/raid1/www/Hosts/bankrupt/TCRAP_Public/020322.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

            Friday, March 22, 2002, Vol. 5, No. 58

                         Headlines

A U S T R A L I A

1ST STATE: ASIC Hands Down Contempt Court Order Ruling
ANACONDA NICKEL: Clarifies AFR Article Re Liquidity Proposal
ANSETT GROUP: Posts 2nd Creditors Meeting Part II Instructions
COTTEE HEALTH: Appoints Waddell as Director
GOODMAN FIELDER: Buys Back Shares

PRESTON RESOURCES: Subsidiaries Reach BKK Settlement
REINSURANCE AUSTRALIA: Reduces 2001 Loss to $1.1M
SMARTWORLD CORPORATION: Releases Reorganization Circular


C H I N A   &   H O N G  K O N G

ARCHCORP DESIGN: Winding Up Petition Pending
CIL HOLDINGS: Requests Suspension of Trading
COLINE COCOA: No Buyer Found for Chocolate Maker
BONANCE INTERNATIONAL: Winding Up Sought by Grand Trade
HARICO LIMITED: Petition to Wind Up Pending

IFTA Pacific: Widens Operations Loss to HK$4,649,000
KAM KUEN: Hearing of Winding Up Petition Set
NORTHEAST ELECTRICAL: Delays Liquidation Proceedings to April
QPL INT'L: Will Reduce Liability to ESM Creditors by HK$72.2M
SMARTONE TELECOM: Buys Back 350,000 Shares

WELLRAIN INDUSTRIAL: Winding Up Petition Hearing Set


I N D O N E S I A

BAHANA PEMBINAAN: Debt Restructuring With IBRA Ongoing
BAKRIE FINANCE: Court OKs Debt Repayment Suspension Petition


J A P A N

DAIEI INC: Starts Nationwide Sales Campaign on March 21
HITACHI LTD: Forming JV With Electronic Companies
KDDI CORP: Launches 3G Wireless Service With Okinawa Cellular
MARUBENI CORP: Gets Government Support Under Revival Law
MATSUSHITA ELECTRIC: Executes Own Share Repurchase

MATSUSHITA ELECTRIC: Weakened Recovery Prospects Harm Ratings
SNOW BRAND: Itochu, Marubeni May Take Equity Stake
TOKYU CORP: R&I Assigns L-T Debt Rating to BBB+


K O R E A

DAEWOO MOTOR: Unit Enters Joint Project With Daimler Chrysler
HANBO IRON: AK Capital Chosen as Successful Bidder
HYUNDAI MOTOR: Will Invest $60M in India
SSANGYONG MOTOR: Approves Capital Reduction Plan


M A L A Y S I A

ALLIANZ GENERAL: Voluntarily Winds Up Unit
LAND & GENERAL: Sells Kinley Shares to Meet Debt Commitments
LIEN HOE: No Change in Defaulted Payment Status
MEASUREX CORPORATION: Units' Winding Up Petition Add'l Info
PANGLOBAL BERHAD: Discloses Mining Production Figures

RASHID HUSSAIN: Shareholders OK Warrants 1999/2002 Extension
RHB GROUP: MOF Approves Proposed Group Restructuring Scheme
YTL LAND: KLSE Grants Spread Requirement Extension


P H I L I P P I N E S

PHILIPPINE LONG: No Immediate Acquisition Plans
PHILIPPINE AIRLINES: Widens 3Q Loss to P1.5B


S I N G A P O R E

C. K. TANG: Posts Notice of Shareholder's Interest
FLEXTECH HOLDINGS: Details Sale of Assets
ISOFTEL LTD: Incurs FY01 S$29M Net Loss


T H A I L A N D

SOCON ENGINEERING: Files Business Reorganization Petition
QUALITY HOUSES: Registers Asset Sale With Redemption Rights
SAMART CORPORATION: Suspends Dividend Payment
TT&T PUBLIC: Unit's Dissolution Date Moved to March 29

     -  -  -  -  -  -  -  -

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


1ST STATE: ASIC Hands Down Contempt Court Order Ruling
------------------------------------------------------
Justice Wilson of the Supreme Court of Queensland has handed
down her judgment in contempt proceedings brought by the
Australian Securities and Investments Commission (ASIC) in the
1st State Home Loans Pty Ltd matter.

Justice Wilson confirmed ASIC's allegations that Mr Rocco
Ferrantino had engaged in conduct which amounted to contempt of
court, after finding that she was satisfied beyond reasonable
doubt that he did so in deliberate defiance of the Court order.

On 25 July 2001 the Court appointed a receiver and manager,
Stephen Denby of Denby & Partners, to the property and assets of
1st State Home Loans Pty Ltd, Rocco Ferrantino, Tanya Anne
Schafer, Aynat Gold Nominees Pty Ltd, Ferndune Pty Ltd, United
Project Developments Pty Ltd and Favstor Pty Ltd.

As part of the orders, injunctions were made which restrained Mr
Ferrantino from opening or operating a bank account, except with
the consent of the receiver; and restrained all the respondents
from dealing with or disposing of any assets specified in the
order, including all property owned by them.

ASIC alleged that Mr Ferrantino contravened the orders by
opening a bank account with the ANZ Bank on 17 August 2001.

ASIC also alleged that in further breach of the orders, on
behalf of Ferndune, Mr Ferrantino executed a contract of sale
over property owned by Ferndune at 61 Benowa Road, Southport on
12 September 2001.

Justice Wilson dismissed the contempt application in respect of
the execution of this contract on the basis that the original
order was ambiguous.

The matter has been adjourned to a date to be fixed for
sentencing.


ANACONDA NICKEL: Clarifies AFR Article Re Liquidity Proposal
------------------------------------------------------------
Anaconda Nickel Limited, following an article that appeared in
The Australian Financial Review Thursday morning, clarified that
the Company recently held discussions in New York with its
bondholders, who are examining a proposal on the Company's
short-term liquidity.

The bondholders have accepted the Company's position on short-
term liquidity, however further negotiations are required on the
mechanism to deliver the short-term funding.

As previously announced, the Company anticipates the remainder
of these negotiations with secured creditors on long-term debt
restructuring to continue for several months.

For further information contact:

Peter Johnston, CEO
Ph: (08) 9212 8400

Tony Dawe, Ward Holt Corporate Communication
Ph: (08) 9221 8722


ANSETT GROUP: Posts 2nd Creditors Meeting Part II Instructions
--------------------------------------------------------------
The Part 2 of the Second Creditors' Meeting of Ansett Group will
be held at the Melbourne Exhibition and Convention Center, 2
Clarendon St, Southbank, Melbourne, on Wednesday, 27 March 2002,
commencing at 11.00am.  The Group posted instructions for
lodging Proof of Debt & Proxy forms and for Registration at the
Meeting, which can be found at
http://www.bankrupt.com/misc/TCRAP_Ansett0321.pdf

The postal address for sending all proxy, proofs of debts and
correspondence regarding Ansett administration is:

Ansett Group Administration
GPO Box 1795
Melbourne, VIC 3001
Fax No. is (03) 9286 8500


COTTEE HEALTH: Appoints Waddell as Director
-------------------------------------------
Cottee Health Limited advised that it appointed on Friday, March
15, 2002 Mr John Raymond Waddell as a Company Director.

Last December, TCR-AP reported that the Company has appointed Mr
A Sims and Mr Scott Pascoe as joint and several administrators
of the Company.


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    Tuesday, 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      26,641,928             671,736
   back or if buy-back is
   an equal access scheme,
   in relation to which
   acceptances have been
   received

                                      $                    $
4. Total consideration paid     37,030,075           1,055,902
   or payable for the shares

5. If buy-back is an on-market
   buy-back
                         Highest price paid   Highest price paid
                               $1.59                $1.58
                               Date:

                         Lowest price paid    Lowest price paid
                               $1.30                $1.567
                               Date:
                                               Highest price
                                             allowed under rule
                                                    7.33:
                                                    $1.6506

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     45,686,336
   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 Act
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.


PRESTON RESOURCES: Subsidiaries Reach BKK Settlement
----------------------------------------------------
Preston Resources Limited and its subsidiaries, Bulong Nickel
Pty Ltd and Bulong Operations Pty Ltd, have settled all disputes
between them and the Bateman Kinhill Kilborn (BKK) group of
companies arising in relation to the Bulong Nickel project.

As a result, subject to the relevant Court's approval, all
pending proceedings between the parties in the Supreme Court of
Western Australia and the Federal Court of Australia in respect
to those disputes will be dismissed.


REINSURANCE AUSTRALIA: Reduces 2001 Loss to $1.1M
-------------------------------------------------
Reinsurance Australia Corporation Limited (Re AC), issued a
self-managed run-off of its assets and liabilities and
underwrote no new business in the Current period, recorded a
loss after tax for the twelve months ended 31st December 2001 of
$1.1M compared to $15.2 million in the previous year.
Shareholders' equity now stands at $36.2M, while it booked $37.3
million the preceding year. And while no new policies were
underwritten in 2001, there was $7.4 million of unearned premium
income at 31 December 2000 exposed to events in 2001 and beyond.
$5.9 million of that premium income has been earned in this
year, which together with reinstatement and other premium
adjustments resulted in a gross written premium of $13.5
million. Gross premium revenue net of claims and other expenses
resulted in an underwriting loss of $23.6 million. After
investment earnings of $22.5 million the operating loss is $1.1
million.

Below is Chairman R J Hill's report to the shareholders:

RUN-OFF OPERATIONS REVIEW

The main run-off activity for the past year continued to be the
commutation of cedant relationships. In the last twelve months,
outstanding claims have been reduced by $286M through
commutation or payment of claims net of adverse development. To
date, 522 client relationships have been commuted involving the
cancellation of 11,695 reinsurance contracts. This leaves 573
cedants and 8,880 contracts, of any consequence, left to
potentially commute or otherwise run off until natural expiry.

The process of commutation has achieved savings for the Company
and has reduced the risk of further adverse claims development.
Nevertheless, claims paid and increased reserving resulting from
adverse prior years' development continues to consume more than
100% of savings so far generated.

Given the small amount of capital available to the Company, the
self-managed run-off has been conducted along lines similar to
liquidation. The Company must ensure settlement of cedant
relationships does not disadvantage the remaining cedants. As a
consequence, Re AC has adopted a very cautious approach to
concluding commutation negotiations. In many cases, Re AC has
insisted upon using its contractual right to undertake
inspections of the cedants' records so as to be satisfied that
the claims lodged are genuine. Often this process has raised
issues that Re AC has vigorously pursued. In several cases, on
independent legal advice, Re AC has avoided contracts from
inception. Most reinsurance policies require the parties to
arbitrate rather than litigate contractual disputes.

LITIGATION AND FILM INDEMNITY

Currently, Re AC is involved in 16 arbitrations. In addition 9
legal proceedings have been initiated outside the arbitration
process including proceedings under the Trade Practices Act
against cedents and brokers which Re AC assert engaged in
deceptive or misleading conduct to induce Re AC to enter into
reinsurance contracts. In most cases Re AC has precipitated
these actions because there are legitimate grounds for disputing
the underlying claims made against the company.

Additionally, Re AC and its subsidiary Monde Re have
underwritten a number of film indemnity policies of insurance
and reinsurance where there is potential for significant claims
to emerge. Most film indemnity policies comprise a group of
films where there is some scope to offset profitable films
against unprofitable films within a slate.

Re AC's ultimate exposure to this class of business will depend
upon a number of factors including the outcome of several court
actions involving major insurers affected by the same or similar
policies.

Monde Re is a co-defendant in 3 actions and Re AC has been
joined as a co-defendant in a further 3 cases (included in the
above).

Re AC and Monde Re have taken legal advice in relation to the
matters which are the subject of dispute and believe they have
grounds in support of their positions on the arbitrations and
court actions. The outcomes of all legal disputes are inherently
uncertain. However, based on current information, it is
considered that appropriate provision has been made for such
actions. The legal costs involved have become significant and
are being expensed as incurred.

The outcome of these legal and arbitration actions, the exposure
to film claims and the ability to collect debts are the major
factors that could influence the outcome of the run-off.

