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

                   A S I A   P A C I F I C

            Monday, February 25, 2002, Vol. 5, No. 39

                         Headlines

A U S T R A L I A

ANSETT AUSTRALIA: Launches Frequent Flyer Program
COUNTRY ROAD: Discloses Half-Yearly Report
IOCOM LIMITED: ASIC Revokes Stop Order on Prospectus
NORMANDY MINING: Panel Cites Reasons For Proceedings Decision
NORMANDY MINING: Enters Restructuring Agreement With Astro

PASMINCO LIMITED: Appeals to Panel Over ASIC's Decision
WESTRALIA AIRPORTS: S&P Places Ratings On CreditWatch Negative

C H I N A   &   H O N G  K O N G

GLOBAL FOOD: Consolidates Shares
GLORY HILL: Petition To Wind Up Scheduled
SINOCAN HOLDINGS: Win All Enters SPA With Itochu Group
STAR CRUISES: Updates Refinancing Facility Agreement Status
SUWU (H.K.): Hearing of Winding Up Petition Set

UNY PRINTING: Winding Up Sought By First & Galore
WING LEE: Nil Paid Rights Last Day of Dealings on Feb 26


I N D O N E S I A

CITRA MARGA: S&P Cuts Credit Rating to `SD' on Default
SEMEN GRESIK: Suffers Losses Due to Low Production, Not Strikes


J A P A N

DAIEI INC: May Ask Lender Banks to Extend Credit Line
HASEKO CORP: Reveals New Reform Plan
KARAMOSIA MOVEMENT: International Exchange Group Nearly Bankrupt
MATSUSHITA ELEC: Posts 3Q Results, Boasts Restructuring Charges
NEC CORP: Dropping Parts Suppliers by 30% to Cut Costs

NIPPON TELEGRAPH: Cuts Capital Spending by 10%
SNOW BRAND: Planning to Liquidate Meat Operations
TOSHIBA MARINE: Sees Y1.9B Group Net Loss


K O R E A

DAEWOO MOTOR: Banks Support Indian Unit Restructuring
HYNIX SEMICON: Creditors Finalizing Counter-Proposal To Micron
HYUNDAI HEAVY: Restates 2000 Results; Posts W161.5B Net Loss
SAMSUNG ELECTRONICS: Discloses Share Conversion Notice


M A L A Y S I A

CHASE PERDANA: Stay of Execution Hearing Set on April 17
DATAPREP HOLDINGS: Discloses Notice of Hearing
KEMAYAN CORPORATION: Enters Proposed Restructuring Scheme MOU
MOL.COM: Proposals Implementation Approval Pending
PILECON ENGINEERING: TCEM Files Winding Up Petition Against Unit

PILECON ENGINEERING: Unit TSSB Faces Winding Up Petition
RAHMAN HYDRAULIC: KLSE Grants Time Extension to Convene EGM
RESORTS WORLD: Shareholders Approve Proposals at EGM


P H I L I P P I N E S

BENPRES HOLDINGS: Begins US$370M Modernization Project
NATIONAL BANK: Government Plans to Sell 67% After Rehab
NATIONAL BANK: May Improve Book Value After Asset Revaluation
PHILIPPINE LONG: Fitch Lowers Outstanding Ratings


S I N G A P O R E

FHTK HOLDINGS: Posts Shareholder's Interest Notice
PANPAC MEDIA.COM: Voluntarily Winds Up Subsidiary


T H A I L A N D

BANGKOK SHUTTERS: Business Reorganization Petition Filed
EMC PUBLIC: Registered Paid-Up Capital Stands at Bt537,512,610
ITALIAN-THAI: Enters Construction Agreement With Land and House
SUN TECH: Explains Half Year Financial Statement Results
THAI TELEPHONE: April 25 AGM No. 1/2002 Scheduled

     -  -  -  -  -  -  -  -

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A U S T R A L I A
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ANSETT AUSTRALIA: Launches Frequent Flyer Program
-------------------------------------------------
Tesna Holdings Pty Ltd (Tesna) announced a comprehensive
frequent flyer program for the new Ansett effective from the
completion of the sale agreement with the Ansett Administrators.
The program has been named "Ansett Frequent Flyer."

"Ansett Frequent Flyer" will be Australia's most generous
frequent flyer program during its 12-month introductory period.
Important introductory features* include:

   * Substantial bonus points available to all members

   * Ability for former Ansett Global Rewards members to rapidly
amass points, and in many cases exceed, their former points
totals within 12 months

   * Former Global Rewards Base members who join can purchase
and take just one flight at any fare level and earn enough
points for a free flight

   * 10,000 points on joining, for new members who were not in
Global Rewards (for a three month introductory period)

   * Worldwide status and privileges for Sapphire, Platinum and
Diamond members

   * Recognition of Global Rewards tier status

   * No expiry date on points - provided you earn or redeem
points from your account at least once every three years

   * Ability to utilize accrued personal program points for
family and friends travel

   * Significant availability of redemption seats

   * Flight redemptions available on Ansett domestic, Star
Alliance international and Australian regional airline partners
affiliated with Ansett

   * Complimentary membership for all former and new Golden Wing
Club members

   * Complimentary Ansett Frequent Flyer membership for former
Sapphire, Platinum and Diamond Global Reward members consistent
with Star Alliance standards

The Ansett Frequent Flyer program has been developed following
extensive consideration and market research, including focus
groups and telephone polling of former Global Rewards members
conducted by the independent Newspoll organization.

Ansett Frequent Flyer is designed to ensure easy redemption of
points and a high level of flexibility.

Bonus points can be earned by former Global Rewards members on
Ansett flights. Regular frequent flyer points will be earned on
all Ansett flights, even when bonus points apply. Regular
frequent flyer points will also be earned on affiliated
international and regional airline flights. The availability of
international redemptions is subject to members taking two
purchased return flights with Ansett.

New Ansett Frequent Flyer members, who were not Global Rewards
members, will receive 10,000 points for a three month
introductory period on joining (for a once-only membership of
$75.00 plus GST).

Former Ansett Australia Global Rewards members will be offered
substantial bonus points on joining Ansett Frequent Flyer and
generous loadings on all flights taken on new Ansett for a 12
months introductory period.

The bonus points will enable former Global Rewards members to
rapidly amass, and in many cases substantially exceed, their
former points in 12 months by continuing their previous travel
pattern on Tesna's new Ansett.

Consistent with Star Alliance member standards, complimentary
membership will be available for Sapphire, Platinum and Diamond
former Global Rewards members. A once off membership and
administration fee of $75.00 plus GST (comparable to competitor
programs) will apply to former base Global Rewards members who
will receive 10,000 introductory points on joining.

Ansett's full service, two-class airline will offer its
customers premium in-flight service, including quality food in
generous portions, alcoholic and non-alcoholic beverages,
competitive fares, fully equipped business lounges and excellent
on-time performance.

The new Ansett will commence operations between Melbourne,
Sydney, Brisbane, Adelaide and Perth using an all Airbus A320
fleet and will quickly build to a fleet of 30 aircraft during
2002/3.

Further cities will be added to the Ansett network in coming
months. Ansett Frequent Flyer will announce additional bonus
offers to former Global Rewards members and potential new
members on a city and region specific basis as the airline
progressively expands its network.

Announcements are anticipated to be made in the near future
concerning several major banks and credit or charge card
providers linking Ansett Frequent Flyer with their loyalty
programs. These arrangements will enable members of various
finance sector loyalty programs to convert their rewards into
travel on Ansett flights. Further announcements will also be
made concerning other program partners.

Tesna also recently confirmed it would restore all former Golden
Wing Lounge 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.

Golden Wing members will also be offered complimentary
membership of Ansett Frequent Flyer.

Ansett Frequent Flyer programmed details will be available on
www.ansett.com.au from 20 February. Telephone inquiries can be
directed to 13 13 00 from 20 February.


COUNTRY ROAD: Discloses Half-Yearly Report
------------------------------------------
The Directors of Country Road Limited announced results for the
half-year ended 31 December 2001:

The Group made a loss of $27.2m for the period. This comprised a
loss of $27.5m in relation to the discontinued US operation and
a profit of $0.3m in relation to the continuing Australasian
business.

In relation to the US, a trading loss of A$3.6m and one off
charges of $23.9m were incurred for the period. All costs in
relation to closure of the US business have been expended or
provided for in the result at end December 2001. This has
resulted in shareholders equity being reduced by $27.5m.

For the Australian entity the profit of $0.3m represents a
turnaround of $1.5m on the comparable period last year where a
loss of $1.2m was incurred. Revenue for Australasia was up 1% on
the corresponding period last year.

Net debt for the group stood at $2.5m as at 31 December 2001
which compares to net cash of $2.5m for the same period last
year. Ongoing financing requirements have been met with a
rolling facility provided by Country Road's principal bank.

Stock at end December stood at $33.9m down from $42.7m for the
same period last year. Australasian stocks were $3.1m (10%)
lower than the previous year.

OUTLOOK

The business has restructured to focus on the core Australasian
market with any international expansion on a franchise basis.
Continued focus on product quality in terms of fabrication and
make has resulted in a return to the Country Road heritage of
simple classic design, beautiful raw materials and excellent
standards of manufacture. This has been achieved through a
significant consolidation of the supply base and the creation of
strategic relationships with our suppliers.

A new initiative launched with the current range involves the
reduction in price of key pieces that represent the core volume
lines of the business. These products will be of the highest
quality and will represent outstanding value to the customer.
This will be an ongoing initiative and will be supported by an
appropriate marketing programmed.

These initiatives, when combined with the sustainable reductions
to the overhead base as a result of the USA exit are expected to
return the business to profitability in this half. A small
profit is anticipated which would mean a reversal of at least
$5.0m for the full financial year (Australasia only).


IOCOM LIMITED: ASIC Revokes Stop Order on Prospectus
----------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
revoked the interim stop order placed on a prospectus lodged by
Iocom Limited (Iocom), a technology company listed on the
Australian Stock Exchange.

