/raid1/www/Hosts/bankrupt/TCRAP_Public/020610.mbx        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, June 10, 2002, Vol. 5, No. 113

                         Headlines
A U S T R A L I A

ANALYTICA LIMITED: Proposes Share Offering to Retire Debt
ANSETT GROUP: Brisbane Airport Terminal Interests Sold
AQUARIUS PLATINUM: Buys 50% Stake in Mimosa
CALTEX AUSTRALIA: Debt Reduction Remains Top Priority
ENERGY WORLD: CBA Further Extends Repayment to June 14

HIH INSURANCE: Court Sentences Former Director
ISP LTD: ASIC Bans Founding Director Thomas Koltai
WESTERN METALS: Director Castleman Changes Interest


C H I N A   &   H O N G  K O N G

COMSTAR LIMITED: Faces Winding Up Petition
GO GO: Hearing of Winding Up Petition Set
LUEN CHEONG: Winding Up Petition Sought by Showa Leasing
NORTHEAST ELECTRICAL: Resolutions Passed at AGM
SUPER ZONE: Winding Up Petition Hearing Set

WING LEE: Sees No Reason for Volume Shares Increase
WIRELESS INTERNETWORKS: Hires Brokers for Odd Lot Arrangement


I N D O N E S I A

BANK INTERNASIONAL: Sale Next Year Likely

* IBRA Signs MoU With BAPEPAM, Ditjen Pajak


J A P A N

ALL NIPPON: Investors Balk at Air Do Purchase Proposal
DAI-ICHI LIFE: In ATM Tie-up With IY Bank, Asahi Bank
KOBE STEEL: Plans to Sell Australia Aluminum Stake for $78.5M
MATSUSHITA ELECTRIC: Refrigeration Unit to Close Osaka Plant
SEIBU DEPARTMENT: Full-Time Staff Reduction Likely

SNOW BRAND: New Milk Venture Affects Kurashiki Plant


K O R E A

DAEWOO MOTOR: Loan Payment Delays GM-Daewoo Launch
DAEWOO MOTOR: Polish Unit Getting Debt-for-Equity Deal
HYNIX SEMICON: Micron Willing to Resume Talks
SEOUL BANK: Rescues Individual Debtors Via Workout Program
SHIN WON: Selling Myeongdong Department Store for KRW81.1B


M A L A Y S I A

AMSTEEL CORPORATION: Proposed GWRS Still in Progress
EMICO HOLDINGS: 10th AGM, EGM Fixed on June 28
GLOBAL CARRIERS: Creditors' OK MSSB's Scheme of Arrangement
KURNIA SETIA: Updates Unit's Default in Payment Status
L&M CORP.: May 2002 Defaulted Payment Reaches RM191,129,172.20

METACORP BERHAD: Unit Files Appearance Memo in Melaka Court
PAN MALAYSIAN: Sets EGM for June 27
PANGLOBAL BERHAD: Posts 37th AGM Notice
SP SETIA: RAM Reaffirms Bond Rating, Maintains Rating Watch
SASHIP HOLDINGS: June 27 AGM Scheduled

SOUTHERN PLASTIC: Awaits Creditors' Proposal Final Comments
SOUTHERN PLASTIC: Still in Principal, Interest Payment Default
TECHNO ASIA: Moratorium Period Extended Until Feb 2003
TIMBERMASTER INDUSTRIES: SA Carries Out 3rd Tender Exercise


P H I L I P P I N E S

METRO PACIFIC: H.K. Parent Has No Intention of Divesting Stake
NATIONAL POWER: Increasing Use of Diesel-fired Power Plants
PHILIPPINE LONG: Board Readies Counter-offer for $925M Deal
PHILIPPINE LONG: Hires Local, U.S.-based Lawyers
SGV & CO: Inks Agreement With Ernst & Young

* PLDT, Metro Pacific Down on First Pacific-Gokongwei Deal


S I N G A P O R E

ELLIPSIZ LTD: Falls S$0.045 After Profit-warning
ELLIPSIZ LTD: Signals Further Deterioration in Performance
THAKRAL CORP: Achieves $33M Operating Profit
TYE HUA: Begins Members' Voluntary Winding Up


T H A I L A N D

COUNTRY (THAILAND): Registration Book Closing Date on June 14
O. M. FOOD: Reorganization Petition Filed to Bankruptcy Court
SUN TECH: Posts Reorganization Plan Implementation Progress
THAI ENGINE: SET Grants Securities Listing

     -  -  -  -  -  -  -  -

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


ANALYTICA LIMITED: Proposes Share Offering to Retire Debt
---------------------------------------------------------
Analytica Limited announced Friday it proposes to raise
approximately AUD1.3 million by way of a renounceable offer to
shareholders of one New Share for each one share held on 20 June
2002 (Record Date), at 5 cents per New Share. Small
shareholders, defined as those who hold less then 25,000 shares
are entitled to round their holding up to 25,000 at 4 cents per
share before accepting their one for one entitlement at 5 cents
per share:

The purpose of the offer is to:

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

   * Provide investment monies to grow the Company's proven cash
flow positive diagnostics business by acquisitions of which
three 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

A prospectus is expected to be mailed on 24 June 2002 to all
shareholders who hold shares at the record date of 20 June 2002.

The fully paid shares are currently suspended from trading on
the Australian Stock Exchange. It is the Company's intention
that re-instatement of trading of the Company's stock will be
applied for and the expected date for re-instatement will be in
the week commencing 5 August 2002.


ANSETT GROUP: Brisbane Airport Terminal Interests Sold
------------------------------------------------------
Ansett Administrators Mark Mentha and Mark Korda announced on
Thursday that they reached an agreement to sell Ansett's
interests in Brisbane Airport domestic terminal to Brisbane
Airport Corporation (BAC) for an undisclosed sum.

Ansett Administrator Mark Mentha said, "We are pleased to have
resolved another sale regarding Ansett's airport interests
throughout Australia. Discussions are continuing with
perspective purchasers of Ansett's Adelaide, Perth and Hobart
Airport facilities."

It follows the recent sale of Ansett's Melbourne Domestic
Terminal interests to Australian Pacific Airports Melbourne, the
sale of Ansett's Sydney Domestic Terminal to Sydney Airports
Corporation, Canberra domestic terminal facilities to Canberra
International Airport, and the airline's interests in Cairns
domestic terminal to the Cairns Port Authority.


AQUARIUS PLATINUM: Buys 50% Stake in Mimosa
-------------------------------------------
Aquarius Platinum Limited announced on June 6, 2002 that,
effective 1 July 2002, the Company will acquire a 50% stake in
ZCE Platinum Limited, which wholly owns the Mimosa Platinum
Mine, for a consideration of GBP26 million (US$39 million). The
consideration will be paid through the issue of 6.8 million new
Aquarius Platinum shares.

Says Stuart Murray, CEO of Aquarius, "This transaction gives
Aquarius Platinum a long-term horizon. Not only will this
acquisition be immediately accretive to the earnings of Aquarius
shareholders, but shareholders will participate in a more
valuable company in the longer term. The deal transforms our
company from its current 13 year life-of-mine to one which has a
life-of-mine in excess of 30 years."

Murray also noted that the deal continues to strengthen
relationships with Implats, Aquarius' strategic alliance
partner. Implats purchased a 35% stake in ZCE Platinum a year
ago and Mimosa's concentrate is shipped to South Africa for
smelting and refining in terms of a long-term agreement with
Impala Refining Services, an Implats subsidiary.

"Our partnership with Implats will serve as a sound basis for
the strategic direction of the mine in the future," he said.

Mimosa is currently ramping up its production from 31 000 ounces
to 135 000 ounces of PGMs per annum by the end of 2003, and
there is further potential for low-cost expansion to in excess
of 250 000 ounces per annum. The first phase of this expansion
is fully-funded.

