/raid1/www/Hosts/bankrupt/TCRAP_Public/020816.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

            Friday, August 16, 2002, Vol. 5, No. 162

                         Headlines



A U S T R A L I A

ANACONDA NICKEL: Debt Agreements Extension Granted
AUSDOC GROUP: ABN Amro Offer Period Extended to September 6
DIGITAL NOW: Reorganization Plan Hearing Set Before Month's End
FORREST KNOLL: Receivers Appointed to Mortgage Schemes
PRESTON RESOURCES: Releases June 2002 Quarterly Report
REDFLEX HOLDINGS: Unit Gets Contracts With $24M Projected Sales


C H I N A   &   H O N G  K O N G

EASTGRACE DEVELOPMENT: Petition to Wind Up Pending
LOONGFUNG HINGYIP: Winding Up Sought by Kan Ming
NORTHEAST ELECTRICAL: September 13 EGM Scheduled
UNIVERSAL DOCKYARD: Faces Winding Up Petition
WAH NAM: Releases Creditors' Scheme Meeting Results


I N D O N E S I A

ASTRA INTL: September Debt Workout Deal With Creditors Likely
KOMUNIKASI SELULAR: Telkom to Dispose of 35% Stake to Bimantara


J A P A N

DAIEI INC.: Hires Lazard LLC to Sell Six Hotels
FUJITSU LTD: Cutting 2,100 Workers at Four Plants
HITACHI LTD: Awarded SF6 Gas Insulation Switchgear Project
IZUSU MOTORS: Discussing Restructuring Initiatives With GM
MITSUBISHI HEAVY: JCR Affirms AA+/J-1+ on bonds/CP
NIPPON MEAT: Moody's Downgrades Rating to Baa2
NIPPON TELEGRAPH: US Unit Completes MPLS Installation


K O R E A

DAEWOO MOTORS: Creditors Reach Accord on Loss-Sharing Framework
HYNIX SEMICONDUCTOR: Posts Q202 Operating Loss of W200B
KOHAP LTD: Kolon Acquires Plants for W46B


M A L A Y S I A

CONSTRUCTION AND SUPPLIES: Hires New Audit Committee Member
COUNTRY HEIGHTS: MITI Grants Proposed Public Offering Approval
ESPRIT GROUP: KLSE Grants Monitoring Accountant's Report Waiver
HOTLINE FURNITURE: ABMB Appoints Units' Receivers, Managers
L&M CORPORATION: Court Orders Winding Up of Unit
LAND & GENERAL: FIC OKs Proposed Composite Debt Workout Scheme
MALAYSIA INT'L: Voluntary Winds Up Unit, Appoints Liquidator
MALAYSIAN RESOURCES: October Winding-Up Petition Hearing Set
RASHID HUSSAIN: RN(T) Ceases to be Substantial Holder
RHB GROUP: FIC Approves Proposed Group Restructuring Scheme
SISTEM TELEVISYEN: Changes Registered Address
SOUTH PENINSULAR: Proposes Bonus Issue to Increase Capital Base
SUNWAY HOLDINGS: Unit's Scheme Application Hearing Set Today
TIME ENGINEERING: Appoints Pardas Senin as Managing Director


P H I L I P P I N E S

BENPRES HOLDINGS: Narrows Net Loss to P80M
PILIPINO TELEPHONE: Narrows 1H02 Net Loss to $37M
PILIPINO TELEPHONE: NTC Orders to Resolve Connection Problems
PHILIPPINE LONG: Gokongwei Examine Options on FirstPac Tie-Up
PHILIPPINE LONG: Starts Exchange Offer for Notes Due 2007/2012


S I N G A P O R E

ASIA PULP: Creditors Resist Management Change
ASIA PULP: Court-Appointed Manager May Cause Conflict, Singh
ACHIEVA LTD: Sees 1H02 $3.5M Pretax Loss
CHARTERED SEMICONDUCTOR: Posts 2Q02 Quarterly Report
CK TANG: Posts Notice of Shareholder's Interest
FLEXTRONICS INTERNATIONAL: Restructuring Will Erase 5,261 Jobs


T H A I L A N D

COGENERATION PUBLIC: BOD Meeting Resolves CEO Appointment
HEMARAJ LAND: Bondholders Meeting Adjourned to September 2
KRISDAMAHANAKORN PUBLIC: Clarifies Q202 Net Profit Decrease
L.P.N. DEVELOPMENT: Explains More Than 20% Performance Change
NAKORNTHAI STRIP: Submits June 30 Operating Results
NATURAL PARK: Issues Shares Offering Result
SAHAMITR PRESSURE: Explains Q202 Rehab Plan Variation
SINO-THAI RESOURCES: Releases Q202 Rehab Plan Progress Report
THAI PETROCHEMICAL: Creditors Committee Supports Administrators
TPI POLENE: Creditors Committee Disappointed Over Filed Motion

     -  -  -  -  -  -  -  -

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A U S T R A L I A
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ANACONDA NICKEL: Debt Agreements Extension Granted
--------------------------------------------------
Anaconda Nickel Limited announced Thursday that as a result of
further discussions with representatives of the secured
creditors of Murrin Murrin Holdings Pty Ltd (MMH), an
indirectly wholly owned subsidiary of Anaconda, it has now
been agreed to extend the existing forbearance agreement until
Monday 2 September 2002 to allow the completion of negotiations
to restructure the debt of MMH.

For further information contact:

John Quayle, Company Secretary                +61 8 9212 8400
Tony Dawe, Ward Holt Corporate Communication  +61 8 9221 8722


AUSDOC GROUP: ABN Amro Offer Period Extended to September 6
-----------------------------------------------------------
ABN AMRO Capital Australia Pty Ltd has extended on Thursday its
takeover offer for AUSDOC Group Limited by two weeks.  The offer
will now close at 7.00pm (Melbourne time) on Friday, 6 September
2002, unless extended.

Below is a letter from Chairman S Crabe, together with the
notice of extension under section 650D of the Corporations Act,
to each person to whom an offer was made under the takeover bid.

LETTER TO AUSDOC SHAREHOLDERS

ABN AMRO Capital Australia Pty Ltd has decided to extend its
takeover offer for AUSDOC Group Limited by two weeks.  This
extension will provide sufficient time for all AUSDOC
shareholders to carefully review and accept ABN AMRO
Capital's offer.  The office will now close at 7:00 pm
(Melbourne time) on Friday, 6 September 2002, unless extended.
A formal notice of the extension is enclosed.

ABN AMRO Capital's cash offer of $2.15 per share is fully priced
and is recommended by the AUSDOC Directors, in the absence of a
higher offer.  In the three weeks since the offer opened, 45.2%
of AUSDOC shareholders, representing 19.3% of AUSDOC shares,
have already accepted the offer. In addition, the AUSDOC
Directors have state their intention to accept the offer in
respect of the AUSDOC shares held by them and their associated,
which collectively total approximately 15.0% of AUSDOC shares,
in the absence of a higher off.  In the eight weeks since ABN
AMRO Capital announced its offer, no other bidder for AUSDOC has
emerged.

If you have no yet accepted the offer from ABN AMRO Capital, we
strongly encourage you do so with out delay so that your
acceptance is received by Thursday, 29 August 2002.  If ABN AMRO
Capital received acceptances for 90% of AUSDOC shares by 29
August 2002 and the remaining offer conditions are satisfied or
waived, the offer will close as scheduled on 6 September 2002.
If this occurs, accepting shareholders will be paid on or before
29 September 2002.  If this does not occur, the time for payment
to accepting shareholders may be delayed.

Despite a significant fall in the Australian equity market since
the announcement of the takeover offer, ABN AMRO Capital remains
fully committed to its offer for AUSDOC and is working closely
with AUSDOC towards the timely satisfaction of all remaining
offer conditions.

If you have any questions regarding the offer of require a
replacement acceptance form, please contact the AUSDOC
Shareholder Information Line on 1300 304 778 (international
callers dial + 61 2 9240 7537).


DIGITAL NOW: Reorganization Plan Hearing Set Before Month's End
---------------------------------------------------------------
Digital Now, Inc announced Wednesday the preliminary results of
the ballot for the acceptance of the Company's Plan of
Reorganization by the unsecured creditors (represented in the
Plan as the Class 4A and Class 4B creditors).

A total of 30 Class 4A creditors (USD48,619 by value), or
creditors electing to be treated as Class 4A, returned their
ballot. All voted in favor of the plan.

A total of 35 Class 4B creditors (USD2,283,810 by value)
returned their ballot. 32 voted in favor of the plan
(USD2,182,235 by value), 3 voted against the plan (USD101,574 by
value). This represents an acceptance rate of 91% by number or
96% by value.

A hearing is scheduled no later than 22 August 2002 before the
United States Bankruptcy Court to consider final confirmation of
the Plan.


FORREST KNOLL: Receivers Appointed to Mortgage Schemes
------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
successfully applied to the Supreme Court of New South Wales to
have a receiver appointed to a managed investment scheme that
was operated by Forrest Knoll Nominees Pty Limited (Forrest
Knoll).

The managed investment scheme was operated by Forrest Knoll on
behalf of Sydney law firm Gridiger & Co.

On 12 August 2000, Justice Barrett made orders for the winding
up of six mortgage schemes identified in the application by
ASIC.

Forrest Knoll consented to the orders sought by ASIC.

ASIC claimed that each of the mortgage loans comprising the
managed investment scheme were in default and had been for some
time, and it was therefore appropriate to appoint receivers to
protect the interests of more than 250 investors in the six
mortgage loans.

Andrew Love and Robyn Duggan of Ferrier Hodgson were appointed
as the receivers of the mortgage schemes.


PRESTON RESOURCES: Releases June 2002 Quarterly Report
------------------------------------------------------
Preston Resources Limited released its fourth quarter activities
report. Below are the highlights of Bulong Operations Pty Ltd
manages the Bulong project, a wholly owned subsidiary located 30
kilometers east of Kalgoorlie, Western Australia:

   * 6,331 tonnes total output of nickel for the year
   * 283 tonnes total output of cobalt for the year
   * Successful control of gypsum scale

Subsequent to the end of the quarter a meeting of Preston
shareholders was convened to, amongst other things, vote on the
disposal of a majority equity in the operating subsidiary Bulong
Operations Pty Ltd. All resolutions put to the meeting were
passed unanimously allowing the Scheme of Arrangement to
proceed.

