/raid1/www/Hosts/bankrupt/TCRAP_Public/020314.mbx        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

            Thursday, March 14, 2002, Vol. 5, No. 52

                         Headlines

A U S T R A L I A

AEROSONDE HOLDINGS: Working Capital Forecasts Review Completed
ANSETT AIRLINES: Union Supports Patrick-Virgin Deal
AUSTAR UNITED: Posts 2001 Preliminary Annual Report
GOODMAN FIELDER: Buys Back Shares
GOODMAN FIELDER: Share Buyback Yields No Impact On Ratings

HOTHAM WINES: Issues Shares as Restructuring Compliance
MURRIN MURRIN: Shutdown Completed Ahead of Schedule
POWERTEL LIMITED: Cuts H201 Operating Loss to $17.2M
QUOIN (INT): Issues Annual Report, Top 20 Shareholders


C H I N A   &   H O N G  K O N G

AKAI HOLDINGS: Stock Exchange Extends Listing Status Deadline
EAST MOON: Winding Up Petition Set for Hearing
KENNY & MANDY: Petition to Wind Up Pending
LINKCITUS TRANSPORTATIONS: Winding Up Petition to be Heard
MANIWAY TRADING: Winding Up Sought by Universal Cars

MULTIFIELD INTERNATIONAL: Directors Propose Capital Reduction
WINNER PLUMBING: Winding Up Petition Scheduled



I N D O N E S I A

BAKRIE FINANCE: Debt Agreement Court Decision Expected Soon
CITRA MARGA: PEFINDO Downgrades Rp275B Bonds II/1997 to `idSD'
TELEKOMUNIKASI SELULER: Seeks Debt Payment Suspension


J A P A N

ANRITSU CORP: Expedites Restructuring Plan
DAINIPPON INK: Selling U.S. Adhesives Unit to Swiss Firm
DAIWA BANK: Unit Gets Y23B Capital Infusion
NISSAN MOTOR: Reaches Plant Sale Agreement With Shinyo-en
TAKAMATSU-KOTOHIRA: Seeking Y22.5B Debt Waiver From Creditors

TSUCHIYA KAOLIN: Files for Voluntary Bankruptcy Proceedings


K O R E A

DAEWOO MOTOR: GM Denies Price Cut Demand Report, Says KDB
DAEWOO MOTOR: Unveils Y100,000 Matiz in China
HYUNDAI ENG'NG: Delays AGM to March 27 Over Accounting Issues
HYUNDAI MOTOR: SRC Chosen to Improve Unit's Financial Planning


M A L A Y S I A

ASSOCIATED KAOLIN: Seeks Proposals Regulatory Approvals
JASATERA BERHAD: Unit Serves Writ of Summons Over Tax Payable
KEMAYAN CORPORATION: Proposed Restructuring Scheme RA Extended
L&M CORPORATION: Appoints Bin Shafie as Chairman, Director
NCK CORPORATION: KLSE Gives Two-Month RA Extension

PENAS CORP.: KLSE OKs Financial Regularization RA Extension
RAHMAN HYDRAULIC: Writ of Summons Hearing Adjourned
SRI HARTAMAS: KLSE Grants Extension to Obtain Plan Approval
TAT SANG: Releases Lawsuit's Hearing Date Schedule
TIMBERMASTER INDUSTRIES: Appeals RA Time Extension to KLSE


P H I L I P P I N E S

PHILIPPINE LONG: Unit Drops Plan to Seek Strategic Partner
NATIONAL BANK: DoF Revises Privatization Deal With Government
NATIONAL POWER: JCPC Vetoes Privatization Plan


S I N G A P O R E

CAPITALAND LTD: Posts Book Closure, Dividend Payment Notice


T H A I L A N D

BLUE CANYON: Business Reorganization Petition Filed in Court
PTT PUBLIC: Correct Debt Reduction Totals Bt9,017M

* DebtTraders Real-Time Bond Pricing

     -  -  -  -  -  -  - -

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


AEROSONDE HOLDINGS: Working Capital Forecasts Review Completed
--------------------------------------------------------------
The Board of Directors of Aerosonde Holdings Limited (Aerosonde)
has completed a review of its working capital forecasts and
their reliance on certain expected contracts. An expected
material contact has been under negotiations for some time and
should any delay occur in the completion of negotiations then
the Company may not be able to meet its repayment obligations
due on 12th July 2002 in respect of a debt security with a
maturity value of $1,000,000. The Board has commenced
discussions with the holder of the debt security with a view to
renegotiating the repayment terms of the debt security.

The Company is reviewing a range of alternatives to raise
additional resources to meet the Group's working capital
requirements and to allow for the repayment of the debt security
in the event that the expected material contract is not
finalized and the renegotiation of the repayment of the debt
security is not successful.

The Board will keep the market informed of the status of these
matters.


ANSETT AIRLINES: Union Supports Patrick-Virgin Deal
---------------------------------------------------
An agreement between Virgin Blue and Patrick Corp was an
optimistic step after the Ansett Airlines collapse, The
Australian reported Monday, quoting Australian Council of Trade
Unions (ACTU) Secretary, Greg Combet.

Patrick Corporation has entered into an agreement to acquire 50
percent of Virgin Blue on Tuesday for $260 million. The nation's
peak union body said deal could bode well for Ansett's assets.
Ansett staff, who remain creditors of the airline, are still
owed $730 million in entitlements from the collapse of the sale
of the airline to Solomon Lew and Lindsay Fox.

"It's a good development because you would expect that from here
Virgin Blue and Patrick could well be bidders for the Ansett
airport terminals and other Ansett assets," said Mr Combet.

"If that's the case then hopefully a good value for those assets
might be secured. But it's early days. We'll have to wait and
see what Patrick's plans are. We'll just wait and see what
emerges from it in terms of Ansett assets," Mr Combet added.

He also said the deal would result in a further expansion of the
Virgin Blue airline and more jobs in the domestic aviation
industry.


AUSTAR UNITED: Posts 2001 Preliminary Annual Report
---------------------------------------------------
Austar United Communications Limited released on Wednesday its
preliminary full year result for the year ending 31 December
2001.

Revenue for 2001 increased by 12 percent to $345 million
compared with $307 million in 2000. Gross margin contribution
increased by 6 percent to $128.5 million. Revenue increases were
recorded across all product categories and by all affiliates.

In line with information previously disclosed the EBITDA loss
for the whole company was $89 million, depreciation and
amortization was $217 million and interest expense was $24
million.

Capital expenditure for the Company was halved compared to the
year 2000 to $101 million.

The results demonstrated that Austar's core pay TV business was
at the point of recording positive EBITDA over the second half
of the year 2001. At the same time capital expenditure in the
pay TV business was $43 million, a reduction of 72 percent
compared to the year 2000.

The Board of Austar made a number of decisions in relation to
the carrying values of certain assets on the company's balance
sheet and the treatment of goodwill. In addition there were
certain one off charges associated with the restructuring of the
business. These abnormal items totaled $240 million.

For the last time, Austar recorded losses associated with its
investment in TelstraClear of $117.5 million.

After these items, which are non-cash and one off in nature, the
Company recorded a net operating loss of $682 million.

"Austar has continued to take necessary decisions to put its
business on a sound footing," said John Porter, Chief Executive
Officer of Austar. "We have taken some conservative, but
realistic decisions in relation to our balance sheet, just as we
took the steps necessary to restructure the business late last
year.

"The write downs which we have recorded today are consistent
with accounting practices in the media and communications
industry world wide.

"Today's results demonstrates trends in expenditure which will
accelerate once the effects of the company's restructure begin
to flow through. Having eliminated our exposure to further
financing of TelstraClear, dramatically reduced capital
expenditure and moved our cost base to a variable model as far
as is possible, the positive effects will be very obvious
quarter on quarter as we move through 2002," Mr Porter
commented.

"With these steps behind us and our bank financing close to
completion management can now focus on our key priorities for
the year.

"Most importantly that means operating the business effectively
and efficiently to meet the targets in our business plan. Under
that plan the business is fully funded and on track to achieve
positive EBITDA this year," Mr Porter concluded.

   
GOODMAN FIELDER: Buys Back Shares
---------------------------------
Goodman Fielder Limited posted this notice:

                     DAILY SHARE BUY-BACK NOTICE
                 (EXCEPT MINIMUM HOLDING BUY-BACK AND
                        SELECTIVE BUY-BACK)

Name of Entity
Goodman Fielder Limited

ABN
44 000 003 958

We (the entity) give ASX the following information.

