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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

            Thursday, April 11, 2002, Vol. 5, No. 71

                         Headlines

A U S T R A L I A

AUSTAR UNITED: Not Affected by UAP's Chapter 11 Filing
AUSTRALIAN MAGNESIUM: May Distribution Payment Timetable
AVIVA CORPORATION: Receives Final Payment From Mr Hogg
CALTEX AUSTRALIA: Posts AGM Notice
DVT HOLDINGS: Shareholders Seek Change in Board Composition

HOTHAM WINES: Unquoted Options Lapsed
INTERNATIONAL MEDIA: ASIC Places Interim Stop on Prospectus
PHONEWARE LIMITED: Posts Administrator's Report


C H I N A   &   H O N G  K O N G

CHINA CONSTRUCTION: Court Adjourns Petition Hearing to May 13
FULLTEAM TRANSPORTATION: Petition to Wind Up Pending
HK FORTUNE: 2001 Operations Loss Swells to HK$41,711
NORTHEAST ELECTRIC: Turnover Movement Inexplicable
STAR EAST: Capital Reorganization Resolutions Passed at SGM

SUPER POWER: Winding Up Sought by Camewould


I N D O N E S I A

BENTALA KARTIKA: Sells 182 Apartment Units to Repay Loan
INDOFOOD SUKSES: ISF Injects US$100M Loan for Working Capital
PELABUHAN INDONESIA: Denies Report of US$100M Loan


J A P A N

COSMO OIL: Expects FY01 Y5.5B Net Loss
DAIWA BANK: Discussing Bank Units Restructuring
HANKYU CORP: Closing Amusement Park Businesses Next Year
KANSAI ELECTRIC: Aims to Issue Y120B Worth of Corporate Bonds
MATSUSHITA ELECTRIC: Reaches Agreement With TCL Holdings

MITSUBISHI MOTOR: DaimlerChrysler Seeks Majority Stake
MIZUHO HOLDINGS: May Face Legal Action, Says Minister
MYCAL CORP: In Credit Card Pact Talks With Aeon
NIPPON STEEL: Unveils Projections of FY01 Settled Accounts
NKK CORP: Enters Tie-Up Agreement With Kawasaki, ThyseenKrupp

VICTOR CO: Predicts FY01 Y44.9B Net Loss


K O R E A

DAEWOO MOTOR: Union, Management Meet on Key Labor Issues
HYNIX SEMICON: Creditors Opposes Deal, Delays Micron Talks


M A L A Y S I A

AMSTEEL CORPORATION: April 23 EGM Scheduled
AUTOWAYS HOLDINGS: Litigation's Total COI Stands RM11.5M
BESCORP INDUSTRIES: Issues Existing Audit Committee Status
CSM CORPORATION: Updates Defaulted Payment Status
HAI MING: Obtains SC's Approval on Proposed Debt Settlement

HO WAH: Gets FIC's Nod on Proposed Private Placement
KRETAM HOLDINGS: CDRC Aids RM360M Debt Restructuring
KRETAM HOLDINGS: Scheme Companies Enters DRA With Lenders
OMEGA HOLDINGS: Regularization Plan Extension Request Pending
S P SETIA: RAM Places RM125M Bonds on Rating Watch

TECHNOLOGY RESOURCES: Rights Issue Over-Subscribed by 30.52%
UNITED CHEMICAL: Faces RM45M Counterclaim From SWP


P H I L I P P I N E S

BELLE CORP: Aims to Restructure $68.5M Foreign Debt Next Month
DMCI HOLDINGS: Convertible Preferred Shares Remain Outstanding
REYNOLDS PHILIPPINES: Finalizing Restructuring Scheme
RFM CORP: Final Redemption Date of CP Shares on April 11
RFM CORP: Unit Signs MOA With OMPI


S I N G A P O R E

CAPITALAND LIMITED: Shareholders EGM Set on May 2
THAKRAL CORP: Posts Notice of Shareholder's Interest


T H A I L A N D

CHAROENSRI MOTOR: Files Business Reorganization Petition
ITALIAN-THAI: Joint Venture POC-ITD Signs Contract With POS   
SINO-THAI: Independent Director Suriyasat Dies
THAI PETROCHEMICAL: Files Petition to BRO for Plan Amendment

* DebtTraders Real-Time Bond Pricing

     -  -  -  -  -  -  -  -  -

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A U S T R A L I A
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AUSTAR UNITED: Not Affected by UAP's Chapter 11 Filing
------------------------------------------------------
United Australia/Pacific, Inc, (UAP) is a United States company
which is part of one of the chains of companies interposed
between Austar United Communications Limited (Austar) and its
largest stakeholder UnitedGlobalCom (UGC).

In 1996 and 1997 UAP issued various bonds in the aggregate
principal amount of approximately US$490 million. These bonds
are due in 2006. Austar has no liability in relation to these
bonds.

Both the bond holders and UAP itself have applied to have UAP
placed into a form of administration under Chapter II of the
United States Bankruptcy Code. In its statement to the US
Securities and Exchange Commission, UAP notes that both
petitions relate to UAP only and do not affect any of its
directly or indirectly owned subsidiaries.

ABOUT AUSTAR UNITED COMMUNICATIONS

Austar United (Australian Stock Exchange "AUN") is one of the
most dynamic media and communications companies in the
Australian and New Zealand markets. AUSTAR Communications is the
second largest pay TV operator in Australia, and the largest
providing, principally, digital DTH services, with over 432,000
pay TV, 72,000 internet and 13,000 mobile phone subscribers. XYZ
Entertainment (a 50/50 joint venture with Foxtel) is a
significant program provider in the Australian market and owns
and/or distributes Nickelodeon, Discovery, Channel M. musicMAX,
Arena and The Lifestyle Channel to over 12 million subscribers.
TelstraClear Limited (a joint venture with Telstra) operates the
first and largest broadband telecommunications company in New
Zealand, offering a full mix of cable television, telephony and
Internet services. Austar was the first company in Australasia
to launch digital interactive television. Austar United is
majority owned by UnitedGlobalCom.

ABOUT UNITEDGLOBALCOM

United is the largest international broadband communications
provider of video, voice, and data services with operations in
26 countries. At September 30, 2001, United's networks reached,
in aggregate, 18.8 million homes and served over 10.6 million
video customers. In addition, the company's telephony business
had approximately 671,500 telephony subscribers, its high speed
internet access business had 672,900 subscribers, and its
programming business had approximately 48 million subscribers.
United's significant operating subsidiaries include United Pan-
Europe Communications NV (UPC), the largest pan-European
broadband communications company, Austar United Communications,
a leading satellite cable television and telecommunications
provider in Australia and New Zealand: and VTR GlobalCom, the
largest broadband communications provider in Chile.

For further information:
Bruce Meagher
HEAD OF CORPORATE AFFAIRS
02 9295 0182 / 0412 254 690


AUSTRALIAN MAGNESIUM: May Distribution Payment Timetable
--------------------------------------------------------
Australian Magnesium Corporation Limited (AMC) has issued to its
23,000 holders of Distribution Entitled Securities support
material for the May distribution payment and associated
Distribution Reinvestment Plan (DRP).

As outlined in the Company's October 2001 prospectus, the half
yearly distribution payments of 3.2c per security will be paid
on the 23d of May and 23rd of November in 2002, 2003 and 2004.

The Distribution Entitled Securities (DES) trade on the
Australian Stock Exchange under code ANMCA.

The key dates for the 23 May 2002 payment are as follows:

Friday 26 April   - Last day of trading in DESs on a cum-
    Distribution basis.
Monday 26 April   - Trading in DESs on an ex-distribution basis
Friday 3 May      - Record Date.
Thursday 23 May   - Payment Date.

The Record Date is the date AMC and the share registrar will use
to determine who is registered, or entitled to be registered, to
receive the distribution payment. It is also the cut off date
for DRP calculations.

Under the DRP, distribution payments can be reinvested into
ordinary AMC shares at a 5 per cent discount to the weighted
average market price of AMC's fully paid ordinary shares over
the five business days prior to and including the Record Date.
The shares issued under this plan will rank equally in all
respects with existing fully paid ordinary shares.

All administration costs associated with the DRP and the issuing
of new shares will be met by AMC, No brokerage, commission,
stamp duty, GST or other transaction costs will be payable by
participants in respect of shares issued under the DRP.

All shareholder and security holder enquiries should be directed
to the share registry Douglas Heck & Burrell Registries on
telephone +61 7 3228 4219.

Enquires concerning this report may be directed to;

Joel Forwood,                 Simon Jamison
MANAGER - INVESTOR RELATIONS  GENERAL MANAGER - PUBLIC AFFAIRS
Telephone: +61 7 3837 3400    Telephone:  +61 7 3837 3400
Facsimile: +61 7 3937 3423    Facsimille: +61 7 3837 3423


AVIVA CORPORATION: Receives Final Payment From Mr Hogg
------------------------------------------------------
The Board of Aviva Corporation Limited (Aviva), formerly known
as Equico Corporation Limited, announced that Mr Chris Hogg has
made his final payment of $400,000 associated with his purchase
of Equico Corporate Finance Group, on the due date.
Consequently, Mr Hogg has now fulfilled all his payment
obligations to Aviva.

In addition, it is the Board's view that Mr Hogg has fulfilled
his "best endeavors" obligation to Aviva to secure the Company's
release from its BankWest contingent liability by the 30th March
2002. Whilst this matter has not been finalized, the Company has
been successful in offsetting this liability through the
negotiation of a Put Option with Mr John Denoon, a major
shareholder in Aviva. This has contributed to the strengthening
of the Company's financial position and capacity to implement a
strategy going forward.

Enquiries should be directed to Mr Jonathon Rea (EXECUTIVE
DIRECTOR) on either (02) 9328 3255 or on his mobile (0409) 464
384 or via fax (02) 9328 3299.


CALTEX AUSTRALIA: Posts AGM Notice
----------------------------------
Caltex Australia Limited advised that shareholders that the
Annual General Meeting (AGM) of Caltex Australia Limited, in
respect of the year ended 31 December 2001, will be held at
10.00 am on Thursday, 2 May 2002, in the Ballroom, Lower Ground
Level, Westin Hotel, 1 Martin Place, Sydney NSW Australia.

ORDINARY BUSINESS

REPORTS

To receive and consider the financial report, the directors'
report and the auditor's report for the year ended 31 December
2001 for Caltex Australia Limited and its controlled entities.

ELECTION OF DIRECTORS

Shareholders will be asked to consider and, if thought fit, pass
the following resolutions:

1 that Mr Leo Lonergan is elected as a director of Caltex
Australia Limited in accordance with, and on the terms set out
in, the company's Constitution;

2 that Mr Michael Wirth is elected as a director of Caltex
Australia Limited in accordance with, and on the terms set out
in, the company's Constitution; and

3 that Mr Richard Warburton is re-elected as a director of
Caltex Australia Limited in accordance with, and on the terms
set out in, the company's Constitution.

ON February 26, Standard & Poor's lowered the corporate credit
ratings on Caltex Australia Ltd. (Caltex) to `BBB/A-3' from
`BBB+/A-2'. The outlook is negative. On July 11, 2001, Standard
& Poor's revised Caltex's outlook to negative, citing Caltex's
poor financial performance and the Australian refining
industry's weak fundamentals.


DVT HOLDINGS: Shareholders Seek Change in Board Composition
-----------------------------------------------------------
DVT Holdings Limited, former Davnet Holdings, announced that it
has received from Bigshop.com.au Limited correspondence
indicating that Bigshop.com.au together with certain
shareholders of the company wish to requisition a general
meeting of the company to replace the majority of the company's
board.

The company is presently considering and seeking advice on the
matter.


HOTHAM WINES: Unquoted Options Lapsed
-------------------------------------
Hotham Wines Limited advised that 150,000 options exercisable at
40 cents on or before 8 April 2002 (unquoted) have lapsed in
accordance with the terms and conditions of those options.

Last month, TCR-AP reported that the Company completed a
share placement of 16 million shares at 4 cents per Share to
raise $640,000, in accordance with the agreement with the
Calneggia Group to fund restructuring, business development and
repayment of loans.


INTERNATIONAL MEDIA: ASIC Places Interim Stop on Prospectus
-----------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
taken action to protect investors by placing an interim stop
order on a prospectus issued by International Media Management
(Holdings) Limited dated 1 March 2002.

International Media Management is a listed but suspended public
company that has received subscriptions for $6.5 million under
the prospectus to acquire the business of WorldAudio
Communications Pty Limited (WorldAudio). WorldAudio is a
commercial radio broadcaster that currently runs a single
commercial radio station, 1611AM Radio 2, located in Western
Sydney.

In order to operate radio stations, WorldAudio is required,
amongst other things, to hold licenses from the Australian
Communications Authority known as `broadcasting apparatus
licenses'. International Media Management's prospectus discloses
that WorldAudio currently leases two of its broadcasting
apparatus licenses, including the license that allows it to
continue broadcasting in Western Sydney.

ASIC has become aware of disputes about the ownership and lease
of the licenses that it considers has the potential to affect
the prospects of International Media Management. Since
International Media Management's prospectus recently closed
oversubscribed, ASIC believed it was necessary to place an
interim stop order on the prospectus to protect investors.

"ASIC has acted to protect investors because it believes that
information required by the Corporations Act has not been made
available to investors," ASIC's Director Corporate Finance,
Richard Cockburn said.


PHONEWARE LIMITED: Posts Administrator's Report to Holders
----------------------------------------------------------
Phoneware Limited, posted Administrator J R Lindholm report to
the shareholders:

LETTER FROM FERRIER HODGSON TO CREDITORS

RE:   PHONEWARE LIMITED                       ACN: 076 611 268
      PHONEWARE AUSTRALIA PTY LTD             ACN: 006 970 887
      PHONEWARE ONLINE PTY LTD                ACN: 081 165 871
      PHONEWARE COMMUNICATION SYSTEMS PTY LTD ACN: 076 565 341
      CTI INTERNATIONAL PTY LTD               ACN: 075 760 155
      IMEDIA CORPORATION PTY LTD              ACN: 050 873 900
      (ALL ADMINISTRATORS APPOINTED)

"John Menzies Spark and I were appointed joint and several
Administrations of the abovenamed companies on 2 April 2002
pursuant to Section 436A of the Corporations Act 2001.

"I have taken control of the operations of the companies. The
directors have been requested to prepare a Report as to Affairs
for each Company as at the date of my appointment and to furnish
information to my office with respect to the business, property
and affairs of each company.

"As you may be aware, Phoneware Limited is a listed public
company, the main assets of which are shares in various
subsidiaries (collectively referred to as "the Group"). The
Subsidiaries own the operating assets, intellectual property,
incur trading liabilities and conduct the operations of the
"Phoneware" business.

