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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, May 23, 2002, Vol. 5, No. 101

                         Headlines

A U S T R A L I A

ANACONDA NICKEL: Updates Negotiations With Secured Creditors
AUSDOC GROUP: Enters Exclusive Negotiations for Takeover Offer
DVT HOLDINGS: Bigshop Asserts Requisition Notice Authenticity
HIH INSURANCE: Commission Calls for Preliminary Submissions
PRESTON RESOURCES: Scheme of Arrangement Meeting Set for June

SECURE FINANCE: Receiver Appointed to Unlicensed Schemes
VOICENET (AUST): US Unit Relisted on Over-the-Counter Market


C H I N A   &   H O N G  K O N G

BEER CITY: Winding Up Sought by Shahdan
HUNG FUNG: Faces Winding Up Petition
MATCH FIT: Winding Up Petition Pending
SUN'S GROUP: Narrows Operations Loss to HK$645,913
WIRELESS INTERNETWORKS: Restructuring Agreements Completed


I N D O N E S I A

ARIA WEST: Debt Rescheduling Likely
BANK NIAGA: No Deferral on Sale, Says FSPC

* IBRA Implementing New Policy For Asset Management Unit


J A P A N

KAWANA HOTEL: 7.8B Loan Repayment Unlikely
KAWANA HOTEL: Goes Bust With JPY67B Liabilities
MATSUSHITA ELECTRIC: Will Build Display Plant With Matsushita
MATSUSHITA KOTOBUKI: Will Lay Off 1,600 Workers
MYCAL CORP: Bond Valuation Loss Moves Ezaki Glico Profit

PRIMA MEAT: Poor Sales Doubles Net Loss to JPY15.19B
SNOW BRAND: Up 4.4% on Job Cut Report


K O R E A

HYNIX SEMICON: Creditors Plan to Take Over in June
HYNIX SEMICON: Creditors to Review Co Before Restructuring
HYNIX SEMICON: Ex-Chief Blames Lenders for Failed Micron Deal
HYNIX SEMICON: Shareholders Sue Govt for Stock Manipulation
HYNIX SEMICON: Shareholders Try to Block Lenders' Takeover

SSANG BANG: Kookmin Bank, Other Investors Agree KRW310.5B Buy


M A L A Y S I A

AMSTEEL CORPORATION: SC Approves RM42,253,000 Proposed Disposal
ASSOCIATED KAOLIN: Administrators Modify Workout Proposal
BRIDGECON HOLDINGS: Moratorium Period Extended for a Year
CHASE PERDANA: Wins Construction Bid From Jabatan Kerja
COUNTRY HEIGHTS: SC OKs Proposals Implementation Extension

KUANTAN FLOUR: Summary Judgment Hearing Date Not Yet Fixed
LION CORPORATION: High Court Orders Creditors' Meeting
PENAS CORPORATION: Securities Trading Suspended
PICA (M): Defends Suit Filed by Makhtar Bin Over SPA Conflict
RAHMAN HYDRAULIC: Audit Committee Member Karuppiah Resigns

SISTEM TELEVISYEN: Board Approves Motor Vehicles Acquisition
SPORTMA CORP.: SC Grants Proposal Implementation Time Extension
TA ENTERPRISE: Major Shareholder Shares Sale Rumor Untrue


P H I L I P P I N E S

NATIONAL POWER: PSALM Sees $500M Losses if Meralco Ends Contract
PHILIPPINE REALTY: A Brown Writes Down Investment


S I N G A P O R E

CAPITALAND LTD: Posts Change in Temasek Holdings' Interest
DATACRAFT ASIA: Sees Growth in Recent Months
DATACRAFT ASIA: Shares Flat on Profit Warning
NATSTEEL LTD: Likely to Fall on Profit-Taking
TELEDATA (SINGAPORE): Finalizes Debt Restructuring Plan


T H A I L A N D

CHAROEN POKPHAND: Trading to be Suspended, Delisted   
COUNTRY (THAILAND): Court Appoints Property as Rehab Planner
EMC PUBLIC: SET Grants Listed Securities
KIATNAKIN FINANCE: TRIS Upgrades Bt1,000M Sr Debenture to "BBB+"
SIAM STRIPMILL: Business Reorganization Petition Filed

* DebtTraders Real-Time Bond Pricing

     -  -  -  -  -  -  -  -

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


ANACONDA NICKEL: Updates Negotiations With Secured Creditors
------------------------------------------------------------
Representatives of the secured creditors of Murrin Murrin
Holdings Pty Ltd (MMH), a wholly owned subsidiary of Anaconda
Nickel Ltd, recently completed a site visit to the Murrin Murrin
nickel and cobalt project. The visit was part of the secured
creditors' project evaluation and due diligence review in
connection with Anaconda's ongoing negotiations with its secured
creditors to restructure the MMH debt and re-capitalize the
Company. An initial meeting has also been held in New York among
professional advisors of MMH's secured creditors and Anaconda
and further meetings are scheduled.

Anaconda anticipates the negotiations with secured creditors
will continue for an extended period of time. The timing for
final negotiations with MMH's secured creditors and the ultimate
outcome of those negotiations remains uncertain.

FLUOR DANIEL ARBITRATION

Anaconda Operations Pty Ltd, on behalf of the participants in
the Murrin Murrin Joint Venture, has been involved in
arbitration proceedings with Fluor Daniel Pty Ltd, arising out
of a contractual dispute relating to the design, construction,
and commissioning of the Murrin Murrin plant.

In the arbitration, Fluor Daniel is claiming the return of
monies provided as security for performance of its contractual
obligations and payment of monies allegedly due on outstanding
invoices. In addition to other claims against Fluor Daniel,
Anaconda Operations is claiming damages for breach of contract
for defective design and construction.

Written closing submissions have been lodged with the
arbitration tribunal and final oral submissions to the tribunal
will be made in London on 27 and 28 May 2002. It is now
anticipated that the tribunal on or about July 2002 will make an
interim award, in respect of the front-end of the process.

As previously reported, the Company has a reasonable expectation
that a favorable outcome will result.


AUSDOC GROUP: Enters Exclusive Negotiations for Takeover Offer
--------------------------------------------------------------
Ausdoc Group Limited announced Tuesday that it has entered into
exclusive negotiations with a party (Bidder) interested in
making a cash offer to AUSDOC shareholders for their shares in
AUSDOC. The Bidder is not the party who is currently conducting
due diligence in relation to Freightways, AUSDOC's New Zealand
courier and express freight business, as disclosed in AUSDOC's
announcement on 14 May 2002.

The Bidder has conducted due diligence in relation to AUSDOC as
part of the current sale process and will have the opportunity
to conduct further due diligence until 18 June 2002. The terms
of the agreement between AUSDOC and the Bidder include:

   *  At any time on 29 May 2002 before noon, the Bidder may
notify AUSDOC of its willingness to make a cash takeover offer
for AUSDOC shares at not less than $2.13 per share, adjusted for
proceeds realized and costs incurred through AUSDOC's break-up
strategy in respect of DX Express and GoMail. The takeover offer
must be subject only to conditions which have been agreed
between AUSDOC and Bidder, including 90% minimum acceptances,
requisite approvals, prescribed occurrences as set out in
section 652C of the Corporations Act, conditions relating to the
net assets, earnings and net debt of AUSDOC, and the occurrence
of certain events relating to AUSDOC's employees and property
(Conditions). If the Bidder notifies AUSDOC of its willingness
to make a takeover offer on those terms, the AUSDOC Board must
recommend the takeover offer, in the absence of a higher offer.
The AUSDOC Board's obligation to recommend the offer (in the
absence of a higher offer), should it eventuate, is subject to
the Board's fiduciary obligations.

   * Between noon on 29 May 2002 and noon on 18 June 2002 the
Bidder may notify AUSDOC of its willingness to make a cash
takeover offer for AUSDOC shares at a price of not less than
$2.13 per share, adjusted for proceeds realized and costs
incurred through AUSDOC's break-up strategy in respect of DX
Express and GoMail. The takeover offer must only be subject to
the Conditions. If the Bidder notifies AUSDOC of its willingness
to make a takeover offer on those terms and the AUSDOC Board,
for any reason, does not recommend that offer, AUSDOC must pay
the Bidder's actual costs incurred in relation to the sale
process (including internal costs), subject to a maximum amount
payable of $2.5 million.

    * AUSDOC must not agree to pay break fees or make cost
contributions to any party in relation to the sale of
Freightways in excess of $500,000.

   * AUSDOC must not sell Freightways prior to 29 May 2002.

Details of AUSDOC's exclusivity, break fee and cost underwrite
arrangements with the Bidder are summarized in Annexure A.

It should be noted that there is no obligation on the Bidder to
make a takeover offer to AUSDOC shareholders at any time. In
addition, should an offer eventuate, the offer price to AUSDOC
shareholders is not able to be determined at this time because
it is dependent on the proceeds realized through AUSDOC's break-
up strategy in respect of DX Express and GoMail. The amount of
the adjustment may be positive (but not more than 12 cents per
share) or negative.

Commenting on the arrangements with the Bidder, AUSDOC's
Chairman, Michael Butler, said "We are pleased to be working
towards a possible takeover offer for AUSDOC shareholders. In
conjunction with the negotiations regarding the sale of
Freightways, as announced on 14 May 2002, there are now several
options which may be available to realize value for AUSDOC
shareholders. Of course, there is no certainty that an offer
will eventuate, however, we continue to work towards the outcome
which best delivers value for shareholders. As the identity of
the Bidder is confidential, we are unable to disclose further
details at this time. We will continue to keep AUSDOC
shareholders informed of material developments in relation to
the sale process."