UNEXPIRED RISK AND ADVERSE DEVELOPMENT

Many cedants representing significant potential exposure were
identified for early commutation with a degree of success.
Today, the company remains exposed to some future risks and
commutation is considered the most cost-effective means of
mitigating those risks.

A detailed review has been completed of most outstanding
contracts to identify those that might give rise to further
adverse claims development in respect of past events. This
review has helped priorities the commutation programmed.

Alternative risk mitigation strategies we being considered but
the options available we likely to be limited and/or expensive.

RETROCESSION RECOVERIES AND DEBTORS

The net amount realized from retrocessionaires in the last
twelve months totaled $64M. Much of what remains is either
offset by reinstatement premiums payable to retrocessionaires
and outstanding claims payable to those retrocessionaires on
inwards reinsurance contracts or is not yet due. Collection of
debtors and retrocession recoveries that are due and not offset
by liabilities is being actively managed and independent
consultants have been engaged to help in this process. Otherwise
collection will likely occur through commutation.

Some retrocession recoveries may prove difficult to collect
because the retrocession ire is in financial difficulties or for
other reasons. Net retrocession recoveries reflect the
uncertainties as to the timing and quantum attaching to some
collections. Legal action is being taken against some
retrocessionaires who have failed to pay amounts due to Re AC.

The doubtful debt provision relating to premium debtors
established in prior periods has been retained to reflect the
underlying uncertainties. All debts will be pursued
aggressively. This could well involve action against brokers who
have failed to pass on to Re AC monies paid to them by their
clients.

ASSET MANAGEMENT AND FOREIGN CURRENCY EXPOSURE

The investments of the company are held in very high grade,
short term, defensive assets, principally cash or cash
equivalent securities. Lack of volatility is the key feature of
the investment portfolio and by nature the returns are
relatively low.

Assets and liabilities denominated in foreign currencies are
matched where possible.

APRA/INSPECTOR

On 2nd May 2000 the Australian Prudential Regulation Authority
appointed Mr K Smith of Ernst & Young as its Inspector following
the breach by Re AC of APRA's solvency requirements.
Subsequently, APRA issued certain directions to Re AC designed
to safeguard its assets. These directions were consistent with
the investment policies already adopted by the company once it
moved into run-off.

The company continues to work closely with APRA during the run-
off period, and the regulator continues to monitor closely the
activities of Re AC while it fails to comply with the solvency
requirements.

APRA's inspectorate is likely to continue for a considerable
period. Re AC was forced into run-off by a number of factors
including, inter-alia, the fact that its net equity had fallen
below the regulatory minimum ratio of 15% of its gross claims
reserves. Today that ratio stands at 8%.

The accounts do not include any provision for a prudential
margin and are based solely on a so-called "net central
estimate" with a 50% probability of adequacy. Since the
initiation of the inspectorate, APRA has introduced new capital
adequacy requirements that come into effect from 1st July 2002.
Under these regulations the capital adequacy requirements will
be more stringent than is currently the case for Australian
regulated insurers. Furthermore insurers will need to apply a
prudential margin sufficient for a 75% certainty that
their claims reserves are adequate to meet known and unknown
existing claims. If such a rule were applied today Re AC would
have negative equity of $0.3 million. (refer Note 29). Re AC
does not know when or if it will be in a position to comply with
the new APRA regulations. Under the new rules there is a two
year transition period in which existing fully licensed insurers
must comply with the new solvency requirements. As Re AC is in
breach of existing solvency requirements, discussions are being
held with APRA as to how the new rules might apply to Re AC.

FUTURE PROSPECTS

The primary focus for the foreseeable future will be to continue
to commute cedant relationships and thereby reduce the risk
profile of the company.

The willingness of cedants to commute reflects the risk that Re
AC's capital position may further deteriorate in the face of the
large amount of disputed claims it has, and the continuing
potential for adverse development of claims already incurred or
even reported.

As the population of outstanding contracts shrinks, it becomes
harder to accurately estimate the outstanding liabilities using
statistical methods. This increases the likelihood of relatively
large fluctuations in the estimate caused by development on
individual contracts. As previously noted, Re AC does not hold a
prudential margin to minimize this risk.

This increase in volatility together with the timing and
uncertainties surrounding both the arbitration and legal actions
and the collection of the remaining receivables means it may be
some time, perhaps years, before the company can have confidence
in the final outcome of the run-off process. Given these
uncertainties and APRA's requirements for capital adequacy, it
may also be some years before there is a prospect of any form of
distribution to shareholders.

STAFF

As advised in last year's Annual Report, the success of Re AC's
self-managed run-off is very much dependent on retaining
professional and dedicated staff who have a detailed
understanding of Re AC's particular portfolio and a high degree
of expertise. Given the uncertain future of the company and the
career prospects of the staff, the Board has established
appropriate staff incentives which it believes are aligned with
shareholder interests.

When Re AC moved into self-managed run-off the five senior
managers were each contractually entitled to twelve months
notice, the remaining staff to lesser periods of notice (usually
one month) and all staff were also entitled to accrued severance
payments. In order to put these entitlements beyond doubt and as
an inducement to remain with the company, payment in lieu of
termination entitlements was made to all staff on 1st March 2001
concurrent with the signing on by staff to a further twelve
months contracts of employment.

The last twelve months has continued to be a challenging and
difficult time for the Company and its staff, and I would like
to thank all staff for their outstanding efforts under most
difficult and uncertain circumstances.


SMARTWORLD CORPORATION: Releases Reorganization Circular
---------------------------------------------------------
Participating Organizations are advised that following
shareholder approval on 14 March 2002 the reorganization of
capital for Smartworld Corporation Limited (the Company) will be
effective from Monday 18 March 2002.

The reorganization is by way of consolidating every 5 fully paid
ordinary shares in the capital of the Company into one fully
paid ordinary share. The unquoted options will be similarly
reconstructed.

Fractions will be rounded up.

The following timetable will apply.

14 March 2002    Shareholder approval.
18 March 2002    Trading would normally commence in the
        reorganized securities and a deferred basis.
                 ASX Code: SWCDA
22 March 2002    Last day for the Company to register transfers
     on a pre-reorganization basis.
25 March 2002    First day for the Company to register
     securities on a post reorganization basis.
2 April 2002     Dispatch date, Deferred settlement trading
     ends.
                 ASX Code:SWC
3 April 2002     Normal T+3 trading would normally commence.
8 April 2002     Settlement of trades conducted on a T+3 basis.

The securities of the Company remain suspended.


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


ARCHCORP DESIGN: Winding Up Petition Pending
--------------------------------------------
Archcorp Design & Associates Limited is facing a winding up
petition, which is slated to be heard before the High Court of
Hong Kong on April 24, 2002 at 9:30 am.

The petition was filed on January 23, 2002 by Archcorp Design &
Contracting Limited whose registered office is situated at 25th
Floor, Eastern Commercial Center, 83 Nam On Street, Shau Kei
Wan, Hong Kong.


CIL HOLDINGS: Requests Suspension of Trading
--------------------------------------------
CIL Holdings Limited (the Company) requested trading in its
shares to be suspended with effect from 10:00 a.m. Wednesday 20
March, 2002, pending the release of an announcement of the
Company in relation to a discloseable and a connected
transaction.


COLINE COCOA: No Buyer Found for Chocolate Maker
------------------------------------------------
The public auction on March 7 for the chocolate maker failed to
yield a buyer. Coline is the first wholly overseas-owned firm to
go bankrupt on China's mainland, China Daily reported.

Coline Cocoa Products Co.'s entire assets, which included Asia's
largest chocolate production facility with a 100-million-ton
annual capacity, were put up for sale at the Shanghai auction.

The total assets offered for sale are valued at an estimated 300
million yuan (US$36.3 million), but the starting price was set
at only 116 million yuan, the Daily added.

Lin Yiping, General Manager of the event organizer Shanghai
Auction Corp., attributed the auction's failure to lack of time.

"We received many inquiries from firms from home and abroad,
and seven enterprises visited Coline's factory, but most of them
said they needed more time to discuss the auction," Lin said.

On the scheduled auction date, representatives from different
firms were blocked at the gate because of a lack of seats in the
room. Another public auction has been scheduled for the second
half of April.

Shanghai-based Coline, set up in 1993 as a joint venture
involving investment from Malaysia and a company in the local
Jinshan District, was acquired by Hong Kong-based Eureca Corp.
three years later.

The Company continued to produce and market chocolate products
under two brands, Coline and Cemoi, until it went bankrupt in
October last year with debts of 400 million yuan (US$48
million).


BONANCE INTERNATIONAL: Winding Up Sought by Grand Trade
-------------------------------------------------------
Grand Trade Development Limited is seeking the winding up of
Bonance International Limited. The petition was filed on
February 8, 2002, and will be heard before the High Court of
Hong Kong on May 29, 2002.

Grand Trade holds its registered office at 7th Floor, Fuk Chiu
Factory Building, 20 Bute Street, Mongkok, Kowloon, Hong Kong.


HARICO LIMITED: Petition to Wind Up Pending
-------------------------------------------
The petition to wind up Harico Limited will be heard before the
High Court of Hong Kong on April 10, 2002 by 9:30 am.  The
petition was filed with the court on January 17, 2002 by Yu Yiu
Cho of Room 1807, 18th Floor, Wah Hei House, 38 Tung Hei Court,
Yiu Hing Road, Hong Kong.


IFTA Pacific: Widens Operations Loss to HK$4,649,000
----------------------------------------------------
IFTA Pacific Holdings Limited announced on 19/3/2002:
(stock code: 371)
Year end date: 30/6/2002
Currency: HKD
Auditors' Report: Neither
Review of Interim Report by: Auditors
                                               (Unaudited)
                              (Unaudited)      Last
                              Current          Corresponding
                              Period           Period
                              from 1/7/2001    from 1/7/2000
                              to 31/12/2001    to 31/12/2000

Turnover                           : 14,439,000       18,888,000
Profit/(Loss) from Operations      : (4,649,000)     (3,643,000)
Finance cost                       : (9,000)          (74,000)
Share of Profit/(Loss) of Associates     : -                -
Share of Profit/(Loss) of
  Jointly Controlled Entities            : -                -
Profit/(Loss) after Tax & MI       : (4,658,000)     (3,717,000)
% Change over Last Period          : N/A
EPS/(LPS)-Basic                    : (0.70 cent)      (0.58
cent)
         -Diluted                  : N/A              N/A
Extraordinary (ETD) Gain/(Loss)    : -                -
Profit/(Loss) after ETD Items      : (4,658,000)     (3,717,000)
Interim Dividend per Share         : Nil              Nil
(Specify if with other options)    : -                -
B/C Dates for Interim 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. SEGMENT INFORMATION

     Six months ended 31st December, 2001

                                  Trading of
                                  computer
                  Trading of      related
                  telephone       products  Eliminations
Consolidated
                HK$'000         HK$'000   HK$'000       HK$'000
     REVENUE
      External
         sales      9,914         4,525           -       14,439
      Inter-segment
         sales        792             -       (792)            -
                 _______         _______   _______       _______
    Total revenue  10,706         4,525       (792)       14,439
                 =======         =======   =======       =======
   SEGMENT RESULT  (471)         73         (792)        (1,190)
                 =======         =======   =======
   Other income                                               61
    Unallocated corporate expenses                       (3,520)
                                                         _______
          Loss from operations                           (4,649)
                                                         =======

  Six months ended 31st December, 2000

                          Trading of
                   telephone       Eliminations    Consolidated
                   HK$'000         HK$'000         HK$'000
          REVENUE
            External sales  18,888              -         18,888
            Inter-segment
             sales           1,821        (1,821)              -
                          _______        _______         _______
          Total revenue     20,709        (1,821)         18,888
                         ========        =======         =======
          SEGMENT RESULT    2,181         (1,821)            360
                          ========        =======
          Other income                                       424
          Unallocated corporate expenses                 (4,427)
                                                         _______
          Loss from operations                           (3,643)
                                                         =======

Revenue from the Group's operations was derived principally from
Hong Kong and more than 90% of the Group's turnover and
contribution to loss from operations are derived from Hong Kong
for both periods.

