---

       T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

            Thursday, August 15, 2002, Vol. 5, No. 161

                         Headlines

A U S T R A L I A

AUSDOC GROUP: ABN AMRO Ups Relevant Stake to 19.27%
AUSTAR UNITED: Incurs Q202 Positive EBITDA of A$0.7M
AUSTRALIAN FOOD: PwC Issues Case Profile
LATERAL TRADING: Ex-Directors Permanently Banned

REDFLEX HOLDINGS: Gets Funding Facility for Working Capital
SPORTS AUSTRALIA: Two Former Directors in Court


C H I N A   &   H O N G  K O N G

CCT TECHNOLOGY: Narrows Operation Loss to HK$38M
CELESTIAL ASIA: Cuts Loss But Says Outlook Grim
CHEERFUL SING: Winding Up Petition Hearing Set
PACIFIC CENTURY: Changes Company Name
PURPLE ELEGANCE: Petition to Wind Up Pending

SUN YUEN: Winding Up Petition Slated for Hearing
WAH NAM: Creditors Request Scheme Meeting Postponement
WO KEE: Revises Capital Reorganization Timetable


I N D O N E S I A

DUTA PERTIWI: Pefindo Ups Bond III/1997 `idSD' Rating to `idB+'
SEMEN PADANG: May Seek Short-term Debt as Loan Back-up


J A P A N

HITACHI LTD: US Unit Names Official Plasma Display Provider
MITSUBISHI TOKYO: Files Shelf Registration With U.S. SEC
MITSUI ENGINEERING: JCR Upgrades Rating to BBB+
NIPPON MEAT: R&I Places on Rating Monitor
NIPPON MEAT: Shares Plunge 50%


K O R E A

DAEWOO MOTOR: Inauguration of GMDAT Postponed
DAEWOO MOTOR: No Problem With US$2B Loans to GMDAT, KDB Says
HYNIX SEMICONDUCTOR: Posts Q202 Net Loss of Y418B
SEOUL BANK: Labor Union Votes Against Merger
SEOUL BANK: Hana Bank Submits New Bid to Counter Lone Star's


M A L A Y S I A

AUTOWAYS HOLDINGS: ARTICLES OF ASSOCIATION Amendment Extended
FW INDUSTRIES: KLSE Grants RA Extension Until Oct 3
HAP SENG: Reaches Legal Suit Settlement Agreement With LST
KILANG PAPAN: Shareholders OK All Resolutions at AGM
LAND & GENERAL: Enters Termination Agreement With MJD

LONG HUAT: Inks Proposed Workout Scheme MOU With White Knight
MALAYSIAN RESOURCES: Proposed Resolutions Approved at EGM
MALAYSIAN RESOURCES: Replies to KLSE's Query
RENONG BERHAD: Appoints Hijaz Hashim as Managing Director
SITT TATT: Enters Second Supplementary Agreement With MISL

SURIA CAPITAL: KLSE Gives One-Month RA Extension
TIMBERMASTER INDUSTRIES: Enters Workout Scheme MoU With Vendors


P H I L I P P I N E S

ASIAN TERMINALS: Director Roger Davies Quits Post
BAYAN TELECOMMUNICATIONS: Moody's Withdraws Rating
BENPRES HOLDINGS: Unit's Earnings Down 58%
DMCI HOLDINGS: Schedules ASM on August 28
NATIONAL POWER: Discount Scheme Starts Next Month

SANITARY WARES: Comments on Unusual Price Movement
URBAN BANK: Approves Appointment of Stock Transfer


S I N G A P O R E

ASIA PULP: Creditors Demand $100M Payment By September
ASIA PULP: Prepares to Face Creditors in Singapore Court
CSC HOLDINGS: Proposes Capital Reduction-Effective Date
TELEDATA LTD: Narrows Net Loss to S$427T


T H A I L A N D

BANGKOK STEEL: Posts 2001 Ops Performance Financial Statement
CENTURY ELECTRONIC: Files Business Reorganization Petition
EMC PUBLIC: Hydrotek Implements Conversion of Debt to Equity
GENERAL ENGINEERING: Incurs Q202 Sales Revenue of Bt102.973M
KULTHORN KIRBY: Explains 20% Operating Results Variance

NATURAL PARK: Increases Registered Capital
PREMIER ENTERPRISE: Releases Rehabilitation Plan Summary
SAMART CORPORATION: Ki Tong Replaces Dir Bin Ahmad's Posts

* DebtTraders Real-Time Bond Pricing

     -  -  -  -  -  -  -  -  -

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


AUSDOC GROUP: ABN AMRO Ups Relevant Stake to 19.27%
---------------------------------------------------
ABN AMRO Capital Australia Pty Ltd increased its relevant
interest in Ausdoc Group Limited on 13 August 2002, from
14,620,156 fully paid ordinary shares (16.76 percent) to
16,810,518 fully paid ordinary shares (19.27 percent).

Wrights Investors' Service reported that at the end of 2001,
Ausdoc Group Limited had negative working capital, as current
liabilities were A$77.50 million while total current assets were
only A$75.46 million. The Company has paid no dividends during
the last 12 months and has reported losses during the
previous 12 months.


AUSTAR UNITED: Incurs Q202 Positive EBITDA of A$0.7M
----------------------------------------------------
Austar United Communications Limited released Wednesday its
second quarter and half year result, showing that the company
met its target of achieving positive EBITDA for the second
quarter. Austar recorded EBITDA of $0.7 million for the quarter
ended 30 June 2002, which reflects a 103% or $21.6 million
improvement compared with the same quarter in 2001.

Excluding TVSN's results, Austar recorded positive EBITDA of
$2.3 million for the second quarter. As a result of TVSN's
acquisition of Danoz, finalized on 19 June 2002, Austar now only
holds 22% of TVSN, and will no longer consolidate TVSN's
results.

In addition to achieving positive EBITDA targets, cash used in
operating, investing and financing activities decreased from
more than $43 million in Q1 2002 to $14.7 million in Q2 2002, as
previously disclosed. The cash used in the six months to 30 June
2002 was $58.3 million, a significant decrease on the previous
corresponding period, due to a number of factors including the
renegotiation of the cost of certain programming and the
restructuring of the business announced in the fourth quarter of
2001.

Highlights for Austar (excluding TVSN) for the six month period
to 30 June 2002 included:

   * Positive EBITDA of $3.2 million for the six months ended 30
June 2002;

   * A significant gross margin improvement for the pay
television business of $11.1 million or 23.3% as compared to H1
2001, primarily as a result of a rate increase effected 1 May
2002 and the renegotiation of certain programming costs
effective 1 July 2001;

   * A significant decrease in operating and general
administrative costs as compared to the same period in the prior
year, as a result of the restructuring initiatives announced in
the fourth quarter of 2001; and

   * A 54% decrease in capital expenditure down to $22 million,
from $49 million for H1 2001.

Commenting on the result, John Porter, Chief Executive Officer,
said, "It is pleasing to see that our major restructuring
initiatives are having a positive impact on earnings. We believe
that we now have successfully re-engineered the business and are
well placed to move our business forward in accordance with the
expectations of our shareholders and our banks."

Mr Porter noted that a slowing in growth had been a necessary
consequence of the company's need to consolidate its operations
following significant restructuring, as well as market
conditions in regional Australia.

Subscriber numbers in the pay television business reflect a
small decrease, with the company recording 417,196 subscribers
at 30 June 2002, a reduction of 3.5% against last year. Despite
this slight reduction in subscribers, Austar retains its
position as having the highest penetration level of any pay TV
service provider in Australia.

"There is no doubt that in light of interest rate increases and
an ongoing severe drought, regional Australians are being
cautious about how they apply discretionary expenditure," said
Mr Porter.

"In the last six months, we have focused strongly on
consolidating our business since our restructure, and we have
taken steps to ensure we are extremely well placed to take
advantage of industry developments. We have also made huge steps
forward to improve our delivery of customer service.

"In the next six months, we will focus on attracting and keeping
quality, profitable customers and reducing churn, as we continue
to control costs and drive increased efficiency into our service
delivery."


AUSTRALIAN FOOD: PwC Issues Case Profile
----------------------------------------
PricewaterhouseCoopers (PwC) issued this case profile:

Territory :  Australia
Company Name:  Australian Food Processors Pty Ltd
Lead Partner:  Ian Hall
Case Manager:  Graham Killer
Date of Appointment:  15 November 2001
Normal Contact  :  Mr Ryan Hennessey
Contact Phone No  :  (07) 3257 8114

PwC Office

Location :  Brisbane
PO Box :  GPO Box 150
Street Address:  Waterfront Place, 1 Eagle Street
City   :  BRISBANE
State  :  QLD
Postcode :  4001
DX  :  DX 77 Brisbane
Phone  :  (07) 3257 5000
Fax  :  (07) 3257 8004
Appointor :  National Australia Bank Limited
Company No / ACN  :  010 936 928
Type of Appointment :  Receiver and Manager
Lead Partner - Full Name:  Ian Richard Hall
Second Partner - Full Name:  Peter James Hedge

Case Information (Last Updated )

Time  :  12:00 PM
Return time :  12:00 PM
Time  :  12:00 PM
Return time :  12:00 PM
Time  :  12:00 PM

Other Key Information

Report as to Affairs received from directors:

The director's report as to affairs has been lodged with the
ASIC.

Background Information

Ian Hall and Peter Hedge of PricewaterhouseCoopers were
appointed Receivers and Managers of Australian Food Processors
Pty Ltd, Barron River Foods Pty Ltd, BRF Investments Pty Ltd and
Northmaid Cakes Pty Ltd on 15 November 2001. The Business has
been sold with settlement effected on 21 January 2002.

Current status of assignment and actions required by creditors

All suppliers have received correspondence from the Receivers
and Managers. A Receiver and Manager does not have the power to
deal with the claims of unsecured creditors - however, all
creditors who do have a claim are invited to lodge details of
their claim with the Receivers who will pass the details to a
liquidator, should one be appointed.  (www.pwcrecovery.com)


LATERAL TRADING: Ex-Directors Permanently Banned
------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
permanently banned [Text deleted Aug. 27, 2015.  This paragraph has been edited in accordance with the spent convictions
scheme in Part VIIC of the Crimes Act 1914 (Cth).] James Bernard
McDonnell and Ian Thomas Campbell Westcott, former directors of
Lateral Trading Limited (Lateral), from acting as
representatives of a securities dealer or an investment adviser.
[Text deleted Aug. 27, 2015.  This paragraph has been edited in accordance with the spent convictions
scheme in Part VIIC of the Crimes Act 1914 (Cth).] has also been
permanently banned from acting as a representative of a futures broker.

The three men were all jailed in July 2001 after pleading guilty
to a range of charges including the misuse of their positions as
directors in relation to the misuse of $1.46 million from
Lateral.  [Text deleted Aug. 27, 2015.  This paragraph has been edited in accordance with the spent convictions
scheme in Part VIIC of the Crimes Act 1914 (Cth).] was
sentenced to two and a half years jail to
serve 18 months, Mr McDonnell to five years jail to serve three
years and Mr Westcott to three years jail to serve two years.

Under the Corporations Act, ASIC can ban anyone convicted of
serious fraud from the securities industry.

Lateral was an unlisted public company whose principal activity
was to trade in futures contracts and options over futures. The
company was placed into liquidation in December 1997 with the
consent of the directors, following a winding-up application by
ASIC.

At the time it went into liquidation, Lateral had raised
approximately $18 million from around 700 investors in
Melbourne, Adelaide, Sydney and Brisbane.


REDFLEX HOLDINGS: Gets Funding Facility for Working Capital
------------------------------------------------------------
Redflex Holdings Limited announced Wednesday a new $3.3 million
funding facility to provide working capital for its Australian
operations.

