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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 19, 2002, Vol. 5, No. 55

                         Headlines
A U S T R A L I A

ANACONDA NICKEL: Commences Discussions With Secured Creditors
AUSTRIM NYLEX: Makes Strategic Exit From Textiles Business
AUSTRIM NYLEX: Forecast Promising, Banking Facility Extended
BRISBANE BRONCOS: BB Sports Withdraws Compulsory Acquisition
ENERGY WORLD: Merges by Scheme of Arrangement With PEL

SMARTWORLD CORPORATION: Releases Administrator's Letter
WESTERN METALS: Posts December Half-Year Financial Report

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

BEST EAST: Petition to Wind Up Pending
CELESTIAL ASIA: Widens Operations Net Loss to HK$468,315
CIL HOLDINGS: Requests Trading Suspension
GOLD COLOUR: Winding Up Petition to be Heard
GOLDTIME DEVELOPMENT: Winding Up Petition Slated for Hearing

NORTHEAST ELECTRICAL: Resolutions Passed at First EGM
WARREN ASSET: Winding Up Petition Hearing Set
WINFUL ENGINEERING: Hearing of Winding Up Petition Scheduled


I N D O N E S I A

SINAR MAS: Paper Producer Units Continue to Posts Losses


J A P A N

HITACHI LTD: Reaches Service Transfer Agreement With IPC
KDDI CORP: Posts Q102 Y229B Loss
MARUBENI CORP: Unit Admits Mislabeling Chicken
NISSAN MOTOR: Management Changes Effective April 1
SEIYU LTD: METI Ready to Help Supermarket Operator

SEIYU LTD: Closing Over 30 Stores in Three Years
SNOW BRAND: S&P Lowers Rating to triple-'C'-Minus-pi


K O R E A

HYNIX SEMICONDUCTOR: Ends Meeting With Micron
KOOKMIN BANK: Dissolves Non-Financial Subsidiary
KOOKMIN BANK: Reforms Business Organizations
REGENT FIRE: FRP Suspends Trading Over Management Failure


M A L A Y S I A

CHASE PERDANA: Appoints Kah Boon as Joint Secretary
COUNTRY HEIGHTS: Proposes Proposed Divestment Implementation
INNOVEST BERHAD: Unit Files Counter Suit Against Chemstab
MENANG CORPORATION: Restructuring Scheme Completed
SENG HUP: Provides Additional Winding Up Petition Info

SPORTMA CORPORATION: Issues Feb 2002 Defaulted Payment Status
TA ENTERPRISE: Changes Registered Address
WIJAYA BARU: Gets SC's Nod on Proposals Extension


P H I L I P P I N E S

INTERNATIONAL CONTAINER: Unit Negotiates With Brazilian Unions
PHILIPPINE LONG: In Talks With Potential Smart Investors


S I N G A P O R E

L & M GROUP: SGX-ST Approves Shares New Placement


T H A I L A N D

BANGKOK MASS: Debt Agreement With Creditors Uncertain
ITALIAN-THAI: Reorganization Petition Filed
NTS STEEL: TAMC Accepts Alliance Proposal
TUNTEX (THAILAND): April 29 AGM Set, Suspends Dividend Payment

     -  -  -  -  -  -  -  -

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

   
ANACONDA NICKEL: Commences Discussions With Secured Creditors
-------------------------------------------------------------
Anaconda Nickel Limited Chief Executive Officer, Peter Johnston,
announced that, together with Glencore International AG's
subsidiary Glenmurrin Pty Ltd, initial discussions commenced
with the Murrin Murrin project's secured creditors in New York
on Friday, 15 March 2002.

Negotiations with secured creditors are anticipated to take
several months and will canvass various options developed with
Anaconda's US and Australian advisors which are aimed at
achieving an acceptable debt restructuring plan. Anaconda is
encouraged that the proposals to address both short-term
liquidity issues and long-term debt restructuring can result in
a satisfactory outcome for the Company.

Anaconda is currently considering a proposal from Glencore
International AG to procure funds to meet short-term operating
requirements of its Murrin Murrin project, which will require
consent from its secured creditors.

While this is being sought, Anaconda's audit review of the
financial statements for the half-year ended 31 December 2001 is
not expected to be completed until after 22 March 2002. Due to
the critical nature of this matter, it is considered that this
delay will ultimately assist in keeping the market better
informed. Anaconda believes that the secured creditors recognize
the critical importance of this short-term funding and are
working towards achieving a favorable result by 22 March 2002.

However, as outlined in detail in Anaconda's unaudited Appendix
4B lodged with the ASX on 28 February 2002, "should these
negotiations not succeed or become delayed, then the
Consolidated Entity will likely not be able to continue as a
going concern and may be required to realize assets and to
extinguish liabilities other than in the normal course of
business and at amounts different to those stated in
the financial statements."

Mr Johnston, commenting on the scope of the New York
discussions, said: "a solution to the short-term liquidity
position will give Anaconda time to update the secured creditors
on operational aspects of the Murrin Murrin project, which would
set the platform for detailed negotiations on the overall debt
position of Anaconda and its subsequent recapitalization. While
we cannot guarantee the ultimate outcome of the negotiations, we
have no information today that causes us to believe these
efforts will fail."

Mr Johnston went on to say, "there are a number of possible
options. One of these options would involve a significant equity
issue."

Anaconda has invited secured creditors to conduct due diligence
on the Murrin Murrin project in order to facilitate an
acceptable restructuring agreement. The secured creditors have
formed a steering committee and retained financial and legal
advisors.

Anaconda will continue to keep the market fully informed about
the progress of the negotiations.


AUSTRIM NYLEX: Makes Strategic Exit From Textiles Business
----------------------------------------------------------
The Directors of Austrim Nylex Limited (Austrim Nylex) have
announced the group has reached an agreement to complete a
strategic exit from the textiles industry.

The loss making textiles division has been the subject of a
number of closures and asset sales in the past few months. The
Geelong business has been sold to a group lead by three senior
executives.

Austrim Nylex last week announced a net loss after tax of $28.7
million for the six months to December 31, 2001, almost half of
which was contributed to by the textiles division.

Managing Director and Chief Executive of Austrim Nylex, Mr Peter
Crowley, said "Following our decision to exit textiles, which
was announced last year, we are delighted to have divested the
Geelong business to complete our exit from the textiles
business."

Austrim Nylex now comprises five core operating divisions: Plant
Hire, Building Products, Plastics Products, Automotive Products
and Engineered Products.

Directors have confirmed with EBITDA forecast for the full year,
excluding costs associated with textiles and re-structuring
costs, of $100 million.


AUSTRIM NYLEX: Forecast Promising, Banking Facility Extended
------------------------------------------------------------
The Directors of Austrim Nylex Ltd confirmed that the EBITDA
forecast for the full year 2001/02 for the ongoing operations
(excluding Textiles and restructuring costs) is in line with the
previously announced $100m.

In addition, the Directors announced that the group has reached
agreement to extend its banking facilities to 1 July 2004. The
new arrangement comes at a time when Austrim Nylex is close to
finalizing the divestment of its loss making textiles division.

The Group also announced a net loss after tax of $28.7 million,
compared with a profit of $21 million for the half year. The
result includes costs associated with restructuring and closure
of businesses in 2001 (mainly reflected in "Other overheads"),
and the write off of future income tax benefits (Tax Expense),
and compares to profits in 2000 which included profits on sale
of non-current assets and the write back of provisions. On a
comparable basis, profits before interest were $32.5 million
compared to $35.6 million in 2000. Operating Divisions generated
profits of $36.4 million in line with last year.

Austrim Nylex now comprises five core operating divisions; Plant
Hire, Building Products, Plastic Products, Automotive Products
and Engineered Products.

Group Managing Director and CEO, Mr Peter Crowley said "The two
year bank facility allows the Group to focus on improving the
business with the support of the banks.

Our core businesses are generating positive cash flows and
improving profits, creating a strong platform for growth. This
comes at a time when textiles is being divested and our new
operational structure is starting to reap the benefits of
synergies and economies of scale."

He said the group's building and engineered products divisions
were showing improvement, while the automotive and plant hire
divisions' results were improving after a slow start to the
year. The Tristar dispute affected the first quarter's results
for automotive. Plastics is being restructured under new and
capable management.

Directors have not declared an interim dividend and will not pay
interest on the Mandatory Converting Notes in April 2002.


BRISBANE BRONCOS: BB Sports Withdraws Compulsory Acquisition
------------------------------------------------------------
The proportional takeover offer by BB Sports Pty Limited
(Bidder), a subsidiary of The News Corporation Limited (News),
for Brisbane Broncos closed on Friday 15 March 2002.

In accordance with ASX Listing Ride 3.3, News gives notice that:

   * the Bidder and its associates have a relevant interest in
68.85 replace of the ordinary shares in Brisbane Broncos; and

   * that the Bidder does not intend to proceed to compulsory
acquisition.


ENERGY WORLD: Merges by Scheme of Arrangement With PEL
------------------------------------------------------
The Board of Directors of Energy World Corporation Limited (EWC)
and Pacific Energy Limited (PEL) announced that they have
reached agreement on a proposal to merge the two companies by
way of a Scheme of Arrangement under the Corporations Act 2001.

The proposed transaction will be subject to the approval of
PEL's shareholders and option holders and of the Supreme Court
of Western Australia. It is expected that the shareholders' and
option holders' meetings will take place by June 2002. The
merger is also subject to a number of conditions precedent,
which are summarized below.

