---

       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, July 1, 2002, Vol. 5, No. 128

                         Headlines

A U S T R A L I A

ANACONDA NICKEL: Posts Secured Creditor Negotiations Update
AUSDOC GROUP: Takeovers Panel Silent on ABN Takeover
BALLARAT GOLDFIELDS: Releases 1201 Half-Year Report, Update
GOODMAN FIELDER: Selling Taiwan Food Business
PMP LIMITED: Issues Change of Director`s Interest Notice

SOFTWARE COMMUNICATION: Appoints New Directors, Officers
SOFTWARE COMMUNICATION: Cancels Plans for Company Wind Up
WESTERN METALS: Debt Workout Arrangements Extended to July 16


C H I N A   &   H O N G  K O N G

CIL HOLDINGS: Sees No Reason for Share Price Decrease
SUNBIG TRADING: Winding Up Petition to be Heard
SUNFLOWER PAPER: Winding Up Petition Set for Hearing
THE FITNESS: Faces Winding Up Petition
WINFAIR INVESTMENT: Cuts 2002 Operations Loss to HK$1,971,000


I N D O N E S I A

ASURANSI JIWA: Court Appoints Bastaman as Receiver
BANK YAKIN: Shareholder Vows Outstanding Amount Due to IBRA
SEMEN GRESIK: Seeks Bank Loans to Refinance Unit's Debt


J A P A N

DAIKYO INC: Shareholders Approve Capital Reduction
JAPAN AIRLINES: Merger Gets JAS Shareholders' Approval
JAPAN AIRLINES: Will Redeem 17-Year Exchangeable Bonds
MARUBENI CORP: Executes Management Plan, Office Building Sale
MATSUSHITA ELECTRIC: Signs Share Exchange Agreements With Units

MIZUHO HOLDINGS: Unit Dissolves YTB Properties
NIPPON SHEET: S&P Cuts Rating to BBpi
NIPPON TELEGRAPH: Considers Future Job Reductions
NISSHO IWAI: Receives Order for Cement Plant in Yemen
SEIBU DEPARTMENT: Plans to Sell Credit Saison Stake

TEIJIN LIMITED: Moody's Downgrades Baa3 Outlook to Negative


K O R E A

HANBO CORP: Yamato Kogyo Acquires Steel Operations
KOREA LIFE: Chooses Hanwha as Preferred Takeover Negotiator
SAMSUNG ELECTRONICS: Shareholders Consider Legal Action


M A L A Y S I A

CSM CORPORATION: 33rd AGM, EGM Resolutions Duly Passed
GULA PERAK: Settlement Agreement With Lenders Executed
HO WAH: Gets MITI's Nod on Proposed Private Placement
MBF HOLDINGS: Shareholders OK 39th AGM Resolutions
NCK CORPORATION: MITI OKs Unit's Proposed Disposal

PERAK CORPORATION: Director Raja Abdullah Resigns
PICA (M) CORPORATION: Post Resolutions Approved at 28th AGM
POLY GLASS: Plans Rights Issue Proceeds Utilization Extension
PSC INDUSTRIES: All Resolutions Carried at 13th AGM
RAHMAN HYDRAULIC: 87th AGM Adjourned to July 3

SIME UEP: Appoints Unit's Joint Liquidators
SRIWANI HOLDINGS: Resolutions Approved at 18th AGM
TECHNOLOGY RESOURCES: Withdraws Current Proposed Resolution
TONGKAH HOLDINGS: Bond A Optional Redemption Possible on Aug 29


P H I L I P P I N E S

DMCI HOLDINGS: Postpones ASM Meeting on August 28
NATIONAL POWER: ERC Orders Tariffs Cut
PHILIPPINE AIRLINES: Profit Exceeds Target
PHILIPPINE LONG: First Pac Gets NTT Word on Gokongwei Entry
PHILIPPINE LONG: Gokongwei, First Pac Ask NTT to Join Bid

PHILIPPING LONG: Confirmation Re Elected Independent Directors


S I N G A P O R E

ADROIT INNOVATIONS: Issues Shareholder's Interest Cessation
CIRCUITS PLUS: Posts S$6.086M FY2002 Net Loss
DBS GROUP: Subsidiaries Enter Liquidation
SEMBCORP LOGISTICS: Units Begin Voluntary Liquidation
UNITED OVERSEAS: Employee Lay Offs Continue


T H A I L A N D

ADVANCE PAINT: Creditors Favor Rehabilitation Plan
NATURAL PARK: Bankruptcy Court OKs Rehab Plan Amendment
RUAMPOL ENTERPRISE: Files Business Reorganization Petition
SRIVARA REAL: SET Grants Listed Securities

     -  -  -  -  -  -  -  -

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


ANACONDA NICKEL: Posts Secured Creditor Negotiations Update
-----------------------------------------------------------
Anaconda Nickel Limited revealed Friday that its senior
management and advisors are continuing negotiations with
representatives of the secured creditors of Murrin Murrin
Holdings Pty Ltd (MMH), an indirectly wholly owned subsidiary of
Anaconda Nickel Ltd, to progress the restructuring of the MMH
debt and the re-capitalization of the Group.

Because of the complexity of these restructuring discussions,
the Company is engaged in negotiations with representatives of
the secured creditors to extend the existing forbearance
agreement until 31 July 2002 and are optimistic that the
extension will be granted.

In addition, the term of the US$10 million working capital
facility provided to the Murrin Murrin Joint Venture in April
has also been extended to 31 July. MMH has not yet required to
draw upon its portion of this facility.

Following negotiations, in the event a headline agreement is
reached with secured creditors, Anaconda anticipates that the
restructuring of debt and re-capitalization of the Group may not
be completed for an extended period of time as requisite
statutory, regulatory and shareholder approvals will need to be
obtained. The ultimate outcome of this process remains
uncertain.

Anaconda is currently reviewing various proposals to raise
additional capital to enable the restructuring and re-
capitalization to occur that, if acceptable, may involve a
substantial renounceable rights issue at a significant discount
to the current share price, as was previously discussed in the
half year report released on  26 March 2002. In such
circumstances shareholdings will be  substantially diluted if
existing shareholders elect not to exercise  their rights.

Cashflow from operations has remained positive since March,
principally as the result of higher than budgeted nickel prices.
The Murrin Murrin Joint Venture is cautiously confident that
improvements made have increased the reliability of the process
facilities further at Murrin Murrin. The Joint Venture is
confident of making further headway in nickel production for the
June quarter.


AUSDOC GROUP: Takeovers Panel Silent on ABN Takeover
-----------------------------------------------------
AUSDOC Group Limited announced Friday that the Takeovers Panel
(Panel) has notified AUSDOC that it would not be making any
declaration or taking any action in relation to the break
fee and exclusivity agreement between AUSDOC and ABN AMRO
Capital entered into on 22 May 2002 (Agreement).

ABN AMRO Capital and AUSDOC have undertaken to the Panel that a
break fee will not be payable under this Agreement if ABN AMRO
Capital does not secure 90% of AUSDOC shares, in the absence of
a higher offer. In all other circumstances, the Panel has
accepted the obligation of AUSDOC to pay ABN AMRO a break fee of
$3.5 million.

AUSDOC Chairman, Mr Michael Butler said "The company's directors
have always sought to comply with current regulatory guidelines.
Throughout the lengthy sale process, AUSDOC directors have
continually assessed all options available to the company, and
have chosen to pursue the path they believed was in the best
interests of AUSDOC shareholders.

"AUSDOC's directors consider the decision of the Panel as an
endorsement of their actions. The decision of the Panel to take
no action recognizes the combination of the exceptional
circumstances surrounding the sale process and the undertakings
given by ABN AMRO Capital and AUSDOC to remove one of the break
fees in question," Mr Butler said.

JP Kaumeyer, the Head of ABN AMRO Capital in Australia, said "We
welcome the early resolution of this issue which will allow
AUSDOC shareholders to focus on our recommended offer. We want
to deliver a clear message to AUSDOC shareholders that our
takeover offers a very good return."


BALLARAT GOLDFIELDS: Releases 1201 Half-Year Report, Update
-----------------------------------------------------------
Ballarat Goldfields NL submitted its Directors' Report and
Financial Statements for the Half Year ended 31 December 2001,
as set at http://www.bankrupt.com/misc/TCRAP_BGF0701.pdf

In addition, BGF provides this action summary designed to
recapitulate the Company as a gold explorer.

On 14 June BGF announced that it had reached agreement with RFC
Corporate Finance Ltd (RFC) and Eureka Capital Partners Ltd
(Eureka) to structure a short term financing facility and to
work towards an underwriting agreement.

Arising from that, BGF has now received an additional $200,000
in loan funds from Eureka on similar terms and conditions to the
loan agreement dated 13 May and as previously reported to ASX.
Further, an RFC group company and parties introduced by RFC have
subscribed for new shares in BGF at 2 cents per share (as
contemplated in the statement of 14 June), raising $276,419 in
cash. These funds are being applied to working capital uses.

BGF is currently preparing a prospectus for the proposed
underwritten rights issue to raise $4.3 million. It is expected
that the prospectus will be lodged with ASIC late in July. ASX
has granted BGF a waiver from listing rule 7.11.3 to permit the
proposed 3 for 2 rights issue. The waiver requires shareholder
approval for the proposed 3 for 2 entitlements issue to proceed,
unless this condition is subsequently removed by ASX.

