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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

            Tuesday, March 12, 2002, Vol. 5, No. 50

                         Headlines

A U S T R A L I A

ALLIED SECURITIES: Alleged Phoenix Operation Restrained
CTI COMMUNICATIONS: Changes Registered Office, Replaces Sec
EARTH SANCTUARIES: Receives Final Proposals From 12 Parties
ERG LIMITED: Incurs $199.4M After-Tax Loss
HOTHAM WINES: Shareholders OK Restructuring, Capital Increase

PALADIN RESOURCES: Enters Fundraising Agreement With Chartpac
PASMINCO LIMITED: CBH Also Offers Tender Bid for Broken Hill
WAIVCOM WORLDWIDE: Posts PwC's Letter Re Listed Shell Sale


C H I N A   &   H O N G  K O N G

FAITHFUL ENTERPRISES: Winding Up Petition to be Heard
HEIDI CARGO: Hearing of Winding Up Petition Set
KONG KIAN: Petition to Wind Up Pending
ORIENTAL LAND: Winding Up Petition Slated for Hearing
SEAPOWER RESOURCES: Liquidators Enter Sale, Purchase Agreement

TOP FORM: Books Net Deficit of HK$31,357,000
WAH LEE: Narrows 2001 Operations Net Loss to HK$9,302
WAH NAM: Winding Up Petition Hearing Set


I N D O N E S I A

BANK CENTRAL: BI Refuses Joint Team Participation
WICAKSANA OVERSEAS: Files Suit Over Breach of Contract


J A P A N

CHUBU BANK: Insolvency Will Lead To Acquisition By Bridge Bank
FUJITSU LTD: Starts Shipping New Supercomputers By Year End
HITACHI LTD: Introduces New Pension Plan
ICHIDA & CO: Kimono Maker Receives Y9.2B Debt Waiver
MITSUI MUTUAL: Cutting Staff Salaries by 15%

OJI PAPER: Closes Printing Paper, Specialty Paper Facilities
TOYO SHUTTER: Seeking Y12.6B Financial Aid From Banks
YAMATO MUTUAL: S&P Lowers Rating To 'B'; Outlook Negative

* Moody's Places Six Insurance Firms For Possible Downgrade

K O R E A

DAEWOO ELECTRONICS: Buyers' Bids Unacceptable, Creditors Say
DAEWOO MOTOR: Selling Bus Division This Month
HYNIX SEMICON: Creditors Leave For US to Join Micron Talks


M A L A Y S I A

BERJUNTAI TIN: KLSE OKs Financial Regularization Plan Revision
CSM CORPORATION: Gets KLSE's Nods on Two-Month RA Extension
EMICO HOLDINGS: Obtains Cut-Off Date Extension From Lenders
KELANAMAS INDUSTRIES: Revises Proposed Restructuring Scheme
MAY PLASTICS: FIC Grants Proposed Rescue Scheme Extension

PSC INDUSTRIES: Unit Reaches Debt Settlement With Lenders
PERDANA INDUSTRI: SC OKs Proposed Debt Scheme Modifications
SENG HUP: SC, MITI Proposed Workout Scheme Approvals Pending
SENG HUP: Unit Serves Writ of Distress Over Rental Arrears


P H I L I P P I N E S

NATIONAL POWER: 2001 Outstanding Debt Reaches P309.55B
PHILIPPINE LONG: No Deal Yet on Smart Stake Sale


S I N G A P O R E

CAPITALAND LIMITED: Posts Shareholder's Interest Notice
CAPITALAND LIMITED: Changes SST TMK Holding Structure
FHTK HOLDINGS: Issues Shareholder's Interest Notice
TELEDATA SINGAPORE: Enters MOU W/ Creditors, Restructures Debt


T H A I L A N D

CMIC FINANCE: Taken Into Bankruptcy Process
G. R. M COMPANY: Business Reorganization Petition Filed
RAIMON LAND: Seamico Acquires 58%, Disposes of 25.2% Shares
SINO-THAI ENGINEERING: Resolutions Passed BOD Meeting No.2/2002

* SET Suspends Trading After Missed Statement Deadline

     -  -  -  -  -  -  -  -

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


ALLIED SECURITIES: Alleged Phoenix Operation Restrained
-------------------------------------------------------
Following an application by the Australian Securities and
Investments Commission (ASIC), Justice Hansen of the Victorian
Supreme Court on Friday entered orders against Allied Financial
Pty Ltd, Wharton Partners Pty Ltd, Mr Stephen Lynne Wharton and
Mr John James Gillies.

The restraining orders prevent all parties from demanding the
repayment of money allegedly loaned to franchisees of the Liquid
Engineering Franchise by a company called Allied Securities Pty
Ltd (Allied Securities). ASIC sought these orders after becoming
concerned that the defendants were not entitled to receive
repayments from the franchisees.

Allied Securities purportedly loaned approximately $36 million
to investors during 1998 and 1999 for the purchase of Liquid
Engineering franchises. Allied Securities was placed into
liquidation on 9 November 2001 as a result of proceedings
brought by ASIC. Mr Lindsay Maxsted of KPMG was appointed
official liquidator.

A company named Allied Financial Pty Ltd (Allied Financial) was
incorporated in December 2001. In January 2002 ASIC learned that
this company was claiming to be 'the successor in law' of Allied
Securities, and was demanding loan repayments from the
franchisees.

After commencing an investigation ASIC formed the view that
there was no adequate evidence to support the claim made by
Allied Financial that it was entitled to the franchisees' loan
repayments.

Mr Gillies and Mr Wharton are Allied Financial Pty Ltd and of
Allied Securities Pty Ltd (in liquidation) officers. Wharton
Partners Pty Ltd conducts an accountancy practice, which employs
Mr Gillies and Mr Wharton. The restraining orders will continue
until further order of the court.

The defendants will next appear before the Court on 6 May 2002.


CTI COMMUNICATIONS: Changes Registered Office, Replaces Sec
-----------------------------------------------------------
CTI Communications Limited advised that the registered office of
CTI Communications Limited has changed from:

Level 6, Planwell Technology, North Tower
1-5 Railway Street
CHATSWOOD NSW 2067

to:

O'Callaghan & Co Pty Limited
Level 2, 1 Altona Street
WEST PERTH WA 6005

Furthermore, CTI advised that Mr Damien Kelly has replaced Mr
Peter Fritz as Company Secretary.


EARTH SANCTUARIES: Receives Final Proposals From 12 Parties
-----------------------------------------------------------
The Directors of Earth Sanctuaries Ltd reported that final
proposals for the acquisition of some or all of Earth
Sanctuaries assets were received from 12 interested parties. The
identities of these parties and their proposals remain
confidential.

The Board is considering the proposals and progressing
discussions with preferred parties. No decisions have been
finalized at this point. The Company will make an announcement
when decisions have been made. An announcement with regard to
the sale of some or all of Earth Sanctuaries assets is expected
to be made before the end of the week.

For further information contact:

Greg Follent
Challenger Corporate Finance
Telephone: 61 2 9994 7530
Mobile:    0417 224 072


ERG LIMITED: Incurs $199.4M After-Tax Loss
------------------------------------------
ERG Limited announced on Monday an after-tax loss of $199.4
million for the six months ended 31 December 2001, following the
decision by ERG Directors to substantially write down the
carrying value of ERGs assets.

The comprehensive review conducted by the ERG Directors of the
carrying value of ERG's assets, particularly investments in
unlisted companies that have taken up licenses of ERG
technology, resulted in one-off non-cash entries totaling $155.4
million. Although the Directors are confident in the business
plans of each of these entities, they believe it is difficult to
precisely measure the future returns these investments will
generate.

Further, the ERG Directors have not sought to include in revenue
or profits the non-cash license fees attributable to ERG's
technology. The value of such licenses was approximately $55
million in the half-year.

The ERG Directors believe this very conservative accounting
treatment will permit the ERG financial statements to be more
transparent. In addition, ERG has decided that it will now
provide the market with a breakdown of the financial performance
of its individual business segments, which will again allow the
market greater insight into the Group's financial position and
performance.

Following the accounting adjustments to ERG's balance sheet,
total assets were $662 million at the end of December 2001,
compared with $736 million a year earlier. ERG reported a
closing cash balance of $118.2 million for the period.

ERG's revenues totaled $136.4 million in the half. In the
corresponding period of the previous year, ERG's revenues
totaled $184.2 million. However, this figure included revenue
from the telecommunications business which has since been sold.
On a like basis, ERGs revenues in the half-year to 31 December
2001 were 8% higher than the $126 million in revenues it
achieved (that is, excluding the telecommunications business) in
the corresponding period in 2000.

EBITDA for the six months ended 31 December 2001 was ($134.4
million), compared with $31.3 million for the prior half-year.
EBITDA for the current half-year period included one-off write-
downs of $117.4 million.

Research and development (R&D) spending in the half-year to
end-December 2001 totaled $17.4 million (equivalent to 13% of
revenue).

Depreciation and amortization charges have increased from $8.6
million to $49.2 million, representing an increase of $40.6
million. The depreciation and amortization in the half-year to
31 December 2001 include a component of the one-off write-downs
of $38.0 million.

Earnings per share for the period decreased to (31.1 cents) from
2.5 cents, reflecting the substantial one-off write-downs. At
the end of the period, net asset backing was 19 cents per share.

ERG's Directors are confident that the Company is on track to
build recurring revenue streams from its major infrastructure
projects around the world. While this process is under way, ERG
has sought to exploit its technology through transactions such
as licensing agreements.

As previously noted, the Directors decided not to recognize non-
cash license fees attributable to ERGs technology of $55
million. In addition, delays have been experienced on certain
tenders and the commencement of major projects, notably Sydney.
ERG has also been carrying costs in anticipation of Manchester,
Rome, San Francisco and Singapore projects commencing full-scale
operations.