"In particular, the main operating subsidiary in the Group is
Phoneware Communication Systems Pty Ltd ("PCS"). With limited
exceptions, PCS trades with the customers, employs all staff,
and incurs credit with suppliers.

"As a consequence of the appointment, the Administrators will
take full responsibility for the operations of the Group and
control all assets.

"The Group will continue to trade "business as usual" under the
Administrators' control. Existing management will remain in
place subject to the Administrators' supervision and direction.

"The main reason for the appointment of the Administrators was
to facilitate a sale by Phoneware Limited of the business
conducted in the subsidiaries. This follows the recent
successful sale by the directors of the Phoneware Online
business.

"Prior to my appointment, the directors had negotiated a sale of
the subsidiaries which conduct the Group's business. I intend to
continue with and pursue this sale. A letter of intent detailing
the terms of the proposed sale has been received with due
diligence scheduled to be completed by Monday, 8 April 2002. At
this time, a formal offer capable of acceptance by me is
expected to be made.

"Due to ASX requirements, I am not able, at this time, to
disclose the identity of the proposed purchaser other than to
advise it is a listed Australian public company with obvious
synergies to the Group.

"It is envisaged that the sale will be affected by a sale of the
shares currently held by Phoneware Limited in PCS, Phoneware
Australia Pty Ltd and the Singapore and New Zealand
subsidiaries.

"If the sale as envisaged is completed successfully, the
obligations and debts owing to all creditors of those
subsidiaries will be met in full. The Administrator of those
subsidiaries would then in all likelihood cease.

"With respect to Phoneware Limited and any subsidiaries which
are not acquired by the purchaser, those companies would
continue to he managed under the Voluntary Administration
provisions. The directors have indicated a preference to propose
a Deed of Company Arrangement for creditors' consideration.
These plans are currently being formulated.

"As the Group is continuing to trade, I take this opportunity to
advise the terms and conditions to apply during the
administration period. Liability will not be accepted by the
Administrators in respect of any goods purchased or services
rendered which are not made with the written authority of the
specified authorized signatories and accompanied by a tax
invoice. In the event that a Tax Invoice is not provided, I will
be obliged by law to deduct 48.5% from any payment due and pass
this amount on to the Australian Taxation Office.

"If there are any outstanding or unfulfilled orders placed by
the companies prior to my appointment, please contact this
office to obtain confirmation that the order is to be completed.
Further, if you have supplied stock on consignment to the
companies, please furnish details to my office as a matter of
urgency.

"As you are no doubt aware, in circumstances such as these, the
payment of unsecured creditors' accounts as at 2 April 2002 is
postponed pending the outcome of the "proposal meeting" of
creditors. This meeting is ordinarily held within the next 28
days and provides creditors with an opportunity to determine the
future of the companies.

"The proposed purchaser has expressed concern that to delay the
second meeting of creditors for 28 days to allow creditors to
ratify any sale may cause irreparable damage to the business.
Assuming an acceptable offer is received by Monday, 8 April
2002, I propose applying to the Court seeking approval to hold
the second meeting of creditors on Friday, 19 April 2002.
Without obtaining Court approval, pursuant to the Corporations
Act, the earliest I could hold the second meeting is 23 April
2002, I invite creditors to express their view on making this
application to Court, and holding the creditor's meeting early,
by way of facsimile to this office, by 11:00am Tuesday, 9 April
2002.

"In the meantime, I am required to call a meeting of creditors
("the first meeting") within five (5) business days of my
appointment pursuant to Section 436E of the Corporations Act.
The purpose of this meeting is to provide creditors with an
opportunity to:-

   * appoint a Committee of Creditors; and
   * appoint an alternative Administrator, if they so desire.

Please note that concurrent meetings of creditors of the Group
companies will be held. It will be necessary to propose and
resolve separate resolutions for each company at the meeting.
Creditors can only vote with respect to the company which owes
the debt. It is therefore vital that creditors identify and
properly complete a proof of debt and proxy form with respect to
the applicable individual company.

STATEMENT OF INDEPENDENCE

"I am not aware of any material professional, personal or
business relationship between myself or my firm and the company,
its officers, members and creditors which might otherwise impair
my independence in the conduct of the administration.

REMUNERATION OF ADMINISTRATOR

"For the purpose of the administration of the company, I would
intend that my remuneration would be fixed on the basis of time
spent by myself and my staff of an appropriate level having
regard to the nature and complexity of the work and calculated
by reference to the hourly rates set out in the schedule
accompanying the Notice of Meetings of Creditors.

"Should you have any further queries in this matter, please
contact Ms Danielle Roche of this office."


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C H I N A   &   H O N G  K O N G
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CHINA CONSTRUCTION: Court Adjourns Petition Hearing to May 13
------------------------------------------------------------
China Construction Holdings Limited (CIH), in relation to its
US$60 million Floating Rate Notes due 2000 and US$70 million
Floating Rate Notes due 2004, announced that on 8 April 2002,
the High Court of the Hong Kong Special Administrative Region
has adjourned the petition hearing for the winding up of CIH to
13 May 2002 to allow CIH to convene a meeting of noteholders to
put in place certain new arrangement requested by the
petitioning noteholders relating to the implementation of the
restructuring proposal.

A further announcement on the progress will be released in due
course.


FULLTEAM TRANSPORTATION: Petition to Wind Up Pending
----------------------------------------------------
The petition to wind up Fullteam Transportation (Hk) Company
Limited is scheduled for hearing before the High Court of Hong
Kong on June 26, 2002 at 9:30 am.  

The petition was filed with the court on March 6, 2002 by Li
Chan Wah of Room 2605, Heng Fung House, Heng On Estate, Ma On
Shan, Shatin, New Territories, Hong Kong.  


HK FORTUNE: 2001 Operations Loss Swells to HK$41,711
----------------------------------------------------
Hong Kong Fortune Limited announced on 9 April 2002:

(stock codes: Ord: 121 & War: 1160)
Year end date: 31/12/2001
Currency: HK$
Auditors' Report: Neither
Review of Interim Report by: N/A
                                                (Audited)
                               (Audited)        Last
                               Current          Corresponding
                               Period           Period
                               from 1/1/2001    from 1/1/2000
                               to 31/12/2001    to 31/12/2000
                               ('000)           ('000)
Turnover                             : 39,656           7,072
Profit/(Loss) from Operations        : (41,711)         (7,322)
Finance cost                         : (19,166)         (32,523)
Share of Profit/(Loss) of Associates : 344              (4,864)
Share of Profit/(Loss) of
  Jointly Controlled Entities        : 80,303           253
Profit/(Loss) after Tax & MI         : (4,025)          (44,977)
% Change over Last Period            : N/A
EPS/(LPS)-Basic                      : (0.07 cent)      (0.85
cent)
         -Diluted                    : N/A              N/A
Extraordinary (ETD) Gain/(Loss)      : -                -
Profit/(Loss) after ETD Items        : (4,025)          (44,977)
Final Dividend per Share             : NIL              NIL
(Specify if with other options)      : -                -
B/C Dates for Final Dividend         : N/A
Payable Date                         : N/A
B/C Dates for (-) General Meeting    : -
Other Distribution for Current Period: -
B/C Dates for Other Distribution     : N/A

Remarks:

(1) All of the Turnover and Loss after Taxation & Minority
Interest in years 2000 and 2001 are from the continuing
operations.

(2) The calculation of basic loss per share is based on the net
loss from ordinary activities attributable to shareholders for
the year of HK$4,025,000 (2000: HK$44,977,000) and 5,996,614,000
(2000: weighted average of 5,301,367,000) shares of the Company
in issue during the year.

The diluted loss per share amount for the year ended 31st
December, 2001 has not been disclosed as the warrants
outstanding had an anti-dilutive effect on the basic loss per
share for that year.

The diluted loss per share amount for the year ended 31st
December, 2000 has not been disclosed as the warrants and share
options outstanding had an anti-dilutive effect on the basic
loss per share for that year.


NORTHEAST ELECTRIC: Turnover Movement Inexplicable
--------------------------------------------------
Northeast Electrical Transmission & Transformation Machinery
Manufacturing Company Limited has noted the recent increase in
the trading volume of the shares of the Company and stated that
they are not aware of any reasons for such increase save as the
announcements dated March 25, 2002 and April 8, 2002.

The Company also confirmed that there are no negotiations or
agreements relating to intended acquisitions or realizations
which are discloseable under paragraph 3 of the Listing
Agreement, neither is the Board aware of any matter discloseable
under the general obligations imposed by paragraph 2 of the
listing Agreement, which is or may be of a price sensitive
nature.


STAR EAST: Capital Reorganization Resolutions Passed at SGM
-----------------------------------------------------------
The Board of Directors of Star East Holdings Limited announced
that the resolutions to approve the Capital Reorganization, the
grant of the general mandates to issue and repurchase shares in
the capital of Star East have all been duly passed by the
Shareholders present and voting in person or by proxy at the
Special General Meeting (SGM).

The Capital Reorganization will become effective on 10th April  
2002. Dealings in the Reduced Shares will commence at 10:00 a.m.
on 10th April, 2002. Upon the Capital Reorganisation becoming
effective, the issued share capital of Star East will comprise
HK$8,756,875.775 divided into 1,751,375,155 ordinary shares of
HK$0.005 each.


SUPER POWER : Winding Up Sought by Camewould
--------------------------------------------
Camewould Electrical Limited is seeking the winding up of Super
Power Electrical Limited.  The petition was filed on March 21,
2002, and will be heard before the High Court of Hong Kong on
July 3, 2002.

Camewould holds its registered office at Room 1806-8, 18th
Floor, Ho Lik Center, 66A Sha Tsui Road, Tusen Wan, New
Territories, Hong Kong.


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BENTALA KARTIKA: Sells 182 Apartment Units to Repay Loan
--------------------------------------------------------
PT Bentala Kartika Abadi (PT BKA) is a holding company
established by Indonesia Bank Restructuring Agency (IBRA)
pursuant to the Shareholding Settlement Agreement between IBRA
and the Danamon Group.

PT BKA was established in relation to the agreement between
Usman Admadjaja (Shareholder) and IBRA with regards to loans
extended by Bank Danamon to companies affiliated to the
Shareholder. As part of the refinancing agreement with IBRA, the
Shareholder transferred numerous shares in operating companies
to PT Bentala Kartika Abadi which pledged the shares to IBRA as
a source of repayment to IBRA/government.

The Indonesian Bank Restructuring Agency (IBRA) and PT Bentala
Kartika Abadi (BKA) announced a block sale for its 182 unit
strata title Apartment at Puri Imperium Tower A, owned and
developed by PT Kuningan Persada, one of BKA's subsidiaries. The
disposal proceeds will be used to reduce the shareholder loan to
IBRA/Government.

Kuningan Persada a property development company that also owns
asset of nearly 14 hectares of land located within Kota Bentala
Superblock, Kuningan was supposed to be developed as an
integrated commercial and residential area.

The 182-unit apartment have a total area of 20,039 square meters
(net area) located in the 32-story Puri Imperium Tower A. These
apartment units, supported with complete facilities, will be
offered for open tender to domestic and foreign investors.

PT CB Richard Ellis Indonesia will act as the selling agent and
disposal advisor for this transaction.


INDOFOOD SUKSES: ISF Injects US$100M Loan for Working Capital
-------------------------------------------------------------
PT Indofood Sukses Makmur has secured a US$100 million loan
facility from Hong Kong based ING Structured Finance (ISF) in a
deal last week and would use it as working capital, Jakarta Post
reports, citing Indofood Spokesman Indra Josepha.

Earlier, Indofood sought funds to refinance around $250 million
in debts maturing this June. It was not immediately clear
whether the Company was still in the market for the loan.


PELABUHAN INDONESIA: Denies Report of US$100M Loan
--------------------------------------------------
Port operator PT (Persero) Pelabuhan Indonesia II (PT Pelindo
II) denied a report that it has received a fresh loan of US$100
million from Hutchison Whampoa, IndoExchange reports.

A newspaper report last week said that Pelindo II has agreed to
extend the operating contract held by the Hongkong company for
the Jakarta International Container Terminal (JICT) from 20 to
30 years as a repayment of a new loan of US$100 million. It said
Pelindo needs the fund to repay a debt of US$123 million
maturing on April 15.

DebtTraders reports that PT Pelabuhan 8.060% bonds due on 2002
(PLBI02IDN1) are trading between 74 and 76. Go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=PLBI02IDN1
for real-time bond pricing.


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COSMO OIL: Expects FY01 Y5.5B Net Loss
--------------------------------------
Cosmo Oil Co is looking at a consolidated net loss of Y5.5
billion for the fiscal year 2001 ending March 31, a reversal
from the profit of Y5.5 billion it predicted in November, Kyodo
News reported Wednesday. The valuation losses on listed shares
it holds have increased by Y8 billion as a result of a sharp
price falls.

Cosmo Oil has four refineries; it markets its products through a
network of 416 dealers and 5,779 Cosmo gas stations. It imports
crude oil from the Middle East and Australia and has affiliates
in Singapore, Taiwan, the UK, and the US. With its industry
rapidly consolidating, Cosmo Oil is streamlining operations. The
Company is pruning back its chain of service stations, and it
has formed a refining and distribution joint venture with Nippon
Mitsubishi Oil that controls 40 percent of Japan's oil refining
market.

According to Wright Investor's Service, at the end of 2001,
Cosmo Oil Co., Ltd. had negative working capital, as current
liabilities were Y702.56 billion while total current assets were
only Y630.95 billion.


DAIWA BANK: Discussing Bank Units Restructuring
-----------------------------------------------
Daiwa Bank Holdings Inc is discussing on the restructuring of
its units namely Daiwa Bank, Asahi Bank, Kinki Osaka Bank and
Nara Bank, AFX News reports.

Earlier, the Nihon Keizai Shimbun reported that Daiwa Bank and
Asahi Bank are in the final stage of talks to merge by the
autumn of next year. Both banks have already presented proposals
for the merger and regional reorganization to the Financial
Services Agency.


HANKYU CORP: Closing Amusement Park Businesses Next Year
--------------------------------------------------------
Railway operator Hankyu Corp will withdraw from amusement park
businesses Takarazuka Family Land and Kobe Portopia Land in
2003, due a decline in visitors and fierce competition with
Universal Studio Japan (USJ) in Osaka, Kyodo News reports.

The Company will close Takarazuka Family Land in Takarazuka,
Hyogo Prefecture, by late August and stop managing Kobe Portopia
Land, in Kobe, on March 31.


KANSAI ELECTRIC: Aims to Issue Y120B Worth of Corporate Bonds
-------------------------------------------------------------
Kansai Electric Power Co Ltd aims to issue Y120 billion worth of
corporate bonds in the fiscal year to March 2003, down 20
percent from the previous year, to improve its debt profile, the
Nihon Keizai Shimbun and AFX News report, citing unnamed Company
sources.