As a consequence of the imminent completion of the Scheme of
Arrangement and the disposal of equity in Bulong Operations Pty
Ltd to secured creditors, Preston Resources will no longer
report Bulong production results to the ASX on a monthly basis.

Preston Resources Limited has entered into an agreement to
acquire all the issued capital of Oriental Peninsular Gold, a
Malaysian company with rights to acquire an interest of 55% in
the Bau Gold Project, Sarawak, Malaysia. The company is planning
a capital raising probably by way of a pro-rata rights issue, to
fund the initial working capital for the project and regain
quotation on the ASX.

To see details of the operational activities for the quarter
ending June 2002 as well as the principal production statistics,
go to http://www.bankrupt.com/misc/TCRAP_PSR0816.pdf.


REDFLEX HOLDINGS: Unit Gets Contracts With $24M Projected Sales
---------------------------------------------------------------
Redflex Traffic Systems Inc, a subsidiary of Redflex Holdings
Limited, has been awarded individual contracts for red-light
photo enforcement programs in the City of Dayton in Ohio, the
City of Scottsdale in Arizona and the City of South Gate in
California. The combined value of these contracts is projected
at approximately A$24,000,000 in sales over the contracts base
terms. Sales in option years subject to exercise by Cities
provide the potential to increase the sales by up to an
additional 25%.

Under the new contracts, Redflex Traffic Systems will provide
photo enforcement programs as follows:

   * City of Dayton      18 Red Light Photo Enforcement Systems
(5 years)

   * City of Scottsdale  6 Red Light & fixed speed combination
   systems and 4 Mobile Speed Vans (3yrs)

   * City of South Gate  20 Red Light Photo Enforcement Systems
(5 years)

Redflex will manufacture, install and support the systems under
contract with each City and the Police Departments to deliver
digital photo evidence to meet program goals.

Bruce Higgins President and Chief Executive of Redflex Traffic
Systems Inc said: "Our contract with the City of Dayton Ohio has
been won in a competitive tender which included an extensive
technical and operational evaluation and confirms our position
as the number one digital photo enforcement contractor in the
USA market. The award in Dayton extends our presence in the
State of Ohio where we have a contract with the City of Toledo
in which we recorded impressive safety benefits with an average
25% reduction in accidents at intersections with the Redflex
photo enforcement program.

"Our contract award in competitive tender for the City of
Scottsdale continues our relationship, which dates back to 1996.
The contract will be a showpiece of Redflex technology with our
latest digital mobile photo enforcement speed van and our
SmartScene(TM) fixed red light and speed systems.

"Our award in the City of South Gate is in the center of the
greater Los Angeles area and offers the opportunity to extend
our presence to six cities in this important market in Southern
California were we have the number one market share with the
Cities of Garden Grove, Ventura, El Cajon, Culver City and City
of San Juan Capistrano."

Redflex Traffic Systems has combinations of red light, speed and
back office support photo enforcement systems contracts with
sixteen cities in four States in the USA; in three states in
Australia, Queensland, Victoria, New South Wales, and in Saudi
Arabia and Bahrain in the Middle East. The company is a
subsidiary of Redflex Holdings Limited, which 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.

On Wednesday, Redflex Holdings Limited announced a new $3.3
million funding facility to provide working capital for its
Australian operations.


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


EASTGRACE DEVELOPMENT: Petition to Wind Up Pending
--------------------------------------------------
The petition to wind up Eastgrace Development Limited is
scheduled for hearing before the High Court of Hong Kong on
October 9, 2002 at 9:30 am.

The petition was filed with the court on July 10, 2002 by Po
Sang Bank Limited, to which the successor banking corporation
being Bank of China (Hong Kong) Limited pursuant to Bank of
China (Hong Kong) Limited (Merger) Ordinance (Cap. 1167) and
whose registered office is situated at 14th Floor, Bank of China
Tower, 1 Garden Road, Central, Hong Kong.


LOONGFUNG HINGYIP: Winding Up Sought by Kan Ming
------------------------------------------------
Kan Ming Construction Investments Limited is seeking the winding
up of Loongfung Hingyip (Holdings) Limited. The petition was
filed on September 11, 2002, and will be heard before the High
Court of Hong Kong on June 13, 2002.

Kan Ming holds its registered office at Room 903, 9th Floor,
Arion Commercial Centre, Nos.2-12 Queen's Road West, Hong Kong.


NORTHEAST ELECTRICAL: September 13 EGM Scheduled
------------------------------------------------
Northeast Electrical Transmission & Transformation Machinery
Manufacturing Company Limited advised that an extraordinary
general meeting of the Company will be held at 9:00 a.m.
on 13th September, 2002 at the office address of the Company for
the purpose of considering and, if thought fit, passing the
following resolution:

"THAT:

Set off of RMB66,195,144 of the debt due from Northeast
Electrical Transmission & Transformation Equipment Group
Corporation Limited by 42.5% equity interest held by it in
Shenyang Furukawa Cable Company Limited be and hereby considered
and approved."


UNIVERSAL DOCKYARD: Faces Winding Up Petition
---------------------------------------------
The petition to wind up Universal Dockyard Limited is set for
hearing before the High Court of Hong Kong on September 11, 2002
at 10:00 am.

The petition was filed with the court on June 21, 2002 by
Fonfair Company Limited, whose registered office is situated at
15th Floor, Asia Standard Tower, 59-65 Queen's Road Cenral, Hong
Kong.


WAH NAM: Releases Creditors' Scheme Meeting Results
---------------------------------------------------
The Liquidators of Wah Nam Group Limited (In Compulsory
Liquidation) announced that the resolution proposed at the
reconvened Creditors' Scheme Meeting held on 13 August 2002 was
unanimously approved by the Creditors who were present and voted
in person or by proxy representing approximately 44.55% of the
total known claims in the liquidation of Wah Nam.

A further announcement will be made upon sanction of the Scheme
and the Creditors' Scheme by the Court.

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), (d), (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.


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


ASTRA INTL: September Debt Workout Deal With Creditors Likely
-------------------------------------------------------------
PT Astra International expects to reach an US$830 million to
US$850 million debt restructuring deal with creditors as early
as end of September, AFX-Asia reports, citing President Director
Budi Setiadharma.

The Company and Rothschild, its financial advisor, planned to
meet with major creditors towards the end of next week for the
first time since Astra submitted its proposals for restructuring
its debt late last month.

"After the meeting next week we will have marathon meetings
every week, so we hope everything will be settled by the end of
September or beginning of October," Setiadharma said.

Astra is pushing for a debt restructuring deal before the year
ends in order to avoid defaulting on the US$133 million and
Rp165 billion maturing this December.


KOMUNIKASI SELULAR: Telkom to Dispose of 35% Stake to Bimantara
---------------------------------------------------------------
PT Telekomunikasi Indonesia (Telkom) plans to sell its 35
percent stake in PT Komunikasi Selular Indonesia (Komselindo) to
existing shareholder PT Bimantara Citra, AFX-Asia reported
citing Telkom President Kristiono.

However, Kristiono said such a plan does not rule out the
possibility of selling the stake to other interested parties.

According to the report, Bimantara, which indirectly holds a
29.25 percent interest in Komselindo thru its unit PT
Elektrindo, plans to increase its ownership to a majority.

Earlier this year Telkom was prepared to have its stake in
Komselindo diluted after rejecting a request to inject more
funds into the company.

Komselindo has around US$50 million in debts and requires a
capital injection of some US$56 million to expand the business.


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J A P A N
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DAIEI INC.: Hires Lazard LLC to Sell Six Hotels
-----------------------------------------------
Daiei Inc., a retailer struggling to pay off debt of more than
$17 billion, hired Lazard LLC to sell six of its seven hotels
for more than $600 million, Bloomberg reported Wednesday, citing
an unnamed banker who has been offered the properties.

Lazard Freres KK President Arthur Ozeki declined comment.

Daiei has 267 stores in Japan. It closed 13 unprofitable outlets
in the year to March and plans to close 60 more by March 2003.


FUJITSU LTD: Cutting 2,100 Workers at Four Plants
-------------------------------------------------
Fujitsu Ltd., which posted a loss of $3.27 billion in 2001, will
cut 2,100 jobs at its four components factories in Japan,
Bloomberg said Thursday.

The jobs will be eliminated at plants where Fujitsu makes parts
such as motherboards for computers and other electronic parts
for communications equipment.

The company is counting on a rebound in chip sales to make up
for a slump in equipment purchases by debt-ridden telephone
companies.

Fujitsu said its telecommunications equipment business would
suffer again in 2002 because operators continue to cut spending.

The new cuts are in addition to the 22,000 jobs eliminated by
the chipmaker in the fiscal year ended March 31 after its
semiconductor unit had a loss of 78.4 billion yen.


HITACHI LTD: Awarded SF6 Gas Insulation Switchgear Project
----------------------------------------------------------
Marubeni Corporation (President: Tohru Tsuji; hereinafter
Marubeni) and Hitachi, Ltd. (President: Etsuhiko Shouyama;
hereinafter Hitachi) on Tuesday has been jointly awarded a 420
kV SF6 gas insulation switchgear (12 bays) project for Tala
Hydroelectric power plant on a full turn-key basis, from the
Tala Hydroelectric Project Authority (hereinafter Authority),
the Kingdom of Bhutan. The contract amount is Yen 1.7 billion,
which will be funded by the Indian Government.

Despite stiff competition from other bidders including European
manufacturers, Marubeni and Hitachi have finally been awarded
this project in view of Marubeni's well-known expertise in
coordination and organizing skills, as well as Hitachi's
experience and excellent track record as one of the most
reputable GIS manufacturers worldwide.