CEO, Mr Graham Davie, said "The new facility, which may be
extended to February 2005, allows the Company to progress its
major project based activities, and will position the Company
for anticipated strong growth."

As previously foreshadowed, Mr Davie advised that Redflex is
pursuing funding for its Redflex Traffic Systems Division in the
USA and negotiations as to the terms and conditions of such a
facility are proceeding.

Redflex also announced the appointment of Mr Robin Debernardi
and Mr Christopher Cooper as non-executive directors of the
Company. Mr Davie said, "Robin Debernardi has been a long term
shareholder and supporter of the company and has been a key
investor in our Traffic technology in the development stages. As
a successful Melbourne based businessman, he will provide a
valuable addition to the board. Mr Christopher Cooper is a
solicitor and businessman and is also a key supporter and
shareholder of the Company. He will also be a welcome
addition to the board."

Redflex Holdings Limited provides internationally competitive
products and capabilities in traffic management, road safety,
defence, transport, security and communications.

The Redflex Group is based in South Melbourne, Victoria, where
it operates its own systems engineering and manufacturing
operations, as well as complex system integration and research
and development programs. An in-house team of more than 70
experienced professional engineers is supported by Redflex
management, finance and administration functions. The Redflex
Group employs about 130 people in Australia, the USA and New
Zealand with offices and representatives located on all
continents.


SPORTS AUSTRALIA: Two Former Directors in Court
-----------------------------------------------
Dale Cameron Munckton and Andrew Geoffrey Thomson appeared on
Wednesday in the Melbourne Magistrates Court on charges of
making false and misleading statements in a prospectus.

The charges were laid following an investigation by the
Australian Securities and Investments Commission (ASIC) and the
Commonwealth Director of Public Prosecutions is prosecuting the
matter.

Mr Munckton pleaded guilty to one charge. Mr Munckton will be
sentenced in the County Court on 16 October 2002. He has been
bailed on his own undertaking.

Mr Thomson was committed to stand trial on 19 counts of
providing false and misleading statements. He reserved his plea
and has been bailed on his own undertaking to appear in the
County Court on 20 September 2002 for a case conference.

The charges allege that the Dotnet Limited (Dotnet) prospectus
contained false and misleading statements including claims that
Dotnet had perfected and owned the intellectual property for a
technology called Genesis although this was not the case.

Mr Munckton and Mr Thomson were directors of Dotnet, which
allegedly raised funds through an Offer Information Statement
lodged on 1 June 2000.

Mr Thomson was also a director of Hotlinks Internet Services Pty
Ltd.

Both Hotlinks and Dotnet provided Internet services and website
development, particularly for sporting clubs.

The companies allegedly raised money from investors during 1999
and 2000 with the intention of listing on the Australian Stock
Exchange.

Both Hotlinks and Dotnet (which is now known as Sports Australia
Media Group Ltd) are in liquidation, with Mr Scott Pascoe of
Sims Lockwood, appointed liquidator. This matter relates to
events prior to the companies going into external
administration.


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


CCT TECHNOLOGY: Narrows Operation Loss to HK$38M
------------------------------------------------
CCT Technology Holdings Limited posted its results announcement
summary year ending 30 September 2001:

Currency: HKD
Auditors' Report: N/A
Review of Interim Report by: Both Audit Committee and Auditors
with Qualified Opinion
                                                 (Unaudited)
                                 (Unaudited)      Last
                                 Current          Corresponding
                                 Period           Period
                                 from 1/10/2000   from 1/7/1999
                                 to 31/3/2001     to 31/12/1999
                                 ('000)           ('000)
Turnover                             : 83,768           256,882
Profit/(Loss) from Operations        : (35,206)         (27,666)
Finance cost                         : (2,628)          (19,952)
Share of Profit/(Loss) of Associates : -                (13)
Share of Profit/(Loss) of
  Jointly Controlled Entities        : N/A              N/A
Profit/(Loss) after Tax & MI         : (38,023)         (47,631)
% Change over Last Period            : N/A
EPS/(LPS)-Basic                      : (6.11 cents)(48.86 cents)
         -Diluted                    : (6.11 cents)(48.86 cents)
Extraordinary (ETD) Gain/(Loss)      : -                -
Profit/(Loss) after ETD Items        : (38,023)         (47,631)
Interim Dividend per Share               : Nil              Nil
(Specify if with other options)          : -                -
B/C Dates for Interim 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 Summary of the Independent Accountants' review report

The Independent Accountants have reviewed the unaudited interim
financial statements for the six months ended 31 March 2001,
which does not constitute an audit.  Because of the significance
of the possible effect of certain limitations in evidence
available to the Independence Accountants, they were not able to
reach a review conclusion as to whether material modifications
should be made to the interim financial report for the six
months ended 31 March 2001.

2 Loss per share

The calculation of basic loss per share is based on the loss for
the six months ended 31 March 2001 of HK$38,023,000 (six months
ended 31 December 1999: HK$47,631,000) and on weighted average
number of 622,015,696 shares (six months ended 31 December 1999:
weighted average number of 97,480,936 shares) in issue, adjusted
for the effect of the Capital Reduction and Share Consolidation
(as defined in the composite document of the Company (then known
as Wireless InterNetworks Limited), CCT Telecom Holdings Limited
and Dongguan Defa Investment Limited dated 31 March 2002) in
accordance with the requirement of paragraph 42 of SSAP 5.

The computation of diluted loss per share for the six months
ended 31 March 2001 and 31 December 1999 has not assumed the
exercise of the convertible notes as their exercise would be
anti-dilutive.

3 Comparative figures

Certain comparative figures have been reclassified to conform to
the current period's presentation.

4 Change of year end date

The Company changed its financial year end date from 30 June to
30 September effective from the year 2000.


CELESTIAL ASIA: Cuts Loss But Says Outlook Grim
-----------------------------------------------
Local brokerage Celestial Asia Securities Holdings saw its first
half net loss narrow by 96.29 percent to HK$10.88 million as no
significant investment loss and restructuring costs were
incurred during the period, the Standard reported. However, it
painted a grim outlook for its second half because of the tough
operating environment and flagging market turnover.

The company set aside HK$6 million as bad debt provision for its
securities and margin financing.  According to the Stock
Exchange of Hong Kong, average daily turnover in the first seven
months of the year fell 19.27 percent to HK$7.25 billion
compared with HK$8.97 billion in the same period last year.

Turnover in the first half surged 64.57 percent to HK$578.69
million due to the contribution of furniture selling unit
Pricerite Group, which was acquired in March 2001.


CHEERFUL SING: Winding Up Petition Hearing Set
----------------------------------------------
The petition to wind up Cheerful Sing Enterprises Limited is
scheduled for hearing before the High Court of Hong Kong on
October 2, 2002 at 9:30 am.

The petition was filed with the court on July 5, 2002 by Lam Sau
Wan Ponny of Flat 9, G/F., Block E, 742 King's Road, Hong Kong.


PACIFIC CENTURY: Changes Company Name
-------------------------------------
Pacific Century CyberWorks Limited requested market participants
to note that the English company name of Pacific Century
CyberWorks Limited has been changed to "PCCW Limited". The
English stock short name of its ordinary shares (stock code: 8)
will remain unchanged.

According to Wrights Investors' Service, at the end of 2001, the
company had negative common shareholder's equity of -HK$7.64
billion. This means that at the present time, the common
shareholders have essentially no equity in the company. This is
further compounded by the fact that among the assets the company
does have on its balance sheet, there are HK$2.75 billion in
intangible assets. This company's total liabilities are higher
than total equity, which means that the money this company owes
are greater than all of the assets of the company. The company's
long term debt was HK$47.88 billion and total liabilities were
HK$59.62 billion.


PURPLE ELEGANCE: Petition to Wind Up Pending
--------------------------------------------
The petition to wind up Purple Elegance Company Limited is
scheduled for hearing before the High Court of Hong Kong on
September 25, 2002 by 9:30 am.

The petition was filed with the court on June 28, 2002 by Yiu
Suet Man Bertha of Room 603, Fu Shun House, Fu Shan Estate, Hong
Kong.


SUN YUEN: Winding Up Petition Slated for Hearing
------------------------------------------------
The petition to wind up Sun Yuen Cheong Caf, (6) Limited is set
for hearing before the High Court of Hong Kong on September 11,
2002 by 9:30 am.  The petition was filed with the court on June
17, 2002 by Leung Chuck Sau of Room 9, 3/F., Luen Hing House, 47
Smithfield Road West, Hong Kong.


WAH NAM: Creditors Request Scheme Meeting Postponement
------------------------------------------------------
The Liquidators of Wah Nam Group Limited (In Compulsory
Liquidation) announced that at the Scheme Meeting held on 12
August 2002, the resolution to approve the Scheme was passed.
The Liquidators also announced that, at the Extraordinary
General Meeting held on 12 August 2002,

   1. the ordinary resolution to approve the Restructuring
Agreement was passed; and

   2. the ordinary resolution for the approval of the Scheme for
the purpose of Rule 2.10 of the Code was passed on poll by Wah
Nam Shareholders. 15 Wah Nam Shareholders holding, in aggregate,
422,739,710 Wah Nam Shares, representing 99.95% of the total Wah
Nam Shares voted by Wah Nam Shareholders at the Extraordinary
General Meeting in favor of, and 3 Wah Nam Shareholders holding,
in aggregate, 195,880 Shares, representing 0.05% of the total
Wah Nam Shares voted by Wah Nam Shareholders at the
Extraordinary General Meeting against, the resolution to approve
the Scheme for the purpose of Rule 2.10.

The Creditors' Scheme Meeting has been adjourned to 11:00am on
13 August 2002 at the request of the Creditors. The Creditors'
Scheme Meeting will be held at 9th Floor, Three Exchange Square,
Central, Hong Kong.

Investors should note that the Restructuring Proposal is subject
to satisfaction of the conditions precedent to the Restructuring
Proposal. Except for conditions (a), (b) (c), (g), (k), (l), and
(n), all other conditions set out in the Prospectus are
outstanding as at the date of this announcement. If such
conditions are not satisfied or waived on or before 31 August
2002, the Restructuring Proposal will fail unless a later date
is agreed between the Liquidators and the Investor and approved
by the Stock Exchange, and the listing of Wah Nam Shares will be
cancelled pursuant to practice note 17 of the Listing Rules.
Trading in the Wah Nam Shares has been suspended since 20 July
2000 and will remain suspended pending the implementation of the
Restructuring Proposal.


WO KEE: Revises Capital Reorganization Timetable
------------------------------------------------
The Directors of Wo Kee Hong (Holdings) Limited announced on 8
August 2002 the expected timetable for the proposed Capital
Reorganization, which involves Reduction of the Share Premium
Account, Cancellation of Accumulated Losses, Share Consolidation
Bonus Issue and Increase in Authorized Share Capital. To
facilitate the trading of the Bonus Shares after the Capital
Reorganization becoming into effect, the timetable of the
Capital Reorganization would be revised as below.

