/raid1/www/Hosts/bankrupt/TCRAP_Public/020625.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

            Tuesday, June 25, 2002, Vol. 5, No. 124

                         Headlines

A U S T R A L I A

ANACONDA NICKEL: Reaches Settlement With GME Resources
BURNS, PHILP: US$400M Unsecured Notes Issue Settled
COUNTRY ROAD: Announces Board Changes
CTI COMMUNICATIONS: Reinstated to Official Quotation
ENERGY WORLD: CBA Further Extends Repayment to June 28

HIH INSURANCE: Royal Commission Moves to HIH Phase
OPEN TELECOMMUNICATIONS: Requests Continued Suspension
SOFTWARE COMM.: Renewal Cover Failure Triggers Winding Up
SOFTWARE COMMUNICATION: DCL Urges Shareholders to Accept Bid


C H I N A   &   H O N G  K O N G

CAN DO HOLDINGS: Open Offer Canceled
GRANDETEL TECHNOLOGIES: Books Net Loss of CDN$39.9M
MAN MEI: Winding Up Petition to be Heard
MULTICON SYSTEM: Hearing of Winding Up Petition Set
SINOCAN HOLDING: Requests Trading Suspension

SMARTECH PLASTIC: Winding Up Petition Slated for Hearing
SUPER PACIFIC: Petition to Wind Up Pending


I N D O N E S I A

ANEKA TAMBANG: Cutting Stake at Affiliate IARL
ASURANSI JIWA: Stresses Employee Safety is Top Priority
SEMEN PADANG: Seeks Fresh Rupiah Loans to Refinance Debt


J A P A N

DAIEI INC: Creditors Agree to Help Ailing Supermarket Chain
HAKUSUI TECH: Files For Bankruptcy Protection
NATIONAL RAILWAYS: Unit Enters Privatization
MATSUSHITA ELECTRIC: Introduces Four New Plasma Display Models
MIZUHO HOLDINGS: Discloses Revision of FY2002 Financial Results

MORI GUMI: Hankyu Provides Y13B Loan
MYCAL CORP: Unit Enters Rehabilitation Measures


K O R E A

ERICSSON KOREA: Union Protests Mass Layoffs
KOOKMIN BANK: Clarifies Unit Disposal Report


M A L A Y S I A

ABRAR CORPORATION: In the Midst of Workout Proposal Preparation
EPE POWER: Resolutions Passed at 30th AGM
HUME INDUSTRIES: Voluntarily Winds Up Dormant Unit
KELANAMAS INDUSTRIES: Gets KLSE's Nod on Time Extension
KUANTAN FLOUR: Judgment Hearing Date Yet to be Determined

LIEN HOE: Summary Judgment Hearing Adjourned to August 30
MALAYSIAN RESOURCES: Gets CTX's Proposed Disposal Confirmation
MTD CAPITAL: Seeks Proposals Implementation Time Extension
RENONG BERHAD: Faber Group Ceases to be a Unit
SISTEM TELEVISYEN: Allows Corporate Proposals Extension

UH DOVE: SC Approves Proposals Implementation Time Extension


P H I L I P P I N E S

BENPRES HOLDINGS: Shares Slide on Debt Worries
DMCI HOLDINGS: Clarifies Lawsuit Issue
FAIRMONT HOLDINGS: Megaworld Aims to Sell Holding Company
NATIONAL STEEL: Rehabilitation May Push Through


S I N G A P O R E

ASIA PULP: Creditors File Request for Judicial Management
ACHIEVA LIMITED: Issues Profit Warning
EUROPTRONIC GROUP: Undergoes Internal Group Restructuring
NATSTEEL LTD: Unit Disposes of Shares in Australian Firm


T H A I L A N D

EASTERN WIRE: Seeks Reorganization Plan Period Extension
HIGH PRESSURE: Files Business Reorganization Petition in Court
ITALIAN-THAI: DBS Vickers Maintains OUTPERFORM Stock Rating
KRISDAMAHANAKORN PUBLIC: Posts Rehab Plan Progress Report
L.P.N. DEVELOPMENT: SET Grants Listed Securities

     -  -  -  -  -  -  -  -

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

ANACONDA NICKEL: Reaches Settlement With GME Resources
------------------------------------------------------
GME Resources Ltd announced that the pending legal action it had
taken against Anaconda Nickel Ltd, Glenmurrin Pty Lid and others
has been settled. Under the settlement agreement GME Resources
Ltd has received $195,000.

GME's interest in the tenements concerned are suitably
protected, and it received reimbursement for its costs.


BURNS, PHILP: US$400M Unsecured Notes Issue Settled
---------------------------------------------------
Burns, Philp & Company Limited announced on 18 June 2002 that
the Company and certain of its subsidiaries entered into an
agreement to sell US$400 Senior Subordinated Notes due 2012
(Notes Issue). Settlement of the Notes Issue took place on
Friday 21 June (New York time). The net proceeds of the Notes
Issue have been received by the issuer of the Notes, Burns Philp
Capital Pty Limited.

The Notes are unsecured senior subordinated obligations of Burns
Philp Capital Pty Limited, and are fully and unconditionally
guaranteed on an unsecured senior subordinated basis by Burns
Philp & Company Limited and certain of its existing and future
subsidiaries.

The Notes were offered only to qualified institutional buyers in
the United States, pursuant to Rule 144A of the United States
Federal Securities Act of 1933 as amended and outside the United
States pursuant to Regulation S under the Securities Act.

Initially, the Notes will not be registered under the Securities
Act and therefore may not be offered or sold in the United
States without registration or an applicable exemption from the
registration requirements of the Securities Act. It is
anticipated that a registration statement will be filed under
the Securities Act to permit exchange of the Notes for
registered Notes.

This announcement shall not constitute an offer to sell or the
solicitation of any offer to buy the Notes or any securities
issuable upon exchange of the Notes in the United States or any
other jurisdiction.

The information contained herein does not constitute an offer of
securities of Burns Philp Capital Pty Limited, or of Burns,
Philp & Company Limited or any of its subsidiaries for sale in
the United States. Securities of such entities may not be
offered or sold in the United States absent registration or an
exemption from registration. Any public offering of such
securities in the United States will be made by means of a
prospectus that may be obtained from Burns, Philp & Company
Limited and will contain detailed information about Burns,
Philp & Company Limited and its management, as well as financial
statements.


COUNTRY ROAD: Announces Board Changes
-------------------------------------
The Directors of Country Road Limited announced the
appointment of Mr Mark Canning as Non-Executive Director,
effective 30 June 2002. Mr Canning is an Executive Director of
South African parent Woolworths Holdings Limited, as well as
Executive Director of Woolworths Pty Ltd in South Africa,
responsible for the Textiles Division and Marketing.

Mr Canning joined Woolworths in 1990 and has held various
executive positions in Retail Operations, Merchandising, Supply
Chain, and Human Resources. Mr Canning is a qualified Chartered
Accountant.

The Directors also regretfully announced the resignation of Ian
Thomson from the Board of Country Road effective 30 June 2002.
Mr Thomson, a Non-Executive Director, was formerly the CEO of
Country Road. Mr Thomson has indicated he wishes to concentrate
on his UK based consulting practice and his other non-executive
directorships. The Board thanks Mr Thomson for his valuable
contribution to the business.

Country Road also announced that Mr Nelson Mair has resigned as
Company Secretary effective 30 June 2002. Mr Mair remains
Executive Director and Chief Operating Officer.

Mr Ashley Gardner has accepted the position of Company Secretary
effective 30 June 2002. Mr Gardner holds the position of General
Manager Financial Services, having joined the company in May
2000.


CTI COMMUNICATIONS: Reinstated to Official Quotation
----------------------------------------------------
CTI Communications Limited advised that the Australia Stock
Exchange will reinstate the Company's listed securities (ie,
fully paid ordinary shares, and options expiring 30 June 2006)
to official quotation on Tuesday, 25 June 2002. The codes for
the Company's fully paid ordinary shares and options expiring 30
June 2006 are CTC and CTCO, respectively.

The Company has already commenced the execution of its business
plan and commercialization strategy for its existing technology
assets, which includes a number of specific objectives aimed at
assessing the marketability and potential for further
development of those assets. To achieve these specific
objectives, the Company has developed a 5-stage plan, where each
successive stage is contingent upon success of the strategic
initiatives undertaken in each or all of the previous stages.
Consistent with the Company's overriding corporate objective
(which is to maximize shareholder wealth), the Company will
also evaluate other opportunities on an ongoing basis. Please
refer to the Company's prospectus dated 25 March 2002 and its
supplementary prospectus dated 17 May 2002 for further
information.


