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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, June 6, 2002, Vol. 5, No. 111

                         Headlines


A U S T R A L I A

ANACONDA NICKEL: Updates Negotiations With Secured Creditors
ANACONDA NICKEL: Fluor Arbitration Closing Submission Completed
ANALYTICA LIMITED: Discloses Chairman's Letter on Rights Issue
ANALYTICA LTD: Psiron to Participate in Rights Issue

ANSETT GROUP: Kendell Sale Makes Progress
AUSDOC GROUP: N M Rothschild Ceases to be Shares Holder
GENETIC TECHNOLOGIES: Disposes Victorian Mining Assets

C H I N A   &   H O N G  K O N G

CIL HOLDINGS: Posts Revised Scheme Details
KAM HOI: Hearing of Winding Up Petition Set
HINet HOLDING: Name Change Officially Approved
WIN INTERNETWORKS: Parallel Trading to Commence Friday
WIRELESS INTERNETWORKS: Issues Restructuring Agreements Details

YING LEE: Winding Up Petition Set for Hearing


I N D O N E S I A

SALIM GROUP: IBRA Asks Holdiko to Keep Asset Sales on Schedule


J A P A N

ALL NIPPON: Will Cut Low-Profit Domestic Routes
DAIEI INC: Managers' Early Retirement Implementation Likely
FUJIKI KOMUTEN: Files for Bankruptcy Protection
HOKKAIDO INTERNATIONAL: Suffers JPY300M Loss, Owes Taxes, Fees   
NISSAN CONSTRUCTION: State Employment Aid Forthcoming

SNOW BRAND: Appoints Consumer Group Chief to Board
SNOW BRAND: Seeking Ties With Asahi Breweries, Nestle


K O R E A

DAEWOO MOTOR: Korea, Poland to Work on Reviving Polish Plant
HYNIX SEMICON: Moves Shareholders' Meeting to July 24
HYNIX SEMICON: Sinks 14% on Concern Creditors May Sell Stock
JONGRO BOOKSTORE: Files for Bankruptcy With KRW2B Debt
KUKJE CORP: Woori to Auction $190M Shares

SAMSUNG ELECTRONICS: Shares Up by 1.3%
SEOUL BANK: Hana Take-over Likely
SEOUL BANK: May Be Sold in July or August


M A L A Y S I A

ACTACORP HOLDINGS: Debt Restructuring Scheme Talks Continue
AOKAM PERDANA: Still in Loan Rescheduling Talks With Lenders
CHASE PERDANA: Awaits KLSE, Lender Comments on Plan
CHG INDUSTRIES: Appoints KPMG Corporate as Financial Adviser
CYGAL BERHAD: Restructuring Plan Implementation Request Pending

ESPRIT GROUP: In Proposed Workout Scheme Talks With Danaharta
KEMAYAN CORPORATION: Restraining Order Extended To June 25
LION CORPORATION: Proposed GWRS Still in Progress
MBF CAPITAL: Proposed Restructuring Scheme Submission Set
MBF HOLDINGS: Reviews Proposed SOA Execution Legal Docs

PANCARAN IKRAB: Currently in Scheme Talks With Legal Adviser
PERDANA INDUSTRI: July Scheme Implementation Likely
PROJEK LEBUHRAYA: Existing Bonds Fully Redeemed
SCK GROUP: In Rights Issue Negotiations With Lenders   
TECHNO ASIA: Seeks Articles of Association Amendments at AGM

TRANSWATER CORP.: Financial Regularization Plan Ongoing


P H I L I P P I N E S

METRO PACIFIC: Board Supports Management, Debt Rehab Plans
METRO PACIFIC: SM, FBDC Unit in Talks on Fort Boni Assets
NATIONAL BANK: Selling PhP4B Acquired Assets, Non-allied Unit
PHILIPPINE LONG: Board Determined to Block JG Summit Buy
PHILIPPINE LONG: PSE to Review First Pac Stake Sale

RFM CORPORATION: F&B Firm Corrects Profit to Loss


S I N G A P O R E

L & M GROUP: Debt Restructuring Proposal Lapses


T H A I L A N D

SINO-THAI ENGINEERING: Expects Part in Airport Contract
THAI TELEPHONE: Reports May 2002 Warrant Exercise
U.M.I. - LAUFEN: Files Business Reorganization Petition


* DebtTraders Real-Time Bond Pricing


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


ANACONDA NICKEL: Updates Negotiations With Secured Creditors
------------------------------------------------------------
Anaconda Nickel Ltd announced Wednesday that its senior
management and advisors met last week with representatives of
the secured creditors of Murrin Murrin Holdings Pty Ltd (MMH), a
wholly owned subsidiary of Anaconda Nickel Ltd. The meeting was
part of Anaconda's ongoing negotiations with its secured
creditors to progress the restructuring of the MMH debt and the
re-capitalization of the Company.

Anaconda anticipates the negotiations with secured creditors
will continue for an extended period of time with a further
meeting scheduled in mid-June. However the timing for final
negotiations with MMH's secured creditors and the ultimate
outcome of those negotiations remains uncertain.

Anaconda reached a forbearance agreement with secured creditors
until 28 June 2002. In April secured creditors also agreed to
the provision to the Murrin Murrin Joint Venture of a
US$l0 million short term financing facility (US$6 million net
available to MMH) which ANL has not had to call upon, following
cost cutting measures, improving nickel price and improved
production performance.


ANACONDA NICKEL: Fluor Arbitration Closing Submission Completed
---------------------------------------------------------------
Anaconda Nickel Ltd said on Wednesday that the closing
submissions have now been completed by both parties in the
arbitration process between Anaconda Operations Pty Ltd, on
behalf of the participants in the Murrin Murrin Joint Venture,
and Fluor Australia Pty Ltd.

In the arbitration, Anaconda is claiming damages for breach of
contract for defective design and construction of the Murrin
Murrin plant, and other amounts for late completion and slower
ramp-up of the plant. Fluor is counterclaiming for the return of
monies provided as security for performance of its contractual
obligations and payments of money alleged to be due on
outstanding invoices.

An interim award is expected from the arbitration tribunal in
July 2002. This will determine Anaconda's claims against Fluor
which relate to defects in the screening and acid leach
circuits where the majority of technical difficulties in the
plant have been encountered, and Fluor's counterclaim against
Anaconda. It is expected the arbitration process could continue
for approximately another year to resolve the balance of
Anaconda's claims in other areas of the plant. Rights of appeal
for both parties are limited to substantive matters of law.

The Company continues to have a reasonable expectation of a
favorable outcome from the arbitration process, although this
cannot be predicated with certainty. It should also be noted
that the ultimate allocation of any amounts awarded to the
Murrin Murrin Joint Venture will be subject to the debt
restructuring negotiations currently underway with secured
creditors.


ANALYTICA LIMITED: Discloses Chairman's Letter on Rights Issue
--------------------------------------------------------------
Analytica Limited disclosed the letter from Chairman S Jones:

Following the involvement of new Board and Management and the
introduction of a new major shareholder, Analytica Ltd now
stands as a biotechnology company which enjoys the dual benefits
of cash flows from its newly acquired medical diagnostics
business plus the development potential of its existing
Intellectual Property (IP) portfolio.

This rights issue will raise approximately $1,330,000 to fund
the company's expansion following its completed restructure. The
offer is a renounceable pro rata rights issue made on the basis
of one New Share for every one share held. The issue is fully
underwritten by Australian Technology Innovation Fund Limited.

The funds raised will:

   * Provide capital to allow the Company to pursue high growth
through new diagnostic project development, which at the time of
writing, will double the Company's product range within 6
months;

   * Provide investment monies to grow the Company's proven cash
flow positive diagnostics business by acquisitions, three of
which are currently being pursued;

   * Provide working capital to fund the growth requirements of
the Company's diagnostics business;

   * Provide investment monies to allow participation in
development opportunities arising from the Company's existing
Intellectual Property (IP) portfolio principally in the sPLA2
project, which is planned to be co-developed with Psiron Ltd;

   * To retire debt under the "come and go" facility with
Psiron;

   * Provide monies to fund a possible early retirement of the
Deed of Company Arrangement.

The Company plans to grow by acquisition of similar businesses,
and organically through internally funded research and
development and through projects funded jointly with third
parties.

Analytica Ltd has recently acquired a cash flow positive
diagnostics business, which it will develop into a significant
operating business through the development and licensing in of
new products and through acquisition.

The longer-term aim of the Company for this part of the business
will be to have a market presence in new technologies and in in-
patient care developments in the diagnostics arena.

The Company also intends to develop its sPLA2 Intellectual
Property. The Company will seek to maximize its return from this
IP through either the sale of the technology, a co-funding or
licensing arrangement. The Company is presently examining an
expression of interest from Psiron Ltd in acquiring the sPLA2
technology. As a result the Company is commissioning an
Independent Experts Report for the valuation of the IP. If this
transaction were to proceed a shareholders meeting would be held
to approve the transaction.

