             Current     Previous
(Preliminary final report only)               year        year
                                             AUD000       AUD000
3.1  Consolidated profit (loss) from
     ordinary activities after tax
     attributable to members reported
     for the 1st half year (item 1.23
     in the half yearly report)              13,557        9,597
    
3.2  Consolidated profit (loss)
     from ordinary activities after tax
     attributable to members for the 2nd
     half year                             (13,456)       65,438


CONSOLIDATED BALANCE SHEET

                             At end of  As in last    As in last
                              current     annual     half yearly
                             period      report      report
                             AUD000       AUD000       AUD000
      CURRENT ASSETS                                                 
4.1   Cash                       7,510       65,521       16,048
4.2   Receivables               77,555       94,717       88,310
4.3   Investments                    -      251,293            -
4.4   Inventories               63,594       97,725       94,436
4.5   Other (provide details
      if material)               3,993          704        5,954

4.6   Total current assets     152,652      509,960      204,748

      NON-CURRENT ASSETS
4.7   Receivables                1,918            -        1,971
4.8   Investments (equity
      accounted)                     -            -            -
4.9   Other investments              -            -            -
4.10  Inventories                    -            -            -
4.11  Exploration and evaluation
      expenditure capitalized
      (see para.71 of AASB 1022)      -            -            
-
4.12  Development properties
      (mining entities)              -            -            -
4.13  Other property, plant and   
      equipment (net)          103,375      131,530      113,789
4.14  Intangibles (net)         5,447        1,659        1,913

4.15  Other - Deferred tax assets  22,726     15,839     16,958
            - Other              1,514            -        1,152

4.16  Total non-current assets  134,980     149,028      135,783

4.17  Total assets             287,632      658,988      340,531

      CURRENT LIABILITIES
4.18  Payables                  53,266       65,975       51,666
4.19  Interest bearing
      liabilities               30,048        2,613       60,048
4.20  Provisions                12,314       33,031       32,891
4.21  Other - Tax payable          909       64,825            -

4.22  Total current liabilities  96,537      166,444     144,605

      NON-CURRENT LIABILITIES
4.23  Payables                       -            -            -
4.24  Interest bearing
      liabilities                    -            -            -
4.25  Provisions                 2,502        2,732        2,735
4.26  Other - Deferred tax
              liabilities        4,214            -        1,570

4.27  Total non-current
      liabilities                6,716        2,732        4,305

4.28  TOTAL LIABILITIES        103,253      169,176      148,910

4.29  NET ASSETS               184,379      489,812      191,621

      EQUITY
4.30  Capital/contributed equity   92,974      300,084    92,974
4.31  Reserves                     37,874       36,520    33,169
4.32  Retained profits            
      (accumulated losses)         53,531      153,208    65,478
4.33  Equity attributable to
      members of the parent
      entity                      184,379      489,812   191,621
4.34  Outside equity interests in
      controlled entities               -            -         -

4.35  Total equity                184,379      489,812  191,621

4.36  Preference capital included
      as part of 4.33                   -            -         -

EXPLORATION AND EVALUATION EXPENDITURE CAPITALISED
To be completed only by entities with mining interests if
amounts are material. Include all expenditure incurred
regardless of whether  written off directly against profit.
                                            Current     Previous
                                           period  corresponding
                                                         period
                                            AUD000       AUD000

5.1  Opening balance                             -            -

5.2  Expenditure incurred                            
     during current period                        -            -

5.3  Expenditure written off
     during current period                        -            -

5.4  Acquisitions, disposals,
     revaluation increments, etc.                 -            -

5.5  Expenditure transferred to
     Development Properties                       -            -
    
5.6  Closing balance as shown in
     the consolidated balance sheet
     (item 4.11)                                  -            -


DEVELOPMENT PROPERTIES
(To be completed only by entities with mining interests if
amounts are material)
                                            Current     Previous
                                           period  corresponding
                                                         period
                                            AUD000       AUD000

6.1  Opening balance                              -            -

6.2  Expenditure incurred
     during current period                        -            -

6.3  Expenditure transferred from
     exploration and evaluation                   -            -

6.4  Expenditure written off
     during current period                        -            -

6.5  Acquisitions, disposals,
     revaluation increments, etc.                 -            -

6.6  Expenditure transferred to
     mine properties                              -            -
    
6.7  Closing balance as shown in
     the consolidated balance sheet
     (item 4.12)                                  -            -


CONSOLIDATED STATEMENT OF CASH FLOWS

                                            Current     Previous
                                           period  corresponding
                                                         period
                                             AUD000       AUD000
CASH FLOWS RELATED TO OPERATING ACTIVITIES

7.1   Receipts from customers               573,290     821,717

7.2   Payments to suppliers and
      employees                           (526,159)   (711,949)

7.3   Dividends received from
      associates                                  -           -

7.4   Other dividends received                    -           -

7.5   Interest and other items
      of similar nature received              7,682       4,639

7.6   Interest and other costs of
      finance paid                          (1,751)     (6,643)

7.7   Income taxes paid                    (64,342)    (15,434)

7.8   Other - Rationalization              (13,747)    (18,106)
            - Other                             493         539
                                               
7.9   Net operating cash flows             (24,533)      74,763

CASH FLOWS RELATED TO INVESTING ACTIVITIES

7.10  Payment for purchases of property,
      plant and equipment                  (21,429)    (30,628)

7.11  Proceeds from sale of property, plant
      and equipment                          35,226         515

7.12  Payment for purchases of equity
      investments                                 -           -

7.13  Proceeds from sale of equity
      investments                                 -           -

7.14  Loans to other entities                     -         257

7.15  Loans repaid by other entities              -           -

7.16  Other
      - Payments for acquisition of businesses     -     (1,072)
      - Proceeds from sale of businesses     11,488     427,399
      - Payments for acquisition of
         intangibles                        (5,035)           -
      - Other                               (3,541)       (318)

7.17  Net investing cash flows               16,709     396,153

CASH FLOWS RELATED TO FINANCING ACTIVITIES

7.18  Proceeds from issues of securities
      (shares, options, etc.)                 1,971           -

7.19  Proceeds from borrowings              220,028           -

7.20  Repayment of borrowings              (190,000)   (135,240)

7.21  Dividends paid                       (26,007)    (37,049)

7.22  Other - Share Buy-Back including
              dividend component {$95,863}) (304,944)          -

7.23  Net Financing Cash Flows            (298,952)   (172,289)

7.24  NET INCREASE (DECREASE) IN CASH HELD (306,776)    298,627

7.25  Cash at beginning of period           314,221      15,969
      (see Reconciliation of cash)

7.26  Exchange rate adjustments to item
      7.25                                       65       (375)

7.27  Cash at end of period             
      (see Reconciliation of cash)            7,510     314,221
                
NON-CASH FINANCING AND INVESTING ACTIVITIES
Details of financing and investing transactions which have had a
material effect on consolidated assets and liabilities but did
not involve cash flows are as follows. If an amount is
quantified, show comparative amount.

Nil

RECONCILIATION OF CASH

Reconciliation of cash at the end of        Current     Previous
the period (as shown in the consolidated period   corresponding
statement of cash flows) to the related                     
period
items in the accounts are as follows.       AUD000     AUD000

8.1  Cash on hand and at bank                 7,510     65,521

8.2  Deposits at call                             -          -

8.3  Bank overdraft                               -    (2,593)

8.4  Other (provide details)                      -    251,293

8.5  Total cash at end of
     period (item 7.27)                        7,510    314,221

RATIOS                                      Current     Previous
                                          period   corresponding
                                                             
period
     PROFIT BEFORE TAX / REVENUE
9.1  Consolidated profit (loss) from
     ordinary activities before tax
     (item 1.5) as a percentage of
     revenue (item 1.1)                      (0.44) %      9.3 %

     PROFIT AFTER TAX / EQUITY INTERESTS
9.2  Consolidated net profit (loss) from
     ordinary activities after tax
     attributable to members (item 1.9)
     as a percentage of equity (similarly
     attributable) at the end of the
     period (item 4.33)                       0.05 %      15.3 %


EARNINGS PER SECURITY (EPS)                 Current     Previous
                                          period   corresponding
                                                         period
10.1 Calculation of the following
     in accordance with AASB 1027:
     Earnings per Share

    (a)  Basic EPS                            0.1 c       36.5 c

    (b)  Diluted EPS (if materially                                 
         different from (a))

    (c)  Weighted average number of
         ordinary shares outstanding
         during the period used in
         the calculation of the
         Basic EPS                     105,150,356  205,827,570

BACKING                                   Current     Previous
(see note 7)                             period   corresponding
                                                         period
11.1 Net tangible asset backing
     per ordinary security                  230.4 c      229.5 c


TCR-AP reported last year that Standard & Poor's lowered its
long-term corporate credit rating on Capral to double-'B'-minus
from double-'B'. At the same time, the rating was removed from
CreditWatch with negative implications where it was placed on
Aug. 27, 2001. The outlook is negative.


GOODMAN FIELDER: Issues Executive's Long-Term Incentive Plan
------------------------------------------------------------
Goodman Fielder Limited informed that under the Long Term
Incentive Plan which commenced in 2000, executives and managers
took the opportunity to participate in an incentive scheme that
will result in fully paid ordinary shares being issued to them,
provided performance hurdles were met at the end of each Plan
Period.

In the initial notice in February, 2001 to the ASX, the Company
advised that the range of fully paid ordinary shares which could
be issued for the period ended 30th June, 2002, provided the
performance measures were met, was between 3.35 million and 6.5
million. As a result of staff changes and terminations, the
number of shares, which may be issued as at February, 2002 has
reduced.

In addition the entitlements to participation in the second Plan
Period ending 30th June, 2004 has been set. The table below
shows the range in the number of shares, which could be issued
under the two Plan Periods.

PLAN PERIOD ENDING          PERFORMANCE HURDLES
                       NOT ACHIEVED   ACHIEVED
                                      RANGE OF SHARES TO BE
ISSUED
30th June, 2002 as adjusted     Nil   between 2.7mil & 5.1mil
30th June, 2004                 Nil   between 1.4mil & 4.2mil


IOCOM LIMITED: Issues General Meeting Results
---------------------------------------------
The scheduled General Meeting of Iocom Limited (ABN 80 085 905
997) was convened on Tuesday, February 19, 2002.