Mimosa's total PGM mineral resource of 18.3 million ounces has
been verified by independent advisers Venmyn Rand - and
indicates a life-of-mine in excess of 30 years. This has the
effect of virtually doubling the attributable PGM mineral
resources and reserves of Aquarius Platinum.

Murray concludes: "The mine is believed to be one of the lowest
cost PGMs producers even by the standards of our Kroondal Mine,
which is the lowest cost producer in South Africa. With its
considerable nickel and copper production, Mimosa's cost (net of
by-products) is around $57 per platinum ounce."

Mimosa's operations fit well with the Aquarius operating model.
The mine's shallow bord and pillar layout utilizes a 1.8 meter
stoping width in a simple mechanized operation. A conventional
concentration process produces PGM concentrate, which is refined
by Impala Platinum in South Africa. The metallurgy of Mimosa's
ore is relatively uncomplicated since it does not have chrome
issues to contend with.

Murray concludes that although Aquarius is mindful of the
perceived problems and risks associated with operations in
Zimbabwe, shareholders should be reassured that the Mimosa mine
continues to operate unhindered. In fact, the mine has National
Project status in Zimbabwe with attendant currency management
advantages and is set to derive benefits from the new fiscal
regime being implemented for platinum mining in that country.


CALTEX AUSTRALIA: Debt Reduction Remains Top Priority
-----------------------------------------------------
Caltex Australia said on Friday that consistent refinery
reliability and safety performance, stable marketing margins and
higher crude prices will allow the company to report a
significantly improved profit result for the first half of 2002.

Marketing margins, while reduced from the highs of 2001, are
still tracking above levels achieved in 2000 and 1999.
Competition remains intense in all markets but the company's
margin improvement initiatives have produced stable earnings
over the first half.

Movements in regional crude prices and refiner margins also
heavily influence the company's earnings. Since December 2001
crude prices have risen by approximately US$5 a barrel and are
expected to remain at current levels for the immediate term.
Refiner margins, which averaged US$1.61 a barrel in 2001, have
improved to average US$2.60 a barrel for the year to date.

Debt reduction continues to be the Company's first financial
priority. The Board believes this to be necessary to achieve a
strong balance sheet to weather the volatility of profitability
inherent in the downstream oil industry. The target is to reduce
gearing to less than 50% by 31 December, 2003 (from 61% at 31
December 2001), cutting debt from almost $1.3 billion as at 31
December, 2001 to $1,075 million by 31 December, 2002 and to
$950 million by 31 December, 2003. Significant management
attention is being given to extracting further working capital
and capital investment efficiencies across the manufacturing and
marketing businesses. The need to conserve cash to achieve the
targeted debt reductions will impact on the ability of the
company to pay dividends. Based on profitability, available cash
and the company's tax position, the Board will make every effort
to balance the objectives of reducing gearing, providing
dividends to shareholders and investing in the future of the
company.

Based on unaudited results for the year to 31 May, 2002 and
current assumptions relating to crude prices and refiner
margins, the company expects to make an after tax profit for the
half year ending 30 June, 2002 within a range of $125 million to
$140 million. Included in this result are approximately $95
million of inventory gains (before tax), so replacement cost
profit after income tax is expected to be within a range of $60
million to $75 million compared with $4.5 million for
the corresponding period last year. However, it is important to
emphasize that movements in crude prices and refiner margins
between now and the end of June may affect these ranges.


ENERGY WORLD: CBA Further Extends Repayment to June 14
------------------------------------------------------
The Directors of Energy World Corporation Limited, further to
its Announcement on 31 May 2002, advised that the Common Bank of
Australia and its appointed independent expert are continuing to
evaluate and discuss with the Company plans to permit the
outstanding obligations to the CBA to be paid in full.

Discussions with the CBA are constructive and the Directors are
optimistic that a mutually agreeable outcome will be concluded
in the near future. In the meantime, the CBA have agreed to
defer the next repayment due to the CBA for a further period
until 14 June 2002.

Details in relation to these agreements will be passed on 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.


HIH INSURANCE: Court Sentences Former Director
----------------------------------------------
Australian Securities and Investments Commission said on
Thursday that Justice Santow, of the Supreme Court of New South
Wales, rendered final orders relating to penalties for Rodney
Adler, former HIH director, Ray Williams, former CEO and Dominic
Fodera, former CFO, in the HIH Insurance Limited - Pacific Eagle
Equities matter.

Justice Santow ruled the three defendants breached their duties
under the Corporations Act in a judgment handed down on 14 March
2002. Orders were also made against Adler Corporation Pty Ltd
(Adler Corp).

The breaches related to a payment of $10 million by an HIH
subsidiary (HIH Casualty and General Insurance Ltd) to Pacific
Eagle Equities Pty Ltd, a company of which Mr Adler was a
director.

Justice Santow finalized orders banning Messrs Adler and
Williams from acting as company directors, the payment of
$7,986,402 in compensation and the pecuniary penalties of
$900,000 (Adler and Adler Corp) and $250,000 (Williams), and
ordered that Messrs Adler and Williams be held jointly liable
for the compensation amount, and that all four defendants be
held liable for costs.

The orders against Mr Adler and Adler Corp were stayed until 3
July 2002 on the basis that the parties give undertakings that
neither of them will:

   * Deal with or dispose of property (excluding a unit owned by
Adler Corp in Sydney);

   * Deal with or dispose of a further $5 million of shares and
securities (in addition to approximately $4 million security
already provided); or

   * Allow funds or interests in shares to be sent overseas.

His Honor also made orders that Mr Fodera pay a pecuniary
penalty of $5,000 and that upon payment he be released from
undertakings that he gave last year which restricted dealings in
his assets.

The orders also noted that ASIC continues to hold Mr Adler's
passport.


ISP LTD: ASIC Bans Founding Director Thomas Koltai
--------------------------------------------------
The Australian Securities and Investments Commission (ASIC)
acted to protect creditors by banning Sydney businessman Thomas
Peter Koltai from managing any corporation until 4 December
2004.

ASIC imposed the 30-month ban on Mr Koltai because of his
involvement with companies that were reported as having failed
to pay creditors after they were placed in liquidation.

The banning of Mr Koltai will help protect creditors, many of
whom are small businesses, from someone who has a history of
leaving behind a trial of undischarged debts.

Mr Koltai was a director of four companies that failed to return
more than 50 cents on the dollar to unsecured creditors went
they went into liquidation between 1995 and 2002. The four
companies are:

   * The CFC Corporation Pty Ltd,
   * Auslink Communications Pty Ltd,
   * Our World Global Network Pty Ltd, and
   * Created in the Image Pty Ltd.

Mr Koltai was also a founding director of a number of now
defunct internet businesses including ISP Ltd and Geko Internet
Pty Ltd. After the commencement of action by ASIC for breaches
of the Corporations Act, ISP Ltd was wound up in 2001.

Under the Corporations Act, ASIC is able to impose a ban period
on company directors if they are the director of two or more
failed companies that are wound up and the liquidator reports to
ASIC that they have failed to pay their creditors.


WESTERN METALS: Director Castleman Changes Interest
---------------------------------------------------
Western Metals Limited posted this notice:

CHANGE OF DIRECTOR'S INTEREST NOTICE

   Name of Company          Western Metals Limited

   ABN                      69 009 150 618

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         Alan James Castleman

   Date of last notice      04/01/2002


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

Direct or indirect interest             Indirect

Nature of indirect interest             Dr Beverley Castleman
(including registered holder)           (spouse)

Date of change                          23/05/2002

No. of securities held prior
to change                               906,327

Class                                   Ordinary

Number Acquired                         Nil

Number disposed                         Nil

Value/consideration                     $3,449.00

No. of securities held after
change                                  906,327

Nature of change                        On Market Trade

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

  N/A

TCR-AP reported last month that Western Metals' debt
restructuring arrangements with its major financiers continues
to progress, and that an extension from 14 May 2002 to 19 June
2002 has been agreed by all parties for completion and execution
of formal documentation arising from the Common Terms Sheet
signed on 15 March 2002.