ASIC placed the interim order on the prospectus over concerns
that it did not contain relevant financial information about
Iocom, that it failed to address the prospects of Iocom and
omitted details of the rights and liabilities of the Iocom
shares being offered.

Iocom has lodged a supplementary prospectus dated 19 February
2002 addressing ASIC's concerns.

The supplementary prospectus disclosed extra financial
information, addresses the prospects of Iocom after its
acquisition of Optima Computer Technology Pty Limited, and
includes information about the rights attaching to Iocom shares.

For further information contact:

Richard Cockburn
Director Corporate Finance
Telephone: 03 9280 3201
Mobile: 0411 549 034


NORMANDY MINING: Panel Cites Reasons For Proceedings Decision
-------------------------------------------------------------
The Takeovers Panel published its reasons for the decision in
the Normandy No.2 proceedings. The application was made by
AngloGold in relation to Newmont Mining Corporation's bid for
Normandy Mining Limited.

The application concerned whether an Arrangement Agreement
between Newmont and Franco-Nevada Mining should be disclosed to
the market and to Normandy shareholders, together with the
relevant substantial shareholding notice. The Arrangement
Agreement set out the basis for the proposed merger between
Newmont and Franco-Nevada under Canadian law by a Plan of
Arrangement (the terms of which were announced on 14 November
2001). The notice was accompanied by an agreement under which
Newmont was granted an option over shares in Normandy held by
Franco-Nevada, in consideration of Newmont entering into the
Arrangement Agreement, but not by the Arrangement Agreement
itself.

The Panel declined to make a declaration of unacceptable
circumstances or orders. It decided that the Arrangement
Agreement did not contain material information that Normandy
shareholders and the market would require for the acquisition of
Normandy shares to take place in an informed market.
Accordingly, the Panel did not consider that the intent of
section 602(a) had been frustrated. The Panel considered the
application of section 671B of the Corporations Act (substantial
shareholding notices) in the context of the proceedings. It did
not find it necessary to decide whether Newmont should have
disclosed the Arrangement Agreement with its substantial
shareholding notice in order to comply with that section.

The Panel's reasons for its decision are available on the
Panel's website
http://www.takeovers.gov.au/Content/Decisions/decisions.asp

The sitting Panel in this matter is constituted by Mr David
Gonski (sitting President), Ms Meredith Hellicar (sitting Deputy
President) and Ms Ilana Atlas.


NORMANDY MINING: Enters Restructuring Agreement With Astro
----------------------------------------------------------
The Directors of Astro Mining NL advised that an agreement has
been reached with Normandy Limited Mining to restructure amounts
owed to Normandy by the Company arising from the purchase of Bow
River. Prior to the transactions the Company had an outstanding
liability to Normandy under the Bow River Sale of Shares
Agreement and the convertible notes issued to Normandy
thereunder of $7.27 million (inclusive of unpaid interest)

Under the restructure, Normandy is granted:

   i) a 5% royalty on diamond production from tenements owned by
Astro Bow River Mines Limited at settlement date, in perpetuity.

   ii) a 1% royalty on diamond production from tenements held by
the Company as at settlement date, for the period to 31 December
2010

   iii) Normandy is also released from all obligations,
liabilities, etc, whatsoever and however arising now and in the
future from the Bow River Sale of Shares Agreement.

In consideration, Normandy will release Astro from all
obligations, liabilities, etc, whatsoever and however arising
now and in the future from the Bow River Sale of Shares
Agreement including the amount of $2,268,999 currently due and
payable to Normandy under that Agreement.

Astro has also consented to Normandy selling the convertible
notes (with a face value of $5 million) to Edensor Nominees Pty
Ltd (Edensor) for $3,779,550.48. Edensor is the trustee of the
Gutnick Family Trust and a shareholder in the Company. Mr
Gutnick, Chairman and Managing Director of the Company, is a
director and shareholder of Edensor.

Normandy has made a new advance to Edensor of $3,779,550.48 for
the purpose of purchasing the convertible notes (the "Astro
Advance"). In consideration of Edensor agreeing to purchase the
convertible notes from Normandy and, for the purpose thereof,
taking the Astro Advance, Astro shall be liable to Edensor for
the Astro Advance and all interest thereon. In return, Edensor
has agreed to cancel the convertible notes. In effect, this
results in the current exposure of Astro under the Bow River
Sale of Shares Agreement and the convertible notes being reduced
to $3,779,550.48 plus ongoing interest.

Under the terms agreed between Edensor and Astro, repayment by
Astro of the $3,779,550.48 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.

CONDITIONS

The above transactions are conditional upon completion of the
transaction contemporaneously announced between Johnson's Well
Mining NL, Edensor and Normandy.


PASMINCO LIMITED: Appeals to Panel Over ASIC's Decision
-------------------------------------------------------
The Takeovers Panel has received on 20 February 2002 an
application by the Administrators of Pasminco Limited in
relation to the possible restructure of the Pasminco group of
companies by one or more deeds of company arrangement under Part
5.3A of the Corporations Act. The application relates to the
decision by ASIC on 4 February 2002 to refuse the
Administrators' application for an exemption from section 606 of
the Corporations Act. The Administrators now apply to the Panel
under section 656A for a review of ASIC's decision.

On 19 September 2001, the directors of Pasminco appointed the
Administrators. Pasminco is listed on the Australian Stock
Exchange, although its shares are currently suspended from
trading. The Administrators are contemplating a restructure of
Pasminco and those of its controlled entities (also under
administration) by one or more deeds of company arrangement.
That restructure would involve an issue of shares to the major
financier creditors of the Pasminco group in exchange for debt
owed.

The issue of shares to the financier creditors is likely to
increase their voting power in Pasminco beyond the 20% threshold
permitted by section 606. This is because each financier is
likely to be considered an associate by virtue of a relevant
agreement for the purpose of controllin7g or influencing the
composition of Pasminco's board or the conduct of Pasminco's
affairs.

Sitting Panel

The sitting Panel in this matter is constituted by Mr Denis
Byrne (sitting President), Mrs Marian Micalizzi (sitting Deputy
President) and Ms Irene Lee.


WESTRALIA AIRPORTS: S&P Places Ratings On CreditWatch Negative
--------------------------------------------------------------
Standard & Poor's lowered its long-term rating on Westralia
Airports Corp. Pty. Ltd. (WAC) to `BB+' from `BBB-' and its
short-term rating to `B' from `A-3'. The ratings have been
placed on CreditWatch with negative implications. The rating
action follows increased pressure on WAC's revenue and cash flow
in the six months to December 2001 as a consequence of reduced
passenger numbers. This has led to a breach of one of the
covenants under the company's senior debt facility and raises
concerns about its short- to medium-term liquidity position.

"WAC's cash flow has come under pressure from the adverse impact
on international traffic after the September 11 attacks and
Ansett's collapse," said Parvathy Iyer, associate director,
Corporate & Infrastructure Ratings. "This situation is not
unique to WAC as all Australian airports have been struck a blow
by these unexpected events at a time when they were just
recovering from the Asian crisis. However, in the case of WAC,
the capitalizing nature of its bonds has meant a steady increase
in debt while the revenue and cash flow have failed to keep
pace."

Under the terms of its senior debt facility, WAC is required to
maintain a target senior debt service cover ratio, senior debt
to earnings before interest, tax and depreciation (EBITDA)
ratio, and total debt to total capital ratio. In the six months
to December 2001, WAC's total senior debt was 9.4 times its
EBITDA, higher than the maximum permitted, which is nine times.
This breach of covenant triggers lock-up of cash in the business
and mandatory use of all free cash flow to pay down senior debt
every quarter until the breach is rectified. The enforcement of
mandatory repayment will further strain WAC's financial
position, although the access to a A$8 million standby facility
and an overdraft facility provides some liquidity support in the
short term. The company met its debt service ratio and gearing
tests in the six months to December 2001.

Standard & Poor's will resolve the CreditWatch in the next month
after assessing the traffic trends, and the company's capital
commitment and strategies to deal with its liquidity issues.
Although some confidence is returning in the travel market, the
rate of recovery is unlikely to provide the necessary revenue
growth to alleviate the weakness in WAC's financial profile in
the near term.


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


GLOBAL FOOD: Consolidates Shares
--------------------------------
Global Food Culture Group Limited (the Company) requests that
market participants note that the shares of HK$0.0005 each
(after capital reduction) (Old Shares) in the capital of the
Company will be consolidated into shares of HK$0.01 each (New
Shares) on the basis of 20 into 1 subject to its shareholders'
approval at the Special General Meeting to be held on 22/2/2002.

Upon the proposals becoming effective, a temporary counter under
stock code 2919 and stock short name "GLOBAL FOOD" will be
established for trading in board lots of 100 New Shares each to
replace the present counter (stock code: 970) for trading in
board lots of 2,000 Old Shares each effective from Monday,
25/2/2002.

At the end of 2001, the Company had negative working capital, as
current liabilities were HK$81.06 million while total current
assets were only HK$28.61 million, Wrights Investors' Service
reported. The company has paid no dividends during the last 12
months. It has also reported losses during the previous 12
months.


GLORY HILL: Petition To Wind Up Scheduled
-----------------------------------------
The petition to wind up Glory Hill Wines & Spirits Limited is
set for hearing before the High Court of Hong Kong on March 13,
2002 at 9:30 am.  The petition was filed with the court on
December 21, 2001 by Asia Television Limited whose registered
office is situated at 81 Broadcast Drive, Kowloon, Hong Kong.


SINOCAN HOLDINGS: Win All Enters SPA With Itochu Group
------------------------------------------------------
Sinocan Holdings Limited informed that its investment holding
company, Win All Investment Limited (Win All) entered into a
sale and purchase agreement (SPA) dated 21 February 2002 with
Itochu Corporation Japan and Itochu Hong Kong to acquire the
Sale Shares at a total cash consideration of approximately
HK$5.2 million, representing HK$0.048 per Sale Share. The Sale
Shares represent approximately 12.84% of the total issued share
capital of the Company.