Resolution 2 was put before shareholders.

Resolutions 1, 3, 4 and 5 were adjourned until a subsequent
meeting to be held on the 14 March 2002.

Resolution 2. Ratification of the placement of Shares issued in
December 2001.

"That the issue of 4,760,000 shares made on 18 December be
ratified"

Proxies in favor totaled 10,778,448 votes
Proxies against totaled 75,000 votes.

Shareholders passed resolution 2.

The Chairman adjourned the meeting. Notice of the adjournment
will be sent to all shareholders. The subsequent General Meeting
will be reconvened on the 14 March 2002.

Attached is the Supplementary prospectus and notice concerning
the adjourned general meeting for release to the market. The
documents contain a revised timetable for the general meeting
and completion of the Optima Transaction.

SUPPLEMENTARY PROSPECTUS

FOR

The bonus issue of 36,608,644 Options on the basis of one Option
for every one Share held on 21 March 2002, where each Option is
exercisable at 12 cents on or before 31 August 2003

AND

An Offer of up to 20 million New Shares at 5 cents each to raise
$1,000,000. The Offer is available for Shareholders to top up
their shareholdings in the Company.

EXISTING APPLICATIONS

If you have already made an application to subscribe for shares
in the Company pursuant to the Original Prospectus, you are
entitled to withdraw that application within one mouth of
receipt of this Supplementary Prospectus and have your
application money refunded in full.

KEY DATES

Calculation Date                            8 January 2002

Dispatch notice of General Meeting          15 January 2002

Dispatch Prospectus                         15 January 2002

Offer Opens                                 Expiration of ASIC
                                            exposure period

General Meeting of Shareholders             19 February 2002

Dispatch Supplementary Prospectus           20 February 2002

Closing date for processing of Top Up
Scheme Application Forms                    13 March 2002

Last Day for trading cum-bonus options      13 March 2002

Suspension of Shares                        14 March 2002

Reconvened General Meeting of Shareholders  14 March 2002

Ex-Date Options                             15 March 2002

Record Date for Bonus Options and Consolidation
of Existing Securities                      21 March 2002

Issue of Shares to Optima Vendors           26 March 2002

Issue of New Shares under the Top Up Scheme 26 March 2002

Dispatch statements reflecting new issues of
Shares, options and effect of consolidation 3 April 2002

Change Company's ticker code on ASX to [0PI*]  4 April 2002

Last day of trading suspension                 8 April 2002

Listing of Shares and Options on consolidated
basis                                         9 April 2002

This timetable is indicative only. The Company reserves the
right to vary the dates and times without notice, which may have
a consequential effect on other dates.

*Proposed code subject to final ASX approval.

NOTICE CONCERNING ADJOURNED MEETING

In respect of the meeting held and adjourned at 10am EDST on 19
February 2002 at Level 1, 44 Mountain Street, Ultimo NSW 2007

DATE OF RECONVENED MEETING:

10:00am EDST, 14 March 2002

PLACE OF RECONVENED MEETING

Level 1
44 Mountain Street
Ultimo NSW 2007

BACKGROUND

This is a notice concerning an adjourned meeting forwarded
pursuant to rule 11.8 of the constitution of Iocom Limited
(Company).

A general meeting of Shareholders was convened on Tuesday, 19
February 2002 at Level 1, 44 Mountain Street, Utimo NSW 2007.
The meeting was convened pursuant to the Information Memorandum
dated 15 January 2002 that was dispatched to Shareholders on 17
January 2002 (information Memorandum). All terms used in this
Notice of Adjourned Meeting have the same definition as in the
Information Memorandum unless otherwise stated.

The ASIC issued an interim stop order in respect of the
Prospectus on 15 February 2002. The Company lodged a
supplementary prospectus in respect of the Prospectus with the
ASIC on 19 February 2002 (Supplementary Prospectus) in response
to the interim stop order. According to section 724(2) of the
Corporations Act 2001, the Company may not issue any securities
pursuant to the Prospectus until 1 month after the Shareholders
in the Company receive the Supplementary Prospectus.

As a result of this delay in the original timetable for
completion of the Optima Transaction, part of the business that
was to be conducted at the general meeting was adjourned to a
reconvened meeting on 14 March 2002 at Level 1, 44 Mountain
Street, Ultimo, NSW, 2007.


LEND LEASE: Half-Yearly Report Provides Increased Confidence
------------------------------------------------------------
Lend Lease Corporation Limited (ASX: LLC) announced an after-tax
operating profit of $126.4 million for the six months to 31
December 2001, reflecting an increase of 16.2% over the
corresponding period.

This half-year result provides Lend Lease Directors with
increased confidence in achieving the previously forecasted
profit after tax for the full year to June 2002 in excess of
$210 million, despite the much more challenging business
environment that has emerged over the last six months.

Earnings per share (eps) were 29.4 cents for the six months to
31 December 2001 compared to 23.1 cents for the six months to 31
December 2000, an increase of 27.3%.

The Lend Lease Board of Directors announced an interim dividend
of 9 cents per share fully franked (June 2001: 8 cents per
share) to be paid on 20 March 2002. The interim dividend is
consistent with the Board's previously stated policy of paying
only fully franked dividends. The amount of the dividend at 9
cents per share is consistent with the previous forecast of a
full year dividend of 18 cents per share for the year ending 30
June 2002.

The results for the period are reflective of the Company's
progress in becoming a global real estate company based on two
global businesses, Real Estate Solutions and Real Estate
Investment Management, that will generate consistent and
sustainable earnings growth.

Lend Lease Group Chief Executive Officer and Managing Director,
David Higgins, said he was pleased with the overall result.

"The first half has been a very good performance considering the
turbulent conditions we faced in several of the major economies
over the last six months," Mr Higgins said.

"In line with our shareholder objectives as we build the global
platform, we are beginning to deliver an increasing proportion
of repeatable, stable earnings in our results.

"While Lend Lease expects overall global economic conditions to
remain difficult in the short term, we have a strong balance
sheet and good geographic and sector diversification in both
global businesses which provides a strong base for us to
continue to deliver earnings growth," Mr Higgins said.

REAL ESTATE SOLUTIONS

The Bovis Lend Lease and Property Development businesses have
been aligned under Real Estate Solutions to provide clients with
an integrated solutions-based capability.

Real Estate Solutions contributed $83.3 million after tax for
the six months to 31 December 2001 compared to $44.5 million for
the six months to 31 December 2000, an increase of 87.2%.

Mr Higgins said, "In Real Estate Solutions both the Bovis Lend
Lease and Property Development businesses have performed very
well. While continuing growth will be tougher to achieve in many
markets, we are well advanced on securing new projects and
alliances with key global clients that will generate longer term
annuity earnings."
BOVIS LEND LEASE

Bovis Lend Lease delivered a strong result of $48.8 million
after tax for the six months to 31 December 2001, an increase of
18.4% compared to $41.2 million for the six months to 31
December 2000.

The amount of new work secured and added to Backlog Gross Profit
Margin (Backlog GPM) during the six months to 31 December 2001
was $379.6 million, up 52% on the same period last year. This
growth was generated by a strong performance by the US and
European businesses. In particular, focus on key clients in the
UK has delivered especially good results.

At 31 December 2001 Bovis Lend Lease had a committed Backlog GPM
of $606.6 million, up 17.1% compared to $518.2 million at 30
June 2001.

Bovis Lend Lease continues to be focused on obtaining longer-
term contracts that deliver annuity profit streams. Of the
Backlog GPM at 31 December 2001, 27.3% is expected to emerge in
years after 2002/2003. A key component of this relates to PFI
projects.

Facilities management contracts, such as PFIs, which deliver
long-term earnings, represent 5.7% of the Backlog GPM. This is
expected to be a growing component of Backlog GPM given Bovis
Lend Lease's focus on PFI type projects.

During the six months Bovis Lend Lease secured its first schools
PFI project in the UK and a hospital PFI in Italy. In addition,
the company finalized the US Fort Hood military housing
contract. The company is currently involved in bids for a number
of military housing projects both in the US and UK, as well as
UK PFIs in health and schools.

Bovis Lend Lease continues to build its reputation as a world
class company, and this is exemplified by its role as project
manager for the clean-up of the World Trade Center "Ground Zero"
site in New York City.

PROPERTY DEVELOPMENT

Lend Lease's Property Development business contributed $34.5
million after tax for the six months to 31 December 2001
compared to $3.3 million for the six months to 31 December 2000.

This result includes a $19.8 million profit after tax from the
sale of Touchwood, Solihull retail centre in the UK, which was
successfully opened in September last year. The result also
included the first 4(1/2) months' profit contribution of $7.6
million after  tax following completion of the Delfin
acquisition on 10 August 2001.

The company's retail strategy in Europe continued to progress
satisfactorily during the past six months. It achieved
significant leasing progress both at Solihull (now 96% leased)
and at the TresAguas retail project in Madrid, which is on track
for opening in October, and plans to achieve pre-sale
arrangements and commence construction for its Chapelfield,
Norwich retail development in the UK in the second half of this
year.

The Property Development result included $26.0 million after tax
from the Australian operations, which are characterized by a
growing, secure income stream from land management projects.
There is skewing of profits in the Australian business to the
first half of this financial year. However, the Australian
business is on track to deliver reliable annuity style earnings
of approximately $40 million after tax per annum.

Projects utilizing the land management model, which are focused
on large urban community developments  primarily residential,
will be an important feature in the company's future Property
Development earnings. The model has great potential for us in
Australia on projects such as Victoria Harbour in Melbourne, and
we have also embarked on its globalization by exporting our
expertise in land management projects to other regions. This is
evidenced by the company's joint venture with Quintain Estates
in the UK being awarded preferred bidder status on the Greenwich
Peninsula urban regeneration project in London. In addition, we
will be focusing on other projects of this nature in the UK.

REAL ESTATE INVESTMENT MANAGEMENT

Real Estate Investment Management contributed $86.7 million
after tax or the six months to 31 December 2001 compared to
$77.9 million for the six months to 31 December 2000, an
increase of 11.3%. Profit contribution from the
Australia/Pacific, Asian and European regions were higher for
the six months to 31 December 2001 than the corresponding
period, indicating improvement and growth in those regions.