The Company will also redeem over Y200 billion worth of bonds
during that period, out of the outstanding debt of slightly over
Y2 trillion.


MATSUSHITA ELECTRIC: Reaches Agreement With TCL Holdings
--------------------------------------------------------
Matsushita Electric Industrial Co., Ltd. (MEI), best known for
its Panasonic brand of consumer electronic and digital
communications products, and TCL Holdings (TCL), a Guangdong
province-based leading manufacturer of fixed-line telephones,
mobile phones and home appliances, announced on April 9 that
they have reached an agreement to begin a collaborative
relationship in the consumer electronics business field.
Throughout this fiscal year, the two companies will undertake
feasibility studies in such areas as R&D, production, sales and
procurement on a regular basis. MEI President Kunio Nakamura and
TCL Chairman of the Board and President Li Dongsheng signed a
memorandum of understanding in promotion of such terms.

In the midst of a global economy where open, multi-lateral
corporate alliances are recognized as a process in achieving
mutually beneficial effects to the companies concerned, MEI and
TCL aim to achieve this through the maximization of their
respective competitive advantages, MEI with its advanced
technology and product development capabilities in consumer
electronics, and TCL with its robust manufacturing and sales
capabilities in the Chinese market. In unison with the rapid
economic growth of China and the diversification of market
demands, both companies have encountered common challenges in
product markets ranging from volume-zone models to high added-
value models. Over the past ten years, both companies have
established manufacturing and sales companies in China under
their own direct investment. However, MEI and TCL have both come
to realize that Sino-Japanese relationship is entering a new
stage, where they must pursue corporate interest by achieving
mutual benefit through the reinforcement of their competitive
edge.

Although details concerning this agreement will be scrutinized
under further discussion, current topics include:

   a) Supply of Matsushita's key devices to TCL (CRT, plasma
displays, compressors)

   b) Sales of Matsushita's products (locally manufactured,
imported and OEM products) through TCL's sales channels in the
Chinese market

   c) Collaboration in the mutual supply of products including
TVs through means such as OEM (original equipment manufacturing)
and ODM (original design manufacturing - supply of originally
designed products under client brand names)

   d) Collaboration in R&D, especially with emphasis on advanced
AV (audio-visual) technology-related products

Matsushita Group currently operates 49 companies in China, with
annual turnover reaching approximately 300 billion yen. The
Group's mid-term business plan "Value Creation 21" focuses on
the expansion of overseas sales as one of its primary targets,
and positioning sales increase in China as a core, the agreement
with TCL is expected to make significant contribution to the
realization of this target.

TCL is a role model of companies that experienced rapid growth
since the beginning of China's economic reforms. Encompassing
consumer electronics, communications, information equipment and
housing electronics in its business fields, TCL is committed to
the manufacturing, sales and services related to products such
as TVs, home appliances, computers, mobile/fixed-line phones,
communication network facilities and lighting equipment. It
accounts for the top market share in TV and fixed-line
telephones in China, and reported a total sales of RMB 21.1
billion in fiscal '01 (year ended March '02).

About TCL Holdings

Based in Huizhou, Guangdong Province, China, TCL Holdings Co.,
Ltd. operates in consumer electronics, information,
communications and housing equipment industries, specializing
mainly in the manufacture/sales/services of products such as
TVs, home appliances, computers, mobile and fixed-line phones,
communication network facilities switches and lighting
equipment. Established in September 1981 jointly with the
Huizhou city government, the Company currently holds 33,000
employees and two subsidiaries - TCL Communication Equipment
Co., Ltd. and TCL International Holdings Ltd. - listed in
Shenzhen and Hong Kong respectively. For more details please
visit http://tcl.com/english/index.jsp.

About Matsushita Electric Industrial Co., Ltd.

Matsushita Electric Industrial Co., Ltd. (TSE: 6752), best known
for its Panasonic, National, Technics, and Quasar brand names,
is a worldwide leader in the development and manufacture of
electronics products for a wide range of consumer, business, and
industrial needs. Based in Osaka, Japan, the Company recorded
consolidated sales of US$61.45 billion for the fiscal year ended
March 31, 2001. In addition to the Tokyo Stock Exchange,
Matsushita's shares are listed on the Amsterdam,
Dusseldorf, Frankfurt, New York (NYSE/PCX: MC), Pacific, and
Paris stock exchanges. For further information, please visit the
Matsushita Electric Industrial Co., Ltd. home page at:
www.panasonic.co.jp/global/top.html

About TCL International Holdings Ltd.

TCL International Holdings Ltd. (HKG: 1070) Designs,
manufactures, assembles and sells electronic products like
coloured TV, DVD players, VCD players, home cinema hi-fi
systems, Internet related information technology products,
refrigerators and washing machines; and trading of electronic
parts and components used in the production of color television
sets. Color TV Sets acctd for 79 percent of 2000 revs; Elec
Products, 13 percent; Audio Visual Products, 4 percent; Raw
Materials and other, 4 percent. For further information, please
visit the TCL International Holdings Ltd. home page at:
www.tclhk.com

Contact:
Media Contacts:
Yasuhiro Fukagawa,
International PR, Tokyo
Tel: 03-3578-1237  
Fax: 03-3437-2776

TCR-AP reported in February that Matsushita Electric
Industrial's huge losses on mobile phones and components and a
costly early retirement program would boost its consolidated net
loss this business year to an estimated Y438 billion. In October
it had forecast Y265 billion net loss for 2001-02.


MITSUBISHI MOTOR: DaimlerChrysler Seeks Majority Stake
------------------------------------------------------
DaimlerChrysler AG, which owns 37.3 percent stake in Mitsubishi
Motors Corp (MMC), is planning to take a majority stake in the
carmaker, Kyodo News said Monday, citing Chief Executive Officer
Juergen Schrempp.

Schrempp said Mitsubishi has to be profitable again and has to
reduce its debt before any acquisition takes place.

According to Wright Investor's Service, at the end of 2001,
Mitsubishi Motors had negative working capital, as current
liabilities were Y1.95 trillion while total current assets were
only Y1.23 trillion.


MIZUHO HOLDINGS: May Face Legal Action, Says Minister
-----------------------------------------------------
Mizuho Holdings Inc., which apologized Friday for systems
failures that disrupted cash machines and other transactions for
a week, may face legal action, Bloomberg said Monday, citing
Minister for Financial Services Hakuo Yanagisawa.

On April 1, Mizuho combined units Fuji Bank Ltd., Dai-Ichi
Kangyo Bank Ltd. and Industrial Bank of Japan Ltd., bungling
technical aspects of the merger and affecting at least 2.5
million transactions. Mizuho President Terunobu Maeda addressed
the issue to a parliamentary committee at 2 pm on that day.

On April 7 another 30,000 transactions were double-charged, and
that 500,000 delays in account transfers are still to be
resolved.


MYCAL CORP: In Credit Card Pact Talks With Aeon
-----------------------------------------------
Struggling Mycal Corp is in talks with Aeon Credit Service Co.,
planning to issue a credit card for its customers as early as
next month, the Nihon Keizai Shimbun and Nikkei reported Monday,
citing unnamed Company sources.

The move is part of Aeon Co. group's efforts to help revive
Mycal. Both companies are discussing using both the Saty and
Vivre names for the new card, as both are names of Mycal's
retail chains.

Holders of the new card, which has no annual membership fee, are
likely to become eligible for special services and features,
such as discount sales and a point-accumulation system at
Mycal's 139 directly-run stores.


NIPPON STEEL: Unveils Projections of FY01 Settled Accounts
----------------------------------------------------------
Nippon Steel Corporation announced on April 9 the projections of
the consolidated and the non-consolidated settled accounts and
term-end dividend for the 77th reporting term (fiscal 2001), to
be officially determined at the meeting of the board of
directors in late May.

The Japanese economy in the current term, under the influence of
the simultaneous deceleration of the world economy, still
remains in a difficult situation, with the further abatement of
the private sector capital spending as well as the sluggish
levels in government spending and personal consumption.

In the Steel-making and Steel fabrication business, while steel
demand started to depress rapidly in the first half of the year,
steel inventories held on at high levels, thus further
accelerating the downward course of the market. In these
circumstances, in the second half of the year, the curtailment
of the production was intensified throughout the steel industry,
with the result that the steel inventories have rapidly been
worked off toward the proper levels. In the aspect of exports,
it has been in a difficult situation with the dull steel market
because of the prolonged inventories adjustment under the
influence of the deceleration of the world economy. Moreover,
each country, tends to protect its own country market by means
of the safeguards instituted by the United States and the EU,
the export market still continues unpredictable, even though in
East Asian countries there appears a growing tendency toward the
recovery of the steel demand. Thus, the national crude steel
output in fiscal is estimated at about 102 million tons, a
decrease of 4.9 million tons against the previous year.

In that environment, with the purpose of the recovery of the
steel market conditions both at home and the overseas, Nippon
Steel went through with a production cutback throughout the
current term. With the result, the crude steel output of the
Company is projected to be around 26 million tons, a drastic
decrease from the previous year. We will work on the production
levels commensurate with the demand levels as the topmost
priority is the recovery and the stability of the steel market.
In terms of costs, with collective efforts of all the group
member companies, we have been endeavoring to implement
additional profit-improvement measures, and also accelerating
schedules for the already authorized measures. Nevertheless,
under the depressive impact of the squeezed scales of production
and shipment and of the low-wavering steel prices from the first
half of year, the estimate of the Company's income and profits
will decrease from those of the previous term.

Regarding the Engineering and Construction business, it is
estimated that the previous term's firm orders contribute the
increased income and profits, and in the Urban Development
business, the projections are the decreased income under the
influence of the fall in housing demand but the increased
operating profit with the effort of the keeping price
and of the improvement in the gross profit ratio. As to
Chemicals, Nonferrous Metals, although the income will decrease
because of the accelerated downward course of the market, we
will surely make efforts to stop the decreased operating profit
by cost reduction.

In respect to the Systems Solution business, as the investments
of information system stay firm, we project the increased income
and the same level of the operating profit as the previous term.

As a result, the projections are; the consolidated net sales of
approximately Y2,580 billion, the consolidated operating profit
of approximately Y75 billion, the consolidated ordinary profit
of approximately Y15 billion. As regards the non-consolidated
settlement, the projections are; the net sales of approximately
Y1,680 billion, the operating profit of approximately Y35
billion, the ordinary profit of approximately Y0 billion.

As to special profit and loss, we enforced paper loss of not
only the listed securities such as the finance Company's shares
but also unlisted stock. On the other hand, we expect to add up
gain on contribution of securities to employee retirement
benefit trust and the disposition profit of reserve for repairs
for blast furnaces. In total projections, special loss is
estimated approximately Y44 billion on a consolidated basis, and
approximately Y48 billion on a non-consolidated basis. Thus, the
consolidated net loss is estimated at approximately Y30 billion,
and the non-consolidated net loss is estimated at approximately
Y28 billion.

Term-end Dividend

Under these severe circumstances, dividend payment on a steady
basis being the basic principle of the corporate policy, term-
end dividend is scheduled for payment at Y1.5 per share.

For the coming term also, predictions are that harsh business
conditions will continue. Still, we are determined to direct the  
best efforts towards the improvement of the fundamental profit
structure in which the group companies are integrally unified.
We sincerely hope that you will continue to give us support and
cooperation.

Check the release at
http://www0.nsc.co.jp/shinnihon_english/investor/index.html

Meanwhile, Kyodo News reported Tuesday that Nippon Steel Corp
will record a group net loss of Y30 billion in fiscal 2001,
dropping its previous forecast that it will break even. The
steel maker blamed the downward revision on a Y44 billion
extraordinary loss it will incur chiefly on the booking of Y73
billion in latent losses on its securities holdings.


NKK CORP: Enters Tie-Up Agreement With Kawasaki, ThyseenKrupp
-------------------------------------------------------------
Mr. Fumio Sudo, President and CEO of Kawasaki Steel Corporation,
Mr. Masayuki Hammyo, President and CEO of NKK Corporation, Dr.
Ulrich Middelmann, Chairman of the Executive Board of
ThyssenKrupp Steel AG and Dr. Karl Ulrich Kohler, Vice Chairman
of ThyssenKrupp Steel AG, signed a comprehensive cooperation
agreement on Monday under which the companies will cooperate and
conduct joint activities in the field of carbon flat steel
focused on automotive steel products and on R&D in this area.

Adding further pressure to already tough competition in price,
quality and services, automotive customers have increasingly
been demanding global availability of the steel materials needed
to produce cars and automotive components. The leading steel
producers are more and more frequently asked to participate in
simultaneous engineering processes and to provide support in
continuously optimizing the weight and cost of new car models.
In this development, innovative steel grades, coatings and
application technologies (e.g. tailor welded products) play an
increasingly prominent role in delivery to the plants of
worldwide car makers. In order to fulfill these requirements the
three companies share the vision to form a global supply network
as well as to jointly develop R&D-activities directed to suit
these global needs of automotive customers.

The target of this agreement is to enhance the competitive edge
of each Company through an optimal combination of high
potentials and creativity of the respective companies in
activities such as joint R&D, license exchange and other co-
operative activities.

After a careful study of practical merits the three companies
have agreed upon these items:

1. Technical License Exchange

The companies are going to mutually exchange technologies. The
parties will provide technologies related to steel sheets such
as coated panels with excellent processing properties in order
to facilitate the expansion of their respective business with
auto manufacturers with worldwide production operations.
ThyssenKrupp Steel also offers their advanced know-how in
tailored products to the Japanese parties.

2. Joint R&D Themes

The companies are going to carry out joint R&D projects
concerning the development of innovative high tensile strength
steel that achieves high formability, coatability and good
surface characteristics at the same time, as well as new coating
technologies and application technologies that optimize
processing (blanking, forming, painting, etc.) at the customers.

The cooperation targets will be realized through an executive
committee consisting of the top management representatives of
the three companies meeting regularly to decide about the issues
regarding the overall cooperation strategy. Under the executive
committee, working groups have been formed to develop specific
themes such as material development including high tensile
strength steels, coated steel development, and advanced steel
application technology developments.

Appreciating the agreement, Dr. Ulrich Middelmann, Chairman of
the Executive Board of ThyssenKrupp Steel, said: "This
cooperation agreement is an important, successful step to
significantly bolster satisfaction of our automotive customers
by expanding global material availability and enhancing world-
wide service levels."

Mr. Fumio Sudo, President and CEO of Kawasaki Steel Corp.,
stressing a shared vision of "Marketing-driven thinking" among
the three companies, said, "the mission is to share value-added
outcome with our customers, which will be generated by
presenting world-wide solutions. I am confident we can offer
tangible solutions to our valued customers."

