---

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

                   A S I A   P A C I F I C

            Monday, May 27, 2002, Vol. 5, No. 103

                         Headlines

A U S T R A L I A

AQUARIUS PLATINUM: Posts Change of Director`s Interest Notice
BARTON CAPITAL: Unit BCS Undergoes Restructuring
BRISBANE BRONCOS: Posts AGM Results
BRISBANE BRONCOS: Discloses Chairman's Address to Shareholders
CTI COMMUNICATIONS: Round Up, Placement Prospectus Closed

ENERGY WORLD: CBA Defers Next Repayment to May 31
OPEN TELECOMMUNICATIONS: Concludes Dispute Settlement
TRANSURBAN GROUP: Concession Fees Case Hearing Moved to Oct 2


C H I N A   &   H O N G  K O N G

DAILYWIN GROUP: Inks Acquisition Agreement With Wang On
DAILYWIN GROUP: Restructures Existing Loans due to Rich Time
GARLITZ INVESTMENT: Winding Up Petition to be Heard
LA PLACITA: Winding Up Petition Slated for Hearing
LIVING PICTURE: Hearing of Winding Up Petition Set

WELL DONE: Winding Up Petition Set for Hearing


I N D O N E S I A

BANK INTERNATIONAL: IBRA Presents Four Possible Rescue Options

* Government May Delay Banks' Stakes Sales


J A P A N

ASHIKAGA BANK: Suffers in FY 2001 With JPY129B Loss
DAIEI INC: Shareholders Give Nod to New Revival Plan
FUJITA CORP.: Construction Business Spin Off Likely
KENWOOD CORP.: Will Cut 2,700 Jobs, Shed Money-Losing Ops
KOBE STEEL: Low Appraisals, Securities-valuations Beget Losses

NAMCO LTD: Restructuring Leads to Profitability
NIPPON STEEL: Damaged by Securities-Valuation Losses
NKK CORP.: Sinks Into Red With $544M Loss
SEIYU LTD: Wal-Mart, Sumitomo May Acquire Japanese Stake
SAMSUNG ELECTRONICS: S&P Revised 'BBB+' Outlooks to Positive

SNOW BRAND: Appointing Zenchu's Shinozuka Vice President
WOWOW INC: Investment Keeps Satellite Broadcaster in Red


K O R E A

DAEWOO MOTOR: GM Declines to Inject More Funds
DAEWOO MOTOR: GM Likely to Build New Model in China
HYNIX SEMICON: Considering New Micron Talks
HYNIX SEMICON: May Not Survive Alone
MIDOPA CO.: Lotte Wins Bid to Buy Insolvent Rival

MIDOPA CO.: Tumbles 0.6% on Lotte Take-over Report


M A L A Y S I A

ABRAR CORPORATION: Moratorium Period Extended Until Next Year
AUTOINDUSTRIES VENTURES: All AGM Resolutions Approved
BESCORP INDUSTRIES: Provides Defaulted Payment Status Update
BRIDGECON HOLDINGS: Unit's Special Administrators Terminated
L&M CORPORATION: Seventh AGM Set for June 17

MBF CAPITAL: Proposed Workout Scheme RA Submission Extended
MBF HOLDINGS: Unit Faces Winding Up Petition Sought by Tenaga
RHB GROUP: Proposed Group Restructuring Scheme Extended
TECHNOLOGY RESOURCES: Requisition Resolutions' Passage Likely
TENCO BERHAD: Submits Revised Repayment Proposal to Lenders

TIME ENGINEERING: June 20 32nd AGM Scheduled


P H I L I P P I N E S

NATIONAL POWER: Lower House Begins Probe on Contracts
PHILIPPINE AIRLINES: Request for Put Option Extension Rejected
PHILIPPINE LONG: 2.98% Higher on Technical Support
PHILIPPINE LONG: Denies Talk of Smart Unit Stake Sale
REPUBLIC CEMENT: Will Focus on Infrastructure Projects


S I N G A P O R E

ASIA PULP: Sarawak to Resume $1.3B Borneo Pulp Project
KEPPEL TELECOM: Mulls Sale of Non-core Assets


T H A I L A N D

DELTA HOLDING: Files Business Reorganization Petition
HEMARAJ LAND: Gives Notice of Exercise of Warrants   
THAI HEAT: SET Lifts Suspension

     -  -  -  -  -  -  -  -

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


AQUARIUS PLATINUM: Posts Change of Director`s Interest Notice
-------------------------------------------------------------
AQUARIUS PLATINUM Limited posted this notice:

CHANGE OF DIRECTOR'S INTEREST NOTICE

   Name of Company          Aquarius Platinum Limited

   ABN                      087 577 893

We (the entity) give the ASX the following information under
listing rule 3.19A.2 and as agent for the director for the
purposes of section 205G of the Corporations Act.

   Name of Director         Nicholas Sibley

   Date of last notice      07/01/2002

Part 1 - Change of director's relevant interests in securities

Direct or indirect interest             Direct                   

Nature of indirect interest
(including registered holder)           -                        

Date of change                          23/05/2002

No. of securities held prior
to change                               723,459                  

Class                                   Ordinary                 

Number Acquired                              -

Number disposed                         12,000

Value/consideration                     A$10.30 per share        

No. of securities held after
change                                  711,459                  

Nature of change                        On market trade          

Part 2 - Change of director's relevant interests in contracts

Detail of contract                      N/A                      

Nature of direct interest               -                        

Name of registered holder
(if issued securities)                  -                        

Date of change                          -

No. and class of securities to which
interest related prior to change        -                        

Interest Acquired                       -                        

Interest disposed                       -                        

Value/consideration                     -                        

Interest after change                   -

At the end of 2001, Aquarius Platinum Limited had negative
working capital, as current liabilities were A$201.14 million
while total current assets were only A$127.19 million, Wrights
Investors' Service reported.


BARTON CAPITAL: Unit BCS Undergoes Restructuring
------------------------------------------------
Barton Capital Holdings Limited advised that it is restructuring
the operations of its subsidiary, Barton Capital Securities Pty
Limited (BCS). This restructuring follows the sustained
depressed trading volumes, the recently signed EU with ASIC and
the departure of some of its key management and staff. To this
end, it is envisaged that BCS would look to appoint a third
party to handle its clearing and settlement whilst retaining its
trade execution and Participating Organization status with ASX.

The Company intends to re-locate the headquarters of BCS to
Sydney. The intention of which is to streamline and incorporate
all of Barton Capital group's operations to Sydney where most of
its senior management and operations are based. It is also the
intention to maintain the BCS branch office network in Adelaide
and Mornington with a reduced presence in Melbourne.

The above changes are deemed necessary in order to ensure BCS
can continue to operate under what remains to be difficult
trading conditions in general for brokers across the industry.
Please direct any enquires to the writer on (61 2) 9994 8800.


BRISBANE BRONCOS: Posts AGM Results
-----------------------------------
The Annual General Meeting of Brisbane Broncos Limited was held
at 10 am on Monday at the Riverside Center Auditorium, Level 6,
123 Eagle Street, Brisbane.

The following resolutions that were listed in the Notice of the
2002 Annual General Meeting were passed at the Annual General
Meeting:

ORDINARY RESOLUTIONS

* To receive and adopt the Statement of Financial Position,
Statement of Financial Performance, Statement of Cash Flows, and
Directors' Report, and the Statement by Directors and Auditors
for the year ended 31 December 2001.

* To re-elect Mr Don Jackson as a Director of the Company
pursuant to Article 12.6.2 of the Company's Constitution.

* To re-elect Mr Jack Lunn as a Director of the Company pursuant
to Article 12.6.2 of the Company's Constitution.

* To re-elect Mr Keith Brodie as a Director of the Company
pursuant to Article 12.6.2 of the Company's Constitution.

OTHER BUSINESS

* A resolution was passed that the Directors be given authority
to confirm the Minutes of this Meeting at the next meeting of
Directors.

The Meeting Closed at 10.40am.


BRISBANE BRONCOS: Discloses Chairman's Address to Shareholders
--------------------------------------------------------------
Brisbane Broncos Limited disclosed its Chairman Don Nissen
address to shareholders at the Annual General Meeting held on
May 20, 2002:

"Welcome to the Annual General Meeting of Brisbane Broncos
Limited.

"As mentioned in your annual report, the rationalization of the
operating activities of the Brisbane Broncos Limited Group was
completed during the 2000 financial year with the sale of
Queensland Entertainment Services. Therefore, the management of
the Brisbane Broncos Rugby League Football team was the only
operational business during the 2001 year.

"The group achieved a net profit from ordinary activities of
approximately $3 million for the 2001 year. This includes the
net profit on the sale of land at Fulcher Road, Red Hill of
$2.84 million.

"The operational net profit for the business after this
significant transaction was $160k which is a slight improvement
compared to the 2000 financial year. The final trading profit
exceeds the expectation of a breakeven result predicted in the
half-year press release.

"Contributing factors to the improved net profit include
commissions received from the management services provided to
the NRL and QRL for State of Origin 3 last year, and prize money
received as a result of the Broncos finishing 3rd on the NRL
ladder for season 2001.

"The Board and management of the Broncos are continuously
monitoring performance in an attempt to maximize shareholder
value.

SEASON 2001

"In looking at the team's performance on field last season, 2001
was bitter-sweet for the Brisbane Broncos Rugby League Football
Team. The team experienced many serious injuries yet still
managed to finish the season one match away from another grand
final. This is a credit to Wayne Bennett, his staff and the
football team.

