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

                   A S I A   P A C I F I C

            Tuesday, May 21, 2002, Vol. 5, No. 99

                         Headlines

A U S T R A L I A

ANSETT GROUP: QBE Accepts Canceled Travel Insurance Claims
BALLARAT GOLDFIELDS: May 28 Meetings Rescheduled to June 4
CENTRAL NORTH: Rubicon in Acquisition Talks With Fletcher
ECAT DEVELOPMENT: Passes Resolutions at AGM
LEYSHON RESOURCES: Changes Share Registry Address

MCDERMOTT PROPERTY: Lack of Information Leads to Stop Orders
OPEN TELECOMMUNICATIONS: Requests Continued Suspension
TENNYSON NETWORKS: A$1M Capital Raising Completed


C H I N A   &   H O N G  K O N G

MASSIVE RESOURCES: Issues Convertible Note
RICH BAND INT'L: Winding Up Sought by Bank of China
TOM TURK'S: Faces Winding Up Petition
YIU WING: Winding Up Petition Slated for Hearing


I N D O N E S I A

BANK NIAGA: Government Urged to Postpone Sale
CITRA MARGA: Product Sharing Talk With Jasa Marga Halted


J A P A N

KAJIMA CORP: Posts JPY41.15B Loss as Builder Orders Fall
NEC CORPORATION: Jumps 5.2% on Reorganization Plan
NEC CORPORATION: Spinning Off Chip Business to Stay Competitive
OBAYASHI CORP: Low Real Estate Appraisals Yield High Losses
SEIYU LTD: Sends Infected E-mail to Online Service Subscribers

SNOW BRAND: Two Ex-board Members Arrested for Fraud


K O R E A

DAEWOO MOTOR: Ordered to Recall Lanos Cars
DAEWOO MOTOR: Telco Refuses to Buy Indian Assets
DAEWOO MOTOR: U.S. Sales Arm Files for Bankruptcy
HYNIX SEMICON: Will Lay off 30% of Executives to Cut Costs
KOREA ELECTRIC: May Withdraw Share Sale in Power Service Units

LG INTERNATIONAL: Repays Debts Before Due


M A L A Y S I A

CHASE PERDANA: FIC Grants Proposals Approval
EMICO HOLDINGS: Proposes Articles of Association Amendments
GEAHIN ENGINEERING: KLSE Approves RA Time Extension Request
GOLDEN PLUS: Strikes Off Dormant Companies
HAI-O ENTERPRISE: Voluntarily Winds-Up Inactive Units

KILANG PAPAN: KLSE Gives Time Extension to Get Scheme Approval
PACIFICMAS BERHAD: June 21 AGM, EGM Scheduled
PAN PACIFIC: Obtains Two-Month Regularization Plan Extension
SAP HOLDINGS: Appoints Tengku Mahmud as Managing Director
SOUTHERN PLASTIC: Provides Defaulted Payment Update

TALAM CORPORATION: Proposes Shares Buy-Back
TRANS CAPITAL: MOU with AKN, AK Nagoor Extended for Two Months
UCP RESOURCES: Unit Defaults Principal Payments of RM355,000
UNIPHOENIX: Unit Faces Winding Up Petition Over Unpaid Rental


P H I L I P P I N E S

BAYAN TELECOM: Offers to Sell Landlines to PLDT
METRO PACIFIC: FBDC Inks Mixed-use Project With Robinsons
NATIONAL POWER: Will Receive Compensation From Keilco
PHILIPPINE LONG: Completes Bond Tender Offer
PHILIPPINE TELEGRAPH: Agrees on Debt-to-Equity Swap


S I N G A P O R E

ASIA PULP: Discloses May 8 Creditors' Meeting Details
BIL INTERNATIONAL: Placement Denial Helps Fraser & Neave
DATACRAFT ASIA: Advances Slightly After Falling 24 Percent
NEW TOYO: Raises Impairment Loss to S$22M


T H A I L A N D

EASTERN PRINTING: Reports Shares Sale Results
NAKORNTHAI STRIP: Court Moves Rehab Plan Consideration Hearing
SIKARIN PUBLIC: Provides Rehabilitation Plan Progress Report
THAI TELEPHONE: Discloses Q102 Management Discussion, Analysis

     -  -  -  -  -  -  -  -

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


ANSETT GROUP: QBE Accepts Canceled Travel Insurance Claims
-----------------------------------------------------------
QBE Insurance (Australia) Limited (QBE) will now honor its
travel insurance policies covering the costs of any canceled
Ansett tickets, as part of an enforceable undertaking provided
to the Australian Securities and Investments Commission (ASIC).

Under the enforceable undertaking QBE has agreed to:

   * write to all Ansett travellers who took out travel
insurance with QBE between 10 and 14 September 2001;

    * reconsider any claims relating to the collapse of Ansett;
pay all valid claims relating to cancelled Ansett tickets within
14 days of assessment; and

   * be bound by the decision of the general insurance dispute
resolution scheme, IEC Limited, in relation to claims made for
cancelled flights booked using frequent flyer points.

ASIC sought the undertaking from QBE in response to concerns
that:

   * QBE had refused all claims for cancelled Ansett tickets
made under travel insurance policies issued between 10 and 14
September 2001;

   * QBE may have misapplied its policy restrictions to deny
claims that were made; and

   * public statements made by QBE may have discouraged policy
holders from lodging a claim.

QBE decided on 10 September that the collapse of Ansett was a
foreseeable event and that their travel insurance policies would
not cover the cost of any cancelled Ansett tickets. However,
many customers were not told of this decision.

Ansett tickets were still being issued until 14 September.
Between 10 and 14 September 2001, QBE sold around 3,000 policies
to domestic air travellers, many of whom were Ansett customers.
To date, QBE has received 600 claims relating to those domestic
travel policies.

The enforceable undertaking also applies to travel insurance
policies sold by Transport Industries Insurance Company Limited
(TII), a wholly owned subsidiary of QBE Insurance Group Limited.

QBE has indicated that it will contact all affected
policyholders.

More generally, ASIC will be examining the practices of general
insurance companies in relation to their claims handling
procedures over the course of the next 12 months.

"ASIC is keen to ensure that policyholders are treated fairly,
efficiently and consistently when they make claims", said Peter
Kell, ASIC's Executive Director of Consumer Protection.


BALLARAT GOLDFIELDS: May 28 Meetings Rescheduled to June 4
----------------------------------------------------------
Ballarat Goldfields NL advised that several changes have been
made recently in relation to the planned general meetings of
members. The three meetings were to be held on 28 May 2002.

All three meetings have now been rescheduled to 4 June 2002.

The Date, time and Venue of the meetings have been amended, as
noted below:

The Board apologizes for any inconvenience caused. The changes
arise as a consequence of a determination made by the Takeovers
Panel (the Panel). The Panel was requested by RFC Corporate
Finance Ltd (RFC) to examine aspects of the agreement entered
into between Ballarat Goldfields NIL and Rexadis Pty Ltd on 6
February 2002. In particular, RFC asked the Panel to determine
that the 'break fee' aspect of that agreement represented
unacceptable circumstances in the affairs of Ballarat Goldfields
NIL (BGF) and that it should be set aside. The Panel made a
declaration on 13 May 2002 that the break fee was unacceptable
and ordered that BGF must not pay the break fee to Rexadis.
Also, the Panel ordered that the three meetings convened by BGF,
RFC and Republic Gold Pty Ltd shall be postponed by seven
days until 4 June 2002.

Therefore, BGF is not obliged to pay the break fee shares to
Rexadis in the event that the meeting convened by directors (the
BGF meeting) does not approve Directors' Resolution 1.

The Takeovers Panel issued a Supplementary Order on 17 May 2002
permitting BGF's directors to make any new arrangements that the
directors consider necessary in light of that postponement. The
Panel thereby conferred powers upon the Board to set procedural
rules for conduct of the three meetings.

To ensure that the meeting venue can accommodate the number of
shareholders expected to participate, your Board has moved the
meetings to a new venue. All 3 meetings will now be held at:

The Balanada Room
The Bell Tower Inn
1845 Sturt St, Ballarat

Please refer to the directions to The Bell Tower Inn at the far
west end of Sturt St, Ballarat, given on the reverse of this
letter. Note that the Balanada Room is at the rear of the motel
complex. Entry to the Balanada Room is from Elaine St (west of
the motel)

The first meeting, the BGF meeting, will now commence at 10.45
am. The RFC convened meeting has been amalgamated with the BGF
meeting. Should the Republic Gold meeting be held at all, it
will follow closure of the first meeting.

To expedite the start of the meetings Registrations will
commence at 9.30 am in the Balanada Room foyer.

Proxy and Corporate Representative forms may now be lodged with
Computershare Investor Services up until 5.00 pm, Saturday 1
June 2002. Proxy and Corporate Representative forms already
submitted do not need to be replaced. However, if you wish to
submit a new, replacement Proxy or Corporate Representative form
you may do so. Please contact Lorraine on telephone number (03)
5333 5444 and new forms will be sent to you by mail.


CENTRAL NORTH: Rubicon in Acquisition Talks With Fletcher
---------------------------------------------------------
Rubicon Limited confirmed on Monday that it is in discussions
with Fletcher Challenge Forests Limited (FCF) in relation to
FCF's declared interest in acquiring the assets of the Central
North Island Forest Partnership (CNIFP).

The substance of the discussions is a proposal to buy back most
of Rubicon's 17.6% shareholding interest in FCF in return for
Rubicon acquiring part of FCF's forest estate. The proposal with
Rubicon would only proceed if the conditional agreement between
Vela Forestry and the Receivers of the CNIFP terminates and FCF
can negotiate a purchase transaction with the Receivers.

Any agreement between Rubicon and FCF would be subject to the
satisfaction of shareholder and regulatory approvals, and also
FCF completing its transaction with the Receivers.