The contract, the largest in Bhutan for any Japanese contractor,
is for the supply of 420 kV SF6 gas insulation switchgear
equipment & accessories as part of the Tala hydroelectric power
plant project (1020 MW), located in the south-western region of
the Kingdom of Bhutan. After commercial operation currently
expected sometime in 2005, the Tala Hydroelectric plant will
export surplus power to the Republic of India in addition to
meeting domestic demand. In the meanwhile, the project will
contribute to the development of the region in areas such as
local infrastructure and job opportunities.

Marubeni and Hitachi will both continue to aggressively pursue
the implementation of projects in the power sector, particularly
with allied countries that enjoy friendly relations with Japan.

On June 18, 2002, Marubeni Corporation executed a management
plan (the action 21 A PLAN), which aims to enhance its earnings
base and reinforce its financial structure, TCR-AP reports. In
line with the plan, the Company is pursuing the reduction of
non-performing assets.

TCR-AP reported that Hitachi Ltd's cash and cash equivalents as
of June 30, 2002 amounted to 799.8 billion yen (US$6,665
million), a reduction of 229.5 billion yen (US$1,913 million)
during the first quarter. Debt on June 30, 2002 stood at 2,952.7
billion yen (US$24,606 million), 45.4 billion yen (US$379
million) less than at March 31, 2002.


IZUSU MOTORS: Discussing Restructuring Initiatives With GM
----------------------------------------------------------
General Motors confirmed Wednesday that it is in discussions
with Isuzu Motors Ltd. and Isuzu's banks, including Mizuho
Corporate Bank, Ltd., regarding a comprehensive operational and
financial restructuring of Isuzu.

Isuzu announced the framework of its new three-year
restructuring plan earlier on Wednesday. The principal
components of the Isuzu restructuring package include:

GM would acquire a majority ownership of certain Isuzu diesel
engine businesses and other assets strategic to GM, and complete
ownership of certain diesel engine technologies, for about Y50
billion (U.S.$420 million). GM would appoint a senior executive
to support Isuzu management. Isuzu would retire GM's existing
equity in Isuzu Motors, and GM would purchase new equity for
about Y10 billion (U.S.$80 million), representing a 12-percent
ownership stake.

Isuzu's broad financial restructuring would include:  A debt-
to-equity swap in which Y100 billion (U.S$833 million) of Isuzu
debt would convert to preferred equity; new funding from lenders
sufficient to execute the operational plan; and the rollover of
certain of Isuzu's current debt.

A comprehensive operational restructuring under which Isuzu
would rationalize under-performing operations as well as its
overall employment levels.

General Motors participation

Under the restructuring proposal, GM would spend a total of Y60
billion (U.S.$500 million). Of this total expenditure, about Y50
billion (U.S.$420 million) would be used to acquire a majority
interest in certain of Isuzu's diesel engine businesses and
complete ownership of Duramax, Circle L 1.7-liter and V-6 diesel
engine technologies. This includes an acquisition of a 60-
percent interest in Isuzu Motors Polska Sp. Z.O.O (Ispol),
Isuzu's small-displacement diesel engine business based in
Poland, and an increase GM's equity investment in the U.S.-based
DMAX Ltd. heavy-duty diesel engine business from 40 to 60
percent. GM also would acquire a majority interest in a new
diesel engine engineering joint venture with Isuzu as well as
rights to use various related technologies.

GM, which wrote down the value of its 49 percent investment in
Isuzu to zero in the second quarter of 2001, would have its
existing equity in the company retired as part Isuzu's financial
restructuring plan. GM would then purchase about Y10billion
(U.S.$80 million) of new equity in the company, leaving GM with
a 12-percent ownership stake in Isuzu Motors.

Finally, GM would identify a senior executive to be co-
representative director of Isuzu, who would support Isuzu
President Yoshinori Ida in implementing Isuzu's new recovery
plan.

"We believe our actions continue to reinforce a collaborative
effort that provides benefits to both GM and Isuzu," said
Frederick Henderson, GM group vice president and president of GM
Asia Pacific. "The initiatives would provide Isuzu additional
liquidity, accelerate Isuzu's recovery, and help establish a
foundation for their future business structure. For GM, the
proposals would allow us to take control of key technologies
that are important to GM while maintaining our longstanding
business relationship with Isuzu."

The implementation of the Isuzu restructuring plan is dependent
upon reaching satisfactory conclusions in the discussions among
all parties, including definitive agreements. GM expects Isuzu
and its creditors will reach agreements shortly so that GM and
Isuzu can finalize agreements by calendar-year-end.


MITSUBISHI HEAVY: JCR Affirms AA+/J-1+ on bonds/CP
--------------------------------------------------
Japan Credit Rating Agency has affirmed on Tuesday the
preliminary AA+, AA+ and J-1+ ratings of Mitsubishi Heavy
Industries on the following shelf registration, bonds and CP
programs.

Shelf Registration:
Maximum: Y200 billion
Valid: two years from September 19, 2000
Issues:
Amount(bn) / Issue Date / Due Date / Coupon
bonds no.7
Y70 / Sept. 24, 1991 / Sept. 30, 2003 / 6.500%
bonds no.8
Y40 / Aug. 24, 1992 / Sept. 30, 2002 / 5.600%
bonds no.9
Y50 / Mar. 11, 1998 / Mar. 11, 2008 / 2.525%
bonds no.10
Y50 / Mar. 11, 1998 / Mar. 11, 2003 / 1.875%
bonds no.11
Y30 / Sept. 9, 1998 / Sept. 9, 2003 / 1.480%
bonds no.12
Y30 / Sept. 9, 1998 / Sept. 9, 2005 / 1.830%
bonds no.13
Y40 / Sept. 9, 1998 / Sept. 9, 2008 / 2.150%

CP:
Maximum: Y300 billion
Backup Line: 0%

Rationale

Mitsubishi Heavy Industries (MHI) is Japan's largest heavy
machinery manufacturer. It enjoys strong and wide-ranging
business bases, supported by the overwhelmingly large client
base.

MHI plunged into an operating loss for fiscal 1999 through March
31, 2000. It succeeded in increasing the operating loss for the
next two fiscal years via the strengthening of the risk
management, cost reductions and the depreciated yen in fiscal
2001. Unprofitable projects that had put downward pressure on
the earnings were wiped out. The orders have been declining,
reflecting the severe business environment. The Company plans to
capture offshore projects to combat the sluggishness of domestic
market. JCR will watch carefully the capturing of offshore
projects as well as improvement in mass production business and
cost reductions to secure earnings. The financial conditions are
beginning to improve due to reduction in the interest-bearing
debt. The ratio of equity to total assets was 32% as of end of
March 2002.


NIPPON MEAT: Moody's Downgrades Rating to Baa2
----------------------------------------------
Moody's Investors Service has downgraded the senior unsecured
long-term debt ratings of Nippon Meat Packers, Inc. (NMP) to
Baa2 from A3, and continues to review the ratings for possible
downgrade.

The action reflects Moody's increasing concern about a
disclosure of mislabeling by Nippon Food Inc. and the
significantly negative impact that the scandal continues to have
on NMP's brand image and its financial health. Nippon Food is a
100 percent-owned consolidated unit of NMP.

It was reported on August 8, 2002, that Nippon Food disguised
imported beef as a domestic product to qualify for government
subsidies. The government subsidy system was introduced in the
wake of an outbreak of Bovine Spongiform Encephalopathy disease,
known as BSE, in September 2001.

A number of Japan's major retailers have removed NMP's products
from their store shelves, citing increasing complaints from
customers in the wake of the mislabeling revelation. Moody's
expects this movement to result in significant damage to the
company's sales, cash flow, earnings, and capital structure.

Moody's will continue to monitor the developments, especially
consumer sentiment toward NMP products, and the resulting impact
on the company's operation and brand image.

Nippon Meat Packers, Inc., headquartered in Osaka, is a leading
company in Japan's meatpacking and processing industry.


NIPPON TELEGRAPH: US Unit Completes MPLS Installation
-----------------------------------------------------
NTT America, the U.S. subsidiary of NTT Communications
Corporation, the international and long distance service arm of
the largest telecommunications company in the world: Nippon
Telegraph and Telephone Corporation, announced Wednesday, that
it has completed an MPLS network installation for Nanometrics,
Inc., a leading supplier of advanced integrated and standalone
metrology equipment for the semiconductor industry.

This represents the first international expansion for
Nanometrics, Inc., tying together three plants, five field sales
offices, and two service centers in the U.S., Japan, Korea,
China and Taiwan.

"NTT America was not just the best choice, but the only choice,"
explains Steven Nitenson, Director of Global IT for Nanometrics,
Inc. "We contacted numerous carriers, but NTT was the only
company with the ability to provide us with the protocol and
deployment timing we wanted. While other global competitors
could only offer less elegant frame relay structures, NTT
America gave us a sleek, end-to-end MPLS network solution -- for
a lower cost," Nitenson states.

Instead of managing four disparate systems, Nanometrics, Inc.
now has one single infrastructure that enables the company to
better leverage their ERP, CRM, and communications systems such
as global email and intranet. Employees are now in a secure VPN
infrastructure, enabling the deployment of internal file
transfer protocol, which ensures that global R & D engineers can
communicate quickly and cost-effectively. In addition,
telecommunications costs are greatly reduced as field sales
offices are tied into local sites, enabling data to ride through
the seamless MPLS backbone.

"NTT America is proud to provide integrated, economical networks
to U.S. - based companies as they expand into key markets in
Asia and around the world," said Dave Ryan, Chief Operating
Officer for NTT America. "We are especially pleased to be
working with sophisticated companies such as Nanometrics, Inc.,
that demand the most streamlined and cost-efficient network
solutions to integrate their international communications. With
our diligence to satisfy one customer at a time, we strive to
ensure that NTT America continues to be the preferred choice of
many leading multinational corporations."


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


DAEWOO MOTORS: Creditors Reach Accord on Loss-Sharing Framework
---------------------------------------------------------------
Creditors of Daewoo Motors have agreed on a loan-loss sharing
plan among creditors and to extend loans worth $2 billion to GM
Daewoo Automotive, the Korea Herald reported Thursday, citing
KDB Governor Chung Keun-yong.