2. LOSS FROM OPERATIONS

The loss from operations has been arrived at after charging
(crediting):

                                            Six months ended
                                31.12.2001      31.12.2000
                                HK$'000          HK$'000
          Depreciation                      360              400
          Bank interest income             (61)            (417)
                                       ========        =========

3. LOSS PER SHARE

The calculation of the loss per share is based on the net loss
for the period of HK$4,658,000 (31st December, 2000:
HK$3,717,000) and on the weighted average of 664,018,995 (31st
December, 2000: on 643,727,663) shares in issue throughout the
period.

The computation of diluted loss per share has not assumed the
exercise of outstanding share options since their exercise would
reduce the loss per share in both periods.


KAM KUEN: Hearing of Winding Up Petition Set
--------------------------------------------
The petition to wind up Kam Kuen Construction Company Limited is
scheduled for hearing before the High Court of Hong Kong on
March 27, 2002 at 9:30 am.  The petition was filed with the
court on January 4, 2002 by Wong Po Kee Limited having its
registered office at 10th Floor, Yue Xiu Industrial Building, 87
Hung To Road, Kwun Tong, Hong Kong.


NORTHEAST ELECTRICAL: Delays Liquidation Proceedings to April
-------------------------------------------------------------
Creditors of China's Northeast Electrical Transmission &
Transformation Machinery Manufacturing have postponed the first
liquidation hearing against it by a month to allow time to study
the H share's new debt settlement proposal, the South China
Morning Post reports.

The Hong Kong Court hearing, originally scheduled for March 20,
will decide whether the company will be liquidated.

A creditor consortium led by CICC Finance applied to the Court
to liquidate the company after it failed to repay about US$43
million in debt.

If the Company were liquidated, it would be the first Hong Kong-
listed mainland Chinese company to be forced into bankruptcy.

The Shenyang-based machinery manufacturer lists H shares in Hong
Kong and yuan-denominated A shares in Shenzhen.


QPL INT'L: Will Reduce Liability to ESM Creditors by HK$72.2M
-------------------------------------------------------------
QPL International Holdings Limited said Wednesday that the UK
administrative receiver of ESM has sold its assets, pledged to
certain bankers, to International Rectifier, an independent
third party, for 6.5 million pounds (HK$72.2 million),
substantially cutting QPL's earlier guaranteed obligation of
HK$154 million in principal and interest undertaken to ESM's
creditors.

The Company, in January, announced that a guaranteed obligation
crystallized as a result of which the Company agreed to repay
the liability of ESM to its creditors which would amount to
HK$137 million in principal and HK$17 million in interest. The
guarantee evolved from ESM taking over the payment obligation of
Newport Wafer Fab Limited, formerly a subsidiary of the
Company in UK.

The reduced amount will be reflected in the Company's annual
result ending April 30, 2002. At its interim announcement, the
Company made a provision of HK$137 million for this obligation.

The payment term of the remaining sum will be shortened and
reduced pending agreement with the ESM creditors to which the
ESM assets are pledged. The earlier arrangement was of 11 equal
quarterly installments and QPL paid the first tranche of HK$14
million on January 31, 2002.

QPL is an investment holding company whose subsidiaries and
associates manufacture integrated circuit leadframes and provide
assembly and testing of integrated circuits for multinational
companies in North America, Europe and Asia. QPL has been listed
on the Stock Exchange of Hong Kong since 1989.

As of October 2001, QPL International has current assets of
HK$211 million, while current assets stood at HK$287 million.

For further information, contact Kevin Kwan, Group Controller of
QPL International, at telephone 2406 5283.


SMARTONE TELECOM: Buys Back 350,000 Shares
------------------------------------------
SmarTone Telecommunications Holdings Ltd bought back 350,000
Company shares at HK$8.75 to HK$8.80 on March 11, AFX Asia
reported, citing a report from the Hong Kong Stock Exchange.

At 10:26 a.m., SmarTone was flat at HK$8.90.

Earlier last week, SmarTone said its group loss for the six-
month period to December 31, 2001 narrowed to 39 million Hong
Kong dollars (US$5 million). Over the same period a year ago,
the phone company tallied a loss of 113 million Hong Kong
dollars (US$14.49 million).


WELLRAIN INDUSTRIAL: Winding Up Petition Hearing Set
----------------------------------------------------
The petition to wind up Wellrain Industrial Limited will be
heard before the High Court of Hong Kong on April 3, 2002 at
9:30 am.

The petition was filed with the court on January 7, 2002 by
Trinity Concord Development Limited whose registered office is
situated at Room 1206, Billion Trade Center, 31 Hung To Road,
Kwun Tong, Kowloon, Hong Kong.


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


BAHANA PEMBINAAN: Debt Restructuring With IBRA Ongoing
------------------------------------------------------
PT Bahana Pembinaan Usaha Indonesia (BPUI) will not pay its
debts to PT Timah Tbk, which amounts to US$17 million and Rp60
million, due to the fact that its debt restructuring at
Indonesia Bank Restructuring Agency (IBRA) is not yet finished,
Bisnis Indonesia reports, citing BPUI Chief Executive Officer
Boyke W. Mukijat.

"The restructuring process with IBRA will finished soon," Mr
Mukijat said hopefully, adding that the decision to restructure
BPUI now depends on the negotiation with IBRA which is the
biggest creditor of Bahana.

BPUI's debts awaiting restructuring at IBRA are estimated at
Rp3.5 trillion. Up until now debt payment structure for
creditors remains unclear.


BAKRIE FINANCE: Court OKs Debt Repayment Suspension Petition
------------------------------------------------------------
Judge Hasan Basri of the Jakarta Commercial Court has granted PT
Bakrie Finance's debt repayment suspension request for 45 days
to seek an out-of-court settlement with creditors, AFX reports.

The court has approved the suspension of debt repayment as the
Company is still operational and should be able to repay the
debt if it is restructured.

Bakrie Finance has a debt total of Rp2.2 trillion to 45
creditors, of which Rp1.7 trillion has matured on Dec 31, 2001.

Some of the 45 creditors are 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.


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


DAIEI INC: Starts Nationwide Sales Campaign on March 21
-------------------------------------------------------
Ailing supermarket chain operator, Daiei Inc, will start a
nationwide sales promotion campaign from March 21 to April 7 in
a bid to stimulate sales under its management rehabilitation
plan, Kyodo News reported Wednesday, quoting unnamed Company
officials. Products like casual wear, interior goods,
stationery, and others will be discounted at 30 percent to 50
percent off at some 320 stores across Japan.

TCR-AP reported this week that that the Daiei Inc will submit to
the Ministry of Economy, Trade and Industry (METI) a
restructuring scheme featuring Y520 billion in financial aid
from its three main creditor banks. METI is expected to approve
the application of the law to Daiei next month.


HITACHI LTD: Forming JV With Electronic Companies
--------------------------------------------------
Hitachi Ltd. and four of Japan's major electronics companies
will set up a joint corporation to develop semiconductor
technologies in an effort to regain their competitiveness in the
sector, the Asahi Shimbun reported Tuesday.

Hitachi's joint venture with NEC Corp., Toshiba Corp., Fujitsu
Ltd. and Mitsubishi Electric Corp. is the first in Japan's
semiconductor development history.

Under the deal, the five companies will provide Y500 million
(US$3.78 million) as their own capital of the newly created
joint Company, and transfer their 100 semiconductor engineers to
the Company for development of new technologies, the Asahi
added.

As the first target of joint development, the Company will
attempt to manufacture a new type of large-scale integrated
circuit (LSI) that world's leading makers are believed to come
close to completion.

Japan's Ministry of Economy, Trade and Industry (METI) will
provide support for the companies' efforts, the paper said.

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: Launches 3G Wireless Service With Okinawa Cellular
-------------------------------------------------------------
KDDI Corp. and Okinawa Cellular Telephone Co. will launch a
144kbps high-speed CDMA2000 1x third-generation cellular phone
service simultaneously in major cities across Japan from April
1, 2002.

Five new CDMA2000 1x (hereafter, CDMA2000) mobile handsets will
also be released, including the "A3012CA", which has a GPS
service and is equipped with a 350,000-pixel high-quality
camera.

CDMA2000 is recognized by the International Telecommunication
Union (ITU) to be an IMT-2000 third-generation cellular
communications system. Initially, 2GHz bands were required for
accreditation, but the ITU later determined that frequency bands
other than 2GHz, such as 800MHz bands, were acceptable in IMT-
2000 systems. Overseas, six countries, including the U.S. and
South Korea, and 11 companies have already begun CDMA2000
services. 12 countries, including China, Australia and New
Zealand, and 29 companies are considering commercialization.

Third Generation Cellular Phones (CDMA2000 1x)
KDDI and its "au" wireless service pioneered the development of
64kbps packet telecommunications networks across Japan, and will
create a more enjoyable wireless Internet environment with data
transmissions of up to 144kbps. The service will give users of
the EZweb wireless Internet service, various internet service
providers and users of local area network (LAN) connections
download transmission speeds of up to 144kbps and upload
transmission speeds of up to 64kbps.

From April 1, CDMA2000 services will cover 33 municipalities,
including Tokyo, Osaka, Nagoya and 12 other major cities in
Japan, and 477 regional communities. KDDI plans to expand
services gradually to other parts so that, by the end of 2002,
90 percent of the population will be within the CDMA2000 service
area. Since CDMA2000 handsets can still offer conventional
services such as voice communications and 64kbps data
transmission even outside those areas offering 144kbps data
transmission, customers can use their phones anywhere in the
country without worrying about the area they are in.

In April 2002, KDDI plans to launch five new CDMA2000 handsets.
These new models are compatible with the GPS `eznavigation'
personal positioning service, with `ezplus,' which can run
Java(TM) applications and with WAP 2.0, allowing users access to
unofficial i-mode sites. As with the A3012CA GPS handset, which
is equipped with a 350,000-pixel high-quality CMOS camera, all
these handsets meet customer needs for compact, lightweight,
handsets with extended life cycles and low prices.

In the future, KDDI plans to upgrade the Movie handset, which is
compatible with the `ezmovie' moving image distribution system,
aiming to provide users with richer content, alternative uses
and a variety of business solutions.

--Transmission speed is on a best effort basis and may be
reduced depending on circuit congestion.

--The transmission speed and built-in functions for EZweb vary
according to each handset.

--Java and other trademarks related to Java in the U.S. and
other countries are the trademarks or registered trademarks of
Sun Microsystems, Inc.

Further details of the new services are listed below.

KDDI Press Contacts

TOKYO - Public Relations Section, Hiroshi Ishihara, (81)(3)
3347.6935 SEATTLE - Mobile Business Research Center, John
Martin, 206/322-7918

1. Call charges
Customers using 144kbps CDMA2000-compatible handsets for EZweb
or internet provider connections can also register for the
optional `high-speed packet service.'

Customers using eznavigation, ezmovie and ezplus and other EZweb
services can also register for `EZwebmulti,' an EZweb service
specifically for the GPS Keitai and Movie Keitai.

There is a reduced packet transmission charge (reduced rate time
at 0.1 yen/packet) for high-capacity data transmission on
`EZwebmulti.'

Customers with CDMA2000-compatible handsets may continue to use
the additional services and fee plans offered by cdmaOne that
are not described above.

1.1. Ezweb charges
     Ezwebmulti 300Y/month

     Ezweb@mail 200Y/month (Kanto, Chubu), 300Y/month elsewhere

1.2. High Speed Packet Service Charge...600Y/month

     Service -- CDMA2000 coverage areas -- Download -- 144kbps

                                          Upload -- 64kbps
1.3. Packet Transmission Fees
Ranges from 0.27Y/packet, peak to 01.Y/packet for large-volume
off-peak, with large-bucket monthly discounts available.