It is the Company's objective to be requoted on the ASX in the
week commencing 5 August 2002, which will return liquidity to
shareholders. The rights issue will allow the Company to take
advantage of the opportunities presented by its new diagnostics
business as well as its existing proprietary interests. To
provide a stable financial platform, financial restructure is
required. In this regard the restructure of debt in the
Company's Balance Sheet is desirable and will allow the Company
to grow and finance the growth of its businesses in a prudent
manner.

Analytica will be well positioned to grow both its operations
and investments in a manner, which should add to shareholder
wealth in the nearer term. I commend Analytica to you as a solid
biotechnology investment with a superior outlook and ask you to
support your Company by taking up your rights entitlement
offered in this prospectus.


ANALYTICA LTD: Psiron to Participate in Rights Issue
----------------------------------------------------
Biotechnology company Psiron Ltd has announced Wednesday that it
will participate in the rights issue by Analytica Ltd, the
biotechnology company in which Psiron Ltd took a major stake
last year. To see details of the Offer, go to
http://www.bankrupt.com/misc/TCRAP_Analytica0606.doc.

Psiron Ltd Chief Executive Officer Ron van der Pluijm said
Psiron Ltd would take up 11 million shares under the one-for-one
rights issue and would make the remainder of its entitlements, 5
million shares, available for purchase by Psiron Ltd
shareholders. Psiron Ltd holds 60 percent of Analytica Ltd,
acquiring the stake last year as part of a restructure of
Analytica Ltd in which Psiron Ltd sold its diagnostics business
to Analytica Ltd.

"The diagnostics business originated in Psiron and while Psiron
maintains its involvement through its stake in Analytica we are
also offering Psiron shareholders the opportunity to make a
direct investment in its further development by exclusively
reserving 5 million shares for them," Mr van der Pluijm said.

"Analytica's rights issue will raise about $1.3 million which
will fund Analytica's growth and reduce debt. This is an
extremely positive move for Analytica and it is also extremely
positive for Psiron which has created an important alliance in
the biotechnology sector through its majority sake in
Analytica."

Following the rights issue, Psiron Ltd will hold just over 50
percent of Analytica Ltd. In exchange for the 11 million shares
it will take up under the rights issue. Psiron Ltd will reduce
the amount of debt owed to it by Analytica Ltd under the terms
of a pre-existing agreement.

Analytica Ltd's rights issue is a fully underwritten and
renounceable. It offers a total of 26.6 million shares on a
one-for-one basis at 5 cents each. Australian Technology
Innovation Fund Ltd (ATIF) has underwritten the issue and Psiron
Ltd has entered into a sub-underwriting agreement with ATIF for
the 5 million shares, which are to be offered to Psiron
shareholders.


ANSETT GROUP: Kendell Sale Makes Progress
-----------------------------------------
Kendell Airlines Administrator Mark Mentha said on Monday that
the Ansett subsidiary would be sold to the Australiawide
Consortium later this month pending finalization of
documentation regarding the two airline sale also including
Hazelton Airlines.

The CEO elect of the Australiawide Consortium Mr Michael Jones
will commence a "meet the staff" roadshow this week from
Wednesday initially visiting Wagga, (Kendell Airlines home
base), Orange (Hazelton Airlines base), Melbourne and Adelaide.

"We expect to transfer full ownership to Australiawide within
the next two months. We are now finalizing sale contract
documentation, it is a very complex transaction given that this
is a two airline sale, to a multi-member consortium" Mr Mentha
said.

Commenting on the "Meet the Staff" roadshow he said: "It will be
well received. The commitment and resolve of Kendell employees
throughout the past eight months has been outstanding and will
stand the airline in good stead to regain its position as
Australia's premier regional airline," he added.

"We restarted Kendell Airlines in September 2001 with Federal
Government support and are now operating regular flights to many
key centers in four states," he said.

"Among the staff, we have seen many examples of dedication,
often voluntary, to support their airline's recovery. A staff
marketing campaign and flyer was backed by a network-wide effort
involving Pilots, Flight Attendants, Engineers, Administrative,
sales and marketing staff to inform the traveling public that
Kendell is alive, well and operating."


AUSDOC GROUP: N M Rothschild Ceases to be Shares Holder
-------------------------------------------------------
N M Rothschild Australia Holdings Pty Limited ceased to be a
substantial shareholder in Ausdoc Group Limited on 01/May/2002.

Days ago, TCR-AP reported that AUSDOC Group has entered into
exclusive negotiations with a party interested in acquiring its
DX Express, Australian Document Exchange (GoFirst) and
GoMailroom management businesses (DX Group) and decided to close
its GoMail mail aggregation and sorting business.


GENETIC TECHNOLOGIES: Disposes Victorian Mining Assets
------------------------------------------------------
Genetic Technologies Limited announced on Wednesday the sale of
all of its remaining Victorian mining assets. This disposal was
achieved by GTG selling all issued shares in its wholly owned
subsidiary, Mt Alexander Goldfields NL. The sale was settled on
4 June 2002.

As a result of this sale, GTG receives $300,000 cash and may
also reverse a past provision for rehabilitation of $250,000,
which is no longer, required. The sale therefore has a $550,000
positive effect on the financial results of GTG for the year
ended 30 June 2002. GTG also receives back its performance bonds
amounting to $117,000.

This disposal is consistent with current GTG policy of in future
only pursuing opportunities in biotechnology - and of disposing
of past mining assets opportunistically. The only remaining
mining asset now held by GTG is the 21.18% joint venture
interest in the Duketon Belt Joint Venture in Western Australia
with Newmont Australia as the Joint Venture partner and manager.


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C H I N A   &   H O N G  K O N G
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CIL HOLDINGS: Posts Revised Scheme Details
------------------------------------------
The Directors of CIL Holdings Limited announced that the
Circular in relation to, inter alia, the Restructuring Proposal,
the Discloseable Transaction and the Connected Transaction,
containing the letter from the Independent Board Committee and
the letter from the joint independent financial advisers, was
dispatched to the Shareholders on 31st May 2002.

In relation to the Scheme, the Directors decided to make certain
changes to the terms of the Scheme. Below is a summary of the
important details of the Scheme presently proposed:

Principal terms

Based on the unaudited management accounts of the Company as at
30th April 2002, the Total Indebtedness amounted to
approximately HK$220 million comprising Gross Secured
Indebtedness of approximately HK$63.5 million and Unsecured
Indebtedness of approximately HK$156.5 million. The Total
Indebtedness does not take into consideration any of the
disputed claims and contingent claims against the Company (the
"Disputed Claims") and the Preferential Claims (as defined
below). Disputed Claims are those disputed claims and contingent
claims against the Company, and any other claims that may be
made against, or contingent liabilities of, the Company, that
are not admitted by the Company. Based on the unaudited
management accounts of the Company as at 30th April 2002, the
Disputed Claims amounted to approximately HK$58 million made
against the Company, which included certain litigation claims of
approximately HK$32 million and other claims in dispute but not
involving any legal proceeding of approximately HK$26 million,
but excluded any related legal costs.

The Company has on previous occasions attempted to settle the
Disputed Claims but without any success. As the Disputed Claims
will be excluded from the Scheme, none of the creditors of the
Disputed Claims will be eligible to participate in the Scheme.
The Scheme has been designed to ensure all claims are valued and
agreed as fairly as possible. However, the Directors can give no
assurance that the Disputed Claims, or any part of them, will
not be admitted as debts of the Company by any court of law.
Since the Scheme will exclude the Disputed Claims, the Disputed
Claims will not be discharged even if the Scheme is sanctioned
by the Courts and becomes effective. If and to the extent that
any of the Disputed Claims succeeds in its claim, it is likely
that the Directors will be forced to permit the Company to go
into liquidation because it is likely that the Company may not
have sufficient funds to settle the Disputed Claims. The Company
will ensure the claimants in relation to the Disputed Claims
will be informed that their claims will be excluded from the
Scheme and treated as Disputed Claims on or before the date of
the Special General Meeting.

The Scheme, if successfully implemented, will have the following
principal effects:

On the Record Date:

   (i)  all Preferential Claims (as defined below) against
the Company will be paid in full.

   (ii)  the Total Indebtedness will be restructured and
discharged, such that:

     (a)  the Company will surrender the Mortgaged Property to
the Secured Creditor to partially settle an amount of HK$4
million;

     (b)  the Gross Secured Indebtedness will be written down
by an amount of HK$4 million and the difference of approximately
HK$59.5 million will be reclassified into the Total Unsecured
Indebtedness;

     (c)  the Total Unsecured Indebtedness shall be discharged
whereby the Scheme Creditors will receive cash in settlement
thereof or, if they so elect, Consolidated Shares; and

     (d)  the Scheme Creditors will release and waive all
interest and penalty interest accrued since 1st January 2001 and
fully release all guarantees provided to them.

Principal terms of the Scheme

Preferential Claims

The Scheme will discharge all claims against the Company which
would, if the Company had commenced to be wound up on the
effective date of the Scheme, have been payable out of the
assets of the Company pursuant to the Companies Ordinance and/or
the Companies Act in priority to the claims of the general
unsecured creditors of the Company (Preferential Claims). The
Preferential Claims will be settled in priority to the
distribution in respect of the claims of the Scheme Creditors;
all Preferential Creditors will be entitled to claim the non-
preferential balance (if any) against the Company. Preferential
Claims include, but are not limited to, statutory debts such as
taxes and rates payable by the Company, and employees' salaries
claims. The total amount of the Preferential Claims cannot be
ascertained as at the date of this announcement.