Mr. Masayuki Hammyo, President and CEO of NKK Corp., has highly
welcomed the cooperation commenting, "NKK has enjoyed a long-
term relationship of technical exchange with ThyssenKrupp Steel.
Through the cooperation, we can provide new products and better
service to our automotive customers acting globally."

Outline of ThyssenKrupp Steel AG
Company name:           ThyssenKrupp Steel AG
Head office:            Duisburg, Germany
Chairman of the  
Executive Board:        Dr. Ulrich Middelmann
Crude steel production: 17 million mt
Sales:                  Euro 12.6 billion (2000/2001)
Main products:          Carbon Steel (Hot Strip, Cold Rolled
Sheet, Coated Products, Plate, Tinplate, Tailored Blanks),
Stainless Steel, Nickel Base Alloys, Electrical Steel
Number of employees:    51,418 as of September 30, 2001

Outline of Kawasaki Steel Corporation
Company name:           Kawasaki Steel Corporation
Head office:            Chiyoda-ku, Tokyo
President and CEO:      Fumio Sudo
Crude steel production: 12.1 million mt (Non-consolidated, FY
ending 3/31/2001)
Sales:                  Japanese Y1,315 billion (FY ending
3/31/2001)
Main products:          Carbon Steel (Plate, Hot Rolled Sheet,
Cold Rolled Sheet,  Electrical Sheet, Tinplate, Coated Products,
Bar, Shape, Pipe,  Tube), Stainless Steel
Number of employees:    30,058 as of March 31, 2001

Outline of NKK Corporation
Company name:           NKK Corporation
Head office:            Chiyoda-ku, Tokyo
President and CEO:      Masayuki Hammyo
Crude steel production: 21 million mt
Sales:                  Japanese Y1,787 billion (FY ending
3/31/2001)
Main products:          Carbon Steel (Plate, Hot Rolled Sheet,
Cold Rolled Sheet, Electrical Sheet, Tinplate, Coated Products,
Bar, Shape, Rail,  Pipe, Tube)
Number of employees:    39,875 as of March 31, 2001

About Thyssen Krupp AG.

Thyssen Krupp AG. (DUS: TKA) The principal activities of the
Group are: Steel (production of flat steel & high-grade metal
materials such as nickel-base alloys & titanium); Automotive
(production of parts, components, sub-assemblies & modules for
the vehicle chassis, body & drive train/steering of cars &
trucks); Industries (manufacture of components & systems in
machinery construction, lifts & escalators,
construction/maintenance of ships); Engineering (provision of
consulting services for the planning & construction of
production facilities for the chemical and petrochemical
industries, as well as project mgt services for the cement,
sugar & mining industries & for power engineering activities);
Materials & Services (trade in materials (especially metal),
bldg administration, demolition services & project mgt
services); Other (real estate, financial & insurance). Steel
accounted for 27 percent of fiscal 2001 revs; material services,
25 percent; automotive, 16 percent; engineering, 15 percent;
elevator, 9 percent & other, 8 percent.

About Kawasaki Steel Corporation

Kawasaki Steel Corporation (TSE: 5403) is primarily involved in
the production of steel. The Company is also involved in
chemicals, engineering, construction, Environmental Systems, and
large-scale integrated circuits. For the FY ended March 31,
2001, revenues rose 5 percent to Y1.316 trillion. Net loss
totaled Y18.24 billion vs. an income of Y12.4 billion. Results
reflect an increase in steel division sales, offset by the
inclusion of a Y52.65 billion write-down of securities charge.
For further information, please visit the Kawasaki Steel
Corporation home page at: www.kawasaki-steel.co.jp/index_e.html

About NKK Corporation

NKK Corporation (TSE: 5404) was established in 1912 and is now
one of Japan's foremost companies in the field of heavy
industry. NKK, Japan's #2 steel maker, producing about 20
million tons of raw steel annually, has agreed to merge
operations with Kawasaki Steel, Japan's #3 steel maker; together
they become one of the largest steel groups in the world. NKK
makes sheets and plates, bars and shapes, and pipes and tubes
for industrial products such as cars. The engineering division
builds such large projects as water- and waste-treatment
systems, turbine power generators, oil pipelines, and ships. NKK
also develops condominiums and commercial buildings and operates
leisure facilities. NKK will consolidate its shipbuilding
division with Hitachi Zosen in October 2002. For further
information, please visit the NKK Corporation home page at:
www.nkk.co.jp/en/index.html

Contact:
Kawasaki Steel Corporation
Public Relations Department
Tel: +81-3-3597-3161

NKK Corporation
Public Relations Department
Tel: +81-3-3217-2140

ThyssenKrupp Steel AG
Erwin Schneider
Tel: +49 203 / 52 - 2 56 90

TCR-AP reported in March that NKK Corp. will post special
charges for losses on write downs of its investment securities
due to falling stock prices and for losses related to National
Steel Corp., which filed the petition for reorganization under
Chapter 11 of U.S. Bankruptcy Code on March 6. National Steel's
losses will be reflected in NKK's consolidated income statement
through the end of this fiscal year, but its year-end assets and
liabilities will be removed from NKK's consolidated balance
sheet.


VICTOR CO: Predicts FY01 Y44.9B Net Loss
----------------------------------------
Audio equipment maker Victor Co of Japan (JVC) sees a
consolidated net loss of Y44.9 billion for fiscal 2001 which
ended March 31, up from a loss of Y29 billion forecast last
October, Kyodo News said Tuesday.

The Company revised the loss outlook as it will register an
extraordinary loss of Y7.11 billion in compliance with new
accounting rules obliging firms to book valuation losses on
shareholdings whose market value has declined more than 50
percent from their book value.

JVC's parent Company is Matsushita Electric Industrial Co.,
Ltd., which owns 52.4 percent of its shares. The growing
emphasis on consolidated management and the emerging digital and
networking society demand that companies place greater priority
on alliances that will supplement their managerial resources.
JVC will increase its co-operation with the Matsushita Group so
as to better enable itself to adapt to and profit from the
changing environments of the digital age.


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


DAEWOO MOTOR: Union, Management Meet on Key Labor Issues
---------------------------------------------------------
The labor union and management of Daewoo Motor Co (DM) have
agreed on key labor issues, including job protection and re-
hiring of 300 fired workers, clearing the way for General Motors
(GM) to acquire Daewoo Motor's core assets, AFX News said
Wednesday.

The Company said all workers of Daewoo Motor plants and
operations that GM will acquire will retain their jobs.


HYNIX SEMICON: Creditors Opposes Deal, Delays Micron Talks
----------------------------------------------------------
Negotiations to sell Hynix Semiconductor Inc to Micron
Technology Inc will be delayed further as some local creditors
are opposing the deal, the Korea Economic Daily and AFX News
said Tuesday, citing unnamed creditor officials.

The creditors are concerned that the actual proceeds if Hynix is
sold for US$3.8 billion to Micron would only reach US$500
million, well below the value which they expect to get if the
firm is liquidated.

The Company and its creditors are preparing contingency measures
if the talks failed.

DebtTraders reports that Hyundai Semiconductor's 8.625% bond due
in 2007 (HYUS07KRA1) trades between 75 and 80. For real-time
bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=HYUS07KRA1


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


AMSTEEL CORPORATION: April 23 EGM Scheduled
-------------------------------------------
Amsteel Corporation Berhad advised that an Extraordinary General
Meeting of Amsteel Corporation Berhad will be held at the
Meeting Hall, Level 48, Menara Citibank, 165 Jalan Ampang, 50450
Kuala Lumpur on 23 April 2002 at 3.00 pm, for the purpose of
considering, and if thought fit, passing these Ordinary
Resolutions:

ORDINARY RESOLUTION 1

Proposed ratification of the acquisition of the remaining 49%
equity interest in Lion Gateway Parade Sdn Bhd (LGP) by Amsteel
Corporation Berhad (Amsteel) for a cash consideration of RM20.37
million

THAT the acquisition by Amsteel of the remaining 49% equity
interest in LGP comprising 245,000 ordinary shares of RM1.00
each fully paid from Norville Corporation Sdn Bhd (36.75%) and
Sumurmuda Sdn Bhd (12.25 percent) for a total cash consideration
of RM20.37 million upon the terms and conditions contained in
the Share Sale Agreement dated 16 March 2001 be and is hereby
affirmed and ratified.

ORDINARY RESOLUTION 2

Proposed disposal of 100% equity interest in LGP by Amsteel to
Johor Corporation (JCorp)

THAT subject to the approvals being obtained from all relevant
authorities and contingent upon the passing of Ordinary
Resolutions 1 and 3, authority be and is hereby given for the
proposed disposal by Amsteel to JCorp of 100% equity interest in
LGP comprising 500,000 ordinary shares of RM1.00 each and the
assignment by Amsteel to JCorp of all sums owing by LGP to
Amsteel (which amounted to approximately RM49.0 million as at 30
June 2000) for an aggregate consideration of RM90.98 million to
be settled in the manner set out in Ordinary Resolution 3 below
(Proposed Disposal of LGP)

AND

THAT the Directors of the Company be and are hereby empowered
and authorized:

   a) to do all acts, deeds and things and to execute, sign and
deliver on behalf of the Company all such documents and/or
agreements as may be necessary to give effect to and complete
the Proposed Disposal of LGP; and

   b) to assent to any condition, modification, variation and/or
amendment as may be imposed by any of the relevant authorities.

ORDINARY RESOLUTION 3

Proposed settlement of inter-company indebtedness of RM108.23
million owing by Amsteel to Amsteel Mills Sdn Bhd (AMSB)

THAT contingent upon the passing of Ordinary Resolutions 1 and 2
above, authority be and is hereby given for the proposed
settlement of inter-company indebtedness of RM108.23 million of
the RM940.15 million owing as at 31 December 2001 by Amsteel to
AMSB involving the following:

    a) proposed netting-off of the consideration for the
Proposed Disposal of LGP against RM90.98 million of the RM108.23
million inter-company indebtedness owing by Amsteel to AMSB; and
b) proposed cash payment of RM17.25 million by Ayer Keroh Resort
Sdn Bhd to JCorp in settlement of the balance RM17.25 million of
the RM108.23 million inter-company indebtedness owing by Amsteel
to AMSB

(collectively referred to as the "Proposed Settlement")

AND

THAT the Directors of the Company be and are hereby empowered
and authorized:

   a) to do all acts, deeds and things and to execute, sign and
deliver on behalf of the Company all such documents and/or
agreements as may be necessary to give effect to and complete
the Proposed Settlement; and

   b) to assent to any condition, modification, variation and/or
amendment as may be imposed by any of the relevant authorities.


AUTOWAYS HOLDINGS: Litigation's Total COI Stands RM11.5M
--------------------------------------------------------
Autoways Holdings Berhad (AHB), in response to a KLSE query
dated 4 April 2002 and received on 5 April 2002 on the material
litigation of Arian Engineering (M) Sdn Bhd (AESB) against
Autoways Construction Sdn Bhd (ACSB), a subsidiary of the AHB,
announced that the total cost of investment (COI) by AHB in ACSB
is RM11,500,004.

Profile

On 21 May 1999, Autoways announced a proposed restructuring
scheme to enable it to continue as a going concern and return it
to profitability.

The Shah Alam High Court granted the Company and subsidiary,
Autoways Construction Sdn Bhd, a restraining order pursuant to
Section 176 (10) of the Companies Act, 1965, which had been
extended and expired on 19.12.2000. The Company and the Group
are currently formulating a revised proposed restructuring
scheme. Details and timing of the scheme are pending
finalization.


BESCORP INDUSTRIES: Issues Existing Audit Committee Status
----------------------------------------------------------
Bescorp Industries Berhad (Special Administrators Appointed)
(BIB or the Company) informed that following the resignation of
Lian Gee Meng as Director and Chairman of the Audit Committee on
16 January 2002, the existing Audit Committee of the Company
comprise:

Name       Designation

Siti Salmiah binti Ismail Member (Independent Non-Executive
Director)
M. Hafifi bin Hafidz Member      (Independent Non-Executive
      Director)

As the vacancy of the Chairman of the Audit Committee has yet to
be filled at this point in time, the Company does not comply
with these Kuala Lumpur Stock Exchange Listing Requirements
(LR):

Paragraph 15.10(1)(a) - the audit committee must be composed of
no fewer than 3 members.

Paragraph 15.11 - The members of an audit committee shall elect
a chairman from among their number who shall be an independent
director.

Paragraph 15.20 - In the event of any vacancy in an audit
committee resulting in the non-compliance of subparagraph
15.10(1) above, a listed issuer must fill the vacancy within 3
months.

Notwithstanding the above, the Exchange has via their letter
dated 4 April 2002 (ref : SB/100(300)) granted the Company an
extension of time until 15 October 2002 to comply with the
aforesaid Paragraphs of the LR.

In addition, the Exchange has also granted Bescorp a waiver from
complying with the following provision of Paragraph 15.10(1)(c)
of the LR during the tenure of the Special Administrators (SAs)
on condition that at least one of the SAs (who is a member of
the Malaysian Institute of Accountants) will sit in all audit
committee meetings and shall advise or provide guidance to the
audit committee on all matters pertaining to financial
management and reporting so as to assist the audit committee in
its decision making.

Paragraph 15.10(1)(c) - at least one member of the audit
committee:-

   (i) must be a member of the Malaysian Institute of
Accountants; or

   (ii) if he is not a member of the Malaysian Institute of
Accountants, he must have at least 3 years' working experience
and:

     (aa) he must passed the examinations specified in Part I of
the 1st Schedule of the Accountants Act 1967; or

     (bb) he must be a member of one of the associations of
accountants specified in Part II of the 1st Schedule of the
Accountants Act 1967.


CSM CORPORATION: Updates Defaulted Payment Status
-------------------------------------------------
CSM Corporation Berhad (CSM), pursuant to the KLSE Practice Note
No. 1/2001, provided an update on the status of default in
interest payments and principal loan repayments of the CSM Group
bank borrowings as at 31 March 2002. Details are found at
http://www.bankrupt.com/misc/TCRAP_CSM0411.doc

The loan facility with Alliance Bank Malaysia Berhad will be
repaid via the proceeds to be received from the proposed asset
disposal which was announced on 15 January 2002. An
Extraordinary General Meeting of CSM will be convened on 11
April 2002 to seek its shareholders' approval on the proposed
asset disposal.

The other defaults shall be addressed in conjunction with the
Group's efforts to regularize its financial conditions, as
required under the Practice Note No. 4/2001 requirements.