ECAT DEVELOPMENT: Passes Resolutions at AGM
-------------------------------------------
The directors of Ecat Development Capital Limited advised that
the resolutions put to shareholders were carried at the Annual
General Meeting of the Company held on Friday.

The resolutions carried:

RESOLUTION (1)

"That Mr Philip Rees who was appointed a director of the Company
on 21 February 2002, be re-elected as a director in accordance
with article 54 of the Company's Constitution."

RESOLUTION (2)

"That Mr Ludger Kohmascher being a director of the Company,
retire by rotation in accordance with Article 56 of the
Company's Constitution and being eligible hereby be re-elected a
director of the Company."

DISCLOSURE OF PROXY VOTES

In accordance with section 251AA of the Corporations Law, the
following information is provided to Australian Stock Exchange
Limited in relation to the resolution passed by members of ECAT
Development Capital Limited at its Annual General Meeting held
on 17 May 2002.

                                   RESOLUTION       RESOLUTION
                                    NUMBER           NUMBER
                                             1                2

Decided by show of hands (S) or poll (P)     S                S

Total number of proxy votes exercisable
by proxies validly appointed        17,608,582      17,608,582

Total number of proxy votes in respect
of which the appointments
specified that:

* the proxy is to vote for
   the resolution                    17,516,982      17,516,982
* the proxy is to vote against
   the resolution                    32,000          32,000
* the proxy is to abstain on
   the resolution                    10,000          10,000
* the proxy may vote at the
   proxy's discretion                49,600          49,600

Note: Resolution numbers in this table refer to the numbering in
this Stock Exchange announcement and not the numbering in the
notice of meeting.


LEYSHON RESOURCES: Changes Share Registry Address
-------------------------------------------------
The Directors of Leyshon Resources Limited, former Normandy Mt
Leyshon Limited, advised that with effect from 20 May 2002, the
Company's share registry will change to:

   Computershare Investor Services Pty Limited
   Level 2, Reserve Bank Building
   45 St George's Terrace
   Perth WA 6000

Contact details for Computershare Investor Services are as
follows:

Postal Address:       GPO Box D182
                      Perth WA 6840

Phone number:         1300 557 010
Facsimile number:     08 9323 2033

TCR-AP reported last week that the Company's gold production of
15,026 ounces (25,619 ounces) was below the previous quarter due
to cessation of treatment operations. The Rehabilitation and
Mine Closure activities for the March 2002 quarter continued in
line with the Mine Closure Plan and schedule.


MCDERMOTT PROPERTY: Lack of Information Leads to Stop Orders
------------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
acted to protect investors by placing interim stop orders on
the Queensland-based property development company McDermott
Property Group Limited that failed to provide adequate
information to potential investors.

In its prospectus dated 30 April 2002, McDermott Property Group
Ltd wants to raise up to $12 million by way of an unsecured
convertible note issue designed to principally retire the
company's debt. The residual will be used to provide working
capital, and to meet the costs of making the offer.

ASIC placed an interim stop order on the prospectus following
concerns that it did not satisfactorily address how McDermott is
going to fund its redemption commitments over the next three
years.

ASIC was also concerned that there is no reasonable basis for
the forward-looking statements regarding future profits and
future projects proposed by McDermott.

"Investors and their advisers must be able to make an informed
investment decision based on the information available in a
prospectus", said Mr Richard Cockburn, ASIC's Director of
Corporate Finance.

"ASIC imposed interim stop orders on both these prospectuses
because they did not contain sufficient information for an
investor to make an informed decision", he said.
McDermott Property Group Limited (McDermott)


OPEN TELECOMMUNICATIONS: Requests Continued Suspension
-------------------------------------------------------
Open Telecommunications Limited requested a continuation of its
shares suspension in accordance with ASX Listing Rule 1 7.2.

As told to ASX this time last week, the Company has reached an
in principal agreement in respect to the resolution of a dispute
with a customer. The dispute is the subject of proceedings
commenced in Supreme Court of New South Wales.

Although OTT believes the parties are close to resolving the
dispute, the Company advises that details have yet to be
finalized. As such, the parties will be seeking appropriate
orders in the Supreme Court of New South Wales to stand
proceedings over until later this week, or such date as the
court considers appropriate.

OTT requests that the suspension of trading be extended 1 week
until the commencement of trading on 27 May 2002, or an earlier
date if the parties reach agreement earlier that 27 May 2002.

OTT considers that suspension of its shares from quotation is
necessary as, during the suspension period, the parties will
settle and document the proposed revised contractual
obligations. The terms of the in principal agreement may have a
material effect on the company's share price, but which cannot
be disclosed until ultimately agreed between the parties.
Therefore, the trading in the company's shares during this
period, if the suspension is not granted, may not occur on a
fully informed basis from time to time.

The Company is not aware of any reason why the suspension should
not be granted.


TENNYSON NETWORKS: A$1M Capital Raising Completed
-------------------------------------------------
Tennyson Networks yesterday announced that it has completed
arrangements to raise $1 million for working capital purposes.
$600,000 will be raised via a share placement with the balance
of $400,000 by way of secured convertible notes.

Tennyson will issue 15 million ordinary shares at 4 cents per
share to raise $600,000 and issue 2-year convertible notes with
a conversion price equivalent of 4 cents per ordinary share, to
participating investors.

Tennyson further advises that it shall convene a General Meeting
of Shareholders to seek shareholder approval for:

   * The ratification of the share placement issue of 15 million
ordinary shares.

   * An issue of 7.5 million options over ordinary shares to
investors participating in the share placement. The options will
be issued at nil cost, exercisable at 10 cents per ordinary
share, with expiration 12 months after the issue date.

   * An issue of 40 secured convertible notes, each with a face
value of $10,000 and bearing interest at 2% above the National
Australia Bank overdraft rate. The notes will be issued for 2
years and each note shall be convertible into 250,000 ordinary
shares at 4 cents per share.

   * An issue of 10 million options to subscribers of the notes
at nil cost, exercisable at 10 cents per ordinary share, with
expiration 24 months after the issue date.

Tennyson's Chairman, Mr Harvey Parker, on Monday stated that the
$1 million raising would provide further working capital for
Tennyson to progress and develop its new sales and distribution
channels.


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


MASSIVE RESOURCES: Issues Convertible Note
------------------------------------------
The directors of Massive Resources International Corporation
Limited announced that pursuant to a conditional subscription
agreement made between the Company and Mr Mak Tai Wo (the
Subscriber) on 16 May 2002, the Subscriber agreed to subscribe
in cash for a HK$15,000,000 convertible note to be issued at par
by the Company.

The Note will carry a right to convert into new shares of
HK$0.02 each in the issued share capital of the Company at an
initial conversion price of HK$0.15 per Share (subject to
adjustment).The Conversion Shares will be allotted and issued
pursuant to the general mandate granted to the Directors at the
extraordinary general meeting of the Company held on 15 April
2002.

No application will be made for listing of the Note.


RICH BAND INT'L: Winding Up Sought by Bank of China
-----------------------------------------------------
Bank of China (Hong Kong) Limited is seeking the winding up of
Rich Band International Limited. The petition was filed on April
16, 2002, and will be heard before the High Court of Hong Kong
on July 24, 2002 at 9:30 am.

Bank of China holds its registered office at No. 1 Garden Road,
Central, Hong Kong.


TOM TURK'S: Faces Winding Up Petition
-------------------------------------
The petition to wind up Tom Turk's Fitness Center Limited is
scheduled for hearing before the High Court of Hong Kong on July
3, 2002 at 10:00 am.  The petition was filed with the court on
March 15, 2002 by Lam Chui Kwan of Room 2502, Block A, Man Wah
House, Lok Wah South Estate, Kowloon, Hong Kong.


YIU WING: Winding Up Petition Slated for Hearing
------------------------------------------------
The petition to wind up Yiu Wing Construction Company Limited is
set for hearing before the High Court of Hong Kong on June 5,
2002 at 9:30 am.  The petition was filed with the court on
February 22, 2002 by Ryoden Engineering Company Limited whose
registered office is situated at 10th Floor, Manulife Tower, 169
Electric Road, North Point, Hong Kong.


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


BANK NIAGA: Government Urged to Postpone Sale
---------------------------------------------
The Indonesian government should put off the sale of shares in
PT Bank Niaga Tbk until it is free of government bonds,
according to AFX reports citing the State Minister for National
Development Planning, Kwik Gian Gie.

"Before doing the sale, all the government bonds in the bank
must be disposed of. Admittedly this will take a long time, but
it could be done," Kwik said.

If 51% of the shares in the bank, which is burdened by
government-recapitalized bonds estimated at Rp9 trillion (around
$967.7 million), are sold, the buyers will have to pay a claim
of Rp4.5 trillion to the government each year.

"Bank Niaga's capital adequacy ratio (CAR) is good, and so is
its capital. Hence, its CAR could be lowered to remove its
recapitalized bonds. But unfortunately, my suggestion had been
turned down by the government," the Minister said.

The sale of around 51 percent shares on May 27 will be included
in the final bid.


CITRA MARGA: Product Sharing Talk With Jasa Marga Halted
--------------------------------------------------------
PT Jasa Marga has confirmed it will not discuss the change in
product sharing regarding the inner-city Jakarta toll road
revenue with PT Citra Marga Nusaphala Persada (CMNP). An
independent team has been formed in order to tackle the problem
in the next two-months, Bisnis Indonesia reported, quoting Jasa
Marga President Director, Syarifuddin Alambai.

He added that his side would not provide opportunity for
negotiations between the two companies because it defied the
joint agreement decision (SKB) between the Minister of Finance
and the Minister of Resettlement and Regional Infrastructure
(Menkimpraswil) dated May 8.

"In line with the original plan after the scrap, I will ask CMNP
to discuss the proposal to change product sharing they had
offered before. However, the new SKB did not mention that, so
the talk with CMNP has ended, we were waiting for the results
(product sharing formulation) from independent team," he said to
Bisnis Indonesia in Jakarta on Wednesday.