REVISED TIMETABLE OF THE BONUS ISSUE AND CAPITAL REORGANISATION

The timetable of the Capital Reorganization including the Bonus
Issue would be revised as follows:

  2002
SGM Circular dispatched         Friday, 23 August
Latest time for return of form of proxy
in respect of the SGM          9:00 a.m. Mon, 16 Sept
Expected SGM                9:00 a.m. Wed, 18 Sept
Effective date of Share Consolidation    4:00 p.m. Wed, 18 Sept
Dealings in Consolidated Shares commence 9:30a.m. Thur, 19 Sept
First day of free exchange of existing
share certificates for new certificates
for the Consolidated Shares              Thursday, 19 September
Temporary counter of trading in
Consolidated Shares in board lots of 200
Consolidated Shares (in the form of
existing share certificates) opens      9:30 a.m. Thur, 19 Sept
Designated broker starts to stand in the
market to provide matching service       Thursday, 19 September
Original counter for trading in existing
Shares in board lots of 2,000 Shares
temporarily closes          9:30 a.m. Thur, 19 Sept
Last date of dealings in Shares cum
entitlement to the Bonus Shares      Thursday, 19 September
First day of dealings in Shares ex
entitlement to the Bonus Shares       Friday, 20 September
Latest time for lodging transfers for
entitlement to the Bonus Shares      4:00 p.m. Mon, 23 Sept
Closure of registers of members for
Bonus Issue Tuesday, 24 September
Record Date for entitlement to the Bonus
Shares          Tuesday, 24 September
Registers of members reopen             Wednesday, 25 September
Dispatch of share certificate for the
Bonus Shares on or before                Wednesday, 2 October
First day of dealing in the Bonus Shares Friday, 4 October
Original counter for trading in
Consolidated Shares in board lots of
2,000 Consolidated Shares (only new
certificates for the Consolidated Shares
can be traded at this counter) reopens   9:30 a.m. Fri, 4 Oct
Parallel trading commences            9:30 a.m. Fri, 4 Oct
Parallel trading in Consolidated Shares
(in the form of new certificates for
Consolidated Shares and existing share
certificates) ends                  4:00 p.m. Mon, 28 Oct
Designated broker ceases to stand in the
market to provide matching service      Monday, 28 October
Temporary counter of trading in board lots
of 200 Consolidated Shares (in the form
of existing Share certificates) closed   4:00 p.m. Mon, 28 Oct
Last day for free exchange of existing
share certificates for new certificates
for the Consolidated Shares       Thursday, 31 October

In view of the amendment to the timetable of the Capital
Reorganization, the Record Date for entitlement to the Bonus
Shares will be changed to 24 September 2002. To qualify for the
Bonus Issue, transfers accompanied by the relevant share
certificates must be lodged with the Company's branch share
registrar in Hong Kong, Standard Registrars Limited, 5th Floor,
Wing On Center, 111 Connaught Road Central, Hong Kong not later
than 4:00 p.m. Monday, 23 September 2002.


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


DUTA PERTIWI: Pefindo Ups Bond III/1997 `idSD' Rating to `idB+'
--------------------------------------------------------------
Pedindo revised the ratings of PT Duta Pertiwi Tbk.'s (DUTI)
Bond II/1997 (amounting to Rp425.7 billion) and Bond III/1997
(Rp315.7 billion) both to "idB+", respectively from "idD" and "
"idSD", following the restructuring agreed by DUTI's bondholders
on the meeting (RUPO) held on June 19, 2002.

The restructuring will put less pressure on the company's cash
flow. DUTI is a diversified property developer engaging in
commercial mixed-used development, landed residential, office
building, and hotel. The company is the property arm of Sinar
Mas Group (SMG), one of Indonesia's largest and most diversified
group of companies. SMG consists of more than two hundred
companies, which are organized into four core businesses; pulp
and paper, agribusiness, financial services, and property
development.


SEMEN PADANG: May Seek Short-term Debt as Loan Back-up
------------------------------------------------------
PT Semen Padang, a wholly owned unit of PT Semen Gresik, is
considering seeking short term funds for debt refinancing if it
fails to get a Rp500 billion loan from PT Bank Mandiri, AFX-Asia
reports, quoting Finance Director Muchlis Karanin.

On July 30, Semen Padang signed a credit agreement with Bank
Mandiri and should have been gradually disbursed between Aug 1
and August 14. However, Bank Mandiri delayed the disbursement
after it received a notice from Semen Gresik stating that the
loan refinancing program has not been approved by Semen Padang's
shareholders.

"Of course, the best solution is if Semen Gresik approves the
loan. Unfortunately, we are running out of time now. How can we
find other banks in just two days?" Karanin said, adding that it
is very likely that by the passing of Wednesday's deadline, Bank
Mandiri will not have released the funds thus the Company must
therefore come up with other options or otherwise default on the
payment to Jamsostek.

Under the refinancing program, Semen Padang will repay Rp200
billion in medium term notes to PT Jamsostek, which fall due
today, 15 August 2002.

"The most important thing is we have to meet the creditor
(Jamsostek) and bring with us any money we can get to show our
good intention to repay the debt. If we are given another ten
days, I believe we can get the money," Karanin said.

Karanin said given that the key obstacle is shareholder
approval, Semen Padang may try to seek short term debt (six to
nine months) to avoid the need for shareholder backing.

"I think we can find a few lenders who can provide 200 billion
each," he said, adding that Bank Mandiri is not the only bank
interested in the company's refinancing program.

Asked about the worst-case scenario if Padang defaults on its
Jamsostek loan, Karanin said he hopes that Jamsostek will not
try to further complicate the problem by taking any action such
as filing a bankruptcy petition.

"We will continue to find other ways of paying the debt. We only
need more time," he said.

Asked about the threat to sue Bank Mandiri if it fails to
implement the loan agreement, Karanin said: "It is not our
priority. Our top priority is to find other lenders. But it is
still possible to sue them."


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


HITACHI LTD: US Unit Names Official Plasma Display Provider
-----------------------------------------------------------
Hitachi America, Ltd., a subsidiary of Hitachi, Ltd. has been
named the official plasma display provider for the Hampton
Classic Horse Show running August 25 through September 1, 2002.
Known for its award-winning plasma display technology, Hitachi
will be providing its plasma displays throughout the event for
narrow casting and digital signage during the show.

"We are proud to provide our products and services to the
Hampton Classic," Kevin Bowler, Vice President of Hitachi
America, Ltd.'s Digital Media Division. "Hitachi's plasma
displays will provide an exciting medium to showcase the show's
events and information."

The Hampton Classic is considered the country's foremost hunter
and jumper horse show, attracting more than 40,000 spectators
each year. Hitachi will provide its CMP4121HDU 42-inch plasma
displays at various locations throughout the show enhancing the
visibility of the events and enabling additional information
content. With a native resolution of 1024 x 1024 using a 16:9
aspect ratio, Hitachi's 42-inch plasma provides the rich colors,
vibrant contrast and high resolutions necessary for superior
performance in both home and business environments.

Utilizing Hitachi's award-winning ALIS technology (Alternate
Lighting of Surfaces) that enables up to 1.6 times greater life
expectancy than other plasma displays, this product provides
venues such as the Hampton Classic or other retail and business
customers to run high-resolution content directly from a
computer or video device. From home installations to full
service digital signage solutions, Hitachi is a leading
international supplier of plasma displays.

Hitachi America, Ltd, is a leading supplier of display
technology in the U.S. With numerous product awards for
excellence, Hitachi displays provide superior quality at value
prices to business, education, government and professional
markets. For more information please contact Hitachi America
digital media group customer relations at 1-800-225-1741, or via
email to plasmasales@hal.hitachi.com. Information is also
available on the World Wide Web at http://www.hitachi.com/mmpp.

Hitachi America, Ltd., a subsidiary of Hitachi, Ltd., markets
and manufactures a broad range of electronics, computer systems
and products, consumer electronics and semiconductors, and
provides industrial equipment and services throughout North
America. For more information, visit www.hitachi.com.

Hitachi, Ltd., headquartered in Tokyo, Japan, is a leading
global electronics Company, with approximately 320,000 employees
worldwide. Fiscal 2001 (ended March 31, 2002) consolidated sales
totaled 7,994 billion yen ($60.1 billion). The Company offers a
wide range of systems, products and services in market sectors,
including information systems, electronic devices, power and
industrial systems, consumer products, materials and financial
services. For more information on Hitachi, please visit the
Company's Web site at http://global.hitachi.com.

Contacts:

Gerard F. Corbett
Hitachi America, Ltd.
Corp. Communications Group
Tel: (650) 244-7900
gerard.corbett@hal.hitachi.com

Kerstin Barr
Weber Shandwick
Tel: (408) 559-6091 x334
kbarr@webershandwick.com


MITSUBISHI TOKYO: Files Shelf Registration With U.S. SEC
--------------------------------------------------------
Mitsubishi Tokyo Financial Group, Inc. (MTFG) has filed its
annual report on Form 20-F under the U.S. Securities Exchange
Act of 1934 with the U.S. Securities and Exchange Commission
(the "SEC") on August 12, 2002. The annual report reports MTFG's
operating and financial results for the fiscal year ended March
31, 2002 under U.S. GAAP. Following such filing, MTFG became
eligible to file shelf registration statements on Form F-3 under
the U.S. Securities Act of 1933. Under a shelf registration
statement, issuers register securities for possible offerings in
the future, and accordingly gain flexibility, in particular with
respect to timing, in accessing U.S. capital markets for future
offerings.

MTFG filed a shelf registration statement on Form F-3 on August
12, 2002, registering an aggregate of U.S.$1 billion of senior
debt securities (including convertible), subordinated debt
securities (including convertible) and common stock (which may
include shares held by MTFG's wholly-owned subsidiaries, The
Bank of Tokyo-Mitsubishi, Ltd. and The Mitsubishi Trust and
Banking Corporation) (the Securities) for possible offerings in
the future.

About Mitsubishi Tokyo Financial Group

Established as holding Company for Bank of Tokyo-Mitsubishi,
Mitsubishi Trust Bank and Nippon Trust Bank. Listed on Tokyo,
New York and London exchanges, the group offers comprehensive
financial services, including investment banking and asset
management. Plans further expansion in October 2001, when
Mitsubishi Trust merges with Nippon Trust and Tokyo Trust Bank,
another Mitsubishi institution. For further information, please
visit the Mitsubishi Tokyo Financial Group home page at:
www.mtfg.co.jp/english

Contact:
For a copy of the registration statement or further information,
please contact:
Kohei Tsushima
General Manager
Public Relations Office
Tel: 81-3-3240-8149


MITSUI ENGINEERING: JCR Upgrades Rating to BBB+
-----------------------------------------------
Japan Credit Rating Agency upgraded on Monday the ratings of
Mitsui Engineering & Shipbuilding Co. Ltd from BBB to BBB+,
affirming the J-2 rating on the CP program.

Shelf Registration:
Maximum: Y40 billion
Valid: two years from February 17, 2001
Issues:
Amount(bn) / Issue Date / Due Date / Coupon
bonds no.5
Y10 / Jun. 23, 2000 / Jun. 20, 2003 / 2.00%
bonds no.6
Y6 / Dec. 20, 2000 / Dec. 20, 2004 / 2.06%
bonds no.7
Y4 / Dec. 20, 2000 / Dec. 20, 2005 / 2.33%
bonds no.8
Y15 / Sep. 14, 2001 / Sep. 14, 2005 / 1.35%

CP:
Maximum: Y35 billion
Backup Line: 0%

Rationale

Mitsui Engineering & Shipbuilding (MES) is one of the leading
shipbuilders and manufacturers of heavy machinery in Japan.
Weight of shipbuilding including the marine diesel engines, in
which it has Japan's largest market share, is large. The
division's profit margin is also high relative to those of
peers. MES keeps a distance from the current movements for spin-
off and integration of the shipbuilding divisions in the
industry.

MES plunged into a large loss in fiscal 1997 due mainly to
deterioration in profitability of overseas plants. Since then it
has been implementing restructuring measures including closure
of Osaka plant, withdrawal from unprofitable operations,
reduction in workforce and the strengthening of the profit-
oriented management. As a result, its earnings power has rapidly
improved recently amidst the severe operating environment.

The interest-bearing debt was reduced much from the peak level
at the end of March 1999 via sales of idle assets, reduction in
working capital as well as improvement in earnings power.
However, the equity capital has not increased that much.
Improvement in the financial conditions through increase in
earnings retained will remain an issue for the Company.

