/raid1/www/Hosts/bankrupt/TCRAP_Public/020723.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

            Tuesday, July 23, 2002, Vol. 5, No. 144

                         Headlines

A U S T R A L I A

ANSETT GROUP: Final Headquarters Auction Includes Kitchen Sink
AUSDOC GROUP: ABN AMRO Submits Takeover Bidder's Statement
IWL LIMITED: Agrees to Merger With IRESS
NEWCREST MINING: Releases June 2002 Quarterly Results
TRARALGON RACING: PwC Posts Case Profile

UNITED ENERGY: S&P Upgrades RATINGS OUTLOOK to Positive
WOOLWORTHS LIMITED: Appoints Tom Pockett as New CFO


C H I N A   &   H O N G  K O N G

ASIA GLOBAL: Subsidiary Voluntarily Files for Chapter 11
ASIA STANDARD: Net Loss Widens to HK$481,365,000
BEST FIELD: Winding Up Petition to be Heard
DENIS LAUNDRY: Petition to Wind Up Pending
FAIRWOOD HOLDINGS: Sinks Deeper Into Red

GLOBAL FOOD: Narrows Operations Loss to HK$43,672M
ITC CORPORATION: Incurs HK$289,310M Loss After Tax, MI
POINTER JEWELLERY: Hearing of Winding Up Petition Set
PRINTPACIFIC LIMITED: Winding Up Petition Sought by PPL
SING WAI: Petition to Wind Up Scheduled Today


I N D O N E S I A

BANK MANDIRI: Moody's Assigns `B3' Debt Rating
BANK NEGARA: S&P Ups Ratings to 'B-'; Outlook Negative
BARITO PACIFIC: Seeks Foreign Debt Restructuring
PERTAMINA TBK: US Court Accepts Motion, Rejects Karaha Petition


J A P A N

AOKI INTERNATIONAL: S&P Cuts Rating to BB+pi
DAI-ICHI KAETI: CCC Acquiring 19 Stores
MERRILL LYNCH: Retail-Securities Unit Closing Five Outlets
MITSUBISHI MOTORS: Daimler Truck Ops Talks Ongoing
NATIONAL OIL: Law Orders to Dissolve Debt Ridden Oil Firm

MIZUHO HOLDINGS: Dissolves Subsidiary
NTT DOCOMO: Withdraws From Car Phone Market
ORIENT CORP: Enters Three-year Reform Plan
SNOW BRAND: Recalling Yogurt Products
TESAC CORP: Rope Producer Files For Bankruptcy


K O R E A

HYNIX SEMICONDUCTOR: Shareholders Propose Capital Writedown
KIA MOTORS: Unionists End Strike
KOREA ELECTRIC: Issues Dollar Bonds to Repay Y76.7B in Loans
SHINHAN BANK: Delays Bond Pricing to Correct Documentation


M A L A Y S I A

BERJAYA SPORTS: Rights Issue Oversubscribed
EMICO HOLDINGS: MITI Approves Revised Proposed Rights Issue
LIEN HOE: No Change in Loan Stocks Defaulted Status
MALAYSIAN GENERAL: Enters New Restructuring Scheme Agreement
MBF CAPITAL: Obtains Regulatory Approvals on Proposed Disposal

RENONG BERHAD: Proposed Disposal HOA Terminated
SINMAH RESOURCES: BSSB Grants Joint Venture Agreement Extension
SOUTH PENINSULAR: Replies KLSE's Query Re Unit's SPA
TECHNOLOGY RESOURCES: Appoints Additional Directors
TECHNOLOGY RESOURCES: TMB Seeks Merger Negotiations


P H I L I P P I N E S

BENPRES HOLDINGS: Presents Debt Plan to Creditors
DBS GROUP: Closing Philippine Stock Brokerage Unit
FIRST PHILIPPINE: Issues Stock Dividend Update
PHILIPPINE LONG: Cojuangcos Exercise Right Over Shares


S I N G A P O R E

ASIA FOOD: Disposal of Subsidiaries
DBS GROUP: Liquidation of DBS Bank Unit
LKN-PRIMEFIELD: Units Enter Liquidation
SEMBCORP LOGISTICS: Posts Changes in Director's Interest
TUAN SING: Voluntarily Liquidates HK Subsidiary


T H A I L A N D

NAKORNTHAI STRIP: Court Defers Rehab Plan Consideration Hearing
RAIMON LAND: Posts Board of Directors Changes
RARDYINDEE DEVELOPMENT: Files Business Reorganization Petition

     -  -  -  -  -  -  -  -

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


ANSETT GROUP: Final Headquarters Auction Includes Kitchen Sink
--------------------------------------------------------------
Ansett Group announced Monday that Lot 1212, the giant Ansett
Head Office kitchen sink will be among items sold at Ansett's
headquarters Tuesday, July 23, 2002, when the Administrators
auction all remaining goods from Ansett's 501 Swanston Street
HQ.

The major auction over five floors will also include 20 spare
business and economy aircraft seats and the professional kitchen
and catering equipment from the airline's former canteen.

A total of 1,294 lots will go under the hammer in the auctions
to be conducted by Dominion Auctioneers for the administrators.

Items to be sold range from office and IT equipment such as
Pentium computers and laser printers to desks, chairs and other
furniture, whiteboards, display stands, 19 televisions, and the
entire contents of the Ansett head office commercial kitchens -
food display units, refrigerators and ovens once used to prepare
lunch for up to 1500 Ansett staff.

The auctions will take place over two days on Tuesday July 23
and Wednesday July 24, 2002. For a full listing of the 1,294
lots available visit the Dominion Auctioneers website
www.dominionauctioneers.com.au.

Proceeds from the auction will go into a central administration
fund towards staff entitlements and creditor debt.


AUSDOC GROUP: ABN AMRO Submits Takeover Bidder's Statement
----------------------------------------------------------
ABN AMRO Capital Australia Pty Ltd (ABN AMRO) notified
Australian Stock Exchange Limited, pursuant to section 633(4)(a)
of the Corporations Act 2001 (Cth), that ABN AMRO has set 22
July 2002 as the date for identifying holders of fully paid
ordinary shares in the capital of AUSDOC Group Limited (ACN 005
482 913) (AUSDOC), which will enable ABN AMRO to determine which
people should be sent information in relation to the offer dated
22 July 2002 by ABN AMRO for all the issued ordinary shares in
AUSDOC.

A notice under section 633(4)(b) in relation to the unquoted
options to subscribe for fully paid ordinary shares in the
capital of AUSDOC has been sent to the Australian Securities and
Investments Commission on 22 July 2002.

Go to http://www.bankrupt.com/misc/TCRAP_Ausdoc0723.pdffor a
copy of the bidder's statement and offer document in relation to
the proposed takeover bid by ABN AMRO for all the issued
ordinary shares in AUSDOC Group Limited.


IWL LIMITED: Agrees to Merger With IRESS
----------------------------------------
The Directors of IWL Limited have agreed to merge IWL with
IRESS Market Technology Limited (IRESS) to create Australia's
leading provider of information services and software to the
Australian financial services industry. The merger will be
achieved through a Scheme of Arrangement and is subject to both
An shareholder and court approval.

The Proposed merged entity will be Australia's leading provider
of financial information and technology:

   * Total number of licenses will exceed 12,400 - comprised of
over 5,400 licenses for financial planning software and over
7,000 IRESS licenses

   * Blue chip customer base which includes 49 out of the top 50
stockbrokers, Over 90% Of major fund managers, and in excess of
35% of the Australian financial planning industry

   * Combined, the two companies will have revenue for
the half year ended 30 June 2002 in excess of $31.7 million,
which is comprised of $24.7 million in subscription based
revenue

ABOUT IWL

Established in 1997, IWL primarily licenses desktop software for
the financial planning industry. IWL is Australia's leading
software supplier to the financial planning industry with
approximately 5,400 licensees which, based on contracts
currently in place, is expected to grow to over 6,000 in the
next 12 months. IWL's key desktop software brands, VisiPlan and
Llink, currently have a market share of in excess of 35% of the
financial planning market. IWL's clients include many of
Australia's leading financial planning groups such as NAB / MLC,
CBA, AMP, ING, Macquarie Bank, Mercer, Premium, Lonsdale,
Investor Group, Stockford, and AXA.

IWL also owns FundLink software, which, under a heads of
agreement IWL has entered into with ASX, is being assessed for
the purpose of being the core technology software, behind ASX
FundConnect, a transaction processing service facilitating
straight-through-processing capabilities for the unlisted
managed funds and superannuation industry. IWL also provides
equity and managed funds research to dealer groups and retail
subscribers, with its highly popular retail web site InvestorWeb
(www.investorweb.com.au) providing up to the minute online
financial information, research and retail managed investment
product distribution.

According to Wrights Investors' Service, the Company has paid no
dividends during the last 12 months and reported losses during
the previous 12 months.

RATIONALE FOR THE PROPOSED MERGER

The merger of IWL with IRESS provides a number of benefits to
both companies,

   * Provides IRESS with access to the fast growing financial
planning industry through the leading provider of financial
planning software. It is worth noting that IBIS expects the
investment advice industry as a whole to grow at a rate of 12%
pa to 2005-6.

   * Provides a strategic opportunity, through a combination of
IRESS'S real-time transaction technology and IWL's distribution
capability, to uniquely lead and meet the demands of the
financial planning industry as it moves further into an online
straight through processing environment.

   * Provides substantial cross selling opportunities, through
IRESS's strong penetration of the stockbroking industry, for
IWL's core products such as front end planning software,
portfolio reporting software, client and dealer management
software and managed funds research.

   * Provides the opportunity to cut administration costs, data
charges and to rationalize development expenditure.

Combined the Group will be able to integrate its software
products and hence provide a superior, market leading product
putting both organization's current and prospective customer
base at the forefront of financial services technologies.

Peter Dunai, Managing Director of IRESS said, "The financial
planning industry is undergoing a period of significant growth
and evolution, IWL have the leading desktop software in this
industry and are best positioned to take advantage of this
growth, The merger with IWL will enable to share in this growth
and through combining our technologies, to offer clients of both
companies a one stop comprehensive solution that includes market
information, research, wealth management tools and connectivity
for securities and managed funds transactions, IRESS and IWL
have each conducted due diligence on the other and we anticipate
that the merger will have no adverse impact on IRESS shareholder
value in 2003."

"Consistent with Us IRESS is ideally positioned to assist in the
development of IWL's FundLink software which is the potential
care technology behind ASX FundConnect, the unlisted managed
funds transaction processing service."

Otto Buttula, CEO of IWL said, "The use of financial planning
software has increased substantially as a result of an increase
it the, number of financial planners, increased regulatory
control which requires adequate information technologies, an
increase in retail funds under management, further complexity in
Australian taxation and superannuation and pressure (in
financial planners to reduce costs. VisiPlan and LLINK'S a
competitive advantage ha allowed it to share in this increased
use of financial planning software resulting in the market
leadership position they hold today (Monday)."

DETAILS OF THE PROPOSED MERGER

The proposed merger is to be effected by way of a Scheme of
Arrangement proposed by IWL to its shareholders pursuant to Part
5.1 of the Corporations Act.

IWL shareholders will receive 10.5 cents cash and 0.07086 IRESS
shares for every IWL sharp, they currently hold, Based on the
closing TRESS share price of $2.60, this values each IWL share
at $0.289 and values the whole of IWL at $87.8 million. As at
the end of June 2002, IWL had cash and liquid reserves of in
excess of $16 million. IWL is expected to raise a further $4m in
cash through the exercise of current outstanding options. The
cash component of the offer will be funded by a combination of
IWL's and IRESS's existing cash reserves.

The proposed merger will result in 21.5 million new IRESS shares
being issued to IWL shareholders. IWL shareholders will rank
equally for all IRESS dividends post the payment of the next
interim dividend. The number of IRESS shares on issue will rise
to 122.1 million, with current IRESS shareholders accounting for
82.4% of the then issued capital of the merged entity.

The Merger Implementation Agreement, entered into for the
purpose of giving effect to the, proposed merger, includes no
shop and break fee provisions. The no shop provision obliges IWL
not to solicit alternative proposals until the Merger
Implementation Agreement is terminated or the scheme becomes
effective, and is subject to the proper exercise of the
fiduciary duties of IWL directors in certain circumstances.
Under the break fee provision, IWL is required to pay IRESS an
amount of $1,000,000 as reimbursement of costs associated
with the proposed merger if:

   * another party acquires a relevant interest in at least 25%
of the total IWL shares on issue; or

   * another party acquires substantially all of the assets of
the IWL group; or

   * if the IWL board withdraws or changes its recommendation it
favor of the proposed merger.

BOARD AND MANAGEMENT

As part of the proposal, Otto Buttula and Rob Bishop will be
offered seats on the IRESS board. An integration team has been
established, to develop a programmed to quickly capture
synergies and other benefits presented by the proposed merger.

Mr Otto Buttula and other key executives have been retained by
IRESS on employment contracts consistent with other IRESS
executives.

APPROVAL PROCESS AND TIMETABLE

The proposed merger is subject to both IWL and court approval.
The Mager Implementation Agreement is also subject to certain
other conditions, including: * no prescribed occurrences in
respect of either IWL or IRESS occurring;

   * a minimum of 90% of all outstanding options issued by IWL
being exercised; and

   * if an event occurs or is disclosed which has or is likely
to have a Material Adverse Effect on IWL Or is likely to
materially affect IRESS's ability to perform its obligations
under the agreement.

A scheme booklet with full details of the proposed merger terms,
is expected to be dispatched to IWL shareholders in August 2002.
A meeting of IWL shareholders is expected to be convened in
September 2002 to consider and vote on the proposal.

The proposal has the unanimous support of both Boards of
Directors and the Directors of IWL, who control over 23% of the
issued shares of IWL, intend to vote in favor of the proposal.
IRESS has also entered into an agreement with Mr Otto Buttula
who holds 17.8% of IWL shares, under which Mr Buttula has agreed
to vote the IWL shares held by him in favor of the proposed
merger.

Further details an the proposed merger will be provided in a
presentation to be held at 10:30am at Macquarie Bank Level 8, 1
Martin Place Sydney. To dial-in to the presentation please call
(Freecall) 1800 500 931. A copy of the presentation is contained
on the IRESS web site at www.iress.com.au.

For further information please contact;

IRESS                           IWL
Peter Dunai                     Otto Buttula.
MANAGING DIRECTOR               CHIEF EXECUTIVE OFFICER
(03) 9018 5800                  (03) 9691 1600


NEWCREST MINING: Releases June 2002 Quarterly Results
-----------------------------------------------------

Newcrest's June 2002 quarterly results released on Monday
included these key points:

   * Group cash costs lowered substantially to A$230/oz.

   * Strong maiden Ridgeway performance with cash costs of
A$103/oz.

   * Cadia demonstrating the benefits of the improvement program
with $285/oz cash costs.

   * Telfer project study confirms further technical detail.

   * Encouraging exploration results from Telfer Deeps and Cadia
Far East.

The Group cash costs have benefited strongly from the
commissioning of Ridgeway and the turnaround at Cadia to record
A$230/oz for the quarter.