BGF plans to seek removal of its suspension from quotation on
Australia Stock Exchange after lodgment of the prospectus.

Directors expect to shortly issue a notice of meeting of
members, the business of which shall include receipt of the June
2001 accounts and various procedural issues such as approval for
the proposed 3 for 2 rights issue. The meeting is presently
expected to be convened in early August 2002.

There are presently 5,813 only BGF options exercisable at 25
cents, expiring on 30 June 2002. It is expected that those
options will expire without being exercised.


GOODMAN FIELDER: Selling Taiwan Food Business
---------------------------------------------
Goodman Fielder Limited entered a Friday agreement with McCain
Foods to sell the Goodman Fielder International Taiwan [Goody
Foods] business which produces frozen Chinese dumplings.

Goodman Fielder International Managing Director, Mr Garry Habel,
said the sale of the Taiwan business which produces Long Feng
frozen Chinese dumplings, is in line with Goodman Fielder's
plans to simplify its business and focus on its strong retail
branded products in Australasia and the Pacific.

"The divestment of our Taiwanese business is consistent with
Goodman Fielder's strategy of selling non-core businesses to
simplify and streamline the business to improve returns to
shareholders,"  Mr Habel said.

"The purchase of the Taiwan business is a natural extension for
McCain Foods as part of their regional presence in Asia and
provides Goodman Fielder employees greater opportunities as part
of a global food company whose core business is frozen food.

"McCain Foods is the largest frozen French fries manufacturer in
the world and has many other frozen food interests globally,
such as frozen vegetables and pizzas.

"Goodman Fielder's priority now is to work closely with McCain
Foods to ensure a smooth transition for staff, customers,
suppliers and other stakeholders with the sale expected to be
completed in early July," said Mr Habel.


PMP LIMITED: Issues Change of Director`s Interest Notice
--------------------------------------------------------
PMP Limited posted this notice:

CHANGE OF DIRECTOR'S INTEREST NOTICE

   Name of Company          PMP Limited

   ABN                      39 050 148 644

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         Peter Gordon Chegwyn

   Date of last notice      04/03/2002

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

Direct or indirect interest             Direct

Nature of indirect interest
(including registered holder)           Nil

Date of change                          05/06/2002

No. of securities held prior
to change                               84,676

Class                                   Ordinary

Number Acquired                          3,379

Number disposed                              -

Value/consideration                     $3,218.68

No. of securities held after
change                                  88,055

Nature of change                        On market trade

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

Detail of contract                      Nil

Nature of direct interest               Nil

Name of registered holder
(if issued securities)                  Nil

Date of change                           Nil

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

Interest Acquired                       Nil

Interest disposed                       Nil

Value/consideration                     Nil

Interest after change                   Nil

On mid-June, TCR-AP reported that PMP Limited, following the
12th June 2002 announcement to exit its magazine publishing
businesses, announced its new strategic focus on printing and
print distribution. The impact of this new focus and the
benefits of the proposed domestic debt facility should
significantly improve earnings in the 2003 year. PMP also
reaffirmed its commitment to delivering on its previously stated
forecast for the 2002 year of $90 million EBIT.


SOFTWARE COMMUNICATION: Appoints New Directors, Officers
--------------------------------------------------------
Software Communication Group Limited advised that on 26 June
2002 at a meeting of the Board of Sofcom, the Board resolved in
favor of the appointment of Robert Petty and Michael Neistat
effective as of 5:00 pm on 26 June 2002.

Mr Neistat has 20 years of experience in information technology
and related industries and prior to founding Skai Computer
Systems Pty Ltd in 1983, spent six years with a global oil
company as a Systems Analyst. As a Managing Director of Skai, Mr
Neistat was responsible for building its national sales
channels, sourcing and negotiating the rights for various
exclusive product lines from both local and overseas
manufacturers, successfully ran and implemented new business
strategies and opportunities. He also built one of Australia's
most identifiable brands of personal computers and file servers.
In 1999 Mr Neistat sold Skai to Voicenet (Aust) Ltd, a company
listed on the Australian Stock Exchange. Mr Neistat fulfilled a
number of roles during his two years with Voicenet including,
Chief General Manager, Business Development Manager as well as
Chief Operating Officer for the group.

As the Chief Operating Officer of the group, Mr Neistat's
experience in commercial and operational business management on
both a domestic and international level is reflected in his
responsibilities which included managing the planning, strategy
and execution of the company's operational divisions in
Australia, New Zealand and South American whilst overseeing and
ensuring the group's technology development kept in line with
the company's mandate to commercialize applications globally.

Since leaving Voicenet, Mr Neistat joined the board of I.T.
Technology Inc. where he worked to assist the company in its
successful listing on the NASDAQ OTCbb.

Mr Petty has held various executive roles throughout his career.

From 1997 to 1999, Mr Petty was Manager of Electronic Business
Services for e-commerce products for Telstra Corp., Mr Petty has
enjoyed successful working relationships with most of the
world's leading technology and Internet e-companies, such as
IBM, Hewlett Packard, Sony, Disney, Sega, Intel, Ericsson,
Nokia, Microsoft, Compaq, Cambridge Technology Partners, Web
Methods, Motorola and many  others.

From 1999 to 2002 Mr Petty worked in New York for I.T.
Technology Inc. and its subsidiaries. Roles throughout this
period included Chairman and Chief Executive Officer of I.T.
Technology Inc. and President of VideoDome Networks, Inc a
middleware streaming media service provider.

Mr Petty is currently the President and Chief Executive Officer
of ROOMedia Corporation, a development stage company.

The Board of Sofcom further resolved that an extraordinary
general meeting of Shareholders be called for the purpose of
considering the ratification of the newly appointed directors.

Sofcom further advises that after resolving in favor of the
appointment of the new directors outlined above, the Board
accepted the resignation of the following directors and officers
effective Wednesday:

   1. The Hon. Jeffrey Gibb Kennett as Chairman and Director;

   2. Mr Kevin William Dutton as a Director;

   3. Mr Peter Crafter, acting Chief Executive Officer.

The Board will shortly be appointing a Chief Financial Officer,
Chief Executive Officer and Company Secretary.

The new Board will actively be seeking Directors and Officers
Insurance cover after 30 June 2002.


SOFTWARE COMMUNICATION: Cancels Plans for Company Wind Up
---------------------------------------------------------
Software Communication Group Limited (Sofcom) informed that that
on 26 June 2002 at a meeting of the Board of Sofcom, the Board
resolved that as a result of Robert Petty and Michael Neistat's
Board appointment, it will not be making an application to wind
up the Company.


WESTERN METALS: Debt Workout Arrangements Extended to July 16
-------------------------------------------------------------
Western Metals Limited announced Friday that its debt
restructuring arrangements with its major financiers continues
to progress positively and that, as previously foreshadowed, an
extension from 27 June 2002 to 16 July 2002 has met approval of
all parties for completion and execution of formal documentation
arising from the Common Terms Sheet signed on 15 March 2002.

The Company is satisfied that agreement in principle has now
emerged on the several outstanding key aspects of the debt
restructure arrangements, particularly with respect to the terms
of ongoing support from the Noteholders, and this further
extension is designed to allow finalization of legal
documentation to formally record the ultimate agreement between
all parties.

Important aspects of the overall restructure include:

   * agreed medium term debt restructure with the Company's
major financiers including deferrals of hedge deliveries as
previously announced;

   * capital injection by way of interest to equity conversion
by the Noteholders and a proposed rights issue to shareholders
generally;

   * 20:1 share consolidation to restructure the Company's
capital base;

   * security being granted in favor of the Company's major
financiers; and

   * securement of a short term working capital facility to
assist with cashflows.

The Company also advised that consequent upon the finalization
of the debt restructure it has approved in principal the
development of Stage 2 of its Mt Gordon copper project which
comprises the construction of a flotation plant, associated
surface facilities and the commencement of underground mining at
the Mammoth orebodies. Full details of this development will
follow in due course.

Details of the key issues which have not previously been
announced to the market and upon which agreement in principle
has emerged, include:

   * an initial issue of approximately 120 million WML shares to
the Noteholders (13% of WML's then diluted equity base) in
consideration of the Noteholders' ongoing forbearance in the
terms of the debt restructure arrangements (and in lieu of the
proposed obligation upon WML to issue options and other
unspecified considerations as mentioned in the Common Terms
Sheet);

   * the issue of approximately 620 million shares (together
with approximately 210 million options exercisable by 30 June
2007 at a price of the lesser of 5 cents, the weighted average
share price of WML shares for the 5 days leading up to the
shareholders EGM, and the rights issue price - see below) to the
Noteholders, subject to WML Shareholder approval (in compliance
with both ASIC and Australia Stock Exchange requirements) and
subject to FIRB clearance, in satisfaction of interest otherwise
accruing to the Noteholders from July 2002 to 30 June 2003 -
i.e. approximately US$18.7 million. This is anticipated to
result in the Noteholders then holding approximately 47% of
WML's diluted equity base. Voluntary escrow arrangements are
also being negotiated with the Noteholders to reasonably assure
market confidence in the Noteholders proposed ongoing
shareholding. The failure by WML to procure FIRB clearance and
WML shareholder approval will entitle the Noteholders to
terminate the debt restructure arrangements.