Completion took place immediately upon signing of the Agreement.
Following Completion, the aggregate interest in the Company held
by Win All Parties have increased from approximately 16.78% to
approximately 29.62% of the issued share capital of the Company.

Win All has applied for and has obtained from the Executive a
ruling that no general offer obligation is required on the part
of Win All Parties pursuant to the Takeovers Code in respect of
all Shares (other than the Sale Shares) as a result of the
Completion.

According to Wrights Investors' Service, at the end of 2000,
Sinocan Holdings had negative working capital, as current
liabilities were HK$804.86 million while total current assets
were only HK$189.45 million. The company has paid no dividends
during the last 12 months. It has also reported losses during
the previous 12 months.


STAR CRUISES: Updates Refinancing Facility Agreement Status
-----------------------------------------------------------
Star Cruises Limited, in reference to the announcement dated 20
November 2001 in relation to the Refinancing Facility Offer,
updated the shareholders that on 20 February 2002, the
Refinancing Facility Agreement was entered into between, inter
alios, the Company as borrower and HSBC as agent, relating to
the provision of a 7-year syndicated term loan of up to
USD450,000,000 to the Company to refinance the Syndicated Loan
Facility.

The Company was in breach of two of the financial covenants
under the Syndicated Loan Facility as of 31 December 2001. The
Refinancing Facility will be drawn down within 45 days from the
date of the agreement to repay the outstanding balance of the
Syndicated Loan Facility of USD450,000,000 in full. Accordingly,
the breach has no material adverse impact on the financial
position of the Company.

The Refinancing Facility Agreement, which is significant to the
operations of the Company, includes specific performance
covenant requiring the Lim Family to beneficially own (directly
or indirectly) at least 51% of the issued share capital of and
equity interests in, and has direct or indirect management
control over, the Company. A breach of such specific performance
covenant constitutes an event of default under the Refinancing
Facility Agreement, upon the occurrence of which and at any time
thereafter whilst it is continuing, all or any part of the
outstanding sum will, upon demand pursuant to the said
agreement, become immediately due and payable and any undrawn
balance will, upon notice, be cancelled forthwith.

This announcement is made pursuant to Practice Note 19 to the
Listing Rules. In accordance with the requirements hereunder,
disclosure will further be included in the interim and annual
reports of the Company for so long as the said specific
performance covenant continues to exist.

Definitions

Announcement The announcement of the Company dated 20
November 2001

Company   Star Cruises Limited, a company continued into
Bermuda with limited liability and having its shares listed on
the Stock Exchange

HSBC    The Hongkong and Shanghai Banking Corporation
Limited

Lim Family   Tan Sri Lim Goh Tong, his spouse, his issue
and companies controlled by him or substantially owned by him

Listing Rules  The Rules Governing the Listing of Securities
on the Stock Exchange

Refinancing Facility  The 7-year term loan facility of up to
USD450,000,000 made available to the Company for refinancing the
Syndicated Loan Facility

Refinancing Facility Agreement  The agreement dated 20
February 2002 entered into between, inter alios, the Company as
borrower and HSBC as agent, relating to the provision of the
Refinancing Facility

Refinancing Facility Offer  The offer made by HSBC in November
2001 as mentioned in the Announcement in relation to the
Refinancing Facility

Stock Exchange  The Stock Exchange of Hong Kong Limited

Syndicated Loan Facility  The 5-year term loan facility
under an agreement dated 18 August 2000 (as amended) entered
into between, inter alios, the Company as borrower and Barclays
Bank PLC, Hong Kong Branch as agent, with an outstanding amount
of USD450,000,000 as of 31 December 2001


SUWU (H.K.): Hearing of Winding Up Petition Set
-----------------------------------------------
The petition to wind up Suwu (H.K.) International Limited is
scheduled to be heard before the High Court of Hong Kong on
March 13, 2002 at 9:30 am.

The petition was filed with the court on September 18, 2001 by
Bank of China (Hong Kong) Limited (the successor corporation to
Sin Hua Bank 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.


UNY PRINTING: : Winding Up Sought By First & Galore
---------------------------------------------------
First & Galore International Limited is seeking the winding up
of Uny Printing Company 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.

First & Galore holds its registered office at Flat C, 3rd Floor,
Block I, Golden Dragon Industrial Building, 152-160 Tai Lin Pai
Road, New Territories, Hong Kong.


WING LEE: Nil Paid Rights Last Day of Dealings on Feb 26
--------------------------------------------------------
Trading in the nil paid Rights in the ordinary shares of Wing
Lee Holdings Limited (stock code: 2916) will cease after the
close of business on Tuesday, 26/2/2002 (FORCE MAJEURE WARNING:
These rights are conditional).

Wing Lee Holdings Limited. Designs, manufactures and sells DC
switches, AC switches, jacks, AC sockets and speaker terminals;
investment holding.

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. Wing Lee Holdings Limited last
paid a dividend during fiscal year 1999, when it paid dividends
of 0.05 per share.


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I N D O N E S I A
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CITRA MARGA: S&P Cuts Credit Rating to `SD' on Default
------------------------------------------------------
Standard & Poor's (S&P) has lowered PT Citra Marga Nusaphala
Persada (Citra Marga)'s  corporate credit rating to 'SD' from
double 'C' due to failure to meet on its principal debt
repayments, IndoExchange reports. At the same time, S&P lowered
the rating on Citra Marga's guaranteed subsidiary, Citra Marga
Finance BV's US$125 million 144A Eurobond to 'D' (default) from
double 'C'.

"The downgrade follows CMNP's admission to Standard & Poor's
that it has failed to make its principal payments of 30.0
million on the Eurobond and US$30.6 million on its unrated
floating rate notes, due Feb 20, 2002. The company could not
meet these debt payments due to its weak financial profile and
difficult operating conditions. Since 1996 Citra Marga has
failed to get a tariff increase on its toll roads from the
government, even though inflation in the country has averaged
close to 20 percent since then," S&P said in a statement.

It said CMNP has, however, entered into a debt standstill
agreement with its Eurobond and FRN creditors for three months,
in which company intends to negotiate with creditors to
restructure its debts. Under the standstill agreement, Citra
Marga has agreed to pay immediately 10 percent of the principal
payments due on the Eurobond and the FRN. The remaining debt
obligations are denominated in Indonesian rupiah and total about
Rp224 billion as of Jan 31, 2002.

According to DebtTraders, Citra Marga's 7.250% bonds due on 2002
(CMNP02IDN1) are trading between 67.5 and 71.5. Go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=CMNP02IDN1
for more real-time bond pricing information.


SEMEN GRESIK: Suffers Losses Due to Low Production, Not Strikes
---------------------------------------------------------------
PT Semen Gresik's cement exports dropped sharply year-on-year in
January due to lower production and not due to employee strikes
against government plans to sell a 51 percent stake in Semen
Gresik, AFX reported Friday, citing Marketing Spokesman Adwie.

"No, there is no effect because of demonstrations. Even though
there are strikes, it does not stop production," Adwie said,
adding that one of the company's cement plants was shut for 10
days in January for its yearly maintenance overhaul, while wet
weather also hindered production capacity.

Semen Gresik earlier reported January exports fell to 124,013
tons from 260,705 a year earlier, while local sales rose to
1.229 million tons against 1.084 million previously.

Semen Gresik is owned 51 percent by the government and 25.53 pct
by Cemex SA de CV. The government had a put option to sell its
stake to Cemex for US$520 million in Dec, but let it lapse due
to employee and community opposition to the deal.


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


DAIEI INC: May Ask Lender Banks to Extend Credit Line
-----------------------------------------------------
Ailing supermarket operator Daiei Inc. may ask its three
principal lenders namely UFJ Holdings, Sumitomo Mitsui Banking
and Fuji Bank to farther expand their credit line by several
billion yen to help cover mounting expenses associated with its
rehabilitation plan, Asahi Shimbun and Namnews reported on
Thursday.

In 2001, the banks provided the firm with Y500 billion in loans,
of which more than Y400 billion has already been spent. Daiei
aims to incorporate the extended credit line into its detailed
restructuring scheme to be announced at the end of February.


HASEKO CORP: Reveals New Reform Plan
------------------------------------
Ailing condominium developer, Haseko Corp, revealed a
restructuring plan that calls for Y150 billion in financial
assistance from major creditor banks and 10 percent cut in
personnel expenses in three years, Kyodo News reported on
Thursday. The names of the creditor banks were not disclosed in
the report.

The Nihon Keizai Shimbun reported that the banks are likely to
agree with the debt-for-equity agreement sought by the firm.
They said Haseko would use the proceeds to halve its interest-
bearing debt to less than Y250 billion in three years.

According to Wright Investor's Service, as of March 2001, the
Company's long-term debt was Y510.41 billion and total
liabilities were Y726.71 billion.


KARAMOSIA MOVEMENT: International Exchange Group Nearly Bankrupt
----------------------------------------------------------------
An international exchange group, Karamosia Movement, which
promotes grassroots international exchanges, spent most of its
assets worth Y170 million and is nearly bankrupt, according to
Kyodo News on Thursday, citing unnamed group officials.

Founder Kenichi Kato was dismissed as President last month for
using most of the group's assets for activities without
consulting with the board of directors. The company is based in
Kanoya, Kagoshima Prefecture, Southwestern Japan.


MATSUSHITA ELEC: Posts 3Q Results, Boasts Restructuring Charges
---------------------------------------------------------------
Matsushita Electric Industrial Co., Ltd. (NYSE: MC) reported on
February 21 its consolidated financial results for the fiscal
third quarter and nine months, ended December 31, 2001.

Third-quarter Results

Consolidated group sales for the third quarter were down 13
percent to 1,737.2 billion yen (U.S.$13.16 billion), from
1,992.6 billion yen in the same three- month period a year ago.
Of the total, sales in Japan decreased 24 percent to 803.7
billion yen ($6.09 billion), from 1,054.8 billion yen in the
same quarter of the previous year, while overseas sales were
mostly unchanged at 933.5 billion yen ( $7.07 billion), compared
with 937.8 billion yen in the same quarter a year ago. Excluding
the effects of currency translation, overseas sales decreased 9
percent from a year ago on a local currency basis.