Earnings and financials improved sharply due to the
restructuring measures that have been taken since fiscal 1997.
The shipbuilding division produces half of the earnings of the
Company. Given the enhancement of facilities of Chinese
shipbuilders and technological catch-up of Korean shipbuilders
over the intermediate term, it is probable that the orders of
the Company will decline. In the foreseeable future, however,
expansion in demand for the ocean facilities against the
background of spread of small-sized and deep sea oil drilling
will shore up the Company's earnings. JCR will pay close
attention to the future developments as to the ocean facilities.


NIPPON MEAT: R&I Places on Rating Monitor
-----------------------------------------
Rating and Investment Information, Inc. (R&I) on Thursday has
placed Nippon Meat Packers, Inc's long-term credit rating on the
rating monitor scheme with a view to downgrading them.

R&I CP RATING: (a-1);

RATIONALE:

R&I has placed the Senior Long-term Credit Rating and the
Commercial Paper rating assigned to Nippon Meat Packers, Inc.
(known as Nippon Ham), on the Rating Monitor scheme. There are
growing suspicions that the Nippon Ham group abused the beef
buy-back system whereby the Agriculture, Forestry and Fisheries
Ministry repurchases domestic meat as part of its policies to
deal with the outbreak of bovine spongiform encephalopathy (BSE)
in Japanese cows.

The scandal will damage the group's brand image and, with
Japanese consumers increasingly critical of corporate
governance, some retailers are removing the Company's products
from their shelves. The decision to place the ratings on the
Rating Monitor scheme reflects growing concerns about the impact
of this on Nippon Ham's earnings potential.

Nippon Ham announced on August 7 that it had discovered imported
meat among the meat offered up under the buy-back scheme. It
explained that, of the meat incinerated by the ministry as of
July 31, some was past sell-by meat that is not part of the buy-
back scheme. The Company's subsequent explanations to the
ministry contained inaccuracies and could result in criminal
charges being brought. R&I downgraded the ratings for Nippon Ham
and other meat packers in February this year in view of the
impact on their earnings potential of the outbreak of BSE (also
known as mad cow disease) in Japan, but the emergence of
improprieties of this nature was not taken into consideration in
that move.

The current scandal should be settled during August, but damage
to the Company's brand image is inevitable. On the other hand,
unlike the case of Snow Brand Foods Co., Ltd., there are no
suggestions that Nippon Ham's products themselves have been
mislabeled. Meanwhile, given that the Company has a high share
of the market and it would be hard to substitute its products
with those of other producers, retailers are being cautious
about terminating business with the firm.

Nevertheless, some retailers are already reviewing their
transactions with Nippon Ham and the effects of this are
beginning to emerge. There are concerns that brand image will be
damaged and that market share will fall, probably forcing the
Company to cut prices, and this could damage earnings potential.
There is evidence of changes in consumers' spending patterns and
in retailers' stocking of meat and related products, and it will
be necessary to reflect this in the ratings.

Given that the meat sector's leading player has been hit by
scandal in this way, it is possible that the whole sector could
be affected. R&I will pay close attention to the risk of damage
to the creditworthiness of the sector as a whole.

R&I RATINGS:
ISSUER: Nippon Meat Packers, Inc.
Senior Long-term Credit Rating: (A);

Placed on the Rating Monitor scheme with a view to downgrading
ISSUE: Bonds Rated Issue Date Redemption Issue Amount (mn)
Unsec. Str. Bonds No. 1 May 07, 1998 May 07, 2003 Yen 5,000
Unsec. Str. Bonds No. 2 May 07, 1998 May 07, 2004 Yen 5,000
Unsec. Str. Bonds No. 3 May 07, 1998 May 06, 2005 Yen 5,000
Unsec. Str. Bonds No. 4 Sep 25, 1998 Sep 25, 2008 Yen 10,000
Unsec. Str. Bonds No. 5 Oct 06, 1998 Oct 06, 2005 Yen 10,000
Unsec. Conv. Bonds No. 4 Sep 14, 1988 Sep 30, 2003 Yen 10,000

R&I RATING: (A);
ISSUE: Domestic Commercial Paper Program
Issue Limit: 30,000 million Y


NIPPON MEAT: Shares Plunge 50%
------------------------------
Shares of Nippon Meat Packers Inc fell Tuesday for the fifth
straight session, losing about half their value following a beef-
mislabeling scam involving its unit Nippon Food Inc, Kyodo News
reported Wednesday.

The major ham and sausage maker closed down 48 yen at 777-yen
Tuesday after marking a new intraday low for the year of 741
yen.


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


DAEWOO MOTOR: Inauguration of GMDAT Postponed
---------------------------------------------
The inauguration of GM-Daewoo Auto and Technology (GMDAT) Korea
will be postponed due to differences among Daewoo Motor
creditors on the liquidation plan for the remaining assets of
Daewoo Motor, Digital Chosun reported Tuesday.

GM and Korean creditors of Daewoo signed an agreement in April
to set up GMDAT with its capital of US$597 million. General
Motors (GM) is to hold a 67-percent stake in the new firm.

Vice President of the joint venture Kim Jung-soo said his firm
called off its earlier plan to showcase its new subcompact Kalos
at the international motor show in Paris next month.


DAEWOO MOTOR: No Problem With US$2B Loans to GMDAT, KDB Says
------------------------------------------------------------
Woori Bank and Korea Exchange Bank has agreed to join with other
creditor banks extending US$2 billion in loans to new automaker
GM-Daewoo Auto and Technology (GMDAT), Asia in Focus reported
Wednesday, citing KDB Governor Jung Keun-yong.

He said that a meeting with the heads of the creditor banks had
agreed on the principles for loss sharing and a 50 percent
reimbursement on public bonds.


HYNIX SEMICONDUCTOR: Posts Q202 Net Loss of Y418B
-------------------------------------------------
Hynix Semiconductor posted a net loss of 418 billion won ($351
million) in the three months ending June 30, versus a net loss
of 1.6 trillion won a year ago, Bloomberg reported Wednesday.

The loss was due to a fall in the price of its computer-memory
chips, which less than their cost of production.

Hynix, between January and March incurred its first profit since
the third quarter of 2000, was taken over by creditors in June.
Banks that bailed Hynix out when it failed to pay debts in 2001
are waiting for a Deutsche Bank report to decide whether they
should sell the chipmaker in parts or allow it to continue
operations.


SEOUL BANK: Labor Union Votes Against Merger
--------------------------------------------
Seoulbank labor union voted against the Company's merger plans
with Hana Bank and calls for a strike if the government
continues to push forward with joint venture, the Maeil Business
Newspaper reported Tuesday.

The labor union said 99.1 percent of those who cast ballots
voted against a merger with Hana Bank.

Out of the 2,831 workers who handed in their votes, 2,806 of
them agreed to go on strike.

According to TCR-AP, the labor union said Hana's offered price of
KRW1 trillion for SeoulBank does not include Hana's estimated
KRWW899.6 billion in tax savings on the deal, Hana's indemnity
from SeoulBank's KRWW118.9 billion exposure to syndicate loans to
Russia and bankrupt Dongah Construction Ind., and KRWW127.5
billion in opportunity costs that Hana will earn once Lone Star
drops out of the bid.


SEOUL BANK: Hana Bank Submits New Bid to Counter Lone Star's
------------------------------------------------------------
Hana Bank will submit on August 14 a renewed bid to acquire
Seoulbank, the Korea Economic Daily and AFX Asia reported
Tuesday.

Hana Bank decided to raise its bid for Seoulbank after Lone Star
Fund recently upped its offer. The report did not mention the bid
prices of Hana and Lone Star.

In their initial proposals submitted on July 31, Hana's bid
price was 1 trillion won and Lone Star's 850 billion won.


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


AUTOWAYS HOLDINGS: ARTICLES OF ASSOCIATION Amendment Extended
-------------------------------------------------------------
Autoways Holdings Berhad informed that the Kuala Lumpur Stock
Exchange (KLSE) has granted AUTOWAY an extension of time until
31 October 2002 to amend its Articles of Association in order to
incorporate Chapter 7 of the KLSE's Listing Requirements.

Autoways Holdings also informed that the Kuala Lumpur Stock
Exchange (KLSE) has granted AUTOWAY an extension of time until
31 October 2002 for the submission of the 2001 Annual Report in
compliance with Paragraph 9.23(a) of the KLSE Listing
Requirements.


FW INDUSTRIES: KLSE Grants RA Extension Until Oct 3
---------------------------------------------------
FW Industries Berhad, with regard to the Company's application
to the Kuala Lumpur Stock Exchange for an extension of time to
release the Requisite Announcement, announced that KLSE had on 9
August 2002 approved an extension of time from 3 August 2002 to
3 October 2002 to enable the Company to announce its Requisite
Announcement to the Exchange for public release.

Presently, FWI is still in the midst of negotiation and
finalization of its proposed corporate and debt restructuring
scheme.


HAP SENG: Reaches Legal Suit Settlement Agreement With LST
----------------------------------------------------------
The Board of Directors of Hap Seng Consolidated Berhad, in
regards to the legal suit filed against the Company by Lam Soon
(Thailand) Public Company Limited [LST] in the Southern Bangkok
Civil Court, Case No. Black 10315/2543 for recovery of dividends
amounting to approximately Bt48,336,492.00 [Suit], announced
that LST has on 9 August 2002 executed a settlement agreement
under which LST had agreed to withdraw the said Suit against the
Company and its co-defendants on 16 August 2002 with each party
to bear its own costs.


KILANG PAPAN: Shareholders OK All Resolutions at AGM
----------------------------------------------------
The Board of Kilang Papan Seribu Daya Berhad announced that at
the Annual General Meeting (AGM) held on 31 July 2002, the
shareholders of the Company approved all the resolutions set out
in the Notice of AGM dated 10 July 2002.

The shareholders also approved all the resolutions set out in
the Notice of Extraordinary General Meeting (EGM) dated 10 July
2002, at the EGM held immediately after the AGM.

TCR-AP reported on July 19 that the Kuala Lumpur Stock Exchange
that the Ministry of International Trade and Industry (MITI) had
approved the Company's proposed debt and equity restructuring
scheme subject to these conditions:

   a) approval for the proposed debt and equity restructuring
scheme is to be obtained from the Securities Commission and

   b) approval for the proposed debt and equity restructuring
scheme is to be obtained from the Foreign Investment Committee.


LAND & GENERAL: Enters Termination Agreement With MJD
-----------------------------------------------------
Land & General Berhad on 18 May 1996 entered into a Joint
Venture Agreement (JVA) and on 20 May 1999, Bandar Sungai Buaya
Sdn Bhd (BSB), a wholly-owned subsidiary of L&G, and MJD entered
into a Master Agreement (Master Agreement) in relation to the
acquisition and development of 3,094.5 acres of land (Land) from
MJD involving a total purchase consideration of RM374.335
million of which RM147.840 million has since been settled.

The Land is mostly vacant and is located within the development
known as Bandar Sungai Buaya, Rawang, Selangor. It consists of
parcels of leasehold land of 99 years expiring 4 January 2095
categorized as development lands, with approved layout plan for
mixed development comprising housing, commercial, industrial
units and recreational facilities in Mukim of Serendah, District
of Ulu Selangor, Selangor Darul Ehsan.

