/raid1/www/Hosts/bankrupt/TCRAP_Public/020822.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

            Thursday, August 22, 2002, Vol. 5, No. 166

                         Headlines

A U S T R A L I A

BALLARAT GOLDFIELDS: Lodges Rights Issue Prospectus With ASIC
DVT HOLDINGS: USC Ups Relevant Shares to 5.03%
ORBITAL ENGINE: Releases Preliminary Final Report
PASMINCO LIMITED: Dispatches Updated Report to Creditors
UNITED ENERGY: Posts Change of Director's Interest Notice

UTILICORP ASIA: Fitch Changes Ratings Outlook to Negative


C H I N A   &   H O N G  K O N G

ASIA GLOBAL: HCG Changes Name After Shares Sale
CASTA DEVELOPMENT: Petition to Wind Up Pending
DONGFANG ELECTRICAL: Profitable Projects Trim 2002 Losses
POWER UP: Hearing of Winding Up Petition Set
SEAPOWER RESOURCES: Liquidators Finalize Restructuring Proposal

TEMPEST CONSULTANTS: Winding Up Petition to be Heard
WAH TAK: Director Yu Wing Re-designated as CEO
YAT KWAI: Winding Up Sought by Shun Shing


I N D O N E S I A

ASTRA INT'L: DMC Ups Stake in ADM Rp427.5B Capital Injection
SEMEN PADANG: Reverts to Original ABN-Amro Debt Schedule


J A P A N

DAIEI INC.: Gets Y400B Bank Aid, Closing Stores
DAIEI INC.: S&P Lowers Rating to SDpi
HITACHI LTD: COO Roberson to Speak on CTO Roundtable
HITACHI LTD: Launches SOAP Content Inspector for Web Services
KENWOOD CORPORATION: Shares Down 8.6% on New TSE Rules

NICHIMEN CORP.: Dissolving U.S. Unit in November
NIPPON MEAT: Chairman Quits Post Over Mislabeling Scam
NTT DOCOMO: Lowers I-Mode Packet Transmission Fees
NTT DOCOMO: Signs Share Exchange Deal With Regional Units


K O R E A

DAEWOO ELECTRONICS: Trimming 1,200 Jobs
HYNIX SEMICONDUCTOR: Deutsche Bank Urges W2T Debt Write-Off
KOREA THRUNET: Enters Asset Transfer Agreement With Powercomm
KOREA THRUNET: Selling HQ Building to Carlyle for W38B
SEOUL BANK: Hana to Obtain Approval for Proposed Merger

SEOUL BANK: S&P Places Rating on CreditWatch


M A L A Y S I A

ESPRIT GROUP: Stay of Proceeding Further Adjourned to Sept 10
HAI MING: SC Grants Proposals Conditional Approval
MENTIGA CORPORATION: Faces Winding Up Petition Filed by ABB
MYCOM BERHAD: Unit Enters Deed of Compromise With SCI
PANGLOBAL BERHAD: Files Appeal on Penang High Court's Judgment

PAN MALAYSIAN: Proposes Shareholders' Mandate
PLUS EXPRESSWAYS: Incurs RM291.7M H102 Operating Profit
PROMET BERHAD: Dormant Unit Faces Deregistration
SATERAS RESOURCES: AmMerchant Bank Resigns as Adviser
SIN HENG: Modifies Original Proposed Rights Issue

SISTEM TELEVISYEN: Proposes Corp Restructuring Scheme Revisions
UNIPHOENIX CORPORATION: Enters Conditional SPA With Peninsula


P H I L I P P I N E S

ATLAS CONSOLIDATED: Narrows FY02 Q1 Net Loss to P31.528M
C&P HOMES: Negotiating With Creditors for Asset Swaps
CALIRAYA-BOTOCAN: DOE Welcomes Inquiry on Meritec Report
PHILIPPINE LONG: FirstPac Still Interested in Q3 Share Transfer
UNITRUST DEVELOPMENT: PDIC Invites Parties to Submit Rehab Plan


S I N G A P O R E

ASIA PULP: IBRA Aims to Place Financial Controllers
DATACRAFT ASIA: Discloses FY02 1H Financial Results
HONG LEONG: Cessation of Substantial Shareholder
OCULUS LIMITED: Issues Profit Warning
OVERSEA-CHINESE: Units Enter Voluntary Liquidation

WEE POH HOLDINGS: Chairman Tan Song Koon Resigns


T H A I L A N D

B. GRIMM ENGINEERING: Explains Bt19.31M Net Loss Variance
JASMINE INTERNATIONAL: Rights Warrants Exercise Info
NATURAL PARK: Shares Offering Registration Completed
THAI ENGINE: H102 Outstanding Bank Guarantees Stand Bt.3M
THAI ENGINE: Issues H102 Rehab Plan Progress

* DebtTraders Real-Time Bond Pricing

     -  -  -  -  -  -  -  -

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


BALLARAT GOLDFIELDS: Lodges Rights Issue Prospectus With ASIC
-------------------------------------------------------------
Ballarat Goldfields NL advised that it has lodged on Tuesday
with ASIC a Prospectus dated 20 August 2002 for an underwritten
non-renounceable Rights Issue of one new ordinary share for
every one ordinary share held at 2.3 cents per share and a
Public Issue of a minimum of 140,000,000 new ordinary shares at
2.5 cents per share to raise a combined minimum of $6,377,926.

The Public Issue of new shares is subject to prior approval of
shareholders being given at a general meeting to be held on 10
September 2002.

A copy of the complete disclosure is found at
http://www.bankrupt.com/misc/TCRAP_BGF0822.pdf


DVT HOLDINGS: USC Ups Relevant Shares to 5.03%
----------------------------------------------
In accordance with the Supplementary Share Target's Statement of
Utility Services Corporation Limited (USC) dated 5 August 2002,
announced that on 20 August 2002 it acquired on market 122,000
shares in DVT Holdings Limited (DVT) at an average price of 3.10
Cents per share.

USC now has a relevant interest in 27,672,080 DVT ordinary
shares, which equates to 5.03% of DVT's issued ordinary shares.


ORBITAL ENGINE: Releases Preliminary Final Report
-------------------------------------------------
Orbital Engine Corporation announced Tuesday its financial
results for the year ended 30 June 2002. Key features of these
results include:

   * Loss after taxation of $26.8 million for the year, which
includes a $6.4 million provision for investment in Indonesian
licensee Texmaco, compared to $26.8 million loss in the year
ended 30 June 2001.

   * Operating loss after taxation of $20.4 million for the
financial year, compared to $26.8 million in the previous
corresponding period.

   * Operating loss in the 2nd half of $6.0 million compared to
$14.4 million in the 1st half year.

   * Restructuring costs including redundancy expenses of $5.4
million during the year. $3.5 million of these costs were
incurred in the 2nd  half year.

   * Improved cashflow in the 2nd half year, notwithstanding the
settlement of employee entitlements resulting from
restructuring.

   * Greatly reduced Synerject loss for the year, particularly
the 2nd half. Synerject has operated at a break-even level, and
has been cash flow positive for the last quarter of the
financial year.

   * An overall 13.7% decline in revenue (excluding interest).
$2.2 million is from Marine, reflecting the difficult retail
environment in that sector and $3.7 million from a reduction in
Synerject outsourcing demands.

   *Continued roll out of new models in the Marine & Recreation
and Motorcycle markets.

Chief Executive Officer, Peter Cook, who was appointed on 1
January 2002, said that the results were clearly disappointing
although showed improvement in the 2nd half, and reflected the
performance of a company in transition, operating in tough
markets.

"These results reflect the downturn in several sectors in which
we operate, as lack of confidence, particularly in the USA, has
affected discretionary consumer expenditure and OEM's responses
to those conditions."

Total revenue declined by 13.7% to $51.2 million. The 3 main
revenue streams were all affected by depressed market
conditions, despite continued introduction of new products. In
May and June 2002, Piaggio and Peugeot Motocycles each launched
Orbital's direct injection technology on two models of their
scooters. Piaggio, manufacturer of Vespa scooters, and Peugeot
Motocycles, together with Aprilia, represent approximately 75%
of the European Market. Orbital now has the Orbital Combustion
Process (OCP(TM)) on 24 different products in  the market, with
6 manufacturers, compared to 15 products with 5 manufacturers at
30 June 2001.

"During my first six months, we have reviewed key operational
and strategic issues and implemented changes to the
organization's structure and size. Changes have occurred at
Board and employee levels, and we should see the results of
these initiatives in the next financial year," added Mr Cook.

Overhead expenses were down by 18% to $25.4 million, due
primarily to cost cutting initiatives introduced in May 2001 and
January 2002. The recent business review will promote a further
$4.0 million of cost reductions per annum. The cost of
implementing these changes include redundancy costs, provision
for surplus lease space, and consequential write-off of fixed
assets, and have been accounted for in full in these results.

The Texmaco provision stemmed from a review of all non-current
assets. Texmaco is a substantial manufacturing business and has
a continuing commitment for the production of OCP(TM) 2-stroke
engines. However, it has been adversely affected by economic and
political trends in Indonesia and Orbital considers it prudent
to make full provision for its investment in this company.

Synerject, owned 50:50 by Orbital and Siemens-VDO, introduced
major operational and structural changes during the last 12
months, including price increases and cost reductions. As a
result, Orbital's share of Synerject's net loss was $3.1 million
compared to $12.8 million in the previous year. Synerject had a
benefit from increased motorcycle volumes as Piaggio and Peugeot
Motocycles launched products in the 2nd half-year. During this
period Synerject needed no cash support from its parents.
Synerject now has a cost structure which is appropriate for its
business requirements and the Company is confident that, as
volumes increase, Synerject will be profitable and cash flow
positive.

Cash at the end of the year is $13.7 million. Cash outflow
during the year of $17.9 million, was partly of an operating and
restructuring nature and partly investment in Synerject. EBITDA
in the 2nd half was a $2.9 million loss compared to $18.5
million loss in the first half. The next financial year should
see further reductions in cash overheads of between $4 million
and $6 million, with a consequent improvement in EBITDA and cash
flow.

In recent announcements Orbital has reinforced its objective of
being cash neutral from its trading operations for the year
ended 30 June 2003. The changes that have been introduced
recently increase confidence that this objective should be met.

FINANCIAL SUMMARY

Orbital's result for the year is summarized as follows:

                        1ST HALF  2ND HALF  JUNE 2002  JUNE 2001
                        A$'000    A$'000    A$'000     A$'000
Revenue

System Sales            16,919     18,829    35,748    37,939
Engineering             3,736      5,029     8,765    14,736
Royalties               1,213      1,480     2,693     3,537
License income          1,155      2,603     3,758     1,398
                        23,023     27,941    50,964    57,610
Other Income

Proceeds on sale of
fixed assets           82         56       138       939
Other                   60         46       106       764
                        142        102       244     1,703
Total Revenue (Excluding
Interest)              23,165     28,043    51,208    59,313

Cost of system sales    (15,919)   (17,308)  (33,227)  (35,352)
License costs           -            (477)     (477)        -

Gross Contribution      7,246     10,258    17,504    23,961

Overhead Expenses       (14,375)   (11,074)  (25,449)  (30,932)
Foreign Exchange gain/(loss) (388)  1,781     1,393    (1,903)
Restructuring costs      (1,884)    (3,534)   (5,418)   (2,572)
Share of Synerject Net Loss (2,694)  (374)   (3,068)  (12,834)
Provision Texmaco Investment (6,446)    -     (6,446)        -

Earnings before interest, tax,
depreciation & amortization (18,541) (2,943)  (21,484)  (24,280)

Depreciation & Amortization  (1,398) (1,354)   (2,752)   (3,038)
Amortization of prepaid
marketing                   (1,159) (1,160)   (2,319)   (2,319)
Net Interest Income             391     289       680     2,269

Operating loss before tax   (20,707) (5,168)  (25,875)  (27,368)

Income tax (expense) credit     (30)   (871)     (901)      807

Operating Loss after tax    (20,737) (6,039)  (26,776)  (26,561)
Outside equity interest          -       -          -      (276)

Operating Loss after
tax attributable to members (20,737) (6,039)  (26,776)  (26,837)


PASMINCO LIMITED: Dispatches Updated Report to Creditors
--------------------------------------------------------
The Administrators of major zinc producer Pasminco Limited,
Messrs. John Spark and Peter McCluskey of Ferrier Hodgson, on
Tuesday sent Pasminco creditors an updated Creditors' Report, in
line with the requirements of the Corporations Act, ahead of the
next creditors' meeting to be held on 30 August.

The Second Creditors' Report details the progress on the
finalization of key issues affecting documentation critical to
the implementation of the proposal to restructure Pasminco.

Administrator John Spark said, "The substance of the restructure
proposal remains unchanged from details announced in May this
year.

"Creditors will now be able to vote on the restructure proposal
on 30 August, which is an important step for Pasminco's
relaunch."

The major changes between the restructure proposal set out in
the First Creditors' Report issued on 1 July, 2002 and the
Second Report issued on Tuesday relate to technical amendments
to the proposed Deeds of Company Arrangement.

The Administrators continue to recommend that Creditors vote in
favor of the Pasminco restructure proposal, known as the Equity
and Float option, which would see 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 - co-managed by Deutsche Bank, Salomon Smith
Barney and UBS Warburg - with the financiers retaining a
residual shareholding in the company.

