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

                   A S I A   P A C I F I C

            Monday, April 01, 2002, Vol. 5, No. 63

                         Headlines

A U S T R A L I A

ANACONDA NICKEL: Reaches Short-Term Funding Agreement
ANSETT GROUP: A$90M Plus in Worker Entitlements Paid
ANSETT GROUP: Creditors' Vote Continues Administration
EARTH SANCTUARIES: Issues Restructuring Process Update
GAMES 'R': Request Securities Trading Suspension


C H I N A   &   H O N G  K O N G

401 HOLDINGS: In Debt Settlement Negotiations With Creditors
BESTMATE LIMITED: Winding Up Petition to be Heard
CENTUR ASSETS: Winding Up Petition Set for Hearing
CHEUK NANG: Widens 2001 Loss to HK$1,467,000      
CLASSIC GROUP: Hearing of Winding Up Petition Set

DAILYWIN GROUP: Repays Amount Due Under the Stock
GLOBAL GROWTH: Petition to Wind Up Pending
PERKINS DEVELOPMENTS: Faces Winding Up Petition


I N D O N E S I A

MERPATI NUSANTARA: Rp300B Notes Issuance Approval Pending


J A P A N

DAINIPPON INK: Forming Alliance to Consolidate UP Production  
DAIWA BANK: Asahi Bank Will Waive Showa Leasing Debts
LAWSON INC: New Boss Faces Challenge to Revive Business
MITSUBISHI MOTOR: Eckrodt Named President
MITSUBISHI MOTOR: Will Spin Off Truck Business to Daimler JV

SNOW BRAND: Plans to Close More Plants
SUN WAVE: R&I Downgrades L-T Rating to BB-
TDK CORP: Applies for Delisting of Shares


K O R E A

DAEWOO MOTOR: GM Will Get $2BB Loan From Creditors
HYNIX SEMICON: Minor Shareholders Oppose Sell-off
HYUNDAI MERCHANT: Named `Green Supplier' by Swedish Firm
KOOKMIN BANK: Denies Report ING Agreed to Up Stake

* 16,000 Insolvent Builders Face Suspension *


M A L A Y S I A

AUTOWAYS HOLDINGS: Unit's April 22 Writ of Summon Hearing Set
AYER HITAM: Unit Suspends Lenders' Interest, Principal Payment
CHASE PERDANA: Material Litigation Hearing Adjourned to April
GENERAL LUMBER: Winding Up Petition Hearing Scheduled
IDRIS HYDRAULIC: Philippines Islamic Insurance Approved

LION GROUP: Revises Proposed Corp, Debt Restructuring Exercise
MEASUREX CORP.: Replies to KLSE's Winding Up Petition Query
RAHMAN HYDRAULIC: Provides Register of Directors Update
U-WOOD HOLDINGS: Proposed Construction Negotiations Ongoing
UNIPHOENIX CORPORATION: Unit Voluntarily Wound Up


P H I L I P P I N E S

NATIONAL STEEL: Restructuring Deal Draws to a Close
PHILIPPINE AIRLINES: Sees Loss of P1.8BB for Fiscal Year


S I N G A P O R E

BBR HOLDINGS: Appoints Huang Yuan Chiang as Director
JURONG ENGINEERING: Slides Into the Red With Loss of $24.5M
SEMBCORP LOGISTICS: Posts Shareholder's Interest Notice
YEO HIAP: Narrows FY01 Net Loss to S$6.169M


T H A I L A N D

DUSIT THANI: To Close Associated Companies Overseas   
MDX PUBLIC: Posts BOD Meeting Resolutions
PTT PUBLIC: Oman Oil Showing Interest in Refinery Stakes  
RAIMON LAND: SET Grants Listed Securities
THE COGENERATION: TRIS to Watch Ratings After Delisting

UNITED CENTER: Files Business Reorganization Petition

     -  -  -  -  -  -  -  -

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


ANACONDA NICKEL: Reaches Short-Term Funding Agreement
-----------------------------------------------------
Anaconda Nickel Limited announced an agreement has been reached
with representatives of its secured creditors on the provision
of US$10 million short term funding from Glencore International
AG for the Murrin Murrin Joint Venture. The agreement is subject
to final approvals and documentation. This facility will assist
Anaconda in meeting project cash call requirements.

This short term funding is only the first phase of a
restructuring negotiation process with secured creditors
regarding its longer-term liquidity which Anaconda anticipates
will take several months.

Anaconda' auditors, KPMG, have completed their independent
review of the financial report of Anaconda Nickel Ltd for the
half-year ended 31 December 2001. KPMG have noted the inherent
uncertainty regarding continuation of Anaconda as a going
concern. The financial report, subject of the audit
review, has now been lodged with the ASX and can be found at
http://www.bankrupt.com/misc/TCRAP_Anaconda0401.pdf

Anaconda will continue formal negotiations with its secured
creditors in the ensuing months and has a reasonable expectation
to restructure its debt and to recapitulate. The Company will
continue to explore every recapitalization option available.
Anaconda has invited secured creditors to conduct due diligence
on the Murrin Murrin project in order to facilitate a project
valuation and an acceptable restructuring agreement.

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


ANSETT GROUP: A$90M Plus in Worker Entitlements Paid
----------------------------------------------------
Ansett Administrators, Mark Mentha and Mark Korda, confirmed
that the disbursement of about A$90 million to approximately
2,700 former Ansett workers started on Wednesday, in accordance
with their earlier forecast that entitlements would be paid by
Easter.

Entitlements payments being made include:

  * 4-5 weeks pay in-lieu of notice,
  * annual leave
  * long service leave
  * up to 8 weeks redundancy paid under the SEESA program.

Messrs Mentha and Korda added that additional A$20 million is
ready to be disbursed to almost 800 former Ansett group staff as
soon as they return property and ID cards to the company.  The
disbursement of funds comes in the wake of receipt of A$110
million from the Federal Government under the Special Employee
Entitlements Scheme for Ansett group employees (SEESA).

"We are pleased that we have been able to process thousands of
redundancies in such a short time frame so that we can minimize
the hardship being suffered by Ansett's people," Mark Mentha and
Mark Korda, said.

"I would like thank the Federal Government for its support in
allowing us to make another tranche of payments to nearly 3000
people which now brings total payments to employees up to A$303
million, and some 11,000 employees now have received a
significant part of their entitlements," Mr Mentha said.

Further entitlements and initial payments will be subject to the
sale by the Administrators of Ansett Australia Group assets.


ANSETT GROUP: Creditors' Vote Continues Administration
------------------------------------------------------
The creditors of the Ansett Group of Companies voted on
Wednesday in favor of recommendations made by Administrators,
Mark Mentha and Mark Korda, to execute deeds of company
arrangements for each Ansett company therefore continuing the
Ansett administration.

In a statement issued on Wednesday afternoon, the Federal
Government also acknowledged its support for the Deeds of
Company Arrangement and continued administration.

A full poll of creditors was taken at the Second Meeting of
Creditors' of the Ansett Group held at the Melbourne Exhibition
Centre.  The poll taken was to determine whether each Ansett
company should execute a deed of company arrangement, or the
administration should end and each Ansett company be placed into
liquidation.

At a press conference after the meeting, Messrs Mentha and Korda
said they were pleased with the outcome of the meeting as it
represented the best possibility of maximizing returns to all
creditors.

They said it also ensured that more than 1400 Ansett group
employees who are still employed at Kendell Airlines, the Ansett
Simulator Center, the Australian Aviation Engineering Services
and Ansett International Cargo remained so, while the
administration negotiates the sale of several key assets as
'going concerns.'


EARTH SANCTUARIES: Issues Restructuring Process Update
------------------------------------------------------
Earth Sanctuaries Ltd announced that following the expression of
interest process commenced in January, a takeover bid for the
company in its current form is not expected to occur.  Earth
Sanctuaries is heading down the path of a breakup.  Earth
Sanctuaries is in the due diligence and negotiations phase with
five preferred parties with proposals to acquire both individual
assets and groups of assets.  Other potential buyers may be
brought back into the process pending the outcome of the process
with preferred parties.  The identity of the preferred parties
and their proposals remain confidential.

Preferred party discussions are at an advanced stage,
particularly with some parties, but sale agreements remain
incomplete at this stage.  An initial announcement with respect
to at least two of the parties is expected to be made within the
next few days.  Other announcements will be made when other
proposals are finalized.

A key consideration has been the welfare of the thousands of
rare and endangered native animals in the Company's sanctuaries.
In this regard, the likely outcome is looking very positive.

For further information contact

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


GAMES 'R': Request Securities Trading Suspension
------------------------------------------------
The securities of Games 'R' Us Australia Limited will be
suspended from quotation immediately, at the request of the
Company, pending compliance with listing rule 11.1 and Chapters
1 and 2 of the listing rules.

The Company expects the suspension to last until receipt of the
shareholder approvals at a general meeting and satisfaction of
conditions imposed by ASX. It is not aware of any reason why its
securities should not be suspended. The Company is in the
process of preparing a notice of meeting and prospectus and
expects to convene a shareholders meeting in May 2002.

In the event that the shareholder approvals are received and the
Company satisfies the conditions imposed by ASX, the Board does
not intend to pursue the Company's present business activities,
being the retail of computer games, console platform games and
related products.


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


401 HOLDINGS: In Debt Settlement Negotiations With Creditors
------------------------------------------------------------
The Directors of 401 Holdings Limited (the Company), in regards
to the settlement arrangements entered into between the Company
and certain of its creditors, announced that the Company is in
the course of discussions with remaining creditors relating to
the settlement of outstanding obligations in consideration of
the issue to some of these creditors of shares in the Company at
HK$0.01 each as part of its overall capital restructuring plan.

It is expected that upon settlement of its outstanding
obligations, the Company will put forward for the consideration
of its shareholders a capital restructuring proposal involving,
amongst other things, the consolidation of its shares of HK$0.01
each and the reduction of its capital. The directors of the
Company expect but cannot predict with certainty that the
discussions with its creditors will take at least three months.