Under the proposals come up with by Korea Development Bank
(KDB), the Company's creditors will be able to recover about 50
percent of 546.7 billion won worth of loans they have extended
after the company was put under court receivership.

The opening of the new firm will likely be delayed until late
September due to some procedural problems in transferring assets
of Daewoo Motor to the new company.

Creditors of Daewoo Motor have agreed to sell bankrupt Daewoo
Motor's key car manufacturing assets to General Motors Corp.
earlier this year. GM and Daewoo Motor's creditors then set up
GM Daewoo Automotive Technology to run the operation.

A few major creditors opposed to the debt reimbursement plan,
which includes Korea Exchange Bank, Woori Bank (formerly Hanvit
Bank) and Chohung Bank, because of uncertainties regarding GM-
Daewoo's business outlook.


HYNIX SEMICONDUCTOR: Posts Q202 Operating Loss of W200B
-------------------------------------------------------
Hynix Semiconductor Inc. posted a second quarter operating loss
of 200 billion won on sales of 780 billion, AFX Asia reported
Wednesday, quoting Kyobo Securities industry analyst Kim Young-
jun.

He said the deteriorating profit base suggests that Hynix is
still highly dependant on cheap sync DRAM chips, and indicates
its failure to move into higher margin product mix. The
company's output suffered due to production line shutdowns for
upgrades.

Hynix may burn its 460 billion won cash balance in the near
future if the DRAM chip prices remain weak, he added.


KOHAP LTD: Kolon Acquires Plants for W46B
-----------------------------------------
Kolon Industries Co. will acquire Kohap Ltd's plants for 46
billion won ($39 million), Maeil Business Newspaper and
Bloomberg reported Thursday, citing an unidentified creditor.

Kolon will buy two plants that produce nylon and polyester film
used for packaging food and drinks.

Kohap, which went bankrupt with 5.3 trillion won in debt more
than three years ago, incurred a net loss of 791 billion won in
2001. Its shares were delisted in April.
Kohap produces polyester chip, staple, and filament, and
related intermediate chemicals.


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


CONSTRUCTION AND SUPPLIES: Hires New Audit Committee Member
-----------------------------------------------------------
Construction and Supplies House Berhad issued this Change in
Audit Committee Notice:

Date of change : 10/08/2002
Type of change : Appointment
Designation    : Member of Audit Committee
Directorate    : Independent & Non Executive
Name      : Low Yuh Wen
Age      : 38
Nationality    : Malaysian
Qualifications : St. Joseph Japanese Language School -
Certificate in Japanese Language/1982
Working experience and occupation  : Businessman and Company
Director
Directorship of public companies (if any) : Not Applicable
Family relationship with any director and/or major shareholder
of the listed issuer : Not Applicable
Details of any interest in the securities of the listed issuer
or its subsidiaries : Not Applicable

Composition of Audit Committee (Name and Directorate of members
after change) : Dato' Abdul Aziz Bin Hj. Sheikh Fadzir
(Chairman)
- Independent Non-Executive

        Looi Tuck Meng
- Executive Director

    Low Yuh Wen
- Independent Non-Executive
Profile

Currently, the Company is in the midst of identifying new assets
to be injected into the Group in order to create sustainable
income and to enter into negotiation with various creditors
including financial institutions with a view to implementing a
debt restructuring exercise through a corporate advisory firm.
The MOU with the vendors of Kurnia Padu Sdn Bhd (KPSB) to
acquire KPSB which is a shareholder of HVD Holdings Sdn Bhd, was
terminated on 15 December 2000.

The Company originally owned oil palm and rubber plantations,
which were sold in May 1971. It diversified into property
development in 1982, supply and distribution of petroleum and
petroleum-based products and services in 1985, hotel business
and the financial services sector also in 1985, and the
garment/textile business in 1989/1990.

In 1993, the Company embarked upon a rationalization and
restructuring programmed beginning with cessation of the
petroleum-based and garments/textile business. The property
development and construction businesses were disposed of in
1999.


COUNTRY HEIGHTS: MITI Grants Proposed Public Offering Approval
--------------------------------------------------------------
On behalf of Country Heights Holdings Berhad, in regards to its
Proposed Public Offering Exercise to be undertaken by Mines City
Hotel Sdn Bhd (MCH), a wholly-owned subsidiary of CHHB
Contents, Commerce International Merchant Bankers Berhad
announced that the Ministry of International Trade and Industry
(MITI) has, vide its letter dated 8 August 2002, stated that it
has no objection to the Proposed Public Offering as announced on
5 June 2002.

The approval of MITI is subject to the following conditions:

   (i) approval of the Foreign Investment Committee; and
   (ii) approval of the Securities Commission.


ESPRIT GROUP: KLSE Grants Monitoring Accountant's Report Waiver
---------------------------------------------------------------
Esprit Group Berhad informed that the Kuala Lumpur Stock
Exchange has granted a waiver to the Company on the requirement
to submit the Monitoring Accountant's report until the outcome
of the Company's application for a Stay of Proceeding in
relation to the winding-up order on the Company.

As announced on 23 July 2002, the hearing for the Stay has been
adjourned to 19 August 2002.


HOTLINE FURNITURE: ABMB Appoints Units' Receivers, Managers
-----------------------------------------------------------
The Board of Directors of Hotline Furniture Berhad announced
that Alliance Bank Malaysia Berhad (ABMB), being the security
agent (representing the lenders) had on 9 August 2002 appointed
Mr Robert Teo Keng Tuan of Messrs RSM Nelson Wheeler Teo
Corporate Advisory Services Sdn Bhd as Receivers and Managers
(R&M) of the following subsidiaries under the powers contained
in the debentures dated 16 July 1999:

   1) Hotline Furniture Manufacturers Sdn Bhd (53732-A)(HFM);
   2) Hotline Furniture Trading (Malaysia) Sdn Bhd (283390-
T)(HFT);
   3) Hotline Furniture Export Trading Sdn Bhd (58013-M)(HFE);
   4) Hotline Home Centre Sdn Bhd (344222-T)(HHC);
   5) Hotline Wooden Furniture Manufacturers Sdn Bhd (307717-
M)(HWF); and
   6) Hotline Panel Products Sdn Bhd (327459-D)(HPP).

hereinafter referred to as the "Affected Subsidiaries".

The principal activities of the Affected Subsidiaries are as
follows:

Name of Company   Principal Activities
HFM     Manufacturing of furniture
HFT     Trading of furniture
HFE     Trading of furniture
HHC     Retailing of home furnishing
products, but ceased operation on
31 October 2001
HWF     Manufacturing of rubberwood
furniture
HPP     Ceased operation

The details of the loan facilities granted to the Affected
Subsidiaries are the tables set at
http://www.bankrupt.com/misc/TCRAP_Hotline0816.pdf

Both HFT and HHC do not have any bank borrowings with the
lenders.

Based on the unaudited financial statements of HFB as at 31 May
2002, the net book value (NBV) of the fixed assets of the
Affected Subsidiaries are as follows:

Name of Company  Type of assets   NBV as at 31 May 2002
HFM    Fixed Assets   14,351,957
HFT    Fixed Assets   63,318
HFE    Fixed Assets   8,706,255
HHC    Fixed Assets   457,438
HWF    Fixed Assets   579,592
HPP    Fixed Assets   29,915

Due to the default in payments for the aforesaid banking
facilities, the Affected Subsidiaries are placed under
receivership on 9 August 2002.

The management is reviewing the position to determine the
operational and financial impact of the Group.

Some of the Affected Subsidiaries are core operating
subsidiaries of the HFB Group, but the expected losses arising
from the R&M appointment could not be determined at this point
in time.

No steps have been taken or proposed until the Board of
Directors has fully evaluated the situation.


L&M CORPORATION: Court Orders Winding Up of Unit
------------------------------------------------
The Board of Directors of L & M Corporation (M) Bhd announced
that on 26 July 2002, L & M Kinabalu Sdn Bhd (LMK), a sub-
subsidiary of L&M was wound up by the High Court in Sabah and
Sarawak at Kota Kinabalu under the provisions of the Companies
Act, 1965. That the Official Receiver be appointed as
Liquidator.

Remark: L & M Kinabalu Sdn Bhd was officially informed by the
lawyer on 13 August 2002.


LAND & GENERAL: FIC OKs Proposed Composite Debt Workout Scheme
--------------------------------------------------------------
On behalf of the Board of Directors of Land & General Berhad, in
relation to its Proposed Composite Debt Restructuring Scheme,
Commerce International Merchant Bankers Berhad announced that
the Foreign Investment Committee has on 8 August 2002 approved,
without any conditions, the following:

   (a) the settlement of secured debts of the Scheme Creditors
amounting up to approximately RM149.085 million via swapping
with ordinary shares in Bumi Armada Berhad (BAB) held by L&G and
its wholly-owned subsidiary, Bestform Limited (Bestform), and
the balance outstanding of the secured debts via conversion into
term loans of up to RM149.085 million or the proposed issue of
up to RM149.085 million nominal value of 5% redeemable
convertible secured loan stock (RCSLS) A Series; and

   (b) the settlement of unsecured debts of the Scheme Creditors
amounting up to approximately RM508.846 million via swapping
with ordinary shares in BAB held by L&G and Bestform, and the
balance outstanding of the unsecured debts via the proposed
issue of up to RM426.793 million nominal value of RCSLS B Series
and the proposed issue of up to 82.053 million new ordinary
shares of RM1.00 each in L&G (L&G Shares) at par.

Scheme Creditors comprise the financial institution lenders of
L&G and certain financial institution lenders of Bandar Sungai
Buaya Sdn. Bhd., a wholly owned subsidiary of L&G, and Islands
Helicopter Services Pty. Ltd., a 37.63% owned associate company
of L&G, to whom corporate guarantees have been provided by L&G
and convertible bond holders of L&G.

