---

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

                   A S I A   P A C I F I C

            Tuesday, March 26, 2002, Vol. 5, No. 60

                         Headlines

A U S T R A L I A

AUSTAR UNITED: Finalizes Refinancing of A$400M Debt
GOODMAN FIELDER: Cargill Vies for Goodman Assets
INCAT AUSTRALIA: Shipbuilder Goes Into Receivership
NORMANDY MINING: May Appeal Great Central Case
PASMINCO LIMITED: Court Grants Aquila Document Access


C H I N A  &  H O N G K O N G

ASSET FAITH: Winding Up Petition Hearing Set in June
GRACE HOME: Faces Winding Up Petition
MANSTIN DEVELOPMENT: Winding Up Petition Set for April 17
PRINCE LUCK: Court Sets Winding Up Petition Hearing in May
SHUN LOONG: Faces Winding Up Petition


J A P A N

FUJITSU LTD: Discloses Reorganization of LCD Business
INDUSTRIAL BANK: Unveils Dissolution of Subsidiary
MITSUBISHI MATERIALS: Selling 50% of OAP Towers
NIPPON TELEGRAPH: Integrating Group ISP Operations
SEKISUI HOUSE: Incurs Y90.33B Net Loss

SNOW BRAND: NIC Acquires Overseas Raw Materials Business
NICHIMEN CORP: Petroleum Business Transfer to NI Pending
ZENKOKU HACHIYO: Food Firm Investment Scam Prompts Probe

* Grim Fundamentals Hold Japanese Bond Issues At Bay, S&P


K O R E A

ASIANA AIRLINES: Incurs FY01 US$120M Loss
DAEWOO MOTOR: Signing Final Takeover Contract With GM Soon
HYNIX SEMICONDUCTOR: Micron's $30M Loss May Speed Up Deal
HYNIX SEMICON: Creditors May Finish Micron Talks Soon


M A L A Y S I A

CHASE PERDANA: Case Against PTSB Will Be Decided March 26
GEORGE KENT: CDRC Helps Company Finalize Debt Restructuring
GEORGE KENT: Enters Debt Restructuring Agreement
IDRIS HYDRAULIC: Revises Proposed Restructuring Exercise
IDRIS HYDRAULICS: Enters Settlement Agreement With KFC

INSAS BERHAD: Insas Technology Winds Up Inactive Unit
JOHAN HOLDINGS: Enters Debt Restructuring Agreement
JOHAN HOLDINGS: Finalizes Debt Restructuring
KUANTAN FLOUR: Gives Default in Payment Update
LAND & GENERAL: Creditors' Voluntarily Winding Up Subsidiaries

LINGUI DEVELOPMENT: RAM Puts Rating on Watch Negative
RENONG BERHAD: Replies to KLSE Query
TALAM CORPORATION: Trade Ministry OKs Merger With Europlus
TECHNO ASIA: Appoints Yap Ah Leng as New Director
TENCO BERHAD: Gives Default in Payment Status

TONGKAH HOLDINGS: To List Additional 1.67M New Shares
TONGKAH HOLDINGS: Receives Summons, Statement of Claims


P H I L I P P I N E S

BELLE CORP: Unit HPL Conducts IPO On April 8-15


S I N G A P O R E

HORIZON TECHNOLOGIES: Goes Into Voluntary Liquidation
HUA KOK: Incurs 1H Loss of $3.3M
ISOFTEL LTD: Reply to Queries by SGX; Clarifies Announcements
METRO HOLDINGS: Discloses Voluntary Liquidation of Units


T H A I L A N D

A.J. PLAST: AGM Scheduled For April 9

     -  -  -  -  -  -  -  -

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


AUSTAR UNITED: Finalizes Refinancing of A$400M Debt
---------------------------------------------------
Austar United Communications Ltd has finalized and executed all
agreements relating to the refinancing of its A$400 million debt,
the AFX News reported.

The bank facility will now have a maturity date of December 31,
2006, a new security package, and an A$30 million contingent cash
account provided by Austar's parent company, UnitedGlobalCom.

In February, TCR-AP reported that AUSTAR had reached an `in
principle' agreement with its banking syndicate to restructure
its $400 million bank facility. The Agreement is conditional on
finalization of necessary documentation.


GOODMAN FIELDER: Cargill Vies for Goodman Assets
------------------------------------------------
U.S. agribusiness giant, Cargill, is assessing the mixing and
milling operations of Goodman Fielder Ltd to see what synergies
may exist between both companies, Cargill Australia spokesman,
Lloyd George, told the Australian Financial Review.

Mr George declined to elaborate on his statement.

Goodman said recently that the Company plans to line up a
strategic partner by June and complete the deal by the end of the
year for the flour milling business, which is no longer core but
provides a key ingredient for many of its products.

The group said the partnership could include a sale.

Other possible bidders for Goodman Fielder's assets are national
wheat exporter, AWB Ltd, AWB.AX, and food and bakeries group,
George Weston Foods Ltd.


INCAT AUSTRALIA: Shipbuilder Goes Into Receivership
---------------------------------------------------
Part of Tasmanian shipbuilder Incat was placed in receivership,
Ninesms reported, citing Chairman Robert Clifford.

David McEvoy of PricewaterhouseCoopers was appointed receiver and
manager of Incat Tasmania Pty Ltd, Incat Australia Pty Ltd and
Incat Chartering Pty Ltd.

Other Incat companies in Australia and overseas are unaffected,
the report added.

Incat had increasing cash flow problems and come under mounting
pressure from creditor National Australia Bank, as the overseas
market has dried up. It has laid off half of its workforce over
the past year.


NORMANDY MINING: May Appeal Great Central Case
-----------------------------------------------
Adelaide-based Normandy Mining Ltd may appeal against a full
Federal Court decision awarding $28.5 million in compensation to
Great Central Mines shareholders, the Sydney Morning Herald
reports.

The dispute began in June 1999 when Justice Ron Merkel found the
trustees of Joseph Gutnick's family trust, Edensor Nominees, and
subsidiaries of Normandy Mining, plus their joint venture, Yandal
Gold, had breached the corporations law in their bid for Great
Central.

The two companies had held more than 40 percent of Great Central
when they launched their mop-up bid in January 1999. Under the
corporations law, companies cannot own more than 19.9 percent
before launching a bid.

Edensor appealed the decision. In March 2000, the Federal Court
found that the order by Justice Merkel that Edensor pay $28.5
million compensation was invalid.

The Australian Securities and Investments Commission then applied
to the High Court, and in August 2000, granted the corporate
watchdog special leave to appeal and ordered the case be taken
back to the Federal Court.

The Federal Court's orders are stayed for 14 days pending
discussions with Normandy on the form of Justice Merkel's orders,
given the lapse of time since the original orders were made.

Edensor was also ordered to pay the costs of the Australian
Securities and Investments Commission's costs, the report added.


PASMINCO LIMITED: Court Grants Aquila Document Access
-----------------------------------------------------
Aquila Resources Limited welcomed the Supreme Court
of Western Australia's decision to grant it access to documents
from both MIM Holdings Limited (MIM) and Pasminco, Limited
related to the sale of Pasminco's interest in the Ernest Henry
Mine.

The Court ordered today that MIM and Pasminco provide verified
discovery of any and all documents covering the period February
23, 2001 to March 31, 2001 relating to an extension or proposed
extension of the period for MIM to exercise its rights of pre-
emption in respect to Pasminco's 49% interest in the Ernest Henry
Mine.

"The decision by the Supreme Court to grant Aquila its
application for access to documents provides the Company with the
opportunity to gather additional information which may result in
proceedings for substantial damages being initiated against MIM
and Pasminco."

For reasons outlined in its submissions to the Court, Aquila has
always maintained that it may have a claim against MIM and
Pasminco in relation to the circumstances by which Aquila's
consent to an extension of the pre-emption period was procured.

T Poli
Executive Chairman
Aquila Resources Limited

For further information,
please contact Tony Poli on (08) 9486 4355


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


ASSET FAITH: Winding Up Petition Hearing Set in June
----------------------------------------------------
The petition to wind up Asset Faith International Limited is set
for hearing before the High Court of Hong Kong on June 19, 2002
at 9:30 am.

Wing Lung Bank Limited located at No. 45 Des Voeux Road Central,
Hong Kong, filed the petition with the Hong Kong court on
February 28, 2002.


GRACE HOME: Faces Winding Up Petition
-------------------------------------
The petition to wind up Grace Home Design and Engineering Company
Limited is set for hearing before the High Court of Hong Kong on
June 19, 2002 at 9:30 am.

The petition was filed with the court on February 27, 2002 by
Prosper City International Limited whose registered office is at
28th Floor, Trust Building, 289 Hennessy Road, Wanchai, Hong
Kong.


MANSTIN DEVELOPMENT: Winding Up Petition Set for April 17
---------------------------------------------------------
The petition to wind up Manstin Development Limited is set for
hearing before the High Court of Hong Kong on April 17, 2002 at
9:30 am.

The petition was filed with the court on January 21, 2002 by Bank
of China (Hong Kong) Limited, whose office is located at 14th
Floor, Bank of China Tower, 1 Garden Road, Central, Hong Kong.


PRINCE LUCK: Court Sets Winding Up Petition Hearing in May
----------------------------------------------------------
The petition to wind up Prince Luck Development Limited is set
for hearing before the High Court of Hong Kong on May 8, 2002 at
9:30 am.

China Excel Finance (Holdings) Limited (In Liquidation) of 17th
Floor, Chun Wo Commercial Centre, No. 23 Wing Wo Street, Central,
Hong Kong filed the petition with the Hong Kong court on January
29, 2002.


SHUN LOONG: Faces Winding Up Petition
-------------------------------------
The petition to wind up Shun Loong Plastics Limited is set for
hearing before the High Court of Hong Kong on May 8, 2002 at 9:30
am.

To Wai Cheung of Room 409, Tin Chi House, Shun Tin Estate,
Kowloon, Hong Kong filed the petition with the Hong Kong court on
January 31, 2002.


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


FUJITSU LTD: Discloses Reorganization of LCD Business
-----------------------------------------------------
Fujitsu Limited and wholly owned manufacturing affiliate, Yonago
Fujitsu Ltd., announced on March 22 a reorganization of Fujitsu's
liquid crystal display (LCD) business. Reflecting a comprehensive
reassessment of the business in conjunction with Fujitsu's
overall corporate restructuring initiative announced last August.

The reorganization is intended to enhance responsiveness to the
fast-changing market environment and strengthen business
performance through speedier decision-making and boosting of
operational efficiency.

Specifically, in line with the relevant provisions of Japan's
Commercial Code, Fujitsu Limited's LCD operations will be spun
off and consolidated with those of Yonago Fujitsu in a new
independent operating Company, to be called Fujitsu Display
Technologies Corporation.

Scheduled to begin operations June 1, 2002, the new Company will
leverage its integrated LCD development, manufacturing and sales
operations to pursue greater efficiencies, develop new business
opportunities and unleash further growth potential.

In an effort to improve profitability, the reorganization will be
accompanied by an accelerated shift to higher value-added product
areas, in particular, large-screen, high-resolution LCDs with
Fujitsu's proprietary MVA (*1) technology and other innovations
at their core. In addition, striving for wider proliferation and
standardization of Fujitsu's advanced technology, Fujitsu Display
Technologies will seek to open up new markets in advanced
applications and expand its engineering service business by
providing a wide range of know-how and technical support.
Further, taking into account recent changes in the global LCD
industry and to enhance its ability to respond flexibly to
changes in the business environment, the new Company will
actively pursue tie-ups with other companies that can supplement
its own capabilities, as well as strengthen and stabilize its
operational base.