"The team also experienced a record winning streak at home
during season 2001.

"The Broncos continued their market dominance in 2001 retaining
the top position for home crowd attendances ahead of all other
National Rugby League clubs. The Club achieved the best home and
away averages of all clubs in the NRL. The Broncos were also the
most watched rugby league team on Australian television in 2001.

"The Broncos average home crowd in 2001 was 19,762 down 10% from
the 2000 average of 22,100. Whilst disappointed with the decline
in crowd numbers, we believe that it was due to a number of
significant factors such as inclement weather for half of the
home games, clashes with other Brisbane sporting and cultural
events, and poor early season draw and scheduling. In addition,
the Round 19 fixture against the NZ Warriors was played at
Carrara Stadium with a maximum seating capacity of only 15,500.

"It was disappointing to lose Wendell Sailor to Rugby Union, and
after nine years of loyal service we wish him well in his new
venture.

"I will now turn to events since 31 December 2001 being the end
of our financial year, which may be of particular interest to
you.

SEASON 2002

"This season has begun very positively for the Brisbane Broncos.
The team welcomed back Allan Langer and Andrew Gee, and Gorden
Tallis has also returned after recovering from a serious neck
injury. The Broncos are currently undefeated and hold first
place on the NRL ladder going into the representative season.
Wayne Bennett, his staff and the football team need to be
congratulated again for their efforts so far this season.

"Television ratings and crowd figures for this season indicate a
significant improvement for not only the Broncos but also the
NRL as a whole. It is worth mentioning that the Broncos have
continued to be the most watched rugby league team on Australian
television in 2002.

SPONSORSHIP AND MARKETING

"Off the field we continue to be strong in sponsorship and
marketing. Upon the exit of Ansett Australia, Jupiters Keno
agreed to upgrade to sleeve sponsor for 3 years and we have just
renewed XXXX and Coke for another 5 years each.

"To date, we have not signed a short sponsor although there are
several prospects that are currently under negotiation.

SALARY CAP BREACH

"You will have heard through the media that the Brisbane Broncos
was issued with a Breach Notice for allegedly exceeding the
salary cap for season 2001. The Board have a strong argument as
to why we do not believe we are in breach. We are currently
dealing with the NRL regarding this issue. Once the outcome of
these matters is known, we will advise all shareholders further.
Your Board has worked diligently over the last four years to
ensure we stayed within the NRL salary cap guidelines. Over this
period, the Broncos have released 13 International or Origin
players, and 8 first graders to contain costs. This is more than
any other club.

SUNCORP METWAY STADIUM

"The redevelopment of Suncorp Metway Stadium is progressing
well. We are confident that a move to Suncorp Metway Stadium
will provide improved shareholder value. Relocating will also
allow us to compete on equal or better terms than we can at
present with those sports that utilize the Gabba, one of
Australia's best Stadiums.

"We are in final negotiations with the Stadium Development Group
for Suncorp Metway Stadium and are confident that we will be
able to agree to a mutually beneficial hiring agreement in the
near future.

"Prior to finalizing an agreement we need to be released from an
existing agreement at ANZ Stadium by the Brisbane City Council.

INTERNET

"The Broncos is supported by its strong Internet presence. The
importance and popularity of the Broncos web site is evident by
the number of visitors it attracts in comparison to other
sporting clubs. We are confident of the long-term success of
this program and have high expectations for significant
enhancement over the coming years.

"There is also a corporate component of the web site which posts
all corporate news and ASX announcements for the convenience of
shareholders.

TAKEOVER

"As you are all aware, Brisbane Broncos Limited has recently
been through a takeover process as a result of two competing
takeover bids from BB Sports Pty Ltd and Magic Millions League
Pty Ltd. BB Sports is a wholly owned subsidiary of The News
Corporation Limited.

"The takeover process commenced at the end of November 2001 and
was finalized in March 2002. Magic Millions withdrew its
takeover offer as a result of News Corporation and its
associates' shareholding in Brisbane Broncos increasing to
greater than 50 per cent.

"As at today's (May 20) date, News Corporation and its
associates currently hold 68.87% of BBL shares.

"The company incurred significant costs as a result of the
takeover process. These costs total approximately $350,000,
which will affect the net profit result of the company in 2002.

"This company is now a subsidiary of News and as a consequence
of that increased commitment, Keith Brodie has returned to the
Board. It is News's stated intention to enhance shareholder
value and the Board is preparing a strategic plan for the next 3
years which will use the proposed move to Suncorp Metway Stadium
in the 2003 season as a platform to achieve that objective.

"The Board acknowledges that over the last 6 years shareholders
have received no dividends and in most cases no growth in their
investment. However, it is important to note that any
shareholder who invested 6 years ago in Pacific Sports
Entertainment Limited, as this company was then known, invested
not in just a rugby league football team, but in a collection of
sporting franchises and sports and leisure related businesses.
As you would all be aware, the majority of those ventures lost,
in aggregate, substantial sums of shareholder money. The process
of divesting this company of all those ventures was completed
after 4 years, with the sale of Queensland Entertainment
Services in 2000.

"A great deal of Board and management time was devoted to
quitting those loss making businesses, but the Board is now able
to concentrate on maximizing the potential of the Brisbane
Broncos franchise, which has always been marginally profitable,
and is confident that shareholders will start to derive value
from their investment.

"Takeovers can be destabilizing, especially when they are as
hard fought as this one was, and our Chief Executive and his
team are to be congratulated for the professional way they
conducted themselves throughout the process. The completion of
the process gives us all the certainty we need to ensure we
continue to give maximum support to Shane and his team and of
course to the players.

"In conclusion, the future looks positive for the Broncos. We
have a dedicated young team who, under the coaching expertise of
Wayne Bennett and his staff, will ensure the Broncos remain
strong and competitive in the years ahead. Off the field, Shane
and his team are just as committed to the management of the
company and to providing shareholders with maximum value."


CTI COMMUNICATIONS: Round Up, Placement Prospectus Closed
---------------------------------------------------------
CTI Communications Limited, further to its announcements on 25
March 2002 and 17 May 2002, advised that the minimum
subscription (of 4 million parcels at $0.25 each, with each
parcel comprised of 2 fully paid ordinary shares at 10 cents
each and 1 option at 5 cents each) for its offer of securities
pursuant to a round-up offer and prospectus has been
exceeded and the offer is now closed.

Should you have any questions in relation to the above matter,
please contact Director J O'Callaghan on (08) 9226 2393.


ENERGY WORLD: CBA Defers Next Repayment to May 31
-------------------------------------------------
The Directors of Energy World Corporation Limited, further to
its Announcement made on 21 May 2002, advised that the CBA and
its appointed independent expert are still evaluating and
discussing with the Company plans to permit the outstanding
obligations to the CBA to be paid in full.

Pending an outcome to these discussion on the CBA have agreed to
defer the next repayment due to the CBA for a further period
until 31 May 2002.

Further details in respect of these agreements will be advised
to Shareholders when matters have been resolved between the
Company and the CBA.

For further enquiries, please contact Mr Stewart Elliott, EWC
Managing Director or Mr Brian Allen on telephone number
612 9247 6888.


OPEN TELECOMMUNICATIONS: Concludes Dispute Settlement
-----------------------------------------------------
Open Telecommunications Limited (OTT) announced Thursday that it
has fully resolved a commercial dispute with one of its
customers and settlement has been successfully concluded.

The commercial dispute had arisen between OTT and its customer
regarding a statement of work of the Company's Internet Protocol
call agent software. OTT commenced proceedings in the Supreme
Court in a dispute arising out of that statement of work on 25
April 2002 and on 29 April 2002 the parties agreed to hold over
their dispute in order to attempt to reach a commercial
settlement.

The deed of variation entered on Thursday by OTT and its
customer settles the dispute, and allows the completion of the
deployment of OTT's software for advanced voice and data
services in the customer's network.

The settlement secures the immediate and ongoing injections of
cash to fund the continuation and completion of the project.
Both parties are committed to continue their close business
relationship.


TRANSURBAN GROUP: Concession Fees Case Hearing Moved to Oct 2
-------------------------------------------------------------
As previously advised, the Australian Taxation Office (ATO) has
disallowed Transurban's claim for deductibility of Concession
Fees and has issued an assessment in respect of the Company's
income tax return for the year ended 30 June 1998. An objection
by Transurban to this assessment has been disallowed by the ATO
and as a consequence Transurban has lodged an appeal in the
Federal Court against this disallowance.

The appeal was scheduled to be heard on 24 April 2002, however,
due to the ATO requiring more time to prepare for this case, the
hearing has been deferred to 2 October 2002 (unless an earlier
trial date is advised by the Federal Court). Transurban believes
further extensions to the hearing date are now unlikely.


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


DAILYWIN GROUP: Inks Acquisition Agreement With Wang On
-------------------------------------------------------
The respective Boards of Directors of Dailywin Group Limited,
Wang On Group Limited and Town Health International Holdings
Company Limited announced that, on 22nd May, 2002, Dailywin
entered into the Acquisition Agreement with Wang On and Town
Health. Pursuant to the Acquisition Agreement, Dailywin has
conditionally agreed to acquire the entire issued share capital
of Reliance City and Plenty Time from Wang On and Town Health
respectively for an aggregate consideration of HK$220 million.
Reliance City and Plenty Time are beneficially interested in
approximately 75.79% and 24% respectively of the entire issued
voting share capital of WYT Medicine. Apart from their
respective interests in WYT Medicine, Reliance City and Plenty
Time do not carry on any business or have any outstanding
liabilities or other assets.