ENERGY WORLD: CBA Further Extends Repayment to June 28
------------------------------------------------------
The Directors of Energy World Corporation Limited advised that
the CBA and its appointed independent expert are in the process
of finalizing discussions with the Company with the intention of
reaching a mutually acceptable agreement between the parties to
permit the outstanding obligations to the CBA to be paid in
full.

Pending the outcome of these discussions, the CBA has agreed to
defer the next repayment due to the CBA for a further period
until 28 June 2002.

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

For further enquiries, please contact Mr Stewart Elliott, EWC
Managing Director or Mr Brian Allen at 612-9247-6888.


HIH INSURANCE: Royal Commission Moves to HIH Phase
--------------------------------------------------
HIH Royal Commission said Monday that Mr. Wayne Martin, QC,
Senior Counsel assisting the Commission, started his opening
address on the Commission's inquiry into HIH issues on 17 June.
The opening address will continue until Thursday 27 June and
this phase of the inquiry is expected to conclude on 20
September.

The issues to be covered in the HIH section include: HIH's
claims provisions and related liabilities, other key HIH assets
and liabilities, relations between HIH and its auditors and
actuaries, corporate governance, the acquisition of FAI, HIH's
international operations (particularly those in the UK and USA),
HIH's accounting practices and its financial position
particularly from about 31 December 1998.


OPEN TELECOMMUNICATIONS: Requests Continued Suspension
------------------------------------------------------
Open Telecommunications Limited has requested a continuation of
suspension of quotation of its shares in accordance with ASX
Listing Rule 17.2.

As previously announced, the Company is undergoing a restructure
involving staff and cost reduction, as well as divesting its OSS
business.

OTT has requested that the suspension of trading be extended
until the commencement of trading on Wednesday 3rd July, 2002 to
allow completion of the restructure and divestment activities.
To allow completion of the previously announced Board's report
to the ASX, the Board has requested further advice from an
independent expert on the future financial position of the
restructured business.

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


SOFTWARE COMM.: Renewal Cover Failure Triggers Winding Up
---------------------------------------------------------
Software Communication Group Limited advised that on
23 June 2002, as a consequence of the continued inability of
Sofcom to obtain a renewal of its Directors and Officers
Insurance post 30 June 2002, the Board resolved that in the
interests of protecting the business and assets of Sofcom,
pursuant to Section 461(1)(k) of the Corporations Act 2001
(Cth), Sofcom make an application for the winding up of the
company.

The decision of the Board was made after an exhaustive search by
management to obtain Directors and Officers Insurance cover post
30 June 2002 proved unsuccessful and a majority of Board members
and officers remained unwilling to remain as directors of Sofcom
post 30 June 2002, without appropriate Directors and Officers
Insurance in place.

A search for persons wishing to replace the intending outgoing
directors in a number sufficient to constitute a quorum of
directors and who were willing to accept the appointment without
appropriate Directors and Officers Insurance in place was also
unsuccessful.

Further, Sofcom advised that following the approval by a
majority of the Board, of the resolution to make an application
for the winding up of the company, the Board accepted the
resignation of Michael McGinniss as a director of Sofcom.

Pending the hearing of the winding up application, Sofcom
intends to apply for the appointment of a provisional
liquidator. It is emphasized that Sofcom is not insolvent and
these applications have been made necessary solely by the
inability of Sofcom to obtain appropriate Directors and Officers
Insurance for the protection of the members of its Board.

The directors of Sofcom are disappointed that the company has
been unable to attract a renewal of its Directors and Officer's
Insurance. Sofcom has in excess of approximately $9,000,000.00
in cash and no debt. The company understands that this position
has been brought about by the current restricted underwriting
environment, which is being experienced in the insurance
industry in general and is in no way a reflection on the Board
or management of the company.


SOFTWARE COMMUNICATION: DCL Urges Shareholders to Accept Bid
------------------------------------------------------------
Software Communication Group Limited (Sofcom) announced Monday
that it would be making an application to the Court pursuant to
Section 461(l)(k) of the Corporations Act to wind up the
company.

Notwithstanding the release of the Sofcom announcement, Data &
Commerce Limited (DC) strongly urges all shareholders of Sofcom
to accept DCL's offer for their shares.

Some of the benefits, which may be available to Sofcom
shareholders if they accept DCL's offer, are as follows:

   (a) Sofcom shareholders will receive:

      (i) one (1) DCL share for every three (3) Sofcom shares
held; plus

      (ii) one (1) DCL option for every six (6) Sofcom shares
held;

   (b) the consideration received by each Sofcom shareholder
will give those shareholders the entitlement to maintain an
interest in a listed company; and

   (C) the benefits of DCL's offer as set out in DCL's bidder's
statement are still achievable. These benefits include:

      (i) the benefits associated with the strategic fit of the
business operations of Sofcom and DCL, including, the ability of
the merged entity to offer an array of services to broadcast and
telecommunications customers;
                        
     (ii) the benefits achieved by DCL and Sofcom concentrating
their business assets into two (2) separate entities - one (1)
holding media assets and the other infrastructure services
assets; and

     (iii) the cost savings that may arise from the
consolidation of the existing management and administrative
functions.

If Sofcom shareholders do not accept DCL's offer, there is
likely to be a delay in receiving any cash distribution upon
Sofcom being wound up and there is no guarantee that Sofcom
shareholders will receive the equivalent of the cash backing per
share as June 24, 2002.

DCL believes that there is a maintainable business within the
Sofcom operational structure. For these reasons, DCL affirms its
intention to acquire at least 50.1% of the Sofcom shares on
issue prior to 5.00pm (WST) on 28 June 2002.

Go to http://www.bankrupt.com/misc/TCRAP_SOF0625.pdfto see a  
copy of DCL's Supplementary Bidder's Statement.


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C H I N A   &   H O N G  K O N G
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CAN DO HOLDINGS: Open Offer Canceled
------------------------------------
Can Do Holdings Limited announced that at the adjourned
extraordinary general meeting of the Company (Adjourned EGM)
held on 22 June 2002, the resolutions proposed to approve, inter
alia, the Open Offer, the Bonus Share Issue and the Whitewash
Waiver, were not passed by the Independent Shareholders.
Announcements unless otherwise specified.

Results of the Adjourned EGM

At the Adjourned EGM convened on 22 June 2002, the ordinary
resolutions propose:

   (1) the Open Offer, the Bonus Share Issue and the Whitewash
Waiver, were not passed by the Independent Shareholders on votes
taken by way of poll. 14 Independent Shareholders holding,
in aggregate, 147,538,000 Shares, representing approximately
29.1% of the Shares voted by Independent Shareholders (either in
person or by proxy) voted in favor thereof and 6 Independent
Shareholders holding, in aggregate, 360,363,000 Shares,
representing approximately 70.9% of the Shares voted by
Independent Shareholders (either in person or by
proxy) voted against the resolutions;

   (2) the increase in authorized share capital of the Company
were passed by the Shareholders on votes taken by way of poll;
and

   (3) the general mandates to issue and repurchase shares were
passed by the Shareholders on votes taken by way of poll.

As a result, the Open Offer will not proceed. The Company is now
considering other alternatives to meet the funding requirement
as mentioned in the Circular. Further announcement will be made
as and when necessary.


GRANDETEL TECHNOLOGIES: Books Net Loss of CDN$39.9M
---------------------------------------------------
GrandeTel Technologies Inc. released on Friday its fiscal 2002
results. All figures are in Canadian dollars unless otherwise
stated.

The Company reported a net loss of $39.9 million or $1.36 per
share for the year ended January 31, 2002. Last year the Company
reported a net loss of $5.7 million or $0.19 per share. Sales
revenue for the fiscal year 2002 was $1.3 million compared to
$1.5 million in the previous year. The decrease in revenue was
due to reduction in billing rates as the telecommunication
industry in China is preparing to open up as now China has
entered the World Trade Organization.

The Company is operating in three major cities in China, namely
Shanghai, Guangzhou and Qingdao. The overall gross profit margin
for the year dropped significantly as the Company used the
transmission facilities of major carriers in China for IP mode
transmission.

Operating, selling and administrative expenses decreased by $0.7
million from last year's total of $2.7 million to this year's
total of $2 million. The major reductions are about $0.2 million
in depreciation and amortization expenses and about $0.5 million
in salaries and wages.