If the merger is approved by PEL's shareholders and option
holders and the Court, PEL's shareholders and option holders
will receive (in exchange for their shares in PEL):

   (a) for PEL Shareholders - 8 EWC shares and 3 EWC options at
a strike price of 15 cents exercisable by 1 November 2005 for
every 1 PEL share held; and

   (b) for PEL option holders - 8 EWC options for every 1 PEL
option held.

IMPLEMENTATION OF THE MERGER

Implementation of the merger is subject to the following
conditions precedent (in addition to shareholder, optionholder
and Court approval):

   (a) PEL conducting due diligence investigations into EWC that
do not reveal any information which, in the reasonable opinion
of the directors of PEL, has a material adverse effect on EWC,
PEL, PEL's shareholders or PEL's option holders;

   (b) PEL obtaining an independent expert's report, which
concludes that, the Scheme is in the best interests of PEL's
shareholders and option holders;

   (c) approval for quotation on the official list of ASX of the
EWC shares to be issued pursuant to the merger; and

   (d) lodgment with the ASIC of an office copy of the Court
order approving the scheme of arrangement.

PEL has agreed that it will not seek out other proposals in
relation to its takeover or a merger and will ensure that none
of its directors or advisers do so unless the conditions
precedent for the merger with EWC are not satisfied or that the
merger does not proceed.

Other terms and conditions will be outlined in the documentation
to be sent to PEL shareholders and option holders.

NEXT STEPS

For the time being PEL shareholders do not need to take any
action in relation to the proposed merger.

Additional information, including a full copy of the independent
experts report will be provided to PEL shareholders in an
explanatory statement that is currently being prepared and is
expected to be dispatched to shareholders and option holders by
mid-May 2002.

December last year, TCR-AP reported that Energy World, formerly
known as Energy Equity Corporation Limited, advised that during
the past year the level of debt under the Company's facility
with The Commonwealth Bank of Australia (the Bank) was reduced
from $112 million to $82 million. All principal and interest
payments have been made in accordance with the agreed schedules.


SMARTWORLD CORPORATION: Releases Administrator's Letter
-------------------------------------------------------
Smartworld Corporation Limited posted Joint Deed Administrator O
Zohar's letter to shareholders:

On 12 September 2001, the Directors of Smartworld Corporation
Limited (Smartworld or the Company) appointed Oren Zohar and
Louis Nilant of Clout & Associates as joint and Several
Administrators of the Company and its Australian subsidiaries
pursuant to Section 436A of the Corporations Act.

The appointment was made following the Company's securities
being suspended from trading on the official list of Australian
Stock Exchange Limited on 5 September 2001.

At a meeting held on 3 December 2001, the Joint Administrators
proposed to the creditors of the Company that a deed of company
arrangement be entered into. On 14 December 2001, the Company
entered into a deed of company arrangement with its creditors
and with an investment group to recapitulate the Company, and
Oren Zohar and Louis Nilant were appointed Joint and Several
Deed Administrators. The terms of the agreement to recapitulate
the Company are reflected in the Deed of Company Arrangement.

The Deed of Company Arrangement requires that subject to
conditions being met, an amount of $260,000 and all assets of
the Company (excluding the mineral exploration assets), be made
available for satisfaction of the claims of creditors and to
meet the costs of the joint Administrators and Joint Deed
Administrators together with additional funding from the
investment group to meet costs associated.

The proposal from the investment group as embodied in the Deed
of Company Arrangement requires members in Extraordinary General
Meeting to vote on and pass the following resolutions all of
which are interdependent:

   (a) the consolidation of the capital of the Company on a 1
Share for every 5 Shares both issued and unissued;

   (b) the issue and allotment of up to 100,000,000 ordinary
shares at an issue price of 0.23 cents per Share in the capital
of the Company following the consolidation of capital, to raise
up to $230,000 for working capital. The determination of the
allottees is at the sole discretion of the investment group;

   (c) the issue and allotment of up to a further 103,000,000
ordinary shares at an issue price of up to 1 cent per Share
following the consolidation of capital to raise up to $1,030,000
for working capital. The determination of the allottees is at
the sole discretion of the investment group;

   (d) the transfer of such of the assets of the Company
(excluding its mining assets as defined) as are capable of being
assigned to the Trustee pursuant to Listing Rule 11.2 of ASX;

   (e) the appointment of persons nominated by the investor
group as directors of the Company when this Deed has been
completed and approval for the removal of the directors in
office at the date of the Extraordinary General Meeting;

   (f) changes to the constitution of the Company to give effect
to the above proposals or to update the constitution in
compliance with the Corporations Act and/or Listing Rules of the
ASX;

   (g) change of the name of the Company if required by the
investment group; and

   (h) any other approvals required to give effect to the
objects of the Deed or as required by the ASX or ASIC.

The resolutions proposed enable the Company to satisfy the above
terms of the Deed of Company Arrangement. The Extraordinary
General Meeting referred to in the Deed will be held
concurrently with the Annual General Meeting.

If the above resolutions are passed and the proposed
restructuring and recapitalization completed, the Company will
seek the reinstatement of the quotation of its securities on
ASX. The investment group has advised the joint Deed
Administrators that they intend the Company to continue with its
existing mineral exploration activities. The Deed of Company
Arrangement is not conditional on reinstatement of quotation,
however the Deed provides for a payment to the Deed
Administrators within 7 days of such reinstatement of $30,000,
which is included in the amount of $260,000 referred to above.

The Notice of Annual General Meeting also comprises the ordinary
business of adopting the financial report of the Company for the
period ending 30 June 2001, the re-election of a Director and
the special business of the recapitalization proposals.

The joint Deed Administrators are not responsible for the
contents of this Notice of Annual General Meeting, the financial
report of the Company for the year ended 30 June 2001 and the
reports by the Directors and Independent Auditor, the
Explanatory Statement or the Memorandum generally, nor the
reports by Mr John Van Dieren of Stanton Partners Corporate Pty
Ltd and Al Maynard & Associates attached to and forming part of
the Memorandum. The joint Deed Administrators do not accept any
responsibility for any disclosure in or failure to include my
disclosure in those documents.

It is the opinion of the Joint Deed Administrators that the Deed
of Company Arrangement is in the best interests of creditors and
therefore the recapitalization proposal should be accepted by
shareholders by voting in favor of the resolutions.


WESTERN METALS: Posts December Half Year Financial Report
---------------------------------------------------------
Western Metals Limited advised that due to the significant fall
in base metal prices over the past 6 months the Company has
elected to adopt more conservative accounting policies. As a
consequence, the groups operating loss after tax for the 6
months to 31 December 2001 was $ 205 M.

This loss was impacted by a number of one off significant items
including:

   * Write down of the carrying value of the Mt Gordon Copper
project of $ 136 M, net of tax, due to the adoption of
discounted cashflows in assessing the recoverable value of all
operating assets and the adoption of a more conservative long
term view of the project. This write down included $ 59 M in
goodwill on the acquisition, attributable to Mt Gordon, from the
takeover of Aberfoyle Limited.

   * $ 6.9 M loss, net of tax, due to a change in accounting
policy to account for a liability for metal call positions, not
recognized as hedges, at fair value.

   * Write down of exploration expenditure of $ 4.3 M and other
non current assets of $ 4.4 M, net of tax, representing
deferred, borrowing and hedge reconstruction costs previously
capitalized.

$15 M write down of future income tax benefits attributable to
tax losses from the adoption of the current strict definition of
recoverability under Australian Accounting Standards. The
operating loss after tax, before the significant items described
above, was $ 38.3 M in the 6 months to 31 December 2001. This
result was affected by very low $US metal prices for zinc and
copper that reduced net revenues by $ 18 M when compared to the
30 June 2001 half. Foreign exchange hedging losses were also $
12 M higher when compared to the 6 months to 30 June 2001.

The average realized price of zinc sold during the half was US
36 cents per lb v US 42 cents per lb in the 6 months to 30 June
2001. The average realized copper price for the half was US 67
cents per lb v US 78 cents per lb for the 6 months to 30 June
2001. The average price for zinc and copper over the past 10
years has been US 48 cents per lb and US 93 cents per lb
respectively.

CASHFIOW

Despite the very low metal prices the group generated $12 M in
operating cashflows after paying $ 25 M in hedge losses and $ 17
M in net interest expense.

With capital expenditure of $ 19 M, the group finished the half
with cash assets of $ 30.6 M.

$US 18.75 M in principal payments due to be made on 1 November
2001 were not paid by agreement with US Noteholders.

$US 5 M in hedge contracts, that would have resulted in cash
losses of $ 2.6 M, due to be paid in December 2001 were also
deferred by agreement with the hedge counterparties.

FINANCIAL POSITION

After write downs the Group had net assets of $68 M at 31
December 2001. It should be noted that the Group's other key
asset, the Lennard Shelf lead and zinc operation is valued in
excess of book value and significant potential exists to improve
value through expansion of resources and operational
improvements at both Mt Gordon and the Lennard Shelf.

On 15 March 2002 the Western Metals Group and its financiers
have agreed in principle, through the completion of a common
term sheet, to financial arrangements that must be concluded and
formally documented by 19 April 2002. These arrangements
include:

   * The reschedule of principal repayments on the $US 75 M and
$US 120 M notes, with the first installment of $US 5 M due 15
June 2003.

   * The deferral of $US 24 M in hedge contracts due for
delivery between December 2001 and March 2002. These contracts
will be amortized in 6 equal monthly installments commencing
November 2002.

