/raid1/www/Hosts/bankrupt/TCRAP_Public/020711.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

            Thursday, July 11, 2002, Vol. 5, No. 136

                         Headlines

A U S T R A L I A

AUSTRALIAN PLANTATION: Company Secretary Resigns
BRISBANE BRONCOS: Hires Ernst and Young as New Auditor
CHROME GLOBAL: Discloses Shareholders' GM Results
MAXIS CORPORATION: Issues Change of Director`s Interest Notice
OPEN TELECOMMUNICATIONS: Requests Continued Suspension

RADLY CORPORATION: Panel Rejects ISIS Takeover Application
REDFLEX HOLDINGS: Misses 2002 Financial Year Forecast
REDFLEX HOLDINGS: Downgrades Profit After ASIC Review


C H I N A   &   H O N G  K O N G

ASIA RESOURCES: Reaches Settlement Agreement With Fairyoung
DAILYWIN GROUP: Successfully Completes Acquisition
GOLDEN ART: Hearing of Winding Up Petition Set
MASON MANDA: Petition to Wind Up Pending
WHALE WIDE: Winding Up Petition Hearing Set


I N D O N E S I A

ASURANSI JIWA: Supreme Court Overturns Bankruptcy Ruling
BHAKTI INVESTAMA: Pefindo Assigns `idBBB' Corp, Debt Ratings


J A P A N

DAIEI INC: Sells 95% Stake in Captaincook Catering Unit
KANSAI ELECTRIC: Offers Y30B of 10 Yr Bonds Due July 24
KINKI NIPPON: Weak Restructuring Prompts S&P's to Cut Rating
LIFE CO: R&I Assigns a-2 CP Rating
MITSUBISHI MATERIALS: Moody's Downgrades Rating to Ba1

NIKO NIKO: Izumi Acquires 15% Stake in Supermarket Chain
SOGO DENKI: Becomes Geo Subsidiary
SNOW BRAND: Selling Milk Division for Y40B


K O R E A

DAEWOO MOTOR: GM Appoints Andy Carrol to Head UK Daewoo
HYNIX SEMICONDUCTOR: Word of Micron Sale Talks Premature
KOREA THRUNET: Inks Asset Transfer Agreement With SK Global
MIDOPA CO: Lotte Acquires Troubled Firm for W540B


M A L A Y S I A

ASSOCIATED KAOLIN: KLSE Grants Two Months Proposals Extension
GADANG HOLDINGS: Seeks Shareholders' Approval on Disposal
GEAHIN ENGINEERING: Replies to KLSE's Legal Suit Query
PAN MALAYSIA: SC OKs Private Placement Implementation Extension
RENONG BERHAD: Fulfillment of Proposed Disposal Terms Extended

SRI HARTAMAS: OC Releases Special Administrators Appointment
TECHNO ASIA: Seeks Proposed Restructuring Time Extension
TECHNOLOGY RESOURCES: July 16 EGM Scheduled
TECHNOLOGY RESOURCES: TM's Offer No Less Than RM2.75 Per Share
YTL LAND: Extends Agreements' Conditions Fulfillment Period


P H I L I P P I N E S

METRO PACIFIC: Names Independent Directors
PHILIPPINE COMMUNICATIONS: Files Case Against Former Directors
PHILIPPINE LONG: No Take Over Offer From Pangilinan, Cojuangco
PHILIPPINE LONG: Still in Loan Talks With JBIC
PHILIPPINE LONG: Expects to Hit Q2/FY Earnings Targets

WESTMONT INVESTMENT: Espiritu Employing Proceeds to Repay Debt


S I N G A P O R E

ASTI HOLDINGS: Issues Shareholder's Interest Notice
DBS GROUP: Posts Notice of Shareholder's Interest
FLEXTECH HOLDINGS: Enters Alliance with UOB Kay
MEDIARING.COM: Completes Transfer of Shares


T H A I L A N D

ABICO HOLDINGS: Submits Q102 Audited Financial Statement
BANGKOK RUBBER: Director Vilassakdanon Resigns
INTER FAR: Creditors Get Bt250,515,452 Principal Loan Repayment
JAGTAR AND SONS: Files Business Reorganization Petition
L.P.N. DEVELOPMENT: Posts Share Offering Result Report

L.P.N. DEVELOPMENT: SET Grants Listed Securities
RATTANA REAL: Explains Q301 Financial Statement Loss
THAI PETROCHEMICAL: EPL Submits July 2002 Report to Receiver

* DebtTraders Real-Time Bond Pricing

     -  -  -  -  -  -  -  -

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A U S T R A L I A
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AUSTRALIAN PLANTATION: Company Secretary Resigns
------------------------------------------------
Australian Plantation Timber Limited advised Wednesday that
Claire Estelle Bibby has resigned as the Company Secretary.

Claire Estelle Bibby has resigned as the person responsible for
communications with ASX, and Peter Ernest Hatfull is now filling
that position.

Mr. Hatfull remains the sole Company Secretary.

Early this month, TCR-AP reported that Mervyn Kitay, the
Administrator of Australian Plantation Timber Limited (subject
to Deed of Company Arrangement), announced an extension of the
date for the settlement of the transaction with Integrated Tree
Cropping Limited (ITC) until early in August.


BRISBANE BRONCOS: Hires Ernst and Young as New Auditor
------------------------------------------------------
Brisbane Broncos Limited said Monday that due to the recent
integration of Arthur Andersen and Ernst and Young in Australia,
Brisbane Broncos Limited has appointed Ernst and Young
as auditor.

Wrights Investors' Service reports that at the end of 2001,
Brisbane Broncos had negative working capital, as current
liabilities were A$3.24 million while total current assets were
only A$2.29 million. The company has paid no dividends during
the last 12 months and has not paid any dividends during the
previous 2 fiscal years.


CHROME GLOBAL: Discloses Shareholders' GM Results
-------------------------------------------------
The Board of Directors of Chrome Global Limited advised that the
resolutions put to the General Meeting of Shareholders held on
Tuesday 9th July 2002 at 9.30 am (WST) were carried unanimously
by a show of hands.

Proxy details received for each resolution are as follows:

Resolution One: To consider and, if thought fit, approve the
issue of a total of 29,000,000 ordinary fully paid shares in the
Company at an issue price of A$0.005 per share on 27 May 2002 to
clients of Montagu Stockbrokers Pty Ltd.

The total number of proxy votes exercisable by all proxies
validly appointed was 99,341,070 of which, 4,921,800 specified
that the proxy vote for the resolution, 184,559 specified that
the proxy vote against the resolution, 2,000 specified that the
proxy abstain and 94,232,711 specified that the proxy may vote
at his discretion.

Resolution Two: To consider and, if thought fit, authorize the
Directors to issue, within 3 months after the date of this
meeting, up to 20,000,000 shares in the Company at an issue
price of not less than $0.01 to raise funds for working capital
purposes.

The total number of proxy votes exercisable by all proxies
validly appointed was 99,341,070 of which, 4,923,800 specified
that the proxy vote for the resolution, 184,559 specified that
the proxy vote against the resolution and 94,232,711 specified
that the proxy may vote at his discretion.

A Notice of General Meeting, Proxy Form and Explanatory
Memorandum setting out details of the resolutions above were
previously sent to all Shareholders in accordance with ASX and
Corporations Act requirements.

For inquiries, contact Managing Director Paul Niardone or
alternatively by e-mail at info@CHROMEglobal.com.


MAXIS CORPORATION: Issues Change of Director`s Interest Notice
--------------------------------------------------------------
Maxis Corporation Limited posted this notice:

CHANGE OF DIRECTOR'S INTEREST NOTICE

   Name of Company          Maxis Corporation Limited

   ABN                      52 009 239 285

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         Vaz Hovanessian

   Date of last notice      02/01/2002

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

Direct or indirect interest             Indirect

Nature of indirect interest
(including registered holder) Director of Raxigi Pty Ltd
                            Director of Fern Street Partners P/L
                            Director Zealgrand Pty Ltd

Date of change                05/07/2002 and 08/07/2002

No. of securities held prior to change

i) Raxigi Pty Ltd 12,226,161 (of which 416,651 held as nominee
for others)
ii) Zealgrand Pty Ltd 57,868

Total 12,284,029

Class                             Ordinary fully paid

Number Acquired                   Nil

Number disposed                   Net disposal resulting
                                  in change in beneficial
                                  interest 11,916,651

Value/consideration

i) 11,500,000 for $218,500
ii) 416,651 for Nil (nominee holdings transferred to beneficial
holders)
iii) 300,000 for $60,000 transferred from Raxigi P/L to Fern
Street
Partners Pty Ltd (no change in Director's relevant interest)
iv) 57,868 for $1099.49 to Raxigi Pty Ltd (no change in
Director's
relevant interest)

No. of securities held after
change                            367,378 (Raxigi P/L
                                  67,378 and Fern Street
                                  Partners P/L 300,000)


Nature of change                  All transfers off-market
                                  (Shares are currently
                                  suspended from trading on
                                  the ASX and on-market
                                  transfers not possible)

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

Detail of contract                      N/A

Nature of direct interest               N/A

Name of registered holder
(if issued securities)                  N/A

Date of change                          N/A

No. and class of securities to which
interest related prior to change        N/A

Interest Acquired                       N/A

Interest disposed                       N/A

Value/consideration                     N/A

Interest after change                   N/A


OPEN TELECOMMUNICATIONS: Requests Continued Suspension
------------------------------------------------------
Open Telecommunications Limited on Wednesday requested a further
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 24th July, 2002
to allow completion of the restructure and settlement of the
divestment activities.