Ridgeway commissioning was completed and despite only 2 months
of normal production produced 67,654oz at a cash cost of
A$103/oz.

Cadia, which has been undergoing a business improvement
programmed also performed well recording cash costs of A$285/oz
and is expected to perform in line with expectations going
forward.

The Telfer project study progressed further with the conversion
to reserve of 17.4Moz and technical detail on the feasibility
study almost finalized. Items confirmed in the quarter include
the use of shaft haulage, the final mill circuit configuration
and commitment to a program of infrastructure and underground
development totaling $62.1M.

Exploration results include encouraging results from Telfer
Deeps, which will be the subject of further study and the
intersection of high grade liberalization on the western side of
the Cadia Far East field.

At Cracow a draft mining plan was presented to the Joint
Venture.

After re-estimation of group reserves and resources at $500/oz
the Group has Mineral Resources of 54Moz and Ore Reserves of
28.5Moz.

The achieved gold price for the quarter was A$524/oz which was
impacted by accounting and FX timing issues with group achieved
gold price for the year bettering the average spot price by
A$9/oz at A$557/oz.

Wrights Investors' Service reports that at the end of 2001,
Newcrest Mining had negative working capital, as current
liabilities were A$257.10 million while total current assets
were only A$181.14 million.


TRARALGON RACING: PwC Posts Case Profile
----------------------------------------
PricewaterhouseCoopers (PwC) posted this case profile:

Territory :  Australia
Company Name:  Traralgon Racing Club Inc
Lead Partner:  Stephen Longley
Case Manager:  Kellie Roberts
Date of Appointment:  12 June 2002
Normal Contact  :  Diana Meggitt
Contact Phone No  :  (03) 8603 2178

PwC Office

Location :  Melbourne
PO Box   :  GPO Box 1331L
Street Address:  215 Spring Street
City  :  MELBOURNE
State  :  VIC
Postcode :  3000
DX  :  DX 77 Melbourne
Phone  :  (03) 8603 1000
Fax:  (03) 8603 6044
Type of Appointment :  Liquidator
Lead Partner - Full Name:  Stephen Graham Longley

Case Information (Last Updated 10/07/2002 10:06:50 AM)

First Creditors' Meeting

Date :  N/A
Time :  12:00 PM
Return time:  12:00 PM

Second Creditors' Meeting (or adjournment)

Date :  N/A
Time :  12:00 PM
Return time:  12:00 PM
Time :  12:00 PM

Other Key Information

Job closure:
Time frame to job closure uncertain.

Background Information

In March 2002, Country Racing Victoria engaged the services of a
consultant to report on the operations of the Traralgon Racing
Club (the Club). In a report dated 9 May 2002 it was recommended
that the operations of the Club be ceased due to its worsening
financial position. On 13 May 2002, the Club's committee
accepted the advice of Country Racing Victoria and unanimously
resolved to convene a members' meeting to approve the voluntary
winding up of the Club. At a members' meeting on 12 June 2002,
it was resolved to voluntarily wind up the Club and that Stephen
Longley be appointed liquidator.

Current status of assignment and actions required by creditors

PricewaterhouseCoopers is currently contacting debtors to
collect all outstanding monies owed to the Club. Proofs of debt
have been requested from all known creditors and an
advertisements calling for proofs of debt have also been placed
in the Traralgon Journal and The Age newspapers. Formal proofs
of debt must be lodged with the liquidator by 31 July 2002 in
order for the creditor to participate in any distribution.

Next milestone and estimated timetable

The period for lodgment of proofs of debt closes 31 July 2002.
Claims will then be assessed to determine their validity before
payment of approved claims is made.

Likely outcome for creditors and timetable

At this stage it is considered likely that all approved claims
will be paid in full. (www.pwcrecovery.com)


UNITED ENERGY: S&P Upgrades RATINGS OUTLOOK to Positive
-------------------------------------------------------
Standard & Poor's on Monday has affirmed its `A-/A-2' ratings on
United Energy Ltd. (United Energy) and revised its outlook on
the ratings to positive from negative. The rating action follows
the recent sale by United Energy of its shareholdings in Pulse
Energy (not rated) and EdgeCap Pty. Ltd. (EdgeCap, BBB-/Watch
Pos/() and the announcement that the company was not a party to
the acquisition of the Victorian electricity network and retail
business, The CitiPower Trust (BBB+/Watch Pos/A-2).

"The disposal by United Energy of its shareholdings in the Pulse
Energy and EdgeCap businesses is a positive for its business
risk profile," said Mark Legge, associate director, Standard &
Poor's Corporate & Infrastructure Finance Ratings. "The negative
sentiment surrounding the ratings in recent times has largely
reflected the company's exposure to these higher risk businesses
and with the elimination of this exposure, an improvement in the
ratings is possible."

United Energy's business position has been strengthened by its
move to exit the energy retailing and energy trading segments of
the market through the sale of its interests in Pulse Energy and
EdgeCap, respectively. United Energy's future earnings, which
now will be derived predominantly from regulated electricity and
gas network businesses, will no longer be put at risk by an
exposure to the competitive segments of the energy market.

The company's strong business position and moderate financial
profile reflect a higher rating, possibly by one notch. However,
consideration of a rating upgrade is unlikely until a clearer
picture emerges of the company's future attitude to its
investments in Australia, most notably in AlintaGas Ltd.
(BBB/Stable/A-2); the involvement of one of its cornerstone
shareholders, Aquila Inc. (BBB/Watch Neg/A-2), in its business;
and the financial performance of its telecommunications arm,
Uecomm.

"Until such time as some or all of the current uncertainties
surrounding United Energy's strategic direction are resolved, a
further improvement in the rating is unlikely," said Mr. Legge.
"In particular, any increase in financial support for Uecomm
beyond that already indicated by United Energy would be a
constraining factor in any rating improvement."

The ratings on United Energy reflect the stable regulated
returns from its monopoly electricity network business, a
transparent and supportive regulatory regime, and its moderate
financial profile. These strengths are offset by exposure to its
higher risk telecommunications arm, Uecomm.


WOOLWORTHS LIMITED: Appoints Tom Pockett as New CFO
---------------------------------------------------
Roger Corbett Chief Executive Officer and Group Managing
Director of Woolworths Limited, announce Monday the appointment
of Tom Pockett to the position of Chief Financial Officer,
Woolworths Limited Group effective 26th August, 2002.

Tom joins Woolworths from the Commonwealth Bank Group where he
held the position of Deputy Chief Financial Officer for the last
2 years. Previous to this he was General Manager Finance with
Lend Lease.

In his role with the Commonwealth Bank Group, Tom was
responsible for Business Planning, Performance reporting,
Investment evaluation, Capital management, Group Tax and Finance
services, information and delivery systems.

Throughout his career, Tom has built a superior foundation of
technical finance and accounting skills. He has extensive senior
management experience and in recent roles has lead teams in Risk
Management, Operations, IT and Financial Accounting.

At Lend Lease Corporation in the role of General Manager
Finance, Tom was involved in major investments and strategic
acquisitions.

Tom's significant knowledge and experience in Finance and
Business planning, backed by an effective balance between
strategic orientation and operational detail, will be invaluable
in his new role at Woolworths.

Tom takes over from Bill Wavish who will move into the role of
Director of Woolworths Supermarkets Group.

At the end of 2001, Woolworths Limited had negative working
capital, as current liabilities were A$2.96 billion while total
current assets were only A$2.39 billion, Wrights Investors'
Service reported.


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


ASIA GLOBAL: Subsidiary Voluntarily Files for Chapter 11
--------------------------------------------------------
Asia Global Crossing announced Saturday that its majority-owned
subsidiary Pacific Crossing Ltd. (PCL) and certain affiliates of
PCL have commenced voluntary Chapter 11 cases in the United
States Bankruptcy Court in Delaware.

PCL currently owes over $700 million under a limited recourse
senior secured bank facility used to finance the construction of
the PC-1 system. This bank facility is not guaranteed by and is
non-recourse to Asia Global Crossing. In light of its near-term
debt obligations and current market conditions for wholesale
capacity sales, PCL's Board of Directors determined that a
filing under Chapter 11 was necessary to provide for an orderly
process for maximizing the value for all of PCL's creditors
while ensuring that customers' services across PC-1 would
continue uninterrupted. The slowdown in sales of wholesale
capacity over the past few quarters and the uncertain outlook
for capacity sales over the next 12-18 months were factors that
the PCL Board of Directors considered in determining that this
action was the appropriate step for the Company. PCL does not
expect customer service to be impacted by the filing.

PCL has recently engaged Dresdner Kleinwort Wasserstein to
evaluate strategic alternatives, including a possible sale,
financing, and or restructuring. PCL intends to continue this
process during the Chapter 11 cases. As the owner of one of only
two operating trans-Pacific cable systems with capacity, Asia
Global Crossing believes PCL represents an attractive investment
opportunity, particularly once PCL's debts are restructured.
Asia Global Crossing does not expect PCL's Chapter 11 bankruptcy
filing to affect its own on-going debt and equity restructuring
effort.

About Asia Global Crossing

Asia Global Crossing provides city-to-city connectivity and data
communications solutions to pan-Asian and multinational
enterprises, ISPs and carriers. Through a combination of
undersea cables and terrestrial networks, Asia Global Crossing
owns and operates the region's first truly pan-Asian
telecommunications network, which offers seamless connectivity
among the major business centers of the Asia Pacific region. In
addition, in combination with the Global Crossing Network, Asia
Global Crossing provides access to more than 200 cities
worldwide. Asia Global Crossing's largest shareholders include
Global Crossing, Softbank and Microsoft.

According to DebtTraders, Asia Global Crossing's 13.375% bonds
due on 2010 (AGCX10USN1) are trading between 18 and 20. Go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=AGCX10USN1
for more real-time bond pricing information.

FOR FURTHER INFORMATION:

Madelyn Smith
Los Angeles, CA
+1 310 481 4716
+1 310 962 9644
madelyn.smith@asiaglobalcrossing.com

Selene Lo
Hong Kong
+852 2121 2936
+852 9127 9038
selene.lo@asiaglobalcrossing.com

Investor contacts:
Asia Global Crossing Investor Relations
Los Angeles, CA
+1 310 481 4783


ASIA STANDARD: Net Loss Widens to HK$481,365,000
------------------------------------------------
Asia Standard International Group Limited announced on
18 July 2002:

(stock code: 129)
Year end date: 31/3/2002
Currency: HKD
Auditors' Report: Unqualified
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                        : 838,868,000      672,522,000
Profit/(Loss) from Operations   : (226,598,000)    (144,376,000)
Finance cost                    : (107,844,000)    (135,969,000)
Share of Profit/(Loss) of Associates: (88,788,000) (81,601,000)
Share of Profit/(Loss) of
  Jointly Controlled Entities   : (67,870,000)     (5,328,000)
Profit/(Loss) after Tax & MI    : (481,365,000)    (357,654,000)
% Change over Last Period       : N/A
EPS/(LPS)-Basic                 : (11.7 cents)     (8.7 cents)
         -Diluted               : N/A              N/A
Extraordinary (ETD) Gain/(Loss) : -                -
Profit/(Loss) after ETD Items   : (481,365,000)    (357,654,000)
Final Dividend per Share        : NIL              NIL
(Specify if with other options) : N/A              N/A
B/C Dates for Final Dividend             : N/A
Payable Date                             : N/A
B/C Dates for (-) General Meeting        : N/A
Other Distribution for Current Period    : NIL
B/C Dates for Other Distribution         : N/A

Remarks:

1)  Including under operating loss are other charges more
specifically described below:

                                        2002            2001
                                        HK$'000         HK$'000
Amortisation of goodwill                (2,934)         -
Loss on deemed disposal of interests in the hotel and management
services businesses                    -               (134,300)
Loss on disposal of interest in the Panyu development
                                       (124,055)       -
Provision for diminution in value of properties held
under development / held for sale       (122,314)       (65,419)

Pre-operating loss of Empire Hotel Kowloon(4,041)       -

Gain on partial disposal of catering business 4,181     -

Written back of provision for diminution in value of properties
held for sale                                   -       62,000

Unrealised losses on other investments  (30,592)        (29,583)
                                       ----------      ---------
                                       (279,755)       (167,302)
                                       ========        =========

2)  Loss per share

The calculation of loss per share is based on loss attributable
to shareholders of HK$481,365,000 (2001: HK$357,654,000) and on
the weighted average 4,112,536,440 (2001: 4,099,829,421)
ordinary shares in issue during the year.

No diluted loss per share is presented as the exercise of
subscription rights attached to the share options and the
conversion of the convertible bonds would not have a dilutive
effect on the loss per share.

3) Final dividend

The Board does not recommend the payment of any final dividend
(2001: nil).


BEST FIELD: Winding Up Petition to be Heard
-------------------------------------------
The petition to wind up Best Field Enterprise Limited is
scheduled to be heard before the High Court of Hong Kong on
August 28, 2002 at 9:30 am.

The petition was filed with the court on June 5, 2002 by Bank of
China (Hong Kong) Limited whose registered office is situated at
14th Floor, Bank of China Tower, 1 Garden Road, Central, Hong
Kong.


DENIS LAUNDRY: Petition to Wind Up Pending
------------------------------------------
The petition to wind up Denis Laundry And Drycleanings Limited
will be heard before the High Court of Hong Kong on August 21,
2002 at 9:30 am.  The petition was filed with the court on May
29, 2002 by Wong Siu Ching of Room 1017, Yam Yue House, Shek Yam
East Estate, Kwai Chung, New Territories, Hong Kong.


FAIRWOOD HOLDINGS: Sinks Deeper Into Red
----------------------------------------
Listed fast-food chain Fairwood Holdings saw its net loss widen
to HK$70.28 million for the year ended March 31, from HK$9.58
million year ago, as consumer confidence weakened.  The group
also attributed the loss to provisions and write-downs of HK$52
million.  Fairwood posted a turnover of HK$777 million for the
year, a drop of 9.2% from HK$848 million the previous year.

The company blamed continued sluggish consumer spending and the
closure of eight non-performing fast-food outlets for the plunge
in sales.  Sizeable write-downs and provisions of HK$52 million
further enlarged the company's net loss last year, including a
HK$9 million write-down for property devaluation and a HK$35
million provision for the value of fixed assets of all poor-
performing outlets.  The company has also incurred a redundancy
cost by moving part of its back office operations across the
border and outsourcing its logistic functions.

The group said it has net cash flow of HK$27.5 million.  Loss
per share was 5.75 HK cents and no dividend was declared.