To see full copy of the Administrators' Second Report to
Creditors, go to http://www.bankrupt.com/misc/Pasminco0822.pdf


UNITED ENERGY: Posts Change of Director's Interest Notice
---------------------------------------------------------
United Energy Limited posted this notice:

CHANGE OF DIRECTOR'S INTEREST NOTICE

   Name of Company          United Energy Limited

   ABN                      70 064 651 029

We (the entity) give the ASX the following information under
listing rule 3.19A.2 and as agent for the director for the
purposes of section 205G of the Corporations Act.

   Name of Director         Robert Kent Green

   Date of last notice      02/01/2002

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

Direct or indirect interest             Direct interest

Nature of indirect interest
(including registered holder)           -

Date of change                          13/08/2002

No. of securities held prior
to change                               100,000

Class                                   Ordinary

Number Acquired                              -

Number disposed                         100,000

Value/consideration                     $256,830.00

No. of securities held after
change                                  Nil

Nature of change                        On-market trade


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

Detail of contract                      -

Nature of direct interest               -

Name of registered holder
(if issued securities)                  -

Date of change                          No change to Director's
                                        interests in contracts

No. and class of securities to which
interest related prior to change        -

Interest Acquired                       -

Interest disposed                       -

Value/consideration                     -

Interest after change                   -


UTILICORP ASIA: Fitch Changes Ratings Outlook to Negative
---------------------------------------------------------
Fitch Ratings has revised Tuesday the Rating Outlook to Negative
from Stable for the long-term rating of 'BBB-' and short-term
rating of 'F2' assigned to UtiliCorp Asia Pacific Ltd's A$500
million multi-issuer combined medium-term note/commercial paper
programmed. The ratings apply to the following issuance under
the MTN/CP programmed: A$75 million FRN maturing 30 January 2006
and A$65 million MTN maturing 27 April 2004.

The action follows a change in Rating Outlook of Aquila, Inc.
(ILA' (formerly UtiliCorp United Inc) to Negative from Stable.
UtiliCorp Asia Pacific's programmed ratings reflect the credit
quality of ILA, which guarantees the timely payment of principal
and interest on the notes.

UtiliCorp Asia Pacific is the holding company for ILA's
interests in Australia, including holdings in United Energy
(electricity distributor) and Multinet Gas (gas distributor).
The 50:50 ILA-United Energy consortium is the 45% cornerstone
investor in AlintaGas (gas distributor).

The change in outlook for ILA reflects Fitch's ongoing review of
the group's liquidity and financial flexibility at a time when
the company is shedding business lines and assets. Future credit
quality will be determined by the ability to reduce debt to a
level that can be supported by ongoing operating cash flow from
the remaining businesses.

ILA operates electricity and natural gas distribution networks
serving more than six million customers in the US, Canada, the
United Kingdom, New Zealand and Australia. The company also
provides risk management products and wholesale energy services;
however, ILA has announced the exit from the energy services
market.

Contacts: Kim Herrmann or Andrew Smith, Brisbane, Tel: +61 7
3222 8600. Ellen Lapson, Tel:+ 1-212-908-0504, New York.


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C H I N A   &   H O N G  K O N G
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ASIA GLOBAL: HCG Changes Name After Shares Sale
-----------------------------------------------
Hutchison Global Crossing announced Tuesday that it has changed
its English name to Hutchison Global Communications (HGC),
following the Hutchison Whampoa Limited (HWL) repurchase of Asia
Global Crossing's 50% interest in HGC in April 2002. Following
the repurchase, HGC has become a wholly owned subsidiary of HWL.

HGC's Chinese name remains unchanged. The change in HGC's name
has no impact on the existing contracts, businesses, or day-to-
day operations of the company.

As in the past, HGC will continue to expand its full fiber optic
network and provide to customers a wide range of innovative
telecom services including ultra-high speed broadband access,
data and voice transmission and international calling services.

Asia Global Crossing, which majority-owned subsidiary Pacific
Crossing Ltd. (PCL) commenced voluntary Chapter 11 cases in the
United States Bankruptcy Court in Delaware, provides the
Asia Pacific region with a full range of integrated
telecommunications and IP services.


CASTA DEVELOPMENT: Petition to Wind Up Pending
----------------------------------------------
The petition to wind up Casta Development Limited is set for
hearing before the High Court of Hong Kong on September 18, 2002
at 9:30 am.

The petition was filed with the court on June 26, 2002 by Leung
Chi Keung of H/9, Tak Hay House, Walton Estate, Chaiwan, Hong
Kong.


DONGFANG ELECTRICAL: Profitable Projects Trim 2002 Losses
---------------------------------------------------------
Dongfang Electrical Machinery has narrowed its net loss to
29.73M yuan for the six months ended June 30, down from a
US$70.51 million loss recorded a year ago, the Standard reports.

The company's bottom line was boosted by hefty 42.26 percent
growth in revenue to 252.11M yuan. Chairman Si Zefu attributed
the increase in revenue to the "Tenth Five Year Plan", now in
full swing, and the implementation of the State Western Region
Development Strategy.

Faster growth in revenues from principal activities such as the
Three Gorges project and products with high gross profit margin
contributed to the decrease in losses during the period.  Si
estimated the company would remain in the red until next month.


POWER UP: Hearing of Winding Up Petition Set
--------------------------------------------
The petition to wind up Power Up Construction Engineering
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 28, 2002 by Cheung
Yuen Man of Room A, Flat 12, Block 1, Jing Hui Garden, 8
Aberdeen Main Road, Hong Kong.


SEAPOWER RESOURCES: Liquidators Finalize Restructuring Proposal
---------------------------------------------------------------
The Provisional Liquidators of Seapower Resources International
Ltd have finalized the Company's Restructuring Proposal, which
will involve a reduction in share capital and an issue of new
shares to its creditors.

The capital restructuring will generate HK$75.805 million for
the company, which will be used to eliminate its accumulated
loss amounting to HK$347.815 million at end-September last year.
Upon completion of the capital restructuring, the authorized
share capital of the company will be HK$924.194 million.

Currently, the company's total debt stands at HK$1.309 billion.
Under the restructuring proposal, creditors will be given HK$70
million in cash, in addition to not less than 360.612 million
new shares in the company, representing a stake of around 4
percent.

After the debt restructuring, if Seapower Resources is able to
make any monetary recovery from its receivables of HK$200
million or from its units Allied National Ltd, iPower
Warehousing Management System Ltd and Pentagon Profits Ltd,
creditors will be entitled to share 50 pct of the recoveries.

To see the Company's full announcement, go to
http://www.bankrupt.com/misc/TCRAP_Sea0822.pdf


TEMPEST CONSULTANTS: Winding Up Petition to be Heard
----------------------------------------------------
The petition to wind up Tempest Consultants Limited is scheduled
to be heard before the High Court of Hong Kong on September 18,
2002 at 9:30 am.

The petition was filed with the court on June 27, 2002 by Poon
Yiu Kwok of Flat 10, 15th Floor, Block J, Kam Ying Court, No. 9
Kam Ying Road, Ma On Shan, New Territories, Hong Kong.


WAH TAK: Director Yu Wing Re-designated as CEO
----------------------------------------------
The Board of Directors of Wah Tak Fung Holdings Limited informed
that Mr. Song Yu Wing has been re-designated as Chief Executive
Officer with the effect from 16th August, 2002. His position as
Vice Chairman and executive director remains unchanged.

Ms. Chen Hao and Mr. Lei Yonglang have been appointed as
directors of the Company on the same date.


YAT KWAI: Winding Up Sought by Shun Shing
-----------------------------------------
Shun Shing Construction & Engineering Company Limited, is
seeking the winding up of Construction Company Limited. The
petition was filed on July 3, 2002, and will be heard before the
High Court of Hong Kong on September 25, 2002.

Shun Shing holds its registered office at 47th Floor, COSCO
Tower, 183 Queen's Road Central, Hong Kong.


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


ASTRA INT'L: DMC Ups Stake in ADM Rp427.5B Capital Injection
------------------------------------------------------------
PT Astra International Tbk (AI), Daihatsu Motor Co., Ltd. (DMC)
and Nichimen Corp signed a new joint venture agreement on August
6th, 2002. In the new agreement, DMC increased their stake in PT
Astra Daihatsu Motor (ADM) by injecting Rp427.5 billion into the
company.

After the signing, DMC's stake in ADM increased to 61.75 percent
from 40 percent while AI's and Nichimen's shares in ADM was
diluted from 50 percent and 10 percent to 31.87 percent and 6.38
percent respectively.

The new injected capital by DMC will be utilized to improve
production and distribution performance of Daihatsu business in
Indonesia which will also strengthen Daihatsu business in ASEAN
in order to anticipate tighter competition in Automotive
industry after AFTA take into effect in very near time.

While AI will maintain its role as sole distributor of Daihatsu
products in Indonesia. Until June'02, Daihatsu has sold 10,141,
units of its products includes Taruna, New Zebra, Ceria, YRV and
Taft/Rocky or 15% higher than the same period last year.


SEMEN PADANG: Reverts to Original ABN-Amro Debt Schedule
--------------------------------------------------------
PT Semen Padang, the troubled unit of PT Semen Gresik, would
revert to the original schedule for the repayment of some US$23
million in outstanding debt to ABN-Amro, after missing Tuesday's
deadline for the pre-payment of the entire amount, AFX-Asia
reports, citing Finance Director Muchlis Karanin.

"We are going back to the original schedule, which means the
full amount must be paid by December 2003," Director Muchlis
Karanin said, stressing that the next repayment of some US$7.5
million falls December this year and the balance will be paid in
two roughly equal installments in June and December next year.

Semen Padang management met on Tuesday with ABN-Amro's Jakarta
representatives to resolve the difficulties the company got
itself into by promising to pay off the entire debt early.

The trouble started when Padang last month decided to send an
irrevocable notice to ABN-Amro informing it of its intention to
pay the debt by Tuesday, instead of December next year. Without
informing its parent Semen Gresik nor had it secured the
necessary refinancing facilities before it sent the letter.
Karanin admitted although this letter was by definition
unchangeable, ABN-Amro has agreed to revert to the original
schedule and pretend the letter never existed.

"As management we did not want to make this a problem for
shareholders so we had to resolve it," Karanin said.


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


DAIEI INC.: Gets Y400B Bank Aid, Closing Stores
-----------------------------------------------
Creditor banks at Daiei Inc., has given financial support to the
Company worth 400 billion yen to help the ailing supermarket
chain, Namnews reported Tuesday.

The aid package comprised of 230 billion yen in debt-for-equity
swaps and 170 billion yen debt waiver from its main lenders
namely UFJ Holdings, Sumitomo Mitsui Banking and Mizuho
Corporate Bank of Mizuho Holdings.

The money is expected to help reverse Daiei's negative net worth
by the August 31 interim book closing. The Company fell into
negative net worth as a result of massive losses from its
ongoing restructuring.

Daiei is also planning to close 10 supermarkets in northern
Japan by the end of October. Its unit Tohoku Supermarket Daiei
operates the supermarkets.

Daiei will also liquidate Tohoku by December 2002.


DAIEI INC.: S&P Lowers Rating to SDpi
-------------------------------------
Standard & Poor's on Tuesday lowered its corporate credit rating
on supermarket chain operator Daiei Inc to 'SDpi' from double-
'Cpi', following the finalization of a financial support package
for the Company.

On August 19, Daiei had reached an agreement on a 400 billion
yen ($3.38 billion) financial support package with its major
creditor banks, including debt forgiveness by three banks.

The debt forgiveness agreements will provide Daiei with 170
billion yen in extraordinary profit.

The package also includes a 230 billion yen debt-for-equity
swap, which will enhance the Company's total equity.

Daiei's consolidated total shareholder's equity is likely to be
about 60 billion yen at the end of the interim period to August
31, which will eliminate the excess of liabilities over assets.

The ratio of total debt to capital will be still very high at 97
percent, although this is a substantial improvement from 115
percent as of February 28.

"Standard & Poor's will closely monitor the progress of Daiei's
restructuring plan and the degree of improvement in its
profitability," said Machiko Amano, a credit analyst at Standard
& Poor's in Tokyo.

"The rating may be raised to the double-'Cpi' or triple-'Cpi'
categories if we believe that Daiei's business and financial
profiles will improve without further debt forgiveness from its
creditors," she said.

An 'SD' rating is assigned when an obligor has selectively
defaulted on a specific issue or class of obligations but is
expected to continue to meet its payment obligations on other
issues or classes of obligations in a timely manner.


HITACHI LTD: COO Roberson to Speak on CTO Roundtable
----------------------------------------------------
Hitachi Data Systems, the world's fastest-growing enterprise
storage provider and a wholly owned subsidiary of Hitachi, Ltd.,
announced Tuesday that President and COO Dave Roberson will give
a keynote address on significant trends in the storage market at
the Storage World Conference on August 21, 2002 at 9 a.m. Hu
Yoshida, Vice President and chief technologist at Hitachi Data
Systems, is also speaking at the Storage World Conference,
participating in the CTO Roundtable on August 20 at 2:15 p.m.