Other expenses were $5.4 million in the current year comparing
to $3.0 million in last year. Included in the expenses of this
year are provision for bad debts of $1.9 million for receivable
from the Chinese joint-venture partner of Guangzhou Enchanced
Communication Co. Ltd., a joint venture in which the Company has
a 65% interest. The provision is made on the basis that the
telecommunication business is not expected to have a strong turn
around in the near future. Other major items are $1.5 million
exchange loss and $1.3 million interest expense on bank loan and
other loans.

In February 2002, Nakamichi Corporation (Nakamichi), a company
listed in Japan and in which the Company holds 8,450,000 shares
(approximately 8% of total shares issued by Nakamichi), applied
to Tokyo District Court for Civil Restructuring Proceeding, this
is similar to a U.S. Chapter 11 Bankruptcy Protection filing.
The Company has made provision for its $26.4 million investment
in Nakamichi.

In late November last year, the Company announced the acceptance
of put option exercisable by Class A shareholders pursuant to
the settlement of a major class action lawsuit in New York in
1999. The put period commenced from December 1, 2000 and ended
March 30, 2001. The acceptance or put price was US fifty (50)
cents per share. As the Company did not have the financial
resources, in accordance with the terms of the settlement
agreement, The Grande Holdings Limited (Grande), a major
shareholder holding about 28% of the Common Shares of the
Company at that time, honored the Put. The settlement agreement
provided that, in the event that Grande was required to honor
any such Put, it should be entitled to the reimbursement from
the Company the costs of honoring such Put. There were
11,098,574 Class A shares outstanding. The total number of Class
A shares tendered and accepted were 7,060,606 shares. After
acceptance of the Class A shares Put and the conversion of all
class A shares into common shares in accordance with the terms
of the settlement, Grande hold about 42% of the issued and
outstanding shares of the Company. Grande has notified the
Company in June 2002 of its intention to ask the Company for
reimbursement of the costs of honoring such Put. Accordingly,
the Company has provided the cost of honoring the Put of about
$5.65 million in current year results.

The Company has renewed its bank loan with Hong Kong Bank of
Canada in December 2001. When Nakamichi Corporation filed for
Civil Restructuring Proceeding in February 2002, Hong Kong Bank
of Canada has asked Grande, and Grande has agreed, to provide
other listed shares in addition to the Company's Nakamichi
shares as securities for the loan. The loan was then renewed for
a period of 5 years from February 1, 2002. The loan is repayable
in quarterly payments of US$250,000 each plus a US$ 2 million
balloon payment in February 2007.

During the year, under loan agreements with The Alpha Capital
Group Limited, a subsidiary of Grande, the Company was provided
loans totaling $15 million. The loans are repayable on demand
and carry interest at the Hong Kong prime lending rate plus 2%.

Although two defendants have entered into agreement to settle
the California lawsuit with the plaintiffs. Other defendants,
including the Company, have not yet reached an agreement to
settle with the plaintiffs.

The Company is still facing difficult time ahead as it still has
a liquidity problem. In the audited accounts for the year ended
January 31, 2002, it was stated that "...The accompanying
financial statements for the year ended January 31, 2002 are
prepared on a going concern assumption.  This assumption
may not be appropriate given that the Company incurred a net
loss of $39.9 million during the year ended January 31, 2002
and, as of that date, the Company's current liabilities exceeded
its current assets by $19.2 million, and the total liabilities
exceeded total assets by $36.6 million. The appropriateness of
the going concern assumption is dependent upon the outcome of
the following events:

   * The Company's long distance fax and voice service
operations will be turned around and achieve break-even in the
coming year.

   * The remaining lawsuit in California will be settled so that
the Company will be able to raise additional financing to
strengthen its financial position and to take on new projects.

   * The Company will implement a restructuring to reduce its
debts, such as a debt to equity conversion program.

   * The Company will continue to receive financial support from
Grande.

Should the Company be unable to continue as a going concern, it
may be unable to realize its assets and discharge its
liabilities in the normal course of business. The financial
statements do not include any adjustments relating to the
recoverability and classification of recorded asset amounts
or to amounts and classification of liabilities that might be
necessary should the Company be unable to continue as a going
concern."

GrandeTel is a Canadian company with headquarters in Hong Kong.
The Company holds interests in joint ventures that offer long
distance discount fax and voice services in China.

The Annual General Meeting of the Company will be held at 8:30
A.M. on July 31, 2002 at Sutton Place Hotel in Toronto, Canada.
The record date for shareholders entitled to vote at the Annual
General Meeting is June 26, 2002.

GrandeTel Technologies Inc. Consolidated Balance Sheets at
January 31, 2002 shows a working capital deficit of C$19
million, and a total shareholders' equity deficit of C$36
million.


MAN MEI: Winding Up Petition to be Heard
----------------------------------------
The petition to wind up Man Mei Garment Factory Limited is
scheduled for hearing before the High Court of Hong Kong on July
10, 2002 at 9:30 am.  The petition was filed with the court on
April 4, 2002 by Wong Lai Yee of Room 510, Choi Wah House, Choi
Yuen Estate, Sheung Shui, New Territories, Hong Kong.  


MULTICON SYSTEM: Hearing of Winding Up Petition Set
---------------------------------------------------
The petition to wind up Multicon System Limited will be heard
before the High Court of Hong Kong on August 7, 2002 at 10:00
am.  The petition was filed with the court on May 2, 2002 by
Yang Liang Chen of Room 1618, Sheung Shun House, Sheung Tak
Estate, Tseung Kwan O, New Territories, Hong Kong.  


SINOCAN HOLDING: Requests Trading Suspension
--------------------------------------------
Sinocan Holdings Limited requested trading in its shares to be
suspended with effect from 9:30 a.m. Monday 24 June 2002,
pending the release of an announcement relating to a winding up
petition hearing of the Company.


SMARTECH PLASTIC: Winding Up Petition Slated for Hearing
--------------------------------------------------------
The petition to wind up Smartech Plastic Moulding Limited is
scheduled to be heard before the High Court of Hong Kong on July
31, 2002 at 9:30 am.  

The petition was filed with the court on April 20, 2002 by Lung
Kee Metal Limited whose registered office is situated at 1st
Floor, Cheung Kong Electronic Building, 4 Hing Yip Road, Kwun
Tong, Kowloon, Hong Kong.


SUPER PACIFIC: Petition to Wind Up Pending
------------------------------------------
The petition to wind up Super Pacific Industries Limited is set
for hearing before the High Court of Hong Kong on August 7, 2002
at 10:30 am.  

The petition was filed with the court on May 8, 2002 by Tak Lee
Transportation & Storage Limited whose registered office is
situated at Village Letter Box 7, Hoi Pei Sections, Shek Wu New
Village, Sheung Shui, New Territories, Hong Kong.


TRILLION INTERNATIONAL: Winding Up Petition Hearing Set
-------------------------------------------------------
The petition to wind up Trillion International Limited is
scheduled for hearing before the High Court of Hong Kong on July
31, 2002 at 9:30 am.  The petition was filed with the court on
April 23, 2002 by Tsang Wing Kin of Flat 2, Ground Floor, Block
H, Hoi Fuk Villa, 29 Cheung Shek Road, Cheung Chau, Hong Kong.  


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I N D O N E S I A
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ANEKA TAMBANG: Cutting Stake at Affiliate IARL
----------------------------------------------
PT Aneka Tambang is cutting its 82 percent stake ownership at
affiliate International Antam Resources Ltd. (IARL) to 20
percent this year as planned, Bisnis Indonesia reports, quoting
President Director Deddy Aditya Sumanaraga.

"We would try to reduce Antam stake ownership at IARL in
compliance with the business restructuring plan," Sumanaraga
said, adding that the effort was conducted following the
development at IARL, which deviated from earlier prediction.

IARL is which was accordingly the vehicle for the state-owned
company in international market, 18% stake of which was listed
on the Canadian Stock Exchange. The affiliate was engaging in
exploration and development of general mining.

However, he continued, the divestment will be followed by the
withdrawal of Antam assets invested via IARL. "We would bring
back assets invested at IARL."

According to Norico Gaman, mining stock analyst at PT BNI
Securities, the "divestation plan at IARL had been prompted
more by the fact that the affiliate did not contribute quite big
amounts to Antam's cash to help finance the construction of
[the] FeNi III megaproject."  

However, he continued, Antam efforts to maintain its stake
ownership at IARL was appropriate because the company still
needed a vehicle to have access to the international market.