Pursuant to clause 30 of the listing agreement entered into
between the Company and The Stock Exchange of Hong Kong Limited
(Stock Exchange), the Company is required to proceed with a
consolidation of its shares as the market price of its shares
approaches HK$0.01 should the Stock Exchange so direct. The
Company has now been requested by the Stock Exchange to address
the issue and the Company is going to put forward for
shareholders' approval a capital restructuring proposal,
including the consolidation of its shares of HK$0.01 each, at
the next special general meeting, if any, and in any event, no
later than its coming annual general meeting which is expected
to be convened in August, 2002. The timing of any capital
restructuring will depend on the progress of the Company's
current discussions with its creditors. However, the board of
directors of the Company will use its reasonable endeavors to
comply with the request from the Stock Exchange.

Further material developments relating to the capital
restructuring proposal will be announced as and when
appropriate.

Investors should exercise extreme caution when dealing in the
shares in the Company.

Anglo Chinese Corporate Finance, Limited is advising the Company
on the capital restructuring proposal.


BESTMATE LIMITED: Winding Up Petition to be Heard
-------------------------------------------------
The petition to wind up Bestmate Limited will be heard before
the High Court of Hong Kong on June 12, 2002 at 9:30 am.  The
petition was filed with the court on February 27, 2002 by Bank
of China (Hong Kong) Limited (the successor corporation to The
China State Bank Limited pursuant to Bank of China (Hong Kong)
Limited (Merger) Ordinance (Cap. 1167) of 14th Floor, Bank of
China Tower, 1 Garden Road, Central, Hong Kong.


CENTUR ASSETS: Winding Up Petition Set for Hearing
--------------------------------------------------
The petition to wind up Centur Assets Limited is scheduled for
hearing before the High Court of Hong Kong on May 15, 2002 at
9:30 am.  The petition was filed with the court on January 31,
2002 by Bank of China (Hong Kong) Limited whose registered
office is situated at 14th Floor, Bank of China Tower, 1 Garden
Road, Central, Hong Kong.


CHEUK NANG: Widens 2001 Loss to HK$1,467,000      
--------------------------------------------
Cheuk Nang (Holdings) Limited announced on 26/3/2002:
(stock code: 131)
Year end date: 30/6/2002
Currency: HK$
Auditors' Report: Neither
Review of Interim Report by: Audit Committee
                                                  (Unaudited)
                                 (Unaudited)      Last
                                 Current          Corresponding
                                 Period           Period
                                 from 1/7/2001    from 1/7/2000
                                 to 31/12/2001    to 31/12/2000

Turnover                            : 5,685,000        6,717,000
Profit/(Loss) from Operations       : (1,467,000)      (420,000)
Finance cost                        : (8,391,000)    (7,929,000)
Share of Profit/(Loss) of Associates: -                -
Share of Profit/(Loss) of
  Jointly Controlled Entities       : -                -
Profit/(Loss) after Tax & MI        : (9,858,000)    (8,440,000)
% Change over Last Period           : N/A
EPS/(LPS)-Basic                     : (0.305 cent)     (0.294
cent)
         -Diluted                   : N/A              N/A
Extraordinary (ETD) Gain/(Loss)     : -                -
Profit/(Loss) after ETD Items       : (9,858,000)      
(8,440,000)
Interim Dividend per Share          : NIL              NIL
(Specify if with other options)     : -                -
B/C Dates for Interim Dividend      : N/A
Payable Date                        : N/A
B/C Dates for (-) General Meeting   : N/A
Other Distribution for Current Period: -
B/C Dates for Other Distribution     : N/A

Remark:

The calculation of the basic loss per share is based on the loss
attributable to shareholders of HK$9,858,000 (2000: K$8,440,000)
and  3,232,987,170 ordinary shares in issue during the period
(2000: weighted average number of 2,869,861,799 shares).

Diluted loss per share has not been presented because the
Company does not have any dilutive potential ordinary shares.


CLASSIC GROUP: Hearing of Winding Up Petition Set
-------------------------------------------------
The petition to wind up Classic Group Enterprises (HK) Limited
is set for hearing before the High Court of Hong Kong on June
12, 2002 at 9:30 am.  

The petition was filed with the court on February 27, 2002 by
Bank of China (Hong Kong) Limited (the successor corporation to
The China State Bank Limited pursuant to Bank of China (Hong
Kong) Limited (Merger) Ordinance (Cap. 1167) of 14th Floor, Bank
of China Tower, 1 Garden Road, Central, Hong Kong.


DAILYWIN GROUP: Repays Amount Due Under the Stock
-------------------------------------------------
The Board of Directors of Dailywin Group Limited (the Company)
announced that the Company will repay the full principal amount
of the Stock plus any accrued interest, up to the date of
repayment, on 27 March 2002.

Currently, the outstanding principal amount of the Stock is GBP
2,756,816 (approximately HK$30.7 million). The aggregate
repayment amount together with accrued interest is GBP2,791,257
(approximately HK$31.1 million).

The funds for the repayment of the amount due under the Stock
will be fully financed by the Loan from Rich Time.

The Loan will be applied in the following manner:

   (i) approximately HK$30.8 million for repayment of the
principal amount of the Stock held by Dynamission, which amounts
to GBP2,727,810 plus accrued interest;

   (ii) approximately HK$0.3 million for repayment of the
balance of the principal amount of the Stock held by the
remaining stockholders which amounts to GBP29,006 plus accrued
interest; and

   (iii) the balance of approximately HK$0.9 million as the
Company's working capital.

Reasons for repayment of the amount due under the Stock

For improving the financial stability of the Group, the Board
believes that it is in the Company's best interest to repay the
Stock, which is immediately due and repayable, by utilizing the
Loan, which has a tenor of 18 months. The Directors consider
that the terms of the Loan are on normal commercial terms.

In addition, the Stock carries interest at the rate of 9.5% per
annum, which is substantially higher than the current market
interest rate. Since the Loan will carry interest at the rate of
prime plus 2% per annum, based on the current prime rate of
5.125%, the Company's interest expenses after the repayment will
be substantially reduced.

Background information

As announced in the announcements dated 26 October 2001, 13
November 2001, 22 November 2001, 26 November 2001, 20 December
2001, 4 January 2002, 7 February 2002 and 25 February 2002
(together, the Announcements), due to the non-payment of
interest of the Stock, the Stock had become immediately due and
repayable and the Trustee for the holders of the Stock had
issued a statutory demand and subsequently petition for winding
up of the Company and applied for appointment of provisional
liquidators of the Company.

In February 2002, the Company, the Trustee, Dynamission and Rich
Time came to a settlement in respect of the winding up petition
and application for the appointment of provisional liquidators
against the Company subject to the terms as provided in the
Heads of Agreement. Pursuant to the Heads of Agreement,
Dynamission has acquired from the Stockholders GBP2,270,710
(approximately 25.3 million) of the outstanding amount of the
Stock and a joint application was made by the Company, the
Trustee, Dynamission and Rich Time to the Court, which had
granted an order for, among other things, the dismissal of the
winding up petition and the appointment of provisional
liquidators to the Company. As at the date of this announcement,
the total amount of the Stock held by Dynamission amounts to
GBP2,727,810 (approximately HK$30.4 million), representing
approximately 98.95% of the total outstanding amount of the
Stock and the remaining balance is held by independent third
parties who are not connected with the directors, chief
executive or substantial shareholders of the Company or its
subsidiaries or their respective associates.

The Board had sought further legal advice as to the legal status
of the Stock after the completion of the purchase of the Stock
by Dynamission and the dismissal of the winding up petition and
the appointment of provisional liquidators to the Company and
was being advised that, despite the above transactions, the
Stock remains immediately due and repayable.

As such, with a view to improving the financial stability of the
Group, the Board approached Rich Time, which had agreed to grant  
the Company an 18-month unsecured term loan of HK$32 million
(the "Loan") at the interest rate of prime plus 2% per annum for
repayment of the Loan. Rich Time holds approximately 29.19% of
the share capital of the Company in issue.


GLOBAL GROWTH: Petition to Wind Up Pending
------------------------------------------
The petition to wind up Global Growth Limited is scheduled to be
heard before the High Court of Hong Kong on May 15, 2002 at 9:30
am.  The petition was filed with the court on January 30, 2002
by Bank of China (Hong Kong) Limited whose registered office is
situated at 14th Floor, Bank of China Tower, 1 Garden Road,
Central, Hong Kong.


PERKINS DEVELOPMENTS: Faces Winding Up Petition
-----------------------------------------------
The petition to wind up Perkins Developments Limited is set for
hearing before the High Court of Hong Kong on May 15, 2002 at
9:30 am.  The petition was filed with the court on January 30,
2002 by Bank of China (Hong Kong) Limited whose registered
office is situated at 14th Floor, Bank of China Tower, 1 Garden
Road, Central, Hong Kong.


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


MERPATI NUSANTARA: Rp300B Notes Issuance Approval Pending
---------------------------------------------------------
PT Merpati Nusantara Airlines' plans to issue medium-term notes
worth Rp300 billion to repay its debts are pending approval from
the government, Jakarta Post reports, citing Merpati's
Controller and Insurance and Tax Nanager, Setyo Wisnubroto.

"We have no money to repay the debts. So this plan to issue
notes is the only way out. We are still awaiting the approval of
the government," Wisnubroto said.

Merpati, faced with continuing financial difficulties, submitted
a proposal on the issuance of the notes to the Office of the
State Minister of State Enterprises in January this year, but
had yet to receive a response.  The Company has appointed
Mandiri Securities to arrange the issuance of the notes.

Merpati's debts to the Indonesian Bank Restructuring Agency
(IBRA), totaling Rp331 billion, will mature on April 11.  The
airline had attempted to secure financing from banks and non-
bank financial institutions to repay the debts, but to no avail.

According to Setyo, IBRA promised to grant the airline a
generous debt haircut of up to Rp230 billion, provided that the
Company could settle the rest of the debt, or Rp101 billion, on
time. "If the company is unable to meet this requirement, the
debt restructuring deal will be canceled and negotiations with
IBRA will begin again."


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


DAINIPPON INK: Forming Alliance to Consolidate UP Production  
------------------------------------------------------------
Dainippon Ink & Chemicals Inc., Showa Highpolymer Co. and
Hitachi Chemical Co. plan to combine their unsaturated polyester
production lines to rationalize their operations, Dow Jones
Newswires reports.

The chemicals companies decided to join forces due to continued
market shrinkage and increasing competition from rivals in
Taiwan, South Korea, China and Singapore.