   * A commitment to grant security to financiers.

   * An increase in the $US 75 M notes interest rate from 8.06
replace to 9.59 replace, effective 1 November 2001 with payment
of interest monthly on all notes.

   * An entitlement for the group to raise a $A 15 M secured
standby working capital facility through to 30 June 2003.

   * A waiver or agreement to no action, of breaches to certain
financial covenants until 30 June 2003.

   * The commitment to issue US noteholders, 100,000,000 options
to subscribe to ordinary shares at an exercise price of 10 cents
per share.

Although these arrangements are still all subject to formal
documentation by 19 April 2002, based on the progress to date,
the Directors have a reasonable expectation that these
arrangements will be formally concluded and documented.

Western Metals Limited appointed CIBC World Markets, in January
2002, to assist the company in the evaluation of equity
alternatives to strengthen the company's financial position. The
work is ongoing, shareholders and the market will be kept fully
informed of any developments.

OUTLOOK

The Company is performing in accordance with its budgets during
the first calendar quarter of 2002 and expects increased
production in the 6 months to 30 June 2002 when compared to the
current half.

Shareholder presentations in major capital cities will be
performed in early May, following the completion of formal
documentation with financiers.

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


BEST EAST: Petition to Wind Up Pending
--------------------------------------
The petition to wind up Best East Limited is set for hearing
before the High Court of Hong Kong on April 10, 2002 at 9:30 am.  
The petition was filed with the court on January 14, 2001 by
Bank of China (Hong Kong) Limited (the successor corporation to
Sin Hua Bank pursuant to Bank of China (Hong Kong) Limited
(Merger) Ordinance (Cap. 1167) of 14th Floor, Bank of China
Tower, 1 Garden Road, Central, Hong Kong.


CELESTIAL ASIA: Widens Operations Net Loss to HK$468,315
--------------------------------------------------------
Celestial Asia Securities Holdings Limited announced on
15/3/2002:

(stock codes: Ord: 1049 & War: 284)
Year end date: 31/12/2001
Currency: HKD
Auditors' Report: Neither
                                                   (Audited)
                                  (Audited)        Last
                                  Current          Corresponding
                                  Period           Period
                                  from 1/1/2001    from 1/1/2000
                                  to 31/12/2001    to 31/12/2000
                                  ('000)           ('000)
Turnover                                 : 973,560     472,836
Profit/(Loss) from Operations            : (468,315)  (306,348)
Finance cost                             : (10,735)   (13,102)
Share of Profit/(Loss) of Associates     : (2,326)    (57,994)
Share of Profit/(Loss) of
  Jointly Controlled Entities            : N/A        N/A
Profit/(Loss) after Tax & MI             : (454,036)  (336,351)
% Change over Last Period                : N/A
EPS/(LPS)-Basic                        : (7.2 cents) (6.6 cents)
         -Diluted                      : (7.2 cents) (6.6 cents)
Extraordinary (ETD) Gain/(Loss)          : N/A         N/A
Profit/(Loss) after ETD Items            : (454,036) (336,351)
Final Dividend per Share                 : Nil              Nil
(Specify if with other options)          : N/A              N/A
B/C Dates for Final Dividend             : N/A              
Payable Date                             : N/A
B/C Dates for (-) General Meeting        : N/A
Other Distribution for Current Period    : N/A
B/C Dates for Other Distribution         : N/A

Remarks:

(1)     During the year, the Group adopted Statements of
Standard Accounting Practice 30 "Business combinations" and 31
"Impairment of assets", which have resulted in the change to the
Group's accounting policies on goodwill and impairment.  The
accounting treatments specified by these SSAPs have been applied
retrospectively resulting in a decrease in the profit as at 31
December 2000 by approximately HK$438,118,000.  

Accordingly, the result for the year ended 31 December 2000 and
earning (loss) per share for the year ended 31 December 2000
have been adjusted and restated.

(2)     Loss per share

The calculation of basic and diluted loss per share for the year
ended 31 December 2001 together with the comparative figures for
2000 are calculated as follows:
                  
                                    2001            2000
                                    HK$'000         HK$'000
                                                  (restated)
Loss for the purpose of basic loss
per share                           (454,036)       (336,351)
                                    ---------       ---------         
Adjustment to the share of
result of subsidiaries based on
dilution of their earnings per share    (8)             -
                                    -----------     ---------
Loss for the purpose of diluted
loss per share                      (454,044)       (336,351)
                                    ==========      =========
Weighted average number of
ordinary shares for the
purpose of basic and diluted
loss per share                      6,293,608,096  5,085,761,055
                                    ============== =============  
                                          
The calculation of diluted loss per share does not assume the
exercise of the Company's outstanding share options and warrants
as the exercise price of those options and warrants were higher
than the average market price of share during the two years
ended 31 December 2001.

The adjustment to comparative basic and diluted earnings (loss)
per share arising from the change in accounting policies is as
follows:
                                                                 
HK cents
                          
Reconciliation of 2000 earnings (loss) per share:               
                  
Reported earnings per share before adjustments           2.0
Adjustments arising from the adoption of SSAPs 30 and 31 (8.6)
                                                        -------
Restated loss per share                                  (6.6)
                                                        =======


CIL HOLDINGS: Requests Trading Suspension
-----------------------------------------
CIL Holdings Limited requested suspension of trading in its
shares with effect from 10:00 a.m. Monday, 18 March 2002,
pending an announcement in relation to the results of a winding
up petition.

TCR-AP reported last week that the Company appointed Kingston
Corporate Finance Limited and Sun Hung Kai International Limited
as the joint independent financial advisers to the Independent
Board Committee which will be established to advise the
Independent Shareholders in relation to the Subscription
Agreement, the Whitewash Waiver and the issue and allotment of
the Recapitalization Shares.


GOLD COLOUR: Winding Up Petition to be Heard
--------------------------------------------
The petition to wind up Gold Colour Investments Limited is
scheduled to 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 Bank
of China (Hong Kong) Limited (the successor corporation to Sin
Hua Bank pursuant to Bank of China (Hong Kong) Limited (Merger)
Ordinance (Cap. 1167) of 14th Floor, Bank of China Tower, 1
Garden Road, Central, Hong Kong.


GOLDTIME DEVELOPMENT: Winding Up Petition Slated for Hearing
------------------------------------------------------------
The petition to wind up Goldtime Development Limited is
scheduled to be heard before the High Court of Hong Kong on June
5, 2002 at 9:30 am.  

The petition was filed with the Court on February 15, 2002 by
Bank of China (Hong Kong) Limited (the successor corporation to
The Yien Yieh Commercial 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.


NORTHEAST ELECTRICAL: Resolutions Passed at First EGM
-----------------------------------------------------
The 1st Extraordinary General meeting (EGM) for 2002 of
Northeast Electrical Transmission & Transformation Machinery
Manufacturing Company Limited (the Company) was held at the
Conference Room of the Company on 14/F, Kingdom Hotel, No.189
Taiyuan South Street, Heping District, Shenyang, Liaoning
Province, the PRC at 9:00 a.m. on Friday, 15 March 2002. The
Company published a notice of the EGM in China Securities
Journal, Securities Times, Hong Kong Economic Times and Hongkong
iMail on 29 January 2002 and 26 February 2002. 11 directors and
proxies, holding and representing 400,863,135 shares which
accounted for 45.9% of the total share capital of 873,370,000
shares of the Company, attended the EGM, in compliance with
relevant regulations of Company Law and the Articles of
Association of the Company. Commerce & Finance Law Office made
its legal opinion.

After voting, there were 380,563,135 affirmative shares, 0
objected share and 20,300,000 abstained shares at the EGM. The
affirmative shares represented 94.9% of the shares vested with
voting rights at the EGM.

The following resolutions were passed in compliance with Company
Law and the Articles of Association of the Company. Accordingly,
the voting was valid.

   1. The resignations of Messrs Xiang Yongchun, Zhou Baouyi,
Huang Ping and Lu Minglin, the executive directors, were
accepted;

   2. The additional appointment of Messrs Zhang Dianjun, Shi
Yanping, Qu Lin, Tang Xiaojiang and Li Pixue as executive
directors was approved. There are currently 12 directors,
including 4 independent non-executive directors, in the Company.
For particulars of the new directors, please refer to the
announcement dated 28 January 2002 published in Hong Kong
Economic Times and Hongkong iMail; and

   3. The appointment of Yuehua Certified Public Accountants as
domestic auditors of the Company was approved.


WARREN ASSET: Winding Up Petition Hearing Set
---------------------------------------------
The petition to wind up Warren Asset Management Limited is
scheduled for hearing before the High Court of Hong Kong on May
15, 2002 at 9:30 am.  The petition was filed with the court on
February 1, 2002 by Chan Cho Hon of Flat P, 6/F., 1 Nelson
Street, Mongkok, Kowloon, Hong Kong.


WINFUL ENGINEERING: Hearing of Winding Up Petition Scheduled
------------------------------------------------------------
The petition to wind up Winful Engineering Company Limited will
be heard 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
24th day of January, 2002 present to the said Court by Yuen Yiu
Cheung Hubert of 55A1, Yuen Leng village, Tai Po, New
Territories, Hong Kong.


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


SINAR MAS: Paper Producer Units Continue to Posts Losses
--------------------------------------------------------
Two major paper-making subsidiaries of the Sinar Mas Group, PT
Indah Kiat and PT Tjiwi Kimia, continued to post big net losses
in the first half of 2001, attributable partly to large loan
interest payable, AsiaPulse reported Sunday.  The Companies also
suffered big losses in 2000.