ANNEXURE A

EXCLUSIVITY ARRANGEMENTS

AUSDOC's obligations with respect to exclusivity apply from 22
May 2002 to:

   * the earlier of 18 June 2002 and the date on which the
Bidder notifies AUSDOC that it will not be announcing a takeover
offer at a price of $2.13 per share adjusted for proceeds
realized and costs incurred through AUSDOC's break-up strategy
in respect of DX Express and GoMail, subject only to the
Conditions; or

   * if the AUSDOC Board recommends a takeover offer by the
Bidder, the end of the offer period for the Bidder's takeover
offer (whether or not it is successful), (Exclusivity Period).

During the Exclusivity Period, AUSDOC is not permitted to:

   * encourage, solicit or invite bids, statements of intention
or expressions of interest or due diligence investigations in
relation to the AUSDOC shares or AUSDOC Information Management,
AUSDOC's records storage and information management business
(AIM Business);
or

   * negotiate the sale with, or otherwise attempt to sell to or
provide information to any person other than the Bidder in
relation to the AUSDOC shares or the AIM Business.

However, during the Exclusivity Period AUSDOC is permitted to:

   * in relation to Freightways, DX Express and GoMail:

   * encourage, solicit or invite bids, statements of intention
or express of of interest or due diligence investigations; and

   * negotiate the sale with, or otherwise attempt to sell to or
provide information to any person other than the Bidder; and

   * respond to any unsolicited and uninvited offer, statement
of intention or expression of interest in relation to the AUSDOC
shares received from a third party after 22 May 2002 if failing
to respond would constitute a breach of the directors' fiduciary
or statutory obligations or would otherwise be unlawful. If
AUSDOC does respond to such offer, statement of intention or
expression of interest, it must notify the Bidder immediately of
that fact, the person with whom the negotiations are entered
into and the details of the bid, statement of intention or
expression of interest made by that person.

If the Bidder announces a takeover offer, AUSDOC is no longer
obliged to comply with its exclusivity obligations referred to
above in relation to a takeover offer by a person other than the
Bidder for the AUSDOC shares, if to do so would in the
reasonable opinion of the AUSDOC directors (after having taken
legal and other advice) constitute a breach of the directors'
fiduciary duties or statutory obligations or would otherwise be
unlawful.

AUSDOC NOTIFICATION

At any time between 12 noon on 29 May 2002 and 18 June 2002,
AUSDOC may notify the Bidder that it does not wish the Bidder to
make a takeover offer for the AUSDOC shares. In those
circumstances AUSDOC must immediately pay the Bidder's actual
costs (including internal costs) of participating in the sale
process, subject to a maximum amount payable of $2.5 million.

BREAK FEE/COST UNDERWRITE ARRANGEMENTS

Other than the payments referred to elsewhere in this
announcement, the following matrix, summarizes the agreement of
AUSDOC and the Bidder in relation to cost contribution and break
fees

CIRCUMSTANCE                      BREAK FEE / COST CONTRIBUTION

The Bidder does not announce a  Actual costs (excluding internal
takeover offer for AUSDOC       costs), subject to a maximum amt
shares for a reason beyond the  payable of $1.5 million
control of the Bidder (as agreed
with AUSDOC including requisite
approvals, material adverse
changes in the net assets, net
debt or earnings of AUSDOC or
certain events occur with respect
to AUSDOC's employees and property.

By noon on 29 May 2002, the         $3.5 million
Bidder notifies AUSDOC of its
willingness to make a takeover
offer at a price of $2.13 per share
adjusted for the proceeds realized
and costs incurred as a result of
the implementation of the break-up
strategy in respect of DX Express
and GoMail subject only to the
Conditions, but the AUSDOC Board
does not recommend the offer
because to do so would be in
breach of its fiduciary obligations.

The Bidder, having publicly         $3.5 million
announced a takeover offer
recommended by the AUSDOC Board, in
compliance with law and its
arrangements with AUSDOC does not
send bidder offer documents to
AUSDOC shareholders due to a higher
bid being announced by any person
after the Bidder announces its
takeover offer.

The Bidder sends bidder offer      $3.5 million, less any profit
documents to AUSDOC's shareholders made by the bidder on the but
a higher bid is subsequently       sale of AUSDOC shares into
made by any person and that bidder the higher offer
is or becomes entitled to 10% or
more of AUSDOC shares.

The Bidder sends bidder offer      $2.5 million
documents to AUSDOC's shareholders
and no higher bid is made but the
90% defeating condition is not
satisfied and the Bidder's takeover
offer does not succeed without
illegality on the part of the
Bidder and so long as the Bidder
has used its reasonable
endeavors to procure satisfaction
of requisite approvals.

The Bidder and AUSDOC are unable   $3.5 million, if notification
to agree the adjustment required   of a willingness to make a
to the $2.13 per share price as a  takeover offer is made by the
result of the break-up strategy    Bidder to AUSDOC prior to 29
in respect of DX Express and       May 2002; or
GoMail, and AUSDOC does not
require the bidder to make a       if notification of a
takeover offer at a price which    willingness to make a
incorporates the Bidder's          takeover offer occurs
adjustment amount.                 between 12 noon on 29 May
          2002 and 12 noon on 18 June
     2002, the Bidder's actual
     costs (including internal
     costs) of its participation
     in the sale process, subject
     to a maximum amount payable
     of $2.5 million.

   
DVT HOLDINGS: Bigshop Asserts Requisition Notice Authenticity
-------------------------------------------------------------
Bigshop.com.au Limited, in reference to the Market Announcement
made by DVT Holdings Limited on 20 May 2002 regarding the
requisition notice dated 22 April 2002 made by Bigshop and
another shareholder (together, the "Requisitionists"), seeking
to remove a majority of the Directors of DVT and to appoint
nominees of the Requisitionists (Requisition Notice), rejected
the assertions made by DVT in the 20 May 2002 Market
Announcement that Bigshop's announcement of 15 May 2002 may be
misleading.

DVT's announcement appears to state as a matter of fact that
"the company constitution prohibits the consideration of the
resolutions requested by Bigshop to appoint Directors at a
general meeting of members".

Bigshop is concerned that this statement merely reflects the
opinion of the directors of DVT rather than a concluded legal
position. As Bigshop noted in its announcement made on 15 May
2002, Bigshop rejects the assertion that the Requisition Notice
is invalid, and believes that DVT's constitution does not
prohibit a general meeting of members of DVT appointing
directors to the Board of DVT.

Furthermore, the directors of DVT have chosen to commence
proceedings in the Supreme Court of New South Wales to determine
the validity of the Requisition Notice. It is therefore a
decision for the Supreme Court of New South Wales as to whether
the various resolutions specified in the Requisition Notice for
the appointment of nominees of the Requisitionists and for the
removal of the majority of the DVT board can be considered by a
general meeting of members of DVT. Bigshop repeats its concern
that the board of DVT is opposing the calling of the meeting
requisitioned by the Requisitionists which is a meeting that
relates to the removal of the majority of the members of that
very board.

Bigshop's view is that the board of DVT should refrain from
undertaking a time consuming and expensive exercise to put this
matter before the courts and should convene a meeting of the
shareholders of DVT to let the views of such shareholders be
expressed in the open forum of a general meeting rather than
expend shareholder funds on litigation.


HIH INSURANCE: Commission Calls for Preliminary Submissions
------------------------------------------------------------
The HIH Royal Commission is calling for submissions on issues
relevant to future policy directions. The Commission which
provides a guide to those wishing to make submissions has
identified a number of broad areas relevant to future policy
directions. General issues include:

   a. regulatory oversight and prudential regulation of general
insurance

   b. State and Territory statutory insurance regimes relevant
to general insurance and its regulation

   c. Tax regimes relevant to general insurance and its
regulation
  
   d. Financial reporting requirements, including relevant
accounting standards, applicable to general insurers

   e. Other disclosure requirements applicable to general
insurers

   f. Actuarial, audit and other assurance mechanisms relevant
to the governance and oversight of general insurers
g. The roles and responsibilities of officers, professional and
other employees, and corporate advisers in the governance of
general insurers.

The Commission also seeks submissions on specific matters such
as Financial Reinsurance and Accounting for Insurance and
Reinsurance Contracts.

The Commission will advertise in national newspapers on 22 May
2002 with preliminary submissions to be provided at the earliest
opportunity and if possible by 15 July 2002.


PRESTON RESOURCES: Scheme of Arrangement Meeting Set for June
-------------------------------------------------------------
Preston Resources Limited announced on Friday 17 May 2002 that  
Mr Justice Heenan of the Western Australian Supreme Court
ordered a meeting with bondholders be convened to vote on the
Bulong Operations P/L schemes of arrangement. The meeting will
be held on 20 June 2002 in the Bulong offices in West Perth.

This is an important milestone in the restructuring of Bulong
project debt. In the event of a bondholder vote in favor of the
schemes, a final court hearing will follow shortly thereafter to
approve the scheme. The completion of the schemes and the
associated debt and equity restructuring should follow 21 days
after that court approval.

A meeting of Preston shareholders will also be convened to vote
on the disposition of the 95% interest in Bulong to the
bondholders. At this stage the shareholders meeting is planned
for late June/early July 2002.

Everybody can therefore look forward to completion of the
restructuring in mid to late July 2002.


SECURE FINANCE: Receiver Appointed to Unlicensed Schemes
--------------------------------------------------------
Justice Heenan on Tuesday appointed Mr Richard Cacho of Capitol
Hill Corporate Advisers as the receiver and manager of the
assets for a number of investment schemes run through Secure
Finance & Investment Services (Australia) Pty Ltd and promoter
Mr Phillip Crane.