The US Real Estate Investment Management result for the six
months to 31 December 2001 was $48.8 million after tax compared
to $56.5 million for the six months to 31 December 2000. This
lower result was expected and was foreshadowed at the company's
Annual General Meeting in November last year.

The European result for the six months to 31 December 2001
included an after tax profit of $9 million on the sale of Lend
Lease's 50% interest in the Arrabida Shopping Centre in
Portugal.

The most significant impact of the difficult economic climate
has been on the Real Estate Investment Management business in
the United States, which has been affected by overall market
uncertainty, causing a significant reduction in transaction
volume and difficulties in raising capital. In addition, the
lower US interest rates caused a reduction in CapMark Services'
float earnings from US$11.6 million in the six months to 31
December 2000 to US$5.5 million in the six months to 31 December
2001.

Worldwide Assets Under Management (AUM) at 31 December 2001 were
A$87 billion compared to $86.6 billion at 30 June 2001. However,
in the US, Assets Under Management were down 2.8% from 30 June
2001. The drop in US AUM was due to less transaction volume for
acquisitions, coupled with several large dispositions on behalf
of clients, and some downward valuations.

Loans Under Servicing, principally the CapMark business,
increased by 36.7% to $131.7 million at 31 December 2001.

"Conditions in the US, particularly for the real estate equity
business have been challenging and are likely to remain so in
the short term," Mr Higgins said.

"Given the market conditions expected for the remainder of this
financial year, the 2002 full year result for the US Real Estate
Investment Management business is now expected to be below the
2001 full year result, prior to the restructuring provisions
raised in the prior year.

"Nevertheless, the US real estate market remains an attractive
and important investment market for us because it is the largest
real estate market in the world, with the highest liquidity and
it will undoubtedly return to growth. There have been some early
economic indicators to suggest a recovery is on the way.
However, the timing of any recovery is uncertain.

"While we don't expect the US Real Estate Investment Management
business to return to growth until 2003, our operations in
Australia, Asia and Europe are well placed for continued growth
in the second half of this year," Mr Higgins said.

David Ross, Global CEO of Real Estate Investment Management,
will relocate to Atlanta by midyear to be better placed to drive
global strategy.

Mr Ross said given the size and scope of the US real estate and
capital markets and Lend Lease's considerable activities there,
the USA must be the operations centre of Lend Lease's global
Real Estate Investment Management business.

"My focus will be on our global growth and working with our
regional CEOs, including Fred Pratt who manages the US
businesses. In particular, I see tremendous opportunity for us
to work together for the benefit of our international clients
who would like access to US investment opportunities, and for
the benefit of our US clients who, in addition to domestic
investing, would like international opportunities," Mr Ross
said.

"Based together in the US, David and Fred will now be able to
collaborate and co-ordinate more closely on how we better
service and perform for our clients," Mr Higgins said.

BUSINESS REPOSITIONING INITIATIVE

Lend Lease is making excellent progress in its business
repositioning initiative that is identifying and implementing
the most effective way of executing our business model. It is
designed to ensure the company remains competitive, is properly
positioned for future growth opportunities and delivers improved
service and performance for clients.

Robert Tsenin, Lend Lease's Group Finance Director, said the
business repositioning initiative is a major step in improving
how Lend Lease operates the business and provides the best real
estate solutions for clients, which will in turn position the
company to gain market share and continued growth.

"We will be not be raising a restructure provision and all
investments/costs connected with this initiative will be
expensed," Mr Tsenin said.

"While the process will be fully complete by 30 June 2002, the
full benefit of the initiative is expected to flow in the 2003
financial year and beyond," he said.

OTHER ACTIVITIES

The result for the six months to 31 December 2001 included the
final Westpac hedge profit of $28.2 million after tax.

The result for the six months to 31 December 2001 also included
$8.5 million after tax in earnings from the company's investment
in IBM Global Services Australia compared to $3.9 million after
tax for the six months to 31 December 2000.

EARNINGS OUTLOOK

Mr Higgins said the company is on track to deliver an after tax
profit in 2002 in excess of $210 million, given no further
material deterioration in market conditions.

"The December 2001 half year profit provides us with increased
confidence that we can achieve that forecast, despite the
extraordinary turbulence in the global economies of the past six
months," Mr Higgins said.

"Considerable effort has been expended by our senior leadership
team on our business repositioning initiative. This, along with
the growth opportunities we have identified, will position us to
deliver continued earnings growth in 2003," he said.

TCR-AP reported early January that it sold its Larry Smith
property management operation in Italy for a small profit to
European Commercial Properties NV (ECP). The sale forms part of
Lend Lease's reorganization of its operations in Italy.


NORMANDY MINING: Reaches Restructuring Agreement With JWMN
----------------------------------------------------------
The Directors of Johnson's Well Mining NL (JWMN) advised that am
agreement has been reached with Normandy Mining Limited
(Normandy) to restructure the two Duketon Joint Ventures and the
loan facility with Normandy:

JOINT VENTURES

In consideration of the release and discharge provided by
Normandy in respect of half ($12,842,748.78) of the monies
currently outstanding from Johnson's to Normandy under the
Facility Agreement dated 15 December 1998 ($25,685,497.56),
Johnson's has agreed to these transactions:

   i) Normandy will be granted a first right of refusal,
expiring 31 December 2011, over Johnson's tenements other than
tenements currently covered by the two Duketon Joint Ventures or
the Rand project.

  ii) Normandy will be granted a 2.5% net profit royalty on new
gold projects commenced by Johnson's in the period to 31
December 2011. It will not apply to tenements covered currently
by the two Duketon Joint Ventures or the Rand project tenements.

  iii) Normandy will receive an immediate 80% interest in the
Rosemont Duketon Joint Venture tenements and 80% of the
Company's interest in the Duketon Region Joint Venture
tenements;

  iv) Management of the Joint Ventures will be transferred to
Normandy;

  v) Normandy's sole contribution obligations under the Joint
Ventures will cease;

  vi) Johnson's will have no obligation to fund exploration in
the Joint Ventures during calendar 2002 and will not dilute its
interest during this timeframe;

THE LOAN FACILITY

In consideration of Johnson's agreement to the transactions set
out above, Normandy has agreed to release and discharge
Johnson's from half ($12,842,748.78) of the monies
($25,685,497.56) currently outstanding from Johnson's to
Normandy under the Facility Agreement dated 15 December 1998.
This leaves a residual amount owing of $12,842,748.78 (the
"residual monies").

At the request of Normandy and Johnson's and in further
consideration of the above release and discharge, Edensor
Nominees Pty Limited (Edensor), the trustee of the Gutnick
Family Trust and a shareholder in Johnson's, has agreed with
Normandy to assume primary liability for the balance of the
residual monies ($12,842,748.78) outstanding under the Facility
Agreement. Johnson's and Rosemont Gold Mines Pty Ltd will
guarantee that amount (and interest payable thereon) to
Normandy. The securities, which currently secure the Loan
Facility, will secure the obligations under those guarantees.
Such securities do not secure any other monies owed or payable
by Edensor to Normandy.

Johnson's is required to reimburse Edensor for all interest and
principal repayments made by Edensor to Normandy in respect of
the residual sum assumed by Edensor and retains liability for
that amount.

Under the terms agreed between Edensor and Normandy, repayment
by Edensor of the residual sum is required on 31 March 2010 and
interest (calculated at 3% pa until 31 August 2002 and
thereafter at a commercial margin above bank bill rate) will be
capitalized until 1 August 2005. Thereafter interest will be
payable quarterly.


PMP LIMITED: Reduces Net Debt to $432M From $542M
-------------------------------------------------
PMP Limited announced that during the half to 31 December 2001,
PMP reduced its net debt from $542 million to $432 million, a
reduction of $110 million. Net debt is down from a peak of
around $600 million at December 2000.

According to PMP Limited Chief Executive, Mr Robert Muscat, the
figures indicate the company is likely to remain on track to
meet its full year EBIT forecast. He cautioned that the second
half of the year, which is traditionally difficult for the
company, will be challenging.

"PMP has turned in a pleasing first half result. However, this
needs to be seen in the context of the full financial year. We
anticipate a tough second half in 2002. Despite this, current
forecasts indicate we will be close to achieving our forecast
$90 million EBIT full year target," he said.

PRINT & DISTRIBUTION

Print first half EBIT fell by 9.8%, in line with expectations.
This was the result of a 5.7% decrease in Australian print
volumes, compared with record levels the prior year. Increased
retail activity was offset by a slowing government print market
and competitive activity in the commercial sector.

PUBLISHING-AUSTRALIA/NEW ZEALAND

Despite reduced revenues, publishing delivered a significant
first half EBIT increase from $1.2 million to $4.9 million. This
included $1.9 million losses generated by For Me and Aussie
Post, which have subsequently been closed, and $0.9 million in
'B' relaunch costs. The company's increased profitability has
been driven by a 14.3% reduction in costs, resulting from a
continuous drive to improve cost management.

DIGITAL GRAPHIC ARTS

ShowAds experienced a 22.2% drop in half year EBIT to $4.2
million. This was due to depressed advertising activity in the
company's Melbourne and Sydney markets. The soft market
forecasts for the remainder of the financial year are unlikely
to allow an improvement in ShowAds' short-term performance.

MAGAZINE DISTRIBUTION

Gordon and Gotch performed ahead of expectations. Despite market
pressures closing a number of titles, the company was just ahead
of break even by 31 December 2001. Contributing factors to this
improved performance included major restructuring, which reduced
half-year overheads by 7.4%, and an increase in market share
generated by new contract wins with EMAP and Melway. However,
given that the second half of the year is always a more
difficult trading period for Gordon and Gotch than the first,
the company will find it a challenge to maintain its break-even
position by year-end.

DEBT FACILITIES

In line with its debt reduction strategy, over the half PMP
improved its net debt position by $110 million to $432 million.
Subject to the sale of its UK operations, the company remains on
target to reduce debt by $150 million to $200 million over the
full year.

On 21 December 2001, PMP finalized its restructured debt
facilities and is complying comfortably with the earnings and
cash flow covenants these imposed. Domestic debt facilities will
be reviewed during the second half of the year to extend their
term beyond the current 30 September 2002 date.