"Storage World Conference was created for the express purpose of
establishing the leading storage forum for industry leaders and
newcomers alike," said Daniel Delshad, founder and Chairman of
Storage World Conference. "This year's event offers a broad
range of topics designed to address the driving concerns of
nearly every segment of the storage industry, from the end user
to the integrator to the vendors. We invite everyone connected
to storage networking and management technology to attend this
unique event."

About Storage World Conference

On August 20-22, more than 50 top IT and storage companies will
converge on the San Jose McEnery Convention Center in San Jose,
Calif., for Storage World Conference 2002. This "must-attend"
two-and-a-half-day event will give the IT community critical
information needed to keep abreast of state-of-the-art storage
technology and vendors the vision they need to stay competitive
in the burgeoning storage industry. The conference will bring
together many of the industry's most respected and renowned
visionaries and analysts to discuss technological breakthroughs
and trends impacting this market sector. The conference will
feature keynote addresses from the industry's leading companies,
panel discussions on strategic issues facing the industry, end
user case studies and exhibits showcasing the latest in storage
networking technologies from a variety of manufacturers.
www.storageworldconference.com.

About Hitachi Data Systems

Hitachi Data Systems, the fastest-growing enterprise storage
provider, is a leading supplier of storage hardware, software,
solutions and services. As a wholly owned subsidiary of Hitachi,
Ltd. (NYSE: HIT), Japan's largest electronics Company, HDS is
committed to providing the storage infrastructure for the
world's most information-intensive corporations. With 2,600
employees, Hitachi Data Systems does business through direct
sales and resellers in the public and private sectors in 170
countries on six continents. Its customers include more than 50
percent of Fortune 100 companies. For more information, please
visit our Web site at www.hds.com.

About Hitachi, Ltd.

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

According to TCR-AP Hitachi Ltd's cash and cash equivalents as
of June 30, 2002 totaled 799.8 billion yen (US$6,665 million), a
decline 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.


HITACHI LTD: Launches SOAP Content Inspector for Web Services
-------------------------------------------------------------
Hitachi Computer Products (America), Inc. announced Monday that
the availability of the Quadrasis/Xtradyne SOAP Content
Inspector, a Web services security solution that inspects and
secures Simple Object Access Protocol (SOAP) messages and allows
enterprise businesses to take Web services outside their
Intranets.

According to a recently released "XML and Web Services Security"
report from ZapThink, LLC, security is the immediate roadblock
facing widespread implementation of Web services technologies
across the enterprise. ZapThink, LLC, believes the XML and Web
services security market will grow to more than $4 billion by
the year 2006, growing more than three times annually.

Firewalls protect corporate networks that are connected to the
Internet or to networks of other organizations. The adoption of
SOAP and .NET-based applications over existing firewall
installations pose special problems. Firewalls recognize SOAP
enabled applications as standard http files and will pass
executable files directly through the firewall. This presents an
unprecedented security risk. In order to secure Web services,
enterprises need a way to ensure that the requestor is a trusted
partner. As the sender can be different than the requestor, a
procedure needed to be developed to verify this process.

Developed by Quadrasis in cooperation with Xtradyne
Technologies, the Quadrasis/Xtradyne SOAP Content Inspector
secures SOAP-to-SOAP communication via proxy servers with
authentication, authorization, audit, alarm and policy
techniques. It also provides attribute mapping for cross-domain
single-sign-on (SSO) authorization and can distinguish between
standard HTML and SOAP messages in order to process accordingly.
Additionally, the SOAP Content Inspector adds a SAML attribute
assertion, and then signs and verifies each of the defined SOAP
messages.

"Web Services have not yet crossed the firewall in many
organizations," states Bret Hartman, CTO of Quadrasis. "The main
reason for this has been the lack of security solutions for Web
Services. By offering a product that can serve as a software
firewall for SOAP messaging, Quadrasis enables secure Web
Services. With our mapping technology, the security standards
can then be passed from application to application."

The SOAP Content Inspector provides an additional layer of
security for inspecting the validity of the request by mapping
authentication from requestor to recipient and then adding a
Security Assertion Markup Language (SAML) token to inspected
SOAP applications.

SOAP-based security has two key aspects that need to be
addressed to provide Web Services. The first, XML message
security, has been the primary focus of Web Services security to
date. These security assertions that deal with authentication
and encryption are being addressed by many vendors and standards
groups such as WS Security, Passport and the Liberty Alliance.
The second type of SOAP security is more complex. It deals with
passing security assertions from application to application.

Pricing and Availability

The SOAP Content Inspector is available as a stand-alone product
or as part of Quadrasis' larger security product, the Quadrasis
EASI Security Unifier. The product will be available in
September 2002. The SOAP Content Inspector is available for
$35,000 USD for a typical configuration. For more information, a
customer in the US, Canada and Japan can contact Quadrasis
(www.quadrasis.com). For a customer in Europe, contact Xtradyne
(www.xtradyne.com).

For more information on Hitachi, please visit the Company's Web
site at http://global.hitachi.com

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.


KENWOOD CORPORATION: Shares Down 8.6% on New TSE Rules
------------------------------------------------------
Shares of ailing audio equipment maker Kenwood Corporation
declined 8.6 percent at 85 yen after becoming a delisting target
of the Tokyo Stock Exchange (TSE), following the exchange's new
listing/delisting standards, Dow Jones and Nikkei reported
Wednesday.

The new rules say firms with debts surpassing assets on both
parent and group basis for two straight years will be delisted.
Prior rules allowed a 3-year grace period.

According to some market watchers Tokyo-based Kenwood will
likely get its financial house in order before new rules take
effect.


NICHIMEN CORP.: Dissolving U.S. Unit in November
------------------------------------------------
General trader Nichimen Corp will liquidate its U.S. unit,
Nichimen Paltex America Inc, in November due to declining sales,
Kyodo News reported Tuesday.

The unit was established last year in New York to operate as a
base to sell Japanese and Chinese textile products and materials
in the United States.

According to TCR-AP, in fiscal 2000 (ended March 2001), Nichimen
posted an extraordinary loss of 121 billion yen. This loss
incorporated a write-down of investment securities, and losses
from the disposal of investments in and advances to subsidiaries
and affiliates.


NIPPON MEAT: Chairman Quits Post Over Mislabeling Scam
------------------------------------------------------
Yoshinori Okoso will step down on September 1 as Chairman of
Nippon Meat Packers, Inc., to assume responsibility for the
firm's mislabeling of imported beef as domestic meat, Mainichi
Shimbun reported Tuesday.

Hiroji Okoso will be demoted to Senior Managing Director while
Vice President Heihachiro Azuma and Senior Managing Director
Motoaki Shoji will resign from their positions.

Managing Director Yoshikiyo Fujii will be promoted to President
of the Company, and will lead efforts to regain public trust in
the scandal-hit Company and rehabilitate its operations.

In-house investigations have proven that five more branches of
its unit, Nippon Food, mislabeled an additional 3.7 tons of
imported beef in addition to the three known branches at Himeji,
Ehime and Tokushima.


NTT DOCOMO: Lowers I-Mode Packet Transmission Fees
--------------------------------------------------
NTT DoCoMo, Inc. and its eight regional subsidiaries announced
Tuesday that the Company will cut i-mode(R) packet transmission
fees for PDC and FOMA(R) from September 1, 2002, and introduce a
new pricing structure for both services.

Currently, the PDC transmission fee is 0.3 yen per packet,
regardless of the amount of packets consumed (one packet is
equivalent to 128 alphanumeric). Under the new plan, the
transmission fee will drop to 0.2 yen per packet after 100,000
packets have been used. Reduced packet transmission fees for
FOMA service users will vary according to the number of packets
consumed per month and the individual billing plan (see
attachment).

DoCoMo will also revise its i-mode pricing structure for both
PDC and FOMA services. Although the total monthly charge for PDC
service usage will remain unchanged at 300 yen, the i-mode
charge will increase 50 yen, from 100 yen to 150 yen, while the
basic packet transmission charge will decrease 50 yen, from 200
yen to 150 yen. The monthly i-mode charge for FOMA service usage
will increase 50 yen, from 100 yen to 150 yen. This will be
offset, however, by a 50-yen increase in "free" usage that will
be included in the basic monthly fee.

In accordance with official requirements, DoCoMo and its
subsidiaries have today notified the Ministry of Public
Management, Home Affairs, Posts and Telecommunications of these
new rates.

Please refer to the following URL for details regarding fees:
www.nttdocomo.com/product/file/2002082015410200359.pdf

i-mode and FOMA are trademarks or registered trademarks of NTT
DoCoMo, Inc. in Japan and other countries.

About NTT DoCoMo

NTT DoCoMo is the world's leading mobile communications Company
with more than 40 million customers. The Company provides a wide
variety of leading-edge mobile multimedia services. These
include i-mode, the world's most popular mobile internet
service, which provides e-mail and internet access to over 33
million subscribers, and FOMA, launched in 2001 as the world's
first 3G mobile service. In addition to wholly owned
subsidiaries in the United States, Europe and Brazil, the
Company is expanding its global reach through strategic
alliances with mobile and multimedia service providers in the
Asia-Pacific, Europe and North America. The Company is listed on
the Tokyo (9437), London (NDCM), and New York (DCM) Stock
Exchanges. For more information, visit www.nttdocomo.com. For
further information, please visit the NTT DoCoMo home page at:
www.nttdocomo.com/top.shtml

For inquiries, contact NTT DoCoMo's Kenya Nakatsuka at telephone
81 (0) 3 5156 1111, or via e-mail at k.nakatsuka@hco.ntt.co.jp.


NTT DOCOMO: Signs Share Exchange Deal With Regional Units
---------------------------------------------------------
NTT DoCoMo, Inc. disclosed Tuesday that it signed share exchange
agreements, dated August 20, 2002, with NTT DoCoMo Hokkaido,
Inc., NTT DoCoMo Tohoku, Inc., NTT DoCoMo Tokai, Inc., NTT
DoCoMo Hokuriku, Inc., NTT DoCoMo Kansai, Inc., NTT DoCoMo
Chugoku, Inc., NTT DoCoMo Shikoku, Inc. and NTT DoCoMo Kyushu,
Inc. to acquire all of the outstanding shares of the Regional
Subsidiaries, following its Board of the Directors' approval of
the share exchange agreements on the same day.

DoCoMo previously announced that it had entered into memoranda
of understanding, dated May 8, 2002, with the Regional
Subsidiaries which provided that the Regional Subsidiaries would
become wholly-owned subsidiaries of DoCoMo by way of share
exchanges.

I. Share Exchanges Agreement
(1) Schedule of Share Exchanges

August 20, 2002      Board meetings to approve the share
                     exchange agreements
August 20, 2002      Conclusion of share exchange agreements
September 5, 2002    Shareholders' meetings to approve the share
                     exchange agreements (Regional
                     Subsidiaries)*
October 31, 2002     Last day of submission period of share
                     certificates (Regional Subsidiaries)

November 1, 2002     Effective date of share exchanges

*DoCoMo shall perform the share exchanges with each of the
Regional Subsidiaries without the approval of a shareholders'
meeting of DoCoMo pursuant to the provisions of Paragraph 1 of
Article 358 of the Commercial Code of Japan.

(2) Share Exchange Ratios

Company              Share Exchange Ratio
NTT DoCoMo, Inc.              1
NTT DoCoMo Hokkaido, Inc.   16.51
NTT DoCoMo Tohoku, Inc.     37.02
NTT DoCoMo Tokai, Inc.      27.80
NTT DoCoMo Hokuriku, Inc.   19.44
NTT DoCoMo Kansai, Inc.     33.53
NTT DoCoMo Chugoku, Inc.    26.71
NTT DoCoMo Shikoku, Inc.    19.12
NTT DoCoMo Kyushu, Inc.     47.72

-Note 1. Share exchange ratios

DoCoMo's shares of common stock will be allotted to the
shareholders of each of the Regional Subsidiaries at the rate of
the share exchange ratio described in the above column for each
one share of common stock of each of the Regional Subsidiaries,
respectively. However, DoCoMo's shares will not be allotted to
the shares of the Regional Subsidiaries held by DoCoMo itself.

-Note 2. Bases for the calculation of the share exchange ratios

DoCoMo retained Morgan Stanley Japan Limited (Morgan Stanley)
and the Regional Subsidiaries retained Global Corporate Advisory
K.K. (GCA) for advice on the valuation method for the share
exchange ratio and other related matters.

In connection with analyzing the fair values of DoCoMo and the
Regional Subsidiaries, respectively, Morgan Stanley performed
Discounted Cash Flow Analysis, Comparable Company Analysis and
Comparative Stock Price Performance Analysis. In arriving at its
opinion regarding the fairness for each of the share exchange
ratios, Morgan Stanley considered the results of all of its
analyses.

GCA performed Discounted Cash Flow Analysis and Comparative
Stock Price Performance Analysis in evaluating DoCoMo's
corporate value and Discounted Cash Flow Analysis and Comparable
Company Analysis in evaluating the Regional Subsidiaries'
corporate values, respectively. In arriving at its opinion
regarding the fairness for each of the share exchange ratios,
GCA considered the results of all of its analyses.

Based on such advice and other relevant matters, DoCoMo and the
Regional Subsidiaries negotiated and came to agreements
regarding the above-mentioned share exchange ratios.