On behalf of the Board of Directors of L&G, Commerce
International Merchant Bankers Berhad announced that the Company
had on 9 August 2002 entered into a termination agreement with
MJD (Termination Agreement) for the proposed termination of the
following:

   (i) the JVA (as amended by the Supplemental Agreement dated
23 May 1996 and Further Supplemental Agreement dated 23 November
2000);

   (ii) Master Agreement; and

   (iii) Settlement Agreement dated 30 November 2000 entered
into between L&G, BSB and MJD, wherein L&G agreed to assume part
of BSB's obligations pursuant to the JVA (Settlement Agreement)

DETAILS OF THE PROPOSED TERMINATION

Pursuant to the Termination Agreement and as settlement of the
outstanding purchase consideration for the aforesaid Land
amounting to RM226.495 million, the following shall be
undertaken:

   (i) BSB shall cause to return parcels of vacant land
measuring in aggregate approximately 1,617 acres (Return Lands)
comprised in the Land to MJD or its nominee(s) subject to any
existing encumbrances appearing on the issue documents of title
for the Return Lands;

   (ii) BSB shall remain the registered legal and beneficial
owner of parcels of vacant land measuring approximately 615.8
acres (BSB Lands) comprised in the Land and MJD shall have no
right, title or interest whatsoever over or in respect of the
BSB Lands; and

   (iii) MJD shall cause the transfer of parcels of vacant land
measuring approximately 210.2 acres (Transfer Lands) comprised
in the Land to BSB whereafter MJD shall have no right, title or
interest whatsoever over or in respect of the Transfer Lands.
Upon the relevant approvals being obtained, details of which are
set out in Section 6 herein and notwithstanding the parties
failing to obtain a court order for the termination of the JVA,
the JVA, Master Agreement and Settlement Agreement shall be
deemed to have been terminated as at the date of the Termination
Agreement and L&G and MJD, being parties to the Termination
Agreement shall have no further rights and obligations
whatsoever in respect of the JVA, Master Agreement and
Settlement Agreement provided always that the aforesaid parties
shall take all steps necessary to effect the conditions for the
transfer of the Return Lands and Transfer Lands.

RATIONALE FOR THE PROPOSED TERMINATION

Pursuant to the Proposed Termination, the transfer of the Return
Lands will settle BSB's future liability to MJD of RM226.495
million, which is guaranteed by L&G. Further, the Proposed
Termination is in line with L&G's efforts to restructure its
debts culminating from the effects of the economic downturn,
thus placing the Company on a better financial footing to
concentrate on its property development businesses.

EFFECTS OF THE PROPOSED TERMINATION

The Proposed Termination will not have any effect on the issued
and paid-up share capital, net tangible assets, earnings,
substantial shareholders' shareholdings and gearing of the L&G
Group.

APPROVALS REQUIRED

The Proposed Termination is subject to approvals being obtained
from the following:

   (i) the shareholders of L&G at an Extraordinary General
Meeting (EGM) to be convened, and

   (ii) any other relevant authorities/parties.

DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS

None of the Directors and major shareholders of L&G or any
persons connected to the Directors and major shareholders of L&G
have any interest, whether direct or indirect, in the Proposed
Termination.

DIRECTORS' STATEMENT

The Board of Directors of L&G having considered all aspects of
the Proposed Termination, is of the opinion that the Proposed
Termination is in the best interest of the Company.

ADVISER

CIMB has been appointed as the adviser to L&G for the Proposed
Termination.

OTHER MATTERS

On behalf of the Board of Directors of L&G, CIMB also wishes to
announce that the Company had on 9 August 2002 entered into the
following agreements:

   (i) Sale and Purchase of Shares Agreement with MJD, for the
purchase by L&G from MJD of outstanding 268,267 redeemable
preference shares of RM1.00 each in BSB issued pursuant to the
JVA (as amended by the Supplemental Agreement dated 23 May 1996
and Further Supplemental Agreement dated 23 November 2000) for a
cash consideration of RM268,267; and

   (ii) Cash Payment Settlement Agreement with MJD and BSB, for
the deemed full and final settlement of the deferred cash
payment of RM40.959 million due and outstanding by BSB to MJD on
12 August 2001 through the set-off of advances already made by
BSB to MJD of RM41.722 million.

DOCUMENTS FOR INSPECTION

The Termination Agreement, Settlement Agreement, Sale and
Purchase of Shares Agreement and Cash Payment Settlement
Agreement will be made available for inspection at the
Registered Office of L&G at 2nd Floor, 7 Persiaran Dagang,
Bandar Sri Damansara, 52200 Kuala Lumpur during normal business
hours from Mondays to Fridays (except public holidays) for a
period of 3 months from the date of this announcement.


LONG HUAT: Inks Proposed Workout Scheme MOU With White Knight
-------------------------------------------------------------
The Board of Directors of L.Huat announced that L.Huat had on 7
August 2002, entered into a Memorandum of Understanding (MOU)
with these parties:

   a) Behrang Properties Sdn Bhd (Behrang); and
   b) Perbadanan Kemajuan Negeri Perak(PKNP);
(the above are collectively referred to as White Knight)

in relation to their participation in the Proposed Restructuring
Exercise of L.Huat, details of which are set out in the ensuing
paragraphs.

THE PROPOSED RESTRUCTURING EXERCISE

L.Huat is an affected listed issuer classified under Practice
Note 4/2001 (PN4) of the Kuala Lumpur Stock Exchange (KLSE)
Listing Requirements. It intends to undertake a restructuring
scheme to regularize its financial position, which will involve
inter-alia the following:

   I) Proposed Capital Reduction And Consolidation: L.Huat
proposes a capital reduction of RM0.95 for every ordinary shares
of RM1.00 each, resulting in the reduction of its issued and
paid-up share capital to RM1,867,200 from the existing
RM37,344,000. Thereafter, the 37,344,000 ordinary shares of
RM0.05 each shall be consolidated into 3,734,400 ordinary shares
of RM0.50 each (collectively hereinafter referred to as "the
Consolidated Shares" and any one of them as "the Consolidated
Share") on the basis of one (1) Consolidated Share for ten (10)
ordinary shares of RM0.05 each.

   II. Proposed Share Swap: Upon completion of the Proposed
Capital Reduction and Consolidation, the Consolidated Shares of
RM1,867,200/- comprising 3,734,400 ordinary shares of RM0.50
each in L.Huat shall be exchanged with the new shares in a new
company to be set up (Newco), on the basis of one (1) new share
in Newco of RM0.50 each for every one (1) Consolidated Share
held in L.Huat. As a result, L.Huat shall become a wholly owned
subsidiary of Newco.

   III. Proposed Debt Settlement: Newco proposes to issue
approximately RM14.0 million worth of new shares of RM0.50 each
to the creditors of L.Huat (the Creditors), in full satisfaction
of the debt as at a date to be fixed, and a debt settlement
proposal to be finalized. In addition, the White Knight will
also settle amount owed to also other essential creditors such
as EPF, SOCSO, retrenchment benefit, taxes, providers and
suppliers of essential service by cash payment of not more than
RM2.50 million.

   IV. Proposed Acquisition of Companies: Newco proposes to
acquire the following companies(Target Companies) from Behrang
and PKNP for an estimated total consideration of RM145 million
(subject to final confirmation of Net Tangible Assets and
valuation of the Companies), to be satisfied by issuance of new
shares of RM0.50 each at par or such other combination of
financial instruments:

     a) 100% equity interest in Behrang 2020 Sdn. Bhd.
(Behrang2020)
     b) 100% equity interest in Anson Oil Properties Sdn Bhd
(Anson);
     c) 100% equity interest in Rare Properties Sdn Bhd (Rare);
and
     d) 100% equity interest in Hock Hwong Realty Sdn
Berhad(Hock);

   V. Proposed Acquisition of New Land: Newco proposes to
acquire the following converted and approved development land
(New Land) from the White Knight for an indicative consideration
of RM36.5 million (subject to agreement by both parties) to be
satisfied by issuance of new shares of RM0.50 each at par or
such other combination of financial instruments in Newco:

     a) 200 acres of land in Tapah (Tapah Land);
     b) 100 acres of land in Mukim Hulu Bernam Timur (Hulu
Bernam Land); and
    c) 100 acres of land in Teluk Intan (Teluk Intan Land).

   VI. Waiver of Mandatory General Offer: Upon completion of the
proposed acquisitions of the Target Companies and the New Land,
Behrang and PKNP will apply to the Securities Commission to
exempt them from having to undertake a mandatory general offer
for the remaining shares in Newco;

   VII. Proposed Disposal of L.Huat Group : Upon completion of
the Proposed Acquisition of Target Companies and the New Land,
Newco proposes to dispose the entire issued and paid-up share
capital of L.Huat for RM1.00 to facilitate the liquidation
process of L.Huat.

   VIII. Proposed Offer For Sale and/or Public Issue: To meet
the public spread requirements, Behrang and PKNP proposes to
offer for sale their shares to the existing shareholders of
L.Huat and Malaysian public as well as an issuance of new shares
from the Newco at a quantum and price to be determined later.

   IX. Transfer of Listing Status of L.Huat To Newco: Newco
shall apply to the KLSE for a listing status on the Second
Board, which shall result in L.Huat being delisted from the
Second Board of KLSE.

EXECUTION OF SALE AND PURCHASE AGREEMENT

Upon the finalization of the negotiation and if the parties are
agreeable to all the final terms of the Proposed Restructuring
Exercise, the relevant conditional sale and purchase agreement
and such other agreements as may be necessary to implement the
Proposed Restructuring Exercise shall be entered into between
L.Huat and the White Knight within 90 days from date of MOU or
such extended period as may be mutually agreed upon between
L.Huat and the White Knight, failing which the MOU shall be
terminated.

The Requisite Announcement pursuant to PN4 will be made upon the
execution the Sale and Purchase Agreement on the Proposed
Restructuring Scheme by the relevant parties.

EFFECTS OF THE PROPOSED RESTRUCTURING EXERCISE

The effects of the Proposed Restructuring Exercise on the share
capital, net tangible assets, earnings and the shareholding
structure of L.Huat can only be determined after the
finalization of the terms of the Proposed Restructuring
Exercise.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

None of the directors or substantial shareholders of L.Huat or
person connected with them has any interest, direct or indirect
in the Proposed Acquisition of Companies and Proposed
Acquisition of New Land.

INSPECTION OF DOCUMENT

The MOU will be available for inspection at the Company's
registered office at Level 3, Block C(South), Pusat Bandar
Damansara, 50470 Kuala Lumpur, during office hours.


MALAYSIAN RESOURCES: Proposed Resolutions Approved at EGM
---------------------------------------------------------
Malaysian Resources Corporation Berhad announced that at the
Extraordinary General Meeting of the Company held on 12 August
2002, the resolutions contained in the Notice of Meeting dated
27 July 2002, with regards to the Proposed Disposal and Proposed
ESOS, have been approved by the shareholders of the Company.

In relation to the Proposed Disposal of 20% Equity Interest in
Fibrecomm Network (M) Sdn. Bhd. Comprising 15,000,000 Ordinary
Shares of Rm1.00 each for a Cash Consideration of Rm22.0
million, MRCB announced that the Company had been informed by
TNB that they have obtained the Foreign Investment Committee's
(FIC) approval via its letter dated 7 August 2002.

Accordingly, all conditions precedent in relation to the
Proposed Disposal has been met.


MALAYSIAN RESOURCES: Replies to KLSE's Query
--------------------------------------------
Malaysian Resources Corporation Berhad, in reply to the Query
Letter by KLSE reference ID: CY-020809-37405 regarding the
Winding-Up Petition against MRCB Construction Sdn Bhd (MCSB),
provided this information as requested:

   1. The winding-up petition against MCSB was presented to the
court on 24 July 2002 but was only served on MCSB on 8 August
2002.

   2. MCSB intends to contest the winding-up petition.
Meanwhile, MRCB is formulating a plan to resolve MCSB's
liabilities with its creditors on a comprehensive basis.


RENONG BERHAD: Appoints Hijaz Hashim as Managing Director
---------------------------------------------------------
Renong Berhad has announced the appointment of YBhg Dato' Ikmal
Hijaz Hashim as Managing Director, effective 12 August 2002.

He succeeds Ahmad Pardas Senin, who has taken up the position of
Managing Director at TIME Engineering Berhad.

He holds a Master of Philosophy (Land Management) from the
University of Reading, United Kingdom.