ASURANSI JIWA: Stresses Employee Safety is Top Priority
-------------------------------------------------------
PT Asuransi Jiwa Manulife Indonesia (AJMI) said on Friday that
it has been forced to close its offices, effective June 21, 2002
at 5 pm. Under pressure from a public announcement made on the
same day in a local newspaper by Kalisutan, appointed curator by
PT Dharmala Sakti Sejahtera (DSS), following a bankruptcy ruling
against AJMI two weeks ago. Manulife Indonesia has made the
important decision to close its offices temporarily in the best
interests of its 4,000 employees and 400,000 Indonesian
customers despite the fact that the company has made a petition
to replace the current curator because he does not have the
proper credentials.

"Without question, our number one priority is the safety and
well-being of our employees," said Mr. Victor Apps, President
Kamisaris (Chairman) of Manulife  Indonesia. "We have
essentially been threatened by the curator to close our offices
or our employees will be arrested. We will not be in a position
of jeopardizing the safety of our people. Hopefully, we'll be
permitted to reopen as early as Monday, following approval by
the Supervisory Judge."

A request has been filed to the Supervisory Judge of the Central
Jakarta Commercial Court to replace Kalisutan, based on mounting
evidence that he is not an independent and legal curator who
will act in the best interest of (AJMI)  stakeholders. ADM has
asked that it operate as normal while this process goes through
the required legal channels.

Said Vic Apps, "In the face of all these challenges we are all
still confident that we will receive legal certainty and justice
in Indonesia. The actions being taken against Manulife  are not
representative of Indonesian values or the Indonesian sense of
fairness and Manulife  Financial remains committed to this
country, our customers, and our employees."

Concluded Vic Apps, "We have already appealed to the Supreme
Court of Indonesia and are confident justice will prevail."

To see a copy of Chairman Vic Apps' statement on Friday, go to
http://www.bankrupt.com/misc/TCRAP_AJMI0625.pdf.


SEMEN PADANG: Seeks Fresh Rupiah Loans to Refinance Debt
--------------------------------------------------------
PT Semen Padang, a unit of PT Semen Gresik, is seeking fresh
rupiah loans to refinance its US$35 million debt to ABN Amro and
Rp200 billion debt to PT Jaminan Sosial Tenaga Kerja, AFX
reports, citing Cholil Hasan, Finance Director of Semen Gresik.

"Semen Padang's Board of Directors has reported its refinancing
plan to Semen Gresik and stated that all Semen Padang's foreign
currency debts will be converted to rupiah to minimize forex
losses," Hasan said, adding that Semen Padang's debts are
equivalent to some Rp500 billion in total.

He also added that apart from giving approval for the
refinancing, Semen Gresik is having no part in securing the new
loans. He didn't say when the ABN Amro and Jamsostek debts
mature.


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J A P A N
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DAIEI INC: Creditors Agree to Help Ailing Supermarket Chain
-----------------------------------------------------------
Nine creditors of Daiei Inc have agreed to offer it financial
aid, Kyodo News said Monday. The creditors agreed to maintain
the current balance of loans to Daiei and decrease interest
rates on outstanding loans, mainly to the same level as the
short-term prime-lending rate.

The nine creditors include Norinchukin Bank, the Bank of Tokyo-
Mitsubishi, Sumitomo Trust & Banking Co and Nippon Life
Insurance Co. Outstanding loans from three major creditors, UFJ
Bank, Sumitomo Mitsui Banking Corp and Mizuho Corporate Bank,
account for about 90 percent of Daiei's total borrowings.

In February, Daiei announced its three-year restructuring
program, featuring 520 billion yen in financial assistance,
including a debt waiver, from the three major creditor banks.


HAKUSUI TECH: Files For Bankruptcy Protection
---------------------------------------------
Hakusui Tech Co. recently filed for bankruptcy protection at the
Osaka District Court with liabilities of 32.4 billion yen
($262.9 million), Bloomberg reported Friday.

The chemical maker posted a group net loss of 1.81 billion yen
in 2001, after three consecutive years of profit. The Company's
main lenders are Daiwa Bank Holdings Inc., Sumitomo Mitsui
Banking Corp. and Amagasaki Shinkin.

To restructure itself, it aims to sell or shut down estate
leasing and industrial machinery businesses and concentrate on
chemicals.

Company Profile

Name  Hakusui Tech Co.,Ltd.

Established  October 6, 1947

Total Asset  24 billion Yen (1998)

President  Toyoroku Izumi

Lines of Business  *Chemical Division

Manufacture and sale of inorganic chemicals for rubber, paint
and ceramic industries, etc.

*Engineering Division
Manufacture and sale of efficient and specialized machines.
Manufacture and sale of machine tools.

Head Office  3-9-7 Toyosaki, Kita-ku, Osaka, Japan 531-0072

Phone : 81-6-6373-0231 Fax : 81-6-6373-9610

Chemical Business Division

Osaka Sales Dept.  3-9-7 toyosaki, Kita-ku, Osaka, Japan 531-
0072

Phone : 81-6-6373-2811 Fax : 81-6-6373-0238

Tokyo Sales Dept.  1-7-14 azusawa, Itabashi-ku, Tokyo 174-0051

Phone : 81-3-5994-1771 Fax : 81-3-5994-0238

Ceramic Sales Office  169-2 Sogi-cho, Toki, Gifu 509-5402

Phone : 81-572-52-3511 Fax : 81-572-52-3520

Research Laboratories
Kyushu  669 Yokota, iizuka-shi, Fukuoka, Japan 820-0044
Phone : 81-948-23-3487 Fax : 81-948-23-8873
Chubu  169-2 Sogi-cho, Toki, Gifu 509-5402
Phone : 81-572-52-3510 Fax : 81-572-52-2432

Engineering Business Division
Headquarters  3-6-3 Chikko-Shinmachi, Sakai, Osaka 592-8331
Phone : 81-72-245-6230 Fax : 81-72-245-3885
E-mail : engmt@hakusui.co.jp

Tokyo Sales Dept.  1-7-14 azusawa, Itabashi-ku, Tokyo 174-0051
Phone : 81-3-5994-1771 Fax : 81-3-5994-0238

Osaka Technical Center  3-6-3 Chikko-Shinmachi, Sakai, Osaka
592-8331
Phone : 81-72-245-6230 Fax : 81-72-245-3885

Tokyo Technical Center  1-7-14 azusawa, Itabashi-ku, Tokyo 174-
0051
Phone : 81-3-5994-1771 Fax : 81-3-5994-0238  

Main Banks  Daiwa Bank(Head office),
Sumitomo Mitsui Bank (Osaka-Chuo Branch)

To see the Company's financial data click on
http://tirs.jasdaq.co.jp/tirs2/index.phtml?arg_code=4079&lang_mo
de=_e


NATIONAL RAILWAYS: Unit Enters Privatization
--------------------------------------------
Defunct National Railways unit, East Japan Railway Co (JR East),
becomes fully privatized Friday as the government sold all its
remaining Company shares, Kyodo News reported on Saturday.

Government-held shares in the firm were sold in 1993 and 1999.
In the third round of sales the remaining 500,000 shares, or a
12.5 percent stake, were sold with orders accepted from Tuesday
to Thursday.


MATSUSHITA ELECTRIC: Introduces Four New Plasma Display Models
--------------------------------------------------------------
Matsushita Electric Industrial Co., Ltd., best known for its
Panasonic brand, announced Thursday the introduction of a new
42- and 37-inch plasma display (TH-42PX10, TH-37PD10) which
features the industry's first integrated digital tuner that can
receive three kinds of broadcasts (BS, 110 CS digital
broadcasting and terrestrial broadcasting). The two models will
be released into the Japanese market on July 10 and August 10,
respectively, at a suggested retail price of 950,000 yen (TH-
42PX10) and 750,000 yen (TH-37PD10).

Both new models are only 9.9cm thick thanks to technology that
shrinks the integrated digital tuner to 2.3cm. In terms of
picture quality, the Company has applied its proprietary
Advanced Plasma Adaptive Brightness Intensifier technology used
in the popular TH-50PXS10 to produce a more sharp, natural-
looking picture. The TH-42PX10 and TH-37PD10 also incorporates a
stylish design appropriate for various living environments.

As a display device appropriate for the digital networking age,
domestic demand of plasma displays reached 89,000 units in 2001
and is expected to grow to 200,000 units (Company estimate) in
2002. As more people desire a flat and thin television in their
household, domestic market of plasma display expects to reach
320,000 units in 2003 and 500,000 units in 2004 (Company
estimate). Along with the TH-42PX10 & TH-37PD10, Panasonic will
also release the TH-42PAS10 and TH-37PAS10 to strengthen the
Company's lineup and meet the needs of this ever-expanding
market. These two models will be released on July 1 and July 20,
respectively, at a suggested retail price of 680,000 yen and
550,000 yen.