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


RADLY CORPORATION: Panel Rejects ISIS Takeover Application
----------------------------------------------------------
The Takeover Panel advised Tuesday that it declined to make a
declaration of unacceptable circumstances in response to an
application on behalf of the directors of Radly Corporation
Limited (Receivers and Managers Appointed). The application
related to an agreement on 14 June 2002, by the receivers of
Radly to sell 19.9 percent of the shares in Isis Communications
Ltd, in equal shares to Investec Australia Pty Ltd and MGB
Equity Growth Pty Ltd. Radly held 43 percent of the shares in
Isis. The application was made on 27 June, 2002.

The Panel believed that the agreement wording may have caused a
contravention of the Corporations Act by giving MGB and Investec
a relevant interest in the remaining 23% of Isis held by the
receivers. One clause of the agreement purported to require the
receivers not to vote in favor of any resolutions that would
materially alter the nature of Isis for the two-week period
between signing and completion of the sale of the 19.9% to MGB
and Investec.

The Panel was advised that the problem in the wording of the
clause was noticed at the eleventh hour but the agreement was
signed because of impending commercial deadlines. It nonetheless
seems inappropriate to the Panel for the contract to have been
signed in the face of a concern of this nature. However, the
Panel received evidence, and accepted it, that the clause had no
effect, and was never capable of doing so, as no meetings were,
or could be, held during that period.

A further clause required the receivers to use their best
endeavors to cause Isis to convene a meeting of to approve any
further business, but it imposed no obligation on the receivers'
voting or disposal of the remaining 23%.

Notwithstanding the Panel's concerns about the possible
contravention of the Corporations Act resulting from the
agreement, the Panel did not consider that the evidence
supported a conclusion that the agreement had caused
unacceptable circumstances.

Similarly, the Panel received evidence, and accepted it, that
the agreement was never intended to restrict, and at no time
restricted, the receivers' ability to dispose of the remainder
of the Isis shares, nor was it intended to create or evidence
any association between the parties.

The Panel reviewed the other elements of the agreement and the
other aspects of the matter and decided that there were no other
issues or circumstances the acceptability of which it should
consider.

The Panel notes that the parties to the agreement, when it was
suggested that parts of the agreement might be unacceptable,
voluntarily deleted the relevant clauses. While not affecting
its decision, the Panel welcomes the willingness of the parties
to remove possible causes of contention.

The sitting Panel for the application is Alison Lansley (sitting
President), Jeremy Schultz (sitting Deputy President) and Marian
Micalizzi.

The Panel will advise when its reasons are published on its
website.


REDFLEX HOLDINGS: Misses 2002 Financial Year Forecast
-----------------------------------------------------
The Directors of Redflex Holdings Limited announced Wednesday
that, as a result of a review of compliance with Australian
Accounting Standards, the profit result forecast in the
prospectus issued on 1 February 2002 will now not be met.

The directors have been monitoring the prospectus forecast and
it has recently become apparent that there has been a revenue
shortfall relating to delayed payments for existing contracts,
contract deferrals and contracts that did not eventuate for the
Traffic and Communications divisions in the reporting period.
The prospectus forecast also included revenue from the Visible
Voice division that was not fully realized. The division was
divested prior to the end of the financial year.

In monitoring the profit forecast position, the directors also
looked at the costs related to rolling out the traffic camera
installations in the USA and current R&D projects and recognized
that commercial exploitation of the new technologies resulting
from the R&D would give rise to significant future revenues. As
a result they considered that expenditure through the course of
the year relating to these anticipated revenues should be
capitalized.

The directors had been proceeding on the basis that these
traffic camera installation and R&D costs, including some, which
had been, incurred in the first half of the financial year, were
able to be deferred and capitalized for the whole year. However,
even though the R&D expenses and installation costs incurred in
the six months to December 2001 meet the criteria for deferral,
under the relevant Accounting Standards the fact that they were
not capitalized in the first half prevents them from now being
capitalized. Qualifying costs incurred in the second half will
be capitalized.

The effect is that approximately $719,000 of R&D costs and
$584,000 of installation costs incurred in the first half will
not be capitalized for the year and there will be a
corresponding shortfall in the profit for the year. While annual
accounts have not yet been prepared or audited, there will be a
material reduction of approximately $1.3 million from the
prospectus forecast net profit after tax of $2.1 million, and a
shortfall of approximately $5 million against the prospectus
forecast total gross revenues of $31.5 million.

The R&D costs were incurred on products that are expected to
generate significant future benefits. The products are:

   * SmartScene, a new product for traffic safety which provides
for video footage before, during and after a red light
infringement to be captured, and stored with the high definition
still images used to record the infringement. SmartScene has
successfully been tendered and sold in the last five new
contract selections in the USA market;

   * The new Digital Speed Van, a product that has now achieved
sales in the USA traffic market; and

   * A new product in the Switchplus family of products that
will enable Redflex Communications Systems to deliver very large
systems, a segment of the market previously not addressed by the
Switchplus product.


REDFLEX HOLDINGS: Downgrades Profit After ASIC Review
-----------------------------------------------------
Redflex Holdings Limited announced Wednesday that it would not
meet the financial forecast for 2001-2002, made in its February
prospectus, following a review of the books of Redflex Holdings
Limited (Redflex) by the Australian Securities and Investments
Commission (ASIC).

Redflex's announcement follows an undertaking that it will not
reclassify expenses incurred in the first half of the financial
year as capital expenditure in the year-end financial report.

The result of not changing the accounting treatment will lead to
a $1.3 million reduction from the forecast net profit after tax.

ASIC was concerned that Redflex did not mislead investors by
altering its treatment of R&D and other expenses after it had
already reported on those expenses in its half-year financial
report.

Redflex had written off R&D and other expenses in the half-year
financial report but proposed to capitalize them for the full 12
months in the year-end financial report.

"Companies should not make undisclosed changes to significant
accounting treatments for the purpose of meeting profit
forecasts," said Malcolm Rodgers, ASIC Executive Director,
Policy and Markets Regulation.


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C H I N A   &   H O N G  K O N G
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ASIA RESOURCES: Reaches Settlement Agreement With Fairyoung
-----------------------------------------------------------
The Board of Directors of Asia Resources Transportation Holdings
Limited, in relation to the Exclusivity Agreement, informed the
shareholders of the Company that the Company has on 9th July,
2002 entered into a settlement agreement (Settlement Agreement)
in respect of the Exclusivity Agreement with Fairyoung Holdings
Limited (Fairyoung) pursuant to which Fairyoung has agreed to
settle the repayment of the deposit of approximately HK$2.8
million (Deposit) which was paid by the Company upon signing of
the Exclusivity Agreement.

Subject to full settlement of the Deposit in accordance with the
terms of the Settlement Agreement, neither the Company nor
Fairyoung shall have any claim against each other in respect of
the Exclusivity Agreement.


DAILYWIN GROUP: Successfully Completes Acquisition
--------------------------------------------------
The Board of Directors of Dailywin Group Limited, in relation to
the Proposed Acquisition of an effective interest of
approximately 99.79 percent in Wai Yuen Tong Medicine Company
Limited by the Company, the conditional placing of the Shares in
the Company by Wang On and Town Health, the results of the SGM,
and the circular of the Company dated 17th June, 2002 in
relation to the Acquisition, announced that the completion of
the Acquisition took place on 9th July, 2002.

Pursuant to the terms of the Acquisition Agreement,
10,308,888,666 Shares and Convertible Notes having an aggregate
principal amount of HK$64,000,000 were issued to Rich Time and
3,291,111,334 Shares and Convertible Notes having an aggregate
principal amount of HK$20,000,000 were issued to TC Medicine on
9th July, 2002.

Completion of the Placing Agreements

As stated in the Announcement, to ensure that not less than 25%
of the issued Shares of the Company are held by the public in
compliance with the minimum public float requirement of the
Listing Rules and to increase the shareholders' base of the
Company which in turn will enhance the liquidity of the Shares,
Wang On and Town Health have separately entered into the Placing
Agreements on 13th June, 2002 for the placing of 4,500,000,000
Shares and 1,500,000,000 Shares respectively to the Share
Placees at a price of HK$0.01 per Share. The Company was advised
by Wang On and Town Health that all the conditions of the
Placing Agreements have been fulfilled. Accordingly, the Placing
Agreements were unconditionally and irrevocably completed on 9th
July, 2002.

The Option Placing Agreements and the completion of the Option
Placing Agreements

The Company was advised by Wang On and Town Health that they
have separately entered into the Option Placing Agreements with
the Placing Agent on 9th July, 2002 for the placing, on a fully
underwritten basis, of the Wang On Options and the Town Health
Options respectively at the Option Price to the Option Placees.
The Company was further advised by Wang On and Town Health that
completion of the Option Placing Agreements took place
immediately following signing of the Option Placing Agreements
and simultaneously with the completion of the Placing
Agreements. Pursuant to the Wang On Options and the Town Health
Options, during the initial period from 10th July, 2002 to 9th
January, 2003 (with an option for the holder of the options to
extend such period for an additional six months to 9th July,
2003 by the payment to Rich Time and/or TC Medicine (as the case
may be) of 3% on the principal amount of the Convertible Notes
represented by the relevant option) (Option Period), the holders
of such options have the right to require Rich Time and TC
Medicine to sell to them the Convertible Notes having an
aggregate principal amount of up to HK$64,000,000 and
HK$20,000,000 respectively. The purchase price of the
Convertible Notes per Wang On Option or Town Health Option (as
the case may be) is equal to the principal amount of the
Convertible Notes represented by the underlying options.

Subject to consent by Rich Time and TC Medicine (as the case may
be), the Wang On Options and the Town Health Options may be
transferred in its entirety at any time during the Option
Period.

The Option Placees

Independent professional, institutional and/or individual
investors procured by the Placing Agent.

