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

                   A S I A   P A C I F I C

            Monday, August 19, 2002, Vol. 5, No. 163

                         Headlines

A U S T R A L I A

ANACONDA NICKEL: Conclude Debt Negotiations With Creditors
BEACONSFIELD GOLD: Releases Fourth Quarter Activities Report
DVT HOLDINGS: USC Increases Relevant Shares
GOODMAN FIELDER: Disposes of Aussie Milling, Mixing Business
GOODMAN FIELDER: Requests Trading Halt

PASMINCO LIMITED: Creditors' Meeting Adjourned to August 30
QUOIN (INT): Unit's Voluntary Administrator Appointed


C H I N A   &   H O N G  K O N G

CENTRAL NORTH: Fletcher Closes Foreign Exchange Hedge
CYBER KING: Winding Up Petition to be Heard
FUJI APPLIANCES: Faces Winding Up Petition
HONOUR SHEEN: Winding Up Petition Slated for Hearing
SKYNET (INTERNATIONAL: Proposal Discussion Discontinued

SINO BAND: Winding Up Petition Set for Hearing
TECHPACIFIC CAPITAL: Narrows Net Loss by 38%

I N D O N E S I A

ASTRA GRAPHIA: Hopes to Pay Debt by Late September
INDOFOOD SUKSES: PEFINDO Affirms `idAA+' to Bond I/2000


J A P A N

DAIEI INC: July Sales Down 9.7%
FUJITSU LTD: Enters Alliance With EMC
ISUZU MOTORS: Cutting 3,700 Workers; Realign Ties With GM
KANEMATSU CORP: R&I Upgrades Rating to B+
MARUBENI CORP: Launches Electronics Firm in Shanghai

NIPPON MEAT: Chairman May Quit Over Beef-Labeling Fraud
SKY PERFECT: Posts US$163M Net Loss


K O R E A

DAEWOO MOTORS: Unit Posts $23.51M Profit
HYUNDAI ENGINEERING: Sees FY02 Q1 Profit of KRW85.9B
KOREA LIFE: Hanwha Group Agrees to Acquire Insurance Firm
SEOUL BANK: Lone Star Not Giving Up on Bid for SeoulBank
SEOUL BANK: Postpones Meeting as Committee Members Quit


M A L A Y S I A

AUSTRAL AMALGAMATED: Danaharta Further Extends Moratorium Period
CSM CORPORATION: Successfully Completes Disposal
DEWINA BERHAD: KLSE Gives Requirements Compliance Extension
ESPRIT GROUP: Obtains Monitoring Accountant's Report Waiver
KUANTAN FLOUR: Executive Director Hak Clement Resigns

LAND & GENERAL: Bonds Settlement Resolutions Passed
MALAYSIAN PLANTATIONS: Resolves Members' Voluntary Winding-up
NCK CORPORATION: FIC Approves Proposed Restructuring Scheme
PAN PACIFIC: Provides July Default in Payment Status
PERAK CORPORATION: Post New Registrar Address

PERBADANAN JOHOR: RM500M IDS via Restructuring Scheme Redeemed
RAHMAN HYDRAULIC: Writ of Summons Appeal Set for January
RENONG BERHAD: August 30 EGM Scheduled
UH DOVE: Debt Restructuring Shares Issue Granted Listing


P H I L I P P I N E S

EXPORT BANK: ASM Set for September 12; Meeting Agenda
FIRST PHILIPPINE: Additional Listing of Shares
FIRST PHILIPPINE: SEC Authorizing The Issuance of Shares
METRO PACIFIC: Posts H102 Financial Results
PHILIPPINE LONG: Unit Enters Partnership With AyalaPort

PILIPINO TELEPHONE: Revenues Up 40%; Operating Loss Reduced


S I N G A P O R E

ASIA PULP: Management Change Will Delay Restructuring
ASIA PULP: Center Solutions Affidavit is Irrelevant, Says Singh
BOUSTEAD SINGAPORE: Posts Notice of Shareholder's Interest
L & M GROUP: UOB Agrees on Restructuring Terms
TELEDATA LTD: Unveils Capital Reduction Exercise


T H A I L A N D

A.C.C. REAL: Files Business Reorganization Petition
ASIA HOTEL: Submits, Clarifies 2Q02 Financial Statements
MEDIA OF MEDIAS: Books Bt473M Profit Gain on Debt Restructuring
MEDIA OF MEDIAS: 2Q02 English version F/S Submission Delayed
SIKARIN PUBLIC: Posts 25.76% Profit Increase in 2Q02

SRIVARA REAL: Clarifies More Than 20% Q202 Ops Result Change
THAI PETROCHEMICAL: Incurs Q202 Bt1.5B Net Profit

     -  -  -  -  -  -  -  -

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


ANACONDA NICKEL: Conclude Debt Negotiations With Creditors
----------------------------------------------------------
Anaconda Nickel Limited's senior management and advisors on
Friday have concluded negotiations with representatives of the
secured creditors who between them hold approximately 50% of
the outstanding fixed and floating rate notes of Murrin Murrin
Holdings Pty Ltd (MMH), an indirectly wholly owned subsidiary of
Anaconda Nickel Ltd.

The proposal made to the secured creditors includes a cash
repayment at a discount to the face value of the debt and a
substantial part of any amounts due to MMH under the Fluor
Daniel arbitration. It is intended that secured creditors will
extend their forbearance agreements to allow the restructuring
of the MMH debt and the re-capitalization of the Anaconda Group.

As previously announced, Anaconda will use its best efforts to
implement a renounceable rights issue to raise additional
capital to enable this restructuring of debt and
recapitalization of the Company to proceed.

Anaconda will keep the market informed as events progress.


BEACONSFIELD GOLD: Releases Fourth Quarter Activities Report
------------------------------------------------------------
Beaconsfield Gold NL (Receiver and Manager Appointed) released
its Fourth Quarter ended 30 June 2002 Activities Report. Below
are the key elements of the report:

   * BMJV June quarter gold production of 22,374 ounces resulted
in total gold production for the 2002 financial year of 90,469
ounces, 18,136 ounces or 25% greater than for the 2001 financial
year (72,333 ounces) as performance in the mine and mill
continued to improve.

   * BMJV operating cash flow (gold revenue less operating
costs) was approximately $3.1 million for the June quarter,
giving a 2002 financial year total of approximately $15.2
million.

   * BMJV net cash flow (gold revenue less operating and capital
costs, including reserve drilling) was approximately $0.3
million for the June quarter, giving a 2002 financial year total
of approximately $7.0 million.

   * Underground diamond drilling program completed with
outstanding results: better intersections included 3.8 m
estimated horizontal width @ 41.2 g/t gold, 0.9 m @ 128.5 g/t,
4.4 m @ 30.3 g/t, 4.0 m @ 49.9 g/t, 2.5 m @ 46.5 g/t, 4.2 m @
27.8 g/t, 3.2 m @ 33.2 g/t and 3.7 m @ 50.2 g/t.

   * A value per BCD share (NPV at 8% p.a. discount rate) has
been derived by making various technical and cost assumptions
for the Beaconsfield mine. For a current spot gold price of
approximately A$560 per ounce, a projected ten-year mine life
and a five-year BankWest repayment schedule, value is estimated
at approximately $0.38 per BCD issued share.

   * Jim Askew appointed new chairman.

   * The excellent results from the 2002 reserve-drilling
program are fundamental to Beaconsfield Gold being able to
recapitulate and restructure its affairs.

To see a copy of the full report, go to
http://www.bankrupt.com/misc/TCRAP_BCD0819.pdf.


DVT HOLDINGS: USC Increases Relevant Shares
-------------------------------------------
Utility Services Corporation Limited (USC), in accordance with
the Supplementary Share Target's Statement dated 5 August 2002,
announced that on 15 August 2002 it acquired on market 160,916
shares in DVT Holdings Limited (DVT) at an average price of 3.1
cents per share.

USC now has a relevant interest in 27,077,780 DVT ordinary
shares.


GOODMAN FIELDER: Disposes of Aussie Milling, Mixing Business
------------------------------------------------------------
Australasia's leading food company, Goodman Fielder, has signed
an unconditional agreement to sell its Australian flour milling
and mixing business to joint venture partners GrainCorp Ltd and
Cargill Australia Ltd for approximately $200 million.

Goodman Fielder CEO, Tom Park, said the sale of the Australian
flour mills is consistent with the company's strategy to focus
more on its retail branded businesses and represented good value
for shareholders.

"The sale agreement ends a very competitive bidding process that
has yielded a significant return to Goodman Fielder shareholders
and we intend to complete the transaction by early October," Mr
Park said.

"GrainCorp has extensive capability in grain procurement,
storage and handling. Cargill is one of the largest flour
millers in the world. Together the joint venture will provide
Goodman Fielder with on-going security and quality of supply on
competitive terms.

"A key element of the transaction is a long term supply contract
for the supply of flour-based products to Goodman Fielder. The
terms and conditions of the supply agreements are commercially
confidential between the parties.

"We are looking forward to working with GrainCorp and Cargill as
long term strategic partners that can support our retail branded
strategy and provide new opportunities for milling employees."

Mr Park said active capital management would continue to play an
integral role within the shareholder value model being pursued
by Goodman Fielder.

"Divestment of non-core businesses, and continuing control over
funds employed and capital expenditure will continue to underpin
strong free cash flow and sustainable growth in core business
earnings before interest and tax (EBIT)," he said.

"We have already invested the proceeds of previous asset sales
in the business and improved shareholder returns through a $200
million on-market share buy-back. The first $100 million tranche
of the buy back has been completed, and the second $100 million
tranche is well under way. The current buy-back will, in tandem
with improved operating performance, increase earnings per
share."

ING Investment Banking and Poynton & Partners advised Goodman
Fielder on the sale of Milling Australia.