INFORMATION ABOUT BUY-BACK

1. Type of buy-back                 On market

2. Date Appendix 3C was given to    13/11/2001
   to ASX                                                             

TOTAL OF ALL SHARES BOUGHT BACK, OR IN RELATION TO WHICH
ACCEPTANCES HAVE BEEN RECEIVED, BEFORE, AND ON, PREVIOUS DAY

                                  BEFORE               PREVIOUS
                                  PREVIOUS                DAY
                                  DAY

3. Number of shares bought      23,017,688           1,392,840
   back or if buy-back is      
   an equal access scheme,     
   in relation to which       
   acceptances have been   
   received
                 
                                      $                    $
4. Total consideration paid    31,298,899           2,185,645
   or payable for the shares  

5. If buy-back is an on-market
   buy-back                   
                         Highest price paid   Highest price paid
                               $1.59                $1.57             
                               Date:   -
                               
                         Lowest price paid    Lowest price paid
                               $1.30                $1.55             
                               Date:   -
                                              Highest price
                                              allowed under rule
                                                    7.33:
                                                    $1.5834           

PARTICIPATION BY DIRECTORS

6. If buy-back is an on-market      Nil
   buy-back - name of each                                            
   director and related party                                         
   of a director from whom the                                        
   company bought back shares                                         
   on the previous day, the                                           
   number of shares which the                                         
   company bought back from                                           
   each named director or                                             
   related party, and the                                             
   consideration payable for                                          
   those shares.                                                      

HOW MANY SHARES MAY STILL BE BOUGHT BACK.

7. If the company has disclosed     48,589,472
   an intention to buy back a                                         
   maximum number of shares - the                                     
   remaining number of shares to                                      
   be bought back                                                     

COMPLIANCE STATEMENT

1. The Company is in compliance with all Corporations Law
requirements relevant to this buy-back.

2. There is no information that the listing rules require to be   
disclosed that has not already been disclosed, or is not
contained in, or attached to, this form.

Just days ago, TCR-AP reported that the Federal Trade Commission
(FTC) in the United States has approved a revised sale agreement
between Goodman Fielder Limited and DGF Stoess AG for the its
gelatin business, Leiner Davis.  Goodman Fielder Chief
Executive, Mr Tom Park, said that under the revised sale
agreement, DGF Stoess AG will acquire all of the gelatin
business except for the Leiner Davis operations in the United
States and Argentina.


GOODMAN FIELDER: Share Buyback Yields No Impact On Ratings
----------------------------------------------------------
Standard & Poor's said Tuesday that Goodman Fielder Ltd.'s
(Goodman, BBB+/Negative/A-2) announced A$100 million second
tranche of its share buyback, to be funded from the proceeds of
the partial sale of the Leiner Davis Gelatin group, will have no
impact on the Company's ratings. While share buybacks are
regarded as shareholder friendly, the part use of the sale
proceeds to reduce debt is a mitigating factor.

The partial sale of Leiner Davis will reduce Goodman's
geographic and product diversity, however, this should be offset
by stronger margins, resulting from the Company's strategic
focus on its core branded food businesses that benefit from
strong brand names. The diversified food and ingredients
manufacturer's solid half-year results were reflective of
preliminary improvements in product mix and cost efficiencies
stemming from divisional restructuring and the divestment of
underperforming businesses. Goodman's strong focus on cost
reductions, working capital management, and capital expenditure
has improved cash flow and strengthened margins.


HOTHAM WINES: Issues Shares as Restructuring Compliance
-------------------------------------------------------
The Directors of Hotham Wines Limited advised that the Company
has completed a share placement of 16 million shares at 4 cents
per Share to raise $640,000 (and 8 million attaching free
unlisted options), in accordance with the agreement with the
Calneggia Group to fund restructuring, business development and
repayment of loans. In addition, 35,000,000 executive incentive
options have been granted to the Company Directors in accordance
with resolutions approved by Shareholders at the general meeting
held on 8 March 2002.

An appendix 3B is attached applying for quotation of the
16,000,000 new shares.

The Company furthermore advises that 1,600,000 options
(unquoted) have lapsed in accordance with the terms and
conditions of those options.

Detailed below is a summary of the Company's securities after
the issue of shares and options and the lapse of options.

SECURITIES ON ISSUE

Ordinary Shares (quoted on ASX)
* 813,419,280 Ordinary fully paid shares

Options (unquoted)
* 500,000 unlisted options exercisable on or before 31 March
2005 at 40 cents per share

* 43,000,000 unlisted options exercisable on or before 8 March
2006 at 5 cents per share

Convertible Notes (unquoted)
* 1,150,000 convertible notes maturing 31 December 2003.


MURRIN MURRIN: Shutdown Completed Ahead of Schedule
---------------------------------------------------
Anaconda Nickel Limited advised that the planned shutdown of the
Murrin Murrin nickel cobalt plant to carry out routine
maintenance works, which was moved up following a lightning
strike on the plant's electrical power insulators, has been
completed ahead of schedule.

The shutdown, which commenced in the early hours of Tuesday 5th
March, was completed on Saturday 9th March and production of
nickel and cobalt has resumed.

Anaconda CEO Peter Johnston arrived in the United States on
Sunday to prepare for debt restructuring negotiations with the
Company's US bondholders to begin later in the week.


POWERTEL LIMITED: Cuts H201 Operating Loss to $17.2M
----------------------------------------------------
The Chairman of PowerTel Limited, John Bumgarner Jr, announced
on Wednesday the telecommunication group's result for the full
year to 31 December 2001, reporting that PowerTel had increased
revenue and, in the second half of the year, reduced operating
losses.

"Revenue, operating expenses, cashflow and EBITDA (earnings
before interest, tax, depreciation and amortisation) have all
trended positively for us since mid 2001," Mr Bumgarner said.

REVENUE GROWTH ACCELERATING

The Company, which owns and operates Australia's third largest
facilities-based broadband telecommunications network after
those of Telstra and Optus, increased total revenue by 32.8
percent from $37.5 million to $49.8 million.

Excluding sales from the mobile business divested in 2000
(Spectrum), revenue on a comparable basis was up by 63.8 percent
from $29.3 million to $48.0 million. During the latter half of
2001 core corporate and wholesale revenue grew at the rate of 20
percent a quarter.

The Company achieved a consistent quarterly increase in the
number of corporate, SME and wholesale customers, while
government business also rose during the year. This growth has
changed the revenue mix of the company, with higher-margin data
and Internet sales moving from 21.5 percent to 55.7 percent of
total revenue during the year.

PowerTel continued to wind down revenue from the low-margin
former Spectrum business ($8.2 million reduction). It has more
than replaced this business with revenue from new corporate,
government and wholesale customers ($36.4 million, or 73.1
percent of total revenue).

EBITDA SHARPLY IMPROVED

"EBITDA losses were comparable to the previous year but,
importantly, improved 32.8 percent from a $25.6 million loss in
the first half to a $17.2 loss in the second," Mr Bumgarner
said. "EBITDA losses are currently less than $1.4 million per
month and are decreasing. Based on that level of performance,
the company should become EBITDA positive in the second half of
the current year."

Following PowerTel's network completion, the net loss in 2001
was $86.2 million (2000: $61.8 million loss), due primarily to
increased depreciation, amortisation and borrowing costs of
$20.7 million.

PowerTel reduced staff numbers, operating costs and capital
expenditure in response to the softening telecommunications
marketplace in 2001. Operating costs were reduced by 17 percent,
favorably affecting the company's cashflow in the second half.

MACQUARIE ALLIANCE NOW CONTRIBUTING

A major strategic alliance with Macquarie Corporate
Telecommunications Limited, announced in September 2001,
commenced migrating traffic onto the PowerTel network in January
and is meeting expectations. It has started to contribute to
EBITDA in the first half of 2002, and will contribute
significantly in the second half. Under the alliance, Macquarie
gains access to PowerTel's fiber optic network, which is
progressively handling Macquarie's Voice traffic.

The Macquarie alliance has helped boost revenues in the first
two months of 2002 by 20 percent a month.

FUNDING RENEGOTIATED

With the support of its major shareholder, Williams
Communications, PowerTel has renegotiated with its banks the
$150 million loan facility put in place in January 2001. Details
are:

   * The loan facility has been reduced to $100 million to
reflect PowerTel's reduced needs related to current and forecast
revenues and capital expenditure.