MIZUHO HOLDINGS: Discloses Revision of FY2002 Financial Results
---------------------------------------------------------------
On June 21, 2002, Mizuho Holdings, Inc. and its subsidiary, the
former Industrial Bank of Japan, Limited, revised the summary of
its consolidated financial statements for the fiscal year ended
on March 31, 2002, as follows:

1.Page 14 of the summary for Mizuho Holdings, Inc.
  8. Results of Off-Balancing Problem Loans

  3. Problem Loans in the First Half of FY2001(problem loans
generated additionally)

(2) Type of Off-Balancing Problem Loans
                                                (in billions of
yen)
Before the revision    Other                      (242.2)
                       Debt Recovery              (92.2)
                       Improvement in Business Performance
(149.8)

After the revision     Other                      (242.2)
                       Debt Recovery              (141.6)
                       Improvement in Business Performance
(100.4)


2.Page 3-19 of the summary for the former Industrial Bank of
Japan, Limited
  8. Results of Off-Balancing Problem Loans

  3. Problem Loans in the First Half of FY2001(problem loans
generated additionally)

(2) Type of Off-Balancing Problem Loans
                                                (in billions of
yen)
Before the revision    Other                    (53.4)
                       Debt Recovery            (2.0)
                       Improvement in Business Performance
(51.4)

After the revision     Other                    (53.4)
                       Debt Recovery            (51.4)
                       Improvement in Business Performance (2.0)


MORI GUMI: Hankyu Provides Y13B Loan
------------------------------------
Railway operator Hankyu Corporation will give 13 billion yen in
interest-free loans to Mori Gumi, Kyodo News said Saturday. The
float is aimed at saving the struggling midsize construction
Company. The loans will be made available to Mori Gumi by
October.

Hankyu Corporation is Mori Gumi's biggest shareholder.


MYCAL CORP: Unit Enters Rehabilitation Measures
-----------------------------------------------
The Fukuoka District Court will launch rehabilitation procedures
for Mycal Kyushu, the unit of failed retailer Mycal Corp, Kyodo
News said Saturday.

Administrator Takashi Matsuzaki said several firms have shown
interest in sponsoring the failed firm's rehabilitation. The
names of the interested parties were not disclosed in the
report.


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


ERICSSON KOREA: Union Protests Mass Layoffs
-------------------------------------------
A labor union at Ericsson Korea protested against the telecom's
plan to cut its workforce, according to Korea Herald on Friday.
The labor union said the mass layoff is illegal under the Korean
labor law.

The report said the Company ordered 19 employees to accept two-
month "paid administrative leave" and told 10 employees to
prepare for the planned layoff.

According to Ericsson's labor union paid administrative leave
will lead to layoffs and once the term of the leave is
finalized, all the workers involved could be terminated
immediately.

The Company sent e-mail to 50 workers on June 4, encouraging
them to quit voluntarily.

"The Company threatened to force a layoff after a one-month
interval unless employees submit resignation letters by June 7,
" the labor union said.

"Mass layoff requires a negotiation with the representatives of
employees and the Company should do its best to minimize such
layoffs under the legal regulations, but Ericsson did not follow
the rules and attempted to sack employees by force," it said.

Ericsson has lost face in the booming domestic wireless
equipment market twice in recent months.

Ericsson has been active worldwide since 1876 and has around
82,000 employees in more than 140 countries. The headquarters is
located in Stockholm, Sweden.


KOOKMIN BANK: Clarifies Unit Disposal Report
--------------------------------------------
On June 20, 2002, the Korea Stock Exchange requested that
Kookmin Bank confirm the rumor running through the investment
community regarding Kookmin Bank's disposition of Jooeun Leasing
Co., Ltd.

On June 21, 2002, Kookmin Bank officially announced that the
bank decided to dispose its certain stake in Looeun Leasing Co.,
Ltd.  Kookmin Bank also disclosed that the bank is in
discussions and negotiations with several potential purchasers
even though there has not been made any final decision in
connection with the purchaser.

Detailed information, when available, will be disclosed to the
public. The Company, which is the bank's 85.43 percent-owned
subsidiary, is mainly engaged in industrial equipment leasing.


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


ABRAR CORPORATION: In the Midst of Workout Proposal Preparation
---------------------------------------------------------------
Abrar Corporation Berhad (Special Administrators Appointed)
announced that there have been no changes to the status in
payment since the Company's previous announcement made on 23 May
2002.

The Company has been placed under administration since 27 May
2000 by Pengurusan Danaharta Nasional Berhad (Danaharta)
pursuant to Section 24 of the Pengurusan Danaharta Nasional
Berhad Act, 1998 (the Danaharta Act).

Since the Special Administrators' appointment, there is a
moratorium on the Company and no creditors may take action
against the Company except in accordance with Section 41 of the
Danaharta Act. The moratorium expires on 26 May 2003.

On 16 May 2002, the Special Administrators of the Company, for
and on behalf of the Company, entered into a Memorandum of
Understanding (MoU) with several parties to regulate and record
the basic understanding of the key areas of agreement pending
finalization and approval of the Company's corporate
restructuring proposal.

The Special Administrators are currently in the midst of
preparing a Workout Proposal for the Company pursuant to Section
44 of the Danaharta Act. The Workout Proposal will address the
Company's default in payments.


EPE POWER: Resolutions Passed at 30th AGM
----------------------------------------
The Board of Directors of EPE Power Corporation Berhad
announced:

1. That all Resolutions as set out in the Notice of the AGM
dated 29 May 2002 tabled at the 30th AGM of the Company held at
Ballroom 1, Park Plaza International Kuala Lumpur, 138 Jalan
Ampang, 50450 Kuala Lumpur on Thursday, 20 June 2002 at 11.00
a.m. have been duly passed by the shareholders of the Company.

2. That the Ordinary Resolution as set out in the Notice of the
EGM dated 5 June 2002 with regards to the proposed shareholders'
mandate pursuant to Paragraph 10.09 of the Listing Requirements
of Kuala Lumpur Stock Exchange for recurrent related party
transactions of a revenue or trading nature with related parties
was duly passed by the shareholders at the EGM of the Company
held at Ballroom 1, Park Plaza International Kuala Lumpur, 138
Jalan Ampang, 50450 Kuala Lumpur on Thursday, 20 June 2002 at
11.30 a.m


HUME INDUSTRIES: Voluntarily Winds Up Dormant Unit
--------------------------------------------------
Hume Industries (Malaysia) Berhad informed that Hume Poly
Products Sdn Bhd, a wholly-owned subsidiary of the Company, has
been placed under Member's Voluntary Winding-up pursuant to
Section 254(1)(b) of the Companies Act, 1965. Mr Ling Kam Hoong
of Messrs Ling Kam Hoong & Co., No. 6-1, Jalan 3/64A, Udarama
Kompleks, Off Jalan Ipoh, 50350 Kuala Lumpur has been appointed
as liquidator of H Poly on 19 June 2002.

H Poly ceased its business operations in January 2000 and there
are no future plans to activate it. There will be no loss
arising from the voluntary winding-up of H Poly.

The voluntary winding-up of H Poly will not have any material
impact on the net tangible assets and earnings per share of the
HIMB Group for the financial year ending 30 June 2002.


KELANAMAS INDUSTRIES: Gets KLSE's Nod on Time Extension
-------------------------------------------------------
On behalf of Kelanamas Industries Berhad, AmMerchant Bank
Berhad, formerly known as Arab-Malaysian Merchant Bank Berhad,
pertaining to its Proposed Restructuring Scheme, announced that
the Kuala Lumpur Stock Exchange has, via its letter dated 17
June 2002, approved the Company's application for an extension
of time to make the required submission to the authorities. The
extension of time is effective from 3 May 2002 to 3 August 2002.

Profile

At the time of listing, the Company (KIB) then called Sungei
Besi Mines Malaysia Bhd (SBM), was one of the major tin
producers in Malaysia. SBM had been incorporated to take over
the business of the Sungei Besi Mines Ltd (Sungei Besi), a UK-
incorporated company. Effective on 1.11.76, the issued share
capital of Sungei Besi was cancelled in exchange for shares in
SBM.