The Australian Securities and Investments Commission (ASIC)
brought the application in the Supreme Court to appoint a
receiver after becoming concerned that investor funds were in
jeopardy.

Secure Finance claims to offer investments in offshore funds.
ASIC alleges the schemes, through their promoters, have raised
nearly $6 million from approximately 200 investors over a two-
year period

ASIC alleged that the fundraising carried out under the schemes
was illegal as it contravened the managed investment provisions
of the Corporations Act, as no disclosure document had been
lodged with ASIC as required under the law.

Additionally, ASIC alleged a number of other contraventions by
the company and the promoters of the schemes, including carrying
on a securities business without being licensed and carrying on
an investment advice business without being licensed.

Some of the investments offered or promoted by Secure Finance
include:

   * SFIS Safety Fund
   * SFIS Secure Fund
   * SFIS Mixed Fund
   * SFIS GBI Fund
   * SFIS Venture Fund
   * SFIS Investment Club Fund
   * OIC Income Fund
   * Secure One Safety Fund
   * Secure One Mixed Fund
   * Secure One Secure Fund
   * Secure One Holding Fund
   * Secure One Short Term Fund
   * Unity Leveraged Unit Holding Fund
   * Secure One Bullion Growth Fund
   * Gold Fund
   * Mortgage Program
   * Silver Fund
   * Gold Bullion Fund
   * Gold Bullion Growth Fund
   * Secure One Silver Bullion Fund
   * Property Option Fund
   * Leverage Unit Holding Fund
   * Atlantis Venture Fund

Justice Heenan ordered the receiver to immediately take control
of all assets involved in the schemes and preserve them pending
further court orders.

The Judge has also ordered the receiver to investigate the
Company's affairs and report to the Court by 19 July 2002.

This application follows action taken by ASIC in May 2002 when
Justice McKechnie froze Secure Finance's bank accounts and
prohibited the company and Mr Crane from operating or promoting
the investment schemes.


VOICENET (AUST): US Unit Relisted on Over-the-Counter Market
------------------------------------------------------------
Voicenet (Aust) Ltd's 76 percent subsidiary incorporated in the
US, Voicenet Inc, has been relisted on the over-the-counter
"pink sheets", under the requisite requirements of the National
Association of Security Dealers, (Symbol "VTC.E").

The Company is also pursuing additional steps required to
qualify its common stock for quotation on the automated over-
the-counter market. The Company's common stock was previously
listed on the American Stock Exchange, and was delisted on April
17, 2002.

The relisting allows Voicenet (Aust) Ltd to continue with its
corporate restructure and to advance the due diligence for the
sale of 50 percent of Voicenet Chile to Voicenet Inc, as
previously announced.


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


BEER CITY: Winding Up Sought by Shahdan
---------------------------------------
Shahdan (H.K.) Limited is seeking the winding up of Beer City
And Restaurant Limited. The petition was filed on April 30,
2002, and will be heard before the High Court of Hong Kong on
August 7, 2002.

Shahdan holds its registered office at No. 118-130 Nathan Road,
Kowloon, Hong Kong.


HUNG FUNG: Faces Winding Up Petition
------------------------------------
The petition to wind up Hung Fung Enterprises Holdings Limited
is set 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 7, 2002 by Ernst & Young whose registered office is
situated at 10/F., Tower 2, The Gateway, 25-27 Canton Road,
Kowloon, Hong Kong.


MATCH FIT: Winding Up Petition Pending
--------------------------------------
Match Fit Limited is facing a winding up petition, which is
slated to be heard before the High Court of Hong Kong on July 3,
2002 at 9:30 am.

The petition was filed on March 13, 2002 by Lee Chi Keung of
Room 2803, Pik Fung House, Fung Tak Estte, Wong Tai Sin,
Kowloon, Hong Kong.  


SUN'S GROUP: Narrows Operations Loss to HK$645,913
--------------------------------------------------
The Sun's Group Limited announced on 17 May 2002:

Year end date: 31/12/2001
Currency: HKD
Auditors' Report: Qualified
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                          : 475,406          328,081
Profit/(Loss) from Operations     : (645,913)        (1,141,484)
Finance cost                      : (25,423)         (37,116)
Share of Profit/(Loss) of Associates: (832)            (25,077)
Share of Profit/(Loss) of
  Jointly Controlled Entities     : -                -
Profit/(Loss) after Tax & MI      : (670,017)        (1,162,465)
% Change over Last Period         : N/A
EPS/(LPS)-Basic                   : (5 cents)        (8.7 cents)
         -Diluted                 : -                -
Extraordinary (ETD) Gain/(Loss)   : -                -
Profit/(Loss) after ETD Items     : (670,017)        (1,162,465)
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 : N/A
Other Distribution for Current Period    : N/A
B/C Dates for Other Distribution  : N/A

Remarks:

In October 2000, the Group entered into an agreement to dispose
of its entire interest in Aniwell Investments Limited, which was
engaged in hotel operations, for cash consideration of
HK$100,000,000.  Completion of the disposal took place on 29th
January 2001.  Thereafter, the Group ceased its hotel operations
business.  The results of Aniwell Investments Limited for the
period ended 29th January, 2001 and for the year ended 31st
December, 2000 are presented as discontinuing operations in the
consolidated income statement.                                          

In December 2001, the Group entered into an agreement to dispose
of certain subsidiaries engaged in the telecommunications and
internet businesses.  Completion of the disposal took place in
February 2002.  Thereafter, the Group ceased its
telecommunications and internet businesses, the results of which
are presented as discontinuing operations in the consolidated
income statement for year ended 31st December, 2001.  The
consolidated income statement for the year ended 31st December,
2000 has been restated to present the results of the Group's
telecommunications and internet businesses as discontinuing
operations.                    
                                                                        

WIRELESS INTERNETWORKS: Restructuring Agreements Completed
----------------------------------------------------------
The Board of Directors of Wireless InterNetworks Limited
(Receivers and Managers Appointed) announced that all the
conditions precedent under the Restructuring Agreements have
been satisfied and that Completion took place on 17 May 2002.  
The effective date for each of the Capital Reduction, the Share
Consolidation and the Authorized Share Capital Increase was 17
May 2002.

All existing Directors have resigned and new Directors have been
appointed with effect from Completion.

Except for the appropriate filing being made with the Registrar
of Companies in Bermuda and the Registrar approving the change
of name, all other conditions precedent required to be satisfied
for the change of the Company's name to "CCT Technology Holdings
Limited" to become effective have been satisfied.  

Further announcement regarding the effective date of the change
of name and arrangements for trading of Shares in the new name
of the Company on the Stock Exchange will be made when the
change of name of the Company has become effective and
unconditional.

Trading in the Company's shares on the Stock Exchange has been
suspended since 2:30 p.m. on 12 February 2001 and will remain
suspended pending the restoration of the public float of the
Shares in order to meet the requirement under Rule 8.08 of the
Listing Rules.

The Investors are making arrangements for the restoration of the
public float of the Shares.

Further announcement will be made when the arrangements are
finalized and an expected date of resumption of the trading of
the Shares on the Stock Exchange is available which shall be no
later than the resumption date on 7 June 2002 as described in
the revised expected timetable below:


First day of free exchange of existing light blue share
certificates for new yellow share certificates: Tuesday, 21 May

Temporary counter for trading in New Shares in board lots of 200
New Shares (in the form of existing share certificates) opens
(Note): 9:30 a.m. on Tuesday, 21 May

Existing counter for trading in the Existing Shares in board
lots of 2,000 Existing Shares closes: 9:30 a.m. on Tuesday, 21
May

Resumption of trading in New Shares: 9:30 a.m. on Friday, 7 June

Existing counter for trading in New Shares in board lots of
2,000 New Shares (in the form of new share certificates) re-
opens: 9:30 a.m. on Friday, 7 June

Parallel trading in New Shares (in the form of new share
certificates) starts: 9:30 a.m. on Friday, 7 June

First day of operation of odd-lot trading facility: Friday, 7
June

Temporary counter for trading in New Shares in board lots of 200
New Shares (in the form of existing share certificates) closes:
4:00 p.m. on Friday, 28 June

Parallel trading in New Shares (in the form of new share
certificates and existing share certificates) ends: 4:00 p.m. on
Friday, 28 June

Last day of operation of odd-lot trading facility: Friday, 28
June

Free exchange of existing share certificates for new share
certificates for New Shares ends: Thursday, 4 July

Note: Trading in the temporary counter in board lots of 200 New
Shares will be suspended and it shall resume trading upon the
resumption of the trading of Shares expected to be on 7 June
2002.


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


ARIA WEST: Debt Rescheduling Likely
-----------------------------------
PT Telekomunikasi Indonesia is in the middle of US$270 million
debt rescheduling negotiations, which is expected to conclude by
August 2002, with PT Aria West International, Bisnis Indonesia
reports.

According to Telkom Finance Director Mursyid Amal, "AWI's debt
will be rescheduled up to five years and the negotiation will
still be assisted by Salomon Smith Barney," he said.

In the sale and purchase agreement of AWI stake owned by
Mediaone International IBV, PT Aria Infotek, and Asian
Infrastructure Fund worth US$ 363 million, Telkom agreed to
cover AWI's debt of US$ 270 million.

An analyst of foreign securities said the most important thing
for Telkom is that it will not spend any more money to finance
AWI buy out no matter conditions set in the sale and purchase
agreement. It would be far much better if Telkom use the entire
fund in KSO III account.


BANK NIAGA: No Deferral on Sale, Says FSPC
------------------------------------------
The Financial Sector Policy Committee (FSPC) said that the
planned sale of the government's 51 percent stake in medium-
sized Bank Niaga would not be delayed, Jakarta Post reported.