    2. CDMA2000 Cellular Phones
    5 new models, 3 with GPS

                                                        Built-in
Model      Vendor     GPS   Java  WAP   Basic Internet  Camera
A3012CA    Casio       X      X     X                     X
A3011SA    Sanyo       X      X     X
A3011T     Toshiba     X      X     X
A1011ST    Sanyo                              X
A1012K     Kyocera                            X
Product Name    A3012CA      A3011SA      A3013T
Vendor          Casio        Sanyo        Toshiba

Kyocera

Size            48x94x25mm   48x95x23mm   47x93x25mm

47x96x23mm

Weight          106g         97g          105g
Talk Time       140m         140m         130m
Standby Time    230hours     250hour      200hours

220hours

Recharge Time   120m         115m         100m
Inbox           200kb        256kb        100kb
Outbox          60kb         10kb         200kb
Data Storage    12.8MB       1.5MB        1MB
Product Name    A1011ST       A1012K
Vendor          Sanyo

Kyocera

Size            45x93x24mm

47x96x23mm

Weight          99g           93g
Talk Time       150m          140m
Standby Time    230hours

220hours

Recharge Time   110m          100m
Inbox           200kb         256kb
Outbox          57kb          128kb
Data Storage    800kb         800kb

CONTACT:

KDDI
Hiroshi Ishihara, (81)(3) 3347.6935 (TOKYO)
John Martin, 206/322-7918 (SEATTLE)

TCR-AP reported Tuesday that KDDI Corp will 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. The Company will cut its annual
capital spending to Y310 billion by March 2005.


MARUBENI CORP: Gets Government Support Under Revival Law
--------------------------------------------------------
The government has approved Marubeni Corp's application for
financial aid under the industrial revival law to promote its
information technology (IT)-related business, Kyodo News said
Thursday.

TCR-AP reported in February that Marubeni Corporation booked a
consolidated net loss of Y100.8 billion (US$748 million) for the
April-December 2001 period, a sharp reversal of the Y13.6
billion profit recorded the prior year. The poor showings were
the result of about Y200 billion in losses related to
restructuring, including those from liquidation of businesses as
well as securities valuation losses booked in the interim period
ending September 2001.


MATSUSHITA ELECTRIC: Executes Own Share Repurchase
--------------------------------------------------
Matsushita Electric Industrial Co., Ltd. (NYSE: MC), best known
for its "Panasonic" and "National" brand products, announced
Wednesday that it has purchased a portion of its own shares in
conformity with provisions of Clause 4 of Article 3 of
supplementary rules to the amended Japanese Commercial Code.

Details of the share repurchase are as follows:

1. Class of shares: Common stock

2. Period of purchase: Between February 22, 2002 and March 19,
2002

3. Aggregate purchase amount: 37,152,417,000 yen

4. Aggregate number of shares purchased: 22,000,000 shares

5. Method of purchase: Shares were purchased on the Tokyo Stock
Exchange

(Reference)

1) The following are the resolutions that were adopted by the
Matsushita's Board of Directors on January 10, 2002:

  Class of shares: Common stock
  Aggregate purchase amount: Up to Y100 billion
  Aggregate number of shares to be purchased: Up to 60 million
shares
  Period to purchase: Between January 11, 2002 and late April
2002

2) Cumulative total of share repurchases between January 11 and
March 19, 2002:

  Aggregate purchase amount: 90,597,935,000 yen
  Aggregate number of shares purchased: 54,000,000 shares

3) Share repurchase as provided in the Articles of
Incorporation:

  Maximum number of repurchaseable shares as provided in the
Articles of Incorporation: 200 million shares
  Total number of shares repurchased until now from the date
when the provision was adopted in the Articles of Incorporation:
54 million shares

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

With respect to the share exchange between Matsushita Electric
Industrial Co., Ltd. (MEI) and Matsushita Communication
Industrial Co., Ltd. (MCI)

MEI presently expects that a registration statement will be
filed with the Securities and Exchange Commission (SEC) under
the Securities Act of 1933, as amended, in connection with the
above share exchange, which is related to the share repurchase
referred to in this press release, and that the prospectus
included therein will be distributed to holders of MCI common
stock in the United States. U.S. investors are urged to read the
prospectus because it will contain important information about
MEI and MCI, and the proposed share exchange between the two
companies. You may read, and copy (upon payment of fees
prescribed by the SEC) any documents filed by MEI, including the
registration statement (if filed), at the SEC's public reference
room, which is located at 450 Fifth Street, N.W., Washington
D.C. 20549, telephone number: 1-800-732-0330. In addition,
copies of the registration statement (if filed) will be made
available free of charge through MEI's Corporate Finance & IR
Group in Japan, telephone number: 81-6-6906-1763.

With respect to the share exchange between MEI and each of
Kyushu Matsushita Electric Co., Ltd., Matsushita Seiko Co.,
Ltd., Matsushita Kotobuki Electronics Industries, Ltd. and
Matsushita Graphic Communication Systems, Inc.

Each of the above four share exchanges (Transaction), which are
related to the share repurchase referred to in this press
release, involves shares of common stock of a non-U.S. Company.
The Transaction is subject to disclosure requirements of a non-
U.S. country that are different from those of the United States.
Financial information included in this press release, if any,
has been prepared in accordance with non-U.S. accounting
standards that may not be comparable to the financial
information of United States companies.

It may be difficult for you to enforce your rights and any claim
you may have arising under the U.S. federal securities laws,
since the issuer of the securities is located in a non-U.S.
country, and some or all of its officers and directors may be
residents of a non-U.S. country. You may not be able to sue a
non-U.S. Company or its officers or directors in a non-U.S.
court for violations of the U.S. securities laws. It may be
difficult to compel a non-U.S. Company and its affiliates to
subject themselves to a U.S. court's judgment.

CONTACT:

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


MATSUSHITA ELECTRIC: Weakened Recovery Prospects Harms Ratings
--------------------------------------------------------------
Standard & Poor's said on March 20, 2002 that it had lowered its
long-term ratings on Japan's Matsushita Electric Industrial Co.
Ltd. to single-'A' from single-'A'-plus and its short-term
ratings to 'A-1' from 'A-1'-plus, citing the diminished
prospects for a rapid recovery in the Company's earnings. At the
same time, Standard & Poor's removed the ratings from
CreditWatch, where they were placed on March 7, 2002. The
outlook on the long-term rating is stable.

"With Japan's economic recession expected to continue, and
pricing pressures expected to intensify as a result of the
comoditization of various consumer electronics products, it's
increasingly unlikely that Matsushita will be able to achieve a
rapid recovery in its earnings performance," said Takahiro
Saimen, a credit analyst at Standard & Poor's in Tokyo. "As a
result, we expect the company's ability to service its debt and
invest in its operations to weaken beyond a level compatible
with the previous ratings."

Although Matsushita has announced that it expects to see a sales
recovery in businesses such as mobile terminals, digital
audiovisual products, and home appliances over the next fiscal
year, the company has not yet established a concrete growth
strategy to support such recovery. This is in contrast to
efforts by some of its rivals to enhance their technological
strengths and product differentiation strategies.

However, Standard & Poor's expects Matsushita's management to
continue to undertake timely and effective restructuring
measures to improve the company's operating efficiency. This
improvement, coupled with Matsushita's fairly strong capital
structure, should limit further pressure on the company's
ability to service its debt and invest in its operations over
the coming years.

Matsushita is expected to maintain an above-average business
profile, supported by its position as one of Japan's leading
producers of consumer electronics goods. This is underpinned by
the company's strong R&D capabilities and a moderate improvement
in its operating efficiency stemming from its ongoing
restructuring measures. The rating on Matsushita is also
supported by the company's ability to maintain a fairly strong
capital structure compared with other electronics companies in
Japan, with cash holdings exceeding net debt by 148 billion at
September 2001.

Matsushita has implemented various measures to tackle its high
cost structure, including introducing an early retirement
program for 13,000 employees. These measures should provide cost
savings of around 237 billion in fiscal 2002, and lead to a
modest improvement in the company's profitability.

Matsushita is one of the world's largest manufacturers of
consumer, commercial, and industrial electronics products. The
company's products are sold under a variety of brand names,
including Panasonic and National. Matsushita derives 50% of its
total sales in Japan.


SNOW BRAND: Itochu, Marubeni May Take Equity Stake
--------------------------------------------------
Trading houses Itochu Corp and Marubeni Corp may take equity
stakes in the ailing Snow Brand Milk Product Co if requested,
Kyodo News said Wednesday.

Itochu and Marubeni hold a stake in Yukijirushi Access Inc, a
food wholesaler belonging to the Snow Brand group, along with
Mitsubishi Corp and Mitsui & Co, and have shown interest in
raising their stakes in the food wholesaler.


TOKYU CORP: R&I Assigns L-T Debt Rating to BBB+
-----------------------------------------------
Rating and Investment Information, Inc. (R&I) on Friday has
assigned Tokyu Corporation's Long-term Debt Rating to BBB+,
issued under the shelf registration scheme.

RATIONALE:

Tokyu Corp. is a railway Company at the core of the Tokyu group,
which is based in Tokyo's Shibuya district, and has been
strongly promoting the reorganization of the group's businesses.

The rating for Tokyu Corp. reflects the risks entailed in
support for the group's firms depending on the condition of each
Company. The operational plan for the Tokyu group announced in
2000 places the utmost priority on reducing interest-bearing
debt, and clarifies the management standards for the future.
Based on these plans, rapid progress has been made in
withdrawing from unprofitable businesses, selling subsidiaries
and integrating functions that had been dispersed throughout the
group.

In the railway business, Tokyu Corp. has numerous lines where
passenger demand is strong, especially the Toyoko Line and the
Denen-Toshi Line. Fare levels are relatively low and this also
supports the powerful operational base in the railway operation.
At present, construction projects to boost carrying capacity on
lines such as the Ooi-machi Line have been started, but there is
a strong possibility that existing fare levels will be unchanged
on completion of these projects. There is scope for further cost
cuts in areas such as the transition to one-man operation on the
Meguro Line, so the railway operation is structurally capable of
generating high and stable levels of income.

Tokyu Corp. has concentrated on creating a transportation
network with routes linking directly into Tokyo's subway
systems, and unlike many major private-sector railway operators
it should be able to maintain stable passenger numbers.

The risks entailed in the support of group companies as part of
the process of reorganization of the group depend largely on the
intensity of the relationship between Tokyu Corp. and the
relevant group firm. As a result, R&I applies a weighting in
reflecting these risks in the rating evaluation.

Some companies, such as Tokyu Construction Co., Ltd., Tokyu
Tourist Corp., Izukyu Corp. and Tokyu Hotel Chain Co., Ltd., are
full subsidiaries and receive full support from Tokyu Corp.,
whereas Tokyu only provides partial support to Tokyu Department
Store Co., Ltd. In addition, Seikitokyu Kogyo Co., Ltd., and
Tokyu Car Corp., is faced with a lack of earnings potential at
present, while the financial composition of Tokyu Land Corp. is
poor, and the rating also reflects the possibility of limited
support for these companies in the future. Group-wide management
policy is improving as it is now determined at a corporate
conference.

There has been greater disclosure of management strategy and
management standards have become clearer. There has been a
change in stance from a strategy concentrating on the group to
one of opening up group management to outside firms. This
represents a major contrast to the trends of other private-
sector railway groups, which have concentrated on keeping
business within their respective groups, and can be seen as a
new management model for the private-sector railway sector.
There have not, in the past, been cases where Tokyu Corp. has
demanded strict management improvement from group companies that
have been listed on the stock markets of the kind that it is
demanding at present, and it will be necessary to monitor
developments with such companies as well.

According to Hoovers, as of March 2001, Tokyu Corporation has
total current assets of US$5.6 billion while total current
liabilities were US$9.1 billion.


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


DAEWOO MOTOR: Unit Enters Joint Project With Daimler Chrysler
-------------------------------------------------------------
Daewoo Motor unit AvtoZAZ-Daewoo in Ukraine and German firm
Daimler Chrysler AG will start a joint project to assemble
around 300 Mercedes cars at ZAZ automobile manufacturing plant
in Ukraine, Ros Business Consulting reported Tuesday. The
estimated price of the Ukrainian Mercedes will be 10 percent
less than that assembled in Europe. A deal on assembling
automobiles was signed by authorities of the companies last
month.

Creditors of Daewoo Motor Co (DM) will sign an agreement to sell
the firm's assets to General Motors Corp (GM) by the end of next
month, TCR-AP reported this week. A creditor bank spokesman said
the sale price of Daewoo Motor's assets would not differ sharply
from the US$1.2 billion agreed upon in the memorandum of
understanding (MOU) signed in September.


HANBO IRON: AK Capital Chosen as Successful Bidder
--------------------------------------------------
Creditor group of Hanbo Iron and Steel (HIS) namely KAMCO, Korea
Development Bank, Chohung Bank and Korea Exchange Bank, has
agreed to choose AK Capital as the ailing firm's successful
bidder, Korea Herald reported Thursday, citing the Korea Asset
Management Corp. (KAMCO).