   * PowerTel has also received a $16 million convertible
subordinated loan from Williams Communications, the conversion
of which is subject to shareholder approval.

The renegotiated bank loan and Williams Communications funding
gives PowerTel a fully funded business plan.


QUOIN (INT): Issues Annual Report, Top 20 Shareholders
------------------------------------------------------
Quoin (Int) Limited posted this notice:

DISTRIBUTION OF SHAREHOLDERS AS AT 06/06/2001
Ordinary Shares

     RANGE OF HOLDINGS       ORDINARY     OPTIONS
                             SHARES
           1 -   1,000           23           43             
       1,001 -   5,000          242          417             
       5,001 -  10,000          104           99             
      10,001 - 100,000          257          183             
     100,001  and over           81           56             

                 TOTAL          707          798             


TOP TWENTY SHAREHOLDERS AS AT 06/06/2001
Ordinary Shares

NAME                                         NUMBER      %

Advane Publicity Pty Ltd                     9,193,789    14.86
Bisavend Pty Ltd                             4,580,000     7.40
Achenar Pty Ltd                              4,323,000     6.99
Stealth Holdings Pty Ltd                     2,800,000     4.53
Emicor Pty Ltd                               2,116,667     3.50
Australian Lottery Systems Pty Ltd           2,017,000     3.26
Lurneah Pty L
td                              1,850,000     2.99
GORGRP Finance Pty Ltd                       1,392,500     2.25
Murray Bolton & Robyn Bolton                 1,338,489     2.16
Klieber Nominees Pty Ltd                     965,000     1.56
Klieber Nominees Pty Ltd No 2 A/C            962,700     1.56
Christopher Mark Clifford                    1,224,000     1.98
Monotron Pty Ltd                             1,000,000     1.62
Gordon Group Investments Pty Ltd             816,000     1.32
Mark Brewer                                  747,500     1.21
Alberon Holdings Ltd                         700,693     1.13
Solomons Island National Provident Fund      660,000     1.07
Vanmeld Pty Ltd                              590,967     0.96
Millivena Pty Ltd                            500,000     0.81
Hideo Sawada                                 500,000     0.81

TOTAL                                        38,378,305    61.95

TOP TWENTY OPTIONHOLDERS   

NAME                                          QUANTITY     %

Vitco 5151                                    6,156,000    15.94
Tedco No1 Pty Ltd                             3,700,000     9.58
The Eug Corporation                           2,300,000     5.95
Bisavend Pty Ltd                              2,000,000     5.18
GORGRP Finance Pty Ltd                        1,750,000     4.53
Solomon Islands National Provident Fund       1,320,000     3.42
James Martin                                  1,130,000     2.93
Defence Force Retirement Benefit Fund         960,000     2.49
Advance Publicity Pty Ltd                     928,000     2.40
David Christopher Kemp                        914,634     2.37
Cram Nominees Pty Ltd                         800,000     2.07
DJK Holdings Pty Ltd                          735,000     1.90
HSBC Custody Nominees (Australia) Ltd         700,000     1.81
James Sinton Spence                           700,000     1.81
Bryce Peapell                                 600,000     1.55
Ashley Bruce Barton & Deidre Christian Barton 538,134     1.39
Reynolds (Nominees) Pty Ltd                   400,000     1.04
Carol Alison Sisson                           400,000     1.04
Stephen Hynes                                 400,000     1.04
Winpar Holdings Ltd                           371,378     0.96

Total                                        26,803,146    69.38

TCR-AP reported early this month that that settlement and
completion of sales regarding Gizo Hotel and King Solomon Hotel
has taken place on March 1, 2002. The sale is a planned and
coordinated step to reduce the Company's debt including the
onerous loan conditions of 19.5 percent per annum interest rates
which place a heavy toll on the already difficult business
situation imposed upon the hotels by the current political
tensions.


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


AKAI HOLDINGS: Stock Exchange Extends Listing Status Deadline
-------------------------------------------------------------
Akai Holdings Limited (In Liquidation) submitted a resumption
proposal to the Stock Exchange and applied for an extension of
the deadline for the cancellation of the listing status of the
Company on 28 February 2002. After considering the resumption
proposal, the Listing Committee of the Stock Exchange agreed to
extend the deadline for the cancellation of the listing status
of the Company to 17 July 2002.

The Stock Exchange advised the Company that the extension so
granted is solely for the purpose of enabling the Company to
proceed with the submitted resumption proposal and the new
listing application under the submitted resumption proposal but
not for any other proposal.

Further announcements will be made once the Company has entered
into a legally binding agreement in respect of the resumption
proposal.

Trading in the securities of the Company has been suspended
since 23 August 2000 and will remain suspended pending the
implementation of the resumption proposal. However, shareholders
of the Company should note that the resumption proposal is
subject to satisfaction of a number of conditions, inter alia,
the approval from the Stock Exchange of the new listing
application under the resumption proposal.

The new listing application under the resumption proposal may or
may not be approved by the Stock Exchange. If the resumption
proposal is not so accepted, the shares of the Company will be
delisted in accordance with practice note 17 of the Listing
Rules.

Definitions:

"Company" Akai Holdings Limited, a company incorporated in
Bermuda with limited liability, the shares of which are listed
on the Stock Exchange

"Liquidators" collectively Messrs. Fan Wai Kuen, Joseph and
Nicholas Timothy Cornforth Hill of RSM Nelson Wheeler Corporate
Advisory Services Limited, being the joint and several
liquidators of the Company

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

"Stock Exchange" The Stock Exchange of Hong Kong Limited


EAST MOON: Winding Up Petition Set for Hearing
----------------------------------------------
The petition to wind up East Moon Development Limited is
scheduled for hearing before the High Court of Hong Kong on May
22, 2002 at 9:30 am.  

The petition was filed with the court on February 5, 2002 by
Bank of China (Hong Kong) Limited (the successor corporation to
The Kwangtung Provincial 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.


KENNY & MANDY: Petition to Wind Up Pending
------------------------------------------
The petition to wind up Kenny & Mandy Holdings Limited is
scheduled to be heard before the High Court of Hong Kong on
March 20, 2002 at 9:30 am.  The petition was filed with the
court on January 2, 2002 by Cheung Chun Kwan of Flat F, 18th
Floor, Block 1, Beverly Garden, Tseung Kwan O, Kowloon, Hong
Kong.  


LINKCITUS TRANSPORTATIONS: Winding Up Petition to be Heard
----------------------------------------------------------
The petition to wind up Linkcitus Transportations Limited is
scheduled 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 24, 2002 by Lee Siu Kay of Flat A, 6th Floor,
Block 2, Hanford Garden, Tuen Mun, New Territories, Hong Kong.  


MANIWAY TRADING: Winding Up Sought by Universal Cars
----------------------------------------------------
Universal Cars China Limited is seeking the winding up of
Maniway Trading Limited. The petition was filed on January 28,
2002, and will be heard before the High Court of Hong Kong on
May 8, 2002 at 9:30 am.

Universal Cars holds its registered office at 28th Floor, East
Wing, Hennessy Center, 500 Hennessy Road, Causeway Bay, Hong
Kong.


MULTIFIELD INTERNATIONAL: Directors Propose Capital Reduction
-------------------------------------------------------------
The Board of Directors of Multifield International Holdings
Limited (Company, and together with its subsidiaries, the
"Group") announced that the Directors intend to put forward a
proposal to the shareholders of the Company (Shareholders) to
reduce the nominal value of all the issued and unissued shares
in the capital of the Company from HK$0.10 each to HK$0.01 each
(Capital Reduction). The Capital Reduction will be effected in
the following manner (on the basis of 3,333,771,936 shares of
HK$0.10 each (Shares) in issue as at 11 March 2002 (Latest
Practicable Date)):

   (i) the nominal value of each of the issued and unissued
shares in the capital of the Company will be reduced from
HK$0.10 each to HK$0.01 each (New Shares) so that the authorized
capital is reduced from HK$500,000,000.00 by HK$450,000,000.00
to HK$50,000,000.00 and the issued capital is reduced from
HK$333,377,193.60 by HK$300,039,474.24 to HK$33,337,719.36; and

   (ii) the credit of HK$300,039,474.24 arising from the
Capital Reduction will be transferred to contributed surplus
account of the Company.

It is further proposed that immediately after the Capital
Reduction, the authorized share capital of the Company will be
increased to HK$500,000,000.00 by the creation of 45,000,000,000
new shares of HK$0.01 each.