The Proposed Composite Debt Restructuring Scheme is still
subject to approvals being obtained from the following:

   (i) the Securities Commission;
   (ii) Bank Negara Malaysia;
   (iii) the KLSE for the listing of and quotation for the new
L&G Shares to be issued pursuant to the Proposed Composite Debt
Restructuring Scheme and to be issued pursuant to the conversion
of the RCSLS A Series and RCSLS B Series;
   (iv) the shareholders of L&G at an Extraordinary General
Meeting to be convened; and
   (v) the convertible bondholders of L&G at a bondholders
meeting to be convened.


MALAYSIA INT'L: Voluntary Winds Up Unit, Appoints Liquidator
------------------------------------------------------------
Malaysia International Shipping Corporation Berhad informed that
the Members' Voluntary Winding Up proceeding of MISC Information
Technology Sdn Bhd (MIT), 100% owned subsidiary of the
Corporation through MISC Enterprises Holdings Sdn Bhd commenced
on 12 August 2002.

The Members' Voluntary Winding Up proceeding is part and parcel
of the MISC Group's Transformation & Restructuring exercise to
streamline its operations and focus on its core business.

En Chong Chee Fern was appointed the liquidator for the winding
up of MIT on 12 August 2002.


MALAYSIAN RESOURCES: October Winding-Up Petition Hearing Set
------------------------------------------------------------
Malaysian Resources Corporation Berhad announced that its wholly
owned subsidiary, MRCB Construction Sdn Bhd (MCSB) has been
served with a winding-up petition. The winding-up petition no.
Messrs Firuz Jaffril & Co served D28-656-02, the solicitors for
Omazol Corporation Sdn Bhd (Omazol).

The total claim by Omazol of RM124,676.93 is for the outstanding
amount due from MCSB to Omazol as at 6 December 2001 pursuant to
the Statement of Final Account issued by MCSB in respect of
execution and completion of 124 units single storey bungalow and
external work at A' Famosa Golf Resort, Mukim Pagoh, Daerah Alor
Gajah, Melaka for Gymtech Development Sdn Bhd. No interest is
imposed on the amount claimed.

Based on MCSB's records, the outstanding amount due to Omazol
for works done on the A'Famosa project is RM69,007.55.

Despite the dispute with respect to the amount, Omazol has
refused further negotiation with MCSB to resolve the outstanding
amount.

There is no material financial impact to MRCB Group arising from
the said petition as the creditors of MCSB have no recourse to
MRCB and the particular claim of RM 124,676.93 is not
significant to MRCB as against MRCB's audited shareholders'
funds as at 31 August 2001 of RM 473.1 million.

MRCB's original equity investment in MCSB was RM 12 million. As
at 31 July 2001, the carrying value of MCSB in MRCB Group's
books has been fully written down. In the event of a winding up
of MCSB, no losses will be incurred by MRCB Group.

MCSB (formerly known as SPKT Binaan Sdn Bhd) specializes in the
construction of residential property. MCSB's operations do not
constitute a material component of MRCB Group's engineering and
construction activities. As all of MCSB's projects in hand have
effectively been completed, the said petition will not have any
material impact on MRCB Group's operations.

The winding up petition is scheduled for hearing on 2 October
2002.


RASHID HUSSAIN: RN(T) Ceases to be Substantial Holder
-----------------------------------------------------
AmMerchant Bank Berhad (formerly known as Arab-Malaysian
Merchant Bank Berhad), on behalf of Rashid Hussain Berhad,
disclosed the dealing in the shares of RHB Capital by Rothputra
Nominees (Tempatan) Sdn Bhd (RN(T)) who is the bare trustee for
a fund managed by Alliance Merchant Bank Berhad on a
discretionary basis. As announced on 20 March 2002, Alliance has
been appointed as the independent adviser to RHB Capital, a
subsidiary of RHB, in connection with the Proposed Privatization
of RHB Sakura Merchant Bankers Berhad via a scheme of
arrangement pursuant to sections 176 and 178 of the Companies
Act, 1965 involving all its shareholders, including RHB Capital.
Alliance is therefore a person connected to RHB.

The details of the dealing are set out in Table 1 at
http://www.bankrupt.com/misc/TCRAP_RHB0816.pdfand are based on
the information furnished to AmMerchant Bank by RN(T) through
RHB Capital on 8 August 2002.

As a result of the said dealing, RN(T) no longer holds any RHB
Capital shares.


RHB GROUP: FIC Approves Proposed Group Restructuring Scheme
-----------------------------------------------------------
AmMerchant Bank Berhad (formerly known as Arab-Malaysian
Merchant Bank Berhad), on behalf of Rashid Hussain Berhad (RHB),
RHB Capital Berhad (RHB Capital) and RHB Sakura Merchant Bankers
Berhad (RHB Sakura), in relation to the Proposed Group
Restructuring Scheme, announced that the Foreign Investment
Committee has vide its letter dated 6 August 2002 which was
received on 12 August 2002, approved the Proposed Group
Restructuring Scheme.

The Proposed Group Restructuring Scheme is still subject to,
inter-alia, the approvals of the Securities Commission and the
shareholders of RHB, RHB Capital and RHB Sakura.

The Proposed Group Restructuring Scheme refers to:

   * Proposed Acquisition Of Bank Utama (Malaysia) Berhad By Rhb
Bank Berhad (Proposed Acquisition Of Bank Utama);

   * Proposed Transfer And Acquisition Of Rhb Leasing Sdn Bhd
And Rhb Capital Properties Sdn Bhd;

   * Proposed Scheme Of Arrangement To Privatize Rhb Sakura;

   * Proposed Acquisition And Transfer Of Securities And
Securities Related Business Entities From Rhb Capital To Rhb
Sakura;

   * Proposed Voluntary Partial Offer By Rhb To Increase Its
Equity Interest In Shares And Warrants Of Rhb Capital Up To A
Maximum Of 75%; And

   * Proposed Repayment Of Borrowings By Rhb And Rhb Capital.


SISTEM TELEVISYEN: Changes Registered Address
---------------------------------------------
Sistem Televisyen Malaysia Berhad posted this Change of Address
Notice:

Change description : Registered
Old address    : Aras 10, Menara MRCB, No 2 Jalan Majlis
   14/10, Seksyen 14, 40000 Shah Alam,
   Selangor
New address   : Sri Pentas, No. 3 Persiaran Bandar Utama,
   Bandar Utama, 47800 Petaling, Selangor
Name of Registrar  : -
Telephone no   : 03-77266333
Facsimile no   : 03-77280787
E-mail address   : yuz@tv3.com.my
Effective date   : 13/08/2002
Profile      :

The Company's core business is commercial television
broadcasting with operations located at Sri Pentas, Bandar
Utama. In addition to television broadcasting, the Company is
also involved in other activities that complement and enhance
its core business such as post and pre-production services,
sports and event management, and training and education in film,
broadcasting and related activities.

As at 1 March 2001, the Group is still undergoing a
restructuring exercise under the auspices of the Corporate Debt
Restructuring Committee of BNM. The Scheme comprises a proposed
debt restructuring of the Group, proposed structural re-
organization and the revival of the financial and operational
viability of both the Group and the Company.


SOUTH PENINSULAR: Proposes Bonus Issue to Increase Capital Base
---------------------------------------------------------------
On behalf of the Board of Directors of South Peninsular
Industries Berhad, AmMerchant Bank Berhad (formerly known as
Arab-Malaysian Merchant Bank Berhad), announced that the Company
is proposing a bonus issue of up to 25,200,000 new ordinary
shares of RM1.00 each (Bonus Shares) in the Company on the basis
of three (3) new Bonus Shares for every two (2) existing
ordinary shares of RM1.00 each held in the Company (Proposed
Bonus Issue).

THE PROPOSED BONUS ISSUE

(a) Details of the Proposed Bonus Issue

The Company is proposing to implement a bonus issue of up to
25,200,000 new shares to be credited as fully paid-up to its
existing shareholders on the basis of three (3) new Bonus Shares
for every two (2) existing shares held on an entitlement date to
be determined at a later date upon obtaining all relevant
approvals.

The actual number of Bonus Shares to be issued pursuant to the
Proposed Bonus Issue would depend on the then issued and paid-up
share capital of the Company after taking into consideration the
issued and paid-up share capital of SPIB as at 31 July 2002 of
RM16,800,000 comprising 16,800,000 ordinary shares in the
Company.

The Proposed Bonus Issue shall be capitalized from the share
premium account with the balance from the revaluation reserve
account. The financial effects of the Proposed Bonus Issue on
the share premium account and revaluation reserve account is set
out in Table 1 at http://www.bankrupt.com/misc/TCRAP_SPI0816.pdf

(b) Ranking of the Bonus Shares

The Bonus Shares to be issued shall, upon issue and allotment,
rank pari passu in all respects with the existing shares of the
Company except that they will not be entitled to:

   (i) any dividends, rights, allotments or other distributions,
the entitlement date of which is prior to the allotment date of
the new ordinary shares; and

   (ii) the proposed final dividend of 5 sen tax exempt for the
financial year ended 31 March 2002, which was proposed by the
Board of Directors on 21 May 2002.

(c) Rationale for the Proposed Bonus Issue

The Proposed Bonus Issue will increase the capital base of SPIB
to the minimum level required for companies listed on the Second
Board of the Kuala Lumpur Stock Exchange (KLSE). Simultaneously,
the increased number of SPIB shares will improve its liquidity
in the market.

SUMMARY OF THE FINANCIAL EFFECTS OF THE PROPOSED BONUS ISSUE

The financial effects of the Proposed Bonus Issue are as
follows:

Share Capital

The share capital of SPIB will be increased from approximately
RM16,800,000 as at 31 July 2002 to up to RM42,000,000 upon the
completion of the Proposed Bonus Issue as set out in Table 2 at
http://www.bankrupt.com/misc/TCRAP_SPI0816.pdf.

Earnings

The Proposed Bonus Issue will not have any effect on the
absolute earnings of the SPIB group of companies (SPIB Group)
except for the proportionate reduction in the net earnings per
share of SPIB as a result of the increase in the issued and
paid-up share capital of the Company.

Net Tangible Assets (NTA)

The Proposed Bonus Issue will not have any effect on the
absolute NTA of SPIB. However, the Group's NTA per share will be
correspondingly diluted as a result of the increase in the
issued and paid-up share capital of SPIB pursuant to the
Proposed Bonus Issue.

