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

                   A S I A   P A C I F I C

           Friday, August 30, 2002, Vol. 5, No. 172

                         Headlines

A U S T R A L I A

DVT HOLDINGS: USC Increases Relevant Shares
FLOWCOM LIMITED: Receives Debt Restructuring Proposals
NEWCREST MINING: Swings to a Loss on Gold Contracts
ONE.TEL LTD: Insiders Unveil "Belly-Up" Strategy
PMP LIMITED: Exceeds EBIT Forecast for 2002


C H I N A   &   H O N G  K O N G

ASIA GLOBAL: Employees Assured of Job Security
GUANGDONG KELON: Deloitte to Review First-Half Results
NEW WIN ENGINEERING: Winding Up Hearing Set for September
NORTHEAST ELEC.: Expects US$8M Payout From Liquidated Assets
WINLIST INVESTMENTS: Faces Winding Up Petition

WINNER VEGETARIAN: Court Sets September Winding Up Hearing


I N D O N E S I A

SEMEN GRESIK: Posts Rp170.3B Profit in the First Half


J A P A N

DAIWA BANK: Realigns Operations of Units
DAIWA BANK: Establishing Unit for Issuance of Securities
HOKKAIDO INTERNATIONAL: DBJ Seeking Partner for Rehabilitation
JAPAN CHEMITEC: JAI Acquires Ailing Waste Treatment Firm
KURARAY CO.: Discloses Polyester Staple Business Restructuring

MATSUSHITA ELECTRIC: Develops One-Chip System LSI
MITSUBISHI CHEMICAL: Offering Y15B 7-Yr Bonds Due 2009
NIPPON MEAT: Rejects Meat Ops Spin Off Reports


K O R E A

DAEWOO ELECTRONICS: Court Convicts Former Presidents
DAEWOO MOTOR: Readies for New Joint Venture With GM
HYNIX SEMICON: Creditors Want Chipmaker Sold Before Election
HYNIX SEMICONDUCTOR: Deutsche Bank Proposes Debt Forgiveness
HYUNDAI MOTOR: FTC Warns Prompt Report on Affiliates

KOREA THRUNET: Signs Dacom MOU to Jointly Bid for Powercomm
KUMHO INDUSTRIAL: Creditors Offer US$1.03B Loans to Carlyle
KYUNGIN MUTUAL: FSC Suspends Operation Until February 2003



M A L A Y S I A

ABRAR CORPORATION: Says Payment Status Remains Unchanged
BESCORP INDUSTRIES: Administrators Finalize Debt Rehab Plan
EPE POWER: Awaits KLSE Approval for Extension of Time
ESPRIT GROUP: Applies for Further Stay at Court of Appeal
HAP SENG: Lam Soon Withdraws Legal Suits

HUBEI HUALI: Faces Winding-up Petition
KEMAYAN CORP: Court Extends Restraining Order to September
MULPHA INTERNATIONAL: Announces Voluntary Winding-up of MBSB
NAM FATT: SC Revises Restructuring Conditions
PAN MALAYSIA: Posts Updates on Company Proposal

PARIT PERAK: Narrows Loss to MYR50.81M
PARK MAY: Cuts Pre-tax Loss to MYR13.30M
PICA (M) CORPORATION: Seeks KLSE Approval for Extension of Time
SOUTHERN STEEL: sees Profit in First Half
SOUTHERN STEEL: Shares Up MYR0.22 on Strong Results

TECHNOLOGY RESOURCES: Ends Redundant MOU With Telekom Malaysia
TECHNOLOGY RESOURCES: Seeks Legal Advice on Directors' Payments
TIME DOTCOM: Okays Resale, Distribution of Equant Data Services


P H I L I P P I N E S

ALL ASIABANK: PDIC Starts Insurance Payments to Depositors
NATIONAL POWER: May Revive Ambuklao Power Plant Rehab
PHILIPPINE AIRLINES: Expects Php911M Net Profit in 1Q FY03