As a result of the debt restructuring during 2001, PMP is
currently incurring above market funding costs. It is expected
that these high funding costs will continue for the remainder of
the year. As PMP continues to meet its debt restructuring
targets, the cost of debt servicing should decrease.

SALE OF ATTIC FUTURA

PMP continues to pursue the sale of its UK magazine company,
Attic Futura. Mr Muscat stressed that, while the sale of this
business to assist debt reduction remains a key objective, PMP
is committed to finding a buyer willing to acquire the asset at
an appropriate price.

SECOND HALF OUTLOOK

According to Mr Muscat, PMP's $90 million full year EBIT
forecast remains cautiously achievable.

"In the second half of the year we will continue to focus on
debt reduction and improving performance across the group.

"In the print division, our organizational restructure is now
complete and working well. It has enhanced our ability to react
to changing market conditions and will assist in withstanding
the tough market conditions forecast for the second half of the
year. We will continue to focus on our cost improvement program,
improving our capacity utilization and controlling capital
expenditure.

"Both Gordon and Gotch and ShowAds face a tough second half of
the year.

"We will continue to review the Gordon and Gotch cost base and
look for possible rationalization opportunities in the magazine
distribution industry. The company is set to complete its
implementation of the JD Edwards business systems by September
2002, which will assist in increasing efficiency.

"We are currently reviewing ShowAds with a view to repositioning
its product and service offering in line with adverse market
conditions.

"The publishing division will continue to focus on improving its
cost base and strengthening its portfolio - building on its
relationship with the Seven Network. Despite tough economic
conditions, the printing efficiencies and cost reductions this
company has achieved will enable it to continue to deliver
improved profitability in the second half of the year," said Mr
Muscat.

Further information: Robert Muscat (02) 9464 3580


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


GLIDING HORSE: Winding Up Petition Set For Hearing
--------------------------------------------------
The petition to wind up Gliding Horse Investment Limited will be
heard before the High Court of Hong Kong on April 3, 2002 at
9:30 am.

The petition was filed with the court on January 10, 2002 by
Bank of China (Hong Kong) Limited (the successor corporation to
the Yien Yieh Commercial Bank Limited pursuant to Bank of China
(Hong Kong) Limited (Merger) Ordinance (Cap. 1167) of 14th
Floor, Bank of China Tower, 1 Garden Road, Central, Hong Kong.


GREAT WALL: Discloses Open Offer Results
----------------------------------------
The Directors of Great Wall Cybertech Limited announced that as
at 4:00 p.m. on Friday, 15th February, 2002, being the latest
time for acceptance of and payment for Offer Shares, 428 valid
acceptances have been received for a total of 5,208,489,875
Offer Shares. Accordingly, the Open Offer was approximately
80.61% subscribed. The remaining 1,252,515,741 Offer Shares,
representing approximately 19.39% of the Offer Shares, were
underwritten by First Securities (HK) Limited.

Vandor Profits Limited, a substantial shareholder of the Company
which was interested in 486,132,109 Shares, representing
approximately 30.10% of the existing issued share capital of the
Company has taken up and paid in full for 1,944,528,436 Offer
Shares offered to it under the Open Offer. Immediately after the
completion of the Open Offer, Vandor Profits Limited was
interested in 2,430,660,545 Shares, representing approximately
30.10% of the enlarged issued share capital of the Company.

The Company will dispatch the certificates in respect to the
offer Shares by ordinary post to those entitled thereto at their
own risk on Thursday, 21st February, 2002. Dealings in the Offer
Shares will commence Monday, 25th February, 2002.

According to Wrights Investors' Service, the Company has paid no
dividends during the last 12 months. It has also reported losses
during the previous 12 months.


HAN XUAN: Faces Winding Up Petition
-----------------------------------
The petition to wind up Han Xuan International Development
Limited is set for hearing before the High Court of Hong Kong on
May 8, 2002 at 9:30 am.  The petition was filed with the court
on January 30, 2002 by Mr. Ho Pak Chuen of Flat B, 13/F., Block
4, Greenpark Villa, 9 Kat Cheung Crescent, Fanling, New
Territories, Hong Kong.


HUNGEXPRESS INVESTMENT: Winding Up Sought By Sino Earn
------------------------------------------------------
Sino Earn Holdings Limited is seeking the winding up of
Hungexpress Investment Limited . The petition was filed on
December 13, 2001, and will be heard before the High Court of
Hong Kong on February 27, 2002 at 9:30 am.

Sino Earn holds its registered office at Room 1201-1202, 12th
Floor, Hang Seng Building, 77 Des Voeux Road Central, Hong Kong.


PROBEST INVESTMENTS: Winding Up Petition To Be Heard
----------------------------------------------------
The petition to wind up Probest Investments Limited is scheduled
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
17, 2001 by Bank of China (Hong Kong) Limited  of 14th Floor,
Bank of China Tower, 1 Garden Road, Central, Hong Kong.


SWEET YEAR: Petition To Wind Up Slated
--------------------------------------
The petition to wind up Sweet Year Limited is scheduled to be
heard 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 Industrial and Commercial Bank of China (Asia) Limited
(formerly known as Union Bank of Hong Kong Limited) whose office
is situated at ICBC Tower, 122-126 Queen's Road Central, Hong
Kong.


WANG ON: Exceptional Price Movement Unexplainable
-------------------------------------------------
Wang On Group Limited noted the recent increases in price of the
shares of the Company and stated that they are 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.

The Company has paid no dividends during the last 12 months. It
has also reported losses during the previous 12 months, Wrights
Investors' Service reported.


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


ASTRA INTERNATIONAL: Debt Rescheduling Likely
---------------------------------------------
PT Astra International (ASII) might have to reschedule its hefty
dollar debts a second time due to low car sales forecast and the
uncertainty over asset sale plans, IndoExchange reports, citing  
Vice President Director Budi Setiadharma.

"We may ask for a (debt) rescheduling, but not a total
restructuring," Setiadharma said, when asked how Astra would
meet the looming payments if the Toyota deal fell through.

"The plan is to divest our majority ownership in the
manufacturing unit of the Toyota Astra Motor, but we will
maintain a majority stake in the distribution and marketing
division."

Setiadharma said he was unsure whether a closely watched plan to
divest majority ownership in PT Toyota Astra Motor to Japan's
Toyota Motor Corp could be completed any time soon.

"I cannot say I'm optimistic, everything is still ongoing, the
important thing is we don't want to force... a fire sale,"
Setiadharma said.

The Company has outstanding debts of more than US$900 million,
of which some US$139 million and Rp163.86 billion need to be
paid by the end of the year.


INDAH KITA: Trade Debts in Doubt
--------------------------------
PT Indah Kiat Pulp & Paper (INKP) and PT Tjiwi Kimia (TKIM)'s
US$1.2 billion trade debts were not verified, DebtTraders
reported Friday, as Arthur Andersen refrained from giving an
opinion on their accounts in 2000.

Andersen questioned the classification of the debts and resigned
as auditor last year. INKP and TKIM are units of Asia Pulp and
Paper, which proposed debt plan to pay its US$12.7 billion in 13
years was rejected by its creditors.

DebtTraders reports that Asia Pulp's 11.75% bonds due on 2005
(APP05IDN1) are trading between 22.5 and 25. Go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=APP05IDN1for  
real-time bond pricing.


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



DAIEI INC: Considers New Stock Issuance, More Store Closures
------------------------------------------------------------
Daiei Inc is considering improving its proposed restructuring
scheme that may involve the issuance of a new type of stock and
more store closures, Nihon Keizai Shimbun and AFX report. The
ailing supermarket chain announced last month a three-year
restructuring plan based on Y420 billion in financial aid from
its three major creditor banks, including UFJ Bank.

TCR-AP reported that Daiei store sales decreased 8 percent for
the half ended August 2001. Daiei President Takashi Hirayama
said that in order to attract new customers the firm would
remodel 40 stores for the next two months among some 320 stores
nationwide.


DAIEI INC: President Asks Nakauchi to Give Up Stake
---------------------------------------------------
Daiei President Kunio Takagi requested that Tadashi Nakauchi,
owner of Daiei unit Fukuoka Daiei Hawks baseball team to hand
over his 40 percent stake in the team to Daiei, Asia Pulse
reported Thursday.

"I understand Daiei's position," Nakauchi replied, asking the
firm to let him think about it, according to a source close to
Daiei.

The struggling supermarket chain operator hopes to receive an
affirmative answer by the end of February. Until Wednesday,
Nakauchi had said he had no intention of giving up his
shareholdings, asserting that his stake in the Hawks makes
management of the team more stabilized.


HASEKO CORP: TSE Suspends Trading
---------------------------------
The Tokyo Stock Exchange (TSE) will suspend trading in ailing
midsize construction firm Haseko Corp from the start of the
day's trading to give investors time to digest reports that it
will announce a restructuring scheme later, Kyodo News reported
on Thursday. The Company will restart trading one hour after the
validity of the report is confirmed.

The Company's restructuring package includes Y150 billion in
financial assistance from Daiwa Bank and other major creditors
under a debt-for-equity swap arrangement.

According to Wright Investor's Service, as of March 2001, the
Company's long-term debt was Y510.41 billion and total
liabilities were T726.71 billion.


MATSUSHITA KOTOBUKI: Expects Y69.6B Net Loss
--------------------------------------------
Matsushita Kotobuki Electronics Industries Ltd sees a
consolidated net loss of Y69.6 billion for the year to March 31
because of restructuring costs, Kyodo News reported Thursday.

The forecast loss surpasses last October's projection of Y18.9
billion, as the firm registers an extraordinary loss of Y27.6
billion for extra retirement allowances and factory closures.

The company manufactures electrical products such as video tape
recorders, television sets and information equipment, including
CD-ROM and medical equipment. As of March 31, 2001 Matsushita
has a total of 4,361 employees.


MATSUSHITA SEIKO: Sees Y550M Net Loss
-------------------------------------
Matsushita Seiko Co. expects to post Y550M consolidated net loss
in the year to March 31, a reversal from a profit forecast of
Y600M in October, Kyodo News reported on Thursday. The firm said
it will post the loss because its extraordinary loss will exceed
the initial forecast by Y1.6 billion, comprising Y700 million
from the valuation and liquidation of securities holdings and
Y900 million from one-time payments related to a regional
selection program in which workers accept lower wages in return
for no transfer.