Going forward, ERG is committed to improving its cost efficiency
and maintaining significant levels of liquidity. The Group has
targeted annualized savings exceeding $20 million, of which $12
million annualized has been achieved since November 2001.

As the core development of ERG's MASS technology is
substantially complete ERG has been able to reduce its R&D
expenditure. However, ERG will continue to invest in order to
customize its MASS technology to the requirements of particular
projects. In addition, ERG will ensure that its resorting levels
going forward will be appropriate for the projects it
anticipates in cities such as Sydney and Seattle.

ERG is also involved in negotiations to collect major
receivables, particularly the Melbourne scope creep claim.

Commenting on the results, ERG's Chief Executive, Mr Peter
Fogarty said: "The decision to adjust carrying values and not
include non-cash license values has had a significant impact on
the results for the half. However, we will continue to take
equity stakes in entities such as card.etc and PCL because we
believe they put ERG's shareholders in an excellent position to
benefit from the wider application of smart cards over time.

"Our mass transit projects are now maturing. We are now getting
recurring long-term revenue from our projects in cities such as
Rome and San Francisco, and we will focus on growing that
infrastructure side of our business. We have now reached that
point in our development where we can reap greater returns from
our previous investments by adding more cities to our existing
infrastructure, as well as expanding the use of the cards beyond
transit applications.

"With more than $2 billion of work on hand and further new
contract wins announced, we expect ERG to be profitable in the
second half of the current financial year, and certainly for the
full 2003 financial year. Obviously, project delays have an
impact on our profitability. However, we are hopeful that our
internal cost-cutting initiatives will go some way towards
neutralizing their impact."


HOTHAM WINES: Shareholders OK Restructuring, Capital Increase
-------------------------------------------------------------
Hotham Wines Limited (Hotham or the Company) announced that all
propoed resolutions were approved by shareholders at Friday's
meeting.

The approval provides the basis from which the Company will,
under the direction of the newly elected Executive Chairman and
additional Board members, seek to revitalize the Company by way
of fresh equity capital and embark on repositioning the Company
for merger and acquisition opportunities in the wine industry.

The Company has sustained considerable operating losses since
its listing on ASX in December 2000 and reported an operating
loss of $8.2m for the six month period to 31 December 2001. The
loss incorporates a substantial writedown of assets (in
accordance with an independent valuation as to current value),
to enable the Company to reposition itself under the current
restructuring program.

RESTRUCTURE PROGRAM

The new Board of Directors is pleased to announce the program
for the restructure of the Company, as outlined below.

1. Details of the Company's business restructuring program
(presentation attached).

2. Placement to raise $640,000. The share placement secures
interim funding in advance of a fully underwritten, renounceable
rights issue to raise $5.0 million.

3. Funds raised under the fully underwritten renounceable rights
issue to be applied:

   * Retirement of debt     $3.5 million
   * Working capital        $1.0 million
   * Costs of issue         $0.5 million
     Total                  $5.0 million

4. Introduction of an experienced management team lead by Mike
Calneggia, Tony Taylor and David Riekie.

5. Securing new wine sale orders, wine processing contracts and
the re-establishment of the Alexandra Bridge winery business
unit.

6. Initiation and continuation of merger and acquisition
opportunities and discussions.

7. Rename the Company - "Australian Wine Holdings Limited"
subject to the Company obtaining appropriate shareholder
approval, which will be sought shortly.

BUSINESS RESTRUCTURING

The key platforms of the restructuring of the Company, under the
direction of Mike Calneggia, include significant debt reduction,
the development of new business opportunities, and the
completion of a capital raising of $5.6 million. In addition:

   * the appointment of Mr Calneggia will introduce considerable
industry experience (from both an operational and corporate
perspective). Mr Calneggia was instrumental in the successful
operation and growth of Evans and Tate Limited, a Western
Australian ASX listed wine company. The Board will introduce the
necessary strategies to reinvigorate the sales performance and
improve the general practices of the Company with a review to
improving shareholder value;

   * the Company will seek to further develop a sales and
marketing strategy incorporating the development of national
group distribution channels and brand management. This will be
sought through the development of joint venture brands and
controlled labels by way of mergers and acquisitions;

   * in respect to wine making and viticultural practices, the
Company will seek to utilize contract services where practicable
and contract fruit supply from independent growers in preference
to retaining company owned vineyard assets. This program has
already been introduced for the Company's current vintage and
has included a crop reduction in order to improve the overall
fruit quality;

   * the Company will also seek to initiate sale and leaseback
arrangements of vineyard assets to provide both immediate
cashflow and reduce the debt burden. This will enable fruit
intake to be matched with actual growth as opposed to the
existing requirement to deal with any surplus fruit stocks;

   * the Company will seek to regionalize administration on a
day to day operational basis and continue to streamline
corporate overheads; and

   * the Company will retain the Alexandra Bridge winery, wine
label, stock and plant and equipment to facilitate the re-
establishment of the Alexandra Bridge brand to that of a super
premium producer in the Margaret River region.

The Board considers that the Company can retain to profitability
during the financial year ending 30 June 2001 by way of
completing a successful merger and/or acquisition and
successfully reposition itself to take advantage of current and
forecast rationalization occurring in the Australian wine
industry.

In the period leading up to the meeting held Friday, Mike
Calneggia has provided management consulting services and has
been instrumental in achieving product sales of $600,000 and
winery contracting revenue of approximately $320,000 for the
current vintage.

CAPITAL RAISING INITIATIVES

As part of the capital raising program, the Directors have,
following shareholder approval, resolved to allot 16 million
ordinary shares and 8 million attaching options (exercisable at
5 cents per share within 4 years of issue) raising $640,000. The
shares and options will be issued on or before 12 March 2002.

The Company will also be proceeding with a fully underwritten
three (3) for two (2) renounceable rights issue to shareholders
of up to approximately 125,128,920 shares at an issue price of
four (4) cents per share to raise up to approximately $5.0
million (Rights Issue). The Rights Issue is underwritten by
Paterson Ord Minnett Ltd. Further details on the Rights Issue
and the dispatch of a prospectus and entitlement form will be
provided and will occur shortly.

CHANGE OF NAME TO "AUSTRALIAN WINE HOLDINGS LIMITED"

The Company will shortly seek shareholder approval for the
Company to change its name to Australian Wine Holdings Limited,
to better reflect the Company's repositioning as a diverse wine
investment enterprise.

The repositioning reflects a departure from the previous
strategy of being a vineyard and asset rich entity.

NEW DIRECTORS

At Friday's meeting shareholders approved the appointments of
Mike Calneggia, Tony Taylor and David Riekie to the Board to
replace two existing Board members, Stanley Brown and Ronny
Tjahjono who resigned, effective from March 8, 2002.


PALADIN RESOURCES: Enters Fundraising Agreement With Chartpac
-------------------------------------------------------------
Paladin Resources Limited announced it has entered into a
fundraising arrangement with Chartpac Securities Limited
stockbrokers of Perth, Western Australia, which will enable the
Company to raise sufficient working capital in a staged manner
to support its planned project generation and uranium
development activities.

The Board resolved to raise approximately $580,000 using a
combination of placements and an entitlement issue on the
following basis:

1. A placement of approximately 10.55 million ordinary fully
paid shares at an issue price of 3.8 cents per share to raise
$400,000 through Chartpac Securities; and

2. An entitlement issue of approximately 32 million options to
shareholders on a 1:7 basis together with a placement of 30
million options (subject to shareholder approval) all at an
issue price of $0.003 (three tenths of a cent) cent per option
to raise approximately $180,000. The options will be exercisable
at 10 cents, with an expiry date of 21 January 2004 and will be
quoted on the ASX.

Chartpac Securities will underwrite the entitlement issue on
normal commercial terms.

Chartpac also has the right of first refusal in relation to any
underwriting of the exercise of these options at expiry.

The Board is currently assessing the opportunity of spinning off
its Ashburton tenement package into a separate company, with the
intention of floating this company on ASX. In the event of a
spin-off, the Board has resolved that Paladin's equity will be
distributed in specie to its shareholders, subject to all
necessary regulatory and shareholder approval and clarification
of any taxation implications. The new company will be managed
independently of Paladin with an experienced Managing Director
and Board.

Paladin has established a strong strategic tenement holding in
the emerging Ashburton gold province and has applied for 8
tenement applications covering 1326km2. Each property has both
geochemical and geophysical targets identified for immediate
investigation. The tenement applications cover prospective
ground within the prospective W-NW trending structural corridor
which includes the Mt Olympus and Waugh gold deposits. The
database shows grab, composite rock chip and shallow drilling
samples which returned geochemically anomalous values in gold,
silver, copper and significantly, enhanced arsenic and antimony
values. These offer immediate drill targets and the project
database overall provides strong opportunity to delineate
additional quality exploration targets.

The strategy of utilizing Paladin's extensive proprietary
database to create additional shareholder wealth has been
discussed previously in Company announcements and reports. The
Ashburton project has resulted from evaluating information the
Company holds within its database and it is the firm intention
of Paladin to continue to produce additional projects using this
valuable database resource.

The Company's dual strategy of:

* Developing its uranium assets, focusing initially on
Kayelekera Deposit in southern Africa (at a time when the
uranium market is undergoing a significant improvement); and

* Generating additional Au, Cu and PGM projects in Australia,
leveraging off its database, places the Company, the Directors
believe, in a sound position in the current improving stock
market conditions.

The Board's rationale for the option issue is that the potential
exercise of options will result in additional funding flowing to
the Company during the next 21 months assuming the Paladin share
price performs to expectations. The Board anticipates these
funds will be used principally for the development plans of the
Kayelekera Project and further evaluation of the database.

A shareholders' meeting to approve the option placement will be
called shortly. The timetable in relation to the entitlement
issue will also be announced once the prospectus has been lodged
with ASIC (expected within the next 2 weeks).