Dato' Ikmal Hijaz brings along with him a wealth of experience
from his previous positions within the Group. He is concurrently
holding the position of President of the Group's Property
Division as well as Managing Director of property-based Prolink
Development Sdn Bhd, a subsidiary of Renong. Prior to that, he
has held positions in highway concessionaire, Projek Lebuhraya
Utara-Selatan Berhad (PLUS) as Chief Operating Officer from
January 1993 to December 1994 and subsequently as Managing
Director from January 1995 to June 1999. He resigned as Director
of PLUS in November 2001. His career in the Group began as the
General Manager for the Malaysian-Singapore Second Crossing
Project in United Engineers (Malaysia) Berhad, back in 1991.

Dato' Ikmal Hijaz currently sits on the Boards of Faber Group
Berhad, Prolink Development Sdn Bhd, Mahisa Sdn Bhd, Vistajati
Holdings Sdn Bhd, Tanjung Pinang Development Sdn Bhd and a
number of private limited companies.


SITT TATT: Enters Second Supplementary Agreement With MISL
----------------------------------------------------------
Utama Merchant Bank Berhad on behalf of Sitt Tatt Berhad,
announced that the Company had on 12 August 2002 entered into a
Second Supplementary Agreement with MISL, the Shareholders, the
acquiree companies and the guarantors to principally vary the
Proposed Acquisition such that the consideration for the
Proposed Acquisition is financed entirely through the direct
issuance of new securities.

As such the purchase consideration shall be satisfied by the
issue of 125,125,000 new Sitt Tatt shares of RM1.00 each at an
issue price of RM1.20 per share and 69,300,000 ICPS to be issued
at par, as tabulated at Table 1 set at
http://www.bankrupt.com/misc/TCRAP_Sitt0815.pdf

Other than the above revision, the other amendments to the
respective agreements are as follows:

   1. Amendments to SPAs dated 8 January 2001, SSA dated 10
September 2001 and First Supplemental Agreement dated 23 January
2002

The parties hereto hereby agree that the SPAs, the SSA and the
First Supplemental Agreement shall be amended in the following
manner:

     (a) The Cut-Off Date for the purposes of the SSA shall be
the 31st day of December 2002, or such other date as the parties
may mutually agree upon in writing, and:

       (i) the SSA and Clauses 3(b) and 3(d) of the First
Supplemental Agreement shall be read and construed accordingly;
and

       (ii) the following definition shall be substituted for
the existing definition in the SSA:

"Cut-Off Date" means the 31st day of December 2002, or such
other date as the parties may mutually agree upon in writing;"

     (b) The following definitions shall be substituted for the
existing definitions in the SSA:

"Actual Aggregate Profit After Tax" means the aggregate of the
actual Profit After Tax achieved for all the three (3) financial
periods from 1st April 2003 to 31st March 2004, 1st April 2004
to 31st March 2005 and 1st April 2005 to 31st March 2006;"

"Aggregate Guaranteed Profit After Tax" means the Profit After
Tax of not less than Ringgit Malaysia Sixty Nine Million Three
Hundred Thousand (RM69,300,000.00) only for the three (3)
financial periods from 1st April 2003 to 31st March 2004, 1st
April 2004 to 31st March 2005 and 1st April 2005 to 31st March
2006;"

"New Shares" shall mean the number of new ordinary shares of
Ringgit Malaysia One (RM1.00) each in the Purchaser credited as
fully paid up shares which will represent the aggregate amount
of Ringgit Malaysia One Hundred and Fifty Million One Hundred
and Fifty Thousand (RM150,150,000.00) or such other amount as
may be approved by the Securities Commission, and at an issue
price approved by the Securities Commission;"

     (c) Clause 3.2(b) of the SSA (as previously amended by the
First Supplemental Agreement) shall be deleted.

     (d) The following shall be inserted as a new Clause 3.3 in
the SSA:

"The Vendor shall refund or cause to be refunded to the
Purchaser the Initial Deposit, upon the issuance of the New
Shares to the Vendor's Solicitors or the Vendor's authorized
nominees, or within sixty (60) days from the date of receipt of
notification from the Purchaser that the Purchaser is ready to
issue and allot the New Shares to the Vendor's Solicitors or the
Vendor's authorized nominees, whichever is the earlier."

     (e) Clause 4.1(k) of the SSA shall be deleted and the
subsequent sub-clauses re-numbered accordingly.

     (f) Clause 9.2(a) of the SSA (as previously amended by the
First Supplemental Agreement) shall be deleted, and the
subsequent sub-clauses re-numbered accordingly.

     (g) The phrase "and the Remaining Deposit" in Clause 3(f)
of the First Supplemental Agreement shall be deleted.

     (h) The phrase "and the payment of the Remaining Deposit"
in Clause 4(e) of the First Supplemental Agreement shall be
deleted.

     (i) The Schedule 5 to the First Supplemental Agreement
shall be substituted with the new Schedule 5 set out in the
Second Schedule hereto.

   2. Amendments to Profit Guarantee Agreement dated 23 January
2002

The parties hereto hereby agree that the Profit Guarantee
Agreement shall be amended in the following manner:

(a) The following definitions shall be substituted for the
existing definitions in the Profit Guarantee Agreement at
Table 2 found at
http://www.bankrupt.com/misc/TCRAP_Sitt0815.pdf

   (b) The phrase "and the Warranted Profits for the Guaranteed
Financial Year ending March 31, 2003, the Warranted Profits for
the Guaranteed Financial Year ending March 31, 2004 and the
Warranted Profits for the Guaranteed Financial Year ending March
31, 2005" in Clause 5.1 of the Profit Guarantee Agreement shall
be replaced by the phrase "and the Warranted Profits for the
Guaranteed Financial Year ending March 31, 2004, the Warranted
Profits for the Guaranteed Financial Year ending March 31, 2005
and the Warranted Profits for the Guaranteed Financial Year
ending March 31, 2006."

The revision is necessary to fully comply with the latest
Guidelines on Acquisition of Foreign Securities and Assets
issued by the SC on 8 May 2002 (Latest Guidelines).

Other that the above revision all other terms as previously
announced remains the same.

The "Proposals" collectively refers to:

   (I) Proposed rights issue of up to 34,732,713 new Sitt Tatt
Shares of RM1.00 each on the basis of one (1) Rights Share for
every two (2) existing Sitt Tatt Shares held at an issue price
of RM1.00 per Rights Share (Proposed Rights Issue);

   (II) Proposed Acquisition of the entire issued and paid-up
share capital of Pyramid Manufacturing Industries Pte Ltd,
Singapore (Pyramid), CEM Machinery Pte Ltd, Singapore (CEM) and
PMI Plating Services Pte Ltd, Singapore (PMI) (Proposed
Acquisitions);

   (III) Proposed Waiver for MISL & Associates Sdn Bhd and
Concerted Parties from having to extend a mandatory offer for
the remaining shares in Sitt Tatt after the Proposed
Acquisitions (Proposed Waiver);

   (IV) Proposed Employees' Share Option Scheme of up to 10% of
the issued and paid-up capital of Sitt Tatt (Proposed ESOS); and

   (V) Proposed Increase in Authorized Share Capital (Proposed
IASC).


SURIA CAPITAL: KLSE Gives One-Month RA Extension
------------------------------------------------
The Board of Directors of Suria Capital Holdings Berhad
announced that the Kuala Lumpur Stock Exchange, via a letter
dated 9th August 2002 approved SURIA's application for an
extension of time of one (1) month from 23 July 2002 to 22
August 2002 to enable SURIA to announce its Requisite
Announcement pursuant to paragraph 6.1 of PN 10/2001.

The additional time sought was to allow SURIA to finalize the
terms of the proposed injection of Sabah Port Authority with the
State Government of Sabah.

Profile

Prior to its public listing, the Company (SCHB) undertook a
restructuring exercise which included the acquisition of Sabah
Development Bank Bhd (SDB) and Sabah Bank Bhd (SBB). SCHB was,
until then, principally a property development company. With the
completion of the restructuring, SCHB was transformed into an
investment holding company.

In 1999, BNM directed the consolidation of the banking industry,
subsequent to which SCHB entered a MOU on 29.3.2000 with
Malaysian Plantations Bhd and Multi-Purpose Bank Bhd for the
proposed disposal of SBB.

After the disposal, SCHB would be left without a core business
activity. In light of this, SCHB is presently identifying new
assets as the replacement assets for the Group.

The Company disposed of SDB to the State Government of Sabah in
1999.


TIMBERMASTER INDUSTRIES: Enters Workout Scheme MoU With Vendors
---------------------------------------------------------------
The Special Administrators (SAs), on behalf of Timbermaster
Industries Berhad announced that TMIB on 9 August 2002, entered
into a Memorandum of Understanding (MoU) with Leong Wei Kong,
Abd Aziz bin Jantan, Yip Fong Ngoh @ Yep Fong Ngoh, Sarena Binti
Abdullah @ Soo Kuan Thye, Mohamed Yusoff Bin Ismail, Puti
Mahonom Binti Jantan and Syarikat Amiziz (M) Sdn Bhd (the
Vendors) to regulate and record basic understanding and the
principal terms and conditions of the workout proposal for the
corporate and debt restructuring of the TMIB [Group] (Workout
Proposal), pending the execution of definitive agreements
(Definitive Agreements) as to the terms and conditions of the
Workout Proposal.

In principal, the Workout Proposal shall consist of, but is not
limited to:

   (i) a proposed acquisition of the Vendor Companies (as
defined in the MoU) by a company incorporated or to be
incorporated under the Companies Act, 1965 which has not
commenced business and which does not have any liabilities
(NewCo) in which the Vendors shall sell and transfer their
entire shareholdings in the Vendor Companies free from all
liens, charges, pledges, equities, mortgages and encumbrances to
NewCo;

   (ii) a proposed capital reconstruction involving a capital
reduction and consolidation of TMIB shares (Consolidated
Shares);

   (iii) a proposed exchange of the Consolidated Shares for new
ordinary shares in NewCo at a ratio;

   (iv) a proposed debt restructuring involving the settlement
of all known debts, secured, unsecured and any other creditors
of TMIB;

   (v) the proposed assumption of the listing status of TMIB by
NewCo (Proposed Listing Transfer);

   (vi) a proposed placement or offer for sale by the Vendors of
NewCo shares to meet the Policies and Guidelines on Issue/Offer
of Securities issued by the Securities Commission and the KLSE
Listing Requirements on public spread;

   (vii) the proposed liquidation of TMIB; and

   (viii)as part of the Workout Proposal and in consideration
for the Proposed Listing Transfer, the Vendors will pay the sum
of RM20 million and transfer 13,636,000 NewCo Shares (subject to
the approvals of the relevant authorities) to the Special
Administrators to be held for the benefit of the Creditors or as
directed by the Creditors.

The key areas of the agreement expressed in the MoU are subject
to and conditional upon the following:

   (i) results of the due diligence review conducted on all
Vendor Companies being to the reasonable satisfaction of the
SAs;

   (ii) negotiation and execution of the Definitive Agreements
to bring into effect and implementation of the Workout Proposal;

   (iii) all requisite approvals, consents, waivers being
obtained from the relevant authorities and/or under the
Pengurusan Danaharta Nasional Berhad Act, 1998; and

   (iv) the transfer of the Kuala Lumpur Stock Exchange's Second
Board listing status of TMIB to NewCo.

Further details of the Workout Proposal for TMIB will be
announced in due course.


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


ASIAN TERMINALS: Director Roger Davies Quits Post
-------------------------------------------------
Asian Terminal Incorporated said Director Roger Davies submitted
a letter of resignation as a member of the Board. The
resignation is not due to a disagreement with the Company on any
matter relating to its operations, policies or practices.

The Corporate Secretary provided copies of Mr. Davies letter to
the other members of the Board.

According to Wright Investors Service, at the end of 2001, Asian
Terminals had negative working capital, as current liabilities
were 2.13 billion Philippine Pesos while total current assets
were only 1.63 billion Philippine Pesos.