AK Capital has offered $401 million to acquire Hanbo. The final
takeover price will be susceptible to adjustments ranging
between the agreed 9.3 percent above or below the initial price
following AK Capital's 135-day due diligence on Hanbo.

Also, once the creditors of Hanbo and AK Capital sign the final
contract in August after both companies sign a memorandum of
understanding (MOU) at the end of March, creditors will be
banned from providing any form of surety, KAMCO said.


HYUNDAI MOTOR: Will Invest $60M in India
----------------------------------------
Hyundai Motor -- http://www.hyundai-motor.com/-- plans to
invest $60 million in its Indian subsidiary to meet rising local
demand for its products, reports the Korea Times.

Seoul's automaker said that the local corporation will expand
its production capacity from the current 120,000 units per year
to 150,000 units by next March to raise its turnover by 10 to 12
percent in the South Asian country this year.

In February, the Company's sales shot up 16.5 percent from the
previous month, which saw 3.2 percent rise in sales.

In terms of export, the local Company plans to ship out to
Morocco, Algeria, Indonesia, Nepal and Bangladesh some 30
percent, or 2,000 more cars compared with last year.

Hyundai Motor has so far invested $614 million in the Indian
production line since first establishing itself in the country
in 1998 and has since produced 290,000 vehicles including 40,000
Accent models and 1,500 Sonatas.

According to a Tuesday report of Troubled Company Reporter Asia
Pacific, Hyundai Motor India Ltd. may issue an initial public
offering (IPO) of shares locally in 2003. Hyundai's Director for
Marketing and Sales did not reveal the IPO's size, but
emphasized that the money raised from the IPO would fund the
Company's growth plans.


SSANGYONG MOTOR: Approves Capital Reduction Plan
------------------------------------------------
Ssangyong Motor Co. disclosed to the Financial Supervisory
Service that it will slash its capital to one tenth of the
present W572.2 billion by retiring every ten shares to one share
on June 4, in accordance with the bailout package agreed by the
Company's creditors in December 2001, Korea Herald reported
Thursday.

The bailout package included a debt-for-equity swap worth 950
billion and provision of $150 million in new loans to Ssangyong.
Trading of the carmaker shares will be suspended starting June
3, with the date of trading resumption yet to be determined. The
new shares will likely be distributed June 26.

According to AFX News Ssangyong will seek shareholder approval
for the capital write-down on May 3.


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


ALLIANZ GENERAL: Voluntarily Winds Up Unit
------------------------------------------
The Board of Directors of Allianz General Insurance Malaysia
Berhad (Allianz Malaysia) (formerly known as Malaysia British
Assurance Berhad) announced that Allianz Malaysia's wholly-owned
subsidiary, Target Nominees (Tempatan) Sdn Bhd (Target), had
commenced members' voluntary winding-up on 19 March 2002
(Winding-up) pursuant to Section 254(1)(b) of the Companies Act
1965 and that Miss Tan Giok Sin of M2D/16, Jalan Pandan Indah
4/3A, Pandan Indah, 55100 Kuala Lumpur was appointed as the
Liquidator for Target on the same day.

Information on Target

Target was incorporated in Malaysia on 16 October 1987. Its
present authorized and issued and paid-up capital is RM25,000
comprising 25,000 ordinary shares of RM1.00 each and RM10,000
comprising 10,000 ordinary shares of RM1.00 each respectively.
The principal activity of Target is to provide nominees services
to the companies within the Allianz Malaysia Group. It has been
dormant following the introduction of the requirement under the
Insurance Act 1996 that, inter alia, the assets of a licensed
insurer shall be held in its corporate name (the "Requirement").

Rationale for the Winding-up

Target had been a dormant company since the introduction of the
Requirement and there are no future plans to activate it.

Financial Effects of the Winding-up

On Share Capital

The Winding-up will not have any effect on the issued and paid-
up share capital of Allianz Malaysia.

On Net Tangible Asset (NTA)

The estimated expenses for the Winding-up are RM6,000. Based on
the audited consolidated balance sheet of Allianz Malaysia as at
30 June 2001 and on the assumption that the Winding-up had been
commenced as at that date, the Winding-up will not have any
material effect on the NTA of the Allianz Malaysia Group for the
financial year ended 30 June 2001.

On Earnings

The Winding-up will not have any material effect on the
consolidated earnings of Allianz Malaysia for the financial
period ending 31 December 2002.

Directors' and Substantial Shareholders' Interest

None of the Directors and Substantial Shareholders of Allianz
Malaysia or persons connected with them has any interest, direct
or indirect, in the Winding-up.

Directors' Opinion on the Winding-up

The Directors of Allianz Malaysia are of the opinion that the
Winding-up is in the best interest of Allianz Malaysia.


LAND & GENERAL: Sells Kinley Shares to Meet Debt Commitments
------------------------------------------------------------
Land & General Berhad (L&G or the Company) has on 20 March 2002,
entered into a conditional Share Sale Agreement (SSA) with
Honcity Limited of Pasea Estate, Road Town, Tortola, British
Virgin Islands (Honcity or the Purchaser) for the disposal by
L&G of the entire equity interest in Kinley Trading Limited
(Kinley), comprising 28,000,002 ordinary shares of US$1 each
(the Sale Shares) with the ultimate intention of disposing its
80% equity interest in PT Wapoga Mutiaria Industries (WMI) which
is currently held by Baines Ltd. for a cash purchase
consideration of US$3.5 million (the Disposal).

DETAILS OF THE DISPOSAL

Pursuant to the SSA, L&G shall dispose the Sale Shares
representing the entire 100% equity interest in Kinley. As such,
L&G will ultimately be disposing its entire 80% equity interest
in WMI which is currently held by Baines Ltd., a wholly owned
subsidiary of Kinley.

The purchase consideration for the Sale Shares is USD3.5 million
cash, of which USD500,000 has been paid upon execution of the
SSA (the Deposit). The balance of the purchase consideration
will be paid in three installments over approximately three
years.

In the event there is a breach of the SSA or either party to the
SSA elects to terminate the SSA, the Deposit is refundable.

The completion of the SSA shall mean 5 business days after
fulfillment of the Conditions Precedent (please refer to item
5.2 below) or any other date to be agreed in writing by L&G and
Honcity.

There are no liabilities to be assumed by L&G in respect of the
Disposal.

The initial investment cost of Kinley in the books of L&G is
RM250 million. L&G acquired Kinley in March 1996.

BACKGROUND INFORMATION ON KINLEY, BAINES LTD AND WMI

Kinley is an investment holding company incorporated in the
British Virgin Islands on 29 November 1994 with an authorized
share capital of USD28,000,002 comprising 28,000,002 ordinary
shares of USD1 each and an issued and paid-up share capital of
USD28,000,002 comprising 28,000,002 ordinary shares of USD1
each. Kinley is 100% wholly owned by L&G.

Baines Ltd. was incorporated in Hong Kong, China on 29 September
1994 and is an investment holding company. Its authorized share
capital is HK$1,000 comprising 1,000 ordinary shares of HK$1
each. Its entire authorized share capital is fully issued and
paid-up. Baines Ltd. is a 100% subsidiary of Kinley.

Baines Ltd. is the registered and beneficial owner of 40,616
shares in WMI, which represents 80% of the total issued, and
paid-up share capital of WMI.

WMI is a limited liability company incorporated in Indonesia on
16 June 1995. WMI is principally engaged in various downstream
timber business activities such as the production of sawntimber,
blockboards, plywood and moulding. WMI's operations are carried
out at its timber complex located at Biak, Irian Jaya,
Indonesia. The authorized and issued and paid-up share capital
of WMI are USD50,770,000 comprising 50,770 shares of USD1,000
each and USD50,770,000 comprising 50,770 shares of USD1,000
each, respectively.

BACKGROUND INFORMATION OF THE VENDOR AND PURCHASER

Vendor

L&G was incorporated in Malaysia on 21 May 1964 under the name
of Nanyang Holdings Sdn Bhd. The Company changed its name to
General Lumber (Holdings) Berhad and converted to a public
limited company on 7 October 1968. On 31 December 1991, the
Company adopted its present name of Land & General Berhad.

The shares of L&G are currently listed on the Main Board of the
Kuala Lumpur Stock Exchange. The core business activity of the
L&G Group is property development and property investment.

Purchaser

Honcity was incorporated on 3 July 2001 in the British Virgin
Islands. It is a trading company with an authorized share
capital of USD50,000, which are all issued and paid up.

OTHER SALIENT TERMS OF THE SSA

The other salient terms of the SSA are as follows:

The Sale Shares

L&G has agreed to sell and Honcity has agreed to purchase the
Sale Shares free from all charges, lien, pledges, claims,
demands, orders or any other encumbrances and with all benefits,
rights and entitlements accrued or attaching to the Sale Shares.

Conditions Precedent

   i) Corporate Guarantees

Prior to the completion of the SSA, the Purchaser shall obtain
the letter of release from the creditors of WMI to discharge all
corporate guarantees extended by L&G;

   ii) Outstanding Liabilities

Prior to the completion of the SSA, the Purchaser shall assume
responsibility for all outstanding and existing obligations and
liabilities of WMI except for the Advances;

   iii) Existing Guarantees

Upon completion of the SSA, the Purchaser shall indemnify,
assume and take over all existing guarantees and/or securities
provided by L&G and its group of companies for and on behalf of
WMI to any third parties;

  iv) Advances

Upon completion of the SSA, the Company shall extinguish all
advances made by L&G and its group of companies to and on behalf
of Kinley, Baines Ltd and WMI and all other debts owed by
Kinley, Baines Ltd. and WMI to L&G and its group of companies
(the Advances);

   v) Due Diligence

The Purchaser has satisfactorily completed the due diligence in
relation to Kinley, Baines Ltd. and WMI.

The Conditions Precedent are to be satisfied within three (3)
months from the date of the SSA or any other date to be agreed
in writing by L&G and Honcity.

Effect of Termination of the SSA

In the event either party elects to terminate the SSA, L&G shall
refund, without interest to the Purchaser, all moneys paid by
the Purchaser toward the purchase consideration and all other
payments made by the Purchaser (including advances and payments
to wages and other costs and expenses incurred by the Purchaser
in the operations and maintenance of WMI) for the period before
the SSA is terminated.

EFFECTS OF THE DISPOSAL

Share Capital

The Disposal will not have any effect on the issued and paid up
share capital of the Company.

Earnings

The Disposal is expected to result in a gain of approximately
RM13 million to the Company and a loss of RM38 million to the
Group for the financial year ending 31 December 2002, calculated
based on the audited results of Kinley as at 31 December 2000.

Net Tangible Assets

Based on the latest audited results of the L&G Group as at 31
December 2000, the Disposal is expected to reduce the
consolidated Net Tangible Assets of the L&G Group by 7 sen per
share.

RATIONALE

The Disposal forms part of the Company's rationalization
programmed to dispose of non-core assets and investments to
enable it to focus on its core business of property development
and property investment and to raise cash to meet its debt
commitments and for working capital purposes.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

As far as the Board of Directors is presently aware, none of the
Directors and/or substantial shareholders of the Company or its
subsidiaries or any persons connected with the said Directors or
substantial shareholders have any interest, whether directly or
indirectly, in the Disposal.

DIRECTORS' STATEMENT

Having carefully deliberated the Disposal, the Directors of L&G
are of the opinion that the Disposal is in the best interests of
the Company and the Group.

DOCUMENTS FOR INSPECTION

The SSA is available for inspection at the Company's registered
office at 2nd Floor, 7 Persiaran Dagang, Bandar Sri Damansara,
52200 Kuala Lumpur from Mondays to Fridays (except public
holidays) during normal business hours for a period of two(2)
weeks from the date of this announcement.


LIEN HOE: No Change in Defaulted Payment Status
-----------------------------------------------
Lien Hoe Corporation Berhad (the Company) announced that there
is no change to the status with regard to the default on the
Loan Stocks save for those announced previously on 21 January
2002 except that a notice has been served by Universal Trustee
(Malaysia) Berhad that it has taken out foreclosure proceedings
by Originating Summons in the Johor Baru High Court seeking,
inter-alia, an order to auction Kompleks Lien Hoe, Johor Baru.
However, a copy of the sealed Originating Summons has yet to be
served on the Company.