DoCoMo and the Regional Subsidiaries were given the opinion from
Morgan Stanley and GCA, respectively, that, from a financial
standpoint, each of the stock exchange ratios agreed upon is
fair.

In the event of any material changes in the facts and
assumptions underlying the share exchange ratios, the above-
mentioned share exchange ratios may be adjusted by mutual
consultation among the parties.

- Note 3. Number of shares to be transferred to the shareholders
of Regional Subsidiaries upon the share exchange:
860,440.53 shares of common stock of DoCoMo.

(3) Stated Capital
There was no increase in stated capital and statutory reserve,
since DoCoMo repurchased some of its shares in order to transfer
them to the shareholders of the Regional Subsidiaries in lieu of
issuing new shares.

(4) Shareholders' meetings to approve the share exchange
agreements

Each Regional Subsidiary will independently refer its share
exchange agreement to its own shareholders' meeting for
approval. Each of the share exchange agreements is legally
independent from each other and is not subject to the approval
of the shareholders of the other Regional Subsidiaries.


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


DAEWOO ELECTRONICS: Trimming 1,200 Jobs
---------------------------------------
Daewoo Electronics Co. will go ahead with its large-scale
restructuring plan, including selling its non-core operations
and trimming 1,200 of its staff, Digital Chosun reported
Tuesday.

The Company will transfer its home appliance and display product
operations to Daewoo Electric Motor Industries (DEMI), one of
Daewoo Electronics' subsidiaries.

According to CEO Kim Chung-hun of Daewoo Electric Motor
Industries (DEMI), his firm will acquire Daewoo Electronics'
most competitive home appliance and display product divisions
only. He stressed that creditors of Daewoo Electronics have
agreed to sell off non-core operations, including the monitor,
audio and gas-boiler divisions.

Daewoo Electronics will also cut its overseas operations to 15
from the current 51, as part of its large-scale downsizing plan.

Kim emphasized that his downsizing plan would not trigger any
dispute from labor representative, as the unions have already
approved to the scheme.


HYNIX SEMICONDUCTOR: Deutsche Bank Urges W2T Debt Write-Off
-----------------------------------------------------------
Deutsche Bank AG (DBA) advised creditors of Hynix Semiconductor
Inc. to write off 2 trillion won in debt to make the ailing
chipmaker more attractive to buyers, Bloomberg and Maeil
Business Newspaper reported Wednesday.

The bank was hired to advise creditors on what to do with Hynix
after an attempt to sell the Company to Micron Technology Inc.
for $3 billion was rejected by the former board.

Hynix creditors including Korea Exchange Bank are owed 4.9
trillion won ($4.1 billion).

Deutsche Bank also recommends creditors to swap more equity for
debt, citing an unidentified government official.

Deutsche Bank will submit its recommendations to other Hynix
lenders by the end of this week.


KOREA THRUNET: Enters Asset Transfer Agreement With Powercomm
-------------------------------------------------------------
Korea Thrunet Co., Ltd., Korea's largest cable modem broadband
Internet-access services provider and a major provider of
enterprise network services, recently announced that the Company
has entered into an asset transfer agreement with Powercomm to
transfer to Powercomm a portion of its own HFC Network including
related equipment used in such HFC Network.

The board of directors approved the agreement on July 31, 2002
and the closing of such transaction took place on August 6,
2002. The total sale price for the assets transferred was KRW45
billion or approximately US$38 million.

The Company stressed that the HFC network sale would complete
the first phase of its corporate restructuring plan including
the sale of its leased line assets and headquarter building, and
would focus on its second phase of corporate restructuring plan
to raise foreign capital through a private placement of equity.

The Company also noted that the sale of its HFC network would
not materially adversely affect its broadband Internet business,
as Thrunet will lease back the HFC network from Powercomm going
forward.

Furthermore, the Company said that it could focus on the
acquisition of new subscribers by enhancing its marketing and
sales activities and leave additional investment and operation
of the network to Powercomm. Thrunet also believes that the
strategic relationship between the Company and Powercomm can be
further strengthened through this leaseback sale of the HFC
network.

While the Company plans to concentrate on the marketing of its
broadband Internet business, it expects to improve its financial
stability by using a substantial portion of the proceeds from
the sale of the network to satisfy its debt service and debt
repayment obligations for this year.

Sang Woo Kim, Senior Vice President of the Company stated, As
evidenced by our experience in the Multi-ISP area of Powercomm,
we believe that with respect to the broadband Internet business,
leasing HFC network is more effective and competitive than
directly investing in our own network because the Company can
enjoy relatively shorter period of time to recover its
investment and is not required of additional network investment.

He also said, we are now able to concentrate our business
capability only on the sales and marketing of the broadband
Internet business to increase the market share instead of
putting our efforts on acquisition of new subscribers and
management of HFC network at the same time given the fierce
competition in the market.

As previously announced, Thrunet plans to sell its corporate
headquarter building and raise foreign capital in the second
half of this year. Upon the successful completion of these
restructuring plans and more focus on broadband Internet
business, the Company is expected to improve its operating
performance and financial structure.

Founded in July 1996, Korea Thrunet Co., Ltd. is a major
provider of broadband Internet access services and enterprise
network services in Korea. The first to offer broadband Internet
services in Korea, with 1,305,779 paying end-users at the end of
July 2002, Korea Thrunet's network currently passes over 8.3
million homes.

Thrunet service features always-on Internet access at speeds up
to 100 times faster than traditional dial-up Internet access. On
the enterprise network side, Korea Thrunet provides dedicated
leased line services, including IP-based value-added services,
to more than 1,000 corporate customers, with major Korean
telecommunications companies such as SK Telecom accounting for a
substantial majority of enterprise network revenues.

Corporate Headquarters:
1337-20, Seocho-2 dong,
Seocho-ku, Seoul,
Korea 137-751.

Phone: 822-3488-8058
Fax: 822-3488-8511
http://www.thrunet.com


KOREA THRUNET: Selling HQ Building to Carlyle for W38B
------------------------------------------------------
Korea Thrunet has signed a memorandum of understanding (MOU)
with Hong Kong's Carlyle Asia Real Estate LLC for the latter to
acquire the Company's headquarter building for 38 billion won
($32 million), as part of its restructuring scheme, Reuters
reported Wednesday.

The proceeds will help repay its debt and will be used as
operating funds.

The Internet service provider is aiming to attract 100 billion
won in foreign capital by the end of this year.

The Company has raised 45 billion won in August by selling part
of its hybrid fibre and coaxial cable (HFC) network to Powercomm
Co, a network unit of Korea Electric Power Corporation.

The company has hired Lehman Brothers to help it attract foreign
capital.

"With the completion of the second-phase restructuring, our
debt-to-equity ratio will drop to about 400 percent from more
than 1,000 percent in the first half," the statement said.


SEOUL BANK: Hana to Obtain Approval for Proposed Merger
-------------------------------------------------------
Hana Bank President Kim Seung-yu said the bank plans to hold a
shareholders meeting to obtain approval for the proposed merger
with Seoulbank by the end of 2002, the AFX-Asia News reported.

Kim said the bank would seek to transform itself into a
financial holding Company, with insurance and securities
companies as affiliates.

Kim also said the bank does not rule out additional mergers with
other banks.

"A merger is one of the means for further growth. We will pursue
mergers if there are more opportunities," Kim said.

Kim said Hana Bank has a prior endorsement from its largest
shareholder Allianz AG and other major shareholders for the
merger with Seoulbank.

Kim also said the bank's merger with Seoulbank will help raise
share prices of the merged entity and will benefit the
government, which needs to recover the public funds it spent on
the normalization of the nationalized Seoulbank.

Seoulbank is currently 100 percent owned by the state-run Korea
Deposit Insurance Corp. (M&A REPORTER-ASIA PACIFIC, Vol. No.1,
Issue No. 165, August 21, 2002)


SEOUL BANK: S&P Places Rating on CreditWatch
--------------------------------------------
Standard & Poor's Ratings Services has placed its double-'B'
long-term rating and single-'B' short-term rating on SeoulBank
on CreditWatch with positive implications following the
announcement of its likely acquisition by Hana Bank.

The CreditWatch placement reflects the possibility that a merger
with Hana Bank would help to improve the creditworthiness of
SeoulBank.

According to public information, Hana's asset quality is one of
the best among Korean banks, with loans classified as
"precautionary and below" comprising 2.89 percent of total loans
at June 2002.

"If the merger with Hana is successful, the combined total
assets of the new entity will be 83 trillion Korean won, placing
it third behind Kookmin Bank (23130) and Woori Bank," Standard &
Poor's credit analyst Ryoji Yoshizawa said.

On August 19, 2002, Korea's Public Fund Oversight Committee
(PFOC) awarded Hana Bank the exclusive right to negotiate with
the government to acquire the state-owned SeoulBank.

SeoulBank is currently 100 percent owned by Korean Deposit
Insurance Corp, after receiving a capital injection from the
government in 1998 during the Asian financial crisis.

Currently, Hana and Seoul are the fifth and the ninth largest
Korean banks, respectively.

If Standard & Poor's assigns ratings to the merged bank, it will
resolve the CreditWatch placement by the merger date. If
Standard & Poor's does not rate the merged entity, the rating on
SeoulBank would be withdrawn on the merger date, as SeoulBank's
operations would be subsumed into the merged entity.


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


ESPRIT GROUP: Stay of Proceeding Further Adjourned to Sept 10
-------------------------------------------------------------
Esprit Group Berhad, in regards of the stay of proceedings of
the Winding-Up Petition No: Mt5-28-260-2001 filed by Southern
Investment Bank Berhad (Petitioner) against the Company,
announced that the hearing has been further adjourned to 10
September 2002.

Daya ago, 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.


HAI MING: SC Grants Proposals Conditional Approval
--------------------------------------------------
Hai Ming Holdings Berhad had on July 31, 2002 made an
application to the Securities Commission (SC) to seek the SC's
approval for the following:

   (i) To implement the proposed acquisition of Yap Swee Thiam &
Sons Industries Sdn Bhd (YSTSB) together with the proposed debt
settlement and proposed acquisitions of KPS Plywood Sdn Bhd
(formerly known as Koh Poh Seng Plywood Co. (M) Sdn Bhd) and
Akateak Sdn Bhd even though the due diligence solicitor was
unable to determine that the tenancy agreement in relation to
GM412, Lot 46082, Mukim Batu, Daerah Gombak (Lot 46082), is not
deemed a lease of Malay reserve land (the condition as imposed
by the SC, via its letter dated 4 June 2002); and

   (ii) An extension of time to 31 December 2003 for the
relocation of the factory operations of YSTSB to a non-Malay
reserve industrial land for which all the relevant approvals
have been obtained.

Public Merchant Bank Berhad, on behalf of the Board of HMHB,
announce that the SC had on 15 August 2002, approved the above
application subject to the following conditions:

   (i) The vendors of YSTSB are required to indemnify HMHB for
all losses or damages incurred by YSTSB resulting from any
action that may be taken by any parties or relevant authorities
pertaining to the issues on the certificate of fitness (CF) and
the Malay reserve land;

   (ii) The risks borne by YSTSB due to operating on a location
without CF and the uncertainties in relation to the tenancy
agreement entered into between YSTSB and the landlords of Lot
46082 must be announced; and

   (iii) The vendors of YSTSB together with the directors of
HMHB are required to use their best endeavors to obtain the CF
for the factory and administrative building of YSTSB as soon as
possible.

PMBB/HMHB were reminded by the SC that all the terms and
conditions contained in the SC's approval letters dated 3 and 9
April and 4 June 2002, save for the above conditions imposed
shall remain valid.

The Directors of HMHB and the vendors of YSTSB have accepted all
the conditions as imposed by the SC above.


MENTIGA CORPORATION: Faces Winding Up Petition Filed by ABB
-----------------------------------------------------------
Mentiga Corporation Berhad, pursuant to Paragraph 9.19(19) of
the KLSE Listing requirements, announced that Affin Bank Berhad
(formerly known as Perwira Affin Bank Berhad) (ABB) have filed a
winding-up petition D6-28-385-2002 against MCB at the Kuala
Lumpur High Court. The winding-up petition was served on MCB by
ABB on 15 August 2002.

MCB is indebted to ABB in the sum of RM26,787,482.25 being the
amount due under the Judgment dated 13 October 2000 obtained
against MCB at the High Court at Kuala Lumpur vide Suit No. D3-
22-1682-2000. The winding-up petition is scheduled for hearing
on 2 October 2002.

MCB further announced that Standard Chartered Bank Malaysia
Berhad (SCB) has also served a winding-up petition No. 28-20-
2001 dated 11 December 2001, on the company pursuant to the
judgment No. 22-20-2001 dated 24 March 2001 obtained against MCB
at the High Court of Malaya in Kuantan. The winding-up petition
is due for hearing on 26 August 2002.

MCB is currently in the process of negotiating and proposing a
restructuring scheme involving both ABB and SCB to settle the
outstanding debt through the proposed restructuring scheme in
accordance with the requirements of the KLSE.

MCB will therefore seek the cooperation of both ABB and SCB to
withdraw the petition to facilitate a successful conclusion of
the rehabilitation of the company pursuant to the proposed
restructuring scheme.