Below is the Company's interim financial report:
              (Audited)
                                  (Audited)        Last
                                  Current          Corresponding
                                  Period           Period
                                  from 1/4/2001    from 1/4/2000
                                  to 31/3/2002     to 31/3/2001
                                  ('000)           ('000)
Turnover                             : 776,609          847,726
Profit/(Loss) from Operations        : (65,287)         (7,790)
Finance cost                         : (4,476)          (4,701)
Share of Profit/(Loss) of Associates : -                4,199
Share of Profit/(Loss) of
  Jointly Controlled Entities        : -                -
Profit/(Loss) after Tax & MI         : (70,285)         (9,584)
% Change over Last Period            : N/A
EPS/(LPS)-Basic                      : (5.75 cents)     (0.80
cent)
         -Diluted                    : N/A              N/A
Extraordinary (ETD) Gain/(Loss)      : -                -
Profit/(Loss) after ETD Items        : (70,285)         (9,584)
Final Dividend per Share             : Nil              Nil
(Specify if with other options)      : -                -
B/C Dates for Final Dividend         : N/A
Payable Date                         : -
B/C Dates for Annual General Meeting : 16/9/2002 to 18/9/2002
bdi.
Other Distribution for Current Period: N/A
B/C Dates for Other Distribution     : N/A


GLOBAL FOOD: Narrows Operations Loss to HK$43,672M
--------------------------------------------------
Restaurant operator Global Food Culture Group Limited issued on
Friday its interim report with a year end date 31 March 2002:

Currency: HK$
Auditors' Report: Unqualified
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
                                  ('000)           ('000)
Turnover                             : 242,516          252,006
Profit/(Loss) from Operations        : (43,672)         (67,061)
Finance cost                         : (5,520)          (10,477)
Share of Profit/(Loss) of Associates : 0                (1,213)
Share of Profit/(Loss) of
  Jointly Controlled Entities        : 0                0
Profit/(Loss) after Tax & MI         : (49,088)         (78,099)
% Change over Last Period            : N/A
EPS/(LPS)-Basic                      : ($0.82)          ($1.96)
         -Diluted                    : N/A              N/A
Extraordinary (ETD) Gain/(Loss)      : 0                0
Profit/(Loss) after ETD Items        : (49,088)         (78,099)
Final Dividend per Share             : NIL              NIL
(Specify if with other options)      : -                -
B/C Dates for Final Dividend         : N/A
Payable Date                         : N/A
B/C Dates for (-) General Meeting    : N/A
Other Distribution for Current Period: N/A
B/C Dates for Other Distribution     : N/A

Remarks:

1. Profit / (Loss) after Taxation & MI is arrived after
crediting / (charging):
                                             Year ended
                                  31.03.2002      31.03.2001
                                        HK$'000         HK$'000
(Deficit)/Surplus on revaluation of
leasehold land & buildings             (1,538)         266
Impairment loss arising on property,
plant & equipment                      (9,442)         --
Loss on disposal / written off of
property, plant and equipment          (5,132)         (9,642)
                                        ======          ======

2. Loss per share

The calculation of the basic loss per share is based on the loss
for the year of HK$49,088,000 (2001: HK$78,099,000) and the
weighted average number of 59,524,520 (2001: 39,943,171) shares
in issue during the year.  Loss per share for both years has
been adjusted for the share consolidation on 23 February 2002.

No diluted loss per share has been presented for the year 2001
as the exercise of the Company's warrants does not result in any
dilutive effect.  All warrants expired on 31 October 2001.


ITC CORPORATION: Incurs HK$289,310M Loss After Tax, MI
------------------------------------------------------
ITC Corporation Limited, invests and trades securities; leases
property and property and investment holding, announced on
18 July 2002:

Year end date: 31/3/2002
Currency: HK$
Auditors' Report: Unqualified
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
                                 ('000)           ('000)
Turnover                         : 40,147           63,144
Profit/(Loss) from Operations    : (189,705)        (223,506)
Finance cost                     : (49,446)         (56,088)
Share of Profit/(Loss) of Associates : (33,306)     (306,949)
Share of Profit/(Loss) of
  Jointly Controlled Entities    : -                -
Profit/(Loss) after Tax & MI     : (289,310)        (612,413)
% Change over Last Period        : N/A
EPS/(LPS)-Basic                  : ($0.51)          ($1.20)
  -Diluted                       : ($0.51)          ($1.21)
Extraordinary (ETD) Gain/(Loss)  : -                -
Profit/(Loss) after ETD Items    : (289,310)        (612,413)
Final Dividend per Share         : NIL              NIL
(Specify if with other options)  : N/A              N/A
B/C Dates for Final Dividend     : N/A
Payable Date                     : N/A
B/C Dates for (-) General Meeting: N/A
Other Distribution for Current Period    : N/A
B/C Dates for Other Distribution         : N/A

Remarks:

(1) In the current year, the Group adopted Statement of Standard
Accounting Practice (SSAP) No. 30 "Business Combinations" sued
by the Hong Kong Society of Accountants and has elected not to
restate goodwill previously eliminated against reserves.
Accordingly, goodwill arising on acquisitions prior to 1st
April, 2001 is held in reserves and will be charged to the
income statement at the time of disposal of the relevant
subsidiary or associate, or at such time as impairment losses
are identified. However, impairment losses in respect of
goodwill that arose between the date of acquisition of the
relevant subsidiary or associate and the date of adoption of
SSAP 30 have been recognized retrospectively.

The effect of this prior period adjustment is to increase the
accumulated losses as at 1st April, 2000 by HK$48,080,000 and to
increase the loss for the year ended 31st March, 2001 by
HK$70,043,000.

(2) Profit/(Loss) from Operations

Profit/(loss) from operations has been arrived at after the
following items:
                                    Year ended      Year ended
                                    31/03/02        31/03/01
                                    HK$'000         HK$'000
Continuing operations

Turnover                               40,147          63,144
Other revenue                          3,796           -
Operating expenses                     (40,917)        (42,274)
Surplus (deficit) arising from revaluation of land and buildings
                                       250             (1,238)
Surplus arising from revaluation of investment properties
                                       125             1,120
Loss on disposal of investments in securities
                                       -               (5,409)
Unrealised gain (loss) on valuation of other investments
                                       232             (458)
Gain on disposal of subsidiaries       6               221
Gain (loss) arising from dilution of interest in and disposal of
associates                             2,122           (213,470)
Goodwill eliminated on cessation of business of an associate
                                       -               (14,596)
Allowances for amounts due from associates
                                       -               (10,546)
Impairment loss in respect of goodwill  (195,466)       -
                                       ---------       ---------
Loss from operations                   (189,705)       (223,506)
                                       =========       =========

(3) (Loss) Earnings Per Share

The calculation of the basic and diluted loss per share for the
year is based on the following data:
                                     Year ended      Year ended
                                      31/03/02        31/03/01
                                      HK$'000         HK$'000

Loss :
Loss for the year                     (289,310)       (612,413)
Dividend for preference shares        (18,491)        (18,491)
                                      ---------       ---------
Loss for the purposes of basic
  loss per share                      (307,801)       (630,904)
Effect of dilutive potential
  ordinary shares:
   Adjustment to the share of results
     of associates based on dilution
     of their earnings per share      (1,324)         (3,248)
                                      ---------       ---------
Loss for the purposes of diluted
  loss per share                      (309,125)       (634,152)
                                      =========       ==========

Number of shares:
Weighted average number of ordinary shares
  for the purposes of basic and diluted
  loss per share                     607,659,374     525,960,774
                                     ===========     ===========

The convertible notes and the share options are anti-dilutive as
the exercise of these convertible notes and share options would
result in a decrease in loss per share for both years.


POINTER JEWELLERY: Hearing of Winding Up Petition Set
-----------------------------------------------------
The petition to wind up Pointer Jewellery Company Limited is set
for hearing before the High Court of Hong Kong on July 31, 2002
at 9:30 am.  The petition was filed with the court on April 24,
2002 by Bank of China (Hong Kong) Limited of 14th Floor, Bank of
China Tower, No. 1 Garden Road, Central, Hong Kong.


PRINTPACIFIC LIMITED: Winding Up Petition Sought by PPL
-------------------------------------------------------
The petition to wind up PrintPacific Limited is scheduled for
hearing before the High Court of Hong Kong on August 21, 2002 at
9:30 am.

The petition was filed with the court on May 31, 2002 by Power
Printing Products Limited (PPL) whose registered office is
situated at Unit I, 12th Floor, Valiant Center, 2-12 Au Pui Wan
Street, Fotan, New Territories, Hong Kong.


SING WAI: Petition to Wind Up Scheduled Today
---------------------------------------------
The petition to wind up Sing Wai Technology Development Company
Limited is set for hearing before the High Court of Hong Kong on
July 24, 2002 at 9:30 am.  The petition was filed with the court
on March 21, 2002 by Bank of China (Hong Kong) Limited who
registered office is situated at 14th Floor, Bank of China
Tower, No. 1 Garden Road, Central, Hong Kong.


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


BANK MANDIRI: Moody's Assigns `B3' Debt Rating
----------------------------------------------
Moody's Investors Service assigned on Thursday a prospective
rating of B3 to PT Bank Mandiri's proposed US$150 million
subordinated notes due on 2012.

The rating reflects the agency's view that the bank's importance
in the banking system and its close government ties will accord
it strong government support for all of its debt obligations.
Additionally, the rating also incorporates the bank's weak but
improving financial fundamentals.

"Although the proposed notes are structurally subordinated to
senior obligations, we believe that given the bank's significant
franchise, ample liquidity, strong government support, and in
light of the currently low foreign currency bond ceiling for
Indonesia, a notching differential with the rating of senior
debt was not deemed warranted," Moody's said.

Bank Mandiri, established in 1998 through the merger of four
state-owned banks during the economic crisis, remains wholly
owned by the government and is the largest bank in the system,
controlling a quarter of system deposits. As a result of the
government recapitalization, the bank holds a large percentage
of its assets in recapitalization bonds, comprised largely of
variable rate bonds.


BANK NEGARA: S&P Ups Ratings to 'B-'; Outlook Negative
------------------------------------------------------
Standard & Poor's on Friday has raised its long-term foreign
currency counterparty credit rating on P.T. Bank Negara
Indonesia (Persero) Tbk. (Bank BNI) two notches to single-'B'-
minus from triple-'C'. The upgrade reflects the improvement in
the bank's profile, particularly in respect of asset quality and
operating profitability, over the past 18 months. Standard &
Poor's affirmed its 'C' short-term foreign currency counterparty
credit rating on the bank. The outlook is negative. At the same
time, the rating on Bank BNI's US$145 million senior unsecured
notes issue due 2007 is also raised to single-'B'-minus from
triple-'C'.

The bank's asset quality has improved on the back of loan
restructurings and loan growth. Nonperforming assets (NPAs;
defined as nonperforming loans {NPLs} plus restructured loans
and foreclosed real estate collateral) fell to 48% by year-end
2001 from 72% in 2000. While the NPA ratio is extremely high,
the proportion of loans-to-assets at 28% is low by international
standards, partially mitigating the adverse level of NPAs. The
NPA ratio is expected to remain relatively high in the near term
as the bank faces the challenge of rebuilding its productive
loan portfolio in a difficult economic environment. However, it
is unlikely the bank's problem loans will return to levels
experienced during the height of the 1997-1998 Asian financial
crisis. The bulk of the bank's nonloan assets continue to
comprise Indonesian government bonds.

There are signs of recovery in the bank's operating performance,
as evident from its operating profitability ratios (defined as
net operating income before loan-loss provisioning) of 1.55% in
2001, a significant improvement from 0.17% in 2000. The bank has
managed to improve on its interest margin structure and reduce
the carrying cost of NPLs. Nevertheless, the limited potential
of substantially increasing viable loans in the current
environment indicates that the bank's profitability would
continue to be tied to a high reliance on interest income from
government bonds.

The bank's better profitability has lent support to its capital
position. Bank BNI's adjusted common equity to total assets
reached 4.16% at the end of 2001.

Bank BNI maintains a strong domestic franchise in the industry,
with one of the leading branch networks in the country and a
market share of about 13% of the system's assets. Its
shareholdings remain majority-owned (99%) by the Government of
Indonesia (foreign currency SD/--SD; local currency B-
/Negative/C). While the bank has indicated plans to commence its
privatization process in 2003, this would still be dependent on
market conditions.

OUTLOOK: NEGATIVE

The negative outlook on the bank's long-term counterparty rating
recognizes both the severe operating environment facing Bank BNI
and the significant financial pressures on the Indonesian
government. The struggling domestic economy constrains the scope
that the bank has to improve its own financial profile. Given
that about one-half of Bank BNI's asset book comprises
government local-currency bonds, any deterioration in the
government's credit standing would have a flow-on effect on the
bank.


BARITO PACIFIC: Seeks Foreign Debt Restructuring
------------------------------------------------
Indonesia's largest plywood producer PT Barito Pacific Timber
has asked its foreign creditors for agreements to restructure
US$378.7 million worth of debt, Asia Pulse reports, quoting
Company Secretary Aris Wiantyo.

Among the foreign creditors are Credit Suisse First Boston, ING
Bank N.V., Credit Lyonnais Singapore, PT Makindo Securities,
Lehman Brothers, Bank Credit Lyonnais Indonesia, Morgan Stanley
and Marubeni Europe.

He added that the management is meeting creditors in their
respective countries to renegotiate the debt restructuring.
Until 2000, the creditors gave no answer to a proposal submitted
by the company in 1998.

"But in 2001 they began to show interest, probably they now see
the proposal deserves discussion after the company has improved
its performance," he said.

The company proposed conversion of debt into shares but
agreement has to be reached on the share price as the book value
and the market value of the shares are not the same.

The company already finished restructuring its domestic debt
such as $22 million to state owned Bank Mandiri and Rp400
billion to bond holders.


PERTAMINA TBK: US Court Accepts Motion, Rejects Karaha Petition
---------------------------------------------------------------
The US District Court in Delaware has accepted Pertamina's
motion that it is unable to post a US275 million bond ordered by
the court and also rejected Karaha Bodas' petition to freeze
Pertamina's assets, AFX-Asia reported Sunday, citing Pertamina
Legal Counsel Simson Panjaitan.

"The decision is the fair and right one," he said, stressing
that following the ruling, Pertamina is no longer obliged to
post the US275 million bond. "Therefore, we urge other courts
which also processed the same case in Hong Kong and Singapore to
take note of the (US court) decision."

Dispute Overview

In January 1998, former Indonesian President Suharto issued a
Presidential Decree that suspended the development of numerous
geothermal projects then under development in Indonesia. Prior
to the Presidential Decree, KBC had spent more than US $100
million dollars on exploring and developing geothermal resources
in Indonesia and on construction of related infrastructure
including roads, housing, and electrical generation equipment.

Following the decrees, PLN and Pertamina breached their
contractual obligations to KBC. In the parties' contractual
agreements, KBC, PLN and Pertamina agreed to settle all disputes
before an international arbitral tribunal in Geneva,
Switzerland, operating under United Nations rules. All parties
presented their cases to the Arbitral Tribunal, which ultimately
awarded KBC US$261 million in December 2000 for proven and
uncontested expenditures, lost profits, and the costs and
expenses of arbitration. Pertamina failed in two attempts to
appeal the ruling in Switzerland. The Award was confirmed in the
U.S. District Court for the Southern District of Texas in
December 2001.