The consideration will be satisfied as to HK$136 million by the
issue of 13,600,000,000 Consideration Shares and as to HK$84
million by the issue of the Convertible Notes. The Consideration
Shares and the Convertible Notes will be issued to Wang On and
Town Health (or their respective nominees) in accordance with
the approximate proportions of their respective indirect
interests in WYT Medicine to be sold to Dailywin.

The Consideration Shares, which are to be issued at HK$0.01
each, represent approximately 72 times the existing issued share
capital of Dailywin and approximately 98.6% of the issued share
capital of Dailywin as enlarged by the issue of the
Consideration Shares. Assuming full conversion of the
Convertible Notes at a conversion price of HK$0.01 per Dailywin
Share, Dailywin will issue and allot 8,400,000,000 Conversion
Shares, which will represent approximately 44 times the existing
issued share capital of Dailywin and approximately 37.9% of the
issued share capital of Dailywin as enlarged by the issue of the
Consideration Shares and the Conversion Shares.

The issue price per Consideration Share and the initial
conversion price per Conversion Share is HK$0.01 which
represents a discount of approximately 93.87% to the closing
price of HK$0.163 per Dailywin Share as quoted on the Stock
Exchange on 15th May, 2002, being the last trading day prior to
suspension of trading in the Dailywin Shares on the Stock
Exchange pending the issue of this announcement. As of 30th
September, 2001, the unaudited consolidated net liabilities of
Dailywin were approximately HK$28.75 million, equivalent to a
net deficit of approximately HK$0.1514 per Dailywin Share.

Based on the closing price of HK$0.163 per Dailywin Share as
quoted on the Stock Exchange on 15th May, 2002, the aggregate
value of the Consideration Shares and the Conversion Shares to
be issued under the Convertible Notes is HK$3,586 million (being
HK$0.163 x (13,600 million Consideration Shares + 8,400 million
Conversion Shares)).

An application will be made to the Stock Exchange for the
listing of, and permission to deal in, the Consideration Shares
and the Conversion Shares.

The Whitewash Waiver

The aggregate shareholding of Wang On and Town Health and
parties acting in concert with them in Dailywin immediately
after completion of the Acquisition and upon full conversion of
the Convertible Notes will be increased from approximately
20.27% to approximately 99.32%. Accordingly, unless the
Whitewash Waiver is granted, Wang On and Town Health and parties
acting in concert with them would incur an obligation, upon
completion of the Acquisition, to make a mandatory general offer
for all the issued Dailywin Shares and outstanding convertible
bonds and share options of Dailywin not already owned or
acquired by Wang On and Town Health and parties acting in
concert with them under Rule 26 of the Takeovers Code as a
result of the issue of the Consideration Shares and the issue of
the Conversion Shares upon the full conversion of the
Convertible Notes. An application will be made to the Executive
for the granting of the Whitewash Waiver as soon as possible.


DAILYWIN GROUP: Restructures Existing Loans due to Rich Time
------------------------------------------------------------
Dailywin Group Limited announced that, on 22nd May, 2002,
Dailywin and Rich Time Strategy Limited entered into the Loan
Agreement pursuant to which Dailywin and Rich Time agreed to
replace the Existing Loans by the New Loan. The aggregate
principal amount of the New Loan is HK$64,850,000 which is
unsecured, has a term of 3 years and carries an annual interest
at 2% above Prime.

The Loan Agreement is conditional on the completion of the Wang
On Disposal and full payment by Dailywin to Rich Time of the
interest accrued on the Existing Loans up to and including the
day immediately before the completion of the Wang On Disposal.
The total interest payable by Dailywin relating to the Existing
Loans is approximately HK$392,000 per month.

The New Loan constitutes a connected transaction of Wang On.
However, no independent shareholders' approval is required
because of the application of Rule 14.25 (2)(a) of the Listing
Rules. Details of the New Loan will be included in Wang On's
next published annual report.


GARLITZ INVESTMENT: Winding Up Petition to be Heard
---------------------------------------------------
The petition to wind up Garlitz Investment Limited is set for
hearing before the High Court of Hong Kong on June 19, 2002 at
9:30 am.  

The petition was filed with the court on February 28, 2002 by
Smiling Dragon Limited whose registered office is situated at
P.O. Box 957, Offshore Incorporations Center, Road Town,
Tortola, British Virgin Islands.


LA PLACITA: Winding Up Petition Slated for Hearing
--------------------------------------------------
The petition to wind up La Placita Holdings Limited will be
heard before the High Court of Hong Kong on July 3, 2002 at
9:30.  The petition was filed with the court on March 12, 2002
by Li Chi Kin of Room 907, Kam Foon House, Kam Hay Court, Ma On
Shan, New Territories, Hong Kong.  


LIVING PICTURE: Hearing of Winding Up Petition Set
--------------------------------------------------
The petition to wind up Living Picture (Hong Kong) Limited is
scheduled for hearing before the High Court of Hong Kong on
August 7, 2002 at 9:30 am.  The petition was filed with the
court on April 24, 2002 by Living Picture AG whose registered
office is situated at Langmauerstrasse 70, 8006 Zurich,
Switzerland.


WELL DONE: Winding Up Petition Set for Hearing
----------------------------------------------
The petition to wind up Well Done Jewellery Manufactory Company
Limited is scheduled to be heard before the High Court of Hong
Kong on July 3, 2002 at 9:30 am.  

The petition was filed with the court on March 11, 2002 by Bank
of China (Hong Kong) Limited whose registered office is situated
at 14th Floor, No. 1 Garden Road, Central, Hong Kong.


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


BANK INTERNATIONAL: IBRA Presents Four Possible Rescue Options
--------------------------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) came up with
four alternative rescue plans for the Pt Bank International
Indonesia, namely merger, liquidation, a rights issue and asset
separation, AsiaPulse reports, quoting IBRA Chairman Syafruddin
Temenggung.

He added that none of the possibilities had yet been agreed upon
at the hearing. He also said that a rights issue is probably the
best way. "If we opt for a rights issue with recycled bonds, the
standby buyers must be the shareholders."

A rights issue means selling part of the bank's shares to raise
cash to help strengthen its capital, thus improving the bank's
capital adequacy ratio (CAR).

He said IBRA was now holding recycled bonds totaling Rp6.6
trillion (around US$733.3 million), which could be used as a
source of funds for a rights issue.

Paskah Suzetta, Deputy Chairman of the House Commission IX, said
liquidation was not a likely solution. "To raise its CAR, BII
could opt for a rights issue with the government as a standy
buyer, or it could be taken over by another bank with a higher
CAR."


* Government May Delay Banks' Stakes Sales
------------------------------------------
The sale of stakes in Bank Niaga and Bank Mandiri may be
postponed even with the International Monetary Fund (IMF)'s
recent comment on staying committed to asset sales if it wants
to win new loans, IndoExchange reports, citing IBRA Chief
Syafruddin Temenggung and State Enterprises Minister Laksamana
Sukardi.

The sale of Bank Niaga may be moved until the second half of
this year unless bidders raise their offers before a May 27
deadline and Bank Mandiri its largest lender by assets, in June
because it hasn't completed legal documentation related to the
sale.

According to IMF's statement on Thursday, "Indonesia needs to
stay committed to asset sales and other forms of debt recovery
to win new loans. The key to economic growth and jobs creation
are redoubling efforts to implement the privatization program,
continued progress in bank divestment and reforms."

News of the delays triggered the biggest drop in the Jakarta
Composite Index in more than seven months, before it recovered
to close 2.6 percent lower at 511.63 points.


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


ASHIKAGA BANK: Suffers in FY 2001 With JPY129B Loss
----------------------------------------------------
Ashikaga Bank fell into the red with a group net loss of 129.12
billion yen in fiscal 2001, Kyodo News reported. The
disappointing figure was due to stepped-up disposal of non-
performing assets.

On May 16, international rating agency Fitch has assigned a
long-term rating of BBB- with a Negative Outlook to the Japanese
regional bank.


DAIEI INC: Shareholders Give Nod to New Revival Plan
----------------------------------------------------
Shareholders of Daiei Inc approved Thursday the ailing
supermarket chain operator's new three-year restructuring
program featuring a 99 percent capital cut and 520 billion yen
in financial support from its three main creditor banks, Japan
Times reported.

The new restructuring plan is aimed at drastically improving
Daiei's earnings to 54 billion yen at the end of February 2005
from 1.52 billion yen at the end of last February.

It also calls for reducing Daiei's group interest-bearing debts,
excluding debts owed by consumer credit service subsidiary Daiei
OMC Inc., to 900 billion yen at the end of February 2005 from
1.8 trillion yen at the end of last August, so the Kobe-based
company can resume dividend payments on common shares by the end
of February 2005.

Under the program, Daiei will cut its capital to 500 million yen
from the current 112 billion yen. Proceeds will be used to cover
some of its massive losses. The Company reported group net
losses of 332.51 billion yen (US$2.58 billion) in the year that
ended February 28 from the 45.89 billion yen in profits the
previous year.

The program also calls on UFJ Bank, Sumitomo Mitsui Banking
Corp. and Mizuho Corporate Bank to waive their claims on 170
billion yen in outstanding loans to Daiei and exchange their
claims on 230 billion yen in loans to Daiei for stock under a
debt-for-equity swap deal.