   * the consolidation of WML shares on a 20:1 basis subject to
WML shareholder approval.

   * WML undertaking best endeavors to raise additional equity
from the market of approximately AUD$20 million by way of a
renounceable pro rata rights issue to shareholders priced
commensurately with the pricing of the interest/equity
conversion by the Noteholders referred to above, and including a
"free" option on the same terms as those to the Noteholders as
referred to above on a 1:3 basis for rights exercised, to give
other shareholders the opportunity to participate in taking up
further equity. Shares issued to the Noteholders under the
interest/equity conversion will not participate in the rights
issue.

   * for fiscal years 2003/2004 and 2004/2005 an interest rate
adjustment mechanism that allows for additional interest of up
to 1.5% to be paid to the Noteholders if the weighted average
price of zinc, copper and lead for this period exceeds the long
term average price for these metals.

Further particulars of these proposed arrangements will be
provided as the details are finalized and documented, in
particular, as to the proposed terms of issue of the anticipated
rights issue referred to above.

A prospective timetable going forward is anticipated to reflect:

   * by 16 July 2002 - execution of formal debt restructure
documents;

   * by 31 August 2002 - FIRB clearance secured and
Extraordinary General Meeting of shareholders of WML held;

   * by 9 September 2002 - lodgment with ASIC of prospectus for
renounceable pro rate rights issue; and

   * by 16 October 2002 - closure of renounceable pro rate
rights issue.

Confirmation of this timetable and advice of the expected record
date for entitlements are anticipated to be able to be made by
16 July 2002 when the formal debt restructure documents should
be executed.

The Company will continue to keep the market informed of
Developments in a timely manner.


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


CIL HOLDINGS: Sees No Reason for Share Price Decrease
-----------------------------------------------------
CIL Holdings Limited noted the recent decreases in the share
price of the shares of the Company and stated that the Board
does not aware of any reasons for such decreases.

Save as disclosed in the announcements of the Company dated 21st
March relating to discloseable transactions for acquisition of
49% of the share capital of Micky Enterprises Limited and
connected transaction relating to the granting of an option to
Trade Honour Limited to require the Company to issue
2,000,000,000 new shares, 31st May relating to the restructuring
proposal, discloseable transaction and  connected transaction,
17th June relating to winding-up hearing and 24th June relating
to special general meeting results respectively, confirmed that
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.


SUNBIG TRADING: Winding Up Petition to be Heard
-----------------------------------------------
The petition to wind up Sunbig Trading Limited is scheduled for
hearing before the High Court of Hong Kong on July 3, 2002 at
11:00 am.

The petition was filed with the court on March 28, 2002 by
Standard Chartered Bank being a corporation duly incorporated in
the United Kingdom and with a place of business registered in
Hong Kong pursuant to Part XI of the Companies Ordinance (Cap.
32) at Standard Chartered Bank Building, 4-4A Des Voeux Road
Central, Hong Kong.


SUNFLOWER PAPER: Winding Up Petition Set for Hearing
----------------------------------------------------
The petition to wind up Sunflower Paper Merchants Limited will
be heard before the High Court of Hong Kong on August 7, 2002 at
11:30 am.

The petition was filed with the court on May 16, 2002 by
Marubeni Hong Kong and South China Limited (formerly known as
Marubeni Hong Kong Limited) whose registered office is situated
at 20/F., Tower 1, Admiralty Centre, 18 Harcourt Road, Hong
Kong.


THE FITNESS: Faces Winding Up Petition
--------------------------------------
The petition to wind up The Fitness Gym Company Limited is set
for hearing before the High Court of Hong Kong on August 7, 2002
at 10:320 am.  The petition was filed with the court on May 6,
2002 by Lam Chak Leung of Flat 4, 16/F., Hong Ting House, Hong
Yat Court, Lam Tin, Kowloon, Hong Kong.


WINFAIR INVESTMENT: Cuts 2002 Operations Loss to HK$1,971,000
-------------------------------------------------------------
Winfair Investment Company Limited announced on 27 June 2002:

(stock code: 287)
Year end date: 31/3/2002
Currency: HKD
Auditors' Report: Neither
Review of Interim Report by: N/A
                                                  (Audited)
                                  (Audited)        Last
                                  Current          Corresponding
                                  Period           Period
                                  from 1/4/2001    from 1/4/2000
                                  to 31/3/2002     to 31/3/2001

Turnover                              : 10,058,000    10,376,000
Profit/(Loss) from Operations         : (1,971,000) (5,757,000)
Finance cost                          : -                -
Share of Profit/(Loss) of Associates  : -                -
Share of Profit/(Loss) of
  Jointly Controlled Entities         : -                -
Profit/(Loss) after Tax & MI          : (2,767,000) (6,714,000)
% Change over Last Period             : N/A
EPS/(LPS)-Basic                       : (0.07)           (0.17)
         -Diluted                     : N/A              N/A
Extraordinary (ETD) Gain/(Loss)       : -                -
Profit/(Loss) after ETD Items         : (2,767,000) (6,714,000)
Final Dividend per Share              : 0.07             0.08
(Specify if with other options)       : NIL              NIL
B/C Dates for Final Dividend          : 12/8/2002-16/8/2002 bdi.
Payable Date                          : 28/8/2002
B/C Dates for Annual General Meeting  : 12/8/2002-16/8/2002 bdi.
Other Distribution for Current Period : NIL
B/C Dates for Other Distribution      : N/A


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


ASURANSI JIWA: Court Appoints Bastaman as Receiver
--------------------------------------------------
The Commercial Court appointed Syarif Bastaman as the new
receiver for PT Asuransi Jiwa Manulife Indonesia (AJMI) on
Thursday, Jakarta Post reported Friday.

AJMI, the local unit of Canada's giant insurer Manulife
Financial Corp., is now waiting for the Supreme Court to decide
on its appeal over the bankruptcy ruling.

Last week, the Company fully resumed operations after it was
forced to close its 73 branches following a controversial
bankruptcy ruling. AJMI was declared bankrupt on June 13 by the
Commercial Court.

Kalisutan, the previous curator of AJMI, voluntarily stepped
down as the receiver on Thursday.

Minister of Justice and Human Rights Yusril Ihza Mahendra said
the investigation process into the three judges who made the
bankruptcy ruling would be completed within 10 days. The
investigation over alleged bribery in the bankruptcy case was
started on Monday.


BANK YAKIN: Shareholder Vows Outstanding Amount Due to IBRA
-----------------------------------------------------------
Suharto's eldest daughter Siti "Tutut" Hardiyanti Rukmana, a
shareholder of the now defunct PT Bank Yakin Makmur (Yama), has
promised to repay her debt to the Indonesian Bank Restructuring
Agency (IBRA) within three months, Bisnis Indonesia reported.

"God willing, I will pay the debt in three months," Tutut said.

However, she questioned the outstanding debt amount, which
according to IBRA legal counsel comes to Rp213.29 billion. She
did not give the specific amount of her obligation on Bank Yama
but said there is a difference between IBRA's and her
calculations.

"We are given two weeks to clarify," she added.


SEMEN GRESIK: Seeks Bank Loans to Refinance Unit's Debt
-------------------------------------------------------
PT Semen Gresik is currently approaching some state banks,
including PT Bank Mandiri and PT Bank Negara Indonesia, and
other financial institutions to refinance its unit PT Semen
Padang's Rp200 billion debt due in August, AFX reports, quoting
company President Satriyo.

"The loans must be refinanced or otherwise it will be more
complicated. They are not going to default because if it happens
it will affect us (Semen Gresik)," Satrito said, adding that a
new loan must be obtained within two months.

Francisco Noriega, the Company's Vice President, said that Semen
Padang and Semen Gresik's Board of Directors have been working
together to solve the debt problem despite the speculation that
Semen Gresik wanted Semen Padang board to be replaced. "We still
have time to refinance. We will work together with Semen
Padang."

Semen Padang has outstanding debt of Rp400 billion and US$46
million, of which Rp200 billion and US$6 million will mature
this year. The rest will mature in 2003 and 2004.


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


DAIKYO INC: Shareholders Approve Capital Reduction
--------------------------------------------------
Shareholders of debt-laden Daikyo Inc. have approved cutting its
capital by Y35.05 billion and issuing preferred shares worth a
total of Y60 billion as part of its massive restructuring plan
unveiled in May, Dow Jones said on Thursday.

The condominium developer plans to cut its capital on August 8,
and increase its capital on September 11 through the third-party
share allocations.

Under a debt-for-equity swap plan, Daikyo will issue preferred
stocks to main lenders namely UFJ Bank and UFJ Trust Bank of UFJ
Holdings Inc, Mizuho Corporate Bank of Mizuho Holdings Inc, and
Asahi Bank of the Daiwa Bank Holdings Inc group.

The banks have also decided to waive a total of Y410 billion in
debt.

The Company has more than 1 trillion yen in debt, which is
caused by investments during the asset-inflated bubble economy
in the late 1980s.


JAPAN AIRLINES: Merger Gets JAS Shareholders' Approval
------------------------------------------------------
At an annual meeting held Wednesday, shareholders of Japan Air
System (JAS) approved the company's plan to join forces with
Japan Airlines (JAL), a report from the Japan Today said.