TCR-AP reported last month that Citra Marga suffered a loss this
year because of large dollar debt repayment. It didn't specify
the amount of loss. It also defaulted the CMNP 7.25% Bond due on
2002 last month.

According to DebtTraders, Citra Marga's 7.250% bonds due on 2002
(CMNP02IDN1) are trading between 67.5 and 71.5. For real-time
bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=CMNP02IDN1.


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


KAJIMA CORP: Posts JPY41.15B Loss as Builder Orders Fall
--------------------------------------------------------
Construction firm Kajima Corp revealed Friday a group net loss
of 41.15 billion yen in the fiscal year to March 31, compared
with a profit of 9.28 billion yen the previous year, Japan Today
reported.

The Minato-ku Tokyo-based Company attributed the loss to 113
billion yen in extraordinary losses related to development
projects as well as capital and appraisal losses on its
securities holdings.

Group pretax profit fell 7.2 percent to 36.18 billion yen in
fiscal 2001, with group revenues up 7.9 percent to 2,060.35
billion yen.


NEC CORPORATION: Jumps 5.2% on Reorganization Plan
--------------------------------------------------
NEC Corp.'s shares rose as much as 50 yen, or 5.2 percent, to
1,005 yen, after the world's sixth-largest chipmaker said it
would separate its non-memory chip business and sell shares in
the new company as soon as possible, Bloomberg reported.

About 13 billion yen ($102 million) worth of shares traded so
far, making them the second most active in Japan's stock
exchanges, the report said.

According to Tokyo Mitsubishi Securities analyst Masahiko
Ishino, separating the non-memory chip business from less
profitable divisions "will improve the finances of the
business."


NEC CORPORATION: Spinning Off Chip Business to Stay Competitive
---------------------------------------------------------------
NEC Corporation (Nasdaq: NIPNY), the major electronics group
based in Minato-ku Tokyo, said Thursday it plans to execute
further NEC Group restructuring, concentrating on the separation
of its semiconductor business operations.

NEC has earnestly advanced its management reforms, and is
progressing to the next phase of business reorganization to
create a new NEC Group.

Objectives of this new phase of business reorganization include:

(1) separation of NEC's business domain into two large areas and
concentration of respective management resources;
(2) enabling flexible financing and optimal allocation aligned
with characteristics of the semiconductor business; and
(3) unlocking corporate value and strengthening of overall
financial position.

Through the new phase of management reforms, NEC aims to
maximize corporate value of not only the semiconductor business,
but also the entire NEC group.

I. Business Strategy for Semiconductor Business Separation and
Beyond

A. Separation Scheme and Strategy for Semiconductor Business

NEC will separate its semiconductor business under a scheme of
"kaisha-bunkatsu" or separation of business and establish a new
subsidiary company in November 2002. The new company's business
domains are system LSIs, IC & discrete devices and compound
semiconductor devices (the compound semiconductor device
business was transferred to NEC Compound Semiconductor Devices,
Ltd. in October 2001).  Elpida Memory, Inc., which is
responsible for DRAM business, will be in operation under the
control of NEC after separation of semiconductor business.

The new company is expected to have sales in the region of 700
billion yen, a workforce of 25,000 employees and will become a
specialist semiconductor solutions company that focuses on high-
end system LSIs. At the time of business separation, NEC will
hold 100% ownership of the new company. However, the new company
plans to conduct initial public offering (IPO) as soon as
possible. At the time of the IPO, NEC plans to hold
approximately 70% of the new company's stock. The new company
will act as a strategic partner with NEC cultivating synergies
between the two business domains and technologies.

The new company will aim to become a semiconductor solution
provider by reinforcing its differentiating technology for its
customers' systems' needs that focus on system LSIs, and strive
to expand as a logic semiconductor specialist company, by
building a strong balance sheet and financing capability
suitable to the characteristics of a highly volatile
semiconductor business.

B. Structural Reforms of Other Business in NEC Electron Devices

Other NEC Electron Devices' businesses that fall outside the
separated company's business domains will advance reforms by
proactively utilizing the capital market and third party
investment, with NEC planning to eventually become the minority
shareholder.

Based on this strategy, NEC plans to separate both the color TFT
(thin film transistor) LCD (liquid crystal display) and color
PDP (plasma display panel) display businesses from around
October 2002. Please refer to attachment for further detail.

Business Areas and Strategies:

1.  DRAM Business. Continue and expand the present joint venture
structure with Hitachi.
2.  Electronic Component Business. Establish a new company by
Integrating with Tokin Corporation in April 2002.
3.  TFT LCD Business. Separate the business and establish a
joint venture company with SVA Group, Ltd. (NEC: 25%) Separate
the domestic business and establish as a 100% subsidiary in
October 2002.
4.  PDP Business. Establish a 100% subsidiary in October 2002
and proactively seek third party investment.
5.  Printed Wiring Board Business. Establish a joint venture
company with Toppan Printing Co., Ltd. (NEC: 49%).
6.  Automotive Electronics Business. Establish a joint venture
company with Honda Motor Group in Autumn 2002, with NEC planning
to own approximately 1/3 of the shares of the Honda Group's
automotive electronics business subsidiary.
7.  Microwave Tube Business. Separate the business and establish
a 100% subsidiary in October 2002. It will be positioned as part
of NEC defense system business of NEC Networks.

II. NEC's Strategy after Separation of its Semiconductor
Business

A. Repositioning of Business Domains and Strengthening Core
Technology

After the separation of its semiconductor business, NEC,
composed of NEC Solutions and NEC Networks will position its
business focus on "providing integrated solutions (including
services) for mission critical systems in open environments" and
concentrate further on IT and networking integration solution
business.

As broadband & mobile Internet penetrates further into society,
highly reliable systems to support this development are being
urgently required. So much in fact, that it is certainly no
exaggeration to say that demand for open mission critical
systems has no limit. In this environment, NEC will reinforce
its business as a business area where NEC can demonstrate
strengths and one where NEC should focus. NEC's open mission
critical system was developed from the result of many strong
business achievements in construction of backbone data networks
and large-scale open information systems as well as through
NEC's abundant know-how in this area.

In particular, to strengthen the business, NEC will reinforce
the development of key core technologies required for open
mission critical systems' solutions, such as advanced and
accumulated middleware technology, high-end systems applying
advanced computing technology (supercomputer technology) as well
as highly advanced optical networking and third-generation
mobile communication technology.

B. Enhancement of Integrated Solutions

In the networking area, the rapid migration to IP networks has
been changing the network structure and the evolution of
enterprise IT applications has been bring increasing demand for
integrated solutions. In this environment, based on NEC's
concept to " provide integrated solutions (including services)
for mission critical systems in open environments", NEC will
advance integration of technology and business between NEC
Solutions and NEC Networks.

More concretely, NEC will leverage both in-house companies'
strengths to promote the following: integration of hardware and
software business domains including middleware, integration of
network and system solutions, and the consolidation of system
solution business and services business.


OBAYASHI CORP: Low Real Estate Appraisals Yield High Losses
-----------------------------------------------------------
Construction company Obayashi Corp remained in the red for the
second straight year in fiscal 2001 with a group net loss of
74.08 billion yen ($578.6 million), mainly because of appraisal
losses on its real-estate holdings, Japan Today reported.

In the business year to March 31, Obayashi's consolidated net
loss widened to 74.08 billion yen, from the previous year's loss
of 6.47 billion yen. It posted an extraordinary loss of 134.23
billion yen for the appraisal losses on real estate holdings.

Obayashi said it expects to return to the black in 2002/03 with
a group net profit of 11 billion yen. The Minato-ku, Tokyo-based
Company had said in November it planned to sell 50 to 60 billion
yen in assets on a book value basis over the next three years to
improve its financial footing.


SEIYU LTD: Sends Infected E-mail to Online Service Subscribers
--------------------------------------------------------------
Major supermarket chain operator Seiyu Ltd. has sent a virus-
infected e-mail to some subscribers of its Seiyu Net Super
online home delivery service, Kyodo News reported.

Kita-ku, Tokyo-based Seiyu Ltd has been selling assets and
closing money-losing stores to help it halve its debt to 600
billion yen. The Company also obtained loan forgiveness for its
struggling financing subsidiary, Tokyo City Finance.

The Company recently revealed a group pretax profit of 13.53
billion yen in the year ender February 28, a 67.9 percent jump
from the previous year, from cost-cutting measures.

Sumitomo is Seiyu's biggest shareholder.


SNOW BRAND: Dairy Maker May Cut 700 Jobs
----------------------------------------
Snow Brand Milk Products Co. is considering eliminating around
700 of its 4,500 employees as it attempts to stanch heavy losses
following recent scandals, the national Mainchi newspaper
reported, without citing sources.

The Company may cut 15 percent of its work force, many of the
jobs expected to come from its milk unit.

In a bid to offset restructuring-related losses, Shinjuku-ku,
Tokyo's struggling dairy products maker in early May asked
Norinchukin Bank, UFJ Bank, and Mizuho Corporate Bank for a
total of 50 billion yen ($393.9 million) in financial assistance
consisting of 30 billion yen in debt waivers and 20 billion yen
in debt-for-equity swaps.

Without the aid and its rehabilitation program, Snow Brand Milk
anticipated a negative net worth of up to 50 billion yen for the
current fiscal year through March 2003 due to losses from its
milk business, the liquidation in April of subsidiary Snow Brand
Foods Co. and operational restructuring.

Snow Brand Milk Products has been hit hard by a series of
scandals, including a mass food-poisoning incident involving its
milk products less than two years ago and by a beef-labeling
scandal earlier this year by its meatpacking subsidiary Snow
Brand Foods Co., which disbanded in April as earnings
deteriorated sharply.