MYCOM BERHAD: Unit Enters Deed of Compromise With SCI
-----------------------------------------------------
The Board of Directors of Mycom Berhad announced that its 77.5
percent owned subsidiary, UNP Plywood Sdn Bhd (UNP) had entered
into a Deed of Compromise on 16 August 2002 with Sepangar
Chemical Industry Sdn Bhd (SCI), a company incorporated in
Malaysia and having its office at Sepangar Industrial Estate,
Teluk Sepangar, Menggatal (Locked Bag No. 120, 88738 Kota
Kinabalu) Kota Kinabalu, Sabah, Malaysia for full and final
settlement of a sum of RM2,476,823.20 together with interests
therein contained in a sealed judgment dated 19 April 2001 under
the High Court Suit No. K22-180 of 1998 (Suit No. K22-180)
against UNP.

Background Information

SCI obtained a sealed judgment dated 19 April 2001 under Suit
No. K22-180 against UNP for a sum of RM2,476,823.20 only with
interest at the rate of 2% per annum pursuant to Section 11 of
the Civil Law Act 1956 from the 20th day of April 1998 to date
of judgment and statutory interest at the rate of 8% from the
date of judgment to the date of full payment and solicitor's fee
in accordance with the Advocates Remuneration Rules, 1988 unless
otherwise agreed by both parties.

Terms of the Compromise

Both SCI and UNP have now agreed, pursuant to the Deed of
Compromise to accept a sum of RM1,238,412.00 (Compromise Sum)
only as full and final settlement of the sealed judgment. The
Compromised Sum shall be settled by way of an issue of 1,238,412
new ordinary shares of RM1.00 each in the capital of Mycom in
accordance with the Proposed Restructuring Scheme (the said
Scheme) of Mycom, which has been approved by all the relevant
authorities including the Securities Commission on 8 March 2002.
The issuance of the said shares as provided under the said
Scheme will be subjected to the approval of the shareholders of
Mycom vide a Circular to be issued in respect of the said
Scheme. Under the terms of the compromise, SCI shall forthwith
discontinue or withdraw or cause to be discontinued, withdrawn,
all of its pending applications or appeal under the Suit No.
K22-180.

Financial Effects

The proposed compromise is not expected to have any material
effect on the earnings per share of the Mycom Group for the
financial year ended 30 June 2002.

Rationale

The proposed compromise is amongst the outstanding matters to be
settled pursuant to the said Scheme.

Directors' and Substantial Shareholders' Interest

None of the Directors and substantial shareholders and persons
connected with the Directors and substantial shareholders has
any interest, direct or indirect, in the proposed compromise.

Document available for Inspection

The Deed of Compromise is available for inspection at Mycom's
registered office at Level 23, Menara Olympia, No. 8, Jalan Raja
Chulan, 50200 Kuala Lumpur during normal office business hours
from Mondays to Fridays (except public holidays) for a period of
three (3) months from the date of this announcement.


PANGLOBAL BERHAD: Files Appeal on Penang High Court's Judgment
--------------------------------------------------------------
Taisho Company Sdn Bhd filed a suit against PanGlobal Berhad and
Toweltech Berhad (a former wholly owned subsidiary of PGB until
its disposal on 29 December 1995) in the High Court at Penang
via Civil Suit No. 22-141-1991.

The suit was in respect of an alleged friendly loan grants the
claim to PGB and Toweltech wherein Taisho claimed RM3,688,370.90
from PGB and RM1,822,276.44 from Toweltech with interest at 12%
per annum from 1 January 1991 until full settlement.

The Company announced that the High Court of Penang had on 16
August 2002, granted a judgment in favor of Taisho awarding them
the sum of RM3,688,370.90 and RM1,822,276.44 respectively with
further interests at 8% p.a. from 1st January 1991 until date of
full payment.

The Company also announced that it would file an appeal to the
Court of Appeal in respect of the judgment.


PAN MALAYSIAN: Proposes Shareholders' Mandate
---------------------------------------------
The Board of Pan Malaysian Industries Berhad proposed to seek
shareholders' approval for a proposed shareholders' mandate
which will permit PMI and its subsidiaries to enter into
recurrent related party transactions of a revenue or trading
nature (RRPT), which are necessary for the day-to-day operations
and are carried out in the ordinary course of business of the
PMI Group which are not more favorable to the related party than
those generally available to the public.

After having reviewed the RRPT on a full year basis, the values
of which were considerably less than that estimated earlier, the
Board decided that the Company does not need to seek
shareholders' approval for the proposed shareholders' mandate.
As such, the Board will not be seeking shareholders' mandate for
RRPT at the Company's forthcoming annual general meeting.


PLUS EXPRESSWAYS: Incurs RM291.7M H102 Operating Profit
-------------------------------------------------------
PLUS Expressways Berhad recorded a consolidated profit before
exceptional items of RM291.7 million for the six-month period
ended 30 June, 2002.

In an unaudited quarterly report on consolidated results for the
financial period ended 30 June 2002 made to Kuala Lumpur Stock
Exchange (KLSE) in accordance with the Listing Requirements,
PLUS Expressways announced that net revenue for the same period
amounted to RM802.6 million. Revenue from expressways toll
collection increased by 12.7 per cent to RM665.0 million for the
six-month period ended 30 June, 2002.

The Group also expects savings in finance cost due to lower rate
of borrowing costs in respect of BAIDS.

With the completion of the debt restructuring on 31 May, 2002
and successful listing on the Main Board of KLSE on 17 July,
2002 and barring unforeseen circumstances, PLUS Expressways is
expected to achieve the forecast consolidated profit before
exceptional items for the current year of RM713.8 million. The
Directors do not expect any further exceptional item to arise in
the current financial year, apart from the exceptional items
representing the one-off transactions referred to in the PLUS
Expressways Prospectus dated 10 June, 2002.


PROMET BERHAD: Dormant Unit Faces De-Registration
-------------------------------------------------
Promet Berhad, in reference to the Company's announcement on 31
January 2002 in relation to the application for de-registration
of Lynco Services Sdn. Bhd. (Company No. 74826 M) (Lynco
Services), a dormant subsidiary of Promet Berhad, announced that
it has on 19 August 2002 received a notice from the Companies
Commission of Malaysia that it has de-registered Lynco Services
pursuant to Section 308(4) of the Companies Act, 1965 off the
register.

Promet Berhad is currently working out a restructuring scheme to
inject suitable assets to regularize its financial condition.

The Group has since disposed of its Teluk Ramunia Fabrication
Yard and all the assets at this Yard including temporary
structures as well as machinery, operating equipment and cranes
to Ramunia Energy and Marine Corporation Sdn Bhd pursuant to two
agreements dated 21 May 2001.


SATERAS RESOURCES: AmMerchant Bank Resigns as Adviser
-----------------------------------------------------
Sateras Resources (Malaysia) Berhad, further to the announcement
by the Company on 24 April 2002, announced that AmMerchant Bank
Berhad (formerly known as Arab-Malaysian Merchant Bank Berhad)
has resigned from acting as adviser to the Company on its
proposal to regularize its financial position with immediate
effect.

Due to the recession, SRM has proposed a debt-restructuring
scheme, which has received approval-in-principle from 70 percent
of its creditors and financial institutions. The scheme proposed
a debt-for-equity swap with 12 percent accrued interest up to
the date of share issuance.

In September 1999, the debt-restructuring scheme was approved by
the FIC and MITI while the SC's approval was obtained in April
2000. On 7 November 2001, the SC approved variations to the
proposals and a further extension of time to 27 April 2002 for
completion of the proposals.

The proposals are currently pending shareholders' approval at an
EGM to be convened.


SIN HENG: Modifies Original Proposed Rights Issue
-------------------------------------------------
Sin Heng Chan (Malaya) Berhad (Special Administrators Appointed)
on 23 June 2000 announced these Proposals:

   (i) Proposed renouncable rights issue of up to 40,302,750 new
ordinary shares of RM1.00 each (Shares) in SHCM on the basis of
two (2) new SHCM Shares for every one (1) existing SHCM Share
held on an entitlement date to be determined later (Original
Proposed Rights Issue); and

   (ii) Proposed increase in authorized share capital from
RM25,000,000 comprising 25,000,000 SHCM Shares to RM100,000,000
comprising 100,000,000 SHCM Shares.

On 4 September 2000, SHCM announced that the Securities
Commission (SC) had approved the Original Proposed Rights Issue
with the terms and conditions imposed in the approval letter
from the SC. On 20 February 2001, SHCM announced that the
Special Administrators (SA) of SHCM, in consultation with
Pengurusan Danaharta Nasional Berhad (Danaharta), had decided to
undertake a proposed restructuring scheme that involves the
Original Proposed Rights Issue and the proposed divestment of
quoted and unquoted investment of SHCM (Original Proposed
Restructuring Scheme). Subsequently, on 6 August 2001 and 26
March 2002, SHCM announced that the SC had approved the
extension of time for the completion of the Original Proposed
Rights Issue until 31 December 2002.

On behalf of the Special Administrators of SHCM, Southern
Investment Bank Berhad announced that the Company proposes to
make some modification to the Original Proposed Rights Issue. On
16 August 2002, the Company had entered into a Memorandum of
Understanding (MOU) with Alor Setar Industry Holdings Sdn Bhd
(ASIH) to undertake the following proposals:

   (i) A proposed revision to the Original Proposed
Restructuring Scheme, which will be as follows:

     (a) A proposed renounceable rights issue of up to
37,988,750 new ordinary shares of RM1.00 each (Rights Shares),
with a minimum subscription level of 25,000,000 Rights Shares,
at a proposed issue price of RM1.00 per Rights Share on the
basis of two (2) Rights Shares for every one (1) existing SHCM
Share held on an entitlement date to be determined later
(Proposed Rights Issue).

There will be a minimum level of subscription for the Proposed
Rights Issue at RM25,000,000 (Minimum Subscription Level), as
Dato' Choo Keng Weng (DC), an existing shareholder and Director
of SHCM, will undertake to subscribe for any un-subscribed
portion of the Proposed Rights Issue up to RM25,000,000
comprising 25,000,000 Rights Shares. DC had nominated ASIH to
subscribe for the same. In the event that the level of
subscription for the Rights Shares is at the Minimum
Subscription Level, the balance of the Rights Shares amounting
up to 12,988,750 SHCM Shares will be issued to the financial
institutions creditors of SHCM and three (3) of its subsidiary
companies (Unsecured Scheme Creditors) for free at a proposed
issue price of RM1.00 each as part settlement of the debts
outstanding to them on the basis of RM1.00 of debt to be settled
via one (1) new SHCM Share (Proposed New Shares Issue);

     (b) A proposed issue of RM17,209,000 nominal value of zero
coupon three (3)-year Irredeemable Convertible Unsecured Loan
Stocks (ICULS) at 100% of its nominal value with 17,209,000 free
detachable warrants (Warrants) to the Unsecured Scheme Creditors
on the basis of one (1) new Warrant for every RM1.00 nominal
value of ICULS (Proposed ICULS with Warrants Issue).

The new SHCM Shares and ICULS to be issued pursuant to the
Proposed New Shares Issue and Proposed ICULS with Warrants Issue
shall be placed and deposited with a trustee to be mutually
appointed by ASIH and the Unsecured Scheme Creditors (Trustee)
for and on behalf of the Unsecured Scheme Creditors.
Pursuant to the MOU, ASIH will allocate some of the new SHCM
Shares and/or ICULS that will be acquired by ASIH from the
Trustee to all the Directors of SHCM and certain Directors of
the subsidiaries of SHCM.

     (c) A proposed undertaking by ASIH to convert up to
RM3,016,875 nominal value of ICULS by 31 December 2002 or any
soonest possible date, whichever is later, to enable SHCM to
meet the minimum share capital requirement for company listed on
the Main Board of the Kuala Lumpur Stock Exchange (Proposed
Conversion Undertaking).

   (ii) Proposed establishment of an employees' share option
scheme (ESOS) granting options to eligible employees and
Executive Directors of SHCM and its subsidiaries (SHCM Group) to
subscribe up to 10% of the issued and paid-up share capital of
the Company at any time during the existence of the ESOS
(Proposed ESOS).

The Proposed Rights Issue, Proposed New Shares Issue, Proposed
ICULS with Warrants Issue and Proposed Conversion Undertaking
shall be collectively referred to as the Proposed Restructuring
Scheme.

Pursuant to the MOU, the parties involved in the Proposed
Restructuring Scheme agree that the implementation of the
Proposed Restructuring Scheme is conditional upon the following:

   (i) The Proposed Restructuring Scheme being approved by
Danaharta pursuant to Section 46 of the Pengurusan Danaharta
Nasional Berhad Act, 1998; and

   (ii) The execution of the restructuring agreement to be
entered into between the parties involved in the Proposed
Restructuring Scheme (Scheme Agreement) upon terms and
conditions mutually acceptable to the parties involved in the
Proposed Restructuring Scheme that will incorporate, amongst
others, the fundamental terms and conditions contained in the
MOU, within fourteen (14) days from the date of the MOU is
entered into or such other extended period as the parties
involved in the Proposed Restructuring Scheme may mutually agree
in writing.

Further announcement on the Proposals will be made upon
execution of the Scheme Agreement.

DOCUMENT AVAILABLE FOR INSPECTION

The MOU is available for inspection at the registered office of
SHCM during office hours (9 a.m. to 5 p.m.) from Mondays to
Fridays (except public holidays) at Level 3, Wisma E & C, 2,
Lorong Dungun Kiri, Damansara Heights, 50490 Kuala Lumpur for a
period of fourteen (14) days from the date of this announcement.