S I N G A P O R E

ASIA FOOD: Announces Debt Restructuring Update
CHARTERED SEMICONDUCTOR: Need Funds Within Nine Months
INNO-PACIFIC: Narrows First-Half Net Loss to $1.85M
PENTON INTERNATIONAL: Resolving Issues, Profit Warning
SEMBCORP INDUSTRIES: Posts Changes in Temasek's Interests

SINGAPORE PRESS: Injects $40M Into Loss-Making TV Unit
SUM CHEONG: China Dev't Sells Loss-Making Singaporean Unit


T H A I L A N D

THAI PETROCHEMICAL: Effective Planners Implemented Rehab Plan
THAI PETROCHEMICAL: Seeks Dismissal of Effective Planners

     -  -  -  -  -  -  -  -

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


DVT HOLDINGS: USC Increases Relevant Shares
-------------------------------------------
In accordance with the Supplementary Share Target's Statement of
Utility Services Corporation Limited (USC) dated 5 August 2002,
USC said that on 27 August 2002, it acquired on market 238,350
shares in DVT Holdings Limited (DVT) at an average price of 3.10
per share.

USC now has a relevant interest in 28,511,630 DVT ordinary
shares, which equated to 5.18 percent of DVT's issued ordinary
shares.

TCR-AP reported last week that USC also acquired on market
459,700 shares in DVT at an average price of 3.1 cents per
share.


FLOWCOM LIMITED: Receives Debt Restructuring Proposals
------------------------------------------------------
FlowCom said Wednesday that the company and its secured lender
have now received proposals from the parties on restructuring
its secured debt.

Once evaluated, FlowCom expects that a firm announcement on this
restructure, together with a revised funding plan for the
company, will be made. It is anticipated that the EGM previously
foreshadowed will then proceed. Throughout this process, FlowCom
has worked closely with its secured lender.

As part of this process, FlowCom has been advised by London
Partners Australia Pty Limited of Perth that the planned funding
arrangements announced in January 2002 and reconfirmed in early
August will not now be completed. Accordingly, FlowCom will now
be pursuing exclusively the alternatives referred to above.

Completion of this restructure will allow FlowCom to build upon
its expanding high speed data access DSL business services and
continue to develop further distribution channels to market to
meet the rapid growth in this area.

For further information, contact Ed Goodwin, Finance Director,
at telephone (02) 9263 5000, or fax (02) 9264 9868, or visit the
company website at www.flow.com.au.


NEWCREST MINING: Swings to a Loss on Gold Contracts
---------------------------------------------------
Newcrest Mining Ltd reported a loss of A$38.2 million for the
year to June 2002, compared to a profit of A$38.2 million in the
year earlier.

The Company had a pretax loss of A$72.7 million this year
against a profit of A$52.0 million from the previous year.

According to an AFX Asia report, Newcrest Mining incurred an
A$80.6 million charge for surplus currency and gold contracts
and a A$25 million charge for hedging contract restructuring.

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


ONE.TEL LTD: Insiders Unveil "Belly-Up" Strategy
------------------------------------------------
Former One.Tel executives told The Australian that Managing
Director Jodee Rich and his Chief Financial Officer Mark
Silbermann engaged in accounting malpractice, attempting to
lower costs and artificially improve operating profits at the
collapsed phone group.

The strategy became known as the "Belly-Up Carrier Campaign."

The insiders claim that Mr Rich and Mr Silbermann told staff to
put business with other telephone companies that One.Tel
believed would go bust and then not pay them.

According to a former senior executive from One.Tel's European
operation, Mr Silbermann said that, "payment should be held off
if possible until a liquidator was appointed so that a dispute
could be raised and a lesser sum paid."

Both men have denied the claims.


PMP LIMITED: Exceeds EBIT Forecast for 2002
-------------------------------------------
PMP Limited announced Wednesday a full year EBIT (earnings
before interest and tax) and before significant items result of
$93.2 million, exceeding its forecast of $90 million and
delivering a 5.3 percent increase from $88.5 million in the
previous financial year. At the same time, operating sales
revenue increased by 1.1 percent to $1.362 billion. Despite the
group's borrowing costs increasing by 29 percent to $59 million,
net profit after tax and before significant items increased by
10 percent to $29.6 million from $26.9 million last year.