PASMINCO LIMITED: CBH Also Offers Tender Bid for Broken Hill
------------------------------------------------------------
Pasminco Ltd announced on 8th March 2002, that it would sell its
Broken Hill operations to Perilya Mines N.L. Consolidated Broken
Hill Ltd (CBH) also bid for the Pasminco Broken Hill mine.

The consideration for the purchase as announced by Pasminco was
A$90 million. This site adjoins CBHs Consolidated Mining Lease 7
(CML7), the strategic central 3.8 kilometers of the Broken Hill
orebody.

CBH will seek to implement an integrated development at Broken
Hill to achieve maximum value for the lodes within CML7.

The Company continues to strengthen its position at Broken Hill
with evaluation of unmined and partially mined orebodies in
CML7. Diamond drilling is currently being undertaken in the
Browne Shaft-Marsh Shaft area in the northern part of the title
to test for shallow depth unmined zinc-and lead-lodes.

Hole BMDD2000 intersected the unmined No 2 lens comprising 2.3
meters at 15.2 percent Zn, 11.1 percent Pb and 436 g/t Ag within
which a 0.9 meter interval contained 27.9 percent Zn, 20.5
percent Pb and 800g/t Ag and intersected No 3 lens comprising
5.0 meters of 11.6 percent Zn, 16.2 percent Pb and 267 g/t Ag.

Drilling of BMDD2000 ceased in old working where there was
substantial core loss. However recovered tailings used to fill
the workings assayed 4.9 percent Zn, 3.4 percent Pb and 82 g/t
Ag. The total sulphide zone intersection in BMDD2000 of No 2
lens, waste rock and No 3 lens was 12.9 meters of 6.3 percent
Zn, 7.2 percent Pb and 156.6 g/t Ag.

Drilling of hole BMDD2001 to the south of BMDD2000 ceased in
stopes in the No 3 lens and drilling of BMDD2002 between
BMDD2000 and BMDD2001 continues.

In the southern part of CML7, diamond drilling in May 2001
intersected B Lode comprising 4.3 meters of 23.1 percent Zn, 9.2
percent Pb and 107 g/t Ag and C Lode comprising 4.1 meters of
10.7 percent Zn, 1.7 percent Pb and 21 g/t Ag in hole ZLDD5001.
This drilling established that unmined high-grade zinc-rich ore
lenses remain on the western margin of the partially mined lead
lodes.

An electrical geophysical study conducted by Mitre Geophysics in
February 2002 has shown conductors immediately above the B Lode
and C Lode intersections in ZLDD5001 and ZLDD5002A and indicates
a thickening of the ore in fold hinges at shallow depth.
Pasminco Ltd has mined such fold structures in the adjacent
lease.


WAIVCOM WORLDWIDE: Posts PwC's Letter Re Listed Shell Sale
----------------------------------------------------------
Waivcom Worldwide Limited posted N Brooke, Company's Deed
Administrator, of PricewaterhouseCoopers:

LETTER FROM PRICEWATERHOUSECOOPERS

Further to my advice on 6 February 2002, I regret to advise that
the Deed Administrators and Verona Capital Pty Ltd (Verona) have
been unable to achieve completion of all the preconditions
pursuant to the Heads of Agreement executed 3 August 2001.

The final matter to be resolved was the assignment of debt to
Verona by certain creditors of Waivcom. The negotiations between
Verona and these creditors continued after the last extended
completion date of 13 February 2002 but on March 7, 2002 the
parties advised they were unable to reach agreement on the terms
of this assignment.

The Deed Administrators will now contact the original
unsuccessful bidders for the shell and other parties who have
since expressed an interest to invite offers for the shell. I
have no reason to believe the shell cannot be sold to another
party as we have received a number of recent enquiries.

I shall provide an update on the progress of obtaining an
alternative buyer for the shell by Thursday 28 March 2002 at the
latest.


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


FAITHFUL ENTERPRISES: Winding Up Petition to be Heard
-----------------------------------------------------
The petition to wind up Faithful Enterprises Limited is set for
hearing before the High Court of Hong Kong on April 24, 2002 at
9:30 am.  The petition was filed with the court on January 28,
2002 by J.S.C. Leather Company Limited whose registered office
is situate at 287 Mu 2 Sol Nakdee School, Putaraksa Road, T.
Praeksa, Muang, Samutprakarn 10280, Thailand.


HEIDI CARGO: Hearing of Winding Up Petition Set
-----------------------------------------------
The petition to wind up Heidi Cargo Management Company Limited
will be heard before the High Court of Hong Kong on March 27,
2002 at 9:30 am.  The petition was filed with the court on
January 7, 2002 by Lee Kwok Hung of Room A1407, King On House,
Shan King Estate, Tuen Mun, New Territories, Hong Kong.


KONG KIAN: Petition to Wind Up Pending
--------------------------------------
The petition to wind up Kong Kian Construction Limited is set
for hearing before the High Court of Hong Kong on April 17, 2002
at 9:3 am.  The petition was filed with the court on January 18,
2002 by Li Shing Kwan of Flat G, 3rd Floor, Block 4, Hanford
Garden, Tuen Mun, New Territories, Hong Kong.


ORIENTAL LAND: Winding Up Petition Slated for Hearing
-----------------------------------------------------
The petition to wind up Oriental Land Company Limited is
scheduled to 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 14, 2002 by
Bank of China (Hong Kong) Limited (the successor corporation to
The China State 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.


SEAPOWER RESOURCES: Liquidators Enter Sale, Purchase Agreement
--------------------------------------------------------------
The Directors and the Provisional Liquidators of Seapower
Resources International Limited announced that the Provisional
Liquidators in their powers as Officers of the Court, have
entered into these sale and purchase agreements between 8
February 2002 and 28 February 2002:

   a)  a sale and purchase agreement was entered on 8
February 2002 for the disposal of certain assets, including
plant and machinery and trade receivables, of Yiu Fai to Billion
Square for a total cash consideration of approximately HK$12.8
million. The disposal of the assets was completed on 18 February
2002.

   b)  three sale and purchase agreements were entered on
28 February 2002 for the disposal of certain assets, including
plant and machinery and trade receivables, of Yiu Fung, Seapower
Cold Storage and Seapower Logistics to Brilliant Cold Storage,
for a total cash consideration of approximately HK$23.24
million, of which HK$8.65 million is the consideration for Yiu
Fung's assets, HK$11.17 million is for Seapower Cold Storage's
assets and the balance of HK$3.42 million is for Seapower
Logistics' assets which are primarily vehicles, plant and
equipment located at Kwai Chung Town Lot No.360 and 95% of the
face value of trade receivables. The transactions involving
these three companies were completed on 4 March 2002.

Upon disposal of the assets of Yiu Fai, Yiu Fung and Seapower
Cold Storage, the cold storage and warehousing businesses of the
Company in Hong Kong will cease but such disposal will not
affect other business operations of the Group including the
operation of the cold storage warehousing businesses in
Australia. Further notwithstanding that the logistics management
business of the Company carried out by Seapower Logistics will
cease upon the disposal of the assets of Seapower Logistics, the
Company will continue to provide logistics management services
in Hong Kong, through its wholly owned subsidiary iPower
Warehousing Management System Limited, and all over the world
including the PRC.

Although the assets disposal constitutes a notifiable
transaction under the Listing Rules, they are involuntary
transactions not within the Company's control and therefore
subject to the disclosure requirements in paragraph 2 of the
Listing Agreement.

On 25 February 2002, the High Court of Hong Kong, SAR (Court)
ordered the hearing of the winding-up petition of the Company be
adjourned until 22 April 2002 and the hearing of winding-up
petition of Yiu Fung, Yiu Fai and Seapower Cold Storage be
adjourned until 27 March 2002. The Court also ordered that South
East Asia Overseas Finance Limited be wound up.

The principal businesses of the Group are the provision of
logistics management services and the operation of warehousing
and cold storage businesses. Besides the cold storage and
warehousing business at 2 cold storage warehouses in Australia,
the Group is engaged in the provision of logistics management
services and operating warehousing management system and other
real properties in PRC and Indonesia. The Group continues to
maintain 160 cold storage and logistics alliances all over the
world, with 48 alliances located in PRC. The Directors are of
the view that the Group has sufficient operations and tangible
assets of sufficient value to warrant the continued listing of
the shares of the Company on the Stock Exchange pursuant to
paragraph 38 of the Listing Agreement.

Trading in the securities of the Company has been suspended
since 2:30 p.m. on 28 December 2001 and will remain suspended
until further notice.


TOP FORM: Books Net Deficit of HK$31,357,000
--------------------------------------------
The Board of Directors (the "Board") of Top Form International
Limited (the "Company") noted the recent increases in the
price and the trading volume of the shares of the Company and is
not aware of any reason of the increases.

The Board also stated that save as disclosed in the recent
announcements in relation to the General Offer and the Very
Substantial Acquisition of machineries by Elastex, the Board
confirmed that there are no negotiations or agreements relating
to the 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. Furthermore, the
Board confirmed that up to the date of this announcement, there
has been no directors' dealing in the shares of the Company.

At the request of the Stock Exchange and in view of the recent
increase in price and trade volume, the Board advised that based
on the latest published and audited consolidated balance sheet
of the Company and its subsidiaries (the "Group") as at 30th
June 2001, the Group had a net deficit of approximately
HK$31,357,000 or a net deficit per share of approximately
HK$0.043 based on 735,608,744 shares in issue as at that date.
The Board wishes to advise that save for the above-mentioned
General Offer and Very Substantial Acquisition, the Board is not
aware of any discloseable transaction which is or may be of
price-sensitive nature.