In addition to the consolidation of their production bases, the
three will consider cost-cutting measures in such areas as
procurement, distribution and capital expenditures, the news
agency said.

Domestic demand for unsaturated polyester, which is used in the
production of bathtubs and other housing items, as well as in
leisure boats, dropped about 26 percent to 200,000 metric tons
in 2001 from the peak of 271,000 tons in 1991.


DAIWA BANK: Asahi Bank Will Waive Showa Leasing Debts
-----------------------------------------------------
Asahi Bank, a member of Daiwa Bank Holdings Inc., will waive its
financial claims totaling some Y55 billion against subsidiary
Showa Leasing Co., Kyodo News reported, citing industry sources.

Showa Leasing, a major leasing firm based in Tokyo has been
plagues by a large amount of bad loans.


LAWSON INC: New Boss Faces Challenge to Revive Business
-------------------------------------------------------
Lawson Inc.'s new boss, Takeshi Niinami, is facing a tough task
to revive the struggling retailer.

According to a report from the Asahi Shimbun, Mitsubishi Corp.,
Niinami's former employer and Lawson's biggest shareholder have
handed the job, which starts at the end of May.

Lawson's troubles began when it expanded too fast but has been
unable to raise prices given the current deflationary trend. Its
shares have plunged since the company floated in July 2000.

Observers say the Osaka-based operator of convenience stores
needs to close unprofitable outlets and do more aggressive
restructuring.


MITSUBISHI MOTOR: Eckrodt Named President
------------------------------------------
Mitsubishi Motors Corp. has named Rolf Eckrodt as president, the  
Japan Times reported.

Mr Eckrodt, DaimlerChrysler AG's representative to MMC, has
served as chief operating officer at MMC since January 2001. He
will take over Takashi Sonobe following the move's approval at
an MMC shareholders' meeting in late June.

Sonobe is also expected to become chairman at the firm, the
paper added.

Eckrodt's planned promotion has fueled hopes that MMC will boost
its restructuring efforts under DaimlerChrysler's leadership.

DaimlerChrysler is MMC's major shareholder with a 37.3 percent
stake. MMC posted a net loss of Y75.6 in 2000 and suffered
Y31.49 billion net loss in the first half of the current
business year. The company said it would cut its procurement
costs by 15 percent by 2003 and cut 9,500 jobs by March 31,
2004.


MITSUBISHI MOTOR: Will Spin Off Truck Business to Daimler JV
------------------------------------------------------------
Mitsubishi Motors Corp. plans to spin off its commercial vehicle
division into a joint venture with major shareholder
DaimlerChrysler AG as early as this year, the Nihon Keizai
Shimbun reported.

The German automaker is expected to invest billions of yen in
the venture and take a roughly 30 percent stake. Mitsubishi
Motors is seen spinning off the manufacturing and sales
divisions covering trucks and buses. The two companies are now
finalizing the deal, which will be formalized in May.

The Japanese automaker aims to strengthen its commercial vehicle
operations through the partnership. It also expects the division
to earn an operating profit this fiscal year.

MMC further aims to cut annual costs by Y10 billion through the
alliance.


SNOW BRAND: Plans to Close More Plants
--------------------------------------
Snow Brand Milk Products Co., the parent company of scandal-hit
Snow Brand Foods Co., has called for the closure of more
factories in the Kanto region around Tokyo and the spin off of
its unprofitable milk products division as part of the
reconstruction plan, Kyodo News reported, citing company
sources.

The Tokyo-based dairy producer also plans to set up a joint
company by merging the division with the National Federation of
Agricultural Cooperative Associations (Zen-Noh) and the National
Federation of Dairy Cooperative Associations (Zenrakuren), the
sources said.

Snow Brand Milk is asking Zen-Noh, Itochu Corp. and other
related trading companies to recapitalize it, the report said.

Snow Brand has closed three factories since a poisoning incident
in 2000, which made some 15,000 people ill after they consumed
tainted products. The company took an additional blow from
January's beef mislabeling fraud perpetrated by its subsidiary
Snow Brand Foods.

The company has shut seven factories in Tokyo and the
prefectures of Shizuoka, Ishikawa, Hiroshima, Iwate, Miyagi and
Miyazaki last week.


SUN WAVE: R&I Downgrades L-T Rating to BB-
------------------------------------------
Rating and Investment Information, Inc. (R&I) on March 22 has
downgraded Sun Wave Corporation's Senior Long-term Credit
Rating; Long-term Bonds (3 Series) to BB- from BB+; Domestic
Commercial Paper Program to a-3 (Affirmed).

RATIONALE:

Sun Wave Corp. is a major manufacturer of housing products,
especially sanitary-ware equipment such as system kitchens. The
slump in the housing market has resulted in a severe operational
environment for all the nation's housing equipment makers, and
Sun Wave is feeling the effects of this particularly strongly
because of factors such as its weak marketing system, and its
earnings potential has consequently declined. The Company is
making efforts to cut costs, for example by closing and
amalgamating factories, but sales continue to fall as demand for
homeownership slips, while sales prices are also falling, so the
effects of these cost-cutting measures are being partially
canceled out. Pretax profit for the March 2002 term is expected
to be above the previous year's level, but, with slumping
demand, sales may fall by more than was expected in initial
projections so any improvement is highly likely to be small at
best.

It appears certain that the firm will report a fifth straight
final loss after the tabling of retirement provisions etc., and
restoring earnings potential will take time. There is an urgent
need to rebuild the marketing system, which compares unfavorably
against other firms in the sector, and at the same time it will
be necessary to push further ahead with structural reforms.

Interest bearing debt is at a high level because of past
investments on distribution centers. It should be possible to
cover fund demand out of asset sales for the time being, but
there is a strong possibility that the firm will have to look to
external sources to cover bond redemptions from 2005 onward, and
it will be necessary to monitor the willingness of the major
shareholder, Nisshin Steel Co., Ltd., to provide support, as
well as the Company's relations with financial institutions.


TDK CORP: Applies for Delisting of Shares
-----------------------------------------
TDK Corporation gives notice that the Company, at the meeting of
the Board of Directors held on March 26, 2002, resolved upon
applications for the delisting of shares of the Company to be
filed with the stock exchanges of Paris, Amsterdam, Frankfurt
and Switzerland on which shares of the Company are currently
listed as follows:

Particulars

1. Reason for Application for Delisting

As a result of economic integration in the Euro zone, including
currency unification, the significance of multiple stock markets
in the continental Europe decreases, and accordingly, the
Company determined to continue listing of its shares only in
Brussels, which is close to Luxembourg the most important
business base of the Company in Europe, but terminate the
listing on the four other stock exchanges.

2. Stock Exchanges other than the Aforesaid Four Stock Exchanges

The Company's shares will continue to be listed on the Tokyo
Stock Exchange, Osaka Securities Exchange, New York Stock
Exchange, London Stock Exchange and Brussels Stock Exchange (in
total five).

3. The Date of Applications for Delisting

In and after April, 2002, delisting applications will be filed
with the four stock exchanges, from time to time.

4. Forecast hereafter

Since the Brussels Stock Exchange is like the Paris Stock
Exchange and Amsterdam Stock Exchange under the same umbrella of
Euro-next as the holding Company, shares of the Company will be
traded on the Paris Stock Exchange and Amsterdam Stock Exchange
on the basis similar to trading prior to the delisting, because
the listing on any one stock exchange of the Euro-next qualifies
for the trading on any other stock exchange of the Euro-next,
and accordingly, any reduction of trading volume of shares of
the Company due to the delisting hereby applied, need not be
concerned about. Furthermore, the Milan Stock Exchange and
Madrid Stock Exchange might participate in the Euro-next
hereafter.

About TDK Corporation

TDK Corporation (TSE: 6762) (NYSE: TDK) is a leading global
electronics Company based in Japan. It was established in 1935
to commercialize "ferrite," a key material in electronics and
magnetics. TDK's current product line includes ferrite
materials, electronic components and ICs, wireless computer
networking products, magnetic heads for HDD, digital recording
hardware and advanced digital recording media. Net sales in
FY2001 were Y689 billion. For more information about TDK, please
visit www.tdk.co.jp. For further information, please visit the
TDK Corporation home page at: www.tdk.co.jp

Contact:
Nobuyuki Koike
TDK Corporation
Tel: 03-5201-7102
nkoike@mb1.tdk.co.jp


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


DAEWOO MOTOR: GM Will Get $2BB Loan From Creditors
--------------------------------------------------
Daewoo Motor's Korean creditor banks are prepared to extend US$2
billion in loans to General Motors for the United States
carmaker's acquisition of the ailing Daewoo, Digital Chosun
reports.

The Korean government and creditors have also decided to provide
a package of tax cuts on the deal, partially agreeing to GM's
demand for the five-year grace period on the special consumption
tax for the deal, the report added.

They also noted that the expected tax reduction value would be
arranged so that it is equivalent to the five-year grace on the
consumption tax.

Daewoo's lenders are now expecting to sign a final contract to
sell the firm's assets to GM for US$1.2 billion by April 20,
which is also the deadline date for the banks to submit their
liquidation measures for the struggling auto firm to the courts.


HYNIX SEMICON: Minor Shareholders Oppose Sell-off
-------------------------------------------------
Hynix Semiconductor's minor shareholders announced they will
continue their campaign against the proposed sell-off of the
chipmaker to Micron Technology of the United States, the Digital
Chosun reported.

The association of minor shareholders of Hynix claimed that the
management of the firm and its creditors, including Korea
Exchange Bank (KEB) and Hanvit Bank (HB), cannot ignore the
wishes of 370,000 minor shareholders by moving ahead with the
sell-off bid.

Unionized workers of the South Korean firm said that they would
also oppose the sales deal, the paper added.

As reported in the March 26 edition of the Troubled Company
Reporter Asia Pacific, Micron decided it would 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 would pay to finance
the purchase, valued at $4 billion in earlier reports, would be
placed in an escrow account.


HYUNDAI MERCHANT: Named `Green Supplier' by Swedish Firm
--------------------------------------------------------
Hyundai Merchant Marine Co., Seoul's marine transportation
services provider, has received a perfect score in an evaluation
of the company's environmental friendliness, and was named a
"green supplier" by Swedish firm Tetra Laval, the Korea Herald
reported.