HAI MING: Obtains SC's Approval on Proposed Debt Settlement
-----------------------------------------------------------
On behalf of the Board of Directors of Hai Ming Holdings Berhad
(HMHB or Company), Public Merchant Bank Berhad (PMBB) announced
that the Company has, on 5 April 2002, received the approval
from the Securities Commission (SC) vide its letter dated 3
April 2002 for:

   (i) Proposed settlement of debts owing to secured and
unsecured bank lenders of the HMHB Group of Companies amounting
to RM53,588,638 (Proposed Debt Settlement), as proposed;

   (ii) Proposed acquisition of the entire equity interest in
Koh Poh Seng Plywood Co. (M) Sdn Bhd (KPSSB) for a purchase
consideration of RM90,017,604 to be satisfied by the issuance of
90,017,604 new ordinary shares of RM1.00 each in HMHB (HMHB
Shares) (Proposed Acquisition of KPSSB);

   (iii) Proposed acquisition of 600,000 ordinary shares of
RM1.00 each representing 30.00% equity interest in Yap Swee
Thiam & Sons Industries Sdn Bhd (YSTSB) for a purchase
consideration of RM7,574,820 to be satisfied by the issuance of
7,574,820 new HMHB Shares (Proposed Acquisition of YSTSB);

   (iv) Proposed acquisition of 499,999 ordinary shares of
RM1.00 each representing approximately 50.00% equity interest in
Akateak Sdn Bhd (ASB) for a purchase consideration of
RM2,207,576 to be satisfied by the issuance of 2,207,576 new
HMHB Shares (Proposed Acquisition of ASB); and

   (v) The listing of and quotation for the new HMHB shares to
be issued pursuant to the above proposals (i) to (iv), and the
new HMHB Shares to be issued pursuant to the conversion of the
4.5% 5-year Redeemable Convertible Secured Loan Stocks (RCSLS)
and 4.5% 5-year Irredeemable Convertible Unsecured Loan Stocks
(ICULS) which are to be issued pursuant to the Proposed Debt
Settlement, on the Second Board of the Kuala Lumpur Stock
Exchange (KLSE

SC's APPROVAL AND CONDITIONS

The SC's approval for the above proposals are subject to the
following conditions:

   (i) The Directors of KPSSB are required to provide an
undertaking to the SC that they will obtain the Certificate of
Fitness (CF) for its current office block and warehouse situated
at Bandar Kinrara Industrial Center, Puchong within 6 months
from the date of the SC's approval. KPSSB is required to provide
the appropriate amount of funds to finance the cost of
relocation of its operations in the event the relevant approvals
for the CF are not obtained (the amount to be provided is
subject to the assessment of the SC);

   (ii) The above SC's approval excludes the existing
investments of KPSSB and ASB in YSTSB of 60% and 10%
respectively. PMBB is required to provide to the SC a proposed
valuation for KPSSB and ASB which excludes the value of KPSSB
and ASB's interest in YSTSB. The Proposed Acquisition of YSTSB
from Yap Swee Thiam and Chan Kim Kiok and the existing
investments of KPSSB and ASB in YSTSB can only be implemented
upon the fulfillment of the following:

     (a) YSTSB to fulfill all conditions under the Malay
Reservations Enactment of the State of Selangor and the National
Land Code in relation to its factory, warehouse and the
temporary structures including the kilns that are built on the
Malay Reserve Land situated in Sungai Tua, Batu Caves;

     (b) YSTSB to obtain a manufacturing license from the
Ministry of International Trade and Industry (MITI); and

     (c) The Directors of YSTSB to give a written confirmation
that YSTSB has not entered into any other agreements which
involve any Malay Reserve Land other than those that have been
disclosed to the SC.

The approval from the SC should be sought prior to the
implementation of the Proposed Acquisition of YSTSB;

   (iii) HMHB is required to appoint an independent auditor to
carry out an investigation audit on losses incurred by HMHB
within 3 months from the date of the SC's approval letter. A
copy of the auditors' report is to be furnished to the SC;

   (iv) Full disclosure is required to be made in the circular
to the shareholders of HMHB in relation to the Proposed
Restructuring Exercise for the following:

     (a) The total amount of trade debtors of the KPSSB Group
and an ageing analysis of these trade debtors including those
exceeding the credit period; and

     (b) A statement by the Directors of the KPSSB Group of
companies on the ability of the respective companies in the
KPSSB Group to collect the debts which have exceeded the credit
period.

In addition, provision must be made for all debts, which are bad
or doubtful, subject to litigation or have been outstanding for
more than 12 months. The directors of the companies of the KPSSB
Group must give written confirmation and submit declarations
that all debts exceeding the credit period are collectible or
have been fully provided in the accounts.

   (v) The promoters and substantial shareholders of the KPSSB
Group are to furnish written undertakings to the SC that they
are not involved and will not be involved in any competing
businesses or businesses that are similar to that of the
enlarged HMHB Group;

   (vi) The Directors of the relevant companies in the KPSSB
Group which audited accounts have been qualified are required to
provide undertakings that, notwithstanding the qualifications,
the accounts have been prepared to present a true and fair view;

   (vii) The Directors of HMHB are required to ensure that the
accounts and the financial statements of the HMHB Group fully
comply with the requirements of the Malaysian Accounting
Standards Board;

   (viii) All advances extended to related parties by the KPSSB
Group must be settled prior to the implementation of the above
proposals;

   (ix) All transactions between the enlarged HMHB Group with
related parties must be conducted at arm's length;

   (x) The Audit Committee of HMHB is required to ensure that
all transactions with related parties should not be at less
favorable terms to the HMHB Group and to monitor and report any
such transactions in the annual report(s) of HMHB;

   (xi) The vendors of all the individual companies of the KPSSB
Group must be individually responsible for any tax penalties
imposed by the Inland Revenue Board in relation to prior years'
tax assessments;

   (xii) The vendors of KPSSB are required to provide a
guarantee for the profit after tax of the KPSSB Group for the
financial years ending 31 December 2002 and 2003 of RM10,394,400
and RM10,049,600 respectively as proposed. However, in the event
the Proposed Acquisition of YSTSB cannot be completed by the
financial year ending 2002, the vendors of KPSSB are allowed to
reduce the profit guarantee accordingly to exclude the profit
contribution from YSTSB as set out in the profit estimate and
forecast for those respective years;

   (xiii) PMBB is required to inform the SC of the number of new
HMHB shares that will be placed under moratorium pursuant to the
condition set out in section 2(ii) above; and

   (xiv) PMBB and HMHB are required to fulfill all the relevant
requirements in relation to the implementation of the proposals
as set out above in accordance with the SC's Guidelines.

In addition, PMBB and HMHB are required to confirm in writing to
the SC that all the terms and conditions as set out above have
been complied, upon the completion of the proposals.

OTHER APPROVALS

The Proposed Restructuring Exercise is subject to, inter-alia,
the following other approvals:

   (i) The SC for the proposed waiver to Koh Poh Seng and
parties acting-in-concert with him from the obligation to extend
a mandatory take-over offer for the remaining HMHB Shares not
already owned by them upon completion of Proposed Acquisition of
KPSSB;

   (ii) The MITI;

   (iii) The shareholders of HMHB at an extraordinary general
meeting to be convened for the Proposed Restructuring Exercise;
and

   (iv) The Kuala Lumpur Stock Exchange for the listing of and
quotation for the new HMHB Shares to be issued pursuant to the
Proposed Restructuring Exercise and the new HMHB Shares arising
from the conversion of the loan stocks ("RCSLS" and "ICULS")
issued pursuant to the Proposed Debt Settlement Agreement on the
Second Board of the KLSE.

DELIBERATION AND ANNOUCEMENT

The Board of Directors of HMHB and the vendors of KPSSB, YSTSB
and ASB have accepted all the above conditions save for the
conditions as set out in Section 2(ii)(a), which is currently
being deliberated by the vendors of KPSSB and YSTSB.

An announcement of the decision of the vendors of KPSSB and
YSTSB will be made in due course.


HO WAH: Gets FIC's Nod on Proposed Private Placement
----------------------------------------------------
On behalf of the Board of Directors of Ho Wah Genting Berhad
(HWGB or the Company), Arab-Malaysian Merchant Bank Berhad
(Arab-Malaysian) announced that the Foreign Investment Committee
(FIC) has vide a letter dated 27 March 2002, approved HWGB's
application for the Proposed Private Placement of up to 10% of
the Issued and Paid Up Capital of HWGB (Proposed Private
Placement).

The FIC approval is subject to the following conditions:

   (a) 30% of the shares offered in the Proposed Private
Placement is to be placed to Bumiputra investors and that the
Bumiputra equity interest in HWGB be increased to 30% before 31
December 2002.
  
   (b) Approval be obtained from the SC for the Proposed Private
Placement.

The approval of the SC is still pending and an announcement will
be made in due course upon receipt of SC's decision.


KRETAM HOLDINGS: CDRC Aids RM360M Debt Restructuring
----------------------------------------------------
The Corporate Debt Restructuring Committee (CDRC) announced that
it has successfully assisted Kretam Holdings Berhad (KHB) and
its subsidiary companies to finalize a debt restructuring
agreement with their lenders to restructure their outstanding
debt of about RM360 million as at end September 2001.

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

   * Proposed Capital Reduction and Consolidation - Capital
reduction of 50 sen for existing ordinary share of RM1.00 each
which will give rise to a credit of RM52.6 million to be used to
reduce accumulated losses. Upon completion, the shares will be
consolidated into 52.6 million ordinary shares of RM1.00 each.

   * Proposed Rights Issues - Rights Issue of new shares with
free detachable warrants raising approximately RM26.3 million,
to be used for working capital and repayment of interest.

   * Proposed Debt Restructuring Scheme - This will involve
payment of cash and conversion of the remaining outstanding
debts to redeemable convertible secured loan stocks (RCSLS),
irredeemable convertible unsecured loan stocks and warrants. The
scheme also entails a waiver of 40% of the unsecured debts.

   * Proposed Assets Disposal - Disposal of assets with
estimated value of RM97.2 million with proceeds used for
redemption of RCSLS.

KHB and its appointed merchant bank, Alliance Merchant Bank
Berhad, to the relevant authorities for approval soon, will
submit the Scheme. The Scheme is anticipated to alleviate KHB's
financial predicament and restore the company to its original
viability.


KRETAM HOLDINGS: Scheme Companies Enters DRA With Lenders
---------------------------------------------------------
Alliance Merchant Bank Berhad (Alliance) announced, on behalf of
the Board of Directors of Kretam Holdings Berhad (KHB or
Company), that KHB is aborting the corporate exercises
involving:

   * Proposed rights issue of 105,253,500 new KHB shares at par
together with 105,253,500 detachable warrants on the basis of
one (1) new KHB share with one (1) warrant for every one (1)
existing KHB share held; and

   * Proposed special issue of 30,000,000 new KHB shares
(Special Shares) at par to bumiputera investors, together with
15,000,000 warrants on the basis of one (1) warrant for every
two (2) Special Shares.

Alliance also announced on behalf of the Board of Directors of
KHB that the Company and two (2) of its subsidiaries, Rising
Resources Sdn Bhd and Jeffa Construction Sdn Bhd (Scheme
Companies), had on 5 April 2002 entered into a debt
restructuring agreement (DRA) with certain financial
institutions (Lenders) to restructure the debt amounting to
RM397,644,304 based on the outstanding debt balances as at 30
September 2001 (Proposed Debt Restructuring). The total debt of
RM397,644,304 to be restructured includes an amount of
RM37,915,141 which represents loans and advances advanced by a
group of KHB shareholders (S Creditors) to KHB (Shareholders'
Loans and Advances).

The Proposed Debt Restructuring, which had been facilitated by
the Corporate Debt Restructuring Committee, shall form an
integral part of the Proposed Restructuring Scheme to be
undertaken by KHB.

PROPOSED RESTRUCTURING SCHEME

The details of the Proposed Restructuring Scheme, which are
reflected in the DRA, are set out below:

Proposed Capital Reduction and Consolidation

KHB proposes that the existing issued and paid-up share capital
of KHB of RM105,253,500 comprising 105,253,500 ordinary shares
of RM1.00 each be reduced, pursuant to Section 64 of the
Companies Act, 1965 (Act) to RM52,626,750 comprising 105,253,500
ordinary shares of RM0.50 each, by way of cancellation of RM0.50
of the par value of each existing ordinary share of KHB in
issue.

Thereafter, the issued and paid-up share capital of KHB shall be
consolidated in such a manner that every two (2) ordinary shares
of RM0.50 each shall constitute one (1) ordinary share of RM1.00
each, thereby consolidating 105,253,500 ordinary shares of
RM0.50 each into 52,626,750 ordinary shares of RM1.00 each (KHB
Shares).

The reduction of RM0.50 for each existing ordinary share of
RM1.00 each would give rise to a credit of approximately
RM52,626,750, which would be utilized to reduce audited
consolidated accumulated losses of approximately RM348,440,000
as at 31 December 2000. Fractions of a share arising from the
Proposed Capital Reduction and Consolidation will be dealt with
by the Directors of KHB as they deem fit.

A summary of the Proposed Capital Reduction and Consolidation is
shown in Table 1 at
http://www.bankrupt.com/misc/TCRAP_Kretam0411.html

Proposed Share Premium Account Reduction

KHB also proposes to reduce the entire amount of approximately
RM81,995,000 standing in the share premium account of the
Company as at 31 December 2000, pursuant to Section 60(2) and
64(1) of the Act to be set off against the accumulated losses of
KHB.

The credit amounting to an aggregate of RM134,621,750 (arising
from the Proposed Capital Reduction and Consolidation and
Proposed Share Premium Account Reduction) will be utilized to
reduce the audited accumulated losses of the Group as at 31
December 2000 from RM348,440,000 to RM213,818,250 (before
considering any adjustments arising from the proposed divestment
of KHB's non-core assets).

Proposed Rights Issue

The Proposed Rights Issue, involves a renounceable rights issue
of 26,313,375 Rights Shares with 26,313,375 free detachable
Warrants to the shareholders of the Company on the basis of one
(1) Rights Share and one (1) Warrant for every two (2) KHB
shares held (after the Proposed Capital Reduction and
Consolidation) at an indicative issue price of RM1.00 per Rights
Share.

Basis of Pricing

The indicative issue price of RM1.00 per Rights Share was
arrived at after taking into consideration the following:

   (a) the last transacted price of KHB shares on 4 April 2002
(being the last market day prior to this announcement) and the
weighted average market price of KHB shares for the five (5)
market days up to 4 April 2002 are 30 sen and 29 sen
respectively. The theoretical ex-all prices (TEAP) (after taking
into consideration the Proposed Capital Reduction and
Consolidation and Proposed Rights Issue) based on the above are
73 sen and 72 sen respectively. The indicative issue price of
RM1.00 per Rights Share represents a premium of approximately
37% and 39% over the respective TEAPs;

   (b) the audited consolidated net tangible assets (NTA) per
share of KHB as at 31 December 2000 of RM0.21 per share. The
indicative issue price of RM1.00 per Rights Share represents a
premium of 3.76 times over the aforementioned audited
consolidated NTA per share of KHB; and

   (c) free detachable Warrants issued together with the Rights
Shares on the basis of one (1) free Warrant with every one (1)
Rights Share.