WAH LEE: Narrows 2001 Operations Net Loss to HK$9,302
-----------------------------------------------------
Wah Lee Resources Holdings Limited announced on 8/3/2002:
(stock code: 1215)
Year end date: 30/6/2002
Currency: HKD                                      (Unaudited)
                                  (Unaudited)      Last
                                  Current          Corresponding
                                  Period           Period
                                  from 1/7/2001    from 1/7/2000
                                  to 31/12/2001    to 31/12/2000
                                  ('000)           ('000)
Turnover                        : 17,630           2,912
Profit/(Loss) from Operations   : (9,302)          (68,841)
Finance cost                    : -                (1,413)
Share of Profit/(Loss) of Associates     : -                -
Share of Profit/(Loss) of
  Jointly Controlled Entities      : -                -
Profit/(Loss) after Tax & MI       : 129,595          (60,456)
% Change over Last Period          : N/A
EPS/(LPS)-Basic                    : 2.35 cents       (2.63
cents)
         -Diluted                  : 1.73 cents       -
Extraordinary (ETD) Gain/(Loss)    : -                -
Profit/(Loss) after ETD Items      : 129,595          (60,456)
Interim Dividend per Share         : Nil              Nil
(Specify if with other options)    : -                -
B/C Dates for Interim Dividend     : -
Payable Date                       : -
B/C Dates for (-) General Meeting  : -
Other Distribution for Current Period    : -
B/C Dates for Other Distribution         : -

Remark:

The calculation of the basic earnings per share is based on the
following data:
                                    Six months ended
                                  2001            2000
                                  HK$'000         HK$'000
Earnings (loss) for the purposes
  of basic and diluted
  earnings per share            129,595         (60,456)
                                _______         _______

                                Number          Number
                                of shares       of shares
                                '000            '000
Weighted average number of
  ordinary shares for the
  purpose of basic earnings
  per share                     5,519,440       2,297,852
Effect of dilutive warrants     1,972,826       N/A
                                ---------------------------
Weighted average number of
  ordinary shares for the
  purpose of diluted earnings
  per share                     7,492,266       N/A
                                _________       _________

For the six months ended 31 December 2000, no diluted loss per
share was disclosed as, in the absence of books and records in
respect of the potential ordinary shares, the Directors were
unable to calculate the effect of diluted potential ordinary
shares.

The weighted average number of ordinary shares for the purposes
of basic and diluted earnings per share has been adjusted for
the share consolidation on 27 October 2000.


WAH NAM: Winding Up Petition Hearing Set
----------------------------------------
The petition to wind up Wah Nam Development Company Limited is
scheduled for hearing before the High Court of Hong Kong on
March 27, 2002 at 9:30 am.

The petition was filed with the court on January 4, 2002 by Bank
of China (Hong Kong) Limited (the successor corporation to Bank
of China, Hong Kong Branch 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.


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


BANK CENTRAL: BI Refuses Joint Team Participation
-------------------------------------------------
Bank Indonesia (BI) declined to be included in the independent
joint team to determine winner bid of 50 percent government
stake at PT Bank Central Asia Tbk, Bisnis Indonesia reports,
quoting BI Governor Syahril Sabirin.

"I have met with Pak Laksmana, Minister of State Enterprises, to
convey BI is not right to be in the team. He agreed with me,"
Syahril said that BI building on Saturday, stressing that the
institution is not suitable to decide winner of the public bank
stake tender.

Separately, Minister Sukardi said he did not mind the opinion.
"I have also said to him that BI was involved in conducting fit
& proper test. I am just worried a conflict of interest will
emerge. Moreover, the team is [participating] on my invitations
to independently give input, as [the] final decision is in my
hand."

Syahril unveiled in the BCA tender process, BI has involved in
assessing each candidate thereby it is not quite appropriate for
BI to take part in the winner decision.

"BI is only involved in the selection. It is not suitable in the
team, as BI constitutes a banking supervisor. Thus, in such
process BI will not take part."

Meanwhile, thousands of PT Bank Central Asia workers are staging
a protest at the Indonesian Bank Restructuring Agency (IBRA)
offices to show their opposition to the planned sale of a 51
percent government stake in the Company.

BCA workers union spokesman, Dilal Idris, said at least 6,000
employees from the greater Jakarta area are participating in the
protest, causing the temporary suspension of operations at most
BCA branches in the area.


WICAKSANA OVERSEAS: Files Suit Over Breach of Contract
------------------------------------------------------
PT Wicaksana Overseas International (WICO) has filed a civil
suit against PT Bintang Toedjoe (BT) at the East Jakarta
district court, AsiaPulse reports, citing WICO President
Bachtiar Yusuf.

In a statement to the Jakarta Stock Exchange (JSX), the charge
is a breach of agreement on the distribution of beverage product
Extra Joss.  PT Bintang Toejoe, the producer of Extra Joss has
unilaterally terminated an agreement on sole agency given to
WICO for the popular product of tonic beverage.

Yusuf said that the Court is expected to open its first session
on the suit on March 14.

According to Wrights Investors' Service, the Company has paid no
dividends during the last 12 months. It also reported losses
during the previous 12 months. At the end of 2000, PT Wicaksana
Overseas International had negative working capital, as current
liabilities were Rp417.50 billion while total current assets
were only Rp334.76 billion.


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


CHUBU BANK: Insolvency Will Lead To Acquisition By Bridge Bank
--------------------------------------------------------------
Ailing Chubu Bank on Friday filed insolvency proceedings with
the Financial Services Agency (FSA) under the Deposit Insurance
Law, Kyodo News and Xinhua News Agency report. The Company gave
up efforts to rehabilitate on its own after plans to bolster its
capital showed no progress.

If insolvency proceedings are approved, a bridge bank to be set
up by the FSA later in March will likely acquire assets and
deposits of the second-tier regional bank. All deposits and
obligations of Chubu Bank will then be secured.


FUJITSU LTD: Starts Shipping New Supercomputers By Year End
-----------------------------------------------------------
Reaffirming its commitment to providing the world's highest-
performance computing systems, Fujitsu Limited announced on
March 8 that it would focus its supercomputer development
efforts on systems utilizing massively parallel scalar
architecture.

In addition, the Company revealed that it would begin shipping
by the end of the year a new supercomputer comprising up to 128
scalar processors per node*1 in configurations up to 128 nodes
for a maximum performance of 65 teraflops*2 or more - the
world's fastest. Technology highlights of the new supercomputers
include:

- High performance CPUs operating at more than 1 GHz

- Parallel simultaneous calculation execution (up to four
instructions simultaneously)

- World-leading 128-CPU symmetric multiprocessing technology*3

- Interconnect using parallel optical technology for world's
fastest transfer speed (massively parallel systems with 128
nodes, 16,384 CPUs)

The Company is pursuing further improvements with the aim of
delivering supercomputers boasting performance of 100 teraflops
or more in 2003 and 150 teraflops or more in 2004.

Fujitsu has been developing and offering vector-type
supercomputers since 1976. Since then the Company has sold over
450 supercomputer systems worldwide, making Fujitsu the top
supercomputer manufacturer in Japan and second worldwide in
number of systems sold. Leveraging this wealth of experience and
integrating superior technology in high-performance scalar
processors and ultra fast interconnects, Fujitsu will focus its
efforts on massively parallel architecture to offer systems
exceeding the performance of vector-based systems.

Fujitsu's new scalar systems will employ the Solaris operating
system, enabling customers to take advantage of abundant
applications available in the market. Also, to assist customers
currently using vector systems to make a smooth transition to
the massively parallel scalar models, Fujitsu will offer
compilers, operation management functions and a full range of
support services.

Supercomputers typically showcase the latest technology in the
IT industry, and they are used to power cutting-edge research in
such areas as nanotechnology, biotechnology, new product
development through CAE, long-range weather forecasting, and
environmental protection, as well as contribute to advances in
manufacturing. In the current business environment, the market
expects performance improvements in excess of 50 percent per
year.

In light of the important role supercomputers have to play in
contributing to the economy, industry and society in the 21st
century, Fujitsu is placing great importance on continuing to
strengthen the global competitiveness of its supercomputer
business and consolidate its leadership in the field.

Glossary

*1 Node:

A computing unit employing a single shared memory space.

*2 Teraflops:

One trillion floating-point operations per second.

*3 Symmetric Multiprocessing (SMP):

A multiprocessing technique that allows many CPUs to share one
memory space and behave like a single processor. Operates many
CPUs in parallel.

*All Company/product names mentioned may be trademarks or
registered trademarks of their respective holders and are used
for identification purpose only.

About Fujitsu Limited

Fujitsu (TSE: 6702) (US:FJTSY) is a leading provider of
Internet-focused information technology solutions for the global
marketplace. Its pace-setting technologies, best-in-class
computing and telecommunications platforms, and worldwide corps
of systems and services experts make it uniquely positioned to
unleash the infinite possibilities of the Internet to help its
customers succeed. Headquartered in Tokyo, Fujitsu Limited
reported consolidated revenues of 5.48 trillion yen for the
fiscal year ended March 31, 2001.

TCR-AP reported on Monday that Fujitsu Ltd would undertake a
reform of its corporate governance structure, including the
streamlining of the Board, and the introduction of Corporate
Executive Officers and a new business group organization. The
Company will cut 4,000 jobs next year in its aim to return to
profitability. Fujitsu Senior Executive VP Takshi Takaya said
that the chipmaker is planning to close some factories and offer
incentives for workers to quit their jobs. The Company expects
to post Y$2.9 billion loss in the year ending March 31.


HITACHI LTD: Introduces New Pension Plan
----------------------------------------
Hitachi Ltd aims to introduce a new fixed benefit pension plan
in April, encouraging workers to shift from the existing
employees' pension fund plan by fall 2003, Kyodo News said
Saturday. It is the first time that a Company in Japan adopted
the fixed benefit scheme, whose legal framework was enacted in
2001 to allow it to go into effect next month.

TCR-AP reported in late February that Hitachi will likely post a
group net loss of more than Y300 billion in the year to March
due to factors such as weakness in its semiconductor business.
It would likely see a group operating loss of nearly Y100B.


ICHIDA & CO: Kimono Maker Receives Y9.2B Debt Waiver
----------------------------------------------------
Troubled kimono maker Ichida & Co receives a debt waiver worth
Y9.2 billion from the Bank of Tokyo-Mitsubishi and nine other
creditor financial institutions for its rehabilitation scheme,
Kyodo News reported Saturday. The move calls for the Company to
slash its full-time employees to 250 from the current 350 over
the next five years.