"In a meeting on Friday, the Indonesian Bank Restructuring
Agency (IBRA) reported the progress of the Bank Niaga divestment
and it stated that bidders will submit their final bids
according to schedule," FSPC was quoted.

The final deadline for the bidders of the government's stake
would remain May 27.

Meanwhile, Indonesian Bank Restructuring Agency (IBRA) Deputy
Chairman I Nyoman Sender, said that the agency would not proceed
with the sale plan if the bids were much lower than the market
price.

The government, through IBRA, holds 97.15 percent in publicly
listed Bank Niaga.


* IBRA Implementing New Policy For Asset Management Unit
--------------------------------------------------------
IBRA is ready to implement new policies due to acceleration and
optimization its recovery rate cover:

I. Asset Transfer Kit (ATK) Settlement
   
The Debtor's loan principal amount, certainty is an important
issue to IBRA in terms of doing restructuring and loan disposal
program.

The new policy of ATK consist points as follow:

   a. The verified ATK carry out by Public Accountant Office
(KAP) is a guideline for IBRA in term of restructuring or
billing rights sale with mechanism as shown in the attachment

   b. To unverified data, the origin ATK (ATK 1) data is
utilized as a base of debtor loan determination. If debtor does
not approve the data, it will be re-confirmation to the origin
bank and the result will be use as a final one. If the origin
bank does not response within 21 days, the ATK 1 will be assumed
as a final ATK.

   c. For the debtor's data from Frozen Bank (BBO/BBKU), the
Temporary Management Team (TPS) which under IBRA, responsible to
re-confirm. If within 21 days TPS does not receive an answer,
the verified ATK by KAP or Bunisys (data system in IBRA) is
assume as a final.

It needs to be underlined once ATK is determined, the debtor
will not charged for interest and penalty. However, if interest
and penalty from origin bank exist, therefore IBRA will re-
calculate in line with IBRA's policy. For debtor who has
syndication loan, IBRA will consider the amount of obligation
given by syndication agency.

Any payment made by the debtors during restructuring process
will be calculated to reduce the principal amount. Nevertheless,
this policy is not applied to debtor who has already signed the
Loan Agreement.

II. Debt Restructuring

To escalate recovery rate, AMC-IBRA will implement few policies
as below:

   1. Restructuring should be executed for debtor with total
loan above IDR 750 billion except for debtors who categorize in
4 industries: wood, pulp and paper, shoes, electronics and
textile. Restructuring process until Loan Agreement (PRH) should
be accomplished within 6 (six) months. If this condition cannot
persist, asset disposal unit will handle it.

   2. For debtor who signed MoU and or debtors who had already
been mediated by The Jakarta Initiative, they are liable to be
given a change until 4 (four) months to reach PRH. If this
condition cannot be fulfilled, they will be disposed through
asset disposal program.

   3. For State Own Company (BUMN) debtor, restructuring will be
prioritized to the company, which own bigger collateral assets
comparison to its loan prior asset disposal program.

   4. Especially for restructured BUMN company, sustainable debt
directly handles through asset disposal program. For
unsustainable debt which converted into equity or quasi equity,
it will not be sell through disposal program.

III. Loan Disposal Program

In any of these assets disposition, especially commercial loan
(Rp5 billion - Rp50 Billion) and corporate (above Rp50 billion),
AMC-IBRA refers to FSPC Decree No. Kep.01/K.KKSK/05/2002:

   1. The disposal program, either in direct sales or public
auction is commences in the same time. It applies to
restructured loan and unrestructured loan as well.

   2. Assets Disposal for corporate and commercial loan can be
done through obligor or individual package.

   3. In utilizing the recovery rate in loan disposal program
sale, IBRA is allowed to:

     a. For corporate restructured loan: use Bunisys system that
has been calculated all collection

     b. For corporate unrestructured loan: final verification
ATK data is used considering whole collection.

     c. For commercial loan asset: the total principal balance
will be used.

   4. Special condition:

     a. Withdraw the FSPC Decree No. Kep.01/K.KKSK/09/02 point
1.2 regarding right to match for servicing agent.

     b. Investor who buys the commercial assets has claim right
to debtor only in maximum principal disposed by IBRA.

   5. For direct sales:

     a. Carry out sales in line with the auction mechanism.
However, direct sale has a priority.

     b. The formula for the winner appointment:

       * The debtor with principal/interest ratio >= 1, will get
highest offer of >70% from total origin debt and they will
declare automatically as a winner.

       * The debtor who own principal/interest ratio less than
1, the highest offer of > 70% will be declared as a winner. This
condition applies just if the offer in comparison to principal
plus interest higher than recovery rate in the same industry. In
addition, it should be obtain from 3 investor's minimum through
asset disposal program. If recovery rate data is not available,
therefore the Chairman of IBRA will decide the winner.

By the existence of this new policy, Asset Management Credit
unit expects to optimize recovery rate and give positive
contribution to reach 2002 target.


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


KAWANA HOTEL: 7.8B Loan Repayment Unlikely
------------------------------------------
Mitsubishi Tokyo Financial Group Inc said it might be unable to
retrieve some 7.864 billion yen in credits from Kawana Hotel Co
Ltd.

According to a report from AFX Asia, the credits provided by
Mitsubishi Tokyo's units, the Bank of Tokyo-Mitsubishi Ltd and
the Mitsubishi Trust and Banking Corp, may not be repaid after
the hotel company applied for civil rehabilitation proceedings
early this week.

The hotel owes Bank of Tokyo-Mitsubishi 3.818 billion yen and
Mitsubishi Trust and Banking Corp 4.046 billion yen.


KAWANA HOTEL: Goes Bust With JPY67B Liabilities
-----------------------------------------------
The operator of Kawana Hotel, an internationally known resort in
Izu, Shizuoka Prefecture, on Tuesday filed for court protection
under the Civil Rehabilitation Law with the Tokyo District Court
with the aim of rehabilitating itself under different ownership,
the Japan Times reported, citing hotel officials.

Credit-research agency Teikoku Databank Ltd said that the Tokyo-
based seaside hotel is estimated to have liabilities of some 67
billion yen.

The hotel and golf courses will continue operating, according to
the officials of the management company, Kawana Hotel Co Ltd.

The economic slump dampened enthusiasm for expensive golf and
hit earnings of group companies of the hotel, including Okura &
Co.


MATSUSHITA ELECTRIC: Will Build Display Plant With Matsushita
-------------------------------------------------------------
Consumer-electronics maker Matsushita Electric Industrial Co.
and Toray Industries Inc. will build a second domestic plant to
manufacture plasma display panels to push their joint global PDP
output above 1.5 million units a year, Japan Times reports.

The new plant will be in Ibaraki, Osaka Prefecture, and run by
the alliance's joint venture, Matsushita Plasma Display Panel
Co. It will be built at a cost of 60 billion yen and will begin
operations in April 2004.

In April, the Matsushita Electric, best known for its Panasonic
and National brand products, posted a group loss of 431 billion
yen (US$3.4 billion) in the year ended March 31, versus net
income of 41.5 billion yen a year earlier. The results were due
to slower sales at its mobile-phone unit and costs to cut jobs.

The Osaka-based group has cut 13,000 jobs and is undergoing
reorganization in view of the slumping sales of electronics. The
absorption of subsidiaries Matsushita Communication Industrial
Co, Matsushita-Kotobuki Electronics Industries Ltd, Kyushu
Matsushita Electric Co Ltd, Matsushita Seiko Co Ltd, and
unlisted Matsushita Graphic Communications Systems Inc was
lauded as a key step in that direction.


MATSUSHITA KOTOBUKI: Will Lay Off 1,600 Workers
-----------------------------------------------
Matsushita Kotobuki Electronics Industries Ltd., 58 percent-
owned by Matsushita Electric Industrial Co. of Japan, will cut
1,600 of its 2,200 jobs in Singapore as it reduces production of
hard-disk drives for personal computers, Bloomberg reports.

Matsushita Kotobuki, based in Takamatsu City, Kagawa, is one of
the five units Matsushita Electric will absorb in October by
swapping shares. The Matsushita group, which makes electronics
under the Panasonic brand, posted a record loss of 431 billion
yen ($3.5 billion) in the year ended March 31 and is in the
midst of a reorganization to cut costs.

The Company's Singapore plant will stop producing disk drives
for desktop computers by August and will focus on high-end
components for disk drives, the report said.


MYCAL CORP: Bond Valuation Loss Moves Ezaki Glico Profit
--------------------------------------------------------
Losses from now-worthless corporate bonds issued by failed
supermarket chain operator, Mycal Corp. have affected major
confectioner Ezaki Glico Co., where group net profit fell 43.1
percent to 2.40 billion yen in the fiscal year to March 31,
Kyodo News reported.

In September, debt-saddled retailer Mycal Corp applied to the
Tokyo District Court for protection from creditors under the
Civil Corporate Revival Law.

Six of its group firms, such as DacVivre Co., based in Sendai
(Miyagi Prefecture), and Mycal Kyushu Co., based in Fukuoka,
also filed for bankruptcy protection under the same law.

Mycal in April filed a request with the Tokyo District Court,
while a group of 11 creditor companies filed a request with the
Fukuoka District Court to have Mycal Kyushu launch a fresh
restructuring program under the Corporate Rehabilitation Law.

Mycal Kyushu has owed its parent, Mycal Corp., 31.8 billion yen.


PRIMA MEAT: Poor Sales Doubles Net Loss to JPY15.19B
----------------------------------------------------
Prima Meat Packers Ltd's group net loss for the fiscal year to
March 31 doubled from the previous year due to poor sales and
increased restructuring costs.