The firm manufactures and sells electric fans, ventilating fans,
electric fan heaters, humidifiers, dryers, incinerator related
equipments, Agricultural machinery and equipment, generating
electricity equipment and parts by using nature energy like
photovoltaic, and wind power. It has four consolidated
subsidiaries, three in Japan and one in Hong Kong. Matsushita
Electric Industrial Co., Ltd., is the major shareholder with
59.06 percent of issued stock. As of March 2001 the Company has
a total of 1,867 employees.


NTT COMMUNICATIONS: Slashes 650 Employees in US Unit
----------------------------------------------------
NTT Communications Corp is planning to cut 650 employees from
its U.S. unit Verio Inc by the end of 2002 as part of the
company's ongoing plan to restructure the business, Reuters
reported on Thursday.

In order to make Verio profitable by 2005, its total workforce
would be lessened to 1,700-1,800 workers, according to an NTT
Communications official.

NTT Communications is a wholly owned unit of Nippon Telegraph
and Telephone Corp. The unit aims to cut 650 people from the Web
hosting firm's staff of 2,600 by the end of 2002.


SOGO INC: Sees Y800M-1B Operating Profit, Undergoing Rehab
----------------------------------------------------------
Failed department store operator, Sogo Inc, which is undergoing
court-guided rehabilitation, will expect to post an operating
profit of Y800 million to Y1 billion in the fiscal year to
February 28, according to Kyodo News Thursday.

TCR-AP reported that the Sogo group collapsed in July 2000 with
Y1.87 trillion of debt and filed for protection from creditors
with the Tokyo District Court. Its rehabilitation plan, under
which the number of Sogo outlets was cut to 13 from 22, won
court approval on January 2001.


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


DAEWOO ENGINEERING: Likely to Win Libya Order This Week
-------------------------------------------------------
Daewoo Engineering & Construction (DEC) likely will receive an
order worth $2 million from Libya regarding the construction of
an oil facility by this week, Korea Herald said on Thursday. Lee
Jung-koo, President of overseas affairs, is in talks with Libyan
officials on the construction order receipt in Libya and that
the firm will know of the result when he returns on February 22.

TCR-AP reported last month that DEC has met six of the seven
conditions for release from workout set forth in the Memorandum
of Understanding (MOU) and is expected to graduate in 2Q02 (3Q02
at the latest). According to the workout MOU, Daewoo Engineering
& Construction has satisfied six of the seven conditions for
workout graduation. Regarding the last condition, the company
has already come up with W327.6 billion, or 35.6 percent
remaining debts as of end-2001.


HYNIX SEMICONDUCTOR: Submits Revised Deal Conditions to Micron
--------------------------------------------------------------
Creditors of Hynix Semiconductor Inc. have made revisions to
sales conditions for Micron Technology Inc, according to Maeil
Business Newspaper on Thursday. The revisions include
implementing market interests on the loan proposal made by
Micron, which asked for 4 percent interests on a 10-year loan
for US$1.1 billion. Creditors rejected to take in the proposal
for interests of 2 percent on 30-year maturity sub-denominated
bonds for Hynix.

An unnamed creditor official said that creditors debated over
Micron's request to restrict disposal of stocks, which entails
50 percent one year after signing the deal, 25 percent two years
upon the deal and the remaining 25 percent three years after the
sale. However, creditors decided that the limitation period is
too long, and will consider lessening it to within 3-6 months
upon signing the contract.


HYNIX SEMICONDUCTOR: Trust Firms to Meet February End Over Sale
---------------------------------------------------------------
Presidents of 15 investment trust management companies, which
belong to a creditor group of Hynix Semiconductor Inc. will meet
before the end of February on Micron's bid on the chipmaker,
Korea Herald reported on Thursday.

They will determine their official position on the issue and
deliver it to the creditor group to be represented by Hynix'
main creditor Korea Exchange Bank (KEB). The 15 trust firms are
reportedly against allowing an additional debt write-off to
Hynix.


HYNIX SEMICONDUCTOR: CIE Stresses Alliance With Samsung
-------------------------------------------------------
Commerce, Industry and Energy (CIE) Minister Shin Kook-hwan
stresses the need for a strategic alliance between Samsung
Electronics Co. and Hynix Semiconductor Co., according to Maeil
Business Newspaper on Thursday. Shin said in a meeting with chip
industry officials on Wednesday that for the development of the
local semiconductor industry, an alliance is necessary between
both companies, which hold about 30 percent and 20 percent of
the world chip market. He emphasized that an alliance would mean
close cooperation to enhance chip exports and has nothing to do
with restructuring efforts.


KOOKMIN BANK: Clears Auto Loan Case Report With Insurance Firms
--------------------------------------------------------------
Kookmin Bank announced on February 21, 2002 clarifying an
erroneous article published on Maeil Business Newspaper printed
on February 20, 2002, offering the following facts on the auto
loans booked with a guarantee of Samsung Fire and Marine
Insurance Co.

In July of 2000, the Company entered into a contract with
Samsung Fire and Marine Insurance Co. to offer auto loans to
qualified individuals.  Such auto loans if delinquent for more
than three months shall be subject to collection by the Samsung
Fire and Marine Insurance Co.  In sum, Samsung Fire and Marine
Insurance Co. shall guarantee auto loans booked according to the
contract.  The basic scheme is outlined as:

1. Applications are collected, reviewed and approved by the
automobile company making the car sales.

2. Kookmin Bank accepts the document and issues the loan.

3. It is specified in the agreement that loans booked based on
fraud application shall be the responsibility of the automobile
company.

4. If a loan became delinquent for more than three consecutive
months, Kookmin Bank shall collect from Samsung Fire and Marine
Insurance Co.

Since September of 2001, Kookmin Bank has not issued the said
auto loans at the request of the insurance company.

Current auto loans outstanding is 373 billion won out of which
72 billion won (19.07%) is over three months delinquent. The
claimed amount, however, totals 45 billion won, which is past
due for more than five months.  Please refer to the following
summary table.

(Units, Bn Won)

Total Loans Issued    Balance Outstanding
No. 30,605            No. 28,272
Amount: 468           Amount: 373
           Portion (%)

Over 3 months delinquent  Claims Made(over 5 months delinquent)
No. 3,727  13.18%         No. 2,285    8.08%
Amount 72  19.07%         Amount 45    12.06%


In conclusion, we believe an expected loss, if any, from the
above auto loans remains minimal due to the guaranteed nature of
the loan.  We have filed necessary claims to Samsung Fire and
Marine Insurance Company and await their action.  Furthermore,
we maintain a collateral of 3 billion won in deposits from
Daewoo Motor Sales Corporation.

DebtTraders reports that Kookmin Bank Ltd's 7.550% floating rate
note due in 2006 (CITN06KRS1) trades between 98 and 99. For
real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=CITN06KRS1


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


FABER GROUP: Resolutions Passed at Bondholders' Meetings
--------------------------------------------------------
Faber Group Berhad informed that all resolutions proposed to be
passed at the Meeting of the Holders of All Series of Zero
Coupon Redeemable Convertible Secured Bonds Due 2005 (the
Bondholders' Meeting), Meeting of the Holders of the 2000/2005 B
Series of Zero Coupon Redeemable Convertible Secured Bonds Due
2005 (the B Bondholders' Meeting), and Meeting of the Holders of
the 2000/2005 F Series of Zero Coupon Redeemable Convertible
Secured Bonds Due 2005 (the F Bondholders' Meeting) held
Wednesday, February 20, 2002, were carried.

According to Wrights Investors' Service, as of 2001, the
Company's long-term debt was Rp1.48 billion and total
liabilities were Rp1.86 billion. The long-term debt to equity
ratio of the Company is 9.73. The Company has paid no dividends
during the last 12 months. It has also reported losses during
the previous 12 months. The Company has not paid any dividends
during the previous 6 fiscal years.


GADEK CAPITAL: SPA with Malton Corporation Completed
----------------------------------------------------
The Board of Directors of Gadek Capital Berhad (320888-T) (Gadek
Capital or the Company), in reference to the announcement dated
22 December 2000 in relation to the Proposed Disposal of entire
equity interest in Gadek Capital by DRB-Hicom Berhad and Gadek
(Malaysia) Berhad to Malton Corporation Sdn Bhd (Malton
Corporation) (Proposed Disposal), whereby DRB-HICOM Berhad
together with Gadek (Malaysia) Berhad had entered into a
conditional Sale and Purchase Agreement (SPA) with Malton
Corporation, to collectively dispose of their entire equity
interest comprising 174,176,464 ordinary shares in Gadek Capital
for a total cash consideration of RM480 million, or
approximately RM2.76 per ordinary share in Gadek Capital,
announced that the SPA was completed on 19 February 2002 and
effective from that date Malton Corporation is the beneficial
owner of the entire equity interest of 174,176,464 ordinary
shares in Gadek Capital.

The Board also announced that Malton Corporation, being the
shareholder of the Company, had on 19 February 2002 approved the
resolutions pertaining to the following proposals tabled at the
extraordinary general meeting held on the same date:

   a) Proposed increase in the authorized share capital of the
Company from RM200,000,000 comprising 200,000,000 ordinary
shares of RM1.00 each to RM1,000,000,000 comprising
1,000,000,000 ordinary shares of RM1.00 each with the creation
of 800,000,000 ordinary shares of RM1.00 each (as announced on
27 April 2001);

   b) Amendments to the Memorandum of Association in relation to
the first sentence of Clause 5 of the Memorandum of Association
be substituted with "The capital of the Company is Ringgit
Malaysia One Billion Only (RM1,000,000,000) divided into One
Billion (1,000,000,000) shares of Ringgit Malaysia One Only
(RM1.00) each.";

   c) Proposed bonus issue of 174,176,464 new ordinary shares of
RM1.00 each in Gadek Capital (Proposed Bonus Issue) on the basis
of one(1) new ordinary share in Gadek Capital for every one(1)
existing ordinary share of RM1.00 each in Gadek Capital held
after the Proposed Disposal (as announced on 27 April 2001);

   d) Proposed issuance of 174,176,464 new warrants on the basis
of one(1) new warrant for every two(2) existing ordinary shares
of RM1.00 each held in Gadek Capital after the Proposed Bonus
Issue to Malton Corporation;

   e) The change of name of the Company from Gadek Capital
Berhad to Malton Berhad with effect from the date of issue of
the Certificate of Incorporation on change of name by the
Registrar of Companies; and

   f) The proposed adoption of new articles of association of
the Company in line with the listing requirements of the Kuala
Lumpur Stock Exchange.