Ichida Co., Ltd. was founded in 1874 as a Kimono (Japanese
traditional clothing) wholesaler and incorporated in 1918. The
Company deals in western clothing, textiles, bedding and
jewelry. Western clothing accounted for 48 percent of fiscal
1999 revenues; kimonos and accessories, 42 percent; jewelry, 7
percent; real estate operations, 3 percent and other including
advertising and insurance agencies, nominal. The Company has
fourteen consolidated subsidiaries, eleven in Japan, two in
China and one in Hong Kong.

Company Address: 7-2, Nihonbashi-Horidomecho 2-Chome, Chuo-Ku
Tokyo 103-8558, Japan


MITSUI MUTUAL: Cutting Staff Salaries by 15%
--------------------------------------------
Mitsui Mutual Life Insurance Co will slash the annual wages of
their workers by an average of 15 percent, excluding insurance
sales agents, to lessen costs by Y35.5 billion by the end of
March 2003, Kyodo News reported Saturday. The Company will also
cut salaries of its executives by 5 percent. Under the new
payment scheme, salaries of the President will be trimmed by 55
percent, while those of board members will be cut by 31 percent.

TCR-AP reported last month that Standard & Poor's Corp (S&P)
affirmed its BB-minus insurer financial strength and long-term
counter party credit ratings on Mitsui Mutual Life Insurance Co.
after an injection of Y100 billion into Mitsui Mutual Life's
"kikin" funding, a type of subordinated debt unique to Japanese
mutual life insurers, which will take place in March as
scheduled.


OJI PAPER: Closes Printing Paper, Specialty Paper Facilities
------------------------------------------------------------
A Company press release revealed on February 12, 2002 that Oji
Paper, in reference to the challenging business environment
brought on by the extended recession in the Japanese economy,
the Company has investigated ways to increase productivity
further and strengthen its business base by suspending certain
production facilities. The Company has now announced it will
implement these measures in the fields of printing paper and
specialty papers.

1. Printing Paper Production Facility Shut Down

The Company will shut down the following two-papermaking
machines, the productivity of which has decreased due to their
overall deterioration.

(1) Shut down of Kasugai Mill No. 3 papermaking machine

The Kasugai Mill No. 3 papermaking machine is primarily used to
produce woodfree paper, PPC (plain paper copier) paper, and
printing paper for books, but it will be shut down as of
February 2003.

Consequently, production of the papers produced by this machine
will basically be transferred to other papermaking machines at
the same mill.

(2) Shut down of Nichinan Mill No. 6 papermaking machine

The Nichinan Mill No. 6 papermaking machine is primarily used to
produce wood free paper, writing & drawing paper, and specialty
printing papers, but it will be shut down as of February 2003.

Consequently, production of the papers produced by this machine
will basically be transferred to other papermaking machines at
the same mill.

2. Specialty Paper Production Facility Shut Down

Due to significantly reduced demand for papers used as materials
for electronic parts, the main product of the Specialty Paper
Company Iwabuchi Mill No. 2 papermaking machine, it has become
too difficult to continue operating that papermaking machine. It
will be shut down as of September 2003.

Consequently, production of the papers produced by this machine
will be halted.

TCR-AP reported earlier last month that Oji Paper Co Ltd
suffered a net loss of Y21 billion for the year to March 2002,
having previously forecast a net profit of Y6.5 billion for the
year. The downgrade of its net earnings forecast reflects an
extraordinary loss of Y30 billion during the year, due to the
fall in the value of stocks held by the firm.


TOYO SHUTTER: Seeking Y12.6B Financial Aid From Banks
-----------------------------------------------------
Toyo Shutter Co will ask its main banks namely Dai-Ichi Kangyo
Bank (DKB) and Sumitomo Mitsui Banking Corp for Y12.46 billion
in financial aid as part of its new restructuring scheme, Kyodo
News said Friday. The Company will ask the banks to forgive
Y11.6 billion in debt, and to exchange Y1 billion of debt for
stock under a debt-for-equity swap agreement.

The Company's principal activity is the manufacture of heavy and
light-duty shutters. Operations are carried out through the
following divisions: heavyweight shutters accounted for 51
percent of fiscal 2000 revenues; building materials/hardware, 28
percent; lightweight shutter, 15 percent and other, 6 percent.


YAMATO MUTUAL: S&P Lowers Rating To 'B'; Outlook Negative
---------------------------------------------------------
Standard & Poor's on Friday had lowered its ratings on Yamato
Mutual Life Insurance Co. to single-'B' from double-'B'-minus
with a negative outlook, due to the insurer's overall weak
creditworthiness. The ratings were removed from CreditWatch
where they had been placed on Nov. 19, 2001.

The Company will merge with Azami Life Insurance Co. on April 1,
2002, pending approval from the Financial Services Agency. The
new entity will be renamed Yamato Life Insurance Co.

Japan-based Yamato Mutual's weak creditworthiness stems from its
still marginal market position, weak capitalization, increased
risk in its investment portfolio, and expected lackluster
operating performance over the medium term.

"High surrenders and low investment income have substantially
constrained the operating performance of Yamato Mutual to
date," said Tatsuo Kurogi, a credit analyst with Standard &
Poor's Tokyo. The merged Company is also expected to have a weak
operating performance over the medium term due to expected high
surrenders and sluggish new business.

Following the merger, the new Company will still be constrained
by its marginal market position. Lacking a strong niche market,
the insurer's market position will continue to be vulnerable to
the severe business environment for domestic life insurance
sales.


* Moody's Places Six Insurance Firms For Possible Downgrade
-----------------------------------------------------------
Moody's Investors Service on Friday placed the insurance
financial strength ratings of six P&C insurance and reinsurance
companies on review for possible downgrade. The companies
affected are: Tokio Marine, Nichido Fire, Mitsui Sumitomo
Insurance, Nipponkoa Insurance, Nissay Dowa General Insurance
and Toa Re. This review will include a continuation of two
reviews already underway, of Yasuda Fire and of Aioi Insurance.

The reviews are prompted by the potential financial impact on
these insurers from the continuing deterioration in the macro-
economic environment of Japan, as reflected in declining output
and deflationary pressures. Moody's cites the growing risks
associated with the erosion of capital positions of these
companies in recent past and the challenges they face with
ongoing deregulations and merger integrations. Moody's believes
that the financial pressure on the P&C insurers will build,
particularly on their asset side of the balance sheet.
Nonetheless, the agency noted that the financial conditions and
performance of the P&C insurers continue to be comparatively
strong and stable, as reflected in their higher absolute levels
of ratings.

Moody's stated that the reviews will evaluate the potential
impact of the weak macro environment as it relates to the
sustainability of the insurers' performance and capital
positions, and the resources which these companies could draw
upon to mitigate the increasing challenges.

The following ratings are affected:

The Tokio Marine and Fire Insurance Co., Ltd. (Tokio Marine) -
Aa1 insurance financial strength rating placed under review for
possible downgrade

The Nichido Fire and Marine Insurance Co., Ltd. (Nichido Fire) -
Aa2 insurance financial strength rating placed under review for
possible downgrade

Mitsui Sumitomo Insurance Co., Ltd. (Mitsui Sumitomo Insurance)
- Aa2 insurance financial strength rating placed under review
for possible downgrade

The CP rating (P-1) and short-term insurance financial strength
rating (P-1) of Mitsui Sumitomo Insurance are excluded from the
review

Nipponkoa Insurance Co., Ltd. (Nipponkoa Insurance) - A1
insurance financial strength rating placed under review for
possible downgrade

Nissay Dowa General Insurance Co., Ltd. (Nissay Dowa General) -
A2 insurance financial strength rating placed under review for
possible downgrade

The Toa Re Insurance Company, Limited (Toa Re) - A1 insurance
financial strength rating placed under review for possible
downgrade

The following ratings remain on review for possible downgrade:

The Yasuda Fire and Marine Insurance Co., Ltd. (Yasuda Fire) -
Aa2 insurance financial strength rating

Aioi Insurance Co., Ltd. - A1 insurance financial strength
rating

The following ratings were unaffected:

The Nissan Fire and Marine Insurance Company, Ltd. (Nissan Fire)
- A2 insurance financial strength rating with developing outlook

The Fuji Fire and Marine Insurance Company, Ltd. (Fuji Fire) -
Ba1 insurance financial strength rating with negative outlook


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


DAEWOO ELECTRONICS: Buyers' Bids Unacceptable, Creditors Say
-------------------------------------------------------------
Creditors of electronics maker Daewoo Electronics Co. (DEC)
stressed that the three prospective buyers' bids for the Company
are hard to accept, Korea Herald reported on Saturday. The names
of the prospective buyers were not disclosed in the report.

In 2001, the creditors decided to split DEC into a core-business
division and a non-core sector, keeping only the core unit
afloat. They aim to sell the core sector to a potential buyer or
push for its independent survival.


DAEWOO MOTOR: Selling Bus Division This Month
---------------------------------------------
The bus division of Daewoo Motor Co. is likely to be sold to a
domestic sporting cap-maker within this month, a creditor bank
official said yesterday, Korea Herald reported Saturday, citing
an unnamed creditor bank official. Picking Young An Hat as the
priority negotiation partner, the creditors are in discussion
with the world's largest maker of sporting caps.

With a yearly capacity of 6,000 units, Daewoo Motor's bus plant
in Busan holds 40 percent share of the domestic bus market. The
creditors have been in talks with the two prospective buyers on
the sale of Daewoo Motor's bus factories in Busan and its
Chinese plant. Daewoo Motor has been under a debt workout
program since its parent Daewoo Group collapsed in mid 2000.