According to a report from Japan Today, the major meat processor
based in Shinagawa-ku, Tokyo revealed a group net loss of 15.19
billion yen in fiscal 2001 compared with a loss of 7.88 billion
yen the previous year.

Group pretax loss also more than doubled to 5.93 billion yen
from 2.41 billion yen, with sales falling 2.1 percent to 275.52
billion yen.


SNOW BRAND: Up 4.4% on Job Cut Report
-------------------------------------
Shares of Snow Brand Milk Products Co were up 8.77 percent or 10
yen at 124 after the Yomiuri Shimbun newspaper said the ailing
dairy products maker would announce plans to cut one-fourth of
its work force when it reports full-year results Thursday.

The Yomiuri Shimbun in its report said that Snow Brand plans to
cut 13,000 workers, or 26 percent of its work force.

Most of the cuts will be at its milk and dairy products
divisions, the paper said, adding that its child care products
operation will be shifted to its joint venture with the Japanese
unit of Swiss food giant Nestle SA.


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


HYNIX SEMICON: Creditors Plan to Take Over in June
--------------------------------------------------
Hynix Semiconductor Inc. creditors plan to take over the
Kyonggi, South Korean chipmaker on June 7 by converting $2.3
billion in debt to equity, paving the way for the company's
sale.

Korea Exchange Bank (KEB) and other creditors will set the
conversion price of Hynix convertible bonds on May 31 and
request the move the next day, KEB top credit officer Hwang Hak
Joong said. It will take effect a week after that.

The move will set in motion the breakup of a company that many
analysts said became all but inevitable when its board rejected
a $3.4 billion takeover offer from U.S. rival Micron Technology
Inc. early this month.

Creditors say they may sell part of the company to recoup $5
billion in Hynix loans.

Key to the creditor-led takeover is the price at which Hynix
convertible bonds, originally sold as part of a bailout in
October, will be converted to shares.

Under the terms of the original agreement, the bonds were to
have been swapped for equity at 3,100 won per share, giving
creditors 49 percent of the company. After June 1, the bonds can
be converted at the stock's market price of just 760 won, giving
the creditors as much as 80 percent of the company.

The exact conversion price will be decided by adding together:
that day's closing price, the average price during the past
seven days and the average price over the previous month, then
dividing the total by three, Hwang said.

Deutsche Bank and Morgan Stanley Dean Witter were named last
week to advise creditors on selling Hynix's operations.

Hynix lost $3.9 billion last year and a decline in memory chip
prices since March has dashed hopes that enough operating profit
could be generated to repay lenders.


HYNIX SEMICON: Creditors to Review Co Before Restructuring
----------------------------------------------------------
The creditors of Hynix Semiconductor Inc said they will first
review the chip maker's debts and assets before they decide on
its restructuring, AFX Asia reported.

Deutsche Bank has this month began a due diligence study of
Hynix's debts and assets with a view to come up with plans to
restructure the company within three months.

Based on the outcome of the due diligence, creditors will
discuss with their financial adviser Morgan Stanley to decide on
how to deal with the near-bankrupt company.


HYNIX SEMICON: Ex-Chief Blames Lenders for Failed Micron Deal
-------------------------------------------------------------
Former Hynix Semiconductor chief executive, Park Chong-sup, has
blamed creditors for the scuttled deal with the Micron
Technology, the Korea Times reported.

"The creditors became greedy as they falsely expected to wring
more out of the company because DRAM prices had run up from
under $1 in December to $5 early this year," Park said.

The creditors' post-merger restructuring plans, Park added, has
had too many problems, including the overestimation of the value
of Micron stock, unrealistic presumptions about the size and
timing of contingent liabilities, and overly optimistic cash
flow expectations.

Byun Dong-hee, manager at the Korea Exchange Bank, Hynix'
largest creditor, denied Park's comments and said, "It is an
extremely sensitive issue and we don't need to make any public
response to his opinions."

Byun said the creditor banks have no plan to pursue re-
negotiations with Micron about the sale of Hynix for the time
being.

Hynix has refused to make any official response to Park's
comments.


HYNIX SEMICON: Shareholders Sue Govt for Stock Manipulation
-----------------------------------------------------------
A group of Hynix Semiconductor's minority shareholders have
filed charges agianst Deputy Prime Minister Jeon Yun-churl,
former Deputy Prime Minister Jin Nyum, Financial Supervisory
Commission Chairman Lee Keun-young and Woori Bank President Lee
Duck-hoon for manipulating the firm's stock price, the Korea
Herald reported.

According to Oh Pil-geun, head of the "National Association to
Keep Hynix Afloat," the officials were responsible for Hynix's
stock price to drop by announcing or leaking the terms of
Hynix's sale to Micron Technology.

The shareholders' group also said they would support candidates
in the local government and presidential elections who champion
Hynix's independent survival.


HYNIX SEMICON: Shareholders Try to Block Lenders' Takeover
----------------------------------------------------------
A group of Hynix Semiconductor Inc. shareholders, which said it
represents holders of 38 million Hynix shares, or 3.8 percent of
the company, has asked the Seoul District Court to prevent
creditors from converting about 3 trillion won ($2.3 billion) of
bonds into stock, Bloomberg reported.

Conversion would give Korea Exchange Bank, Hanvit Bank, Korea
Development Bank and other lenders Company control, the
shareholder group said.


SSANG BANG: Kookmin Bank, Other Investors Agree KRW310.5B Buy
-------------------------------------------------------------
Kookmin Bank and other investors have agreed to pay 310.5
billion won ($247 million) in cash and assumed debt to buy
bankrupt Ssang Bang Wool Co., the Kangnam-gu, Seoul-based
manufacturer of knitted underwear, cotton yarn, and lingerie,
Bloomberg reported.

Korea Asset Management Corp. and other Ssang Bang creditors
chose the group, which includes Kumho Investment Bank, Sejong
Securities Co. and clothes-maker Netishion.com over a rival bid
by Tong Yang Investment Bank and other investors.

The investors will pay 119.5 billion won for a stake in Ssang
Bang Wool and assume 131 billion won of debt. Another 60 billion
won will be injected into the company.

The agreement comes three months after Kookmin and Tong Yang
groups were invited to check the books of the company, which has
been in receivership since August 1999 and has debts of 265
billion won.

Kookmin Bank officials declined to comment.


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


AMSTEEL CORPORATION: SC Approves RM42,253,000 Proposed Disposal
---------------------------------------------------------------
On behalf of the Board of Directors of Amsteel Corporation
Berhad, OSK Securities Berhad (OSK) is pleased to announce that
the Securities Commission (SC) has vide its letter dated 15 May
2002, which was received on 16 May 2002, approved the Proposed
Disposal by Amsteel Securities (M) Sdn. Bhd., an 83.78% owned
subsidiary of Datavest Sdn. Bhd., which is in turn a wholly-
owned subsidiary of Amsteel Corporation, to Affin-Uob Securities
Sdn. Bhd. of TTS Stock Broking Business and Certain Assets for a
total cash consideration of RM42,253,000, subject to the
following conditions:

   (i) Affin-UOB Holdings Sdn. Bhd.'s (Affin-UOB) application
for the acquisition of the Business and certain assets of AMS
and the operations of AMS as a branch office, be approved by the
SC;

   (ii) The basis and justification for the consideration of the
Proposed Disposal be disclosed in the circular to the
shareholders of Amsteel; and

   (iii) The distribution of part of the proceeds received from
the Proposed Disposal amounting to RM9,940,000 to the
shareholders of AMS, be carried out in a fair and reasonable
manner, and the basis and justification for the said
distribution be disclosed to the shareholders of Amsteel and
AMS.

The SC noted that the total proceeds amounting to RM42,253,000
from the Proposed Disposal will be utilized for the items as set
out below:

Repayment to creditors: RM31,813,000
Distribution to shareholders of AMS: RM9,940,000
Defray estimated expenses in relation to the Proposed Disposal:  
RM500,000
Total: RM42,253,000

The conditions that are imposed on the utilization of the  
proceeds are:

   (i) The SC's approval is required for any revision in the
original said utilization of proceeds if the revision involves
utilization other than for the purpose of AMS's core business;

   (ii) If there are any subsequent changes to the said
utilization of proceeds, appropriate disclosure is required to
be made to the shareholders of Amsteel;

   (iii) Any extension of time from the time frame set by
Amsteel for the said utilization of proceeds has to be approved
by a final and conclusive resolution of the Board of Directors
of Amsteel and is required to be announced to the Kuala Lumpur
Stock Exchange (KLSE); and

   (iv) Proper disclosure regarding the status of the
utilization of proceeds has to be made in the quarterly and
annual reports of Amsteel until the said proceeds have been
fully utilized.

The SC requires Amsteel and OSK to provide written confirmation
on the compliance with the above terms and conditions when the
Proposed Disposal is completed.

The Board of Directors of Amsteel is agreeable to the conditions
imposed by the SC.

On 20 February 2002, the Board of Directors of Affin Holdings
Berhad, the holding company of Affin-UOB, announced that Affin-
UOB had on even date entered into a Deed of Assignment to assign
all rights, title and interest in and to the Business and
certain assets of AMS in and under the Agreement to its wholly-
owned subsidiary, AUSB, for a cash consideration of RM1.00.

In addition to the above, OSK is pleased to announce that the
following approvals have been obtained by Amsteel, Affin-UOB
and/or AUSB:

   (a) The approval of the shareholders of AMS for the Proposed
Disposal was obtained on 20 February 2002;

   (b) On 23 April 2002, the Foreign Investment Committee issued
a letter to Affin-UOB stating that it had no objection to the
acquisition of the Business and certain assets of AMS by Affin-
UOB; and

   (c) On 16 May 2002, the SC issued a letter to AUSB stating
that it had approved the acquisition of the Business and certain
assets of AMS by AUSB and the conversion of AMS's Business into
a branch office of AUSB in Klang.