The final rights issue price will be fixed at the price-fixing
date to be determined at a later date after the approval of the
SC has been obtained.

Shareholders' Undertaking

KHB proposes to procure from the three shareholders of KHB,
namely, Seah Sen Leang, Lim Nyuk Sang @ Freddy Lim and Fong King
Fun, their irrevocable written undertakings to subscribe for any
new KHB shares to be issued pursuant to the Proposed Rights
Issue, which are not subscribed for by the minority shareholders
of KHB.

The principal terms of the Warrants are set out in Table 2 at
http://www.bankrupt.com/misc/TCRAP_Kretam0411.html

Proposed Debt Restructuring

On 5 April 2002, KHB entered into a DRA with its Lenders to
restructure the debts owing by KHB and two (2) of its
subsidiaries, namely Jeffa Construction Sdn Bhd (JCSB) and
Rising Resources Sdn Bhd (RRSB), to the Lenders amounting to
RM359,729,163 and to the S Creditors for loans and advances of
RM37,915,141, based on the outstanding debt balances as at 30
September 2001.

KHB proposes to restructure its debts in the following manner:

  - All debts outstanding including interest accrued as at 30
September 2001 of the Lenders will be converted into debt
instruments, namely, Redeemable Convertible Secured Loan Stocks
(RCSLS) and Irredeemable Unsecured Loan Stocks (ICULS) with
tenures ranging from three (3) years to seven (7) years;

  - All interest arising after 30 September 2001, up to a
maximum of nine (9) months will be waived. Upon expiry of the
interest waiver period and for as long as the DRA subsists or
the RCSLS, ICULS and Warrants to be issued pursuant to the
Proposed Debt Restructuring have not been fully issued, interest
on total debts will continue to accrue with effect from 1 July
2002 at prescribed rates agreed between the Lenders and KHB
under the Proposed Debt Restructuring and will be payable
quarterly in arrears in cash;

   - All secured debts of Lenders will be settled on the basis
of RM1.00 nominal value of RCSLS for every RM1.00 of secured
loans;

   - The unsecured portion of the Lenders' debts will be subject
to a debt write-off. The balance of the unsecured debts after
the debt write-off will be settled via the issuance of ICULS on
the basis of RM1.00 nominal value of ICULS for every RM1.00 of
the balance of unsecured loans after the debt write-off;

   - Notional interest on the RCSLS will be settled upfront via
RM6,179,000 cash proceeds and the issuance of RM33,541,000
nominal value of ICULS and 31,305,000 Warrants; and

- Shareholders' Loans and Advances will be settled via the
issuance of new KHB shares. As the Shareholders' Loans and
Advances are only partially secured, the portion of the
loans and advances that is deemed unsecured will be
subject to the same percentage of write-off assumed by the
Lenders for their unsecured debt portion.

The Lenders have been categorized into different classes in
order to facilitate the debt restructuring process given the
differences in the security pool and the ranking of the loans of
each Lender.

Scheme Creditors A

KHB proposes to issue the following to Scheme Creditors A as
full and final settlement of their secured debt:

   - RM131,388,954 nominal value of RCSLS-A (RCSLS-A) on the
basis of RM1.00 nominal value of RCSLS-A for every RM1.00 of
secured debt; and

   - RM21,015,000 nominal value of ICULS, 19,614,000 Warrants
and cash payment of RM3,082,000 as upfront interest payment on
the RCSLS-A .

Scheme Creditors A will, subsequently, offer for sale to the
shareholders of KHB the following:

   - RM21,015,000 ICULS at an offer price of RM1.00 for every
RM1.00 nominal value of ICULS; and

   - 19,614,000 Warrants at an offer price of 20 sen per
Warrant.

In accordance with the DRA, KHB is required to appoint a
placement agent to place out any of the ICULS issued to Scheme
Creditors A which are not taken up by the shareholders pursuant
to the offer for sale at a minimum price of RM1.00 per ICULS
over a period of three (3) years from the last day of the offer
date. The ICULS are to be sold within the 3-year period, and KHB
proposes to compensate Scheme Creditors A for the following, in
respect of the ICULS disposed:

   - the difference between the nominal value of RM1.00 per
ICULS and the disposal price of the ICULS (in the event the
disposal price is lower than RM1.00); and

   - the holding cost on the nominal value of ICULS held by
Scheme Creditors A until the date of sale of the ICULS or if not
sold, the last day of each year during the 3-year period.

Scheme Creditors A shall receive up to a maximum of RM1.00 and
the holding cost of the ICULS up to the date of sale only,
irrespective if the ICULS are sold above RM1.00.

The principal terms of RCSLS-A, ICULS and Warrants are set out
under Table 2 at
http://www.bankrupt.com/misc/TCRAP_Kretam0411.html

Scheme Creditor A-1

KHB proposes to issue the following to Scheme Creditor A-1 as
full and final settlement of their secured debt:

   - RM15,960,750 nominal value of RCSLS-A-1 (RCSLS-A-1) on the
basis of RM1.00 nominal value of RCSLS-A-1 for every RM1.00 of
secured debt; and

   - RM1,580,000 nominal value of ICULS, 1,474,000 Warrants and
cash payment of RM232,000 as upfront interest payment on the
RCSLS-A-1.

Scheme Creditor A-1 will, subsequently, offer for sale to the
shareholders of KHB the following:

   - RM1,580,000 ICULS at an offer price of RM1.00 for every
RM1.00 nominal value of ICULS; and

   - 1,474,000 Warrants at an offer price of 20 sen per Warrant.

In accordance with the DRA, KHB is required to appoint a
placement agent to place out any of the ICULS issued to Scheme
Creditor A-1 which are not taken up by the shareholders pursuant
to the offer for sale at a minimum price of RM1.00 per ICULS
over a period of three (3) years from the last day of the offer
date. The ICULS are to be sold within the 3-year period, and KHB
proposes to compensate Scheme Creditor A-1 for the following, in
respect of the ICULS disposed:

   - the difference between the nominal value of RM1.00 per
ICULS and the disposal price of the ICULS (in the event the
disposal price is lower than RM1.00); and

   - the holding cost on the nominal value of ICULS held by
Scheme Creditor A-1 until the date of sale of the ICULS or if
not sold, the last day of each year during the 3-year period.

Scheme Creditor A-1 shall receive up to a maximum of RM1.00 and
the holding cost of the ICULS up to the date of sale only,
irrespective if the ICULS are sold above RM1.00.

The principal terms of RCSLS-A-1 are set out under Table 2 at
http://www.bankrupt.com/misc/TCRAP_Kretam0411.html

Scheme Creditors B

KHB proposes to issue the following to Scheme Creditors B as
full and final settlement of their secured debt:

   - RM64,270,853 nominal value of RCSLS-B (RCSLS-B) on the
basis of RM1.00 nominal value of RCSLS-B for every RM1.00 of
secured debt; and

   - RM10,946,000 nominal value of ICULS, 10,217,000 Warrants
and cash payment of RM1,605,000 as upfront interest payment on
the RCSLS-B.

Scheme Creditors B will, subsequently, offer for sale to the
shareholders of KHB the following:

   - RM10,946,000 ICULS at an offer price of RM1.00 for every
RM1.00 nominal value of ICULS; and

   - 10,217,000 Warrants at an offer price of 20 sen per
Warrant.

In accordance with the DRA, KHB is required to appoint a
placement agent to place out any of the ICULS issued to Scheme
Creditors B which are not taken up by the shareholders pursuant
to the offer for sale at a minimum price of RM1.00 per ICULS
over a period of three (3) years from the last day of the offer
date. The ICULS are to be sold within the 3-year period, and KHB
proposes to compensate Scheme Creditors B for the following, in
respect of the ICULS disposed:

   - the difference between the nominal value of RM1.00 per
ICULS and the disposal price of the ICULS (in the event the
disposal price is lower than RM1.00); and

   - the holding cost on the nominal value of ICULS held by
Scheme Creditors B until the date of sale of the ICULS or if not
sold, the last day of each year during the 3-year period.

Scheme Creditors B shall receive up to a maximum of RM1.00 and
the holding cost of the ICULS up to the date of sale only,
irrespective if the ICULS are sold above RM1.00.

The principal terms of RCSLS-B are set out under Table 2 at
http://www.bankrupt.com/misc/TCRAP_Kretam0411.html

Scheme Creditors C

The total debts of RM148,108,606.10 owing to Scheme Creditors C
are only partially secured. It is proposed under the Proposed
Debt Restructuring that Scheme Creditors C write off 40% of its
total debts, amounting to RM59,243,442.44. KHB proposes to
restructure the balance of RM88,865,163.66 debt, of which RM35
million is deemed secured, via the issuance of the following:

   - RM35,000,000 nominal value of RCSLS-C (RCSLS-C) on the
basis of RM1.00 nominal value of RCSLS-C for every RM1.00 of
secured debt;

   - RM53,865,000 nominal value of ICULS on the basis of RM1.00
nominal value of ICULS for every RM1.00 of unsecured debt (after
debt write-off);

   - RM163.66 in cash; and

   - cash payment of RM1,260,000 as upfront interest payment on
RCSLS-C.

Under the Proposed Debt Restructuring, Scheme Creditors C will,
however, be allowed the following avenues to recover some
percentage of the debt written-off:

   - in the event the Crude Palm Oil (CPO) prices hits RM1,500
per metric ton or higher (for 7 years from Year 2003), 50% of
the excess funds arising from KHB Group estates' own produces
that are sold and delivered will be placed in a sinking fund,
and after full redemption of RCSLS-A, RCSLS-A-1, RCSLS-B (refer
principal terms of the instruments under Table 2), to be
distributed to RCSLS-C holders as compensation of up to a
maximum of RM59,243,442.44, being the debt written-off by Scheme
Creditors C, taking into consideration any other compensation
payment;

   - in the event the assets of Innosabah Securities Berhad
(ISB), being the security backing of RCSLS-C, are disposed of at
a value higher than RM35 million by the first quarter of the
third year of the date of issuance of the RCSLS-C, the excess
disposal proceeds will accrue to RCSLS-C holders as compensation
of up to a maximum of RM59,243,442.44, being the debt written-
off by Scheme Creditors C, taking into consideration any other
compensation payment; and

   - Scheme Creditors C are entitled to their share of 6,467,000
KHB shares held in trust (Trustee Shares) which form part of the
new KHB shares to be issued to S Creditors as full settlement of
the Shareholders' Loans and Advances.

The principal terms of RCSLS-C are set out under Table 2 at
http://www.bankrupt.com/misc/TCRAP_Kretam0411.html

S Creditors

KHB proposes to settle the Shareholders' Loans and Advances
amounting to RM37,915,141 via the issuance of 37,915,141 new KHB
shares of RM1.00 per share, at par (S Creditors Shares). The
Shareholders' Loans and Advances are secured against a second
charge on a parcel of plantation land and on a break-up basis, S
Creditors will only receive the balance of the proceeds from the
disposal of the subject land after the first chargee has been
fully settled.

Scheme Creditors C will subject to the same percentage of debt
write-off suffer the deemed unsecured portion of S Creditors'
debt.

The number of S Creditors Shares equivalent to the amount of
debt written-off, representing 6,467,000 KHB shares (Trustee
Shares) shall be placed with a trustee to be appointed by KHB.
The Trustee Shares will be distributed to Scheme Creditors C to
compensate for the debt written-off by Scheme Creditors C of
RM59,243,442.44 in accordance with the terms of the DRA.
Thereafter, any remaining balance of the Trustee Shares will be
released to S Creditors.

Proposed Rationalization

In addition to the Proposed Debt Restructuring, the KHB Group
intends to undertake a restructuring of its existing business
activities. In this respect, certain business representing the
Group's non-core assets may be divested in order that more
effort can be concentrated on its core activities, i.e.,
plantation. The proposed rationalization of its businesses is
expected to be implemented over a period of two (2) years.

Appropriate announcements will be made and the shareholders of
KHB will receive a separate Circular detailing the proposed
rationalization and divestment activities at the appropriate
time and a separate Extraordinary General Meeting (EGM) of the
Company, if required, will be held to seek shareholders'
approval for the said proposal.

PROPOSED OFFER FOR SALE

The Lenders, namely, Scheme Creditors A, Scheme Creditor A-1 and
Scheme Creditors B, who had received ICULS and Warrants as part
of their upfront interest settlement pursuant to the Proposed
Debt Restructuring, collectively, propose to offer for sale:

   - up to RM33,541,000 nominal value of ICULS to existing
shareholders on the basis of RM1.00 nominal value of ICULS for
every two (2) existing ordinary shares held (after the Proposed
Capital Reduction and Consolidation) at an offer price of RM1.00
per RM1.00 nominal value of ICULS; and

   - up to 31,305,000 Warrants to existing shareholders on the
basis of one (1) Warrant for every two (2) existing ordinary
shares held (after the Proposed Capital Reduction and
Consolidation) at an offer price of 20 sen per Warrant.

Odd lots arising from the basis of entitlement and allotment of
the Proposed Offer for Sale will be retained by the respective
Lenders, while fraction of a security arising from the Proposed
Offer for Sale will be dealt with by the Directors of KHB as
they deem fit.

PROPOSED INCREASE IN AUTHORISED SHARE CAPITAL

To accommodate the issue of new ordinary shares arising from the
Proposed Rights Issue and Proposed Debt Restructuring, and to
cater to future new issues of share capital, KHB proposes to
increase the authorized share capital of the Company from
RM250,000,000 comprising 250,000,000 ordinary shares of RM1.00
each to RM600,000,000 comprising 600,000,000 ordinary shares of
RM1.00 each by the creation of 350,000,000 new ordinary shares
of RM1.00 each.

RANKING OF THE NEW SHARES

The new KHB shares to be issued and allotted pursuant to the
Proposed Rights Issue, Proposed Debt Restructuring and upon the
conversion of the RCSLS and ICULS, as well as exercise of the
Warrants will, upon issue and allotment, rank pari passu in all
respects with the existing shares of the Company, except that
they will not be entitled to any dividends, rights, allotment
and/or any other distributions that may be declared, made or
paid prior to the allotment date of the Rights Shares, the new
shares to be issued pursuant to the Proposed Debt Restructuring
and, arising from the conversion of the RCSLS and ICULS as well
as the exercise of the Warrants.