HYNIX SEMICON: Creditors Leave For US to Join Micron Talks
----------------------------------------------------------
Senior officials of Hynix Semiconductor Inc's creditor banks
namely Hanvit Bank President Leeteok-Hoon and Korea Exchange
Bank's (KEB) Deputy President Leeyoun-Soo left for the US on
March 9 to join talks with Micron Technology Inc over terms of a
possible takeover of the chipmaker, AFX News said Sunday, citing
KEB and Hanvit Bank officials.

According to local newspapers Hynix and Micron may conclude
their talks by the end of this week.

Hyundai Semiconductor's 8.265 percent bond due in 2007
(HYUS07KRA1) trades between 61 and 65. For real-time bond
pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=HYUS07KRA1


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


BERJUNTAI TIN: KLSE OKs Financial Regularization Plan Revision
--------------------------------------------------------------
The Board of Directors of Berjuntai Tin Dredging Berhad (BTD),
further to the announcement dated 28 February 2002 in regards to
its Proposed Restructuring Scheme, announced that the Kuala
Lumpur Stock Exchange (KLSE) has, via its letter dated 7 March
2002, granted an extension of two (2) months from 1 March 2002
to 30 April 2002 to revise its regularization plan and to make a
revised requisite announcement to the KLSE.

Profile

The Company (BTD) began as a tin mining company in Selangor. Due
to poor tin market conditions, it ceased all tin operations from
December 1993. BTD retained two dredges and kept them under care
and maintenance while the remaining units were sold. Meanwhile
BTD continued with its cement bricks manufacturing business. As
a result of the downturn in the property market, in October
1997, BTD suspended its bricks operations.

Currently, BTD is awaiting approval of its applications for
renewal of its mining leases and is continuing discussion with
the state government on the proposal to develop its mining land
into a mixed residential and commercial property. Besides this
proposal, the Board is seeking new business opportunities.

The Company had proposed restructuring the financial position of
the Group. This involved the acquisition of property development
companies, Uniphoenix Jaya Sdn Bhd, Bukit Permata Sdn Bhd and
Oaksvilla Sdn Bhd; land in Bandar Sri Menjalara, Selangor, and
Mt Austin, Johor; and conversion of RM18.10m debts owed by BTD
to holding company Malaysia Mining Corporation. The proposal was
part of BTDs intention to be involved in property development.

On 26 November 2001, the SC informed it is unable to grant a
waiver to the Company for not complying with the minimum land-
bank requirement for property development companies of 1,000
acres. Consequently, the Board is deliberating on the course of
action to be taken.


CSM CORPORATION: Gets KLSE's Nods on Two-Month RA Extension
-----------------------------------------------------------
On behalf of the Board of Directors of CSM Corporation Berhad
(CSM or the Company), Arab-Malaysian Merchant Bank Berhad
announced that the Company had received the approval from the
KLSE, via its letter dated 7 March 2002, for a further extension
of time of 2 months from 1 March 2002 to 30 April 2002 to make
the Requisite Announcement (RA).

However, the KLSE, in the same letter, rejected CSM's
application for a waiver from the imposition of trade
restriction on the Company's securities.


EMICO HOLDINGS: Obtains Cut-Off Date Extension From Lenders
-----------------------------------------------------------
The Board of Directors of Emico Holdings Berhad announced that
on 8 February 2002, Arthur Andersen Corporate Advisory Sdn Bhd
had on their behalf obtained written consents from the Majority
Lenders as defined in the Debt Restructuring Agreement (DRA)
dated 8 August 2001 (DRA) being eight (8) of the eleven (11)
lenders representing 75.77 percent of the total Existing
Indebtedness (as defined in the DRA) for the extension of time
of the Cut-Off Date (as defined in the DRA) for a further four
(4) months from 7 February 2002 to 6 June 2002.

Profile

Emico is an OEM manufacturer of plastic and wooden products for
IKEA stores worldwide. The Group also manufactures trophies,
gifts, emblems and souvenir items for the domestic and export
market, and manufactures and maintains lifts and escalators. In
addition, the Group is involved in property development. The
Group's factories are located in the Bayan Lepas Industrial
Estate, Penang.

Emico is currently finalizing agreements and approvals for a
proposed debt restructuring scheme with the majority of its
lenders.


KELANAMAS INDUSTRIES: Revises Proposed Restructuring Scheme
-----------------------------------------------------------
Arab-Malaysian Merchant Bank Berhad (Arab-Malaysian), on behalf
of the Board of Directors of Kelanamas Industries Berhad (KIB),
announced:

1. Plastronic Sdn Bhd (Plastronic) is principally involved in
the manufacturing of plastic moulded products, components,
articles and related products, instead of activities mentioned
in the original announcement.

2. The guaranteed adjusted net tangible assets of Plastronic as
at 30 November 2001 is RM6.5 million instead of RM8 million; and

3. Mr. Heng Ah Keng had acquired his shares in Tralvest (M) Sdn
Bhd on 12 November 2001, instead of 4 October 1994.

The revision to the effect of the Proposed Restructuring Scheme
on the NTA of MP Technology Berhad from the adjustment in item
(2) above is detailed in the table below:

NTA
  Proforma
NTA of MPTR   NTA per share
    RM'000          RM
Immediately prior to the Proposed Restructuring (a)  1.00
After Proposed Acquisition of KIB    (b)  (a)
After Proposed Acquisition of SBM    (b)  (a)
After Proposed Scheme of Arrangement   (b)  (a)
After Proposed Acquisition of New Business  36,547 0.21
After Proposed Special Issue     66,547 0.32
After Proposed Acquisition of MPR    70,136 0.33
After Proposed Acquisition of Plastronic   68,636 0.31
After Full Conversion of the ICULS and RCSLS  99,136 0.39
After Estimated Earnings     116,843 0.46

Notes:
a) Negligible.
b) The cost of issuing the 5.809 million and 69.381 million MPTR
Shares to the shareholders and creditors of KIB respectively is
deducted in arriving at the NTA of MPTR.
c) After deducting estimated expenses of the Proposed
Restructuring of RM2 million.


MAY PLASTICS: FIC Grants Proposed Rescue Scheme Extension
---------------------------------------------------------
The Board of Directors of May Plastics Industries Bhd, in
relation to its Proposed Rescue/Restructuring Scheme Comprising
Composite Schemes of Arrangement Pursuant to Section 176 of the
Companies Act 1965 and Various Related Proposals (Proposed
Rescue Scheme), informed that the Foreign Investment Committee
(FIC) had granted KSU Holdings Bhd an extension of time until 31
December 2002 to raise its Bumiputera equity to 30 percent.

Profile

May Plastics undertakes the manufacture of plastic parts and
sub-assembly of plastic parts for the electrical, electronics
and telecommunication industries, and plastic parts of auto
accessories and other injection-moulded plastic products.

Currently, the Board has resolved to undertake a rescue-cum-
restructuring scheme (RCRS), which will involve, among others,
the formation of a new company and a management buy-out of
certain of its subsidiaries. The SC's approvals were obtained on
23 June 2000 and 7 November 2000, MITI on 7 June 2000 and FIC on
30 May 2000. Subsequently, the approval from shareholders,
warrantholders and scheme creditors was received on 22 December
2000. The High Court later sanctioned the scheme on 26 February
2001.

Upon successful completion of the proposed RCRS, the new core
business of the Group will comprise property development, which
will center around Taman Kenanga in Sepang, a 335-acre self-
contained freehold township. This will be effected through the
delisting of May Plastics and admission of KSO Holdings Bhd to
the Second Board in its stead.


PSC INDUSTRIES: Unit Reaches Debt Settlement With Lenders
---------------------------------------------------------
PSC Industries Berhad (PSCI or the Company) announced that
Dominion Defense & Industries Sdn Bhd, a wholly owned subsidiary
of Penang Shipbuilding and Construction Sdn Bhd (PSC) has
reached agreement with one of its lenders towards settlement of
its banking facilities which includes a 20 percent waiver on the
accrued interest. PSC is a 100 percent owned subsidiary of PSCI.

The arrangement is expected to give rise to a savings of
approximately RM66,069.27 for the financial year ending 31
December 2002.

PSCI, on 31 January 2002, announced that it had reached
agreement with two of its other lenders towards settlement of
its banking facilities, which includes a debt waiver and savings
of RM684,947.49.


PERDANA INDUSTRI: SC OKs Proposed Debt Scheme Modifications
-----------------------------------------------------------
Arab-Malaysian Merchant Bank Berhad, on behalf of Perdana
Industri Holdings Berhad (PIHB or the Company), announced that
the Company, on 5 March 2002, obtained the approval from the
Securities Commission (SC) on the proposed modifications to
certain terms and conditions of the proposed debt and equity
restructuring scheme (Proposed Restructuring Scheme)

The proposed modifications have been approved as set out below:

   1. The par value of the ordinary shares of Wah Seong
Corporation Berhad (WSC) is revised from RM1.00 to RM0.50;

   2. The conversion price of Irredeemable Convertible Unsecured
Loan Stocks (ICULS) to be issued pursuant to the Proposed
Restructuring Scheme is revised from RM1.00 per new WSC ordinary
share of RM1.00 each to RM0.50 per new WSC ordinary share of
RM0.50 each. Therefore, the tendering of one ICULS of RM1.00
each for cancellation by each ICULS holder will be credited with
two new ordinary WSC shares of RM0.50 each;

   3. The capital reduction of PIHB is revised from RM0.90 of
the par value of every one(1) ordinary share of PIHB to RM0.92.
Therefore, upon consolidation of the reduced share capital, the
issued and paid-up share capital of PIHB of RM35,873,133 will be
reduced to RM2,869,851 comprising 2,869,851 ordinary shares of
RM1.00 each;

   4. The number of new WSC ordinary shares to be issued to the
existing shareholders of PIHB is revised from 3,587,313 ordinary
shares of RM1.00 each to 5,739,702 ordinary shares of RM0.50
each;

   5. The number of WSC shares to be issued to settle the scheme
debt has been revised from 58,779,000 new ordinary shares of
RM1.00 each in WSC to 118,275,280 ordinary shares of RM0.50
each;

   6. The number of WSC shares to be offered under the
restricted offer for sale is revised from 8,114,000 ordinary
shares of RM1.00 each in WSC to 41,436,892 ordinary shares of
RM0.50;

   7. The restricted public issue of 21,472,000 WSC shares as
earlier approved in the Proposed Restructuring Scheme will not
be implemented; and

   8. In the event that there is a shortfall in the public
spread, the vendors of PIHB proposed to offer for sale an
adequate number of WSC shares to meet the public spread
requirement.