The Proposals are still subject to the approval from the
following:

   (a) AUSB's application to the KLSE for the establishment of a
branch office to operate the Business; and

   (b) shareholders of Amsteel.


ASSOCIATED KAOLIN: Administrators Modify Workout Proposal
---------------------------------------------------------
Commerce International Merchant Bankers Berhad, on behalf of
Associated Kaolin Industries Berhad (Special Administrators
Appointed), announced the details of AKI's Proposed Corporate &
Debt Restructuring Scheme to restructure the debt obligations of
AKI which incorporated the SA Workout Proposal. Further, it was
also announced that Pengurusan Danaharta Nasional Berhad had on
17 September 2001 approved the said SA Workout Proposal.

The SAs subsequently made a modification to the SA Workout
Proposal pursuant to Section 48 of the Danaharta Act 1998
(Danaharta Act). The SAs of AKI are of the opinion that the
below modification is essential to facilitate the implementation
of the SA Workout Proposal. Under the proposed modification, the
proposed settlement to the creditors of AKI would remain
unchanged.

The modification involves incorporating the following proposal
in the SA Workout Proposal (SA Modified Workout Proposal):

Proposed Termination of Outstanding Warrants

As at 20 September 2001, AKI has 26,093,568 outstanding warrants
which confer the warrantholders the right to subscribe for AKI
shares at a subscription price of RM4.13 per AKI share. The
outstanding warrants will expire on 25 September 2005 and
currently are suspended from trading on KLSE.

Rationale for the proposed termination of outstanding warrants
is premised on the following:

   i) Prior to AKI shares being suspended from trading on KLSE,
AKI shares were priced at RM0.985 per share representing the
warrants being deeply "out-of-the-money";

   ii) The offer by Promoters, considered by the SA as the best
possible offer, did not offer any amount of compensation to be
given to the warrantholders. The SA also had taken into account
the legislative intent of Danaharta Act, the resources available
and interest of all the parties including the warrant holders;
and

   iii) The proposed termination of outstanding warrants is
imperative, as the trading of the warrants will immediately
cease when AKI is delisted from the Official List of KLSE.

AKI will be issuing a notice to the warrantholders for the final
exercise of the outstanding warrants whereby the warrantholders
shall irrevocably surrender his warrants to AKI with the
exercise forms duly completed, together with payment to be
converted into new AKI shares. All subscription rights, which
have not been exercised within six (6) weeks from the notice to
the warrantholders, shall lapse, and thereafter the outstanding
warrants will cease to be valid for any purpose.

Any AKI shares subscribed during the notice period will be
subjected to the terms of the proposed capital reduction and
share swap. Therefore, the impact to Greatpac Holdings Berhad
(GHB), (a newly incorporated company to facilitate AKI's
proposed corporate and debt restructuring scheme), is that it
may need to issue additional GHB shares pursuant to the share
swap. However, all proceeds from the subscription will accrue to
AKI, which upon completion of the proposals, will be a wholly
owned subsidiary of GHB.

In accordance with Section 47 (3) of the Danaharta Act, the
approval of the warrantholders of the Company and the sanction
of the High Court are deemed not required for the Proposed
Termination of Outstanding Warrants.

Pursuant to Section 48 (2) of the Danaharta Act, the Independent
Advisor appointed in relation to the affected person shall
review the reasonableness of the proposed modification. In this
regard, the IA via their letter dated 10 May 2002 are of the
opinion that the Proposed Modification to the Workout Proposal
is fair and reasonable, and a secured creditors meeting would
not be required to approve the Proposed Modification pursuant to
Section 48 (2) of the Danaharta Act, on the following basis:

   a) The Proposed Modification will not affect the payout to
the existing creditors of AKI; and

   b) The warrant holders like the shareholders of AKI have
already lost their investment and it is the prerogative of the
promoter to offer compensation to the shareholders and warrant
holders. In this case, since the SA is of the opinion that the
present offer by the promoter is considered the best possible
offer, the generosity of the compensation did not extend to the
warrant holders, inspite of the compensation being made to the
shareholders of AKI. The treatment to the warrant holders does
not deteriorate the financial entitlement of the warrant holders
in AKI from that prior to the SA Modified Workout Proposal.

The proposed termination of outstanding warrants including the
manner the termination is to be implemented had been reflected
in AKI's Proposed Corporate and Debt Restructuring Scheme of
which approval from the Foreign Investment Company (FIC) and the
Ministry of International Trade and Industry (MITI) had been
obtained on 21 January 2002 and 20 February 2002 respectively.
Currently, the approval from the Securities Commission (SC) is
pending.


BRIDGECON HOLDINGS: Moratorium Period Extended for a Year
---------------------------------------------------------
Bridgecon Holdings Berhad (Special Administrators Appointed)
announced that Pengurusan Danaharta Nasional Berhad has agreed
to extend the moratorium period for Bridgecon Engineering Sdn
Bhd (Special Administrators Appointed), a wholly owned
subsidiary of the Company, for another twelve (12) months from
24 May 2002 to 23 May 2003 pursuant to Section 41(3) of
Pengurusan Danaharta Nasional Berhad Act 1998.


CHASE PERDANA: Wins Construction Bid From Jabatan Kerja
-------------------------------------------------------
Chase Perdana Berhad informed that the tender for the Design,
Construction and Completion of Building (Phase 2A) for
University of Sabah, Kota Kinabalu has been awarded to Company
by Jabatan Kerja Raya Malaysia via their letter dated 15 May
2002 and received by the Company on Tuesday. The works is for a
construction period of 24 months.

The value of the contract is RM 410,000,000.

None of the Directors of Chase, substantial shareholders or
persons connected with the Directors or substantial shareholders
have any interest in the above contract.

Barely days ago, TCR-AP reported that the Foreign Investment
Committee has via its letter dated 15 May 2002 approved the
Company's Proposals, which comprises of Proposed Debt
Restructuring Scheme and Proposed Employees' Share Option
Scheme.


COUNTRY HEIGHTS: SC OKs Proposals Implementation Extension
----------------------------------------------------------   
Arab-Malaysian Merchant Bank Berhad, on behalf of Country
Heights Holdings Berhad, in reference to the announcements dated
11 September 2001 and 3 January 2002 regarding the Proposals,
had on 26 February 2002 written to the Securities Commission
(SC) seeking its approval for an extension of time for the
implementation of the Proposals whereby CHHB proposes to
implement the Proposals within three (3) months of Avenue Assets
Berhad settling the Half Difference amounting to RM25.75 million
(Proposed Extension).

As to date, the Board announces that the SC has approved the
Proposed Extension.

The Proposals involve:

   * Proposed Acquisition of 100% Equity in Mega Palm Sdn Bhd
(MPSB) (Proposed Acquisition); and

   * Proposed Settlement Agreement


KUANTAN FLOUR: Summary Judgment Hearing Date Not Yet Fixed
----------------------------------------------------------
The Directors of Kuantan Flour Mills Bhd, further to the
announcement made on 19 April 2002 pertaining to the default in
payment in relation to Paragraph 9.04(L) and Practice Note
1/2001, announced that the hearing date for the appeal against
the Summary Judgment by Multi-Purpose Finance Berhad has yet
been fixed.

Wrights Investors' Service reported that at the end of 2001,
Kuantan Flour Mills Berhad had negative working capital, as
current liabilities were Rp34.92 million while total current
assets were only Rp34.06 million. The Company has paid no
dividends during the last 12 months. It has also reported losses
during the previous 12 months.


LION CORPORATION: High Court Orders Creditors' Meeting
------------------------------------------------------
Lion Corporation Berhad announced that the High Court has on 21
May 2002 granted an order for Megasteel Sdn Bhd, a subsidiary of
the Company, to convene meetings within a period of three months
from 21 May 2002 for the purpose of approving the scheme of
compromise and arrangement proposed to be made between Megasteel
and its scheme creditors for the settlement of debts owing to
the scheme creditors to facilitate the implementation of the
proposed debt restructuring for Megasteel pursuant to Section
176 subsection (1) of the Companies Act, 1965 (Act).

Megasteel did not apply to the High Court for an order to
restrain legal proceedings against Megasteel under Section 176
subsection (10) of the Act.


PENAS CORPORATION: Securities Trading Suspended
-----------------------------------------------
Penas Corporation Berhad advised that trading in its shares was
suspended with effect from 9.22 a.m., Tuesday, 21 May 2002 until
further notice.

Profile

The Penas Group of Companies are involved in residential and
commercial building construction, plumbing and sanitary
engineering works. The base of operations is Penang. Contracts
in hand are worth approx. RM600m.

On 12 April 2000, the Company entered into separate MOUs to
acquire 100 percent each in PT Wang Sarimulti Utama Corporation,
Tekun Asas Sdn Bhd and Precision Press Industries Sdn Bhd. The
date for execution of formal SPAs has been mutually extended.

Currently, the Group is finalizing a proposed debt restructuring
exercise with the view to returning to profitability. The scheme
will involve, among others, the injection of businesses and
property development projects into the Group.


PICA (M): Defends Suit Filed by Makhtar Bin Over SPA Conflict
-------------------------------------------------------------
The Board of Directors of Pica (M) Corporation Berhad
made the following announcement for public release:

1. That the Company had been served a writ of summons by Mustafa
Bin Abd. Hamid on behalf of Makhtar Bin Jani on 13 May 2002
claiming for the sum of RM4,4000,000.00 plus interest at the
rate of 8% per annum, allegedly arising from a Sale and Purchase
Agreement dated 12 November 2001.