In explaining third-quarter results, Matsushita reiterated the
worsening global economic environment and persisting
overcapacity in the IT industry worldwide, as well as depressed
market conditions in Japan, as the principal factors for sales
and earnings declines. Although the U.S. economy has shown
modest signs of recovery after a downturn following the
terrorist attacks of September 11, the company said that the
Japanese economy suffered further setbacks due to stagnant
consumer demand and slow capital investment, while Asian and
European economies also weakened.

Consolidated operating profit* for the third quarter declined to
a loss of 69.7 billion yen ($528 million), as compared with an
operating profit of 59.4 billion yen recorded in the year-
earlier quarter. Matsushita attributed this operating loss to
sales declines, especially in mobile communications equipment,
including cellular phones, and components and devices for the IT
industry, and the adverse effects of intensified global price
competition. The company's efforts to reduce fixed costs and
parts and materials costs were not sufficient to offset these
negative factors. Furthermore, the company incurred increased
restructuring charges related to restructuring activities,
including additional retirement allowances for early retirement
programs. As a result, consolidated income before income taxes
for the third quarter turned to a loss of 212.9 billion yen
($1.61 billion), compared with income before income taxes of
45.6 billion yen in the same quarter a year ago. Accordingly,
the company recorded a net loss of 172.0 billion yen ($1.30
billion), down sharply from a net income of 22.8 billion yen in
the previous year's third quarter.

* Restructuring charges are not included as part of operating
profit (loss). See notes to consolidated financial statements on
page 7.

Consolidated net loss per common share for the quarter was 82.74
yen ($0.63 per American Depositary Share (ADS), each
representing one share of common stock) on a diluted basis,
versus a net income per common share of 10.53 yen on the same
basis a year ago.

Nine-month Results

Consolidated group sales for the nine months ended December 31,
2001 decreased 11 percent to 5,122.8 billion yen ($38.81
billion), compared with 5,729.7 billion yen in the same nine-
month period of the previous year. The company recorded an
operating loss for the nine-month period of 145.4 billion yen
($1.10 billion), down from an operating profit of 159.0 billion
yen in the same period last year. Income before income taxes for
the nine months turned to a loss of 300.2 billion yen ($2.27
billion), as compared with an income before income taxes of
150.7 billion yen in the same period a year ago. This resulted
in a net loss for the nine months of 241.5 billion yen ($1.83
billion), from a net income of 74.2 billion yen in the same
period of the previous year.

Consolidated net loss per common share for the nine months was
116.15 yen ($ 0.88 per ADS), compared with a net income per
common share of 34.22 yen a year ago, both on a diluted basis.

Third-quarter Sales Breakdown by Product Category

The company's third-quarter consolidated sales by major product
category are summarized as follows:

AVC Networks

AVC Networks sales declined 6 percent to 1,040.7 billion yen
($7.88 billion), compared with 1,104.3 billion yen in the same
three-month period a year ago. Within this segment, sales of
video and audio equipment increased 4 percent from the previous
year, as a result of solid overseas sales of TVs and DVD players
and discs, which offset sales declines in VCRs.

In information and communications equipment, although sales of
car audiovisual (AV) equipment, CD-R/RW drives, and broadcast-
and business-use AV equipment rose steadily thanks to overseas
growth, sales declines in mobile communications equipment,
including cellular phones, as well as hard disk drives,
facsimile machines and other products, resulted in a 14 percent
overall sales decrease within this category.

Home Appliances

Sales of Home Appliances fell 13 percent to 307.6 billion yen
($2.33 billion), compared with 354.9 billion yen in the previous
year's third quarter. Declines in domestic demand for
refrigerators and washing machines were among the reasons for
decreased sales in this segment.

Industrial Equipment

Sales of Industrial Equipment were 55.5 billion yen ($421
million), down 47 percent from 105.7 billion yen in the year-
earlier three-month period, due mainly to a continuing decline
in orders from the IT industry, especially for factory
automation (FA) equipment, in both domestic and overseas
markets.

Components and Devices

Sales of Components and Devices decreased 22 percent to 333.4
billion yen ($2.53 billion), compared with 427.7 billion yen in
the same period a year ago. Although sales of compressors for
air conditioners and refrigerators were up from the previous
year, further declines in demand from the mobile communications
and other IT-related equipment industries resulted in drastic
sales reductions for semiconductors, general components,
electric motors and others.

Outlook for the Full Fiscal Year 2002, ending March 31, 2002

Matsushita announced a revision of its forecast made on October
30, 2001 for annual consolidated and non-consolidated financial
results for the current fiscal year, ending March 31, 2002
(fiscal 2002). In the face of global economic conditions that
remain unclear, Matsushita expects that the current severe
business environment will continue through the fourth quarter,
affecting in particular the AVC Networks, and Components and
Devices categories. Furthermore, the company anticipates
increased expenses related to employment restructuring
initiatives, as well as various business restructuring
activities, and losses on valuation of investment securities on
the assumption that current low market prices of Japanese stocks
will persist through the end of March 2002. Such expenses would
amount to approximately 350 billion yen on a consolidated basis,
the company said.

On a consolidated group basis, the company maintained its
forecast for annual sales for the current fiscal year of
approximately 6,800 billion yen, a decrease of 11 percent from
the previous fiscal year. Consolidated loss before income taxes
is now anticipated to be about 585 billion yen, compared to the
previous forecast for pre-tax loss of 370 billion yen. Net loss
for the fiscal year is forecasted to be approximately 438
billion yen, as compared with the previous forecast for net loss
of 265 billion yen.

On a non-consolidated, parent company-alone basis, the company
expects sales for the full fiscal year to decrease 20 percent to
approximately 3,860 billion yen, as compared with the previous
forecast of 4,030 billion yen. Parent-alone recurring profit is
now expected to result in a loss of some 45 billion yen,
replacing the earlier forecast of a recurring loss of 20 billion
yen. Parent-alone net loss for the full fiscal year is
forecasted to be approximately 135 billion yen, instead of the
previous forecast for net loss of 68 billion yen.

Year-end Dividend

Matsushita announced that its Board of Directors intends to
revise the year-end cash dividend proposal to 3.75 yen per
common share, instead of the earlier-announced 6.25 yen per
common share, subject to further Board resolutions and approval
by shareholders at the annual general meeting in late June 2002.
If implemented, total dividends for fiscal 2002, including an
interim dividend of 6.25 yen per common share paid in December
2001, will be 10.00 yen per common share, as compared with 12.50
yen for the previous fiscal year.

Matsushita Electric Industrial Co., Ltd. is one of the world's
leading producers of electronic and electric products for
consumer, business and industrial use, which it markets around
the world under the "Panasonic," " National," "Technics" and
"Quasar" brand names. Matsushita's shares are listed on the
Tokyo, Osaka, Nagoya, Fukuoka, Sapporo, Amsterdam, Dusseldorf,
Frankfurt, New York, Pacific and Paris stock exchanges. For more
information, visit the Matsushita web site at the following URL:
http://www.panasonic.co.jp/global/

Notes to consolidated financial statements:

1. The company's consolidated financial statements are prepared
in conformity with United States generally accepted accounting
principles. For press release purposes, however, the
presentation of the company's consolidated statement of income
partially conforms to common Japanese financial reporting
practices, as discussed in notes 2 and 6 below.

2. In order to be consistent with generally accepted financial
reporting practices in Japan, operating profit (loss) is
presented as net sales less cost of sales and selling, general
and administrative expenses.

3. From this fiscal year, the company has applied SFAS No.133,
"Accounting for Derivative Instruments and Hedging Activities,"
and SFAS No.138, "Accounting for Certain Derivative Instruments
and Certain Hedging Activities, an amendment of SFAS No.133."

4. Comprehensive income (loss) was reported as a loss of 67.6
billion yen ($512 million) for the fiscal third quarter ended
December 31, 2001 and an income of 57.4 billion yen for the
fiscal third quarter ended December 31, 2000. Comprehensive
income (loss) totaled a loss of 251.6 billion yen ($1.91
billion) for the nine months ended December 31, 2001, compared
with an income of 35.6 billion yen a year ago. Comprehensive
income (loss) includes net income (loss), increases (decreases)
in cumulative translation adjustments, unrealized holding gains
(losses) of available-for-sale securities and unrealized gains
(losses) of certain derivative instruments.

5. Beginning in this fiscal year, Matsushita discloses sales
breakdown information according to the reclassified product
categories; AVC Networks, Home Appliances, Industrial Equipment,
and Components and Devices. Accordingly, sales breakdown
information for the third quarter and nine months of fiscal 2001
are restated to correspond to the new product category
reclassifications.

6. Under United States generally accepted accounting principles,
restructuring charges are usually included as part of operating
profit (loss) in the income statement. Restructuring charges of
the consolidated statement of income for the fiscal third
quarter ended December 31, 2001 include expenses associated with
the implementation of early retirement programs. Restructuring
charges for the fiscal three months ended December 31, 2000
include expenses associated with implementation of the regional-
based employee remuneration system.

7. Restructuring charges of the consolidated statement of income
for the fiscal nine months ended December 31, 2001 include
expenses associated with the implementation of early retirement
programs. Restructuring charges for the fiscal nine months ended
December 31, 2000 include expenses associated with
implementation of the regional-based employee remuneration
system and expenses associated with the implementation of early
retirement programs.

8. Number of consolidated companies: 305

9. Number of companies reflected by the equity method: 46

10. United States dollar amounts are translated from yen for
convenience at the rate of U.S. $1.00 = 132 yen, the approximate
rate on the Tokyo Foreign Exchange Market on December 28, 2001.

11. Each American Depositary Share (ADS) represents 1 share of
common stock.

AVC Networks

Color TVs, LCD and PDP TVs, videocassette recorders (VCRs),
camcorders, DVD players/recorders, compact disc (CD), Mini Disc
(MD) and SD players, other personal and home audio equipment, AV
and computer product devices, prerecorded AV software,
broadcast- and business-use AV equipment and systems, PCs, CD-
ROM, DVD-ROM/RAM and other optical disk drives, HDDs, other data
storage devices, CRT and LCD displays, copiers, printers,
telephones, cellular phones, Personal Handyphone System (PHS)
terminals and other mobile communications equipment, facsimile
equipment, car AVC equipment, traffic-related systems,
communications network-related equipment, other information and
communications equipment and systems, etc.