SNOW BRAND: Two Ex-board Members Arrested for Fraud
---------------------------------------------------
Police arrested on Saturday Hiromi Sakurada, a former executive
director of the defunct scandal-tainted Snow Brand Foods Co. and
Masami Inoue, its managing director, on suspicion of defrauding
an industry body out of 195 million yen by falsely labeling
beef, the Daily Yomiuri reported.

Five other firm executives, including Shigeru Hatakeyama, former
manager of the meat sales and procurement department, were
arrested earlier this month on similar allegations.

Police said that Sakurada conspired with Hatakeyama and other
executives to mislabel about 30 tons of imported beef as
domestic on several occasions from late October to take
advantage of a government beef buy-back scheme introduced
following the discovery in this country of bovine spongiform
encephalopathy, or mad cow disease.

The executives said that Shozo Yoshida, former president of Snow
Brand Foods, and Sakurada were not involved in the scam.


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


DAEWOO MOTOR: Ordered to Recall Lanos Cars
------------------------------------------
Daewoo Motor, the bankrupt South Korean automaker facing
takeover by General Motors, has faced another blow with an
instruction to recall its Lanos subcompact car for manufacturing
defects, the Korea Herald reported.

The Ministry of Construction and Transportation said that the
forced recall order for Daewoo has been issued, following
findings by the U.S. National Highway Traffic Safety
Administration (NHTSA) that Lanos' brackets linked to its front-
sear airbag and dashboard are defective.

A total of 77,359 Lanos units, including 75,873 shipped to North
America and 1,486 sold domestically between October 1996 and
last month, will be returned to Daewoo for repairs, the report
said.


DAEWOO MOTOR: Telco Refuses to Buy Indian Assets
------------------------------------------------
Automobile major Tata Engineering (Telco) has decided against
taking over the assets of the beleaguered Daewoo Motors India
Ltd, which are currently being administered by the court
receiver.

According to a report from the Times of India, financial
institutions led by the Industrial Development Bank of India
(IDBI) had approached Telco last week with a proposal to
takeover the assets of the Daewoo Motors, but Telco had recently
written to the institutions declining to take over the plant.

Telco seems unwilling to take over and manage Daewoo's assets
that are currently under a huge debt burden.

Financial Institutions will appoint a merchant banker to sell
off the assets to other automobile manufacturers to realize the
loans owed by the company.

Telco officials were unavailable for comment.

General Motors, which took over Daewoo assets in some countries,
has not yet shown any interest in the Indian arm. Daewoo Motor,
based in Inchon, South Korea, had filed for bankruptcy last
year.

The lenders have been in touch with management consultancy firm,
KPMG, for advice on ways to protect their interests and the firm
was even given the mandate to scout for a new sponsor, who can
take over the plant at a later date.


DAEWOO MOTOR: U.S. Sales Arm Files for Bankruptcy
-------------------------------------------------
Daewoo Motor America Inc., the U.S. sales arm of South Korean
automaker Daewoo Motor Co., has filed for Chapter 11 bankruptcy
proceedings with the U.S. Bankruptcy Court in the Central
District of California in Los Angeles Saturday, the Associated
Press reported.

A Daewoo official said the filing was done to protect its assets
while it develops a business plan for its remaining unsold cars.

General Motors (GM) of the United States had dropped the Daewoo
sales network in the United States from its shopping list for
the deal between GM and Daewoo creditors. The giant U.S.
automaker said last month it would pay $251 million for a stake
in a new company that includes the assets of the Daewoo Motor
Co., which went bankrupt last year.

Daewoo Motor said that its warranty service on about 160,000
Daewoo cars sold in the US market will be continued regardless
of the bankruptcy filing.

At Daewoo Motor America's headquarters in Compton, about 50 of
the company's remaining 60 employees will remain on staff for at
least the next two months, Mike Mahoney, sales operations
manager for Daewoo Motor America. The office once housed as many
as 300.

With no new vehicles arriving in the United States, Daewoo
dealerships will likely be forced out of business in the coming
weeks, Mahoney said.


HYNIX SEMICON: Will Lay off 30% of Executives to Cut Costs
----------------------------------------------------------
Struggling Hynix Semiconductor unveiled a large-scale
restructuring plan that features a 30 percent cut of its total
60 executives to slash costs, Digital Chosun reported.

The restructuring campaign arose after its merger talks with
U.S. rival Micron Technology Inc. collapsed.

The director-level managers in the research and development
sector will be excluded from the layoff in order to stay
competitive in terms of technology in the global chip market.

Those who will leave the cash-strapped South Korean chipmaker
include Executive Vice President Jeon In-baik and Chief
Financial Officer Cho Kyu-chung. Hynix said it would appoint a
new chief financial officer after it consults with its
creditors.

Chief Executive Park Sang-ho said he would work without salary
for six months starting this month to help the company cope up
with the challenging situation.

The Korean government and creditors were eager to sell Hynix's
memory chip operations to recover creditors' loans and funds as
state-run banks led two multi-billion dollar bailout packages
last year.

Analysts and industry insiders say Hynix, burdened by debts of
$5 billion, will struggle to stay afloat unless creditors
provide much-needed fresh loans.


KOREA ELECTRIC: May Withdraw Share Sale in Power Service Units
--------------------------------------------------------------
State-run Korea Electric Power Corp. (Kepco) may not sell stakes
in some of its units due to security reasons and to protect the
public's interest, Dow Jones Newswires reported, citing Kepco
Chief Executive Kang Dong-suk.

The Kepco chief did not specify the units that may be excluded
for sale, but a company spokesman said Kang was likely referring
to Korea Power Engineering Co. and Korea Plant Service &
Engineering Co.

Kepco owns 97.94% of Korea Power Engineering, a power plant
designing company, and wholly owns Korea Plant Service, a power
plant maintenance company.

The state-run company had attempted to sell 51% stakes in the
two units last year as part of its privatization plan, but
failed due to a lack of bidders.

As of June 30 2001, Seoul's electric utility company has current
assets of $3.25 billion against current liabilities of $7.2
billion.


LG INTERNATIONAL: Repays Debts Before Due
-----------------------------------------
LG International Corp. has paid off 60 billion won ($46.6
million) worth of corporate bonds ahead of their maturity
between November and December, Digital Chosun reported.

The remaining 145 billion won worth of bonds maturing this year
will also be paid back earlier than scheduled.

The Seoul, South Korea-based Company will secure 200 billion won
by selling shares in LG Securities to repay debts in a bid to
reduce its total debts to about 290 billion won and bring its
debt ratio below 150 percent by the end of this year.

At the end of last year, the Company's debts stood at 615
billion won, and its debt ratio reached about 239 percent.


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


CHASE PERDANA: FIC Grants Proposals Approval
--------------------------------------------
On behalf of the Board of Directors of Chase Perdana Berhad,
Southern Investment Bank Berhad announced that the Foreign
Investment Committee has via its letter dated 15 May 2002
approved the Proposals, which comprises of Proposed Debt
Restructuring Scheme and Proposed Employees' Share Option
Scheme.


EMICO HOLDINGS: Proposes Articles of Association Amendments
-----------------------------------------------------------
Emico Holdings Berhad announced that the Board of Directors of
the Company proposes to seek Company shareholder authorization
at the forthcoming Extraordinary General Meeting for the Company
and its subsidiary companies to enter into recurrent related
party transactions of a revenue or trading nature. The
transactions are necessary for its day to day operations,
provided that such transactions are made at arm's length and on
normal commercial terms and are on terms not more favorable to
the related party than those generally available to the public
and are not to the detriment of the minority shareholders.

Further , Emico wishes to propose amendments to the Articles of
Association of the Company to incorporate the current statutory
and regulatory requirements and to ensure consistency with
Chapter 7 of the KLSE's Listing Requirements.

A Circular in relation to the above proposals will be sent to
shareholders of the Company in due course.


GEAHIN ENGINEERING: KLSE Approves RA Time Extension Request
-----------------------------------------------------------
Geahin Engineering Berhad, further to our announcement dated 02
May 2002, informed that on 14 May 2002 KLSE has approved an
extension of time from 01 May 2002 to 30 June 2002 to enable the
Company to announce its Requisite Announcement to the KLSE for
public release.

Profile

The Company began operations in 1973 with activities mainly
confined to light structural steel fabrication and repairs of
parts and components used in the manufacturing and construction
industries. After having established a strong foothold in the
structural steel industry, the Company expanded its mainstream
activities in 1978 into the fabrication of larger and more
complex steel structures for power transmission and
telecommunication infrastructural developments. It also
diversified into related civil and structural engineering
activities.

To reinforce its financial position, the Company has been
working with a financial adviser while formulating a corporate
restructuring proposal, which entails a proposed capital
reduction, debt restructuring, rights issue and acquisition of
new income generating assets/businesses of a White Knight via
issue of new shares.


GOLDEN PLUS: Strikes Off Dormant Companies
------------------------------------------
Golden Plus Holdings Berhad announced that these wholly owned
subsidiary companies have been struck off from the register by
the Companies Commission of Malaysia pursuant to powers
conferred under subsection 308 of the Companies Act, 1965:

   1. Golden Plus Hotels and Resorts Sdn Bhd
   2. Golden Plus Hypermart Sdn Bhd
   3. Golden Plus (Jugra) Sdn Bhd
   4. Golden Plus Concrete Sdn Bhd
   5. Golden Plus Development Sdn Bhd
   6. Pangkal Inovatif Sdn Bhd
   7. Radiant Reserves Sdn Bhd
   8. Golden Plus Properties Sdn Bhd
   9. Golden Plus Quarry Sdn Bhd
   10. Rentak Tiara Sdn Bhd


HAI-O ENTERPRISE: Voluntarily Winds-Up Inactive Units
------------------------------------------------------
The Board of Directors of Hai-O Enterprise Berhad announced that
Hai-O Raya Bhd, a 56.6% owned subsidiary, has initiated a
members' voluntary winding-up of its wholly-owned subsidiary,
Hai-O Raya (Titi) Sdn Bhd (the Company), pursuant to Section
254(1)(b) of the Companies Act 1965 on 17 May 2002.