Gross Secured Indebtedness

Upon the Scheme becoming effective, the Gross Secured
Indebtedness will be written down by an amount of HK$4 million,
being the assessed value of the Mortgaged Property as appraised
by Grant Sherman Appraisal Limited, which is an independent
valuer, and the Company will transfer the Mortgaged Property to
the Secured Creditor. The Secured Creditor alone will have
recourse against that Mortgaged Property for the repayment of
the Gross Secured Indebtedness; the difference will then be
reclassified and become part of the Total Unsecured
Indebtedness.

The Mortgaged Property is owned by Finemost Investments Limited,
a wholly-owned subsidiary of the Company. The Mortgaged Property
was previously used as an office of the Group and the Group has
already rented another office for replacement in this
connection. Save as the aforesaid, the Directors believe that
the transfer of the Mortgaged Property to the Secured Creditor
pursuant to the Scheme will not have any material impact to the
operation of the Group. The Mortgaged Property had a net book
value of approximately HK$20 million as at 30th June 2001 based
on the audited consolidated accounts of the Group. The transfer
of the Mortgaged Property to the Secured Creditor would result
in a deficit of approximately HK$16 million over the net book
value of the Mortgaged Property as at 30th June 2001.

Unsecured Indebtedness

Upon the Scheme becoming effective, the Total Unsecured
Indebtedness will be discharged in full and the Scheme
Creditors, as agreed or determined by reference to the notice of
claims filed in accordance with the Scheme and upon their
notices of claim being admitted or approved, will receive cash
unless and to the extent the Scheme Creditors make valid
elections to receive Consolidated Shares (credited as paid up in
full at par). Pursuant to the Scheme, one Consolidated Share
will be issued in discharge of every HK$0.05 of the valid claims
of the Scheme Creditors. The cash available to the Scheme
Creditors is in a maximum amount of HK$35,000,000 (less any
costs, charges and expenses of and incidental to the
implementation of the Scheme or otherwise as may be agreed by
the Company, the Subscriber and Mr. Ke) and will be provided
only from the sums payable by the Subscriber for the
Recapitalization Shares. Subject to this limitation, Scheme
Creditors who do not elect to receive Consolidated Shares will
receive cash payment on a pro rata basis based on each Scheme
Creditor's portion of the Total Unsecured Indebtedness against
the proceeds from the subscription of the Recapitalization
Shares (being HK$35,000,000 less any costs, charges and expenses
of and incidental to the implementation of the Scheme or
otherwise as may be agreed by the Company, the Subscriber and
Mr. Ke).

SCHEME CREDITORS WHO RECEIVE CONSOLIDATED SHARES WILL NOT
RECEIVE ANY CASH PAYMENT AND SCHEME CREDITORS WHO RECEIVE CASH
PAYMENTS WILL NOT RECEIVE ANY CONSOLIDATED SHARES.

The Consolidated Shares upon issue to the Scheme Creditors will
rank pari passu in all respects with the other Consolidated
Shares then in issue, including as to the right to receive all
dividends and distributions, which may be declared, made or paid
thereafter.


KAM HOI: Hearing of Winding Up Petition Set
-------------------------------------------
The petition to wind up Kam Hoi Tour Services Company 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 March
4, 2002 by Law Wai Biu of Flat 1103, 11th Floor, Wah On House,
Wah Fu Estate, Hong Kong.  


HINet HOLDING: Name Change Officially Approved
----------------------------------------------
The Board of Directors of REXCAPITAL International Holdings
Limited, formerly HiNet Holdings Limited, announced that the
Company shareholders passed the special resolution on 14th May,
2002 to change the name of the Company to REXCAPITAL
International Holdings Limited.

The Directors announced that all the necessary documents have
been filed with the Registrar of Companies in Bermuda. The
Company has received the "Certificate of Incorporation on Change
of Name" issued on 15th May, 2002 by the Registrar of Companies
in Bermuda. It has also received on 27th May, 2002 the
"Certificate of Registration of change of Name of Oversea
Company" issued on 24th May, 2002 by the Registrar of Companies
in Hong Kong.

Trading of shares and warrants of the Company on The Stock
Exchange of Hong Kong Limited under the new name will take
effect on 11th June, 2002.

The change of name of the Company will not affect any of the
rights of the shareholders and holders of warrants of the
Company. All the existing certificates for shares and warrants
in issue bearing the former name of the Company will continue to
be effective as evidence of title and be valid for trading,
settlement and registration purposes.

Accordingly, there will not be any arrangement for free exchange
of existing certificates for shares and warrants for new
certificates under the new name. After the change of name has
become effective, any new share and warrant certificate of the
Company will be issued in the new name of the Company.


WIN INTERNETWORKS: Parallel Trading to Commence Friday
------------------------------------------------------
Market participants are requested to note that the parallel
trading in the ordinary shares of Wireless InterNetworks Limited
will commence at 9:30 a.m. on Friday, 7/June/2002 under the
following particulars:

Stock Code    Stock Short Name   Board Lot    Certificate Color
---------     ----------------   ---------    -----------------
261             WIN-NEW          2,000 shares    Yellow
2936            WIN-OLD          200 shares      Light Blue

Settlement of trading at each counter shall be in respect of the
shares traded at the respective counters.


WIRELESS INTERNETWORKS: Issues Restructuring Agreements Details
---------------------------------------------------------------
Wireless InterNetworks Limited, to be renamed as CCT Technology
Holdings Limited, announced that at completion of its
Restructuring Agreements, ESL became a direct wholly-owned
Company subsidiary.  The parties to the Ongoing Connected
Transactions are ESL of one part and CCT Telecom (HK), CCT
Properties and Neptune of the other.  

CCT Telecom is a substantial shareholder of the Company and each
of CCT Telecom (HK), CCT Properties and Neptune is an indirect
wholly-owned subsidiary of CCT Telecom and are, therefore,
connected persons of the Company on completion of the
Restructuring Agreements.  Accordingly, these transactions
constitute connected transactions of the Company.

The First Transactions, each with an annual amount of not more
than the higher of 3 per cent of the net tangible asset value of
the Company or HK$10,000,000, are subject to disclosure by way
of a press notice, the annual report and Company accounts
pursuant to Rule 14.25(1) of the Listing Rules.

The Second Transactions, each with an annual amount of more than
the higher of 3 per cent of the net tangible asset value of the
Company or HK$10,000,000, are subject to disclosure and approval
of the Independent Shareholders.

In view of the recurring nature of the First Transactions and
the Second Transactions, it will be impracticable to make
disclosure and/or obtain prior shareholders' approval each time
ESL enters into the First Transactions and the Second
Transactions.  The Company will apply to the Stock Exchange for
a waiver from strict compliance with the requirements set out in
Rules 14.25 and 14.26 of the Listing Rules and the Stock
Exchange has indicated that it will consider granting such
waiver subject to the following conditions:

(a) Cap amount for the First Transactions:

   (i) the management fee payable to CCT Telecom (HK) will not be
more than the higher of HK$10,000,000 or 3 per cent. of the net
tangible asset value of the Company; and

   (ii) the annual rental of certain parts of Gaobu Factory
payable to CCT Properties will not be more than the higher of
HK$10,000,000 or 3 per cent. of the net tangible asset value of
the Company.

Cap amount for the Second Transactions:

   (i) the amount of the sale of the Products to CCT Telecom (HK)
for each of the three financial years ending 31 December 2004
will not exceed HK$111,000,000, HK$155,000,000 and
HK$217,000,000 respectively; and

   (ii) the amount of the purchases of the Materials from
Neptune for each of the three financial years ending 31 December
2004 will not exceed HK$60,000,000, HK$83,000,000 and
HK$116,000,000 respectively.

(b) The First Transactions and the Second Transactions shall
be:

   (i) entered into in the usual and ordinary course of
businesses of ESL;

   (ii) conducted either (A) on normal commercial terms; or
(B) if there is no available comparison, on terms that are fair
and reasonable so far as the shareholders of the Company, taken
a whole, are concerned; and

   (iii) entered into either (A) in accordance with the terms
of the agreements governing such transactions; or (B) if there
are no such agreements, on terms that are no less favorable than
terms available to or from independent third parties.

(c) Brief details of the First Transactions and the Second
Transactions will be disclosed as required under Rule
14.25(1)(A) to (D) of the Listing Rules in the Company's next
and each successive annual report together with a statement of
the opinion of the independent non-executive Directors and the
Auditors referred to in paragraphs (d) and (e) below.

(d) The independent non-executive Directors shall review the
First Transactions and the Second Transactions annually and
confirm in the Company's annual report and accounts for the year
in question that such First Transactions and the Second
Transactions were conducted in the manner as stated in
paragraphs (a) and (b) above.