In December 1989, SBM ceased its mining operations to become an
investment holding company. The years 1991 to 1997 were a period
of diversification during which the SBM Group became involved in
property investment, trading and distribution of consumer
products, manufacture of cordials, fruit juices, soft drinks and
food products, granite quarrying and stockbroking. SBM changed
its name to Kelanamas Industries Bhd in 1993 to reflect its
diversification from tin mining into the new areas of business.

Subsequently, the Group's main contributor, Alor Setar
Securities Sdn Bhd (ASSEC), is now under Special Administrators
(SAs), Messrs Ernst & Young, appointed by Pengurusan Danaharta
Nasional Bhd on 12 February 1999. Trading in the Company's
shares was suspended effective from 10 September 1999.

During FYE 30 April 2001, ASSEC implemented a restructuring
exercise, which involved a capital reduction from RM40m to
RM100. Subsequent to the capital reduction, new shares amounting
to RM30m were issued to a new shareholder. The Group did not
subscribe for the new shares and ASSEC ceased to be an
associated company.

Following this, an agreement to restructure the Company entered
into with Dolomite Bhd (DB), lapsed on 8 November 2001. However,
on 26 November 2001, KIB entered into a MOU with MP Technology
Resources Bhd (MPTR), Tai Seng Plastic Industries Sdn Bhd (Tai
Seng) and other companies, in relation to a new proposal to
regularize its financial condition.

The new scheme would include : proposed capital reconstruction
of KIB; scheme of arrangement between MPTR and KIB shareholders
whereby the latter will be offered MPTR shares; scheme of
arrangement between MPTR and KIB creditors whereby the latter
will be offered MPTR shares in satisfaction of amounts owing by
KIB to the creditors; acquisition by MPTR of Tai Seng, Eng Zan
Machinery & Trading Sdn Bhd, Highlight Plastic Machinery Sdn
Bhd, VCM Precision Sdn Bhd, Tralvest (M) Sdn Bhd, HIM Marketing
Sdn Bhd, Hearngrange Packaging Industries Sdn Bhd and MP Recycle
Products Sdn Bhd; and the transfer of KIB's listing status to
MPTR.


KUANTAN FLOUR: Judgment Hearing Date Yet to be Determined
---------------------------------------------------------
The Directors of Kuantan Flour Mills Berhad, further to the
announcement made on 20 May 2002 pertaining to the default in
payment in relation to Paragraph 9.04(L) and Practice Note
1/2001, announced that the hearing date for the appeal against
the Summary Judgment by Multi-Purpose Finance Berhad has yet
been fixed.

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


LIEN HOE: Summary Judgment Hearing Adjourned to August 30
---------------------------------------------------------
Lien Hoe Corporation Berhad announced that there is no change to
the status with regard to the default on the Redeemable Secured
Loan Stocks Due August 2000 as announced previously on 20 May
2002 save for the following:

1. The hearing for the application for summary judgment
pertaining to Kuala Lumpur High Court Suit No. D2-22-2231-2001
scheduled on 18 June 2002 did not take place and instead the
Court has fixed 30 August 2002 for its decision in respect of
the said application.


MALAYSIAN RESOURCES: Gets CTX's Proposed Disposal Confirmation
--------------------------------------------------------------
Public Merchant Bank Berhad (PMBB) on behalf of Malaysian
Resources Corporation Berhad had on 14 February 2002 announced
that MRCB entered into a sale and purchase agreement with TNB in
relation to the Proposed Disposal of 20% Equity Interest in
Fibrecomm Network (M) Sdn Bhd (FNSB).

As stated in the announcement, the Proposed Disposal is subject
to these conditions being fulfilled:

   (i) the approvals from the Foreign Investment Committee, the
Securities Commission (SC), the shareholders of MRCB and other
relevant approvals, if required; and

   (ii) MRCB having obtained from Celcom Transmission (M) Sdn
Bhd (CTX):

     (a) a waiver on its first right of refusal to sell the
15,000,000 ordinary shares of RM1.00 each representing 20% of
the issued and paid up share capital of FNSB to CTX;

     (b) a consent to discharge MRCB from all of its outstanding
obligations under the Joint Development Agreement and the
Shareholders Agreement entered into between MRCB, CTX and TNB;

     (c) a letter of undertaking in favor of TNB for the purpose
of obtaining a waiver from the SC from making a mandatory
general offer pursuant to the Malaysian Code on Take-over and
Mergers, 1998 by TNB to acquire the remaining shares in FNSB
that TNB does not already own.

PMBB on behalf of MRCB announced that the Company had on 19 June
2002 obtained a written confirmation from CTX, fulfilling the
conditions as set out under item (ii)(a), (b) and (c) above.


MTD CAPITAL: Seeks Proposals Implementation Time Extension
----------------------------------------------------------
On behalf of MTD Capital Bhd with regards to the Proposals,
AmMerchant Bank Berhad, formerly known as Arab Malaysian
Merchant Bank Berhad), announced that in accordance to the
Securities Commission's (SC) Policies and Guidelines on
Issue/Offer of Securities (SC Guidelines), the Proposals are
required to be implemented and completed within a total period
of six(6) months, i.e. by 6 July 2002.

The Proposals refer to:

   * Disposal Of Mtd Prime Sdn Bhd (Disposal);
   * Capital Repayment And Distribution; and
   * Placement

Currently, the Company announced it is seeking the SC's
consideration and approval for a proposed extension of time of
eight(8) months, i.e. up to 6 March 2003 for the Company to
implement and complete its Proposals.

The Company expects to complete the Disposal within the next
two(2) months. As at todate, the following are pending from the
authorities:

   * approval-in-principal for the listing and quotation for the
shares to be issued pursuant to the Disposal (Disposal Shares)
from the KLSE; and

   * approval for an application to be exempted from the
obligation to undertake a mandatory general offer for the
remaining ordinary shares in Dewina not held by Puncak Sabit and
other parties acting in concert with it upon completion of the
Disposal (Waiver) from the SC.

The Company informed that the Disposal is conditional on the
Waiver.

In addition to that, upon receipt of the approval for the
Waiver, the remaining procedures to complete the above Proposals
would include, inter alia, the following to enable Dewina meet
with the 25% public shareholding spread requirement:

   * Liquidation of Puncak Sabit Sdn Bhd, the wholly owned
subsidiary of MTD Capital Bhd, to enable the Disposal Shares
held by it to be transferred to MTD;

   * Subsequent to the above, MTD will undertake a capital
repayment and distribution of Dewina shares to its entitled
shareholders via a reduction of the share premium account at MTD
level; and

   * The placement of Dewina shares to certain institutions and
individuals identified/to be identified, who are deemed public.

The above procedures are expected to extend beyond the
aforementioned two(2) months.


RENONG BERHAD: Faber Group Ceases to be a Unit
----------------------------------------------
Renong Berhad informed that as a result of the conversion of
Faber Group Berhad's Irredeemable Convertible Unsecured Loan
Stocks 2000/2005 to Faber Group Berhad's ordinary shares, the
Company's equity interest in Faber Group Berhad, held via
Cantuman Bahagia Sdn Bhd, a wholly-owned subsidiary, has reduced
to 49.84% with effect from 19 June 2002.

Faber Group Berhad therefore ceases to be a subsidiary of the
Company as from 19 June 2002.


SISTEM TELEVISYEN: Allows Corporate Proposals Extension
-------------------------------------------------------
AmMerchant Bank Berhad, formerly known as Arab-Malaysian
Merchant Bank Berhad, on behalf of Sistem Televisyen Malaysia
Berhad, on 8 May 2002 applied to the Kuala Lumpur Stock Exchange
(KLSE) in relation to its Proposed Corporate Restructuring
Scheme, for an extension of time for TV3 to comply with
Paragraph 5.1(c) of PN4 as the relevant approvals from the
authorities and the shareholders were still pending.

On behalf of TV3, AmMerchant Bank announced that the KLSE has
approved an extension of four months from 22 May 2002 to 21
September 2002 for TV3 to obtain the necessary approvals for its
plan to regularize its financial condition.


UH DOVE: SC Approves Proposals Implementation Time Extension
------------------------------------------------------------
Malaysian International Merchant Bankers Berhad announced on
behalf of UH Dove Holdings Bhd, that the Company had on 17 June
2002 received the approval of the Securities Commission for the
extension of time up to 28 September 2002 to implement the
Proposals.