Despite the decision of the Arbitral Tribunal and subsequent
confirmation in the United States District Court, Pertamina has
continuously refused to pay its legal obligations. In an effort
to recover payment on the Award, KBC is pursuing all legal means
available to secure payment. Steps include legal filings in the
United States, Canada, Hong Kong and Singapore to obtain and
redirect Pertamina's assets to KBC until the Award is paid in
full. KBC has won favorable rulings from courts in several
jurisdictions; Pertamina is appealing those decisions.

On March 14, 2002 Pertamina initiated a lawsuit in the Central
District Court of Jakarta, Indonesia, in an attempt to nullify
the Arbitral Award and prevent other legal proceedings to
enforce the Award from moving forward. The Jakarta proceedings
violate both the spirit and the letter of Pertamina's
contractual agreements with KBC, as well as the Arbitral Rules
of the United Nations Commission on International Trade Law
(UNICTRAL Rules), the New York Convention on the Recognition and
Enforcement of Foreign Arbitral Awards, which Indonesia signed
in 1981, and a U.S. court order.

In a related proceeding, on April 26, 2002, the United States
District Court for the Southern District of Texas, which had
already found Pertamina in contempt for failing to withdraw its
request for an injunction against KBC's enforcement efforts in
the Jakarta proceedings, ordered Pertamina to take no action
against KBC in Indonesia. Pertamina, however, once again failed
to adjourn the Jakarta proceedings in direct violation of the
Texas Court's order. KBC has filed a second motion for a
contempt finding against Pertamina and a ruling on this motion
is expected shortly.

In June 2002, courts in Hong Kong and Singapore affirmed the
Swiss arbitral tribunal's award to KBC and extended Interim
Orders that freeze Pertamina assets and receivables there. The
courts have postponed finalizing the Orders due to appeals by
Pertamina based on technical matters that will not impact the
legal merits of the case. The courts have set dates for
additional hearings this summer.


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


AOKI INTERNATIONAL: S&P Cuts Rating to BB+pi
--------------------------------------------
Standard & Poor's on Friday had lowered its rating on menswear
retailer Aoki International Co. Ltd. to double-'B'-plus-pi from
triple-'B'-minus-pi, reflecting the Company's weakened market
position and operating efficiency, which are unlikely to recover
in the short term.

In response to the deterioration in its business performance,
Aoki has been reviewing the operations of its mainline retail
stores and making efforts to strengthen its sales and marketing
ability. However, amid ongoing weakness in consumer spending in
Japan, the Company will find it difficult to stabilize its
declining sales and achieve a rapid improvement in its market
position and operating efficiency.

Aoki is mainly involved in the men's clothing business, which
generated 80 percent of its total sales as of March 31, 2002.
Sales in this segment, particularly of business suits, have been
adversely affected by sluggish consumer spending, rising
unemployment, and intensifying competition among various types
of retailers in Japan.

Given the difficult market environment in its mainstay men's
clothing business, Aoki's cash flow is unlikely to show a rapid
recovery. Moreover, in view of the probable need for continued
capital investments in new businesses over the mid-to-long term,
the Company is unlikely to achieve a significant reduction in
debt. As a result, its financial profile is likely to remain at
its current weak level for the next few years.


DAI-ICHI KAETI: CCC Acquiring 19 Stores
----------------------------------------
Video rental chain Culture Convenience Club Co (CCC) will
acquire 19 of the 42 stores of failed electronics retailer, Dai-
Ichi Katei Denki Co., Kyodo News reported Friday.

TCR-AP reported that Dai-Ichi Katei Denki, along with Dai-Ichi
Credit, filed for bankruptcy protection with the Tokyo District
Court on April 17, leaving behind debts totaling Y33.9 billion.
The electronics retailer posted a pretax loss of Y1.99 billion
for the fourth straight year, with sales of Y27.60 billion.

About the Company

Dai-Ichi Katei Denki Co., Ltd. was established in 1958 and
operates a chain of electrical appliance stores in the Kanto
region. It has one hundred and seventy four stores including
eighty-one franchised stores. The Company also operates twelve
non-consumer electronics shops. Household electrical appliances
accounted for 29 percent of fiscal 1999 revenues; television
sets and video cassette recorders, 18 percent; personal
computers, 9 percent; stereo sets and tape recorders, 5 percent;
other appliances, 26 percent and non-consumer electronics sales
such as liquors and books, 13 percent.

Address

Dai-Ichi Katei Denki CO., Ltd.
23-15, Shinjuku 6-Chome
Shinjuku-Ku Tokyo 160-0022
Japan  +81 3 33527241
+81 3 33418540

Homepage: http://www.kingston-comms.co.uk/


MERRILL LYNCH: Retail-Securities Unit Closing Five Outlets
----------------------------------------------------------
Merrill Lynch Japan said its retail-securities division would
close five more branches in August as part of rationalization
efforts, Kyodo News reported Friday.

U.S. parent Merrill Lynch & Co. consolidated 28 Japanese retail
outlets into eight in January. The remaining three branches are
in Tokyo, Osaka and Fukuoka.

TCR-AP reported that Merrill's Japan retail brokerage posted a
net loss of 8.4 billion yen in the year ended March 2001. It had
losses of 7.4 billion yen a year earlier and 8.8 billion yen the
year before that.


MITSUBISHI MOTORS: Daimler Truck Ops Talks Ongoing
--------------------------------------------------
In a statement, Mitsubishi Motors Corp said it is still in talks
with DaimlerChrysler AG over the latter's plan to acquire a
minority stake in Mitsubishi Motor's Fuso truck-making unit, but
no decision has been made yet. DaimlerChrysler plans to acquire
the stake if Fuso is floated.

"We are in discussions on how to continue our truck and bus
operations, in alliance with DaimlerChrysler," Mitsubishi Motors
Ran Koike said.

"This has been talked about for a long time before, but as we
have said in the past, we have not made any decision so we
cannot make any comment at this time," he added. (M&A REPORTER -
ASIA PACIFIC, Vol. No.1, Issue No. 143, July 22, 2002)


NATIONAL OIL: Law Orders to Dissolve Debt Ridden Oil Firm
---------------------------------------------------------
The Law enacted Friday to dissolve debt-ridden Japan National
Oil Corp (JNOC) on March 2005 and reshuffle the national oil
exploration and petroleum stockpiling policy, Kyodo News said
Friday.

The legislation is aiming to scale down state-backed functions
while maintaining key government roles in cushioning risks such
as providing oil-development funds by setting up a new entity.

To see a copy of JNOC's balance sheet as of March 2000, go to
http://bankrupt.com/misc/JNOC_financials2000.htmor
http://www.jnoc.go.jp/english/corp/sheet.html


MIZUHO HOLDINGS: Dissolves Subsidiary
-------------------------------------
Mizuho Holdings, Inc. announced on Friday that its wholly-owned
subsidiary, Mizuho Corporate Bank, Ltd. (MHCB), decided to take
necessary steps to dissolve Wincome Property Trust Management
Co., Ltd., MHCB's subsidiary:

1. The Subsidiary to be Dissolved

Corporate Name Wincome Property Trust Management Co., Ltd.
Location 8-1 Kasumigaseki 3-chome, Chiyoda-ku, Tokyo 100-0013,
Japan
Representative Nobuaki Sasaki, President

2. Reason for Dissolution

After a careful examination of the business strategy relative to
the investment management business for J-REIT under the changing
business circumstances surrounding Japanese banks, Mizuho
Financial Group has decided to withdraw from this business and
take necessary steps to dissolve Wincome Property Trust
Management Co., Ltd.

3. Outline of the Subsidiary

Business Management Business for Investment Trust
Date of Establishment October 2000
Paid-in Capital JPY 1,000 million
Number of Common Stock issued 20 thousand
Total Asset (as of March 31, 2002) JPY 771 million
Number of Executives and Staff
(as of April 1, 2002) 11
Ownership Mizuho Corporate Bank, Ltd.(58 percent)
Mitsui Fudosan Co., Ltd.(14 percent)
Others(28 percent)
Recent Performance
(Fiscal Year Ended Mar. 2002) Ordinary Losses  JPY 245 million
Net Loss  JPY 245 million

4. Scheduled Date of Dissolution: By the end of September 2002

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


NTT DOCOMO: Withdraws From Car Phone Market
-------------------------------------------
NTT DoCoMo Inc will withdraw from the car phone market, Kyodo
News said Friday, citing President Keiji Tachikawa.

Tachikawa said there are only 70,000 vehicles equipped with a
cellular phone in Japan and it's a waste to prepare relay
stations only for them.

He said NTT DoCoMo would instead try to make mobile phones more
suited for use in a car.

In April, NTT DoCoMo, Inc. announced that its Board of Directors
decided to recognize impairment losses with respect to some of
its overseas investee affiliates, TCR-AP reports.

The Company is recognizing a further impairment loss amounting
to Y550 billion for the year ended March 31, 2002 to reflect
significant drops in the market price or fair value of the
shares of some of its overseas investee affiliates.


ORIENT CORP: Enters Three-year Reform Plan
------------------------------------------
The government decided to apply the industrial revitalization
law to ailing Orient Corporation in order to obtain tax breaks,
Kyodo News said Saturday.

Under its three-year reform plan, the struggling consumer credit
Company is to improve its capital by 100 billion yen.

TCR-AP reported that Orient Corp is aiming to liquidate four
units and to lessen its capital to Y23 billion from Y74.9
billion to write off the liquidation losses and other group
losses.


SNOW BRAND: Recalling Yogurt Products
-------------------------------------
Snow Brand Milk Products Co. recalled about 3,600 500-gram cups
of its yogurt product "PROGB 500 grams" due to bacteria content
exceeding Company standards, Dow Jones and Kyodo News said
Thursday.

The product in question was produced manufactured Tuesday at
Snow Brand's plant in Kobe and shipped in western Japan.

TCR-AP reported that Snow Brand suffered a group net loss of Y23
billion for the current fiscal year. The dairy product
manufacturer is trying to reduce Y180 billion in interest-
bearing debt to Y95 billion.


TESAC CORP: Rope Producer Files For Bankruptcy
----------------------------------------------
Tesac Corp has filed for protection from creditors with the
Osaka District Court, with total liabilities of 40 billion yen,
Kyodo News and Dow Jones reported Saturday.

The rope manufacturer said the court accepted the bankruptcy
filing under the Corporate Rehabilitation Law.

For the fiscal year ended March 2002, Tesac posted a group net
loss of Y2.06 billion and sales of Y11.27 billion.

The Tokyo Stock Exchange said Tesac shares would be delisted on
October 20.

According to Wright Investor's Service, at the end of 2002,
Tesac had negative working capital, as current liabilities were
24.47 billion yen while total current assets were only 6.09 yen
billion.

About the Company

Tesac Corporation was established in 1943 and is mainly engaged
in the manufacture of wire rope and is the second largest rope
manufacturer in Japan. The company is also involved in diverse
activities including the manufacture of construction materials
and resin products. Steel rope and wire accounted for 32% of
fiscal 1999 revenues; synthetic resin products such as threads,
cloth and bags, wholesale of imported jute yarns, cloth, bags,
23%; synthetic fiber rope, 14%; construction materials, 13% and
leasing and rental of buildings and other related business, 18%.
The company has sixteen consolidated subsidiaries, fifteen in
Japan and one in Malaysia.

Address:

2-8, NAKANOSHIMA 2-CHOME
KITA-KU  OSAKA  530-8253
Japan
Phone   +81 6 62271860
Home Page http://www.tesac.co.jp/


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


HYNIX SEMICONDUCTOR: Shareholders Propose Capital Writedown
-----------------------------------------------------------
Minority shareholders of Hynix Semiconductor Inc. will propose a
writedown of the Company's capital at a shareholders meeting on
July 24, Dow Jones and Seoul Economic Daily reported Friday.

The report said the group would ask for different writedown
ratios to be applied to major and minor shareholders. Majority
shareholders, Hynix' creditor banks, can write down their shares
at a ratio of 20-for-1, while minority individual shareholders
have a ratio of 5-for-1.

The group will also ask the creditors to write off some of
Hynix' debt and reschedule payments.


KIA MOTORS: Unionists End Strike
--------------------------------
Kia Motors unionists and management has agreed to suspend a
month long partial strike, which cost the automaker an estimated
450 billion won ($381.4 million) and 35,000 vehicles in lost
production since June 24, The Korea Herald reports.

Kia unionists have returned to full-scale operations and are to
hold a vote on the tentative agreement July 23.

Under the tentative deal, both parties decided to raise
employees monthly wage by 9.1 percent, or 95,000 won, and the
payment of 150 percent of a monthly salary and 800,000 won in a
special performance bonus.

According to unnamed Company executives Kia is saddled with 1.9
trillion won in debts and unclear business conditions in the
second half, explaining difficulties in working out an agreement
with the labor.


KOREA ELECTRIC: Issues Dollar Bonds to Repay Y76.7B in Loans
------------------------------------------------------------
Korea Electric Power Corp. (KEPCO) will issue 76.7 billion yen
worth of U.S. dollar-denominated bonds to repay 76 billion yen
loans maturing soon. Dow Jones said Friday.

The Company said it expects the bonds to carry a coupon rate of
about 1.55 percent. The report did not mention the bonds
maturity or issuance date.

KEPCO had planned to issue $300 million of five-year bonds last
month to repay maturing foreign debt but delayed the plan. It
then repaid the $300 million debt that matured July 1 with
dollars it had bought from the market.

According to TCR-AP, as of June 30 2001, Seoul's electric
utility Company has current assets of $3.25 billion against
current liabilities of $7.2 billion.

DebtTraders reports that Korea Electric Power Corp's 8.250% bond
due in 2005 (KORE05KRN1) trades between 110.996 and 111.576. For
real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=KORE05KRN1


SHINHAN BANK: Delays Bond Pricing to Correct Documentation
----------------------------------------------------------
The pricing on Shinhan Bank's $200 million three-year euro bonds
will be delayed to Monday or Tuesday next week in order to
correct some documentation, Dow Jones said Friday, citing
unnamed Company official.

The pricing was originally scheduled for Thursday or Friday.

The bank was asked to include its 2002 first-half earnings
figures in the documentation by the London Stock Exchange,
according to Financing Department Manager Noh Yong-hoon.

The bonds will likely be issued on July 26 if they are priced
Tuesday.

In March, Troubled Company Reporter Asia Pacific reported that
FSS was investigating Shinhan Bank branches in Tokyo and Osaka
until March 21 because of losses worth W30 billion due to loans
it extended to former Chairman Lee Hee-gun. The agency had
focused its inspection on the size and impact the losses would
have on branch operations.


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


BERJAYA SPORTS: Rights Issue Oversubscribed
-------------------------------------------
On behalf of the Board of Directors of Berjaya Sports Toto
Berhad, Commerce International Merchant Bankers Berhad announced
that at the close of acceptance and payment of the Rights Issue
at 5:00 p.m. on 15 July 2002, total acceptances and excess
applications received for the Rights Issue was for RM781,422,666
nominal value of Irredeemable Convertible Unsecured Loan Stocks
2002/2012 (ICULS).  This represents an over-subscription of
RM30,074,061 nominal value of ICULS or approximately 4% over the
total number of RM751,348,605 nominal value of ICULS available
for subscription under the Rights Issue.