UTILISATION OF PROCEEDS

Based on the indicative issue price of RM1.00 per Rights Share
payable on application and assuming full subscription of the
Proposed Rights Issue, the gross proceeds from the Proposed
Rights Issue of approximately RM26.313 million is proposed to be
utilized in the manner set out in Table 3 at
http://www.bankrupt.com/misc/TCRAP_Kretam0411.html

FINANCIAL EFFECTS

Share capital

The effects of the Proposals on the issued and paid-up share
capital of KHB are set out in Table 4 at
http://www.bankrupt.com/misc/TCRAP_Kretam0411.html

Earnings

The Proposed Restructuring Scheme is expected to be completed at
the end of Year 2002 and therefore will not have any material
impact on the earnings of the KHB Group for the financial year
ending 31 December 2002. However, it is expected that the
successful completion of the Proposed Restructuring Scheme will
enhance the future earnings of the KHB Group.

Net Tangible Assets (NTA)

The proforma effect of the Proposals on the audited NTA of the
KHB Group as at 31 December 2000 are set out in Table 5 at
http://www.bankrupt.com/misc/TCRAP_Kretam0411.html

Substantial Shareholding Structure

The effects of the Proposals on the substantial shareholding
structure of KHB are illustrated in Table 6 at
http://www.bankrupt.com/misc/TCRAP_Kretam0411.html

Gearing

The effects of the Proposals on the gearing of KHB are
illustrated in Table 7 at
http://www.bankrupt.com/misc/TCRAP_Kretam0411.html

Dividend

In view of the Company's tight liquidity position, the Directors
of KHB do not expect to declare any dividends for the financial
year ending 31 December 2002.

APPROVALS REQUIRED

The Proposed Restructuring Scheme are conditional upon approvals
being obtained from the following:

   (a) SC;

   (b) FIC;

   (c) KLSE for the admission to the Official List and the
listing of and quotation for the ICULS and Warrants and the
listing of and quotation for new KHB shares to be issued
pursuant to the Proposed Rights Issue, and upon conversion of
the RCSLS and ICULS, and the exercise of the Warrants;

   (d) sanction of the High Court of Borneo for the Proposed
Capital Reduction and Consolidation, Proposed Share Premium
Account Reduction and Proposed Revaluation Reserve Account
Reduction;

   (e) Lenders for the Proposed Debt Restructuring which was
obtained as of 27 March 2002;

   (f) shareholders of KHB at an EGM to be convened; and

   (g) any other relevant authorities/ parties.

The Proposed Increase in Authorized Share Capital is subject to
the approval of the shareholders of KHB at an EGM to be
convened.

The Proposed Capital Reduction and Consolidation, Proposed Share
Premium Account Reduction, Proposed Rights Issue and Proposed
Debt Restructuring are inter-conditional upon one another.

DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS

Lim Nyuk Sang @ Freddy Lim and Seah Sen Leang are executive
directors and major shareholders of KHB. Fong King Fun is an
executive director and shareholder of KHB. They are also one of
the S Creditors under the Proposed Debt Restructuring.

Seah Sen Leang, Lim Nyuk Sang @ Freddy Lim and Fong King Fun are
deemed interested in the Proposed Debt Restructuring and
accordingly, have abstained and will abstain from deliberations
at Board meetings of the Company on the Proposed Debt
Restructuring. They and persons connected with them will also
abstain from voting on the resolution, in respect of their
direct and indirect shareholding, in relation to the Proposed
Debt Restructuring at the forthcoming EGM.

Save as disclosed above, none of the Directors and major
shareholders of KHB and persons connected to them has any
interest, direct or indirect, in the Proposed Restructuring
Scheme.

DIRECTORS' STATEMENT

The Board Directors of KHB (save for Seah Sen Leang, Lim Nyuk
Sang @ Freddy Lim and Fong King Fun who are deemed interested in
the Proposed Debt Restructuring), after careful deliberation, is
of the opinion that the Proposed Restructuring Scheme is in the
best interest of the KHB Group.

ADVISER

Alliance has been appointed as the adviser for the Proposed
Restructuring Scheme, Proposed Offer for Sale and Proposed
Increase in Authorized Share Capital.

APPLICATION TO THE RELEVANT AUTHORITIES

The application to the relevant authorities is expected to be
submitted within two (2) months from the date of this
announcement.

DOCUMENTS AVAILABLE FOR INSPECTION

Copies of these documents will be available for inspection at
the registered office of the Company at Lot 6, Block 44, Leboh
Tiga, 90000 Sandakan, Sabah during normal office hours from
Mondays to Fridays (except public holidays) for a period of
three (3) months from the date of this announcement:

   (i) DRA;
   (ii) Memorandum and Articles of Association of KHB; and
   (iii) Audited accounts of KHB for the past three (3)
financial years ended 31 December 2000.


OMEGA HOLDINGS: Regularization Plan Extension Request Pending
-------------------------------------------------------------
Omega Holdings Berhad (Omega or the Company), in relation to
Practice Note No. 4/2001 of the KLSE Listing Requirements, is
required, inter-alia, to submit plans to regularize its
financial position (Regularization Plan) to the relevant
authorities, including the Securities Commission (SC), within 2
months from the date of the Requisite Announcement i.e. by 8
April 2002.

Arab-Malaysian Merchant Berhad (Arab-Malaysian), on behalf of
Omega, announced that the Company is unable to submit the
Regularization Plan to the relevant authorities, including the
SC, by 8 April 2002. In this regard, Omega had on 29 March 2002
applied to the KLSE for an extension of time for the Company to
submit the Regularization Plan to the relevant authorities,
including the SC, for a period of 3 months i.e. from 8 April
2002 to 8 July 2002 (Extension of Time), in view of the
preparation for the submission to authorities are still being
undertaken. The application for the Extension of Time is still
pending the KLSE's approval as at to-date.


S P SETIA: RAM Places RM125M Bonds on Rating Watch
--------------------------------------------------
RAM has placed the long-term rating of A2 for S P Setia Berhad's
(S P Setia) RM125 million Redeemable Unsecured Bonds (2000/2005)
on Rating Watch, with a developing outlook. This follows the
Group's announcement to purchase a sizeable tract of land for
RM597.33 million. The land is located primarily in the district
of Petaling, Selangor (known as "North Hummock"), measuring
approximately 3,930 acres. In the same statement to the Kuala
Lumpur Stock Exchange, S P Setia also proposed to undertake a
series of capital raising exercises to part-finance the
acquisition of the North Hummock land, refinance its Sri
Hartamas land acquisition and also for the Group's working
capital. The proposed exercises include private placement
issues, special bumiputra issues, bonus issues and rights
issues, which are expected to raise approximately RM459 million  
- RM551 million, depending on the conversion of warrants and
employee share option scheme. The proposed exercises are subject
to approvals from the authorities.

In addition to the proposed land acquisition and equity issues,
S P Setia is also planning to acquire a 21.88%-stake in Loh &
Loh Corporation Berhad to indirectly tap the latter's expertise
and experience in construction and engineering. The would-be
associated company is anticipated to form a synergistic
partnership with S P Setia to enhance the latter's presence in
the construction sector particularly with respect to water-
related works and sewerage.

Meanwhile, RAM's Rating Watch highlights possible changes to the
existing rating for an issuer's debt. It focuses on identifiable
events, including mergers, acquisitions, regulatory changes and
operational developments that put a rated debt under special
surveillance by RAM. In a broader sense, it covers any event
that may result in changes relating to the risk factors in
respect of the payment of interest and principal on a rated debt
instrument.

RAM's Rating Watch, however, does not mean that the existing
rating will be changed. It only means that a rating is under
evaluation by RAM and a final affirmation is expected to be
announced.


TECHNOLOGY RESOURCES: Rights Issue Over-Subscribed by 30.52%
------------------------------------------------------------
The Board of Directors of Technology Resources Industries Berhad
(TRI) announced that at the close of acceptance and payment of
the Renounceable Rights Issue of 754,907,661 New Ordinary Shares
of Rm1.00 each on TRI at an Issue Price Of Rm1.00 per new
Ordinary Share on the Basis of one (1) New Ordinary Share for
Every One (1) Existing Ordinary Share Held in TRI (Rights Issue)
on 5 April 2002 at 5.00 p.m., the Rights Issue was over
subscribed by 230,453,610 Rights Issue shares or 30.52 percent.

All substantial shareholders of the Company have taken up their
Rights Shares entitlement.


UNITED CHEMICAL: Faces RM45M Counterclaim From SWP
--------------------------------------------------
United Chemical Industries Bhd (UCI), further to its
announcements dated 19 and 21 February 2002 on the Writ of
Summons filed by UCI against Sungei Wang Properties Sdn Bhd
(SWP/Defendant) for the recovery of RM35,300,000 due to UCI
arising from the termination of the Sale and Purchase Agreement
and Supplemental Sale and Purchase Agreement entered into for
the acquisition of the entire paid-up capital of Hongkew
Holdings (M) Sdn Bhd, informed that SWP had filed in its defense
and counterclaim of RM45,000,000 against UCI on 13 March 2002.

In the Defendant's defense, served on UCI on 13 March 2002, the
Defendant admitted to receiving the sum of RM5,000,000 as part
payment of the deposits but denied receiving the total sum of
RM35,300,000 as claimed by UCI. The defendant counterclaimed
against UCI for RM45,000,000 (with interest at the rate of 8%
per annum from the date of the counterclaim until full payment)
being the alleged balance of deposit due from UCI to SWP. UCI's
solicitors opined that the claim on the balance of the deposit
is unsustainable in law and in fact.

The legal costs of defending this counterclaim will form part
and parcel of the total legal costs for the recovery of
RM35,300,000 paid to SWP. At the present moment the total costs
of the legal proceeding could not be ascertained but it would
not be significant compared to the deposits claimed.

There is no immediate financial and operational impact on UCI
Group arising from the counterclaim.

UCI has filed a reply and defense to the counterclaim on the 26
March 2002. UCI has further filed an application in court on the
1 April 2002 to compel SWP to deliver further and better
particulars in respect of its defense and counterclaim. The
application for further and better particulars will be heard on
the 9 May 2002.


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


BELLE CORP: Aims to Restructure $68.5M Foreign Debt Next Month
--------------------------------------------------------------
Belle Corporation plans to complete its debt restructuring of
$68.5 million foreign debt next month, DebtTraders Analysts
Daniel Fan (852-2537-4111) and Blythe Berselli (1-212-247-5300)
reported, citing the Business World news. The property and
leisure firm offered all note holders to exchange FRN holdings
into common shares last year, of which $45 million has been
converted. The Company wants to covert the outstanding floating
rate notes into equity over a 10-year period.

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


DMCI HOLDINGS: Convertible Preferred Shares Remain Outstanding
--------------------------------------------------------------
The Philippine Stock Exchange on Friday has released circulars
(CB# 487-2002 dated March 1, 2002, CB# 534-2002 dated March 6,
2002, CB# 634-2002 dated March 15, 2002) reminding the trading
participants and the investing public on the Final Redemption
Date and the subsequent delisting of DMCI Holdings, Inc.'s
Convertible Preferred Shares after the redemption.

However, DMCI Holdings, Inc. in its letter to the Exchange dated
April 1, 2002 said that it will not be able to wholly redeem the
preferred shares under the original terms and conditions. In the
same letter, its board of directors approved in lieu of
redemption, the offer to existing preferred shareholders to
exchange the preferred shares under any four options as stated
in the said letter and circular.

In view of the Company's inability to redeem the shares on the
scheduled Final Redemption Date and the offer of the Company to
exchange the preferred shares under any of the options stated in
the aforesaid disclosure of April 2, 2002, the convertible
preferred shares remain outstanding. Thus, the Exchange shall be
allowing the continued listing of the said shares until they are
no longer outstanding.

TCR-AP reported last week that DMCI Holdings Inc. has warned it
will not be able to wholly redeem or buy back the P2.4 billion
(US$46.98 million) convertible preferred shares it issued in
April five years ago due to financial constraints, citing DMCIHI
chief finance officer Herbert M. Consuji.

According to Technistock.com, as of 2001, DMCI Holdings, Inc.
has total current assets of P5.39 billion and total current
liabilities were P5.64 billion.


REYNOLDS PHILIPPINES: Finalizing Restructuring Scheme
-----------------------------------------------------
Reynolds Philippines Corporation (RPC) President, Jaime Y.
Gonzales, presented to the Board a moving 12-month budget with
month one being the month wherein the LIFO loan will be
released, the Philippine Stock Exchange reported last week. Mr.
Jose Revilla Reyes, Jr., informed the Board that the draft of
the Restructuring Agreement is being finalized.

In view thereof, the Board expressed its expectation for the
same to be signed within the next few weeks. The Treasurer and
CFO, Mr. Jorge B. Navarra, presented to the body the unaudited
financial statements of the Company for the year 2000. In this
regard, the President and Treasurer were given the authority to
approve the provisioning items that may be required by the
Company's external auditors, subject to the formal approval of
the Board of the audited financial statements.


RFM CORP: Final Redemption Date of CP Shares on April 11
--------------------------------------------------------
RFM Corporation is reminding its Trading Participants and the
investing public that the last day of trading of the Company's
Convertible Preferred Shares is on April 11, 2002, the final
redemption date. Therefore, RFMP shall be delisted from the
Official Registry of the Exchange and will no longer be tradable
starting April 12, 2002. Further to Circular for Brokers No.
690-2002, dated March 21, 2002, the Company advised the Exchange
of the following redemption procedures:...

"The payment of the principal value of P4.68 per share and the
accrued interest of 10 percent p.a. from January 11, 2002 to
April 11, 2002 will be paid, to holders of the shares as of
April 11, 2002, within 15 trading days from April 11, 2002. The
Stock Transfer Agent will automatically cancel the stock
certificates without need for their subscription..."

The Exchange shall announce additional information on the
procedures for redemption as soon as the Company provides the
same.

DebtTraders reports that RFM Capital's 2.750% convertible bond
due in 2006 (RFM06PHS1) trades between 100 and 110. For real-
time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=RFM06PHS1


RFM CORP: Unit Signs MOA With OMPI
----------------------------------
The Philippine Stock Exchange revealed on April 3 that One
Mckinley Place Inc. (OMPI), developer of the One Mckinley Place
project in Bonifacio Global City, signed a comprehensive
memorandum of agreement (MOA) on April 3 with Export and
Industry Bank, Urbancorp Realty Developers Inc. (URDI)
(subsidiary of Export Bank) and Philippine Townships Inc.
(subsidiary of RFM Corp.), to resume the project and complete it
within a one-year period.

The MOA signing was attended by Sergio Ortiz-Luis, Jr. (Chairman
of Export Bank and URDI); Jose Concepcion III (Chairman of
Philtown and President and CEO of RFM Corp); and Rally Martinez
(EVP-Treasurer of OMP Inc. and President of Philtown Inc.).