"The award will help Hyundai Merchant broaden their market in
the area because European companies put as much emphasis on
firms' environment-awareness as they do on services," an
official from Hyundai said.

Tetra Laval, a Swedish company active internationally in such
fields as processing and packaging of liquids and environmental
care, conducts environmental evaluations on its partner shipping
firms and classifies them into Red, Yellow or Green, being the
highest level of awareness.

At the end of 2000, Hyundai Merchant Marine Co., Ltd. --
http://www.hmm.co.kr/-- had negative working capital, as  
current liabilities were W3.25 trillion while total current
assets were only W1.88 trillion.


KOOKMIN BANK: Denies Report ING Agreed to Up Stake
--------------------------------------------------
Kookmin Bank has denied a local newspaper report that ING Groep
N.V. has agreed to increase its stake in Seoul's commercial bank
to 9.9 percent from the current 4 percent, Dow Jones Newswires
reported.

A Kookmin Bank spokesman said that the parties have not yet
reached any agreement on the stake sale.

According to Maeil Business Newspaper Thursday, Kookmin Bank
will issue new shares equivalent to a 3.9 percent stake and sell
the shares to ING.

ING will raise its stake to 9.9 percent via stock purchases this
year and next year, the report said.

Kookmin Bank has said the alliance contract will remain valid if
ING raises its stake in Kookmin Bank to at least 8 percent
initially and to 9.9 percent. The two banks aim to start a
financial services business in 2003 as part of the alliance.

Kookmin Bank -- http://www.kookmin-bank.com/-- and ING began  
talks in late January on ING's possible purchase of more shares
in the South Korean bank. ING had held a 9.9 percent stake in
Housing & Commercial Bank before that bank merged with Kookmin
Bank in November last year.

The South Korean government is the largest shareholder in
Kookmin Bank with a 9.6% stake, while Goldman Sachs Group Inc.
(GS) holds a 6.9 percent stake and ING owns a 4 percent stake.


* 16,000 Insolvent Builders Face Suspension *
---------------------------------------------
The Ministry of Construction and Transportation will suspend
operations of about 16,000 insolvent construction companies in
May this year.

According to a report from The Korea Herald, the builders  
failed to abide by the government's operation regulations.

The total includes 1,902 general construction companies, or 15.8
percent of the total 12,000 firms and 4,130 specialized
construction firms, or 11.6 percent of the total 35,692
companies.

The companies included 196 firms engaged in both civil
engineering and architectural works, 782 civil engineering
companies, 1,184 architectural firms and 8 industrial
construction companies.

Under the revised law, the ministry is obliged to impose a six-
month operation ban on companies that have failed to receive
guarantee certifications.

The ministry officials will also impose a two-year operation ban
during the second half of this year on companies that have
recorded lower business performances for the past two years, the
Herald added.

The government raised the minimum amount to 1 billion won from
600 million won for engineering and construction firms, 500
million won from 250 million won for both engineering and
construction companies and 100 million won from 50 million won
for specialized construction firms.

According to the officials, 500 ordinary construction companies
and 10,000 specialized firms will be banned from operation for
failing to reach the minimum amount.


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


AUTOWAYS HOLDINGS: Unit's April 22 Writ of Summon Hearing Set
-------------------------------------------------------------
Autoways Holdings Berhad (Company) announced that the High Court
of Malaya Shah Alam has issued a Writ of Summon dated 10/1/2002
regarding a total claim of RM260,518.50 by Arian Engineering (M)
Sdn Bhd (AESB) against Autoways Construction Sdn Bhd (ACSB), a
wholly owned subsidiary of the Company. Other details are as
follows:

   (1) The writ of Summon was served on ACSB on 25th March 2002.

   (2) The total amount claim is RM260,518.50 together with
interest rate of 8% per annum from the date of the Writ of
Summon until the final settlement date.

   (3) AESB claim the following :

     (a) AESB rented construction equipments to ACSB.

     (b) The above said claim amount owing by ACSB to AESB is
still outstanding and long overdue in payment.

   (4) The said claim is based on the terms and conditions
stipulated in the Purchase Order issued by ACSB.

   (5) The hearing is fixed on 22/04/2002.

   (6) The Company shall take legal steps to dispute and defend
against the claim.

   (7) There is no operational and financial impact on the Group
as the Company has made provision in the audited account for the
said claim.

   (8) The expected loss, if AESB succeeds in the claim, would
be amounting to RM260,518.50 together with interest rate of 8%
per annum from the date of the Writ of Summon until the final
settlement date.


AYER HITAM: Unit Suspends Lenders' Interest, Principal Payment
--------------------------------------------------------------
Ayer Hitam Tin Dredging Malaysia Berhad (AHT or the Company)
Informed that AHT's wholly owned subsidiary, Motif Harta Sdn.
Bhd. has continued to suspend its interest and principal sum
payments amounting to RM6,169,164.00 as at 27 March 2002 owed to
its several financial institutions (the Lenders) under the RM63
million syndicated term loan facilities (the STL). The total
principal drawdown and outstanding on the STL as at 27 March
2002 is RM22.8 million.

In principle, the Lenders have approved the proposed
restructuring of the STL which is presently still pending
completion of legal documentation.


CHASE PERDANA: Material Litigation Hearing Adjourned to April
-------------------------------------------------------------
The Board of Director of Chase Perdana Bhd (CPB), in reference
to the Company's announcement made on 22 March 2002 pertaining
to the material litigation of Pekeliling Triangle Sdn Bhd (PTSB)
against CPB via High Court Suit No. S6-22-483-2001, announced
that the 26 March 2002 hearing was adjourned to 2 April 2002.


GENERAL LUMBER: Winding Up Petition Hearing Scheduled
-----------------------------------------------------
The Board of Directors of General Lumber Fabricators & Builders
Bhd (GLFB) announced that a winding up petition was served on
GLFB by Malinta Corporation Sdn Bhd (Malinta) at its registered
address on 14th March 2002. The winding up petition has been
presented to the High Court of Malaya at Kuala Lumpur (Companies
Winding Up No. D3-28-162-2002) by Malinta against GLFB on 18
February 2002.

The winding up petition is filed pursuant to Section 218(2)(a)
of the Companies Act, 1965 on the ground that GLFB is unable to
pay its debts. The total amount claimed by Malinta against GLFB
is RM2,000,732.82 together with interest thereon at the rate of
8% per annum from 15 March 2001 until the date of full
realization of the debts owed together with costs of RM350.00.
The claim is in relation to the return of capital and profits on
the joint venture between Malinta and GLFB. The winding up
petition hearing has been scheduled on 20 November 2002.

The winding up petition is premised on a Judgment dated 15 March
2001 obtained by Malinta against GLFB in the Shah Alam High
Court (Civil Suit No. MT2-22-1096-1999), which we are appealing.

GLFB has since appointed a firm of solicitors, Messrs Lainah
Yaacob & Zulkepli to oppose the petition and at the same time
are also negotiating with Malinta's solicitors towards a
settlement between both parties.

GLFB announced on 4 March 2002 that it was an affected issuer
under the Practice Note 4 (PN4) of the listing requirements of
the Kuala Lumpur Stock Exchange. Pursuant to the PN4 guidelines,
GLFB is required to announce a detailed plan to regularize its
financial condition within 6 months from the date of First
Announcement, being 4 March 2002. The Company is currently
formulating a debt and corporate restructuring proposal to
address its financial condition and an appropriate announcement
will be made once the proposal is finalized.

Kindly be advised that trading in the Company's shares was
suspended with effect from 9.00 a.m., Wednesday, 27 March 2002
until further notice.


IDRIS HYDRAULIC: Philippines Islamic Insurance Approved
-------------------------------------------------------
Idris Hydraulic (Malaysia) Berhad (IHMB or the Company) informed
that the Insurance Commission, Department of Finance of the
Republic of the Philippines has no objection to the proposal of
the Monarch Insurance Company, Inc., Philippines to develop
Islamic Insurance in the country in collaboration with IHMB.

Profile

The Company (IHMB) was formed as the vehicle to take over the
business of Idris Hydraulic Tin plc (Idris plc), a mining
company. IHMB carried out mining operations until 1986. Over the
years the Company has expanded into property development,
insurance services, manufacturing and timber-based activities.

IHMB has proposed a series of corporate exercises which would
ultimately see its listing status being transferred to a new
company that would focus on investment in the insurance
industry. Insurance subsidiary, Talasco Insurance Bhd (TIB), is
among the few insurance companies in Malaysia with a paid-up
capital of RM100m or more.

On 13 July 2000, 17 August 2000 and 11 January 2001, a
restructuring exercise was proposed which amongst others,
addresses IHMB's various financial obligations to creditors and
reconstitutes IHMB's assets in a new entity (Newco).

The restructuring, undertaken under the auspices of the
Corporate Debt Restructuring Committee, BNM, includes a shares
subscription with Dato' Che Mohd Anuar bin Che Mohd Senawi and
Idaman Unggul Sdn Bhd (Newco), capital reconstruction, capital
reduction and reserve reduction, share exchange, rights issue of
shares, scheme of arrangement, issue of yield shares, rights
issue of ICULS, transfer of TIB to Newco, and proposed listing
transfer from IHBB to Newco.

IHMB has applied to KLSE for an extension of time until end-
October 2001 to obtain all necessary approvals for
implementation of its restructuring which has undergone various
revisions.

In response to the current insurance industry consolidation
program, the Company signed a SPA in May 2001 with Asian Pac
Holdings Bhd to acquire 100% in Tenaga Insurance Bhd. Also, in
the same month, IHMB entered into a MOU to acquire 51.13% in
Malaysia & Nippon Insurans Bhd.


LION GROUP: Revises Proposed Corp, Debt Restructuring Exercise
--------------------------------------------------------------
Lion Corporation Berhad (LCB), Lion Land Berhad (LLB), Amsteel
Corporation Berhad (ACB) and Angkasa Marketing Berhad (AMB)
(collectively referred to as the "Lion Group") jointly announced
on 5 July 2000, various proposed debt restructuring exercises,
divestment programs and corporate restructuring exercises
(collectively referred to as the "Initial GWRS Proposals") to
address the financial position of the Lion Group.

Due to changes in the domestic and global market conditions,
revisions were made to the structure and terms of the Initial
GWRS Proposals which were announced on 11 September 2000, 19
October 2000 and 8 October 2001 (Revised GWRS Proposals).