(e) The Auditors shall review the First Transactions and the
Second Transactions annually and confirm to the Directors in
writing in respect of each relevant financial year, during which
the First Transactions and the Second Transactions were
conducted, stating that:

   (i) the First Transactions and the Second Transactions have
been approved by the Directors;

   (ii) the First Transactions and the Second Transactions
have been entered into in accordance with the terms of the
agreements relating to the transactions in question or where
there is no such agreement, on terms being no less favorable
than those available to/from independent third parties;

   (iii) the value of the First Transactions and the Second
Transactions has not exceeded the annual limit set out in
paragraph (a) above; and

   (iv) the First Transactions and the Second Transactions
have been entered into in accordance with the pricing policies
of the Group as stated in the Company's financial statements,

and where for whatever reasons, the Auditors decline to accept
the engagement or are unable to provide the Auditors' letter,
the Directors shall contact the Listing Division of the Stock
Exchange immediately.

(f) The Company and the connected persons shall provide to the
Stock Exchange an undertaking that, for so long as the Shares
are listed on the Stock Exchange, it will provide the Auditors
with full access to its relevant records for the purpose of the
Auditors' review of the First Transactions and the Second
Transactions referred to in (e) above; and

(g) In the event that:

   (i) the total amount of the First Transactions and the Second
Transactions have exceeded the caps; or

   (ii) there is any material amendments to the terms of the
First Transactions and the Second Transactions,

the Company will, in relation to the First Transactions and the
Second Transactions, comply with the applicable provisions of
the Listing Rules governing connected transactions or will apply
for waiver from strict compliance with the relevant
requirements.

In respect to the caps for the Second Transactions set out in
(a) above, they are determined with reference to (1) the
historical figures of the Second Transactions; and (2) the
anticipated business growth of ESL in the next three years.

A circular containing, inter alia, (1) details of the Second
Transactions; (2) notice of the Special General Meeting; (3)
letter of advice from the independent financial adviser; and (4)
recommendation of the independent board committee of the
Directors will be dispatched to the shareholders of the Company
as soon as practicable.

For the period from 1 July 1999 to 30 September 2001, the
previous board of Directors did not publish the annual report,
which constituted a breach of the Listing Rules.  The delay in
publication of the audited results and the dispatch of the
annual report constituted a breach of Paragraphs 8(1) and 11(1)
of the Listing Agreement.  The new Directors will look into the
matter immediately.  The Directors will ensure full compliance
with the Listing Rules in the future.  The Stock Exchange has
indicated to reserve its rights to take appropriate actions
against the Company in this regard.  

The board of Directors has resolved that the Company will change
its accounting year end date from 30 September to 31 December
effective from the year of 2002.  In the meantime, trading of
the shares of the Company will remain suspended.


YING LEE: Winding Up Petition Set for Hearing
---------------------------------------------
The petition to wind up Ying Lee Engineering Limited is
scheduled for hearing before the High Court of Hong Kong on July
3, 2002 at 11:3.0 am.  

The petition was filed with the court on April 2, 2002 by Chiu
Sau Cho of Flat 1, 17th Floor, Yau Hong House, Tin Yau Court,
Tin Shui Wai, Yuen Long, New Territories, Hong Kong.  


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


SALIM GROUP: IBRA Asks Holdiko to Keep Asset Sales on Schedule
--------------------------------------------------------------
The Indonesian Banking Restructuring Agency (IBRA) requested PT
Holdiko Perkasa stick to its schedule disposing of its remaining
assets of Salim Group, AFX Asia reports, citing IBRA Public
Relations Division Dead Raymond van Bekum.

Earlier, Holdiko said it will halt temporarily its plan to sell
the remaining assets of Salim Group following the rulings of the
Business Competition Oversight Committee (KPPU) to sanction Rp5
billion at Indomobil stake sale scandal.

Holdiko President Scott Coffey said the company was fined Rp5.0
billion by the KPPU. He added that the decision to suspend
further sales was recommended by Holdiko's Laywer Todung Mulya
Lubis.

"We respect Holdiko's decision to suspend further asset
disposals. However, we ask that Holdiko keep to their asset sale
plan. If Trimegah Securities is the financial advisor for the
sales, then we leave it (the decision) to Holdiko but otherwise,
they must go forward according to the schedule," van Bekum
concluded.

KPPU penalized PT Trimegah Securities after it found
irregularities in the sale of Indomobil.

IBRA intends to call on Scott Coffey to explain the company's
decision to suspend further asset sales.


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


ALL NIPPON: Will Cut Low-Profit Domestic Routes
-----------------------------------------------
All Nippon Airways Co. said Tuesday the Company would withdraw
its low-profit domestic routes and divert it to more crowded
routes to boost highly profitable flights between Haneda and
cities of Tokyo, Fukuoka and Sapporo, Dow Jones Newswires
reported.

According to ANA President Yoji Ohashi, Japan's largest domestic
carrier will make its fares more flexible to compete with the
new airline that will be created in October through the merger
of Japan Airlines Co. and Japan Air System Co.

The company may introduce drastically discounted air tickets in
the off-peak seasons and other less busy periods, the chief
said.

ANA may also have to reduce its work force by 600 over the next
two years to cut annual costs by 5 to 10 billion yen, Ohashi
added.

The airline has already decided to sell unprofitable overseas
hotels in its aim to pay a dividend for fiscal 2003, which will
be its first in seven years.


DAIEI INC: Managers' Early Retirement Implementation Likely
-----------------------------------------------------------
Daiei Inc, currently in a restructuring program, will implement
its first early-retirement program targeted at management-level
employees, Japan Today reports.

The supermarket chain operator began accepting applications
Wednesday until Friday from managerial-level staff aged between
40 and 58 for the program, the report added.

The program, which is intended to cut about 900 jobs, offers 1.7
times the amount of retirement allowances given in cases of
voluntary resignation.


FUJIKI KOMUTEN: Files for Bankruptcy Protection
-----------------------------------------------
Fujiki Komuten Co. filed Tuesday for court protection from
creditors under Japan's Civil Rehabilitation Law with the Osaka
District Court, Dow Jones Newswires reported.

The financially troubled medium-sized construction company from
Osaka became the 21st listed Japanese firm to fail in 2002, with
63.2 billion yen in parent-only liabilities and 75.1 billion yen
on a group basis, company officials said.

Fujiki said its three main banks, UFJ Bank, Sumitomo Mitsui
Banking Corp. and Chugoku Bank turned down at the end of May the
company's business restructuring plan, including a debt waiver
worth 7.5 billion yen and 530 million yen in debt-for-equity
swaps.

The company was then unable to settle bills due June 5.

Fujiki suffered from declines in construction orders following
the collapse of the bubble economy a decade ago. It was also
hurt losses from unprofitable condominium construction finished
last fiscal year and from a shortfall of orders and construction
work.

Fujiki Komuten shares will face delisting at the Osaka
Securities Exchange effective September 5. The issue is traded
on the second section of the bourse.


HOKKAIDO INTERNATIONAL: Suffers JPY300M Loss, Owes Taxes, Fees   
--------------------------------------------------------------
Hokkaido International Airlines, known as Air Do, posted 300
million yen in unconsolidated liabilities exceeding assets in
fiscal 2001 with its accumulated loss totaling about 7.5 billion
yen, Kyodo News reported.

Air Do is in arrears to the central government for airport
landing/take-off fees and other taxes for about 900 million yen.
The airline has already received a total of 4.7 billion yen from
Hokkaido municipalities and the local business community since
its financial trouble surfaced in late 2000.

Earlier, the Troubled Company Reporter Asia Pacific reported Air
Do is attempting to forge an alliance, including a capital tie-
up, with All Nippon Airways Co. Ltd. ANA. The airline has also
expressed interest in aligning with Air Do by taking up to a 20
percent stake in the domestic carrier, as it needs to counter
intensifying competition from Japan Airlines (JAL) and Japan Air
System (JAS), which will join forces in October.


NISSAN CONSTRUCTION: State Employment Aid Forthcoming
-----------------------------------------------------
The Ministry of Health, Labor and Welfare has designated failed
midsize general contractor Nissan Construction Co. eligible for
a state employment aid program, the Japan Times reported.

The program is for two years beginning Wednesday. During the
period, the government will provide subsidies to Nissan
Construction and its business partners when they make payments
for leave allowances or job training for workers.

In late March, Nissan Construction filed for court protection
under the Corporate Rehabilitation Law with group liabilities
estimated at 114.6 billion yen. The Tokyo District Court, a
month after, approved the Company's rehabilitation measures that
includes the repayment of small liabilities of up to 2 million
yen.


SNOW BRAND: Appoints Consumer Group Chief to Board
--------------------------------------------------
Snow Brand Milk Products Co has appointed Nobuko Hiwasa, former
chief of a leading consumer group, as outside director in charge
of food safety affairs, Japan Times reported.

"It is our urgent task to regain the confidence of consumers,"
Snow Brand Milk vice president Haruhiko Okada said at a press
conference.

Company officials said the appointment of Hiwasa, a former head
of the National Liaison Committee of Consumers' Organizations,
would be approved at a shareholders' general meeting June 27.