Home Appliances

Washing machines, clothes dryers, vacuum cleaners, electric
irons, microwave ovens, cooking appliances, dish washers,
refrigerators, room air conditioners, electric fans, air
purifiers, heating equipment, kitchen fixture systems, electric,
gas and kerosene hot water supply equipment, bath and sanitary
equipment, healthcare equipment, electric lamps, bicycles,
photographic equipment, etc.

Industrial Equipment

Electronic-parts-mounting machines, industrial robots,
electronic measuring instruments, welding equipment, power
distribution equipment, ventilation and air-conditioning
equipment, car air conditioners, vending machines, other food
industry-related equipment, medical equipment, elevators,
escalators, etc.

Components and Devices

Semiconductors, electronic tubes, LCD panels, PDPs, general
components ( capacitors, resistors, coils, speakers, power
supplies, mechanical components, high frequency components,
printed circuit boards, etc.), magnetic recording heads,
electric motors, compressors, dry batteries, storage batteries,
non- ferrous metals, etc.

Mid-term plan "Value Creation 21" Progresses
-Further Steps Toward the Goals of Value Creation 21-

1. Completion of All Necessary Steps for Business Restructuring
1   Employment Restructuring Initiatives

In view of employees' ever-diversifying attitudes toward work,
Matsushita has introduced a Special Life Assistance Program for
employees of the parent company and several principal
subsidiaries in Japan. Under this program, the company provides
an additional retirement allowance and other support to
employees that choose early retirement for new careers outside
of Matsushita. (Applicants for benefits under this Special Life
Assistance Program totaled approximately 10,000.)

Including employees participating in similar programs at other
domestic subsidiaries, early retirees total approximately 13,000
persons, resulting in one-time expenses for the current fiscal
year, ending March 31, 2002, of approximately 166 billion yen on
a consolidated basis.

As a consequence of this employment restructuring initiative,
Matsushita currently expects a reduction of about 120 billion
yen(a) in fixed costs for the next fiscal year, ending March 31,
2003 (fiscal 2003).

2   Reduction of Personnel-related Expenses

In view of the current adverse business environment, beginning
in April 2002, the company will reduce the monthly salaries of
the Chairman and the President by 30 percent.

Similarly, monthly salaries for all other Directors of the
company will be reduced by 20 percent, and bonuses for all
Directors will be eliminated.

Furthermore, the company will cut the salaries of employees of
manager level and above at the parent company and major
subsidiaries in Japan by an average of some 15 percent in fiscal
2003.

Mainly through such salary reductions, Matsushita expects to
save some 50 billion yen in personnel-related expenses during
fiscal 2003.

3 Selective Integration of Manufacturing Bases

In order to maintain competitiveness and increase capital
efficiency, the company will accelerate plans for the
integration of several operating locations in Japan and
overseas. This initiative is expected to result in an
improvement in operating profit of approximately 25 billion
yen(a) in fiscal 2003.

Furthermore, through the unification of its liquid crystal
display (LCD) business with that of Toshiba Corporation into a
new joint venture company, Matsushita expects to improve
operating profit by some 27 billion yen(a) in fiscal 2003.

4   Manufacturing / Operational Innovations

Manufacturing innovations: To enhance productivity, the company
is promoting the introduction of the cell production method at
its manufacturing locations.

Inventory reduction: The company will strive to achieve a 10
percent reduction (compared with the end of fiscal 2002) in
inventories by the end of fiscal 2003.

Through these initiatives, the company forecasts a savings of
approximately 15 billion yen(a) in fiscal 2003.

(a) Through all of the above-mentioned initiatives, Matsushita
aims to improve consolidated operating profit by about 237
billion yen in fiscal 2003, excluding the effects of sales
gains.

2. Acceleration of the Company's Growth Strategy
1   Sweeping Business Structure Reforms

Matsushita aims to maximize overall corporate value by
clarifying and reallocating responsibilities for groupwide
subsidiaries and divisions, and implementing autonomously
responsible management in the respective business domains.

The company has identified core business domains in each of the
AVC Networks, Home Appliances, Industrial Equipment, and
Components and Devices segments, and has begun laying the
foundation for new growth strategies in each domain.

Actual business and organizational restructuring will be
implemented through various projects on an ongoing basis, and in
accordance with the following basic policies:

i) Eliminate duplication of business lines and counterproductive
competition within the Group.

ii) Unify and concentrate R&D resources into strategic areas to
achieve optimum results from a group-wide perspective.

iii) Establish a totally integrated operational structure in
each product domain, with full responsibility to customers for
development, production and sales.

2 Development and Promotion of "Victory 21" Products

Matsushita aims to increase its market share and enhance
earnings capability by launching new lines of competitive
products, which the company refers to as "Victory 21" products,
in the high-volume segment of each product category.

CONTACT:
Panasonic Finance (America), Inc.
Akihiro Takei, 212/698-1365

For additional information visit the Website:
http://www.nyse.com/marketinfo/marketinfo.html?sym=nipny&links=%
23


NEC CORP: Dropping Parts Suppliers by 30% to Cut Costs
------------------------------------------------------
NEC Corp. aims to limit the number of its parts and materials
suppliers from the current 6,500 to about 4,500 by the end of
March to cut costs, Dow Jones reported Thursday, quoting an
unnamed company spokesman. It will cut its procurement costs by
about 20 percent in 2003 starting April by asking a reduced
number of suppliers for lower sales prices while increasing
order volumes per supplier. The company will also promote online
parts purchases to slash costs. This will add to a 13-14 percent
procurement cost reduction it expects in 2002.

On a parent basis, NEC's annual procurement costs total about Y2
trillion. Last month, NEC slashed its earnings forecasts for the
fiscal year through March, predicting its first-ever group
operating loss of Y57 billion. NEC's latest decision may further
accelerate this trend among its Japanese rivals with no strong
recovery expected in the electronics market in 2002.


NIPPON TELEGRAPH: Cuts Capital Spending by 10%
----------------------------------------------
Nippon Telegraph and Telephone Corp (NTT) will cut its capital
spending budget and those of three units, NTT East, NTT West,
and NTT Communications by about 10 percent in the year to March
2003 because of weakening profitability in the fixed-line phone
services market, The Nihon Keizai Shimbun and AFX News reported
on Thursday.

Total capital investment by NTT and the three subsidiaries in
the period is likely to fall below Y1 trillion for the first
time ever, including the period when NTT was a single entity
before its 1997 reorganization, the report said.

NTT East and NTT West will have a combined capital investment
budget lessened to Y820 billion, versus Y900 billion in the
current fiscal year. Investment will be largely limited to
repair and maintenance of existing systems. NTT Communications
will see its capital investment budget cut from roughly Y160
billion to around 150 billion.


SNOW BRAND: Planning to Liquidate Meat Operations
-------------------------------------------------
Ailing meat-packing firm, Snow Brand Food Ltd, aims to liquidate
its operations, and said it would lose around Y24 billion from
the closure, Reuters reported on Friday. The company said it
would shut down its operations by the end of March, ahead of a
meeting with investors at the end of April.

Parent firm Snow Brand Milk Products Co Ltd had planned to find
ways to restore its unit, which admitted last month to
mislabeling beef to get that government subsidy and boost sales.
Snow Brand Milk Products is still recovering from its own
scandal of contaminated dairy products in 2000.


TOSHIBA MARINE: Sees Y1.9B Group Net Loss
-----------------------------------------
Machine tool maker, Toshiba Machine Co., expects to post a group
net loss of Y1.9 billion, a sharp increase from the Y800 million
it forecast in November due to weak demand in the information
technology sector, Japan Times reported on Friday.

The firm has cut back on production of products linked to IT and
semiconductor businesses, and that demand have aggravated since
the September terrorist attack in the United States. It projects
a group pretax loss of Y900 million, marking a turnaround from
the pretax profit of Y100 million it forecast earlier.

Toshiba Machine Co., America, a wholly owned subsidiary of
Toshiba Machine Co., Ltd., of Tokyo, Japan, was incorporated in
1974 to serve the United States, Canadian and Mexican markets. A
variety of machines were sold in the United States, Canada and
Mexico for ten years prior to the establishment of their
American subsidiary, under an exclusive licensing agreement for
injection molding machines and through independent sales
representatives for all other machines.


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


DAEWOO MOTOR: Banks Support Indian Unit Restructuring
-----------------------------------------------------
Indian banks and financial institutions are behind troubled car
maker Daewoo Motors India Ltd's (DMIL) efforts in its ongoing
restructuring scheme, even as sales have declined to 600 cars
per month in the last three months, Hindustan Times reports.

The Company began a massive exercise to cut costs in 2002, which
includes reduction of 237 employees in September at its idle
engine, transmission and axle plant from a total of 1,951
workers.

Daewoo has suffered a massive Rs213 crore loss during the first
half of this fiscal due to a 75 percent decline in sales, which
stood at Rs158 crore. Daewoo Corporation owns 91.6 percent of
Daewoo Motor India. Domestic financial institutions and public
hold the remaining stake.


HYNIX SEMICON: Creditors Finalizing Counter-Proposal To Micron
--------------------------------------------------------------
Hynix Semiconductor Inc's main creditors aim to complete their
counter-proposals to Micron Technology Inc's latest offer to
acquire the firm's memory operations, AFX News and Edaily
reported on Friday, citing an unnamed creditor official. The
official said Micron is unlikely to accept creditor counter-
proposals, which differ sharply with Micron's own draft
memorandum of understanding (MOU).

According to newspaper reports, creditors would ask Micron
Technology Inc to provide collateral for the US$.1 billion in
fresh loans sought by Micron for Hynix in return for an
acquisition deal. Reports said creditors rejected Micron's
demand that they buy US$400 million of subordinated bonds that
carry a 30-year maturity and interest rates of 2 percent.