Details of acceptances, including excess applications received
as at the close of acceptance and payment for the Rights Issue
at 5:00 p.m. on 15 July 2002 are set out in Table 1 at
http://www.bankrupt.com/misc/TCRAP_Btoto0723.gif

Profile

The Company's core business has evolved from the manufacture of
light fittings in the 70s to trading in construction materials
and property development in the 80s. Today, the Company is one
of the key players in the gaming business, operating Toto
betting through its principal subsidiary, Sports Toto Malaysia
Sdn Bhd.

On the international scene, the Group supplies and maintains a
computerized on-line lottery system in the Luzon Region,
Philippines. It is also the consultant cum project manager to
restructure and improve the operation and administration of the
Department of National Lotteries in Ghana. The Company's
Philippines operation is held through its 51.5% owned
subsidiary, Berjaya Lottery Management (HK) Ltd (BLHK). BLHK
holds 71.4% in International Lottery and Totalisator Systems,
Inc, and 68.5% in Prime Gaming Philippines, Inc, a company
listed on the Philippine Stock Exchange.

In December 2000, the Company proposed a special cash dividend
of 170%, rights issue of ICULS and increase in authorized share
capital to RM2b. The ICULS issue forms part of a repayment
scheme between the Company and its immediate holding company,
Berjaya Land Bhd (B-Land), to settle inter-company advances of
the latter via liquidation of the ICULS in the open market or
redemption of the ICULS. B-Land has committed to resolve the
inter-company advances within three years from the ICULS issue
date. The proposals are still pending shareholders' approval.


EMICO HOLDINGS: MITI Approves Revised Proposed Rights Issue
-----------------------------------------------------------
On behalf of the Board of Directors of Emico Holdings Berhad,
Affin Merchant Bank Berhad, pertaining to the Proposals,
announced that the Ministry of International Trade and Industry
(MITI) had, on 13 July 2002 approved the revised proposed rights
issue as announced on 28 February 2002 subject to approvals
from:

   (a) Securities Commission; and
   (b) Foreign Investment Committee

The "PROPOSALS" refers to:

   * Proposed Debt Restructuring Scheme
   * Proposed Two-Call Rights Issue
   * Proposed Employees Share Option Scheme


LIEN HOE: No Change in Loan Stocks Defaulted Status
---------------------------------------------------
Lien Hoe Corporation Berhad announced that there is no change to
the status with regard to the default on the Redeemable Secured
Loan Stocks Due August 2000 as announced previously on 20 June
2002.

On Friday TCR-AP reported that Lien Hoe has, pertaining to the
Proposed Acquisitions on 13 June 2002, completed the Proposed
Acquisitions on 13 July 2002. The Proposed Acquisition includes:

   * Proposed acquisition of the entire equity interest in
Billiontex Industries Sdn Bhd

   * Proposed acquisition of t ++++-he entire equity interest in
Rusella Teguh Sdn Bhd


MALAYSIAN GENERAL: Enters New Restructuring Scheme Agreement
------------------------------------------------------------
On behalf of Malaysian General Investment Corporation Berhad,
AmMerchant Bank Berhad announced on 7 June 2002 that MGIC has
entered into a memorandum of understanding (MOU) with the vendor
of the Sumatec Corporation Sdn Bhd (Sumatec) group of companies
(Sumatec Group), Tekad Mulia Sdn Bhd (Tekad Mulia) and the
vendors of the Isuta International Sdn Bhd (Isuta) group of
companies (Isuta Group), Ang Chew Lim and Chua Kiat Eng
(collectively to be referred to as "Vendors") with a view to
jointly structure the terms of the Company's new proposed
restructuring scheme in a manner which shall be beneficial to
both parties.

In this respect, AmMerchant Bank, on behalf of the Company,
announced that the Company, the Vendors and Sumatec Resources
Berhad (SRB) have on 16 July 2002 entered into an agreement
setting out the details of the Company's new restructuring
scheme and also the undertakings and obligations of the parties
thereto (Master Agreement), for the purposes of, inter-alia,
giving effect to and implementing the Company's new
restructuring scheme which involve the following:

   (a) proposed exchange of all the existing ordinary shares of
RM1.00 each (Shares) in MGIC with new Shares in SRB on the basis
of one (1) new Share in SRB for every five (5) existing Shares
held in MGIC (Proposed Share Exchange);

   (b) proposed debt settlement exercise between MGIC, MGIC
Construction Sdn Bhd (MGICC), Magic Hill Resort Sdn Bhd (MHR)
(collectively to be referred to as "Scheme Companies") and their
respective creditors, save for the trade creditors (Creditors),
involving the issuance of new Shares in SRB to the Creditors as
full and final settlement of the outstanding debts due from the
Scheme Companies to the Creditors (Proposed Debt Settlement);

   (c) proposed acquisitions of the entire issued and paid-up
share capital of Sumatec comprising 10,000,000 Shares and the
entire issued and paid-up share capital of Isuta comprising
3,000,000 Shares for a total purchase consideration of
RM145,000,000 to be satisfied by the issuance of new Shares in
SRB (Proposed Acquisitions);

   (d) proposed waiver to SRB and parties acting in concert with
it, if any, from the obligation to extend a mandatory general
offer (GO) for all the remaining Shares not already owned by
them in two (2) of the associated companies of Sumatec pursuant
to the Proposed Acquisitions (Proposed GO Waiver For SRB);

   (e) proposed waiver to the vendor of the Sumatec Group, Tekad
Mulia and parties acting in concert with it, namely the vendors
of the Isuta Group (Parties Acting In Concert), from the
obligation to extend an unconditional mandatory GO for all the
remaining Shares not already owned by them in SRB after the
Proposed Acquisitions (Proposed GO Waiver);

   (f) proposed offer for sale / placement of the Shares held by
the Creditors and the Vendors in SRB in order to comply with the
minimum 25% public shareholding spread requirement (Proposed
Offer For Sale / Placement);

   (g) proposed admission of the entire enlarged issued and
paid-up share capital of SRB to the Official List of the KLSE
and proposed delisting of MGIC (Proposed Listing); and

   (h) proposed liquidation of MGIC and all of its subsidiaries
(Proposed Liquidation).

(items (a) to (h) to be collectively referred to as "Proposed
Restructuring Scheme")

This announcement serves as the Company's Requisite Announcement
as required under paragraph 5.1(a) of PN4/2001.

DETAILS OF THE PROPOSED RESTRUCTURING SCHEME

Proposed Share Exchange

It is proposed that all the existing Shares in MGIC be exchanged
with new Shares in SRB on the basis of one (1) new Share in SRB
for every five (5) existing Shares held in MGIC. In effect, the
said exchange amounts to a capital reduction of 80 sen for every
existing Share held in MGIC.

Upon completion of the Proposed Share Exchange, MGIC will become
a wholly-owned subsidiary of SRB. It is the intention of SRB to
acquire and hold MGIC exclusively for the implementation of the
Proposed Restructuring Scheme with a view of its subsequent
liquidation, as further explained in Section 2.8 of this
announcement.

Pursuant to the Proposed Share Exchange, the shareholders of
MGIC will receive 12,891,367 new Shares in SRB in exchange for
64,456,834 Shares in MGIC previously held by them.

The new SRB Shares to be issued pursuant to the Proposed Share
Exchange shall, upon allotment and issue, rank pari passu in all
respects with the then existing issued Shares in SRB except that
the new SRB Shares shall not be entitled to any dividends,
rights, bonuses, issues or other allotments or distributions
which relevant book closing date is on or before the date of
allotment and issue.

The Proposed Share Exchange will be implemented by way of a
scheme of arrangement pursuant to Section 176 of the Companies
Act, 1965 (Act) for it to be enforceable and binding on all
members of the Company.

Upon completion of the Proposed Restructuring Scheme, SRB will
become the investment holding company for the restructured
group. SRB will subsequently be admitted to the Official List of
the KLSE and MGIC will be delisted accordingly pursuant to the
Proposed Restructuring Scheme.

SRB was incorporated in Malaysia as a public company under the
Act on 22 April 1997. The authorized share capital of SRB is
RM100,000 comprising 100,000 Shares, of which 2 Shares have been
issued and fully paid-up. SRB is currently dormant. The
shareholders and directors of SRB are Adnan bin Hasan and Abd
Aziz bin Hamat. They have equal shareholdings in SRB. SRB will
increase its authorized share capital prior to the
implementation of the Proposed Restructuring Scheme to
accommodate the expected increase in the issued and paid-up
share capital pursuant to the components of the Proposed
Restructuring Scheme.

Proposed Debt Settlement

The Proposed Debt Settlement will involve the MGIC bond
guarantors, MGIC unsecured bank creditors, MHR secured creditor
and MGICC unsecured bank creditors.

It is proposed that SRB settles all the outstanding principal as
at 31 December 1998 together with the interest accrued thereon
due and owing to the Creditors by the Scheme Companies through
the issuance of new Shares in SRB in accordance with the terms
as set out hereunder. Upon implementation of the Proposed Debt
Settlement, all claims by the Creditors shall be deemed to have
been fully and irrevocably settled and thereby discharged, and
the Creditors shall have no claims whatsoever against the Scheme
Companies in relation to the outstanding debt.
The new SRB Shares to be issued pursuant to the Proposed Debt
Settlement shall, upon allotment and issue, rank pari passu in
all respects with the then existing issued Shares in SRB except
that the new SRB Shares shall not be entitled to any dividend
which may be declared prior to the date of allotment of the new
SRB Shares.

The Proposed Debt Settlement may be implemented by way of a
scheme of arrangement pursuant to Section 176 of the Act, if
necessary, for it to be enforceable and binding on all the
Creditors.

Proposed debt settlement involving the MGIC bond guarantors

The MGIC bond guarantors have been classified as the class of
creditors comprising the financial institutions who had
guaranteed the RM70.0 million nominal amount of non-interest
bearing Redeemable Unsecured Guaranteed Bonds 1995/2000 pursuant
to a syndicated bank guarantors facility agreement dated 20
February 1995. The MGIC bond guarantors are secured by way of a
third party first fixed charge on an office building situated on
a piece of land located in the Town of Kuala Lumpur, District of
Wilayah Persekutuan known as "Wisma MGIC" belonging to MGIC's
wholly-owned subsidiary, Pearl Crest Holdings Sdn Bhd, and fixed
and floating charges through a deed of debenture dated 20
February 1995.

As at 31 March 2002, the total debt due and owing is
approximately RM63.929 million comprising approximately RM44.999
million in principal and RM18.930 million in interest accrued up
to and including 31 March 2002.

The total debt due and owing to the MGIC bond guarantors is
proposed to be treated as follows:

   (i) All interest and penalty charges, if any, arising after
31 December 1998 shall be completely waived;

   (ii) All collateral held is deemed to be valued at RM22.0
million and accordingly, the outstanding debt is deemed to be
secured up to RM22.0 million with any balance of the outstanding
debt thereof to be dealt with as unsecured debt;

   (iii) The collateral shall be dealt with by the MGIC bond
guarantors pursuant to the power vested upon them under the
security document or the National Land Code;

   (iv) The recovery or realization value thereof shall be
retained to satisfy the secured portion of the debt including
all interest arising after 31 December 1998 until 31 March 2002,
which is to be waived under the terms of the debt settlement and
the unsecured portion of the debt to be written-off under the
terms of the debt settlement;

   (v) 51.5% of the unsecured portion of the debt to be written-
off; and

   (vi) 48.5% of the unsecured portion of the debt to be
converted into new Shares in SRB on the basis of one (1) new
Share for every RM1.00 debt with fractions disregarded.

Proposed debt settlement involving the MGIC unsecured creditors

The MGIC unsecured creditors have been classified as the class
of creditors comprising financial institutions with credit
facilities extended to MGIC which are not secured by any
tangible asset. As at 31 March 2002, the total debt due and
owing is approximately RM26.181 million comprising approximately
RM16.605 million in principal and RM9.576 million in interest
accrued up to and including 31 March 2002.

The total debt due and owing to the MGIC unsecured creditors is
proposed to be treated as follows:

   (i) All interest and penalty charges, if any, arising after
31 December 1998 shall be completely waived;

   (ii) 51.5% of the outstanding debt to be written-off; and

   (iii) 48.5% of the outstanding debt to be converted into new
Shares in SRB on the basis of one (1) new Share for every RM1.00
debt with fractions disregarded.

Proposed debt settlement involving the MHR secured creditor

The MHR secured creditor has been classified as the class of
creditor comprising a financial institution with a credit
facility extended to MHR which is secured by way of a third
party first fixed charge on a long leasehold land belonging to
MHR's wholly-owned subsidiary, FGCC Berhad (FGCC), and fixed and
floating charges through a deed of debenture dated 12 December
1994. Corporate guarantees have also been extended by MGIC and
Fraser's Hill Development Corporation (FHDC) respectively on the
facility obtained from the MHR secured creditor.

As at 31 March 2002, the total debt due and owing is
approximately RM9.272 million comprising approximately RM6.0
million in principal and RM3.272 million in interest up to and
including 31 March 2002.

The total debt due and owing to the MHR secured creditor shall
be settled by SRB pursuant to MGIC's liabilities under the
corporate guarantee.

The total debt due and owing to the MHR secured creditor is
proposed to be treated as follows:

   (i) All interest and penalty charges, if any, arising after
31 December 1998 shall be completely waived;

   (ii) All collateral held is deemed to be valued at RM4.5
million and accordingly, the outstanding debt is deemed to be
secured up to RM4.5 million with any balance of the outstanding
debt thereof to be dealt with as unsecured debt;

   (iii) The collateral shall be dealt with by the MHR secured
creditor pursuant to the power vested upon them under the
security document or the National Land Code;

   (iv) The recovery or realization value thereof shall be
retained to satisfy the secured portion of the debt including
all interest arising after 31 December 1998 until 31 March 2002
which is to be waived under the terms of the debt settlement and
the unsecured portion of the debt to be written -off under the
terms of the debt settlement;

   (v) 51.5% of the unsecured portion of the debt to be written-
off;

   (vi) 48.5% of the unsecured portion of the debt to be
converted into new Shares in SRB on the basis of one (1) new
Share for every RM1.00 debt with fractions disregarded; and

   (vii) The corporate guarantees provided by MGIC and FHDC
shall be discharged upon implementation of the Proposed Debt
Settlement. Accordingly, MGIC and FHDC shall be released
absolutely.

Proposed debt settlement involving the MGICC unsecured creditors

The MGICC unsecured creditors have been classified as the class
of creditors comprising financial institutions with credit
facilities extended to MGICC which are not secured by any
tangible asset. Nevertheless, MGIC has extended corporate
guarantees on the facilities obtained from the MGICC unsecured
creditors. As at 31 March 2002, the total debt due and owing is
approximately RM10.882 million comprising approximately RM8.0
million in principal and RM2.882 million in interest accrued up
to and including 31 March 2002.

The total debt due and owing to the MGICC unsecured creditors
shall be settled by SRB pursuant to MGIC's liabilities under the
corporate guarantee.