Seizing on the reorganization as an exciting opportunity, Fujitsu
Display Technologies will pursue a vibrant independent growth
strategy by adopting a solution provider business model that
capitalizes on its cutting-edge LCD development and design
capabilities.

Fujitsu Display Technologies Corporation at a Glance

Proposed start-up :  June 1, 2002
Headquarters :  Kawasaki, Japan
Operations :  Development, manufacturing and sales of liquid
crystal displays
Capitalization :  Y450 million
Ownership :  Fujitsu Limited 100 percent

Notes
*1:
Fujitsu's MVA (Multi-domain Vertical Alignment) technology
provides superior image quality, viewing angle, response time,
and ease of manufacture for large-size LCDs.

About Fujitsu

Fujitsu is a leading provider of Internet-focused information
technology solutions for the global marketplace. Its pace-setting
technologies, best-in-class computing and telecommunications
platforms, and worldwide corps of systems and services experts
make it uniquely positioned to unleash the infinite possibilities
of the Internet to help its customers succeed. Headquartered in
Tokyo, Fujitsu Limited (TSE:6702) reported consolidated revenues
of Y5.48 trillion for the fiscal year ended March 31,2001.
Internet: http://www.fujitsu.com/

Press Contacts:

Naomi Ogawa, Robert Pomeroy
Fujitsu Limited, Public Relations
Tel: +81-3-3215-5259 (Tokyo)
Fax: +81-3-3216-9365
E-mail: pr@fujitsu.com

TCR-AP reported on March 11 that Fujitsu Ltd would reform its
corporate governance structure, including the streamlining of the
Board, and the introduction of Corporate Executive Officers and a
new business group organization. The Company will cut 4,000 jobs
next year in its attempt to return to profitability. Fujitsu
Senior Executive Vice President, Takshi Takaya, said that the
chipmaker is planning to close some factories and offer
incentives for workers to quit their jobs. The Company expects to
post Y$2.9 billion loss in the year ending March 31.


INDUSTRIAL BANK: Unveils Dissolution of Subsidiary
--------------------------------------------------
Mizuho Holdings, Inc. announced on March 15, 2002 that its wholly
owned subsidiary, The Industrial Bank of Japan Limited (IBJ),
decided to dissolve The Kougin Office Service, an IBJ's
subsidiary:

1. The Subsidiary to Dissolve

Corporate Name         The Kougin Office Service, Ltd.

Location                3-3, Marunouchi 1-chome, Chiyoda-ku,
Tokyo, Japan

Representative          Shigehisa Fukui, President

2. Reason for Dissolution   To transfer general affairs business
to parent bank

3. Outline of the Subsidiary

Business                  General affairs business from parent
bank

Date of Establishment     June 1996
Common Stock              JPY10 million
Number of Stocks issued   2 hundred
Stockholders' Equity      JPY11 million
Total Assets (March 2001) JPY41 million
Fiscal Year End           March
Stockholder &             The Industrial Bank of Japan, Ltd.
Percentage of Ownership   100 percent
Recent Performance        Ordinary Profit   JPY0.3 million
(Fiscal Year Ended in March 2001 Net Profit JPY 0million

4. Scheduled Date of Dissolution:  March 2002

5. This decision will have no material effect on the previously
announced profit and loss forecast of this term for Mizuho
Holdings, Inc. (consolidated or non-consolidated).


MITSUBISHI MATERIALS: Selling 50% of OAP Towers
-----------------------------------------------
Mitsubishi Materials Corp (MMC) will sell its 50 percent stake in
OAP Towers, a building in Osaka, Kyodo News said Friday. The
nonferrous metals maker expects around Y37 billion from the sale,
which will lead to an appraisal loss of close to Y30 billion. The
name of the buyer was not disclosed in the report.

The Y30 billion yen loss is part of the Y79 billion in
extraordinary loss that MMC forecast the same day in announcing a
downward revision of its earnings forecast for fiscal 2001 ending
March 31.


NIPPON TELEGRAPH: Integrating Group ISP Operations
--------------------------------------------------
Nippon Telegraph & Telephone Corp. will consider integrating its
group-wide Internet service provider operations to boost the
efficiency of those businesses, Dow Jones said Friday, citing NTT
President Junichiro Miyazu. He suggested that the telecom Company
take time to map out the plan.

Price competition among ISPs has sharpened recently, particularly
after broadband Internet access grew rapidly in 2001 as fiber-
optic services spread and companies started offering ADSL
services at the lowest rates in the world.

The Telecommunications Ministry will inspect Nippon Telegraph &
Telephone Corporation's (NTT) operations as part of the
government's three-year reorganization of the telephone giant,
TCR-AP reported last month. The government's reorganization of
NTT introduced a new system in July 1999 that formed an NTT
holding company and units, NTT East Corp., NTT West Corp. and NTT
Communications Corp.


SEKISUI HOUSE: Incurs Y90.33B Net Loss
--------------------------------------
Homebuilder Sekisui House Ltd posted a consolidated net loss of
Y90.33 billion this business year compared to a Y25.17 billion
profit last year, Kyodo News reported Saturday.

The poor showing in the year ended January was attributable to a
fall of 0.8 percent in home sales to 60,517 units on the slump in
the housing market, which resulted in a 4.3 percent fall in group
sales to Y1,305.47 billion.

Sekisui House posted a consolidated net loss of Y84 billion for
the current fiscal year ending January 2002, as a result of its
realization of approximately Y100 Billion in revaluation losses
from its holdings of land for sale, TCR-AP reported in January.


SNOW BRAND: NIC Acquires Overseas Raw Materials Business
---------------------------------------------------------
Nissho Iwai Corporation (NIC) announced on Friday that it is
planning to acquire Snow Brand Foods' overseas raw materials
business. A basic agreement to this affect is expected shortly.

The two companies have been business partners in Snow Brand's
operations during the past 30 years, and Nissho Iwai had long
been interested in this operation. In February 2002, Snow Brand
Foods made a request for transfer to Nissho Iwai, based on
detailed discussions held to decide the agreement terms.

1. Purpose of acquisition

Nissho Iwai has earmarked the Consumer products business (Food-
stuff/products, General commodities) as one of 5 core business
areas in its Medium-term Management Plan 2005, due to be
implemented from April 2002, which also involves making proactive
investments in this area. The planned purchase of Snow Brand
Foods' overseas raw materials business is part of this strategy.

The aforesaid business is not only stable and highly profitable,
but will also allow Nissho Iwai to continue supplying raw
materials to existing customers and consumers.

2. Details of the business to be acquired

Overseas raw materials operations centering around 'Natural food
additives' (e.g. `Pectin' which is extracted from apples and
citrus fruits, etc.), previously run by Snow Brand Foods'
overseas products division. This operation has an annual turnover
of almost JY 5 billion, and Nissho Iwai aims to expand it to
almost Y6.5 billion over the next 3 years.

3. Method of acquisition

Transfer of goodwill business assets to a 100% subsidiary of
Nissho Iwai, which will also retain the 25 existing employees.

4. Name of the new Company

To be decided

5. Valuation and settlement

To be decided (It is expected to be around Y1.5 billion

6. Schedule

By end of March 2002: Conclusion of basic agreement & transfer of
business operations

1st April 2002: Commencement of business operations

Check the release at:
http://www.nisshoiwai.co.jp/nic/e/ir/020322.html

Inquiries:
Tokyo
Public Relations Dept.
General Manager
Seiichi Aoki
TEL +81 (3) 5520 2400


NICHIMEN CORP: Petroleum Business Transfer to NI Pending
--------------------------------------------------------
Nichimen Corporation entered a memorandum of understanding (MOU)
with Nissho Iwai on March 12, 2002, to transfer its petroleum &
carbon business and coal & ore business to Nissho Iwai (NI) by
the end of March 2002. Nichimen hopes to rebuild its business
portfolio under its medium term management plan "NP2002" and
advance converging management resources and operations in its
strategic business fields by pursuing "selection and
concentration". In line with this strategy, it decided to
transfer its petroleum & carbon business and coal & ore business
to Nissho Iwai. Also outlook of Nichimen's business performance
has been unchanged, because the transfer price is not fixed yet.

TCR-AP reported last month that Tangonosuke Goto, former
president of civil engineering firm Nichimen Corporation, was
arrested on February 2, on suspicions that he fabricated an order
from a major machinery maker in Tokyo. Also he is accused of
having Nichimen issue promissory notes for some Y330 million for
the subcontracted construction work in October 1996 and September
1997. Goto was indicted February 1 on similar charges of
deceiving Nichimen out of Y280 million in June 1997. Goto denies
the allegations.

The report added that in fiscal 2000 (ended March 2001), Nichimen
posted an extraordinary loss of Y121 billion. This loss
incorporated a write-down of investment securities, and losses
from the disposal of investments in and advances to subsidiaries
and affiliates.


ZENKOKU HACHIYO: Food Firm Investment Scam Prompts Probe
--------------------------------------------------------
Tokyo police will investigate health food sales firm, Zenkoku
Hachiyo Butsuryu (ZHB), which is suspected of illegally
collecting funds from investors using false promises that they
would double their money within a year, Asahi Shimbun reported
Saturday.

The Company collected Y150 billion from at least 48,000 investors
and was declared bankrupt by the Tokyo District Court on January
29. It had Y49.5 billion in debts, but only Y8.1 billion in
assets.

Investigators suspect that ZHB failed to deliver the promised
high returns, a violation of the Investment Deposit and Interest
Rate Control Law, after collecting funds in a pyramid scheme. The
investigation will start early next week.


* Grim Fundamentals Hold Japanese Bond Issues At Bay, S&P
---------------------------------------------------------
New issue volume in the Japanese bond market totaled PY2.4
trillion or US$17.7 billion, in the period between January 1-
March 14, as 64 issues came to market from corporations and
financial institutions.

This was roughly flat compared with volume of PY2.1 trillion
(US$18.1 billion) recorded in the first quarter of 2001.

The new issue market lost steam in the latter months of 2001.
Retail investors lost their appetite for corporate bonds,
following a slew of high-profile bankruptcies, including the
default of Japanese superstore, Mycal Corporation in September
and the implosion of former energy giant Enron, in December.

Corporate bond spreads rose dramatically in the aftermath of
those events, discouraging even some highly rated firms from
accessing the bond market. Some optimists are predicting a modest
pickup in corporate activity in future months. This view is
propelled in part by rising sentiment in the equity market, which
has risen 16 percent since its most recent trough in mid-February
on expectations of being poised for an economic recovery. These
expectations appear premature, in light of the massive challenges
still facing Japan's corporations, banks, and financial
institutions.

Indeed, the 1.2 percent quarterly contraction in GDP in the final
quarter of 2001, combined with the broad-based 12 percent decline
in capital spending attests to the grim fundamental reality that
will also keep new issue activity at bay in coming months.
Besides, the anticipated revival of exports will not do much to
ameliorate the credit challenges outside the tradable-goods
sector.

New bond issues year-to-date in 2002 have been entirely
investment grade, as the high-yield market segment of the market
is not developed, with the largest portion in the 'AA' category.
The sector breakout of new issues this year reveals that 36
percent of issues came from the industrial sector, 28 percent
from financial institutions, 15 percent from utilities, 12
percent from banking, and 10 percent from telecommunications.
Manufacturing firms, commercial banks, credit institutions, and
electricity companies tend to be among the heaviest bond-market
borrowers.