Following the close of the first half of the financial year
ending 30 June 2002, the Lion Group's senior management had re-
examined the operational performance and actual financial
results achieved by the key operating companies within the Lion
Group such as Megasteel Sdn Bhd (Megasteel) and Sabah Forest
Industries Sdn Bhd (SFI), and noted that the actual results
achieved were lower than previously forecasted in the Revised
GWRS Proposals. As a consequence, the future financial forecast
and projections of the key operating companies have been further
revised. The revisions have had a flow-through impact on the
terms of the Revised GWRS Proposals. In view of the foregoing,
further revisions have been made to the terms of the Revised
GWRS Proposals (collectively referred to as the "Further
Revisions") in the manner set out hereafter.

KEY CHANGES UNDER THE FURTHER REVISIONS

Generally, the Further Revisions relate to and/or involve the
following:

   * Reduction in the transaction values of assets to be
transferred under the proposed corporate restructuring
exercises, and variation in the structure, terms and mode of
settlement of certain assets to be transferred under the
proposed corporate restructuring exercises.

   * Slower build-up in the repayment profile of the Bonds and
Consolidated and Rescheduled Debts to be issued.

   * Revisions in the proposed mode of settlement for financial
institution creditors (FI-Creditors) in the LCB Scheme Companies
and ACB Scheme Companies as listed in Table 1 of the earlier
announcement dated 8 October 2001 in respect of their portion of
the indebtedness which is unsecured.

Revised Proposed Debt Restructuring Exercises

Revisions in the mode of settlement for the FI-Creditors in the
LCB Scheme Companies and ACB Scheme Companies in respect of
their portion of the indebtedness which is unsecured (Unsecured
FI-Creditors)

The revisions in the proposed mode of settlement for the
Unsecured FI-Creditors in the LCB Scheme Companies and ACB
Scheme Companies under the Further Revisions, compared to the
Revised GWRS Proposals, are set out in Table 1 found at
http://www.bankrupt.com/misc/TCRAP_Lion0401.html

Revisions in the amount of (i) Bonds, (ii) Consolidated and
Rescheduled Debts, (iii) shares of LCB, LLB, ACB and AMB
(collectively referred to as the "PLC Shares") and Redeemable
Cumulative Convertible Preference Shares in AMB (RCCPS) to be
issued

The revisions in the estimated aggregate amount of Bonds,
Consolidated and Rescheduled Debts, PLC Shares and RCCPS to be
issued under the Further Revisions, compared to the Revised GWRS
Proposals, are set out in Table 2 at
http://www.bankrupt.com/misc/TCRAP_Lion0401.html

Revisions in the number of PLC Shares and RCCPS to be issued

The revisions in the estimated number of PLC shares and RCCPS to
be issued under the Further Revisions, compared to the Revised
GWRS Proposals, are set out in Table 3 at
http://www.bankrupt.com/misc/TCRAP_Lion0401.html

Revised Proposed Corporate Restructuring Exercises

Revised Proposed Corporate Restructuring Exercises

LCB Group

   (i) Proposed acquisition of 40% equity interest in Megasteel

The revised consideration is RM1,007.92 million, and is to be
satisfied by the issue of RM851.22 million nominal amount of LCB
Bonds and RM156.70 million worth of LCB Shares.

Previously, the consideration was RM1,089.99 million, and was to
be satisfied by the issue of RM953.43 million nominal amount of
LCB Bonds and RM136.56 million worth of LCB Shares.

   (ii) Proposed acquisition of 50.45% equity interest in LLB

The purchase consideration of RM260.47 million for the proposed
acquisition of 50.45% equity interest in LLB has not been
revised. However, the consideration shall now be satisfied by
the issue of RM219.98 million nominal amount of LCB Bonds and
RM40.49 million worth of LCB Shares.

Previously, the consideration was to be satisfied by the issue
of RM227.84 million nominal amount of LCB Bonds and RM32.63
million worth of LCB Shares.

   (iii) Proposed acquisition of ACB Shares from parties deemed
connected to Tan Sri William Cheng Heng Jem (TSWC) and Datuk
Cheng Yong Kim (DAC) (TSWC Group)

The number of ACB Shares to be acquired by LCB has been reduced
to 415.47 million ACB Shares and the consideration has been
reduced to RM434.58 million which shall be satisfied by the
issue of RM434.58 million worth of new LCB Shares.

The final number of ACB Shares to be acquired from the TSWC
Group shall be subject to the actual number of new ACB Shares to
be (i) issued to the TSWC Group pursuant to their proposed
disposal of 30% equity interest in Akurjaya Sdn Bhd (Akurjaya)
and proposed disposal of 13.5% equity interest in Hiap Joo Chong
Realty Sdn Bhd (Hiap Joo Chong) to the ACB Group as described
hereafter; (ii) received by the TSWC Group from the proposed
share swap between the TSWC Group and Lembaga Tabung Angkatan
Tentera (LTAT); and (iii) the existing ACB Shares held by TSWC
Group after adjusting for the proposed capital reconstruction
for ACB Shares.

The final issue price/value of the LCB Shares shall be
determined hereafter. The final revised purchase price of the
ACB Shares shall be fixed based on the same price as the final
issue price/value of the new ACB Shares to be issued to the TSWC
Group in respect of their proposed disposals of 30% equity
interest in Akurjaya and 13.5% equity interest in Hiap Joo Chong
to the ACB Group as described hereafter.

Previously, LCB had proposed to acquire 459.20 million ACB
Shares for RM459.20 million to be satisfied by the issue of
RM459.20 million worth of new LCB Shares.

   (iv) Proposed disposal of the entire 6.35% equity interest in
Silverstone Bhd (Silverstone)

The consideration receivable for the proposed disposal of LCB's
entire 6.35% equity interest in Silverstone of RM16.24 million
has not been revised. However, the consideration shall now be
satisfied by the issue of RM9.41 million worth of AMB Shares and
the balance RM6.83 million shall be set off against the inter-
company balances owing by the LCB Group to the AMB Group.
However, the final issue price/value of the AMB Shares shall be
determined hereafter.

Previously, RM9.33 million of the disposal consideration was to
be satisfied by the issue of RM9.33 million worth of new AMB
Shares whilst the balance of RM6.91 million was to be settled by
netting off against the inter-company balances owing by the LCB
Group to the AMB Group.

LLB Group

   (i) Proposed acquisition of 83.70% equity interest in Posim
Berhad (Posim)

LLB and Amsteel Mills Sdn Bhd (AMSB) would now acquire 23.44%
and 60.26% equity interest in Posim respectively for an
aggregate consideration of RM499.42 million, which shall be
satisfied by netting off against inter-company balances owing by
the ACB Group to the LLB Group.

LLB, AMSB and the persons acting in concert with them would be
obliged to undertake a mandatory general offer for all the
remaining Posim shares not already owned by them after
completion of the aforesaid revised acquisition pursuant to Rule
6 of the Malaysian Code on Take-Overs & Mergers 1998 (Code). The
aforesaid revised acquisition is conditional upon LLB, AMSB and
the persons acting in concert with them being granted a waiver
by the SC exempting them from the aforesaid general offer
obligation.

Under the Further Revisions, SFI would no longer issue
subordinated bonds to LLB and AMSB, to support the proposed debt
restructuring exercise of the LLB Group. Instead, SFI's future
dividends would be utilized to support the proposed debt
restructuring exercise of the LLB Group.

Previously, LLB and AMSB had proposed to acquire 31% and 69%
equity interest in Posim respectively for an aggregate
consideration of RM637.64 million, which was to be partly
satisfied by netting off against inter-company balances owing by
the ACB Group to the LLB Group and the balance RM103.92 million
due to the minority shareholders of Posim, was to be satisfied
in cash.

   (ii) Proposed acquisition of 59.47% equity interest in
Chocolate Products (Malaysia) Berhad (CPB)

The purchase consideration of RM201.50 million for the proposed
acquisition of the entire 59.47% equity interest in CPB has not
been revised. However, LLB and AMSB would now acquire 16.65% and
42.82% equity interest in CPB respectively for an aggregate
consideration of RM201.50 million which shall be satisfied by
netting off against the inter-company balances owing by the ACB
Group to the LLB Group.

Previously, LLB and AMSB had proposed to acquire 18.44% and
41.03% equity interest in CPB respectively for an aggregate
consideration of RM201.50 million, which was to be satisfied by
netting off against the inter-company balances owing by the ACB
Group to the LLB Group.

   (iii) Proposed disposal of 25% equity interest in Avenel Sdn
Bhd (Avenel)

The revised disposal involves LLB paying ACB RM122.05 million
(representing LLB's share of the adjusted net liabilities of
Avenel), which shall be satisfied by netting off against the
inter-company balances owing by the ACB Group to the LLB Group.

Previously, the disposal involved LLB paying RM81.62 million to
ACB which was to be satisfied by netting off against the inter-
company balances owing by the ACB Group to the LLB Group.

AMB Group

   (i) Proposed acquisition of 100% equity interest in
Silverstone

The purchase consideration of RM255.68 million has not been
revised. However, the mode of settlement has been revised
whereby RM6.83 million shall be settled by netting off against
the inter-company balances owing by the LCB Group to the AMB
Group, whilst the balance RM248.85 million shall be satisfied by
the issue of RM248.85 million worth of new AMB Shares. In
addition, the final issue price/value of the AMB Shares to be
issued to the ACB Group, DAC and TSWC Group under the Further
Revisions shall be determined hereafter.

Previously, RM6.91 million of the purchase consideration was to
be settled by netting off against the inter-company balances
owing by the LCB Group to the AMB Group, whilst the balance
RM248.77 million was to be satisfied by the issue of RM248.77
million worth of new AMB Shares.

   (ii) Proposed disposal of 20% equity interest in Avenel

The revised disposal involves AMB paying ACB RM80.63 million
(representing AMB's share of the adjusted net liabilities of
Avenel) which shall be satisfied by netting-off against the
inter-company balances owing by the ACB Group to the AMB Group.