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


COMSTAR LIMITED: Faces Winding Up Petition
------------------------------------------
Orix International Finance Limited is seeking the winding up of
Comstar Limited. The petition was filed on April 2, 2002, and
will be heard before the High Court of Hong Kong on July 11,
2002.

Orix International holds its registered office at 30th Floor,
United Centre, 95 Queensway, Hong Kong.


GO GO: Hearing of Winding Up Petition Set
-----------------------------------------
The petition to wind up Go Go City Club Limited is set for
hearing before the High Court of Hong Kong on July 24, 2002 at
9:30 am.  The petition was filed with the court on April 17,
2002 by Yim Shek Keung of Flat 4, 3/F., Chung Mei Building, 14
Chung Wui Street, Taikoktsui, Kowloon, Hong Kong.


LUEN CHEONG: Winding Up Petition Sought by Showa Leasing
--------------------------------------------------------
Showa Leasing (Hong Kong) has filed a petition to wind up listed
construction company Luen Cheong Tai International Holdings and
its subsidiaries, Finestyle Maritime Services Limited and Luen
Cheong Tai Construction Company Limited in relation to four
equipment leasing agreements which alleged outstanding sums
totaling HK$3,979,644.26. The case has been referred to the
solicitors of the Company and subsidiaries for legal advice and
action.

Shares trading was suspended from 9:35 a.m. on June 5, 2002 at
the request of the Company pending release of this announcement
and application has been made to the Stock Exchange for the
resumption of the shares from 9:30 am on June 7, 2002.

In view of the delay on the disclosure of the information
relating to the statutory demand, the Exchange reserves its
rights to take appropriate action against the Company and its
directors.


NORTHEAST ELECTRICAL: Resolutions Passed at AGM
-----------------------------------------------
The annual general meeting of Northeast Electrical Transmission
and Transformation Machinery Manufacturing Company Limited for
the year 2001 was held at 9:00 a.m. on 5th June, 2002 at the
Company's Conference Room. The notice convening the annual
general meeting was published on China Securities Journal,
Securities Times and Hong Kong Economic Times and Hong Kong
iMail in English on 19th April, 2002 and 30th May, 2002.

The meeting was attended by 9 shareholders and proxies holding
and representing 380,628,660 shares, which constitute 43.58% of
the total share capital of 873,370,000 shares of the Company. It
complied with the provisions of the Company Law and the Articles
of Association of the Company. Beijing Tongshang Law Office had
issued a legal opinion.

Upon consideration at the meeting, the following resolutions
were passed unanimously by way of poll:

1. the financial report for the year 2001 was approved;

2. the Report of the Board of Directors for the year 2001 was
approved;

3. the Report of the Supervisory Committee for the year 2001
was approved;

4. the profit appropriation plan for the year 2001 was
approved: no profit appropriation will be made as the Company
incurred a loss;

5. the resolution regarding the reappointment of auditors was
vetoed: As the Board of Directors of the Company rejected the
request of Yuehua Certified Public Accountants in respect of
auditing the interim report for the year 2002 jointly with the
overseas auditors, Yuehua Certified Public Accountants will not
continue to act as the domestic auditors of the Company. As the
relationship between domestic auditors and overseas auditors is
co-operative partners which have to exchange auditing materials
so as to confirm the bases for auditing and drawing conclusion
therefor, the resolution regarding the reappointment of Moores
Rowland Certified Public Accountants as overseas auditors of the
Company was vetoed at the meeting.

The Board of Directors was asked to select and appoint auditors
as soon as possible and to convene an extraordinary general
meeting to consider and approve the same, in order to assure the
commencement of provision of auditing services with respect to
the interim report for the year 2002 on a timely basis.

6. the remuneration for independent directors was approved;

7.    the appointment of Ms. Xu Xiuqin as new supervisor was
approved.


SUPER ZONE: Winding Up Petition Hearing Set
-------------------------------------------
The petition to wind up Super Zone Investments Limited is
scheduled for hearing before the High Court of Hong Kong on June
26, 2002 at 9:30 am.

The petition was filed with the court on March 4, 2002 by Bank
of China (Hong Kong) Limited whose registered office is situated
at 14th Floor, Bank of China Tower, 1 Garden Road, Central, Hong
Kong.


WING LEE: Sees No Reason for Volume Shares Increase
---------------------------------------------------
Wing Lee Holdings Limited has noted the recent increase in the
trading volume of the shares of the Company and stated that they
are not aware of any reasons for such increase.

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


WIRELESS INTERNETWORKS: Hires Brokers for Odd Lot Arrangement
-------------------------------------------------------------
Wireless InterNetworks, in order to alleviate the difficulties
arising from the existence of odd lots as a result of the
Capital Restructuring, has appointed a broker to assist the
Shareholders to match the sale and purchase of odd lots during
period from 9:30 am 7 June 2002 to 4:00 pm 28 June 2002, both
dates inclusive, assuming the resumption of the trading of the
Shares will take place on 7 June 2002.

Holders of the New Shares in odd lots (i.e. lots which are not
in integral multiples of 2,000 New Shares) may through their
broker contact FB Gemini Securities Limited during such period.
Holders of the New Shares in odd lots should note that the
matching of the sale and purchase of odd lots is not guaranteed.


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


BANK INTERNASIONAL: Sale Next Year Likely
-----------------------------------------
PT Bank Internasional Indonesia Tbk (BII) will be sold next year
as part of Indonesia's efforts to fund its budget deficit,
IndoExchange reports.

The Indonesian Bank Restructuring Agency (IBRA) took control of
BII, once part of the indebted Sinar Mas Group, in 1999 after
the government bailed out the bank by injecting interest-bearing
bonds worth Rp6.6 trillion.

Sinar Mas surrendered its remaining 18 percent stake in BII to
the government in April to pay down a US$1.25 billion debt.

IBRA refused to say on how much of BII will be sold, or how it
plans to sell the stake.


* IBRA Signs MoU With BAPEPAM, Ditjen Pajak
-------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) along with the
Directorate General of Tax (Ditjen Pajak) and Capital Market
Supervisory Agency (BAPEPAM) have signed a Memorandum Of
Understanding (MoU) represented by Mr. Syafruddin A. Temenggung,
Mr. Hadi Poernomo and Mr. Herwidyatmo on Monday, 3 June 2002.

The purpose of this agreement is to strengthen coordination its
institution function. These institutions under umbrella of the
Ministry of Finance have to supports each other in relation to
their respective functions and authorities.

IBRA, which is mainly involved in Bank Restructuring and Asset
Management programs, needs the support and coordination from
BAPEPAM especially regarding information involving stocks,
shares divestment requirements, sale of stock and bonds, Initial
Public Offering (IPO), rights issue and other activities related
to the capital market.

Meanwhile, IBRA also needs advice from the Ditjen Pajak,
regarding Tax matters especially related to the ownership and
management of assets. BAPEPAM and the Directorate General of Tax
could also access IBRA's data and information owned by IBRA to
support their duties.

This cooperation will result in synergy, and solutions to
related issues, for example, the mechanism of asset
repossession, or related stock or capital market players'
investigation.