In the debt-for-equity swap, the banks' claims on the loans will
be swapped for 220 billion yen in preferred stock and 10 billion
yen in common shares.

Daiei will accept executives from the three banks as new Board
members, the paper said.

Daiei President Kunio Takagi said the Company will ask Daiei
founder Isao Nakauchi to give up his 8.7 percent stake to help
revive the Company, which has current assets of US$9.8 billion
against current liabilities of US$22.4 billion.


FUJITA CORP.: Construction Business Spin Off Likely
---------------------------------------------------
Fujita Corp. has outlined its restructuring plan that calls for
the ailing mid-size construction firm to be broken up, Dow Jones
Newswires reported, citing the Nihon Keizai Shimbun.

The Shibuya-ku, Tokyo-based Fujita intends to spin off its core
construction business as a new company, with the parent company
retaining the unprofitable real estate business.

The separation will take place on October 1 after its plan
obtains approval at the general shareholders meeting to be held
at the end of June.

Under the plan, the new construction company will be capitalized
at roughly 10 billion yen and will assume 250 billion yen of the
880 billion yen of consolidated-basis interest-bearing
liabilities carried by Fujita as of September 2001.

The split-up of Fujita's businesses is the prelude to its merger
with Sumitomo Construction Co. and Mitsui Construction Co.

As of March 2001, Fujita has total current assets of US$6.97
billion against total current liabilities of US$8.74 billion.
Its short-term debt stood at US$6.12 billion.


KENWOOD CORP.: Will Cut 2,700 Jobs, Shed Money-Losing Ops
---------------------------------------------------------
Kenwood Corp. will cut 2,700 jobs, or 30 percent of its
workforce, and will shed money-losing businesses as part of a
reorganization plan, Bloomberg reported Friday.

The Tokyo-based car audio equipment maker will cut jobs at its
headquarters, factories and among its sales force, Bloomberg
said.

Kenwood will also replace President Hiroshi Nakano with Toshiba
Corp adviser, Haruo Kawahara.

The changes come after Kenwood said liabilities exceed assets by
17 billion yen ($136 million). To cope, the Company will cut
annual fixed costs by 20 billion yen, or 23 percent.


KOBE STEEL: Low Appraisals, Securities-valuations Beget Losses
--------------------------------------------------------------
Kobe Steel Ltd revealed Thursday a group net loss of 28.52
billion yen in the fiscal year to March 31, from a profit of
6.50 billion yen the previous year, Kyodo News reported.

The Shinagawa-ku, Tokyo-based steelmaker attributed the poor
earnings to a hefty extraordinary loss resulting from appraisal
losses on securities holdings amid the stock market slump and
charges to cover shortages in reserves for retirement benefits.


NAMCO LTD: Restructuring Leads to Profitability
-----------------------------------------------
Namco Ltd. returned into the black in fiscal 2001 after the
leading maker of video game equipment and software took steps to
close unprofitable arcade game centers and reduce the annual pay
of its senior executives, Bloomberg reported.

The Tokyo-based company closed about 30 franchised arcade game
centers worldwide in the six months to September 30. Namco's
arcade game business accounts for more than half of its sales.

Group net income at the Pac-Man maker was 2 billion yen ($16
million), or 36.95 yen a share, in the year ended March 31,
compared with a net loss of 6 billion yen, or 109.09 yen, a year
ago. Sales rose 3.8 percent to 152.2 billion yen.

For the current fiscal year, Namco expects to profit to more
than double to 4.4 billion yen on a 4.3 percent increase in
sales to 158.8 billion yen.


NIPPON STEEL: Damaged by Securities-Valuation Losses
-----------------------------------------------------
Tokyo's Nippon Steel Corporation, one of the world's leading
steel producers, has revealed a group net loss of 28.4 billion
yen in the year to March 31 from the 26.49 billion yen profit
the year before, hit mainly by valuation losses on its
securities holdings, Japan Times reported.

Group pretax profit plunged 85 percent to 16.75 billion yen,
after sales fell 6.1 percent to 2.58 trillion yen amid sharp
falls in steel prices worldwide, the paper said.

The Company booked an extraordinary loss of 96.74 billion yen,
of which 72.95 billion yen was attributed to appraisal losses on
securities holdings.

For the current year, the Company forecasts a group net profit
of 25 billion yen and a group pretax profit of 75 billion yen on
sales of 2.65 trillion yen.

As of March 2001, Nippon Steel had total assets of US$14 billion
against liabilities of US$25.2 billion.

Early this month, Nippon Steel said it is expanding its alliance
with Arcelor, the world's top steelmaker, and other overseas
partners in the area of raw materials procurement to reduce raw
materials shipping costs and procuring high-quality coal. The
Company is also considering cooperating with Posco of South
Korea in procurement of coal from China.

Nippon Steel in April announced it would form technological tie-
ups with Germany's ThyssenKrupp Steel AG in the field of
electromagnetic steel sheets to trim research and development
investment costs.


NKK CORP.: Sinks Into Red With $544M Loss
-----------------------------------------
NKK Corp. earnings fell deeply on hefty losses from the
bankruptcy of its U.S. subsidiary National Steel Corp. and its
undervalued securities holdings. It was also battered by the
poor performance of its steel business.

The Chiyoda-ku, Tokyo-based steel maker NKK lost 67.59 billion
yen ($544 million), compared with a profit of 96.99 billion yen
a year ago. Sales declined 7.5 percent 1.654 trillion yen ($13
billion) from 1.787 trillion yen.

NKK said it would accelerate cost-cutting ahead of the planned
merger of its operations with Kawasaki Steel Corp. under a
holding company, JFE Holdings Inc., to be set up in September.


SEIYU LTD: Wal-Mart, Sumitomo May Acquire Japanese Stake
--------------------------------------------------------
Shareholders of The Seiyu Ltd., a leading Japanese retail chain
with more than one trillion yen ($8 billion) in sales, have
given their approval to a proposed investment arrangement with
Wal-Mart Stores, Inc. and Sumitomo Corporation.

At the Company's annual general meeting, shareholders approved a
proposal granting Wal-Mart a series of options to invest up to
approximately 260 billion yen ($2 billion) in new Seiyu shares
by the end of 2007. Such an investment would give Wal-Mart a
66.7 percent ownership stake in Seiyu.

The options proposal formed the core of an arrangement between
Seiyu, Wal-Mart and Sumitomo Corp., under which Wal-Mart will
make an immediate investment of approximately 6 billion yen ($46
million) for 6.1 percent of Seiyu's stock. Sumitomo Corp. will
invest an additional 5 billion yen ($38 million) for 5.1 percent
of Seiyu's stock, bringing its aggregate ownership to
approximately 15.6 percent.

"We are delighted by the confidence shown in us by the
shareholders of Seiyu," said John Menzer, president and CEO of
Wal-Mart International.

"We remain excited about the long-term potential of the Japanese
market. Working with Seiyu and Sumitomo, we are looking forward
to learning more about this market and how we can add value for
Japanese consumers."

"I am pleased that we can now begin to introduce the benefits of
the corporate culture of Wal-Mart, the best company in the
world, to customers at Seiyu," Seiyu president Masao Kiuchi
said.

"By incorporating Wal-Mart's belief that the customer is number
one, its expertise in information systems and its product
sourcing know-how, we are confident that we can increase
customer satisfaction."

"Seiyu's shareholders' approval of the proposals at the meeting,  
clears the way for us to move forward with the third party share
allotment plan, where Seiyu shares were allocated to Wal-Mart
and Sumitomo Corp," Sumitomo Corp executive vice president Fumio
Wada said.

"We are very pleased that shareholders have endorsed our
alliance, which can now proceed with concrete steps. As a
partner, we will cooperate with Seiyu and Wal-Mart in aspects
such as personnel, in Wal-Mart's study of Seiyu's operations,
which has already began, and in providing Seiyu assistance in
improving their competitiveness."

According to John Menzer, the next step in this process is for
Wal-Mart to continue its "learning stage" in Japan. For example,
Wal-Mart has assembled a "study team" of associates with
different specialties from around the world, which will work
closely with Seiyu and Sumitomo to identify opportunities to add
value within Seiyu. The team will visit all Seiyu stores and
look at key areas such as store operations, supply and
distribution, branding, information technology and others.

Wal-Mart Stores, Inc. employs more than one million associates
in the United States and more than 300,000 internationally. As
of April 30, 2002, Wal-Mart Stores, Inc. operates more than
2,760 discount stores, Supercenters and Neighborhood Markets,
and more than 500 SAM'S CLUBS in the United States. Wal-Mart's
sales for 2002 were approximately $218 billion (28.3 trillion
yen). The company's securities are listed on the New York and
Pacific stock exchanges under the symbol WMT.  More information
about Wal-Mart can be located online at www.wal-mart.com. The
company is headquartered in Bentonville, Arkansas.

In addition to the United States, the Company operates more than
1,180 units internationally with operations in Argentina,
Brazil, Canada, China, Germany, South Korea, Mexico, Puerto Rico
and the United Kingdom.  The rapid growth of Wal-Mart's
international operations demonstrates that Wal-Mart's Every Day
Low Price proposition is clearly understood in any language.

The Seiyu Ltd. is a leading Japanese retailer, focusing
primarily on supermarkets and general merchandising
stores.  Currently the Seiyu Group operates over 400 stores
located throughout Japan.  Seiyu is actively promoting
environment-friendly policies and was the world's first retailer
to be awarded ISO 14001 certification in recognition of its
environmental policies at its multi-format stores.