GOODMAN FIELDER: Requests Trading Halt
--------------------------------------
The securities of Goodman Fielder Limited will be placed in pre-
open at the request of the Company, pending the release
of an announcement by the Company. Unless ASX decides otherwise,
the securities will remain in pre-open until the earlier of the
commencement of normal trading on Tuesday, 20 August 2002 or
when the announcement is released to the market.

Below is the Company's secretary I M Gilmour's trading halt
request:

Reason for Trading Halt:   An announcement on the sale of the
                           Australian Milling assets is expected
                           shortly.

Period of Trading Halt:    Up to 1(1/2) hours.

Event to end Trading Halt: Lodgment of announcement on sale of
                           Australian Milling assets.

Reason why Trading Halt
should not be granted:     The Company is not aware of any
   reasons why the trading halt should
   not be granted.


PASMINCO LIMITED: Creditors' Meeting Adjourned to August 30
-----------------------------------------------------------
The Administrators of major zinc producer Pasminco Limited,
Messrs John Spark and Peter McCluskey of turnaround, insolvency
and reconstruction management group Ferrier Hodgson, announced
Friday that the Creditors' Meeting had resolved to adjourn the
meeting to 30 August 2002.

The Administrators had notified creditors of the need for a
further brief adjournment last week, pending the finalization of
key issues affecting the necessary documentation required to
enable the restructure to proceed.

Creditors will now vote on the Administrators' recommended
Equity and Float Option on 30 August that involves an issue of
shares in lieu of debt to creditors and financiers owed
approximately $2.8 billion. This equity would subsequently be
partially sold down via a public float.


QUOIN (INT): Unit's Voluntary Administrator Appointed
-----------------------------------------------------
The Directors of Quoin (Int) Limited advised that on 5th August
2002, Mr Barry Clifford and Ms Margaret Giles, the Directors of
IHL Australia Pty Ltd, a fully owned subsidiary of Quion (Int),
appointed Graham Starkey of Graham Starkey & Associates Pty Ltd
as voluntary administrator to the company despite an offer of
bank finance to be guaranteed by the directors of Quoin Int
Ltd, Mr Moishe Gordon and Mr Izzy Herzog.

The mortgage debenture holder, subsequently appointed Mark
Mentha and Mark Korda of KordaMentha of 333 Collins Street,
Melbourne, as Receivers of IHL Australia Pty Ltd.


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


CENTRAL NORTH: Fletcher Closes Foreign Exchange Hedge
-----------------------------------------------------
Fletcher Challenge Forests announced Friday that it has closed a
foreign exchange contract that it had entered into, to hedge the
proposed acquisition of the assets of the Central North Island
Forest Partnership, a joint venture between China International
Trust & Investment Corp. (CITIC) and Fletcher Challenge's forest
division.

A gain of approximately $1.8 million was realized on this
foreign exchange transaction, which will significantly offset
the costs incurred in relation to the proposed transaction.

The hedge transaction was a cancelable forward exchange contract
to purchase US$250 million at a fixed USD/NZD exchange rate of
0.465.

The option was exercisable on 30 August 2002 with settlement on
27 September 2002.


CYBER KING: Winding Up Petition to be Heard
-------------------------------------------
The petition to wind up Cyber King (Asia) Limited is scheduled
for hearing before the High Court of Hong Kong on September 18,
2002 at 10:00 am.

The petition was filed with the court on June 27, 2002 by Tong
Ka Yee of 1/F., 6th Lane, 28 Sha Kok Mei Village, Sai Kung, New
Territories, Hong Kong.


FUJI APPLIANCES: Faces Winding Up Petition
------------------------------------------
The petition to wind up Fuji Appliances (Hong Kong) Limited is
set for hearing before the High Court of Hong Kong on September
4, 2002 at 9:30 a.m.

The petition was filed with the court on July 10, 2002 by Bank
of China (Hong Kong) Limited whose registered office is situated
at 14th Floor, Bank of China Tower, 1 Garden Road, Central, Hong
Kong.


HONOUR SHEEN: Winding Up Petition Slated for Hearing
----------------------------------------------------
The petition to wind up Honour Sheen Trading Limited is
scheduled to be heard before the High Court of Hong Kong on
September 11, 2002 at 10:00 am.  The petition was filed with the
court on June 19, 2002 by Chung Wai Hung of Flat D, 21st Floor,
Kam Key Mansion, 147 Shau Kei Wan Main Street East, Shau Kei
Wan, Hong Kong.


SKYNET (INTERNATIONAL: Proposal Discussion Discontinued
-------------------------------------------------------
The Directors of Skynet (International Group) Holdings Limited,
announced that the discussion in relation to, among other
things, a possible fund raising exercise of the Company which
may involve placing of new Shares and/or a possible acquisition
of pharmaceutical related assets from China
Strategic Holdings Limited (Proposal), was discontinued.

The Directors also announced that the Company has commenced
negotiation with another third party (Potential Purchaser) not
connected with the directors, chief executive and substantial
shareholders of the Company and its subsidiaries or any of their
respective associates (as defined in the Listing Rules) in
relation to a possible disposal of certain marble related
assets to the Potential Purchaser. The transaction under
negotiation may or may not proceed. The transaction
under negotiation, if proceeded, may constitute a major
transaction for the Company under the Listing Rules.

Further announcement will be made as and when appropriate in
accordance with the Listing Rules.

The Directors confirm that save as disclosed above, there are no
negotiations or agreements relating to intended acquisitions or
realizations which are discloseable under paragraph 3 of the
Listing Agreement, neither are the Directors aware of any matter
discloseable under the general obligation imposed by paragraph 2
of the Listing Agreement, which is or may be of a price-
sensitive nature.

Shareholders and potential investors of the Company are advised
to exercise caution when dealing in the Shares.


SINO BAND: Winding Up Petition Set for Hearing
----------------------------------------------
The petition to wind up Sino Band International Limited will be
heard before the High Court of Hong Kong on September 18, 2002
at 10:00 am.  The petition was filed with the court on June 27,
2002 by Ho Chi Yan of Room 512, 5th Floor, Lei Tim House, Ap Lei
Chau Estate, Hong Kong.


TECHPACIFIC CAPITAL: Narrows Net Loss by 38%
--------------------------------------------
Start-up financier Techpacific Capital has narrowed its net loss
by 38% to US$10.01M in the six months to June 30 after closing a
loss-making subsidiary, the South China Morning Post reported
Friday.

The Growth Enterprise Market-listed company's Internet solutions
provider, Spike, was wound up last month after a potential
investor failed to provide fresh funding. Chief executive
officer Ilyas Khan said the closure of Spike would save money
for the company as it attributed a big portion of net loss in
the previous quarters.

Techpacific reported a 7.79% increase in turnover for the first
six months to US$3.69 million, compared with US$3.42 million
previously. Its loss per share was 0.4 US cents.  The company's
net loss was US$5.07M in the second quarter, compared with
US$10.54 million in the same period last year.

The company made a reduced investment provision of US$700,000
for the six months to June 30 and a US$660,000 gain on disposal
of the Spike investment.


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


ASTRA GRAPHIA: Hopes to Pay Debt by Late September
--------------------------------------------------
Electronic products distributor PT Astra Graphia Tbk is hopeful
it will pay a debt installment of US$4.64 million before
maturity date of late September this year, AsiaPulse via COMTEX
reports, citing Company Secretary Handoyo Gunawan.

Gunawan told the Jakarta Stock Exchange that the company is
optimistic that it has no difficulty to meet its debt
obligation.

Gunawan denied allegations about the company's plan to buy back
its debt, saying creditors would not easily accept buy back when
the condition of the company is good.


INDOFOOD SUKSES: PEFINDO Affirms `idAA+' to Bond I/2000
-------------------------------------------------------
PEFINDO affirmed a rating of `idAA+' for PT Indofood Sukses
Makmur Tbk. (INDF) and its Bond I/2000 amounting to Rp1 trillion
due in 2005. Although the intensifying competition has lowered
the company's profitability, it has been able to manage its cash
flow coverage at quite a healthy level.

The company's superior position, highly diversified business
portfolio, high vertically-integrated operations, and good
margin management continue to be the supporting factors for the
rating; while aggressive financial policy is still a mitigant.

Basically, INDF's operations can be classified into nine
business lines. However, the four main divisions-noodles, flour,
edible oils and fats, and distribution - constituted 94.8
percent of the company's revenues in 2001, while three largest
brands-Indomie, Sarimi, and SuperMi-contributed 28.7 percent.

According to Wrights Investors' Service, at the end of 2001, PT
Indofood Sukses Makmur Terbuka had negative working capital, as
current liabilities were Rp6.06 trillion while total current
assets were only Rp5.25 trillion.


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



DAIEI INC: July Sales Down 9.7%
-------------------------------
Supermarket chain operator Daiei Inc. said the Company's sales
in July dropped 9.7 percent on a same-store basis mainly due to
a bad weather, Kyodo News said Friday.

TCR-AP reported last week that Shinsei Bank is asking struggling
retailer Daiei Inc to repay 70 percent of its loans by the end
of this year. Daiei owes Shinsei more than $841 million (more
than 100 billion yen).

At the end of February, the Company's overall debt to all
lenders totals $18 billion (2.14 trillion yen).


FUJITSU LTD: Enters Alliance With EMC
-------------------------------------
Fujitsu Technology Solutions, Inc., a member of the worldwide
group of Fujitsu companies, announced Monday a significantly
expanded storage alliance with EMC Corporation, the leader in
enterprise storage, in which Fujitsu will now resell the new EMC
CLARiiON CX600 storage systems and software. The two companies
will also work together to co-market and deliver comprehensive
mission critical infrastructure solutions and services for
customers that want a cost-effective single source for systems,
software, and services.

The combination of Fujitsu(R) and EMC offerings will enable
customers to optimize service delivery and realize higher
availability, operational efficiencies, and control through
complete IT infrastructure solutions. Unique to any other
industry offering, customers receive exceptional cross-platform
integration, interoperability, data access, and multi-vendor
services and support.