Many of the firms approaching the bond market are hard pressed
for funds, given a shrinking bank loan market. Corporations that
operate in the high technology and telecommunications sectors are
especially vulnerable, given the weak industry environment. Among
banks, the relentless pressure of bad loans is causing great
financial hardship, particularly among smaller/regional
institutions that are least prepared for a new era of capped
deposit insurance protection to begin in April. Domestic lending
by Japanese banks shows no signs of revival due to both banks'
reluctance to lend and companies' unwillingness to borrow, given
their lack of appetite for capital spending. Meanwhile, life
insurance companies continue to suffer from negative interest-
rate spreads that are an inevitable by-product of a deeply
deflationary environment. Negative spreads are triggered when
interest rates on firms' investment portfolios drop lower than
their financing costs.

E-MAIL ADDRESSES:
diane--vazza@standardandpoors.com
devi--aurora@standardandpoors.com
yu-tsung--chang@standardandpoors.com
Copyright 2002, Standard & Poor's Ratings Services

CONTACT:
Diane Vazza, New York (1) 212-438-2760
Devi Aurora, New York (1) 212-438-1359
Yu-Tsung Chang, Tokyo (81) 3-3593-8724


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


ASIANA AIRLINES: Incurs FY01 US$120M Loss
-----------------------------------------
Asiana Airlines incurs an ordinary loss of W159.7 billion
(US$120.43 million) on sales of W2.21 trillion last year, PR
Newswire reported Friday. At a regular shareholders' meeting held
earlier in the day, Asiana also said it achieved W44.4 billion in
operating profit last year. The Company told shareholders that it
had set this year's targets of sales, operating profit and
ordinary income at W2.5 trillion, W200 billion and W350 billion
respectively.

According to Wright Investor's service, at the end of 2000,
Asiana Airlines Inc. had negative working capital, as current
liabilities were W1.47 trillion while total current assets were
only W558.91 billion.


DAEWOO MOTOR: Signing Final Takeover Contract With GM Soon
----------------------------------------------------------
General Motors and Daewoo Motor are scheduled to sign a final
takeover contract in the middle of April, Korea Herald reported
Saturday, quoting Kay Lee, the executive director of GM Korea. He
stressed that both companies have resolved almost all major
differences on the takeover of Daewoo Motors, though they still
need more time to discuss on some detailed issues.

According to creditor sources, labor opposition remains in
negotiations. Union workers are seeking job security, the
reinstatement of more than 1,000 workers laid off in 2001, and a
clear plan of how GM plans to utilize Daewoo's main car plant in
Bupyeong, west of Seoul, which was not included in the memorandum
of understanding (MOU) signed last September.


HYNIX SEMICONDUCTOR: Micron's $30M Loss May Speed Up Deal
---------------------------------------------------------
Hynix Semiconductor's potential buyer, Micro Technology, reported
a loss of $30 million for the three-months ended February 28,
mainly attributable to a 40 percent drop in sales to $646
million, according to DebtTraders Analysts, Daniel Fan (852-2537-
4111) and Blythe Berselli (1-212-247-5300). The analysts believe
that Micron's loss may speed up the discussions, as both parties
need each other to have a better control of chip supply.

Hyundai Semiconductor's 8.250% bond due in 2004 (HYUS04KRA1)
trades between 71 and 76. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=HYUS04KRA1


HYNIX SEMICON: Creditors May Finish Micron Talks Soon
-----------------------------------------------------
Lenders of Hynix Semiconductor namely Korea Exchange Bank, Hanvit
Bank and other major creditors will meet as early as March 25 to
complete talks on the sale of Hynix Semiconductor to Micron
Technology Inc., Bloomberg and Korea Economic Daily reported on
Monday, citing unidentified bank officials.

According to a report from the Maeil Business Newspaper, Micron
decided it will not pay more than 6 percent interest on $1.5
billion in loans its creditor banks will provide after the
purchase is finalized. Micron also proposed that 13.2 percent of
the shares it will pay to finance the purchase, valued at $4
billion in earlier reports, would be placed in an escrow account.


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


CHASE PERDANA: Case Against PTSB Will Be Decided March 26
---------------------------------------------------------
Re: Chase Perdana Bhd (CPB)- Material Litigation
- Pekeliling Triangle Sdn Bhd (PTSB) against CPB

Reference is made to the Company's announcement made on 28
January 2002 pertaining to the material litigation of PTSB
against CPB vide High Court Suit No. S6-22-483-2001.

The Board announced that the decision, expected 21 March 2002,
was moved to 26 March 2002.


GEORGE KENT: CDRC Helps Company Finalize Debt Restructuring
-----------------------------------------------------------
The Corporate Debt Restructuring Committee (CDRC) in a March 22
press release said it helped fiberglass manufacturer, George Kent
(M) Bhd, and its two units, GK-Hardie Sdn Bhd and GK Equities Sdn
Bhd, to restructure RM173.3 million in outstanding debts due May
31, 2001.

The proposed debt-restructuring scheme involved the conversion of
RM38.95 million in bank debts into new loans, another similar
amount in bank debts into new working capital facilities, and the
conversion of RM29.27 million in bank debts into RM33.38 million
worth of irredeemable convertible unsecured loan stocks (ICULS)
issued at a nominal value of 50 sen per ICULS.

The scheme also involves the cash settlement of RM11.7 million by
investors in exchange for new George Kent shares, disposal of
landed assets and investment in quoted shares with a total
estimated value of RM15.98 million; and waiver of remaining bank
debts.

GKM will submit the scheme to the relevant authorities for
approval soon. The scheme is anticipated to alleviate the
company's financial predicament and restore the Company to its
original viability.


GEORGE KENT: Enters Debt Restructuring Agreement
------------------------------------------------
Re: Proposed Debt Restructuring Of George Kent (Malaysia) Berhad
     (GKM);
    Proposed Debt Restructuring Of GK-Hardie Sdn Bhd (GKH); and
    Proposed Debt Restructuring Of GK Equities Sdn Bhd (GKE)

Aseambankers Malaysia Berhad (Aseambankers), on behalf of the
Board of Directors of GKM, announced that:

(i) GKM had on 20 March 2002 entered into a Debt Restructuring
Agreement (GKM DRA) to restructure the outstanding sum arising
from the credit facilities granted by the financial institutions
(GKM Lenders) as at 31 May 2001 amounting to RM141,265,288.47
(GKM Outstanding Sum) as follows:
a) RM38,954,690.18 is to be treated as a term loan to be repaid
over six (6) years (Proposed Syndicated Term Loan Facility);

b) RM38,954,690.17 is to be treated as a revolving multi option
working capital facility available to GKM for a minimum period of
six (6) years (Proposed Working Capital Facility);

c) The balance of RM63,355,908.12 of the GKM Outstanding Sum is
termed as the Unsustainable Debt of the Company and is
restructured as follows:
(I) RM34,085,358.12 of the Unsustainable Debt and RM4,900,000
under the guarantee given by the Company (Guaranteed Sum)
(collectively referred to as the Sale Portion) are to be partly
capitalised and partly waived. The shares or entitlement thereto
arising from the restructuring of the Unsustainable Debt are
proposed to be transferred to an Investor for a cash
consideration of RM11,695,607.44 (Sale Portion Consideration)
(Proposed Sale Portion). The Investor is a reputable investment
bank or such other investor(s) acceptable to the majority lenders
as defined in the DRAs to be identified by the Company; and
(II) RM29,270,550.00 of the Unsustainable Debt is to be converted
into irredeemable convertible unsecured loan stocks (ICULS)
(Proposed Issuance of ICULS).

(Proposed Syndicated Term Loan Facility, Proposed Working Capital
Facility, Proposed Sale Unsustainable Debt and Proposed Issuance
of ICULS shall collectively hereinafter be referred to as
Proposed Debt Restructuring of GKM.) Please refer to Section 2
for details of the Proposed Debt Restructuring of GKM.
(ii) GKH, a wholly owned subsidiary of GKM, had on 20 March 2002
entered into a Debt Restructuring Agreement (GKH DRA) to
restructure the outstanding sum arising from the credit
facilities granted by the financial institution (GKH Lender) as
at 31 May 2001 amounting to RM10,208,525.37 (GKH Outstanding Sum)
so that they are satisfied and discharged out of the proceeds of
sale of the Property and the difference between the Outstanding
Sum and the Net Sale Price will be settled by GKM ("Proposed Debt
Restructuring of GKH"). Please refer to Section 3 for details of
the Proposed Debt Restructuring of GKH; and

(iii) GKE, a wholly owned subsidiary of GKM, had on 20 March 2002
entered into a Debt Restructuring Agreement (GKE DRA) to
restructure the outstanding sum arising from the credit
facilities granted by the financial institution (GKE Lender) as
at 31 May 2001 amounting to RM21,838,217.32 (GKE Outstanding Sum)
so that they are satisfied and discharged out of the proceeds of
sale of the shares over which the GKE Lenders currently hold as
security (Proposed Debt Restructuring of GKE). Please refer to
Section 4 for details of the Proposed Debt Restructuring of GKE.
The Proposed Debt Restructuring of GKM, GKH and GKE are
collectively referred to as the Proposed Debt Restructuring. The
GKM Lenders, GKH Lenders and GKE Lenders are collectively
referred to as the Lenders.

Subject to a mutually acceptable agreement being reached between
the Investor and Dato' Tan Kay Hock (Dato' Tan) and/or his
nominees, the Investor proposes to grant a call option to Dato'
Tan and/or his nominees for the purchase of the Investor's
investment in GKM pursuant to the Proposed Sale Portion (Proposed
Call Option).

Pursuant to the Proposed Call Option, the Investor, the Investor,
Dato' Tan and/or his nominees (hereinafter collectively referred
to as Parties-in-Concert) will be deemed to be acting in concert
by virtue of the grant of a call option by the Investor to Dato'
Tan and/or his nominees.

Upon the issuance of new shares to the Investor pursuant to the
Proposed Sale Potion, the Parties-in-Concert will collectively,
directly and indirectly, hold an aggregate of up to approximately
119.624 million ordinary shares of RM0.50 each in GKM or 73.67%.

Pursuant to the Malaysian Code on Takeovers and Mergers, 1998
(Code), the Parties-In-Concert, upon completion of the Proposed
Sale Portion will be obliged to make a mandatory general offer
for the remaining shares in GKM not owned by them.
It is the intention of the Parties-In-Concert to apply to the SC
for an exemption from the requirement to undertake a mandatory
general offer under the Code (Proposed Waiver).

GKM proposes to increase its authorized share capital from
RM100,000,000 comprising of 200,000,000 ordinary shares of RM0.50
each to RM200,000,000 comprising of 400,000,000 ordinary shares
of RM0.50 each (Proposed Increase in Authorized Share Capital).

The Proposed Debt Restructuring, Proposed Call Option, Proposed
Waiver and Proposed Increase in Authorized Share Capital shall
herein after referred to as the Proposals. Details of the
Proposals are set out in the attachment under Sections 2 to 8.

The rationale, financial effects of the Proposals, directors' and
substantial shareholders' interests, conditions for the Proposals
and other details are set out in the attachment under Sections 9
to 17.