Sumitomo Corporation, one of Japan's leading trading houses,
with consolidated company sales of 10 trillion yen, is an
Integrated Business Enterprise with a solid platform in a
diversified business sector.  One of Sumitomo's business
strategies has been to focus on developing a customer- focused
direct business, where it has grown its expertise in retail to
the extent it now operates a variety of businesses in this
area.  These are represented by operation of Summit, a
supermarket chain launched in the early 1960s, and operations of
Eddie Bauer and Coach brand stores.  In addition, the company
has been involved in developing a number of related businesses
including drugstores, a mail order business, and coffee shop
chain.

For inquiries, contact:

William C. Wertz
Telephone: +1-479-277-0774
E-mail: wcwertz@wal-mart.com
Or
Amy Wyatt
International Corporate Affairs
Telephone: +1-479-277-9241
E-mail: Amy.Wyatt@wal-mart.com

Mr. Ryuichi Goto
Managing Director
The Seiyu Ltd.
Telephone: +03-3598-7760

Mr. Keiji Nakajima
Corporate Officer
Sumitomo Corporation
Telephone: +03-5166-2089


SAMSUNG ELECTRONICS: S&P Revised 'BBB+' Outlooks to Positive
------------------------------------------------------------
Standard & Poor's on May 21, 2002 had revised the outlook on its
triple-'B'-plus long-term local currency rating on Samsung
Electronics Co. Ltd. and related entities to positive from
stable, based on the company's solid earnings performance
despite difficult conditions in the global electronics industry.
The outlook revision also incorporates the expectation of
further improvement in Samsung's earnings and capital structures
over the coming years.

Standard & Poor's also said it had affirmed its triple-'B'-plus
long-term local and foreign currency ratings and the 'A-2'
short-term local and foreign currency ratings on Samsung. The
outlook on the long-term foreign currency rating remains stable,
in line with the outlook on the foreign currency rating on the
Republic of Korea, where Samsung is based.

Unlike most global semiconductor producers, Samsung posted solid
profits in fiscal 2001 (ended Dec. 31, 2001), although its
earnings performance weakened as a result of a sharp,
competition-led decline in prices, particularly in commodity-
type memory chips and liquid crystal displays (LCDs).

"Samsung's profitability was largely supported by its strong
cost competitiveness across the board, its technological
leadership in mainstay businesses such as commodity-type memory
chips and LCDs, its improved earnings diversity, and its
enhanced brand management," said Fusako Nagao, a credit analyst
at Standard & Poor's in Tokyo.

Despite stagnant demand and heated competition in the global
telecommunications market, Samsung was able to continue
improving its profitability in the mobile phone business in
fiscal 2001, which mitigated weakness in earnings from
semiconductors and LCDs to some extent. However, it is uncertain
whether earnings from mobile phones will be sufficient to offset
earnings volatility in the semiconductor business over the
longer term, given the rapid technological changes and intense
competition taking place in the mobile phone market. Samsung
remains highly exposed to the cyclical, competitive, and
capital-intensive semiconductor market.

Samsung's sound financial profile should provide it with ample
resources to fund the substantial investments required to
maintain its leading position in memory chips and thin film
transistor LCDs, and potentially to improve its competitiveness
in the strategically important system LSI and mobile phone
businesses. Excluding its recently consolidated credit card and
finance subsidiaries, Samsung's total debt to capital improved
to 23% in 2001, while funds from operations to total debt
continued to exceed 100%.

"The local currency rating could be raised if Samsung continues
to improve its capital structure and further diversifies its
earnings sources to offset inherent volatility in earnings and
cash flows from semiconductors," said Ms. Nagao.


SNOW BRAND: Appointing Zenchu's Shinozuka Vice President
--------------------------------------------------------
Scandal-hit Snow Brand Milk Products Co. plans to appoint Katsuo
Shinozuka, managing director at the Central Union of
Agricultural Cooperatives (Zenchu), as vice president, Kyodo
News reports.

In a bid to offset restructuring-related losses, Shinjuku-ku,
Tokyo's 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.


WOWOW INC: Investment Keeps Satellite Broadcaster in Red
--------------------------------------------------------
Satellite broadcaster Wowow Inc. fell flat in the 2001 business
year, with a consolidated net loss of 2.14 billion yen in the
year to March 31, down from 3.35 billion yen the previous year,
under the weight of initial investments in launching digital
broadcasting services in December 2000, Japan Times reported.

With the number of subscribers posting a year-on-year net
increase of 0.6 percent to 2.67 million, the Company chalked up
a 6 percent rise in group operating revenues to 65.34 billion
yen. Group pretax loss decreased to 1.95 billion yen from 3.26
billion yen the previous year.

For the current year, the Company expects to recover,
forecasting a pretax profit of 400 million yen and a net profit
of 350 million yen on a consolidated basis. The Group projects
an operating revenue of 66.6 billion yen.


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


DAEWOO MOTOR: GM Declines to Inject More Funds
----------------------------------------------
General Motors Corp. has no plans to inject more capital into
Daewoo Motor Co., after it acquired parts of the South Korean
carmaker for $400 million last month, Dow Jones Newswires
reported, citing GM Korea President, Alan Perriton.

The new company, in which GM has a stake, will receive an
extension on long-term loans worth $2 billion from creditors.

The acquisition deal signed on April 30 requires the U.S.-based
carmaker to invest $400 million for a 67 percent stake in Daewoo
with the remaining 33 percent to be held by Daewoo Motor's
creditors.

Daewoo posted an operating profit of around $12.2 million in the
first quarter this year, from an operating loss of $36.3 million
for the same period a year before.


DAEWOO MOTOR: GM Likely to Build New Model in China
---------------------------------------------------
General Motors Corp, which recently acquired key assets of South
Korea's bankrupt Daewoo Motor Co, plans to produce a new Daewoo
model in China.

"There are talks going on over the production of [the] J-200 in
GM's plant in Shanghai," a high-ranking Daewoo Motor official
told Reuters.

The J-200 is a new model due to succeed the Nubira compact
passenger car.

"It is likely that the production will begin early next year
once they decide to do so," he said. The official declined to be
identified.


HYNIX SEMICON: Considering New Micron Talks
-------------------------------------------
South Korea's troubled Hynix Semiconductor Inc may resume talks
with U.S. rival Micron Technology Inc on asset sales, Reuters
reported Thursday, citing Seoul Economic Daily.

"New talks (between Hynix and Micron) are not excluded," said
Jeffrey Shafer, vice chairman of Salomon Smith Barney, a former
financial adviser of the chipmaker.

Salomon Smith Barney spearheaded Hynix reforms by helping the
chipmaker sell new equity and launch talks with Micron for asset
sales, until Hynix hired Deutsche Bank and Morgan Stanley Dean
Witter as its new advisers.

Hynix creditors, owed more than $5 billion by the Company, 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.


HYNIX SEMICON: May Not Survive Alone
------------------------------------
South Korean Finance Minister Jeon Yun Churl said Hynix
Semiconductor Inc. might not survive alone, saying the Company
needs two multibillion-dollar bailouts from creditors, Bloomberg
reports.

Jeon said the government would not intervene in a creditors'
decision to sell the world's third-largest maker of computer
memory chips, since they have built up provisions against the
Company's loans.

Creditors plan to take control of Hynix on June 7 by converting
$2.3 billion of debt into shares.

Last month, Hynix's Board of Directors rejected a $3 billion
agreement negotiated by creditors to sell most of the company to
U.S. rival Micron Technology Inc.


MIDOPA CO.: Lotte Wins Bid to Buy Insolvent Rival
-------------------------------------------------
A South Korean court and Midopa Co on Friday selected Lotte
Shopping Co, South Korea's largest department store operator, as
the final bidder for the troubled retail distributor, Dow Jones
Newswires reported, citing a Midopa spokesman.

Midopa, a retailer that runs three department stores, was
declared bankrupt in March 1998 and has been run by the court.

The Midopa spokesman did not reveal the price Lotte had offered,
but local newspapers reported earlier last week that Lotte had
put forward the highest bidding price of between 530 billion won
($430.5 million) and 570 billion won.

Apart from the highest bid, it gave the most favorable terms
including job guarantees for all Midopa employees in the latest
auction.

Lotte Shopping will sign a preliminary agreement on May 27 and  
conduct due diligence on Midopa.

Six bidders, including unlisted Lotte, Hyundai Department Store
and Shinsegae Co, took part in the open bidding for Midopa.


MIDOPA CO.: Tumbles 0.6% on Lotte Take-over Report
--------------------------------------------------
Shares of department store Midopa were down 0.6 percent, or
KRW50, at KRW8,080 on Friday after surging 15 percent Thursday
on news Lotte Department Store would likely win a bid to buy
bankrupt Midopa.

Lotte, Hyundai and Shinsegae, the nation's three largest
department stores, have entered the open bidding for Midopa,
which is currently undergoing court receivership.


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


ABRAR CORPORATION: Moratorium Period Extended Until Next Year
-------------------------------------------------------------
Abrar Corporation Berhad (Special Administrators Appointed)
announced that the moratoruim under section 41 of the Pengurusan
Danaharta Nasional Berhad Act, 1998, which took effect from 27th
May 2000, i.e. the date of the appointment of Special
Administrators to the Company, has now been further extended to
26th May 2003.