Independence of the Placing Agent, the Share Placees and the
Option Placees

The Placing Agent is, and the Share Placees and the Option
Placees are, independent of and not connected with the
Directors, the chief executive, or substantial shareholders of
the Company or any of its subsidiaries or their respective
associates.

DEFINITIONS

In this announcement, the following expressions have the
meanings set out below unless the context requires otherwise.

"Option Placees" professional, institutional and/or individual
investors procured by the Placing Agent, who and their ultimate
beneficial owners are independent of and not connected with the
Directors, the chief executive or substantial shareholders of
the Company or any of its subsidiaries or any of their
respective associates

"Option Placing Agreements" the Wang On Option Placing
Agreement and the Town Health Option Placing Agreement

"Option Price" the consideration payable to the Wang On Group
and the Town Health Group for the grant of each Wang On Options
and Town Health Options respectively, being at the rate of 2.5%
on the principal amount of the Wang On Options and Town Health
Options (as the case may be)

"Share Placees" professional, institutional and/or individual
investors procured by the Placing Agent, who and their ultimate
beneficial owners are independent of and not connected with the
Directors, the chief executive or substantial shareholders of
the Company or any of its subsidiaries or any of their
respective associates

"TC Medicine" Town Health Traditional Chinese Medicine
Services Limited, an indirect wholly-owned subsidiary of Town
Health

"Town Health Options" options, each with a denomination of
HK$1,000,000 Convertible Note, granted by TC Medicine, entitling
the holders thereof, upon full exercise of the options, to
require TC Medicine to sell the Convertible Notes to the holders
of the options in an aggregate principal amount of HK$20,000,000

"Town Health Placing Agreement" the option placing agreement
dated 9th July, 2002 and entered into between Town Health and
the Placing Agent whereby the Placing Agent agrees to place, on
a fully underwritten basis, the Town Health Options at the
Option Price

"Wang On Options" options, each with a denomination of
HK$1,000,000 Convertible Notes, granted by Rich Time, entitling
the holders thereof, upon full exercise of the options, to
require Rich Time to sell the Convertible Notes to the holders
of the options in an aggregate principal amount of HK$64,000,000

"Wang On Placing Agreement" the option placing agreement dated
9th July, 2002 and entered into between Wang On and the Placing
Agent whereby the Placing Agent agrees to place, on a fully
underwritten basis, the Wang On Options at the Option Price


GOLDEN ART: Hearing of Winding Up Petition Set
----------------------------------------------
The petition to wind up Golden Art Watch Company Limited is
scheduled to be heard before the High Court of Hong Kong on
August 7, 2002 at 11:00 am.

The petition was filed with the court on May 9, 2002 by Lau Sun
Yiu of Room 2101, High Block, Shek Chun House, Shek Lei Estate,
Kwai Chung, New Territories, Hong Kong.


MASON MANDA: Petition to Wind Up Pending
----------------------------------------
The petition to wind up Mason Manda Advertising Limited will 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 19,
2002 by Tang Kin Kei of Room 2012, Tin Chi House, Shun Tin
Estate, Kowloon, Hong Kong.


WHALE WIDE: Winding Up Petition Hearing Set
-------------------------------------------
The petition to wind up Whale Wide Limited is set for hearing
before the High Court of Hong Kong on August 7, 2002 at 10:00
am.  The petition was filed with the court on April 30, 2002 by
Bank of China (Hong Kong) Limited whose registered office is
situated at 14th Floor, Bank of China Tower, 1 Garden Road, Hong
Kong.


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ASURANSI JIWA: Supreme Court Overturns Bankruptcy Ruling
--------------------------------------------------------
PT Asuransi Jiwa Manulife Indonesia received on Tuesday an
official confirmation from the Supreme Court in Jakarta that the
Company's controversial bankruptcy verdict has been overturned.
Manulife Indonesia, declared bankrupt on June 13th, had appealed
the decision to the Supreme Court on June 19th.

"We are grateful for the tremendous support received from many
sources," said Dominic D'Alessandro, President and Chief
Executive Officer, Manulife Financial, from the Toronto-based
headquarters. "We are pleased that the Supreme Court has
delivered what we expected all along - a fair and just decision
based on the merits of our case."

"We are delighted with this news. We consider this a great
victory not only for our company, but for Indonesia," said
Victor Apps, Executive Vice President and General Manager, Asia
Operations, Manulife Financial. "This ruling is based on the
fact that Manulife is a strong solvent company, as confirmed by
the Ministry of Finance. During this process we have been much
encouraged by the strength, dedication and loyalty of our
employees and policyholders. Throughout this time, these people
have been tremendously supportive and we thank them for that. We
now look forward to focusing our efforts on enhancing Manulife's
position as one of the leading financial institutions in
Indonesia."

Mr. Apps also pointed out that the company has grown, despite
its much-publicized legal battles.

"Our growth over the last few months has been outstanding, with
certain business lines up as much as 50 per cent over this time
last year. Additionally, we have had significant growth in new
premiums, new policies and policy renewals, which shows that our
policyholders have stood by us and have demonstrated their
loyalty to Manulife Indonesia in the best possible way."

Demonstrated strength and commitment

"Recent developments have fully demonstrated our commitment to
our business in this country," added Mr. Apps. "July 18th marks
our 17th anniversary of operating in Indonesia - we are
extremely proud of our business and most of all, our people. We
are excited about the potential we see in Indonesia and look
forward to contributing, in our own small way, to the long-term
growth and development of this country."

Manulife Indonesia is one of the largest life insurers in
Indonesia with Rp3.1 trillion (Cdn$400 million) in assets. As
the most profitable insurer in Indonesia, Manulife was the first
company to announce that its Risk Based Capital measure was
greater than the minimum prescribed 120 per cent.

About Manulife Indonesia

PT Asuransi Jiwa Manulife Indonesia was ranked the number one
insurance company in Indonesia by Info Bank magazine in
September 2001. The company offers the most comprehensive
products and services in the life insurance industry and is the
largest foreign joint venture insurance company and fourth
largest life insurer in the country, with a 10 per cent market
share. Headquartered in Jakarta, Manulife Financial's Indonesian
subsidiaries operate through a network of 73 branches in 33
cities throughout Indonesia with the support of almost 4,000
staff and full-time agents, who serve more than 400,000
customers.

About Manulife Financial

Manulife Financial is a leading Canadian-based financial
services company operating in 15 countries and territories
worldwide. Through its extensive network of employees, agents
and distribution partners, Manulife Financial offers clients a
diverse range of financial protection products and wealth
management services. Funds under management by Manulife
Financial (Manulife Financial Corporation and its affiliated
companies) were CAD $146.7 billion as at March 31, 2002.

Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE
and PSE, and under '0945' on the SEHK. Manulife Financial can be
found on the Internet at www.manulife.com.


BHAKTI INVESTAMA: Pefindo Assigns `idBBB' Corp, Debt Ratings
------------------------------------------------------------
Pefindo assigned an "idBBB" corporate and debt instrument
ratings to PT Bhakti Investama Tbk. (BHIT) and its Bond II Year
2002 issuance of Rp150 billion.  The rating reflects the
Company's strong capitalization and relatively diversified core
holding portfolios.  The rating is constrained, however, by the
moderately risky credit quality of its subsidiaries and core
holdings.

BHIT is a publicly-listed investment and holding company
conducting fundamentally short and long-term investments and
offering a wide range of financial services through its wholly
owned subsidiaries, particularly in the investment banking
activities which include merger and acquisition (M&A), financial
advisory, asset management and securities brokerage.

The Company's wholly owned subsidiaries include Bhakti Capital
Indonesia (BCAP) and Bhakti Asset Management (BHAM).  The
Company's major sources of income are mostly coming from its
investment banking activities, dividend, cash flow generated
from the operations of consolidated subsidiaries, trading
activities and periodic asset sales.


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J A P A N
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DAIEI INC: Sells 95% Stake in Captaincook Catering Unit
--------------------------------------------------------
Struggling supermarket operator Daiei Inc, issued a statement
saying it has agreed to sell a 95 percent holding in catering
subsidiary Captaincook Corp to major hospital caterer, Sodexho
Japan Co. Daiei said the sale is in line with its three-year
restructuring program aimed at focusing on its mainstay retail
business.

The sale of 7,600 shares in Captaincook will take place on July
22. (M&A REPORTER - ASIA PACIFIC, Vol. No.1, Issue No. 135, July
10, 2002)


KANSAI ELECTRIC: Offers Y30B of 10 Yr Bonds Due July 24
--------------------------------------------------------
Kansai Electric Power Co. is offering 30 billion yen of 10-year
bonds, Dow Jones said Friday, citing an unnamed official from
Mizuho Securities. The following terms are as follows:

UFJ Tsubasa Securities is a joint lead manager.

Amount:                Y30 Billion
Maturity:              July 25, 2012
Coupon:                1.40% (JGBs plus 8 bps)
Issue Price:           99.92
Yield:                 1.409%
Payment Date:          July 24, 2002
Fees:                  0.325% (total)

                       0.10%  (mgmt & underwriting)
                       0.225% (selling)
Debt Ratings:          Aa2 (Moody's)
                       AAA (JCR)
                       Aa+ (R&I)
Denominations:         Y100 Mln

Chief Commission Bank: Mizuho Corporate Bank
Interest is payable semiannually.


KINKI NIPPON: Weak Restructuring Prompts S&P's to Cut Rating
------------------------------------------------------------
Standard & Poor's said Tuesday that it had lowered its rating on
Japan's Kinki Nippon Railway Co. Ltd. (Kintetsu) to double-'B'-
plus-pi from triple-'B'-minus-pi, reflecting the expectation
that the company's restructuring efforts will not lead to a
significant improvement in its profitability and balance sheet
over the next couple of years.