OMPI, which is a 50-50 joint venture of URDI and Philtown, was
adversely affected by the closure of Urban Bank and the
receivership of Urbancorp Investments, both majority
shareholders of URDI. Since April 2000, OMPI, developer of One
Mckinley Place, has been unable to sustain full project
construction, due to the inability of one of its proponents,
URDI, to act on any financial and operational matters pertaining
to the joint venture. It was only when Export Bank successfully
merged with Urban Bank and Urbancorp Investments last September
2001, that talks between all parties started resulting in the
recent MOA signing.

Mr. Martinez said that the MOA, which entails a comprehensive
operational and financial restructuring plan for OMP, reflects
the overall confidence and commitment of its proponents to the
project. Mr. Martinez added that it is unfortunate that
circumstances relating to the closure of Urban Bank, prevented
us from delivering the project earlier, however with this MOA
signing, we can now meet our commitments to our numerous buyers.
Although the real estate market continues to be soft, we believe
that once we start delivering completed residential units during
the first quarter of Year 2003, the project will be well
positioned for the expected upturn then. The MOA calls for both
URDI and Philtown to infuse additional equity and raising
counterpart financing, to cover the balance to complete the
project.

The project is currently 70 percent complete and with most of
its funding requirements in place, OMP need not rely on
aggressive selling to fund its construction, thereby
guaranteeing completion. Mr. Martinez further added, that at
this time, when many vertical projects have been stopped due to
the very challenging market environment, OMP would like to
distinguish itself as having delivered on its promises to its
many loyal clients, despite the many obstacles it had faced.

According to Wright Investor's Service, as of December 2000, RFM
Corporation's long-term debt was P1.62 billion and total
liabilities were P14.43 billion.


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


CAPITALAND LIMITED: Shareholders EGM Set on May 2
-------------------------------------------------
An Extraordinary General Meeting (EGM) of the Shareholders of
Capitaland Limited will be held at the STI, 168 Robinson Road,
Level 9, Capital Tower, Singapore 068912 on 2nd May, 2002 at
3.30 p.m. (or as soon thereafter following the conclusion or
adjournment of the Annual General Meeting of the Company to be
held at 3.00 p.m. on the same day and at the same place) for the
purpose of considering and, if thought fit, passing with or
without any modification, the following resolutions, of which
Resolution 1 will be proposed as a Special Resolution and
Resolutions 2, 3 and 4 will be proposed as Ordinary Resolutions:

RESOLUTION 1

Special Resolution: Alterations to the Articles of Association
of the Company

That Articles 2, 3, 6, 7(A), 7(B), 9(B), 88, 90, 91, 92, 93, 95,
109, 123 and 138, the heading "REDEEMABLE CONVERTIBLE CUMULATIVE
PREFERENCE SHARES" before Article 6 and the heading "MANAGING
DIRECTOR OR PRESIDENT" before Article 90 of the Articles of
Association of the Company be altered in the manner as set out
in the Appendix to the Circular to Shareholders dated 10th
April, 2002.

RESOLUTION 2

Ordinary Resolution: Issue by the Company of Convertible Bonds

That:

   (a) the Company creates and issues up to S$437 million
principal amount of convertible bonds due 2007 (Bonds) pursuant
to the subscription agreement (the Subscription Agreement) dated
21st March, 2002 entered into between the Company and J.P.
Morgan Securities (S.E.A.) Limited, such Bonds to be convertible
into new ordinary shares of S$1.00 each in the capital of the
Company (New Shares) at such conversion price and on the terms
and conditions contained in the Subscription Agreement, and on
such other terms and conditions as the Directors of the Company
may in their absolute discretion deem fit; and

   (b) approval be and is hereby given to the Directors of the
Company to:

     (i) allot and issue such number of New Shares as may be
required or permitted to be allotted and issued pursuant to the
conversion of the Bonds, credited as fully-paid, on the
conversion thereof, subject to and otherwise in accordance with
the terms and conditions of the Bonds, such New Shares, when
issued, to rank pari passu in all respects with the then
existing ordinary shares of S$1.00 each in the capital of the
Company save as may be otherwise provided in the terms and
conditions of the Bonds; and

     (ii) take such steps, make such amendments to the terms and
conditions of the Bonds and exercise such discretion as the
Directors of the Company may from time to time deem fit,
advisable or necessary in connection with all or any of the
above matters.

RESOLUTION 3

Ordinary Resolution: Grant of options and allotment of shares to
employees and directors of the Parent Group pursuant to the
CapitaLand Share Option Plan

That approval be given for up to 20 percent of the total number
of ordinary shares of S$1.00 each in the capital of the Company
available under the CapitaLand Share Option Plan (the Share
Option Plan) to be made available for the grant of options
(Options) under the Share Option Plan to persons who are
employees (including executive directors) and non-executive
directors of a Company being the holding Company of the Company
designated by the committee appointed to administer the Share
Option Plan (the Committee) for the purposes of the Share Option
Plan (the Parent Company), and such of the Parent Company's
subsidiaries as are designated by the Committee for the purposes
of the Share Option Plan (Parent Group Executives/Directors),
provided that any such employee or non-executive director whose
services have been seconded to the Company or any of its
subsidiaries shall not be treated as a Parent Group
Executive/Director for the purposes of this Resolution.

RESOLUTION 4

Ordinary Resolution: Share Issue Mandate

That authority be and is hereby given to the Directors of the
Company to:

   (a) (i) issue shares in the Company (shares) whether by way
of rights, bonus or otherwise; and

      (ii) make or grant offers, agreements or options
(collectively, Instruments) that might or would require shares
to be issued, including but not limited to the creation and
issue of warrants, debentures or other instruments convertible
into shares,

at any time and upon such terms and conditions and for such
purposes and to such persons as the Directors may in their
absolute discretion deem fit; and

   (b) (notwithstanding the authority conferred by this
Resolution may have ceased to be in force) issue shares in
pursuance of any Instrument made or granted by the Directors
while this Resolution was in force, provided that:

     (1) the aggregate number of shares to be issued pursuant to
this Resolution (including shares to be issued in pursuance of
Instruments made or granted pursuant to this Resolution but
excluding shares which may be issued pursuant to any adjustments
effected under any relevant Instrument), does not exceed 50 per
cent. of the issued share capital of the Company for the time
being, of which the aggregate number of shares to be issued
other than on a pro rata basis to shareholders of the Company
(including shares to be issued in pursuance of Instruments made
or granted pursuant to this Resolution but excluding shares
which may be issued pursuant to any adjustments effected under
any relevant Instrument) does not exceed 20 per cent. of the
issued share capital of the Company for the time being;

     (2) for the purpose of determining the aggregate number of
shares that may be issued under (1) above, in relation to an
Instrument, the number of shares shall be taken to be that
number as would have been issued had the rights therein been
fully exercised or effected on the date of the making or
granting of the Instrument;

     (3) in exercising the power to make or grant Instruments
(including the making of any adjustments under any relevant
Instrument), the Company shall comply with the provisions of the
Listing Manual of the Singapore Exchange Securities Trading
Limited (SGX-ST) for the time being in force (unless such
compliance has been waived by the SGX-ST) and the Articles of
Association for the time being of the Company; and

     (4) (unless revoked or varied by the Company in general
meeting) the authority conferred by this Resolution shall
continue in force until the conclusion of the next Annual
General Meeting of the Company or the date by which the next
Annual General Meeting of the Company is required by law to be
held, whichever is the earlier.

NOTES:

1. A Shareholder of the Company entitled to attend and vote at
the Extraordinary General Meeting is entitled to appoint not
more than two proxies to attend and vote in his stead. A proxy
need not be a Shareholder of the Company.

2. The instrument appointing a proxy must be lodged at the
registered office of the Company at 168 Robinson Road, #30-01,
Capital Tower, Singapore 068912 not less than 48 hours before
the time appointed for the Extraordinary General Meeting.


THAKRAL CORP: Posts Notice of Shareholder's Interest
----------------------------------------------------
Thakral Corporation posted a notice of changes in substantial
shareholder Thakral Investments Ltd's interests:

Date of notice to company: 08 Apr 2002
Date of change of interest: 05 Apr 2002
Name of registered holder: DBS Nominees Pte Ltd
Circumstance giving rise to the change: Others
Please specify details: Sale in open market by a financial
institution pursuant to a mortgage of shares dated 27 October
1998 and a supplemental deed dated 16 November 2000.

Shares held in the name of registered holder
No. of shares of the change: 500,000
% of issued share capital: 0.033
Amount of consideration per share excluding brokerage, GST,
stamp duties, clearing fee: 36,000 shares @ $0.165
464,000 shares @ $0.160
No. of shares held before change: 93,012,136
% of issued share capital: 6.217
No. of shares held after change: 92,512,136
% of issued share capital: 6.184

Holdings of Substantial Shareholder including direct and deemed
interest
                                     Deemed   Direct
No. of shares held before change:      0      382,468,069
% of issued share capital:             0      25.567
No. of shares held after change:       0      381,968,069
% of issued share capital:                    25.533
Total shares:                          0      381,968,069

Percentage of issued share capital held before and after the
change is calculated based on the Company's total issued share
capital of 1,495,960,617 ordinary shares at $0.05 each as at
08/04/2002.

The transactions were reported to the substantial shareholder on
05/04/2002.


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


CHAROENSRI MOTOR: Files Business Reorganization Petition
--------------------------------------------------------
Car Seller Charoensri Motor Company Limited (DEBTOR) filed its
Petition for Business Reorganization at the Central Bankruptcy
Court:

   Black Case Number 1431/2544

   Red Case Number 1134/2544

Petitioner: CHAROENSRI MOTOR COMPANY LIMITED

Planner: CHAROENSRI PLANNER COMPANY LIMITED

Debts Owed to the Petitioning Creditor: Bt1,898,132,113.48

Date of Court Acceptance of the Petition: October 31, 2001

Date of Examining the Petition: November 26, 2001 at 9.00 A.M.

Court Order for Business Reorganisation: November 26, 2001 and
Appointed Mr. Komin Teekatananont, or Mr. Komunt Teekatananont,
or Mr. Kittikorn Teekatananont to be an Interim Executive

Announcement of Court Order for Business Reorganisation in
Matichon Public Company Limited and Siam Rath Company Limited:
December 7, 2001

Announcement of Court Order for Business Reorganisation in
Government Gazette: December 25, 2001

Appointment date for the Meeting of Creditors to elect the
Planner: January 7, 2002 at 9.30 am. Convention Room 1103, 11th
Floor, Bangkok Insurance Building, South Sathorn Road

The Meeting of Creditors had passed a resolution electing
CHAROENSRI PLANNER COMPANY LIMITED to be the Planner

Court Order for Appointment of Planner: February 19, 2002

Announcement of Court Order for Appointment of the Planner in
Matichon Public Company Limited and Siam Rath Company Limited:
March 4, 2002

Announcement of Court Order for Appointment of the Planner in
Government Gazette: March 19, 2002

Deadline for the Planner to submit the Reorganisation Plan to
the Official Receiver: June 19, 2002

Contact: Ms. Niramon Tel, 6792525 ext. 143


ITALIAN-THAI: Joint Venture POC-ITD Signs Contract With POS   
-----------------------------------------------------------
ITD Planner Company Limited, in its capacity as the Planner of  
Italian-Thai Development Public Company Limited (ITD or the
Company) informed that on Mar 11, 2002 the joint venture POC-ITD
which comprised of Italian-Thai Development Public Co., Ltd. and
Pentad Ocean Construction Co., Ltd. signed a contract with Port  
Authority of Sihanoukville (PAS) to proceed of Sihanoukville  
Port Urgent Rehabilitation Project at Kingdom of Cambodia.

The details of the contract are:

Description  of  works    :   Dredging  approximate  900,000  
m3. , reclamation 516,000 m3
                              Quay 240 m. long with  concrete  
block  compose  of  heavy duty  
pavement 64,000m container yard   
terminal and interconnection   
road of 320m long

Contract  value           :   US$30,636,405.38 (including VAT )
                              (ITD Portion 45%=US$13,786,382.42
                               approximately  Bt606.6M)

The period  of  work      :     912  days


SINO-THAI: Independent Director Suriyasat Dies
----------------------------------------------
Sino-Thai Engineering & Construction Public Company Limited
regrets to inform that Thanpuying Niramol Suriyasat, its
independent director, has died April 5, 2002.  In this regard,
the Company is processing the registration of  the change in
director at Commercial Registration Department, Ministry of
Commerce.

TCR-AP reported September 21, 2001 that STECON sold its
affiliated company, Inter IMC Pte Limited, a construction
company registered in Singapore, and utilized the proceeds as
working capital for the Company. According to Wrights Investors'
Service, the company has paid no dividends during the last 12
months. It has not paid any dividends during the previous 6
fiscal years.


THAI PETROCHEMICAL: Files Petition to BRO for Plan Amendment
------------------------------------------------------------
Effective Planners Limited, the Plan Administrator of Thai
Petrochemical Industry Public Company Limited (TPI), has
exercised its right under Section 90/63 of the Bankruptcy Act by
filing a petition to request the Official Receiver of the
Business Reorganization Office (BRO) to call a meeting of the
creditors to consider the amendment of the Business
Rehabilitation Plan (the Plan), n relation to two matters ;

   1) Amendment of the provisions governing how material
amendments to the Plan can be made to align them with the
provisions in the Bankruptcy Act while preserving the right and
ability of the Committee of Creditors to hold a meeting of the
Participating Scheme Creditors to assess general level of
support for any proposed modifications prior to the required
statutory meeting and,

   2) Amendment of the Repayment Milestone Date to 31 March 2003
or such later date as may be agreed by a majority of the
Participating Scheme Creditors.

These amendments to the Plan are necessary in order to
accomplish the business reorganization. The creditors meeting
called by the BRO to vote for the above-mentioned resolutions is
expected to take place in mid May 2002.

In the meantime, the plan administrator is continuing to
implement the Plan in accordance with its terms.


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

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

Asia Pulp & Paper     FRN     due 2001    10 - 12        0
Asia Pulp & Paper     11.75%  due 2005    25 - 26        +1
APP China             14.0%   due 2010    24 - 26        -1
Asia Global Crossing  13.375% due 2006    18 - 21        -1
Bayan Telecom         13.5%   due 2006    20 - 22        0
Daya Guna Sumudera    10.0%   due 2007   1.5 - 3.5       +0.5
Hyundai Semiconductor 8.625%  due 2007    65 - 68        +2
Indah Kiat            11.875% due 2002    27 - 29        +1
Indah Kiat            10.0%   due 2007    21 - 23        +1
Paiton Energy         9.34%   due 2014    65 - 68        0
Tjiwi Kimia           10.0%   due 2004    20 - 22        +1
Zhuahi Highway        11.5%   due 2008    28 - 33        0

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


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

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

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

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

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

                 *** End of Transmission ***