The extension of the moratorium is pursuant to Section 41(3) of
the Danaharta Act. During the period of the moratorium, no
creditor may take action against the Company except in
accordance with Section 41 of the Danaharta Act.


AUTOINDUSTRIES VENTURES: All AGM Resolutions Approved
-----------------------------------------------------
The Board of Directors of Autoindustries Ventures Berhad
informed that the shareholders of AIVB have at the Annual
General Meeting for year 2002 held on Thursday, 23 May 2002
approved all resolutions as set out in the notice of the AGM
contained in the Annual Report for Year 2001.

TCR-AP reported last week that the Company defaulted on
principal payments of RM15,029,309.66 in May, 2002.  One of the
measures taken by the Company to address the default in payments
is to carry out a Proposed Restricted Issue of up to 13,000,000
new ordinary shares of RM1.00 each at a proposed issue price of
RM1.00 each for cash and issue of 2,000,000 new ordinary shares
of RM1.0. In the interim, the Company has received approval from
FIC on the Proposed Restricted Issue of shares via their letter
dated 29 April 2002. However approvals from the other
authorities are still pending.


BESCORP INDUSTRIES: Provides Defaulted Payment Status Update
------------------------------------------------------------
Bescorp Industries Berhad (Special Administrators Appointed), as
required by the Kuala Lumpur Stock Exchange Practice Note
1/2001, provided an update on its default in payment, as set at
http://www.bankrupt.com/misc/TCRAP_Bescorp0527.xls

The default by BIB as at 30 April 2002 amounted to
RM58,212,374.79 made up of a principal sum of RM35,750,000 plus
RM22,462,374.79 in interest for revolving credit facilities.

As at 30 April 2002, the remaining subsidiary companies of BIB,
namely Bescorp Construction Sdn. Bhd. (In Liquidation), Bescorp
Piling Sdn. Bhd. (In Liquidation), Bescorp Concrete Sdn. Bhd.
(In Liquidation), Bespile Sdn. Bhd. (In Liquidation), Farlil
Sdn. Bhd. (In Liquidation) and Waktu Cerah Sdn. Bhd., defaulted
on a total sum of RM93,512,652.41 made up of a principal sum of
RM60,905,258.44 plus RM32,607,393.97 in interest for revolving
credit facilities, term loan, banker's acceptance, hire purchase
and lease facilities, and RM59,933,312.17 for overdraft
facilities.


BRIDGECON HOLDINGS: Unit's Special Administrators Terminated
------------------------------------------------------------
Bridgecon Holdings Berhad (Special Administrators Appointed)
informed that the Special Administrators of Lean Seng Chan
(Quarry) Sdn Bhd (Special Administrators Appointed), a wholly
owned subsidiary of the Company, Tan Kim Leong, JP and Siew Kah
Toong, on 23rd May 2002 have discharged their duties and
responsibilities as the Special Administrators pursuant to
Section 28(2) of the Pengurusan Danaharta Nasional Berhad Act,
1998. Accordingly the Special Administrators of LSCQ and the
moratorium in respect of LSCQ are terminated, with effect from
23rd May 2002.

Consequent upon the transfer of the entire shares in LSCQ
favoring JMR Construction Sdn Bhd, pursuant to the
implementation of LSCQ workout proposal, LSCQ has ceased to be
the subsidiary of the company.


L&M CORPORATION: Seventh AGM Set for June 17
--------------------------------------------
The Board of Directors of L & M Corporation (M) Bhd announced
that the Seventh Annual General Meeting of the Company will be
held on Monday , 17th June, 2002 at 10.00 a.m. at Tournament
Room, Ground Floor, Kuala Lumpur Golf & Country Club, No. 10,
Jalan 1/70D, Off Jalan Bukit Kiara, 60000 Kuala Lumpur.

To see the AGM's agenda, go to
http://www.bankrupt.com/misc/TCRAP_L&M0527.doc


MBF CAPITAL: Proposed Workout Scheme RA Submission Extended
-----------------------------------------------------------
Alliance Merchant Bank Berhad, for and on behalf of the Board of
Directors of MBf Capital Berhad, further to its requisite
announcement on 26 March 2002, announced that the Company had,
on 22 May 2002, sought approval from the Kuala Lumpur Stock
Exchange for an extension of time until 26 July 2002 for the
Company to submit the proposed restructuring scheme to the
relevant regulatory authorities for their consideration.

The extension of time was sought given that MBf Capital has yet
to finalize its financials for the purposes of submission to the
regulatory authorities. As the merger between QBE Insurance
(Malaysia) Berhad and MBf Insurans Berhad has only been
completed on 30 April 2002, administrative and organizational
issues have amongst others, caused a delay in the finalization
of the MBf Capital Group's financials.


MBF HOLDINGS: Unit Faces Winding Up Petition Sought by Tenaga
-------------------------------------------------------------
MBf Holdings Berhad (MBfH) informed that Tenaga Bersih Sdn Bhd
(TBSB) had served Timeshare Resorts Sdn Bhd (TRSB), an ultimate
wholly-owned subsidiary of MBfH, with a winding-up petition.
Appended below is the required information on the aforesaid
winding-up petition:

   1. TRSB received the winding-up petition on 17 May 2002 and a
hearing has been fixed for 20 November 2002;

   2. The amount claimed by TBSB under the petition is
RM111,600.00 (together with interest thereon at the rate of 8%
per annum from 25 March 1999 to date of realization under the
Judgment) being the amount due to TBSB for cleaning services
supplied to TRSB in the year 1998;

   3. TRSB, a company providing maintenance services to
apartment owners in Port Dickson had ceased operation on 31
October 1998. TRSB did not pay TBSB as the company does not have
sufficient funds;

   4. The total cost of investment of TRSB is RM400,000.00.
Taking into account the provision for dimunition in value of
investment of RM399,000.00, the net book value is RM1.00

   5. TRSB had ceased operation earlier in year 1998 and
therefore there would be no operational or financial impact on
MBfH Group other than the judgment sum;

   6. The Group is not expected to have any losses arising from
the winding-up proceedings; and

   7. TRSB will not be defending the winding-up petition as the
company is grossly insolvent and therefore is not able to meet
all its liabilities.


RHB GROUP: Proposed Group Restructuring Scheme Extended
-------------------------------------------------------
On behalf of RHB Group, composed of Rashid Hussain Berhad (RHB),
RHB Capital Berhad (RHB Capital) and RHB Sakura Merchant Bankers
Berhad (RHB Sakura), Arab-Malaysian Merchant Bank Berhad
announced that the KLSE, via its letter dated 17 May 2002,
approved the application in relation to its Proposed Group
Restructuring Scheme.

In its 20 March 2002 announcement regarding the Proposed Group
Restructuring Scheme of the RHB Group, it was also stated that
an application will be made to the KLSE for an exemption to
allow the Employees Provident Fund Board (EPF) to vote at the
forthcoming extraordinary general meetings (EGM) of RHB and RHB
Capital, and at the court-convened meeting (CCM) of RHB Sakura,
in respect to the proposed scheme of arrangement to privatize
RHB Sakura (Proposed SOA) and the proposed voluntary partial
offer by RHB to increase its equity interest in shares and
warrants of RHB Capital to up to a maximum interest of 75%
(Proposed VPO).

As at 31 March 2002, EPF is a direct substantial shareholder of
RHB and RHB Capital with equity interests of 9.35% and 11.42%
respectively, and also a direct non-substantial shareholder of
RHB Sakura.


TECHNOLOGY RESOURCES: Requisition Resolutions' Passage Likely
-------------------------------------------------------------
Technology Resources Industries Berhad on 17 April 2002, had
successfully completed its recapitalization exercise with the
early redemption of its Euro-convertible Bonds and Danaharta
Loan; and the repayment of Celcom (M) Berhad's Multi Structure
and Capex facilities. The Group thereby eliminated its major
debt burden bringing an immediate positive impact on its
financial performance.

Coupled with the completed Manpower Rationalization Exercise
whereby productivity will be substantially enhanced, the Group
firmly placed itself in a position allowing it to unlock its
true value and potential making it attractive to investors and
competitors.

Consequently, as per its notification dated 7 May 2002 to TRI,
Telekom Enterprise Sdn Bhd (Telekom) together with Telekom
Malaysia Berhad had acquired a total 31.25% of the Company's
issued and paid-up capital.

On 10 May 2002, Telekom had written a letter to TRI (Previous
Letter) requesting for:

   (a) the four (4) representatives nominated by Telekom,
namely,

     (i) Dato' Dr Md Khir bin Abdul Rahman;
     (ii) Mr Lim Kheng Guan;
     (iii) Encik Rosli bin Man; and
    (iv) Dato' Dr Mohd Munir bin Abdul Majid
to be appointed to the Board of Directors of TRI effective 15
May 2002

   (b) the Board of Directors of TRI to procure the resignation
of two (2) of the executive directors of TRI to accommodate
their request as specified in sub-paragraph (a) above, as there
are currently 2 unfilled positions on the Board of Directors of
TRI;

   (c) Mr Lim Kheng Guan and Encik Rosli bin Man to be appointed
to the Board of Directors Celcom (Malaysia) Berhad ("Celcom");
and

   (d) the Board of Directors of Celcom to procure the
resignations of certain directors of Celcom to accommodate the
request of Telekom as specified in sub-paragraph (c) above.