Coordination between these institutions is highly anticipated,
given that these institutions have regulations, which
specifically govern each institution's duties and functions. As
a follow-up of this MoU, a Technical Team will be formed,
responsible for setting up a work program and outlining each
institution's deficiencies.


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


ALL NIPPON: Investors Balk at Air Do Purchase Proposal
------------------------------------------------------
Investors of All Nippon Airways Co., which reported its fourth
annual loss in five years last month, said the Company should
avoid buying a stake in unprofitable Hokkaido International
Airlines Co. It would be too much of a financial burden because
All Nippon is trying to stem losses from international flights
and its hotel chain.

All Nippon wants to tap demand on routes operated by state-
owned Hokkaido International, known as Air Do, as Japanese
rivals Japan Airlines and Japan Air System merge in October.

Hideo Ueki, who helps manage $10 billion at UBS Global Asset
Management (Japan) Ltd., said he would consider an equity tie-up
negatively as All Nippon would have to function as caretaker of
a money-losing carrier.

Earlier this month, Air Do reported a worse-than-expected 824
million yen ($6.7 million) group net loss for the year to March
31, as travel demand slumped after the September 11 terrorist
attacks in the U.S. and Japan's economy was in recession.

All Nippon in April agreed to cooperate with domestic carrier
Fair Inc., which flies between Tokyo's Narita Airport and
Sendai, northeast of Tokyo. It has a similar agreement with Naka
Nihon Airline Co., which flies between Narita and Nagoya, west
of Tokyo. The agreements cover eight flights a day from Narita,
operated by All Nippon and the two closely held carriers.

Japan's second-biggest airline last month posted a net loss of
9.5 billion yen for the year ended in March.


DAI-ICHI LIFE: In ATM Tie-up With IY Bank, Asahi Bank
-----------------------------------------------------
Dai-ichi Mutual Life Insurance will tie up with IY Bank and
Asahi Bank to allow policyholders to get loans via the banks'
ATMs from this summer, the Nihon Keizai newspaper cited sources
at Dai-ichi as saying.

The Chiyoda-ku, Tokyo-based life insurance company will be able
to extend loans to policyholders through Asahi Bank's ATM
network and the 3,900 ATMs installed by IY Bank in convenience
stores, including those owned by Seven-Eleven Japan Co.

Dai-ichi Mutual also plans to use such ATMs to collect insurance
premiums.

In March, credit rating agency Moody's Investors Service
downgraded to Baa2 from A3 Dai-ichi Mutual Life's insurance
financial strength ratings, with negative outlook. The downgrade
reflects worse-than-expected weakening of the financial
conditions of the life insurer, the grim outlook for a quick
recovery in the industry operating environment, the limited
benefit of capital contributions planned, and the uncertain
prospects for additional external support.


KOBE STEEL: Plans to Sell Australia Aluminum Stake for $78.5M
-------------------------------------------------------------
Kobe Steel Ltd. is selling its rights and interests in
Australia's Boyne Island aluminum project, to Comalco Ltd. for
$78.5 million by September, Dow Jones Newswires reported, citing
the Nihon Keizai Shimbun.

Kobe Steel's interests amount to a 9.5 percent share in the
project. Comalco already holds a 50 percent share.

Kobe Steel is in the process of narrowing its business
portfolio, and in the aluminum sector it has decided to shrink
its foreign smelting interests and focus on milled products.

In May, Kobe Steel revealed 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. 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.


MATSUSHITA ELECTRIC: Refrigeration Unit to Close Osaka Plant
------------------------------------------------------------
Matsushita Electric Industrial Co.'s refrigerator-making unit,
Matsushita Refrigeration Co, will shut down its factory in Osaka
in August to step up its cost-cutting efforts, Japan Today
reports.

According to Company officials, some 200 employees at the Osaka
factory, as well as its production equipment, will be
transferred to Matsushita's main factory in Kusatsu, Shiga
Prefecture, which also serves as the company headquarters.

The 30,000-square-meter land plot of the Osaka factory will
likely be sold, the report added.

Matsushita Refrigeration also decided to shut down a factory in
Mie Prefecture in August.

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

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


SEIBU DEPARTMENT: Full-Time Staff Reduction Likely
--------------------------------------------------
Seibu Department Stores Ltd. plans to reduce the full-time work
force at its parent to about 1,000 workers by next spring, the
Dow Jones Newswires reports.

The implementation of voluntary early retirement will be used to
trim staff and loaning employees, either temporarily or
permanently, to group companies. Volunteers for early retirement
aged 35-58 will be offered higher retirement payments. Those who
opt for this measure will leave the Company in September.

The move is designed to help the department store operator in
Toshima-ku, Tokyo, slash personnel expenses to the 40 billion
yen level from more than 50 billion yen and improve its
profitability.


SNOW BRAND: New Milk Venture Affects Kurashiki Plant
----------------------------------------------------
Snow Brand Milk Products Co.'s Kurashiki plant in Okayama
prefecture, western Japan will be closed at the end of September
with the new joint venture created by the dairy products maker
and partners National Federation of Agricultural Cooperative
Associations (Zen-noh), National Federation of Dairy Cooperative
Associations (Zenrakuren) and Norinchukin Bank, Dow Jones
Newswires reports.

The new company will reduce the number of its combined plants to
15 from 18 by closing three, including Snow Brand's Kurashiki
plant. The venture will also cut its work force to 2,000 from
3,000.

Dow Jones adds that the venture is aimed at slashing operating
costs by 20 percent to achieve profit goals. It will create a
new brand name for its products in addition to current brands
used by Zen-noh, Snow Brand and Zenrakuren.

Snow Brand Milk is trying to get its earnings back on a recovery
track after posting huge losses of 71.74 billion yen last
business year as a result of a scandal from its food unit Snow
Brand Food Co.


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


DAEWOO MOTOR: Loan Payment Delays GM-Daewoo Launch
--------------------------------------------------
The launch of the new Daewoo Motor is behind schedule because of
the delay in the settlement of liabilities among its creditors,
the Korea Times reported.

U.S. automaker General Motors (GM) expects the debut of the new
corporation as late as September or October. It was originally
planned for next month.

"We plan to submit an application to the judiciary to pull
Daewoo out of court receivership and initiate the new body. It
usually takes at least one month for the court to approve the
move. It means any delay will be inevitable," an official at the
state-run Korea Development Bank said.

"As creditor banks are being asked to extend a huge amount in
loans to the new body, they have rough time in reconciling the
differences," he added.

GM in April signed a final agreement to purchase key assets of
troubled Daewoo Motor Co. from its Korean creditors for $400
million. Under the terms of the deal, GM agreed to establish a
new company called GM Daewoo Auto & Technology Co. that would
include two of Daewoo's plants in Korea, Daewoo's facilities in
Vietnam and nine overseas sales units in Western Europe,
Australia and Puerto Rico.


DAEWOO MOTOR: Polish Unit Getting Debt-for-Equity Deal
------------------------------------------------------
Daewoo Motor Co and creditors of Daewoo-FSO have agreed to
convert part of their commercial debt owed by the Polish
subsidiary into equity as a preliminary move to sell the
automaker to a third party, the Maeil Business Newspaper
reported.

After the debt-for-equity deal, the bankrupt Korean carmaker and
main creditor Export-Import Bank of Korea will transfer the
operating assets of Daewoo-FSO into a new entity to be turned
around and sold later, the paper said.

Daewoo-FSO, 86 percent owned by Daewoo Motor and 13 percent by
Poland, owes US$850 million to its parent firm and US$150
million to Export-Import Bank of Korea.

Earlier, the South Korean and Polish government agreed to work
on reviving Daewoo-FSO. The move comes as the Polish plant was
excluded from a list of assets General Motors Corp. of the
United States decided to acquire.