The proforma effects of the Proposed Bonus Issue on the NTA of
SPIB are illustrated in Table 1 at
http://www.bankrupt.com/misc/TCRAP_SPI0816.pdf.

Substantial Shareholders

The Proposed Bonus Issue will not have any effect on the
substantial shareholders' percentage of shareholdings in the
Company as it is pro-rated to all shareholders of the Company.
Accordingly, the number of shares held by each shareholder will
increase proportionately.

The shareholdings of the substantial shareholders after the
Proposed Bonus Issue is set out in the Table 3 at
http://www.bankrupt.com/misc/TCRAP_SPI0816.pdf.

Dividend

The Company has recommended a final dividend of 5 sen tax exempt
per share be declared for the financial year ended 31 March
2002. An interim dividend of 5 sen per share less 28% income tax
was paid on 27 September 2001 in respect of the financial year
ended 31 March 2002.

The Bonus Shares pursuant to the Proposed Bonus Issue shall not
be entitled to the above-mentioned dividend.

APPROVALS REQUIRED

The Proposed Bonus Issue is subject to the approvals of the
following parties:

   (i) the Securities Commission (SC);
   (ii) the KLSE for the listing of and quotation for the Bonus
Shares on the Second Board of the KLSE to be issued pursuant to
the Proposed Bonus Issue;
   (iii) the shareholders of SPIB at an Extraordinary General
Meeting to be convened; and
   (iv) any other relevant authorities (if applicable).

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

None of the Directors and substantial shareholders and/or their
connected persons have any interest, either direct or indirect,
in the Proposed Bonus Issue beyond their entitlement under the
Proposed Bonus Issue in respect of any shares held for which all
existing shareholders of SPIB are also entitled to.

DIRECTORS' RECOMMENDATION

After taking into consideration the rationale for the Proposed
Bonus Issue , the Board of Directors of SPIB are of the opinion
that the Proposed Bonus Issue is in the best interest of SPIB
and its shareholders.

SUBMISSION TO THE SC

An application to the SC seeking approval for the Proposed Bonus
Issue is expected to be made within two (2) months from the date
of this announcement.


SUNWAY HOLDINGS: Unit's Scheme Application Hearing Set Today
------------------------------------------------------------
Sunway Holdings Incorporated Berhad informed that the High Court
of Singapore has on 14 August 2002, sanctioned the Proposed
Scheme of Arrangement and Compromise by a wholly-owned
subsidiary, Sunway Juarasama Sdn Bhd. The application for
sanction filed at the High Court of Malaya is to be heard today.
16 August 2002.

On July 15, TCR-AP reported that a meeting of the creditors of
Sunway Juarasama Sdn. Bhd. (SJSB) was held in Singapore on 11th
July, 2002 to consider the scheme of compromise and arrangement
(Scheme) dated 10th June, 2002 proposed to be made between SJSB
and certain of its creditors (Scheme Creditors) pursuant to
Section 176 of the Companies Act, 1965 and Section 210 of the
Singapore Companies Act, Chapter 50.


TIME ENGINEERING: Appoints Pardas Senin as Managing Director
------------------------------------------------------------
Time Engineering Berhad announced the appointment of En Ahmad
Pardas Senin as Managing Director of TIME with effect from 12
August 2002. En Ahmad Pardas was appointed as a Director of TIME
on 22 October 2001. Prior to joining TIME, he was the Group
Managing Director of Renong Berhad. Below is the Change in
Boardroom Notice:

Date of change  : 12/08/2002
Type of change  : Redesignation Boardroom
Previous Position : Director
New Position  : Managing Director
Directorate  : Executive
Name    : Ahmad Pardas Senin
Age    : 49
Nationality  : MALAYSIAN
Qualifications  :

-Fellow of the Chartered Institute of Management Accountants
(UK)
-Member of the Malaysian Institute of Accountants
-Chartered Member of the Institute of Internal Auditors Malaysia

Working experience and occupation  :

He was with the British-American Tobacco Group from 1974 to 1991
before joining Renong in 1992 as the General Manager (Finance) a
position, which he held until 1994. In 1995, he was appointed as
the Chief Operating Officer of EPE Power Corporation Berhad and
became its Managing Director from 1996 to 1998. He was the
Managing Director of TT dotCom Sdn Bhd (formerly known as "TIME
Telecommunications Sdn Bhd") from January 1999 to May 1999. On 1
June 1999, he was appointed as the Managing Director of Renong
Berhad and subsequently redesignated as the Group Managing
Director in June 2001. He was appointed as a Director of TIME
Engineering Berhad on 22 October 1991 and assumed the new
position as the Managing Director on 12 August 2002.

Directorship of public companies (if any) :

   1. Faber Group Berhad
   2. Crest Petroleum Berhad
   3. EPE Power Corporation Berhad

Family relationship with any director and/or major shareholder
of the listed issuer : NIL
Details of any interest in the securities of the listed issuer
or its subsidiaries : NIL


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


BENPRES HOLDINGS: Narrows Net Loss to P80M
------------------------------------------
Benpres Holdings Corp.'s first quarter net loss has narrowed to
80 million pesos from 709 million in 2001, after gains in its
power unit and the effect of the provisioning of its investment
in Bayan Telecommunications Inc, AFX Asia said Wednesday.

Benpres said BayanTel's losses were not included in its balance
sheet, with its provisioning for its investment in the Company
completed except for a 5 billion pesos guarantee on convertible
preferred shares issued by BayanTel.

Last year, Benpres provisioned for a fall in its investments and
advances to BayanTel, including recognition of its liability
that may arise from its guarantee and commitments amounting to
9.9 billion pesos.

BayanTel's adviser Credit Lyonnais expects to present a formal
debt-restructuring proposal to creditors in August.

Debt restructuring negotiations are also ongoing for Sky Vision
and Central CATV Inc, Benpres said.


PILIPINO TELEPHONE: Narrows 1H02 Net Loss to $37M
-------------------------------------------------
Pilipino Telephone Corporation announced Thursday that its first
half net loss has narrowed to 1,927 million pesos ($37 million)
in 2002 from 18,199 million pesos ($350 million) in the same
period last year due to a lack of asset impairment charge and
restructuring costs, according to DebtTraders analysts, Daniel
Fan (852-2537-4111) and Blythe Berselli (1-212-247-5300).

The company had an asset impairment charge of 13,984 million
($269 million) and restructuring costs of 707 million ($14
million) in the first half of 2001. Revenues rose 23 percent to
1,819 million ($35 million) in 2002 as cellular revenues
increased 40 percent to 1,394 million ($27 million). GSM
subscriber doubled to 1.6 million at the end of June 2002.
EBITDA remained negligible.

As of June 30, 2002, Pitel had total long-term debt of 21,364
million ($411 million), which is payable by 2016. Therefore, the
company still has time to improve its EBITDA.

DebtTraders reports that Pilipino Telephone Corp's 3.030%
floating rate note due in 2016 (PLTL16PHS1) trades between 35
and 38. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=PLTL16PHS1


PILIPINO TELEPHONE: NTC Orders to Resolve Connection Problems
-------------------------------------------------------------
The National Telecommunications Commission (NTC) Commissioner
Eliseo Rio, Jr. has ordered Pilipino Telephone Corp. (Piltel) to
resolve the connection problem between Bayan Telecommunications
Inc. (BayanTel) in General Santos City, Asia Pulse said
Thursday.

The Commissioner ordered the telecoms Company to install four
E1s to improve interconnection services in the city.

An E1 is an interconnection standard that can support 30
simultaneous calls.

NTC gave Piltel two months to implement the directive.

It assigned NTC Region 11 Director Ricardo S. Onate to make sure
that Piltel is complying with the order.

"The commission may conduct an inspection to ensure
implementation of this memorandum order," Rio said.

The interconnection problem between Piltel and BayanTel landline
was brought up to the NTC by the mayor and Sangguniang
Panglunsod of General Santos City.

The local government officials complained about the resident'
inconvenience as the two telecom firms cannot interconnect the
calls of their respective subscribers.

With the activation of four additional E1s in the city, it is
expected that commercial activity in General Santos City will
improve.

Piltel is a unit of the dominant Philippine Long Distance
Telephone Company (PLDT).

TCR-AP reported in May that PilTel has decreased its net loss
for the three months to March to P868.9 million from the year
earlier loss of P1.362 billion. Piltel President, Napoleon
Nazareno said the Company was able to cut expenses with the debt
restructuring deal signed last year.


PHILIPPINE LONG: Gokongwei Examine Options on FirstPac Tie-Up
-------------------------------------------------------------
The Gokongwei group will examine their options if their joint
venture with First Pacific Co Ltd to acquire Philippine Long
Distance Telephone Co (PLDT) and Bonifacio Land Corp is still
not completed by September 30, AFX Asia reported Wednesday,
citing Lance Gokongwei.

The Gokongwei group and First Pacific signed their joint venture
agreement in June. The deal, which they expected to conclude by
end-September, states the Gokongwei group will control the joint
venture but requires a due diligence to be performed first.

Gokongwei, speaking on behalf of his father John Gokongwei Jr
said "I don't think he will put in US$600 million without due
diligence."


PHILIPPINE LONG: Starts Exchange Offer for Notes Due 2007/2012
--------------------------------------------------------------
Philippine Long Distance Telephone Company (PLDT) has commenced
offers to exchange (the Exchange Offers) up to US100,000,000
aggregate principal amount of its 10.625 percent Notes due 2007
and up to US$250,000,000 aggregate principal amount of its
11.375 percent Notes due 2012, all of which have been registered
under the U.S. Securities Act of 1933 (collectively, the
Exchange Notes), for US$100,000,000 aggregate principal amount
of its outstanding 10.625 percent notes due 2007 and
US$250,000,000 aggregate principal amount of its outstanding
11.375 percent notes due 2012 (collectively, the Old Notes),
respectively.