2. The Sale & Purchase Agreement allegedly involved the purchase
of a piece of land at Senawang, district of Seremban.

3. The Company had appointed a lawyer to defend the case and
would approach the Plaintiff for further discussions on the
matters arising on a without prejudice basis (including the
possibilities of rescission of the alleged contract by mutual
agreement) and hopes to be able to resolve the matters amicably.


RAHMAN HYDRAULIC: Audit Committee Member Karuppiah Resigns
----------------------------------------------------------
Rahman Hydraulic Tin Berhad posted this change of Audit
Committee notice:

Date of change : 20/05/2002  
Type of change : Resignation
Designation    : Member of Audit Committee
Directorate    : Independent & Non Executive
Name      : K. Ravathi A/P M. Karuppiah
Age      : 36
Nationality    : Malaysian
Qualifications : N/A
Working experience and occupation  : N/A
Directorship of public companies (if any) : N/A
Family relationship with any director and/or major shareholder
of the listed issuer : N/A
Details of any interest in the securities of the listed issuer
or its subsidiaries : N/A
   
Composition of Audit Committee (Name and Directorate of members
after change) :

1. Ganesan A/L Sundaraj - Independent Non Executive Director
2. Harjeet Singh A/L Sardara Singh - Independent Non Executive
Director
3. Fung Beng Ee - Independent Non Executive Director

Profile

Special Administrators (SA) were appointed to the Company (RHTB)
on 16 June 2000 pursuant to Section 24 of the Pengurusan
Danaharta Bhd Act 1998. On 27 September 2000, a Heads of
Agreement was entered into with Speed Operations Sdn Bhd, an
agent of the vendor of White Knight Companies (WKC), for a
restructuring of RHTB which will result in the vendors becoming
RHTB's substantial shareholders. The proposed White Knight
Companies to be injected by the vendors are Metronic Engineering
Sdn Bhd and its subsidiaries, Skymech Automation Sdn Bhd and its
subsidiaries, Metro Health Sdn Bhd, MH Medic Sdn Bhd, and the
Esquetech Group of Companies.

The SAs have also prepared a Workout Proposal on a Proposed
Restructuring Scheme which has been approved by Danaharta. The
Workout Proposal encompasses, inter-alia, the following :
capital reduction and consolidation; share swap of the Company's
entire consolidated issued and paid-up share capital with shares
to be issued in Assets Growth Bhd (AGB), a company set up for
the purpose of the debt restructuring; debt restructuring,
transfer of shares and issue of redeemable convertible secured
loan stock by AGB to the creditors of the Company; acquisition
by AGB of the WKC to be satisfied by the issue of AGB shares and
irredeemable convertible preference shares; acquisition of real
properties by AGB; restructuring of the AGB Group of Companies;
rights issue; restricted offer for sale; and transfer of listing
status of the Company to AGB.

The Company has since obtained the approval of MITI and FIC. On
30 August 2001 the Company obtained approval from KLSE for an
extension of two months from 5 August 2001 to obtain all
necessary approvals for implementation of the proposal.

The Company meanwhile continues with its tin mining operations
in Perak, property development at Taman Kempas, Sungei Petani,
rubber gloves manufacturing, and rubber and oil palm plantation.
RHTB originally had been in the business of tin ore extraction
from mining leases located in Klian Intan, Perak.


SISTEM TELEVISYEN: Board Approves Motor Vehicles Acquisition
------------------------------------------------------------
The Board of Directors of Sistem Televisyen Malaysia Berhad
announced that pursuant to Paragraph 10.08 of KLSE Listing
Requirements in respect of related party transaction, the Board
has approved the acquisition of two motor vehicles, namely
Mercedes Benz E240A (WHX 82) and Mercedes Benz C230K
(BFU 339), from Malaysian Resources Corporation Berhad (MRCB) to
be used by its senior management.

The consideration of RM468,000 shall be satisfied by way of
cash. The consideration was arrived at based on a willing-buyer
willing-seller basis taking into account the market value of the
vehicles. The payment will be made through internally generated
funds of STMB.

Profile

The Company's core business is commercial television
broadcasting with operations located at Sri Pentas, Bandar
Utama. In addition to television broadcasting, the Company is
also involved in other activities that complement and enhance
its core business such as post and pre-production services,
sports and event management, and training and education in film,
broadcasting and related activities.

As at 1 March 2001, the Group is still undergoing a
restructuring exercise under the auspices of the Corporate Debt
Restructuring Committee of BNM. The Scheme comprises a proposed
debt restructuring of the Group, proposed structural re-
organization and the revival of the financial and operational
viability of both the Group and the Company.


SPORTMA CORP.: SC Grants Proposal Implementation Time Extension
---------------------------------------------------------------
On behalf of the Special Administrators of Sportma Corporation
Berhad(Special Administrators Appointed), Affin Merchant Bank
Berhad, in reference to the Proposals which were approved by the
Securities Commission (SC) vide its letters dated 30 August
2000, 6 November 2000 and 31 January 2002, announced that the
SC, vide its letter dated 14 May 2002 which was received on 20
May 2002, has approved the extension of time for the
implementation of the Proposals until 3 November 2002.

In addition to the above, the SC stated that any future request
for a further extension of time must be accompanied with the
corresponding financial projections of Sportma for the SC's
consideration.


TA ENTERPRISE: Major Shareholder Shares Sale Rumor Untrue
---------------------------------------------------------
TA Enterprise Berhad, in reply to the query letter by KLSE
reference ID: FM-020520-37113 regarding the clarification on the
article in the Sun and the Edge entitled "Tony Tiah may have
found buyer for TA", announced that neither Datuk Tiah Thee
Kian, substantial shareholder of TAE, nor his representatives
have negotiated with any buyers for the sale of his shareholding
in TAE or have found a buyer for his shares as reported in the
said article.

Datuk Tiah currently holds 441.119 million ordinary shares of
RM1.00 in TAE representing 33.2 % of the share capital of TAE.

The said article also mentioned that TAE owns TA Securities
Berhad (TAS), Botly Securities Sdn Bhd (Botly), KB Securities
Sdn Bhd (KB) and FA Securities Sdn Bhd (FA). The Board of TAE
wishes to clarify that while TAS and Botly are wholly owned
subsidiaries of TAE, TAE had only signed sale and purchase
agreements to acquire KB and FA but the agreements had since
lapsed and would have to be renegotiated by all parties if the
transactions were to continue.

On March 11, TCR-AP reported that TA Enterprise Berhad (TAE or
the Company) announced that the deadline to obtain all necessary
approvals as provided for in Debt Restructuring Agreement signed
with Idris Hydraulic (Malaysia) Berhad had been extended from 28
February 2002 to 30 June 2002.


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


NATIONAL POWER: PSALM Sees $500M Losses if Meralco Ends Contract
----------------------------------------------------------------
Power Sector Assets and Liabilities Management Corporation
(PSALM), National Power Corporation (Napocor)'s privatization
arm, said that the power firm would incur losses of up to $500
million (roughly 25 billion pesos) if its 10-year power supply
agreement with Manila Electric Company (Meralco) would be
terminated.

The Manila Bulletin reported that the projection would run from
the proposed termination of the supply at this period of the
year until its expiration in December 2004. Meralco had sent a
termination letter for the supply contract with Napocor in
January.

"That is the extent of what we would be losing if we will
terminate the contract now.we run the figures until the end of
contract term in 2004, both the government and the consumers
would burden these costs," PSALM president Edgardo del Fonso
said.

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


PHILIPPINE REALTY: A Brown Writes Down Investment
-------------------------------------------------
The board of Philippine investment holding company A. Brown Co.
has approved the write-down of its investment in property
developer Philippine Realty & Holdings Corp. (Philrealty), Dow
Jones Newswires reported.

The write-down of investment in Philrealty, which has been
losing money since the property sector fell into a slump after
the Asian financial crisis, will amount to 473.2 million pesos,
the company said.

In the first quarter, Philrealty narrowed its loss to 3.48
million pesos from 490.1 million pesos in the year-earlier
period. Revenue was higher at 64.2 million pesos from 53.9
million pesos.

Philrealty developed several office and residential towers,
including the Tektite Towers in the business district of
Ortigas, which is headquarters of the Philippine Stock Exchange.


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


CAPITALAND LTD: Posts Change in Temasek Holdings' Interest
----------------------------------------------------------
Capitaland Limited posted a notice of change in the deemed
interests of Temasek Holdings (Private) Limited.

Date of notice to company: 21 May 2002
Date of change of deemed interest: 16 May 2002
Name of registered holder: DBS Nominees Pte Ltd
Circumstance giving rise to the change: Others
Please specify details: Securities Lending Transaction

Shares held in the name of DBS Nominees Pte Ltd
No. of shares of the change: 200,000
Percentage of issued share capital: 0.007
Amount of consideration: -
No. of shares held before change: -
Percentage of issued share capital: -
No. of shares held after change: -
Percentage of issued share capital: -

Holdings of Temasek Holdings (Private) Limited including deemed
interest
No. of shares held before change:     1,581,553,771
Percentage of issued share capital:   62.83
No. of shares held after change:      1,581,753,771
Percentage of issued share capital:   62.83
Total shares:                         1,581,753,771


DATACRAFT ASIA: Sees Growth in Recent Months
--------------------------------------------
Datacraft Asia Ltd., which installs computer networks, has been
witnessing some growth in customer orders since January this
year, Dow Jones Newswires reported.

According to Datacraft Chief Executive Ron Cattell, the trend
could be the start of improving fortunes for the company, which
warned last week that hefty provisions in China would drag the
company to a loss for the six months ended June 30.