JAS and JAL are to integrate operations under a joint holding
company, Japan Airlines System Corp, to be set up in October.
((M&A REPORTER - ASIA PACIFIC, Vol. No.1, Issue No. 127, June
28, 2002)


JAPAN AIRLINES: Will Redeem 17-Year Exchangeable Bonds
------------------------------------------------------
Japan Airlines Co Ltd (JAL) will redeem its 17-year exchangeable
corporate bonds issued on December 13, 1987 ahead of the bonds'
redemption date of March 31, 2005, in view of the approaching
joint venture with Japan Air System in October 2002, AFX News
said Thursday.

As of June 18, 2002, a total of 18.664 billion yen worth of
bonds have not yet been redeemed. JAL issued a total of 25
billion yen of exchangeable bonds carrying a coupon of 1.6
percent.

The report said bondholders would be able to exchange their
bonds to JAL shares by August 21.

Moody's Investors Service on June 10 cut its credit rating for
JAL to junk-bond status because it expects price competition to
heat up as JAL and JAS combine operations over the next two
years. Moody's also said Japan's weak economy makes a travel
recovery unlikely.


MARUBENI CORP: Executes Management Plan, Office Building Sale
-------------------------------------------------------------
On June 18, 2002, Marubeni Corporation executed a management
plan (the action 21 A PLAN), which aims to enhance its earnings
base and reinforce its financial structure. In line with the
plan, the Company is pursuing the reduction of non-performing
assets.

The Company announced that the Company and Nihon Sogo Trust
Investment Corporation have reached a basic sales agreement of
Marubeni Osaka Head Office Building.

The details of the transaction are:

1. Reason for Sale: Mentioned as above

2. Contents of the Transaction

(1) Details of the Fixed Assets to be sold:
Marubeni Osaka Head Office Building
Land Area: 5,878.72
Building: 41,574.47
Location: 3-1, Hommachi 2-Chome, Chuo-ku Osaka-shi, Osaka
Book Value: JPY10, 200 million
Sales Amount: JPY12, 500 million

(2) Payment Term: One lump-sum payment in cash

(3) Others: After the sales, the Company will enter into 10-
year lease agreement with Nihon Sogo Trust Investment
Corporation for the continuing use of the Building as before.

3. Schedule of the Transaction

  Beginning of July, 2002: Signing of the Sales and Purchase
Contract End of September, 2002: Transfer of the ownership

4. Profile of the Buyer
    Nihon Sogo Trust Investment Corporation
    Head Office: 25-5, Toranomon 1-chome, Minato-ku, Tokyo
    Representative: Yasuo Ueno, Executive Officer

Profile of Nihon Sogo Fund Co., Ltd.
Head Office: 25-5, Toranomon 1-chome, Minato-ku, Tokyo
Representative: Hiroshi Gomi, President

    1) Nihon Sogo Trust Investment Corporation is a trustee of
operating assets of Nihon Sogo Fund Co., Ltd.

    2) Neither capital relationship nor business transaction
exists between the Company and the two entities mentioned above.

5. Impacts on the Financial Results for fiscal year 2002

   For non-consolidated income statement: JPY2.3 billion
   For consolidated income statement: JPY100 million (due to the
proportional profit allocation over 10 years of lease period).

   At this moment, however, the prospects of the financial
results for fiscal year 2002 announced on May 14, 2002 will not
be amended.


MATSUSHITA ELECTRIC: Signs Share Exchange Agreements With Units
---------------------------------------------------------------
Matsushita Electric Industrial Co., Ltd. and five of its units
announced on Wednesday that, upon resolutions adopted at
respective Board of Directors meetings held on June 26, 2002,
MEI and each of the five group companies have severally entered
into share exchange agreements, to transform the five group
companies into wholly-owned (100 percent share ownership)
subsidiaries of MEI.

The five group companies are: Matsushita Communication
Industrial Co., Ltd., Kyushu Matsushita Electric Co., Ltd.,
Matsushita Seiko Co., Ltd., Matsushita Kotobuki Electronics
Industries, Ltd. and Matsushita Graphic Communication Systems,
Inc. The agreements, that follow the memoranda of understanding
dated January 10, 2002 between MEI and each of the five group
companies, set forth details of the share exchanges.

The share exchange agreements will be subject to, and submitted
for, approval at the ordinary general meetings of shareholders
of MEI and each of the five group companies, will be scheduled
on June 27, 2002. Upon approval, the share exchanges will be
implemented on October 1, 2002.

Details of the proposed share exchanges are as follows:

1. Terms and Conditions of Share Exchanges

A. Method

MEI will allot new MEI shares and/or its treasury stock to
shareholders of MCI, and new MEI shares to shareholders of KME,
MS, MKEI and MGCS, in exchange for the shares of the five group
companies held by their respective shareholders, excluding the
shares already held by MEI. Through and upon such share
exchanges, the five group companies will become wholly owned
subsidiaries of MEI.

B. Schedule

----------------------------------------------------------------
April 26, 2002                 Board of Directors approve share
                               exchange agreements
------------------------------ ---------------------------------
April 26, 2002                 Signing of share exchange
                               agreements
------------------------------ ---------------------------------
June 27, 2002 (planned)        Shareholder approval of share
                               exchange agreements at respective
                               ordinary general meetings of
                               shareholders
------------------------------ ---------------------------------
September 25, 2002 (planned)   Delisting of shares of MCI, KME,
                               MS and MKEI
------------------------------ ---------------------------------
September 30, 2002 (planned)   Due date for submission of share
                               certificates of the five group
                               companies
------------------------------ ---------------------------------
October 1, 2002 (planned)      Share exchanges
------------------------------ ---------------------------------

C. Share Exchange Ratios

MEI and each of the five group companies entered into the share
exchange agreements with the following share exchange ratios,
which were originally agreed upon in the memoranda of
understanding dated January 10, 2002.

In the event any material changes arise in assets or management
conditions of the companies involved, the parties will
collaborate on adjusting the exchange ratios to reflect such
changes.

------------------- ------------ ------------- -----------
      Company          MEI          MCI           KME
------------------- ------------ ------------- -----------
  Exchange Ratio        1          2.884         0.576
------------------- ------------ ------------- -----------
      Company           MS          MKEI          MGCS
------------------- ------------ ------------- -----------
  Exchange Ratio      0.332        0.833         0.538
------------------- ------------ ------------- -----------

(The ratios in the above table set forth the number of MEI
shares to be allotted to one (1) share of each subsidiary)
D. New MEI Shares to be issued for the Share Exchanges

MEI will issue 309,407,251 new shares of common stock for the
share exchanges, which, combined with 59,984,408 shares of MEI
common stock that MEI currently holds (treasury stock), will
result in a total of 369,391,659 shares of common stock to be
exchanged for shares of the five group companies.

E. Increases in Capital Stock and Capital Surplus

The capital stock of MEI will not increase as a result of the
share exchanges. The increase in MEI's capital reserve is
obtained by multiplying shareholders' equity of each of the five
group companies at the time of the share exchange by a ratio of
shares to be transferred to MEI in the share exchange to the
total number of outstanding shares of each of the five group
companies; provided, however, that in the case of the MEI-MCI
share exchange, such amount shall be the amount after deducting
the aggregate book value of the treasury stock allotted by MEI.

Notes

I. MEI's new shares will not be allotted to its own existing
share interests in the five group companies.

II. Each of the five group companies will separately obtain
approvals at each company's shareholders' meetings for the
execution of its own share exchange agreement with MEI. Share
exchanges for each of the five subsidiaries are not subject to
approval by the shareholders of the other subsidiaries.
Therefore, it is possible that all of the five group firms, but
may not implement the proposed share exchanges at the same time
partially by four or less subsidiaries.

For more information check the release at
http://biz.yahoo.com/bw/020426/262216_1.html


MIZUHO HOLDINGS: Unit Dissolves YTB Properties
----------------------------------------------
Mizuho Holdings, Inc. announced on Tuesday that its subsidiary,
Mizuho Asset Trust & Banking Co., Ltd. (MHAT), decided to
dissolve YTB Properties Company Limited (YTB Properties), a
MHAT's wholly-owned subsidiary.

1. The Subsidiary to be dissolved

Corporate Name YTB Properties Company Limited
Location 4-22, Yaesu 1-Chome, Chuo-ku, Tokyo, Japan
Representative Tsunehisa Uetadani, President

2. Reason for Dissolution

The Company will go into dissolution as part of rationalization
of MHAT, a 100 percent shareholder of YTB Properties.

3. Outline of the Subsidiary

Business Property Management and Leasing
Date of Establishment September, 1989
Common Stock JPY 2,200 Million
Number of Stocks issued 44,000
Total Asset JPY 2,283 Million (as of March 2002)
Number of Employees None (as of April 2002)
Shareholders 100 percent owned by MHAT
Ordinary Profit JPY 54 Million (as of March 2002)
Net Income JPY 53 Million (as of March 2002)

4. Schedule Date of Dissolution

By October, 2002

5. Others

This decision will have no material effect on the profit and
loss of this fiscal year of Mizuho Holdings, Inc. (consolidated
or non-consolidated).


NIPPON SHEET: S&P Cuts Rating to BBpi
-------------------------------------
Standard & Poor's on Thursday has lowered its 'pi' rating on
Nippon Sheet Glass Co. Ltd. (NSG) to double-'Bpi' from double-
'B'-plus-pi based on greater-than expected earnings volatility
in NSG's electronics materials business, and weaker prospects
for a near-term recovery in the company's earnings and cash flow
protection.