IDRIS HYDRAULIC: Revises Proposed Restructuring Exercise
--------------------------------------------------------
On 8 September 2001, Commerce International Merchant Bankers
Berhad (CIMB) on behalf of IHMB, announced that IHMB had revised
the Proposed Restructuring Exercise as announced on 11 January
2001 and to incorporate the revisions arising from the
foreclosure the Company's entire equity interest in Prime
Utilities Berhad (PUB) comprising 18,011,000 ordinary shares of
RM1.00 each in PUB by Arab-Malaysian Bank Berhad (AMBB), Arab-
Malaysian Merchant Bankers Berhad (AMMB) on 28 June 2001 and TA
First Credit Sdn. Bhd. (TAFC) on 17 August 2001 as part of the
debt settlement for the total amount owing to AMBB and AMMB of
RM324.991 million and TAFC of RM225.078 million (Foreclosure of
PUB) and to extend the date of fulfilment of all the conditions
precedent to the Proposed Restructuring Exercise to 28 February
2002 (revised Proposed Restructuring Exercise).

Subsequently, on 5 March 2002, on behalf of the Board of
Directors of IHMB, CIMB announced that IHMB, Dato' Che Mohd.
Annuar bin Che Mohd. Senawi (the Investor) and a majority of the
various lenders of IHMB and certain of its subsidiaries (Lenders)
in number (holding no less than 75% of the aggregate scheme
liabilities) have mutually agreed to further extend the date of
fulfillment of all the conditions precedent to the revised
Proposed Restructuring Exercise in the new Debt Restructuring
Agreement to 30 June 2002.

The revised Proposed Restructuring Exercise involves the novation
of various of the Company's subsidiaries' debts to IHMB or Idaman
Unggul Sdn. Bhd. (Newco), a set-off of cash in various fixed
deposit accounts, a partial waiver of debt by IHMB and its
subsidiaries' (IHMB Group) creditors and the full settlement of
the remaining IHMB Group's indebtedness through six (6) separate
creditors' schemes of arrangements (following such novation, set-
off and partial waiver) by way of cash and issuance of new
securities by Newco, issuance of debt securities by a Special
Purpose Vehicle (SPV) to be incorporated to acquire the remaining
entire equity interest in IHMB together with all its subsidiaries
and associated companies and to undertake the disposal of the
remaining assets/investments to settle the remaining debts
(Proposed Debt Reconstruction).

In conjunction with the Proposed Debt Reconstruction, IHMB also
proposes to undertake a proposed capital reconstruction of IHMB
involving inter-alia, without prejudice to IHMB's shareholders
interest, a proposed retransfer of the land and building
identified as "Wisma KFC, No. 17, Jalan Sultan Ismail" (formerly
known as Wisma Idris)(Wisma KFC) to KFC and subsequent
cancellation of the 32,812,500 Placement Shares (as defined
hereinafter) pursuant to Section 64 of the Companies Act 1965
(Act) (Proposed Wisma KFC Rescission). The proposed retransfer of
Wisma KFC is to be implemented through a conditional settlement
agreement between IHMB and KFC.

Accordingly, on behalf of IHMB, CIMB announced that IHMB and KFC
had on 22 March 2002 entered into a conditional Settlement
Agreement (SA) to give effect to the settlement proposed under
the Proposed Wisma KFC Rescission.

DETAILS OF THE PROPOSED WISMA KFC RESCISSION

On 17 January 1996 and 30 January 1997, IHMB entered into various
sale and purchase agreements and supplemental agreements (KFC
Agreements) with KFC, Grand Ultimate Sdn. Bhd. (GUSB) and Impress
Eight (M) Sdn. Bhd. (IESB) for the acquisition of Wisma KFC via
the issuance of 32,812,500 new IHMB shares of RM0.50 each at a
price of RM3.20 per share (Placement Shares).

On 16 December 1996, IHMB entered into an Underwriting and
Placement Agreement with Taiping Securities Sdn. Bhd. (now known
as Taiping Recovery Sdn. Bhd. - In Liquidation)
(TRSB) for TRSB to underwrite and place out the Placement Shares
to Bumiputera placees.

On 9 September 1997, the title of Wisma KFC was transferred to
IHMB and in return on 13 October 1997, IHMB issued the Placement
Shares to TRSB to be placed out to Bumiputera investors approved
by the Ministry of International Trade and Industry ("MITI").

However, due to the depressed economic and the stock market
condition at that time, the said Placement Shares could not be
placed out by TRSB.

On 11 September 1997, IHMB entered into a memorandum of first
legal charge to charge Wisma KFC to TAFC as part of a security
for a loan taken up by IHMB of RM142.5 million from TAFC for the
purpose of the acquisition of 6,000,000 ordinary shares in PUB.

On 12 June 1998, KFC and IHMB entered into a Deed of
Acknowledgement (DA) whereby IHMB irrevocably and unconditionally
acknowledged, inter-alia, that IHMB had failed to pay and/or to
procure payment of the purchase price to KFC, that IHMB had
undertaken to be and remains primarily liable for the payment of
the purchase to KFC, that IHMB failed to procure the quotation
and listing of the Placement Shares, that KFC is still the
beneficial owner of the piece of land held under Geran 30180, Lot
1260, Seksyen 57, Bandar Kuala Lumpur (formerly under two (2)
deeds namely Certificates of Title Nos. 12206 and 12819 Lot Nos.
543 and 688 respectively, Section 57, Town of Kuala Lumpur) save
and except for levels 18 and 22, (Property) and entitled to all
the rights, benefits, interest and title of the Property execute
the transfer of the title and do all things necessary with the
intent that KFC shall become duly registered as the proprietor of
the title and that IHMB shall remove or cause to be removed all
encumbrances to facilitate the transfer of the title as aforesaid
and the delivery of the title to KFC.

Subsequently, on 10 August 1998, IHMB entered into an agreement
with KFC to rescind and revoke the KFC Agreements (RRA). The
rescission and revocation agreement expired on 31 March 2001.

Accordingly, on 22 March 2002, IHMB and KFC had entered into a
conditional SA with the mutual intention and desire to settle the
abovementioned issues upon the terms and conditions set out in
the SA.

SALIENT TERMS OF THE CONDITIONAL SETTLEMENT AGREEMENT

   The salient terms of the conditional SA are as follows:-

   Conditional Agreement

   (i) The performance of the obligations of the parties under
the SA is conditional upon the obtaining of approval of IHMB's
shareholders in general meeting of the SA which approval shall be
inter-conditional with the approval of IHMB's shareholders in
general meeting of the revised Proposed Restructuring Exercise,
which approvals shall be sought at a general meeting to be held
within one hundred and twenty (120) days of the date of the SA
(EGM) provided always that in the event that the approval of the
shareholders of the revised Proposed Restructuring Exercise shall
be sought without such approval being inter-conditional with the
approval of the SA, this condition shall be deemed to have been
fulfilled.

   (ii) In the event that the condition in 3.1 (i) above is not
fulfilled or the entry into the SA on the part of IHMB is
rejected or not approved by IHMB's shareholders at the EGM:

   (a) the DA and the RRA shall continue in full force and
effect;

   (b) KFC reserves its rights and remedies against IHMB and any
other third parties;

   (c) IHMB shall remain liable to transfer and register the
title of the Property in the name of KFC and/or its nominees as
legal and beneficial owner thereof free of any encumbrances
whatsoever;

   (d) KFC shall remain the sole beneficial owner of the Property
(including levels 18 and 22) pending the transfer and
registration of the title of Property in the name of KFC and/or
its nominees as legal and beneficial owner thereof free of any
encumbrances; and

   (e) IHMB shall remain liable to pay an amount of RM14,750,000,
a sum which is hereby acknowledged by IHMB as being the amount
owing to KFC prior to the entry into the SA.
3.2 Settlement

   Transfer and registration of Property in favor of KFC
   (i) IHMB hereby covenants and undertakes as follows:-
   (a) to procure the transfer and registration of the title of
Property (including levels 18 and 22) in the name of KFC and/or
its nominees as legal and beneficial owner thereof free of any
encumbrances whatsoever. KFC shall remain the sole beneficial
owner of Property (including levels 18 and 22) pending the
transfer and registration aforesaid;

   (b) notwithstanding clause 3.1 above, simultaneously with the
execution of the SA, to forward to Messrs. Shook Lin & Bok,
Advocates and Solicitors (Stakeholders) the requisite number of
Memoranda of Transfer, duly executed by IHMB in blank, all other
relevant documents required for the valid registration of the
title of Property in the name KFC and/or its nominees (Transfer
Documents) in order to expedite the transfer and registration of
the title to Property in favor of KFC and/or its nominees as
legal and beneficial owners; and

   (c) notwithstanding clause 3.1 above, simultaneously with the
execution of the SA, to execute and issue to TAFC and
unconditional an irrevocable letter of instruction, in the form
as set out in Schedule A of the SA, that upon the settlement of
such amount of IHMB's debt to TAFC sufficient to discharge the
existing charge and lienholder's caveat over the Property, TAFC
shall immediately forward to KFC fully register the discharge of
charge documents, the notice to the Land Registrar for the
withdrawal of the lienholder's caveat under Section 331(1) of the
National Land Code 1965 duly executed by TAFC, the title and all
other relevant documents necessary to effect the valid
registration of the discharge of charge and withdrawal of the
lienholder's caveat (Letter of Instruction).

   (ii) Upon fulfillment (or deemed fulfillment pursuant to
clause

   (i) above) of the conditions in clause 3.1 above, the
Stakeholders shall immediately release the Transfer Documents to
KFC/KFC solicitors; and

   (iii) In the event that the condition in clause 3.1 above is
not fulfilled, the Stakeholders shall return the Transfer
Documents and the Letter of Instruction to IHMB.

   Liability pertaining to GUSB and IESB

   Subject always to the successful transfer and registration of
the title of Property in the name KFC and/or its nominees as
legal and beneficial owner thereof free of any encumbrances
whatsoever, KFC undertakes to pay all outstanding liabilities, of
any, to the vendors of levels 18 and 22 of Property, namely GUSB
and IESB respectively, and to issue a letter of indemnity (Letter
of Indemnity) in favor of IHMB with regard to any outstanding
liability, if any, owing to GUSB and IESB; provided always that:

   (a) KFC's liability under the Letter of Indemnity to IHMB
shall only extend to any outstanding liability of IHMB to GUSB
and IESB as vendors of level 18 and 22 of Wisma KFC only;

   (b) KFC's liability under the Letter of Indemnity shall at all
times be limited to the sum of RM902,277 only, being the sum
remaining unpaid on the purchase price of level 18 and/or level
22 of Wisma KFC; and

   (c) the Letter of Indemnity shall be void and shall have no
force or effect whatsoever, in the event that IHMB shall default
in performing its obligations under the SA.

   Other sums due to KFC

   IHMB hereby undertakes and covenants to make payments to KFC
of a sum of RM6,750,000 subject to any reduction that may be made
under the revised Proposed Restructuring Exercise (provided
always that any such reduction shall be on terms no less
favorable than those pertaining to other creditors in the same
class under the revised Proposed Restructuring Exercise) in
settlement of all the sums due to KFC.

   Settlement of claims and discharge of liability
Each of the parties shall release the other from any and all
claims pertaining to Property upon the satisfaction of the other
party's obligations under the SA. For avoidance of doubt, KFC
shall only release IHMB from any claims relating to Property if
and only if IHMB shall comply fully with all its obligations as
contained in the SA, including but not limited to the transfer
and registration of the title in the name of KFC and/or its
nominees as legal and beneficial owner thereof free of any
encumbrances.