The total debt due and owing to the MGICC unsecured creditors is
proposed to be treated as follows:

   (i) All interest and penalty charges, if any, arising after
31 December 1998 shall be completely waived;

   (ii) 51.5% of the outstanding debt to be written-off;

   (iii) 48.5% of the outstanding debt to be converted into new
Shares in SRB on the basis of one (1) new Share for every RM1.00
debt with fractions disregarded; and

   (iv) The corporate guarantee provided by MGIC shall be
discharged upon implementation of the Proposed Debt Settlement.
Accordingly, MGIC shall be released absolutely.

Proposed Put & Call Options

As part of the Proposed Debt Settlement, the Vendors will also
enter into a Put and Call Option agreement with the Creditors
for 50% of the new SRB Shares to be issued to the Creditors
pursuant to the Proposed Debt Settlement, representing a total
of 12,494,085 Shares in SRB, which is to be purchased / acquired
free from all liens, charges, pledges and encumbrances. The
salient features of the Put Options and Call Options are set out
in Tables 1 and 2 respectively at
http://www.bankrupt.com/misc/TCRAP_MGIC0723.pdf.The Put Options
and Call Options are inter-conditional.

Proposed Acquisitions

Details Of The Proposed Acquisitions

Upon completion of the Proposed Debt Settlement, it is proposed
that SRB acquires the entire issued and paid-up share capital of
Sumatec and Isuta respectively. In this respect, on 12 July
2002, SRB has entered into the following agreements for the
purposes of the Proposed Acquisitions:

   (i) a conditional share sale agreement with Tekad Mulia for
the proposed acquisition of the entire issued and paid-up share
capital of Sumatec comprising 10,000,000 Shares (Sumatec Shares)
for a purchase consideration of RM100,000,000 (Conditional
SPA1); and

   (ii) a conditional share sale agreement with Ang Chew Lim and
Chua Kiat Eng for the proposed acquisition of the entire issued
and paid-up share capital of Isuta comprising 3,000,000 Shares
(Isuta Shares) for a purchase consideration of RM45,000,000
(Conditional SPA2).

The Conditional SPA1 and Conditional SPA2 (collectively to be
referred to as "Conditional SPAs") are inter-conditional upon
each other.

The total purchase consideration of RM145,000,000 is to
satisfied by the issuance of 145,000,000 new Shares in SRB at an
issue price of RM1.00 per Share.

The Proposed Acquisitions are subject to the terms and
conditions of the Conditional SPAs.

Upon completion of the Proposed Acquisitions, Sumatec and Isuta
will become wholly-owned subsidiaries of SRB. Pursuant to the
Proposed Acquisitions, the principal activities of the Sumatec
Group will be the core business of the SRB group of companies
(SRB Group) going forward.

Salient Terms Of The Proposed Acquisitions

Conditions Precedent

The Conditional SPAs is conditional upon the following
conditions being satisfied by within a period of six (6) months
from the date of the Conditional SPAs or within such further
period as may be mutually agreed upon by the parties thereto in
writing, namely:

   (a) the approval of the shareholders of SRB for the purchase
of the Sumatec Shares and Isuta Shares respectively and for the
issuance and allotment of the new SRB Shares to the Vendors in
accordance with the terms and conditions of the Conditional
SPAs;

   (b) the approval of each class of the Creditors to the
Proposed Debt Settlement at scheme meetings to be convened by
the High Court of Malaya (Court) pursuant to Section 176 of the
Act, if required;

   (c) the Court sanction being obtained pursuant to Section 176
of the Act for the Proposed Debt Settlement, if required;

   (d) the relevant approval of the shareholders of MGIC at an
Extraordinary General Meeting (EGM) and at a scheme meeting to
be convened by the Court pursuant to Section 176 of the Act in
respect of the Proposed Share Exchange;

   (e) the Court sanction being obtained pursuant to Section 176
of the Act for the Proposed Share Exchange;

   (f) the approval of the SC for the Proposed Restructuring
Scheme;

   (g) the approval of the SC to the issuance of the new SRB
Shares pursuant to the Proposed Acquisitions;

   (h) the granting of an exemption by the SC to Tekad Mulia for
the Proposed GO Waiver and also to SRB from the obligation of a
mandatory GO for all the remaining Shares in the
subsidiaries/associated companies of Sumatec (if required);

   (i) the approval-in-principle of the KLSE for the Proposed
Listing;

   (j) the approval of the Foreign Investment Committee (FIC) of
the Prime Minister's Department and the Ministry of
International Trade and Industry (MITI) for the Proposed
Acquisitions;

   (k) the approval or consent of the financiers of Sumatec (if
required) in accordance with the terms of the financing
arrangement or facilities granted to Sumatec and Isuta
respectively;

   (l) the approval of the board of directors of Sumatec and
Isuta for the sale and transfer and registration of the Sumatec
Shares and Isuta Shares respectively by the Vendors to SRB;

   (m) the approval or waiver of any regulatory requirement by
any other relevant authorities, if required; and

   (n) the conclusion to the satisfaction of MGIC of a legal and
financial due diligence on Sumatec and Isuta respectively.

Adjustments To The Purchase Consideration

The purchase consideration for the Proposed Acquisitions and the
number of new SRB Shares shall be adjusted accordingly to
reflect the purchase consideration as may be approved by the SC
(Approved Purchase Consideration) PROVIDED ALWAYS THAT the
Approved Purchase Consideration shall not in any event be varied
by more than ten percent (10%) from the purchase consideration.
Should the Approved Purchase Consideration be varied by more
than ten percent (10%), the parties shall be allowed to
renegotiate the terms and conditions of the Conditional SPAs and
mutually agree on a new purchase consideration in respect of the
Sumatec Shares and Isuta Shares.

Shares Acquired Free From Encumbrances

Subject to the terms of the Conditional SPAs, the Sumatec Shares
and Isuta Shares shall be acquired free from all charges or
liens or any other encumbrances and with all rights now or
thereinafter attaching thereto including but without limitation
to all bonuses, rights, dividends and distributions declared,
paid or made in respect thereof as from the date of completion
of the Proposed Acquisitions.

Basis Of Arriving At The Purchase Consideration

The purchase consideration for the Proposed Acquisitions was
arrived at on a willing-buyer willing-seller basis after taking
into consideration the earnings potential of the Sumatec Group
and Isuta Group respectively.

Basis Of Determining The Issue Price For The New SRB Shares

The issue price for the new SRB Shares to be issued pursuant to
the Proposed Acquisitions is based on the par value of the SRB
Shares.

Ranking Of The New SRB Shares

The new SRB Shares to be issued pursuant to the Proposed
Acquisitions shall, upon allotment and issue, rank pari passu in
all respects with the then existing issued Shares in SRB except
that the new SRB Shares shall not be entitled to any dividends,
rights, allotments and/or distributions, the entitlement date of
which is prior to the date of allotment of the new SRB Shares.

Original Cost Of Investment

As at 30 June 2002, being the latest practicable date to this
announcement, the total cost of investment for the Vendors are
set out in Table 3 found at
http://www.bankrupt.com/misc/TCRAP_MGIC0723.pdf.

Liabilities To Be Assumed

Apart from the liabilities incurred in the normal course of
business, SRB is not expected to assume any other liabilities
pursuant to the Proposed Acquisitions.

Moratorium On SRB Shares

In compliance with item 18.09(5) of Chapter 18 of the Securities
Commission's (SC) Policies and Guidelines on Issue / Offer of
Securities (SC Guidelines), the Vendors will place a total of
72,500,000 SRB Shares to be received as consideration for the
Proposed Acquisitions under moratorium.

Accordingly, the Vendors will not be allowed to sell, transfer
or assign the Moratorium Shares within one (1) year from the
admission of SRB to the Official List of the KLSE. Thereafter,
the Vendors are permitted to sell, transfer or assign up to a
maximum of one third (1/3) per annum (on a straight line basis)
of the Moratorium Shares.

The Vendors will pledge a total of 12,494,085 SRB Shares which
also form part of the Moratorium Shares as security for the
Proposed Put Options between the Vendors and the Creditors.

Proposed GO Waiver For SRB

Pursuant to Part II Section 6 of the Malaysian Code on Take-
Overs & Mergers, 1998 (Code), SRB and parties acting in concert
with it, if any, will be required to extend a mandatory GO for
all the remaining Shares not already owned by them in two (2) of
the associated companies of Sumatec, namely UHP Engineering Sdn
Bhd and Indotec Sdn Bhd, pursuant to the Proposed Acquisitions.
An application will be made by SRB and parties acting in concert
with it, if any, to seek a waiver from this obligation under
Practice Note 2.9.3 of the Code (exemption under rescue
operation).

Proposed GO Waiver

Upon completion of the Proposed Acquisitions, the vendor of the
Sumatec Group, Tekad Mulia, will hold 100,000,000 Shares in SRB
representing approximately 54.69% of its enlarged issued and
paid-up share capital.

Pursuant to Part II Section 6 of the Code, Tekad Mulia and
Parties Acting In Concert will be required to extend an
unconditional mandatory GO for all the remaining Shares not
already owned by them in SRB after the Proposed Acquisitions. An
application will be made by Tekad Mulia and Parties Acting In
Concert to seek a waiver from this obligation under Practice
Note 2.9.3 of the Code (exemption under rescue operation).

Proposed Offer For Sale / Placement

The public shareholding spread requirement as stipulated in the
SC Guidelines and KLSE Listing Requirements requires that at
least 25% of the issued and paid-up capital of a public listed
company (PLC) be in the hands of the public with a minimum
number of 1,250 shareholders holding not less than 1,000 Shares
in the PLC whereby at least 750 shareholders are public
shareholders who are not employees of the PLC, its subsidiaries
or holding company. However, out of the minimum requirement, 500
shareholders could also be employees of the PLC and its
subsidiaries.

It is proposed that in order to comply with the public
shareholding spread requirement, the Proposed Offer For Sale /
Placement will be undertaken in the following manner:

   (a) the Creditors will undertake an offer for sale /
placement of 50% of the Shares held by them in SRB represented
by a total of 12,494,085 Shares, on a proportionate basis, to
the Malaysian public at an offer price of RM1.00 per Share as an
avenue for the Creditors to realize their holdings; and

   (b) the Vendors will undertake an offer for sale / placement
of the Shares held by them in SRB, on a proportionate basis, to
the Malaysian public at an offer price of RM1.00 per Share to
meet the shortfall in the 25% public shareholding spread
requirement after taking into consideration the number of Shares
to be offered for sale / placed out by the Creditors. In this
respect, the Vendors will offer for sale / place out a total of
7,840,348 SRB Shares.

In short, a total of 20,334,433 SRB Shares will be offered for
sale / placed out pursuant to the Proposed Offer For Sale /
Placement.

Proposed Listing

Upon completion of the Proposed Offer For Sale / Placement, MGIC
will be delisted from the Main Board of the KLSE and SRB will be
admitted to the Official List of the KLSE with the listing of
its entire enlarged issued and paid-up share capital on the Main
Board of the KLSE.

Proposed Liquidation

As an integral part of the Proposed Restructuring Scheme, it is
proposed that MGIC and all of its subsidiaries be liquidated
either by way of disposal, winding-up or divestment by any other
means, amongst others, to facilitate the recovery of the secured
portion of the debts due and owing by MGIC and MHR to the MGIC
bond guarantors and MHR secured creditor respectively, subject
always that the distribution pursuant to the Proposed
Liquidation will be undertaken in accordance with the law and
regulation of the Act and the Companies (Winding Up) Rules 1972.

The components of the Proposed Restructuring Scheme are inter-
conditional upon each other and will only be implemented upon
all the relevant conditions being satisfied. However, the
Company or SRB may, with the written consent of the Vendors and
to the extent permissible by law, proceed with any one or more
of the components and waive any of the conditions not satisfied.

RATIONALE FOR THE PROPOSED RESTRUCTURING SCHEME

The MGIC group of companies (MGIC Group) has not been able to
service the interest on their borrowings and repay the principal
of their outstanding loans / facilities due its poor financial
position. In fact, the operational ability of the existing
businesses of the MGIC Group is significantly impaired, thus
threatens the MGIC Group's future viability as a going-concern.
For the financial year ended 31 December 2001, the deficit in
the shareholders' funds was approximately RM34.303 million
whilst the total borrowings of the MGIC Group was approximately
RM108.036 million. In the absence of a plan to regularize its
financial condition, the Company would likely face liquidation
or placed under receivership. Hence, the Proposed Restructuring
Scheme was formulated by the Company, its advisers and the
Vendors with the following primary objectives:

   (i) to enable the existing shareholders of MGIC to recover
part of their investment through the Proposed Share Exchange and
also participate in the future profitability of the assets /
businesses to be acquired by SRB, namely the Sumatec Group and
Isuta Group; and

   (ii) to enable the Scheme Companies to restructure and
discharge in an equitable and orderly manner the outstanding
loans / facilities which will allow the Creditors to receive a
significantly higher return than they would otherwise receive if
the Scheme Companies were to be liquidated or placed under
receivership. In addition, the Proposed Put & Call Options
provides the Creditors with an avenue to realize their
shareholdings in SRB. In short, the Proposed Debt Settlement
proposes a better alternative for the Scheme Companies and the
Creditors.

In essence, the Proposed Restructuring Scheme will assist the
MGIC Group in restructuring and regularizing its financial
condition in accordance with the requirements of PN4/2001 on the
criteria and obligations of an affected listed issuer pursuant
to paragraph 8.14 of the KLSE Listing Requirements.

The Proposed Restructuring Scheme will be undertaken via SRB
which will become the new holding company for the restructured
group and subsequently be admitted to the Official List of the
KLSE, in place of MGIC which will be delisted from the Main
Board of the KLSE. The use of SRB as a special purpose-vehicle
for the purposes of facilitating the implementation of the
Proposed Restructuring Scheme would also safeguard the long-term
interest of the new assets / businesses to be acquired and the
shareholders of MGIC against unknown liability threats of the
MGIC Group. In addition, the Proposed Restructuring Scheme will
substantially alleviate the current debt burden of the Scheme
Companies through debt write-offs and debt conversion into new
SRB Shares whilst the acquisition of the new assets / businesses
which are already income-generating will be instrumental in
placing the restructured group on a stronger financial footing,
providing the SRB Group with the much desired stream of earnings
coupled with healthy cashflow position.

CONDITIONS TO THE PROPOSED RESTRUCTURING SCHEME

The Proposed Restructuring Scheme is conditional upon:

   (i) the approval of the SC;

   (ii) the approval of the FIC and MITI for the Proposed
Acquisitions;

   (iii) the approval of the SC for the Proposed GO Waiver For
SRB and Proposed GO Waiver respectively;

   (iv) the approval of the shareholders of MGIC at an EGM to be
convened and at a meeting convened by the Court for the Proposed
Share Exchange pursuant to Section 176 of the Act;

   (v) the written agreement of all the Creditors or approval of
each class of the Creditors to the Proposed Debt Settlement at
the Court-convened meetings pursuant to Section 176 of the Act,
if necessary;

   (vi) the sanction of the Court for the Proposed Share
Exchange and Proposed Debt Settlement (if necessary) pursuant to
Section 176 of the Act;

   (vii) the approval-in-principle from the KLSE for the
following:

     ú admission of SRB to the Official List of the KLSE and the
listing of and quotation for its entire enlarged issued and
paid-up capital on the Main Board of the KLSE; and

     ú removal of MGIC from the Official List of the KLSE and
the delisting of its entire issued and paid-up share capital
from the Main Board of the KLSE.