Shareholder Ombudsman, an Osaka-based group of shareholders of
various firms that monitors the behavior of companies, proposed
the appointment of a director in charge of food safety at Snow
Brand Milk.

When Snow Brand Milk was hit by the food-poisoning scandal in
the summer of 2000, Hiwasa played an active role in calling
attention to the firm's responsibility.


SNOW BRAND: Seeking Ties With Asahi Breweries, Nestle
-----------------------------------------------------
Snow Brand Milk Products Co. President Kohei Nishi has expressed
willingness to formally seek tie-up arrangements with beer maker
Asahi Breweries Ltd. and Swiss food giant Nestle S.A., Kyodo
News reported.

In May, the struggling dairy product maker based in Shinjuku-ku,
Tokyo asked Asahi Breweries for about 500 million yen ($3.9
million) as part of the Company's plans to raise up to 12
billion yen from new shares in the coming months.

Snow Brand Milk already has a chilled products tie-up with
Nestle Japan.

Snow Brand Milk posted two weeks ago a group net loss of 71.74
billion yen for the business year to March 31, 35 percent worse
than the year before, due to plunging sales in the wake of a
food mislabeling scandal at its meat packing subsidiary.


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


DAEWOO MOTOR: Korea, Poland to Work on Reviving Polish Plant
------------------------------------------------------------
South Korea and Poland agreed they need to revive Daewoo-FSO Sp.
z o.o., a Polish subsidiary of the bankrupt Korean carmaker,
Daewoo Motor Co., the Korea Times reported.

The move comes as Daewoo FSO was excluded from a list of assets
General Motors Corp. of the United States decided to acquire.

Poland's President Aleksander Kwasniewski presented a rescue
plan for Daewoo-FSO that calls for the setting up a "clean
company to take over the Matiz production facilities from the
Polish plant, the re-distribution of equity and the continued
supply of parts for Matiz, a Daewoo brand mini-car that is also
being produced in Poland.

Korean President Kim Dae-jung reacted positively to the Polish
request, a presidential spokesman said.

Daewoo Motor and its Korean creditors are in talks with banks in
Poland over the formation of the new company, the office said.

GM's refusal to take over Daewoo FSO, 86 percent owned by Daewoo
Motor and 13 percent by Poland, has left it on the brink of
collapse.

The Polish plant has suffered a plunge in sales as domestic
demand slumped and the parent company was put into receivership
in November 2000.


HYNIX SEMICON: Moves Shareholders' Meeting to July 24
-----------------------------------------------------
Hynix Semiconductor Inc. announced it would hold an
extraordinary shareholders' meeting on July 24, Bloomberg
reported, citing spokesman Bang Min Ho. No other details were
immediately available.

Korea Exchange, Woori Bank and other Hynix creditors seized
control of the debt-ridden chipmaker Monday with the conversion
of about 3 trillion won ($2.3 billion) of debt into equity,
giving them 81 percent of Hynix.

Creditors have talked about breaking up and selling the
chipmaker to recoup some of their $5 billion loans to Hynix.
They recently named Deutsche Bank AG and Morgan Stanley Dean
Witter & Co. as the chipmaker's new financial advisers to lead
any possible asset sale.


HYNIX SEMICON: Sinks 14% on Concern Creditors May Sell Stock
------------------------------------------------------------
Shares of Hynix Semiconductor Inc. plunged as much as 14 percent
on concern some of its creditors may sell the stock after
converting the South Korean chipmaker's debt into equity,
Bloomberg reported yesterday.

The stock was trading at 470 won, a decline of 11.3 percent.

Kookmin Bank and five other lenders have the right to sell their
shares in Hynix starting Friday after converting the bonds into
stock.


JONGRO BOOKSTORE: Files for Bankruptcy With KRW2B Debt
------------------------------------------------------
Jongro Bookstore, the oldest such establishment in Seoul,
declared bankruptcy Tuesday, leaving with it a bank loan of
approximately 2 billion won.

According to a report from the Digital Chosun, Jongro Bookstore
on April 10 failed to pay its bills to some 2,000 suppliers and
publishers, an indicator for the countdown to bankruptcy.

Jongro is also thought to have borrowed from the curb loan
market and given promissory notes to up to 3,000 sub
contractors.

Competition from other large bookstores such as Kyobo,
Youngpoong Bookstore, Citi Bookstore, and online bookstores such
as Yes 24 and Aladdin cut down its market share.

Industry watchers attribute its failure to an easy-going
management that failed to cope with customers' needs like
parking lots, places to rest or bathrooms.

With capital of 2 billion won, it recorded 23.4 billion won in
sales in 2000, but netted a 224 million won fiscal loss.


KUKJE CORP: Woori to Auction $190M Shares
-----------------------------------------
Kukje Corp. main creditor Woori Bank will auction 231.6 billion
won ($190 million) of shares and bonds from the South Korean
athletic footwear-maker that has been in receivership, the Maeil
Business Newspaper said.

Woori owns Kukje bonds that have a face value of 220.4 billion
won and an 11.5 percent stake in Kukje. The shares have a
combined face value of 11.2 billion won, the report said.

Shares of Kukje, which makes athletic shoes, sports apparel and
golf accessories, rose 4.7 percent to 4,050 won Tuesday.


SAMSUNG ELECTRONICS: Shares Up by 1.3%
--------------------------------------
Samsung Electronics, the world's biggest maker of dynamic random
access memory (DRAM) chips, rose 4,500 won, or 1.3 percent, to
356,000, Bloomberg reported yesterday.

The slight increase came after Moody's Investors Service
upgraded the long-term ratings of Seoul's Samsung Electronics to
Baa1 from Baa2. The rating action reflects diversification of
the Company's profit source, as well as improvements in its
balance sheet.

In the past several years, Samsung Electronics has tried to
diversify its profit source, reducing dependence on memory
semiconductors such as DRAM and SRAM (static random access
memory), while strengthening system LSIs, LCDs (liquid crystal
displays), mobile phones and consumer electronics products.
SEC's profit source has diversified as a result, improving
stability of cash flow.


SEOUL BANK: Hana Take-over Likely
---------------------------------
LG Investment & Securities said that Hana Bank will likely take
over ailing Seoul Bank, the Korea Herald reported.

The local brokerage firm said that other contenders such as
Chohung Bank and Korea Exchange Bank are state-owned lenders,
while the others are business conglomerates such as a Dongbu
Group-led consortium and Dongdown Group-led investor group.

The government has made it clear that business conglomerates
should meet some requirements.

The government planned to auction off Seoul Bank to foreign
financial institutions since the bank was hit hard by the 1997-
98 financial crisis. The effort failed due to lack of foreign
interest in the bank.


SEOUL BANK: May Be Sold in July or August
-----------------------------------------
Chances look good that the government will reach a deal selling
the nationalized Seoul Bank to one of its potential buyers in
July or August, the Korea Times reports.

Deputy Prime Minister Jeon Yun-churl said he expects a
memorandum of understanding (MOU) to be signed with one of the
bidders for Seoul Bank during the summer.

A business consortium, local banks and international investors
are reportedly vying to take over the ailing Seoul Bank, which
received 610 billion won in public funds for recapitalization.

The bank is 100 percent owned by the state-run Korea Deposit
Insurance Corp. (KDIC).


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


ACTACORP HOLDINGS: Debt Restructuring Scheme Talks Continue
-----------------------------------------------------------
Actacorp Holdings Berhad is in continued negotiation with its
creditor banks in respect of its Debt Restructuring Scheme. The
Company has since received decision from 3 creditors banks and
currently awaiting the decision of the remaining banks.

Meanwhile the Kuala Lumpur Stock Exchange has approved the
extension of up to 30th June 2002 to enable the Company to make
its Requisite Announcement pursuant to PN4/2001.

Profile:

The Group started out as manufacturers and distributors of
agricultural chemicals and organic fertilizers. In 1991,
activities were enhanced through diversification into
engineering and construction. Participation in property
development followed in 1994.

The Group is currently in an advanced stage of negotiation for a
restructuring exercise. The proposed restructuring exercise is
intended to revitalize the Group's financial position.


AOKAM PERDANA: Still in Loan Rescheduling Talks With Lenders
------------------------------------------------------------
Aokam Perdana Berhad, in reference to its PN 1 announcement
dated 26 April 2002 and 3 May 2002 respectively, announced that
the Company is still in discussion with the relevant lenders to
restructure and/or reschedule the loan. This debt restructuring
effort is an important component of the proposed acquisition
announcement by the Company on 26 April 2002.

The proposed acquisition involves the purchase of the entire
issued and paid-up share capital of SKKPJ (TM) Sdn Bhd (SKKPJ)
from the Vendors of SKKPJ for a total purchase consideration of
RM486.827 million to be satisfied by the issuance of shares and
other financial instrument (Proposed Acquisition), which is
conditional upon a proposed debt restructuring of Aokam Group
(collectively referred to as "Corporate Proposals").

The aforementioned Corporate Proposals will essentially address
the issues relating to the default announced under PN 1 of the
Listing Requirements and the other existing debts and borrowings
of the Group.