EFFECTS OF THE CONDITIONAL SA

Please refer to the announcement made on 8 September 2001 on the
revised proposed restructuring exercise of IHMB for the effects
of the conditional SA on the share capital, shareholding
structure, net tangible assets, gearing and earnings of IHMB and
its subsidiaries and associated companies and Newco and its
proposed subsidiaries.


DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

Save as disclosed below and as far as the Directors are aware,
none of the Directors and substantial shareholders of IHMB and/or
persons connected to them has any interest, direct or indirect,
in the conditional SA.

Dato' Mohd Salleh bin Hj. Hashim is a common Director of IHMB and
KFC and is deemed interested in the conditional SA and has and
will continue to abstain from all deliberations pertaining to the
conditional SA at the relevant Board meetings.

DIRECTORS' RECOMMENDATION

The Board Directors of IHMB after careful deliberations on the
conditional SA is of the opinion that the conditional SA is in
the best interest of IHMB Group.

DOCUMENT FOR INSPECTION

The conditional SA can be inspected at the Registered Office of
IHMB at 4th Floor, No. 2, Jalan Dewan Sultan Sulaiman 1, Off
Jalan Tuanku Abdul Rahman, 50100 Kuala Lumpur from Mondays to
Fridays (except public holidays) during business hours for a
period of three (3) months from the date of this announcement.


IDRIS HYDRAULICS: Enters Settlement Agreement With KFC
------------------------------------------------------
The Board of Directors of KFC Holdings (Malaysia) Bhd (KFCH
and/or the Company) announced that KFCH has on 22 March 2002
entered into a Settlement Agreement with Idris in respect of
Wisma KFC comprising twenty-two (22) story building together with
three (3) basements inclusive of car park levels situated on the
piece of land held under Geran 30180, Lot 1260, Seksyen 57,
Bandar Kuala Lumpur.

The salient terms of the Settlement Agreement are as follows: -

1. The performance of the obligations of the parties under the
Settlement Agreement is conditional upon the obtaining of the
approval of Idris' shareholders in general meeting of the
Settlement Agreement which approval shall be inter-conditional
with the approval of Idris' shareholders in general meeting of
the restructuring exercise of Idris (as set out in Idris'
announcements to the Kuala Lumpur Stock Exchange dated 17 August
2000 and subsequent announcements to the KLSE with regard to the
same) (Restructuring Exercise), which approvals shall be sought
at a general meeting to be held within 120 days from the date of
the Settlement Agreement PROVIDED ALWAYS THAT in the event that
the approval of the shareholders of the Restructuring Exercise
shall be sought without such approval being inter-conditional
with the approval of the Settlement Agreement, the approval of
the Settlement Agreement shall be deemed to have been obtained.

2. In the event that the condition in (1) above is not fulfilled
or the entry into the Settlement Agreement on the part of Idris
is rejected or not approved by Idris' shareholders at the General
Meeting:

(a) The Deed of Acknowledgement dated 12 June 1998 (DA) and the
Rescission and Revocation Agreement dated 10 August 1998 ("RRA")
shall continue in full force and effect;

(b) KFCH reserves all its rights and remedies against Idris any
other third parties;

(c) Idris shall remain liable to transfer and register the
original issue document title (Title) in the name of KFCH and/or
its nominees as legal and beneficial owner thereof free of any
encumbrances whatsoever;

(d) KFCH shall remain the sole beneficial owner of Wisma KFC
(including Levels 18 and 22) pending the transfer and
registration of the Title in the name of KFCH and/or its nominees
as legal and beneficial owner thereof free of any encumbrances;

(e) Idris shall remain liable to pay an amount of Ringgit
Malaysia Fourteen Million Seven Hundred and Fifty Thousand Only
(RM14,750,000.00), a sum of which is acknowledged by Idris as
being the amount owing to KFCH prior to the entry into the
Settlement Agreement.

3. Idris convenants and undertakes, inter alia, as follows:

(i) to procure the transfer and registration of the Title to
Wisma KFC (including Levels 18 and 22) in the name of KFCH and/or
its nominees as legal and beneficial owner thereof free of any
encumbrances whatsoever. KFCH shall remain the sole beneficial
owner of Wisma KFC (including Levels 18 and 22) pending the
transfer and registration as aforesaid;

(ii) simultaneously with the execution of the Settlement
Agreement, to forward to Messrs Shook Lin & Bok, the requisite
number of Memoranda of Transfer, duly executed by Idris in blank,
and all other relevant documents required for the valid
registration of the Title in the name of KFCH and/or its nominees
(hereinafter the Transfer Documents) to be released to KFCH upon
fulfillment of (1) above; and

(iii) simultaneously with the execution of the Settlement
Agreement, to execute and issue to TA First Credit Sdn Bhd (TAFC)
an unconditional and irrevocable letter of instruction, in the
form as set out in Schedule A of the Settlement Agreement, that
upon the settlement of such amount of Idris' debt to TAFC
sufficient to discharge the existing charge and lienholder's
caveat over Wisma KFC, TAFC shall immediately forward to KFCH the
fully registered discharge of charge documents, the notice to the
Land Registrar for the withdrawal of the lienholder's caveat
under Section 331(1) of the National Land Code 1965 duly executed
by TAFC, the Title and all other relevant documents necessary to
effect the valid registration of the discharge of charge and
withdrawal of the lienholder's caveat (hereinafter the Letter of
Instruction).

4. Subject always to the successful transfer and registration of
the Title in the name of KFCH and/or its nominees as legal and
beneficial owner thereof free of any encumbrances whatsoever,
KFCH undertakes to pay all Idris' outstanding liabilities, if
any, to the vendors of Levels 18 and 22 of Wisma KFC, namely
Grand Ultimate Sdn Bhd (GUSB) and Impress Eight (M) Sdn Bhd
(IESB) respectively, and to issue a letter of indemnity
(hereinafter the Letter of Indemnity) in favor of Idris with
regard to any outstanding liability, if any, owing to GUSB and
IESB.

PROVIDED ALWAYS THAT:

(a) KFCH's liability under the Letter of Indemnity to Idris shall
only extend to any outstanding liability of Idris to GUSB and
IESB as vendors of Levels 18 and 22 of Wisma KFC only;

(b) KFCH's liability under the Letter of Indemnity shall at all
times be limited to the sum of Ringgit Malaysia Nine Hundred and
Two Thousand Two Hundred and Seventy-Seven (RM902,277.00) only,
being the sum remaining unpaid on the purchase price of Level 18
and/or Level 22 of Wisma KFC; and

(c) the Letter of Indemnity shall be void and shall have no force
or effect whatsoever, in the event that Idris shall default in
performing its obligations under the Settlement Agreement.

5. Idris undertakes and covenants to make payments to KFCH of a
sum of Ringgit Malaysia Six Million Seven Hundred and Fifty
Thousand Only (RM6,750,000.00) subject to any reduction that may
be made under the Restructuring Exercise (PROVIDED ALWAYS THAT
any such reduction shall be on terms no less favorable than those
pertaining to other creditors in the same class under the
Restructuring Exercise), in settlement of all the sums due to
KFCH (hereinafter - the Repayment Sum).

6. Each of the parties shall release the other from any and all
claims pertaining to Wisma KFC upon the satisfaction of the other
party's obligations under the Settlement Agreement. For the
avoidance of doubt, KFCH shall only release Idris from any claims
relating to Wisma KFC if and only if Idris shall comply fully
with all its obligations as contained in the Settlement
Agreement, including but not limited to the transfer and
registration of the Title in the name of KFCH and/or its nominees
as legal and beneficial owner thereof free of any encumbrances.

7. In the event that Idris fails, neglects or refuses to fulfill
its obligations under the Settlement Agreement, including but not
limited to the procuring of the transfer and registration of the
Title in the name of KFCH and/or its nominees as legal and
beneficial owner thereof free of any encumbrances within a period
of six (6) months from the date of the Settlement Agreement or
upon the completion of the Restructuring Exercise, whichever is
earlier, and thereafter at such monthly extensions of time as may
be mutually agreed upon between KFCH and Idris (hereinafter "the
Period"), the following, inter alia, would apply :

(a) nothing in the Settlement Agreement shall prejudice or affect
the rights or remedies of KFCH pursuant to the DA and/or RRA. For
the avoidance of doubt, the DA and the RRA shall continue in full
force and effect in the event of such failure or neglect or
refusal;

(b) Idris shall remain liable to transfer and register the Title
in the name of KFCH and/or its nominees as legal and beneficial
owner thereof free of any encumbrances whatsoever, failing which,
Idris shall be liable to make payment to KFCH of a sum of Ringgit
Malaysia One Hundred and Five Million Only (RM105,000,000.00)
being a sum representing the value of Wisma KFC, which sum shall
be subject to any revaluations that may be carried out at any
time from time to time by KFCH, in which case the highest value
obtained under such revaluations shall be deemed to be the sum
payable under the terms of the Settlement Agreement;

(c) KFCH shall remain the sole beneficial owner of Wisma KFC
pending the transfer and registration of the Title in the name of
KFCH and/or its nominees as legal and beneficial owner thereof
free of any encumbrances;

(d) the Transfer Documents shall be returned to Idris by Messrs
Shook Lin & Bok;

(e) the Letter of Instruction issued by Idris to TAFC under the
terms of the Settlement Agreement shall remain in full force and
effect, PROVIDED ALWAYS THAT the Letter of Instruction shall be
void and of no effect whatsoever only in the event that the
Restructuring Exercise is rejected or not approved by the SC.

(f) the Letter of Indemnity issued by KFCH in favor of Idris
under the terms of the Settlement Agreement shall be void and of
no force or effect whatsoever;

(g) in the event of failure, neglect or refusal of Idris to pay
the Repayment Sum within the period as defined in the Settlement
Agreement, Idris shall be liable to pay an amount of Ringgit
Malaysia Fourteen Million Seven Hundred and Fifty Thousand
(RM14,750,000.00), a sum which is acknowledged by Idris as being
the amount owing to KFCH prior to the entry into the Settlement
Agreement and interest at the rate of 2.50 per centum per annum
above the base lending rate of Malayan Banking Berhad, calculated
at daily rests thereon beginning from the date of the RRA to the
date of full payment.

YBhg Dato' George Ting Yew Tong and YBhg Dato' Mohd Salleh bin Hj
Hashim are deemed interested in the Settlement Agreement and had
abstained and will continue to abstain from Board deliberation
and voting on the resolution in respect of the aforesaid.

YBhg Dato' George Ting Yew Tong is interested, directly or
indirectly, in the Vendors of the 18th and 22nd Floor of Wisma
KFC, namely Grand Ultimate Sdn Bhd and Impress Eight (M) Sdn Bhd.

YBhg Dato' Mohd Salleh bin Hj Hashim is a common director of both
KFC Holdings (Malaysia) Bhd and Idris Hydraulic (Malaysia) Bhd.

Save and except for the abovementioned, none of the Directors nor
persons connected with the Directors of the Company have any
interest, direct or indirect, in the Settlement Agreement.


INSAS BERHAD: Insas Technology Winds Up Inactive Unit
-----------------------------------------------------
The Board of Directors of Insas Berhad (the Company) announced
that Insas Technology Pte Ltd, an indirect wholly-owned
subsidiary incorporated in Singapore, has initiated a members'
voluntary winding-up of its 73.5% owned subsidiary, Insas
Networks Pte Ltd (INPL), pursuant to Section 290(1)(b) of the
Companies Act, Cap. 50. The Members' Voluntary Liquidation of
INPL has been approved by the shareholders of INPL on 18 March
2002.