Previously, the disposal involved AMB paying RM65.29 million to
ACB which was to be satisfied by netting-off against the inter-
company balances owing by the ACB Group to the AMB Group.
ACB Group

   (i) The key revisions to the following corporate transactions
to be undertaken by the ACB Group have been described earlier
under the proposed corporate exercises for LCB, LLB and AMB
Group set out above:

    * Proposed divestment of 40% equity interest in Megasteel to
the LCB Group;

    * Proposed divestment of 50.45% equity interest in LLB to
the LCB Group;

    * Proposed divestment of 59.47% equity interest in CPB to
the LLB Group;

    * Proposed divestment of 83.70% equity interest in Posim to
the LLB Group;

    * Proposed divestment of 52.34% equity interest in
Silverstone to the AMB Group; and

    * Proposed acquisitions of 25% equity interest in Avenel
from LLB and 20% equity interest in Avenel from AMB.

   (ii) Proposed acquisition of 30% equity interest in Akurjaya

The purchase consideration has been revised to RM399.28 million,
and shall be settled by the issue of RM399.28 million worth of
new ACB Shares. The final issue price/value of the ACB Shares
shall be determined hereafter.

Previously, the purchase consideration was RM423.90 million, and
was to be satisfied by the issue of RM423.90 million worth of
new ACB Shares.

   (iii) Proposed acquisition of 27% equity interest in Hiap Joo
Chong

The final issue price/value of the new ACB Shares to be issued
as partial satisfaction of the purchase consideration shall now
be determined in the manner set out in Section 2.2.2 hereafter.

   (iv) Proposed Restricted Offer for Sale of LCB shares

Based on the Further Revisions, ACB would hold approximately
290.43 million LCB Shares. It is proposed that ACB makes an
offer for sale of its holding of 290.43 million LCB Shares to
the eligible LCB shareholders on the basis and at an offer price
to be determined after the receipt of the Securities
Commission's (SC) approval for the Further Revisions and set at
a price based on the then prevailing theoretical market price of
LCB Shares (calculated using the market price of LCB Shares
prevailing after the SC's approval for the Further Revisions.
The offer price shall be the issue price of the new LCB Shares
which shall be determined based on the then prevailing
theoretical market price of LCB Shares calculated using the
market price of LCB Shares prevailing after the receipt of the
SC's approval but after adjusting for the proposed capital
reconstruction for LCB Shares subject to the par value of LCB
Shares of RM1.00 each.

The net proceeds to be derived from the sale of the 290.43
million LCB Shares would be dedicated to the proposed debt
restructuring exercise of the ACB Group.

Previously, ACB would have approximately 265.17 million LCB
Shares after the Revised GWRS Proposals.

Revision in pricing basis for the new LCB/AMB/ACB Shares for
related party transactions

With regard to the issuance of shares to related parties as set
out below, a premium is proposed to be added to the final issue
price/value of the LCB Shares, AMB Shares or ACB Shares as the
case may be, in compliance with the SC's Policies and Guidelines
on Issue/Offer of Securities in respect of the issuance of
shares to related parties.

The affected transactions under the Further Revisions are:

  * LCB Shares - proposed acquisition of ACB Shares by LCB from
the TSWC Group

  * AMB Shares - proposed acquisition of equity interest in
Silverstone by AMB from the ACB Group, LCB Group, DAC and TSWC
Group

  * ACB Shares - proposed acquisition of 30% equity interest in
Akurjaya by ACB from Horizon Towers Sdn Bhd (Horizon Towers)
- proposed acquisition of 13.5% equity interest in Hiap Joo
Chong by the ACB Group from Teck Bee Mining (M) Sdn Bhd

For the above mentioned transactions, the final issue
price/value of the LCB Shares, AMB Shares or ACB Shares as the
case may be, shall be determined after the receipt of the SC's
approval for the Further Revisions and fixed at a 5% premium to
the then prevailing theoretical market price of the relevant
share (calculated using the market price of relevant share
prevailing after the SC's approval for the Further Revisions but
after adjusting for the proposed capital reconstruction for the
relevant share), subject to a minimum issue price of RM1.00 each
provided the theoretical market price shall be below 95 sen.

Settlement of inter-company balances between different listed
groups

(i) LCB Group

Settlement of inter-company balances with the ACB Group

Under the Further Revisions, the inter-company balances of
RM14.00 million owing by the LCB Group to the ACB Group are
proposed to be settled as follows:

   a) RM9.41 million - LCB shall assign to ACB its entitlement
to RM9.41 million (as opposed to RM9.33 million under the
Revised GWRS Proposals) worth of AMB Shares receivable pursuant
to LCB's proposed divestment of 6.35% equity interest in
Silverstone;

   b) RM2.20 million (as opposed to RM2.18 million under the
Revised GWRS Proposals) - shall be settled via a set-off against
the consideration payable by ACB to LCB for ACB's proposed
acquisition of 13.5% equity interest in Hiap Joo Chong; and

   c) RM2.39 million (as opposed to RM2.49 million under the
Revised GWRS Proposals) shall be settled through the issue of
RM2.02 million LCB Bonds and RM0.37 million worth of new LCB
Shares (as opposed to RM2.18 million LCB Bonds and RM0.31
million worth of new LCB Shares under the Revised GWRS
Proposals).

(ii) LLB Group

Settlement of inter-company balances with the ACB Group

Under the Further Revisions, the balance inter-company balances
owing by the ACB Group to the LLB Group after netting-off
against the considerations for the corporate exercises under the
LLB Group as set out above is RM185.47 million (as opposed to
RM257.22 million under the Revised GWRS Proposals).

Under the Further Revisions, LLB and AMSB would receive RM39.80
million nominal amount of ACB Bonds and RM145.67 million worth
of new ACB Shares in settlement of inter-company balances owing
from the ACB Group to the LLB Group of RM185.47 million, as
opposed to the LLB Group receiving RM107.85 million nominal
amount of ACB Bonds and RM149.37 million worth of new ACB Shares
in settlement of inter-company balances owing from the ACB Group
to the LLB Group of RM257.22 million under the Revised GWRS
Proposals.

(iii) AMB Group

Settlement of inter-company balances with the ACB Group

Under the Further Revisions, the balance inter-company balances
owing by the ACB Group to the AMB Group after netting-off
against the considerations for the corporate exercises under the
AMB Group as set out above is RM125.24 million (as opposed to
RM148.19 million under the Revised GWRS Proposals).

Under the Further Revisions, the AMB Group would receive RM95.22
million nominal amount of ACB Bonds and RM30.02 million worth of
new ACB Shares in settlement of the net amount of RM125.24
million owing by the ACB Group to the AMB Group (as opposed to
the AMB Group receiving RM117.2 million nominal amount of ACB
Bonds and RM30.99 million worth of new ACB Shares in settlement
of the net amount of RM148.19 million owing by the ACB Group to
the AMB Group under the Revised GWRS Proposals).

(iv) ACB Group

The key revisions have been described earlier under the proposed
settlement of inter-company balances with the LCB, LLB and AMB
Group.

FINANCIAL EFFECTS OF THE FURTHER REVISIONS

The financial effects of the Further Revisions are set out in
Table 4 at http://www.bankrupt.com/misc/TCRAP_Lion0401.html

OTHER MATTERS

All the other terms and conditions of the Revised GWRS Proposals
announced on 11 September 2000, 19 October 2000 and 8 October
2001 apart from the aforesaid variations, remain unchanged.

Shareholders and potential investors are requested to refer to
the announcements made by the Lion Group dated 5 July 2000, 11
September 2000, 19 October 2000 and 8 October 2001 for further
details on the proposals.

The relevant applications to seek the SC's approvals for the
Further Revisions have been submitted on 8 February 2002.

Copies of the conditional supplemental agreements and letters of
undertaking entered into by the relevant parties on 26 March
2002 for the proposed corporate transactions under the Further
Revisions are available for inspection at the Registered Office
of LCB, LLB, ACB and AMB, all of which are located on Level 46,
Menara Citibank, 165 Jalan Ampang, 50450 Kuala Lumpur, during
normal business hours from Mondays to Fridays (except public
holidays) from the date hereof to the date of the respective
extraordinary general meetings to be convened by LCB, LLB, ACB
and AMB.


MEASUREX CORP.: Replies to KLSE's Winding Up Petition Query
-----------------------------------------------------------
Measurex Corporation Berhad(MCB), further to the KLSE's letter
of query dated 18 March 2002 on 20 March 2002 announcement
regarding the Petition By Judicial Managers of Winding-Up by
Court in relation to Measurex Holdings Pte Ltd (MH), Measurex
Engineering Pte Ltd (ME) and Measurex Precision Pte Ltd (MP),
replied to the other outstanding queries as follows:

1. The total cost of investment by Measurex Corporation Berhad
in each of MH, ME and MP

  * MCB's cost of investment in MH was RM20,400,000.

  * MH's cost of investment in ME and MP were S$21,437,170
    (RM44,632,188) and S$16,194 (RM33,716) respectively.

2. The financial and operational impact of the winding-up
proceedings on Measurex Group

There will be no financial and operational impact on MCB Group
except for the Corporate Guarantees granted to banks in
Singapore. As at 31 December 2000, RM40,661,773 of the banking
and credit facilities granted were utilized.

3. The expected losses, if any, arising from the winding-up
proceedings

Based on the unaudited accounts for the period ended 30
September 2001, there is no expected losses arising from the
winding-up petition.

4. The steps taken and proposed to be taken by Measurex in
respect of the winding-up proceedings

As the petition of winding-up was initiated by the Judicial
Managers, there is no further action to be taken by MCB.


RAHMAN HYDRAULIC: Provides Register of Directors Update
-------------------------------------------------------
The Special Administrators of Rahman Hydraulic Tin Berhad (RHTB
or the Company) announced that:

"Notwithstanding an approval of the Registrar of Companies for
an extension of time to hold the Annual General Meeting (AGM)
for 1998 by 31 December 1998, the AGM was not convened and
further, the AGM for 1999 and 2000 were also not convened. In
view of this, by virtue of Article 109 of the Company's Articles
of Association, the following named persons are de-facto
directors of the Company, being persons occupying the position
of directors without re-election by members of the Company:

   1. Tan Sri Dato' Wan Sidek Bin Hj Wan Abdul Rahman
   2. Tuan Haji Abdul Malek Bin Hormat
   3. Dato' Syed Hamzah Bin Syed Abu Bakar
   4. Chong Kee Ling, JP
   5. Lim Siang Kim

The Company also announced that the statutory books of the
Company will be updated immediately to show the above directors
are no longer in office."