Daewoo Motor and its Korean creditors are also in talks with
banks in Poland regarding the formation of the new company.


HYNIX SEMICON: Micron Willing to Resume Talks
---------------------------------------------
Deputy Prime Minister Jeon Yun-churl of Finance and Economy
hinted Thursday that Micron Technology of the United States has
been reconsidering the aborted acquisition of Hynix
Semiconductor.

According to a report from Digital Chosun, Jeon heard that the
U.S. rival chipmaker is willing to open up negotiations once
again.

The Finance Minister said that the government will continue with
plans to sell off the ailing Korean chipmaker as early as
possible.


SEOUL BANK: Rescues Individual Debtors Via Workout Program
----------------------------------------------------------
Seoul Bank launched Friday individual debt workout programs in a
bid to help heavily indebted individuals climb out of their
financial holes, the Korea Herald reports.

The programs include write-offs of overdue interest payments and
waiving of commission charges, which the bank says will curb
individual bankruptcies.

Meanwhile, 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 government expects to reach a deal selling the nationalized
Seoul Bank to one of its potential buyers in July or August.


SHIN WON: Selling Myeongdong Department Store for KRW81.1B
----------------------------------------------------------
Shin Won Corporation has signed a contract to sell Jeil
Department Store, located in the center of Seoul's Myeongdong,
the country's fashion culture hub, to a subsidiary of Korea
Development Bank (KDB) for 81.1 billion won.

According to Korea Exchange Bank (KEB), the largest creditor of
Shin Won, the sale deal will provide the Company with an
opportunity to turn its business around, shaking out of its
dependence on the current debt-rescheduling programs.

Shin Won Corp. - http://www.sw.co.kr/- manufactures and
distributes apparel such as women's and men's outwear and
products including sweaters, garments, fashion apparels and
leather accessories.


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


AMSTEEL CORPORATION: Proposed GWRS Still in Progress
----------------------------------------------------
The Directors of Amsteel Corporation Berhad, in accordance with
Paragraph 4.1(b) of Practice Note 4/2001 and Paragraph 8.14 of
the Listing Requirements of the KLSE, announced:

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.


EMICO HOLDINGS: 10th AGM, EGM Fixed on June 28
---------------------------------------------
Emico Holdings Berhad informed that the following meetings will
be held on Friday, 28 June 2002 at The Conference Room of Emico
Holdings Berhad at 18 Lebuhraya Kampung Jawa, 11900 Penang:

   a) Tenth Annual General Meeting at 10.00 a.m.

   b) Extraordinary General Meeting immediately after the
conclusion or adjournment (as the case may be) of the Tenth
Annual General Meeting.

Please visit http://www.bankrupt.com/misc/TCRAP_Emico0610.doc
for the full text of the notice of the Tenth Annual General
Meeting and Extraordinary General Meeting.


GLOBAL CARRIERS: Creditors' OK MSSB's Scheme of Arrangement
-----------------------------------------------------------
Global Carriers Berhad, further to its announcement on 31 May
2002 regarding the Revised Scenario to the Proposed Composite
Schemes of Arrangement, the Proposed BSNC Leasing (M) Sdn Bhd
Settlement Scheme, and the Proposed Non-Financial Creditors
Settlement Scheme (Proposed Revised Scheme), advised that the
scheme of arrangement involving Marina Shipping Sdn Bhd (MSSB)
and its secured creditors has been approved during the adjourned
court-convened creditors' meeting held on 3 June 2002.

The restraining order for the Group expired on 2 June 2002.
After further deliberation, and upon the advice of its advisers
and solicitors, the Board will seek a further extension for the
order for a period up to the completion of the restructuring
exercise to ensure that the Proposed Revised Schemes are
implemented expediently. The Board will seek the advice and the
concurrence of the major scheme creditors on this matter. The
order will be retrospective; commencing from its expiry on 2
June 2002.


KURNIA SETIA: Updates Unit's Default in Payment Status
------------------------------------------------------
Kurnia Setia Berhad announced the default in payment by its
subsidiary company, GE-Sunny Dale Industries Sdn. Bhd., due to
the adverse economic conditions and insufficient funds to
service its banker.

Tight cashflow conditions has resulted in GESD failed to service
interest and principal payment causing the default as follows:

            Amount in
                arrears as at     Due
  Bank        Note     31/05/2002 (RM)    Date

(i) Public Bank Berhad Bankers Acceptance 10,146.46  30/04/2002
   (Principal plus
interest)

(ii) Public Bank Berhad   Overdraft  14,208.36  30/04/2002
                       (limit RM1.0 m) (interest overdue)

GESD is taking all the necessary actions to settle the
outstanding amount due.


L&M CORP.: May 2002 Defaulted Payment Reaches RM191,129,172.20
--------------------------------------------------------------
The Board of Directors of L&M Corporation (M) Bhd updated on the
default in payments by the L&M Group. As at 31 May 2002, the
total default payments to financial institutions in respect of
various credit facilities by L&M Group is RM191,129,172.20.

The are no new developments in steps taken to address the
default.


METACORP BERHAD: Unit Files Appearance Memo in Melaka Court
-----------------------------------------------------------
Metacorp Berhad informed that its wholly owned subsidiary,
Metacorp Properties Sdn Bhd through its lawyers, has filed a
Memorandum of Appearance in the Malacca High Court on 4 June
2002 in response to a claim in the High Court of Melaka, Civil
Suit No: MT2-22-66-2002 dated 16 April 2002 served on 24 May
2002 initiated by Bukit Makmur Sdn Bhd (Plaintiff).

The Plaintiff is claiming a refund of deposits paid amounting to
RM775,062.65, cost of the proceedings, special damages amounting
to approximately RM174,689.42 as well as general damages
(inclusive of interest at 8% per annum from the date of Summons
until the date of realization) for an alleged breach of the
terms and conditions of Sale and Purchase Agreements dated 6
November 2000 and 7 November 2000 respectively.

The Sale and Purchase Agreements (Agreements) entered into by
both parties involved the sale of 19 plots of industrial units
amounting to approximately 19.4 acres of industrial lands at
Taman Tasik Utama, Ayer Keroh, Malacca where the Company being
the registered owner and developer of the said lands was to
complete and provide the basic infrastructure to the lands
within six months from the date of the Agreement.

The financial impact (if any) would be the amount claimed by the
Plaintiff in the Statement of Claim and the reversal of gross
development profit already recognized of approximately RM3.06
million.


PAN MALAYSIAN: Sets EGM for June 27
-----------------------------------
Pan Malaysian Industries Berhad informed that an Extraordinary
General Meeting of PMIB will be held at Crystal Ballroom, Corus
hotel Kuala Lumpur, Jalan Ampang, 50450 Kuala Lumpur on
Thursday, 27 June 2002 at 10.00 a.m.

Full text of the Notice of EGM is found at
http://www.bankrupt.com/misc/TCRAP_PanMalaysia0610.doc


PANGLOBAL BERHAD: Posts 37th AGM Notice
--------------------------------------
The Board of Directors of Panglobal Berhad announced that its
37th Annual General Meeting will be held at Level 34, Menara
PanGlobal, 8, Lorong P. Ramlee, 50250 Kuala Lumpur on Thursday,
27 June 2002 at 3:00 pm.

Check http://www.bankrupt.com/misc/TCRAP_Panglobal0610.docto
see details of AGM.


SP SETIA: RAM Reaffirms Bond Rating, Maintains Rating Watch
-----------------------------------------------------------
Rating Agency Malaysia Berhad (RAM) has reaffirmed the long-term
rating of A2 for S P Setia Berhad's RM125 million Redeemable
Unsecured Bonds. The rating reflects S P Setia's strong balance
sheet and superior track record in its core business of property
development. Meanwhile, RAM has maintained the developing-
outlook Rating Watch on the Bonds until the successful
implementation of the Group's proposed capital-raising
exercises. The proposed exercises play a critical role in
providing balance to S P Setia's financial profile.