"Based on a groupwide restructuring plan announced in July
2000, Kintetsu has been attempting to cut costs by reducing its
workforce and restructuring group companies," said Masako
Kuwahara, a credit analyst at Standard & Poor's in Tokyo.
"However, the pace and scope of these efforts have not been
sufficient to offset pressures from prolonged economic weakness
in Osaka and surrounding regions and intensifying competition in
the leisure and service segment," she said.

Kintetsu's return on operating assets has remained low, at 1.6
percent. Moreover, its ratio of total debt to capital
deteriorated to 89 percent as of March 2002, compared with about
83 percent in the late 1990s.

In response to its insufficient progress with restructuring,
Kintetsu established a new reform plan in June 2002. Under this
plan, the company will attempt to further reduce its labor
force, improve its operating efficiency, and more drastically
restructure its group companies. Kintetsu also aims to cut its
total debt by Y300 billion over the next four years by reducing
investments and selling or scrutinizing assets.

However, the company will continue to face a difficult operating
environment, and its ability to sell assets will depend on
market conditions. In addition, Kintetsu expects to incur its
fourth consecutive net loss this fiscal year, mainly stemming
from valuation losses on assets in its unprofitable Spanish
theme park and costs associated with labor reductions.
Accordingly, the company's financial profile is expected to
remain weak for the next several years.

Operating in the Osaka, Kyoto, Nara, Mie, and Aichi areas of
Japan, Kintetsu is the country's second-largest railway company,
excluding the former Japan National Railway companies.


LIFE CO: R&I Assigns a-2 CP Rating
----------------------------------
Rating and Investment Information, Inc. (R&I) on Friday has
assigned Life Co's CP rating to a-2.

ISSUER: Life Co., Ltd. (unlisted)
ISSUE: Domestic Commercial Paper Program
Issue Limit: 20,000 million yen
R&I CP RATING: a-2

RATIONALE:

Life Co., Ltd., is a Hiroshima-based consumer credit firm
expanding throughout Japan. The Company went bankrupt because of
the failure of its business investments made in the bubble years
and the fact that its main bank, The Long-Term Credit Bank of
Japan, Ltd., was brought under the temporary government control,
which caused serious cash flow problems. Life was relaunched in
March 2001 as a subsidiary of Aiful Co., Ltd.

The operational base is somewhat inferior to those of other
major consumer credit and credit card firms, but asset quality
is healthy and there is an adequate buffer in forms such as loan
loss reserves and equity capital. The rating reflects this
underlying evaluation, as well as the creditworthiness of the
parent Company, Aiful. R&I assesses that the firm has adequate
sources of alternative liquidity in view of its cash flow
position and the level of liquidity at hand.

Life is one of Japan's six major consumer credit firms, with
nationwide operations and a relatively strong brand name, but it
has always had a lower transaction volume than the other majors
and its operational base compares somewhat unfavorably. Its
ability to attract credit card customers is strong, but winning
customers and expanding transaction levels depends to some
extent on special card tie-ups. From the viewpoint of Aiful's
group strategy, Life is an important subsidiary necessary for
developing a new client base and increasing the range of
business partners.

The operational environment surrounding consumer credit firms is
severe. The major business, installment sales transactions, is
shrinking over the long term in line with the shift to greater
use of credit cards. Auto loans used to be the mainstay of
business, but commission rates for new cars are low. In the
credit guarantee business, meanwhile, guarantee fees are
extremely low when set against current risk levels, so this
operation fails to achieve sufficient profitability. Life is
withdrawing from these unprofitable businesses, and is trying to
increase the number of stores participating in its credit cards
where commissions are relatively higher, as part of its efforts
to boost earnings. It is also developing a strategy for
strengthening high profit divisions such as credit card cash
advances and consumer loans, and it will be necessary to monitor
developments in these areas.

Asset quality is healthy. Reserves against loans to corporate
made during the bubble years have been completed, and there are
adequate reserves against loans to individuals compared to the
loan loss ratio. The ratio of equity to assets before asset
securitization is at more than 10 percent, so financial
structure is extremely favorable compared to its rival major
"shimpan" companies. Even so, the credit quality of Life's
consumer finance division is somewhat inferior to the major
consumer finance companies. If the Company's aim of
strengthening its card cashing and consumer finance operations
can be achieved, it will be necessary to further bolster equity
capital.

Implementation of the rehabilitation plan resulted in funding
mainly coming from nonrecourse loans from Morgan Stanley
Securities Japan Ltd. And The Sumitomo Trust and Banking Co.,
Ltd., and loans from Aiful. The Company has subsequently been
repaying the high-interest non-recourse loans thanks to asset
securitization measures. Independent borrowing from financial
institutions has been growing steadily, so fund raising is
becoming more diversified. Securing a stable longer term fund
raising base remains a key task, and it will be necessary to
monitor developments in this area.


MITSUBISHI MATERIALS: Moody's Downgrades Rating to Ba1
------------------------------------------------------
Moody's Investors Service on Wednesday has downgraded Mitsubishi
Materials Corporation's (MMC) senior unsecured long-term debt
ratings to Ba1 from Baa3. The rating action reflects Moody's
expectation that continuing stressful economic conditions will
constrain MMC's ability to restore its profitability and improve
its credit profile despite major cost reduction and
restructuring measures. The negative outlook is based on Moody's
concern over how quickly and effectively the Company can
implement these measures to stabilize its operating performance.
The rating action concludes a review initiated on March 26,
2002.

The growth in its Silicon and Advanced Materials operation that
consists of silicon wafer and polycrystalline silicon
production, has increased it's overall earnings volatility and
is the main cause of an ordinary loss for the fiscal year ending
March 2002. MMC's other main businesses, such as non-ferrous
metals, cements and fabricated metal products, have also been
affected by the prolonged sluggish domestic economy, and their
profitability faces continued pressure under the current
stressful economic environment.

The Company has been making efforts to lessen its debt, improve
cash flow and maintain financial flexibility under the current
difficult business conditions. Moody's believes that it is
becoming more difficult for MMC to improve its balance sheet
structure without hampering its competitiveness in the
intermediate term.


NIKO NIKO: Izumi Acquires 15% Stake in Supermarket Chain
--------------------------------------------------------
Izumi Co will acquire a 15 percent share in Niko Niko Do Co as
part of the failed supermarket chain operator's rehabilitation
plan, Kyodo News on Tuesday.

Izumi will also provide Y5 billion in financial aid to Niko Niko
Do and help it secure suppliers and investors.

Wrights Investors' Service reports that at the end of 2002, Niko
Niko Do Co., Ltd. had negative working capital, as current
liabilities were Y83.01 billion while total current assets were
only Y11.94 billion. The fact that the company has negative
working capital could indicate that the company will have
problems in expanding.


SOGO DENKI: Becomes Geo Subsidiary
----------------------------------
Appliance retailer Sogo Denki will become a unit of Geo Co, as
part of the Company's rehabilitation plan, Kyodo News said
Tuesday.

Under the scheme, Geo will invest 90 million yen in Sogo Denki
making it its regional subsidiary in Hokkaido.

Geo Co is a leading chain of audiovisual software rental shops.


SNOW BRAND: Selling Milk Division for Y40B
------------------------------------------
Snow Brand Milk Products Co is expected to sell its milk
division for 40 billion yen, the Nihon Keizai and AFX Asia said
Tuesday.

By the end of March 2003, the Company aims to cut its group
firms to 50 from 110, by selling stakes in the firms.

Snow Brand sees a group net loss of Y23 billion for the current
fiscal year. The dairy product maker is aiming to reduce Y180
billion in interest-bearing debt to Y95 billion.


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


DAEWOO MOTOR: GM Appoints Andy Carrol to Head UK Daewoo
-------------------------------------------------------
Andy Carroll, former director of operations at OneSwoop, will be
the managing director of General Motor's (GM) to be established
new Daewoo sales Company in the UK, Auto Wire reported on
Monday.

At the time of the Daewoo takeover, GM was conducting further
investigations into the Daewoo UK operation. The current mix of
direct sales outlets and growing franchised dealers does not
fit-in with GM's 'franchised dealers only' policy.

Before joining OneSwoop in 2001, Carroll was European Director
for commercial vehicles field operations at General Motors in
Frankfurt. He also held senior positions within the Company
based in Zurich.

OneSwoop has not yet commented on his replacement.

TCR-AP reported last week that Daewoo Motor's passenger car
manufacturing assets was sold to General Motors Corp. (GM) and
other investors earlier this year.

GM plans to create a new firm, GM Daewoo Automotive and
Technology Co, by August or September to run Daewoo Motor's
passenger car operations.

Daewoo Motor sales have been declining since it was declared
bankrupt in November 2000.


HYNIX SEMICONDUCTOR: Word of Micron Sale Talks Premature
--------------------------------------------------------
Hynix Semiconductor Inc said it is not in sale talks with
Micron, a day after the US firm said it was open to restarting
negotiations with the troubled chipmaker, Reuters said
Wednesday.

Creditors own 80.65 percent of Hynix and are expected to renew
asset sales after replacing Hynix's board of directors in July.
The creditors have asked Morgan Stanley Dean Witter and Deutsche
Bank to table restructuring plans for the firm this month.


KOREA THRUNET: Inks Asset Transfer Agreement With SK Global
-----------------------------------------------------------
Korea Thrunet Co., Ltd. (Nasdaq: KOREA), Korea's largest cable
modem broadband Internet-access services provider and a major
provider of enterprise network services, announced Friday that
it entered into an asset transfer agreement with SK Global, Co.
Ltd. (SKG) to transfer to SKG a portion of its assets relating
to its domestic leased line business including local fiber optic
network and related equipment used in its leased line business.