   (viii) the Conditional SPAs for the Proposed Acquisitions
becoming unconditional in accordance with terms contained
therein;

   (ix) the delivery of a duly executed Put and Call Option
Agreement;

   (x) the approval of the SC for the transfer and charging of
the Security Shares pursuant to the Put and Call Option
Agreement; and

   (ix) the approval of any other relevant authorities.

An office copy of the Court order issued pursuant to item (vi)
above must be lodged with the Companies Commission of Malaysia
for the resolution on the Proposed Share Exchange and Proposed
Debt Settlement, if necessary, to take effect.

As stipulated in the Master Agreement, the Proposed
Restructuring Scheme is conditional upon the abovementioned
conditions being satisfied or fulfilled on or before the expiry
of six (6) months from the date of the Master Agreement
(Conditions Cut-Off Date) or such other date as the Vendors may
agree to in writing (Extended Conditions Cut-Off Date).

If the approvals are not obtained, fulfilled or waived by the
Conditions Cut-Off Date or the Extended Conditions Cut-Off Date
or in the event any party inform the other party in writing
within the period stipulated in the Master Agreement that it
does not accept the condition(s) and/or variations or in the
event the results of the appeal is not known by the Conditions
Cut-Off Date or the Extended Conditions Cut-Off Date, as the
case may be, the Master Agreement shall be terminated upon
receipt of the said notice or on expiry of the aforesaid dates
and thereafter, neither party shall have any rights against the
other save for the rights and obligations of the parties
pursuant to any antecedent breach of the Master Agreement.

EFFECTS OF THE PROPOSED RESTRUCTURING SCHEME

Share Capital

The changes in the issued and paid-up share capital of SRB as a
result of the Proposed Restructuring Scheme are set out in Table
5 at http://www.bankrupt.com/misc/TCRAP_MGIC0723.pdf

NTA And Gearing

The proforma effects of the Proposed Restructuring Scheme on the
NTA and gearing of the SRB Group are set out in Table 6 at
http://www.bankrupt.com/misc/TCRAP_MGIC0723.pdf.

Earnings

The effects of the Proposed Restructuring Scheme will not have
any effect on the earnings of the SRB Group for the financial
year ending 31 December 2002 as the Proposed Restructuring
Scheme is only expected to be completed latest by end June 2003.

However, barring unforeseen circumstances, the Proposed
Restructuring Scheme is expected to improve significantly the
financial position of the SRB Group in the future years.

Substantial Shareholders' Shareholding

The effects of the Proposed Restructuring Scheme on the
substantial shareholders and their shareholdings in SRB are set
out in Table 7 at
http://www.bankrupt.com/misc/TCRAP_MGIC0723.pdf.

Group Structure

The diagrams depicting the existing structure of the MGIC Group
and the structure of the SRB Group after the completion of the
Proposed Restructuring Scheme are set out in Table 8 at
http://www.bankrupt.com/misc/TCRAP_MGIC0723.pdf.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESET

None of the present or former (within the preceding twelve (12)
months from the date of the announcement on the MOU) Directors
and substantial shareholders of MGIC as well as persons
connected with them has any interest, direct and/or indirect, in
the Proposed Restructuring Scheme.

DIRECTORS' RECOMMENDATION

After taking into consideration the present weak financial
position of the MGIC Group, the rationale for the Proposed
Restructuring Scheme and after careful deliberation, the
Directors are of the opinion that the Proposed Restructuring
Scheme is in the best interests of the Company.

DEPARTURE FROM SC GUIDELINES

Item 18.09(5)(a) of Chapter 18 of the SC Guidelines stipulates
that a moratorium shall be imposed on 50% of the consideration
shares to be received by the vendor of the
assets/businesses/interests to be injected, whereby the vendor
will not be allowed to sell, transfer or assign his/her/its
shareholdings for one (1) year from the date the shares issued
as consideration for the acquisition are listed on the KLSE.
Thereafter, the vendor is allowed to sell, transfer or assign
only up to a maximum of one third (1/3) per annum (on a straight
line basis) of his/her/its respective shareholdings under
moratorium.

As previously mentioned, a total of 12,494,085 SRB Shares
(Security Shares) will be pledged as security for the Proposed
Put Options between the Vendors and the Creditors. The transfer
of the Security Shares to the Creditors for the purpose of
creating a charge over the Security Shares for the Proposed Put
Options will constitute a departure from the SC Guidelines.
Accordingly, a waiver will be sought from the SC for this
departure.

Save for the foregoing, the Proposed Restructuring Scheme does
not depart from the SC Guidelines.

TIMING FOR THE PROPOSED RESTRUCTURING SCHEME

The application for the Proposed Restructuring Scheme, save for
the Proposed GO Waiver, will be made to the SC and other
relevant authorities within two (2) months from the date of this
announcement. In addition, Tekad Mulia and Parties Acting In
Concert will make the application to the SC for the Proposed GO
Waiver within the same timeframe.

The tentative timing for the Proposed Restructuring Scheme is
set out in Table 9 at
http://www.bankrupt.com/misc/TCRAP_MGIC0723.pdf.

DOCUMENTS FOR INSPECTION

The Master Agreement for the Proposed Restructuring Scheme and
Conditional SPAs for the Proposed Acquisitions will be available
for inspection at the registered office of MGIC at No. 4B, 4th
Floor, Wisma MGIC, 38, Jalan Dang Wangi, 50100 Kuala Lumpur
during normal office hours from Mondays to Fridays (except
public holidays) from the date of this announcement to the date
of the EGM for the Proposed Restructuring Scheme.


MBF CAPITAL: Obtains Regulatory Approvals on Proposed Disposal
--------------------------------------------------------------
The Board of Directors of MBf Capital Berhad announced that its
Proposed Disposal of the entire 100% equity interest
representing 2,000,000 ordinary shares of RM1.00 each in the
share capital of its wholly-owned subsidiary, MBfAM, to FOS
Asset Management Sdn Bhd at a consideration based on the
computation of the net tangible asset as at completion date plus
RM500,000 has been completed on 16 July 2002.

Both parties have obtained all approvals from the relevant
authorities.

Financial services group, MBf Capital Bhd and its Group
companies, are principally involved in finance and leasing
operations, insurance and factoring. MBf Capital had been
incorporated for the purpose of consolidating all the domestic
financial subsidiaries and associated companies of the MBf
Holdings Bhd Group pursuant to a restructuring and
rationalization exercise of MBf Holdings. Under the exercise,
the public listing status of MBf Finance Bhd was transferred to
MBf Capital. In the same exercise, MBf Finance's shares were
transferred to MBf Capital in exchange for new shares.

The injection of MBf Finance and its subsidiaries including MBf
Securities Sdn Bhd, MBf Equity Partners Sdn Bhd and MBf Unit
Trust Management Bhd, with other financial services business of
MBf Insurans Bhd, MBf Leasing Sdn Bhd and MBf Card Services Sdn
Bhd into MBf Capital, provides for a clearer delineation of the
various financial services interests and promotes collaboration
among the entities comprising the financial services group. Now
a direct subsidiary of MBf Capital, MBf Finance had been listed
on KLSE from 8 June 1983 to 14 January 1993. The Group, through
MBf Finance, divested its interest in MBf Securities in October
1995.

In February 2000, BNM announced that in line with the
consolidation of the local financial services industry, MBf
Finance was to merge with Multi-Purpose Bank Bhd. In July 2000,
MBf Northern Sdn Bhd (MNS), which had been placed under Special
Administrators, was successfully disposed of to PM Securities
Sdn Bhd for RM65m cash. In the same month, MBf Capital entered
into two SPAs for the sale of 20.07 percent and 11.55 percent in
MBf Card Services Sdn Bhd (MCS) respectively to Advent
International Corporation and Arab-Malaysian Capital Markets
Group Sdn Bhd. MCS was subsequently disposed of on 18 December
2000 to these two parties.

Upon the completion of the sale of business and assets of MNS on
22 January 2001, MNS has been placed under creditors' winding-up
at a creditors' meeting held on 9 March 2001. Two of its
subsidiaries have also obtained a restraining order in May 2001
expiring on 22 August 2001.

The restraining order obtained in turn will assist MBf Capital
by way of preventing any winding-up as the Company formulates a
corporate and debt restructuring exercise to regularize the
Group's financial condition. For that purpose MBf Capital had on
15 February 2001 entered into a conditional Heads of Agreement
with Leisure Holidays Holdings Sdn Bhd (LHH) with a view to
acquiring assets and/or equity of certain companies in LHH via
the issue of new share and/or other instruments for a value not
less than RM150m. As of 1 June 2001, the Company is still
finalizing the terms of the acquisition.

Also on 1 June 2001, MBf Capital entered into agreements to
acquire 51 percent in MBf Trust Management Bhd (MTM) and 100
percent in Nation Holdings Sdn Bhd. The former will increase the
Company's interest in MTM from 19 percent to 70 percent while
the latter will enable the Company to gain control of landbank
for future development. In addition MBf Capital obtained BNM's
approval for its subsidiary, MBf Insurans to start negotiation
with QBE Insurance Malaysia Bhd with an intention to merge.


RENONG BERHAD: Proposed Disposal HOA Terminated
-----------------------------------------------
On behalf of Renong Berhad, Commerce International Merchant
Bankers Berhad announced that Renong has mutually agreed with
Park May Berhad and Kumpulan Kenderaan Malaysia Berhad via a
Memorandum dated 16 July 2002, to terminate with immediate
effect the Heads of Agreement (HOA) executed on 18 February
2002, which inter alia, set out Proposed Disposal of 27,437,800
Ordinary Shares of Rm1.00 each in Park May Berhad.

The termination was due to the inability of parties to the HOA
to mutually agree on certain terms and conditions of the
proposals to be incorporated into a formal definitive agreement.


SINMAH RESOURCES: BSSB Grants Joint Venture Agreement Extension
---------------------------------------------------------------
The Board of Directors of Sinmah Resources Berhad informed that
due to some delay in confirming the information on the patent
application of the "Reactorrim Device", Bukit Saudara Sdn Bhd
(BSSB) has further granted an extension of time from 17 July
2002 for a further two (2) months, to 17 September 2002, for the
company to complete the due diligence which is a condition
precedent stated in the Joint Venture Agreement dated 17 January
2002 signed between our wholly owned subsidiary, Lynbridge Sdn
Bhd (Lynbridge) and BSSB for consolidating and managing of
rubber smallholdings in the states of Melaka and Negeri
Sembilan.

Profile

The Company was activated when it implemented a restructuring
scheme involving the acquisition of 100% in Sinmah Breeders,
100% of Sinmah Livestocks, 100% of Sinmah Food Industries and
99.99% of Sinmah Multifeed. Multifeed handles contract farming
operations while Sinmah Breeders has about six breeder farms
raising 380,000 parent stocks and two hatcheries with a total
capacity of 2.58m hatching eggs annually. Due to higher demand,
Sinmah Group has to import 50,000 parent stock day old chicks
(DOCs) from the US and Canada and source locally another 250,000
parent stock DOCs annually.

The Group sells DOC and poultry feeds to contract and
independent broiler farmers. Live broilers are sold to local
wholesalers and Singapore poultry processing plants. The Group
exports some of its processed products like nuggets,
frankfurters and burgers to Brunei. In 1995, the Group ventured
into property development in Malacca. Primarily concentrating on
low- and medium-cost housing projects, the Company launched the
Taman Saujana Indah project in the first quarter of 2001. It is
also developing the Saujana Puri apartment project.

Currently, the Company is undertaking a restructuring exercise
involving acquisition of 51% interest in Linggi Agriculture Sdn
Bhd and of freehold land in Malacca. The rights issue that was
part of the restructuring was substantially undersubscribed. As
a result, the Company is considering other alternatives to
substitute for the rights issue.


SOUTH PENINSULAR: Replies KLSE's Query Re Unit's SPA
----------------------------------------------------
South Peninsular Industries Berhad, in reference to Query Letter
by KLSE reference ID: PY-020709-39729 regarding the Sale and
Purchase Agreement between Arab-Malaysian Credit Berhad and
South Peninsular Properties Sdn Bhd, a wholly owned subsidiary
of the Company, replied the queries:

(1) The salient terms and conditions of the Sale and Purchase
Agreements are:

   (a) the Properties shall be disposed free from all
encumbrances and with vacant possession;
   (b) the consideration for the Properties shall be settled
upon the execution of the Sale and Purchase Agreements;
   (c) the Sale and Purchase Agreements are conditional subject
to the obtaining of the consent from the State Government on the
transfer of the Properties.

The salient features of the Valuation Report are as follow:

   (a) The valuation of the Properties was carried out by
Messrs. Colliers, Jordan Lee & Jaafar Sdn Bhd and was completed
on 19 February 2002.

   (b) The details of the valuation of the Properties are at the
Table 1 set at http://www.bankrupt.com/misc/TCRAP_SPI0723.doc

(2) The valuation of the Properties was carried out and
completed on 19 February 2002 and the Valuation Report is
available for inspection at the Registered Office of the Company
at 1st Floor, Lot 271, Jalan Dua, Off Jalan Chan Sow Lin, 55200
Kuala Lumpur from Mondays to Fridays (except public holidays)
during business hours.

(3) The consideration for the Properties was settled upon the
execution of the Sale and Purchase Agreements.

(4) The Properties was completed on July 1999 and carry a
leasehold term of 99 years expiring on 12 November 2088. The
amount of lettable space of the Properties is at Table 2 found
at http://www.bankrupt.com/misc/TCRAP_SPI07123.doc

(5) The Properties are free from encumbrances.

(6) The Proposed Disposal enables South Peninsular Properties
Sdn Bhd to realize its investment.

(7) The Proposed Disposal is expected to incur a loss of
RM455,006/-.

(8) The proceeds of the Proposed Disposal would be utilized as
working capital.

(9) AMCB would not assume any liabilities arising from the
Proposed Disposal.

(10) The Proposed Disposal would be completed upon the approval
being obtained from the State Government on the transfer of the
Properties.

(11) The Proposed Disposal has not departed from the Securities
Commission's Policies and Guidelines on Issue/Offer of
Securities.

Profile

The South Peninsular (SPI) Group of Companies is principally
engaged in the manufacture of injection molded plastic parts and
components and metal-based products. Its products are supplied
to MNCs and OEMs and production facilities are located in Batu
Pahat, Johor.

It is also involved in property development, investment,
financial services, education and management services.