The Group's property development division continued to perform
well with healthy take-up rates for all its launches. For FYE 31
October 2001, S P Setia launched a total of 3,823 units and sold
3,634 units in its various property projects. Boosted by this
commendable performance, S P Setia's turnover rose for the third
consecutive year to RM555.17 million in FY 2001. Continuing the
upward trend of the last few years, the Group's impressive
performance in 1Q FY 2002 showed that FY 2002 could be another
year of similar success. S P Setia's pre-tax profit jumped by
77.34% to RM41.03 million in 1Q FY 2002 (4Q FY 2001: RM23.14
million), lifted by the sharp expansion in its pre-tax margin to
30.52% versus 16.06% in 4Q FY 2001. Furthermore, its financial
clout improved on the back of a net cash position of RM82.76
million at end-1Q FY 2002.

Nonetheless, the Group has already started gearing up and will
take on almost RM600 million in debt over the next 3 years. This
is to finance the upgrading of a road (Batu Pahat-Ayer Hitam-
Kluang) for the Federal Government on a deferred payment basis,
and the acquisition of 3,930 acres of land located primarily in
the district of Petaling, Selangor (known as "North Hummock").
The additional debt will place the Group in a net borrowing
position. To balance its financial profile, S P Setia plans to
carry out a series of capital-raising exercises to part-finance
the acquisition of the North Hummock land, refinance its Sri
Hartamas land acquisition and also for working capital. The
proposed exercises include a private placement issue, special
bumiputra issue, bonus issue and rights issue and is anticipated
to raise about RM459 million - RM551 million, depending on the
conversion of the warrants and employee share option scheme
(ESOS).


SASHIP HOLDINGS: June 27 AGM Scheduled
--------------------------------------
Saship Holdings Berhad informed that the Twenty-Seventh Annual
General Meeting of the Company will be held at Imperial Room,
Crown Princess Hotel, City Square Center, Jalan Tun Razak, 50400
Kuala Lumpur on Thursday, 27 June 2002 at 10.30 a.m., in order
to:

AGENDA

1. Receive and adopt the Audited Financial Statements for the
financial year ended 31 December 2001 and the Reports of the
Directors and Auditors thereon. Resolution 1

2. Re-elect Dato' Mohd Nor bin Abdul Wahid who is retiring
pursuant to Article 96(1) of the Company's Articles of
Association. Resolution 2

3. Re-elect Datuk Haji Shuaib bin Haji Lazim who is retiring
pursuant to Article 103 of the Company's Articles of
Association. Resolution 3

4. Re-elect Mr Yoong Weng Yip who is retiring pursuant to
Article 103 of the Company's Articles of Association. Resolution
4

5. Re-appoint Messrs KPMG as the Company's Auditors and to
authorise the Board of Directors to fix their remuneration.
Resolution 5

6. As Special Business:

To consider and, if thought fit, pass the following resolutions
as Ordinary and Special Resolution respectively:

ORDINARY RESOLUTION

  * Authority to Allot Shares pursuant to Section 132D of the
Companies Act, 1965

"THAT pursuant to Section 132D of the Companies Act, 1965 and
subject always to the approval of the relevant authorities, the
Directors be and are hereby empowered to issue shares in the
Company from time to time and upon such terms and conditions and
for such purposes as the Directors may deem fit provided that
the aggregate number of shares issued pursuant to this
resolution does not exceed 10% of the issued share capital of
the Company for the time being 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 6

SPECIAL RESOLUTION

   * Proposed Amendments to the Articles of Association

"THAT the proposed alterations, modifications, additions or
deletions to the Articles of Association of the Company set out
in Annual Report be hereby approved."


SOUTHERN PLASTIC: Awaits Creditors' Proposal Final Comments
-----------------------------------------------------------
Southern Plastic Holdings Berhad, pursuant to KLSE Practice Note
4/2001, paragraph 4.1 (b), announced that the proposal to
restructure its debt obligations to its financial institution
creditors has been submitted to the respective financial
institution creditors for their review and final approval.

The financial creditors are expected to come back with their
final comments and approval in due course. Once the agreement is
obtained from the respective creditors, the Company will proceed
to finalize the plan and make the proper announcements and
obtain the proper approvals.


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

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

The Board of Directors circulated a revised proposal to the
financial institutions. The respective financial institutions
are currently reviewing it. The Board will announce the Scheme
in due course upon its finalization with its financial
institutions and other relevant parties.

Several financial institutions had taken legal actions to claim
the overdue amounts from the Group and the Company. The Company
is a corporate guarantor for certain of these amounts involved.
The contingent liabilities with respect to these corporate
guarantees amount to RM71 million.

The Board is confident of the success of the negotiation with
the bankers and does not foresee the crystallization of the
corporate guarantees. The board has employed qualified legal
advisors to look into these claims to protect the Group and the
Company from legal suits in order for the proposed restructuring
scheme to be implemented.


TECHNO ASIA: Moratorium Period Extended Until Feb 2003
------------------------------------------------------
Techno Asia Holdings Berhad (Special Administrators Appointed)
and Subsidiaries previously announced that Mr. Lim Tian Huat and
Mr. Chew Cheng Leong of Messrs. Arthur Andersen & Co. were
appointed Special Administrators (SAs) over TECASIA and a
subsidiary company, Prima Moulds Manufacturing Sdn. Bhd. (PMMSB)
on 2 February, 2001. The Special Administrators were
subsequently appointed over these TECASIA subsidiary companies
on 30 April 2001:

   1. Mount Austin Properties Sdn. Bhd.;
   2. Cempaka Sepakat Sdn. Bhd.;
   3. Ganda Edible Oils Sdn. Bhd.;
   4. Litang Plantations Sdn. Bhd.;
   5. Wisma Dindings Sdn. Bhd.; and
   6. Ganda Plantations (Perak) Sdn. Bhd.; and
   7. Techno Asia Venture Capital Sdn. Bhd. (collectively known
as the "Affected Companies")

Pursuant to the announcement dated 2 May, 2002 in respect to
Practice Note 1/2001, TECASIA wishes to announce that the
Company and its subsidiaries, namely Mount Austin Properties
Sdn. Bhd (Special Administrators Appointed), PMMSB (Special
Administrators Appointed), Prima Moulds Sdn. Bhd. and Ganda
Energy Holdings, Inc had continued to default in payments of its
loan interest and principal sum owing to several financial
institutions. Details of the outstanding amounts as at 30 April
are set at http://www.bankrupt.com/misc/TCRAP_Tecasia0610.gif

Measures Taken to Address the Default

TECASIA is considered as an "affected listed issuer" pursuant to
PN4/2001.

Further to the measures undertaken as announced on 2 May 2002,
there had been no major changes to the status of TECASIA's plan
to regularize its financial position.

Implications in respect of the Default in Payments

TECASIA announced that Pengurusan Danaharta Nasional Berhad has
on 30 January, 2002 granted an extension of twelve (12) months
to the moratorium previously in effect for TECASIA and PMMSB and
seven other subsidiaries pursuant to Section 41(3). The said
extension shall expire on 1 February 2003 and 29 April 2003
respectively. All legal actions initiated against TECASIA and
other affected subsidiaries will be stayed and any petition for
winding-up, or any appointment of a receiver, receiver and
manager or provisional liquidator cannot proceed.