The Board of Directors approved the agreement July 5,
2002 and, after obtaining shareholders' approval at an
extraordinary shareholders' meeting scheduled to be held on
August 2, 2002, the closing of such transaction is expected to
take place in the third quarter of 2002. The total sale price
for the assets to be transferred shall be W355.6 billion
or approximately US$295 million.

The Company intends to use a portion of the proceeds from the
asset sale on further growth of its broadband Internet business
by strengthening sales and marketing and promotional efforts
including more exposure in mass media to increase brand
awareness and tighten relationships with system operators and
independent dealers for acquisition of new subscribers. While
the Company plans on the enhancement of its broadband Internet
business, it expects to improve its financial stability by using
a substantial portion of proceeds from the sale of such assets
to satisfy its debt service and debt repayment obligations for
this year. The Company believes that the asset sale, if
successfully completed, will improve its total current
liabilities to total current assets ratio.

Hong Sun Lee, CEO and representative director of the Company
stated, "We have successfully continued to implement a number of
corporate restructuring plans since 2001. However, this
particular transaction is very different in its nature from
other restructuring plans that have been implemented so far.
This transaction would have a significant impact on the
financial structure of the Company among various deals in which
the Company has been involved. However, more importantly, we
expect this transaction to bring very positive effect on the
restructuring plans such as the sale of our headquarter building
and efforts to raise equity funding in the second half of this
year, which the Company is currently undertaking.  As previously
announced, Thrunet still plans to sell its corporate headquarter
building and raise foreign capital in the second half of this
year. Upon the successful completion of these restructuring
plans and more focus on broadband Internet business, the Company
would once again greatly improve its operating performance and
financial structure."

Founded in July 1996, Korea Thrunet Co., Ltd. is a major
provider of broadband Internet access services and enterprise
network services in Korea. The first to offer broadband Internet
services in Korea, with 1,307,369 paying end-users at the end of
May 2002, Korea Thrunet's network currently passes over 8.3
million homes. Thrunet service features "always-on" Internet
access at speeds up to 100 times faster than traditional dial-up
Internet access. On the enterprise network side, Korea Thrunet
provides dedicated leased line services, including IP-based
value-added services, to more than 1,000 corporate customers,
with major Korean telecommunications companies such as SK
Telecom accounting for a substantial majority of enterprise
network revenues.


MIDOPA CO: Lotte Acquires Troubled Firm for W540B
-------------------------------------------------
In a disclosure, Lotte Shopping said it has signed a contract to
buy Midopa Co for about 540 billion won. The deal still needs
court approval since the department store chain is undergoing
insolvency proceedings.

Midopa selected in May the consortium led by Lotte Shopping as
the preferred negotiator that will exclusively conduct talks
over terms of sale of Midopa's three department store outlets
that are now under court receivership. (M&A REPORTER - ASIA
PACIFIC, Vol. No.1, Issue No. 135, July 10, 2002)


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


ASSOCIATED KAOLIN: KLSE Grants Two Months Proposals Extension
-------------------------------------------------------------
Associated Kaolin Industries Berhad announced that the Kuala
Lumpur Stock Exchange, via its 1 July 2002 letter, approved a
further extension of two months from 19 June 2002 to 19 August
2002 to enable AKI to obtain all the necessary approvals from
the regulatory authorities.

On 10 May 2002, the KLSE approved an extension to 19 June 2002
to enable AKI to obtain all the necessary approvals from the
regulatory authorities on AKI's Proposed Corporate and Debt
Restructuring Scheme (Proposals). As announced on 1 July 2002,
the approval from the Securities Commission for the Proposals is
still pending.


GADANG HOLDINGS: Seeks Shareholders' Approval on Disposal
---------------------------------------------------------
Gadang Holdings Berhad, further to its announcements dated 24
May 2002 and 13 June 2002 in respect of the Disposal of
5,151,000 ordinary shares of RM1.00 each in Berjaya Land Berhad
for a total consideration of RM7,833,090.75 (Disposal),
announced that the Kuala Lumpur Stock Exchange in their letter
dated 8 July 2002 to the Company had advised that the Disposal
falls within the ambit of Paragraph 10.06 of the Listing
Requirements.

As such, the Company will obtain the ratification of the
Company's shareholders in relation to the Disposal at a general
meeting of the Company to be convened at a later date.

A circular to shareholders will also be circulated to the
shareholders of the Company in due course.

TCR-AP reported on May 29 that Gadang had disposed of a
total of 3,516,000 ordinary shares of RM1.00 each in Berjaya
Land Berhad (B-Land) in the open market and via private
placement between 18 April 2002 and 24 May 2002 for a total
sales consideration of RM5,650,360, or an average price of
RM1.61 per share. The cash proceeds will be utilized as working
capital.


GEAHIN ENGINEERING: Replies to KLSE's Legal Suit Query
------------------------------------------------------
Geahin Engineering Berhad, in reply to Query Letter by KLSE
reference ID: PY-020625-60427 pertaining to the Legal Suit, Soon
Hin Hardware Sdn. Bhd. (Soon Hin or the Plaintiff) against the
Company), clarified as:

   a) Geahin is questioning and disputing the goods delivered
subject to the production of delivery notes duly acknowledged by
the Company.

   b) Geahin never agreed to pay interest at 1.5% or at all.

   c) Geahin is disputing the accuracy of the Plaintiff's
accounts.


PAN MALAYSIA: SC OKs Private Placement Implementation Extension
---------------------------------------------------------------
On behalf of the Board of Directors of Pan Malaysia Capital
Berhad, Commerce International Merchant Bankers Berhad announced
that the Securities Commission had vide its letter dated 4 July
2002 approved a final extension for a period of twelve (12)
months up to and including 30 June 2003 for the Company to
implement the Private Placement to Bumiputera Investors of up to
25,308,713 New Ordinary Shares of RM1.00 each representing
approximately 10 percent of the existing issued and paid-up
ordinary share capital of PM Capital (Private Placement).

Profile

The Company (PMC) obtained official recognition as a member
company of KLSE on 15 February 1982. On 9 March 1990, listed
company Pan Malaysia Holdings Bhd (PMHB), the then major
shareholder of the Company, was officially admitted as a
Corporate Member of KLSE by acquiring 80% interest in PMC.

In 1992, the Company, via a restructuring scheme, transferred
its entire business undertaking as a going concern to a newly
acquired subsidiary, PM Equities Sdn Bhd. PMC then became an
investment holding company while PM Equities took over the
stockbroking business. In 1995, another stockbroking arm was
added via the 99.99% acquisition of PM Securities Sdn Bhd.

Additionally, the Group also proposed a restructure to position
PM Equities as a subsidiary of PM Securities in order to qualify
PM Securities as a Universal Broker. PM Securities is also
implementing a share issue, which would raise its issued capital
to meet the requirements of a Universal Broker. In line with
this restructuring, PMC entered into agreements on 13.12.2000
with PM Securities and Kimara Asset Management Sdn Bhd for the
transfer of PM Equities to PM Securities and the transfer of
PMC's entire interest in PM Securities to Kimara Asset
Management respectively.


RENONG BERHAD: Fulfillment of Proposed Disposal Terms Extended
--------------------------------------------------------------
On behalf of Renong Berhad, Aseambankers Malaysia Berhad
announced that that the period of the fulfillment of the
conditions precedent in respect of the Proposed Disposal of
115.866 acres of freehold land held under Ptd 120575 and Ptd
120576, Mukim of Pulai, Daerah Johor Bahru, Johor by Prolink
Seaview Sdn. Bhd. and Ptd 3075, Mukim Tanjung Kupang, Daerah
Johor Bahru, Johor by Prolink Rise Sdn Bhd. Both are wholly
owned subsidiaries of Prolink Development Sdn. Bhd., which in
turn is a 64%-owned subsidiary of Renong, to Hektar Klasik Sdn.
Bhd., for a cash consideration of Rm32,806,299.24 has been
extended for another two (2) months to 6 September 2002.


SRI HARTAMAS: OC Releases Special Administrators Appointment
------------------------------------------------------------
The Special Administrators of Sri Hartamas Berhad gave notice
that the Workout Proposal of the Company was approved in
accordance with the Pengurusan Danaharta Nasional Berhad Act
1998 (Danaharta Act) by Pengurusan Danaharta Nasional Berhad
(Danaharta) on 14 December 2001. Pursuant to the said Workout
Proposal, it was proposed that the Company be liquidated.
The directors of the Company had on 4 July 2002 resolved:

   * that the Company cannot by reason of its liabilities
continue its business and that it be wound up voluntarily;

   * that pursuant to Section 255 of the Companies Act, 1965,
Gan Ah Tee and Ooi Woon Chee c/o KPMG Corporate Services Sdn
Bhd, 8th Floor KPMG, Jalan Dungun, Damansara Heights, 50490
Kuala Lumpur, be and are hereby appointed jointly and/or
severally as Provisional Liquidators for the purpose of the
winding up; and

   * that separate meeting of members and creditors of the
Company be convened on 2 August 2002 pursuant to Section
255(1)(b) of the Companies Act, 1965.

Subsequent to the appointment of Provisional Liquidators over
its wholly owned subsidiary, MEWAH REMBANG SDN BHD In
Provisional Liquidation (Company No. 250484-H) and pursuant to
section 28(2) of the Danaharta Act, the Oversight Committee
(OC), on the recommendation of Danaharta, has approved the
release and discharge of the Special Administrators of the
Company with effect from 5 July 2002.

In view of the above, notice is hereby given that the Special
Administrators of the Company have been released from their
appointment and discharged of all duties and liabilities with
effect from 5 July 2002. The moratorium in respect of the
Company is terminated with effect from 5 July 2002.