TRI had, on 14 May 2002, responded to the Previous Letter from
Telekom informing Telekom that the appointment of directors was
a matter of the Board and therefore, the request of Telekom
would be considered in the forthcoming meeting of the Board of
Directors of TRI and Celcom tentatively scheduled on 22 May
2002.

Subsequently, Telekom had written to TRI on 17 May 2002 (Second
Letter) requesting the Board of Directors of TRI to procure the
resignations of two (2) other non-independent directors of TRI.

Telekom had also enclosed a notice of requisition for an
Extraordinary General Meeting (EGM) of TRI to be held pursuant
to Section 144 of the Companies Act, 1965 (Requisition Notice)
to approve the requisite resolutions to:

   (a) remove the following directors of TRI:

     (i) Tan Sri Dato' Tajudin Ramli;
     (ii) Dato' Lim Kheng Yew;
     (iii) Tuan Haji Mohamed Ali Yusoff; and
     (iv) Encik Bistamam Ramli;

   and

   (b) appoint the following directors nominated by Telekom:

     (i) Dato' Dr Md Khir bin Abdul Rahman;
     (ii) Mr Lim Kheng Guan;
     (iii) Encik Rosli bin Man; and
     (iv) Dato' Dr Mohd Munir bin Abdul Majid.

The Requisition Notice states that Telekom, holding not less
than one-tenth of such of the paid-up capital of TRI as at the
date of the requisition and representing not less than one-tenth
of the total voting rights of all members of TRI, require TRI,
pursuant to Section 144 of the Companies Act, 1965 (Companies
Act), to convene the EGM to be held as soon as practicable, but
in any case not later than two (2) months after the receipt of
the Requisition Notice.

The Requisition Notice also states that if the EGM is not called
within the time provided for in the Companies Act and/or notice
of the same is not given to shareholders of the company
including Telekom within 21 days from the date of the
Requisition Notice is lodged, then Telekom shall proceed to
convene such a meeting on Tuesday, 2nd July 2002 at 10:30 am at
the Legend Grand Ballroom, 9th Floor, The Legend Hotel, 100
Jalan Putra, 50350 Kuala Lumpur for the purposes of considering
and if thought fit, to pass the said resolutions.

Telekom also stated in its Second Letter that as a significant
shareholder of TRI, it has a duty to ensure that its interests
are directly represented in the affairs of TRI and Celcom. If a
favorable response from TRI to their requests as set out in the
Previous Letter and above (to procure resignation of current
directors and appointment of Telekom's Representatives) is
received within the next 7 to 10 days from the date of the
Letter, they will be in a position to reconsider their
requisition for the EGM.

In the Board Meetings of TRI and Celcom held Thursday, the Board
of Directors had deliberated on Telekom's request and had
considered the following:

   (i) potential conflict of interest as Telekom Group is a
competitor to TRI Group, particularly the mobile operations

   (ii) lack of information with regard to Telekom's plan and
strategy in moving forward, apart from a proposal by Telekom of
very general nature and without any substantiation, to merge the
mobile operations of TRI and Telekom Group. Therefore, the Board
of TRI is not in the position to responsibly to assess the
implications on the Company and all its shareholders.

The Board of Directors of TRI, in discharging their duties to
act in the best interest of the Company while protecting the
interests of all shareholders had considered various options.
Based on the aforesaid reasons, the Board came to the decision
that Telekom's request should be tabled before the shareholders
in an extraordinary general meeting, giving the investing public
an opportunity to decide the direction of their company.

As such, TRI will be making further announcements in due course
as and when necessary.


TENCO BERHAD: Submits Revised Repayment Proposal to Lenders
-----------------------------------------------------------
On behalf of the Board of Directors of Tenco Berhad, Messrs
Archer Corporate Services Sdn Bhd wishes to inform that a claim
has been made in the High Court of Shah Alam, Civil Suit No.
MT5-22-960-01 against the Company by Goh Wai Kah, the former
Managing Director of the Company, for the recovery of the sum of
RM768,627.00 due to him.

The Company has filed its Defense and also a counter-claim
against Mr Goh Wai Kah.

Messrs Archer Corporate Services Sdn Bhd, on behalf of the board
also informed the latest developments of the following material
litigations:

   (i) Kuala Lumpur High Court Suit No. D3-22-3482-98
Westech Sdn Bhd v Cherating Construction Sdn Bhd

   (ii) Kuala Lumpur High Court Suit No. D4-22-3027-98
Tenco Construction Sdn Bhd v Cherating Construction Sdn Bhd

Cherating Construction Sdn Bhd had been wound-up pursuant to a
winding-up order. The Company's solicitors are in the midst of
requesting for Receiving Orders from the Penang Court to enable
the filing of Proof of Debt with the Official Assignee.

The Board further informed that the Company's financial
advisors, Messrs Ernst & Young had upon obtaining various
comments on the repayment proposals from the Lenders, submitted
a revised proposal to them. To-date, the Company has yet to hear
from the Lenders.


TIME ENGINEERING: June 20 32nd AGM Scheduled
--------------------------------------------
Time Engineering Berhad advised that the Thirty Second Annual
General Meeting of Members will be held at Ballroom 1, Level 2,
Hotel Nikko Kuala Lumpur, 165, Jalan Ampang, Kuala Lumpur on
Thursday 20 June 2002 at 3.30 p.m. for the following purposes:

1. To receive and adopt the Audited Accounts for the year
ended 31 December 2001 together with the Reports of the
Directors and Auditors thereon.        Resolution 1

2. To re-elect the following Directors who were appointed
during the financial year and be eligible for re-election  in
accordance with Article 100 of the Company's Articles of
Association :    

i) YBhg. Datuk Haji Mohd Khalil Dato' Haji Mohd Noor   
                          Resolution 2
ii) YBhg. Dato' Dr Gan Khuan Poh  Resolution 3
iii) Haji Abdullah Yusof        Resolution 4
iv) Encik Ahmad Pardas Senin  Resolution 5
v) Puan Elakumari Kantilal   Resolution 6
vi) Puan Salmah Sharif        Resolution 7

3. To approve the Directors' Remuneration for the year ended
31 December 2001.                          Resolution 8

4. To re-appoint Messrs. Deloitte KassimChan as Auditors and
to authorize the Directors to fix their remuneration.  
                                               Resolution 9
As Special Business:

5. To consider and, if thought fit, to pass the following
resolution as Ordinary Resolution:  

"THAT the Directors of the Company be and are hereby
authorized, pursuant to Section 132D of the Companies Act, 1965,
to issue shares in the Company at any time and upon such terms
and conditions in accordance with any written law and for such
purposes as the Directors may, in their absolute discretion,
deem fit provided that the aggregate number of shares to be
issued pursuant to this resolution does not exceed 10 percent of
the issued share capital of the Company as at the date of this
Annual General Meeting and that the Directors be and are also
empowered to obtain the approval for the listing of and
quotation for the additional shares so issued on the Kuala
Lumpur Stock Exchange and that such authority shall continue in
force until the conclusion of the next Annual General Meeting of
the Company."          Resolution 10

6. To transact any other business of which due notice shall
have been given in accordance with the Companies Act, 1965.


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


NATIONAL POWER: Lower House Begins Probe on Contracts
-----------------------------------------------------
The House of Representatives energy committee has started its
inquiries on allegedly onerous contracts between state-run
National Power Corporation (Napocor) and independent power
producers (IPPs).

According to Business World report, the apparent rush to probe
IPP contracts is reportedly meant to appease solons who walked
out of committee hearings two days ago, protesting the
"railroaded" approval of House Bill No. 4741.

That bill seeks to amend Republic Act No. 9136 or the Electric
Power Industry Reform Act of 2001 to legislate a 40-centavo per
kilowatt-hour purchased power adjustment (PPA) charge by
Napocor. It will also stretch the refinancing of Napocor's
stranded costs to over 20 years.

Opposition solons want Congress to first complete its probe of
IPPs, which they claim is the root cause of the PPA burden of
consumers, before approving HB4741.

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


PHILIPPINE AIRLINES: Request for Put Option Extension Rejected
--------------------------------------------------------------
State-owned agencies have rejected Philippine Airlines' request
to extend a put option of 2 billion pesos on the government's
stake in the airline, AFX Asia reported.

"They had asked us to extend the agreement for another five
years without interest. Of course, we rejected it because it
would be disadvantageous not only to the GSIS but to the
government," Government Service Insurance System (GSIS)
president Winston Garcia said.

The agencies holding a combined 4.26 percent in the country's
flag carrier are Land Bank of the Philippines, Development Bank
of the Philippines, the Government Service Insurance System,
Armed Forces of the Philippines Retirement Service and Benefits
System, and the national government.

Garcia said GSIS has invested 2.2 billion pesos in PAL since the
1970s and can only recover 750 million through the put option.

Garcia added that Fortune Tobacco and Asia Brewery, other
companies of PAL majority owner Lucio Tan, that served as
guarantors of the option, should shoulder the costs of the
option if Tan is unwilling to pay.

Tan has until June 7 to buy the government's stake in the
airline.

Makati-based Philippine Airlines is entering its fourth year of
a 10-year rehabilitation scheme after a labor strike crippled
operations in 1998. It earlier reported a net loss of 1.5
billion pesos in the fiscal year that ended March, as the
September 11 terrorist attacks in the United States dampened
people's appetite for travel.