In a financial report, Indah Kiat posted a net loss of US$46.8
million in the first half of 2001 while PT Tjiwi Kimia reported
a net loss of US$2.6 million.  PT Indah Kiat defaulted its short
term debt of US$3.308 billion and PT Tjiwi Kimia on a debt of
US$1.617 billion.  Indah Kiat had US$146.4 million payable in
interest in the first six months of 2001 while Tjiwi Kimia had
US$60.3 million in interest debt.

Another paper making subsidiary of the Sinar Mas Group , PT
Pindo Deli, also reported a net loss of US$89.8 million in the
first half of 2001.  PT Lontar Papyrus was the only one of its
four paper making subsidiaries reporting a net profit during
that period.


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


HITACHI LTD: Reaches Service Transfer Agreement With IPC
--------------------------------------------------------
IPC Information Systems, Inc. (IPC), a leading provider of
communications platforms to the financial industry, and Hitachi  
Ltd. (Hitachi) announced on March 17 that they have entered into
an agreement to transfer service and support operations for the
international client base of Hitachi's turret business to IPC.

Turret systems are trading room communication systems sold
primarily to the financial community and other trading-oriented
businesses. Under this agreement, Hitachi will transfer its
international client base, including over 1,800 desktop
positions encompassing New York, London, Singapore, Hong Kong,
Malaysia, Taiwan and Bermuda. The agreement also allows for the
transfer of appropriate Hitachi turret support personnel to IPC.
The transaction is expected to close by March 31, 2002.

Greg Kenepp, President of IPC said, "We are excited about this
transaction and our new relationship with Hitachi, one of the
world's premier communications providers. This transaction
further enhances IPC's global market position and is a sign of
our continued commitment to provide products, services and
support for our customers on a global basis." The agreement
ensures continued service and support for existing Hitachi
customers and provides for them the opportunity to migrate to
IPC's IQMX(TM), the world's only Voice over IP turret.

Yasuhiko Taniguchi, Senior Director, Telecommunication System
Department, said, "Hitachi has been a leading, worldwide
provider of Dealing Communications Systems for many years with a
specific emphasis in the Japanese market. We are pleased to
announce this agreement that allows us to capitalize on IPC's
excellent products and support globally while we continue our
focus on the domestic Japanese market."

Stephen Phillips, Managing Director for IPC Asia / Pacific,
said, "This acquisition clearly positions IPC as the premier
supplier of trading systems throughout Asia / Pacific and I
particularly look forward to strengthening our relationship with
Hitachi Ltd. in the future."

About IPC Information Systems

IPC Information Systems is a world leader in the delivery of
integrated multimedia communications solutions to the financial
trading industry, providing a sophisticated suite of integrated
voice, data and video solutions. IPC's patented digital ALLIANCE
MX(TM) is the most widely installed voice trading system in the
world, serving customers in over 35 countries. IPC's
comprehensive portfolio also includes the IQMX(TM) Voice-over-IP
trading system, TradeSmart CTI(TM) Solutions, and premier
customer care programs. IPC focuses exclusively on the financial
trading environment, designing, manufacturing, installing, and
servicing products that allow traders to communicate with each
other instantly and reliably. IPC's reputation for quality and
service is unmatched.

IPC operates throughout the Americas, Europe, and the Asia /
Pacific region. For additional information, visit www.ipc.com.

About Hitachi Ltd.

Hitachi, Ltd., headquartered in Tokyo, Japan, is one of the
world's leading global electronics companies, with fiscal 2000
(ended March 31, 2001) consolidated sales of Y8,417 billion
($67.9 billion (a)) The Company manufactures and markets a wide
range of products, including computers, semiconductors, consumer
products and power and industrial equipment. For more
information on Hitachi, Ltd., please visit Hitachi's Web site at
http://global.hitachi.com (a) At an exchange rate of Y124 to  
the dollar.

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 will likely see a group operating loss of nearly Y100B.


KDDI CORP: Posts Q102 Y229B Loss
---------------------------------
KDDI Corp said it would take a special loss of Y229 billion for
this business year to March 31 to shut down the part of its PDC
(personal digital cellular) network operated by wireless brand
"au" and waive Y20 billion in loans to another struggling unit,
DDI Pocket, Reuters said Friday. The Company will cut its annual
capital spending to Y310 billion by March 2005.

The shares in the Company have risen more than 40 percent in
March in anticipation of its restructuring measures. Its
wireless business has been dragging down the Company despite a
relatively successful fixed-line division, operates three mobile
phone systems, CDMA (code division multiple access), PDC and PHS
(personal handyphone system).


MARUBENI CORP: Unit Admits Mislabeling Chicken
----------------------------------------------
Marubeni Corp unit Marubeni Chikusan Corp said its branch office
in Sendai passed off imported chicken as higher-priced domestic
chicken between 1999 and 2001, Kyodo News reported Saturday
citing unnamed Company officials. The subsidiary falsified
descriptions of 5-8 tons of imported chicken a year during the
period.

TCR-AP reported last month that Marubeni Corp's interest-bearing
debts will likely drop to Y2 trillion by the end of March 2006.
The Marubeni Corp. President said that the Company has cut its
debt estimate as of the end of March 2003 to Y2.5 trillion from
Y2.65 trillion projected earlier.


NISSAN MOTOR: Management Changes Effective April 1
--------------------------------------------------
Nissan announced on Thursday its management changes effective
April 1, 2002, that will support the implementation of Nissan
180, its 3-year business plan.

"As we launch the Nissan 180 plan in a competitive global
environment, we will continue to reinforce, focus and streamline
our organization," said Carlos Ghosn, Nissan's President & CEO.

"Our main task for FY2002," Mr. Ghosn said, "is to
successfully launch on time 12 all-new innovative models
globally with the targeted quality and cost levels. To support
this, we will focus on our manufacturing excellence as well as
engineering expertise from vehicles to power trains.

"In Engineering, we will bring vehicle engineering and power
train development closer.

"Finally, as we plan to fully enter the Chinese market this
year, we will adapt our organization to the challenges we will
face in this fast-growing market."

To fulfill these objectives, Tadao Takahashi, SVP, will assume
the position of EVP responsible for Manufacturing and Supply
Chain Management. Mr. Takahashi will succeed Hisayoshi Kojima,
EVP, who is the proposed President of JATCO. Mr. Takahashi will
become a member of the 8-person Executive Committee and will be
nominated as a board member at the next General Shareholders
meeting.

Mr Takahashi will also oversee Industrial Machinery and Marine
Business.

Hidetoshi Imazu will assume Mr Takahashi's current role as SVP
of Manufacturing and Supply Chain Management. Yoshimasa Yamamoto
becomes VP of Powertrain Production Engineering, reporting
directly to Shigeru Takagi, SVP. Noboru Sekiguchi will become VP
in charge of the Industrial Machinery Division and Marine
Administration Office.

In Engineering related moves, Iwao Nakamura, SVP, has been
chosen to become President of Nissan Diesel Motor Co., Ltd.
Hajime Kawasaki, SVP, will lead the Customer Service Division
and related activities. President of Nissan Technical Center
North America, Shigeo Ishida, will return to Japan to succeed
him as SVP of Powertrain Engineering.

Moreover, in acknowledging the important role that
environmental, safety and IT performances play in Nissan's R&D,
VP Hiroyasu Kan will become SVP and oversee Environmental and
Safety Engineering, Advanced Engineering and Electronics
Engineering. All Engineering related functions continue to
report to Nobuo Okubo, EVP.

As for China, a special China Operations will be established in
April. Katsumi Nakamura, SVP, will head this team.

SVP Toshiyuki Shiga of Overseas Sales, currently responsible for
Asian coverage as well as of Oceania and Central and South
America, will add to his "GOM" coverage, the Middle East and
Africa. He will head all General Overseas Market (GOM) Sales.
GOM is defined as Nissan markets outside of Japan, North America
and Europe.

Keisuke Takebe, SVP for Sales in Middle East and Africa, is the
proposed new Vice President of Prince Osaka. Nissan plans to
strengthen its domestic sales network by moving or assigning new
Presidents for 13 consolidated companies in Japan at the start
of the fiscal year.

Other changes involve:

Vice Chairman Kanemitsu Anraku will take over as President of
Nissan Real Estate Development Corporation. Takeshi Isayama,
will inherit Mr Anraku's role in overseeing Government and
External Affairs and remain the sole Vice Chairman at Nissan.

Kazuhiko Toida, SVP, will newly establish a Global Aftersales
Division and bridge closely the Parts and Aftersales Service
Divisions. This function will report to Norio Matsumura, EVP,
who will continue to reinforce the Global Sales & Marketing
functions around the world.

A new Market Intelligence Department will be established, with
Asako Hoshino joining the Company as VP and reporting to Patrick
Pelata, EVP.

Akira Sato, General Manager, will become VP for Treasury,
reporting to the CFO. Deputy General Manager of Treasury in
charge of Investor Relations, Dominique Thormann, will become VP
of a combined Global Communications and Investor Relations
function, reporting to the President & CEO. Akira Kaetsu, Deputy
General Manager of Organization Development, will become VP in
charge of Support, Organization and Administrative Efficiency.

In other changes, SVP Masahiko Aoki is proposed as President of
Nissan Koei Co., Ltd. and Ryoso Kodama, SVP, as President of
Nissan Trading Co., Ltd.