TECHNO ASIA: Seeks Proposed Restructuring Time Extension
--------------------------------------------------------
Techno Asia Holdings Berhad (Special Administrators Appointed),
in accordance with Paragraph 5.1(c) of PN 4/2001, is required to
obtain all approvals necessary for the implementation of its
plan to regularize its financial condition (Proposed
Restructuring of TAHB). As announced on 1 April 2002, the said
submission have been made on 29 March 2002 and as such, the
deadline to obtain all requisite approvals will be on 28 July
2002.

On behalf of the Company, AmMerchant Bank Berhad, formerly known
as Arab-Malaysian Merchant Bank Berhad, announced that TAHB had
on 8 July 2002, applied to the KLSE for an extension of time of
three months to 28 October 2002 to obtain all the requisite
approvals necessary from the relevant authorities for the
implementation of the Proposed Restructuring of TAHB.


TECHNOLOGY RESOURCES: July 16 EGM Scheduled
-------------------------------------------
Technology Resources Industries Berhad had, on 5 June 2002,
dispatched circulars and notices to its shareholders calling for
the Extraordinary General Meeting scheduled on 16 July 2002. The
EGM was called in view of the requisition made by a shareholder,
Telekom Enterprise Sdn Bhd (TESB), on 17 May 2002 (Requisition).
The purpose of the EGM was to consider these resolutions:

Resolutions to remove the following directors of the Company:

   (a) Tan Sri Dato' Tajudin Ramli;
   (b) Dato' Lim Kheng Yew;
   (c) Encik Bistamam Ramli; and
   (d) Tuan Haji Mohamed Ali Yusoff;

(collectively, the "Outgoing Directors"

Resolutions to elect the following as the new directors of the
Company:

   (a) Dato' Dr Md Khir Abdul Rahman;
   (b) Dato'Dr Mohd Munir Abdul Majid;
   (c) Mr Lim Kheng Guan; and
   (d) Encik Rosli Man

(collectively, the "New Directors").

On 3 July 2002, the Company made another announcement that the
Outgoing Directors have resigned as directors of the Company on
3 July 2002 and the New Directors have been appointed as
directors of the Company in replacement thereof.

As a result of the resignation of the Outgoing Directors and the
appointment of the New Directors on 3 July 2002, the purpose for
which the EGM was called for has ceased to exist. In this
regard, TESB has written to the Company to withdraw the
Requisition.

Based on the opinion provided by our legal advisor, we wish to
give notice that the EGM scheduled to take place on 16 July 2002
is now cancelled. A further notice regarding the cancellation of
the EGM shall be issued and dispatched to the shareholders of
the Company in due course.


TECHNOLOGY RESOURCES: TM's Offer No Less Than RM2.75/Share
----------------------------------------------------------
Telekom Malaysia Berhad (TM), in a reply Query Letter by KLSE
reference ID: ZO-020705-44706, regarding the following statement
in the article appearing in the New Straits Times on Friday, 5
July 2002 entitled "TRI gives in after Telekom agrees to a joint
independent panel":

"...Telekom assured TRI that it would make a general offer at
RM2.75 per share ..."

reiterated its stand as highlighted in its announcements to the
Kuala Lumpur Stock Exchange (KLSE) on 7 June 2002 and 25 June
2002.

In the said announcements, TM clarified that it will fulfill its
obligations under the Malaysian Code on Takeover and Mergers
(Code) in full without seeking any waiver from such obligations,
should it be required to do so under the Code as a result of the
business combination of Celcom (Malaysia) Berhad (Celcom) and TM
Cellular Sdn Bhd (TM Cellular). In accordance with the Code,
should an agreement be executed between TM and Technology
Resources Industries Berhad (TRI) on the business combination by
29 October 2002, the offer price for the mandatory offer by TM
on TRI would not be less than RM2.75 per share.

Therefore, the above statement appearing in the New Straits
Times on 5 July 2002 is not accurate.


YTL LAND: Extends Agreements' Conditions Fulfillment Period
-----------------------------------------------------------
On behalf of the Board of Directors of YTL Land & Development
Berhad (formerly known as Taiping Consolidated Berhad) and YTL
Corporation Berhad, Commerce International Merchant Bankers
Berhad announced that the parties to the Agreements have
mutually agreed to extend the fulfillment of the conditions
precedent set out in the Agreements to on or before 31 December
2002, or such other period as may be agreed.

The "Proposed Acquisitions" refers to:

   (i) Proposed Acquisition of 45% Equity Interest in Syarikat
Kemajuan Perumahan Negara Sdn. Bhd. (SKPN) from Syarikat
Pembenaan Yeoh Tiong Lay Sdn. Bhd. (SPYTL), a subsidiary of YTL;

   (ii) Proposed Acquisition of 5% Equity Interest in SKPN from
Pemasaran Simen Negara Sdn. Bhd. (PSN);

   (iii) Proposed Acquisition of 100% Equity Interest in
Bayumaju Development Sdn. Bhd. (Bayumaju) from YTL;

   (iv) Proposed Acquisition of 100% Equity Interest in Pakatan
Perakbina Sdn. Bhd. (Pakatan) from SPYTL and Dato' HJ. Mohd.
Zainal Abidin Hj Abdul Kadir (Dato Zainal);

   (v) Proposed Acquisition of 30% Equity Interest in Udapakat
Bina Sdn. Bhd. (Udapakat), a 70%-owned subsidiary of Pakatan,
from Uda Holdings Berhad (UDA); and

   (Vi) Proposed Acquisition of 5% Equity Interest in PYP
Sendirian Berhad (PYP) which is 95% owned by Pakatan, from YM
Raja Dato' Wahid Bin Raja Kamaralzaman (Raja Dato' Wahid)

The Agreements, in relation to the Proposed Acquisitions,
collectively refers to:

   (i) Sale and purchase agreement dated 2 October 2001 between
SKPN and YTL Land for the proposed acquisition of 45% equity
interest in SKPN from SPYTL;

   (ii) Sale and purchase agreement dated 2 October 2001 between
SPYTL, Dato' Zainal and YTL Land for the proposed acquisition of
100% equity interest in Pakatan from SPYTL and Dato' Zainal;

   (iii) Sale and purchase agreement dated 2 October 2001
between YTL and YTL Land for the proposed acquisition of 100%
equity interest in Bayumaju from YTL;

   (iv) Sale and purchase agreement dated 13 December 2001
between PSN and YTL Land for the proposed acquisition of 5%
equity interest in SKPN from PSN;

   (v) Sale and purchase agreement dated 13 December 2001
between UDA and YTL Land for the proposed acquisition of 30%
equity interest in Udapakat from UDA; and

   (vi) Sale and purchase agreement dated 13 December 2001
between Raja Dato' Wahid and YTL Land for the proposed
acquisition of 5% equity interest in PYP from Raja Dato' Wahid.


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


METRO PACIFIC: Names Independent Directors
------------------------------------------
Metro Pacific Corporation, with reference to Circular for
Brokers No. 1545-2002 dated June 13, 2002 pertaining to the
results of the Annual Meeting of Stockholders of Metro Pacific
Corporation (MPC) held on June 11, 2002, furnished the
Securities and Exchange Commission on July 10, 2002 a copy of
its Amended SEC Form 17-C, which identified Messrs. Enrique P.
Esteban and Melton V. Salazar as the independent corporate
directors.

For a copy of the disclosure click on
http://www.pse.org.ph/html/disclosure/pdf/dc2002_1792_MPC.pdf

According to TCR-AP, as of end-2001, Metro Pacific has 18.5
illion pesos in consolidated interest bearing liabilities. Out
of these loans, 11 billion pesos is attributed to the Company,
2.7 billion pesos to Bonifacio Land Corp., 2.9 billion pesos to
Fort Bonifacio Development Corp., 1.1 billion pesos to Negros
Navigation Co., and 765 billion pesos to Landco Pacific.


PHILIPPINE COMMUNICATIONS: Files Case Against Former Directors
--------------------------------------------------------------
The Board of Directors of the Philippine Communications
Satellite Corp. (Philcomsat) will start criminal and civil
lawsuits against the former directors of the firm who allegedly
caused millions of losses in the Company, Business World said
Wednesday.

The names of the directors were not disclosed in the report.

Philcomsat is a wholly owned subsidiary of the Philippine
Overseas Telecommunications Corp. (POTC).


PHILIPPINE LONG: No Take Over Offer From Pangilinan, Cojuangco
-------------------------------------------------------------
Philippine Long Distance Telephone Co, following reports saying
PLDT President Manuel Pangilinan and Chairman Antonio Cojuangco
had firmed up plans to acquire First Pacific's stake in PLDT,
blocking the entry of the Gokongwei Group into the Company,
issued a statement to the Philippine Stock Exchange (PSE),
saying it has not been informed by either Mr. Pangilinan or Mr.
Cojuangco of any plans to take over the Company.

"We wish to advise that we have not received any notice from
Pangilinan and/or Cojuangco of their plans, if any, to take over
the telecommunications and property interests of First Pacific
Co Ltd as reported.

"In any event, such plans, if any, are essentially shareholder
matters and until PLDT is notified of these plans, it is unable
to provide comment," PLDT said.

PLDT added that Moody's downgrade in its ratings outlook to
negative from stable had been caused by the uncertainty arising
from First Pacific's joint venture with the Gokongweis to take
over the Company.

"We believe this arises primarily from the perceived delay in
the completion of PLDT's debt management activities, which in
turn, has been caused by the uncertainties from the recent
transaction between First Pacific and the Gokongwei Group," it
said.