Barring unforeseen circumstances, the Corporate Proposals'
completion is expected by the end of year 2002.


CHASE PERDANA: Awaits KLSE, Lender Comments on Plan
---------------------------------------------------
Chase Perdana Berhad, further to its announcement on 2 May 2002,
announced that Foreign Investment Committee approved the
Proposed Debt Restructuring Scheme (Scheme) via its letter dated
15 May 2002.

In the meantime, the Company is attending to the comments from
Kuala Lumpur Stock Exchange on the draft circular as well as
queries from Securities Commission on the Scheme. The Company
had also extended the draft Explanatory Statement (ES) to all
Financial Institution lenders and is currently awaiting their
comments. The Company is expected to finalize its circular and
ES in due course.


CHG INDUSTRIES: Appoints KPMG Corporate as Financial Adviser
------------------------------------------------------------
CHG Industries Berhad is required to announce the status of its
plan to regularize its financial condition on a monthly basis
until further notice from the KLSE.

Further to its announcements of 2 May and 3 May 2002, CHG
informed that KPMG Corporate Services Sdn Bhd has been appointed
as the independent financial advisor (IFA) to bank lenders on 30
May 2002 to coordinate and expedite the finalization and
implementation of the debts restructuring exercise of the Group.

The application of 3 May 2002 for extension of time to make the
Requisite Announcement is pending decision of the Exchange.


CYGAL BERHAD: Restructuring Plan Implementation Request Pending
---------------------------------------------------------------
Cygal Berhad is pleased to update that it has received the
relevant approvals from the Bank Negara Malaysia on 7 May 2002
and the Foreign Investment Committee on 30 April 2002 pertaining
to the Restructuring Plan.

The Restructuring Plan is now conditional upon the relevant
approvals being obtained from:

   a) the Securities Commission;
   b) the Kuala Lumpur Stock Exchange (KLSE);
   c) the shareholders of the Company at an Extraordinary
General Meeting to be convened; and
   d) the High Court of Malaya

The Company has also applied to the KLSE on 28 May 2002, for an
extension of timeframe to implement the Restructuring Plan,
pursuant to Practice Note 4/2001 of the Listing Requirement of
the KLSE and pending the above-mentioned approvals from the
relevant parties. The Company is awaiting the decision of the
KLSE for the same.


ESPRIT GROUP: In Proposed Workout Scheme Talks With Danaharta
-------------------------------------------------------------
Esprit Group Berhad, in reference to Practice Note No. 4/2001 of
the Kuala Lumpur Stock Exchange's disclosure requirement and to
its announcements on 10 May 2002 and 22 May 2002, revealed:

The Shah Alam High Court had on 10 May 2002 ordered the winding-
up of EGB vide a petition filed by Southern Investment Bank
Berhad, formerly known as Perdana Merchant Bankers Berhad. EGB
had on 21 May 2002 filed a Notice of Appeal to the Court of
Appeal against the decision. Further, EGB had on 23 May 2002
filed the Notice of Motion for stay of proceedings and the same
has now been fixed for hearing on 23 July 2002.

Currently, EGB is in the process of negotiation with its largest
creditor, Pengurusan Danaharta Nasional Berhad (Danaharta) on
the Proposed Restructuring Scheme. The Company, after various
discussions with Danaharta and Aseambankers, has proposed some
changes to the Proposed Restructuring Scheme. The details of the
revised scheme will be announced once it is finalized.

In the meantime, the Company has made an application to the
Kuala Lumpur Stock Exchange on 16 May 2002 for further extension
of time until the end of the year to enable the Company to sort
out the legal issues and to make the submission of its
regularization plans to the relevant authorities for approval.


KEMAYAN CORPORATION: Restraining Order Extended To June 25
----------------------------------------------------------
The Board of Directors of Kemayan Corporation Berhad announced
that Kemayan has filed an application on the Restraining and
Stay Order, which is expiring on 3 June 2002 to the Kuala Lumpur
High Court.

The Hearing has been fixed on 25th June 2002. The court has
granted an interim extension of the restraining order until 25th
June 2002.

The 1997/1998 economic crisis faced by the country and the
region severely affected the Group's cashflow and operation of
projects. The Company and certain of its subsidiary companies
obtained a Restraining and Stay Order (RO) on 12 August 1998
from the High Court of Malaya under Section 176(10) of the
Companies Act, 1965 for the purpose of implementing a proposed
corporate restructuring scheme. The RO has been extended to 3
June 2002.

The Company entered into a second MOU on 19 February 2002 with a
White Knight for injection of assets and to propose a corporate
restructuring scheme.


LION CORPORATION: Proposed GWRS Still in Progress
-------------------------------------------------
The Directors of Lion Corporation Berhad, in accordance with
Paragraph 4.1(b) of PN4 and Paragraph 8.14 of the Listing
Requirements of the KLSE, hereby announced that as of 3 June
2002:

   1) the proposed group wide restructuring scheme announced on
5 July 2000, 8 October 2001 and 26 March 2002 (Proposed GWRS) is
still in progress;

   2) as announced on 9 May 2002, the Foreign Investment
Committee and Ministry of International Trade and Industry have
approved the relevant proposals within the Proposed GWRS
requiring their approvals. The relevant proposals within the
Proposed GWRS that require the approval of the Controller of
Foreign Exchange, Bank Negara Malaysia have also been approved;
and

   3) the Company has obtained the relevant orders from the High
Court of Malaya to convene the following meetings to approve the
Proposed GWRS pursuant to Section 176(1) of the Companies Act,
1965:

     a) Financial institution creditors'/members' meetings
before 1 October 2002;

     b) Non-financial institution creditors' meetings before 2
November 2002.


MBF CAPITAL: Proposed Restructuring Scheme Submission Set
---------------------------------------------------------
Alliance Merchant Bank Berhad, on behalf of MBf Capital Berhad,
pursuant to PN4/2001 in relation to the status of an affected
listed issuer of its plan to regularize its financial condition,
announced the following:

   (1) pursuant to the Requisite Announcement of 26 March 2002
pertaining to the proposed scheme of compromise of MBf Capital
which has been approved by its creditors on the same date, MBf
Capital has, via its letter dated 22 May 2002, sought approval
from the Kuala Lumpur Stock Exchange (KLSE) for an extension of
time from 26 May 2002 to 26 July 2002 for the Company to submit
the proposed restructuring scheme to the relevant regulatory
authorities for their consideration. 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.

   (2) Alliance is in the midst of preparing the submissions of
MBf Capital's proposed restructuring scheme to be submitted to
the relevant regulatory authorities by 26 July 2002.

Save for the above, there is no further development on the
status of MBf Capital's plan to regularize its financial
condition pursuant to PN4/2001 issued by the KLSE, subsequent to
the Company's announcement dated 2 May 2002.


MBF HOLDINGS: Reviews Proposed SOA Execution Legal Docs
-------------------------------------------------------
MBf Holdings Berhad, pursuant to the Securities Commission's
approval letter dated 9 January 2002 on the Proposed Schemes of
Arrangement (Proposed SOA), wherein the six (6) month time frame
for MBf-H to implement the Proposed SOA will expire on 8 July
2002, announced that the Company is currently reviewing the
following:

   (a) legal documentation for execution by MBf-H and the
parties involved in the Proposed SOA; and

   (b) the amount of new MBf-H shares, warrants and redeemable
convertible secured loan stocks to be issued to its local and
offshore creditors.

Alliance, on behalf of the Board of Directors of MBf-H, shall be
submitting an application to the Kuala Lumpur Stock Exchange
(KLSE) for the listing of and quotation for the new MBf-H shares
and warrants to be issued pursuant to the Proposed SOA, in due
course.

Save for the above, there is no further development on the
status of MBf-H's plan to regularize its financial condition
pursuant to PN4/2001 issued by the KLSE, subsequent to the
Company's announcement dated 2 May 2002.


PANCARAN IKRAB: Currently in Scheme Talks With Legal Adviser
------------------------------------------------------------
Alliance Merchant Bank Berhad, for and on behalf of the Board of
Directors of Pancaran Ikrab Berhad, announced that the
Securities Commission (SC) has, via its letter dated 8 May 2002,
approved the Company's application dated 17 April 2002 for a
further extension of time until 31 December 2002 for the Company
to implement the proposed restructuring scheme (Scheme).

Tokojaya Sdn Bhd and Promenade Hotel Sdn Bhd (Promenade) are
currently in the process to release Promenade Hotel, the asset
of Promenade, from all charges and/or such other encumbrances by
2 July 2002.

In view of the above development, PIB is presently liaising with
its legal adviser and the parties involved in the Scheme to
review the legal documentation.

Subsequently, PIB would proceed to obtain the approvals from the
following parties:

   (a) the shareholders of PIB for the Scheme at an
extraordinary general meeting to be held; and

   (b) the KLSE for the listing of and quotation for the new
Promenade Consolidated Berhad shares to be issued pursuant to
the Scheme.

Save for the above, there is no further development on the
status of PIB's plan to regularize its financial condition
pursuant to PN4/2001 issued by the KLSE, subsequent to the
Company's announcement dated 2 May 2002.