The electronics materials business has been significantly hurt
by the recent slump in the global IT industry. In particular,
its micro lens for optical components, which has good growth
potential over the longer term, is currently suffering from weak
capital spending in the U.S. telecom sector. The low yield ratio
in its glass magnetic disk business and weak demand from mobile
phone and PC makers in its display business has contributed to
losses. As a result, NSG posted losses of 5.7 billion yen in
fiscal 2001 (ended March 2002) after recording a record-high
profit of 13.4 yen billion the previous year.

NSG is the second-largest Japanese glass manufacturer with a
share of around 30 percent of the oligopolistic domestic sheet
glass market. Reflecting a sharp drop in global demand in the
electronics and telecom sectors, NSG's operating margin before
depreciation declined to 8.3 percent at March 2002 from 13.8
percent a year earlier. Despite the stable profitability of
NSG's sheet glass segment-largely the result of past
restructuring-the risk of earnings volatility has been
increasing along with the company's growing exposure to the
electronics and telecom industries.


NIPPON TELEGRAPH: Considers Future Job Reductions
-------------------------------------------------
The Nippon Telegraph & Telephone Corp. (NTT) Group may consider
slashing its workforce in the future, Down Jones said Thursday.

NTT plans to cut its group workforce by 17,000 to 199,000 by the
end of March 2005 as a part of a three-year business scheme.

"Streamlining is an important issue for NTT in the future. We
want to continue to carry out streamlining efforts," NTT East
Corp.'s President Satoshi Miura said.

Miura stressed that he will do his utmost to ensure NTT workers,
will be able to keep their jobs.

Last year, NTT transferred around 100,000 employees, mainly from
NTT East and NTT West Corp., to outsourcing firms as a part of a
restructuring scheme to its business performance.


NISSHO IWAI: Receives Order for Cement Plant in Yemen
-----------------------------------------------------
Nissho Iwai Corp and Ishikawajima-Harima Heavy Industries have
received an order worth 18 billion yen (US$148.56 million) to
build a large plant for state-owned Yemen Cement Manufacturing &
Marketing Co., PR Newswire said Monday. The plant, which will
have a daily production capacity of about 3,300 tons, will be
Yemen's largest cement plant. The facility, which is being built
to help meet growing domestic demand for cement, will be located
roughly 50km northwest of Sanaa, Yemen's capital. The location
is already home to a plant with a daily output capacity of 1,700
tons.

Last year, Nissho Iwai suffered from a very weak financial
profile, characterized by high debt-usage and very weak
financial flexibility caused by its heavy reliance on short-term
bank borrowings, TCR-AP reports. The firm has total debts of
Y2.4 trillion at the end of September 2001.


SEIBU DEPARTMENT: Plans to Sell Credit Saison Stake
---------------------------------------------------
Seibu Department Stores Ltd is aiming to sell its stake in
Credit Saison Co and other major group firms within three years,
the Nihon Keizai Shimbun and Kyodo News said Thursday.

The Company estimated the sale price at more than 70 billion
yen. The scheme will lessen its 310 billion yen in interest-
bearing debt.


TEIJIN LIMITED: Moody's Downgrades Baa3 Outlook to Negative
-----------------------------------------------------------
Moody's Investors Service on Wednesday changed the outlook on
the Baa3 senior unsecured long-term debt ratings of Teijin
Limited (Teijin) to negative from stable. The change in outlook
reflects Moody's concerns about Teijin's ability to improve its
credit profile over the medium term through drastic reforms of
its business portfolio following aggressive M&A activities.

Teijin has been focusing on strengthening its core operations
through aggressive alliances/acquisitions with global peers and
through restructuring its non-core/non-profitable businesses by
divesting them. However, its margins have been adversely
affected by the prospect of over capacity in most of its major
products, increasing global competition, and stagnant demand for
IT related products. The rating agency will closely monitor how
well the Company realizes meaningful financial results from the
aggressive reform of its business portfolio under a difficult
business environment.

Teijin Limited, a leading manufacturer in Japan of integrated
materials, is diversified into synthetic fiber, chemical
products, pharmaceutical and medial products, machinery and
others. Its total sales in fiscal year ended in March 2002 were
Y923.5 billion (about US$7,508.1 million).


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


HANBO CORP: Yamato Kogyo Acquires Steel Operations
--------------------------------------------------
Steelmaker Yamato Kogyo Co will acquire the steel making
operations of Hanbo Corp for 140 billion won, the Nihon Keizai
Shimbun and AFX reported Thursday.

Both companies are expected to sign a memorandum of
understanding (MoU) on June 27, 2002.

Hanbo Corp has been in the process of court-administered
rehabilitation since 1997.


KOREA LIFE: Chooses Hanwha as Preferred Takeover Negotiator
-----------------------------------------------------------
The Public Fund Oversight Committee said the Hanwha Group-led
consortium has been selected as preferred negotiator for the
acquisition of Korea Life Insurance Co, according to a report
from the PRNewsAsia.

The Committee, however, said that the Hanwha Group should meet
certain preconditions set by the government to take over the
insurance company.

Among these, Hanwha Group should cut its debt/equity ratio below
200% within three years, set up fire-walls designed to keep the
insurance firm from being controlled by industrial capital and
it should strengthen the soundness of its finances to sufficient
levels as the largest shareholder.

It said the price will be determined later, taking into
consideration the company's corporate value at the end of March,
management premiums and other factors. (M&A REPORTER - ASIA
PACIFIC, Vol. No.1, Issue No. 127, June 28, 2002)


SAMSUNG ELECTRONICS: Shareholders Consider Legal Action
-------------------------------------------------------
A group of Samsung Electronics shareholders will consider a
legal action against the Company over the proposed removal of
some rights of preferred shareholders, AFX News and Financial
Times said, citing US hedge fund manager Elliott Associates.

The argument centers on Samsung's deletion from its articles of
incorporation of a section that allows preferred shares to be
converted into ordinary common shares.

Samsung received 95 percent shareholder approval at the February
28 AGM of the articles' revision.


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


CSM CORPORATION: 33rd AGM, EGM Resolutions Duly Passed
-----------------------------------------------------
The Board of Directors of CSM Corporation Berhad announce:

   a) at the 33rd AGM of the Company held on June 26, 2002, all
resolutions as set out in the Notice of the 33rd AGM dated 31
May 2002 were duly passed; and

   b) at the EGM of the Company held Wednesday, the Ordinary
Resolution as set out in the Notice of the EGM dated 11 June
2002 was duly passed.

To see a copy of the Notice of 33rd AGM and EGM, go
tohttp://www.bankrupt.com/misc/TCRAP_CSM0604.docand
http://www.bankrupt.com/misc/TCRAP_CSM0614.doc,respectively.


GULA PERAK: Settlement Agreement With Lenders Executed
------------------------------------------------------
Aseambankers Malaysia Berhad, on behalf of Gula Perak Berhad,
announced that the Company and its lenders have on 25 June 2002
executed the Settlement Agreement pursuant to the Proposed Debt
Restructuring.

The Proposed Debt Restructuring consist of:

   (i) The Bank Guarantee Facility of RM154.5 Million Pursuant
to RM150 Million Nominal Value of 3% 1995/2000 Guaranteed
Redeemable Bonds (1995/2000 Bonds);

   (ii) RM25 Million Revolving Credit (RC) Facility; and

   (iii) RM21 Million Syndicated Term Loan (TL) for KSB
Requirements & Rest Sdn Bhd, a Subsidiary of GPB.


HO WAH: Gets MITI's Nod on Proposed Private Placement
-----------------------------------------------------
On behalf of the Board of Directors of Ho Wah Genting Berhad,
AmMerchant Bank Berhad announced that the Ministry of
International Trade and Industry (MITI) has, via a letter dated
22 June 2002, approved HWGB's application for the Proposed
Private Placement of up to 10 % of the Issued and Paid Up
Capital of HWGB.

The MITI approval is subject to these conditions:

   (a) Approval be obtained form FIC for the Proposed Private
Placement. (obtained on 27 March 2002).

   (b) Approval be obtained from the SC for the Proposed Private
Placement. (obtained on 17 April 2002).

Profile

The Company (HWGB) is an investment holding company whose
subsidiaries manufacture wires and cables and provide passenger
road transportation. The primary sources of income and profit
emanate from Ho Wah Genting Timber Products (HWGTP) and Ho Wah
Genting Coach Manufacturing (HWG Coach). HWGTP offers a one-stop
concept in interior decoration and renovation and furniture
manufacturing. It operates from the Rawang Integrated Industrial
Park. HWG Coach is located both at Rawang Integrated Industrial
Park and in Kota Kinabalu.

In 1999, HWGB proposed a restructuring which includes schemes of
arrangement with its creditors and creditors of subsidiary Ho
Wah Genting Wire and Cable Sdn Bhd (HWGWAC) and the acquisition
of 82.63% of Kintron Sdn Bhd. The scheme also involves the
proposed liquidation of nine subsidiaries and the disposal of
five others. The Company and HWGWAC obtained High Court sanction
for the scheme on 20.7.2000. Subsequent to this the issuance of
RCULS and new ordinary shares pursuant to the scheme was
completed on 12 October 2000.