The approvals of Foreign Investment Committee and Ministry of
International Trade and Industry for the proposed modifications
are still pending.


SENG HUP: SC, MITI Proposed Workout Scheme Approvals Pending
------------------------------------------------------------
Seng Hup Corporation Berhad (Seng Hup or the Company), in
reference to its Requisite Announcement made on 19 September
2001 on the Proposed Corporate and Debt Restructuring Scheme,
informed that submission has been made to the Securities
Commission (SC), Foreign Investment Committee (FIC) and Ministry
of International Trade and Industry (MITI) on 18 October 2001
while submission to the Bank Negara Malaysia (BNM) was made on
the 23 November 2001, 25 November 2001 and 15 January 2002
respectively.

FIC, via its letter dated 21 January 2002, stated that it has no
objection to the proposed corporate and debt restructuring
scheme. BNM, via its letter dated 22 January 2002, granted
permission to Natural Prestige Sdn Bhd to issue the irredeemable
convertible unsecured loan stock and the warrants to the foreign
creditors pursuant to the Proposal. However, approvals from the
SC and MITI have yet to be obtained.

The Kuala Lumpur Stock Exchange, via its letter dated 7 March
2002, approved a two-month extension from 18 February 2002 to 17
April 2002 to enable Seng Hup Seng Hup to obtain all the
necessary approvals from the regulatory authorities.


SENG HUP: Unit Serves Writ of Distress Over Rental Arrears
----------------------------------------------------------
Seng Hup Corporation Berhad (Special Administrators Appointed)
announced that it was informed on Friday that an Originating
Summons No. 142 of 2002/K, Writ of Distress No : 85 of 2002, has
been served to its subsidiary, Seng Hup Electric Co (S) Pte Ltd
(SHES) by Shaw Properties (1997) Pte Ltd (the Plaintiffs) on 4
March, 2002 for a sum of SGD$187,089.05.

The Registrar of the Subordinate Courts, Singapore has
distrained SHEC's movable property found on the premises known
as #02-01/15 Shaw Plaza-Twin Heights, 380 Balestier Road,
Singapore 329783, for the sum of SGD$187,089.05 being arrears of
the rent due to the Plaintiffs for the month of October 2001 in
the sum of SGD21,508.25 and a further four (4) months from
November 2001 to February 2002 at the monthly rental of
SGD$41,395.20 payable on the 1st day of each month pursuant to
the Lease Agreement between the Plaintiffs and SHES dated 3
January 2000 together with costs fixed at SGD$1,200.00 including
cost of execution and the prescribed fees and the expenses of
executing the Writ, according to the provisions of the Distress
Act, Chapter 84.

The Company will consult its solicitors on the next course of
action and shall make the necessary announcement in due course.


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


NATIONAL POWER: 2001 Outstanding Debt Reaches P309.55B
------------------------------------------------------
National Power Corp posted an outstanding debt of P309.55
billion at the end of last year, up about 6 percent from 2000,
the Philippine Star and AFX News reported, quoting Edgardo del
Fonso, head of Napocor's Power Sector Assets and Liabilities
Management Corp. Some P176.45 billion of the debt was owed to
multilateral financial institutions, the report said.

DebtTraders reports that National Power Corporation's 9.750
percent bond due in 2009 (NATP09PHN1) trades between 95.603 and
97.094. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=NATP09PHN1


PHILIPPINE LONG: No Deal Yet on Smart Stake Sale
------------------------------------------------
Philippine Long Distance Telephone Co said it has not yet
finalized plans for the sale of a stake in unit Smart
Communications Inc, AFX News reported Friday. PLDT was reacting
to a newspaper report that it will sell a 5 percent interest in
Smart to the American International Group in March.

TCR-AP reported Monday that according to Barclays Capital study,
Philippine Long Distance Telephone Co (PLDT) would need
refinancing for its US$1.62 billion maturing debt from 2002
until 2004 to avoid possible liquidity problems. Despite a
US$149 million refinancing deal with Germany's KfW, Barclays
said PLDT is not out of the refinancing trap yet.


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


CAPITALAND LIMITED: Posts Shareholder's Interest Notice
-------------------------------------------------------
Capitaland Limited posted a notice of changes in substantial
shareholder Temasek Holdings (Private) Ltd's interest:

Date of notice to Company: 08 Mar 2002
Date of change of interest: 05 Mar 2002
Name of registered holder: CDP : DBS Vickers Securities
Singapore Pte Ltd
Circumstance giving rise to the change: Open market purchase

Shares held in the name of registered holder
No. of shares of the change: 247,000
percent of issued share capital: 0.0098
Amount of consideration per share excluding brokerage, GST,
stamp duties, clearing fee: S$2.03
No. of shares held before change:
percent of issued share capital:
No. of shares held after change:
percent of issued share capital:

Holdings of Substantial Shareholder including direct and deemed
interest
                                     Deemed         Direct
No. of shares held before change:    1,590,721,271  0
percent of issued share capital:           63.19          0
No. of shares held after change:     1,590,968,271  0
percent of issued share capital:           63.2           0

Total shares: 1,590,968,271 0


CAPITALAND LIMITED: Changes SST TMK Holding Structure
-----------------------------------------------------
The Board of Directors of CapitaLand Limited (the Company)
announced on March 8 that there has been a change in the Company
holding structure of Shinjuku Square Tower Tokutei Mokuteki
Kaisha (SST TMK), the owner of 11 floors of Shinjuku Square
Tower in Tokyo, Japan (the Property).

The restructuring of the Company holding has been undertaken in
conjunction with a proposed bond issue to refinance investment
in the Property. Under this new arrangement, SST TMK is now held
by a new Singapore Company, Shinjuku Square Tower Investment Pte
Ltd (SSTI), which in turn is held by a Cayman Islands Company,
SST Holdings Inc (SSTH).

Before the restructuring, SST TMK's capital had been shared
equally by the Company's indirect wholly owned subsidiary,
CapitaLand Commercial Japan Pte Ltd (CCJ) and NTUC Income
Insurance Cooperative Limited (Income). In this regard, CCJ had
held 50 percent of the capital in SST TMK, comprising one
ordinary share of par value Y50, 000 each and 36,000 preference
shares of par value Y50, 000 each while Income had held the
remaining 50 percent of the capital in SST TMK.

The details of the restructuring of SST TMK were:

   a) Two issued ordinary shares in the capital of SST TMK were
transferred to SSTI, and a further 71,998 ordinary shares in the
capital of SST TMK were issued to SSTI.

   b) At the same time, SST TMK redeemed all of its issued
preference shares previously held by CCJ and Income. All of the
issued ordinary shares of SSTI are held by SSTH. CCJ and Income
each hold 36,000 preference shares of par value �100 each in
SSTI. All of the issued ordinary shares of SSTH are held for the
benefit of a charitable trust. CCJ and Income each hold 1
preference share of par value S$1 each in SSTH.

As a result of the restructuring, SSTI and SSTH have effectively
become associated companies of CapitaLand. SST TMK effectively
remains as a CapitaLand associated Company.


FHTK HOLDINGS: Issues 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: 07 Mar 2002
Date of change of interest: 05 Mar 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
percent of issued share capital: 0.01
Amount of consideration per share excluding brokerage, GST,
stamp duties, clearing fee: S$0.09
No. of shares held before change: 1,120,611
percent of issued share capital: 0.09
No. of shares held after change: 1,040,611
percent of issued share capital: 0.08

Holdings of Substantial Shareholder including direct and deemed
interest
                                    Deemed   Direct
No. of shares held before change:   0        193,465,959
percent of issued share capital:          0        15.72
No. of shares held after change:    0        193,385,959
percent of issued share capital:          0        15.71
Total shares:                       0        193,385,959

Oversea-Chinese Banking Corporation Limited direct interest
under registered holder UOB Kay Hian Private Limited is
190,725,972 (15.50 percent) and under registered holder Oversea-
Chinese Bank Nominees Private Limited is 1,040,611 (0.08
percent) and under registered holder Keppel Bank Nominees
Private Limited is 1,619,376 (0.13 percent). Total interest
after change is 15.71 percent.


TELEDATA SINGAPORE: Enters MOU W/ Creditors, Restructures Debt
--------------------------------------------------------------
Teledata (Singapore) Ltd announced on Thursday that it has
entered into a memorandum of understanding (the MOU) on 6 March
2002 with its creditor banks and bondholders to restructure its
outstanding debts comprising:

   1. S$30 million in principal amount of fixed rate bonds
maturing on 3 June 2002 (the Bonds); and

   2. Up to approximately S$15 million in short term bank
facilities (Bank Facilities) currently used for working capital
and bank guarantees.

The Directors of the Company believe that this proposed debt-
restructuring exercise would improve the Company's financial
position and significantly reduce the Company's debt commitments
to a sustainable level.

Principal Terms

The principal terms of the debt-restructuring proposal as set
out in the MOU include:

   1. Repayment of not less than S$10.5 million in cash to
holders of the Bonds from the proceeds received by the Company
from the disposal of certain non-core assets (Disposals).

   2. Effecting a reduction of the Company's issued and paid up
share capital by way of a capital reduction exercise in order to
reduce accumulated losses (the Capital Reduction)

   3. Undertaking a rights issue (the Rights Issue) to partially
repay holders of the Bonds.

   4. The remaining Bonds still outstanding, if any, and which
shall not exceed S$3 million, following repayment from proceeds
received from the Disposals and the Rights Issue will be
converted into a term loan of four years in duration (the
Residual Loan). The Bank Facilities as at the date of this
announcement shall be progressively paid down and reduced over a
period of four years and is expected to be fully repaid by 31
December 2005.