HONG LEONG: Voluntary Winds-Up Unit
-----------------------------------
Hong Leong Industries Berhad (HLI or the Company) informed that
Hong Leong Maruken Sdn Bhd (Maruken), a 70% owned subsidiary of
the Company, has been placed under Members' Voluntary Winding-up
pursuant to Section 254(1)(b) of the Companies Act, 1965. Mr
Ling Kam Hoong of Messrs Ling Kam Hoong & Co., No. 6-1, Jalan
3/64A, Udarama Kompleks, Off Jalan Ipoh, 50350 Kuala Lumpur has
been appointed as liquidator of Maruken on 20 February 2002.

Maruken ceased its business operations in March 2000 and there
are no future plans to activate it.

HLI's cost of investment in Maruken since 11 July 1983 is
RM1,750,000.

There is no loss arising from the voluntary winding-up of
Maruken.

The voluntary winding-up of Maruken does not have any material
impact on the net tangible assets and earnings per share of the
HLI Group for the financial year ending 30 June 2002.


HOTLINE FURNITURE: Unit Faces Winding Up Petition
-------------------------------------------------
The Board of Hotline Furniture Berhad announced that its wholly
owned subsidiary, Hotline Wooden Furniture Manufacturers Sdn Bhd
(HWF) had on Wednesday, February 20, 2002 received a sealed copy
of a winding up petition dated 30 January 2002 filed by Idaman
Semenanjung Sdn Bhd (ISSB).

The amount claimed by ISSB is RM150,270.70 with no interest. The
amount claimed is for the supply of raw materials for HWF's
manufacturing usage.

On 5 December 2001, HWF received a Notice of Demand from ISSB.
In good faith to settle the outstanding account, HWF has since
made part payments totaling RM20,000. Therefore, the serving of
the petition is a surprise to the management of HWF and
furthermore there is a dispute in the amount claimed.

The total cost of investment in HWF is RM1 million.

Its solicitors have advised HWF that it will be able to defend
the winding-up proceedings, thus it will not have a operational
and financial impact on the Group.

There will not be any expected losses from the winding up
proceedings as HWF has instructed its solicitors to file an
application to strike out the petition.

The hearing date for the winding up petition has been fixed on 9
April 2002.


IDRIS HYDRAULIC: Gets FIC's Nod on Proposals
--------------------------------------------
Commerce International Merchant Bankers Berhad, on behalf of
Idris Hydraulic (Malaysia) Berhad (IHMB or the Company), in
regards to the Proposals, announced that the Foreign Investment
Committee (FIC) has vide its letters dated 17 January 2002, 19
February 2002 and 20 February 2002 stated that FIC has no
objection to the Proposals.

The Proposals are comprised of:

  * Proposed Acquisition of Entire Equity Interest in Tenaga
Insurance Berhad (Tenaga) comprising 42,000,000 Ordinary Shares
of Rm1.00 each by Talasco Insurance Berhad (Talasco) for a Total
Purchase Consideration of Rm90,000,000 to be Satisfied by Cash
(Proposed Tenaga Acquisition);

  * Proposed Acquisition of Entire Equity Interest in Malaysia &
Nippon Insurans Berhad (MNI) Comprising 53,000,000 Ordinary
Shares of Rm1.00 each by Talasco for a Total Purchase
Consideration of Rm100,000,000 to be Satisfied by Cash (Proposed
MNI Acquisition); and

  * Proposed Acquisition of the Entire Equity Interest in the
People's Insurance Co. (M) Berhad (PICM) Comprising 80,000,000
Ordinary Shares of Rm1.00 Each by Talasco for a Total Purchase
Consideration of Rm80,000,000 to be Satisfied Wholly in Cash
(Proposed PICM Acquisition)

In addition, FIC has no objection to the proposed transfers of
all insurance businesses, assets and liabilities of Tenaga, MNI
and PICM to Talasco.


KUANTAN FLOUR: Judgment Hearing Date Yet to be Determined
---------------------------------------------------------
The Directors of Kuantan Flour Mills Bhd, further to the
announcement made on 21 January 2002 pertaining to the default
in payment in relation to Paragraph 9.04(l) and Practice Note
1/2001, announced that the hearing date for the appeal against
the Summary Judgment by Multi-Purpose Finance Berhad has yet
been fixed.

Wrights Investors' Service reported that at the end of 2001,
Kuantan Flour Mills Berhad had negative working capital, as
current liabilities were Rp34.92 million while total current
assets were only Rp34.06 million. The Company has paid no
dividends during the last 12 months. It has also reported losses
during the previous 12 months.


RAHMAN HYDRAULIC: KLSE Rejects RA Time Extension
------------------------------------------------
Rahman Hydraulic Tin Berhad (Special Administrators Appointed)
(the Company or RHTB), further to the Company's announcement on
14 December 2001 on the White Knight Company's decision to
withdraw from the proposed restructuring scheme of RHTB,
announced that the Kuala Lumpur Stock Exchange has rejected the
application for an extension of time from 1 March 2002 to 30
June 2002 to make the Requisite Announcement (RA) pursuant to
Paragraph 5.1(a) of PN4.

Following the above, the Company is allowed until 28 February
2002 to make the Requisite Announcement of a plan to regularize
its financial condition in accordance with the requirement of
Paragraph 8.14 of the Listing Requirements and PN 4 to the
Exchange.


RAHMAN HYDRAULIC: Resolutions Passed at Adjourned 86th AGM
----------------------------------------------------------
The Special Administrators of Rahman Hydraulic Tin Berhad (RHTB)
announced that the Ordinary and Special Resolutions tabled at
the Adjourned Eighty Sixth Annual General Meeting of RHTB were
duly passed.

Profile

Special Administrators (SA) were appointed to the Company (RHTB)
on 16 June 2000 pursuant to Section 24 of the Pengurusan
Danaharta Bhd Act 1998. On 27 September 2000, a Heads of
Agreement was entered into with Speed Operations Sdn Bhd, an
agent of the vendor of White Knight Companies (WKC), for a
restructuring of RHTB, which will result in the vendors becoming
RHTB's substantial shareholders. The proposed White Knight
Companies to be injected by the vendors are Metronic Engineering
Sdn Bhd and its subsidiaries, Skymech Automation Sdn Bhd and its
subsidiaries, Metro Health Sdn Bhd, MH Medic Sdn Bhd, and the
Esquetech Group of Companies.

The SAs have also prepared a Workout Proposal on a Proposed
Restructuring Scheme, which has been approved by Danaharta. The
Workout Proposal encompasses, inter-alia, the following: capital
reduction and consolidation; share swap of the Company's entire
consolidated issued and paid-up share capital with shares to be
issued in Assets Growth Bhd (AGB), a company set up for the
purpose of the debt restructuring; debt restructuring, transfer
of shares and issue of redeemable convertible secured loan stock
by AGB to the creditors of the Company; acquisition by AGB of
the WKC to be satisfied by the issue of AGB shares and
irredeemable convertible preference shares; acquisition of real
properties by AGB; restructuring of the AGB Group of Companies;
rights issue; restricted offer for sale; and transfer of listing
status of the Company to AGB.

The Company has since obtained the approval of MITI and FIC. On
30 August 2001 the Company obtained approval from KLSE for an
extension of two months from 5 August 2001 to obtain all
necessary approvals for implementation of the proposal.

The Company meanwhile continues with its tin mining operations
in Perak, property development at Taman Kempas, Sungei Petani,
rubber gloves manufacturing, and rubber and oil palm plantation.
RHTB originally had been in the business of tin ore extraction
from mining leases located in Klian Intan, Perak.


RASHID HUSSAIN: SC Grants Warrants Proposed Extension Approval
--------------------------------------------------------------
On behalf of Rashid Hussain Berhad (RHB or the Company), Arab-
Malaysian Merchant Bank Berhad (Arab-Malaysian), in regards to
the Proposals, announced that the Securities Commission (SC)
had, via its letters dated 14 February 2002 and 20 February
2002, approved the Proposed Extension Of RHB Warrants 1999/2002
and Proposed Extension of RHB Warrants 2001/2002 respectively
subject to these conditions:

   (i) Arab-Malaysian/RHB must disclose the plan for the
redemption of the RHB RM800 million bonds in the circular to
shareholders;

   (ii) the proceeds from the exercise of the RHB Warrants
1999/2002 and RHB Warrants 2001/2002 are to be utilized for the
repayment of bank borrowings;

   (iii) the supplemental deed polls must not contain any clause
allowing for the extension of the RHB Warrants 1999/2002 and RHB
Warrants 2001/2002; and

   (iv) the draft copies of the supplemental deed polls and
circular to shareholders must be furnished to the SC for its
review.

In relation to the proposed issue of up to 33,305,528 additional
RHB Warrants 2001/2002 to holders of the RHB Warrants 1997/2007
to swap their RHB Warrants 1997/2007 (Proposed Swapping), at a
proposed issue price of RM0.10 per RHB Warrant 2001/2002 on the
basis of one (1) RHB Warrant 2001/2002 for every one (1) RHB
Warrant 1997/2007 held, the SC stated that any proposal for the
issuance of additional replacement warrants is not permitted
after 30 June 2000 as set out in SC's press release dated 30
December 1999. As such, the SC did not approve the Proposed
Swapping.

The "Proposals" refers to:

  * Proposed Extension of the duration and exercise period of
the RHB warrants 1999/2002 by approximately seven(7) years from
24 March 2002 to expire on 16 August 2009 (Proposed Extension of
RHB Warrants 1999/2002);

  * Proposed Extension of the duration and exercise period of
the RHB warrants 2001/2002 by five(5) years from 24 March 2002
to expire on 24 March 2007 (Proposed Extension of RHB Warrants
2001/2002); and

  * Proposed Swapping of RHB warrants 1997/2007 with additional
RH warrants 2001/2002 (Proposed Swapping)


TECHNO ASIA: Unit's Notice of Levy Annotated
--------------------------------------------
The Special Administrators of Techno Asia Holdings Berhad (the
Company) announced that a Notice of Levy has been annotated on
the Certificate of Vessel Registry of Victoria One, a power
barge belonging to Ganda Energy & Holdings, Inc. (GEHI).