"We've seen orders rising on a month-on-month basis from January
to April. Its a fairly shallow rate of increase so its hard to
say if the recovery is starting as such," Cattell said.

Analysts expect Datacraft to make a loss of around US$11 million
to US$15 million for the year to June.


DATACRAFT ASIA: Shares Flat on Profit Warning
---------------------------------------------
Shares of system integrator Datacraft Asia Ltd remained flat at
US$1.54 after hitting 3.5-year lows last week on warning that
China provisions would drag company into red for six months
ended June 30, Dow Jones Newswires reported.

Earlier, the Company, located at DBS Building Tower Two in
Singapore, warned it would continue to make losses for the six
months ending June 30 because of a provision for bad debts in
China.

Datacraft 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.

Despite two profit warnings and sagging share price, Datacraft
Asia CEO Ron Cattell says customer orders increasing every month
since January could signal change in company fortunes.


NATSTEEL LTD: Likely to Fall on Profit-Taking
---------------------------------------------
Government-linked steel manufacturer, NatSteel, may fall on
profit-taking after rising 19.3 percent to S$1.61 Tuesday after
Nasdaq-listed Flextronics International Ltd. offered to acquire
its 52 percent-owned unit, NatSteel Broadway, for US$364
million, Dow Jones Newswires reported.

Dealers say investors are unlikely to be impressed by NatSteel
President Ang Kong Hua telling reporters the company intends to
continue focusing on troubled core steel business.

Ang has stressed steel business "will prove itself" and
dismissed talk government may take NatSteel private.


TELEDATA (SINGAPORE): Finalizes Debt Restructuring Plan
-------------------------------------------------------
Teledata (Singapore) Ltd, an established player in the IT and
Telecommunications community, has finalized a debt restructuring
agreement with its creditor banks and bondholders, the Business
Times reported yesterday.

Earlier, the telecommunications products distributor, 50.8
percent owned by diversified group Intraco, said it planned to
restructure some $45 million owed to banks and creditors.

Under the deal, each of the creditors shall, from the date of
the agreement to Sept 30, 2002, refrain from demanding payment
or taking any action to recover any amount due to it. This
moratorium period may be terminated earlier if Teledata defaults
under the debt restructure agreement.

The agreement calls for Teledata, located at Dundee Road in
Singapore, to complete the disposal of certain non-core assets
and pay bondholders the proceeds of not less than $10.5 million;
reduce its issued and paid-up share capital in order to write
off its accumulated losses; and undertake a rights issue to
raise an amount of not less than $21 million to repay the
bondholders.

Any outstanding amount still due to bondholders after the
disposal exercise and rights issue, if not exceeding $3 million,
will be converted into a term loan to be repaid over four years.


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


CHAROEN POKPHAND: Trading to be Suspended, Delisted   
---------------------------------------------------
Charoen Pokphand Foods Public Company Limited (CPF) announced
CPF-W1's exercise notice period start from 17 June 2002 until 1
July 2002 and the last exercise date to subscribe to its common
shares is on 2 July 2002. The last exercise date is 30 June 2002
that is the bank holiday, so that date was postponed to the
following day. The closure of the warrant registration is
scheduled from 11 June 2002, beginning at noon, until 2 July
2002.

Effective 3 July 2002, CPF-W1 will no longer be listed
securities on the Stock Exchange of Thailand (SET).

Therefore, to comply with the settlement and securities transfer
system, CPF has asked the SET to suspend trading of its warrants
(CPF-W1) effective from  6 June 2002  until 2 July 2002.(Detail
as in CPF's news on R-SIMS dated on 17 May 2002).

By virtue of Clause 5(6) of the SET's Rules, Conditions and
Procedures for the Temporary Prohibition of Trading of Listed
Securities, issued on February 9, 1995, the SET will suspend
trading on CPF-W1 from 6 June 2002 until 2 July 2002 as the
Company requested.


COUNTRY (THAILAND): Court Appoints Property as Rehab Planner
------------------------------------------------------------
Country (Thailand) Public Co., Ltd, informed that the Bankruptcy
Court has ordered to accept the rehabilitation plan of CNTRY and
to appoint Property Planner Co., Ltd. to be a planner starting
from 20 May 2002.  
  

EMC PUBLIC: SET Grants Listed Securities
----------------------------------------
Starting 23 May 2002, the Stock Exchange of Thailand (SET)
allows the securities of EMC Public Company limited (EMC) to be
listed on the SET after the finishing capital increase
procedures.  However, EMC is a listed company under REHABCO
sector, therefore, the SET has still suspended trading all
securities of EMC until the causes of delisting are eliminated.

Name                        : EMC
Issued and Paid-up Capital
   Old                      : Bt537,512,610  
   New                      : Bt590,278,160  
Allocate to                 : Creditor 5,276,555 shares
Ratio                       : None
Price Per Share             : Bt10
Exercise/Payment Date       : 10 May 2002


KIATNAKIN FINANCE: TRIS Upgrades Bt1,000M Sr Debenture to "BBB+"
---------------------------------------------------------------
Thai Rating and Information Services Co., Ltd. (TRIS) announced
that it has upgraded the ratings of Kiatnakin Finance PLC (KK)
and its Bt1,000 million senior debentures from "BBB" to "BBB+".
The ratings reflect KK's ability to maintain an acceptable
financial position even though its profitability declined in
2001 following two years of exceptional returns from investments
in loans auctioned by the Financial Sector Restructuring
Authority (FRA). The ratings also reflect the experience KK
gained managing loans it bought from the FRA, which will benefit
the company in the medium term as it builds a distressed loan
refinancing business. The ratings also take into account the
continued intense competition in the hire purchase business
and an uncertain economic recovery, which may not firmly support
the restructuring and liquidation of problem loans in the
finance industry.

TRIS reported that in 1999, KK recorded some purchased loans in
its investment account and the rest in its loan account. In
2000, KK reclassified all purchased loans as investments in its
special assets account, which is a standard accounting practice.
In addition, KK separates special asset operations into two
parts. The first part is the operation under KK's investment
funds, and the second is direct operations through KK. The
special assets operated by KK's funds, which are posted as gains
or losses based on the difference between the fair value and the
purchased costs, are posted to its income statement. The special
assets KK operates directly are treated as available-for-sale
investments and unrealized gains or losses are posted to
shareholders' equity.

TRIS said KK's performance reflects progress made in the debt
restructuring process and also in the movement through
foreclosure proceedings. KK will need more time to cope with
these non-restructured loans, which were worth Bt9,800 million
as of December 2001. The overall value of purchased loans was
marked at fair value using the discounted cash flow method.
Based on the loans fair value, the portion of restructured loans
in KK's special assets account increased from 16.46% of total
special assets in 2000 to 22.01% in 2001.

During 1999-2000, KK received exceptional returns from interest
and dividend income of restructured debts and gains from loan
accounts of debtors who paid full principal and interest. In
2001, KK also earned impressive revenues from its used car hire
purchase business, which generated high margins for the company.
However, KK's net income declined from Bt2,813 million in 2000
to Bt1,389 million in 2001, because of the decreasing realized
gains from the loans it purchased from the FRA. Nonetheless,
KK's performance is consistent when its net income is adjusted
to reflect the unrealized gains or losses from special asset
revaluation in shareholder equity each year. The adjusted net
income would be Bt1,338 million in 2000 and Bt2,031 million in
2001. After 2001, loans that enter restructuring programs may
need more time to resolve than the debts that were restructured
over the last two years, and these loans are expected to provide
lower rates of return than those restructured over the previous
two exceptional years. Going forward, the company expects to
generate more revenues from refinancing distressed loans from
other financial and non-financial institutions.

TRIS said that KK maintains a high capital adequacy ratio to
absorb unexpected risks, especially for its investments in
distressed loans. As of December 2001, KK's capital adequacy
ratio was 24.83%, up from 23.40% in 2000. However, TRIS is
concerned that if the economy does not recover as expected, this
may impede progress in the debt restructuring process and in the
liquidation of foreclosed properties from other financial
institutions, which are in abundant supply. This would also
adversely affect KK's performance.


SIAM STRIPMILL: Business Reorganization Petition Filed
------------------------------------------------------
The Petition for Business Reorganization of Siam Stripmill
Public Company Limited (DEBTOR), engaged in
producing and distributing iron products was filed to the
Central Bankruptcy Court:

   Black Case Number 1805/2544

   Red Case Number- /2545

Petitioner: SIAM POWER GENERATION COMPANY LIMITED

Debts Owed to the Petitioning Creditor: Bt35,634,200,000

Date of Court Acceptance of the Petition: December 25, 2001

Date of Examining the Petition: January 21, 2002 at 9.00 A.M.

Court has postponed the Date for Examining the Petition to March
26, 2002 at 13.30 P.M..

Court had set the date for Hearing the Order on May 29, 2002

Contact: Ms. Piyanant Tel, 6792525 ext. 114


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

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

Asia Pulp & Paper     FRN     due 2001  10.5 - 12.5      +0.5
Asia Pulp & Paper     11.75%  due 2005  27.5 - 28.5      +0.5
APP China             14.0%   due 2010    24 - 26        0
Asia Global Crossing  13.375% due 2006    28 - 31        +4
Bayan Telecom         13.5%   due 2006    20 - 22        0
Daya Guna Sumudera    10.0%   due 2007   1.5 - 3.5       0
Hyundai Semiconductor 8.625%  due 2007    60 - 70        -10
Indah Kiat            11.875% due 2002    28 - 29        0
Indah Kiat            10.0%   due 2007    24 - 26        +1
Paiton Energy         9.34%   due 2014    65 - 68        0
Tjiwi Kimia           10.0%   due 2004    23 - 25        +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 ***