Asian Terminals Inc.'s principal activities are the provision of
general services with respect to the operation and management of
port terminals in the Philippines. It operates through the
following business units: Ports segment provides services
related to the handling of containers to and from vessels,
storage and loading and unloading of cargoes; and Non-Ports
segment provides services which include planning, implementing
and controlling the efficient, cost-effective, and just-in-time
flow and storage of raw materials, in-process inventory,
finished goods and related information from point of origin to
point of consumption.

The press release is located at
http://bankrupt.com/misc/TCRAP_asiaterminal0814.pdf


BAYAN TELECOMMUNICATIONS: Moody's Withdraws Rating
--------------------------------------------------
Moody's Investor Services on Monday has withdrawn Bayan
Telecommunications, Inc.'s (BayanTel's) senior unsecured bond
rating of Ca and senior implied rating of Caa3.

BayanTel was unable make an interest payment on US$200 million
13.5 percent senior notes due January 15, 2001, as part of an
ongoing debt restructuring process.

The Company continues to negotiate with bank creditors and
bondholders for the restructuring of its entire debt and, as
such, Moody's has withdrawn its ratings.

Bayan Telecommunications, Inc., based in Manila, is a provider
of fixed line telecommunication services.

DebtTraders reports that Bayan Telecommunications, Inc.'s
13.500% bond due in 2006 (BAYA06PHA1) trades between 18 and
21.5. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=BAYA06PHA1


BENPRES HOLDINGS: Unit's Earnings Down 58%
-----------------------------------------
Benpres Holdings Corporation's broadcasting unit, ABS-CBN,
reported its second quarter profit fell 58 percent to 204 million
pesos ($4 million) from 481 million pesos ($9 million) from a
year ago on lower sales and higher financing charges, according
to DebtTraders analysts, Daniel Fan
(852-2537-4111) and Blythe Berselli (1-212-247-5300).

Sales fell slightly by 6 percent to 2.6 billion pesos ($50
million) on a more competitive advertising market. Interest
expenses rose almost three times to 171.7 million ($3 million)
to finance the construction of a new broadcast complex.

Separately, the Philippine government reinstated Bayantel's
wireless license. Both Benpres and Bayantel are negotiating with
creditors to restructure their debts.

DebtTraders reports that Benpres Holdings' 7.875% bond due in
2002 (BENP02PHS1) trades between 53 and 58. For real-time bond
pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=BENP02PHS1


DMCI HOLDINGS: Schedules ASM on August 28
-----------------------------------------
Further to the Circular for Brokers No. 1665-2002 dated June 26,
2002, DMCI Holdings, Inc. (DMC) furnished the Philippine Stock
Exchange a copy of its SEC Form 20 (Definitive Proxy Statement),
including its SEC Form 17-A for the fiscal year ended December
31, 2002, in connection with its Annual Stockholders' Meeting
which will be held on Wednesday, August 28, 2002, at 9:00 a.m.,
at The Universal Business Club, 4th Floor, Equitable Bank
Building, Paseo de Roxas, Makati City. The agenda, as stated in
the Notice of Meeting, shall be as follows:

   1) Call to Order
   2) Proof of notice and certification of quorum
   3) Approval of minutes of the annual meeting of the
stockholders held on August 8, 2001
   4) President's report
   5) Ratification of acts of the Board of Directors and
Officers during the previous year
   6) Appointment of external auditors
   7) Election of directors for the current year (2002-2003)
   8) Other matters
   9) Adjournment

As previously announced, "The Board of Directors has fixed July
15, 2002 as the record date for the determination of
stockholders entitled to notice and vote at said annual meeting.

Further, the Company advised that, "Registration starts at
exactly 8:00 A.M. and closed at 8:30 A.M.

A copy of DMC's Definitive Proxy Statement, including its SEC
Form 17-A for the fiscal year ended December 31, 2002, is
available for reference at the PSE Center and PSE-Plaza
Libraries.

For a copy of the press release, go to
http://bankrupt.com/misc/TCRAP_DMCI0813.pdf


NATIONAL POWER: Discount Scheme Starts Next Month
-------------------------------------------------
The National Power Corp. (Napocor) and the Manila Electric Co.
(Meralco) said they will meet the September target for the
implementation of the Special Program to Enhance Electricity
Demand (SPEED) despite some delays in threshing out the
implementing rules and regulations (IRR), the Philippine Star
said Wednesday, citing Meralco utility economics head Ivanna
dela Pe?a.

Of the 92-centavo discount that will be offered to big
industrial customers, Napocor will shoulder the bulk or 80
centavos, while Meralco will extend the remaining 12 centavos.

ERC Chairperson Fe Barin said implementation of the SPEED would
depend on the submission of application by Napocor and Meralco.

An unnamed Meralco official said Napocor and Meralco have yet to
settle out the issue on how to determine the eligibility of the
customers that can avail of SPEED.


SANITARY WARES: Comments on Unusual Price Movement
--------------------------------------------------
Sanitary Wares Manufacturing Corporation (SMW) replied to the
Philippine Stock Exchange letter dated August 9, 2002, regarding
the unusual price movement in the trading of shares, which
decreased from P0.175 to P0.105 per share.

SMW is not aware of any event or any information that may have
caused the unusual drop in the price of SMW shares, except the
general condition of the market and the first quarter results of
the Company reported in May this year which shows a net loss of
P17,945,159.00. Second quarter results are not yet available as
of the moment.

For a copy of the letter, go to
http://bankrupt.com/misc/TCRAP_SMW0814.pdf

According to Wright Investors Service, at the end of 2001,
Sanitary Wares Manufacturing had negative working capital, as
current liabilities were 480.63 million Philippine Pesos while
total current assets were only 389.87 million Philippine Pesos.

Sanitary Wares Manufacturing Corp's principal activity is the
manufacturing of complete line of vitreous china sanitary wares
such as water closets, lavatories, bidets, urinals, toilet paper
holders, and soap holders. To complement these vitreous china
products, the Company is also marketing other sourced items like
brass fittings, bathtubs and whirlpools.


URBAN BANK: Approves Appointment of Stock Transfer
--------------------------------------------------
Urban Bank Inc. (URB), in its letter to the Philippine Stock
Exchange on Tuesday disclosed that:

"Urban Bank informs the Exchange that the Board of Directors of
Export and Industry Bank, Inc., (formerly Urban Bank, Inc.) at
its meeting on June 28, 2002, approved the appointment of
Professional Stock Transfer, Inc. (PSTI) as the Bank's new stock
transfer agent vice Equitable PCI-Bank."

Further, the Bank informed the Exchange that:

" The principal office and address of Export and Industry Bank,
Inc. (formerly Urban Bank, Inc.), is - ExportBank Plaza, Chino
Roces Ave. cor. Sen. Gil Puyat Ave., Makati City, with tel. nos.
887-9000,887-9090, 878-0000, fax nos. 887-9974 and 887-9970."

The press release is located at
http://bankrupt.com/misc/TCRAP_UrbanBank0814.pdf


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


ASIA PULP: Creditors Demand $100M Payment By September
------------------------------------------------------
The Export-Import Bank (Exim Bank) of the U.S. and the Indonesia
Bank Restructuring Agency (IBRA) has demanded Asia Pulp & Paper
Co. (APP) to complete a $100 million payment to an escrow
account by August's end, Bloomberg reported Tuesday.

Other creditors like Nippon Export Import Investment Insurance
and Hermes Kreditversicher AG has agreed to set the deadline in
August, according to Mohammad Syahrial, the Indonesian agency's
deputy Chairman in charge of debt restructuring.

APP said it won't be able to meet the $100 million payment
demand until the fourth quarter of 2002.

Asia Pulp earlier paid $30 million of the $100 million demanded,
and has committed to paying another $10 million by mid August.


ASIA PULP: Prepares to Face Creditors in Singapore Court
--------------------------------------------------------
Asia Pulp & Paper Co. returned to Singapore's High Court on
Wednesday to fight a bid by some of its creditors to replace the
management of the Company, Bloomberg reports.

Asia Pulp defaulted on its debts in March 2001 and failed to
reach an agreement with creditors after months of talks.

Creditors owed $3.6 billion, including GE Capital and Citigroup
Inc., backed Deutsche Bank AG and BNP Paribas SA's application
first heard on July 11. The case was adjourned to give both
parties an opportunity to prepare.

The impasse motivated Deutsche and BNP to apply to place APP
under the care of a court-appointed manager, a move they said
was more likely to lead to a debt-restructuring agreement and a
settlement in favor of creditors.

Asia Pulp said ousting the controlling Widjaja family of
Indonesia would be counter-productive, arguing the Singapore-
controlled managers would be unable to exercise effective
control over the group's operations in Indonesia and China.

Letters from its Chinese creditor banks and Indonesian labor
unions supported the Company's stance.

The Company blamed the slow progress of the talks on conflicts
among the creditor group and the complexity of the task in hand.

The case continues before Judge Lai Siu Chiu in Singapore's High
Court.


CSC HOLDINGS: Proposes Capital Reduction-Effective Date
-------------------------------------------------------
The Board of Directors of CSC Holdings Limited, with reference
to the announcement made on 15 July 2002, disclosed Tuesday that
following the grant of the order of the High Court (the Court
Order) on 2 August 2002 confirming the reduction in the par
value of each ordinary share in the capital of the Company from
S$0.10 to S$0.05 (the Capital Reduction), a copy of the Court
Order has been lodged on Tuesday with the Singapore Registrar of
Companies and Businesses. Accordingly, the Capital Reduction is
now complete and effective.

The listing and quotation of the ordinary shares in the capital
of the Company with a par value of $0.05 each on the Main Board
of the Singapore Exchange Securities Trading Limited (SGX-ST) is
expected to commence from 9.00 a.m. on 14 August 2002 in place
of the shares with the original par value of S$0.10 each

TCR-AP reported that Construction firm CSC Holdings incurred a
net loss of S$10.266 million compared to S$12.757 million in the
previous year.

According to World'Vest Base, at the end of 1999, CSC Holdings
Ltd has fixed assets of S$31.2 million and current liabilities
were S$33.6 million.


TELEDATA LTD: Narrows Net Loss to S$427T
----------------------------------------
Teledata (Singapore) Ltd incurred a net loss in the six months
to June of S$427,000 versus 1.991 million a year ago, as sales
grew due to full contributions from its Philippine unit, which
became a fully-owned unit in August last year, AFX Asia said
Monday.

Financial Results the six months to June:

Sales S$38.301 million versus 33.682 million
Net loss - S$427,000 versus loss 1.991 million
Loss per share - 0.27 cents versus 1.24
Interim div - nil; unchanged

According to Wright Investors Service, at the end of 2001,
Teledata (Singapore) Limited had negative working capital, as
current liabilities were 65.75 million Singapore Dollars while
total current assets were only 49.95 million Singapore Dollars


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


BANGKOK STEEL: Posts 2001 Ops Performance Financial Statement
-------------------------------------------------------------
Bangkok Steel Industry Public Company Limited submitted the
audited 2001 Financial Statement of  the company and its
subsidiaries as at December 31, 2001 and 2000.

For the operational performance of the company in 2001, the
company had net loss of Bt1,408.35 million compared with that of
Bt4,904.74 million in the prior year due to:

   1. The company had loss on foreign exchange, decreased by
Bt584.50 million.

   2. The company has reserved the allowance for doubtful
accounts, decreased by Bt2,873.67 million.


CENTURY ELECTRONIC: Files Business Reorganization Petition
----------------------------------------------------------
Electronic accessories manufacturer and distributor Century
Electronic and System Company Limited (DEBTOR)'s Petition for
Business Reorganization was filed to the Central Bankruptcy
Court:

   Black Case Number 797/2543

   Red Case Number 821/2543

Petitioner: CENTURY ELECTRONIC AND SYSTEM COMPANY LIMITED

Debts Owed to the Petitioning Creditor : 2,213,805,870.18Baht

Planner : Century Electronic and System Planner Company Limited

Date of Court Acceptance of the Petition : October 2, 2000

Date of Examining the Petition : October 30, 2000 at 9.00 A.M.
Court postponed the date of examining the Petition: October 31,
2000 at 9.00 A.M.