PERDANA INDUSTRI: July Scheme Implementation Likely
----------------------------------------------------
Arab-Malaysian Merchant Bank Berhad, on behalf of Perdana
Industri Holdings Berhad, informed that the Company is in midst
of implementing the proposed debt and equity restructuring
scheme.

Wah Seong Corporation Berhad, the new holding company to assume
the listing status of PIHB, has issued a prospectus dated 31 May
2002 pursuant to its proposed restricted offer for sale of
shares and irredeemable convertible unsecured loan stock.

The implementation of the proposed debt and equity-restructuring
scheme is expected to be completed in July 2002.


PROJEK LEBUHRAYA: Existing Bonds Fully Redeemed
-----------------------------------------------
Projek Lebuhraya Utara-Selatan Berhad's (PLUS) RM15.9 billion
nominal value PLUS Bonds, RM2.2 billion nominal value Redeemable
Convertible Bonds (RCBs) and RM1.0 billion EPF Serial Bonds
(collectively known as "the Existing Bonds") were fully redeemed
on 31 May 2002 as part of the Company's debt restructuring
exercise.

The early redemptions of the Existing Bonds were effected from
proceeds of the RM5.1 billion Al-Bai Bithaman Ajil Islamic Debt
Securities (BaIDS), RM3.6 billion term loan (raised by United
Engineers (M) Berhad), RM2.4 billion renounceable rights issue
to Khazanah Nasional Berhad, conversion of RCBs into equity and
internally generated funds. RAM assigned a AAA rating to PLUS's
RM5.1 billion BaIDS on 23 April 2002.

In view of the above, Rating Agency Malaysia Berhad (RAM) no
longer has any rating obligations on the Existing Bonds and the
respective Rating Watches with positive outlooks on the said
issues no longer apply.


SCK GROUP: In Rights Issue Negotiations With Lenders   
----------------------------------------------------
SCK Group Berhad, further to the First Announcement made on the
26 February 2001 and the last Monthly Announcement made on 2 May
2002 in relation to the Plan to Regularize its Company's
Financial Condition in accordance with Practice Note No. 4/2001,
announced the status of the Company's plan to regularize the
Company's Financial Condition for the month ended 31 May 2002 as
follows:

The Company is negotiating with its Lenders to finalize certain
outstanding matters on several issues. Upon the approval of the
Lenders on the several issues, Aseambankers Malaysia Berhad will
on behalf of the Company submit the following documents to the
relevant authorities namely Securities Commission and Kuala
Lumpur Stock Exchange for their respective approvals:

   (i) the Abridged Prospectus for the Rights Issue with Free
Warrants; and

   (ii) the relevant Listing Applications.

Further announcements on the progress of the implementation of
SCK plan would be made monthly or as and when required.


TECHNO ASIA: Seeks Articles of Association Amendments at AGM
------------------------------------------------------------
Techno Asia Holdings Berhad informed the Kuala Lumpur Stock
Exchange of its Proposed Amendments to its Articles of
Association.

The Proposed Amendments to the Articles of Association is,
amongst others, to bring the Articles of Association of the
Company to be consistent with Chapter 7 of the Kuala Lumpur
Stock Exchange Listing Requirements, Security Industry (Central
Depository) Act, 1991, the Rules of Malaysian Central Depository
Sdn. Bhd. and the Companies Act, 1965.

The Company will be seeking its shareholders' approval to the
Proposed Amendments at its Thirty Third Annual General Meeting
to be convened on 26 June, 2002. The details of the Proposed
Amendments will be sent out together with the Annual Report 2001
in due course.


TRANS CAPITAL: New Receiver, Manager Appointed to Unit
------------------------------------------------------
The Board of Directors of Trans Capital Holding Berhad announced
to Kuala Lumpur Stock Exchange that Bank Utama (Malaysia) Berhad
of Ground Floor, No. 54, President House, Jalan Sultan Ismail,
P.O. Box 12880, 50792 Kuala Lumpur, has appointed Robert Teo
Keng Tuan, with effect from 31st May 2002 as Receiver and
Manager of the property of Trans Capital Sdn. Bhd. under the
powers contained in the debentures dated 10 October 2000 to
replace Pathmarajah Nagalingam of Messrs. Pathmarajah & Co.

Robert Teo Keng Tuan of Messrs RSM Nelson Wheeler Teo Corporate
Advisory Services Sdn Bhd, formerly known as Nelason Wheeler Teo
Corporate Services Sdn Bhd, is located at Penthouse, Wisma RKT,
No 2 Jalan Raja Abdullah, off Jalan Sultan Ismail, 50300 Kuala
Lumpur.


TRANSWATER CORP.: Financial Regularization Plan Ongoing
-------------------------------------------------------
The Board of Directors of Transwater Corporation Berhad informed
that the Company is still continuing to formulate and evaluate
plans to regularize its financial condition and will make an
announcement on the plan once finalized.

Following its classification in February 2001 as an `affected
listed issuer' under Practice Note 4/2001, Transwater is still
currently in the process of formulating and evaluating plans to
regularize its financial condition.

On 4 September 2001, KLSE granted Transwater a two-month
extension to 22 October 2001 for it to release the requisite
announcement detailing its proposal to restore its financial
viability.


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


METRO PACIFIC: Board Supports Management, Debt Rehab Plans
----------------------------------------------------------
Metro Pacific Corp's Board of Directors reiterated it would
fully support the management and the management's ongoing debt
reduction efforts after First Pacific Co Ltd said it would
pursue talks for the sale of its 24.4 percent stake in the
Company, AFX Asia reported.

"At the same time, the board confirmed its full intention to
protect the interest of all Metro Pacific stakeholders," Metro
Pacific group vice president David Nugent said.

He declined to comment on whether the Metro Pacific board had
information that the Gokongwei group is First Pacific's
counterparty to the Metro Pacific sale.

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

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


METRO PACIFIC: SM, FBDC Unit in Talks on Fort Boni Assets
----------------------------------------------------------
Retail giant SM Group is in talks with Metro Pacific Corp.
subsidiary Fort Bonifacio Development Corp. (FBDC) for its
property assets, BusinessWorld reports.

According to Teresita Sy, executive vice-president at SM Prime
Holdings Inc. (SMPH), there have been discussions with Fort
Bonifacio Group about buying a property, but SM Prime is not in
any way interested to buy it as a package alongside the
Philippine Long Distance Telephone Co.

Two months ago, FBDC was in talks with SM Group and the
Robinsons Group for possible developments in the Fort Bonifacio
central business district.


NATIONAL BANK: Selling PhP4B Acquired Assets, Non-allied Unit
-------------------------------------------------------------
Philippine National Bank (PNB), the country's six biggest bank,
plans to sell about 4 billion pesos worth of acquired assets and
a non-allied subsidiary as part of its plan of operations for
the year, Philippine Daily Inquirer reports.

The PNB annual report sent to the Securities and Exchange
Commission did not identify the non-allied subsidiary it was
considering to sell.

The bank, which is in a rehabilitation program, said it would
also focus on reducing past-due loans through various schemes
such as loan restructuring, asset-for-debt swaps, foreclosure,
debt-to-equity conversion or debt settlement.

The bank also said it would continue to raise at least 20
billion pesos in new deposits, rationalize its branch network by
relocating under-performing branches to more strategic sites,
and strengthen or add branches in Metro Manila whenever
possible.

PNB earlier posted a consolidated audited net loss of 4.13
billion in 2001 against a 5.97 billion pesos loss in 2000. It
owes Philippine Deposit Insurance Companies (PDIC) and the
Bangko Sentral ng Pilipinas (BSP) a total of 23.9 billion pesos.

The bank has 12 subsidiaries, including PNB Capital and
Investment Corp., National Service Corp., PNB International
Investments Corp., and PNB Securities Inc.


PHILIPPINE LONG: Board Determined to Block JG Summit Buy
--------------------------------------------------------
The Board of Directors of Philippine Long Distance Telephone Co.
(PLDT) is determined to block First Pacific Co. Ltd.'s sale of
its 24.4 percent stake in the telephone company to competitor JG
Summit Holdings, BusinessWorld reports.

"They were unanimous with the decision to block the sale if it
were with a competitor," a PLDT source said.

Nippon Telegraph and Telephone Corp. (NTT), which owns a 15
percent stake in PLDT, was reportedly backing PLDT president and
chief executive officer Manuel V. Pangilinan in the attempt to
block the sale.

Philippines' Gokongwei family control conglomerate JG Summit and
Digital Telecommunications Philippines, Inc. (Digitel), the
second largest landline provider in the country.

AB Capital Securities senior analyst Jose Vistan earlier said
that if the Gokongweis acquire PLDT, they could merge it with
Digitel, providing a virtual monopoly of the fixed line
business.


PHILIPPINE LONG: PSE to Review First Pac Stake Sale
---------------------------------------------------
The Philippine Stock Exchange (PSE) will review the ongoing
negotiations between Hong Kong-based First Pacific Co. Ltd. and
an unnamed investor for the sale of First Pacific's 24.4 percent
controlling stake in Philippine Long Distance Telephone Co.
(PLDT).