PHILIPPINE LONG: 2.98% Higher on Technical Support
--------------------------------------------------
Shares of Philippine Long Distance Telephone Co (PLDT), the
nation's largest phone company, were up 12.50 pesos or 2.98
percent at 432.50 on volume of 26,620 shares in early trade on
Friday on technical support after the stock recently hit the key
400 pesos support level, AFX Asia reported.

Enrique Santa Ana, associate director for sales at DBS Vickers
Securities, said foreign investors are returning to PLDT after
the stock fell to attractive levels.

Dealers said interest in the stock was also boosted by the phone
company's earlier statement that it had no concrete plans for an
IPO for unit Smart Communications Inc.

A newspaper report said Thursday that PLDT was planning the IPO
for Smart next year.


PHILIPPINE LONG: Denies Talk of Smart Unit Stake Sale
-----------------------------------------------------
Telecommunications giant Philippine Long Distance Telephone Co.
has denied a newspaper report that it would sell a third of
wholly owned Smart Communications Inc. next year, Bloomberg
reported.

The Philippine Star said Thursday that the Smart would conduct
its initial public offering at the Philippine Stock Exchange
next year, ahead of a 2004 legal deadline to sell shares in the
nation's biggest mobile phone company to raise funds to repay
debt.

The Company said that the "report is speculative," and that the
Board of Directors of PLDT and Smart have not deliberated on the
public offering of the shares.

Philippine Long Distance owes $1.3 billion due by 2004. It
raised $350 million in a bond sale and borrowed $149 million
from German lender Kreditanstalt fuer Wiederaufbau, its biggest
creditor.


REPUBLIC CEMENT: Will Focus on Infrastructure Projects
----------------------------------------------------
Makati-based cement trader and manufacturer Republic Cement
Corporation will focus on participating in large-scale
infrastructure projects this year to be able to keep its
position in the local cement market.

Republic Cement President, Juan Miguel Montinola, told
BusinessWorld the company would continue to participate in large
construction projects that have been a strong market for the
company.

The Company, which incurred a net loss of PhP1.81 billion
($36.12 million) last year and a loss of P245.9 million a year
earlier, has supplied cement to major projects such as the Metro
Rail Transit II, the Ninoy Aquino International Airport Terminal
3, SM shopping centers and Ayala Land projects.

For the first quarter of this year, Republic Cement Finance
Officer, Renato C. Sunico, noted the Company's unaudited net
loss is estimated at PhP50.76 million. This was attributed to
the flat sales volume and the increase in the cost of goods.

The Company has decided to take provisions due to expectations
that some assets will not be operational for some years given
the decline in cement demand.

Republic Cement is the holdings company of Fortune Cement
Corporation, Premier Cement Corporation, Iligan Cement
Corporation, and Mindanao Portland Cement Corporation.


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


ASIA PULP: Sarawak to Resume $1.3B Borneo Pulp Project
------------------------------------------------------
The Sarawak State Government announced on May 23 that it has
reluctantly taken the unprecedented step to resume the tree
plantation land alienated earlier for the Borneo Pulp & Paper
project.

This step was taken after lengthy and careful considerations.
This is a difficult decision, but is necessary in order to move
ahead with the project, and to protect the interest of the
state, and her people.

It is important for Sarawak to move ahead with the project in
order to develop a viable pulp and paper industry in Sarawak,
bringing further socio-economic development to Sarawak, and her
people, and more importantly, to further diversify the State's
economy.

In 1996, Sarawak Timber Industry Development Corporation, a
state statutory board, entered into a joint venture with Asia
Pulp & Paper Co. Ltd to implement the project. APP is the
majority shareholder and the project manager under the joint
venture agreement.

However, six years ago, the construction of the pulp mill has
yet to start, and the development of commercial tree plantation
is far behind schedule. On the part of STIDC, it has procured
all the necessary approvals to enable the project to move ahead.

On 12 March 2001, APP has unilaterally declared debt moratorium
against its worldwide creditors of over US$13 billion (more than
RM50 billion).

On 3 July 2001, APP was suspended and delisted from New York
Stock Exchange, and one year on, there does not seem to be any
significant progress in its complex debt restructuring.

Under these circumstances, STIDC on 15 October 2001, made an
offer to purchase the shares of APP in the joint venture
companies. However, some six months later, the parties have not
reached a settlement and the offer by STIDC has lapsed on 30
April 2002. In addition, on 9 May 2002, the syndicated lenders
served a letter of demand on BPP, demanding for payment of all
outstanding indebtedness.

As a result, the Sarawak State Government has no alternative but
to reluctantly take the unprecedented step to resume the tree
plantation land and to compensate the lenders and the joint
venture companies in accordance with the Sarawak Land Laws.

In conclusion, the Sarawak State Government wish to say that the
six years delay in the project is unfortunate, and as much as it
is reluctant to do so, it has to act responsibly by taking the
unprecedented step to resume the tree plantation land alienated
to the project earlier. This is to enable the State Government
to move ahead with the project, bring further economic
development to Sarawak, to diversify its economy, and to protect
the interest of the State and her people, and to look after the
welfare of the staff, who have been so loyal and dedicated
despite the many challenges they are facing as a result of
financial predicaments facing the projects.

For further information, please contact:
Suraya Suib
Office of the Permanent Secretary
Ministry of Planning and Resource Management
Sarawak, Malaysia
Telephone: 082-440137
Fax: 082-442755


KEPPEL TELECOM: Mulls Sale of Non-core Assets
---------------------------------------------
Keppel Telecommunications & Transportation Ltd is planning to
sell non-core assets with a combined book value of $390 million
by end-2002 to focus on building up its network engineering and
solutions arms, Business Times reports, citing Chief executive
officer Chia Boon Tat.

KT&T, the telecoms arm of listed conglomerate Keppel Corp, added
that management has set a target of bagging sales of $1 billion
by FY 2005.

The Company said sales of 10 ships with a book value of $140
million, logistics warehouses valued at $127 million and its 35
percent stake in telecoms provider MobileOne(Asia), estimated at
$123 million, will not be sold at bargain prices.

Investment bankers have been engaged for the sale of the ships
and warehouses and decisions on their divestments would be made
by the fourth and third quarters respectively.

KT&T's $585 million debt should be cleared by next year if its
divestment plan works out. Chief financial officer Raymond Quek
said KT&T would continue to evaluate all funding alternatives,
including equity calls, if divestments do not take place as
planned.

At the end of 2001, Keppel T&T had negative working capital, as
current liabilities were S$718.96 million while total current
assets were only S$287.48 million.

The Company in April was reprimanded by the Singapore Exchange
Ltd. for failing to disclose details of a controversial
interest-free loan of US$80 million granted by Keppel Corp. to
Keppel T&T shareholders Philip and Victor Friedman.


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


DELTA HOLDING: Files Business Reorganization Petition
-----------------------------------------------------
The Petition for Business Reorganization of Delta Holding
Company Limited (DEBTOR), engaged in building management and
selling of building material, was filed at the Central
Bankruptcy Court:

    Black Case Number 165/2545

    Red Case Number 309/2545

Petitioner: DELTA HOLDING COMPANY LIMITED

Planner: DELTA HOLDING COMPANY LIMITED

Debts Owed to the Petitioning Creditor: Bt549,325,570.44

Date of Court Acceptance of the Petition: February 1, 2002

Date of Examining the Petition: March 4, 2002 at 9.00 A.M.

Court Order for Business Reorganization and Appointment of
Planner: March 4, 2002

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

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette: April 2, 2002

Deadline for the Planner to submit the Reorganization Plan to
the Official Receiver: July 2, 2002

Contact: Ms. Piyanunt Tel, 6792525 ext. 114


HEMARAJ LAND: Gives Notice of Exercise of Warrants   
--------------------------------------------------
Hemaraj Land and Development Public Company Limited alerted  
warrant holders regarding the exercise procedures as follows:

1. Exercise Date  : June 17, 2002.

2. Exercise Period: From  June 1, 2002. - June 14, 2002
During Business day from 8.30 a.m. to 3.30 p.m.

3. Place  

Hemaraj Land and Development Public Company Limited
18th Fl., UM Tower,
9 Ramkhamhaeng Road,
Suanluang, Bangkok 10250

Tel. 0-2719-9555 Fax. 0-2719-9546 or the office of every Finance
and Securities Companies and/or every Securities Companies
within the exercise period

4. Exercise ratio and exercise price : 1 warrant can be
exercised to 1 common share at Bt3.00 per share.


THAI HEAT: SET Lifts Suspension
-------------------------------
Thai Heat Exchange Public Company Limited (THECO) has
completed its debt restructuring agreement by more than 50
percent of its total debts. The Central Bankruptcy Court  
approved the rehabilitation plan of THECO on 30 January 2002.
THECO also submitted a petition for trading reinstatement to the
SET. In addition, THECO has already disclosed major elements  of
its debt restructuring agreements and rehabilitation plan, as  
specified by the SET's rules (details as on Public SIMS dated 22
May 2002). Therefore, the SET decided to lift "SP" sign from
THECO's securities on 5 June 2002 to allow securities trading  
in the REHABCO sector. Shareholders and investors should follow
the company's debt restructuring and its rehabilitation plans
before making investment decision.

However, since this issue may affect the stock price of
the company in the market. Therefore, according to Clause 24 (3)
and (6) of the regulation on trading, clearing and settlement of
securities in the Exchange (No.2), 1999, the ceiling and floor
limits on the main board of the securities of THECO will be
temporarily removed on 5 June 2002 to allow the market mechanism
to work freely.   


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 ***