Profile

Originally the Company (LHC) and its subsidiaries were engaged
in the manufacture and trading of building materials. In 1982
and 1983, Peak Hua Holdings Bhd (PHH), a company involved in
real estate and securities investment, acquired the majority
shareholding in LHC. LHC then embarked upon a restructuring
exercise, which resulted in diversification into property
development in June 1983. Distribution of scientific/medical
supplies was added in mid 1988 as was the manufacture of kitchen
cabinets and knock down furniture. In 1988 the Company ceased to
be a subsidiary of PHH.

Subsequent to a scheme of financial restructuring in 1990, LHC
branched into property investment and management through
acquisitions. Over the years, LHC has also ventured into timber
logging and hotel property.

Currently, the Group is in the process of implementing a
proposed restructuring scheme which comprises capital reduction
and share consolidation; acquisition of Billiontex Industries
Sdn Bhd, Rusella Teguh Sdn Bhd and Atria Properties Sdn Bhd;
restricted offer for sale; debt restructuring; and rights issue
of warrants. The SC on 30 May 2000 and shareholders of the
Company approved the scheme on 23 November 2000.


MEASUREX CORPORATION: Units' Winding Up Petition Add'l Info
-----------------------------------------------------------
Measurex Corporation Berhad (MCB), in reply to the Query Letter
by Kuala Lumpur Stock Exchange reference ID : MZ-020318-39327,
in relation to the Petition by Judicial Managers of Winding-Up
by Court of Measurex Holdings Pte Ltd (MH), Measurex Engineering
Pte (ME) and Measurex Precision Pte Ltd (MP), advised that:

   * The winding-up petitions were presented to the Court by the
Judicial Managers' solicitors on 28 February 2002 and the
winding-up hearing for MH, ME and MP has been fixed to be heard
on 22 March 2002.

   * The Judicial Managers' solicitors had informed MCB that
under the laws of Singapore, there is no need to serve the said
petitions on MH, ME and MP as the Judicial Managers themselves
initiated them.

   * There were no claims under the said petitions as the
Judicial Managers initiated the winding-up action.

   * The winding-up petitions were initiated by the Judicial
Managers based on their opinion that it is appropriate to wind-
up MH, ME and MP on the grounds that these companies are
insolvent.

As regard to items (4) to (7) of the KLSE's letter of query, MCB
will make further announcement, once the information is gathered
for immediate release in due course.


PANGLOBAL BERHAD: Discloses Mining Production Figures
-----------------------------------------------------
PanGlobal Berhad announced that the production volume of coal of
its wholly-owned subsidiary, Global Minerals (Sarawak) Sdn Bhd
for the month of February 2002 was 32,751.06 meters.

The Company also announced that the production volume of timber
of its wholly-owned subsidiary, Limbang Trading (Limbang) Sdn
Bhd for the month of February 2002 was 11,822.21 cubic meters.

Profile

The Group's principal activities include general insurance
business, extraction of logs, sawmilling and manufacturing of
veneer, coal mining, property investment and development, rental
of office and commercial premises and operation of hotel
apartments.

On 2 February 2000, the High Court granted a holding over
injunction to a shareholder to preserve the status quo of the
proposed Econstates disposal, the shares of which had been
pledged to an offshore bank for a loan facility granted to the
Company.

On 21 March 2000, the offshore bank gave notice that it would
force sell the shares following the expiry of the restraining
order on 20 March 2000. On 23 March 2000, the Company was
notified that the shares had been forced sold on 22 March 2000
at RM2.00 per share.

Subsequently, on 27 March 2000, the Company was served a notice
by a shareholder that an ex parte injunction had been obtained
to restrain RBH and the offshore bank from completing the force
sale. The injunction does not involve the Company as the
Econstates shares were forced sold by the offshore bank. In view
of the action taken by the offshore bank, the SPA dated 23
September 1999 between RBH and the Company was terminated.


RASHID HUSSAIN: Shareholders OK Warrants 1999/2002 Extension
------------------------------------------------------------
On behalf of Rashid Hussain Berhad (RHB or the Company), Arab-
Malaysian Merchant Bank Berhad (Arab-Malaysian) announced that
at the Extraordinary General Meeting held Wednesday, 20 March
2002, the shareholders of RHB have approved the following:

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

   (ii) The extension of the duration and exercise period of the
RHB Warrants 2001/2002 by five(5) years from 24 March 2002 to
expire on 24 March 2007 (Extension of RHB Warrants 2001/2002).

On behalf of RHB, Arab-Malaysian also announced that:

   (a) at the meeting of holders of RHB Warrants 1999/2002 also
held Wednesday, 20 March 2002, the holders of RHB Warrants
1999/2002 have approved the Extension of RHB Warrants 1999/2002,
and

   (b) at the meeting of holders of RHB Warrants 2001/2002 also
held Wednesday, 20 March 2002, the holders of RHB Warrants
2001/2002 have approved the Extension of RHB Warrants 2001/2002.

With the above approvals, the Company has obtained all the
necessary approvals for the Extension of RHB Warrants 1999/2002
and the Extension of RHB Warrants 2001/2002. Accordingly, RHB
has executed the respective supplemental deed polls on 20 March
2002 to effect the extension of the duration and exercise period
of the RHB Warrants 1999/2002 and RHB Warrants 2001/2002 to
expire on 16 August 2009 and 24 March 2007 respectively.

A notice will also be dispatched in due course to the holders of
RHB Warrants 1999/2002 and RHB Warrants 2001/2002 to notify them
of the extended duration and exercise dates of the respective
warrants.

DebtTraders reports that Rashid Hussain's 1.500% convertible
bond due on 2007 (RASH07MYS1) trades above par between 102 and
105. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=RASH07MYS1


RHB GROUP: MOF Approves Proposed Group Restructuring Scheme
-----------------------------------------------------------
Arab-Malaysian Merchant Bank Berhad (Arab-Malaysian), on behalf
of Rashid Hussain Berhad (RHB or Company), RHB Capital Berhad
(RHB Capital) and RHB Sakura Merchant Bankers Berhad (RHB
Sakura) (RHB Group or Group), in reference to the announcement
by RHB on 23 April 2001 in relation to the approval of the
Minister of Finance (MOF) via Bank Negara Malaysia (BNM) for RHB
to enter into negotiations with Utama Banking Group Berhad (UBG)
for the proposed merger of the RHB and UBG banking groups,
announced the successful conclusion of the negotiations leading
to the execution of the relevant conditional agreements for the
proposed merger as well as the proposed group restructuring
scheme of the RHB Group (Proposed Group Restructuring Scheme).

The Proposed Group Restructuring Scheme, which has been approved
by the MOF via letters dated 11 March 2002 and 12 March 2002
from BNM to the Company and approved by the respective Board of
Directors of RHB, RHB Capital and RHB Sakura, involves the
following proposals:

   * Proposed Acquisition of Bank Utama (Malaysia) Berhad (Bank
Utama) and Proposed Merger of Bank Utama with RHB Bank

Proposed acquisition of the entire equity interest of Bank Utama
comprising 800,000,000 ordinary shares of RM1.00 each by RHB
Bank from UBG based on 2.0 times the adjusted Net Tangible
Assets (NTA) value of Bank Utama as at the last day of the
calendar month preceding the fulfillment of all the conditions
precedent. The purchase consideration is proposed to be
satisfied by RHB on behalf of RHB Bank through the issuance of
new RHB Irredeemable Convertible Unsecured Loan Stocks-A (RHB
ICULS-A), new RHB Irredeemable Convertible Unsecured Loan
Stocks-B (RHB ICULS-B) and cash. The amount due and owing by RHB
Bank to RHB will be repaid through the proposed issuance of an
equivalent amount of Tier-II RHB Bank subordinated-debt (RHB
Bank Sub-Debt) to RHB, the actual amount of which will be
determined upon finalization of the purchase consideration
following a due diligence exercise (Proposed Acquisition of Bank
Utama).

The RHB ICULS-A to be issued to UBG pursuant to the Proposed
Acquisition of Bank Utama shall be offered to all the
shareholders of RHB by UBG by way of a restricted offer for sale
on a renounceable basis after the completion of the Proposed
Acquisition of Bank Utama on the basis of one (1) RHB ICULS-A
for every one (1) existing RHB share held as at an entitlement
date to be determined (Proposed Restricted Offer for Sale).

Upon completion of the Proposed Acquisition of Bank Utama, RHB
Bank will merge the commercial banking business of Bank Utama
with RHB Bank (Proposed Merger).

   * Proposed Transfer and Acquisition of RHB Leasing Sdn Bhd
(RHB Leasing) and RHB Capital Properties Sdn Bhd (RHBCP)

   a) Proposed transfer of 70% of the equity interest in RHB
Leasing comprising 7,000,000 ordinary shares of RM1.00 each from
RHB Capital to RHB Delta Finance Berhad (RHB Delta Finance) (a
wholly-owned subsidiary of RHB Bank) and proposed acquisition of
30% equity interest in RHB Leasing comprising 3,000,000 ordinary
shares of RM1.00 each by RHB Delta Finance from China
Development Industrial Bank Inc. (CDIB) for a total cash
consideration based on 1.1 times the audited NTA value of RHB
Leasing as at the last day of the calendar month preceding the
date of fulfillment of all the conditions precedent (Proposed
Transfer of RHB Leasing and Proposed Acquisition of 30% Equity
Interest in RHB Leasing, respectively).

(Collectively referred to as "Proposed Transfer and Acquisition
of RHB Leasing)

   b) Proposed transfer of the entire equity interest in RHBCP
comprising 21,800,000 ordinary shares of RM1.00 each from RHB
Capital to RHB Bank based on 1.0 time the audited NTA value of
RHBCP as at the last day of the calendar month preceding the
date of fulfillment of all the conditions precedent. RHB Bank
proposes to satisfy the transfer consideration through
assumption of an existing inter-company debt due by RHB Capital
to RHBCP and the balance by cash (Proposed Transfer of RHBCP).

(Collectively referred to as "Proposed Transfer and Acquisition
of RHB Leasing and RHBCP")

   * Proposed Scheme of Arrangement to privatize RHB Sakura

Proposed privatization of RHB Sakura via a scheme of arrangement
pursuant to Sections 176 and 178 of the Companies Act, 1965
whereby RHB Capital will acquire the remaining 165,888,605
ordinary shares of RM1.00 each (not held by RHB Capital)
representing 49% equity interest in RHB Sakura for a
consideration of RM4.00 per RHB Sakura share to be satisfied
through RM2.00 in cash and the proposed issuance of RM2.00
nominal amount of redeemable unsecured bonds in RHB Capital (RHB
Capital Bonds) for every one (1) RHB Sakura share acquired
(Proposed SOA).

   * Proposed Acquisition of Straits Asset Holdings Sdn Bhd
(SAHSB) and Proposed Transfer of Securities and Securities
Related Business Entities

   a) Proposed acquisition of the remaining 37% equity interest
in SAHSB comprising 16,667,000 ordinary shares of RM1.00 each by
RHB Marketing Services Sdn Bhd (RHB Marketing Services), a
wholly-owned subsidiary company of RHB Capital, from G.K. Goh
Holdings Ltd (G.K. Goh) for a cash consideration based on 1.4
times of 37% of the audited NTA value of SAHSB and its
subsidiaries (SAHSB Group) as at the last day of the calendar
month preceding the date of fulfillment of all the conditions
precedent to be paid in cash by RHB Capital on behalf of RHB
Marketing Services to G.K. Goh (Proposed Acquisition of SAHSB).
SAHSB will become a wholly-owned subsidiary company of RHB
Marketing Services upon completion of the Proposed Acquisition
of SAHSB.

   b) RHB Capital proposes to enter into a conditional sale and
purchase agreement to transfer its securities and securities
related business entities (Securities Companies) to RHB Sakura
(which would have become a wholly-owned subsidiary of RHB
Capital upon completion of the Proposed SOA) based on 1.0 time
to 1.5 times the audited NTA value of the respective entities as
at the last day of the calendar month preceding the date of
fulfillment of all the conditions precedent. RHB Sakura proposes
to satisfy the transfer consideration through the proposed
issuance of RM165 million RHB Sakura Tier II subordinated-debt
(RHB Sakura Sub-Debt) and the balance by cash (Proposed Transfer
of Securities and Securities Related Business Entities).