Hynix President Park Chong-sup left last week for the US to
present the counter-proposals to Micron.


HYUNDAI HEAVY: Restates 2000 Results; Posts W161.5B Net Loss
------------------------------------------------------------
Shipbuilder Hyundai Heavy restates 2000 results to reflect
losses at loss-making units such as Hyundai Petrochemical,
Hyundai Energy and insolvent Korea Industrial Development Co,
AFX News said on Thursday.

The company revised its 2000 net profit of Y151.1 billion won to
a net loss of W161.5 billion, and a recurring profit of W36.6
billion also revised to a recurring loss of W218.6 billion.
Sales and operating profit figures are kept unchanged at W6.63
trillion and W753.8 billion respectively in 2000.


SAMSUNG ELECTRONICS: Discloses Share Conversion Notice
------------------------------------------------------
Samsung Electronics, in a company disclosure to the Korea Stock
Exchange, announced on February 21, 2002 the current Article 8
of the Articles of Incorporation of Samsung Electronics (AOI)
was amended as of Feb. 28th, 1997. It provides for the
conversion of the preferred shares into common shares upon
expiry of the 10-year duration of the preferred shares.

However, the old provisions of the AOI regarding the preferred
shares, which were in effect prior to Feb. 28th, 1997, did not
provide for such conversion and those provisions are almost
exactly copied to Article 5, Paragraph 2 of the Addendum of the
current AOI.

As such, while the amended Article 8 applies only to the
preferred shares newly issued after Feb. 28th, 1997, Article 5,
Paragraph 2 of the Addendum still applies to the old preferred
shares issued prior to Feb. 28th, 1997 and therefore, the old
preferred shares are not to be converted into common shares.

Since all outstanding preferred shares of Samsung Electronics
were issued prior to Feb. 28th 1997, those shares are not to be
converted into common shares.

TCR-AP reported last month that Matsushita Electric Industrial
Co., Ltd. announced on January 28 that it filed a patent
infringement suit against Samsung Electronics Co., Ltd. and
three of Samsung's U.S. affiliate companies, charging
infringement of Matsushita's patents covering semiconductor
DRAM-related technologies.  The suit was filed in the New Jersey
Federal Court on January 25, 2002.

DebtTraders reports that Samsung Electronic's 9.750% bond due in
2003 (SAMS03KRS2) trades between 106.282 and 106.472. For real-
time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=SAMS03KRS2


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


CHASE PERDANA: Stay of Execution Hearing Set on April 17
--------------------------------------------------------
The Board of Directors of Chase Perdana Berhad (CPB), in
relation to material litigation of CPB against Pekeliling
Triangle Sdn Bhd (PTSB) & 2 Ors via High Court Suit No. S5-22-
408-2000, announced that on the 20 February 2002, the Stay of
Execution hearing has been fixed for continued hearing on 17
April 2002.

Last week, TCR-AP reported that the Company expects its new debt
plan, which is being finalized, be acceptable to its creditors,
The new debt plan involves a "lower haircut" for which
it hopes to get the creditors' agreement before the end of
this month.


DATAPREP HOLDINGS: Discloses Notice of Hearing
----------------------------------------------
Arab-Malaysian Merchant Bank Berhad, on behalf of the Board of
Directors of Dataprep Holdings Berhad (Dataprep or Company), in
relation to the Company's Proposed Restructuring Scheme, posted
the following Notice of Hearing:

IN THE HIGH COURT OF MALAYA AT KUALA LUMPUR
IN WILAYAH PERSEKUTUAN (COMMERCIAL DIVISION)
ORIGINATING PETITION NO. : D8-26-2-2002
In the matter of DATAPREP HOLDINGS BERHAD (Company No.183059-H)

AND

In the matter of Section 64 of the Companies Act 1965

AND

In the matter of Order 88 Rules 5 to 16 of the Rules of High
Court 1980

DATAPREP HOLDINGS BERHAD
(Company No.183059-H) ..PETITIONER

NOTICE OF HEARING

NOTICE IS HEREBY GIVEN that a Petition presented to the High
Court of Malaya at Kuala Lumpur on the 24th day of January 2002
for confirmation of a resolution reducing the issued and paid-up
capital of the above Company from 31,989,146.00 divided into
31,989,146 ordinary shares of RM1.00 each to 15,994,573.00
divided into 31,989,146 ordinary shares of RM0.50 each and that
such reduction be effected by canceling the paid-up capital
which has been lost or is unrepresented by available assets to
the extent of RM0.50 per share upon each of the 31,989,146
ordinary shares which have been issued and that forthwith and
contingent upon such reduction of capital taking effect the
ordinary shares of RM0.50 each in the paid-up capital of the
Company be consolidated in such manner that every one hundred
(100) of the said shares shall constitute fifty (50) shares of
RM1.00 each upon which the sum of RM1.00 each shall be credited
as having been fully paid and accordingly the paid-up capital of
the Company shall be RM15,994,573.00 divided into 15,994,573
ordinary shares of RM1.00 each is directed to be heard in Court
on the 21st of March 2002 at 9.00 a.m.

Any creditor or shareholder of the above said Company who desire
to oppose the making of an order for the confirming of the said
reduction of capital should appear at the time of the said
Petition.

A copy of the said Petition will be furnished to any such person
requiring the same by the undersigned on payment of the
regulated charge of the same.

This NOTICE OF HEARING is filed by Messrs. Ariffin & Thava,
solicitors for the abovenamed Petitioner, whose address for
service is at No. 79-3, Plaza Damansara, Medan Setia Satu, Bukit
Damansara, 50490 Kuala Lumpur Tel: 2554477/Faks:2553404
[AT/RN(CPR)1020/00]


KEMAYAN CORPORATION: Enters Proposed Restructuring Scheme MOU
-------------------------------------------------------------
On behalf of the Board of Directors of Kemayan Corporation
Berhad (KCB or the Company), Public Merchant Bank Berhad
announced that the Company had on 19 February 2002 entered into
a Memorandum of Understanding (MOU) with the following parties
to jointly structure a restructuring scheme to regularize the
financial position of KCB (Proposed Restructuring Scheme):

   (i) Ismail Bin Othman (IBO);
   (ii) Duta Nilai Holdings Sdn Bhd (DNH);
   (iii) Mohd Razip Bin Hamzah (MRBH); and
   (iv) Hider Bin Othaman (HBO)

(collectively referred to as the "Vendors")

SALIENT TERMS OF THE MOU

The salient terms of the MOU are:

   (i) The parties had agreed to jointly structure the Proposed
Restructuring Scheme which will encompass a debt restructuring
scheme by KCB and the injection of assets by the Vendors
(Assets) in a manner which shall be beneficial to all parties
and in the most expedient manner acknowledging that time is of
the essence;

   (ii) The Assets to be acquired shall comprise Duta Skyline
Sdn Bhd (DS) and Duta Nilai Development Sdn Bhd (DND) belonging
to the Vendors and Amber Resources Sdn Bhd (AR), which IBO will
acquire from other proprietors prior to undertaking the Proposed
Restructuring Scheme. The Assets will be subject to further
evaluation on the financial feasibility and the acceptability by
KCB and other terms and conditions as shall be agreed by all
parties;

   (iii) All parties acknowledge and agree that the Assets are
subject to a due diligence to be conducted and the consideration
is subject to the adjustment by the parties;

   (iv) The parties agree to execute a formal agreement
incorporating all terms and conditions agreed upon between the
parties within sixty (60) days from the date of the MOU or such
later date as may be agreed upon by the parties in writing,
failing which, any party may terminate the MOU by giving written
notice to the other whereupon the MOU shall be null and void and
none of the parties shall have any claim against the other for
any matter or things arising out of the same; and

   (v) The MOU shall be valid for a period of sixty (60) days
from the date of the MOU or such later date as may be mutually
agreed upon by the parties in writing.

BRIEF INFORMATION ON THE ASSETS

(i) DS

DS is a company incorporated in Malaysia on 31 March 1995 with
an authorized share capital of RM25,000,000 of which
RM22,055,000 have been issued and fully paid-up. DS which is
principally engaged in the business of property investment
holding, is the registered proprietor of the freehold land of
approximately 510 acres located off the 25th mile Jalan
Kachau/Sg Lalang Road, Ulu Semenyih (Semenyih Land) approved by
the relevant state authority to be subject to the category
"Building" and with pre-comp layout approval for a mix housing
development project.

(ii) DND

DND is a company incorporated in Malaysia on 9 December 1987
with an authorized share capital of RM5,000,000 all of which has
been issued and fully paid-up. DND is principally engaged in the
business of real estate, property management and development.

DND is the developer appointed by DS to develop the Semenyih
Land into a housing scheme known as "Bandar Puncak Damai" and
the on-going development in Bandar Puncak Damai is identified as
"Phase 1" covering a total area of approximately 102.54 acres
and consisting of 10 blocks of 6-storey low-cost flat, 10 blocks
of low-medium cost apartment, 6 blocks of medium cost apartment,
1«- storey shop offices and 2-storey shop offices.

(iii) AR

AR is a company incorporated in Malaysia on 13 January 1989 with
an authorized share capital of RM1,500,000 of which RM1,200,000
has been issued and fully paid-up. AR is principally engaged in
the business of real estate management and housing development.

As a developer, it has completed the development of two pieces
of land owned by Dewan Bandaraya Kuala Lumpur (DBKL) located at
3« mile Jalan Cheras and shall develop the final piece of land
owned by DBKL forming part of the leasehold lands measuring
approximately 11.16 acres (Development Land) and located within
the DBKL public housing project known as "Taman Ikan Emas" off
Jalan Cheras. The Development Land is to be developed into a
mixed development comprising residential and commercial units.

INFORMATION ON THE VENDORS

(i) IBO

IBO is the Managing Director of DND.

(ii) DNH

DNH is a company incorporated in Malaysia on 29 July 1989 with
an authorized share capital of RM5,000,000 of which RM1,500,000
have been issued and fully paid-up. DNH is an investment holding
company with DS and DND as the subsidiary companies.