Nissan 180, aiming for 1 million additional unit sales on an
annualized basis at the end of FY2004, 8 percent operating
margin, and "zero debt," is a Company-wide profitable growth
plan that will succeed the Nissan Revival Plan (NRP). NRP, which
was announced on October 18, 1999, was originally a 3-year plan
launched in FY2000 to turn the Company back immediately to net
profitability, achieve a minimum consolidated operating margin
of 4.5 percent, and halve net automotive debt to no more than
Y700 billion.

These commitments will be achieved in March 2002, a year in
advance of schedule, giving way to the implementation of the
Nissan 180 plan.

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.)


SEIYU LTD: METI Ready to Help Supermarket Operator
--------------------------------------------------
Economy, Trade and Industry (ETI) Minister Takeo Hiranuma said
it is ready help supermarket operator Seiyu Ltd if sought. The
Company recently agreed to a capital tie-up with U.S. retailer,
Wal-Mart Stores Inc., Kyodo News said Friday.

In a separate news conference, Economic and Fiscal Policy
Minister, Heizo Takenaka, said he hopes Wal-Mart will be able to
cope with the difficulties associated with the Japanese market
and bring benefit to Japanese consumers.


SEIYU LTD: Closing Over 30 Stores in Three Years
------------------------------------------------
Seiyu Ltd. is planning to close more than 30 ailing stores
within three years, Nikkei and The Nihon Keizai Shimbun reported
Saturday. It also intends to liquidate debt-saddled non-bank
unit Tokyo City Finance Co. in August after selling off its
financing business.

Wal-Mart's acquisition of a 6.1 percent stake in Seiyu is
expected to improve its finances. It now plans to buy domestic
supermarket operators using capital from the U.S. partner and
reorganizes its store network.


SNOW BRAND: S&P Lowers Rating to triple-'C'-Minus-pi
----------------------------------------------------
Standard & Poor's said on Friday it had lowered its corporate
credit rating on Japan's Snow Brand Milk Products Co Ltd to
triple-'C'-minus-pi from single-'B'-minus-pi.

The rating agency said the decision reflected an increased
likelihood that Snow Brand will seek some form of loan
forgiveness and/or a debt-for-equity swap from its major
creditor, Norinchukin Bank Ltd.

Snow Brand announced yesterday that it aims to restructure its
fresh milk operations in conjunction with the National
Federation of Agricultural Cooperative Associations and the
National Federation of Dairy Cooperative Associations.

This process may involve a merger of the three entities. The
Company also announced that it would enter into negotiations
over a comprehensive business alliance with the National
Federation of Agricultural Cooperative Associations in other
dairy operations.

In addition to these plans, Standard & Poor's believes that Snow
Brand is likely to seek a significant restructuring of its
capital structure, as it will be extremely difficult for the
Company to recover its financial strength without doing so.

"Even with the possible tie-ups, it is questionable whether Snow
Brand will be able to regain market confidence and thus recover
its overall operating performance in the near future," said
Fusako Nagao, a credit analyst at Standard & Poor's in Tokyo.

If Snow Brand and its major creditors reach an agreement on debt
forgiveness, the rating will be lowered to double-'C'-pi. If
debt forgiveness is actually implemented, the rating will then
be lowered to 'SDpi'.

Standard & Poor's considers debt forgiveness or any form of
capital restructuring to be a form of selective default, even if
the issuer continues to make timely payments on its other
obligations.

Snow Brand has suffered significant damage to its brand image
following a food poisoning outbreak in 2000 and the disclosure
of fraudulent packaging of beef products by its subsidiary in
2002.


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


HYNIX SEMICONDUCTOR: Ends Meeting With Micron
---------------------------------------------
Hynix Semiconductor's meeting with its creditors, including KEB,
and Micron will draw to a close in the U.S., ending the week-
long meeting begun last Monday, according to DebtTraders
analysts Daniel Fan (852-2537-4111) and Blythe Berselli (1-212-
247-5300). Hynix' creditors intend to save the chipmaker so that
they can recover some of their W6.3 billion ($4.7 billion) in
loans. There were no details on the result of the negotiations.

The analysts also said that Hynix Semiconductor and Micron
Technology might arrive at a conclusion March 19 at the earliest
to sell the latter its memory chip division for approximately $4
billion.

Hyundai Semiconductor's 8.625% bond due in 2007 (HYUS07KRA1)
trades between 65 and 70. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=HYUS07KRA1


KOOKMIN BANK: Dissolves Non-Financial Subsidiary
------------------------------------------------
On March 13, 2002, Kookmin Bank announced that the Management
Council decided to dissolve Jooeun Industrial Co., Ltd., which
is its wholly owned subsidiary, in order to dispose of the non-
financial subsidiary.

Jooeun Industrial, established under the laws of Korea in March
1993, was engaged in acquiring unsold housing units for sale or
lease, providing real property brokerage services and
constructing housing units for sale or lease.

As of December 31, 2001, the paid-in capital and total assets of
the Company are W10 billion and W314 billion, respectively.

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


KOOKMIN BANK: Reforms Business Organizations
--------------------------------------------
Kookmin Bank on Saturday decided to reduce the number of its
business divisions to 19 from the previous 23, and sub-divisions
to 84 from the previous 101, in an effort to trim the overall
business organization on March 15, 2002.

Kookmin Bank business headquarters and regional headquarters,
which have been operated in a dual-manner, will be merged into
single units Monday in a sweeping reorganization.

The bank has been operating its business units separately after
a merger between Kookmin Bank and Housing and Commercial Bank
last year.

The largest retail bank in the country will divide the
integrated headquarters into private banking and SOHO (small
office home office) marketing units in an effort to further
strengthen its retail banking side.

The bank announced the personnel reshuffle involving director-
level officials on Monday.


REGENT FIRE: FRP Suspends Trading Over Management Failure
---------------------------------------------------------
The Financial Regulatory Panel suspended trading of Regent Fire
& Marine Co. on Saturday following a Thursday order that it shut
down for three months due to its failure to implement management
normalization plans, Korea Herald reported Saturday.

The government has put the non-life insurer up for sale after
bailing it out with public funds, but no buyers have shown
interest because of its poor financial status.

The Financial Supervisory Service said that the government would
have to assume financial burdens worth W126 billion if the
Company was sold off through purchase and assumption (P&A),
W36.7 billion higher than if it liquidated the Company.


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


CHASE PERDANA: Appoints Kah Boon as Joint Secretary
---------------------------------------------------
Chase Perdana Berhad posted this notice:

Date of change : 11/03/2002  
Type of change : Appointment
Designation    : Joint Secretary
License no.    : MAICSA 0784630
Name      : Loo Kah Boon

TCR-AP reported last week that The Corporate Debt Restructuring
Committee (CDRC) has successfully assisted Chase Perdana Berhad
(CPB) and its subsidiary companies to finalize a debt
restructuring agreement with their lenders to restructure their
outstanding debt of about RM569.7 million as at end September
2001.

The proposed debt-restructuring scheme (Scheme) involves
implementation of:

   * Proposed Capital Reduction and Consolidation
   * Proposed Share Premium Account Reduction
   * Proposed Rights Issues
   * Proposed Conditional Restricted Issue
   * Proposed Debt Restructuring Scheme
   * Proposed Assets Disposal


COUNTRY HEIGHTS: Proposes Proposed Divestment Implementation
------------------------------------------------------------
Country Heights Holdings Berhad (CHHB or Company) announced that
the Securities Commission's (SC) approval for the proposed
rights issue of up to 200,588,470 new ordinary shares of RM1.00
each in CHHB (CHHB Shares) on the basis of one (1) new CHHB
Share for every two (2) existing CHHB Shares held at an issue
price of RM1.00 per share (Original Proposed Rights Issue) has
lapsed and CHHB would therefore no longer proceed with the
Original Proposed Rights Issue.

It was also announced that the SC will only consider CHHB's
application for an extension of the dead-line for the
implementation of the proposed special issue of 50,000,000 new
CHHB Shares (Original Proposed Special Issue) from 31 December
2001 to 31 December 2002, after CHHB has obtained the prior
approval of the Foreign Investment Committee (FIC) as the
purpose of the Original Proposed Special Issue is to enable CHHB
to comply with the equity condition imposed by the FIC.

Pursuant to the above, Commerce International Merchant Bankers
Berhad (CIMB) on behalf of CHHB, is pleased to announce that the
Company now proposes to implement:

   (i) a proposed renounceable rights issue of up to 401,176,000
new CHHB Shares (Rights Shares) at an indicative issue price of
RM1.00 per share, payable in full upon acceptance, on the basis
of one (1) Rights Share for every one (1) existing CHHB Share
held on a date to be determined and announced later (Proposed
Rights Issue);

   (ii) a proposed bonus issue of up to 200,588,000 new CHHB
Shares (Rights Bonus Shares) to be allotted and issued on the
basis of one (1) Rights Bonus Share for every two (2) Rights
Shares subscribed under the Proposed Rights Issue (Proposed
Bonus Issue I);

   (iii) a proposed special issue of 70,000,000 new CHHB Shares
(Special Issue Shares) at an indicative issue price of RM1.00
per share to Bumiputera investors approved by the Ministry of
International Trade and Industry (MITI) (Proposed Special
Issue). Arising therefrom, the Company has decided to abort the
Original Proposed Special Issue;

   (iv) a proposed bonus issue of 35,000,000 new CHHB Shares
(Special Issue Bonus Shares) to be allotted and issued on the
basis of one (1) Special Issue Bonus Share for every two (2)
Special Issue Shares subscribed under the Proposed Special Issue
(Proposed Bonus Issue II); and

   (v) a proposed divestment of up to 49 replace interest in
Mines City Hotel Sdn Bhd, a 100 replace wholly owned subsidiary
of CHHB (Proposed Divestment).