"Our deepened relationship with EMC underscores Fujitsu's
commitment to deliver best-in-class enterprise systems, software
and services," said Richard McCormack, vice president Product
and Solutions Marketing, Fujitsu Technology Solutions, Inc. "The
two companies are very complementary and share similar goals --
to deliver comprehensive, world-class high availability
solutions that address critical business issues such as business
continuity, storage management, and disaster recovery."

The key issues for CIOs this year are cutting and stabilizing
costs. In fact, cost control will continue to be the overriding
issue until the economy becomes healthy, according to Giga
Information Group(1). Therefore, it is more important than ever
for IT to make sound purchasing choices based on vendor
capabilities, and factors that affect total cost of ownership
(TCO), including systems price per performance, integration and
interoperability, adaptability and flexibility.

"The combination of the EMC CLARiiON CX600 systems and software
with Fujitsu's PRIMEPOWER servers and IT infrastructure services
will be hard for our competitors to match," said Gregg Ambulos,
EMC's vice president of Global Channels. "The strong
relationship between EMC and Fujitsu provides customers with a
complete Solaris based platform that delivers the highest levels
of performance and functionality. The addition of the CLARiiON
CX600 and new EMC software into the Fujitsu lineup further
strengthens the capabilities we're delivering to customers."

EMC's next-generation CLARiiON CX600, just announced on Monday,
is the highest performing system in the CLARiiON line, and will
become the newest addition to the Fujitsu set of offerings. In
addition to CLARiiON, Fujitsu Technology Solutions, Inc., also
resells EMC's leading Symmetrix enterprise storage systems and
software.

A Winning Combination: PRIMEPOWER, CLARiiON & Managed Services

Coupled with Managed Services from Fujitsu Technology Solutions.
Inc., Fujitsu PRIMEPOWER(TM) Solaris(TM) compatible servers and
the EMC CLARiiON CX600 provide the most complete and highly
available UNIX(R) offering for customers; together, they beat
other solutions on availability, price/performance, and
management of customer IT assets. Customers receive the most
powerful and scalable Solaris compatible servers on the market
(which can be coupled with the high availability
PRIMECLUSTER(TM) solution), together with the leading
performance and efficiencies of EMC storage systems, management
software, and storage area networks.

Fujitsu PRIMEPOWER servers, EMC storage systems, and IT
infrastructure services and solutions are available today by
calling 1-877-905-3644, or email it_info@ftsi.fujitsu.com.

(1) IdeaByte CIO's Issues for 2002: The CIO's View RIB-112001-
00184 "2001 Giga Information Group

About CLARiiON CX600:
http://www.emc.com/products/systems/clariion_cx600.jsp

About PRIMEPOWER Servers:
http://www.ftsi.fujitsu.com/primepower/


ISUZU MOTORS: Cutting 3,700 Workers; Realign Ties With GM
---------------------------------------------------------
Ailing Isuzu Motors is planning to cut its work force by 3,700
employees, or about 30 percent, and restructure its partnership
with US automaker General Motors Corp., the Associated Press
said Thursday.

The Company also planned to swap 100 billion yen ($853 million)
of debt for equity.

Isuzu lost $367 million for the fiscal year ended in March on
$13.6 billion in sales as vehicle sales dropped amid a global
economic slowdown.

The Company aims to post a profit of at least $426 million on
sales totaling $11 billion by March 2005. It also hopes to
reduce debt by then to $4 billion.


KANEMATSU CORP: R&I Upgrades Rating to B+
-----------------------------------------
Rating and Investment Information, Inc. (R&I), has upgraded its
Senior Long-term Credit Rating to B+ From B.

Senior Long-term Credit Rating; Long-term Bonds (1 Series)

RATIONALE:

Kanematsu Corp. is one of Japan's general trading companies,
which, faced with effective bankruptcy, sought debt relief from
its main bank in May 1999. Thanks to forgiveness of 155 billion
yen in debt, the company has been able to withdraw from
unprofitable activities and concentrate management resources on
core operations, aiming to rebuild its business. With the
support of its main bank, The Bank of Tokyo-Mitsubishi, Ltd.
(BTM), Kanematsu has been making favorable progress with its
reconstruction plan, and earnings potential is now recovering.
In view of the increasing stability of earnings, R&I has
therefore decided to upgrade the ratings from B to B+.

Following the reorganization of unprofitable divisions, the
company's remaining operational divisions have now become
comparatively competitive, and R&I believes that the firm should
be able to generate a certain degree of profit in the future.
Nevertheless, the other trading companies have also boosted
their activities in the fields such as foods, IT, life sciences
and energy, so it is not possible to be too optimistic about
Kanematsu's ability to boost earnings from these core fields.

Kanematsu's management is looking more stable thanks to the
backing of BTM as well as the results of the restructuring
efforts. Nevertheless, consolidated equity capital stood at just
15.7 billion yen at the end of the March 2002 term, and the
consolidated equity-to-assets ratio was no more than 2.6%. Net
interest bearing debt (total interest bearing debt minus cash
and deposits) is at the high level of 362.4 billion yen, 23
times consolidated shareholders equity, the highest level
among the general trading companies. It will be necessary to pay
attention to the lack of financial resistance due to this
fragile financial base in the event of a deterioration in the
external environment in forms such as a further recession at
home or abroad, asset deflation or rising interest rates.

R&I RATINGS:
ISSUER: Kanematsu Corp. (TSE Code: 8020)
Senior Long-term Credit Rating: B+ (Upgraded from B)
ISSUE: Bonds Rated Issue Date Redemption Issue Amount (mn)
Sec. Str. Bonds No. 2 Oct 16, 1995 Oct 16, 2002 Yen 10,000
R&I RATING: B+ (Upgraded from B)


MARUBENI CORP: Launches Electronics Firm in Shanghai
----------------------------------------------------
Marubeni Corporation, in order to quickly respond to the rapidly
expanding market needs of electronics and electric industries in
China, established on Thursday a subsidiary company specialized
for handling related materials in the Shanghai Waigaoqiao free
trade zone on July 18. The operation started formally in August
1.

The company is Marubeni's wholly owned Marubeni Information
Technology (Shanghai) Co., Ltd. and is intended to be a
solution-providing trading company, which will provide such
consulting services as material procurement with its own
inventory and supply-chain management services related to
product sales mainly for foreign electronics companies
transferring their manufacturing bases rapidly to China.

Marubeni has been strengthening its business activities in the
eastern parts of China, mainly through such manufacturing joint
ventures of electronics materials as glasses for cathode-ray
tubes, printed-wiring boards, and photo-resist. As we think it
indispensable to have new business bases in the Yangtze River
delta, which becomes a cluster of semi-conductor and liquid
crystal industries, we have decided to establish the company. We
are planning to commence domestic business thorough it after
China's affiliation with the WTO. As services such as supply
chain management for Japanese and Taiwanese electronics
companies are insufficient in China, demands are increasing.
Marubeni Information Technology will render its service mainly
to those foreign manufacturers that are growing in numbers at
earlier stage.

In electronics industries, rapidity and expertise are required.
Marubeni Information Technology has Chinese national staff with
such knowledge, appointing a Chinese president who was a general
manager of the business department of Marubeni Tokyo head
office. It started business operation with 15 staff, which will
be increased in numbers as business volume grows. We expect the
sales to be US$ 150 million in 2003.

Company profile:

Name     :  Marubeni Information Technology (Shanghai) Co, Ltd.
Capital  :  US$ 1 million (Marubeni 0.8 million, Marubeni
Shanghai 0.2 million)
Head office: 520 Fute Road North Waigaoqiao FTZ Putong New Area,
             Shanghai, China
Chairman   : Yuhei Fujiharu
President  : Li Fusheng
Shareholders: Marubeni Corp. 80%, Marubeni (Shanghai) Co., Ltd.
  20%


NIPPON MEAT: Chairman May Quit Over Beef-Labeling Fraud
-------------------------------------------------------
Nippon Meat Packers Inc Chairman Yoshinori Okoso is expected to
quit from its post following a farm ministry request that the
Company takes action due to a beef-labeling fraud committed by a
Nippon Meat unit Nippon Inc., Japan Today reported Friday.

The case involves some 1.3 tons of imported beef which its unit
had passed off as domestic and sold to the association under a
state-run beef buyback program, which was intended to bail out
the domestic cattle industry battered by the outbreak of mad cow
disease in Japan last September.

The Company sees heavy damage to its earnings as the Company
started limiting its beef-related business activities as
requested by the agriculture ministry.


SKY PERFECT: Posts US$163M Net Loss
-----------------------------------
Sky Perfect Communications Inc. incurred 19.35 billion yen
(US$163 million) in consolidated net loss for the April-June
quarter because of rising expenses, PR Newswire reports.

The Company posted a 3.13 billion yen group net loss in the same
period a year ago. Subscribers to its digital broadcasting via
communications satellite digital increased steadily, but
earnings were battered by the nearly 17 billion yen in costs
related to the World Cup soccer tournament, such as the
broadcast rights as well as production and advertising expenses.


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


DAEWOO MOTORS: Unit Posts $23.51M Profit
----------------------------------------
Daewoo Motor Sales Co posted a net profit of 28.1 billion won
($23.51 million) in the second quarter of the year and a net
profit of 53.2 billion won ($44.3 million) in the first half,
Reuters said Tuesday.

"An improved image due to GM's acquisition of Daewoo Motor's
assets contributed to the increased profit," Daewoo Motor Sales
spokesman Kim Ki-ho told Reuters.

Daewoo Motor Sales Co is the marketing arm of South Korea's
third largest automaker Daewoo Motor.


HYUNDAI ENGINEERING: Sees FY02 Q1 Profit of KRW85.9B
----------------------------------------------------
Hyundai Engineering and Construction (HEC) expects a profit of
85.9 billion won in the first quarter this year, the Digital
Chosun reports.