MBF HOLDINGS: Shareholders OK 39th AGM Resolutions
-------------------------------------------------
The Board of Directors of MBf Holdings Berhad informed that all
resolutions tabled at its Thirty-Ninth Annual General Meeting
held on Wednesday have been approved by its shareholders/proxies
present at the meeting.

On May 4, the Company's subsidiary, MBf Nominees (S) Pte Ltd,
has been struck off from the register by the Registrar of
Companies and Businesses in Singapore and is accordingly
dissolved. The Company ceased operations in 1997.


NCK CORPORATION: MITI OKs Unit's Proposed Disposal
--------------------------------------------------
On behalf of NCK Corporation Berhad (Special Administrators
Appointed), Alliance Merchant Bank Berhad announced that the
Company has received the approval of the Ministry of
International Trade and Industry for the Proposed Disposal by
NCK Wire Products Sdn Bhd (Special Administrators Appointed), a
wholly-owned subsidiary of NCK, of its plant and machinery, via
its letter dated 22 June 2002.


PERAK CORPORATION: Director Raja Abdullah Resigns
-------------------------------------------------
The Board of Perak Corporation Berhad informed that all the
Resolutions stated in the Notice dated 4 June 2002 for convening
the Eleventh Annual General Meeting of the Company held on 26
June 2002 were duly passed except in respect of Resolution 4, YM
Raja Aminollah bin Raja Abdullah was not re-elected and
accordingly retired as director of the Company at the conclusion
of the said meeting.

TCR-AP reported on April 25 that the Company had entered into a
Heads of Agreement with Audrey International (M) Bhd for the
proposed disposal of the entire interest in the issued and paid
up capital of its wholly owned subsidiary, Anakku Holdings Sdn
Bhd (the Proposed Disposal) for a total consideration of RM50
million for part repayment of bank borrowings, defraying
expenses and the balance for working capital requirements.


PICA (M) CORPORATION: Post Resolutions Approved at 28th AGM
----------------------------------------------------------
The Board of Directors of Pica (M) Corporation Berhad
made the following announcement for immediate public release:

That at the Company's Twenty Eighth Annual General Meeting which
was duly convened on 26th June 2002 at 9.00 a.m. at Conference
Room Putra One, Renaissance Palm Garden Hotel, IOI Resort, 62502
Putrajaya, all the resolutions tabled to the shareholders were
duly passed:

Ordinary Business

Resolution 1 - To receive and adoption of audited accounts for
the year ended 31st December 2001 and the Reports of Directors
and Auditors thereon

Resolution 2 - Re-election of Mr. Noel John a/l M. Subramaniam
as a Director of the Company

Resolution 3 - Re-election of Encik Mohammad bin Alwi as a
Director of the Company

Resolution 4- Re-election of Encik Mohammad Azahari bin Mohamad
Kamil as a Director of the Company

Resolution 5- Re-appointment of auditors and to authorize the
Directors to fix their remuneration

Special Business

Resolution 6- Authority to Directors to issue and allot shares
pursuant to Section 132D of the Companies Act, 1965

On April 23, TCR-AP reported that the Company and its wholly
owned subsidiary, Pica First Credit Sdn. Bhd. had been served a
writ of summons by RHB Bank Bhd on 17 April 2002 claiming for
the principal sum of RM4 million allegedly arising from a
revolving credit facility granted by the said financial
institution to Pica First Credit Sdn. Bhd, of which the Company
acted as the guarantor. The maturity date of the term loan
facility was on 30 March 2001 and the Plaintiff is claiming for
the outstanding principal sum together with default interest at
the rate of 3.5 percent above the Plaintiff's base lending rate.


POLY GLASS: Plans Rights Issue Proceeds Utilization Extension
-------------------------------------------------------------
The Board of Directors of Poly Glass Fibre (M) Berhad has on 19
June 2002 resolved to further extend the utilization period of
the balance of proceeds amounting to RM153,000, which is
earmarked for the upgrading of plant, from June 2002 to January
2003 as the time frame for upgrading and completion is much
longer than expected.

Profile

Poly Glass pioneered the commercial production of fiber
glasswool in Malaysia and was the sole supplier until 1993. On
its own, the Company produces six product lines.

The Company's manufacturing facility is located in Prai, Penang.
Production output is 8,000 m/t per annum. Another plant in
Indonesia has an annual production output of 3,000 m/t and one
in Hubei, China, 3,000 m/t per annum. The products are exported
to Singapore, Indonesia, Thailand, Philippines, Australia, Hong
Kong, Taiwan, Brunei, Japan, New Zealand, Pakistan, India, UAE,
China, Vietnam, South Africa and Myanmar.

Poly Glass also owns a property development company which is
currently undertaking the development of Diamond Creeks Country
Retreat located adjacent to Proton City and close to the
township of Tanjung Malim.

Property development subsidiary Golden Approach Sdn Bhd (GASB)
is currently undergoing litigation arising out of a winding-up
petition originated on 4 January 1999 by Sri Binaraya Sdn Bhd, a
main contractor of GASB, on the grounds that GASB is unable to
pay an alleged debt of RM2,108,820.


PSC INDUSTRIES: All Resolutions Carried at 13th AGM
--------------------------------------------------
The Board of PSC Industries Berhad informed that all the
Ordinary Resolutions and the following resolution which were put
to the Thirtieth Annual General Meeting of the Company held on
26th June, 2002 as special business were duly carried:

"IT WAS RESOLVED THAT subject to the provisions of Section 132D
of the Companies Act, 1965, and the approval of the relevant
authorities, the Directors be and are hereby authorized from
time to time to issue and allot ordinary shares in the Company
upon such terms and conditions and at such times as may be
determined by the Directors to be in the interest of the Company
provided always that the aggregate number of shares to be issued
pursuant to this resolution shall not exceed ten (10%) percent
of the issued share capital for the time being of the Company
and that such authority shall continue in force until the
conclusion of the next Annual General Meeting of the Company."


RAHMAN HYDRAULIC: 87th AGM Adjourned to July 3
---------------------------------------------
Rahman Hydraulic Tin Berhad (Special Administrators Appointed)
announced that due to lack of quorum, the 87th AGM of the
Company was adjourned pursuant to Article 67 of the Company's
Articles of Association to the same day in the next week, at the
same time and place i.e.:

Date   : Wednesday, 3 July 2002
Time   : 10.00 a.m.
Venue  : Quality Hotel Shah Alam, Plaza Perangsang
    Persiaran Perbandaran, 40000 Shah Alam
    Selangor Darul Ehsan


SIME UEP: Appoints Unit's Joint Liquidators
-------------------------------------------
Sime Uep Properties Berhad announced that its wholly-owned
subsidiary, Sea Drillers Construction Sdn Bhd, held an
Extraordinary General Meeting on 26 June 2002 at which it was
resolved that SEAD be wound up by way of members' voluntarily
liquidation. The shareholder of SEAD also approved the
appointment of Encik John George Ritchie and Encik Sarkhan Kadis
as the liquidators to act jointly and severally.

SEAD has been dormant since 1 July 1994

The liquidation of SEAD is not expected to have any material
effect on the earnings and net tangible assets of the SUEP
Group. None of the directors or substantial shareholders of SUEP
or persons connected to them has any interest, direct and
indirect , in the voluntary liquidation


SRIWANI HOLDINGS: Resolutions Approved at 18th AGM
-------------------------------------------------
The Board of Directors of Sriwani Holdings Berhad announced that
the shareholders of the Company had, at the 18th Annual General
Meeting (AGM) held on 26 June 2002, approved all the resolutions
as prescribed in the Notice convening the AGM contained in the
Annual Report for the financial year ended 31 December 2001.

On February 4, TCR-AP reported that the Company, together with
its major shareholder, Saga Menang Sdn. Bhd. (Saga Menang),
entered into a Standstill Agreement with the financial
institution lenders (FI Lenders) under the Proposed Debt
Restructuring Scheme of SHB and certain of its subsidiaries
(Proposed Scheme).

The Standstill Agreement is to facilitate the Creditors'
Steering Committee (CSC) and the independent consultants
nominated by the CSC in their preparation of the Proposed Scheme
and subject to the requisite approvals being obtained, the
subsequent implementation of the Proposed Scheme.


TECHNOLOGY RESOURCES: Withdraws Current Proposed Resolution
-----------------------------------------------------------
The Board of Directors of Technology Resources Industries Berhad
announced that all the Ordinary Resolutions put forth at the
Company's 34th AGM on Wednesday, including the Special Business
giving authority to the Directors to issue shares under Section
132D of the Companies Act, 1965 were passed at the AGM held
Wednesday.

In respect of the Extraordinary General Meeting (EGM) on the
Proposed Shareholders' Mandate for the Recurrent Related Party
Transactions (RRPT), the Board of Directors informed that in
view of the request from three (3) shareholders to split the
current resolution into four (4) resolutions and also to submit
the same as separate and additional resolutions, the Board had
withdrawn the current proposed resolution as approved by the
Kuala Lumpur Stock Exchange (KLSE) earlier, from the meeting.
This was due to the following reasons:

1. KLSE's approval is required

KLSE's approval for the Notice and the Circular to shareholders
dated 10 June 2002 (Circular) has been obtained prior to
dispatch to the shareholders. Any variation or additional
resolutions must also be approved by the KLSE. Therefore, we are
not able to table the varied and additional resolutions without
this approval. The Independent Directors prior to submission to
the KLSE approved the Circular.