"We advise that PLDT's debt management program has been
proceeding well towards its completion prior to the announcement
of the First Pacific-Gokongwei transaction."

PLDT reiterated it is making progress on its refinancing
efforts, "successful completion of which is expected over the
next few months." (M&A REPORTER - ASIA PACIFIC, Vol. No.1,
Issue No. 135, July 10, 2002)


PHILIPPINE LONG: Still in Loan Talks With JBIC
----------------------------------------------
Philippine Long Distance Telephone Co's talks with the Japan
Bank for International Cooperation (JBIC) regarding an US$80
million loan continue, AFX Asia reported Monday, citing PLDT
Vice President for media and communications Butch Jimenez.

Jimenez was referring to concerns in the market of the PLDT
takeover process possibly distracting management from its debt
management efforts.

He denied speculations in the market that the delay in the JBIC
loan would trigger the termination of its US$149 million loan
from KfW.

DebtTraders reports that Philippine Long Distance Telephone's
11.375% bond due in 2012 (TELP12PHS1) trades between 96 and
97.5. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=TELP12PHS1


PHILIPPINE LONG: Expects to Hit Q2/FY Earnings Targets
------------------------------------------------------
Philippine Long Distance Telephone Co (PLDT) expects to meet its
earning targets in the second quarter and in the full year of
2002, AFX Asia said Tuesday, citing PLDT VP for Media and
Communications Butch Jimenez.

He did not give specific figures.

PLDT Chief Executive Manuel Pangilinan previously forecast
PLDT's net profit to rise by 2 billion pesos from 3.4 billion in
2001 if write-offs for unit Pilipino Telephone Corp are
maintained at 1 billion pesos.

Moody's Investors Service last week downgraded PLDT's outlook to
negative from stable. Moody's also affirmed its senior unsecured
rating of Ba3 and its preferred stock rating of B2.

The downgrade is caused by delays in finalizing PLDT's near term
refinancing initiatives, which may impact its ability to cover
debt maturing in the next twelve months.


WESTMONT INVESTMENT: Espiritu Employing Proceeds to Repay Debt
--------------------------------------------------------------
After Singapore's largest bank, United Overseas Bank (UOB),
signed an agreement to buy out its Filipino partners, led by the
Espiritu Group, in local unit United Overseas Bank Philippines
(UOBP), the group of former finance secretary Edgardo Espiritu
said they will use the proceeds of the sale of their shares to
pay off investor-creditors of failed Westmont Investment Corp
(Wincorp), a source familiar with the matter told AFX-Asia News.
Proceeds of the sale will be placed in escrow with Espiritu's
son, John, taking control of the funds, the source added.

The source also said the agreement stated how the payment to be
made by the Singaporean bank would be used, which includes
payment of debts owed by the Espiritu group to Wincorp investors
and creditors.

Prior to the agreement, the Filipino board members claimed the
parent owed PhP1.4 billion in connection with the sale of their
controlling stake in UOBP to UOB.

The M&A Reporter Asia Pacific reported on Tuesday that the
central bank has approved in principle the sale involving 33
percent of UOBP. (M&A REPORTER - ASIA PACIFIC, Vol. No.1, Issue
No. 135, July 10, 2002)


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


ASTI HOLDINGS: Issues Shareholder's Interest Notice
---------------------------------------------------
Asti Holdings Limited posted a notice of changes in substantial
shareholder Flextech Holdings Ltd's interests:

Name of substantial shareholder: FLEXTECH HOLDINGS LIMITED
Date of notice to Company: 09 Jul 2002
Date of change of interest: 09 Jul 2002
Name of registered holder: FLEXTECH HOLDINGS LIMITED
Circumstance(s) giving rise to the interest: Others
Please specify details: Sale of shares in a married deal

Shares held in the name of registered holder
No. of shares of the change: 14,000,000
percent of issued share capital: 6.64
Amount of consideration per share excluding brokerage,GST,stamp
duties, clearing fee: $0.32
No. of shares held before change: 118,292,145
percent of issued share capital: 56.05
No. of shares held after change: 104,292,145
percent of issued share capital: 49.41

Holdings of Substantial Shareholder including direct and deemed
interest
                                    Deemed   Direct
No. of shares held before change:     0      118,292,145
percent of issued share capital:            0      56.05
No. of shares held after change:      0      104,292,145
percent of issued share capital:            0      49.41
Total shares:                         0      104,292,145

Following the aforesaid sale of shares in the Company by
Flextech Holdings Limited, thereby reducing Flextech's interest
in the Company to below 50 percent, the Company also wishes to
announce that consequent upon the said sale, the Company ceases
to be a subsidiary of Flextech.

No. of Warrants: 17,911,518
No. of Options : Nil
No. of Rights : Nil
No. of Indirect Interest: Nil


DBS GROUP: Posts Notice of Shareholder's Interest
-------------------------------------------------
DBS Group Holdings Limited posted a notice of changes in
substantial shareholder Temasek Holdings (Private) Ltd's
interests:

Date of notice to Company: 04 Jul 2002
Date of change of deemed interest: 18 Jun 2002
Name of registered holder: CDP:KEPPEL INSURANCE PTE LTD
Circumstance giving rise to the change: Open market purchase

Shares held in the name of registered holder
No. of shares of the change: 85,000
percent of issued share capital:
Amount of consideration per share excluding brokerage,GST,stamp
duties, clearing fee: S$13.60000
No. of shares held before change:
percent of issued share capital:
No. of shares held after change:
percent of issued share capital:

Holdings of Substantial Shareholder including direct and deemed
interest
                                        Deemed     Direct
No. of shares held before change:       4,906,311 184,932,180
percent of issued share capital:              0.33      12.59
No. of shares held after change:        4,991,311 184,932,180
percent of issued share capital:              0.34      12.59
Total shares:                           4,991,311 184,932,180

This transaction was reported to Temasek Holdings (Private)
Limited on 3 Jul 2002.

Based on 1,468,702,201 shares issued (30 June 2002).

TCR-AP reported last week that DBS units, DBS Card Centre Pte
Ltd and POSB Computer Services Pte Ltd, have been placed under
voluntary liquidation on June 28, 2002, as part of its
restructuring exercise.

DebtTraders reports that Development Bank of Singapore's 7.875%
bond due in 2009 (DBS09SGS1) trades between 110.374 and 111.478.
For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=DBS09SGS1


FLEXTECH HOLDINGS: Enters Alliance with UOB Kay
-----------------------------------------------
The Directors of Flextech Holdings Limited announced Tuesday
that the Company on Tuesday has entered into an agreement with
UOB Kay Hian Private Limited (UOB Kay Hian) for the sale of
14,000,000 ASTI Shares for a total cash consideration of
S$4,480,000.

Details of the Disposal

The disposal of the 14,000,000 ASTI Shares represents
approximately 6.64 percent of the issued and paid-up capital of
ASTI, hence reducing Flextech's shareholding in ASTI from
approximately 56.05 percent to 49.41 percent. The sale price of
S$0.32 for each ASTI Share was based on commercial negotiations
between a willing buyer and willing seller, and represents a
discount of approximately 11.1 percent to the last transacted
price of S$0.36 for trades of the ASTI Shares done on the
Singapore Exchange Securities Trading Limited on 9 July 2002.

Following the disposal of the ASTI Shares, ASTI ceases to be a
subsidiary of the Company.

Financial Effects of the sale of the ASTI Shares

Based on the latest consolidated accounts of Flextech and its
subsidiaries as at 31 December 2001, the consolidated net
tangible asset per share amounted to 12.20 cents and the
consolidated loss per share amounted to 25.60 cents.

The market value of the assets being disposed of, based on the
last transacted price of S$0.36 on 9 July 2002 is S$5,040,000.

The excess of the proceeds over the book value of the assets
being disposed of is approximately S$706,000 and the effect of
the transaction on the net tangible assets per share would be
increased by 12.87 cents to 25.07 cents.

The effect of the transaction on the loss per share would be
reduced by 0.64 cents to 24.96 cents.

The operating loss before income tax attributable to the assets
being disposed of is approximately S$864,000 for the financial
year ended 31 December 2001.

Rationale for the sale of the ASTI Shares

The sale of the ASTI Shares is undertaken to raise funds for
additional working capital requirements and, where appropriate,
to reduce borrowings for the Flextech group of companies.

Use of the Sale Proceeds

The Company intends to use the sale proceeds from the
transaction to reduce borrowings and for its working capital
requirements.

Directors' and substantial shareholders' interests

Mr Au Sai Chuen, a director and substantial shareholder of
Flextech, is also a director of ASTI. Messrs Tang Pen San and
Kok Tat Onn, directors of Flextech, are also directors of ASTI.
Save as disclosed, none of the directors or substantial
shareholders of Flextech Holdings Limited has any interest,
direct or indirect, in the transaction.

Suspension of Trading

In connection with the transaction, the Company has requested
that trading in the securities of the Company be suspended with
immediate effect on Tuesday, 9 July 2002 and to resume at 8.30
a.m. on Wednesday, 10 July 2002.
Suspension of Trading

In connection with the transaction, the Company has requested
that trading in the securities of the Company be suspended with
immediate effect on Tuesday, 9 July 2002 and to resume at 8.30
a.m. on Wednesday, 10 July 2002.

TCR-AP reported that Flextech posted a net loss of $27.9 million
for 2001 against profit of $15.81 million in 2000, while
turnover fell 14 percent to $502 million from $583 million.


MEDIARING.COM: Completes Transfer of Shares
-------------------------------------------
The Board of Directors of Mediaring.com Ltd announced on Tuesday
that the Company has completed the transfer of all its 3,500
shares of SEK100 each in the capital of Mediacommunication
Nordic AB to Mr G"sta Lundgren (representing 100 percent of the
issued share capital of Mediacommunication Nordic AB) for a
total consideration of SEK500,001.