Court Order for Business Reorganization and Appointment of
Planner : October 31, 2000

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: November 6, 2000

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette : November 28,
2000

Deadline for Planner to submit the Business Reorganization Plan
to Official Receiver : February 28, 2001

Appointment date for the Meeting of Creditors to consider the
plan had been postponed to April 26, 2001 at 9.30 am. Convention
Room 1104, 11th Floor, Bangkok Insurance Building, South Sathorn
Road

Court had set the Order canceling the Order for Business
Reorganization on May 10, 2001

Contact : Mr. Thanawat Tel, 6792525 ext 123


EMC PUBLIC: Hydrotek Implements Conversion of Debt to Equity
------------------------------------------------------------
EMC Public Company Limited announced informed that Hydrotek Co.,
Ltd. (Hydrotek) has issued shares to the Company, from
conversion of debt to equity as mentioned in the rehabilitation
plan.

Hydrotek had executed the rehabilitation plan by reducing its
registered capital to Bt50,000,000 divided into 5,000,000
shares, which have the par value of Bt10 per share.

Subsequently, Hydrotek increased its registered capital in the
number of Bt150,297,940, the total registered capital is
Bt200,297,940.

Therefore, EMC holds 9,953,494 shares in Hydrotek, in the
proportion of 58.47% of  paid-up capital of Hydrotek
(170,237,783 Baht). The result of the conversion of debt to
equity is that Hydrotek will still be a subsidiary of the
company.


GENERAL ENGINEERING: Incurs Q202 Sales Revenue of Bt102.973M
------------------------------------------------------------
General Engineering Public Company Limited, in reference to its
financial statements for Quarter No. 2/2002 ended as of June 30,
2002 which have been verified by the auditor of the company,
reported on the losses for Quarter 2/2001:

For the 2nd Quarter of 2002 the net sales revenue of the Company
amounts to Bt102.973 million, which is higher than that of the
2nd Quarter of 2001 in which the net sales turnover amounted to
Bt93.595 million, by 10.02 percent.

However, in the 2nd Quarter of 2002 the cost of sales and
services of the Company amounts to Bt87.626 million
which represents 88.12 percent of the sales turnover, whereas in
the 2nd Quarter of 2001 the cost of sales and services amounted
to Bt83.938 million, which represents 91.06 percent of the sales
turnover.

This is because of extremely high competition for sales in the
business which affect sale prices considerably.


KULTHORN KIRBY: Explains 20% Operating Results Variance
-------------------------------------------------------
Kulthorn Kirby Public Company Limited, in reference to its
reviewed quarter 2/2002 financial statements as of 30 June,
2002, provided the following reasons why the results of the
business operations for the current period varies by more than
20% from that of the same period of the preceding year:

1. The Company's net profit for the current period was Bt232.348
million, an increase by Bt188.136million from the preceding
year, which profit Bt44.212 million.

2.  The increase in net profit was due to the revenues from
exports sales were increased from last year at the end of
quarter 2/2001 from 59% to 63% of total sales as well as the
average cost of sales and service has rather  decreased from the
preceding year. These were due to the result  of debt
restructuring and efficiency of  the cost reduction policy.

3. The slight decrease in net profit on foreign exchange. The
company s foreign currency-denominated assets/liabilities  as at
30 June 2002. Due to the rate of exchange for US$1 to
Bt44.3597as at the end of 2001 compared with Bt41.6701 at the
end of qualter2/2002, it resulted a loss on exchange of Bt0.087
million.  The same period of the preceding year the Company had
a profit on exchange of Bt7.319 million.  In total the profit on
exchange was decreased at Bt7.406 million.


NATURAL PARK: Increases Registered Capital
------------------------------------------
The Central Bankruptcy Court issued an order approving the
Business Rehabilitation Plan as amended (Plan) of Natural Park
Public Company Limited on 26 June 2002.  According to the Plan,
the Plan Administrator is to carry out the combination of the
par value of shares from 200 ordinary shares (par value of 0.05
Baht) to one share (par value of 10.- Baht).  However, it
appears that some existing shareholders hold less than 200
shares, being insufficient to be combined to one share. The Plan
therefore provides for the Plan Administrator to increase
additional share capital and to offer to such existing
shareholders.

The Plan Administrator therefore announced that proceeds under
the Plan to increase the registered capital of the Company
before the combination of the par value of shares, as follows:

   1. To increase the registered capital of the Company from the
existing amount of 18,900,170 Baht to 18,900,860 Baht; namely,
to increase the registered capital by another 690 Baht by
issuing 13,800 new ordinary shares, par value of 0.05 Baht, to
be offered to the existing shareholders who hold less than 200
shares in order for them to make up to one share. The total
subscription price of the capital increase ordinary shares shall
be paid by one of the big shareholders on behalf of those
existing shareholders.

   2. To amend Clause 4 of the Memorandum of Association to be
in line with the increase of the registered capital of the
Company as follows:

     "Clause 4. Registered capital is 18,900,860 Baht
        Divided into 378,017,200 Shares
        With a par value of 0.05 Baht
        Shares are classified into:
        Ordinary Shares of 378,017,200 Shares
        Preference Shares ---- Shares"

   3. To combine the par value of 200 ordinary shares (par value
of 0.05 Baht) to one share (par value of 10.- Baht) after the
completion of the increase of the registered capital under
item 1.

   4. To amend Clause 4 of the Memorandum of Association to be
in line with the combination of the par value of the Company's
shares as follows:

     "Clause 4. Registered capital is 18,900,860 Baht
        Divided into 1,890,086 Shares
        With a par value of 10 Baht
        Shares are classified into:
        Ordinary Shares of 1,890,086 Shares
        Preference Shares  ---- Shares"


PREMIER ENTERPRISE: Releases Rehabilitation Plan Summary
--------------------------------------------------------
Premier Planner Company Limited, the Plan Administrator of
Premier Enterprise Public Company Limited, in reference to its
Supreme Court's approval of its Rehabilitation Plan, posted a
summary of the Rehabilitation Plan:

1.      Repayment of Debts

Repayments shall divide the creditors into 16 groups as follows:

Group 1 (Part 1)  Secured debts, which amounts to
Bt1,280,145,598.28, will be repaid once a year with full payment
made no later than 31 December 2010. This debt bears 2.25% p.a.
interest in the first two years, 4.50% p.a. in years 3 and 4,
and as from year 5 the MLR rate of the Industrial Finance
Corporation of Thailand or of the lender, whichever be the lower
rate.

        (Part 2)  Secured debts, which amounts to
Bt215,024,747.00, will be repaid once a year with full payment
made no later than 31 December 2010. This debt bears the same
interest as in Part 1.

Group 2 Hire-purchase credit liabilities, which has an
assignment of rights under the hire-purchase agreements with car
registration as collateral. The principal debt as at 12 April
2000 was Bt2,666,176.93 and repayment will be made quarterly. If
customers finish their installments, the company will be able to
complete repayment before the hire-purchase agreements expire.
Full payment made no later than 30 September 2003 and this debt
bears interest at the MLR rate of the Industrial Finance
Corporation of Thailand or of the lender, whichever is the lower
rate.

Group 3 Car purchase credit liabilities, which has an assignment
of rights with car registration as collateral in the amount of
Bt7,100,000.00. This will be paid from the sale of the
cars that are the collateral and this debt bears interest at the
MLR rate of the Industrial Finance Corporation of Thailand or of
the lender, whichever be the lower rate.

Group 4 Investment credit liabilities, which have been endorsed
the shares as security in the amount of Bt26,576,000.00, will be
repaid once a year with full payment made no later than 31
December 2010. This debt bears the same interest as in Group 1.

Group 5 Debts due to creditors secured by pledge of shares in
other companies in the amount of Bt26,352,000.00. The debt will
be repaid once a year with full payment made no later than 31
December 2010. This debt bears the same interest as in Group 1.

Group 6 Credit extended for letters of guarantee fully
guaranteed by deposits.  Repayment for this Group shall be made
from the deposits in the secured deposit accounts if the
company is in breach of any condition in the letters of
guarantee.

Group 7-10  The debts will be repaid by conversion of debt to
equity.

Group 11 The accounts payable shall be repaid in the normal way
subject to the conditions and covenants previously made.

Group 12 Financial advice debts shall be paid on completion of
work basis, up to US$1,535,501.92. The payment wills made within
15 days from the date of confirmation of the total amount of
debt that must be paid the creditors in installments, or within
15 days from the date of converting debt to equity, as the case
may be.

Group 13 Public utility debts and tax payables will be paid in
the normal way. There is no change to the existing liabilities.

Group 14-16  The debts will be repaid by conversion of debt to
equity. The debt, which shall be repaid or converted to the
equity, shall be the debt, which has been finally approved for
repayment under the rehabilitation plan by the Official Receiver
or the Court as the case may be.

2.      Conversion of Debt to Equity

Premier Enterprise will increase its registered capital by an
issue of 320,000,000 shares with a par value of Bt10 each, which
will be 80% of the registered capital, and they will be paid to
the creditors. The objective is to put the liabilities of
Premier Enterprise in a level appropriate to its funds.

3.      Debt Release

All the debt burden remaining after debt restructure by repaying
the debts and the payment of debt with shares from conversion of
debt to equity will be released.

Period of Carrying out the Plan

The period is five years from the date the Court gave the order
to approve the plan. It is expected to be completed by July
2007. Whenever the plan is completed, the plan manager by and
with the approval of the Creditors Meeting can report to and ask
the Court to cancel the plan before July 2007.


SAMART CORPORATION: Ki Tong Replaces Dir Bin Ahmad's Posts
----------------------------------------------------------
Samart Corporation Public Company Limited, in reference to the
Board of Directors' Meeting No. 4/2002 held on August 12, 2002,
announced that the board approved Ramlan Bin Ahmad's resignation
from Directorship. The said meeting also approved the
appointment of Lai Ki Tong for the replacement.

TCR-AP reported on May 20 that the Company's debt restructuring
in October 25, 2001 reflected to the decreased interest payment
of Bt80 million or equivalent to 54%.


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

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

Asia Pulp & Paper     FRN     due 2001    11 - 13        0
Asia Pulp & Paper     11.75%  due 2005  27.75 - 28.75    0
APP China             14.0%   due 2010    25 - 27        0
Asia Global Crossing  13.375% due 2006    17 - 19        0
Bayan Telecom         13.5%   due 2006  19.5 - 21.5      0
Daya Guna Sumudera    10.0%   due 2007     3 - 5         0
Hyundai Semiconductor 8.625%  due 2007    61 - 66        0
Indah Kiat            11.875% due 2002    30 - 31        0
Indah Kiat            10.0%   due 2007  25.5 - 27.5      0
Paiton Energy         9.34%   due 2014    70 - 75        0
Tjiwi Kimia           10.0%   due 2004  24.5 - 26.5      0
Zhuahi Highway        11.5%   due 2008    33 - 36        0

Bond pricing, appearing in each Thursday's edition of the
TCR-AP, is provided by DebtTraders in New York. DebtTraders is a
specialist in global high yield securities, providing clients
unparalleled services in the identification, assessment, and
sourcing of attractive high yield debt investments. For more
information on institutional services, contact Scott Johnson at
1-212-247-5300. To view our research and find out about private
client accounts, contact Peter Fitzpatrick at 1-212-247-3800.
Real-time pricing available at www.debttraders.com


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

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

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

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

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

                 *** End of Transmission ***