U-WOOD HOLDINGS: Proposed Construction Negotiations Ongoing
-----------------------------------------------------------
The Board of Directors of U-Wood Holdings Berhad announced that
the Company has received a letter dated 27th March 2002 from
Corporate Line (M) Sdn Bhd which was addressed to University
Teknologi Mara (UiTM) and the Company respectively which
highlighted the following details:

1. Corporate Line (M) Sdn Bhd, a private limited company
incorporated in Malaysia has surrendered vacant possession of
their land known as H.S.(D) 2592 & 2593, P.T. no. 1567 & 1568
located in the Mukim of Jeram, District of Kuala Selangor in the
State of Selangor Darul Ehsan to UiTM pursuant to a clause in a
Sale & Purchase Agreement between Corporate Line (M) Sdn Bhd,
UiTM and Pesuruh Jaya Tanah Persekutuan for the sale and
purchase of the abovementioned land;

2. Corporate Line (M) Sdn Bhd had at the same time given its
irrevocable consent to UiTM and the Company as the proposed UiTM
turnkey contractor to carry out and deal with the relevant
authorities for the planning and design for the construction of
the UiTM new campus on the abovementioned land. The consent
given covers the representatives, sub-contractors and staff of
the Company.

The Company had previously disclosed in its reply to the
Exchange's query on 26th March 2002, that the Company had in
August 2001 received a Letter of Intent from UiTM informing of
their intention to appoint the Company as their design and
build/turnkey contractor for the construction of an extension to
their UiTM Shah Alam campus in Bandar Puncak Alam.

The terms and conditions of the contract between the Company and
UiTM has yet to be finalized to date and is still in the
negotiation process.

On Thursday, the Company announced that Securities Commission
approved the Proposed Restructuring of an Existing Syndicated
Loan via the Issuance of up to RM76,093,000 Nominal Value of 5%
8-Year Redeemable Secured Loan Stock (RSLS) at Approximately 71%
of the Nominal Value of RM1.00 per RSLS (Proposed Debt
Restructuring Scheme).


UNIPHOENIX CORPORATION: Unit Voluntarily Wound Up
-------------------------------------------------
The Board of Directors of Uniphoenix Corporation Berhad
announced that the Company has just been informed that its
subsidiary, Rubfil Sdn Bhd has appointed Mr. Jeyaraj R., of
MustaphaRaj Sdn Bhd, as the Liquidator of Rubfil Sdn Bhd on 19th
March 2002 in relation to its Creditors' Voluntary Winding Up.

Profile

The Group unveiled its restructuring scheme in November 1998
comprising a comprehensive equity and debt restructuring,
injections of property development projects and fund raising
exercise. Since its submission to the SC in July 1999, the
Company has received approvals from the FIC and MITI. The scheme
was however aborted in December 2000.

In January 2001, the Company entered into two separate
agreements to acquire four property-related companies and one
construction-based company. The acquisition forms a part of the
Group's restructuring scheme involving capital and debt
reconstruction, share exchange and capital exercises. The new
assets, which complement the Group's property development arm,
will enable Uniphoenix to derive synergistic benefits. In view
of its focus on property development, Uniphoenix had in December
2000 entered into an agreement to dispose of its entire 60.7%
interest in Sam Long Chemicals Industries (Malaysia), one of its
manufacturing concerns.


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


NATIONAL STEEL: Restructuring Deal Draws to a Close
---------------------------------------------------
The liquidator and the consortium of creditor banks of National
Steel Corp. (NSC) will formally present a plan to state-run
Pengurusan Danaharta Nacional Bhd of Malaysia this week
detailing the financial restructuring of the bankrupt steel
giant, ABS-CBN News reports.

According to Trade Secretary Manuel Roxas II, a delegation
composed of NSC liquidator and former Securities and Exchange
Commission associate commissioner Danilo Concepcion, as well as
representatives from the creditor banks, will go to Malaysia for
the formal negotiations.

The DTI chief pointed out that banks led by the Philippine
National Bank (PNB) successfully obtained a two-thirds vote from
the creditor banks approving the financial restructuring of the
financially distressed steel firm.

The proposal include substantial `haircuts' by both Hottick
Investment Ltd. and the creditor banks in their equity as well
as exposure that will result in a `nearly debt-free' NSC.

The 82.5-percent interest of Hottick will likely be "watered
down" while the banks are likely to write down a third of their
P16-billion exposure in NSC.

According to Roxas, there is also an agreement among members of
the consortium banks that nobody will block the financial
restructuring.

Aside from PNB, creditors of NSC include Land Bank of the
Philippines, UOB (Westmont Bank), Allied Bank, Asian Bank, Bank
of Commerce (Urban Bank), China Bank, Credit Agricole Indosuez,
Wise Citco, Equitable PCI Bank, Rizal Commercial Banking Corp.,
Traders Royal Bank and United Coconut Planters Bank.


PHILIPPINE AIRLINES: Sees Loss of P1.8BB for Fiscal Year
--------------------------------------------------------
Philippine Airlines (PAL) expects to post a net loss of between
P1.6 and P1.8 billion in the current year to March due to the
impact of terrorism fears, the Philippine Star reports.

According to President Avelino Zapanta, the reduced passenger
traffic following the September 11 terrorist attacks in the
United States, as well as travel warnings about the Philippines
issued in some major tourist markets, will push PAL into the
red.

PAL incurred a net loss of P2.1 billion between September and
November in the previous year.


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


BBR HOLDINGS: Appoints Huang Yuan Chiang as Director
----------------------------------------------------
BBR Holdings Ltd announced on March 26 the appointment of
Director Huang Yuang Chiang as follows:

Date of appointment: 26 March 2002

Name: HUANG YUAN CHIANG

Age: 42

Country of principal residence: Singapore

Whether appointment is executive, and if so, the area of
responsibility: Non-Executive

Working experience and occupation(s) during the past 10 years:
November 1999 - Current
Consultant

June 1999 - October 1999
Deutsche Bank AG, Singapore Branch
Managing Director - Corporate Finance/Mergers & Acquisitions

1996 - June 1999
Bankers Trust Company, Singapore Branch Managing Director -
Corporate Finance/Mergers & Acquisitions

990 - 1991 (concurrent as follow)
Samuel Montagu & Co. Ltd, London
Senior Manager - Corporate Finance

1988 - 1996
HSBC Investment Bank Asia Ltd, Singapore
Head - Corporate Finance

Other directorships

Past:
BT Brokerage Nominees Pte Ltd
BT Brokerage & Associates Pte Ltd

Present:

Goodpack Limited
Metalock (Singapore) Limited
Cityaxis Holdings Pte Ltd
United College of SEA Ltd
Irama Anngun Sdn Bhd
Shareholding in the listed issuer and its subsidiaries: Nil

Family relationship with any director and/or substantial
shareholder of the listed issuer or of any of its principal
subsidiaries: None

Conflict of interest: None

Declaration by a Director, Executive Officer or Controlling
Shareholder as Required

1(a) Were you in the last 10 years involved in a petition under
any bankruptcy laws in any jurisdiction filed against you ?
No

1(b) Were you in the last 10 years a partner of any partnership
involved in a petition under any bankruptcy laws in any
jurisdiction filed against it while you were such a partner?
No

1(c) Were you in the last 10 years a director or an executive
director of any corporation involved in a petition under any
bankruptcy laws in any jurisdiction filed against it while you
were such a director or executive officer?
No

2. Are there any unsatisfied judgments outstanding against you?
No

3. Have you been convicted of any offence, in Singapore or
elsewhere, involving fraud or dishonesty punishable with
imprisonment for 3 months or more, or charged for violation of
any securities laws? Are you the subject of any such pending
criminal proceeding?
No

4. Have you at any time been convicted of any offence, in
Singapore or elsewhere, involving a breach of any securities or
financial market laws, rules or regulations?
No

5. Have you received judgment against you in any civil
proceeding in Singapore or elsewhere in the last 10 years
involving fraud, misrepresentation or dishonesty? Are you the
subject of any such pending civil proceeding?
No

6. Have you been convicted in Singapore or elsewhere of any
offence in connection with the formation or management of any
corporation?
No

7. Have you ever been disqualified from acting as a director of
any Company, or from taking part in any way directly or
indirectly in the management of any Company?
No
  
8. Have you been the subject of any order, judgment or ruling of
any court of competent jurisdiction, tribunal or governmental
body permanently or temporarily enjoining you from engaging in
any type of business practice or activity?
No

9. Have you , to your knowledge, in Singapore or elsewhere, been
concerned with the management or conduct of affairs of any
Company or partnership which has been investigated by an
inspector appointed under the provisions of the Companies Act,
or other securities enactments or by any other regulatory body
in connection with any matter involving the Company partnership
occurring or arising during the period when you were so
concerned with the Company or partnership?
No

TCR-AP reported on Wednesday that the Company's Directors expect
market conditions to remain competitive and difficult for the
year and therefore the group's operating performance will remain
weak for the rest of the year and it expects the losses in the
second half of FY 2001 to be higher than that reported in the
first half of FY 2001. The additional losses are mainly due to
the provisions for certain litigation cases stated in the
circular to members dated 11 March 2002 (the Circular),
additional provision for doubtful debts, cost overruns, non-
recoverable inter-Company debts due from subsidiaries that had
gone into liquidation and losses arising from the disposals of
fixed assets.


JURONG ENGINEERING: Slides Into the Red With Loss of $24.5M
-----------------------------------------------------------
Jurong Engineering tumbled into the red last year with $24.5
million, compared with a profit of $1 million in FY 2000, the
Business Times reported.

The engineering and construction firm blamed continued weakness
in the global economy and construction markets, as well as its
prudent and conservative position towards making provisions, for
its 2001 loss.

According to the report, certain significant projects,
settlement of claims with sub-contractors and write-downs on
investments in subsidiaries saw the firm end up heavily in the
red despite a modest 1.4 per cent dip in turnover to $202.7
million.

The loss per share was 58.70 cents, compared with earnings per
share of 2.64 cents a year earlier. Net tangible assets per
share fell 20 per cent to $2.82.

Jurong Engineering Limited -- http://www.jel.com.sg/-- provides
construction, engineering, fabrication, management, liaison and
marketing services. Also provides labor to general contractors,
building contractors, mechanical and electrical works.