Upon the Capital Reduction and an increase of authorized share
capital as mentioned above becoming effective and on the basis
of 3,333,771,936 Shares in issue as at the Latest Practicable
Date, the authorized share capital of the Company will be
HK$500,000,000.00 comprising 50,000,000,000 New Shares, of which
3,333,771,936 New Shares will be issued and fully paid. There
will be no change in the size of each board lot of shares in the
Company before or after the Capital Reduction.

REASON FOR THE CAPITAL REDUCTION

The Directors believe that as the current balances in the
Company's retained profits, share premium and contributed
surplus accounts are insufficient for any bonus issue of shares
in the future, the proposed Capital Reduction allows greater
flexibility for the Company to propose bonus issue of shares in
the future by possibly applying the balance in the contributed
surplus account for any bonus issue of shares.

EFFECT OF THE CAPITAL REDUCTION

Other than the expenses of approximately HK$250,000.00 incurred
relating to the implementation of the Capital Reduction,
implementation of the Capital Reduction will not, in itself,
materially alter the net asset value, the underlying assets,
business operations, management or financial position of the
Company or the Group or the proportional interests of the
Shareholders in the Company. The Directors believe that the
Capital Reduction will not have a material adverse effect on the
financial position of the Company. The New Shares will rank pari
passu in all respects with each other and the Capital Reduction
will not result in any change in the respective rights of the
Shareholders.

CONDITIONS OF THE CAPITAL REDUCTION

Implementation of the Capital Reduction will be conditional,
inter alia, on:
  
   (i) the passing of a special resolution by Shareholders
at the forthcoming special general meeting of the Company (SGM)
which is expected to be held on 18 April 2002 (or such other
date as the Directors may determine at the time of dispatch of
the circular as referred to below) to approve the Capital
Reduction;

   (ii) compliance with the requirements of section 46 of
the Companies Act 1981 of Bermuda (as amended), including the
publication of a notice in an appointed newspaper in Bermuda in
respect of the Capital Reduction; and

   (iii) the Listing Committee of The Stock Exchange of Hong
Kong Limited (Stock Exchange) granting listing of, and
permission to deal in, the New Shares.

Under the Bye-laws of the Company, the Company may by special
resolution reduce its share capital.

Application will be made to the Listing Committee of the Stock
Exchange for the listing of, and permission to deal in, the New
Shares.

Subject to the conditions being fulfilled, it is expected that
the Capital Reduction will become effective immediately after
the close of business on the day of the SGM. A further
announcement will be made informing Shareholders of the
effective date of the Capital Reduction.

GENERAL

The principal activity of the Company is investment holding. The
Group's business activities comprise property investment,
property development, the provision of service apartment and
property management service, property agency and project
management.

A circular containing, inter alia, the details of the Capital
Reduction, together with a notice convening the SGM to consider,
and if thought fit, to approve the Capital Reduction and the
subsequent increase of the Company's authorized share capital,
will be dispatched to the Shareholders as soon as practicable.


WINNER PLUMBING: : Winding Up Petition Scheduled
------------------------------------------------
Winner Plumbing Engineering Limited is facing a winding up
petition, which is slated to be heard before the High Court of
Hong Kong on March 27, 2002 at 9:30 am.

The petition was filed on January 3, 2002 by Chan Yu San of Room
2113, Fu Yat House, Tai Wo Hau Estate, Tsuen Wan, New
Territories, Hong Kong.  


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


BAKRIE FINANCE: Debt Agreement Court Decision Expected Soon
-----------------------------------------------------------
PT Bakrie Finance expects the Jakarta Commercial Court to render
its decision on its application filed on March 6 for debt
payment suspension on March 18, JFX reports, citing the
Company's spokesperson.

"We want a quick resolution to the debt problem. After
negotiating with creditors since 1998, we are now seeking
mediation from the Court," he said.

Bakrie Finance has total outstanding debt of Rp2.2 trillion of
which Rp1.74 trillion matured on Dec 31, 2001.
PricewaterhouseCoopers (PwC) was appointed as independent
financial advisor in order to expedite the Company's debt
restructuring.

"The scheme will be basically the same with PwC's
recommendation. But to make sure that all creditors approve it
we need court ratification. "If majority of creditors vote
against our proposal, then we are finished," he said.

Bakrie Finance has 45 creditors including Lippo Bank, Indover
Asia Ltd, Sinar Mas Multiartha, Bank of America, Hanil Leasing &
Financing, Malaysian Banking Bhd, Keppel Tat Lee Bank Ltd.,
Korea Leasing Pte Ltd, Commonwealth Development Bank and Bank
Danamon.


CITRA MARGA: PEFINDO Downgrades Rp275B Bonds II/1997 to `idSD'
--------------------------------------------------------------
PEFINDO downgraded the corporate and Rp275 billion bond ratings
of PT Citra Marga Nusaphala Persada Tbk. (CMNP) to "idSD" from
"idCCC". Following its financial difficulties and lengthy debt
restructuring process, the Company is still unable to make
repayment of its maturing floating rate notes (FRN) and Eurobond
totaling to US$60.6 million due on February 20, 2002. Instead,
the Company proposed a debt standstill arrangement until May
2002 when the Company expects to finalize the restructuring.

In the meantime, CMNP is still current on coupon payments of its
Rupiah bonds. CMNP is the operator of `Cawang-Tanjung Priok-
Jembatan Tiga' sections of the heaviest toll road Jakarta Intra
Urban Tollway (JIUT). The Company listed its shares at the
Jakarta Stock Exchange (JSX) in 1994. As of 30 September 2001,
the public controls 37.9 percent ownership of the company.

According to DebtTraders, PT Citra Marga's 7.250% bond due on
2002 (CMNP02IDN1) trades 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.


TELEKOMUNIKASI SELULER: Seeks Debt Payment Suspension
-----------------------------------------------------
PT Telekomunikasi Seluler Indonesia (Komselindo) has applied to
the Jakarta Commercial Court for a suspension of debt payments,
AFX reports, referring to court documents.

According to Komselindo's independent advisors, the Company
filed the petition because it will be able to repay the debt
eventually after a suspension of payments is given.  Komselindo
President Zen Smith and Director Achmad Budion, and Lawyer
Jamaslin Purba signed the petition.

Komselindo's debts to 41 creditors amount to Rp126.4 billion and
US$143.7 million and the larger portion of the debt has matured.

Among the creditors are PT Bank Negara Indonesia, PT Bank
Danamon Indonesia, PT Bank Mandiri, Bank of Taiwan, Hanil
Leasing and Finance of Hong Kong, First Commercial Bank
Singapore, the Royal Bank of Scotland (Singapore), Arab Banking
Corp, Overseas Chinese Bank, HSBC, and Thai Farmers Bank.


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


ANRITSU CORP: Expedites Restructuring Plan
-------------------------------------------
Anritsu Corporation on March 12 decided to accelerate a
management-restructuring plan due to severe economic downturn.
The Company announced the following conclusion after their
thorough consideration and discussion in the firm.

1. Disorganization of Network Solutions (an internal Company)

(1) Background

Network Solutions has served in information and communications
equipment business domain; mainly equipment for access network,
public phones, IT applied business and router. Due to the sharp
decrease of sales of the information equipment, Network
Solutions has focused on recovering profitability and conducted
business reorganization such as divesting the marine radar
business and the card terminal business, and discontinuing
unprofitable product lines. However, in spite of their efforts,
the larger loss is expected for the fiscal year 2002 (ending
March 2003), and the revival of Network Solutions has become
more difficult. Therefore, we plan disorganization of Network
Solutions in June, 2002.

(2) Reorganization after disorganization of Network Solutions

1- In order to strengthen IP business, the core domain of
"Mobile & Internet" on which Anritsu Corporation is focusing,
the IP Networking Group of Network Solutions and Digital Com.
Division of Measurement Solutions (an internal Company) will be
integrated into a new internal Company.

2- Accelerate discontinuing unprofitable product lines of
Network Solution, while the further improvement measures will be
conducted with profitable product lines such as pay phones
business.

3- Establish a new System Solution Department, which has sales
and system engineers, in the sales organization to enhance the
video content distribution system business (currently operated
as IT applied business unit in the Network Solutions).

In the future, the system business is expected to evolve into a
consulting business, which provides customers with the test and
measurement solutions for the information and communications and
the test services. The System Solution business aims to provide
the "one-stop solution" for global customers.