2. Denial of voting rights

The Company has received many proxy votes for the proposed
resolution in the Circular. The proxy votes have not provided
for voting to be carried out for any variation or additional
resolutions. Therefore, the current proxy votes would be invalid
and those shareholders would have been denied their voting
rights.

3. Denial of rights to attend meeting and to vote

The short and inadequate notice to shareholders may prejudice
some shareholders who have decided not to attend the EGM based
on the original notice, but who may have wished to attend and
vote on the variations and additional resolutions.

The Board will consider the same and seek the approval of the
KLSE. If required, a new Notice of the EGM, Resolution and proxy
form will be dispatched to the shareholders in due course. The
Board wishes to ensure that all shareholders have due notice of
any proposed resolution to enable them to exercise their rights
accordingly and for the Company to comply with all relevant laws
and regulations.


TONGKAH HOLDINGS: Bond A Optional Redemption Possible on Aug 29
---------------------------------------------------------------
Tongkah Holdings Berhad notified that pursuant to the Trust Deed
dated 27 August 1999 constituting RM186,558,296 nominal value of
five (5) year 1% - 2% Redeemable Secured Convertible Bonds A
1995/2004 (Bonds A), one-fourth of the outstanding nominal
amount of Bonds A held by the Bondholders shall at option of the
Bondholders be redeemed (Redemption Rights) on the 3rd interest
payment date of the Bonds A falling on 29 August 2002 (the
Redemption Date).

Bondholders who wish to exercise their Redemption Rights are
advised to execute and lodge the Redemption Form with the Paying
Agent at the address below in connection with the exercise of
the Redemption Rights under the Bonds A which are deposited with
the Malaysian Central Depository Sdn Bhd (MCD) on or after 1
July 2002 but no later than 5.00 p.m. on 9 August 2002 and
otherwise subject to the terms and conditions of the Trust Deed.

PFA Registration Services Sdn Bhd
Level 13, Uptown 1
No. 1 Jalan SS21/58
Damansara Uptown
47400 Petaling Jaya
Selangor Darul Ehsan

Tel : 03-77254888
Fax : 03-77222311

REDEMPTION FORMS MAY BE OBTAINED AT THE OFFICE OF THE PAYING
AGENT

Bondholders are advised to note carefully the redemption
procedures set out below.

1. Redemption Period

A depositor will qualify for redemption in respect of the Bonds
A transferred into the Depositor's Securities Account on or
after 12.30 p.m. on 1 July 2002 but no later than 12.30 p.m. on
9 August 2002. The Redemption Form may not be withdrawn without
the consent of the Company.

Bondholders who have lodged the Redemption Form to the Company
must not dispose, transfer or charge the Bonds A intended for
the exercise of their Redemption Rights, until the exercise is
completed by debiting the relevant portion of Bonds A from the
Bondholders' Central Depository System (CDS) account. Failure to
comply will jeopardize the Bondholders' Redemption Rights in
this respect.

2. Payment Of Redemption Sum

Payment of redemption sum to the Bondholders will be made by
cheque on 29 August 2002.

3. Unclaimed Redemption Sum

All redemption sums not claimed within sixty (60) days after the
due date for redemption will be paid to the Trustee and to be
dealt with in accordance with the provisions of the Trust Deed.

The nominal amount of Bonds A redeemed shall cease to bear
interest from the Redemption Date and shall forthwith be
cancelled.


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


DMCI HOLDINGS: Postpones ASM Meeting on August 28
-------------------------------------------------
The Board of Directors of DMCI Holdings, in a special meeting on
June 26, has resolved to postpone the Company's Annual
Stockholders Meeting (ASM) from July 31, 2002 to August 28, 2002
to provide ample time for the Company to complete its Annual
Report. The Board further resolved to move the record date for
purposes of determining the stockholders entitled to notice of
and vote at the said meeting from June 17, 2002 to July 15,
2002.

A copy of the disclosure is located at
http://www.pse.org.ph/html/disclosure/pdf/dc2002_1665_DMC.pdf

TCR-AP reported in April that DMCI Holdings Inc. has warned it
will not be able to wholly redeem or buy back the P2.4 billion
(US$46.98 million) convertible preferred shares it issued in
April five years ago due to financial constraints, citing DMCIHI
Chief Finance Officer Herbert M. Consuji.


NATIONAL POWER: ERC Orders Tariffs Cut
--------------------------------------
Debttraders analysts Daniel Fan (852-2537-4111) and Blythe
Berselli (1-212-247-5300) reported that National Power
Corporation was ordered by the Energy Regulatory Commission to
cut rate by 0.07 pesos per kilowatt-hour by September.

Napocor's power generation rate was pegged at 2.48 pesos ($0.05)
per kilowatt-hour for Luzon. The Energy Regulatory Commission
removed about 37.9 billion pesos ($753 million) from Napocor's
rate base.

The analysts believe that the power industry restructuring
should have less effect on CE Casesnan, because NIA is the
direct power off taker although NIA sells the electricity
generated by CE Casecnan to Napocor under a separate power
purchase agreement.


PHILIPPINE AIRLINES: Profit Exceeds Target
------------------------------------------
Philippine Airlines profit exceeded the target 230 million pesos
($5 million) for April, DebtTraders Analysts Daniel Fan (852-
2537-4111) and Blythe Berselli (1-212-247-5300) reported, citing
the Business World.

The airline believes earnings will be as good as in April. Due
to the recovery of business in December and January, the
airline's loss was reduced to 1.6 billion pesos ($32 million).


PHILIPPINE LONG: First Pac Gets NTT Word on Gokongwei Entry
------------------------------------------------------------
Nippon Telegraph and Telephone (NTT) assured First Pacific Co
Ltd that it will approve the entry of the Gokongwei group into
Philippine Long Distance Telephone Co (PLDT), the Philippine
Star reported.

"Basically, both parties are now talking about strategies, which
include how NTT will benefit from the sale," a source close to
the deal said.

"Remember that they are already partners in PLDT and they have
the right to do what they want to do," the source added.

NTT's long-distance unit, NTT Communications Corp., owns a 15
percent stake in PLDT. (M&A REPORTER - ASIA PACIFIC, Vol. No.1,
Issue No. 126, June 27, 2002)


PHILIPPINE LONG: Gokongwei, First Pac Ask NTT to Join Bid
---------------------------------------------------------
The First Pacific Co Ltd and the Gokongwei group joint venture
are trying to convince Nippon Telegraph and Telephone (NTT) to
join in the plan to take over control of Philippine Long
Distance Telephone Co (PLDT), the Philippine Daily Inquirer
reported.

PLDT Chief Executive Manuel Pangilinan, however, said NTT would
not enter into a partnership with the Gokongweis.

The report also said NTT has decided to retain its right to veto
the First Pacific-Gokongwei deal, contrary to some reports it
had agreed to waive its rights.

Taketo Suzuki, NTT's representative to the PLDT board, said he
does not think NTT is waiving its right.

"It is keeping its rights. NTT is maintaining its stance.
Somebody is just creating these stories," Suzuki said.

The Gokongwei group expects to close the deal by the end of the
third quarter. (M&A REPORTER - ASIA PACIFIC, Vol. No.1, Issue
No. 127, June 28, 2002)


PHILIPPING LONG: Confirmation Re Elected Independent Directors
--------------------------------------------------------------
The Philippine Long Distance Co., in reference to Circular for
Brokers No. 1544-2002 dated June 13, 2002, pertaining to the
results of the Annual Meeting of Stockholders of the company
held on June 11, 2002, replied to the Securities and Exchange
Commission' query letter.

The Company furnished the Exchange a copy of its SEC Form 17-C
dated June 21, 2002, which stated that:

"We confirm that of the directors elected in the Annual Meeting
of Stockholders of the Company held on June 11, 2002, whose
names have been disclosed in SEC Form 17-C which was filed on
June 13, 2002 with the Securities and Exchange Commission, at
least three (3) are independent directors, namely:

   Corazon S. de la Paz
   Rev. Fr. Beinvenido F. Nebres, S.J.
   Pedro E. Roxas "

To have a copy of the disclosure, click on this link:
http://www.pse.org.ph/html/disclosure/pdf/dc2002_1647_TEL.pdf


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


ADROIT INNOVATIONS: Issues Shareholder's Interest Cessation
-----------------------------------------------------------
Adroit Innovations announced on Tuesday the cessation of
substantial shareholder Adroit Holdings Pte Ltd's interest:

Name of substantial shareholder: Adroit Holdings Pte Ltd
(In Members' Voluntary Winding-Up)

Date of notice to company: 25 Jun 2002

Date of change of interest: 24 Jun 2002

Name of registered holder: Adroit Holdings Pte Ltd
(In Members' Voluntary Winding-Up)

Circumstance giving rise to the change: Others
Please specify details: Distribution in specie arising from
voluntary liquidation of Adroit Holdings Pte Ltd

Shares held in the name of registered holder
No. of shares of the change: (17,167,936)
% of issued share capital: 6.76  -
Amount of consideration per share excluding brokerage,GST,stamp
duties,clearing fee: 0

No. of shares held before change: 17,315,541
% of issued share capital: 6.82
No. of shares held after change: 147,605
% of issued share capital: 0.06

Holdings of Substantial Shareholder including direct and deemed
interest

                                      Deemed   Direct
No. of shares held before change:      0    17,315,541
% of issued share capital:             0    6.82
No. of shares held after change:       0    147,605
% of issued share capital:             0    0.06
Total shares:                          0    147,605

The percentages are computed based on 254,030,178 issued shares
as of June 26, 2002.