The Notice of Levy was issued pursuant to a Writ of Attachment
granted by the Regional Trial Court of Makati City, Branch 138
in the Philippines, in favor of the Development Bank of
Philippines (DBP) under the Civil Case No. 99-422 wherein GEHI
is named as a co-Defendant. This annotation was subsequently
amended wherein DBP was replaced with the Spouses John C. B. Go
and Nora T. Go, the Cross-Claimants in the abovementioned legal
proceedings.

The transfer or sale of the power barge Victoria One to be
registered with the Philippines Maritime Industry Authority,
pending the disposition of the abovementioned case by the
Regional Trial Court in the Philippines, shall be subject to the
superior lien of the attaching party, which has been annotated
on the vessel's registry papers. Solicitors have been appointed
with instructions to uplift the Notice of Levy.

GEHI, a Company incorporated in the Philippines, is a subsidiary
company of the Company.


TRANSWATER CORPORATION: KLSE Approves RA Time Extension Request
---------------------------------------------------------------
Board of Directors of Transwater Corporation Berhad Transwater)
informed that the Kuala Lumpur Stock Exchange has approved one
month extension from 31 January 2002 to 28 February 2002 for the
Company to announce the Requisite Announcement pursuant to
Practice Note 4/2001 detailing its plan to regularize its
financial condition.

TCR-AP reported October last year that Transwater entered into
a Sale and Purchase Agreement (Agreement) with Denxan Holdings
Sdn Bhd (Purchaser) for the proposed disposal of its three units
of its shop office building (Properties) for a total cash
consideration of RM3,540,000 (Proposed Disposal) to repay
borrowings and for working capital of the Company.


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


COSMOS BOTTLING: Notifies Full Payment of Shares
------------------------------------------------
Cosmos Bottling Corporation announced on February 13 that on
December 12, 2001, the Philippine Stock Exchange approved,
subject to the actual availment and full payment of the shares,
the listing application of Cosmos Bottling Corporation to list
additional 15,783,964 common shares, with a par value of P1.00
per share, and 1,995,867 preferred shares, with a par value of
P1.00 per share, divided into:

1) 11,792,230 common shares to cover the special stock option
plan at an exercise price of P1.6350 per common share;

2) 1,995,867 preferred shares to cover the special stock option
plan at an exercise price of P4.20 per preferred share; and

3) 3,991,734 common shares to cover the underlying shares of the
1,995,867 preferred shares subject to the actual exercise of
conversion right by the preferred shareholders.

In this connection, please be advised that the 6,287,642 common
shares and 1,078,436 preferred shares have been availed of and
fully paid for under the company's special stock option plan.

In view thereof, the listing of 6,287,642 common shares and
1,078,436 preferred shares are set for Thursday, February 14,
2002.

To date, the total number of shares listed under the company's
special stock option plan is:   

a) the entire 11,792,230 common shares
b) 1,078,436 preferred shares; and
c) 1,834,862 underlying shares arising from the conversion of
917,431 preferred shares to common shares at a conversion ration
of 2 common shares for every 1 preferred share.


NATIONAL BANK: Selling P2B Bad Assets in 1st Yr of Rehab
--------------------------------------------------------
Philippine National Bank plans to sell P2 billion worth of bad
assets in its first year of rehabilitation, AFX News and Malaya
newspaper reported on Tuesday, citing bank Chairman Norberto
Nazareno. He said the Company's business scheme has been firmed
up and will be shown to the board at a meeting on February 22.

In 2001, PNB sold P1.6 billion pesos in foreclosed real estate
assets. At end of last year, PNB had P22.895 billion worth of
foreclosed assets.


NATIONAL BANK: Clarifies $1B Recovery Fund Issue
------------------------------------------------
The Philippine National Bank, in reference to the news article
entitled "Banks interested in $1-B recovery fund" published in
the February 11, 2002 issue of the Business World, informed that
while the Philippine National Bank has received offers from the
Lehman Brothers and other investment banks for possible
participation in the planned $1B Philippine Recovery Fund, there
have been no formal serious talks on the matter.

The article reported that three local commercial banks are now
talking to US-based investment bank Lehman Brothers for their
possible participation in the planned $1-B Philippine Recovery
Fund. These are state-owned Land Bank of the Philippines, partly
government-owned Philippine National Bank (PNB), and Equitable
PCI Bank, Finance Secretary Jose Isidro N. Camacho said.

The Finance Chief said the recovery fund is expected to assist
Landbank, PNB, and Equitable PCI solve their problem with bad
loans. Semi-private PNB's NPL level is now one of the highest in
the industry. As of December 2001 it had P45.59 B in bad loans,
representing 46 percent of its total loan portfolio.


RFM CORPORATION: Issues Cash Dividend Declaration Report
-------------------------------------------------------
RFM Corporation posted a notice on February 19 with reference to
Circular for Brokers No. 148-2002 dated January 22, 2002 in
connection with RFM Corporation's cash dividend declaration to
stockholders of record as of February 11, 2002 as:

"This is to formally disclose that the dividend rate for the
RFM common cash dividend payable on February 20, 2002 is
P1.28665 per share.

Cash Dividend (Update)

Cash                  - P1.28665 per share
Ex-Cash            - February 6, 2002
Record Date   - February 11, 2002
Date Payable - February 20, 2002  "

DebtTraders reports that RFM Capital's 2.750% convertible bond
due in 2006 (RFM06PHS1) trades between 100 and 110. For real-
time bond pricing go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=RFM06PHS1


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


RAFFLES HOLDINGS: Increases Shareholding in Subsidiaries
--------------------------------------------------------
The Directors of Raffles Holdings Limited (the Company)
announced on February 20 the increase in shareholding in these
subsidiaries:

Raffles International Limited

Raffles International Limited, a wholly owned subsidiary in
Singapore, increased its authorized share capital from
S$1,000,000/- divided into 1,000,000 shares of S$1/- each to
S$2,000,000/- divided into 2,000,000 shares of S$1/- each.

The Company has subscribed for an additional 1,000,000 ordinary
shares of S$1/- each at par in Raffles International Limited, a
hotel management company, by capitalizing part of its existing
loans to Raffles International Limited, thereby increasing its
issued and paid up share capital from S$1,000,000/- divided into
1,000,000 ordinary shares of S$1/- each to S$2,000,000/- divided
into 2,000,000 ordinary shares of S$1/-.

Hotels & Resorts (Australasia) Pty Ltd

Raffles Corporation (Australasia) Pte Ltd, a wholly owned
subsidiary of Raffles Holdings Limited, has subscribed for an
additional 1,100,000 ordinary shares at A$1/- each in its wholly
owned subsidiary in Australia, Hotels & Resorts (Australasia)
Pty Ltd, an investment holding company, by capitalizing part of
its existing loans to Hotels & Resorts (Australasia) Pty Ltd,
thereby increasing its issued and paid up share capital from
A$2,500,000/- to A$3,600,000/-.

Hotels & Resorts (UK) Ltd

Raffles Centre (Private) Limited, a wholly owned subsidiary of
Raffles Holdings Limited, has subscribed for an additional
800,000 ordinary shares of o1 each at par in its wholly owned
subsidiary in the United Kingdom, Hotels & Resorts (UK) Limited,
an investment holding company, by capitalizing part of its
existing loans to Hotels & Resorts (UK) Limited, thereby
increasing its issued and paid up share capital from o5,700,000
divided into 5,700,000 ordinary shares of o1 each to o6,500,000
divided into 6,500,000 shares of o1 each.

TCR-AP reported that Raffles Holdings, subsidiary of CapitaLand
Ltd., has posted a loss of S$4.3 million in the third quarter
ending September in 2001 as the hotel operator suffered from
cancelled bookings from travelers following the aftermath of the
September 11 terrorist attacks. The company expects losses for
the fourth quarter as well. Raffles Holdings has a portfolio of
39 hotels with 13,457 rooms in 34 destination cities. Raffles
Holdings is a subsidiary of CapitaLand Limited, which has an
asset base of over S$18 billion.


SEKSUN PRECISION: Goes Into Liquidation
---------------------------------------
The Board of Directors of Seksun Corporation Limited (the
Company) had on 22 December 2000 announced that the land use
right of 7,415.59 square meters of land in the China-Singapore
Suzhou Industrial Park, owned by Seksun Precision Engineering
(Suzhou) Co Ltd (SPESL) was resumed by Suzhou Industrial Park
Administrative Committee.

The Board advised that following the resumption of land use
right, SPESL commenced (voluntary) liquidation, upon which a
final capital return of USD332,076.63 was distributed to Seksun
Corporation Limited. With the approval of the Chinese
authorities, the amount of USD332,076.63 was remitted to Seksun
Tooling Technical Center (Suzhou) Co., Ltd (STTC) as additional
working capital injected by Seksun Corporation Limited. The paid
up capital of STTC was therefore increased from USD315,000 to
USD647,076.63.


THAKRAL CORPORATION: Discloses EGM Amendment Notice
---------------------------------------------------
Thakral Corporation Ltd announced on February 20 that the
Resolution 3 in the Notice of Extraordinary General Meeting
published on 15 February 2002 has been amended as:

"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
approximately 921,922,034 new ordinary Shares of S$0.05 each in
the capital of the Company under the Scheme representing
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."

The reason for this amendment is stated in Section 3.6 of the
circular to shareholders dated 19 February 2002 (the Circular),
ie in the event that the Singapore dollar fluctuates against the
United States dollar either beyond or within the rate assumed
(US$1.00 = S$1.85) for the purpose of computing the 921,922,034
Conversion Ordinary Shares and Subscription Shares to be issued
on the Effective Date (all terms as defined in the Circular),
either more or less shares (as the case may be) will be issued.


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


EMC POWER: Bank Thai Requests Tender Offer Submission Exemption
---------------------------------------------------------------
EMC Public Company Limited, the Plan Administrator of EMC Power
Co., Ltd., issued the additional ordinary shares to Bank Thai
Plc. so the bank will hold 15,503,279 shares in EMC equal to
28.85% of paid-up capital.  