SISTEM TELEVISYEN: Proposes Corp Restructuring Scheme Revisions
---------------------------------------------------------------
AmMerchant Bank Berhad (formerly known as Arab-Malaysian
Merchant Bank Berhad), on behalf of both Sistem Televisyen
Malaysia Berhad (TV3) and Malaysian Resources Corporation Berhad
(MRCB), had on 22 January 2002 submitted the application in
relation to the Proposed Corporate Restructuring Scheme
(Corporate Proposals) to the Securites Commission (SC) and the
Foreign Investment Committee (FIC).

Subsequent to the aforementioned submissions, the following main
developments have taken place:

   a) On 25 July 2001, MRCB announced that they had accepted an
offer from Utama Banking Group Berhad (UBG) in relation to the
proposed disposal of its 22.68% equity interest in Rashid
Hussain Berhad (RHB) comprising 105,127,000 ordinary shares of
RM1.00 each in RHB (RHB Sale Shares) for a total cash
consideration of RM399,482,600 or RM3.80 per RHB Sale Share.
MRCB had subsequently, on 20 March 2002, entered into a sale and
purchase agreement with UBG for the proposed disposal of the RHB
Sale Shares for a revised total cash consideration of
RM504,609,600 or RM4.80 per RHB Sale Share.

   b) MRCB has settled debt totaling RM52 million that was due
in May 2002. Further, RM50 million Islamic debt secured against
Resource Complex will be dealt with outside the Proposed MRCB
Debt Settlement. Hence, the total outstanding debt proposed to
be settled under the Proposed MRCB Debt Settlement has been
reduced from RM567 million to RM465 million.

MRCB has arrived at new terms of settlement with the MRCB Scheme
Creditors under the Proposed MRCB Debt Settlement. Agreements-
in-principle on the revised terms of settlement from the MRCB
Scheme Creditors have been obtained by MRCB.

   c) On 12 August 2002, the shareholders of MRCB, at an
extraordinary general meeting, have approved the proposed
employees' share option scheme of MRCB.

   d) MRCB had on 16 August 2002 announced the approval of the
SC for the placement of new MRCB ordinary shares of up to 10% of
the existing issued and paid-up capital of MRCB.

Following the developments above, on behalf of the Board of
Directors of MRCB and TV3, AmMerchant Bank wishes to announce
that MRCB proposes to make certain revisions to the Proposed
Corporate Restructuring Scheme (Proposed Revisions).

DETAILS OF THE PROPOSED REVISIONS

In relation to the Proposed Revisions, the terms of the
following components of the Corporate Proposals are proposed to
be revised:

   1. Proposed MRCB Debt Settlement; and
   2. Proposed Transfer of The New Straits Times Press
(Malaysia) Berhad (NSTP).

The salient features of the revised Proposed MRCB Debt
Settlement are as follows:

   * the settlement addresses the RM465 million of the debts
owing to MRCB lenders, which are secured by the RHB, NSTP and
TV3 shares (instead of RM567 million as previously announced);
the remaining debt of RM465 million will be settled fully in
cash (to be facilitated by bridging/extended facilities) and
consequently there will be no SPC-PDS issued; and

   * the proposed put option of ICULS will replace the proposed
put option of SPC-PDS.

The revisions to the Proposed Transfer of NSTP involves:

   * the increase in the transfer consideration for NSTP shares
from approximately RM357 million or RM3.80 per share to
approximately RM400 million or RM4.25 per share; and

   * a change from an undertaking to provide a put option of
SPC-PDS to an undertaking to provide a put option of ICULS.
MRCB and Newco will execute a second supplemental agreement in
relation to the Proposed Transfer of NSTP.

The Proposed Revisions ensure the demerger ratio will be
maintained (in terms of the proposed distribution-in-specie of
Newco shares for MRCB shares) in the event of any issuance of
new ordinary MRCB shares of up to 97.5 million shares or 10% of
MRCB's existing share capital resulting from the Proposed
Private Placement or exercise of ESOS options prior to the
Proposed Demerger.

Further details of the revisions to the abovementioned proposals
are set out in Table A at
http://www.bankrupt.com/misc/TCRAP_Sistem0822.pdf

FINANCIAL EFFECTS

The Proposed Revisions will not have any financial effects on
TV3.

Share Capital

The proforma effects of the Proposed Revisions on the share
capital of MRCB and Newco are set out in Table B at
http://www.bankrupt.com/misc/TCRAP_Sistem0822.pdf.

Net Tangible Assets (NTA)

The proforma effects of the Proposed Revisions on the NTA of the
MRCB and Newco group are set out in Table C at
http://www.bankrupt.com/misc/TCRAP_Sistem0822.pdf

Earnings

The Proposed Revisions will not have any effect on the profits
of MRCB for the financial year ending 31 August 2002 as the
Corporate Proposals is expected to be completed only in the
financial year ending 31 August 2003.

The Proposed Revisions will not have any effect on the profits
of Newco for the financial year ending 31 August 2002 as the
Corporate Proposals is expected to be completed only in the
financial year ending 31 August 2003.

Substantial Shareholding Structure

The proforma effects of the Proposed Revisions on the
substantial shareholding structure of MRCB and Newco are set out
in Table D at http://www.bankrupt.com/misc/TCRAP_Sistem0822.pdf

Dividend Rate

The Board of Directors of MRCB and TV3 do not expect to
recommend any dividends in respect of the financial year ending
31 August 2002.

Gearing

The proforma effects of the Proposed Revisions on the gearing of
MRCB and Newco group are set out in Table E at
http://www.bankrupt.com/misc/TCRAP_Sistem0822.pdf

Save for the Proposed Revisions, the other components of the
Corporate Proposals, including the terms of settlement to the
scheme creditors and shareholders of TV3 under the Proposed TV3
Scheme of Arrangement, as announced on 8 October 2001 and 21
January 2002, shall remain unchanged.

The Proposed Revisions have been submitted to the SC and the
FIC. Approval from the SC for the Corporate Proposals, including
the Proposed Revisions, remains pending. As announced on 16 July
2002, the FIC has approved the Corporate Proposals. The approval
from FIC in respect of the Proposed Revisions remains pending.


UNIPHOENIX CORPORATION: Enters Conditional SPA With Peninsula
-------------------------------------------------------------
The Board of Directors of Uniphoenix Corporation Berhad
announced that the Company entered into a conditional Share Sale
Agreement on 19 August 2002 with Peninsular Aura (M) Sdn Bhd
(Purchaser) to dispose of 2,600,000 ordinary shares of RM1.00
each representing 65% of the issued and paid up capital in the
JVCO for a cash consideration of RM1.00 (Proposed Disposal).

DETAILS OF THE PROPOSED DISPOSAL

a) Information on JVCO

JVCO was incorporated on 21 October 1995 in Malaysia. The
authorized share capital of the JVCO is RM10 million divided
into 10 million ordinary shares of RM1.00 each of which 4
million have been issued and fully paid. The principal activity
of the JVCO is property development.

By a written Privatization Agreement dated 29 December 1995 made
between Perbadanan Kemajuan Tanah Adat Melaka (Pertam) and KGMMB
Holdings Sdn Bhd (KGMMB), the State Government of Melaka has
granted to KGMMB, through and with the assistance of Pertam, the
absolute right to undertake the development of a piece of land
measuring about 43.50 acres located at Mukim of Musai and Bukit
Piatu, Daerah Melaka Tengah in the State of Melaka (the Land).

By a Joint Venture Agreement dated 3 January 1996 made between
the Company, KGMMB and the JVCO, the parties thereto have agreed
to establish the JVCO as a vehicle to undertake and carry out
the joint venture of the development of the Land. The Company
and KGMMB hold 65% and 35% respectively of equity interest in
the JVCO.

As of todate, the development of the Land has not commenced due
to lack of financial support from the Company.

b) Information on the Purchaser

Peninsular Aura (M) Sdn Bhd was incorporated on 19 December 1994
in Malaysia. The authorized share capital of the Purchaser is
RM1 million divided into 1 million ordinary shares of RM1.00
each of which 250,000 have been issued and fully paid. The
principal activity of the Purchaser is property development and
construction.

c) Consideration for the Proposed Disposal

The sale consideration for the Proposed Disposal was arrived at
on a willing buyer, willing seller basis after taking into
consideration of the net tangible liabilities position of the
JVCO.

The sale consideration for the Proposed Disposal shall be
payable on completion of the Share Sale Agreement which will be
within 30 days after the Share Sale Agreement become
unconditional.

The Proposed Disposal will also result in the full discharge of
the corporate guarantee (Guarantee) given by UCB to Malaysia
Building Society Berhad (MBSB) for a loan facility (Loan)
granted to JVCO. The total outstanding of the Loan as at 30 June
2002 is approximately RM9.8 million. The Loan was utilized for
payment of land cost.

FINANCIAL EFFECTS OF THE PROPOSED DISPOSAL

The Proposed Disposal will not have effect on the share capital
of the Company.

The Proposed Disposal will result in an exceptional gain of
approximately RM11 million. Based on the consolidated audited
accounts of UCB as at 30 June 2001, the net tangible liabilities
per share will improve from RM1.78 to RM1.74.

The Proposed Disposal will not have any material effects on the
earnings of the Group for the financial year ending 30 June
2003.

COST OF INVESTMENT

The original cost of investment for the 2,600,000 ordinary
shares of RM1.00 each in the JVCO is RM2.6 million. The
investment was made on 29 October 1996.

RATIONALE FOR THE PROPOSED DISPOSAL

The Proposed Disposal is part of the Company's initiatives to
divest non-core businesses and assets within the Group.

SUBSTANTIAL SHAREHOLDERS' SHAREHOLDING

The Proposed Disposal will not have any effect on the
substantial shareholders' shareholding of the Company.

CONDITIONS PRECEDENT AND SALIENT FEATURES OF THE PROPOSED
DISPOSAL

The Proposed Disposal is subject to the following conditions
being fulfilled within six (6) months from the date of the Share
Sale Agreement:

   (a) Validation orders of the High Court in Malaya pursuant to
Sections 176 and 223 of the Companies Act, 1965;

   (b) The Purchaser's auditors having conducted and completed
the due diligence of the JVCO;

   (c) Pre-emptive waiver issued by KGMMB waiving its rights of
pre-emption over or rights of first refusal to purchase the
2,600,000 issued and fully paid up ordinary shares of RM1.00
each in the JVCO;

   (d) Restructuring of the Loan upon terms acceptable to the
Purchaser;

   (e) Approval-in-principle of MBSB to the unconditional
release and discharge of the Guarantee;

   (f) Approval from Foreign Investment Committee; and

   (g) Any other approvals from relevant authorities, if
applicable.

SHAREHOLDERS' AND RELEVANT GOVERNMENT AUTHORITIES APPROVALS

The Proposed Disposal is subject to:

   (i) The approval from Foreign Investment Committee by
Peninsular Aura (M) Sdn Bhd;

   (ii) A waiver to be obtained from the Securities Commission
in relation to the Proposed Disposal; and

   (iii) Any other approvals from relevant authorities.
The Proposed Disposal does not require shareholders' approval.

SECURITIES COMMISSION'S POLICIES AND GUIDELINES ON ISSUES/OFFER
OF SECURITIES

Apart from the waiver to be sought from the Securities
Commission, the Proposed Disposal is not expected to depart from
the Securities Commission's Policies and Guidelines on
Issues/Offer of Securities.

ESTIMATED TIME FRAME FOR COMPLETION

The Proposed Disposal is estimated to be completed within seven
(7) months from the date of the Share Sale Agreement.

DIRECTORS' RECOMMENDATION

The Directors of UCB, having taking into consideration all
aspects of the Proposed Disposal, are of the opinion that the
Proposed Disposal is fair and reasonable, and is in the best
interest of UCB and its shareholders.

DIRECTORS AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

None of the Directors or substantial shareholders or person(s)
connected with the Directors or substantial shareholders
has/have any interest, direct or indirect, in the Proposed
Disposal.

DOCUMENTS FOR INSPECTION

The Share Sale Agreement will be available for inspection at the
registered office of UCB during office hours from Monday to
Friday (except public holidays) for a period of one (1) month
from the date of this announcement.


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


ATLAS CONSOLIDATED: Narrows FY02 Q1 Net Loss to P31.528M
--------------------------------------------------------
Atlas Consolidated Mining & Development Corporation posted a net
loss of 31.528 million pesos in the first quarter of this year,
versus a net loss of 625.698 million a year earlier, AFX Asia
reported Tuesday.

Financial results for the three months to March:

Revenues - 1.743 million pesos
Costs and operating expenses - 33.271 million pesos
Pretax loss - 31.528 million pesos
Net loss - 31.528 million pesos

2001 results:
Revenues - 66.525 million pesos
Costs and operating expenses - 692.223 million pesos
Pretax loss - 625.698 million pesos
Net loss - 625.698 million pesos

According to the Philippine Stock Exchange the Company's
consolidated shares remains suspended even with its compliance
with reportorial requirements.

The exchange said the Company has not yet paid the corresponding
fines incurred for delayed submission of the said financial
reports.