The Proposals refers to:

   * Proposed Rights Issue;

   * Proposed Debt Restructuring;

   * Proposed Acquisitions of the Entire Equity Interest in  
Bertam Development Sdn Bhd, Budaya Identiti Sdn Bhd and Syarikat
Sungei Buan Sdn Bhd and the Proposed Acquisition of Land.


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


BENPRES HOLDINGS: Shares Slide on Debt Worries
----------------------------------------------
Benpres Holdings Corp. shares dropped to an all-time low due to
concerns the Company is almost out of cash, Bloomberg said
Sunday.

Benpres shares declined for a fourth day, losing 1 centavo, or
2.2 percent, to 44 centavos.

TCR-AP reported that Benpres, as a holding Company, relies on
dividends paid by its subsidiaries for its cash inflows. Its
subsidiaries' own funding needs, however, limit the amount,
which may possibly be up streamed in the short to medium-term.

In year 2001, the Company posted a loss of P10.2 billion arising
mainly from its provision for losses for non-productive
investments.

DebtTraders reports that Benpres Holdings' 7.875% bond due in
2002 (BENP02PHS1) trades between 55 and 60. For real-time bond
pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=BENP02PHS1


DMCI HOLDINGS: Clarifies Lawsuit Issue
--------------------------------------
On June 11, 2002, DMCI Holdings said it is not yet in a position
to issue a disclosure on reports that it has been sued by a
group of 48 investors for allegedly failing to deliver on some
property projects.

"We are [employing] our best efforts to clarify and seek a
formal copy of the complaints filed before the Department of
Justice," it said.

DMCI unit Universal Rightfield Property Holdings refused to
comment on the matter, as it has not received any notice of the
suit.


FAIRMONT HOLDINGS: Megaworld Aims to Sell Holding Company
---------------------------------------------------------
Megaword Corporation intends to sell out Fairmont Holdings Inc,
formerly known as BW Resources Corporation, AFX said Saturday.

Megaworld has reduced its stake in the Company to 45 percent
from 72.7 percent previously. It said its remaining investment
in the firm shall be disposed of in due time.

Fairmont Holdings operates as a holding Company, which includes
the acquisition of interest in gaming enterprises and franchised
technologies and manufactures and sale all types of ramie
products.

According to Technistock.com as of 2001, Fairmont Holdings has
total current assets of P4.45 million, compared to total
liabilities of P13.78 million.


NATIONAL STEEL: Rehabilitation May Push Through
-----------------------------------------------
Creditor banks of National Steel Corporation (NSC) and majority
owner Pengurusan Danaharta Nasional Berhad are close to signing
a memorandum of agreement (MOA) on the debt restructuring of the
steel firm's P16 billion debt, the Philippine Star said Sunday.

A debt restructuring can be accomplished if the consortium of
local banks agrees to a debt write-down of at least P6 billion
and if Pengurusan Danaharta Nasional Berhad, agrees to a
corresponding write-down of $600 million of its $800 million
investment in the mothballed steel firm.

The parties could also settle down to rehabilitating NSC and
reopening it either by accepting a bid from a third party to
operate the steel plant or to reopen the plant and operate it
through new owners.


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


ASIA PULP: Creditors File Request for Judicial Management
---------------------------------------------------------
Deutsche Bank, together with BNP Paribas, on Monday filed a
petition with the Singapore High Court for judicial management
of Asia Pulp & Paper Company Ltd (APP). Deutsche Bank and BNP
Paribas are part of a group of creditor banks of the APP Group.

The intention of the petitioning Banks is to facilitate the
efficient restructuring of APP's debts and liabilities to allow
the Company to continue as a going concern by having a court
appointed judicial manager oversee the restructuring process.


ACHIEVA LIMITED: Issues Profit Warning
--------------------------------------
The Directors of Achieva Limited (Achieva) reported Friday the
Group's results for the full year ended 31 December 2001 made on
13 March 2002 wherein the Directors stated, inter alia, that due
to the uncertainty of the market recovery of the global
electronics industry and the delay of the product launch for
Nano Storage Pte Ltd (Nano Storage), they are cautious about the
Group's current year performance.

In another announcement of Achieva on 13 March 2002, Achieva's
President and CEO had further commented that the prospects in
the first half of FY2002 continue to be challenging, as
visibility for the electronics sector remains uncertain.

In anticipation of Achieva's announcement of the Group's results
for the half year ended 30 June 2002, which is expected to be
released in August 2002, the Directors deem it appropriate to
issue a profit warning to the shareholders.

The PC peripherals sub-group continues to face margins pressure
and competes in a very difficult market in the first half of
this year. The sub-group's losses before tax for the first half
of this year is estimated to be S$3 million.

Operational difficulties faced by Nanochip, Inc., in obtaining
funding and delays in its product development will have an
immediate impact on Nano Storage. The product launch of
Achieva's 65 percent-owned subsidiary, Nano Storage will be
delayed considerably. Therefore the Directors of Achieva had
taken strong steps to reduce funding to and expenses in Nano
Storage.

The Directors felt that, in relation to the Group's investment
in Nano Storage, it is prudent to provide for:

- S$200,000 in restructuring cost
- write-down of fixed assets of S$344,000
- write-off of the balance S$425,000 goodwill
- write-off of a long-term loan of S$911,000 to Nanochip, Inc,
and the accrued interests of S$83,000

The total charge to the income statement of the Group amounting
to a full provision of its investment in Nano Storage is
S$1,963,000.

The Group had further invested in the penetration of components
markets in China, Taiwan and India in the second quarter of this
year. This had resulted in higher expenses but the benefits of
this investment may only be realized in the next financial year.

The Directors expect losses before tax for the first half of
FY2002 to be approximately S$3.5 million.

The Group's EPS and NTA for the first-half year are estimated at
(0.78) cents and 11.50 cents.

However, the Directors expect the reduction in operating costs
and improved business sentiments to result in a stronger second
half-year compared with the first half-year. Barring any
unforeseen circumstances, the Directors expect the second half
of the year to return to profitability. However, the second
half-year profits are unlikely to offset the first half-year
losses.


EUROPTRONIC GROUP: Undergoes Internal Group Restructuring
---------------------------------------------------------
The Board of Directors of Europtronic Group Ltd announced Friday
that the Company is undergoing an internal group restructuring
exercise (the Restructuring Exercise).

Currently, the Company holds 100 percent of the issued shares in
Europtronic (Singapore) Pte Ltd (Europtronic (Singapore)), which
in turn held 100 percent of the registered capital of
Europtronic Electronic (Shenzhen) Co., Ltd (Europtronic
(Shenzhen)) and Europtronic (Suzhou) Co., Ltd (Europtronic
(Suzhou)).

After the completion of the Restructuring Exercise, the Company
will hold directly 100 percent of the registered capital of
Europtronic (Shenzhen) and Europtronic (Suzhou). Europtronic
(Singapore) remained a 100 percent direct subsidiary of the
Company. The above transfers are subject to the approval of the
relevant PRC authorities.

The Company hopes to exercise better control with the flatten
group structure.

The Restructuring Exercise is not expected to have any material
impact on the earnings per share and net tangible assets of the
Company for the financial year ending 31 December 2002.

None of the Directors or substantial shareholders of the Company
has any interest, direct or indirect, in the Restructuring
Exercise other than through their respective shareholdings in
the Company.


NATSTEEL LTD: Unit Disposes of Shares in Australian Firm
--------------------------------------------------------
NatSteel Ltd (NSL) announced Wednesday that its wholly owned
subsidiary, NatSteel Equity II Pte Ltd (NSE II) has disposed of
its entire 40.8% shareholding comprising of 18,067,093 ordinary
shares in RCR Tomlinson Ltd (RCR), a public listed Company in
Australia, for a total net consideration of A$5.37 million.

As a result of this transaction, RCR will cease to be an NSL-
associated company. This transaction is not expected to have a
material effect on the earnings per share and net tangible
assets per share of NSL.


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


EASTERN WIRE: Seeks Reorganization Plan Period Extension
--------------------------------------------------------
With reference to Eastern Wire Public Company Limited's business
reorganization plan approved by the Central Bankruptcy Court and
the appointment of Mr. Phiraphan Phalusuk as Plan Administrator
on June 21, 2001, the Administrator would like to relate
business reorganization plan progress for the forth period.

1. Principal repayment to the creditors

The company repaid a principal loan to its creditors on July 25,
2002.   However, two creditors have not yet taken a payment,
which are Cmit Finance and Securities Company Limited, and Bank
Thai Public Company Limited.   

2. Release of mortgage machine

Mortgage machine has not been released since Siam City Bank
Public Company Limited did not complete document of mortgage
release.  