By the rules, conditions and procedures specified in the
notification of the Office of the Securities and Exchange
Commission (Thailand) (SEC), it is provided that any act which
results in any person holding securities in a business up to 25%
or more than the total number of securities sold, the SEC may
require such person to make a tender offer for the purchase of
securities.

In this case, Bank Thai shall receive the shares by the
execution of the rehabilitation plan of EMC, then Bank Thai has
to request the exemption from submitting the tender offer to the
SEC.


MEC FAREAST: Business Reorganization Petition Filed
---------------------------------------------------
Heavy machine buyer and seller General Building MEC Fareast
International Public Company Limited (DEBTOR) filed its Petition
for Business Reorganization in the Central Bankruptcy Court:

   Black Case Number 620/2544

   Red Case Number 713/2544

Petitioner: Mrs. Sermpich Jarusatirakul
  
Planner: MEC INTERNATIONAL PLANNER COMPANY LIMITED

Debts Owed to the Petitioning Creditor: Bt2,588,528,152.94

Date of Court Acceptance of the Petition: July 4, 2001

Date of Examining the Petition: July 30, 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 Order for Business Reorganization and Appointment of
Planner: August 29, 2001

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: September 7, 2001

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette: October 2,
2001

Deadline for the Planner to submit the Reorganization Plan to
the Official Receiver: January 2, 2002

Planner postponed the Date to submit the Business Reorganization
Plan to Official Receiver #1st: February 2, 2002

Planner postponed the Date to submit the Business Reorganization
Plan to Official Receiver #2nd: March 2, 2002

Contact: Ms. Tel, 6792525 ext. 143


SINO-THAI: Signs Contract With Chiyoda for Plant Expansion
----------------------------------------------------------
Sino-Thai Engineering & Construction Public Company Limited
(STECON) has signed a contract with Chiyoda (Thailand) Ltd.
on February 19, 2002 to expand Olefins Plant at Map Ta Phut
Industrial Estate in Rayong  Province for Thai Olefins Company
Limited. The details of the contract are:

Work     : Construction of Civil, Building,
Steel Structure, Piping, Painting, Insulation,
Scaffolding Work & Temporary Facility
Contract Value                : Bt795,000,000.00
Time for completion of works  : July 31, 2004

Wrights Investors' Service reported that the company has paid no
dividends during the last 12 months. It has not paid any
dividends during the previous 6 fiscal years.


SUN TECH: Releases Financial Statement Information
--------------------------------------------------
Sun Tech Group Public Company Limited reported its financial
statement information and the result of proceeds for the half
year in February 14, 2002:

Financial Statement Explanation, Analysis and Result of Proceeds

A) Implementation of the business reorganization

   The Bankruptcy Court (the Court) had issued an order on
August 28, 2000 for the Business reorganization to pass the
rights and duties of the president of the company to the plan
administrator. On May 3, 2001, the Court had issued an order to
approve the plan and appointed Srisongkram Planner Company as
Plan administrator under obligation to report the progress of
the plan implementation every 3 months. The latest report, as
set out below, was on February 4, 2002.

   The Company has repaid to following Creditors on May 3, 2001
and Jan 31, 2002 as follows:

      1. Group 4 Creditors: (Secured debt Creditors of at least
15 percent of the debts specified in the plan) in the amount of
Bt22,434,768.52

      2. Group 7 Creditors: (Unsecured debt Creditors as Trade
Creditors) in the amount of Bt21,434,768.52

      3. Group 8 Creditors: (Unsecured debts Creditors as
Agricultural Trade Creditors) in the amount of Bt14,209,608.03

      4. Group 9 Creditors: (Unsecured debts Creditors as Debts
Restructuring Advisory Creditors) in the amount of Bt107,000

      5. Group 11 Creditors: (Unsecured Debts Creditors as Tax
account payable) in the amount of Bt30,256

   The total amount repaid is Bt58,176,467.11 or 1.27 percent of
the Plan.

B) Contingent Liabilities

   As at June 30, 2001, the Company and its subsidiaries have
the following contingent liabilities:

      1. The Company has contingent liabilities to financial
institutions relating to a letter of guarantee of Bt5.19
million.

      2. The Company was granted promotional privileges in the
form of exemption and/or reduction of import taxes and duties
relating to tomato plantation and processing of canned peeled
tomato for export. If the promotional privileges were cancelled,
the Company must pay the taxes and duties for those businesses.

         As at October 20, 2000, the Customers Department and
the Revenue Department filed the petition to request the payment
of liabilities under the rehabilitation to the Assets Protector
Officer for taxes and duties of Bt3.95 million and surcharges.
The Company has not yet recorded contingent liabilities with
conditions to pay whenever the promotional privileges were
cancelled. On August 10 2001, the Board of Investment Promotion
has permitted the Company to cut off machinery for gracing tax
because such machinery was ran for over 5 years without taxes
and duties obligation repayment by informing the Customer
Department, but it has not yet made the request of repayment.

      3. The Company has contingent liabilities relating to
litigation with the civil court as a defendant against claims
amounting to Bt381.84 million for the breach of alleged
promissory notes and others. The cases are still pending
decision with the civil court. The Company has not provided
allowance against contingent liabilities that might arise in the
financial statement for the period ended December 31, 2001.

      4. A subsidiary has contingent liabilities related to
litigation of alleged promissory notes as mentioned in note 14.
Although, the subsidiary has recorded those liabilities in
financial statements for the period ended June 30,2001, it still
has contingent liabilities on interest, counting from the
prosecution date until the judgment is finalized.

C) Commitment

   A subsidiary entered in to an area development agreement and
trademark agreement with a company whereby the latter agreed to
grant the company rights to operate a video rental business and
the use of trademark as specified in the agreement. In
consideration thereof, the subsidiary agreed to pay an initial
payment in the amount of US$593,000, a franchise fee for
each new opened branch in the amount of US$5,000 and royalty
fees of 5 percent of the income. The subsidiary has to comply
with certain conditions indicated in the agreement.

   From 1999, the subsidiary was unable to comply with the
conditions of the agreement resulting to the potential
termination of the area development agreement.

D) Financial analysis and results of proceeds

   The result of proceeds from the company financial statement
ended December 31,2001 show the Shareholders equity has been in
deficit in the amount of Bt5,247.78 million and Net Loss was in
the amount of Bt353.41 million. The Net Loss per share was
Bt2.14 because the revenue from agriculture and Sun Tech Scrap
Processing Company Limited (Scrap) has decreased from last year.
The revenue from agriculture has a 40.01% decrease because the
Company did not have enough current capital to run the process,
which may have led the customers to go to a competitor, although
the Company is still able to compete in the market.

   The Company did not have revenue from Scrap because it had to
stop from processing as its main customer have to be under
reorganization and will form alliance with another Company,
which will be known this year end. If the main customer company
will be successful in its business Reorganization, the company
will be profitable again.

E) Related parties revenues and expenses

   The related parties consist of the subsidiary, which have
shares equity as follows:
        
                                                   Thousand Baht
                                                       
The revenue from ground rental
     - Sun Tech Scrap Processing Company Limited           1,200

The revenue from the leasing rental
     - Sun Tech Scrap Processing Company Limited           1,925

Other revenues
     - Sun Tech Scrap Processing Company Limited              66

Interest expense
- S.T.G. international Trading company Limited               533
- Kinko Business Center (Thailand) company Limited            23
- Sriracha Harbor public Company Limited                     288
                                                             834

Others Expense
- S.T.G. international Trading company Limited               244

Short Term loans and advance ( no interest)
- Sun Tech Scrap Processing Company Limited               15,865
- Kinko Business Center(Thailand) company Limited            150
- Metal Star company Limited                               2,831
                                                          18,846
Short Term loans
- S.T.G. international Trading company Limited             9,200        
- Kinko Business Center(Thailand) company Limited            400
- Sriracha Harbor public Company Limited                   6,358
                                                          15,958


THAI TELEPHONE: Posts EGM No.1/2002 Resolutions
-----------------------------------------------
Please be informed that the Extraordinary General Meeting of
Shareholders No.1/2002 of Thai Telephone & Telecommunication
Public Company Limited held on February 20, 2002 at 10.30
at the Vimarnkaew Room, the Grand Hotel, Bangkok, passed these
resolutions:

1. Approval of the Minutes of the Annual General Meeting of
Shareholders No.1/2000 dated April 27, 2000.

2. Approval of the purchase and acquisition of the entire
business of TT&T Value Added Service Company Limited, and the
dissolution of TT&T Value Added Service Company Limited,
detailed as follows:

   2.1 Approval of the purchase and acquisition the entire
business, including the property, liabilities, obligations and
employees of TT&T Value Added Service Company Limited, as well
as the entering into any agreements related thereto with the
creditors and the debtors of TT&T Value Added Service Company
Limited and any other persons as necessary for the acquisition
of such business.

The acquisition value and the price of the assets to be payable
to TT&T Value Added Service Company Limited shall be based on
the book value of TT&T Value Added Service Company Limited as at
the date of the business acquisition

   2.2  Approval of the dissolution of TT&T Value Added Service
Company Limited.

   2.3  The date of business acquisition and the dissolution of
TT&T Value Added Service Company Limited is scheduled on
February 28, 2002. In the case where the date of business
acquisition and the dissolution date of TT&T Value Added
Service Company Limited must be postponed, the Shareholders
Meeting has appointed the Executive Committee of the Company to
consider and fix the date of the business acquisition and the
dissolution date of TT&T Value Added Service Company Limited on
which the said date must be any date within the 30 days period
from the date on which the creditors' consent is obtained.

3. Approval of the Company's name change to "TT&T Public Company
Limited" for the purposes of brand awareness and the convenience
in documentation process as the Company's brief name "TT&T" has
always been stated together with the full name and been
recognized by the public better than the full name.

4. Approval of the amendment of Clause 1 of the Company's
Memorandum of Association regarding the Company's name as
follows:

  "Clause 1. The Company's name is "TT&T Public Company
Limited."

5. Approval of the amendment of Articles 1, 2 and 47 of the
Company's Articles of Association as follows:

  " Article 1. These Articles shall be called the Articles of
Association of TT&T Public Company Limited.

   Article 2.  The word `Company' referred to in these Articles
of Association means TT&T Public Company Limited."
    

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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                 *** End of Transmission ***