CIRCUITS PLUS: Posts S$6.086M FY2002 Net Loss
---------------------------------------------
Circuits Plus Holdings Ltd incurred a net loss of S$6.086
million in the full year to March, as sales decline due to weak
global electronics demand, as well as higher interest expense,
AFX said Friday.

Meanwhile, Reuters said the Company's net loss were due to
provisions made for the impairment losses in value of its
investments in its associated Company. It expects to return to
profitability in 2003.

The report did not disclose any further details.

Circuits Plus Holdings Ltd is a manufacturer of printed circuit
boards.


DBS GROUP: Subsidiaries Enter Liquidation
------------------------------------------
As part of a restructuring exercise of the DBS Vickers Group,
the following companies in the group were placed under voluntary
liquidation on 27 June 2002:

Vickers Ballas & Co. Ltd
Vickers Ballas Nominees Pte Ltd
First Independent Insurance Brokerage Pte Ltd
Vickers Ballas Futures Pte Ltd
Vickers Ballas Investment Research Pte Ltd
Ballas Nominees (Private) Limited

DBS Vickers Securities Holdings Ltd, the holding company in the
DBS Vickers Group, is owned approximately 60 percent by the
Development Bank of Singapore Ltd, itself a wholly-owned
subsidiary of DBS Group Holdings Ltd.


SEMBCORP LOGISTICS: Units Begin Voluntary Liquidation
-----------------------------------------------------
SembCorp Logistics (SembLog) announced Thursday that the
following subsidiaries have been placed under members' voluntary
liquidation:

  (1) SML Ocean Shipping (I) Pte Ltd, Registration No.
199503951R;

  (2) Semjom Agencies Pte Ltd, Registration No. 199200441K;

  (3) Sembwin Pte Ltd, Registration No. 199703711D; and

  (4) Keleste (Singapore) Pte Ltd, Registration No. 198901561G

SML Ocean Shipping and Keleste are 100 per cent owned by
SembLog. Semjom is also a wholly owned subsidiary but via
Sembawang Shipmanagement Pte Ltd. Sembwin is 60 percent owned by
SembLog with the balance of 40 percent owned by Sembawang
Leisure Investments Pte Ltd.

On June 27, 2002, Tam Chee Chong, Lim Siew Soo and Andrew
Grimmett have been appointed as the liquidators for each of the
subsidiaries.

All the above subsidiaries are dormant companies and their
liquidation is not expected to have any material financial
impact on SembLog.

For media and investor enquiries, please call:

Chow Hung Hoeng (Ms)
Investor Relations
SembCorp Logistics
Tel: (65) 6462 8408/6357 9152
Fax: (65) 6468 2797 / 6352 2163
Email: chowhh@sembcorp.com.sg
Website: www.semblog.com


UNITED OVERSEAS: Employee Lay Offs Continue
-------------------------------------------
United Overseas Bank laid off another 270 workers in its second
major staff cut in 2002 coming from the Company's branch and IT
operations, the Business Times and AFX News reported on Friday.

The employee reduction will be the final phase of retrenchments
after the merger of UOB and Overseas Union Bank.

Since the merger in 2001, the merged entity retrenched some
1,373 staff including overseas employees.


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


ADVANCE PAINT: Creditors Favor Rehabilitation Plan
--------------------------------------------------
Bangpain Planner Co., Ltd, the Planner for Advance Paint &
Chemical (Thailand) Public Company Limited, announced that at
the meeting on June 20, 2002, a total of 67.14 percent of all
the creditors cast votes in favor of accepting the
Rehabilitation Plan.

The creditors, more than 50 percent of all the creditors who
were present at the meeting and were able to cast the vote,
together with at least one of the groups of the creditors
passed a special resolution in favor of accepting the Plan, in
accordance with Section 90/46 (2), 90/48 and Section 6 of the
Bankruptcy Act B.E. 2483.

The Central Bankruptcy Court will set a date for the
consideration of the Plan which has been accepted by the
creditors at a later date.


NATURAL PARK: Bankruptcy Court OKs Rehab Plan Amendment
-------------------------------------------------------
NPK Management Service Company Limited, the Plan Administrator
of Natural Park Public Company Limited, with reference to the
Company's application for rehabilitation plan amendment,
announced that the Central Bankruptcy Court approved the
amendment of the rehabilitation plan on June 26,2002 according
to the resolution creditors' meeting with the summary of
the amended plan:

1. Decrease its capital from Bt3,780,034,000 to Bt18,900,170,
the amount of decreasing will decrease its deficit.

2. All premiums on ordinary share of Bt1,732,641,693 will
decrease its deficit.

3. All appropriate retained earning of Bt36,630,184 will bring
to decrease its deficit.

4. Decrease its debt from Bt15,696.27 million to Bt7,697.90
million.

5. Convert all principle and interest of unsecured debt in group
3-5, group 8-9, group 11 and group 15  to equity  amount
Bt6,924.44 million.

6. Increase its capital for the amount of Bt300,000,000.

7. The success of the pan will be convert  the debt to equity
and increase its capital for the amount of Bt300,000,000.


RUAMPOL ENTERPRISE: Files Business Reorganization Petition
----------------------------------------------------------
Sugar mill company Ruampol Enterprise Nakornsawan Company
Limited (DEBTOR) filed its Petition for Business Reorganization
to the Civil Court then transferred to the Central Bankruptcy
Court:

   Black Case Number For. 6/2541

   Red Case Number For. 3/2542

Petitioner: Krung Thai Bank Public Company Limited and Others

Planner: South Sathorn Planner Company Limited

Debts Owed to the Petitioning Creditor: Bt3,358,486,306.36

Date of Court Acceptance of the Petition: December 30,1998

Date of Examining the Petition: January 20,1999 at 9.00 AM

Court Order for Business Reorganization and Appointment of
Planner: January 21, 1999

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited on January 27, 1999

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette on March 2,
1999

Deadline for Creditors to submit Applications for Payment in
Business Reorganization: April 2, 1999

Deadline to object to any Application for Payment in Business
Reorganization: April 16, 1999

Deadline to submit the plan pursuant to Section 90/43 paragraph
1: June 2, 1999

The next date that the court allows the planner to submit the
plan: July 2, 1999

Number of creditors filing Applications for Debt Repayment : 162
Amount of debts: Bt4,831,794,377.89

Number of sugar cane farmers filing Applications for Debt
Repayment: 977

Amount of debts: Bt32,963,333.61

Total Number of creditors for payment of debts: 1,139

Total Amount of debts: Bt4,864,757,711.50

The extended date for the planner to submit the plan: August 2,
1999

The plan has been submitted. Serimanop (1998) Company Limited is
appointed to be a plan administrator.

The creditors' meeting in order to consider the plan will be
held on September 9, 1999 at 9.30 a.m. at the meeting room, 9th
floor the Legal Execution Department building.

The next creditors' meeting in order to consider the plan will
be held on September 23, 1999 at 9.30 a.m. at the meeting room,
9th floor the Legal Execution Department building.

The creditors' meeting did not pass the special resolution
accepting the plan on September 23, 1999. The official receiver
reported the result to the court. The Central Bankruptcy Court
appointed the date to consider on 22 October 1999 at the Central
Bankruptcy Court. The creditor or the debtor should submit any
explanation before the appointed date.

Set date to hear the court order: October 29,1999 at 1.30 pm at
court room1, 15th floor, Central Bankruptcy Court
Court order the cancellation for Business Reorganization:
October 29, 1999

Contact: Ms. Rattanawadee or Ms. Bung-Orn , Tel. 6792511


SRIVARA REAL: SET Grants Listed Securities
------------------------------------------
Starting from June 28, 2002, the Stock Exchange of Thailand
(SET) allowed the securities of Srivara Real Estate Public
Company Limited (S-VARA) to be listed on the SET after finishing
capital increase procedures. However, S-VARA  is a listed
company under REHABCO sector and is in the rehabilitation
process, therefore, the SET has still suspend trading all
securities of S-VARA until the causes of delisting are
eliminated.

Anyway, the company could request the SET to allow continued
trading under the REHABCO category after it completed the
conditions specified by the SET.

Name                          : S-VARA
Issued and Paid up Capital
          Old                 : Bt1,205,915,010
          New                 : Bt1,250,926,530
Allocate to                   : The Creditor group 2 under the
        Business Reorganization Plan
  4,501,152 common shares
Ratio                         : -
Price Per Share               : Bt3
Payment Date                  : May 20,2002

On June 14, TCR-AP reported that Asset Recovery Company Limited,
the Business Reorganization Plan Administrator of the Company,
informed that the Company has completely proceeded with
registration of the change in its paid-up capital from
Bt1,205,915,010 to Bt1,250,926,530 with the Registrar of Public
Limited Company, the Commercial Registration Department,
the Ministry of Commerce on June 5,2002.


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.

This material is copyrighted and any commercial use, resale or
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                 *** End of Transmission ***