According to a BusinessWorld report, the lack of disclosures
regarding the negotiations has raised questions at the bourse.

When news of the supposed PLDT sale broke out last week, PLDT
furnished PSE only a copy of First Pacific's statement. The
country's telecommunications giant itself remained tight lipped
on the issue.

First Pacific said last week that it is in the final stages of
negotiations with an unnamed investor.


RFM CORPORATION: F&B Firm Corrects Profit to Loss
-------------------------------------------------
Food and beverage firm RFM Corporation, which owns Selecta ice
cream, revised its 2001 financial statement to show a net loss
instead of a net profit as advised by its auditors.

In a disclosure to the Philippine Stock Exchange, RFM posted a
net loss of 3.05 billion pesos last year against a net loss of
520 million pesos in 2000.

The company initially reported net income of 3.557 billion pesos
in 2001, boosted by gains from the sale of its softdrinks firm
Cosmos Bottling Corporation.

RFM, the country's second-biggest food and drink company,
completed the January 3 sale of Cosmos to San Miguel Corp., the
country's largest food and beverage company, and Coca-Cola Co.
for 11.6 billion pesos to help repay some debt.

The company's auditors said the gain from Cosmos should be
reflected in its 2002 financial statement because the deal was
closed in January this year.

RFM is one of the largest publicly-listed F&B conglomerates in
the country with total assets of 24.2 billion pesos (as of end-
1999). Its major shareholders are the Concepcion family (over 40
percent holding) and WP Argosy (18.7 percent), a subsidiary of
investment counselors EM Warburg, Pincus & Co., who manage more
than US$15 billion worth of assets worldwide.

As of December 2000, RFM's long-term debt was 1.62 billion pesos
and total liabilities were 14.43 billion pesos.


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


L & M GROUP: Debt Restructuring Proposal Lapses
-----------------------------------------------
L&M Group Investments Limited said Tuesday that the agreement
between Bintai Kinden Sdn Bhd and the Company to restructure the
Company's existing bank loan has lapsed on 4 June 2002 due to
the conditions precedent not having been fulfilled by that date,
and neither party has any claim against the other.

However, the controlling shareholders, Mr William Soeryadjaya
and Mr Edward Soeryadjaya and the Company have submitted a fresh
proposal to the Company's Bank, the Overseas Union Bank Ltd, to
re-structure the Company's debt and equity position. The main
terms of the joint debt and equity restructuring proposal to the
Bank are as follows:

1. The Soeryadjaya family will purchase S$32 million of the loan
from the Bank for S$15 million. The Company will repay the loan
of S$32 million by the issuance of 150 new ordinary shares in
the Company at 10 cents per share and 150 million warrants;

2. The Company will repay S$10 million of the loan through the
sale of its non-core assets;

3. S$28 million of Bank loan will be converted into new equity
at 10 cents per share. The Soeryadjaya family and the Bank will
enter into a call and put option agreement to buy and/or sell
the new shares resulting from the conversion of the S$28 million
loan;

4. The remaining loan of about S$15.5 million will be converted
to convertible bonds with a maturity period of 5 years. The
Soeryadjaya family and the Bank will enter into a call and put
option agreement to buy and/or sell the new shares resulting
from the conversion of the convertible bonds; and

5. The Bank is to provide a working capital line of S$5 million
upon the completion of the purchase of the S$32 million of the
loan referred in (1) above.

The Bank is considering the debt and equity restructuring
proposal made by the Soeryadjaya family and the Company. The
intention of the Soeryadjaya family and the objective of the
proposal is to discharge the entire outstanding bank loan upon
the conversion of the convertible bonds into new shares of the
Company.

Conditions Precedent

The debt and equity restructuring proposal is conditional, inter
alia, upon the following:

(1) The agreement of the Bank to the terms of the debt and
equity restructuring proposal;

(2) The approval in-principle of the Singapore Exchange Trading
Limited ("SGX-ST") for the listing and quotation of the new L&M
shares on the SGX-ST pursuant to and contemplated by the terms
of the debt and equity restructuring proposal and the relevant
rulings being obtained from the Securities Industry Council for
a waiver of the obligation of the Soeryadjaya family and parties
acting in concert with it to make a mandatory take-over offer
for L&M arising from the acquisition of L&M shares under the
debt and equity restructuring proposal;

(3) The approval of the shareholders of L&M at an extraordinary
general meeting(s) to be convened; and

(4) All consents and approvals which the Soeryadjaya family may
deem necessary to be obtained for and in connection with the
debt and equity restructuring proposal having been obtained.


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


SINO-THAI ENGINEERING: Expects Part in Airport Contract
-------------------------------------------------------
Sino-Thai Engineering and Construction Plc is likely to secure a
sub-contract for the construction of the main terminal and
concourse of the Suvarnabhumi Airport from the Italian-Thai
Development led consortium, Bangkok Post reports, quoting
President Anutin Charnvirakul.

Anutin Charnvirakul, as well as the other executives, believed
the company would be awarded some of the structural steel work
for the main terminal and concourse, which would use more than
100,000 tons of steel rods and bars.

"During the final talks, there are three potential sub-
contractors for the structural steel work. It's possible the
contract we are likely to be awarded by the consortium would be
worth around four billion baht," President Anutin Charnvirakul
said.

STECON has a total of Bt12.47 billion in ongoing construction
contracts, mostly state-sponsored projects. "We have set a
target to secure new construction contracts worth seven billion
baht this year," he added.

TCR-AP reported last month that HTR Company Limited, an 80.90%
owned subsidiary of STECON, has received a financial support
from a related person, Perpetual Prosperity Company Limited.
Perpetual Prosperity has given a clean loan in the amount of
Bt50,000,000 to HTR Company Limited to repay and release
mortgage from Ekachart Finance Public Company Limited with the
same interest rate and repayment term.


THAI TELEPHONE: Reports May 2002 Warrant Exercise
-------------------------------------------------
Thai Telephone & Telecommunication Public Company Limited,
pursuant to its Business Reorganization Plan dated November 29,
2000, which had been approved by the Central Bankruptcy Court on
December 27, 2000, has allocated, at no cost, 281,155,610 units
of warrants, which give each holder the right to subscribe for
ordinary shares, to the entitled creditors and to the Company's
existing shareholders.

The warrants' term is 5 years, and 1 unit of warrants can be
exercised to purchase 1 ordinary share at Bt4.85 each from
October 1, 2001 to 5:00 pm of September 29, 2006. The details of
warrants' terms and conditions have been stated in the
Prospectus.

The company reported that during the exercising period of May
2002, 835 units of warrants were exercised by 2 warrant-holders.
Therefore, total amount of the unexercised warrants is
281,132,745 units. The Company shall allocate 835 ordinary
shares for this exercise and subsequently apply to the Stock
Exchange of Thailand for listing these new shares as listed
securities.


U.M.I. - LAUFEN: Files Business Reorganization Petition
-------------------------------------------------------
U.M.I. - Laufen Sanitary Ware Company Limited (DEBTOR), engaged
in manufacturing and distributing sanitary ware including any
bathroom accessories, filed its Petition for Business
Reorganization to the Central Bankruptcy Court:

   Black Case Number 379/2545

   Red Case Number 577/2545

Petitioner: U.M.I. - LAUFEN SANITARY WARE COMPANY LIMITED

Debts Owed to the Petitioning Creditor: Bt1,471,597,610.19

Date of Court Acceptance of the Petition: March 6, 2002

Date of Examining the Petition: April 1, 2002 at 9.00 A.M.

Court Order for Business Reorganization: April 19, 2002 and
Appointed Mr. Nutchana Penchan to be an Interim Executive

Announcement of Court Order for Business Reorganization in
Matichon Public Company Limited and Siam Rath Company Limited:
April 30, 2002

Announcement of Court Order for Business Reorganization in
Government Gazette: May 14, 2002

Appointment date for the Meeting of Creditors to elect the
Planner: May 20, 2002 at 9.30 am. Convention Room no. 1105, 11th
Floor, Bangkok Insurance Building, South Sathorn Road

Contact: Mr. Apirak Tel, 6792525 ext. 113


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

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

Asia Pulp & Paper     FRN     due 2001    11 - 13        +0.5
Asia Pulp & Paper     11.75%  due 2005  29.5 - 30.5      +0.5
APP China             14.0%   due 2010    24 - 26        0
Asia Global Crossing  13.375% due 2006    19 - 21        -7.5
Bayan Telecom         13.5%   due 2006    20 - 22        0
Daya Guna Sumudera    10.0%   due 2007   2.5 - 4.5       0
Hyundai Semiconductor 8.625%  due 2007    60 - 70        0
Indah Kiat            11.875% due 2002    29 - 30        0
Indah Kiat            10.0%   due 2007    25 - 27        0
Paiton Energy         9.34%   due 2014    65 - 68        0
Tjiwi Kimia           10.0%   due 2004    24 - 26        +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
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information, contact Christopher Beard at 240/629-3300.

                 *** End of Transmission ***