The Company said that the turnaround in the first quarter could
be attributed to the country's real estate boom, where HEC had
been involved in apartment construction projects in several
sites in Seoul.

The construction company has suffered 3.8 trillion won in losses
in 2000 and 2001.

HEC had been on the verge of collapse under heavy debts in 2000,
but creditors came to its rescue with about a bailout fund of
2.8 trillion won.

DebtTraders reports that Hyundai Engineering & Con's 0.125%
covertible bond due in 2004 (HYNE04KRN1) trades between 70 and
80. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=HYNE04KRN1


KOREA LIFE: Hanwha Group Agrees to Acquire Insurance Firm
---------------------------------------------------------
The Hanwha Group-led consortium has agreed to acquire
controlling 51 percent stake in Korea Life Insurance Co for 724
billion won, the Korea Economic Daily and AFX Asia said
Thursday, citing an unidentified government official.

Hanwha and KDIC agreed that Korea Life's corporate value is
assessed at 1. 42 trillion won as of the end of March.

The government will convene the Public Fund Oversight Committee
by the end of August to approve the agreement.

Of the 720 billion won acquisition price for Korea Life, Hanwha
will acquire 60 percent or 434 billion won, Orix Corp of Japan,
a member of the Hanwha consortium, 33 percent, and another
Australian investor 7 percent.


SEOUL BANK: Lone Star Not Giving Up on Bid for SeoulBank
----------------------------------------------------------
US Investment fund Lone Star is not abandoning its bid for
ailing SeoulBank, Digital Chosun reported Friday, citing an
unnamed Lone Star Official.

Lone Star specializes in restructuring ailing companies through
investments and raising the share prices of the firm.

Observers comment that SeoulBank is a perfect target for such an
operation.

TCR-AP reported that Lone Star has raised its bid for Seoulbank
by proposing a profit-sharing scheme with the government for a
period of three years after the acquisition.

The official said the government is expected to collect an
additional KRW150 billion from the profit-sharing arrangement on
top of the KRW850 billion it stands to raise from the sale of
Seoulbank.


SEOUL BANK: Postpones Meeting as Committee Members Quit
-------------------------------------------------------
The Public Fund Oversight Committee in charge of selecting a
preferred negotiator to buy SeoulBank postponed a planned
meeting until this week after two of its eight members resigned,
Bloomberg and Yonhap News reported Friday, citing the Ministry
of Finance and Economy.

The Public Fund Oversight Committee was scheduled to meet on
Friday. The committee is made up of three government officials
and five people from the private sector.


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


AUSTRAL AMALGAMATED: Danaharta Further Extends Moratorium Period
----------------------------------------------------------------
Austral Amalgamated Berhad (Special Administrators Appointed)
announced that the moratorium under Section 41 of the Pengurusan
Danaharta Nasional Berhad Act, 1998 (Danaharta Act) for the
following subsidiaries, which took effect from 6 July, 2000,
i.e. the date of the appointment of Special Administrators to
the subsidiaries, has now been further extended to 5 July, 2003:

   1. Danau Kota Development Sdn. Bhd. (Company No. 119720-H)
   2. Profound View Sdn. Bhd. (Company No. 333076-W)
   3. Likas View Sdn. Bhd. (Company No. 16908-P)

The extension is pursuant to Section 41(3) of the Danaharta Act.
During the period of the moratorium, no creditor may take action
against the aforesaid subsidiaries except in accordance with
Section 41 of the Danaharta Act. All dealings and enquires may
be directed to the Special Administrators.


CSM CORPORATION: Successfully Completes Disposal
------------------------------------------------
The Board of Directors of CSM Corporation Berhad announced that
the Disposal of a 99-year leasehold land expiring on 7 September
2066 measuring 239,877 square feet held under leasehold title
no. PN 3948, Lot No. 32, Section 36 in the Town of Petaling
Jaya, District of Kuala Lumpur (Property) by CSM to Tops Retail
(Malaysia) Sdn. Bhd. for a cash consideration of
RM33,500,000.00, has been completed on 13 August 2002.

As announced previously, the Company had on 14 January 2002
entered into a conditional sale and purchase agreement with Tops
Retail (Malaysia) Sdn. Bhd. for the disposal of the Property for
a cash consideration of RM33,500,000.00 (Disposal).


DEWINA BERHAD: KLSE Gives Requirements Compliance Extension
-----------------------------------------------------------
AmMerchant Bank Berhad (formerly known as Arab-Malaysian
Merchant Bank Berhad) on behalf of Dewina Berhad with regards to
the Proposals, announced that the Kuala Lumpur Stock Exchange
had, vide its letter dated 9 August 2002, granted an extension
of time until 31 December 2002 for Dewina to comply with the
public shareholding spread requirements.

The Proposals are:

   * Rights Issue with Warrants;
   * Subscription of Approximately 99.99% of the enlarged
issued and Paid-Up Share Capital of Dewina Holdings Sdn
Bhd by Haji Ibrahim Bin Haji Ahmad, subsequent to an
Internal Reorganization by Dewina;
   * Acquisition of Mtd Prime Sdn Bhd (Acquisition);
   * Waiver From Undertaking a Mandatory General Offer
(Waiver);
   * Increase in the Authorized Share Capital; and
   * Transfer from Second Board to the Main Board of the
Kuala Lumpur Stock Exchange (Transfer)


ESPRIT GROUP: Obtains 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.

In the meantime, the hearing for the Stay of Proceedings, which
was fixed for hearing on 23 July 2002 has been adjourned today,
19 August 2002. The Company has also obtained the approval from
the KLSE for an extension of time from 24 May 2002 to 31 August
2002 for the submission of relevant document pertaining to the
proposed plan to regularize the financial condition of the
Company.


KUANTAN FLOUR: Executive Director Hak Clement Resigns
-----------------------------------------------------
Kuantan Flour Mills Bhd posted this Change in Boardroom Notice:

Date of change : 12/08/2002
Type of change : Resignation Boardroom
Designation    : Director
Directorate    : Executive
Name      : LIM CHIAO HAK CLEMENT
Age      : 46
Nationality    : SINGAPOREAN
Qualifications :

1. Bachelor of Science in Economics-University
Hull, United Kingdom
2. Certified Public Accountant-Institute of Public
Accountants of Singapore
3. Chartered Accountant-Institute of Chartered
Accountants in England and Wales

Working experience and occupation  :

1. Planet Hollywood -Regional Financial Controller
(1996-1998)
2. Westin Hotel- Financial Controller (1987-1996)
Directorship of public companies (if any) : Nil
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

Wrights Investors' Service reported that at the end of 2001,
Kuantan Flour Mills Berhad had negative working capital, as
current liabilities were Rp34.92 million while total current
assets were only Rp34.06 million. The Company paid no
dividends during the last 12 months. It also reported losses
during the previous 12 months.


LAND & GENERAL: Bonds Settlement Resolutions Passed
---------------------------------------------------
On behalf of the Board of Directors of Land & General Berhad,
Commerce International Merchant Bankers Berhad, in relation to
the Proposed Composite Debt Restructuring Scheme, announced that
the holders of the convertible bonds (Bonds) of L&G
(Bondholders) present at the Meeting of Bondholders held on 13
August 2002, have unanimously passed the extraordinary
resolution as set out in the Notice of Meeting of Bondholders
dated 15 July 2002 in respect of the settlement of the Bonds
pursuant to the Proposed Composite Debt Restructuring Scheme.

CIMB also informed that L&G shall on 14 August 2002 open the
settlement by L&G of approximately RM207.4 million of amount
owing by the L&G Group via swapping with 29,634,164 ordinary
shares of RM1.00 each in Bumi Armada Berhad (BAB), representing
47% of the issued and paid-up share capital of BAB for
participation by Eligible Scheme Creditors and that the cut-off
date for the receipt of the letters of transmittal in respect of
the Eligible Scheme Creditors' election to participate in the
BAB Swap, shall be on 30 August 2002.


MALAYSIAN PLANTATIONS: Resolves Members' Voluntary Winding-up
-------------------------------------------------------------
Malaysian Plantations Berhad announced that at the Extraordinary
General Meetings of the following subsidiaries on 12 August
2002, Alliance Bank Malaysia Berhad, a subsidiary of MPlant,
being the sole shareholder, have resolved to wind up these
subsidiaries by way of members' voluntary winding-up (Members'
Voluntary Winding-up) and to appoint Mr. Venkiteswaran Sankar of
Sankar & Co. as Liquidator:

   a) Alliance Putra Asset Management Berhad (APAM)
   b) Sabah Brilliant Berhad (SBB)
   c) Sabah Advance Berhad (SAB)

DETAILS OF THE SUBSIDIARY COMPANIES

a) APAM

APAM , formerly known as Bumiputra Merchant Bankers Berhad was
incorporated in Malaysia under the Companies Act, 1965 on 4
October 1972 and is a wholly owned subsidiary of Alliance Bank,
which in turn is a 78% owned subsidiary of MPlant.

The authorized capital of APAM is RM100,000,000 divided into
98,000,000 ordinary shares of RM1.00 each and 2,000,000 8%
Cumulative Preference Shares of RM1.00 each. Its issued and paid
up capital is RM50,000,000 comprising 50,000,000 ordinary shares
of RM1.00 each.

APAM has ceased operations and is now a dormant company and
there are no plans to activate it.

b) SBB

SBB, formerly known as Sabah Bank Berhad was incorporated in
Malaysia under the Companies Act, 1965 on 23 February 1979 and
is a wholly owned subsidiary of Alliance Bank, which in turn is
a 78% owned subsidiary of MPlant.

The authorized capital of SBB is RM200,000,000 divided into
200,000,000 ordinary shares of RM1.00 each . Its issued and paid
up capital is RM178,492,232 comprising 178,492,232 ordinary
shares of RM1.00 each.

SBB has ceased operations and is now a dormant company and there
are no plans to activate it.

c) SAB

SAB, formerly known as Sabah Finance Berhad, was incorporated in
Malaysia under the Companies Act, 1965 on 30 December 1968 and
is a wholly owned subsidiary of Alliance Bank, which in turn is
a 78% owned subsidiary of MPlant.