INPL was incorporated in Singapore on 22 July 1997. The
authorized share capital of INPL is SGD300,000-00 divided into
300,000 ordinary shares of SGD1.00 each of which SGD 85,000-00
have been issued and fully paid-up. The principal activities of
INPL were trading of computer software and hardware consultancy.
INPL has ceased operations since 1999 and is presently a dormant
company.

The directors of INPL initiated the voluntary winding-up as it is
inactive and it has no intention to re-commence its operations.
INPL does not have any liabilities, contingent or otherwise,
other than the winding-up expenses, which shall be absorbed by
Insas Technology Pte Ltd.

The winding-up of INPL does not have any effect on the earnings
or the net tangible assets of Insas group for the financial year
ending 30 June 2002.


JOHAN HOLDINGS: Enters Debt Restructuring Agreement
---------------------------------------------------
Re: Proposed Debt Restructuring of Johan Holdings Bhd (JHB)
    Proposed Debt Restructuring of Prestige Ceramics Sdn Bhd
     (PCSB); and
    Proposed Debt Restructuring of Johan Equities Sdn Bhd (JESB)

Aseambankers Malaysia Berhad (Aseambankers), on behalf of the
Board of Directors of Johan Holdings Bhd (JHB), announced the
following:

a) JHB had on 20 March 2002 entered into a Debt Restructuring
Agreement (JHB's DRA) to restructure the outstanding sum arising
from the credit facilities granted by the financial institutions
(JHB Lenders) as at 31 May 2001 amounting to RM205,184,639.62
(JHB Outstanding Sum) as follows:

(i) RM64,000,000 out of the JHB Outstanding Sum will be
restructured into a syndicated term loan facility and is to be
satisfied out of the net proceeds of sale from the disposal of
the assets of the Company (Proposed JHB Syndicated Term Loan
Facility);

(ii) The balance of RM141,184,639.62 of the JHB Outstanding Sum
("JHB Unsustainable Debt") will be restructured as follows:

ú RM91,184,639.62 is to be partly capitalized and partly waived
(Proposed JHB Sale Portion). The shares or entitlement thereto
arising from the restructure of the JHB Unsustainable Debt are
proposed to be transferred to an Investor for a cash
consideration of RM15,027,228.61. The Investor is a reputable
investment bank or such other investor(s) as acceptable to
Majority Lenders as defined in the DRA to be identified by the
Company; and

ú The balance of RM50,000,000 of the JHB Unsustainable Debt is to
be converted into a 10-year Irredeemable Convertible Unsecured
Loan Stocks (ICULS) of RM0.50 each (Proposed ICULS).
In addition, the major shareholder of JHB, Dato' Tan Kay Hock
(Dato' Tan), shall, or shall arrange, the transfer of 15,000,000
unencumbered and fully paid-up ordinary shares in the Company to
be distributed to the JHB Lenders on a pro-rata basis
proportional to the debt owing by each JHB Lenders (Proposed
Shares Transfer).

(Hereinafter the Proposed JHB Syndicated Term Loan Facility,
Proposed JHB Sale Portion, Proposed ICULS and Proposed Shares
Transfer will be collectively referred to as the Proposed JHB
Debt Restructuring);

b) PCSB had on 20 March 2002 entered into a Debt Restructuring
Agreement (PCSB's DRA) to restructure the outstanding sum arising
from the credit facilities granted by the financial institutions
(PCSB Lenders) as at 31 May 2001 amounting to RM102,160,846.47
(PCSB Outstanding Sum) as follows:

(i) Proposed terming out RM29,732,377.71 fully secured syndicated
term loan facility over a period of five (5) years (Proposed PCSB
Syndicated Term Loan);

(ii) Proposed terming out RM18,377,359.45 partly secured term
loan over a period of seven (7) years (Proposed PCSB Term Loan);

(iii) The balance of the PCSB Outstanding Sum of RM54,051,109.31
unsecured trade line facilities (PCSB Unsustainable Debt) is to
be restructured as follows:-

ú Proposed conversion of RM15,000,000 of the PCSB Unsustainable
Debt to seven (7) year multi option working capital facility
(Proposed PCSB Working Capital Facility); and

ú The remaining RM39,051,109.31 of the PCSB Unsustainable Debt is
to be novated to JHB and will be partly capitalized and partly
waived. The shares or entitlement thereto arising from the
restructure of the PCSB Unsustainable Debt are proposed to be
transferred to an Investor for a cash consideration of
RM15,620,443.71 (Proposed PCSB Sale Portion).

(Hereinafter the Proposed PCSB Syndicated Term Loan, Proposed
PCSB Term Loan, Proposed PCSB Working Capital Facility and
Proposed PCSB Sale Portion will be collectively referred to as
the Proposed PCSB Debt Restructuring);
c) JESB had on 20 March 2002 entered into a Debt Restructuring
Agreement (JESB's DRA) to restructure the outstanding sum arising
from the credit facilities granted by the financial institutions
(JESB Lenders) as at 31 May 2001 amounting to RM10,960,212.76
(JESB Outstanding Sum) (Proposed JESB Debt Restructuring);

d) Subject to mutually acceptable agreement being reached between
the Investor and Dato' Tan and/or his nominees, the Investor will
grant a call option to Dato' Tan and/or his nominees in respect
of the Investor's investment in the Company pursuant to the
Proposed Sale Portion and the Proposed JESB Debt Restructuring
(Proposed Call Option);
e) Pursuant to the Proposed Call Option, the Investor and Dato'
Tan and/or his nominees will be deemed to be acting in concert
and upon issuance of new shares in JHB to the Investor pursuant
to the Proposed Sale Portion, Dato' Tan and/or his nominees and
the Investor (hereinafter collectively referred to as Parties-in-
Concert) will collectively, directly and indirectly hold an
aggregate of approximately 347.455 million ordinary shares of
RM0.50 each in JHB or 60.97%.

Pursuant to the Malaysian Code on Takeovers and Mergers, 1998
(Code), the Parties-In-Concert, upon completion of the Proposed
Sale Portion will be obliged to make a mandatory general offer
for the remaining shares in JHB not owned by them.

It is the intention of the Parties-In-Concert to apply to the SC
for an exemption from the requirement to undertake a mandatory
general offer under the Code (Proposed Waiver); and
f) proposes increase in authorized share capital of JHB from
RM250,000,000 comprising 500,000,000 ordinary shares to
RM500,000,000 comprising 1,000,000,000 ordinary shares of RM0.50
each (Proposed Increase in Authorized Share Capital).
The Proposed JHB Debt Restructuring, Proposed PCSB Debt
Restructuring and Proposed JESB Debt Restructuring will be
collectively referred to as the "Proposed Debt Restructuring".

The Proposed Debt Restructuring, Proposed Call Option, Proposed
Waiver and Proposed Increase in Authorized Share Capital will be
collectively referred to as the Proposals.

Further details of the Proposals, the rationale, financial
effects, directors and substantial shareholders' interests,
conditions for the Proposals are as per the full announcement
attached.


JOHAN HOLDINGS: Finalizes Debt Restructuring
--------------------------------------------
The Corporate Debt Restructuring Committee (CDRC) said Friday it
has successfully assisted Johan Holdings Bhd (JHB) and two of its
subsidiary companies to finalize a debt restructuring agreement
with their lenders involving RM318.3 million outstanding debts as
at May 31, 2001.

The two subsidiaries involved are Prestige Ceramics Sdn Bhd and
Johan Equities Sdn Bhd.

According to CDRC, the exercise involved the conversion of
RM48.11 million in bank debts into new term loans, RM15 million
in bank debts into new working capital facilities, and RM50
million in bank debts into RM57 million worth of irredeemable
convertible unsecured loan stocks (ICULS).

The scheme also involves the cash settlement of RM30.65 million
by an investor in exchange for new JHB shares, transfer of 15
million JHB shares to bank lenders by the major shareholder,
disposal of assets and investment in quoted shares with a total
estimated value of RM70.7 million, and waiver of remaining bank
debts.

KUANTAN FLOUR: Gives Default in Payment Update
----------------------------------------------
Kuantan Flour Mills Bhd, further to the announcement made on 20
February 2002 pertaining to the default in payment in relation to
Paragraph 9.04(L) and Practice Note 1/2001, the Directors of the
Company announced that the hearing date for the appeal against
the Summary Judgement by Multi-Purpose Finance Berhad has yet
been fixed.


LAND & GENERAL: Creditors' Voluntarily Wind-Up Subsidiaries
---------------------------------------------------------
Further to the announcement released by Land & General Berhad
(L&G) on March 1, 2002 in relation to the above-captioned matter,
we wish to inform that the Creditors' Voluntary Winding-Up
process in respect of the following subsidiaries of L&G have been
aborted.

Name of Companies Effective Equity Interest

1. Lang Sawmills Sdn Bhd 100%
2. Lang Sensor Technology Sdn Bhd 100%
3. College of Visual Arts Sdn Bhd 65%
4. Lang Tooling Sdn Bhd 100%
5. Lang Center for Digital Media Sdn Bhd 65%


LINGUI DEVELOPMENT: RAM Puts Rating on Watch Negative
-----------------------------------------------------
Rating Agency Malaysia Bhd (RAM) said it has put the A3 ratings
of Lingui Development Bhd's RM150 million five-year fixed rate
bonds (2001/2006) and RM150 million seven-year fixed rate bonds
(2001/2008) on Rating Watch, with a negative outlook.

The unprecedented slump in world timber prices was likely to have
a negative impact on Lingui's credit risk profile, it said.

Lingui -- http://www.stvinc.com/-- has been operating under a
challenging environment. It had posted three consecutive quarters
of pre-tax losses, which have substantially lowered the group's
cash-generating ability in the past year.

Nevertheless, RAM said that Lingui's management had been
proactive in its attempts to address the situation. Efforts
include the proposed acquisition of Samling Plywood Miri Sdn Bhd
(SP Miri) via the issuance of new Lingui shares.

RAM said that it also viewed the proposed injection of this asset
into Lingui as favorable, in light of the increased future cash
generation from SP Miri's logging and plywood operations.


RENONG BERHAD: Replies to KLSE Query
------------------------------------
Re: Winding up petition served on Projek Usahasama Transit Tingan
Automatik Sdn Bhd (PUTRA), a wholly owned subsidiary of Renong
Berhad (Renong)

Contents :

Renong Berhad furnished the exchange additional information in
reply to its query dated 22 March 2002:

1. The cost of investment in PUTRA based on the audited financial
statements for the financial year ended 30 June 2001 is as
follows: RM million
Cost of investment 1609
Write down and provision for contingent loss (1032)
Cost after write down and provision 577

2. Renong's audited financial statements for the financial year
ended 30 June 2001 were prepared based on the anticipation of the
takeover of the LRT assets of PUTRA by the Government in
accordance with the term of the Concession Agreement. The
financial statement of PUTRA, which was consolidated in the
Group's financial statements, was prepared on a break up basis.

The carrying value of the investments in PUTRA was written down
from RM1,609 million to the estimated net realizable value of
RM577 million as shown above.

If the takeover of the LRT assets by the Government is completed
by 30 June 2002, we do not foresee any further losses that may
possibly have a material impact to the Group's results arising
from the winding up petitions served on PUTRA.

The final net realizable value is dependent on the outcome of
negotiations with the Government and the timing of successful
conclusion of the takeover of LRT assets by the Government.

Query Letter (Reference ID : KM-020322-37655) Content:

We refer to your announcement on 21 March 2002 in relation to the
above-mentioned matter.