Atlas Consolidated Mining and Development Corporation was
established through the merger of assets and equities of three
distinctive companies. These are Masbate Consolidated Mining
Company, IXL Mining Company and and the Antamok Goldfields
Mining Company. Its copper minesite is located in Toledo, Cebu
while its gold minesite is in Aroroy, Masbate. The Company is
into mineral and metallic mining and exploration and primarily
produces copper concentrates and gold with silver and pyrites as
major by-products.


C&P HOMES: Negotiating With Creditors for Asset Swaps
-----------------------------------------------------
C&P Homes Inc. is negotiating with its creditor banks for asset
swaps towards payment of its loans, the Philippine Star and AFX
Asia reported Wednesday.

As of June, the Company has 1.79 billion pesos in bank loans,
loans and notes payable worth 220 million and commercial
floating rate notes of 10.21 billion.

The Company's creditor banks are Bank of the Philippines Islands
with an exposure of 299.5 million, Equitable PCI Bank with 512
million, Rizal Commercial Banking Corp with 616 million,
International Exchange Bank with 287 million, and Export and
Industry Bank with 71 million.

C&P Homes is engaged in the development of low-cost housing in
planned communities in the Philippines. It is the largest
private low- cost housing developer in terms of real estate
sales in the country as of December 31, 1994.

Housing is developed primarily in Metro Manila and its
surrounding areas and markets the homes under the widely
recognized Camella and Palmera names.

DebtTraders reports that C & P Homes International Ltd's 7.729
percent floating rate note due in 2003 (CPHO03PHS1) trades
between 14 and 16. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=CPHO03PHS1


CALIRAYA-BOTOCAN: DOE Welcomes Inquiry on Meritec Report
--------------------------------------------------------
Energy Secretary Vincent S. Perez, Jr. welcomes a possible
Senate inquiry into a report submitted by New Zealand-based
Meritec Ltd. on the Impsa contract for the rehabilitation of the
Caliraya-Botocan-Kalayaan (CBK) power plant complex on Monday.

This is in light of recent reports that the DOE has not been
transparent with results of the Meritec assessment of the CBK-
BROT (build-rehabilitate-operate-transfer) project.

The DOE Secretary said that there are two Meritec reports. The
first report was commissioned by the National Power Corp.
(Napocor) "to have a basis for payments for the rehabilitation
work undertaken pursuant to the contract."

The second report was requested to assist in the then on-going
independent power providers (IPP) contracts review process being
undertaken by the Inter Agency Committee.  It is envisioned that
the Department of Justice and the National Economic Development
Authority would use the results of the subsequent review as part
of the policy review. Copies of the reports had previously been
given to both agencies.

Secretary Perez said he has requested for a meeting with Senator
Sergio Osme¤a this week "in order to fully brief the Senator on
the contents of the second part of the Meritec report" which was
a review of the CBK contract. Perez hopes that this report could
be used in the second phase of the IPP review.

Secretary Perez made public last month the first report where
Meritec said it found the payments to Impsa justified based on
the parameters and scope of the evaluation.

While the first Meritec report observed that there was some
administrative procedures not complied with by the operator,
these were minor enough not to warrant withdrawal of payments
and put at risk the country's recently improved credit rating by
being declared in default.

Secretary Perez said he hopes a possible Senate inquiry would
clarify "pervading doubts on the Meritec reports and further
shed light on the government's strategy for dealing with the
issue of payments to independent power providers or IPPs."

Secretary Perez said he hopes Senator Osme¤a will spearhead a
possible inquiry and expressed hope that the meeting "could take
place soonest so that the Senator could be further enlightened
on the details of the reports and the circumstances regarding
said reports."

Secretary Perez added that this is not the last time he will be
asking Senator Osmena's help in inquiring into IPP contracts
entered into in the past. He said he is now making another
preliminary investigation on a "sweetheart deal" which may have
been duly disadvantaged the electricity consumers.

He did not specify the contract but aired the optimism that he
will also get Senator Osmena's backing on the investigation of
the alleged sweetheart deal.

For more information, visit http://www.doe.gov.ph.


PHILIPPINE LONG: FirstPac Still Interested in Q3 Share Transfer
---------------------------------------------------------------
In a disclosure to the Philippine Stock Exchange (PSE), First
Pacific Co Ltd said it still expects to transfer its controlling
shares in Philippine Long Distance Telephone Co (PLDT) to a
joint venture with the Gokongwei Group by the third quarter.

First Pacific said in its earnings report that it is addressing
transaction-related issues such as the due diligence by the
Gokongwei group which has been opposed by the PLDT management
and Nippon Telegraph & Telephone Corp's right of first refusal
to the controlling stake in PLDT.

"Currently, First Pacific has advanced documentation and
commenced the transaction's pre-closing reorganization steps,
while continuing to target a third quarter closing," the
statement said.

First Pacific and the Gokongwei group signed their agreement in
June, under which the Gokongwei group will acquire control of
PLDT by acquiring a two-thirds stake in the joint venture for
US$616 million.

PLDT's management has opposed the entry of the Gokongweis as the
group owns a rival telephone Company, Digital Telecommunications
Philippines Inc. (M&A REPORTER-ASIA PACIFIC, Vol. No.1, Issue
No. 165, August 21, 2002)


UNITRUST DEVELOPMENT: PDIC Invites Parties to Submit Rehab Plan
---------------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) recently
invited interested parties to submit rehabilitation proposals
for the closed Unitrust Development Bank (UDB).

PDIC is the receiver of the UDB.

The deadline for the submission of requirements for pre-
qualification purposes was on August 15, 2002. The deadline for
the submission of rehabilitation proposals is on August 30,
2002.

The list of pre-qualification requirements and the bidding
guidelines under this invitation shall be made for free to
interested parties during office hours from August 12 to 15,
2002 at the Office of the Vice President, Risk Management Group
III, 2nd floor, PDIC Building, 2228 Chino Roces Avenue, Makati
City, Metro Manila.

The PDIC and the committee constituted for this purpose reserve
the right to refuse any or all rehabilitation proposals, waive
any defect or formality, assume no obligations whatsoever to
compensate or indemnify the proponents for any expense or loss
that they may incur in the preparation of the rehabilitation
proposal and to negotiate and approve any proposal submitted
which PDIC may consider to be most advantageous to the
depositors and creditors of UDB. The decision of PDIC in this
regard shall be final and binding.

For more information, go to http://www.pdic.gov.ph/


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


ASIA PULP: IBRA Aims to Place Financial Controllers
---------------------------------------------------
The Indonesia Bank Restructuring Agency (IBRA) is planning to
install financial controllers at Asia Pulp & Paper (APP) to help
oversee the ailing firm's debt payments, Channel News Asia
reported Tuesday.

IBRA, which is one of Asia Pulp's major creditors, owed around
one billion US dollars. The agency is keen to work the APP's
owners the Widjaja family, to work out the Company debts.

Deutsche Bank and BNP, would like to see the firm placed under
judicial management, a move IBRA does not support.

Their court bid resumes in Singapore's High Court on Wednesday.

Asia Pulp has total debts of $13.9 billion.


DATACRAFT ASIA: Discloses FY02 1H Financial Results
---------------------------------------------------
In an announcement on May 9, 2002, Datacraft Asia Limited said
its year-end would be changed from June to September in order to
align with the financial year of its parent Company, Dimension
Data Holdings PLC. Consequently the Company's next formal
announcement of results will be for the 15 month period ending
30th September 2002. On 16 May 2002, the Company advised the
market that, after the effects of accounting for the additional
provisions for doubtful debts in China, the Company would make a
loss for the 12-month period ending 30th June 2002.

In line with the Company's intention to give the market an
update on its performance, the Company wishes to announce that
it was profitable at the operating level (before tax,
amortization of goodwill, one-off charges and the China debt
provision announced on 16 May 2002) for the six months ended
30th June 2002. Un-audited Revenues and operating profit
(defined herein as profit before tax, the one-off China debt
provision, one-time restructuring charge and amortization of
goodwill) achieved for the period were similar to those reported
for the six months ended 31st December 2001 of US$217 million
and US$10 million respectively.

Business conditions for the six months to June 2002 were very
challenging. Customers continued to focus on cost reductions and
were generally less ready to invest in new IT projects. The
Group undertook a restructuring exercise towards the end of
calendar year 2001 and as a result, overhead expenses declined
by US$6.0 million for the second six months compared to the
first six months.

Performance differed widely across the operating entities.
Whilst performances from China, Korea and Singapore were below
expectations, good performances were recorded from India,
Thailand, Vietnam, and Indonesia. Japan returned to
profitability following the change of management there. These
countries were awarded several major projects, including US$18
million for the State Bank of India, US$9 million for TOT in
Thailand, US$5.6 million for CP Orange in Thailand, US$2.6
million ISP centre in Hanoi, US$2 million from Dresdner Bank in
Japan and a large Managed Services contract from an insurance
Company in Japan. In terms of revenue breakdown by geographies,
Greater China (China, Hong Kong and Taiwan) contributed 21.8
percent, East Asia (Japan, Korea) 25.7 percent and South Asia
(Asean, India and NZ) 52.5 percent. As for revenue breakdown by
business mix, telecoms contributed 33 percent, enterprises 29
percent and services 38 percent. For the fifth year running,
Datacraft Asia was voted as the Best Systems Integrator in Asia
by the readers' survey in Telecom Asia magazine.

Outside of China, the Group's Revenues increased by 5 percent
over the preceding 6 month period, operating profit grew by 15
percent and recorded an operating ratio of 6.6 percent PBT.
China Revenues, now representing 9 percent of Group turnover,
have declined by 28 percent sequentially, and China recorded a
$2.6M operating loss in the 6-month period.

In this difficult economic period, the Company continued to
focus on streamlining its operations, strengthening its
financial controls and its balance sheet. A number of operations
have been merged for greater efficiencies:

Datacraft New Zealand and NCS, Datacraft Korea and Dasan,
Datacraft Singapore and Multisoft, Datacraft China and DNI.
Considerable improvement was made in the balance sheet and
cashflow. For the past 12 months, the operations generated
approximately US$22 million of cash. Net Account receivables
have improved by 6 percent since the end of Dec 2001, from
US$160 million to US$150 million as at 30 June 2002. Excluding
China, the DSO (days sales outstanding) remained relatively
flat. Inventory levels improved by 4 percent from US$20.2
million as at 31 December 2001 to US$19.4 million as at 30 June
2002 and are expected to improve further in the forthcoming
quarter.

As part of the focus on strengthening the balance sheet, the
Company re-negotiated the acquisition earnout payments for
several of its acquired companies (namely Netwave, Multisoft,
NCS and Dasan) and future acquisition liabilities have been
reduced by approximately US$15 million as a result of
adjustments and renegotiations.

In China, the operations of DC China and DNI have been merged
and 2 WOFEs (wholly-owned foreign enterprises) are being set up
to cater for the networking and training businesses
respectively. Following the announcement on 16 May 2002,
financial controls in China have been further strengthened with
the recruitment of 2 regional finance managers. The Company has
also commissioned legal, accounting and investigative agencies
to pursue recovery of the account receivables and to take the
necessary recourse where there is evidence of wrongdoing.

As an evolution from Datacraft's Millennium Strategy, the Group
is further strengthening its focus on Services by appointing
separate Group heads for Professional and Managed Services and
intends, together with parent Company, Dimension Data, to
capture more global MNC accounts and to introduce new business
streams in areas such as Network Storage and Customer
Interactive Call Centre solutions.

As stated in the announcement on 16 May 2002, trading conditions
continue to be challenging and the outlook remains uncertain.
The forthcoming quarter ending 30 September 2002 is
traditionally a weak seasonal quarter and the Group is expecting
to make a small Operating Loss for that quarter. For FY03 the
Group is focusing primarily on balance sheet, particularly cash
flows and improving PBT ratios and will be taking actions to
return China to profitability.

The Group is expecting to take certain non-operational charges
against the P&L for the 15 month period ending 30th September
2002, these comprise, as previously announced, the additional
US$23 million China account receivables provision, the US$7
million restructuring costs (the bulk of which have been taken
in the first 6 months) and amortization of goodwill of US$5
million. In addition, the following non-operational charges will
also be taken, an account receivables provision for
approximately US$2.9 million owed by a WorldCom Company, and a
potential asset impairment loss as a result of rationalization
of the Group's I-Commerce companies.

An analyst and press presentation on the above subject matter
will be held on Tuesday 20th August at 11am at Raffles City
Convention Centre, Moor Room, Level 4. The PowerPoint slides of
that presentation will be available on the Company's website at
www.datacraft-asia.com.

According to TCR-AP, Kelive forecast the group to post a net
loss of US$8 million for the fiscal year 2002. The overall
telecommunications sector remains weak as infrastructure
spending has yet to normalize. Without a significant improvement
in end user demand, recovery would likely be relegated to fiscal
year 2003.

For more information on Kelive market analysis, go to
http://www.kelive.com/kelive/userview/Home.jsp.


HONG LEONG: Cessation of Substantial Shareholder
------------------------------------------------
Hong Leong Asia Ltd posted a notice of cessation of substantial
shareholder Warburg, Pincus Ventures, L.P.