The authorized capital of SAB is RM20,000,000 divided into
20,000,000 ordinary shares of RM1.00 each . Its issued and paid
up capital is RM20,000,000 comprising 20,000,000 ordinary shares
of RM1.00 each.

SAB has ceased operations and is now a dormant company and there
are no plans to activate it.

EFFECT OF THE MEMBERS' VOLUNTARY WINDING-UP

The Members' Voluntary Winding-up is not expected to have any
material operational impact on the MPlant Group. The winding-up
expenses are estimated at RM12,450.

RATIONALE

The Members' Voluntary Winding-up is part of MPlant Group's
continuing rationalization efforts to wind-up dormant
subsidiaries.

DIRECTORS' AND MAJOR SHAREHOLDERS' INTEREST

None of the directors, major shareholders and persons connected
with them have any interest, direct or indirect in the Members'
Voluntary Winding-up.


NCK CORPORATION: FIC Approves Proposed Restructuring Scheme
-----------------------------------------------------------
On behalf of NCK Corporation Berhad (Special Administrators
Appointed), Alliance Merchant Bank Berhad announced that the
Company has on 13 August 2002 received the approval of the
Foreign Investment Committee for the Proposed Restructuring
Scheme, via its letter dated 6 August 2002.

On July 29, TCR-AP reported that the Kuala Lumpur Stock
Exchange rejected the Company's application for a further
extension of time of two (2) months from 25 June 2002 until 26
August 2002 to make its Requisite Announcement (RA).
Nevertheless, as advised by the KLSE, the Company has until 31
December 2002 to regularize its financial condition in
accordance with the requirements of paragraph 8.14 of the KLSE's
Listing Requirements and PN 4/2001, failing which the Company
may be delisted from the Official List of the KLSE pursuant to
paragraph 16.09 of the KLSE Listing Requirements.


PAN PACIFIC: Provides July Default in Payment Status
----------------------------------------------------
The Board of Directors of Pan Pacific Asia Bhd announced the
Default in Payment as at 31 July 2002 of PPAB and its
subsidiaries in accordance with the Practice Note No. 1/2001.
Details are set in a table at
http://www.bankrupt.com/misc/TCRAP_PanPacific0819.xls.

Profile

Prior to its public issue, Pan Pacific undertook a restructuring
exercise involving the acquisition of stockbroking companies. In
1995, the Company embarked on timber-related activities when it
completed a restructuring exercise which involved the
acquisition of five timber companies: Caritimas Sdn Bhd, Kawood
Sdn Bhd, Leaderade Sdn Bhd, Propagate Industry Sdn Bhd and
Wansuria Sdn Bhd. At the same time, the Company divested its
interest in stockbroking company, South Johor Securities Sdn
Bhd.

On 26 December 2000, Pan Pacific entered into a conditional
Share Sale Agreement with K & N Kenanga Bhd for the proposed
disposal of the entire issued and paid-up share capital of
Peninsula Securities Sdn Bhd (PSSB). On 24 August 2001, the
shareholders of Pan Pacific approved the proposed disposal of
PSSB to K & N Kenanga. The disposal was subsequently completed
on 30 August 2001.

Pursuant to the revamped listing requirements of Practice Note
4/2001 which requires affected listed issuers to announce plans
to regularize their financial condition, the Company has
commenced negotiations with one of its major financiers for its
debt restructuring. Pan Pacific also plans to utilize part of
the proceeds from its divestment of the stockbroking subsidiary
to establish a manufacturing facility for biodegradeable
packaging for food and beverages.


PERAK CORPORATION: Post New Registrar Address
---------------------------------------------
Perak Corporation Berhad posted this Change of Registrar Notice:

Old registrar : SECURITIES SERVICES (HOLDINGS) SDN BHD
New registrar : SHARED SERVICES & RESOURCES SDN BHD
Address    : 3rd Floor, Asia Life Building, 45 Jalan Tun
    Sambanthan, 30000 Ipoh, Perak Darul Ridzuan
Telephone No  : 05-2530760/05-2417762
Facsimile No  : 05-2416761
Effective date: 15/08/2002

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


PERBADANAN JOHOR: RM500M IDS via Restructuring Scheme Redeemed
--------------------------------------------------------------
The debt-restructuring scheme undertaken by Perbadanan Johor
(JCorp) to restructure RM4.032 billion of debts was completed on
31 July 2002. Following this, its RM500 million Zero Coupon
Murabahah Islamic Debt Securities (IDS), that matured on 30 June
2002, was successfully refinanced via the issuance of its
RM2.679 billion Al-Bai Bithaman Ajil Redeemable Bonds (ABBA
Bonds), RM400 million Murabahah Revolving Credit Facility (RCF)
and RM230 million Redeemable Secured Certificates (RSC)

However, RAM understands that only about 84% of the nominal
value of the IDS was redeemed while the remaining 16% was waived
under the restructuring scheme spearheaded by the Corporate Debt
Restructuring Committee. The bondholders of the IDS received 74%
of the repayment in the form of the government-guaranteed ABBA
Bonds, 15% in RCF with the RSC making up the balance of the
other 11%.

With the redemption of the IDS, RAM no longer has any rating
obligation on the IDS.


RAHMAN HYDRAULIC: Writ of Summons Appeal Set for January
---------------------------------------------------------
Rahman Hydraulic Tin Berhad (Special Administrators Appointed)
announced that Mr Leong Yew Chin's Appeal to the Judge in
Chambers in the Writ of Summons issued by the High Court of
Malaya at Kuala Lumpur, Suit No. D4-22-988 Year 2001, Leong Yew
Chin v RHTB & 12 Ors, is fixed for hearing on 9 January 2003.

Mr Leong Yew Chin has filed an appeal against the decision of
the Deputy Registrar to allow the striking-out of the Statement
of Claim and Writ of Summons with costs.


RENONG BERHAD: August 30 EGM Scheduled
--------------------------------------
Renong Berhad notified that its Extraordinary General Meeting
will be held at Nusantara Ballroom, 2nd Floor, Sheraton
Imperial, Jalan Sultan Ismail, 50250 Kuala Lumpur on 30 August
2002 at 10.00 a.m. for the purpose of considering and, if
thought fit, passing the following ordinary resolutions:

ORDINARY RESOLUTION 1

PROPOSED DISPOSAL FOR CASH BY FLEET GROUP SDN BHD (FLEET GROUP),
A WHOLLY-OWNED SUBSIDIARY OF RENONG OF UP TO ITS ENTIRE EQUITY
INTEREST OF 143,076,163 ORDINARY SHARES OF RM1.00 EACH IN
COMMERCE ASSET-HOLDING BERHAD (CAHB), REPRESENTING 11.75% EQUITY
INTEREST THEREIN AS AT 18 MARCH 2002

"THAT, subject to the relevant approvals being obtained,
approval be and is hereby given to Renong for Fleet Group to
dispose for cash of up to its entire equity interest of
143,076,163 ordinary shares of RM1.00 each in CAHB, representing
11.75% of the issued and paid-up share capital therein as at 18
March 2002 (CAHB Disposal Shares), at a disposal price per share
which will be at not less than ninety per centum (90%) of the
following:

   (i) the five (5)-day weighted average market price (WAMP)
immediately prior to the date of the sale and purchase agreement
to be entered into by Fleet Group with buyer(s) to be
identified; or

   (ii) the five (5)-day WAMP immediately prior to the date of
notification by Fleet Group to United Engineers (Malaysia)
Berhad (UEM), being the holder of the Renong SPV Bond (i.e.
RM8.2 billion nominal value 7-year zero coupon redeemable
secured bond due in 2006 issued by Renong Debt Management Sdn
Bhd to Projek Lebuhraya Utara-Selatan Berhad which was
subsequently assigned and transferred to UEM), if the disposal
of the CAHB Disposal Shares is intended to be effected in the
open market,

AND THAT the CAHB Disposal Shares shall include all the rights,
allotments and any other distribution by way of shares of which
Fleet Group is entitled to receive and/or subscribe subsequent
to 15 August 2002, being the date of the Circular to
shareholders

AND FURTHER THAT such authority shall commence immediately upon
the passing of this ordinary resolution until 29 August 2003,
being one (1) year from the date of this Extraordinary General
Meeting AND THAT the Directors of the Company be and are hereby
authorized to take all such steps and to enter into all other
agreements, undertakings, indemnities, transfers, assignments
and/or guarantees with any party or parties in order to
implement, finalize and give full effect to the aforesaid
disposal with full powers to assent to any conditions,
revaluations, modifications, variations and/or amendments as may
be required by any relevant authorities."

ORDINARY RESOLUTION 2

PROPOSED DISPOSAL FOR CASH BY RENONG OF UP TO ITS ENTIRE EQUITY
INTEREST OF 600,000 ORDINARY SHARES IN FIRST ISLAMIC INVESTMENT
BANK E.C. (FIIB), REPRESENTING 5.3% EQUITY INTEREST THEREIN AS
AT 31 DECEMBER 2001

"THAT subject to the relevant approvals being obtained, approval
be and is hereby given to Renong to dispose for cash of up to
its entire equity interest of 600,000 ordinary shares of
USD10.00 each in FIIB, representing 5.3% of the issued and paid-
up share capital therein as at 31 December 2001 (FIIB Disposal
Shares), at a price per share of not less than the latest
available audited net tangible assets value per share of FIIB at
the time of the disposal

AND THAT the FIIB Disposal Shares shall include all the rights,
allotments and any other distribution by way of shares of which
Renong is entitled to receive and/or subscribe subsequent to 15
August 2002, being the date of the Circular to shareholders

AND FURTHER THAT such authority shall commence immediately upon
the passing of this ordinary resolution until 29 August 2003,
being one (1) year from the date of this Extraordinary General
Meeting AND THAT the Directors of the Company be and are hereby
authorized to take all such steps and to enter into all other
agreements, undertakings, indemnities, transfers, assignments
and/or guarantees with any party or parties in order to
implement, finalize and give full effect to the aforesaid
disposal with full powers to assent to any conditions,
revaluations, modifications, variations and/or amendments as may
be required by any relevant authorities."