2. Spin-off of Industrial Solutions (an internal Company)
Industrial Solutions has been promoting their business to "offer
safety and security based on the quality control inspection
solution for food, pharmaceutical and chemicals" as the business
vision with affiliate group companies (Anritsu Sanki Systems Co,
Ltd. for sales and Anritsu Technics Co., Ltd. for maintenance
and service).

Profitability has been recovered remarkably. However, Anritsu
Corporation targets "Mobile & Internet" related business domain,
which has a completely different market and customers from that
of Industrial Solutions. Therefore, it is considering
establishing a new independent Company spun-off from Anritsu
Corporation in June to focus on the business domain of
Industrial Solutions.

3. Introduction of Voluntary Early Retirement Program

(1) Background

The voluntary early retirement program will be introduced for a
limited time because of the changes of the required skills and
capability of employees with the focus on "Mobile & Internet"
and supporting options for life plans of employees.

(2) Program (planned)

Further discussion with the labor union is still required for
the details of the program.

The program is planned to include at the moment such as (a)
holidays for supporting course changing, (b) compensation
according to age for voluntary retirement, (c) age from 45 to 59
with more than 10 years employment in Anritsu Corporation.

The introduction is planned in May 2002 for a limited time
period.

4. The Effect on Anritsu Corporation

It is still under study to foresee the effect from these actions
on the result of the fiscal year 2002 (ending March, 2003). The
details of the management and work force restructuring as well
as further measures to enhance profitability shall be announced
as soon as they are decided.

The Company's European and North American market needs has been
blunt due to the worldwide IT industry depression, and moreover
the capital investment in Japan market has also shrunk. The
sales of the test and measurement equipment and the information
and telecommunications equipment has not reached the planned
figure.

Securing surplus has become more difficult than expected. As a
result, both of consolidated and non-consolidated earnings are
likely to be sizably less than the previous forecasts.

About Anritsu Corporation

Anritsu is a leading maker of communications equipment such as
switches and routers for local and wide area networks. It is
also heavily involved in the production of measuring systems for
optical and digital networks, as well as weighing machines used
on production lines at food, drugs and other manufacturing
companies. Anritsu is 26.6 percent owned by NEC Corp, and over
40 percent of its sales are to overseas customers.

According to WorldVest Base, as of 2000 Anritsu Corporation has
Y38.2 million current liabilities and fixed assets of Y32.2
million.


DAINIPPON INK: Selling US Adhesives Unit to Swiss Firm
------------------------------------------------------
Reichhold, Inc. in conjunction with parent Company, Dainippon
Ink & Chemicals, Inc. (DIC) agreed on Tuesday to complete the
sale of the adhesives business to Forbo Holding AG
(headquartered in Switzerland). The intent to sell was
originally announced on November 14, 2001. Both parties are
expecting to obtain the approval from the relevant authorities
in the next few weeks, and will move on to complete the
transactions. Terms of the sale will not be disclosed.

DIC decided to divest Reichhold's adhesives business, which has
annual sales of approximately US$250 million (Y30 billion) with
some 600 employees, as part of the plan to restructure its
overall business from the viewpoint of "Select and Focus."

Earlier this year, Reichhold formed Dow Reichhold Specialty
Latex, a 50/50 joint venture with Dow Chemical and it sold its
carpet/paper latex business to Dow as part of its restructuring
plan. Both key strategic moves for Reichhold's new business
strategy of refocusing on its core businesses: composites and
coating and performance resins.

For more information on Reichhold, visit www.reichhold.com.

About Reichhold, Inc.

Reichhold is the leading global supplier of polymer resins for
composite applications in a wide variety of markets, including
marine construction, transportation and automotive. The Company
also provides a vast range of specialty resins to the coatings
industry for use in architecture, wood and other markets. For
more information on Reichhold visit www.reichhold.com.

According to Kyodo News on Tuesday Dainippon Inc plans to cut
its group workforce by 12 percent, or 3,500 jobs by March 2005.
The move aims to reduce group interest bearing debt to Y500
billion from an estimated current Y577.6 billion within three
years.


DAIWA BANK: Unit Gets Y23B Capital Infusion
-------------------------------------------
Daiwa Trust & Banking Co (DTB), a unit of Daiwa Bank Holdings
Inc, will receive a capital injection of more than Y23 billion
from 12 Japanese financial institutions, Kyodo News said
Wednesday. The Company is currently negotiating with two French
financial institutions, Credit Agricole and Societe Generale, to
receive a capital infusion from one of them.

According to TCR-AP the Osaka High Court announced in January
that Daiwa Bank's forty-nine former and current executives
agreed to pay the bank Y250 million to settle a lawsuit, where
the court earlier ruled and ordered 11 of them to pay a
compensation of $775 million (about Y98.27 billion yen) for
losses related to unauthorized bond deals at its New York
branch.


NISSAN MOTOR: Reaches Plant Sale Agreement With Shinyo-en
---------------------------------------------------------
Nissan Motor Co., Ltd. announced on March 12 has reached an
agreement and concluded a contract with Shinnyo-en, a religious
organization, for the sale of part of its former Murayama Plant
site (Tachikawa City and Musashi-Murayama City, Tokyo). The
transaction is expected to be complete in early September 2002.

Of the total site area of approximately 1.4 million m2, an area
on the south side comprising 1,057,851 m2 will be sold for a sum
of Y73.9 billion. The net profit of approximately Y50 billion
from the transaction will be booked as extraordinary gains in
fiscal year 2002 (ending March 31, 2003) for Nissan.

Vehicle Assembly operations at the plant ceased at the end of
March 2001 and operations were transferred to the Company's
plants at Tochigi and Oppama. Some operations, including plating
operations have continued at Murayama, however these are
scheduled to cease by the end of March 2003 and decontamination
work on the site is scheduled for completion by March 2004.

Direction of the use of the remaining area of approximately
330,000 m2 will be discussed by the "Nissan Murayama Plant Land
Utilization Committee" consists of Tokyo Metropolitan
Government, Musashi-Murayama City, Tachikawa City and Nissan.
Nissan also plans to use parts of the remaining site in Murayama
for the construction of the Carest comprehensive, automotive
services and supplies retail mall. The first Carest facility,
Carest Zama, opened in December 1999 in Zama-city, Kanagawa
Prefecture. Nissan is looking for ways to expand this new way of
selling cars.

With fiscal year 2002 being the first year of Nissan 180, the
proceeds from this transaction will make a significant
contribution as the Company works to eliminate its net
automotive debt. Nissan 180 is a new, comprehensive, 3-year plan
aiming to achieve Nissan's continuous revival through growth,
profits and the elimination of debt.

About Nissan Motor Co., Ltd.

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


TAKAMATSU-KOTOHIRA: Seeking Y22.5B Debt Waiver From Creditors
-------------------------------------------------------------
Railway operator Takamatsu-Kotohira Electric Railroad Co, which
is undergoing a court-mandated rehabilitation, will ask for a
debt waiver worth Y22.5 billion from its creditors as part of
its reconstruction scheme, Kyodo News reported Wednesday. The
Company has total debts of Y39.1 billion including Y15 billion
in secured debts.

The firm is based in Takamatsu, Kagawa Prefecture, on the
western Japan island of Shikoku.


TSUCHIYA KAOLIN: Files for Voluntary Bankruptcy Proceedings
-----------------------------------------------------------
Daiwa Bank Holdings, Inc. (Daiwa Bank HD) announced on March 4
that Tsuchiya Kaolin Co., Ltd. (the Company), a customer of its
subsidiary bank, The Daiwa Bank, Ltd. (Daiwa Bank, President:
Yasuhisa Katsuta) filed an application to the Tokyo District
Court for commencement of voluntary bankruptcy proceedings. As a
result of this development, there arose a concern that the claim
to the Company may become irrecoverable or its collection may be
delayed.

1. Outline of the Company

(1) Corporate Name Tsuchiya Kaolin Industry Co., Ltd.
(2) Address 4-9-9 Nihonbashi-honcho, Chuo-ku, Tokyo
(3) Representative Harumi Tsuchiya
(4) Amount of Capital Y10 million
(5) Line of Business Manufacturing and Wholesale of Paints

2. Fact Arisen to the Company and Date

On March 1, 2002, the Company filed an application to the Tokyo
District Court for commencement of voluntary bankruptcy.

3. Amount of the Claim to the Company

Exposure of Daiwa Bank Loans: Y3.3 billion

Other banking subsidiaries of Daiwa Bank HD, Asahi Bank, Kinki
Osaka Bank and Nara Bank, have no exposures to the Company.