The Exchange Offers will remain open until 5:00 p.m., New York
time, on September 11, 2002, unless earlier terminated or
extended (such time and date, as the same may be extended with
respect to each Exchange Offer, the Expiration Date). Holders of
Old Notes must tender their notes on or prior to the Expiration
Date with respect to the relevant Exchange Offer in order to
exchange their Old Notes for the corresponding series of
Exchange Notes.

PLDT's obligation to accept Old Notes for exchange and exchange
the Old Notes for the corresponding series of Exchange Notes is
subject to an conditioned on certain conditions more fully
described in the Prospectus, which is dated August 12, 2002. The
Prospectus and related documents provide additional information
regarding the exchange and delivery procedures, as well as
conditions of the Exchange Offers. These documents may be
obtained by contracting Victor Matis at JPMorgan Chase Bank, the
exchange agent for the Exchange Offers, at (1) (212) 623-8286.

For a copy of the press release, go to
http://bankrupt.com/misc/TCRAP_Pldt0814.pdf


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


ASIA PULP: Creditors Resist Management Change
---------------------------------------------
Asia Pulp & Paper Co., which is fighting for an application in
the Singapore's High Court to have its management replaced, says
more creditors opposed the plan than back it, Bloomberg reported
Wednesday, citing the Company's lawyer.

Drew & Napier LLC's Davinder Singh said APP has the support of
creditors holding $4.1 billion of its more than $13 billion of
debt.

Lawyers acting for Deutsche Bank AG and BNP Paribas SA in July
claimed support from holders of $3.6 billion of debt. Asia Pulp
disputes this figure because the identity of the bondholders and
details on the bonds they own haven't been provided, Singh said.

The impasse prompted Deutsche and BNP to apply to put the
company under a court-appointed manager, a move that would
likely lead to a debt-restructuring deal and a settlement in
favor of creditors.

Asia Pulp, which defaulted on more than $13 billion of debt, has
failed to reach an agreement with creditors on repaying its
debts after months of talks.


ASIA PULP: Court-Appointed Manager May Cause Conflict, Singh
------------------------------------------------------------
Asia Pulp & Paper Co. lawyer Drew & Napier LLC's Davinder Singh
said that the appointment of Thornton LLP in Singapore as its
judicial manager may cause a conflict of interest, according to
Bloomberg on Wednesday.

``They cannot be appointed because their colleagues in Indonesia
have had access to sensitive financial information and there is
a clear conflict of interest,'' Singh told the court.

In June, Deutsche and BNP proposed to the court to appoint Grant
Thornton LLP in Singapore as APP's judicial manager.

Grant Thornton has audited the accounts APP's Indonesian units
namely PT Indah Kiat Pulp & Paper and PT Pabrik Kertas Tjiwi
Kimia.

The case will continue on August 15 before Judge Lai Siu Chiu in
Singapore.


ACHIEVA LTD: Sees 1H02 $3.5M Pretax Loss
----------------------------------------
Achieva Limited is due to release its interim results on August
16, GK Goh reports. According to earlier guidance from
management, Achieva expects pre-tax losses of an estimated $3.5
million for the first half in 2002.

GK Goh added that although the share price could have factored
in the weaker earnings, technical analysis showed that the stock
could seek bottom at S$0.105 if market sentiment weakened.


CHARTERED SEMICONDUCTOR: Posts 2Q02 Quarterly Report
----------------------------------------------------
Chartered Semiconductor Manufacturing Ltd announced its
financial report of Foreign Private Issuer Pursuant to Rule 13a-
16 or 15d-16 of the Securities Exchange Act of 1934 for the
quarter ended June 30, 2002 (Form 6-K) filed by Chartered
Semiconductor Manufacturing Ltd with the United States
Securities and Exchange Commission (SEC) on August 14, 2002.

For the Company's 2Q02 quarterly report, go to
http://bankrupt.com/misc/TCRAP_CharteredSemicon0815.pdf


CK TANG: Posts Notice of Shareholder's Interest
-----------------------------------------------
CK Tang Limited posted a notice of changes in substantial
Shareholder Tang Wee Kit's Interest:

Date of notice to Company: 29 Jul 2002
Date of change of interest: 24 Jul 2002
Name of registered holder: TANG WEE KIT
Circumstance(s) giving rise to the interest: Others
Please specify details: TRANSFER OF SHARES HELD BY TANG CHOON
KENG REALTY PTE LTD PURSUANT TO THE TERMS OF A SALE AND PURCHASE
AGREEMENT (RE-DISTRIBUTION OF ASSETS)

Shares held in the name of registered holder
No. of shares of the change: 0
% of issued share capital: 0
Amount of consideration per share excluding brokerage,GST,stamp
duties,clearing fee: 0
No. of shares held before change: 525,500
% of issued share capital: 0.22
No. of shares held after change: 525,500
% of issued share capital: 0.22

Holdings of Substantial Shareholder including direct and deemed
interest
                                   Deemed      Direct
No. of shares held before change:  38,606,000  525,500
% of issued share capital:         16.53       0.22
No. of shares held after change:    0          525,500
% of issued share capital:          0          0.22
Total shares:                       0          525,500

TCR-AP reported that the Directors of C. K. Tang Limited
announced that as of 2 April 2002, the Company has applied
approximately $16.4 million of the proceeds from the Rights
Issue to repay its bank borrowings as was proposed in the
Abridged Prospectus dated 25 February 2002. The balance of the
proceeds of approximately $6.4 million will be used for working
capital requirements.


FLEXTRONICS INTERNATIONAL: Restructuring Will Erase 5,261 Jobs
--------------------------------------------------------------
Flextronics International Ltd will lay off 5,261 employees as
part of its restructuring plan, Bloomberg reported Wednesday.

The electronics firm said in a filing with the U.S. Securities
and Exchange Commission that 856 employees had been fired as of
June 30, and another 4,405 were notified that they would lose
their jobs.

TCR-AP reported that Flextronics International posted a net loss
of US$131.2 million in the first quarter ending June under US
GAAP standards, versus a profit of US$88.3 million a year
earlier.

The results include a one-off charge of 158 million related to a
restructuring plan including the closure, sale and downsizing of
several operations around the world.


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


COGENERATION PUBLIC: BOD Meeting Resolves CEO Appointment
---------------------------------------------------------
The Cogeneration Public Company Limited notified shareholders
that the resolution of its Board of Director Meeting No. 6/2002
on August 14, 2002, approved the appointment of Mr. Peter Valere
Germain Termote as Chief Executive Officer. The appointment is
effective on September 1, 2002, while Mr. Anut Chatikavanij
remains as the President of the company.

On July 25, TCR-AP reported that the Extraordinary General
Meeting No. 2/2545 resolved to approve the transfer of the
statutory reserve fund and the share premium reserve fund,
respectively, to compensate for the retained deficit of the
Company.


HEMARAJ LAND: Bondholders Meeting Adjourned to September 2
----------------------------------------------------------
Hemaraj Land and Development Public Company Limited, in
reference to its bondholders meeting relating to US$60,000,000 3
Percent Convertible Bonds Due 2003 issued by the Company, held
on Wednesday 14th August, 2002, announced that as the quorum was
not constituted, the meeting will be reconvened on 2 September,
2002. The meeting will begin at 9.00 a.m., at 18th Floor, UM
Tower, 9 Ramkhamhaeng Road, Suanluang, Bangkok, Thailand.

The meeting's purpose will be to ask bondholders to consider and
approve the redemption by the Company of all outstanding bonds
at 50 percent of the nominal value, of which the redemption will
take place on the 9th September, 2002.


KRISDAMAHANAKORN PUBLIC: Clarifies Q202 Net Profit Decrease
-----------------------------------------------------------
Krisdamahanakorn Public Co., Ltd. clarified its operations for
the period ended June 30, 2002, which presented net profit
amounted of Bt37 million, compared with the previous period,
which presented net profit amounted to Bt836 million.

The decreased net profit amount more than 20% was resulted from
the increasing interest because Company was unsuccessful on its
debt restructuring.


L.P.N. DEVELOPMENT: Explains More Than 20% Performance Change
-------------------------------------------------------------
L.P.N. Development Public Co., Ltd and its subsidiaries' and
related company, in reference to its submitted unaudited
Financial statement as at June 30, 2002, booked consolidated
income amounting Bt698.64 million, an increase from the same
period of year 2001 which had the consolidated income of
Bt107.62 million or an increase of Bt591.02 million or at
594.17%. It had incurred a profit in the 2nd quarter of 2002 of
Bt65.46 million, which is better compared to the loss of Bt16.54
million of the same period of the previous year or at the rate
of the increase of 495.77%. This arose due to:

   1. An increase in sales volume.  This income came from the
ownership transfer and the recognized of most income of Lumpini
Place Sathorn project and the rest income from Lumpini Center
Happyland and P.S.T. City Home Projects.

   2. Profit before interest and tax was higher.  This was
because the average gross profit was 17.86% higher than the
5.94% of 2nd quarter of 2001.  Even though the gross profit was
not at a so high level due to the land for development were from
debt restructuring in order to make repayment of principal and
interests to financial institutions.

   3. Two special items, which were profit from debt
restructuring, and loss from debt conversion to capital. This
was because the Company had to complete agreement no. 2 to notes
in the financial statements.

The mentioned debt restructuring is the last one that the
Company had to do.

At present, the Company is launching two new projects on Friday
16 August 2002 i.e. Lumpini Center Happyland Phase 4 project and
Lumpini Center Ladprao Soi 111 project with the total unit of
790 units and a revenue of Baht 600 million, and in October 2002
the Company is expected to launch another two new projects:
Lumpini Place Suan Plu and Lumpini Place Sukhumvit 24 with the
total units of 726 and total revenue of Bt1,070.0 million which
the Company would have a gross profit of approximately 30% of
average revenue of every project and revenues would realized in
2003.