TIMBERMASTER INDUSTRIES: SA Carries Out 3rd Tender Exercise
----------------------------------------------------------
Timbermaster Industries Berhad (Special Administrators
Appointed), Further to its announcement dated 2 May 2002 and 24
May 2002, announced that the Special Administrators (SA) of the
Company are carrying out a 3rd tender exercise to invite
interested parties with strong asset backing and management
expertise to participate in the restructuring of TMIB.

As advertised on 30 May 2002, the SA conducted a briefing on the
tender procedures on 3 June 2002 for interested parties who wish
to participate in the restructuring of TMIB.

The Company had, by way of its letter dated 7 May 2002 and 16
May 2002, appealed to the Kuala Lumpur Stock Exchange for a
further extension of time until 30 August 2002 to make the
Requisite Announcement under PN 4. KLSE had previously allowed
an extension of time until 7 May 2002 for TMIB to make the
Requisite Announcement.

At the time of this announcement, the Company has not received
the approval from KLSE for a further extension of time until 30
August 2002 to make the Requisite Announcement.


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


METRO PACIFIC: H.K. Parent Has No Intention of Divesting Stake
--------------------------------------------------------------
Metro Pacific Corp said its Hong Kong-based parent First Pacific
Co Ltd does not plan to sell its Company shares, AFX Asia
reported.

"Metro Pacific understands First Pacific has no intention to
divest any part of its shares in Metro Pacific," the company
said in a statement.

Metro Pacific issued the statement after First Pacific signed a
joint venture deal with the Gokongwei group to take up 50.4
percent of Metro Pacific unit Bonifacio Land Corp. and 24.47
percent of Philippine Long Distance Telephone Co.


NATIONAL POWER: Increasing Use of Diesel-fired Power Plants
-----------------------------------------------------------
The National Power Corp. (Napocor) will increase the use of
diesel-fired power plants in Mindanao as part of the power
firm's plan to minimize the impact of the El Ni¤o phenomenon on
its hydro generating facilities, the Philippine Star reports.

Napocor OIC-President and Chief Executive Officer, Roland S.
Quilala said they have tapped two build-operate-transfer (BOT)
projects, Power Barge 117 in Agusan del Sur and Power Barge 118
in Davao del Norte, to provide about 160 megawatt (MW) to the
grid. The units are managed by Borweister Scandinavian
Contractors.

CEO Quilala added three power plants owned by Alsons Tomen -
Southern Philippines Power Corp. (PPC) in General Santos City,
Northern PPC in Ilijan and Western PPC in Zamboanga City - have
also been programmed to provide an additional 90 MW into the
system.

"By utilizing these plants, we continue to ensure that our
customers in Mindanao will have adequate supply of power even
with the very low water level in Lake Lanao and Pulangui as a
result of the El Ni¤o," he said.

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


PHILIPPINE LONG: Board Readies Counter-offer for $925M Deal
-----------------------------------------------------------
The Board of Directors of Philippine Long Distance Telephone
Company (PLDT) is set to counter the sale of First Pacific Co.
Ltd.'s stake in the company to a joint venture forged with the
Gokongwei family.

According to a BusinessWorld report, PLDT President and Chief
Executive Officer, Manuel Pangilinan and PLDT Chairman, Antonio
Cojuangco will present an offer to First Pacific this week.

The paper's sources declined to say how much Pangilinan and
Cojuangco will bid for the 24.4 percent economic interest of
First Pacific in the country's biggest telephone provider.

First Pacific confirmed last week that it is forming a $925-
million joint venture with the Gokongwei family that will
purchase its stake in PLDT, as well as part of its equity in
Bonifacio Land Corp.


PHILIPPINE LONG: Hires Local, U.S.-based Lawyers
------------------------------------------------
The Philippine Long Distance Telephone Co. (PLDT) has contracted
both local and US-based lawyers to prepare its legal offensive
against Hong Kong-based First Pacific Co. Ltd. and the Gokongwei
group.

According to an ABS-CBN News report, a number of lawyers from
various law firms have arrived Thursday. The local legal team
will be handled by Abello Concepcion Regala & Cruz (ACCRA).

The sources say these lawyers will zero in on the anti-
competitor's provision in the by-laws of the company, protecting
the company's right, its subsidiaries and affiliates, minority
shareholders, employees and creditors.

A provision in PLDT's by-laws prevents an entity with any
interest in a direct competitor from taking a Board seat in the
dominant carrier.

Under the Article V, Section 1 of the company's by-laws, "No
person shall qualify or be eligible for nomination or election
to the Board of Directors if he is engaged in any business that
competes with or is antagonistic to that of the corporation or
its subsidiaries."

Gokongwei owns Digital Telecommunications Philippines Inc.
(Digitel), the sixth cellular firm in the country.


SGV & CO: Inks Agreement With Ernst & Young
-------------------------------------------
SyCip Gorres Velayo and Co. (SGV), Arthur Andersen LLP's
affiliate in the Philippines, signed with Ernst & Young
International (E&Y) Thursday a definite agreement that makes
permanent SGV's membership to the Ernst & Young network, the
Philippine Star reported.

"The association is a positive move for both firms, and will
serve to further strengthen our position in the Philippines as
the leading professional services provider. We are confident
that this association will present many opportunities to our
people and clients," SGV chairman and managing partner Cesar V.
Purisima said.

SGV will continue to adhere to the highest standards of
independence and quality, adopting E&Y methodologies and
procedures to enhance its current services that include
assurance and business advisory, tax services, risk consultancy
and corporate finance consultancy.

Andersen, the accounting firm indicted for its role as auditor
to collapsed US energy trader Enron, has been charged with
obstruction of justice in the U.S. Since being charged in early
March, Andersen has lost hundreds of clients. Its overseas
business has broken apart, with affiliates linking up with
competitors.


* PLDT, Metro Pacific Down on First Pacific-Gokongwei Deal
----------------------------------------------------------
Philippine Long Distance Telephone Co. and Metro Pacific were
down on caution over possible obstacles to the First Pacific-
Gokongwei joint-venture taking control of PLDT and Bonifacio
Land.

According to a report from AFX Asia, PLDT was down 12.50 pesos
or 2.79 percent to 435 on volume of 39,670 shares, with Metro
Pacific off 0.01 or 2.86 percent at 0.34 on 1.7 million shares.

Dealers say the market is concerned by reports that PLDT
management will attempt a counter-offer for the First Pacific
holding or cite legal issues to block the deal.


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


ELLIPSIZ LTD: Falls S$0.045 After Profit-warning
------------------------------------------------
Ellipsiz was down S$0.045 at 0.27 on 2.23 million shares after
it announced that its year to June pretax loss is likely to
widen to between S$22 million and S$26 million from S$90,000 a
year earlier due to continuing weak semiconductor demand, AFX
Asia reported.

The semiconductor solutions provider reported a net loss of
S$5.450 million on sales of S$21.576 million in the first half,
compared with a net profit of S$3.481 million on sales of
S$65.467 million.


ELLIPSIZ LTD: Signals Further Deterioration in Performance
----------------------------------------------------------
Loss-making semiconductor solutions provider, Ellipsiz Ltd,
warned Thursday that it will be making a $17 million to $21
million net loss before tax and after share of associated
companies' results, for the second half of its financial year,
which ends in June 2002. This is worse than its original
projected loss of $5 million loss.

The full year's losses before tax for the financial year ending
in June 2002 is therefore expected to be in the region of $22
million to $26 million versus a loss before tax of $0.09 million
in FY 2001.

The projection of higher losses is attributable to:

* The provision for impairment on the fixed assets and
development expenditure of its manufacturing subsidiary in
compliance with Statement of Accounting Standard 36 on
"Impairment of Assets,"

* The write-off of an investment in a Silicon Valley company,
its share of further losses in a joint-venture company, the
write-off of assets in its e-commerce subsidiary, the costs of
physically centralizing its Singapore offices, provision for
doubtful debts, and provision for diminution in stock value.