UH DOVE: Debt Restructuring Shares Issue Granted Listing
--------------------------------------------------------
UH Dove Holdings Bhd advised that its additional 132,147,497 new
ordinary shares of RM1.00 each issued pursuant to the Debt
Restructuring and Acquisitions of the entire equity interest in
Bertam Development Sdn Bhd, Budaya Identiti Sdn Bhd and Syarikat
Sungei Buan Sdn Bhd, were granted listing and quotation with
effect from 9.00 a.m., Friday, 16 August 2002.

As the 132,147,497 new ordinary shares issued pursuant to the
Debt Restructuring and Acquisitions are not entitled to the
Company's Proposed Rights Issue of up to 27,000,000 new ordinary
shares on the basis of three (3) for two (2), they will be
quoted as "UHDOVE-OA".

The Stock Short Name, Stock Number and ISIN Code of the new
shares are "UHDOVE-OA", "9814OA" and "MYL9814OA003"
respectively.


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


EXPORT BANK: ASM Set for September 12; Meeting Agenda
------------------------------------------------------
The Export and Industry Bank Inc. (formerly known as Urban Bank,
Inc.) informs the Philippine Stock Exchange that the 2002 Annual
stockholders' meeting will be held on Thursday, September 12,
2002, at 8:30 a.m., at the G/F, Export Bank Plaza, Chino Roces
Ave., cor. Sen. Gil Puyat Ave., Makati City.

The Agenda for the meeting is as follows:

  Call to Order
  Secretary's Proof of Due Notice of the Meeting and
Determination of a Quorum
  Chairman's Report
  Amendment of the Articles of Incorporation and the Rev. By-
Law to Increase the Number of Directors to 18
  Election of Directors
  Election of External Auditor
  Adjournment

Only common and preferred shareholders of record as of August
22, 2002 will be entitled to notice of, and vote at, said
meeting. For this purpose, the stock and transfer books of the
Corporation will be closed starting from 5:00 p.m. on August 22,
2002 to September 12, 2002.

If shareholder's cannot personally attend the meeting, they may
designate their authorized representative by submitting a signed
PROXY instrument to the Corporate Secretary, Export and Industry
Bank, 37/F ExportBank Plaza, Chino Roces Ave., cor. Sen. Gil J.
Puyat Ave., Makati City, not later than 5:00 p.m. September 5,
2002, for verification and record purposes. The proxy instrument
shall conform to the requirements of the Corporation Code, and
shall be affixed with a duly paid documentary stamp tax in
accordance with Sec. 192 of the National Internal Revenue Code.

As required in the Rev. By-Laws, nominations for the Directors
to be elected by the stockholders during the meeting shall be in
writing, signed by the nominating stockholder, and submitted to
the Board of Directors, through the Corporate Secretary, at the
same address as above, not later than 5:00 p.m., August 22,
2002.

For a copy of the press release, go to
http://bankrupt.com/misc/TCRAP_UrbanBank0816.pdf


FIRST PHILIPPINE: Additional Listing of Shares
----------------------------------------------
The Philippine Stock Exchange approved on August 14, 2002, the
application submitted by First Philippine Corporation to list
additional 91,097,671 common shares, with a par value of P10.00
per share, to cover its 20 percent stock dividend declaration
due to stockholders of record as of August 9, 2002.

In view thereof, the listing of the 91,097,671 common shares is
set for Monday, August 19, 2002.

The designated Stock Transfer Agent is hereby authorized to
record and register in its books the above number of shares.


FIRST PHILIPPINE: SEC Authorizing The Issuance of Shares
--------------------------------------------------------
Further to First Philippine Holding's disclosures dated July 16,
2002 and August 1, 2002, the distribution of stock dividend
shares is an exempt transaction under Sec. 10.1(3) of the
Securities Regulation Code (SRC) and the confirmation of the
Securities and Exchange Commission was not secured.

Further, this means that SRC Rule 10.1, Se. 1(c) does not apply.
However, the company secured an Order from the SEC authorizing
the issuance of shares constituting 20 percent stock dividends.

For a copy of the press release, go to
http://bankrupt.com/misc/TCRAP_FPH0816.pdf

TCR-AP reported that the Company has recently informed the
Philippine Stock Exchange (PSE) that the Company has
successfully completed financial closing of its fund-raising
activity.

The arranger for the private placement of the guaranteed
floating rate notes (FRNs) issued by FPHC's wholly owned
offshore subsidiary, FPH Fund Corporation, is Credit Suisse
First Boston International. The FRNs are neither convertible nor
exchangeable into shares. The coupon for the FRNs is indexed
against LIBOR.


METRO PACIFIC: Posts H102 Financial Results
-------------------------------------------
Metro Pacific Corporation disclosed an un-audited loss before
provisioning of P887.3 million for the period ended 30th June
2002, 18.0 percent lower than the P1.1 billion loss reported for
the same period last year.

In addition, a one-time, extraordinary provision of P7.2 billion
was made during the period, in compliance with international
accounting standards that require companies to restate asset
values at recoverable levels.

This exceptional provision reflects the potential loss in the
event that a foreclosure on the shares owned by Metro Pacific in
Bonifacio Land Corporation (BLC) materializes. On 4th June 2002,
a Memorandum of Agreement was signed between First Pacific
Company Limited on the one hand, and the Gokongwei Group and JG
Summit Holdings Inc. on the other, which allows the foreclosure
of 50.4 percent of the total BLC shares in issue. The 50.4
percent interest in BLC shares has secured a US $90.0 million
loan from Larouge B.V., a wholly owned subsidiary of First
Pacific, to Metro Pacific. Metro Pacific has also pledged
another 17.2 percent of its BLC shares to various creditors
whose loans are now past due.

The provision reflects the difference between Metro Pacific's
carrying cost of the BLC shares and the amount of the principal
and interest that will be paid for by those shares, should all
of these foreclosures occur.

While there is no certainty at this time that the First Pacific-
Gokongwei Group-J.G. Summit transaction will be concluded, or
that the existing third-party creditors will foreclose on the
BLC shares, this one-time, non-cash provision has been taken in
line with international accounting standards. Metro Pacific
stresses that this provision does not affect the book value of
BLC, which was P20.6 billion as of 30th June 2002, of which 72.9
percent, with an equivalent book value of P15.0 billion, is
owned by Metro Pacific.

Consolidated Results

Metro Pacific recorded consolidated revenues of P3.2 billion for
the first half of 2002 (2001: P4.4 billion); 2001 revenues
included a substantial, one-time transaction with respect to a
bulk sale of Pacific Plaza Towers condominium units.
Consolidated gross margins improved to 28.0 percent in 2002
versus 26.0 percent in 2001, reflecting revenue improvement and
reduced expenses by subsidiaries Negros Navigation Company
(Nenaco) and Landco Pacific Corporation (Landco). Operating
expenses decreased 14.0 percent to P490.7 million from P568.3
million in 2001, due to various manpower reduction and cost-
cutting programs at both parent and subsidiary levels. Financing
charges of P803.4 million represent a 17.0 percent reduction
versus the same period last year (2001: 966.4 million), due to
discontinued accrual of interest on loans at Metro Pacific and
BLC, for which settlement agreements in principle have been
obtained or are forthcoming.

Debt Reduction and Restructuring

Consolidated assets as of 30th June 2002 stood at P61.4 billion,
financed by shareholder's equity (including minority interests)
of P32.4 billion and consolidated liabilities of P29.0 billion,
of which only P18.3 billion are interest-bearing.

At the end of 2001, Metro Pacific parent company had bank debts
with a total principal amount of P 11.9 billion. As of June 30,
2002, Metro Pacific has reduced this debt by approximately P 1.0
billion, and another reduction of P 1.5 billion is currently
being finalized, largely through dacion en pago arrangements. A
restructuring agreement has also been reached with its largest
creditor in respect of another P 1.9 billion of debt. Setting
aside the P 4.7 billion principal portion of the Larouge loan,
there remains P 2.8 billion of debt that still needs to be
either repaid or restructured. Excluding the value of Metro
Pacific's 50.4 percent shareholding in BLC, Metro Pacific still
has assets with an estimated value of approximately P 8.5
billion compared with residual debts of P2.8 billion, implying
an asset-to-debt backing of about 3 times.

BLC has made significant progress in its own debt reduction
initiatives. On 5th June 2002, BLC signed a Restructuring
Agreement with one of its major banks with respect to a P650.0
million loan, plus another P224.0 million of Metro Pacific
liabilities to this bank which BLC assumed as part of the
restructuring (in partial repayment for BLC advances obtained
from Metro Pacific). The total facility of P947.0 million
(including accrued interest), was restructured into a 10-year
loan with a 3-year grace period on principal repayment,
reflecting a conservative outlook on the prospects of recovery
of the real estate industry.

BLC has also reached agreements in principle with its long-term
creditors, a group of 6 institutions that have provided a total
of P2.1 billion to BLC. Loan Settlement Agreements have been
signed by 2 of the 6 creditors, with the rest expected to sign
within the third quarter of 2002. Under the terms of the
individual agreements, all BLC obligations to these creditors
will be repaid with an equivalent value of largely BLC-owned
properties in the Bonifacio Global City. These agreements are
expected to be completed prior to the end of 2002.

Fort Bonifacio Development Corporation (FBDC) likewise managed
to reduce debt during the first half of 2002 through a
conversion of P404.0 million in medium-term debt into land
valued at current market prices. It is FBDC's intention to align
its debt service to levels that can be sustained by recurring
cash inflows from its receivables and leases. This effort is
expected to reduce the pressure to generate cash flows from the
sale of properties at possibly disadvantageous prices, thereby
allowing land prices at the Bonifacio Global City to stabilize
and recover.