SEMBCORP LOGISTICS: Posts Shareholder's Interest Notice
-------------------------------------------------------
Sembcorp Logistics posted a notice of change in The Capital
Group Companies, Inc.'s interests:

Date of notice to company: 28 Mar 2002
Date of change of deemed interest: 27 Mar 2002
Name of registered holder: DBS Nominees Pte Ltd
Circumstance giving rise to the change: Sales in open market at
own discretion

Shares held in the name of registered holder
No. of shares of the change: 31,000
Percentage of issued share capital: 0%
Amount of consideration: S$2.2574
No. of shares held before change: 56,358,400
Percentage of issued share capital: 6.62%
No. of shares held after change: 56,327,400
Percentage of issued share capital: 6.62%

Holdings of Substantial Shareholder including direct and deemed
interest
                                                           
Deemed
Direct
No. of shares held before change:       87,302,200
Percentage of issued share capital:            10.26
No. of shares held after change:         87,017,200
Percentage of issued share capital:            10.22
Total shares:                                    87,017,200

SembCorp Logistics Limited -- http://www.semblog.com/--  
provides marine salvage, offshore supply base services,
passenger ferry services, tug services for berthing and docking
of ships, ocean towage, marine transportation and integrated
logistics services.


YEO HIAP: Narrows FY01 Net Loss to S$6.169M
-------------------------------------------
Yeo Hiap Seng posted a fiscal year net loss of S$6.169 million
against a loss of S$12.955 million a year earlier, AFX News
reported Monday.

Yeo Hiap Seng Ltd 2001 results:

Sales - S$284.465 million versus 404.431 million
Opg profit - S$22.796 million versus 19.935 million
Net loss - S$6.169 million versus loss 12.955 million
Loss per share - 1.09 cents versus loss 2.28
Final div - 0.25 cents, unchanged

Yeo Hiap Seng Limited is property developer. Other activities of
the Group include manufacture, distribution and export of
beverages, sauces and canned food; rental of vending machines;
owns and leases fixed assets to related corporations; and
investment holding. Operations of the Group are carried out in
Singapore, Hong Kong, China, Canada and the United Kingdom.
Property development accounted for 55 percent of 2000 revenues
and consumer food and beverages products, 45 percent.

According to Wright Investor's Service, at the end of 2001, Yeo
Hiap Seng Limited had negative working capital, as current
liabilities were S$276.45 million while total current assets
were only S$234.17 million.


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


DUSIT THANI: To Close Associated Companies Overseas   
---------------------------------------------------
Dusit Thani International Co., Ltd., a subsidiary company of
which 99.99% held by Dusit Thani Public Company Limited, had
joint venture with Sinar Mas Group (Indonesia) since August 1990
to set up Dusit Pacific International NV (Incorporation in
Curacao, Netherlands Antilles) as holdings company. Dusit Thani
International Co.,Ltd. invested US$135,000 equivalent to 45% of
the paid up capital in Dusit Pacific International NV.

Dusit Pacific International NV held 100% in subsidiary companies
as follows:

   1. Technology Engineering and Construction Netherlands
Antilles NV (Incorporation in Curacao, Netherlands Antilles)

   2. Dusit Promotions NV (Incorporation in Curacao, Netherlands
Antilles)

   3. Dusit Systems BV (Incorporation in Utrecht, Holland)

   4. Pacific Hotels and Resorts BV (Incorporation in Utrecht,
Holland)

While Pacific Hotels and Resorts BV held the shares in 2
companies as follows:

   1. Pacific Hotels & Resorts Melrose 100% (Incorporate in
Delaware, USA)

   2. PT Pacific Hotels & Resorts Indonesia 95% (Incorporate in
Jakarta, Indonesia)

The companies mentioned above were set up for expansion and
oversea investment at that time. In the past, the projects
involved were Melrose Hotel, Dusit Balikpapan and Dusit Mangga
Dua. After selling the Melrose Hotel, the Pacific Hotels &
Resorts Melrose was closed. Since January 2002, Dusit Balikpapan
and Dusit Mangga Dua have been under Franchise Agreement with
Dusit Thani Public Company Limited.

While there are no new project, therefore these companies do not
have any activity at this moment. If these companies are kept
opened, there will be some annual expenses, such as Accounting
Fees, Filing Fees etc. which will approximately not be less than
Bt280,000 per one company. Therefore all parties agreed to close
all companies above shown.

Dusit Thani International Co., Ltd. had invested US$135,000 in
Dusit Pacific International NV since August 3, 1990 and received
cash distribution, in January 1998 for the amount of US$45,000,
in August 1998 for the amount of US$90,000 and in February 2002
for the amount of US$90,000 totaling US$225,000.


MDX PUBLIC: Posts BOD Meeting Resolutions
-----------------------------------------
MDX Public Co., Ltd., Reg. No. Bor Mor Jor 155 had held its
2nd/2002 Board of Directors' Meeting on March 26, 2002 at 9.30
a.m., at Building No. 1, Wireless Road, Lumpini, Pathumwan,
Bangkok 10330. The Meeting resolved as follows:

1) The Company will hold the Annual Ordinary General Meeting
of the Shareholders No. 1/2002 on April 29, 2002 at 10.30 a.m.
at Karaket Room, Hilton International Hotel, No. 2 Wireless
Road, Lumpini, Pathumwan, Bangkok 10330.  The Meeting agenda:

1.  To adopt the Minutes of Annual Ordinary General
  Meeting of the Shareholders No. 1/2001 held on April
30, 2001.

2.  To acknowledge Directors' report on the business
transactions of the Company during the year 2001 and
ratify the said transactions.
        3.  To approve the Balance Sheet and Profit and Loss
Account for the accounting period ended December 31,
2001.

4.  To consider the suspension of dividend payment and
the profit  appropriation.
        5.  To consider the election of Directors.
        6.  To appoint the auditor for the accounting period of
the year 2002 and fix the audit fee.
  7. Other business (if any)

2)  Share transfer registration will be closed for the right to
attend the Annual Ordinary General Meeting of the Shareholders
No. 1/2002 from April 11, 2002, at 12.00 noon until completion
of the Annual Ordinary General Meeting of the Shareholders No.
1/2002.

3) The company will propose to the Annual Ordinary General
Meeting of the Shareholders No. 1/2002 to approve the suspension
of dividend  payment for the accounting period ended December
31, 2001.


PTT PUBLIC: Oman Oil Showing Interest in Refinery Stakes  
--------------------------------------------------------
PTT Public Company Limited, in reference to the press release on
March 26, 2002 that the state-owned Oman Oil Company is in talks
with PTT to buy its 36% stake held by PTT in each Rayong
Refinery Co., Ltd. and Star Petroleum Refining Co., Ltd,
informed that Oman Oil Company has shown interest in acquiring
shares in the above-mentioned refineries. However, at present,  
discussions are in the early stages.


RAIMON LAND: SET Grants Listed Securities
-----------------------------------------
The Stock Exchange of Thailand (SET), starting from March 29,
2002, allowed the securities of Raimon Land Development Public
Company Limited (RAIMON) to be traded on the SET after finishing
capital increase procedures.

However, RAIMON is a listed company under REHABCO sector and
is in the rehabilitation process, therefore, the SET has still
suspend trading all securities of RAIMON until the causes of
delisting are eliminated. Anyway, the company could request the
SET to allow continued trading under the REHABCO category after
it completed the conditions specified by the SET.
    
Name                          : RAIMON
Issued and Paid up Capital  
     Old                      : Bt9,372,000  
     New                      : Bt249,216,050
Allocate to

Group No.1                               Number of share
- Knight Thai Strategic Investments Ltd.   2,000,000
- Newer Challenge Holdings Ltd.            2,000,000
- Quam Securities Co., Ltd.                1,499,400
- Seamico Securities Plc.                 14,494,200

Group No.2
- Unsecured creditors
under rehabilitation plan                  3,990,805

Oferring price                : Group No. 1 ~ Bt5.002
                                Group No. 2   Bt5.00

Payment Date                  : Group No. 1   March 6, 2002
                                Group No. 2   March 14,2002


THE COGENERATION: TRIS to Watch Ratings After Delisting
-------------------------------------------------------
Thai Rating and Information Services Co., Ltd. (TRIS) said on
March 26 that it was following closely the announcement from The
Cogeneration Public Company Limited (COCO) that it would delist
from the Stock Exchange of Thailand (SET). TRIS said that
delisting COCO was part of ongoing organizational restructuring
within Tractebel Group in Thailand. COCO is held approximately
98.23% by Tractebel S.A. However, before a meeting of COCO's
shareholders, which is scheduled for 22 May 2002, the company
needs approval from bondholders to waive listing status
requirements. Covenants in COCO#1 debentures require COCO's
shares to be registered and traded on the SET or other
acceptable stock market.

COCO is the largest Small Power Producer (SPP) in Thailand,
according to TRIS. The company produces electricity, steam and
treated water using cogeneration technology to supply large-
scale industries in Map Ta Phut Industrial Estate and to sell
electricity to the Electricity Generating Authority of Thailand
(EGAT) under the SPP scheme.

Currently, TRIS rates COCO's company and issue ratings (COCO#1:
Bt2,200 million senior debentures due 2005) at "BBB+", the
rating agency said.


UNITED CENTER: Files Business Reorganization Petition
-----------------------------------------------------
Real Estate Rental United Center Company Limited (DEBTOR)'s  
Petition for Business Reorganization was filed at the Central
Bankruptcy Court:

   Black Case Number 1188/2544

   Red Case Number 224/2545

   Petitioner: Mr. Surawong Daechavibul

Debts Owed to the Petitioning Creditor: Bt4,140,590,388.03

Date of Court Acceptance of the Petition: October 1, 2001

Date of Examining the Petition: October 29, 2001 at 9.00 A.M.

Court had set the Date for the last Examining the Petition:
December 7, 2001

Court had set the Date for Hearing the Order: January 31, 2002
at 9.00 a.m.

Court has postponed the Date for Examining the Petition to
February 21, 2002 at 10.00 a.m.

Court had issued an Order for Cancelling the Petition for
Business Reorganization on February 21, 2002

Contact: Mr. Apirak Tel, 6792525 ext. 113


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
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