Hai-O Raya (Titi) Sdn Bhd was incorporated on 18 June 1990 with
a paid-up capital of RM155,000.00. The Company was initially
formed to carry out retailing business. Due to the internal
reshuffling, the Company's business was transferred to its
holding company, Hai-O Raya Bhd, on 1 May 1999. Since then, the
Company has remained dormant. There are no future plans to
activate it.

The winding-up will not have any material effect on the earnings
and net tangible assets of the Group for the financial year
ending 30 April 2003.

None of the Directors and substantial shareholders or persons
connected to them have any interest, direct or indirect, in the
winding-up.


KILANG PAPAN: KLSE Gives Time Extension to Get Scheme Approval
--------------------------------------------------------------
Kilang Papan Seribu Daya Berhad, further to the announcement
dated 15 December 2001 made by Arab-Malaysian Bank Berhad,
announced that the Kuala Lumpur Stock Exchange has approved an
extension of time to 12 August 2002 for the Company to obtain
all the necessary approvals from the regulatory authorities for
the proposed debt and equity restructuring scheme.

Profile

With effect from 14 December 1999, Special Administrators (SA),
Messrs Ernst & Young, were appointed to the Company. On 21
August 2000, KPSD entered into a conditional agreement with
Datuk Hwong You Chuaang and his brother, Hwong You Soon
(substantial shareholders), for the Company's proposed debt and
equity restructuring scheme.

The proposal, approved by Danaharta and secured creditors on 22
December 2000 and 29 December 2000 respectively, entails a
capital reconstruction, incorporation of a new company (Newco),
share swap of KPSD's shares for Newco shares, debt
restructuring, offer for sale of ICULS by KPSD's ICULS holders
after the debt restructuring, restricted issue of Newco shares
with warrants to certain substantial shareholders, completion of
KPSD's acquisition of Resofocus Corporation Sdn Bhd, internal
restructuring via transfer to Newco of KPSD's shareholdings in
Resofocus and PHWP, put and call option agreement between
substantial shareholders and holders of KPSD's debt securities
pursuant to the debt restructuring, and transfer of KPSD's
listing status to Newco.


PACIFICMAS BERHAD: June 21 AGM, EGM Scheduled
---------------------------------------------
The Board of Directors of PacificMas Berhad informed that the
Fortieth Annual General Meeting (AGM) of the Company will be
held at the Ballroom, Mezzanine Floor, Hotel Equatorial, Jalan
Sultan Ismail, 50250 Kuala Lumpur on Friday, 21 June 2002 at
11.30 a.m. An Extraordinary General Meeting (EGM) of the Company
will also be held on the same date and at the same venue
immediately after the conclusion of the AGM.

Visit http://www.bankrupt.com/misc/TCRAP_Pacificmas0521.docto
see a copy each of the notices of the AGM and EGM.


PAN PACIFIC: Obtains Two-Month Regularization Plan Extension
------------------------------------------------------------
Alliance Merchant Bank Berhad, on behalf of Pan Pacific Asia
Berhad, further to its earlier announcement dated 30 April 2002,
announced that the Kuala Lumpur Stock Exchange has vide its
letter dated 14 May 2002 approved an extension of time of two
(2) months from 30 April 2002 to 30 June 2002 to enable PPAB to
make an announcement to the KLSE of a plan to regularize its
financial condition.

Profile

Prior to its public issue, Pan Pacific undertook a restructuring
exercise involving the acquisition of stockbroking companies. In
1995, the Company embarked on timber-related activities when it
completed a restructuring exercise which involved the
acquisition of five timber companies: Caritimas Sdn Bhd, Kawood
Sdn Bhd, Leaderade Sdn Bhd, Propagate Industry Sdn Bhd and
Wansuria Sdn Bhd. At the same time, the Company divested its
interest in stockbroking company, South Johor Securities Sdn
Bhd.

On 26 December 2000, Pan Pacific entered into a conditional
Share Sale Agreement with K & N Kenanga Bhd for the proposed
disposal of the entire issued and paid-up share capital of
Peninsula Securities Sdn Bhd (PSSB). On 24 August 2001, the
proposed disposal of PSSB to K & N Kenanga was approved by the
shareholders of Pan Pacific. The disposal was subsequently
completed on 30 August 2001.

Pursuant to the revamped listing requirements of Practice Note
4/2001 which requires affected listed issuers to announce plans
to regularize their financial condition, the Company has
commenced negotiations with one of its major financiers for its
debt restructuring. Pan Pacific also plans to utilize part of
the proceeds from its divestment of the stockbroking subsidiary
to establish a manufacturing facility for biodegradeable
packaging for food and beverages.


SAP HOLDINGS: Appoints Tengku Mahmud as Managing Director
---------------------------------------------------------
SAP Holdings Berhad posted this notice:

Date of change : 16/05/2002
Type of change : Appointment Boardroom
Designation    : Managing Director
Directorate    : Executive
Name      : Tengku Ab. Aziz Tengku Mahmud
Age      : 45
Nationality    : Malaysian
Qualifications : 1991 Masters in Business Administration,
Cranfield Institute of Technology, United Kingdom
1984 Diploma in Management with Merit, The Malaysian Institute
of Management
1980 B.Sc (Hons) Civil Engineering, Loughborough University of
Technology, United Kingdom

Working experience and occupation  : 1993-April 2002 Worldwide
Holdings Berhad, holding the post of Group General Manager from
July 1997 until his resignation
1990-1993 - Project Manager, Trimula Sdn Bhd
1985-1990 - Regional Manager, Island & Peninsular Berhad
1983-1985 - Project Engineer, Pernas Hotel Chains Holdings Sdn
Bhd
1982-1983 - Civil Engineer, Malaysian Mining Corporation Berhad
1980-1982 - Design Engineer, JKR

Last week, TCR-AP reported that SAP's subsidiary, SAP Ulu Yam
Sdn Bhd (SAP-UY) was on 6th May 2002 served with a Notice of
Demand pursuant to Section 218 Companies Act 1965 by Cheah Lam
Sang being the Judgment Creditor in respect of Kuala Lumpur
Sessions Court in the case with Summons No. S6-52-3846-2000.


SOUTHERN PLASTIC: Provides Defaulted Payment Update
---------------------------------------------------
Southern Plastic Holdings Berhad and the Group are still in
default of payments towards their bank borrowings (both
principal and interest) from certain financial institutions.

This was a result of the respective banks' actions in freezing
the bank borrowing facilities of the Group and the Company in
view of the Company's proposal of an informal restructuring
scheme. The bank borrowings of the Group and Company comprise
overdrafts, trade lines, and term loans.

The Board of Directors had circulated a revised proposal to the
financial institutions. The Board is in communication with the
financial institutions to finalize the scheme as soon as
possible. The Board will announce the Scheme in due course.

Several financial institutions took legal action to claim the
overdue amounts from the Group and the Company. The Company is a
corporate guarantor for certain of these amounts involved. The
contingent liabilities with respect to these corporate
guarantees amount to RM71 million. The Board is confident of the
success of the negotiation with the bankers and does not foresee
the crystallization of the corporate guarantees. The board has
employed qualified legal advisors to look into these claims to
protect the Group and the Company from legal suits in order for
the proposed restructuring scheme to be implemented.


TALAM CORPORATION: Proposes Shares Buy-Back
-------------------------------------------
The Board of Directors of Talam Corporation Berhad announced
that the Company has proposed:

   (i) to seek the approval of its shareholders for the purchase
up to ten percent (10%) of the issued and paid-up share capital
excluding the treasury shares held (Proposed Shares Buy-Back);
and

   (ii) to obtain a renewal of shareholders' mandate for
recurrent related party transactions of a revenue or trading
nature (Proposed Shareholders' Mandate), pursuant to Chapter
10.09 of the Listing Requirements of Kuala Lumpur Stock Exchange
(KLSE) (Listing Requirements) at an Annual General Meeting to be
convened.

The Proposed Shares Buy-Back and Proposed Shareholders' Mandate
are collectively referred to as the "Proposals".

DETAILS OF THE PROPOSALS

Proposed Shares Buy-Back

The Board proposes the purchase of up to ten percent (10%) of
the issued and paid-up share capital of the Company.

On 3 October 2001, Talam purchased 10,000 of its own shares at
the price of RM0.89 per share and on 2 April 2002, Talam
purchased another 10,000 of its own shares at the price of
RM0.90 per share. The shares purchased are being held as
treasury shares in accordance with the requirement of Section
67A of the Companies Act, 1965.

Subsequent to the above purchases, the issued and paid-up share
capital of the Company as at 15 April 2002 is RM215,300,000
comprising 215,300,000 Talam Shares with voting rights of
215,280,000 shares. As such, based on 215,280,000 shares, a
total of 21,528,000 Talam shares may still be purchased by the
Company pursuant to the Proposed Shares Buy-Back.

Proposed Shareholders' Mandate

The Board has proposed to obtain a renewal of shareholders'
mandate for the Company on recurrent related party transactions
of a revenue or trading nature to comply with Chapter 10.09 of
the Listing Requirements.

A circular containing the details of the Proposals will be
dispatched to the shareholders of Talam in due course.


TRANS CAPITAL: MOU with AKN, AK Nagoor Extended for Two Months
--------------------------------------------------------------
The Board of Directors of Trans Capital Holding Berhad announced
that the Memorandum of Understanding signed between TCHB and AKN
Capital Sdn Bhd (AKN) and Ahmad Kabeer Nagoor (AK Nagoor) on 8
May 2002 has been extended for another 60 days before a formal
agreement is signed between the parties.

The details of the Proposed Restructuring Scheme are still being
finalized and will be announced accordingly upon its
finalization and the execution of the formal agreement.