Mediacommunication Nordic AB has consequently ceased to be a
wholly owned subsidiary of the Company.

According to TCR-AP, Mediaring.com Ltd revealed a net loss of
S$34.568 million versus a loss of S$55.955 million the previous
year.

In January, Media Ring announced a corporate restructuring and a
35 percent reduction in its worldwide workforce and operations
as the Company moves to focus on its higher growth
telecommunications products and services.


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


ABICO HOLDINGS: Submits Q102 Audited Financial Statement
--------------------------------------------------------
Abico Holdings Public Company Limited submitted its 1st Quarter
2002 audited financial statements and the performance in
comparison with 2001 all detail is the same with reviewed
Company financial statements:

1. Overall sales revenues increased by Bt78.808 million

Business                1st Quarter                      Change
          2002             2001
Co-Packing     75.01           117.00                 (41.99)
Real Estate     3.80             3.03                   0.77
Total          78.81           120.03                 (41.22)

   * Co-Packing Business decreased by Bt. 41.99 million as a
result of the restructuring in operating unit in the
organization.

   * Real Estate Business increased by Bt. 0.77 million due to
new addition area for rent in terminal.

2. Equity method net Income of Bt(12.46) million, decreased by
Bt(14.74) million due to the increment in equity income from
Malee Sampran Public Company Limited of the full amount.

3. Cost of sales, decreased by Bt68.22 million to Bt34.84
million due to the reduction cost of sales of Co-Packing
Business.

4. Sales and Administration expenses decreased Bt17.75 million
to Bt11.87 million due to reduction in selling and marketing
expenses of Co-Packing Business.


BANGKOK RUBBER: Director Vilassakdanon Resigns
----------------------------------------------
B.R.C. Planner Company Limited, as the Planner of Bangkok Rubber
Public Company Limited, which the Central Bankruptcy Court
granted its Business Reorganization on 24 December 2001,
announced that Mr. Santi Vilassakdanon, a Company director, has
resigned from his position due to his many significant
activities. Consequently, his position as director is vacant,
effective 8 July, 2002.

On April 29, TCR-AP reported that the Planner has requested the
Central Bankruptcy Court to extend the time for submission of
the business reorganization plan and the Central Bankruptcy
Court has given an order permitting the Planner to extend the
time for submission of the business reorganization plan.


INTER FAR: Creditors Get Bt250,515,452 Principal Loan Repayment
---------------------------------------------------------------
Inter Far East Planner Company Limited, as the Plan
Administrator of Inter Far East Engineering Public Company
Limited, notified the progress of the Company's Business
Rehabilitation Plan:

As of July 2, 2002, the Company has repaid a principal loan part
A to its creditors amounting to Bt250,515,452.16 and repaid an
interest after The Central Bankruptcy Court issued an order
approving the Business Rehabilitation Plan at the amount of
Bt2,663,158.24.


JAGTAR AND SONS: Files Business Reorganization Petition
-------------------------------------------------------
Silk and fabric merchant Jagtar And Sons Company Limited
(DEBTOR)'s Petition for Business Reorganization was filed to the
Central Bankruptcy Court:

   Black Case Number For. 20/2543

   Red Case Number For. 28/2543

Petitioner: JAGTAR AND SONS COMPANY LIMITED

Debts Owed to the Petitioning Creditor: Bt618,461,768.91

Date of Court Acceptance of the Petition: April 7, 2000

Date of Examining the Petition: May 8, 2000 at 9.00 AM

Court order issued an order allow cancellation of the petition
but have not issued an order canceling the business
reorganization of the debtor yet.

The Court ordered disposal the case: May 18, 2000

Contact: Mr. Chanin Tel 6792512


L.P.N. DEVELOPMENT: Posts Share Offering Result Report
------------------------------------------------------
L.P.N. Development Public Company Limited posted this report
form:

            Report the Result of a Share Offering (F53-5)
             L.P.N. Development Public Company Limited
8  July  2002

Number of shares offered    : 17,500,000 shares
Offered to                  : To convert debt to capital for
the Krung Thai Bank Public
                              Co., Ltd. according to the debt
restructuring agreement dated
                              28  September 1999.
Price per share             : Bt10 per share
Subscription and payment period : 28 June 2002 (the date when
the Ministry of Commerce accepted the registration of capital
increase of Bt175,000,000.- from converting debt to capital for
the Krung Thai Bank Public Co., Ltd.)

Result of the share sale

   [/]   totally sold
   [ ]   partly  sold.

Details of the sale

          Thai investors          Foreign investors
        Juristic   Natural       Juristic  Natural     Total

Number of persons 1       -       -       -               1
Number of shares
subscribed   17,500,000   -       -       -           17,500,000
Percentage of
total shares
offered        100 %      -      -        -             100 %
for sale

Amount of money received from the share sale

    Total amount               Bt175,000,000.00
    Less: expenses             Bt -
    Net amount received        Bt175,000,000.00


L.P.N. DEVELOPMENT: SET Grants Listed Securities
------------------------------------------------
The Stock Exchange of Thailand (SET), starting on 11 July 2002,
will allow 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                       :  Bt736,000,000
     New                       :  Bt911,000,000
Allocate to                    :  Krung Thai Bank Public
Co, Ltd.(KTB)for debt-for-
equity swap 17,500,000 shares
Ratio                          :  -
Price Per Share                :  Bt10
Payment Date                   :  28 June 2002


RATTANA REAL: Explains Q301 Financial Statement Loss
-----------------------------------------------------
Rattana Real Estate Public Company Limited submitted its 3rd
quarter financial statements ending 30 September 2001 as
certified by the auditor to The Stock Exchange of Thailand.

The Company explained that the loss in the financial statements
for the 3rd quarter results from accounting policies halting
capitalized project interest, which can be identified as
follows:

1.)  Interest Expenses                     Bt190,884,101.45
2.)  Selling and Administration Expenses   Bt8,947,527.71

Below is the Company' reviewed quarterly financial statements:

               RATTANA REAL EATATE PUBLIC COMPANY LIMITED
Reviewed
             Ending  September 30,            (In thousands)

                         Quarter 3               For 9 Months
           Year      2001        2000          2001        2000

Net profit (loss) (65,815)      32,326     (161,054)   (132,153)
EPS (baht)        (0.81)        0.40        (1.99)      (1.63)


THAI PETROCHEMICAL: EPL Submits July 2002 Report to Receiver
------------------------------------------------------------
Effective Planners Limited, the Plan Administrator of Thai
Petrochemical Industry Public Company Limited and the six
subsidiaries under Reorganization, as approved by the order of
the Central Bankruptcy Court of Thailand on 15 December 2000,
has submitted its July 2002 Special Report to the Official
Receiver.

The report provides the Official Receiver with information on
the Plan Administrator's achievements and progress since the
commencement of the Plan.

The key achievements and progress of the Plan include:

   * a 24% reduction of TPI Group's debts from US$3.7 billion at
15 March 2000 to US$2.8 billion at 31 March 2002;

   * payment of monthly interest to creditors on the Tier (i)
portion of Scheme Debt;

   * payment of all interest outstanding in respect of the
period up to 31 December 1997 (the common interest date payment)
in order to bring all creditors to a common starting position.

   * completion of the debt for equity conversion entitling
creditors to 75 percent of the TPI Group's expanded share
capital in return for US$756 million in accrued interest;

   * appointment of new CEO/President of the TPI Group;

   * acquisition of additional working capital facilities to
allow the TPI Group to utilize the additional refining capacity
completed during the Plan Preparation period;

   * sales revenues remain high at BT72.1 billion in 2001
despite unfavorable economic and industry conditions;

   * significant improvement to a net profit after extraordinary
gains from restructuring of Bt8.9 billion in 2001; and

   * an additional US$80 million working capital in November
2001.

The Scheme Creditors, at meetings convened by the Official
Receiver on 7 and 8 May 2002, voted to postpone the non-core
asset sales milestone to 31 March 2003.

EPL is confident that despite the ongoing challenges faced in
implementing the Plan, the Repayment Milestone will be achieved
during 2003.

For further details and a copy of the Special Reports visit
http://www.bankrupt.com/misc/TCRAP_TPI0711.doc.


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

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

AES China             10.125% due 2006    96 - 97.5    n/a
Asia Pulp & Paper     11.75%  due 2005  27.5 - 29.5     -1
APP China             14.0%   due 2010    23 - 25        0
Asia Global Crossing  13.375% due 2010    17 - 19       -3
Bayan Telecom         13.5%   due 2006  19.5 - 21.5     -2
Daya Guna Sumudera    10.0%   due 2007  3.25 - 5.25   -.25
Hyundai Semiconductor 8.625%  due 2007    57 - 65       -5
Indah Kiat            11.875% due 2002    31 - 32       -1
Indah Kiat            10.0%   due 2007    25 - 27        0
Sampoerno             8.375%  due 2006 97.25 - 99.25   n/a
Tjiwi Kimia           10.0%   due 2004    25 - 27      +.5
Zhuahi Highway        11.5%   due 2008    32 - 36        0

Bond pricing, appearing in each Thursday's edition of the
TCR-AP, is provided by DebtTraders in New York. DebtTraders is a
specialist in global high yield securities, providing clients
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Real-time pricing available at www.debttraders.com


S U B S C R I P T I O N  I N F O R M A T I O N

Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Washington, DC USA. Lyndsey Resnick,
Maria Vyrna Nineza-Merlin, Maria Cristina Pernites-Lao, Editors.

Copyright 2002.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.  Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each.  For subscription
information, contact Christopher Beard at 240/629-3300.

                 *** End of Transmission ***