Operational Review

Nenaco posted a net income of P52.4 million for the first half
of 2002, a significant turnaround from a loss of P224.1 million
for the same period last year. Nenaco also reported a modest
rise in net revenues to P1.4 billion (2001: P1.3 billion). The
improvement was largely attributed to improve overall
performance by Nenaco's passage and freight businesses. Passage
revenues rose to P825.0 million, a modest 2.0 percent increase
(2001: P809.0 million), while freight revenues improved
significantly to P518.0 million, 16.0 percent higher than the
same period last year (2001: P446.0 million).  In addition to
higher revenues, Nenaco's improved performance was also due to
significant reductions in operating expenditures for vessel
maintenance, terminal operating costs and manpower, all of which
are part of management's initiatives to continually improve
operating efficiencies. Nenaco also reflected reduced interest
expenses, in part due to the conversion into equity of advances
from Metro Pacific and also due to lower third-party
indebtedness.

Landco posted a net profit of P16.0 million, reversing losses of
P55.9 million for the period last year and reflecting an 88.8
percent drop in financing charges as well as increased sales
margins.  Revenues decreased minimally, to P190.0 million (2001:
P211.0 million), reflecting an extended payment scheme offered
to retail customers. During the period, Landco realized a near
100 percent sell-out of its landmark, 650-lot Peninsula de Punta
Fuego residential resort, and is preparing to embark upon the
second phase of the project. Formal launch of Leisure Farms, and
the ongoing expansion of the Pacific Mall in Legazpi City and
several Forest Lake Memorial Parks are scheduled for the second
half of 2002.

FBDC reported a consolidated net income of P23.0 million for the
first half of 2002 (2001: P338.5 million). Revenues of P1.5
billion were recorded, primarily arising from the sale of an
undeveloped 5 hectare lot in the Bonifacio Global City for P2.5
billion and an additional lot sale recorded in April. In line
with FBDC's practice of recognizing revenues upon receipt of
cash payment, only partial recognition of the 5-hectare lot sale
was done. During the first half of 2002, FBDC signed several
agreements for new commercial and retail projects in the City
Center, E-Square and I-Village districts. FBDC also continues to
effect substantial capital expenditure and operating cost-
reduction measures.

Pacific Plaza Towers reported a net loss of P38.2 million on
revenues of P125.2 million, compared with a net profit of P113.3
million on revenues of P1.9 billion for the same period in 2001.
As previously mentioned, revenues for the first half 2001
included gains from a significant bulk sale transaction.

First e-Bank has received merger and direct investment
proposals.  As is normal in transactions of this nature, these
are submitted to the Bangko Sentral ng Pilipinas for evaluation
and approval. In the meantime, First e-Bank continues to
introduce new products and increase its client base through its
network of sixty on-line branches nationwide.

Conclusion

Remarking on Metro Pacific's results for the first half of 2002,
Chairman and President Manuel V. Pangilinan said: "We are
encouraged by the return to profitability of Nenaco and Landco
which, together with lower financing charges, contributed to the
reduction of our operating losses from last year. The depressed
state of the real estate sector continues to be a drag at our
high-end condominium development Pacific Plaza Towers, and the
reason for reduced earnings at FBDC, notwithstanding the fact
that lot sales and lease activity have markedly improved within
the Bonifacio Global City."

"Notwithstanding, we are making steady progress in our debt
management initiatives and I am confident we will achieve our
debt reduction and restructuring objectives by the end of this
year. The extraordinary provision we have made is a continuation
of our conservative approach and bias for transparency, and
reflects our desire to be at the forefront in adopting
international accounting standards. I am confident that all the
'cleaning up' and 'workouts' we have done, and will continue to
do for the balance of 2002, will pave the way for a very
different, and hopefully positive, 2003 for Metro Pacific,"
concluded Pangilinan.

The Company's first half 2002 results is located at
http://bankrupt.com/misc/TCRAP_MPC0815.pdf


PHILIPPINE LONG: Unit Enters Partnership With AyalaPort
-------------------------------------------------------
Philippine Long Distance Telephone Co. unit mySecureSign, Inc.
(mSSI) entered a joint venture with AyalaPort Makati Data Center
to offer enhanced security for their e-business transactions or
requirements through digital certificates, Business World
reported Friday.

Digital certificates, issued by a certification authority like
mSSI, establish credentials when doing business or other
transactions on the web.

TCR-AP reported that the 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.


PILIPINO TELEPHONE: Revenues Up 40%; Operating Loss Reduced
-----------------------------------------------------------
Pilipino Telephone Corporation announced Wednesday that it ended
the first six months of 2002 with revenues of P1,819.2 million,
a 22.7 percent increase from the P1,482.1 million for the same
period last year. Cellular revenues increased 40% from P998.7
million in the first half of 2001 to P1,398.4 million in the
same period in 2002. The revenue mix continues to shift with
prepaid GSM service now contributing P1,300.4 million or 71.5%
of total revenues from P575.3 million or 38.8% last year.

Piltel's GSM brand, Talk 'N Text, continued its growth as it
more than doubled its subscriber base to 1,612,420 at the end of
June 2002 compared to 784,672 subscribers at the end of June
2001. Operating costs decreased by 7.6% from P3,709.4 million
during the first six months of 2001 to P3,427.8 million in the
same period this year.

This decrease was due mainly to lower depreciation expense.
Depreciation decreased by 28.7% to P1,484.5 million in the first
half of 2002 from P2,082.4 million in the same period in 2001,
mainly as a result of the partial write-down of the Company's
analog/CDMA assets taken in June 2001 and the write-off of the
paging network and various corporate data network assets in
December 2001. Higher marketing expenses of P965.8 million were
incurred in support of the Talk 'N Text service while rent
expense increased from P125.4 million in the first half of 2001
to P156.5 million in the first half of 2002.

Management fees of P360.4 million represented payments made in
connection with various outsourcing agreements with Smart
Communications Inc. and Phil. Long Distance Telephone Company
covering their management of the relevant Piltel operations.
Other operating costs increased by P147.1 million or 46.9%,
primarily due to accruals for taxes and licenses of P116.1
million pertaining mostly to NTC supervision fees.

Piltel recorded an operating loss of P1,608.6 million in the
first half of 2002 compared with an operating loss of P2,227.3
million for the same period in 2001. Net other expenses
decreased from P15,971.9 million in the first six months of 2001
to P318.8 million in the first six months of 2002 resulting from
an asset impairment charge of P13,984.1 million and
restructuring costs of P707 million incurred in the first half
of 2001 as well as lower interest expenses arising from the
implementation of the debt restructuring in June 2001. The net
loss for the first half of 2002 was P1,927.4 M, compared to a
net loss of P18,199.2 million in the same period last year.

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


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


ASIA PULP: Management Change Will Delay Restructuring
-----------------------------------------------------
Asia Pulp & Paper Co., which defaulted on more than $13 billion
of debt, will delay its restructuring if the controlling Widjaja
family be replaced with a court-appointed manager, Bloomberg
reported Friday, citing APP's lawyer Drew & Napier LLC's
Davinder Singh Davinder Singh.

Asia Pulp has failed to reach an agreement with creditors on
repaying its debts after months of talks.

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


ASIA PULP: Center Solutions Affidavit is Irrelevant, Says Singh
---------------------------------------------------------------
Asia Pulp and Paper Co. lawyer Drew & Napier LLC's Davinder
Singh contested to a sworn statement submitted on July 10 by a
Zurich Financial Services Group unit Center Solutions, which
supports the lawsuit against Asia Pulp in Singapore, Bloomberg
reports.

Singh said Center Solutions' affidavit was "inadmissible,
irrelevant and highly prejudicial."

"They made dramatic allegations of fraud," said Singh. "If there
was a fraud, they knew about this 18 months ago. They happily
negotiated with this management for 18 months, were continually
paid during these 18 months."

Center Solutions said in its filing that it has been a victim of
a massive and systematic fraud and breach of trust perpetrated
by Asia Pulp in conjunction with various units and related firms
of Asia Pulp across the world.

The document suspected that Asia Pulp had illegally drained $220
million out of an account by inflating sales numbers through the
creation of fictitious receivables and the generation of
receivables from suspicious or non-existent customers.

Center Solutions said its allegations were based on a research
conducted by Ernst & Young LLP.


BOUSTEAD SINGAPORE: Posts Notice of Shareholder's Interest
----------------------------------------------------------
Bousted Singapore Limited posted a notice of changes in
Director's Shareholding Wong Fong Fui's interest:

Date of notice to company: 14 Aug 2002
Date of change of shareholding: 14 Aug 2002
Name of registered holder: Wong Fong Fui

Circumstance(s) giving rise to the interest: Open market
purchase

Shares held in the name of registered holder
No. of shares of the change: 500,000
% of issued share capital: 0.27
Amount of consideration per share excluding brokerage, GST,
stamp duties, clearing fee: $0.35
No. of shares held before change: 56,264,804
% of issued share capital: 30.37
No. of shares held after change: 56,764,804
% of issued share capital: 30.64

Holdings of Director including direct and deemed interest
- Deemed Direct
No. of shares held before change:  56,264,804
% of issued share capital:  30.37
No. of shares held after change:  56,764,804
% of issued share capital:  30.64
Total shares:  56,764,804

No. of Warrants: 13,242,800
No. of Options
No. of Rights
No. of Indirect Interest


L & M GROUP: UOB Agrees on Restructuring Terms
----------------------------------------------
The Company announced that the United Overseas Bank Limited has
reverted favorably on L&M Group Investments Ltd's debt and
equity restructuring proposal announced by the Company on June
4, 2002.

Save for a few terms which the Company is negotiating with the
Bank and which is the subject of a counter-proposal made by the
Company to the Bank on the August 14, 2002, the main terms of
the restructuring proposal have been broadly agreed by the
parties.