Xavier Chong, the Founder and Chairman of Ellipsiz, who has just
returned from a one-year sabbatical to assume the CEO role in
May, said: "The lack of a return of demand in the semiconductor
industry, after its worst recession in 30 years, has adversely
affected our businesses."

"We are deeply disappointed with our own performance. Moving
forward, we must stay focused on business fundamentals to bring
the Company back to profitability. We are strengthening our core
capabilities in providing engineering services and solutions,
and in advanced packaging for the semiconductor industry in the
region.  We are getting into position to catch the upturn which
appears to be on the horizon, and more importantly, to build a
sustainable, high growth business in the China market."

The Ellipsiz Group - www.ellipsiz.com - is a leading engineering
and advanced packaging solutions provider to the semiconductor
industry in Asia. The holding company, Ellipsiz Ltd., was listed
on SGX in July 2000. Among its engineering solutions are the
sale and support of semiconductor equipment, materials,
facilities services, turnkey failure analysis laboratories, and
total chemicals management (TCM). It also offers advanced
packaging services such as wafer bumping and System-in-Package
manufacturing.

The Group has operations in Singapore, Malaysia, Taiwan, China
and the USA. It had revenues of S$100 million in its FY 2001,
which ended in June 2001.

For inquiries, contact Lee Siak Foon, Manager of Investor &
Public Relations at Ellipsiz Ltd, at telephone +65 6311 8500 or
via e-mail at information@ellipsiz.com.


THAKRAL CORP: Achieves $33M Operating Profit
--------------------------------------------
Singapore-listed Thakral Corporation Limited announced Friday
its financial results for fiscal year ended 31 March 2002. With
the Group's turnover in excess of S$510.7 million, it is
reporting a significant improvement in operating profit of
S$33.0 million compared to an operating loss of S$9.0 million on
a turnover of S$584.8 million in FY2001.

The Group's revamped consumer electronics distribution and
trading division contributes about 88% of total turnover and 75
percent of operating profit this year. This is achieved through
improved margins by shifting to high-end product focus, such as
digital cameras and camcorders, plasma TVs and a broad range of
audio products. Improved performance is also reported from the
Group's electronic products division and contract manufacturing
division.

"We are now in a better position to go forward with our business
strategies. With the completion of our debt restructuring Scheme
of Arrangement in March 2002, our balance sheet is healthy and
we have improved our management of working capital, inventory
and costs control" said Mr Inderbethal Singh Thakral, Group
Managing Director.

As a result of the Scheme, the Group's operating profit after
tax is S$175.6 million compared to a loss of S$98.8 million in
the previous year. This includes an exceptional net gain of
S$161.8 million.

Thakral, in a statement, said that China will remain as the
Group's main market as it continues to be the fastest growing
economies in the world with GDP growth projected at more than 7
percent for 2002. For the current year, the Group will be
operating with an enhanced financial structure, a strong balance
sheet and adequate cash flow from its operations to fund its
future growth. It will continue to build on its strengths in the
consumer electronics business focusing on working capital
management and profitability.

With continued uncertainties in the electronic industry, the
contract manufacturing and electronic manufacturing services
division will still be faced with challenges. The management is
presently in the process of carrying out a strategic review of
this business unit with a view to position it for future growth
as the industry recovers.

Thakral Corporation Limited is a leading distributor of consumer
electronics products in China, Hong Kong and Japan. Thakral is
listed on the mainboard of the Stock Exchange Singapore. Thakral
markets and distributes consumer electronics products such as
digital cameras and camcorders, plasma televisions, DVD and MP3
players and other audio products. Thakral also has manufacturing
facilities for contract manufacturing and a home entertainment
business unit that holds exclusive distribution rights for
movies from major Hollywood studios such as Disney, Warner
Brothers, Fox, MGM and Polygram.

For more information about the report, please contact:

Mr Elie J. Baroudi
Thakral Corporation Ltd
Telephone: 6-533-9901
Email: e.baroudi@thakralcorp.com.sg

Ms Daphne Liew
Golin/Harris International
Telephone: 6-551-5421
Email: daphne.liew@golinharris.com.sg


TYE HUA: Begins Members' Voluntary Winding Up
---------------------------------------------
United Overseas Bank Limited (UOB) said Thursday that its wholly
owned subsidiary, Tye Hua Investments Pte. Ltd., has commenced
members' voluntary winding up.

Mr Lee Kim Song and Mr Seet Keong Huat have been appointed
liquidators of Tye Hua Investments Pte. Ltd.

No other details were disclosed.


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


COUNTRY (THAILAND): Registration Book Closing Date on June 14
-------------------------------------------------------------
Country (Thailand) Public Co., Ltd., pursuant to the capital
reduction on its Business Rehabilitation Plan, which has been
approved by the Central Bankruptcy Court of on May 20, 2002,
announced that due to the capital decrease process, the share
register book shall be closed on June 14, 2002 at 12:00 noon
until the completion of the Capital Decrease process.

The Decrease of the Company's paid-up capital from 121,250,000
ordinary shares with a par value of Bt10 to 121,250 ordinary
shares with a par value of Bt10. The company will combine the
1,000 shares to I share. In case of any fraction exceeding or
equivalent to 0.5 will be entitled to receive I ordinary share.


O. M. FOOD: Reorganization Petition Filed to Bankruptcy Court
-------------------------------------------------------------
Frozen seafood producer O. M. Food Company Limited (DEBTOR)'s
Petition for Business Reorganization was filed at the Central
Bankruptcy Court:

   Black Case Number 677/2545

   Red Case Number- /2545

Petitioner: SEAFOOD COMPANY LIMITED

Debts Owed to the Petitioning Creditor: Bt864,740,000.00

Date of Court Acceptance of the Petition: April 29, 2002

Date of Examining the Petition: May 28, 2002 at 9.00 A.M.

Contact: Ms. Niramon Tel, 6792525 ext. 143


SUN TECH: Posts Reorganization Plan Implementation Progress
-----------------------------------------------------------
Srisongkram Planner Company Limited, the plan administrator of
Sun Tech Group Public Company Limited, in reference to the
Business Reorganization Plan approved by the Central Bankruptcy
Court on May 3, 2001 in which the Company has an obligation to
report the progress of the implementation of the plan for the
last three months, reported:

The Company has repaid to the Creditors during Feb 3, 2002
April 30, 2002 as follows:

   * Group 7 Creditors: (Unsecured debts Creditors as Trade
Creditors) in the amount of Bt2,116,348.74 for this quarter and
the totally from the first report through currently is
Bt23,511,183.30.

   *  Group 8 Creditors: (Unsecured debts Creditors as
Agriculture Trade Creditors) in the amount of Bt471,069.22 for
this quarter and the totally from the first report through
currently is Bt14,680,677.25.

The Total of repaid in the amount of Bt2,587,417.96 or 0.06
percent of the Plan.


THAI ENGINE: SET Grants Securities Listing
------------------------------------------
The Stock Exchange of Thailand (SET) allowed the securities
of Thai Engine Manufacturing Public Company Limited (TEM) to be
listed securities on the SET after finishing capital increase
procedures, starting from 10 June 2002.

However, TEM is a listed company under REHABCO sector and is in
the rehabilitation process; therefore, the SET has still
suspended trading all securities of  TEM until the causes of
delisting are eliminated.

Name                              :  TEM
Issued and Paid up Capital
         Old                      :  Bt3,750,000
         New                      :  Bt75,000,000
Allocate to                       ;  Creditors of TEM for
                                     debt-for-equity swap
                                     7,125,000 shares
Ratio                             :  -
Price Per Share                   :  -
Exercise / Payment Date           :  -


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.

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