3. Extended period for reorganization plan.

With reference to the business reorganization plan, the company
had to repay the remaining debt within 360 days since the
Central Bankruptcy Court had been approved that plan.  However,
some creditors appealed the plan.  Then the Appeal Court agreed
to extend the period for the business reorganization plan.  Also
the company shall repay the remaining debt within 30 days as the
Appeals Court has ordered.  


HIGH PRESSURE: Files Business Reorganization Petition in Court
--------------------------------------------------------------
High Pressure Steel Pipe Industry Company Limited (DEBTOR),
engaged in manufacturing and sale of various kinds of steel pipe
products, filed it Petition for Business Reorganization to the
Civil Court:

   Black Case Number L.F. 6/2541

   Red Case Number L.F. -/-

Petitioner : High Pressure Steel Pipe Industry Company Limited
debtor

Planner: Thaimui Group Co. Ltd.

Debts Owed to the Petitioning Creditor: Bt4,624,000,000.00  

Date of Court Acceptance of the Petition: October 15,1998

Date of Examining the Petition: November 13,1998 at 9.00 AM
Date of Examining the Petition (continued): November 16,1998 at
9.00 AM

Date of Examining the Petition (continued): November 23,1998 at
9.00 AM

Court order for dismissal of the Petition: December 1, 1998

The date that the petitioner appealed to the court: December 29,
1998

Date that the court ordered for withdrawing the appeal: May 21,
1999


ITALIAN-THAI: DBS Vickers Maintains OUTPERFORM Stock Rating
-----------------------------------------------------------
DBS Vickers Securities, one of the largest securities brokerages
in region, said on Friday in response to Italian-Thai
Development Public Company Limited (ITD)'s successful debt
restructuring, that company's balance sheet will improve
significantly with debt and gearing coming down markedly.

According to DBS Vickers, "ITD's adjusted BVps will jump from a
negative Bt1.6 at end-1Q02 to a positive Bt25.34 by end-02.
ITD's work-on-hand (backlog), amounting to more than Bt50bn,
should help ensure a steady revenue stream at least over the
next three years. Assuming that the stock trades on a P/BV of 2x
(vs its 5-year historical P/BV of 2.39x), ITD should be trading
around Bt50, or 40% above current share price. We therefore
maintain our OUTPERFORM rating on the stock."

ITD announced Friday that the results of the bidding by its
creditors showed that the average debt-to-equity swap price
would be Bt59.87 per share and the average debt haircut would be
66.02% of loan face value. ITD will issue 73.8 million new
shares for a debt-to-equity swap and will spend Bt1.3 billion to
buy back its loans. The debt restructuring will help reduce
ITD's debt by Bt9.7 billion to about Bt3.1 billion. This
remaining loan will be transferred to a Special Purpose
Vehicle (SPV), to be set up later, together with non-core assets
worth Bt3.1 billion.

Following this successful debt restructuring, ITD will realize a
gain from this debt restructuring deal of about Bt3.9 billion
this year. This will help boost its BVps from a negative Bt1.6
at end-1Q02 to as high as Bt25.34 by end-02 based on our
forecast.

DBS Vickers's conservative assumption shows the stock should be
trading above Bt50. ITD was trading on an average P/BV of 2.39x
during the last five years. It should be noted that STECON, a
smaller and less diversified construction contractor, is now
trading on a P/BV of 2.13x. Assuming a conservative P/BV of 2x,
ITD should be trading above Bt50 or 40% above the current share
price.

To see DBS Vickers's Forecast and Valuation, General Data, Share
Price Chart, Share Price Performance, Adjusted Book Value
following Successful Restructuring of the Company, go to
http://www.bankrupt.com/misc/TCRAP_ITD0625.pdffor reference.  


KRISDAMAHANAKORN PUBLIC: Posts Rehab Plan Progress Report
---------------------------------------------------------
Krisdamahanakorn Public Company Limited was notified by
the SET on March 5, 1999 regarding its delisted SET
classification.  KMC has notified the SET of its intention to
rehabilitate the company and has appointed Finansa Securities
Limited to be the financial advisor preparing KMC's
rehabilitation plan.

Finansa has prepared KMC's rehabilitation plan with the
cooperation of KMC and Ernst & Young Office Limited as KMC's
auditor, who reviewed KMC's financial projection over the 2-year
rehabilitation plan from the 3rd quarter of 2000 to the 2nd
quarter of 2002.

KMC's extraordinary shareholders' meeting No. 1/2000 approved
the rehabilitation plan on October 16, 2000.  By KMC's request
under the conditions of the SET, KMC's shares resumed their
trading on the SET on December 7, 2000.

Since then, KMC and Finansa have submitted the rehabilitation
plan progress reports for the 3rd and 4th quarters of 2000 and
the first three quarters of 2001 to the SET.

Below is the Rehabilitation Plan Progress Report and Operating
Performance of 4th Quarter of 2001:

KMC and Finansa have analyzed KMC's auditor reports for the last
six quarters, 3rd and 4th quarters of 2000 and four quarters of
2001, compared with KMC's financial projection under the
rehabilitation plan. The progress of the rehabilitation plan and
operating performance is:
        
Gross profit margin is 3.91% higher than the projection although
revenues from sales of property and revenue from construction
services are 19.52% and 29.71% lower than the projection,
respectively. Revenues from sales of property and revenue from
construction services are lower than the projection due to KMC's
limited working capital. The current property market requires
houses to be built before sales. The property development
companies have to maintain a significant amount of working
capital while the financial institutions are very caution in
lending to property development companies. As a result, KMC is
able to construct only limited number of houses at a time.  Thus
the actual sales volume was caused by the mentioned factors.     

Furthermore, KMC cannot transfer some land titles to its
customers since the titles are  belonging to financial
institutions that were closed in 1997.

Those financial institutions are currently in the process of
liquidation, which caused the transferring of assets to be
halted.

However, revenue from management fees is 73.84% higher than the
projection. Revenue from interest income is 1,173.35% higher
than the projection. Rental income, revenue from golf course and
other income are 11.95%, 1.79 and 32.45% lower than the
projection, respectively.

Cost of sales and construction services is 27.18% lower than the
projection figures due to the decrease in sales of property and
revenue from construction services. Selling and administration
expenses are 4.14% lower than the projection. Actual gross
profit margin is 37.18% compared to the projected figure at
33.27%. The operating income before interest expenses is Bt48.36
million compared to the projected figure at Bt78.83 million.
                                                           
Furthermore, as mentioned in E&Y's auditing report for the year
ended December 31, 2001, KMC is preceding the requirements
specified in the debt restructuring agreements with creditors
(the Requirements), which include converting debt to equity and
debt to assets. Although KMC has completed the debt
restructuring with many creditors, the actions to meet the
Requirements are taking longer than expected. However, the
financial statement of KMC should resume in the same pattern as
the projection whenever KMC completes the steps to meet the
Requirements.

In the 4th quarter of 2001, total extraordinary items of the
last six quarters is very close to the projection since the debt
restructuring process is nearly complete. Although, the debt
restructuring process is not entirely completed, total profit
from debt restructuring in the last six quarters is 17.95%
higher than the projection due to KMC received better debt
restructuring conditions than originally projected.

Therefore, whenever KMC fully completes the debt restructuring
process, total profit from debt restructuring will be higher
than the projected figure, resulting in an increase of KMC's net
profit.   
                   
The extraordinary items from contract termination and debt
restructuring which were not realized in the 3rd and 4th
quarters of 2000 and four quarters of 2001 will be realized
within year 2002. This depends on the time frame of negotiations
for debt restructuring  with existing creditors. KMC anticipates
that KMC will have further  progress on its debt restructuring
by promptly signing on debt  restructuring agreement with TAMC
within the 3rd-4th  quarter of 2002. KMC believes that after the
debt restructuring has been completed, KMC will have more net
profit and shareholders' equity than projected.


L.P.N. DEVELOPMENT: SET Grants Listed Securities
------------------------------------------------
Starting from 24 June 2002, The Stock Exchange of Thailand
(SET) allowed the securities of L.P.N. Development Public
Company Limited (LPN) to be traded on the SET after finishing
capital increase procedures.

Name                           :  LPN
Issued and Paid up Capital
     Old                       :  Bt460,000,000  
     New                       :  Bt736,000,000
Allocate to                    :  Existing shareholders
27,600,000 shares                                    
Ratio                          :  5 : 3
Price Per Share                :  Bt10
Payment Date                   :  24 -31  May 2002


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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