4. Impact of This Development on the Consolidated Earnings
Forecast of Daiwa Bank HD

This development does not affect the consolidated earnings
forecast of Daiwa Bank HD for the fiscal year ending March 31,
2002, which was previously announced on December 10, 2001. Daiwa
Bank HD is now formulating its consolidated earnings forecast
that includes the account of Asahi Bank at the moment. It will
be announced soon after it is fixed.


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


DAEWOO MOTOR: GM Denies Price Cut Demand Report, Says KDB
---------------------------------------------------------
Daewoo Motor's (DM) main creditor Korea Development Bank (KDB)
denied a newspaper report from Chosun Ilbo that General Motors
(GM) asked to reduce the price for DM by US$350 million from the
US$1.2 billion GM originally agreed with the creditors, AFX News
reported Tuesday.

An unnamed KDB spokesman stressed that GM are still in talks
over the scope of Daewoo Motor assets and the price should be
decided after they fix the exact assets that will be sold. He
declined to provide more details.


DAEWOO MOTOR: Unveils Y100,000 Matiz in China
----------------------------------------------
Daewoo Motor Co., Ltd. will launch its new model of Matiz,
selling for Y100,000 in China, making Matiz the first import car
since China adjusted the new tariffs, Asiaport Daily News
reported Tuesday.

The Matiz is a type of mini MPV designed by Daewoo. Matiz'
flexible and mini car body and low fuel consumption rate, as
well as its comparatively low price, makes it suitable for the
Chinese market. Statistics show that last year Matiz' sales
volume in China reached around 1,300 units, including more than
400 units in Shenzhen's market. The new Matiz not only maintains
the whole set of top level equipment of the former Matiz such as
safety airbags, but also presents complimentary interior
details, like leather seats.

According to TCR-AP on Tuesday, Daewoo Motor creditors have been
negotiating 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.


HYUNDAI ENG'NG: Delays AGM to March 27 Over Accounting Issues
-------------------------------------------------------------
Hyundai Engineering & Construction Co Ltd (HEC) decided to delay
its annual general shareholder meeting (AGM) until March 27 from
March 15, due to minor accounting issues that have yet to be
resolved with an external auditor Samjong Accounting Corp (SAC)
over its 2001 results, AFX News reported Monday.

According to an unnamed Company spokesman, the auditor disagrees
on the size of bad assets that should be written off, although
the gap is not large enough to substantially affect its stated
2001 results. HEC posted an audited net loss of W809.5 billion
in 2001 versus loss of W2.98 trillion in 2000.

DebtTraders reports that Hyundai Engineering's 0.125%
convertible bond due in 2004 (HYNE04KRN1) trades between 82 and
88. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=HYNE04KRN1


HYUNDAI MOTOR: SRC Chosen to Improve Unit's Financial Planning
--------------------------------------------------------------
SRC Software, the leader in providing flexible solutions for
enterprise budgeting and financial planning, has announced on
Monday that Hyundai Motor America has selected SRC's Advisor
Series(TM) to improve its budgeting and financial reporting
processes.

SRC's Advisor Series is an enterprise financial planning and
reporting solution that provides extremely robust and flexible
capabilities for planning, reporting and budgeting, features an
intuitive and powerful Excel-based interface and is quick and
efficient to deploy.

Hyundai Motor America, a subsidiary of Hyundai Motor Co. of
Korea, will implement the Advisor Series, including Budget
Advisor(TM), Payroll Planner(TM) and Information Advisor(TM) for
100 users Company wide. Plans call for the system to be up and
running by late April. The implementation will utilize an SQL
Server database.

All of Hyundai's financial models, including its annual
operating plan, forecasts and financial reporting are in
Microsoft Excel. Hyundai used to upload these spreadsheets to
their general ledger system, but wanted to make the budgeting
process more efficient.

"One of the main reasons we chose SRC is the flexibility of the
Advisor Series," said Jim Carter, manager, financial planning
and analysis, Hyundai Motor America. "Every time we came up with
a new scenario during the sales process, the sales team showed
us how the Advisor Series could handle each unique situation.
This was a very impressive feature of the system.

"We are confident that our budget process will now be much more
efficient. The Advisor Series will allow us to devote much more
time to analysis and scenario creation rather than managing
links and inputting data. We have very high expectations for
both financial reporting and forecasting with the Advisor
Series. We expect to reduce both of these processes to a few
mouse clicks," Carter said.

Hyundai represents the first automotive Company to select the
SRC Advisor Series.

"We are excited to work with Hyundai to assist them in meeting
the financial planning challenges of the automotive industry,"
said Peri Pierone, vice president of sales, SRC. "This contract
with Hyundai demonstrates the `flexibility factor' of SRC's
solution, which can easily adapt to fit the needs of large
enterprises in a wide range of markets."

Hyundai will use three key modules of the Advisor Series: Budget
Advisor, a fully user-definable solution for budget preparation,
forecasting and analysis; Payroll Planner, which provides
detailed payroll budgeting at the individual employee or job
code level; and Information Advisor, a robust tool for
consolidations, financial reporting and ad hoc analysis.

Hyundai Motor America, headquartered in Fountain Valley, Calif.,
is a subsidiary of Hyundai Motor Co. of Korea. Hyundai cars and
light trucks are distributed throughout the United States by
Hyundai Motor America and are sold and serviced by more than 500
Hyundai dealerships nationwide.

Founded in 1972, Hyundai has already become a major global
player, with plants and dealerships that span six continents.
The Hyundai Group is among the world's largest and most
diversified business organizations with 45 affiliated domestic
companies and 254 overseas companies in nearly 200 countries. In
addition to automotive, Hyundai is active in such varied
industries as shipbuilding, steel, petrochemicals, heavy
machinery, aerospace, electronics, and financial services.

SRC Software (www.srcsoftware.com) is the leader in providing
flexible solutions for enterprise financial planning and
corporate performance management. With over 1,200 installations
of its multi-platform Advisor Series(TM) in mid- to high-end
enterprises, SRC's highly personalized budgeting, payroll
planning and multi-source consolidation/reporting solutions are
used by companies such as Washington Mutual Finance, Harrah's
Las Vegas casino hotel, Caterpillar Logistics Services Inc. and
C-SPAN. SRC offers a full complement of financial planning and
analysis tools through its unique integration of spreadsheets
and industry-leading databases complete with full-scale web
deployment. The Company is privately held and based in Portland,
Ore.; has regional offices in Massachusetts, Michigan and Texas;
and distribution channels in more than 16 countries. For more
information, contact SRC Software at 1-800-544-3477 or by e-mail
at info@srcsoftware.com.

Advisor Series, Budget Advisor, Payroll Planner and Information
Advisor are trademarks of SRC Software.

CONTACT:
SRC Software
Wendy L. Hunter
(503) 221-0448
whunter@srcsoftware.com

DebtTraders reports that Hyundai Motor's 7.600% bond due in 2007
(HYNM07KRS1) trades between 103.656 and 104.159. For real-time
bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=HYNM07KRS1


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


ASSOCIATED KAOLIN: Seeks Proposals Regulatory Approvals
--------------------------------------------------------
Associated Kaolin Industries Berhad, made its Requisite
Announcement on 26 September 2001 regarding the Proposed
Corporate and Debt Restructuring Scheme (Proposals). On 19
October 2001 AKI submitted it to the Securities Commission (SC),
Foreign Investment Committee (FIC) and Ministry of International
Trade and Industry (MITI) for approval.

MITI, via its letter dated 20 February 2002 stated that it has
no objection for AKI to undertake the Proposals subject to the
following conditions:

   (i) the approval of the SC being obtained;

   (ii) the approval of the FIC being obtained;

   (iii) the SBI involving the issue of up to 25,000,000 new
Greatpac Holdings Berhad (GHB) Shares are treated as SBI Shares
of which the allocation of the same will be determined
separately by MITI after the SC's approval on the Proposals has
been obtained; and

   (iv) GHB is required to inform the MITI on the actual equity
structure upon the implementation of the Proposals.

The FIC, via its letter dated 21 January 2002, stated that it
has no objections to AKI undertaking the Proposals. The approval
from the SC for the Proposals is still pending.

The Kuala Lumpur Stock Exchange (KLSE), via its letter on 7
March 2002 approved an extension of two (2) months from 18
February 2002 to 19 April 2002 to enable AKI to obtain all the
necessary approvals from the regulatory authorities.