UCP RESOURCES: Unit Defaults Principal Payments of RM355,000
------------------------------------------------------------
UCP Resources Berhad, in accordance with Practice Note No.
1/2001 of the Kuala Lumpur Stock Exchange Listing Requirements
and further to the earlier announcement made, hereby provides an
update on its default in payment:

   (i) UCP Geotechnics (M) Sdn Bhd, a subsidiary of UCP
Resources Bhd, as at 15 May 2002 and 16 May 2002, defaulted in
principal payments of RM355,000 each for Bankers Acceptance
facilities granted from Affin Bank Bhd; and

   (ii) UCP Marketing (M) Sdn Bhd, a subsidiary of UCP Resources
Bhd, as at 17 May 2002, defaulted in principal payments of
RM490,000 for Bankers Acceptance facilities granted from Affin
Bank Bhd.

The UCP Group shall make announcement on a monthly basis to the
Exchange of the current status of the default and of the steps
taken to address the default until such time when it is
remedied.


UNIPHOENIX: Unit Faces Winding Up Petition Over Unpaid Rental
-------------------------------------------------------------
The Board of Directors of Uniphoenix Corporation Berhad
announced that its 50.11 percent owned subsidiary, Dancomair
(Malaysia) Sdn Bhd (Dancomair) has received a Winding-Up
Petition pursuant to Section 218 of the Companies Act, 1965 on
16 May 2002. Klang Hock Plastic Industries Sdn Bhd (KHPI) filed
the petition, the former land lord of Dancomair.

The total amount claimed by KHPI as stipulated in their petition
is for the sum of RM1,112,450.09 relating to outstanding rentals
owing by Dancomair to KHPI.

The winding-up petition does not appear to materially affect the
on-going Group operations or to have any further material
adverse financial impact on the Group.


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


BAYAN TELECOM: Offers to Sell Landlines to PLDT
-----------------------------------------------
Bayan Telecommunications, Inc. (BayanTel), which is in the
middle of its debt-restructuring negotiations, is offering its
fixed lines to telecommunications giant, Philippine Long
Distance and Telephone Co. (PLDT).

"They (BayanTel) are looking for a white knight...(But PLDT
doesn't) need the technology," a source told BusinessWorld in an
interview.

The source added PLDT would not benefit from the proposed
transaction as it has its own core fixed-line business and even
has excess lines, which it is pushing to sell. The source also
pointed out that PLDT also aims to manage its debts.

BayanTel officials declined to comment.

BayanTel has $477 million in obligations, of which $277 million
is owed to banks and $200 million to bondholders. About 5
percent, or $26 million of the bank loans and all the bonds are
unsecured.


METRO PACIFIC: FBDC Inks Mixed-use Project With Robinsons
---------------------------------------------------------
Robinsons Land Corp said it has signed a memorandum of
understanding with Fort Bonifacio Development Corp (FBDC) for
the potential development of a six-hectare retail, residential
and hotel complex in the Fort Bonifacio Global City, a former
army camp in Manila, AFX Asia reported. FBDC is a subsidiary of
Metro Pacific Corp, one of the premier real estate and property
development groups in the country.

Robinsons said in a disclosure to the Philippine Stock Exchange
that the initial discussions with FBDC are focused on the
development of a mixed-use complex with 500,000 square meters of
leasable space.

Metro Manila-based Metro Pacific is currently engaged in a
comprehensive debt reduction exercise, including the
restructuring of certain business operations, to further improve
its prospects in the marketplace.

Metro Pacific Corp has debt worth 12 billion pesos, 7 billion
pesos of which consists of local debts. The remainder is debts
to Hong Kong-based parent firm First Pacific Co. Ltd.


NATIONAL POWER: Will Receive Compensation From Keilco
-----------------------------------------------------
State-owned National Power Corp. (Napocor) will receive
compensation from Kepco-Ilijan Power Corp. (Keilco), a
Philippine unit of Korea Electric Power Corp., for the delays in
the commercial operation of the natural gas-fired Ilijan power
plant, BusinessWorld newspaper reported, citing Energy Secretary
Vicente Perez.

Keilco is the corporate vehicle formed to operate the $800
million Ilijan natural gas-fired power plant located in
Batangas.

Kepco-Ilijan and Napocor have reached a compromise on a penalty
of up to $72.4 million for a six-month delay in Kepco's $800
million, 1,200-megawatt plant south of Manila, the paper
reported Perez as saying.

Perez did not elaborate on the compensation package, saying a
final agreement is expected in two weeks.

In January, Napocor imposed on Keilco a $400,000 fine for every
day of delay in the operation of the Ilijan power plant. Keilco
has since negotiated with Napocor to defer such penalty.

By next month, Napocor is scheduled to settle a US$150 million
loan with Morgan Guaranty Trust, a division of JP Morgan. The
other outstanding obligations falling due are the loan of 6
billion pesos from the National Treasury, and the 12.9 billion
pesos worth of separation benefits to the Company's employees.

Officials say that around $846 million has to be re-paid by NPC
this year, and all of these would have to be re-financed by
fresh loans being secured by the national government.

National Power, saddled with $7 billion of debt, forecasts a
loss of 34 billion pesos this year, three times more than last
year.


PHILIPPINE LONG: Completes Bond Tender Offer
--------------------------------------------
Philippine Long Distance Telephone Co. has completed the tender
offer for its outstanding 8.5 percent bonds due 2003 and 10.625
percent bonds due 2004, which would be used to help refinance
its maturing debt obligations, Dow Jones Newswires reported.

In a statement, the Company said $62.97 million of the 8.5
percent bonds and $116.94 million of the 10.625 percent bonds
were validly tendered.

PLDT accepted for purchase all of the tendered notes and has
elected to pay an early repurchase payment of $15 per $1,000
principal amount on the bonds.

For the 8.5 percent bonds the tender offer consideration is
$1,012.55 per $1,000 principal amount. Including the early
repurchase payment, the total consideration for the bonds is
$1,027.55. Accrued interest of $32.35 per $1,000 also will be
paid, the report said.

Tender offer consideration for the 10.625 percent bonds is
$1,051.68 per $1,000, or $1,066.68 including the early
repurchase payment. Accrued interest of $48.71 also will be paid
on the 10.625 percent bonds.

The tender offer expired at 17:00 New York time, on Wednesday.

Credit Suisse First Boston and Morgan Stanley are dealer
managers for the tender offer.

As of end-2001, PLDT's total long-term debt maturing over the
next three years stood at 83.5 billion pesos.


PHILIPPINE TELEGRAPH: Agrees on Debt-to-Equity Swap
---------------------------------------------------
Philippine Telegraph and Telephone Corp. (PT&T) and its
creditors, including Korea Telecoms, ECI Telecom of Israel and
J.P. Morgan Chase, have agreed to a debt-to-equity conversion
scheme to restructure an estimated 8.5 billion pesos worth of
loans, Asia Pulse reported.

PT&T President and CEO Jose Luis Santiago said that the
restructuring agreement is partly being implemented as half its
outstanding debt has already been converted.

Santiago said the date of the signing of final documentation
still has to be discusses.

Some of PT&T's 35 creditor foreign and local banks and supplier
financiers are willing to become shareholders.

Once PT&T converts its loans it will have a strong leverage
following a debt-to-equity ratio of 1:1 and 70 percent of the
Company will be owned by the creditors, of which half are
Filipinos while the rest are foreigners.

Santiago said the debt-to-equity conversion would respect the 60
percent-40 percent rule on ownership of telecommunications
companies as prescribed in the Constitution.

With the conclusion of the restructuring agreement, the Company
hopes to recover from the 700 million peso (US$13.95 million)
loss it posted in its fiscal year ended June 2001.


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


ASIA PULP: Discloses May 8 Creditors' Meeting Details
-----------------------------------------------------
Asia Pulp & Paper Company Ltd (APP) announced on May 11 the
details of its meeting with the umbrella steering committee of
its creditors on May 8, 2002 as well as preliminary production,
sales volume and average realized selling prices for APP's
principal operating subsidiaries in Indonesia.

The Indonesian Subsidiaries are PT Indah Kiat Pulp and Paper Tbk
(Indah Kiat), PT Pabrik Kertas Tjiwi Kimia Tbk (Tjiwi Kimia), PT
Pindo Deli Pulp and Paper Mills (Pindo Deli) and PT Lontar
Papyrus Pulp and Paper Industry (Lontar Papyrus).

Representatives on the steering committees for the numerous
financial creditors of APP and its subsidiaries attended the
meeting, including representatives of bondholders, international
banks, trading companies, export credit agencies and Indonesian
Bank Restructuring Agency representing the Government of
Indonesia.

In the meeting, APP provided an update on various issues
affecting APP and its subsidiaries and also provided various
financial and operating data, including the operating data
contained in this press release.

On May 2, 2002, APP and its advisors were provided by creditors
with a preliminary outline (Outline) of the primary terms the
creditors proposed to apply in the context of a restructuring
plan relating to the APP group of companies.

At the meeting, APP provided the umbrella steering committee
with its written preliminary response. In APP's written
preliminary response, APP indicated that it accepts the
following principles proposed in the Outline:

   (a) the categorization of debt to be restructured into core
debt and non-core debt;

   (b) restrictions on the incurrence of new debt to be agreed
in accordance with the terms of a detailed restructuring plan;

   (c) a monitoring program; and

   (d) a debt buy-back program.

While APP indicated that it was in agreement with the general
concepts or principles described above, the details and
implementation of these concepts or principles will require a
significantly more detailed discussion.

A further meeting with a working group representing the umbrella
steering committee was held on May 9, 2002 with a view to
progressing discussions.

While the Outline and APP's written preliminary response form a
basis for further discussions, the development of a detailed
restructuring plan will require a significantly more detailed
focus and discussion by all interested parties.

During the May 8 meeting, APP also discussed financial reporting
issues with respect to the financial statements of APP and its
various operating subsidiaries. APP also reiterated its
commitment to undertake initiatives with respect to efficiency
and transparency.