(Collectively referred to as "Proposed Acquisition and Transfer
of Securities and Securities Related Business Entities")

   * Proposed Voluntary Partial Offer by RHB

Proposed voluntary partial offer by RHB to increase its equity
interest in shares and warrants of RHB Capital up to a maximum
of 75.0% through the acquisition of up to an additional 19.6%
and 54.5% of RHB Capital's total issued and paid-up share
capital and warrants outstanding respectively to be satisfied by
the issuance of new RHB shares and new RHB ICULS-B (Proposed
Voluntary Partial Offer).

   * Proposed Repayment of Borrowings by RHB and RHB Capital
Proposed repayment of the RHB Group's borrowings comprising:

   (i) RM1.0 billion by RHB consisting of RHB's existing
outstanding RM800 million nominal value of 2.5% redeemable
secured bonds and RM200 million of its short term borrowings;
and

   (ii) RM200.0 million by RHB Capital of its RM200 million
short term borrowings,

upon the completion of the Proposed Group Restructuring Scheme.

RATIONALE FOR THE PROPOSED GROUP RESTRUCTURING SCHEME

The Proposed Group Restructuring Scheme supports BNM's objective
of consolidating the banking sector in order to create a more
resilient financial sector in Malaysia. In today's increasingly
borderless world, the financial sector in Malaysia is required
to be more enduring to any unforeseen events that may arise from
rapid and irregular flows of capital and other factors, whether
localized or otherwise, and be prepared for heightened
competition once the country opens up its banking sector to
foreign players pursuant to the agreement under the World Trade
Organization and the Financial Sector Masterplan.

The Proposed Acquisition of Bank Utama and the subsequent merger
of Bank Utama with RHB Bank is expected to strengthen the RHB
Group's position as one of the largest domestic financial
services groups in Malaysia in terms of assets and branches. The
market knowledge, branch network and customer base of Bank Utama
in East Malaysia will allow RHB Bank greater access to one of
the fastest growing regions in Malaysia and strengthen its
banking business particularly its SME business. Currently, RHB
Bank and Bank Utama's operations are located primarily in two
distinct geographical regions, namely, West Malaysia and East
Malaysia respectively.

The minimal duplication of resources ensures that the Proposed
Merger will cause little disruption to the enlarged banking
group's operations and help achieve synergistic benefits and
operational efficiencies following the merger of the two banks.
Further, the issuance of the Tier II sub-debt by RHB Bank
pursuant to the Proposed Acquisition of Bank Utama will ensure
that RHB Bank's risk weighted capital ratio (RWCR) will be
maintained at above 12%.

The Proposed Restricted Offer for Sale has been made a condition
to the issuance of the RHB ICULS-A to UBG pursuant to the
Proposed Acquisition of Bank Utama to provide a sweetener to the
existing shareholders of RHB who will benefit from the
attractive proposed conversion price of the RHB ICULS-A of
RM1.00 per RHB share. In addition, the Proposed Restricted Offer
for Sale will mitigate the dilution of the RHB minority
shareholders' shareholdings arising from the new RHB shares to
be issued pursuant to the Proposed Voluntary Partial Offer and
upon conversion of the new RHB ICULS-A and RHB ICULS-B. The
Proposed Restricted Offer for Sale will also enable RHB to meet
the minimum shareholding spread requirement for the listing of
the RHB ICULS-A on KLSE.

The Proposed SOA will lead to the privatization of RHB Sakura,
which will streamline the RHB Group's structure and increase the
attractiveness of RHB and RHB Capital by making RHB and RHB
Capital the only entries to the RHB Group by interested
investors. As a wholly-owned subsidiary of RHB Capital, the
earnings and cashflow contributions from RHB Sakura to RHB
Capital and in turn, RHB is expected to increase. On the other
hand, from the perspective of the minority shareholders of RHB
Sakura, the Proposed SOA will enable the minority shareholders
of RHB Sakura to realize their investment in RHB Sakura at a
price which is at a premium to the current market price and
approximates the initial public offer price of RHB Sakura.

The Proposed Acquisition and Transfer of Securities and
Securities Related Business Entities will place all securities
businesses within the RHB Group under RHB Sakura, transforming
RHB Sakura into an investment bank in line with the
recommendations of the Financial Sector Masterplan launched by
BNM on 1 March 2001. Further, the proposed issuance of RHB
Sakura Sub-Debt by RHB Sakura pursuant to the Proposed
Acquisition of Securities and Securities Related Business
Entities will ensure that RHB Sakura's RWCR will be above 12%.
In the meantime, the Proposed Transfer of RHB Leasing will allow
the RHB Capital Group to streamline the hire purchase and
leasing businesses of the RHB Group.

The above streamlining exercises will help to achieve a clear
rationalization and separation of the RHB Group's financial
services businesses under two (2) distinct groupings, namely
commercial banking and other retail-based financial services
under RHB Bank, and investment banking services under RHB
Sakura. The RHB Group envisages that the streamlining exercises
will bring about synergistic benefits and help to enhance the
operational efficiencies of the respective entities.

The Proposed Voluntary Partial Offer will enable RHB to increase
its existing 55.4% equity interest in RHB Capital up to 75%. RHB
Capital in turn will hold 100% equity interest in RHB Sakura
pursuant to the Proposed SOA and 70% of the Group's enlarged
commercial bank, namely the merged RHB Bank. Both RHB Sakura and
RHB Bank are principal earnings contributors to the RHB Capital
Group and in turn, the RHB Group due to their established and
financially strong position. As such, the Proposed Voluntary
Partial Offer will enable RHB to derive increased value and
benefits from the enhanced group structure which is seen to be
better equipped to meet the challenges of the changing financial
landscape and further liberalization of the capital markets. On
the other hand, from the perspective of the minority
shareholders of RHB Capital, the Proposed Voluntary Partial
Offer will enable the minority shareholders of RHB Capital to
swap their RHB Capital shares for RHB shares at an exchange
price which will be set at a premium to RHB Capital's market
price.

It is RHB's intention to maintain RHB Capital's listing status
such that RHB Capital can continue to tap into the capital
market for future funding requirements. As stipulated by the
listing requirements of the KLSE, a public listed company must
have at least 25% of its issued and paid-up capital in the hands
of a minimum number of public shareholders holding not less than
1,000 shares. Taking into consideration of the foregoing
requirement, RHB is therefore proposing to acquire only up to
75% of the issued and paid-up share capital and warrants
outstanding of RHB Capital so as to meet its above objectives
whilst maintaining the listing status of RHB Capital.

In addition to the above, the Proposed Voluntary Partial Offer
will allow RHB flexibility to restructure / refinance its
borrowings by providing additional RHB Capital shares and
warrants as security for its borrowings and to facilitate the
restructuring of its existing USD200 million Exchangeable Bonds
which would potentially require RHB to make available more RHB
Capital shares as exchange property for the USD 200 million
Exchangeable Bonds.

RHB is also proposing to degear by utilizing part of the
proceeds from the placement of the RHB Bank Sub-Debt to repay
part of its short term debts and to swap RM800 million of its
holding of the RHB Bank Sub-Debt to exchange for and retire the
existing RM800 million nominal value of 2.5% redeemable secured
bonds in order to retire a significant portion of its existing
debts. As a result of these repayments and the increase in
shareholders' fund arising from the Proposed Group Restructuring
Scheme, RHB's borrowings and gearing at company level is
expected to be reduced from RM2.75 billion to RM1.75 billion and
from 2.6 times to 0.8 time respectively. Upon full conversion of
the RHB ICULS-A and RHB ICULS-B, the gearing of RHB will further
improve to 0.5 time. Accordingly, the proposed degearing is
expected to improve RHB's cashflow position and financial
results in the future given the reduction in interest charges
which together with the enlarged equity interests in RHB Capital
and RHB Sakura, is expected to enable RHB to turn around from
its net loss position back to profitability.

The expected improvement in RHB's cashflow position and
financial results together with the additional RHB Capital
shares released from the repayment of the RM800 million nominal
value of 2.5% redeemable secured bonds will in turn enable RHB
to restructure its USD Exchangeable Bonds and its remaining
short term debts. In this respect, it is envisaged that the USD
Exchangeable Bonds will be restructured via a restructuring of
the existing terms or via an exchange offer of the same whilst
the remaining short term debts is envisaged to be restructured
into tranches comprising a revolving credit tranche and the
balance into long term tranches with longer maturities based on
RHB's current discussions and agreement with the short term
lenders.

ESTIMATED TIME FRAME FOR COMPLETION AND APPLICATION TO THE
RELEVANT AUTHORITIES

It is expected that applications to the SC and the relevant
authorities in respect of the proposals by RHB, RHB Capital, RHB
Sakura and RHB Bank will be made within sixty five (65) business
days or approximately three (3) months from the date of this
announcement.

Barring unforeseen circumstances, the Proposed Group
Restructuring Scheme is expected to be completed by third
quarter of the calendar year 2002 or such later date depending
on the timing of the receipt of all relevant approvals.

ADVISERS

Arab-Malaysian has been appointed as the Main Adviser to RHB,
RHB Capital, RHB Sakura and RHB Bank in relation to the Proposed
Group Restructuring Scheme. In view of the interests of certain
directors and/or substantial shareholders of the RHB Group as
mentioned under Section 12 of this announcement and in
compliance with Chapter 10 of the KLSE Listing Requirements,
Public Merchant Bank Berhad, Alliance Merchant Bank Berhad and
Affin Merchant Bank Berhad have been appointed as the
Independent Advisers for RHB, RHB Capital and RHB Sakura
respectively to advise the independent directors and minority
shareholders of the respective entities on whether the terms and
conditions of the relevant proposals are fair and reasonable and
whether they are detrimental to the interest of the minority
shareholders.

In addition, RHB Bank has appointed Southern Investment Bank
Berhad (SIBB) as the independent adviser on the Proposed
Acquisition of Bank Utama and for the purpose of this
transaction, SIBB has also been appointed to extend its
independent advice to the independent directors and minority
shareholders of RHB Capital.

Arab-Malaysian has also been appointed as the Adviser for the
Proposed RHB ESOS.


YTL LAND: KLSE Grants Spread Requirement Extension
---------------------------------------------------
YTL Land & Development Berhad, formerly known as Taiping
Consolidated Berhad, (YTL Land or the Company) announced that as
mentioned in the announcement dated 6 August 1999, the
Securities Commission's (SC) approval was conditional, inter-
alia, with YTL Land complying with the 25% 'Public' shareholding
spread requirement upon re-listing and re-quotation of YTL Land
shares on the Kuala Lumpur Stock Exchange (KLSE). In the event
that this condition could not be complied with, YTL Land is to
put forward a satisfactory proposal on the said condition within
a period of six (6) months from the date of re-listing and re-
quotation of YTL Land's shares.

Aseambankers Malaysia Berhad (Aseambankers), on behalf of the
Board of Directors of YTL Land, announced that the SC has vide
its letter dated 2 January 2002 approved further extension of
time for YTL Land to comply with the 25% 'Public' shareholding
spread requirement. The approval is however subject to the
following conditions:

   (i) YTL Land is to ensure that the Company will have a 25%
'Public' shareholding spread every time the Irredeemable
Convertible Preference Shares of RM1.00 each (ICPS) to be issued
pursuant to the Proposed Acquisitions* is converted into
ordinary shares of YTL Land; and

   (ii) YTL Land is to ensure that the 25% 'Public' shareholding
spread requirement is to be complied with not later than 30 June
2002.

* The proposals announced on 2 October 2001 and 13 December 2001
by YTL Land for the various acquisitions of several property
development companies of which the consideration of the said
acquisitions was to be satisfied by way of issuance of new
ordinary shares of RM1.00 each as well as the issuance of new
ICPS in YTL Land.

In addition, the Kuala Lumpur Stock Exchange, vide its letter
dated 4 March 2002, also approved the further extension of time
until 30 June 2002 to meet the 'Public' shareholding spread
requirement.