(iii) MRBH

MRBH is an Administration Executive in DND.

(iv) HBO

HBO is an Executive Director of DND and a brother to IBO.

The full details of the Proposed Restructuring Scheme will be
announced upon its finalization.


MOL.COM: Proposals Implementation Approval Pending
--------------------------------------------------
Arab-Malaysian Merchant Bank Berhad (Arab-Malaysian), on behalf
of the Board of Directors of Mol.Com Berhad (Mol or Company), in
relation to the announcements made between Arab-Malaysian and
the Company on 18 April 2001, 17 August 2001 and 7 September
2001, announced that MOL has on even date made an application to
KLSE for an extension of time for two months from 1 March 2002
till 1 May 2002 to obtain all the necessary approvals for the
implementation of the Proposals.

The Company as of to date has obtained approval from the
Ministry of International Trade and Industry (MITI), which was
announced on 14 January 2002, whilst pending approvals from the
Securities Commission (SC) and Foreign Investment Committee
(FIC).

The "Proposals" comprise the:

  * Proposed Acquisition of Silicon Communications Sdn Bhd
(Silicon) (Proposed Acquisition);

  * Proposed Subscription of Shares in Silicon (Proposed
Subscription);

  * Proposed Rights Issue; and

  * Proposed Increase in Authorized Share Capital.

At the end of 2001, Mol.com Berhad had negative working capital,
as current liabilities were Rp119.71 million while total current
assets were only Rp98.34 million, Wrights Investors' Service
(WIS) said. The Company has paid no dividends during the last 12
months and it has reported losses during the previous 12 months,
WIS added.


PILECON ENGINEERING: TCEM Files Winding Up Petition Against Unit
----------------------------------------------------------------
Pilecon Engineering Berhad informed that a winding-up petition
had been presented at the Shah Alam High Court on 27 December
2001 against Pilecon Building Construction Sdn Bhd (PBCSB), a
wholly owned subsidiary of the Company and served onto PBCSB on
21st day of February 2002, for a claim of RM350,618.98.

The Details of default or circumstances leading to the filing of
the winding-up petition against PBCSB:

The petition was filed by The China Engineers (Malaysia) Sdn Bhd
(TCEM) against PBCSB. TCEM was appointed the sub-contractor for
a project known as "Condominium Development (Phase 2) on sub Lot
625-632, 641-643 and 645-648, Section 5, Mukim Petaling Jaya,
Selangor Darul Ehsan : Tiling for Towers A and B". TCEM alleged
that a sum of RM350,618.98 is due and owing by PBCSB of which
PBCSB denies owing to TCEM and genuinely disputes the said
claim.

The total cost of investment in PBCSB : RM8,000,000.00

The financial and operational impact on the Group

There is no operational impact to the Group. In the event the
winding-up petition succeeds, there would be an estimated
exceptional loss of RM350,618.98.

The expected losses

PBCSB is expected to incur legal fees of approximately
RM16,000.00

The amount of interest claimed: Nil

The date of hearing of the winding-up petition: 10 May 2002.

The steps taken and proposed to be taken by PEB in respect of
the winding-up procedings:

The application for a stay of execution has been dismissed by
the High Court of Shah Alam on 14 February 2002. PBCSB intends
to file a stay of execution pending disposal of appeal at the
Court of Appeal.


PILECON ENGINEERING: Unit TSSB Faces Winding Up Petition
--------------------------------------------------------
Pilecon Engineering Berhad announced that a winding-up petition
had been presented at the Kuala Lumpur High Court on 31 December
2001 against Tegas Sejati Sdn Bhd (TSSB), a subsidiary of the
Company and served onto TSSB on 31st day of January 2002, for a
claim of RM279,000.00.

The Details of default or circumstances leading to the filing of
the winding-up petition against PBCSB: The petition was filed by
Kengton Sdn Bhd (Kengton) against TSSB. Kengton was appointed
the sub-contractor for a project known as "The Construction and
Completion of 372 units (186 Lots) of Townhouses and Associated
Infrastructure Works on Lots 826 & 96, Mukim Ampang, Daerah Hulu
Langat, Selangor". Kengton alleged that a sum of RM279,000.00 is
due and owing by TSSB of which TSSB denies owing to Kengton and
genuinely disputes the said claim.

The total cost of investment in TSSB: RM29,895,500.00

The financial and operational impact on the Group: There is no
operational impact to the Group. In the event the winding-up
petition succeeds, there would be an estimated exceptional loss
of RM279,000.00.

The expected losses: TSSB is expected to incur legal fees of
approximately RM32,500.00

The amount of interest claimed: Nil

The date of hearing of the winding-up petition: 20 March 2002.

The steps taken and proposed to be taken by PEB in respect of
the winding-up procedings:

   i) will be filing an injunction to restrain the Petitioner
from inserting an advertisement of the Winding-Up Petition

   ii) will be filing an application to strike out the Winding-
Up Petition

   iii) to file a suit to counterclaim against the Petitioner


RAHMAN HYDRAULIC: KLSE Grants Time Extension to Convene EGM
-----------------------------------------------------------
On behalf of Rahman Hydraulic Tin Berhad (Special Administrators
Appointed) (the Company or RHTB), the Special Administrators
announced that the Kuala Lumpur Stock Exchange (the Exchange)
has approved an extension of time from 20 February 2002 to 30
March 2002 for RHTB to convene an Extraordinary General Meeting
(EGM) in relation to the Acquisition of Shares of Kuala Lumpur
Industries Holdings Berhad which were Acquired on 14 July 1997
(the Acquisition) to obtain the ratification of the Company's
shareholders, failing which a penalty of RM1,000 per market day
will be imposed on the Company starting from 1 April 2002 until
the date of ratification.

TCR-AP reported last Friday that the Special Administrators,
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.


RESORTS WORLD: Shareholders Approve Proposals at EGM
----------------------------------------------------
On behalf of Resorts World Bhd (RWB), Commerce International
Merchant Bankers Berhad announced that the shareholders of RWB
have approved the resolutions pertaining to the Proposals at the
Extraordinary General Meeting of the Company held on 21 February
2002.

The term "Proposals" refers to the:

   * Proposed Executive Share Option Scheme for Eligible
Executives and Executive Directors o Resorts World Bhd ad is
Subsidiaries; ad

   * Proposed Amendment to Article 86 of the Articles of
Association of Resorts World Bhd

Last month, TCR-AP reported that the Company applied to the
Registrar of Companies (ROC) to strike off of the names
of the wholly-owned dormant subsidiaries from the
Register of the ROC pursuant to Section 308 of the Companies
Act, 1965. The subsidiaries are First World Leisure Sdn Bhd,
First World Food Services Sdn Bhd, First World Management
Services Sdn Bhd, First World Entertainment Sdn Bhd, First World
Theme Park Sdn Bhd, First World Equities Sdn Bhd, Rantau Cempaka
(M) Sdn Bhd, Dutabay Sdn Bhd, Twinsurf Sdn Bhd, and Nippontech
Resources Sdn Bhd.

At the end of 2000, Resorts World Berhad had negative working
capital, as current liabilities were Rp1.84 billion while total
current assets were only Rp526.80 million, Wrights Investors'
Service reported.


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



BENPRES HOLDINGS: Begins US$370M Modernization Project
------------------------------------------------------
Benpres Holdings Corp's Manila North Tollways Corp (MNTC) will
begin a US$370 million modernization project for the 84-
kilometer north expressway in Luzon next month, AFX News and
Today Newspaper reported on Tuesday, citing Presidential
Assistant for the development of Northern Luzon Renato Diaz.

MNTC will construct and rehabilitate 14 interchanges, 24 bridges
and 31 overpasses along the stretch of the expressway. It aims
to complete the first phase of the project in 24 months.

A company press release disclosed that Benpres Holdings
Corporation posted a loss of P182 million for the nine months
ended September 30, 2001, compared to a net loss of P174 million
in the same period in 2000. However, equity in net losses of
investees lessened by 30 percent from the same period in 2000 to
P425 million due to the strong performance of First Philippine
Holdings Corporation (FPHC).

DebtTraders reports that Benpres Holding's 7.875% bond due in
2002 (BENP02PHS1) trades between 62 and 65. For real-time bond
pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=BENP02PHS1


NATIONAL BANK: Government Plans to Sell 67% After Rehab
-------------------------------------------------------
The government is planning to sell a 67 percent block of shares
in Philippine National Bank (PNB) after completing its
rehabilitation program, AFX News reported on Wednesday, citing
PNB chairman Norberto Nazareno. The government is set to
increase its current interest of about 16 percent in PNB to
44.98 percent to oversee the bank's revival.

Majority shareholder Lucio Tan has agreed to slash his stake to
44.98 percent from 67 percent but the two groups have yet to
finalize the deal.

TCR-AP reported last week that Philippine National Bank plans to
sell P2 billion worth of bad assets in its first year of
rehabilitation, 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.


NATIONAL BANK: May Improve Book Value After Asset Revaluation
-------------------------------------------------------------
Philippine National Bank's (PNB) book value may increase to P73
per share versus the current P40 after the bank revalues its
foreclosed assets, AFX and Philippine Daily Inquirer reported on
Wednesday, quoting Bank Chairman Norberto Nazareno.

PNB understated the value of those assets by about P14 billion,
which means the re-appraised assets, formerly valued at P24
billion, could deliver a higher price. The amount would be added
to PNB's existing capital of P14.6 billion to help improve its
balance sheet. Independent auditors are conducting the
revaluation.


PHILIPPINE LONG: Fitch Lowers Outstanding Ratings
-------------------------------------------------
Following the recent action by Fitch Ratings to lower the Senior
Unsecured rating of Philippine Long Distance Telephone Company
(PLDT) to 'BB-' (BB minus) Rating Watch Negative from 'BB+' the
following outstanding ratings and securities have, as a result,
been lowered:

Senior Unsecured foreign currency was downgraded to 'BB-' from
'BB+' and placed on Rating Watch Negative.