The restructured financing arrangements comprising, inter alia,
the Residual Loan and the Bank Facilities shall be guaranteed by
the Group and secured by a fixed and floating charge over all
the assets of the Company (other than identified cash deposits).

Approvals

The debt restructuring exercise and the transactions
contemplated therein are subject to these conditions being
approved and met:

   (a) the approval of the shareholders of the Company at an
extraordinary general meeting to be convened to :

     (i)   the Disposals;
     (ii)  the Capital Reduction by way of a special resolution;
           and
     (iii) the Rights Issue.

   (b) the approval of the High Court of Singapore for the
Capital Reduction;

   (c) the approval of the Singapore Exchange Securities Trading
Limited (where required) with respect to the transactions
contemplated in this exercise including the listing of the
Rights Shares to be issued pursuant to the Rights Issue; and

(d) any other relevant approvals.

Further announcements

Further details of the debt restructuring exercise, the
Disposals, the Capital Reduction and the Rights Issue (including
information on the use of proceeds from the Rights Issue and the
total principal amount of the Bonds to be repaid there from)
will be announced as and when such details have been finalized.

Under the terms of the MOU, the deadline for the completion of
all of the above transactions is 30 September 2002.


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

CMIC FINANCE: Taken Into Bankruptcy Process
-------------------------------------------
The Central Bankruptcy Court declared CMIC Finance and
Securities Plc. bankrupt and put it under absolute receivership
upon the request filed by the company's liquidator.

As of now, 55 of the 56 suspended companies under the
supervision of the Financial Sector Restructuring Authority
(FRA) have been declared bankrupt.

Mr. Kamol Juntima, the FRA's Chairman, said that during January
30 - February 28,2002 CMIC distributed Bt15,157.03 million from
the asset sales to its eligible creditors who had filed claims
with the FRA. Of this amount, Bt13,175.82 million or 86.93
percent were paid to the Financial Institutions Development Fund
(FIDF).

CMIC Finance and Securities Plc. was ordered to suspend
operations by the Ministry of Finance on June 26,1997 and was
liquidated under the FRA's administration by virtue of Section
30 of the Emergency Decree on Financial Sector Restructuring
after its rehabilitation plan was not approved by the FRA Board.

As of December 31, 2001 (prior to making distributions to
creditors), the company had Bt19,704.26 million of remaining
assets and Bt61,915.44 million of outstanding debts. However,
all of CMIC's creditors have to file claims with the Official
Receiver to receive additional payments for their outstanding
debts within 2 months after the receiving orders are publicized.

Mr.Kamol said that, under the FRA's distribution scheme, the
creditors of 55 finance companies have so far received payments
totaling Bt184,411.63 million. Of this amount, Bt171,881.41
million or 93.21 percent were paid to the FIDF. Meanwhile,
Finance One Plc., the last remaining finance company under the
FRA's administration, is making repayments to creditors and will
be brought into the bankruptcy process shortly.


G. R. M COMPANY: Business Reorganization Petition Filed
-------------------------------------------------------
Real estate leaser G. R. M Company Limited (DEBTOR)'s Petition
for Business Reorganization was filed in the Central Bankruptcy
Court:

   Black Case Number 745/2544

   Red Case Number 697/2544

Petitioner: G.R.M. COMPANY LIMITED BY MR. CHAIYUT PIRUNTAOVERN
AS THE AUTHORITY

Planner: G. R. M COMPANY LIMITED

Debts Owed to the Petitioning Creditor: Bt64,847,647.35

Date of Court Acceptance of the Petition: August 2, 2001

Date of Examining the Petition: August 27, 2001 at 9.00 A.M.

Court Order for Business Reorganization and Appointment of
Planner: August 27, 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

Appointment date for the Meeting of Creditors to consider the
Reorganization Plan: December 14, 2001 at 9.30 am. Convention
Room 1104, 11th Floor, Bangkok Insurance Building, South Sathorn
Road

The Meeting of Creditors had a special resolution accepting the
reorganization plan

Court had issued the order accepting the reorganization plan:
January 16, 2002 and Appointed G. R. M. Company Limited to be as
a Plan Administrator

Announcement of Court Order for accepting the Business
Reorganization Plan and Appointment of the Plan Administrator in
Matichon Public Company Limited and Siam Rath Company Limited:
January 23, 2002

Announcement of Court Order for accepting the Business
Reorganization Plan and Appointment of the Plan Administrator in
Government Gazette: February 5, 2002

Contact: Mr. Anusit Tel, 6792525 ext. 122


RAIMON LAND: Seamico Acquires 58%, Disposes 25.2% Shares
---------------------------------------------------------
Seamico Securities Public Company Limited (Seamico) on March 6,
2002 announced the acquisition of common shares of Raimon Land
Public Company Limited (Raimon) in the amount of 14,494,200
shares or 58 percentage of registered capital. On 8th March
2002, Seamico disposed of common shares in the amount of
6,298,000 shares or 25.2 percentage of registered capital and
results that the Company holds shares in Raimon at the current
in the amount of 8,196,200 shares or 32.79 percentage of
registered capital.

1. The value of transaction is not under categories which
required to report under the Notification of the Stock Exchange
of Thailand Re : Rules, Procedures and Disclosure of Information
Concerning the Acquisition and Disposition of Assets of Listed
Companies.

2. The buyer of transaction is not connected person under the
Notification of the Stock Exchange of Thailand Re : Rules,
Procedures and Disclosure of Connected Transactions of Listed
Companies.

The goal behind the shares' disposal is to increase liquidity.


SINO-THAI ENGINEERING: Resolutions Passed BOD Meeting No.2/2002
---------------------------------------------------------------
The Board of Directors of Sino-Thai Engineering & Construction
Public Company Limited convened the Board of Directors Meeting
No. 2/2002 held on March 7, 2002.  The Company reported the
resolutions adopted at the meeting:

1. Approval of the Board of Directors' report on the Company's
Operating Results for the year ending December 31, 2001 and to
propose the same to the Annual General Meeting of Shareholders
for consideration.

2. Approval of the Balance Sheet and Profit and Loss Statement
for the fiscal period ending December 31, 2001 and to propose
the same to the Annual General Meeting of Shareholders for
approval.

3. Approval of the non-issue of year end dividends for 2001 and
submitting the matter to the Annual General  Meeting of
Shareholders for approval.

4. Acknowledgment that Thanpuying Niramol Suriyasat, Mr. Chumpol
Phornprapha, Mr. Anutin Charnvirakul, Mr. Vallop
Rungkijvorasathien, Mr. Masthawin Charnvirakul and Mr. Waraphant
Chontong will retire as directors by rotation at the Annual
General Meeting of Shareholders and to propose that the
shareholders consider reappointing the persons named above as
directors of the Company for an additional term.

5. The appointment of Mr. Narong Puntawong C.P.A. License No.
3315 and/or Mr. Ruth Chaowanagawi C.P.A. License No. 3247 and/or
Mr. Sophon Permsirivallop C.P.A. License No. 3182 all of Ernst &
Young Office Limited as auditors of the Company for 2002 and the
remuneration of the auditor will be submitted to the
shareholders for consideration.

6. Proposal that the shareholders meeting consider fixing the
remuneration of the Board of Directors and Audit Committee for
year 2002.

7. Convening the Annual General Meeting of Shareholders No.
8/2002 and to close the Company's share register book as
follows:

   7.1 The Annual General Meeting of Shareholders No. 8/2002
will be convened at 10.00 hours on April 23, 2002, at the
Company's conference room No. 32/57 Sino-Thai Tower, 27th Floor,
Sukhumvit 21 Road (Soi Asoke), Kwaeng Klongtoey Nua, Khet
Wattana, Bangkok. The matters to be transacted at the meeting
are:

     (1) To approve the Minutes of the Annual General Meeting of
Shareholders  No. 7/2001 and the Extraordinary Meeting of
Shareholders No. 1/2002;

     (2) To approve the Board of Directors' report on the
Company's Operating Results for the year ending as of December
31, 2001 and the Annual Report for 2001;

     (3)  To consider the Balance Sheet and Profit and Loss
Statements for the fiscal period ending December 31, 2001;

     (4)  To consider the appropriation of profit and
declaration of dividend  payment;

     (5)  To consider the appointment of new directors in place
of those retiring by rotation;

     (6)  To consider the appointment of the Company's Auditor
for 2002 and fixing of the auditor's remuneration;

     (7)  To consider approval of the Remuneration of Directors
and Audit Committee for 2002;

     (8)  Other business (if any).

   7.2  To determine which shareholders are eligible to attend
the shareholders meeting, the Company will close the Share
Register Book on April 3, 2002 at 12.00 hours until the meeting
is adjourned.


* SET Suspends Trading After Missed Statement Deadline
-------------------------------------------------------
Earlier the Stock Exchange of Thailand (SET) posted the `NP'
(Notice Pending) sign on the securities of these companies
effective from 4 March 2002 because they have failed to submit
their financial statements as of 31 December 2001, which was the
deadline, specified by the SET.

   * Country (Thailand) Public Company Limited (CNTRY)
   * Modern Home Development Public Company Limited (M-HOME)
   * Power-P Public Company Limited (PP)
   * Prasit Patana Public Company Limited (PYT)
   * Tuntex (Thailand) Public Company Limited (TUNTEX)
   * Capetronic International (Thailand) Public Company Limited
     (CAPE)

Currently, the (SET) has posted an `SP' Suspension) sign to
temporary suspend the trading of the company's securities due to
the company has failed to submit their financial statements for
more than 5 working days.  Therefore effective on 11 March 2002
onwards, until the company submits the required financial
statements, this suspension will remain in effect.


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 ***