The Proposed Rights Issue, Proposed Bonus Issue I, Proposed
Special Issue and Proposed Bonus Issue II are collectively
referred to as the "Proposals".

DETAILS OF THE PROPOSALS AND THE PROPOSED DIVESTMENT

Proposed Rights Issue

The proposed rights issue of up to 401,176,000 Rights Shares by
CHHB, will be provisionally allotted to the shareholders of CHHB
whose names appear in the Register of Members or Record of
Depositors at the close of books of the Company on a date to be
determined by the Directors of the Company at an indicative
issue price of RM1.00 per share, payable in full upon
acceptance, on the basis of one (1) Rights Share for every one
(1) existing CHHB Share held.

The actual number of Rights Shares to be issued pursuant to the
Proposed Rights Issue can only be determined in the future after
taking into consideration the exercise/implementation of the
following prior to the entitlement date for the Proposed Rights
Issue:

   (i) the exercise of the outstanding 97,907,600 detachable  
warrants as at 13 March 2002 issued by CHHB together with the
RM250,000,000 nominal amount of 3 replace Redeemable Bonds
1991/2001 (Bonds) on 7 May 1996 (Outstanding Warrants); and

   (ii) the number of options that may be exercised under CHHB's
existing Employee Share Option Scheme (ESOS) which was
established on 19 January 2000 of up to 27,569,000 ESOS options
that have been granted/may be granted based on CHHB's share
capital as at 13 March 2002 (ESOS Options). As at 13 March 2002,
7,035,000 ESOS options have been granted by CHHB of which
7,028,000 ESOS options remain unexercised (Outstanding ESOS
Options).

Based on the existing issued and paid-up share capital of CHHB
as at 13 March 2002 of 275,699,400 CHHB Shares, the actual
number of Rights Shares to be issued pursuant to the Proposed
Rights Issue would be as follows:

   (i) Scenario A - Assuming that none of the Outstanding
Warrants and ESOS Options are fully issued and/or exercised
prior to the entitlement date for the Proposed Rights Issue.

   (ii) Scenario B - Assuming that all of the Outstanding
Warrants and ESOS Options are fully issued and/or exercised
prior to the entitlement date for the Proposed Rights Issue.

  Scenario A    Scenario B
Number of Rights Shares  275,699,400   401,176,000  

The Rights Shares shall, upon issue and allotment, rank pari
passu in all respects with the existing CHHB Shares save and
except that they shall not be entitled to any dividends, rights,
allotments and/or other distributions, the entitlement date
(namely the date as at the close of business on which
shareholders must be registered in order to be entitled to any
dividends, rights, allotments and/or other distributions) of
which is prior to the date of allotment of the Rights Shares.

The indicative issue price of the Rights Shares of RM1.00 per
share represents an effective discount (after taking into
account the Proposed Bonus Issue I) of approximately 40.3
replace and 37.9 replace respectively, over CHHB's theoretical
ex-rights (after the Proposed Bonus Issue I) price and CHHB's
theoretical ex-all price of RM1.12 and RM1.07 respectively,
calculated based on the weighted average share price (WAP) of
CHHB for the 5 market days up to 13 March 2002 of approximately
RM1.79.

In the event the actual issue price of the Rights Shares
represents a discount of more than 30 replace from the
theoretical ex-rights (after the Proposed Bonus Issue I) price,
calculated based on the WAP of CHHB for the 5 market days
immediately preceding the "price fixing date" (being a date
between the SC's approval for the Proposed Rights Issue and the
"books closure date" to determine the entitlement of
shareholders for the Proposed Rights Issue), the substantial
shareholders and Directors of CHHB will provide written
undertakings to the SC that they would not dispose of their CHHB
Shares from the "ex-date" of the CHHB Shares until 10 market
days after the listing of the Rights Shares.

Proposed Bonus Issue I

The Proposed Bonus Issue I will entail the issue of up to
200,588,000 Rights Bonus Shares. The Rights Bonus Shares will be
allotted and issued together with the Rights Shares on the basis
of one (1) Rights Bonus Share for every two (2) Rights Shares
subscribed.

Shareholders who renounce their entitlement to the Rights Shares
provisionally allotted to them under the Proposed Rights Issue
will simultaneously relinquish their entitlement to the Rights
Bonus Shares under the Proposed Bonus Issue I.

The Rights Bonus Shares shall, upon issue and allotment, rank
pari passu in all respects with the existing CHHB Shares save
and except that they shall not be entitled to any dividends,
rights, allotments or other distributions, the entitlement date
of which is prior to the date of allotment of the Rights Bonus
Shares.

Any fractional entitlements under the Proposed Bonus Issue I
will be dealt with by the Directors of CHHB as they deem fit in
the interest of CHHB.

Proposed Special Issue

The Proposed Special Issue will involve the issue of 70,000,000
Special Issue Shares at an indicative issue price of RM1.00 per
share to Bumiputera investors to be approved by the MITI. The
purpose of the Proposed Special Issue is to comply with the
directive from the FIC dated 20 March 2000, wherein CHHB is
required to increase its Bumiputera equity participation to at
least 12.01 replace by 30 June 2001, and subsequently to 20
replace by 31 December 2001 pursuant to the FIC approval letter
dated 12 September 2000 for the Original Proposed Special Issue.
An application for extension of time to comply with the said
equity condition has been made to the FIC and is currently
pending its approval.

Based on the FIC approval letter dated 12 September 2000, the
recognized Bumiputera equity participation in CHHB amounts to
10.40 replace. CHHB's Bumiputera equity participation would
increase to approximately 22.25 replace after the Proposals.

The indicative issue price of the Special Issue Shares of RM1.00
per share represents an effective discount (after taking into
account the Proposed Bonus Issue II) of approximately 37.9
replace over CHHB's theoretical ex-all price of RM1.07 based on
the WAP of CHHB for the 5 market days up to 13 March 2002 of
approximately RM1.79.

The Special Issue Shares shall, upon issue and allotment, rank
pari-passu in all respects with the existing CHHB Shares save
and except that they shall not be entitled to any dividends,
rights, allotments and/or other distributions, the entitlement
date of which is prior to the date of allotment of the Special
Issue Shares.

Proposed Bonus Issue II

The Proposed Bonus Issue II will entail the issue of 35,000,000
Special Issue Bonus Shares. The Special Issue Bonus Shares will
be allotted and issued on the basis of one (1) Special Issue
Bonus Share for every two (2) Special Issue Shares subscribed.

The Special Issue Bonus Shares shall, upon issue and allotment,
rank pari passu in all respects with the existing CHHB Shares
save and except that they shall not be entitled to any
dividends, rights, allotments and/or other distributions, the
entitlement date of which is prior to the date of allotment of
the Special Issue Bonus Shares.

Any fractional entitlements under the Proposed Bonus Issue II
will be dealt with by the Directors of CHHB as they deem fit in
the interest of CHHB.

The Proposed Bonus Issue I and Proposed Bonus Issue II shall be
effected via the capitalization of approximately RM57.2 million
from the audited share premium account of CHHB and up to
approximately RM235.6 million from the enlarged share premium
account of CHHB (assuming full exercise of Outstanding Warrants
and ESOS Options) under Scenario A and B respectively, and the
remainder (if any) shall be capitalized from the audited
retained earnings of CHHB. As at 31 December 2000, the Company's
audited share premium account and retained earnings amounted to
approximately RM228.7 million and approximately RM177.0 million
respectively. The effects of the Proposed Bonus Issue I and
Proposed Bonus Issue II on the Company's share premium account
and retained earnings are as set out in Table 1 at
http://www.bankrupt.com/misc/TCRAP_Country0318.html

Proposed Divestment

The Proposed Divestment would involve a divestment and/or
dilution of up to 49 replace of CHHB's equity interest in the
Mines City Hotel Sdn Bhd (MCHSB), a wholly-owned subsidiary of
CHHB.

Information on MCHSB

MCHSB was incorporated in Malaysia on 11 July 1992 as a private
limited company under the Companies Act, 1965 under the name
Precious Ace (M) Sdn Bhd. Subsequently on 15 December 1994,
MCHSB assumed its present name. The authorized share capital of
MCHSB is RM500,000,000 comprising 500,000,000 ordinary shares of
RM1.00 each (MCHSB Shares) of which RM170,000,000 comprising
170,000,000 MCHSB Shares is issued and fully paid-up.

MCHSB is the owner and operator of the Palace of the Golden
Horses Hotel (PGH). PGH is a five-star luxury hotel and
conference center situated within the MINES Resort City. PGH was
completed and has commenced operations in October 1997.

Details and effects of the Proposed Divestment will only be
determined and announced in due course upon finalization of the
terms of the Proposed Divestment.

UTILISATION OF PROCEEDS

Based on an indicative issue price of RM1.00 per share for the
Proposed Rights Issue and Proposed Special Issue, CHHB proposes
to utilize the gross proceeds arising from the Proposed Rights
Issue and Proposed Special Issue for the repayment of existing
loan facilities, working capital purposes and payment for the
estimated expenses relating to the Proposals, the details of
which are as set out in Table 2 at
http://www.bankrupt.com/misc/TCRAP_Country0318.html

RATIONALE OF THE PROPOSALS AND THE PROPOSED DIVESTMENT

Proposed Rights Issue and Proposed Special Issue

The proceeds to be raised from the Proposed Rights Issue and
Proposed Special Issue will enable the Company to raise funds
for, inter-alia, repayment of its bank borrowings, working
capital purposes and payment for the estimated expenses relating
to the Proposals. This will serve to reduce its debt obligations
and the interest expense incurred. The interest savings would
enhance the CHHB Group's cashflow and profitability.