The Company shall be announcing more detailed information on the
proposal once the terms are finalized.


TELEDATA LTD: Unveils Capital Reduction Exercise
------------------------------------------------
The Board of Directors of Teledata (Singapore) Limited announced
that the capital reduction of the Company pursuant to Section 73
of the Companies Act, Chapter 50 Singapore, as described in the
Circular to Shareholders dated June 29, 2002, was confirmed by
the High Court of Singapore on August 15, 2002.

The Capital Reduction will become effective when a copy of the
Order of Court confirming the Capital Reduction has been lodged
with the Registrar of Companies and Businesses of Singapore.
Barring unforeseen circumstances, the Company intends to lodge
the said Order of Court no later than August 16, 2002.

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
===============


A.C.C. REAL: Files Business Reorganization Petition
---------------------------------------------------
Real estate developer A.C.C. Real Estate Company Limited
(DEBTOR)'s Petition for Business Reorganization was filed to the
Central Bankruptcy Court:

   Black Case Number 29/2544

   Red Case Number -/2544

Petitioner: A.C.C. REAL ESTATE COMPANY LIMITED

Debts Owed to the Petitioning Creditor: Bt602,747,441.00

Date of Court Acceptance of the Petition: January 19, 2001

Date of Examining the Petition: February 19, 2001 at 9.00 AM

Court postponed the date of examining: March 7 and 12, 2001

Court postponed the examination date to April 25, 2001 at 9.00
AM.

Court had set the date for Hearing the Order on May 14, 2001 at
13:30 pm.

Court issued the Order cancelled the Petition for Business
Reorganization on May 14, 2001

Contact: Tel, 6792525


ASIA HOTEL: Submits, Clarifies 2Q02 Financial Statements
--------------------------------------------------------
Asia Hotel Public Company Limited, in reference to its submitted
reviewed second quarterly financial statements ended 30 June
2002, explained its Q202 result for loss of Bt26.86 million as
per consolidated financial statements and Bt54.60 loss million
as per company's financial statements.

The differences in net losses between the consolidated and the
company's financial statements incurred due to the provision for
doubtful debts of the lending between the parent and subsidiary
companies, and between the subsidiary companies.  According to
company's financial statements, there was a lower in realized
net loss in subsidiaries totally of Bt31.60 million due to a
profit from debt restructuring of trading creditor.

Below is a summary of its he reviewed quarterly financial
statements:

Asia Hotel Public Company Limited

Reviewed
                    Ending  June 30,            (In thousands)
      Quarter 2               For 6 Months
           Year      2002        2001          2002        2001

Net profit (loss)  (54,599)    (97,084)    (74,048)   (204,797)
EPS (baht)          (1.95)      (3.47)       (2.64)      (7.31)


MEDIA OF MEDIAS: Books Bt473M Profit Gain on Debt Restructuring
---------------------------------------------------------------
Media of Medias Public Company Limited, in comparison to quarter
2/2001 net loss of Bh20.60 million, this year the Company and
its subsidiaries has a better results of operation with net
profit of Bt537.52 million.

Net profit of Bt537.52 million comprises gain on restructuring
debt amounting to Bt472.94 million and profit from operation of
Bt64.57 million, which increase 399.8% compare to the same
quarter of last year. The major changes in results of operation
for quarter 2/2002 compared to 2001 are as follows

Revenues

Advertising income increase 66.0% due to the growth of media
business and increase in T.V program produced. Other revenues
include gain of disposal of subsidiaries and associates
amounting to Bt47.53  million while there was no such
transaction last year.

Costs and expenses

Percentage of advertising cost to income decrease from 74.1% in
the year 2001 to 58.0% this year, resulted in the improvement of
gross margin. The change was due to the increase of income and
the continuing control of costs.

Selling and administrative expenses decrease from Bt35.02
million in the year 2001 to Bt28.41  million this year or 18.9%
due to the exclusion of expenses of subsidiaries disposed during
this quarter.

The approval of The Business Rehabilitation Plan by the
Bankruptcy Court on January 15,2002, result in the reduction of
liabilities and interest rate. Payments of interest per plan are
recorded as a reduction to liabilities per plan instead of
interest expenses, result in the reduction of interest expenses
by Bt14.32 million compare to last year.

Major changes in the financial position

The debt and capital structuring per the Business Rehabilitation
Plan result in the reduction of total liabilities from
Bt1,138.27 million as at December 31,2001 to Bt492.31 million
or decrease by 56.8% . Paid-up capital increase by B.288.29
million from debt-to-equity conversion and capital increase.
Shareholders' equity improves from Bt(653.47) million to
Bt(43.77) million.


MEDIA OF MEDIAS: 2Q02 English version F/S Submission Delayed
------------------------------------------------------------
Media of Medias Public Company Limited postponed the submission
of its 2nd Quarter Financial Statements - English Version. The
financial statement is scheduled to be passed on 23 August 2002.

Below is a summary of the Reviewed Second Quarter Consolidated
F/S (F45-3):

Reviewed
                  Ending  June 30,            (In thousands)
                     Quarter 2               For 6 Months
          Year      2002        2001          2002        2001

Net profit (loss)  537,516    (20,596)       532,556    (43,453)
EPS (baht)          5.21      (0.79)          8.22      (1.67)


SIKARIN PUBLIC: Posts 25.76% Profit Increase in 2Q02
----------------------------------------------------
Sikarin Public Company Limited recorded a net profit of Bt44.44
million for second quarter of 2001, an increase amount of 25.76
percent. Details are as follow:

1.  The increase in revenue from sale amounts Bt21.41 million,
a 14.17 percent increase from the second quarter of 2001, is due
to the reason that the company's unexpected excellence services
to customers with reasonable price.

2.  Equity in undistributed net gain of associated companies
amounts Bt13.79 million is due to the June 21 outstanding loan
payment of Theparak Hospital Public Company Limited, which was
guaranteed by the company.  The company, therefore, reversed its
loss  exceeding  investments in such as income under equity in
undistributed net  gain of  associated  companies.

3. The decreases in selling and administrative expenses amounts
Bt6.51 million, a decrease of 23.70 percent from the second
quarter 2001. This was due to the reversal of doubtful account
which amount to Bt8.39 million. TheParak Hospital Public Company
Limited paid Bt8.39 million to the company.

4. Gain on compromise of debt decreases to Bt17.61 million from
the second quarter 2001 or decrease 65.42 percent. Because on
May 29, 2002, the company entered into a debt restructuring
agreement with a bank for overdrafts amounting to Bt22.31
million. A substance of conditional agreement is a reduction of
principle amount of Bt13.00 million.


SRIVARA REAL: Clarifies More Than 20% Q202 Ops Result Change
------------------------------------------------------------
Srivara Real Estate Group Public Company Limited reported a net
loss of Bt9.70 million for the first half of the year 2002, a
Bt86.12 million less compared to net loss amounting to Bt95.82
million in the same period of year 2001. The Company has given
the following reasons for the more than 20% change in the net
profit/loss this year compared to the previous year:

1.  Revenue from Sales increased from the same period of the
year 2001 by Bt157.49 million. The main reason of the increase
was from the sale of Company's freehold property.

2.  Gain on debt restructuring decreased by 68.18 MB, meanwhile
in the six-month period of the year 2001, the Company had
recorded loss on cancellation of sale contracts under
rehabilitation plan for Bt166.85 million.

Bt250.77 million decreased the Company's total asset as of June
30, 2002. The reduction was due to the transfer of mortgaged
assets to creditors group 1 and 2 and the sales of the Company's
property. The Company's total liabilities decreased by Bt254.62
million, which was also due to the transferring of mortgaged
assets and issuing ordinary shares to repayment of debt to the
creditors group 1 and group 2, including the pre-payment of debt
in cash to the creditors.

Below is its reviewed quarterly financial statements as follows:

                    Ending  June 30,            (In thousands)
                       Quarter 2               For 6 Months
            Year      2002        2001          2002        2001

Net profit (loss)  6,525   (116,886)       (9,696)    (95,816)
EPS (baht)         0.05     (10.83)        (0.08)      (1.74)


THAI PETROCHEMICAL: Incurs Q202 Bt1.5B Net Profit
-------------------------------------------------
Effective Planners Limited (EPL), a wholly owned subsidiary of
Ferrier Hodgson and the Plan Administrator of Thai Petrochemical
Industry Public Company Limited (TPI), announced on Thursday
that TPI recorded a net profit of Bt1,454 million. This compares
to a net loss of Bt635 million without taking in account the
extraordinary gain from rehabilitation in 2Q 2001.

The company also recorded a gross profit of Bt3,155 million in
2Q 2002 compared to Bt2,587 million in 2Q 2001, representing an
increase of 21.96%.

The primary reasons for the turnaround in TPI's profitability
are the stronger global petrochemical market coupled with
improved strategic production planning.

Sales of Bt19,272 million in 2Q 2002 were up 2.2 percent from
Bt18,860 million in 2Q 2001.

TPI's cost of goods sold in 2Q 2002 also fell, from Bt16,273
million to Bt16,117 million, a 0.96% decline. This led to a
significant improvement in gross margins earned. Total expenses
declined by 5.9%, from Bt19,869 million to Bt18,695 million
which in part reflects further declines in the company's
rehabilitation expenses. As a result of these factors, the
trading performance, improved significantly in the second
quarter of 2002 in comparison to that in 2Q 2001.

"These figures reflect further improvements in TPI's financial
and operational performance amidst a trading environment which
continues to be difficult. We believe ongoing efforts to improve
margins and production efficiencies will create a solid
foundation for further profit growth at TPI as and when the
expected recovery of the industry materializes," said Mr. Peter
Gothard, Managing Director at Effective Planners Limited.


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
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contained herein is obtained from sources believed to be
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The TCR -- Asia Pacific subscription rate is $575 for 6 months
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information, contact Christopher Beard at 240/629-3300.

                 *** End of Transmission ***