On 16 July 1998, the Company and three of its subsidiaries
(Scheme Companies) obtained a Restraining Order (RO) under
Section 176 of the Companies Act 1965 for the purpose of
implementing a proposed composite scheme of arrangement. The
proposal entails the full repayment of principal and accrued
interest on outstanding debts via the issue of shares in Arab-
Malaysian Corporation Bhd, SPI's ultimate holding company. The
proposal has been revised to incorporate creditors' feedback as
well as to comply with guidelines. Creditors approved the
proposal at court convened meetings on 31 January 2000. The
scheme was approved by the SC on 28 August 2000 and sanctioned
by the High Court of Malaya on 14 December 2000. The scheme was
implemented on 20 March.2001 and the RO on SPI and certain of
its subsidiaries was withdrawn by Court Order on 16 August 2001.

On 24 October 2001, the Company completed the acquisition of the
remaining 15% in SPI Plastic Industries (M) Sdn Bhd, the control
of which has since contributed significantly to the Group's
earnings.


TECHNOLOGY RESOURCES: Appoints Additional Directors
---------------------------------------------------
The Board of Directors of Technology Resources Industries Berhad
announced the appointment of two (2) additional Independent Non
Executive Directors to the Board of the Company namely Encik
Azzat bin Kamaludin and Encik Ismael Fariz Ali with immediate
effect.

Encik Azzat, aged 56, is a lawyer by profession and currently a
partner of a legal firm Messrs. Azzat & Izzat. He served as an
Administrative and Diplomatic Officer with the Ministry of
Foreign Affairs from 1970 to 1979 during which he was the
Assistant Secretary of the ASEAN Division, Assistant Secretary
of the Zone of Peace, Freedom and Neutrality Division, Second
Secretary at the Permanent Mission of Malaysia to the United
Nations, New York and lastly Principal Assistant Secretary, Law
of the Sea Division. He left the public services in early 1979
and was admitted as an advocate & solicitor of the High Court of
Malaya in November 1979.

He was a member of the Securities Commission from March 1993 to
March 1999 and a Director of the Malaysian Exchange of
Securities Dealing and Automated Quotation Berhad (MESDAQ) from
October 1999 until March 2002. Encik Azzat is also a Director of
several public listed companies listed on the Kuala Lumpur Stock
Exchange.

He holds a Bachelor of Law degree from the University of
Cambridge, United Kingdom and was admitted as Barrister at Law
by the Middle Temple, London.

Encik Ismael Fariz Ali, aged 40, is a financial advisor by
profession and currently the Managing Director and Principal
Shareholder of Firstfloor Capital Sdn Bhd. He has 16 years of
experience in merchant banking ranging from corporate finance,
privatization, mergers and acquisition, investment advisory and
valuations, venture capital, project finance, restructuring,
corporatisations and overseas investments. Most of his clients
were utility and infrastructure concerns, ranging from
telecommunications and broadcasting to various transportation
companies. Prior to his current position, he was the General
Manager, Project Finance Advisory and Head of the Group
eBusiness Unit at Arab Malaysian Merchant Bank Berhad.

He holds a Bachelor of Arts in Economics and Business Admin from
the Knox College, USA and a Masters in Business Administration,
Finance from the University of Iowa, USA.


TECHNOLOGY RESOURCES: TMB Seeks Merger Negotiations
--------------------------------------------------
The Board of Directors of Technology Resources Industries Berhad
announced that the Company received a letter dated 18 July 2002
from Telekom Malaysia Berhad (TMB) seeking to initiate a
discussion with the Company in respect of a potential business
combination of TRI and/or Celcom (Malaysia) Berhad with TM
Cellular Sdn Bhd (TCSB), a wholly owned subsidiary of TMB.

The Board at its meeting Thursday noted the proposed process,
timeline and conceptual structure of the transaction. To
facilitate the process, a Non Disclosure and Confidentiality
Agreement shall be entered into by TRI and TM.

The Board announced that, further to its announcement dated 4
July 2002 on the establishment of the Committee of Independent
Directors, the composition and terms of reference of the said
Committee have been formalized by the Board at its meeting on
Thursday.

It was agreed that the primary role of the Committee is to
review, evaluate and consider the acquisition or transfer of
TCSB from TMB and to make its recommendation to the Board of
Directors.

The Committee is comprised of the following four (4) independent
non-executive directors:

   (i) Encik Azzat Kamaludin
   (ii) Encik Shamsuddin Mohd Rasom
   (iii) Dato' Abdul Rahman Hj Ismail
   (iv) Encik Ismael Fariz Ali

The Chairman of the Committee shall be Encik Azzat Kamaludin.


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


BENPRES HOLDINGS: Presents Debt Plan to Creditors
-------------------------------------------------
Benpres Holdings Corp. presented the details of the Company's
balance sheet management plan to their creditors as proposed by
their adviser Credit Suisse First Boston Corp., Dow Jones
reported Friday.

The Company said negotiations with creditors will continue, and
will likely intensify in the next two months.

In June, Benpres said it would reschedule payments of $600
million in total debt to improve its financial condition. The
Company is also lining up various assets for sale to raise funds
to aid service debt.


DBS GROUP: Closing Philippine Stock Brokerage Unit
--------------------------------------------------
Development Bank of Singapore (DBS) Group is expected to
announce this week, the closure of its Manila-based brokerage
DBS Vickers Securities Philippines Inc. amid a slump in local
trading, GK Goh Research and Philippine Daily Inquirer reported
Monday.

DBS Vickers was Manila's 9th largest broker in terms of sales in
the first half, accounting for 2.8 percent of 195 billion pesos
(US$4bn) of trading during the period.

DebtTraders reports that Development Bank of Singapore's 7.875%
bond due in 2009 (DBS09SGS1) trades between 110.991 and 111.625.
For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=DBS09SGS1


FIRST PHILIPPINE: Issues Stock Dividend Update
----------------------------------------------
The 20 percent stock dividend of First Pacific Holdings
Corporation (FHP), which was approved by its board of directors
on April 16, 2002 (as announced in Circular for Brokers No. 893-
2002 dated April 17, 2002) and ratified, confirmed and approved
by stockholders during the Corporation's Annual Meeting on May
20, 2002 (as announced in Circular for Brokers No. 1299-2002
dated May 21, 2002).

In relation thereto, the Corporation through SEC Form 17 C dated
July 18, 2002, advised the Exchange that:

"The Corporation is in receipt of the following approvals from
the Securities and Exchange Commission:

1. Order dated 12 July 2002, authorizing the issuance of shares
to stockholders of record as of 09 August 2002 to cover the
stock dividend declared by the Board of Directors on 16 April
2002 and approved by the stockholders on 20 May 2002;

2 Certificates of Filing of Amended Articles of Incorporation
and Certificate of increase of Capital Stock both dated 12 July
2002 approving the increase in capital stock from P8.5 Billion
dividend into 850,000,000 shares with a par value of P10.00 each
to P12,100,000,000.00 dividend into 1,210,000,000 shares with a
par value of P10.000 each and the denial of pre-emptive rights
to issuances and dispositions of shares of the Corporation,"

For copy of the press release, go to
http://bankrupt.com/misc/TCRAP_FPH0722.pdf

TCR-AP reported that FPH said it plans to float $150 million
worth of bonds by July to refinance its $87 million dollars in
redemption obligations falling due in August. The Company has
appointed US investment bank JP Morgan as financial adviser for
the planned bond float.


PHILIPPINE LONG: Cojuangcos Exercise Right Over Shares
------------------------------------------------------
In a letter to First Pacific Co Ltd, the Cojuangco family
advised that they may exercise their right over the Philippine
Long Distance Telephone Co (PLDT) shares held by First Pacific.

A source from the Company said that the Cojuangcos will not
waive their right of first refusal to the PLDT shares, Today
newspaper reported. (M&A REPORTER - ASIA PACIFIC, Vol. No.1,
Issue No. 143, July 22, 2002)


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


ASIA FOOD: Disposal of Subsidiaries
-----------------------------------
The Board of Directors of Asia Food & Properties Limited (AFP)
and Golden Agri-Resources Ltd (GAR) announced Friday the
disposal of certain subsidiaries by P T Sinar Mas Agro Resources
& Technology Tbk (SMART). SMART is 51 percent owned by GAR and
is listed on the Stock Exchanges of Jakarta and Surabaya.

SMART have disposed of its subsidiaries, P T Perkebunan dan
Perindustrian Nirmala Agung and P T Maskapai Perkebunan Indorub
Sumber Wadung (Indorub) and two Indorub subsidiaries, P T
Perkasa Nusaguna and P T Perkebunan, Perindustrian, Perdagangan
dan Impor/Ekspor Tjigaru.

The disposal is part of the AFP and GAR strategy to divest
certain non-core assets, businesses or operations. AFP and GAR
will focus on its core businesses, agribusiness (specifically
oil palm), food and property.

TCR-AP reported that the Board of Directors of Asia Food &
Properties Limited (AFP) and Golden Agri-Resources Ltd (GAR) on
June 28 updated their shareholders and the general public on the
progress with their debt rescheduling.

The AFP Group (including GAR Group) has rescheduled an
additional US$97.8 million of its debts (comprising bank loans,
bonds and trade facilities).


DBS GROUP: Liquidation of DBS Bank Unit
---------------------------------------
DBS Group Holdings Ltd, in reference to the restructuring
exercise by The Development Bank of Singapore Ltd (DBS Bank),
Singapore Factory Development Ltd, a wholly owned subsidiary of
DBS Bank has been placed under voluntary liquidation on July 19,
2002.

DBS Bank is a wholly owned subsidiary of DBS Group Holdings Ltd.


LKN-PRIMEFIELD: Units Enter Liquidation
---------------------------------------
LKN-Primefield Limited announced on Friday that the following
dormant subsidiaries have, pursuant to their respective
applications to the Registrar of Companies and Businesses, been
struck off the Register of Companies under Section 344 of the
Companies Act:

HEG Travel & Leisure Pte Ltd
LKN Holdings Pte Ltd
Mallink Investments Pte Ltd

(a subsidiary of Island Resort Development Pte Ltd, which is
wholly owned by LKN Development Pte Ltd, a subsidiary of the
Company)

The Company further announces that the following dormant
subsidiaries were put into members' voluntary liquidation:

Golden Phoenix (WTC) Pte Ltd
(a subsidiary of Hotel Equatorial Private Limited which is a
subsidiary of the Company currently under creditors' voluntary
liquidation)

Landmark Technologies (IndoChina) Pte Ltd
(a subsidiary of Landmark Technologies Pte Ltd which is wholly
owned by Primefield Company Pte Ltd, a subsidiary of the
Company)


SEMBCORP LOGISTICS: Posts Changes in Director's Interest
--------------------------------------------------------
Semcorp Logistics Ltd posted a notice of changes in Director Wee
Chow Hou's Interests in Singapore Airport Terminal Services.

Date of notice to Company: 22 Jul 2002
Date of change of interest: 19 Jul 2002
Name of registered holder: Wee Chow Hou
Circumstance(s) giving rise to the interest: Sales in open
market at own discretion

Shares held in the name of registered holder
No. of shares of the change: 12,000
percent of issued share capital:
Amount of consideration per share excluding brokerage,GST,stamp
duties,clearing fee: S$1.94
No. of shares held before change: 17,000
percent of issued share capital:
No. of shares held after change: 5,000
percent of issued share capital:

Holdings of Director including direct and deemed interest
                                  Deemed Direct
No. of shares held before change:  17,000
percent of issued share capital:
No. of shares held after change:  5,000
percent of issued share capital:
Total shares:  5,000

The above number of shares held by the registered holder
includes 5,000 shares held under the Registered Holder's
ASPF/CPF Investment Account.


TUAN SING: Voluntarily Liquidates HK Subsidiary
-----------------------------------------------
Tuan Sing Holdings Limited disclosed on Friday that Tuan Sing
(H.K.) Limited, its wholly-owned subsidiary, has commenced
members' voluntary liquidation. Tuan Sing HK is incorporated in
Hong Kong and has been dormant since March 1998.

About the Company

Tuan Sing operates as an investment holding, property
investment, property development, provision of property and
hotel management services, trading, provision of trade
confirming services, foundation piling, civil engineering and
building construction, soil and foundation work consultancy,
geotechnical works, ground improvement works, pipe jacking,
diaphragm wall construction, manufacture and sale of building
materials and steel products, manufacture of paper packaging
materials, polypropylene woven bags and manufacture of double-
sided, multi-layered and rigid-flex printed circuit boards and
testing, conditioning and contract manufacture of semi-conductor
components and dealing in shares.

Address:

Tuan Sing Holdings Limited30 Robinson Road
#12-01 Robinson Towers
SINGAPORE 048546
SINGAPORE  +65 223 7211
+65 224 1085/323 6382
http://www.tuansing.com/


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


NAKORNTHAI STRIP: Court Defers Rehab Plan Consideration Hearing
---------------------------------------------------------------
Maharaj Planner Company Limited, in its capacity as the Planner
of Nakornthai Strip Mill Public Company Limited, regarding its
Rehabilitation Plan consideration on July 18, 2002, informed
that the Court has postponed the date to conduct a hearing and
consideration of the plan until October 17, 2002, at The Central
Bankruptcy Court.


RAIMON LAND: Posts Board of Directors Changes
---------------------------------------------
Raimon Land Planner Co., Ltd., as the Plan Administrator of
Raimon Land Public Company Limited, acknowledged the resignation
of seven directors:

    (1) Mr. Sopon Chandrema      effective on    28 March 2002.
    (2) Mr. Pratya  Vesarach     "         "     21 March 2002.
    (3) Mr. Montree Hemvichit    "         "     20 March 2002.
    (4) Mr. Luca Giacomo Pietro Roveda "   "     19 March 2002.
    (5) Mr. Kris  Sucharitkul    "         "     21 March 2002.
    (6) Mrs. Churairat  E. Bonython "      "       1 July 2002.
    (7) Mr. Kritdi  Vibulprapun  "         "      12 July 2002.

The Change of the directors and authorized directors take effect
on 7 March 2002. The Company has five directors whose names are:

        (1)     Mr. Nigel John Cornick
        (2)     Mr. Robert William McMillen
        (3)     Mr. Jeremy Lechemere King
        (4)     Mr. Kritdi  Vibulprapun
        (5)     Mr. Montri Hemvichitr

And the number or the names of directors who can sign to bind
the Company are:

"Mr. Nigel John Cornick can sign jointly with Mr. Jeremy
Lechemere King or Mr. Robert William McMillen to bind the
Company together with affixing the Company's seal."


RARDYINDEE DEVELOPMENT: Files Business Reorganization Petition
--------------------------------------------------------------
Real estate developer Rardyindee Development Company Limited
(DEBTOR)'s Petition for Business Reorganization was filed at the
Central Bankruptcy Court:

   Black Case Number 760/2543

   Red Case Number For. 788/2543

Petitioner: THAIBANK PUBLIC COMPANY LIMITED BY MR. PONGDEJ
WONGPOOM BEING AS AUTHORITY

Debts Owed to the Petitioning Creditor: Bt1,358,886,074.12

Date of Court Acceptance of the Petition: September 25, 2000

Date of Examining the Petition: October 24, 2000 at 9.00 A.M.

Court cancelled the Petition for Business Reorganization:
October 25, 2000

Contact: Tel, 6792525


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 ***