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


PHILIPPINE LONG: No Immediate Acquisition Plans
-----------------------------------------------
Philippine Long Distance Telephone Co (PLDT) has no plans for
any acquisition or investment at the moment, AFX News said
Sunday. The Company issued the statement in response to
newspaper reports that it may revive talks to take over a
controlling stake in GMA Network Inc as soon as it addresses its
debt load. PLDT is still in talks with potential investors for
the sale of a minority stake in unit Smart Communications Inc.

DebtTraders reports that Philippine Long Distance Telephone's
10.625% bond due in 2004 (TELP04PHN1) trades between 98 and 100.
For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=TELP04PHN1


PHILIPPINE AIRLINES: Widens 3Q Loss to P1.5B
--------------------------------------------
Philippine Airlines (PAL) reported a jump in loss to P1.5
billion ($29 million) in the third quarter ended December 31
from P540 million ($11 million) the same period a year ago. The
surge in loss is mainly attributable to the "9-11"event,
according to DebtTraders Analysts, Daniel Fan (852-2537-4111)
and Blythe Berselli (1-212-247-5300). The analysts believe the
airline's third quarter results will slow down the debt
rehabilitation progress.

Philippine Airline's 7.601 percent floating rate note due in
2000 (PHPA00PHN1) trades between 3 and 6. For real-time bond
pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=PHPA00PHN1


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


C. K. TANG: Posts Notice of Shareholder's Interest
--------------------------------------------------
C. K. Tang posted a notice in Director's and Substantial
Shareholder Tang Wee Sung's interest:

Date of notice to Company: 19 Mar 2002
Date of change of shareholding: 19 Mar 2002
Name of registered holder: Tang Wee Sung
Circumstance giving rise to the change: Rights issue/Bonus
issue/Preferential offering

Shares held in the name of registered holder
No. of shares of the change: 100,709,129
% of issued share capital: 43.12
Amount of consideration per share excluding brokerage,GST,stamp
duties,clearing fee: 0.20
No. of shares held before change: 23,519,000
% of issued share capital: 20.14
No. of shares held after change: 124,228,129
% of issued share capital: 53.19

Holdings of Director/Substantial Shareholder including direct
and deemed interest

                                    Deemed      Direct
No. of shares held before change:   38,726,000  23,519,000
% of issued share capital:          33.16       20.14
No. of shares held after change:    38,726,000  124,228,129
% of issued share capital:          16.58       53.19
Total shares:                       38,726,000  124,228,129

Note:
% of issued share capital of the change in shareholdings and
shares held after change is based on the enlarged share capital
of 233,560,226 shares.

% of issued share capital of shares held before the change is
based on the share capital of 116,780,113 shares.

Before the Shares Rights Issue, Mr Tang Wee Sung holds
23,519,000 shares. He is deemed to be interested in 38,726,000
shares held by Tang Choon Keng Realty Pte Ltd (38,606,000
shares) and Zippy Holdings Pte Ltd (120,000 shares).

After the Shares Rights Issue, Mr Tang Wee Sung holds
124,228,129 shares. There are no changes to his deemed
interests.

TCR-AP reported earlier this month that beleaguered retailer CK
Tang incurs S$3 million loss in its financial third quarter,
totaling its total loss to S$10.5 million in the first 9 months,
Channel News Asia reported on Monday. The nine-month results are
contained in the abridged prospectus for the Company's one-for-
one rights issue at an issue price of 20 cents per share. The
goal of the rights issue is to slash the firm's mountain of
debt.


FLEXTECH HOLDINGS: Details Sale of Assets
------------------------------------------
The Board of Directors of Flextech Holdings Limited (Flextech or
the Company) disclosed on March 20 that Flextech, Spire
Technologies Pte Ltd (Spire) and Apogee Test Pte Ltd (Apogee)
have entered into an agreement with LTX Corporation (LTX) for
the sale by Apogee of certain equipment (the Board Repair
Assets) relating to the semiconductor tester board services
which Apogee provides to LTX (the Transaction). The Board Repair
Assets disposed of consists of equipment relating to the repair
of test cards used in LTX's Synchro and Fusion series of
semiconductor test systems.

Spire is an 80% owned subsidiary of the Company while Apogee is
a 90% owned subsidiary of Spire. The primary business of Apogee
is to provide semiconductor tester board repair services and
semiconductor test software applications development exclusively
for LTX. The Transaction will not affect the existing board
repair services conducted by Apogee, which will continue with
its global contract of board repair services of 77/90, Master,
Synchro and Fusion series of LTX testers.

The total consideration for the sale of the Board Repair Assets
is US$3,398,084 and is based on computation derived from the net
book value of the Board Repair Assets.

The consideration for the Transaction is derived at on a willing
buyer and willing seller basis.

RATIONALE FOR THE TRANSACTION

The proceeds from the Transaction will be utilized to reduce
bank borrowings and for working capital requirements.

FINANCIAL EFFECTS

The Transaction is not expected to have a material effect on the
earnings and net tangible assets per share of the Flextech group
of companies for the financial year ending 31 December 2002.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

None of the Directors or substantial shareholders of Flextech
has declared to the Company that he has any interest, direct or
indirect, in the Transaction.

The Board of Directors of Flextech Holdings Limited (Flextech or
the Company) announced on March 13 that its wholly-owned
subsidiary, FE Global Electronics Pte Ltd (FE Global), has
undergone a restructuring exercise on 12 December 2001, pursuant
to which the Company has transferred its entire shareholdings in
the following subsidiary companies, held directly or indirectly,
to FE Global (the Sale Shares).


ISOFTEL LTD: Incurs FY01 S$29M Net Loss
---------------------------------------
Isoftel Ltd revealed a net loss of S$29.062 million in the
fiscal year 2001 against a profit of 294,000 in 2000, PR News
Asia reported on Tuesday.

Isoftel Ltd 2001 results:

Sales - S$17.747 million versus S$20.346 million
Operating Loss - S$26.962 million versus profit 685,000
Net loss - S$29.062 million versus profit 294,000
Loss per share - 12.90 cents versus EPS 0.16 cents
Final div - nil, unchanged

The Board of Directors announced in September 2001 that the
first half-year results of the Company and Group are expected to
be worse than anticipated. The businesses of the Company and
Group, faced with significant slowdown in the telecommunications
industry, more particularly, in the US and Asian markets, have
declined substantially in the last 2 quarters. The Group also
faces the growing trend of delayed investments from customers
who, in anticipation of the continued worsening economic
situation, have opted for prudence and prefer to defer any new
expansionary investment plans.

The severe economic situation has also impacted the Group's bad
debt position with an increasing number of debtors defaulting on
payments and the Company facing greater difficulties in
collections. For prudent accounting, the Company and Group have
taken the necessary steps to increase their provisions for
doubtful debts for 2001. The Directors, therefore, expect the
Group to incur a loss for the first half year of 2001.

iSoftel offers enhanced turnkey carrier solutions to a variety
of service providers, including traditional telephone companies,
Internet telephony service providers, and competitive and
incumbent local exchange carriers (CLECs) throughout the world.
The Company specializes in enabling service providers to deliver
new, revenue generating pre- and post-paid services; long
distance resale; international callback; and enhanced services
all with real-time billing and fraud control capabilities.


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


SOCON ENGINEERING: Files Business Reorganization Petition
---------------------------------------------------------
The Petition for Business Reorganization of Socon Engineering
Company Limited (DEBTOR), engaged in iron transformation and
machinery setting, was filed at the Central Bankruptcy Court:

   Black Case Number 939/2544

   Red Case Number 871/2544

Petitioner: SOCON ENGINEERING COMPANY LIMITED

Debts Owed to the Petitioning Creditor: Bt890,497,539.08

Date of Court Acceptance of the Petition: September 6, 2001

Date of Examining the Petition: October 1, 2001 at 9.00 A.M.

Court Order for Business Reorganization: October 1, 2001 and

Appointed the Debtor's Executive to be an Interim Executive
Announcement of Court Order for Business Reorganization in
Matichon Public Company Limited and Siam Rath Company Limited:
October 17, 2001

Announcement of Court Order for Business Reorganization in
Government Gazette: November 1, 2001

Court Order for Appointment of Planner: December 7, 2001

Announcement of Court Order for Appointment of the Planner in
Matichon Public Company Limited and Siam Rath Company Limited:
December 20, 2001

Announcement of Court Order for Appointment of the Planner in
Government Gazette: January 8, 2002

Deadline for the Planner to submit the Reorganization Plan to
the Official Receiver: April 8, 2002

Contact: Ms. Umaporn Tel, 6792525 ext. 142


QUALITY HOUSES: Registers Asset Sale With Redemption Rights
-----------------------------------------------------------
Quality Houses Public Company Limited (the company) convened the
extraordinary shareholders' meetings NO.1/2002 on January 22,
2002 and approved the resolution to sell and/or to sell with
right of redemption the certain parts of the Company's assets
with the condition of the rights to repurchase and lease such
assets.

The company further informed that the Company registered the
sale with rights of redemption of land and buildings, as well as
sold other related assets of two projects which are Center Point
Sukhumvit and Q.House Ploenchit to Quality Houses Property Fund
(QHPF) on March 20, 2002. The sales of the two projects totaled
Bt1,410,000,000. Moreover, the Company has already signed the
lease agreement of land, building and other related assets of
the two projects. The Company committed to repurchase such
assets by March 18, 2005.


SAMART CORPORATION: Suspends Dividend Payment
---------------------------------------------
Samart Corporation Public Company Limited reported certain
resolutions adopted at the Board of Directors' meeting No.
1/2002 held on March 20, 2002 to SET, as follows:

1. Scheduled for the Ordinary General Meeting of Shareholders
2002 on April 29, 2002 at 2.00 p.m.  Venus Room, Miracle Grand
Convention Hotel No. 99 Vibhavadee Rangsit Road, Khet Don Muang,
Bangkok 10210, with the following agenda:

   1.1 To consider and approve the minutes of the Extraordinary
General Meeting of Shareholders No. 2/2001;

   1.2 To consider and approve the Company's 2001 operating
results and the annual report;

   1.3 To consider and approve the Company's financial statement
for the accounting period ended December 31, 2001;

   1.4 To consider and approve the appropriation of legal
reserve and dividend payment for 2001;

   1.5 To consider and approve the election of Company's
Directors replace of those who will retire by rotation and
approve the Board of Directors' and the Audit Committee's
remuneration for 2002;

   1.6 To consider and approve the amendment of the Authorized
Directors of the Company;

   1.7 To consider and approve the appointment of the Company's
auditors and fixing the remuneration;

   1.8 Other business (If any)

2.  Scheduled for closing date of share registration book to
determine the eligible shareholders to attend the Ordinary
General Meeting of Shareholders 2002 on April 9, 2002 starting
from 12.00nn until the meeting is adjourned.

3.  Dividend payment for fiscal year ended December 31, 2001
will not be declared due to the Company still has retained
deficit and under the conditions of the new restructuring
agreement, dividend payment can be declared after 70% of
principal has been paid.


TT&T PUBLIC: Unit's Dissolution Date Moved to March 29
------------------------------------------------------
TT&T Public Company Limited (the Company), in reference to it
Extraordinary Meeting of Shareholders No. 1/2002 held on
February 20, 2002 which passed the resolution on the acquisition
of the entire business of TT&T Value Added Service Company
Limited and the dissolution of TT&T Value Added Service Company
Limited of which the date was scheduled on February 28, 2002,
informed that the Company was unable to acquire the entire
business of TT&T Value Added Service Company Limited and
dissolve such company on February 28, 2002 since all creditors'
consents had not been obtained.

In the extraordinary shareholders' meeting, the Company
announced that in the case the date of business acquisition and
the dissolution date of TT&T Value Added Service Company Limited
be postponed, the Shareholders Meeting has appointed the
Executive Committee of the Company to consider and fix the date
of the business acquisition and the dissolution date of TT&T
Value Added Service Company Limited on which the said date must
be any date within the 30 days period from the date on which the
creditors' consent is obtained.

Consequently, the Company's Executive Committee Meeting held on
March 20, 2002 resolved to change the date of the business
acquisition and the dissolution date to March 29, 2002.


S U B S C R I P T I O N  I N F O R M A T I O N

Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Washington, DC USA. Lyndsey Resnick,
Maria Vyrna Nineza-Merlin, Maria Cristina Pernites-Lao, Editors.

Copyright 2002.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
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                 *** End of Transmission ***