In this connection, kindly furnish the Exchange immediately with
the following additional information for public release:
Total cost of investment in Putra.
Expected losses at Renong group level.
Yours faithfully

INDERJIT SINGH
Senior Manager
Listing Operations
WSW/CKM


TALAM CORPORATION: Trade Ministry OKs Merger With Europlus
----------------------------------------------------------
On behalf of Talam Corporation Berhad, Commerce International
Merchant Bankers Berhad announced that the Ministry of
International Trade and Industry has approved the proposed
rationalization of the businesses of Talam and Europlus including
the merger of their property related businesses (proposed merger)
vide its letter dated March 20, 2002.

The approval is subject to:

(i) That at least 70% of the issued and paid-up share capital of
Asian Resinated Felt Sdn Bhd be held by Malaysians and at least
30% of the issued and paid-up share capital of the company be
held by Bumiputera investors; and

(ii) That Asian Resinated Felt Sdn Bhd and Kekwa Indah Sdn Bhd
meet the equity conditions imposed by their respective
Manufacturing Licenses by March 1, 2004.

The Manufacturing Licence of Kekwa Indah Sdn Bhd requires that
the entire issued and paid-up share capital of the company be
held by Malaysians with at least 30% held by Bumiputera
investors.

Asian Resinated Felt Sdn Bhd and Kekwa Indah Sdn Bhd are both
subsidiaries of Talam.


TECHNO ASIA: Appoints Yap Ah Leng as New Director
-------------------------------------------------
Techno Asia Holdings Berhad announced the appointment of Yap Ah
Leng as Non Independent & Non Executive Director.

Date of change : 20/03/2002
Type of change : Appointment
Boardroom Designation : Director
Directorate : Non Independent & Non Executive
Name : Yap Ah Leng
Age : 45
Nationality : Malaysian
Qualifications : Bachelor of Accountancy, FCCA and MIA
Working experience and occupation  : Experience obtained from
accounting firms, internal audit in a main board listed company
and finance from a non listed company.
Directorship of public companies (if any) : None
Family relationship with any director and/or major shareholder of
the listed issuer : None
Details of any interest in the securities of the listed issuer or
its subsidiaries : None


TENCO BERHAD: Gives Default in Payment Status
---------------------------------------------
Tenco Berhad informed that Messrs Ernst & Young, the Company's
financial advisors, have forwarded the Company's repayment
proposals to the Lenders. The Lenders are expected to respond in
due course.


TONGKAH HOLDINGS: To List Additional 1.67M New Shares
-----------------------------------------------------
Tongkah Holdings Berhad advised Monday that the additional
1,660,000 new ordinary shares of RM1.00 each, arising from the
conversion of RM2,822,000 irredeemable convertible unsecured loan
stock 1999/2004, will be granted listing and quotation with
effect from 9.00 a.m., Thursday, March 28, 2002.

TONGKAH HOLDINGS: Receives Summons, Statement of Claims
-------------------------------------------------------
Re: Kuala Lumpur High Court Suit No. D3-22-246-2002
RHB Bank Berhad -vs- Prime Granite (Malaysia) Sdn BHD and Tongkah
Holdings Berhad

Tongkah Holdings Berhad (THB or the Company) announced that on 21
March 2002, it was served with a Writ of Summons dated 14
February 2002, together with the Statement of Claim dated 14
February 2002.

The action is brought by RHB Bank Berhad (Plaintiff) against
Prime Granite (Malaysia) Sdn Bhd (a subsidiary of THB) (PGSB) for
default in the repayment of banking facilities comprising the
principal and accrued interest thereon amounting to
RM17,627,974.07 and against THB for the amount of RM10,575,000.00
in respect of corporate guarantees provided to the Plaintiff in
consideration of the Plaintiff granting the banking facilities to
PGSB.

No hearing date has been fixed, but PGSB and the Company are
required to enter appearance within eight days of service of the
writ. The suit has been referred to the Company's solicitors with
instructions to enter appearance on behalf of PGSB and the
Company.


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


BELLE CORP: Unit HPL Conducts IPO On April 8-15
-----------------------------------------------
Belle Corp unit, Highlands Prime Leisure Properties Inc., will
conduct the offer period for its initial public offering (IPO) on
April 8-15, AFX News said Friday. The unit will offer a total of
P449.248 million shares at P2.13 per share.

Net proceeds from the primary offer are estimated to reach
P192.77 million, which will be used to fund future projects of
its Tagaytay Highlands and Tagaytay Midlands, AFX News said
Friday. The secondary offer is expected to net P712.52 million,
with the funds to be used to retire part of Belle's debts and for
working capital.

A total of 1.646 billion shares will be listed on April 23.

TCR-AP reported earlier this month that Sy's group SM Prime
Holdings Inc. was examining the potential business with Belle
majority owner Willy Ocier, to help recover the operations of
debt-saddled property developer, Belle Corp, and its units APC
Group Inc (APC) and Sinophil Corp.

DebtTraders reports that Belle Corporation's 5.830% floating rate
note due in 2002 (BELC02PHN1) trades between 33 and 38. For real-
time bond pricing, to go
http://www.debttraders.com/price.cfm?dt_sec_ticker=BELC02PHN1


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


HORIZON TECHNOLOGIES: Goes Into Voluntary Liquidation
-----------------------------------------------------
Mainboard-listed Horizon Education and Technologies Limited,
(Horizon) announced on March 23 that Horizon Technologies
Holdings Pte Ltd (HTH), which holds a 38.11 percent stake in
Horizon, will undertake a "Members Voluntary Liquidation,"
available to solvent companies wishing to distribute assets in
specie to its shareholders. The shares in Horizon currently held
by HTH will be held directly by the Founders of HTH (29.71
percent) and Uranus Capital Limited (8.40 percent).

Uranus Capital Limited (Uranus) is a wholly owned subsidiary of
ASC Asian Equity Limited; an investment holding Company engaged
in private equity and other direct investment.

"Our major shareholders will hold Horizon shares directly rather
than through a holding Company," explained Horizon's Group
Chairman and CEO, Lt-Gen (Ret) Ng Jui Ping. "In effect, the major
shareholders of Horizon will remain unchanged and they remain
just as committed to support Horizon at this time."

HTH is conforming to a contractual position committed to Uranus
in 1999 (before Horizon.com Limited was established and listed on
the Singapore Stock Exchange), that it will take measures to
allow Uranus to directly hold its stake in Horizon.com Limited
(now known as Horizon Education and Technologies Limited). The
Founders' stakes will continue to be held, now directly, through
the companies and individuals that (formerly) constituted to the
shareholding of HTH.

Going forward, Horizon will continue to focus its group strategy
on providing e-learning solutions. The Company has recently
acquired COMAT Training Services in Singapore and is on track
with its plans to establish as the leading e-learning Company in
Asia, providing a wide variety of offerings and enlarging
business network in the region.

Horizon expects to continue to add capabilities that will enhance
its e-learning expertise, strengthen its regional base and
leverage its business model to better meet customers' needs. In
this regard, the Group will continue to look for further
opportunities to form strategic alliances and partnerships with
reputable and profitable learning companies in the region. This
will reinforce and reaffirm its already strong position as a
premier e-learning solutions provider in Asia-Pacific region.

About Horizon Education and Technologies Limited
(www.Horizon.com.sg)

Established in 1995 and listed on the Singapore Exchange in
January 2001, Horizon is an education and e-learning group with
its headquarters in Singapore. The Company is a leading regional
Internet online solutions provider whose operations encompass two
main business divisions: the e-Learning group and the e-Business
group. Through the development of specific e-learning and e-
business products and services, Horizon plans to extend its in-
house applications to the Asia Pacific and the rest of the world
especially in the USA and Europe.

For more information, please contact:

Media Contact
Ng Chip Keng, Weber Shandwick Worldwide,
DID: +65 6825 8084, Mobile: +65 9623 2166,
Email: ckng@webershandwick.com

Analysts Contact

Wayne Koo, Investor Relations, Horizon Education and Technologies
Limited,
DID: +65 6356 8226, Fax: +65 6356 5112,
Email: wayne.koo@horizon.com.sg


HUA KOK: Incurs 1H Loss of $3.3M
--------------------------------
Hua Kok International Ltd., a main board-listed construction and
building related group, announced Friday its first half year
results for the six months ended 31 December 2001. Loss after tax
registered $3.3 million compared to profit after tax of $0.5
million in the first half of the previous year.

Turnover decreased by 27 percent, with Construction revenue
falling by 37 percent as a consequence of projects being
completed ahead of schedule in the previous financial year and
Manufacturing, principally pre-cast, recording lower revenue due
to delayed deliveries owing to several main contractors not being
able to take deliveries as originally scheduled. The Trading and
Services Division, on the other hand, continued to grow by 40
percent to $11.2 million, the contribution coming from the World
Spa Group, which trades in spa baths and pools and sanitary
wares.

The loss for the period arose due to the lower revenue from the
Manufacturing Division and from the write down of $1.4 million as
a result of impairment to fixed assets, mainly unused
construction equipment and for land and buildings overseas.
Excluding the write down, the Trading and Services Division
recorded a profit. The Construction Division, despite the lower
revenue, recorded a profit before tax of $1.6 million as several
projects were completed below budgeted costs.

As CEO Basil Chan highlighted, "Although the business and order
book in the first half was there, the problem the Group faced was
that the main contractors for public housing projects were not
able to take delivery of pre-cast components on time. As a
result, the Manufacturing Division turned in a loss for the
period. In the second half year, we are seeing high demands for
deliveries to the extent that although the Bintan production
plant is running at full speed, the Sungei Kadut plant in
Singapore had to be reactivated to help meet the delivery
schedules. Although we expect significant improvement in the
second half year in this division due to the higher revenue, we
do not anticipate the division will turnaround until the
following financial year."

In the effort to diversify, the Group looked to other
infrastructure and civil engineering projects and was successful
in securing an airport taxiway bridge project worth $15.8 million
with a joint venture partner. This sizeable project in a new area
of construction is a step forward for Hua Kok, which historically
was strong in the local public housing construction sector.

In addition, Group Executive Chairman Tan Teck See, has been
pushing the Group to diversify further and expand overseas. The
acquisitions into the glass, curtain wall and cladding businesses
through the acquisitions of 51 percent of AGP Pte Ltd and the PD
Group will provide thrust into these areas, both into new areas
of businesses and geographically. "These acquisitions are vital
for Hua Kok's long term future as the Group cannot be dependent
on the local housing construction industry which remains
depressed, characterized by limited new projects and stiff
competition," said Tan Teck See. "We have no choice but to
diversify into new businesses related to the building industry
and into new geographic growth areas such as China where the
construction sector is buoyant."

CEO Basil Chan noted that with the issuance of the new Hua Kok
shares, amounting to 43.7 million new ordinary shares, to
partially finance the acquisitions, the Group will move quickly
to get the PD Group contributing. "Once the formalities are done,
we need to take a decision as to when, and which companies, to
take over from the previously troubled PD Group. The assignment
of debts to Hua Kok means Hua Kok can decide, for nominal sums,
to buy over operations that are going to bring value to Hua Kok.
These decisions will be taken within the current financial year
once the financials and legal structures are sorted out."

"Obviously, the stake in PDA, of which the Group already owns 40
percent, will be increased as it owns the Shanghai plant that we
expect will spearhead the Group's efforts to penetrate the
markets in North Asia, particularly in the Peoples' Republic of
China."

The Group does not expect local market conditions to improve and
will record a loss for the second half year.