The tables at http://www.bankrupt.com/misc/TCRAP_APP0521.pdf
are the preliminary production volumes, sales volumes and
average realized selling prices for APP's Indonesian
Subsidiaries.  The operating data released is preliminary only
and is subject to changes, some of which may be significant.


BIL INTERNATIONAL: Placement Denial Helps Fraser & Neave
--------------------------------------------------------
BIL International Ltd.'s repeated denial that it was selling out
of Fraser & Neave Ltd. helped F&N shares rise 10 Singaporean
cents, or 1.3 percent, to S$7.80 in Singapore Friday, Dow Jones
Newswires reported.

Investment firm BIL has told the stock exchange Friday that it
has not mandated any financial institutions in relation to any
placement of F&N shares.

BIL shares were flat at 45 cents.

BIL International, which has sold over three million F&N shares
this year in the open market, has been on CreditWatch since
September 2001 pending the refinancing of its US$300 million in
debt due on July 23, 2002. Standard & Poor's on March 22 has cut
BIL's rating to BB from BB+.


DATACRAFT ASIA: Advances Slightly After Falling 24 Percent
----------------------------------------------------------
System integrator Datacraft Asia Ltd. rallied 3 cents, or 2
percent, to $1.56 after tumbling 24 percent last week, Bloomberg
reported.

Datacraft dropped after it warned it would continue to make
losses for the six months ending June 30 because of a provision
for bad debts in China.

Datacraft Asia, located at DBS Building Tower Two, said it is
likely to make additional provisions of US$19 million to US$23
million this financial year due to difficulties in collecting
accounts receivables owing to a unit in China.

The Company said the bad debts are from its subsidiary Datacraft
Networks Inc., which conducts business through Chinese import-
export firms that bill in local currency and remit U.S. dollars
to Datacraft.

The Company is restructuring operations in China, it said in a
statement to the Singapore Stock Exchange.

In November, the Company trimmed 230 workers, or 12 percent of
staff, because of lower-than-expected orders.


NEW TOYO: Raises Impairment Loss to S$22M
-----------------------------------------
In reference to the Company's announcement dated 29 March 2002
(FY 2001 Results Announcement) wherein New Toyo International
Holdings Ltd reported the unaudited FY 2001 results of the
Company and the unaudited FY 2001 consolidated results of the
Company and its subsidiaries and associated companies, and the
Company's announcement dated 29 April 2002 in relation to the
Company's entry into a put option agreement with Yen Wen Hwa and
Greeting Tomt Limited:

In the Company's FY 2001 Results Announcement, the Company
reported an exceptional item of S$14,075,000, for the Group,
which relates to the Group's impairment loss on fixed assets. Of
this amount, S$5,773,000 is attributable to the impairment loss
in respect of the fixed assets of the Group's tissue paper
business.

In relation to the transactions contemplated under the Agreement
and the terms and conditions, and after discussions with the
Company's auditors, it seems necessary to increase (by
S$7,954,000) the Group's impairment loss for FY 2001 from
S$14,075,000 as reported in the FY 2001 Results Announcement to
S$22,029,000.

At the Company level, it is deemed necessary to increase the
allowance for doubtful debts by an additional S$4,393,000 in
respect of inter-company loans.

The additional impairment loss of S$7,954,000 for the Group
relates to the difference between:

(1) the purchase consideration of all the shares in the capital
of Benline Investment Limited pursuant to the Agreement; and
(2) the carrying value of the corresponding assets of the
Group's tissue paper business to be sold under the Agreement
(which included an impairment loss of S$5,773,000).

As a result of the additional impairment loss deemed necessary
to be recognized, the Group's total impairment loss in relation
to the fixed assets of the Group's tissue paper business for FY
2001 is S$13,727,000 compared with the impairment loss of
S$5,773,000 previously recognized and which was included in the
total impairment loss of S$14,075,000 reported in the FY 2001
Results Announcement.

As a result of this additional impairment loss, the Group's net
loss for the year after taxation, exceptional items and minority
interest increased from S$24,173,000 to S$32,127,000 and
consequently the Group's net assets is reduced from S$48,178,000
to S$40,225,000.

The additional impairment loss would result in a decrease of
3.70 cents in the net tangible asset backing per share to 18.56
cents per share and an increase in the loss per share by 3.70
cents to 14.93 cents per share.

These adjustments have already been made in the Company's annual
report, which was sent to shareholders.

The above additional impairment loss does not have any material
impact on the financial effects of the Disposal as announced on
29 April 2002.


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


EASTERN PRINTING: Reports Shares Sale Results
---------------------------------------------
Eastern Printing Public Co., Ltd. posted the Report Form of the
Results of the Sale of Shares:

1.  Information relating to the share offering

   Class of shares offered        :  Common Stock
   Number of shares offered       :  243 million
   Offered to                     :  The creditors of the
       Company under the Business
                                     Rehabilitation Plan.
   Price per share                :  4.00
   Subscription and Payment
   period                         :  May 14, 2002

2.  Results of the sale of shares :

    (/) totally sold

3.  Details of the sale

       Thai investors    Foreign investors   Total
                  juristic     Natural     Juristic     Natural
                  persons      persons     persons      persons
Number of persons 7       -           -            -       7
Number of shares
subscribed       243 mln  -           -            -      243mln
Percentage of total shares
offered for sales      100%           -            -

4.  Amount of money received from the share sale

   Total amount                :  Bt  972  million
   Net amount received         :  Bt  927  million


NAKORNTHAI STRIP: Court Moves Rehab Plan Consideration Hearing
--------------------------------------------------------------
Maharaj Planner Company Limited, as the planner of Nakornthai
Strip Mill Public Company Limited, informed that the Bankruptcy
Court has postponed the date to conduct a hearing and
consideration of the Company's Rehabilitation Plan until July
18, 2002.


SIKARIN PUBLIC: Provides Rehabilitation Plan Progress Report
------------------------------------------------------------
Sikarin Public Company Limited, in accordance to the rules and
regulation of SET on the listing and de-listing (no. 7),
reported the progression of our rehabilitation plan in 2 parts,
as follow.

1) Financial aspect

During the first quarter of 2002, there is no further debt
restructuring.

2) Operational aspect

During the first quarter of 2002, the Company continues to
improve the  quality of our medical service to the standard.  We
have also invested Bt450,000 to renovate the patience wards.

Reasons for the differences between the projections and actual
results.

1. Medical service revenues and sales revenues

   1.1. From the company equity statement, the actual medical
service revenues

   1.2. From the consolidated statement, the actual medical
service revenues and sales revenues are 4.20% lower then the
projections.  Because of the changing of Surgitec Company
Limited's status from a subsidiary company to a related company,
the consolidated revenues do not include the revenue of
Surgitec.

2. Cost of medical services and cost of sales

   2.1. From the company equity statement, the actual cost of
medical services is 68.17% of the revenues, which is very close
to the projections.

   2.2. From the consolidated statement, the actual cost of
medical services and cost of sales are 68.12% of total revenue,
which is close to the projections.

3. Selling and administrative expenses

   3.1. From the company equity statement, the actual selling
and administrative expenses are 18.16% of total revenues, which
is close to the projections.

   3.2. From the consolidated statement, the actual selling and
administrative expenses are 18.28% of total revenues, which is
lower than the 20.91% in projection as a result of the change in
the status of Surgitec as described in 1.2.

4. Earnings for the period

   4.1. From the company equity statement, we have earnings of
Bt15.30 million for the period, which is much higher than the
Bt9.65 million in the projections.  The difference is 58.50%

   4.2. From the consolidated statement, we have earnings of
Bt15.30 million for the period, which is much higher than the
Bt8.89 million in the projections.  The difference is 72.03%

   4.3. The reason for the much higher earnings is that we can
improve our quality of services so that there are much more
clients than we expected.

Meanwhile, the Company is able to control and manage the cost
and expenses effectively. So the profit from operations is much
more than the figure shown in the projections.

In addition, it has restructured its debt to the point that the
interest it actually paid was much lower than the estimated in
the projections.


THAI TELEPHONE: Discloses Q102 Management Discussion, Analysis
--------------------------------------------------------------
Thai Telephone & Telecommunication Public Company Limited
presented the Management's Discussion and Analysis for the first
quarter ended March 31, 2002:

Result of Operations and Financial Status

The Company has reshaped its policy on various marketing
strategies, specifically giving priority to business subscribers
and high-usage residential subscribers through employee direct
sale, VIP repair accounts and volume discount.  Apart from local
marketing strategies, the Company also continuously emphasized
on network quality by minimizing fault rate in order to enhance
more network availability.  Network quality was enhanced through
the rapid response to fault complaint and dedication to
preventive and corrective maintenance with the most efficiency
under the limitation of budget.  This strategy is to handle the
intense competition from both TOT and mobile operators,
especially during the latter half of 2001, as such brought about
our sharply improvement in both the Company's additional
subscribers and the average telephone usage compared to the
previous quarter.

However, the Average Revenue Per Unit (ARPU) in this quarter was
lower than that of the same period of 2001, which caused the
lower fixed line revenue. Though lower ARPU, total revenue
increased due to revenue from payphone operation, T-Tel
operation that has commenced the service since October 2001,
other valued added services and other incomes. Besides, a huge
cost reduction in legal and financial advisory fees since the
cancellation of the Company's rehabilitation effective on
December 24, 2001 together with certain discount from annual
payment of leased circuit rental to TOT resulted in a sharp
reduction of the Company's overall operating expenses. The cost
reduction policy through the Company's effective budgeting
system is also the main contribution to the decrease in
operating expenses as well. In addition, the lower market
lending interest rate also contributed to a huge reduction in
the Company's interest expense. Moreover, Bath appreciation in
the first quarter of 2002 brought along a foreign exchange gain
and positive operating results with a net profit of Bt296
million in the first quarter of 2002 compared with a net loss of
Bt956 million in the same period of 2001.