JASATERA BERHAD: Unit Serves Writ of Summons Over Tax Payable
------------------------------------------------------------
Jasatera Berhad announced that the Kerajaan Malaysia (Lembaga
Hasil Dalam Negeri) of Tingkat 9-13, Plaza Peransang, Persiaran
Perbandaran, 40000 Shah Alam, Selangor served a writ of Summons
on 7th March 2002 against the Company's wholly-owned subsidiary,
Pembangunan Sering Sdn Bhd (PSSB) having its office at no. 29,
Jalan SS15/4E, Subang Jaya, 47500 Petaling Jaya, Selangor for
recovery of Rm2,065,690.84 in tax payable and penalties for the
year 1998.

PSSB contested that the profit arising from the sale of its
property should have been assessed as real property gains tax
instead of income tax. In addition to the dispute on the tax
basis, the amount of tax payable should also be reduced by an
amount of Rm162,588.00 being the second installment paid on 30
September 1998, which have not been taken into consideration.
PSSB is in the process of making an appeal to the Lembaga Hasil
Dalam Negeri on these two matters.

Profile

Jasatera engages in construction of commercial and industrial
buildings and civil engineering works. Its subsidiaries are
involved in contracting for general building and civil works and
property development. The Company has participated in various
construction projects including the 88-storey Petronas Tower,
KLIA and Commonwealth Sports Center in Bukit Jalil. In September
2000, the Company proposed to undertake a debt settlement
scheme, which included a capital reduction, a rights issue and
conversion of debt to redeemable convertible preference shares.

An agreement signed pursuant to the scheme has, however, lapsed
on 5 March 2001 and Jasatera is presently in the midst of
formulating a revised scheme following the SC's additional
requirements with respect to NTA backing of the Company.
Concurrently, Jasatera is seeking the approval of its financial
institution lenders for an extension of time to implement the
scheme. KLSE has given its approval for Jasatera to make the
requisite announcement on the revised scheme within the six-
month period ending 26 August 2001.


KEMAYAN CORPORATION: Proposed Restructuring Scheme RA Extended
--------------------------------------------------------------
Kemayan Corporation Berhad (KCB or Company) announced that the
Kuala Lumpur Stock Exchange (KLSE) approved an extension of one
(1) month to 31 March 2002 for KCB to release its Requisite
Announcement (RA) to the KLSE on the details of the proposed
restructuring scheme.

TCR-AP reported last month that the Company entered into a
Memorandum of Understanding (MOU) on 19 February 2002 with the
following parties to jointly structure a restructuring scheme to
regularize KCB's financial position (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)



L&M CORPORATION: Appoints Bin Shafie as Chairman, Director
----------------------------------------------------------
L&M Corporation (M) Bhd (L&M) posted this Change in Boardroom
notice:

Date of change : 11/03/2002  
Type of change : Appointment Boardroom
Designation    : Chairman & Director
Directorate    : Executive
Name        : Dato' Shahabudin Bin Shafie
Age           : 60
Nationality    : Malaysian
Qualifications : B.Sc. and M.Sc. at the University of Hawaii
Working experience and occupation:

RISDA from years 1965-1997 as an officer, Director of the
Extension Division, Director of the Procurement Division,
Director of Training, Deputy Director General and Director
General in year 1995  

Directorship of public companies (if any): Gula Padang Terap Bhd
Family relationship with any director and/or major shareholder
of the listed issuer : Nil
Details of any interest in the securities of the listed issuer
or its subsidiaries

TCR-AP reported that L&M Group's default in payments as of 28
February 2002 to financial institutions in respect of various
credit facilities reached RM191,731,648.49.


NCK CORPORATION: KLSE Gives Two-Month RA Extension
--------------------------------------------------
The Special Administrators (the SA) announced on behalf of NCK
Corporation Berhad (Special Administrators Appointed) that the
Company on 21 February 2002 applied for an extension of two (2)
months to release the Requisite Announcement (RA) to the Kuala
Lumpur Stock Exchange (KLSE).

On 7 March 2002, the KLSE approved an extension of two (2)
months from 26 February 2002 to 25 April 2002 to enable the
Company to announce its RA to the Exchange for public release.


PENAS CORP.: KLSE OKs Financial Regularization RA Extension
------------------------------------------------------------
On behalf of the Board of Directors of Penas Corporation Berhad
(Pencorp or the Company) (Board), Arab-Malaysian Merchant Bank
Berhad announced the Company's plan to regularize its financial
position.

The Company, on 21 February 2002, applied to the KLSE for an
extension of time to release its Requisite Announcement (RA)
regarding its plan to regularize its financial position. The
KLSE, via its letter dated 7 March 2002 approved the Company's
application for an extension of time up to 31 May 2002 to enable
the Company to make its Requisite Announcement.

Save for the above, there are no major changes to the Company's
plan to regularize its financial position.

Profile

The Penas Group of Companies are involved in residential and
commercial building construction, plumbing and sanitary
engineering works. The base of operations is Penang. Contracts
in hand are worth approximately RM600m.

On 12 April 2000, the Company entered into separate MOUs to
acquire 100 percent each in PT Wang Sarimulti Utama Corporation,
Tekun Asas Sdn Bhd and Precision Press Industries Sdn Bhd. The
date for execution of formal SPAs has been mutually extended.

Currently, the Group is finalizing a proposed debt restructuring
exercise with the view to returning to profitability. The scheme
will involve, among others, the injection of businesses and
property development projects into the Group.


RAHMAN HYDRAULIC: Writ of Summons Hearing Adjourned
----------------------------------------------------
The Special Administrators, on behalf of Rahman Hydraulic Tin
Berhad (Special Administrators Appointed) (RHTB or the Company),
in reference to the Writ of Summons issued by the High Court of
Malaya at Kuala Lumpur, Suit No. D4-22-988 Year 2001, announced
that the decision in respect of the applications to strike Mr.
Leong Yew Chin's Statement of Claim fixed on 8 March 2002 has
been adjourned to 22 March 2002.

TCR-AP reported last month that the Special Administrators
invited potential investors with strong asset backing and
financial resources to undertake the proposed restructuring of
RHTB and/or its businesses and/or acquisition of RHTB's assets
to attend a briefing on the procedure for the submission of
proposals. The briefing was conducted by the Special
Administrators on 1 March 2002 at 3 p.m. at Pengurusan Danaharta
Nasional Berhad's premises located at Tingkat 10, Bangunan Setia
1, 15 Lorong Dungun, Bukit Damansara, 50490 Kuala Lumpur.


SRI HARTAMAS: KLSE Grants Extension to Obtain Plan Approval
-----------------------------------------------------------
The Special Administrators of Sri Hartamas Berhad (Special
Administrators Appointed) announced that the Exchange has
approved the application for extension of time to obtain the
relevant authorities' approval on its plan to regularize its
financial condition for three (3) months from 29 January 2002 to
29 April 2002.

Last week, TCR-AP reported that the Special Administrators of
Sri Hartamas Berhad give notice that the Workout Proposal of Sri
Hartamas Hotels Sdn Bhd (Company No.: 14938 - W) (the Unit) as
approved in accordance with the Pengurusan Danaharta Nasional
Berhad Act 1998 (Danaharta Act) has been implemented.  Pursuant
to section 28(2) of the Danaharta Act, the Oversight Committee,
on the recommendation of Pengurusan Danaharta Nasional Berhad,
has approved the release and discharge of the Special
Administrators of the Unit with effect from 19 February 2002.


TAT SANG: Releases Lawsuit's Hearing Date Schedule
--------------------------------------------------
Tat Sang Holdings Herbad (TSHB or the Company) announced that
there had been no change to the status of default payment as
announced previously on 8 February 2002.

The Company further informed that hearing dates for the
following legal suits are scheduled:

1. Standard Chartered Bank (M) Berhad VS Mercurites & Muar
Wooden Furniture Mfg Sdn. Bhd. (MMWF) at Kuala Lumpur High Court
Suit No : D5-23-1051-2001
Hearing Date : 17 April 2002

2. Malayan Banking Berhad VS MMWF at Muar High Court
Suit No : 23-108-2001
Hearing Date : 11 April 2002

3. Bumiputra-Commerce Bank Berhad VS MMWF at Muar High Court
Suit No : 23-76-2001
Hearing date : 21 March 2002


TIMBERMASTER INDUSTRIES: Appeals RA Time Extension to KLSE
----------------------------------------------------------
Timbermaster Industries Berhad (Special Administrators
Appointed) (TMIB or the Company), in reference to its appeal on
7 February 2002 to the Kuala Lumpur Stock Exchange (KLSE) to
grant the Company an extension of time until 7 May 2002 to make
a Requisite Announcement under PN4,  announced that KLSE by its
letter dated 7 March 2002 has now granted the Company until 31
March 2002 to make the Requisite Announcement (RA).