Information on Hua Kok Group

The Hua Kok Group offers a wide range of products and services to
the construction and building industry. Hua Kok is able to tender
for construction projects and supply of precast concrete
components of unlimited value with its Grade 8 registration for
General Building and the Level 6 registration for the supply of
precast concrete components from the Building and Construction
Authority of Singapore.

The activities undertaken by Hua Kok include:

ú General building construction;
ú Civil engineering works;
ú Precast concrete components, quarry products and steel moulds;
ú Bathtubs, Spa baths and pools, gazebos and shower screens;
ú Distribution of sanitary wares and related products;
ú High value-added secondary processing of glass; and
ú Design, fabrication and installation of curtain walls and
claddings.

Hua Kok has offices in Singapore, Malaysia, Indonesia, the
Peoples' Republic of China and Australia.

For more information, contact:

Tan Thiam Hee
Executive Director
Tel : +65 362 5667
Fax : +65 363 4190
Email : thiamhee_tan@huakok.com.sg

According to Wright Investor's Service, as of June 2001, the
Company's long-term debt was S$8.33 million and total liabilities
were S$54.74 million.


ISOFTEL LTD: Reply to Queries by SGX; Clarifies Announcements
-------------------------------------------------------------
The Directors of iSoftel Ltd, in response to the following
queries raised by the Singapore Exchange Limited (SGX) via their
letter dated 20 March 2002 to the Company, respond:

(i) factors, apart from those that were disclosed in section 7(a)
of the Full Year results, that contributed to the Group's
operating loss before depreciation, interest and tax of $26.9
million;

Other factors, apart from those disclosed in section 7(a) are:

(a) opening of new offices in Malaysia, Thailand, Hong Kong and
Taiwan;

(b) decrease in revenue from Singapore and US offices from $20.3
million to $11.2 million;

(c) decrease in gross profit margin arising from intense
competition that resulted in lower selling prices. There is also
a different product mix in China that contributed to lower profit
margin.

(ii) reasons for the increase in depreciation and amortization
charges of $2.8 million

The charges of $2.8 million consist of depreciation of fixed
assets of $1.1 million and amortization of goodwill of $1.7
million.

Depreciation of fixed assets has increased from $0.2 million to
$1.1 million because of increase in fixed assets from $1.6 to
$3.9 million. This is an increase of $2.3 million, of which
Beijing Linkhead Technologies Ltd, a wholly owned subsidiary
acquired by the Company in 2001, contributed $0.5 million.

Goodwill arises from the acquisition of Beijing Linkhead
Technologies Ltd amounting to $8.7 million and amortized over 5
years, which result in amortization of $1.7 million for the year
2001. Correction in Previous Announcement dated 19 March 2002 -
Proforma Full Year Financial Statement

With reference to the announcement dated 19 March 2002, Proforma
Full Year Financial Statement, there is a correction in section
7(a) - the second paragraph should read as follow;

Having recognized the global slowdown in the telecommunications
industry, the Company reversed its expansion plans put in place
in mid 2000 and instead cut operating expenses to reflect the
changed business environment. The Group embarked on a
restructuring exercise during the late second half of 2001 and
the full benefits will be realized next year. As a result, the
Group incurred an operating loss after tax of $29 million for the
full year.


METRO HOLDINGS: Discloses Voluntary Liquidation of Units
--------------------------------------------------------
The Directors of Metro Holdings Limited (Metro or the Company)
disclosed on Friday that in order to streamline the
organizational structure of the Group, the following wholly owned
subsidiaries, which are dormant, have been placed under members'
voluntary liquidation:

1 Metro Realty (Beijing) Pte Ltd (Metro Realty); and

2 Metro China Holdings Ltd (MCHL) and its wholly owned
subsidiary, Kingbuild Ltd (Kingbuild), both incorporated in Hong
Kong.

Metro Realty, a wholly owned subsidiary of Metro China Holdings
Pte Ltd (MCHPL), whose principal activity was that of investment
holding, had been dormant since 1994 when it ceased its
investment activities. Mr Chan Kwang Cheng has been appointed as
Liquidator of Metro Realty.

MCHL, a wholly owned subsidiary and its subsidiary, Kingbuild,
were both investment holding companies and had been dormant since
last year. Mr Julian Chow Kai Wo and Ms Natalia Seng have been
appointed as Joint Liquidators of MCHL and Kingbuild.

In addition, Metro Capital Pte Ltd (Metro Capital), a wholly
owned subsidiary of the Company, which has been dormant when it
ceased its investment activities, will be placed under members'
voluntary liquidation. Mr Chan Kwang Cheng has been appointed as
Liquidator of Metro Capital.

The voluntary liquidation of the above subsidiaries will have no
impact on the business or affairs of the Company or any
significant effect on the consolidated net tangible assets per
share and the consolidated earnings per share of the Company and
its subsidiaries for the year ending 31 March 2002.

None of the Directors has, and the Company has not received
notification from any substantial shareholders of the Company
that it has, any direct or indirect interest in the said
voluntary liquidations.


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


A.J. PLAST: AGM Scheduled For April 9
-------------------------------------
A.J. Plast Public Company Limited would like to inform the
resolution of the Board of Directors' meeting no. 1/2002 dated
March 22, 2002 at 10.30 - 11.20 a.m.:

1. Acknowledged that no appropriation of reserve funds and
distribution on dividends shall be made because the company still
has accumulated losses.

2. Propose to the annual general shareholders'' meeting to re-
elect directors who shall retire by rotation and to elect Mr.
Surasak Kosiyachinda as a new director, and to increase the
remuneration for the directors from 50,000 baht to 100,000 baht
per person per year and the additional remuneration of directors
who are the member of the audit committee from 20,000 baht to
100,000 baht per person per year.

3. Considered the appointment of Dr. Virach Aphimeteetamrong
and/or Mr.Chaiyakorn Aunpitipongsa of Dr. Virach and Associated
as the company's auditors and approve the auditing fee of 200,000
baht and the reviewing fee of 50,000 baht per quarter which are
as same as last year.

4. Approved the transfer of statutory reserve and share premium
to compensate for the accumulated losses of the company.

5. Approved an issuance of 6,000,000 warrants to existing
shareholders at a price of zero baht each and at a ratio of 1
warrant for 5 ordinary shares. The fraction of warrant will be
discarded. The warrant enables the holder to purchase one newly
issued ordinary share of the company at 10 baht each.  Details
are in Enclosure 1.

6. Approved the allocation of 6,000,000 capital-increased shares
reserved for the exercise of warrants pursuant to item 5.

7. Approved the amendment to the articles of association of the
company in order to comply with the Notification of the Office of
the Securities and Exchange Commission No. Kor Jor 12/2543
regarding permission and granting for the newly issued shares.
The Board proposed to insert the Article 26 paragraph 3 as
follows:

"In the case where the Company is a listed company or it is a
subsidiary of a listed company under the definition as mentioned
in the rules and regulations of the Stock Exchange of Thailand,
if the Company agrees to enter into any transaction, the Company
must comply with rules and conditions of the notifications and
rules of the Stock Exchange of Thailand regarding Rules,
Procedures, and Disclosure of Connected Transactions of Listed
Companies and Rules, Procedures, and Disclosure of Information
Concerning the Acquisition and Disposition of Assets of Listed
Companies."

8. Approved to convene the Annual General Shareholders' Meeting
No. 1/2002 on April 29, 2002 at 8.30 a.m. at the Pennisula
Bangkok Hotel, Jintara Room No. 333, Charoen-nakorn Road,
Klongsan, Bangkok. The agenda for the meeting shall be:

Agenda 1. To adopt the minutes of the Annual General
Shareholders' Meeting No. 1/2001

The Board's Opinion: The Board advises that the annual general
shareholders' meeting approve the said minutes.

Agenda 2. To acknowledge the operating performance and the annual
report for the year 2001

The Board's Opinion: The Board recommends that the annual general
shareholders' meeting acknowledge the operating performance and
the annual report for the year 2001.

Agenda 3. To approve the balance sheet, the statement of income,
changes in shareholders' equity, and cash flow statement for the
year ending December 31, 2001

The Board's Opinion: The Board recommends that the annual general
shareholders' meeting approve the balance sheet, the statement of
income, changes in shareholders' equity, and cash flow statement
for the year ending December 31, 2001.

Agenda 4. To appropriate net profits

The Board's Opinion: The Board advises the annual general
shareholders' meeting that there will be no appropriation of
reserve funds and distribution of dividends because the company
still has accumulated losses.

Agenda 5. To consider the re-election of directors who shall
retire by rotation, the election of a new director, and the
directors' remuneration.

The Board's Opinion: The Board recommends that the annual general
shareholders' meeting to re-elect of directors who shall retire
by rotation, elect of Mr.Surasak Kosiyachinda as a new director,
and increase the remuneration for the directors from 50,000 baht
to 100,000 baht per person per year and increase the additional
remuneration of directors who are the member of the audit
committee from 20,000 baht to 100,000 baht per person per year.

Agenda 6. To consider the appointment of the auditor and the
auditing fee.

The Board's Opinion: The Board recommends that the annual general
shareholders' meeting appoint Dr. Virach Aphimeteetamrong and/or
Mr.Chaiyakorn Aunpitipongsa of Dr. Virach and Associated as the
company's auditors and approve the auditing fee of 200,000 bhat
and the reviewing fee of 50,000 baht per quarter which are as
same as last year.

Agenda 7. To approve the transfer of statutory reserve and share
premium to compensate for the accumulated losses of the company.

The Board's Opinion: The Board recommends that the annual general
shareholders' meeting approve the transfer of statutory reserve
and share premium to compensate for the accumulated losses of the
company.

Agenda 8. To consider and approve the issuance of 6,000,000
warrants to existing shareholders.

The Board's Opinion: The Board recommends that the annual general
shareholders' meeting approve the issuance of 6,000,000 warrants
to existing shareholders as per Enclosure 1.

Agenda 9. To consider and approve the allocation of 6,000,000
capital increase shares to reserve for the exercise of warrants
to be offered to the existing shareholders.

The Board's Opinion: The Board recommends that the annual general
shareholders' meeting approve the allocation of 6,000,000 capital
increase shares to reserve for the exercise of warrants to be
offered to the existing shareholders mentioned in agenda 8.

Agenda 10. To consider and approve the amendment to the articles
of association of the company.

The Board's Opinion: In order to comply with the Notification of
the Office of the Securities and Exchange Commission No. Kor Jor
12/2543 regarding permission and granting for the newly issued
shares, the Board recommends that the annual general
shareholders' meeting approve the amendment to the articles of
association of the company by adding the followings as the third
paragraph of article 26 of the articles of association of the
company.

"In the case where the Company is a listed company or it is a
subsidiary of a listed company under the definition as mentioned
in the rules and regulations of the Stock Exchange of Thailand,
if the Company agrees to enter into any transaction, the Company
must comply with rules and conditions of the notifications and
rules of the Stock Exchange of Thailand regarding Rules,
Procedures, and Disclosure of Connected Transactions of Listed
Companies and Rules, Procedures, and Disclosure of Information
Concerning the Acquisition and Disposition of Assets of Listed
Companies."

Agenda 11. Other business (if any)

The share register book shall be closed at 12.00 hours on April
9, 2002 for the names of shareholders who have the right to
attend the meeting and vote and the right to receive warrants.
The share register book shall remain closed until the end of the
meeting.

For more information, please contact A.J. Plast Public Company
Limited at telephone (662) 415-0035 or fax at (662) 415-1211,
(662) 415-6068.




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

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