NAKORNTHAI STRIP: Submits June 30 Operating Results
---------------------------------------------------
Maharaj Planner Company Limited, as the Planner of Nakornthai
Strip Mill Public Company Limited, in reference to its financial
statement for the six-month period June 30, 2002 and June 30,
2001 wherein the Company reported net profit of Bt3,716 million
and net losses of Bt4,446 million respectively, provided the
following reasons:

1. Gain on impairment of Fixed Assets

The Company has made an independent appraisal of its fixed
assets as required by TAS 36. As a result of the new valuation,
the Company has recognized an increase in the valuation of its
fixed assets for Bt5,465 million.

2. Exchange Gain

The company recorded a increase in relation to exchange gain by
Bt2,767 million, stabilization maintained by Thai Baht to
foreign currencies, during the six month period ended June 30,
2002 as compared to the same period of 2001.

Below is a summary of the its financial statement:

NAKORNTHAI STRIP MILL PUBLIC COMPANY LIMITED

Reviewed
Ending  June 30,            (In thousands)
For half year

            Year        2002          2001

Net profit (loss)       3,716,291    (4,446,140)
EPS (baht)   5.17         (6.19)


NATURAL PARK: Issues Shares Offering Result
-------------------------------------------
Natural Park Public Company Limited reported on the result of
its Shares Offering held on 14 August 2002:

1.  Information Relating to the Shares Offering.

    Types of Shares offered : capital increase ordinary shares
    Number of Shares offered: 13,800 shares
    Offered to        : existing shareholders holding less
               than 200 shares to make up to one
share under the Business
Rehabilitation Plan
    Price per Share      : Bt0.05 per share
    Subscription and Payment Period : 13 August 2002.

2.  The Result of the Shares Sale.
        [/]     Totally Sold.
        [ ]     Partly sold, with       shares unsold.

3.  Details of the Shares Sale.

unit : shares

   Thai Investors            Foreign Investors     Total
Juristic   Individual    Juristic    Individual
Person                      Person

No of Persons   8   123     5          3            139
Number of Subscribed
Shares         870    12,130    500       300          13,800
Percentage of Total
Shares Offered for
Sale          6.304    87.899   3.623     2.174          100

4.  Amount of Money Received from Shares Sale.

    Total amount     : Bt690
        Less expenses    : Bt-
        Net amount received   : Bt690


SAHAMITR PRESSURE: Explains Q202 Rehab Plan Variation
-----------------------------------------------------
Sahamitr Pressure Container Public Company Limited, in reference
to the its submitted Rehabilitation Plan in accordance to the
regulations of the SET regarding rules, conditions and
procedures of listing and delisting (No. 7) notified on January
15, 1997, compared and explained the variation between actual
performance and projection in the Rehabilitation Plan for the
second quarter ended June 30, 2002:

Projection      Actual      Difference Fr Projection
  Baht    %     Baht  %     Baht

Total Sales   327,240,000  99.69  348,641,819  98.71  21,401,819
Other Revenue   1,017,313  0.31     4,556,774   1.29   3,539,461
Total Revenue 328,257,313  100.00 353,198,593 100.00  24,941,280
Cost of
Goods Sold    230,877,094   70.33 290,427,818   82.23 59,550,724
Selling and
Admin. Exp.   65,299,602   19.89   53,904,771 15.26 (11,394,831)
Interest Expenses  60,000    0.02  421,097     0.12    361,097
Director Fee       30,000    0.01  30,000      0.01      0
Net Profit     31,990,617    9.75  8,414,907   2.38 (23,575,710)

Revenue

In Q2/2002, the Company's actual total revenues of Bt353.20
million were higher than the projection by Bt24.94 million or
7.60% higher than the projection due to the following:

   * Actual total number of units sold in domestic was 261,298
units higher than the projection or accounted for 161.30%. This
was due to the government's measurement of illegal cylinder
destruction from LPG market, which government would subsidies
some cost of replaced illegal cylinders to LPG traders,
effective in early 2002. While actual units sold in foreign
market for this period is close to the projection.

   * But the average selling price per unit was Bt168.28 lower
than the projection resulting from the lower than projected of
both domestic and export selling price at Bt95.06 and Bt188.69
respectively. These were mainly due to the difference of sale-
size and an intense competition in international market.

Cost of Sales

In Q2/2002, the actual cost of sales at Bt290.43 million was
higher than the projection of Bt230.88 million by approximately
Bt59.55 million or accounted for 25.79% as the following causes:

   * The increasing number of units sold making cost of goods
sold was Bt93.53 million higher than projection, whereas

   * The average cost per unit was 14.72% lower than the
projection resulting from the difference of sale-size.

Thus, the company recorded a gross margin at 16.70% lower than
the projected gross margin at 29.45%.

Selling and Administration Expenses

The actual selling and administration expenses at Bt53.90
million were Bt11.40 million or 17.45% lower than projection.
The net favorable variance reflects the following:

   * Lower than the projection of commission and transportation
at the amount of Bt17.03 million due to the reduction of
commission rate and higher domestic sales.

   * Wage and salaries expenses and others expenses was higher
than the projection by Bt5.63 million.

Interest Expenses

The actual interest expenses of Bt421,097 was higher than
projected by Bt361,097 due to interest incurred from trading at
discount of accounts receivable.


SINO-THAI RESOURCES: Releases Q202 Rehab Plan Progress Report
-------------------------------------------------------------
Sino-Thai Resources Development Public Co., Ltd., in
coordination with Phillip Securities (Thailand) Public Company
Limited (Financial Advisor), reported on the actual performance
compared with the projection on the Company's  Rehabilitation
Plan in compliance with the Stock Exchange of Thailand
requirements to refrain from the grounds of delisting.

Summary of the actual performance for the 1st half of year 2002

For the first half of the year 2002, the Company recorded a
total revenue of Bt23.49 million, relatively lower than the
projection by Bt.68 million or 71.06%. The reduction of revenue
was mainly attributable to the shrinkage of income from Tin
Mining due to the remodeling dredge vessels, setting up new
dressing tin plant and processing the dressing Tin Ore
certificate from department of mineral resources as well as
exploring new mine deposit, which had not been operated until
late April 2002.

For the revenue from construction stone, the actual revenue
recorded lower than the projected due to the ceased operation
for 20 days in order to renew its expired equipment. Besides
none of revenue from dredge rental was recorded because of self-
operating by using company's vessels. With the aforementioned
factor, the company's performance for the 1st half of year 2002,
reported a net loss of Bt11.52 million, relatively lower than
the projection by Bt12.77 million or 1,016.55%.

Explanation on the significant variance of the actual
performance and projection

Revenue from Tin Ore

The company expected revenue from tin ore to be Bt62.21 million,
but only Bt7.91 million was recorded resulting from remodeling
its dredge vessels, setting up new dressing tin plant and
processing the dressing Tin Ore certificate as well as explored
new mined deposit since the first quarter which had not been
operated until late April 2002.

Revenue from Construction Stones

Revenue from construction stones of Bt8.70 million was lower
than the projection by Bt7.10 million or 44.93 %.  The
contraction of revenue from construction stones came from the
ceased operations for 20 days in order to renewal its expired
equipment. Consequently revenue from construction stones was
lower than the projection.

Other Income

Other income of Bt6.86 million was favorably higher than the
projection by Bt5.93 million or 632.74 % predominantly due to
the bad debt expense reversal of Bt4.67 million by transferring
one of debtors asset worth Bt4.17 million to repay one of the
company creditors regarding the conciliatory agreement,
including Bt0.50 million for repayment. In addition, the
company also recorded Bt0.80 million gain from selling out
investment.

Cost of Sales and other expenses

Although the cost of sales in this quarter was lower than
expectation due to the reduction of sales, the cost of Tin Ore
was recorded higher than revenue from Tin Ore. This cost overrun
resulting from high labor and fuel cost incurred prior to the
approval date of dressing tin ore certificate stated on April
2002. For the cost of construction stones, due to most of the
cost was fixed cost and average selling price, it was lower than
cost per unit. Selling and administrative expense were Bt6.54
million comparable to the projection. In this quarter,
offsetting company debtor asset cleaned up law suit expenditure
of Bt4.16 million.

COMPARISON OF THE ACTUAL PERFORMANCE BY QUARTER FOR THE QUARTERS
OF 2002 AND 2001

Revenue from Tin Ore
                    SALE  (Baht '000)          QUANTITY  (Habs)
                 2002         2001          2002         2001
1st Quarter     -          44,466          -          4,207
2nd Quarter     7,915        42,469          973        4,128
Total           7,915        86,935          973        8,335

Revenue from Construction Stone
                    SALE  (Baht '000)          QUANTITY  (Tons)
                2002         2001          2002         2001
1st Quarter     5,379        3,305         75,862       43,748
2nd Quarter     3,327        4,234         46,309       57,577
Total           8,706        7,539        122,171      101,325


THAI PETROCHEMICAL: Creditors Committee Supports Administrators
---------------------------------------------------------------
The Committee of Creditors of Thai Petrochemical Industry Public
Company Limited supports Effective Planners Limited (EPL), the
appointed Plan Administrators, on its ongoing efforts to amend
the TPI Plan to reset the Repayment Milestone Date.

EPL also planned to revise the amendment process of the TPI Plan
so that it would become more workable.

The Committee also expressed its loss of confidence on TPI's
former management. The Company will be at severe risk of
liquidation if returned to the hands of the former management,
primarily because working capital and other financial support is
likely to be withdrawn.

To see a copy of the letter from Johnson Strokes & Master, on
behalf of the Committee of Creditors, to the Company, go to
http://www.bankrupt.com/misc/TCRAP_TPI0816.doc.


TPI POLENE: Creditors Committee Disappointed Over Filed Motion
--------------------------------------------------------------
The TPI Polene Creditors Committee, in reference to the
Company's motion filed at Central Bankruptcy Court, expressed
that the said motion is an attempt to deprive creditors of the
rights to change the Plan Administrator.

The Committee has tried to move forward with the equity raising
process, however, the filing of motion with the Court has led
them to question whether the Company wishes to pursue a
consensual approach.

The Committee has been disappointed by TPIPL's action in filing
motion and requested withdrawal of such motion from the court
immediately.

Go to http://www.bankrupt.com/misc/TCRAP_TPIPL0816.docto see a
copy of the Creditors' Committee to the Company regarding this
matter.


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 ***