The Proposed Rights Issue and Proposed Special Issue will also
serve to strengthen the Company's capital base and provide
additional working capital for the Company's operations.

The Proposed Special Issue is also undertaken to raise the
Bumiputera participation in CHHB to at least 20 replace as
required by the FIC.

Proposed Bonus Issue I and Proposed Bonus Issue II

The Proposed Bonus Issue I and Proposed Bonus Issue II, which
will be allotted on the basis of one (1) Rights Bonus Share for
every two (2) Rights Shares subscribed and one (1) Special Issue
Bonus Share for every two (2) Special Issue Shares subscribed,
will further enhance the attractiveness of the Proposed Rights
Issue and Proposed Special Issue.

The Proposed Bonus Issue I and Proposed Bonus Issue II would
also increase the liquidity/marketability of CHHB Shares arising
from the availability of the increased number of CHHB Shares.

Proposed Divestment

The Proposed Divestment will enable CHHB to raise funds to
redeem fully or in part the Bonds, the proceeds of which were
earlier utilized primarily for the construction of PGH.

EFFECTS OF THE PROPOSALS

Issued and Paid-up Share Capital (Please refer to Table 3 at
http://www.bankrupt.com/misc/TCRAP_Country0318.html)

Net Tangible Assets (NTA) and Gearing

Based on the audited consolidated balance sheets of CHHB as at
31 December 2000 and on the assumption that the Proposals are
effected as at that date, the proforma effects of the Proposals
on the NTA and gearing of the CHHB Group are illustrated in
Table 4 at http://www.bankrupt.com/misc/TCRAP_Country0318.html

Earnings

The Proposals are expected to be completed in the last quarter
of the year 28 February 2002. As such, barring unforeseen
circumstances, the Directors of CHHB do not expect the Proposals
to have any material effect on the earnings of the CHHB Group
for the current financial year ending 31 December 2002. However,
the Proposals are expected to contribute positively to the
earnings of the CHHB Group in future years.

Substantial Shareholders' Shareholding

Based on the Register of Substantial Shareholders as at 28
February 2002, the proforma effects of the Proposals on the
shareholdings of the substantial shareholders of the Company are
set out below.

CONDITIONS OF THE PROPOSALS AND THE PROPOSED DIVESTMENT

The Proposals and the Proposed Divestment are conditional upon
approvals being obtained from the following:

   (i) SC;
   
   (ii) shareholders of CHHB at an extraordinary general meeting
to be convened;
   
   (iii) KLSE for the listing of and quotation for the new CHHB
Shares to be issued pursuant to the Proposals;

   (iv) MITI for the allocation of the Special Issue Shares and
Proposed Divestment;

   (v) FIC for the Proposed Special Issue and Proposed
Divestment; and

   (vi) any other relevant authorities or parties.

The Proposed Rights Issue and Proposed Bonus Issue I are inter-
conditional. Similarly, the Proposed Special Issue and Proposed
Bonus Issue II are inter-conditional.

DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS IN THE PROPOSALS

Proposed Rights Issue and Proposed Bonus Issue I
None of the Directors of CHHB, nor major shareholders of CHHB,
and/or persons connected to them (as defined by Section 122A of
the Companies Act, 1965), has any interest, whether directly or
indirectly, in the Proposed Rights Issue and Proposed Bonus
Issue I, beyond their respective entitlements as shareholders
and, their rights to apply for excess Rights Shares under the
Proposed Rights Issue, which rights are also available to all
other shareholders.

Proposed Special Issue and Proposed Bonus Issue II

Save for the Bumiputera Directors of the CHHB Group who may be
nominated for allocations under the Proposed Special Issue (if
any), none of the Directors of CHHB nor major shareholders of
CHHB or persons connected to them (as defined by Section 122A of
the Companies Act, 1965), has any interest, whether directly or
indirectly, in the Proposed Special Issue and Proposed Bonus
Issue II.

STATEMENT BY DIRECTORS

After considering all aspects of the Proposals and Proposed
Divestment, the Board of CHHB is of the opinion that the
Proposals and Proposed Divestment are in the best interest of
the CHHB Group.

ADVISER

The Company as the Adviser has appointed CIMB for the Proposals
and Proposed Divestment.

SUBMISSION TO THE SC

Barring unforeseen circumstances, the Board of CHHB expects to
submit the application to the SC for the Proposals and Proposed
Divestment within six (6) months from the date of this
announcement.


INNOVEST BERHAD: Unit Files Counter Suit Against Chemstab
---------------------------------------------------------
Innovest Berhad announced that its wholly owned subsidiary,
Merry Acres Sdn Bhd (MASB) had on 2 5 February 2002 instituted a
civil action under Suit No. D6-28-78-2002 in High Court Kuala
Lumpur against Chemstab Asia (M) Sdn Bhd (Chemstab) for payment
of the deficiency in price of a sum of RM11,123,312.20 inclusive
of interests in accordance with the six (6) Sale and Purchase
Agreements all dated 20 December 1996 (SPA) relating to the sale
of six (6) parcels of industrial lands at Taman Sri Plentong,
Johor to Chemstab .

1. The circumstances leading to the filing of the Writ of
Summons and Statement of Claims

i) Chemstab had on 17 May 2000 instituted Suit No.S2-22-330-00
in High Court Kuala Lumpur against MASB to recover the sum of
RM3,077,032.00 plus interest, the refund of the subsequent 20
replace purchase price paid pursuant to the SPA. Chemstab took
the position that the SPA had been terminated even though MASB
had never intended to terminate the SPA. The Court awarded
Judgment in favor of Chemstab on 21 March 2001.

ii) Meanwhile MASB made several attempts to sell the parcels but
given the intervening weak economic conditions, failed to secure
successful purchasers. Eventually sometime in January 2002 MASB
managed to re-sell the said lands at value substantially below
the price which was sold to Chemstab. In accordance with the
SPA, Chemstab is liable to compensate MASB the deficiency in
price of a sum of RM11,123,312.20 (inclusive of interests) being
the difference between the purchase price of RM15,385,160.00 and
the re-sale price of RM5,657,893.00.


MENANG CORPORATION: Restructuring Scheme Completed
--------------------------------------------------
On behalf of Menang Corporation (M) Berhad, Arab-Malaysian
Merchant Bank Berhad announced that the Redeemable Convertible
Secured Loan Stocks have been issued to the scheme creditors on
13 March 2002 pursuant to the Schemes of Arrangement and hence,
the completion of the Restructuring Scheme.

The "RESTRUCTURING SCHEME" comprises:

    (i) Schemes of Arrangement Pursuant to Section 176 of the
Companies Act 1965 (Schemes of Arrangement);

    (ii) Capital Reconstruction;

    (iii) Share Premium Account Reduction Pursuant to Sections
60(2) and 64 of the Companies Act 1965;

    (iv) Acquisition of Development Land

    (v) Warrants Issue;

    (vi) Restricted Offer for Sale; and

    (vii) Exemption From Mandatory General Offer


SENG HUP: Provides Additional Winding Up Petition Info
------------------------------------------------------
Seng Hup Corporation Berhad (SHCB or the Company)(Special
Administrators Appointed), in reference to Kuala Lumpur Stock
Exchange (KLSE)'s facsimile dated 14 March 2002 regarding the
Writ of Distress served on Seng Hup Electric Co (S) Pte Ltd
(SHE), a Company subsidiary, released this requested
information:

1. Interest rate on the amount claimed

No interest is charged on the amount claimed.

2. Financial and operational impact of the suit on the Group

The Writ of Distress on SHE will have no operational impact on
the Group as SHE operates independently from Seng Hup
Corporation Berhad (Special Administrators Appointed) (SHCB).

There may be some financial impact on the Group, which will have
an effect on the financial forecast and projections on the
proposed restructuring scheme of SHCB, which was submitted to
the Securities Commission.

3. Expected losses arising from the suit

SHCB is unable to determine the expected losses arising from the
suit at this moment as it is dependent on the outcome of the
auction.


SPORTMA CORPORATION: Issues Feb 2002 Defaulted Payment Status
-------------------------------------------------------------
Sportma Corporation Berhad (Special Administrators Appointed)
(Sportma or Company) provided an estimate of its default in
payment as at 28 February 2002, as attached in Appendix A found
at http://www.bankrupt.com/misc/TCRAP_Sportma0318.xls

The total default by Sportma on principal sum plus interest as
at 28 February 2002 amounted to RM213,890,975.80. The default
payment is in respect of revolving credit facilities, trade
financing and overdraft utilized by Sportma.

Chemitech Industries Sdn Bhd, a wholly-owned subsidiary of
Sportma has as at 28 February 2002, defaulted on RM620,587.44,
made up of a principal sum of RM470,000.00 plus RM150,587.44 in
interest, in respect of its term loan.

There is no further new development on the default of payment of
the Company, since the previous announcement with regard to this
Practice Note.