The Long-term Local Currency rating is downgraded to 'BB-' from
'BB+' and placed on Rating Watch Negative.

Each of the following securities and ratings is also downgraded
to 'BB-' from 'BB+' and placed on Rating Watch Negative:

Global Bonds due 30 June 2003

Global Bonds due 30 June 2006

Global Bonds due 15 April 2009

Global Bonds due 06 March 2017

Senior Notes due 01 August 2005

The Convertible Preferred Stock is downgraded to 'B' from 'BB-'
and placed on Rating Watch Negative.

On February 18, 2002 Fitch Ratings downgraded the Senior
Unsecured foreign currency rating of Philippine Long Distance
Telephone Company (PLDT) to 'BB-' (BB minus) from BB+ and placed
it on Rating Watch Negative.

The rating action reflects PLDT's continuing high leverage
(management estimates that total debt to EBITDA was 5.3x at
December 2001) and the liquidity risk arising from the need to
refinance US$1.34 billion of debt maturing over the period 2002-
2004 (including US$364 million in 2002 alone). Adequate
facilities are not yet in place to supplement cash flow and to
meet those refinancing obligations as and when they fall due and
PLDT presently has limited financial flexibility to address
circumstances that might arise to threaten its position.
Furthermore, the 'BB-' rating is placed on Negative Watch as
Fitch remains concerned about both the need for PLDT to improve
its capital structure and approaching debt maturities.

However, the agency acknowledges PLDT's recent and continuing
negotiations with alternative credit providers and that
management expects a positive outcome. Fitch also notes that the
recently agreed US$149million KfW unsecured loan facility may
only be drawn to repay existing loans to KfW; certain future
drawdowns under the facility are subject to PLDT successfully
implementing its other financing initiatives based on a plan and
timetable agreed with KfW. For the group, debt outstanding at
December 2001 totaled about US$3.3bn, almost double PLDT's
current market capitalization of US$1.7 billion. Refinancing
obligations over the period 2002-2004 for the parent alone
approximate 80% of its market capitalization, highlighting the
inadequate capital structure that the group has maintained since
aggressive competition and growth necessitated high capex
spending before and during 2000 and 2001. Group capex, as a
percentage of sales revenue, has exceeded 40% since 1998.

However, Fitch expects capex across the group to diminish during
the coming three-year period as PLDT's management leverages
growth from existing infrastructure and urgently seeks to
strengthen the group's capital structure. Fitch recognizes that
PLDT and its subsidiary Smart Communications have firmly
established, leading positions in the Philippines within the
fixed line and cellular markets respectively and Smart is
keeping pace with the rapidly growing cellular market and has
improved profitability and cash flow as competitive pressures
have eased during the last 12 months.



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


FHTK HOLDINGS: Posts Shareholder's Interest Notice
--------------------------------------------------
FHTK Holdings Ltd posted a notice of changes in substantial
shareholder Oversea-Chinese Banking Corporation Ltd's interest:

Date of notice to company: 19 Feb 2002
Date of change of interest: 15 Feb 2002
Name of registered holder: Oversea-Chinese Bank Nominees Private
Limited
Circumstance giving rise to the change: Sales in open market at
own discretion

Shares held in the name of registered holder
No. of shares of the change: 80,000
% of issued share capital: 0
Amount of consideration per share excluding brokerage, GST,
stamp duties, clearing fee: S$0.0950
No. of shares held before change: 680,488
% of issued share capital: 0.05
No. of shares held after change: 600,488
% of issued share capital: 0.05

Holdings of Substantial Shareholder including direct and deemed
interest
                                      Deemed      Direct
No. of shares held before change:     48,581,292  145,694,667
% of issued share capital:            3.95        11.83
No. of shares held after change:      48,581,292  145,614,667
% of issued share capital:            3.95        11.83
Total shares:                         48,581,292  145,614,667

Oversea-Chinese Banking Corporation Limited direct interest
under registered holder UOB Kay Hian Private Limited is
145,014,179 (11.78%). Registered holder Oversea-Chinese Bank
Nominees Private Limited is at 600,488 (0.05%) and deemed
interest under registered holder UOB Kay Hian Private Limited is
46,961,916 (3.82%) and under registered holder Keppel Bank
Nominees Private Limited is 1,619,376 (0.13%). Total interest
after change is 15.78%.


PANPAC MEDIA.COM: Voluntarily Winds Up Subsidiary
-------------------------------------------------
Panpac Media.com Limited (the Company), on February 8, 2002,
made an announcement relating to the proposed voluntary winding
up of its wholly owned subsidiary, ZingAsia Pte Ltd (ZingAsia).

The Board of Directors of the Company announced that pursuant to
the Extraordinary General Meeting of ZingAsia and a creditors'
meeting held on 20 February 2002, ZingAsia has been placed in a
creditors' voluntary winding up pursuant to Section 290 (1) (b)
of the Companies Act with effect from 20 February 2002.

Accordingly, Mr Don M. Ho of M/s Don Ho & Associates and Mr Lim
Lian Soon of M/s Lee Yeok Chai & Co. have been appointed jointly
and severally as liquidators of ZingAsia with effect from 20
February 2002 for the purposes of this winding up.


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


BANGKOK SHUTTERS: Business Reorganization Petition Filed
--------------------------------------------------------
The Petition for Business Reorganization of Bangkok Shutters
Company Limited (DEBTOR), engaged in manufacturing and
distributing iron-roll door, was filed to the Central Bankruptcy
Court:

   Black Case Number 659/2544

   Red Case Number 665/2544

Petitioner: BANGKOK SHUTTERS COMPANY LIMITED

Planner: BANGKOK SHUTTERS COMPANY LIMITED

Debts Owed to the Petitioning Creditor: Bt759,078,902.42

Date of Court Acceptance of the Petition: July 17, 2001

Date of Examining the Petition: August 14, 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 17, 2001

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: August 29, 2001

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette: September 18,
2001

Deadline for the Planner to submit the Reorganization Plan to
the Official Receiver: December 18 , 2001

Planner postponed the Date to submit the Business Reorganization
Plan to Official Receiver #1st: January 18, 2002

Planner postponed the Date to submit the Business Reorganization
Plan to Official Receiver #2nd: February 18, 2002

Contact: Ms. Niramon Tel, 6792525 ext. 143


EMC PUBLIC: Registered Paid-Up Capital Stands at Bt537,512,610
--------------------------------------------------------------
EMC Public Company Limited, as Plan Administrator of EMC Power
Co., Limited., informed that the company has registered the
paid-up capital from Bt441,806,540 to Bt537,512,610 on February
20, 2002.

The Plan Administrator planned to issue the additional ordinary
shares in this way: 9,570,607 shares to the creditors;  Bank
Thai Pcl. would receive 5,583,279 shares and Chatuchak Assets
Management Co., Ltd., the amount of 3,987,328 shares.


ITALIAN-THAI: Enters Construction Agreement With Land and House
---------------------------------------------------------------
Italian-Thai Development Public Company  Limited (ITD or the
Company), represented by ITD Planner Co., Ltd. in its capacity
as the Planner, informed that on Feb 13th, 2002 ITD signed a
contract with Land and House Public Co., Ltd. to proceed with
the construction of Centre Point Witthayu  Project. The details
of the contract are:

Description of works: A reinforced concrete building with 27
stories and 4 basements and a total floor area of 42,659 m2

Contract value: Bt365.54 Million (including VAT )

The period of work: 450 days

TCR-AP reported last Monday that the Central Bankruptcy Court
issued an order to postpone the approval of the Company's
Business Reorganization Plan at the request of ITD Planner and
Siam Commercial Bank Public Company Limited. Further report will
be issued as this matter progresses.


SUN TECH: Explains Half Year Financial Statement Results
--------------------------------------------------------
Sun Tech Group Public Company Limited explained the financial
results for the half-year ended financial statements as of
December 31, 2001 (unaudited):

      ---Total revenue decreased 34.40% compared to the previous
year. Revenue from sales decreased 41.36% compared to the
previous year due to revenue decreasing in both agriculture and
scrap processing business.

      ---Income from agriculture business has decreased 40.01%
because the Company didn't have enough working capital to
proceed. The Company couldn't increase capacity to fulfill the
customers' orders. The Company didn't have revenue from its
scrap business, because the scrap business has stopped
processing for a length of time.

      --- Total expenses decreased 51.93% compared with the
previous year, the loss from impairment of investment decreased
34.96% compared with the previous year. The Company has net loss
of Bt353.41 million or 54.98% less than the previous year.


THAI TELEPHONE: April 25 AGM No. 1/2002 Scheduled
-------------------------------------------------
The Board of Directors of Thai Telephone & Telecommunication
Public Company Limited informed that the Company passed
resolutions at the meeting no.2/2002 held on February 20, 2002,
as follows:

1. The Annual General Meeting of Shareholders No. 1/2002 shall
be held on April 25, 2002 at 10.30 hrs. at Intanin Room,
Merchant Court Hotel, 202 Rachadaphisek Road, Huaykwang,
Bangkok, Thailand.

2. The date for closing the Company's share register book for
the right of the shareholders in attending the meeting is
scheduled on April 9, 2002 at 12.00 hrs. until the meeting is
completed.

3. The agenda for the meeting shall be:

   3.1  To consider and Approve the Minutes of the Extraordinary
Meeting of Shareholders No. 1/2002 held on February 20, 2002.

   3.2  To consider approving the Annual Report of the Company's
Board of Directors for 2001.

   3.3  To consider approving the Company's Audited Financial
Statements and Auditor's Reports for the fiscal year ended
December 31, 2001.

   3.4  To consider approving the allocation of profits and
payment of dividends for the year 2001.

   3.5  To consider approving the election of directors in place
of those retired by rotation, and fixing remuneration for the
year 2002.

   3.6  To consider approving the appointment of auditor and
fixing remuneration for the year 2002.

   3.7 Others (if any)

4. The Company omits dividend payment for its operations from
January 1 to December 31, 2001 since the Company made a net loss
in 2001, and its retained earnings remain negative.


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 ***