In accordance to TT&T Public Company Limited ''s Extraordinary
Meeting of Shareholders No. 1/2002 held on February 20, 2002
passed the resolution on the acquisition of the entire business
of TT&T Value Added Service Company Limited and the dissolution
of TT&T Value Added Service Company Limited. In this connection,
the dissolution of TT&T Value Added Service Company Limited was
completed on March 29, 2002.

As of March 31, 2002, the Company and its subsidiaries recorded
an operating profit of Bt424 million and a net profit of Bt296
million in comparison with an operating profit of Bt326 million
and a net loss of Bt956 million for the same period of 2001. The
improved operating results are due to changes in both revenue
and expense as described below.

Operating Revenues:

The Company's operating revenue decreased slightly from Bt1,696
million for the first quarter of 2001 to Bt1,689 million for the
same period of 2002 resulting from the following details:

1. Concession Revenue decreased slightly from Bt1,667 million in
2001 to Bt1,659 million in 2002 as a result of lower Average
Revenue Per Unit (APRU) though more cumulative billable lines.
The ARPU for the first quarter of 2002 was Bt577 with the
cumulative billable lines of 1,202,748 compared to Bt623 and
1,197,386 lines as at the same period of the previous year.

Though lower ARPU, this stability of concession revenue was
mostly contributed by T-Tel operation, which has commenced the
service since October 2001.

2. Sales and Services Revenue, which solely contributed by the
subsidiaries from dropwire installation, in-house wiring and
telephone sets and equipment sales, slightly increased from Bt29
million in 2001 to Bt30 million in 2002.

Operating Costs and Expenses

The Company's operating expense largely declined from
Bt1,370 million for the first quarter of 2001 to Bt1,265 million
in 2002 as a result of changes in related expense as follows:

1. Costs of Sales and Services declined from Bt152 million in
2001 to Bt123 million in 2002.

2. Operating, Administrative and General Expenses significantly
reduced from Bt612 million in 2001 to Bt542 million in 2002 as a
result of certain discount from annual payment of leased circuit
rental to TOT. Besides, the cancellation of the Company's
rehabilitation since December 24, 2001 resulted a huge cost
reduction in legal and financial advisor fees.

3. Depreciation & Amortization maintained at a normal and same
level at Bt599 million in the first quarter of 2002 compared
with Bt602 in the same period of 2001.

4. Director's Remuneration decreased from Bt2.9 million in 2001
to Bt2.1 million in 2002 mainly due to lower number of
directors.

Other Revenues and Expenses:

Details of these items are described as follows:

1. Interest Income showed a great increase from Bt1 million in
2001 to Bt7 million in 2002 resulting from more flexibility for
the Company's investment after completion of debt restructuring
on Closing Date.

2. Other Income increased from Bt22 million in 2001 to Bt30
million in 2002 due to sales of the Company's products,
specifically T-BOX, T-Net and Caller ID.

3. Interest Expense reduced significantly from Bt699 million in
2001 to only Bt450 million in 2002 due to completion of debt
restructuring as well as continuing lower market interest
lending rate for both MLR and LIBOR.

4. Income Tax increased largely from Bt3 million in 2001 to Bath
24 million in 2002 as a result of a favorable operation for the
subsidiaries during the first quarter of 2002.

5. Foreign exchange gain or loss representing a net result of
unrealized foreign exchange gain or loss on revaluation of
foreign currency liabilities as well as realized gain or loss
from actual foreign currency debt repayment within the period.
As total foreign outstanding debt of US$413 million, the Company
then recorded its net foreign exchange gain of Bt310 million for
the first quarter of 2002, with the reference exchange rate at
Bt43.6178 per USD, which appreciated from Bt44.3597 per USD at
the end of 2001.

Financial Position

Assets

The Company's assets as at 31 March 2002 totaled at Bt45,346
million decreasing 0.07% compared to Bt45,379 million at the end
of 2001.  The cost of telephone service expansion project
transferred to TOT at Bt37,133 million was accounted for 82% of
total assets.

Current assets and property, plant and equipment and other
assets of Bt4,584 and 3,629 million in total accounted for 10%
and 8% of total assets, respectively.

Liabilities

Total liabilities decreased from the previous year from Bt34,357
million to Bt34,029 million as at 31 March 2002.  Current
liabilities and long term loans of Bt2,271 and 31,758 million
constituted 7% and 93% of total liabilities, respectively.

Shareholders' Equity

Shareholders' equity increased from Bt11,022 million in 2001 to
Bt11,318 million at 31 March 2002 or increasing 3%.

Financial Ratios

1. Total revenue in the first quarter of 2002 grew 18.4%
resulting from 703%, 38% and 1% higher in interest income, other
revenues and sales and service revenue, respectively. Concession
revenue slightly dropped by 0.4% due to lower Average Revenue
Per Unit (APRU). However, this stability of concession revenue
was mostly contributed by revenue from payphone operation, data
communication services, T-Tel operation and other valued
added services.

2. Average operating expense per billable line decreased from
Bt514 in the first quarter of 2001 to Bt454 in the same period
of 2002 or decreasing 12% as a result of a huge cost reduction
in legal and financial advisory fees since the cancellation of
the Company's rehabilitation effective on December 24, 2001 as
well as certain discount from annual payment of leased circuit
rental to TOT. Besides, with the efficient cost controlling
policy through the budgeting system, the Company has
successfully managed its expenditure under budget.

3. Gross profit margin increased from 55% in the first quarter
of 2001 to 67% in the same period of 2002 due mainly to the huge
reduction of operating expenses as described above.

4. Net profit margin of 15% in the first quarter of 2002
improved significantly from negative of 56% in the same period
of 2001 due mainly to a foreign exchange gain from Bath
appreciation.  Nevertheless, if excluded the gain on foreign
exchange, the net loss decreased from 21% in 2001 to 0.7% in
2002 resulting from the lower operating expenses
and interest expense.

Liquidity

Despite the continual decline of the average fixed-line revenue
per line affected by the general economic situation and severe
competition from both TOT and mobile operators, the Company
still has an adequate liquidity to fulfill all operating cost,
capital investment and interest payments to the creditors. This
resulted from the Company's revenue enhancement policy
especially the focus in payphone, DCN and T-Tel service as well
as the cost controlling policy through the efficient budgeting
system. The current ratio has been improved continuously from
1.78 in 2001 to 2.02 in the first quarter of 2002. In addition,
the cash on hand level increased from Bt1,548 million at the end
of 2001 to Bt1,997 million at the end of the first quarter 2002.
This cash level is considered as adequate for the Company's
operation, interest payment, principal repayment and capital
investment on network equipment and system in the future.

Receivable Quality

The Company's main receivable is from Telephone Organization of
Thailand (TOT).  Pursuant to the 1.5 million telephone lines
concession agreement, all revenues collected from telephone
service are paid to TOT before forwarding the agreed sharing
portion to the Company based on the actual cash collected from
subscribers.  Therefore, subscriber collection result has
certain indirect impact to the Company's receivable quality.  At
present, although subscribers are affected by the economic
situation, the problem is controllable since the subscriber base
of over 1.2 million lines throughout the country is a kind of
well risk distribution.

Based on 95 days of receivable during the first quarter of 2002,
it showed faster collection compared to 183 days in the same
period of 2001 due to an improvement of revenue collection
procedure with TOT.  Moreover, this shorter receivable period
was contributed by debt settlement with TOT against lease
circuit and other expenses that the Company owed to TOT under
the business reorganization plan. This resulted the sharply
reduction of VAT receivable as well as TOT receivable regarding
the fault complaint reception and dropwire maintenance service
that TOT has withheld since March 1998. Besides, the Company has
been received the revenue from fault complaint reception and
dropwire maintenance service in the monthly basis since the
beginning of 2002, resulted in the stability of receivable from
TOT regarding such revenue.

Asset Quality

Total assets of the Company at the first quarter of 2002 were
Bt45,346 million by which Bt4,584 million and Bt40,762 million
were current and fixed assets, respectively.  The fixed assets
portion referred to those related to the 1.5 million fixed lines
telephone network investment throughout the country.  Total
project investment transferred to TOT according to the
concession agreement were Bt37,133 million, whereas the assets
to be transferred to TOT remained at only Bt1 million.  Besides,
the fixed assets regarding site offices, buildings, vehicles,
and tools and supplies related to network maintenance of Bt3,084
million were also of high quality, which is currently in use and
recorded at cost basis. In addition, the Company has gone
through asset impairment assessment and has already written
down certain value of assets found to be of doubtful value since
2000.  Therefore, low asset quality is not considered to appear
in the Company's financial statements at this stage.

Profitability

In the first quarter of 2002, the Company recorded a net profit
of Bt296 million, which included Bt310 million of foreign
exchange gain. If excluding this foreign exchange gain,
the Company's net loss decreased significantly from Bt353
million in the first quarter of 2001 to Bt14 million in the same
period of 2002. The Company's concession revenue was mainly
contributed from the 1.5 million fixed-lines telephone service
that caused the stability of revenue.

Summary

The completion of the debt restructuring process resulted the
significant liquidity enhancement of the company. However, the
Company still concentrates through the tight cost controlling
policy by using the efficient budgeting system to manage
operating expense, capital investment, network maintenance,
network utilization improvement and network relocation so that
the Company could provide services within appropriate and
prescribed standards. Besides, the Company has implemented
certain strategies in both marketing and service to enhance
overall revenue. In term of the liquidity, the Company still
continuously received revenue sharing from the fixed line
telephone services as well as other value-added services under
the concession agreement with TOT. Such revenue was sufficient
to support for general operating expense, capital investment for
service quality improvement and interest payment and repayment
to the creditors.


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.

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delivered via e-mail. Additional e-mail subscriptions for
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                 *** End of Transmission ***