Date of notice to company: 16 Aug 2002
Date of change of interest: 26 Jul 2002
Name of registered holder: Warburg, Pincus Ventures, L.P.
Circumstance(s) giving rise to the interest: Others
Please specify details: Allotment of 30 million shares of $0.20
each in the capital of the Company on 26 July 2002.

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: 16,753,000
% of issued share capital: 5.151
No. of shares held after change: 16,753,000
% of issued share capital: 4.716

Holdings of Substantial Shareholder including direct and deemed
interest
                                      Deemed     Direct
No. of shares held before change:       0      16,753,000
% of issued share capital:              0        5.151
No. of shares held after change:        0      16,753,000
% of issued share capital:              0        4.716
Total shares:                           0      16,753,000

Note:

1. % of the issued share capital is based on the Company's
issued share capital of 325,268,900 shares of $0.20 each as at
26 July 2002 (before the transaction).

2. % of the issued share capital is based on the Company's
issued share capital of 355,268,900 shares of $0.20 each as at
26 July 2002 (after the transaction).


OCULUS LIMITED: Issues Profit Warning
-------------------------------------
The Board of Directors of Oculus Limited expects a loss in the
first half of financial year 2002, which was indicated in the
announcement of the Group's results for the financial year ended
31 December 2001, made on March 15, 2002. In the paragraph
relating to "Commentary on current year prospects", it was
stated as follows:

"With an improved global economic and financial environment, the
Board is confident that the Group will register higher sales in
2002. However, on going restructuring of product lines, customer
base and alignment of inventory to establish a strong operating
platform may result in the Group to suffer small losses in the
first half of 2002. The Group expects to return to sustainable
profitability in the second half of 2002. For the full year, the
Group targets to return to profitability."

The Board wishes to inform that the Group expects to report a
larger than expected loss in the first half of financial year
2002 owing to more aggressive reduction of inventory which also
resulted in lower than expected utilization of its group
manufacturing facilities, more aggressive rationalization of its
China customer base and closure of its manufacturing facilities
in Malaysia. The Directors are currently reviewing and analyzing
the results. Details of the first half of financial year 2002
performance and prospects for second half of financial year 2002
will be announced in the Group's 2002 Proforma Half Year
Financial Statement targeted to be released some time mid
September 2002.


OVERSEA-CHINESE: Units Enter Voluntary Liquidation
--------------------------------------------------
Oversea-Chinese Banking Corporation Limited announced Tuesday
the voluntary winding-up of the following subsidiaries:

(1) Members' Voluntary Liquidation Of Asia Commercial Enterprise
Pte Ltd

At an Extraordinary General Meeting of Asia Commercial
Enterprise Pte Ltd held on 20 August 2002, the shareholder of
the Company passed a special resolution for the members'
voluntary winding-up of the Company. The Company is a wholly
owned subsidiary of Oversea-Chinese Banking Corporation Limited.

The Statutory Declaration of Solvency (Form 66) of the Company
executed by the Board of Directors, in compliance with the
Companies Act, Cap. 50, was lodged with the Registrar of
Companies and Businesses on 16 August 2002. The Company has
ceased business operations and is currently a dormant Company.

The issued and paid-up capital of the Company is S$16,000,000.

(2) Members' Voluntary Liquidation Of Tl Provident Ltd

At an Extraordinary General Meeting of TL Provident Ltd, held on
20 August 2002, the shareholder of the Company passed a special
resolution for the members' voluntary winding-up of the Company.
The Company is a wholly owned subsidiary of Oversea-Chinese
Banking Corporation Limited.

The Statutory Declaration of Solvency (Form 66) of the Company
executed by the Board of Directors, in compliance with the
Companies Act, Cap. 50, was lodged with the Registrar of
Companies and Businesses on 16 August 2002. The Company has
ceased business operations and is currently a dormant Company.

The issued and paid-up capital of the Company is S$25,000,000.

(3) Members' Voluntary Liquidation Of Tl Nominees Pte Ltd

At an Extraordinary General Meeting of TL Nominees Pte Ltd ("the
Company"), held on 20 August 2002, the shareholder of the
Company passed a special resolution for the members' voluntary
winding-up of the Company. The Company is a wholly owned
subsidiary of Oversea-Chinese Banking Corporation Limited.

The Statutory Declaration of Solvency (Form 66) of the Company
executed by the Board of Directors, in compliance with the
Companies Act, Cap. 50, was lodged with the Registrar of
Companies and Businesses on 16 August 2002. The Company has
ceased business operations and is currently a dormant Company.

The issued and paid-up capital of the Company is S$25,000.

DebtTraders reports that Oversea-Chinese Banking Corp's 7.750
percent bond due in 2011 (OCBC11SGS1) trades between 11.571 and
112.339. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=OCBC11SGS1


WEE POH HOLDINGS: Chairman Tan Song Koon Resigns
------------------------------------------------
The Board of Directors of Wee Poh Holdings Limited announced
Tuesday the resignation of Tan Song Koon as the Chairman, and
also as a member, of the Audit Committee of the Company with
effect from 5 August 2002.

He shall, however, remain as a member of the Board of Directors
of the Company.

The Board of Directors further wishes to announce that Mr Tay Ah
Kong has been appointed as Chairman of the Audit Committee with
effect from 6 August 2002.

TCR-AP reported that Wee Poh has suffered annual losses of more
than $7 million for the last two years and faced with current
liabilities of S$50.9 million at the end of 2001. In February,
its 51 percent subsidiary, W&P Piling Pte Ltd, received trade
creditors' approval to pay back 40 cents for every dollar owed,
on debts of about $16 million.


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


B. GRIMM ENGINEERING: Explains Bt19.31M Net Loss Variance
---------------------------------------------------------
B. Grimm Engineering Systems Public Company Limited, in
reference to its Financial Statement for the six month ended
June 30, 2002, which were reviewed by the Auditor, reported a
net loss of Bt108.42 million compared with Bt89.11 million net
loss of the same period for last year.

The major variances of Bt19.31Million come from the followings:

Variance from normal Operation

1. Ordinary sales for this period of Bt13.87 million was
decreased to Bt85.69 million compared with last year same
period.

2. Gross project margin was recorded negative at 200 percent of
sales compare with the same period of last year was negative
with 51 percent of sales because the company did not tender in
the rehabilitation process with  Bankruptcy Court.

3. Selling and administration expenses were increased to Bt9.1
million. Loss from sales of investments in capital share
increases to Bt27.73 million. Reversed doubtfut accounts
decreased to Bt27.67 million. Bad debt increased Bt7.59 million.
Interest expenses increases to Bt23.03 million. Compare with
last year same period.

BGES posted reviewed half year financial statements as follows:

Reviewed
    Ending  June 30,      (In thousands)
                    For half year
Year               2002          2001

Net profit (loss)       (108,429)      (89,111)
EPS (baht)              (4.82)        (3.96)


JASMINE INTERNATIONAL: Rights Warrants Exercise Info
----------------------------------------------------
Jasmine International Public Company Limited informed Warrant
Holders regarding the Exercise of 257,356,537 units of the
Company's Rights Warrants as follows:

1. The Exercise Date is on September 16, 2002 at 8:30am to
3:30pm.

2. The Notification Period is from 8:30am to 3:30pm on the
Company's business day on September 1, 2002 through September
13, 2002.

3. Contact Place to exercise the Rights Warrants and to get the
Subscription Forms:

   * Jasmine International Public Company Limited
     200, 29th-30th Floor, Moo 4, Chaengwattana Road, Pakkred
     Sub-district, Pakkred, Nonthaburi 11120, Thailand
   * Telephone No. (66 2) 502-3000-7, Fax No. (66 2) 502-3151

Or at any office of the brokerage companies during the
Notification Period.

4. The Exercise Ratio and the Exercise Price to subscribe the
Company's Common Shares:

Rights Warrant has a right to subscribe 1 Common Share of the
Company at the price of Bt5 per share.


NATURAL PARK: Shares Offering Registration Completed
----------------------------------------------------
N P K Management Service Co., Ltd., Plan Administrator of
Natural Park Public Company Limited notified that the Company
has completed the registration of the combination of the par
value of shares from 200 shares (par value of Bt0.05) to one
share (par value of Bt10) under the Business Rehabilitation
Plan of the Company, as submitted to the Department of
Commercial Registration, Ministry of Commerce on 16 August 2002.
Below is a copy of the report:

        Report on Result of Shares Offering
        Natural Park Public Company Limited
        Date: 16 August 2002

1. Information Relating to the Shares Offering.
   Types of Shares offered : capital increase ordinary shares
   Number of Shares offered: 690,703,422  shares
   Offered to      : Creditors of Groups 3-5, 8-9, 11 and
   15 for the conversion of debts into equity
   under the Business Rehabilitation Plan
   Price per Share : 10.- Baht per share
   Subscription and Payment Period : 14 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

No of Persons 203        12                       215
No of Subscribed
Shares   689,195,764  3,507,658               692,703,422
% of Total
Shares Offered
for Sale    99.494       0.506

4. Amount of Money Received from Shares Sale.
   Total amount    :       6,927,034,220   Baht
   Less expenses   :               -       Baht
   Net amount received     :       6,927,034,220   Baht


THAI ENGINE: H102 Outstanding Bank Guarantees Stand Bt.3M
---------------------------------------------------------
Thai Engine Manufacturing Company Limited reported that as at
30  June 2002,  there  were outstanding lease commitments in
respect of office and service center.

Rental payable in the future under the agreements is
approximately Bt0.4 million per month.

BANK GUARANTEES

As at 30 June 2002, there  were  outstanding  bank  guarantees
of Bt0.3 million issued by banks on behalf of the Company  in
respect of certain performance  bonds as required in the normal
course of business.

LITIGATION

1.  On 14 December 2000, the Company was accused with criminal
case for charges of jointly dishonest assets management, with
other parties by an individual.   The case is being determined
of the fact and the outcome is unknown.

2.  Legal action has been taken against the Company by a
supplier, local and overseas banks, and financial institutions
related to its default on the payment of trade debts and loans,
amounting to approximately Bt1,009 million.


THAI ENGINE: Issues H102 Rehab Plan Progress
--------------------------------------------
The Central Bankruptcy Court ordered on 21 April 2000 the
business reorganization of Thai Engine Manufacturing Public
Company Limited, pursuant to the Bankruptcy Act B.E.
2483 as amended, appointing Churchill Pryce Planner Company
Limited as Planner.

The TEM creditors meeting held on 7 November 2000 voted in favor
of TEM's reorganization plan and on 20 December 2000 the Central
Bankruptcy Court approved the reorganization plan (Approved
Plan) and appointed Churchill Pryce Planner Company Limited as
Plan Administrator.

The Plan is divided into seven steps. At present, Steps 1
through 5 of the 7-step reorganization plan have been completed.

Step 1, the restructuring of existing indebtedness was fulfilled
on 21 December 2000.

Step 2, the transfer of Selected Assets and Liabilities to
Special Purpose Vehicles, AMC I and AMC II, has been achieved
through the signing of the Assignment Agreements and related
Asset Assignment Agreements for AMC I and AMC II.

Step 3, the transfer of collateral to remaining secured
creditors was accomplished on 8 March 2002.

Step 4, the capital reduction have been completed on 22 October
2001.

Step 5, the capital increase and swap of debt, was
concluded on 22 May 2002.

The last 2 steps of the reorganization plan, forgiveness of
remaining debt and re-listing of operating business unit, have
been modified in accordance with the Plan Amendment approved
on 4 April 2002. This Plan Amendment was made pursuant to an
Investor making an offer to purchase the business of TEM by way
of acquiring the entire registered share capital of TEM and
repaying the convertible debentures issued to creditors. This
triggered the Approved Plan to be amended. On 1 February 2002,
the majority of creditors voted in favor of the Plan Amendment.
The Court approved the Plan Amendment on 4 April 2002.

Although the Plan Administrator has arranged several meetings
and sent a notice letter to inform the new investor about the
first 60-days deadline for the execution of the Acquisition
Agreement which has already expired, the new investor did not
comply to the Amended Plan. Even until the beginning of August
2002 when 2-time extended periods, not exceeding 30 days each,
were over, the Plan Administrator still did not receive any
feedback showing the explicit intention in acquiring TEM from
the new investor.

As such, the implementation of Business Reorganization Plan
shall proceed by adhering to the parts of Plan Amendment which
prescribe the actions to be taken if the sales of the entire
registered share capital of TEM to the Investor is not
successfully complete within the allowed period.


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

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

Asia Pulp & Paper     FRN     due 2001    11 - 13        0
Asia Pulp & Paper     11.75%  due 2005    27 - 28        -0.75
APP China             14.0%   due 2010  25.5 - 27.5      +0.5
Asia Global Crossing  13.375% due 2006    17 - 19        0
Bayan Telecom         13.5%   due 2006    19 - 21        -0.5
Daya Guna Sumudera    10.0%   due 2007     3 - 5         0
Hyundai Semiconductor 8.625%  due 2007    61 - 66        0
Indah Kiat            11.875% due 2002    30 - 31        0
Indah Kiat            10.0%   due 2007  25.5 - 27.5      0
Paiton Energy         9.34%   due 2014    70 - 75        0
Tjiwi Kimia           10.0%   due 2004    25 - 27        +0.5
Zhuahi Highway        11.5%   due 2008    35 - 37        +2

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


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

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

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

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

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

                 *** End of Transmission ***