The Company will appeal to the KLSE for a further extension of
time until 7 May 2002 to make the Requisite Announcement under
PN4.

TCR-AP reported early this month that Timbermaster Industries
Berhad announced that the Company's White Knight has sought an
extension up to April 30, 2002 to fulfill the conditions
precedent set out in the Memorandum of Understanding dated
August 14, 2001 (2nd MoU). The Special Administrators (SA) of
the Company is now considering the options available to
regularize the financial position of TMIB (including the
possibility of a 3rd tender exercise).


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


PHILIPPINE LONG: Unit Drops Plan to Seek Strategic Partner
----------------------------------------------------------
Philippine Long Distance Telephone Co unit ePLDT Inc has
abandoned plans to find a strategic partner, as the Company is
exceeding earlier expectations, Philippine Daily Inquirer
reported Wednesday, quoting ePLDT Managing Director Ariel Roda.

Roda said there were five foreign firms interested in acquiring
a stake in ePLDT. He emphasized that ePLDT's funding from its
parent has been reduced to P200 million for 2002 from a high of
P1.6 billion in 2000.

Days ago, TCR-AP reported that Philippine Long Distance
Telephone Co (PLDT), which faces maturing debt of $1.3 billion
by 2004, will decide how much of mobile phone subsidiary Smart
Telecommunications it will spin off to raise cash to repay its
debt, Reuters reported.


NATIONAL BANK: DoF Revises Privatization Deal With Government
-------------------------------------------------------------
The Department of Finance (DoF) is revising the draft agreement
between the National Government and the Philippine National Bank
(PNB) on the bank's privatization after the Department of
Justice (DoJ) rejected the proposed offsetting of bank
receivables from the government, Business World reported
Wednesday.

Justice Secretary Hernando B. Perez said he told Finance
officials in a recent meeting that the setoff, a major component
of the plan, could not be undertaken as the requirements for a
mutual debt write-off are lacking.


NATIONAL POWER: JCPC Vetoes Privatization Plan
----------------------------------------------
The Joint Congressional Power Commission (JCPC) on Monday
rejected the latest version of the proposed privatization scheme
for National Power Corporation (Napocor) due to several
contentious issues, Business World reported Wednesday, citing an
unnamed Commission member.

JCPC Co-Chairman Senator Renato L. Cayetano said the partial
plan covering the sale of Napocor's transmission assets might be
approved by March 13.


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


CAPITALAND LTD: Posts Book Closure, Dividend Payment Notice
-----------------------------------------------------------
The Transfer Books and Register of Members of Capitaland Limited
will be closed from 14 May 2002 to 16 May 2002 (both dates
inclusive) for the purposes of determining shareholders'
entitlements to the proposed first and final dividend of 3
percent (S$0.03) per share, less 24.5 percent income tax,
subject to the approval of shareholders at the forthcoming
Annual General Meeting, proposed to be held on 2 May 2002.

Duly completed and stamped transfers in respect of shares not
registered in the name of The Central Depository (Pte) Limited,
together with all relevant documents of title thereto, received
by the Company's Registrar, Lim Associates (Pte) Ltd, 10 Collyer
Quay, #19-08 Ocean Building, Singapore 049315, up to 5.00 p.m.
on 13 May 2002 will be registered to determine shareholders'
entitlements to the proposed dividend.

Shareholders (being depositors) whose securities accounts with
The Central Depository (Pte) Limited are credited with shares as
at 5.00 p.m. on 13 May 2002 will be entitled to the proposed
dividend.

The proposed dividend, if approved at the Annual General
Meeting, will be paid on 31 May 2002.


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


BLUE CANYON: Business Reorganization Petition Filed in Court
------------------------------------------------------------
The Petition for Business Reorganization of Blue Canyon Property
Company Limited (DEBTOR), engaged in real estate development &
golf course, was filed to the Central Bankruptcy Court:

   Black Case Number 837/2544

   Red Case Number 1182/2544

Petitioner: PETCHBURI ASSET MANAGEMENT COMPANY LIMITED

Planner: B.C. GOLF RESORT MANAGEMENT COMPANY LIMITED, SIAM CITY
M. B. COMPANY LIMITED & M. THAI CORPORATE RESTRUCTURING COMPANY
LIMITED

Debts Owed to the Petitioning Creditor: Bt3,586,162,329.33

Date of Court Acceptance of the Petition: August 23, 2001

Date of Examining the Petition: September 17, 2001 at 9.00 A.M.

Court has set the Date for the Next Examination of the Petition:
November 1, 2001 at 9.00 A.M.

Court Appointment for the Hearing of the Court Order: November
29, 2001

Court Order for Business Reorganization on December 3, 2001 and
Appointing SIAM CITY M. B. COMPANY LIMITED & M. THAI CORPORATE
RESTRUCTURING COMPANY LIMITED to be the Joint Interim Executives

Announcement of Court Order for Business Reorganization and
Appointment of the Joint Interim Executives in Matichon Public
Company Limited and Siam Rath Company Limited: December 19, 2001

Announcement of Court Order for Business Reorganization and
Appointment of the Joint Interim Executives in Government
Gazette: January 8, 2002

Appointment date for the Meeting of Creditors to elect the
Planner: January 14, 2002 at 9.30 am. Convention Room 1104, 11th
Floor, Bangkok Insurance Building, South Sathorn Road

The Meeting of Creditors had passed a resolution electing B.C.
GOLF RESORT MANAGEMENT COMPANY LIMITED, SIAM CITY M. B. COMPANY
LIMITED & M. THAI CORPORATE RESTRUCTURING COMPANY LIMITED to be
the Joint Planner

Court Order for Appointment of Planner: January 31, 2002

Announcement of Court Order for Appointment of the Planner in
Matichon Public Company Limited and Siam Rath Company Limited:
February 15, 2002

Announcement of Court Order for Appointment of the Planner in
Government Gazette: February 26, 2002

Deadline for the Planner to submit the Reorganization Plan to
the Official Receiver: May 26, 2002

Contact: Ms. Amornrat Tel, 6792525 ext. 144


PTT PUBLIC: Correct Debt Reduction Totals Bt9,017M
--------------------------------------------------
PTT Public Company Limited (PTT or the Company), in reference to
the letter reporting the Company's debt reduction by using some
portion of the IPO proceeds, related that PTT repaid an
additional short-term loan in the form of Euro Commercial Paper
(ECP) in the amount of US$140 million equivalent to 6,613
million. The amended repayment amount is Bt6,163 million,
instead of Bt6,613 million. The total debt reduction shall be
changed to Bt9,017 million accordingly.


* DebtTraders Real-Time Bond Pricing
------------------------------------

Issuer             Coupon   Maturity   Bid - Ask   Weekly change
------             ------   --------   ---------   -------------

Asia Pulp & Paper     FRN     due 2001    10 - 12       +1
Asia Pulp & Paper     11.75%  due 2005  23.5 - 25.5     +0.5
APP China             14.0%   due 2010    22 - 24       +3
Asia Global Crossing  13.375% due 2006    17 - 20        0
Bayan Telecom         13.5%   due 2006    20 - 22        0
Daya Guna Sumudera    10.0%   due 2007   0.5 - 2.5       0
Hyundai Semiconductor 8.625%  due 2007    63 - 66        0
Indah Kiat            11.875% due 2002    23 - 25        0
Indah Kiat            10.0%   due 2007    20 - 22        0
Paiton Energy         9.34%   due 2014    54 - 57        0
Tjiwi Kimia           10.0%   due 2004  17.5 - 19.5     +0.5
Zhuahi Highway        11.5%   due 2008    23 - 28        0

Bond pricing, appearing in each Thursday's edition of the
TCR-AP, is provided by DebtTraders in New York. DebtTraders is a
specialist in global high yield securities, providing clients
unparalleled services in the identification, assessment, and
sourcing of attractive high yield debt investments. For more
information on institutional services, contact Scott Johnson at
1-212-247-5300. To view our research and find out about private
client accounts, contact Peter Fitzpatrick at 1-212-247-3800.
Real-time pricing available at www.debttraders.com


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
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.  Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each.  For subscription
information, contact Christopher Beard at 240/629-3300.

                 *** End of Transmission ***