TA ENTERPRISE: Changes Registered Address
-----------------------------------------
TA Enterprise Berhad posted this notice:

Change description: Registrar
Old address   : 11th Floor, Wisma Damansara, Jalan Semantan,
  Damansara Heights, 50490 Kuala Lumpur
New address  : 20th Floor, Plaza Permata, Jalan Kampar, off
  Jalan Tun Razak, 50400 Kuala Lumpur
Name of Registrar : M & C Services Sdn Bhd
Telephone no  : 03-40412188
Facsimile no  : 03-40439233
Effective date  : 16/03/2002  

On March 11, TCR-AP reported that TA Enterprise Berhad (TAE or
the Company) announced that the deadline to obtain all necessary
approvals as provided for in Debt Restructuring Agreement signed
with Idris Hydraulic (Malaysia) Berhad had been extended from 28
February 2002 to 30 June 2002.


WIJAYA BARU: Gets SC's Nod on Proposals Extension
-------------------------------------------------
Arab-Malaysian Merchant Bank Berhad (Arab-Malaysian), on behalf
of Wijaya Baru Global Berhad (WBGB or the Company) announced
that the Securities Commission (SC), vide its letter dated 11
March 2002 which was received by Arab-Malaysian on 12 March
2002, has approved the Company's application for the extension
of time of another six (6) months to 5 September 2002 to
complete the Proposals.

The "PROPOSALS" refers to:

   * Proposed Rights Issue of 110,366,667 New Ordinary Shares of
RM1.00 Each in WBGB with 55,183,334 New Warrants at an
Indicative Issue Price of Rm1.00 per Ordinary Share on the Basis
of Two(2) New Ordinary Shares With One(1) Warrant for Every
Two(2) Existing Ordinary Shares Held (Proposed Rights Issue);

   * Proposed Conversion of Debt Owing to a Lender and Two Major
Creditors of WBGB Into Equity and Debt Instruments (Proposed
Debt Restructuring); and

   * Proposed Increase in the Authorized Share Capital From
Rm200,000,000 to Rm1,000,000,000 by the Creation of 800,000,000
Ordinary Shares of Rm1.00 Each.


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


INTERNATIONAL CONTAINER: Unit Negotiates With Brazilian Unions
--------------------------------------------------------------
International Container Terminal Services Inc (ICTSI) unit,
Tecon Suape SA (TSSA), is continuing discussions with five labor
unions at its Suape container terminal in Brazil due to labor
rates, AFX News said Thursday.

ICTSI Chairman Razon said the labor pay in Brazil is different
from other labor wages worldwide since work is paid on a per
container move basis. The current rate is US$60 per container.
He emphasized that when ICTSI acquired the operations of the
Suape container terminal, it sought to lower the rate on the
container moves. He said that was the main issue that the five
labor unions are up against.

Reports said that ICTSI planned to hire non-union workers to
continue operations of the port but the union threatened to take
legal action against the Company if it does so.


PHILIPPINE LONG: In Talks With Potential Smart Investors
--------------------------------------------------------
Philippine Long Distance Co (PLDT) President, Manuel Pangilinan,
said the Company is negotiating with potential investors in the
sale of Smart Communications Inc, Business World and AFX News
reported Thursday.

Mr. Pangilinan did not reveal how much of Smart will be sold to
the potential investors, or when the sale will be concluded,
since a lot of variables are happening with respect to the
liability management (of PLDT). PLDT will announce further
details in the future.


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


L & M GROUP: SGX-ST Approves Shares New Placement
-------------------------------------------------
The Board of Directors announced on March 15 that the Singapore
Exchange Securities Trading Limited (SGX-ST), on the 14 March
2002, gave its approval in-principle for the placement of
9,241,000 new ordinary shares of S$0.10 each at the issue price
of S$0.1181 each in the capital of the Company to Kim Eng
Securities (Pte) Ltd subject to these conditions:

   a) Confirmation from the Company's auditors that the issue
price is not more than 10 percent discount to the weighted
average price for trades done on the day the placement agreement
is signed, as per Practice Note 9c (2).

   b) Confirmation from the Company and the placement agent that
the placement shares will not be placed to any of the persons
set out in Practice Note 9c (4).

   c) Confirmation that the private placement does not
constitute an interested party transaction (as defined in
Chapter 9A of the Listing Manual) for the Company, and that all
directors and substantial shareholders of the issuer are not
involved in the choice of the placees.

   d) Confirmation that the Company, its directors and
substantial shareholders have no connection (including business
relationship) with the placees as well as the placees' directors
and substantial shareholders.

   e) Confirmation from the Company that all material adverse
changes in the financial position of the Company since the
release of the last financial result till the date of the
listing of the private placement have been disclosed to the
placees.

The SGX-ST's in-principal approval herein is not an indication
of the merits of the placement.

The SGX-ST requires the shares be placed out within 7 market
days from the date of approval of the placement issue.


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


BANGKOK MASS: Debt Agreement With Creditors Uncertain
-----------------------------------------------------
Bangkok Mass Transit System Co (BTSC)'s debt restructuring of
Bt30 billion has made little headway, despite earlier hopes that
an agreement would be reached this month, Bangkok Post reports,
citing Company Adviser, Anat Arbhabhirama.

"We've had several rounds of negotiations with creditors, but
without reaching any agreement. Further delay is likely and we
don't know when an agreement can be reached," the BTSC adviser
said.

Dr Anat added that the Company has made every effort to win the
creditors' support, through debt-to-equity conversion and debt
rescheduling, but the creditors have "closed the door" on
negotiations.

"As they (creditors) realize that the skytrain is good for
Bangkok commuters, and the operating company should not be
closed, they should sit and talk."

However, Dr Anat said the delay in reaching an agreement would
have no impact on BTSC's operations, as the Company's cashflow
had improved as a result of increased patronage of the system.

"However, restructuring the debt would enable the Company to
invest in extending the skytrain routes," Dr Anat concluded.


ITALIAN-THAI: Reorganization Petition Filed
--------------------------------------------
The Petition for Business Reorganization of Italian-Thai
Development Company Limited (DEBTOR) was filed at the Central
Bankruptcy Court:

   Black Case Number 919/2544

   Red Case Number 845/2544

Petitioner: THAI COMMERCIAL BANK PUBLIC COMPANY LIMITED #1st,
ITALIAN-THAI DEVELOPMENT COMPANY LIMITED #2nd

Planner: I.T.D. PLANNER COMPANY LIMITED

Debts Owed to the Petitioning Creditor: Bt20,145,402,000

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

Date of Examining the Petition: September 25, 2001 at 9.00 A.M.

Court Order for Business Reorganization and Appointment of
Planner: September 25, 2001

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: October 3, 2001

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

Deadline for the Planner to submit the Reorganization Plan to
the Official Receiver: January 18, 2002

Appointment date for the Meeting of Creditors to consider the
Reorganization Plan: December 24, 2001 at 9.30 am. Queensirikit
Convention Center

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

Contact: Mr. Tanawat Tel, 6792525 ext. 123


NTS STEEL: TAMC Accepts Alliance Proposal
-----------------------------------------
The Thai Asset Management Corporation (TAMC) has agreed with NTS
Steel Group (NTS)'s proposed plan to find new investment
alliances, Business Day Thailand reports, quoting NTS Chairman
Sawat Hor-rungrueng.

"Both the TAMC and our creditors have approved the proposal. NTS
will submit its final plan to the TAMC by the end of this
month," Hor-rungrueng said, adding that NTS should try to find
new investment partners rather than a merger since the steel
sheet industry has the potential to pick up.

TCR-AP reported that the Company filed the petition under
the rehabilitation proceeding to the Central Bankruptcy court on
September 4, 2000 and on October 2,2001, the Court issued an
order that the company be rehabilitated.  On June 6,2001, the
Court approved the Plan of the Company and appointed the 331
Planners Company Limited as Plan Administrator together with its
right and duties.

Presently, the Company is in the process of meeting conditions
in the Plan, including proposing the merger plan and sourcing of
new working capital.


TUNTEX (THAILAND): April 29 AGM Set, Suspends Dividend Payment
--------------------------------------------------------------
The Board of Directors of Tuntex (Thailand) Public Company
Limited at its meeting No.2/2002 held on March 16, 2002
resolved:

1. To approve the date and agenda of 2002 Annual General Meeting
of Shareholders which will be held on April 29, 2002 at 9.30
a.m., at Conference Room, Floor 8, BB Building, No.54, Sukhumvit
Road, Klongtoey, Bangkok. The agendas are:

    1) To consider and approve the minutes of the previous
        shareholders meeting.
    2) To consider and approve the Board of Directors' report on
        operation result of the past year.
    3) To consider and approve balance sheet, profit and loss
        statement for year 2001.
    4) To consider and approve to suspend the dividend payment
        and reserved fund allocation.
    5) To consider and approve election of directors in place of
        retiring directors and fix director's remuneration.
    6) To consider and approve appointment of auditor and fixing
        remuneration.
    7) To consider and approve amendment of directors'
        authority.
    8) Other business. (if any)

2. To approve the date and time of closing share registration
for shareholders meeting from April 9, 2002 at 12.00 noon until
the end of the meeting.

On July 6 last year, TCR-AP reported that Tuntex (Thailand)
Public Company Limited completed its debt restructuring with all
the creditors including the floating rate notes (FRN) holders by
entering into all related debt restructuring agreements.  The
principal repayment has been extended for 7 years to 2007.

According to DebtTraders, Tuntex (Thailand) Public's 6.489%
floating rate notes due on 2007 (TUNT07THN1) are trading between
20 and 30. For more real-time bond pricing info, go to  
http://www.debttraders.com/price.cfm?dt_sec_ticker=TUNT07THN1


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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