The net financial position of the group continued to strengthen
with net debt levels reducing by $155 million to $442 million,
meeting PMP's debt reduction target. During the year, capital
expenditure was kept down to $29 million, an improvement of 17
percent on the $35 million target ceiling announced at PMP's
2001 AGM.

According to PMP Limited Chief Executive, Mr. Robert Muscat, the
result is a solid turnaround given the adverse trading
conditions during the reporting period and PMP's difficult
financial position at the beginning of the year.

"On 1 July 2001, PMP was laden with debt, and the cost of
financing that debt was crippling. We had made a significant
non-cash write off and seen a substantial erosion in shareholder
value. I am please to report that our efforts to reduce debt and
improve our operating performance have begun to restore this
value.

"Against the backdrop of the worst advertising recession for a
decade, it is a real achievement that PMP has not only made but
exceeded its EBIT forecast. A declining advertising market
impacts every company in the group. That this decline has not
been mirrored by our earnings is due to the significant efforts
of management to contain costs, improve efficiencies and
introduce better financial management across the group."

'Now that our division have been restructured to compete in
adverse trading conditions, we have seen considerable success in
defending our market share. We have been able to retain a number
of key clients under contract in a very competitive market,
demonstrating the effectiveness of the restructuring we
completed in the 2000 financial year," he said.

For further information, contact Robert Muscat or Richard Allely
at (02) 9464 3580.


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


ASIA GLOBAL: Employees Assured of Job Security
----------------------------------------------
Two weeks after Asian investors agreed to pay $250 million for
control of telecom pioneer Global Crossing Ltd., the company's
chief executive visited Miami to reassure employees their jobs
are safe and the business is set to grow again.

John Legere spoke directly with employees at the company's Latin
American headquarters in Miami and by phone with staff in the
Latin region, part of a swing through offices in the United
States and abroad to keep up morale, as the firm works to emerge
from Chapter 11 bankruptcy early next year.

"There's no possible replacement for having the leader extremely
visible and extremely accessible," Legere said in an interview
last Friday.

The visit came after two top Asian companies, Singapore
Technologies Telemedia Pte. Ltd. and Hong Kong-based Hutchinson
Whampoa Ltd., signed an accord to buy 61.5 percent of Global
Crossing for about one-third of the price they'd planned as of
January, when Global Crossing filed for Chapter 11 protection
from creditors in U.S. bankruptcy court in New York.

Delays in finalizing the purchase had raised concerns over the
future of the Bermuda-based conglomerate that has installed
multi-billion-dollar underwater fiber-optic cables worldwide to
handle phone, Internet and other traffic largely for phone
companies and business clients.

Legere's message in Miami: "All those concerns, throw them away.
Take a pause and celebrate. And now, go and find every customer
to grow the business."

Legere said Friday that staff cutbacks are nearly complete, with
only a few reductions still pending in units consolidating
between the United Kingdom and Europe. Global Crossing has
slashed its work force from roughly 14,000 early last year to
6,800 upon its bankruptcy filing in January and about 4,700
today, executives said.

The current tally includes some 120 employees in the Latin
American division, down from a peak of 240, said Jose Antonio
Rios, who runs the Latin American division from Miami.

Once the company emerges from bankruptcy, it plans to add some
80 to 90 salespeople per quarter "for the foreseeable future,"
Legere said, focusing on helping multinationals link up their
operations worldwide.


GUANGDONG KELON: Deloitte to Review First-Half Results
------------------------------------------------------
Guangdong Kelon Electrical Holdings Co auditor Deloitte Touche
Tohmatsu will conduct and complete a full review of the
company's interim results on or before Sept. 30, Dow Jones
Newswires reports.

The household appliance maker, which is at risk of bankruptcy
because of secret loans to its state-owned parent Kelon
(Rongsheng) Group, said in a statement to the Hong Kong stock
exchange that the half-year profit announced early this week was
not audited, as the newly appointed auditors did not have time
to review and audit the midyear results.

As a result, three of its independent and non-executive
directors abstained from approving it.

Guangdong Kelon reported Monday a strong six months to June net
profit of 104.898 million yuan in the first half, up
from 15.698 million a year earlier. It had accounts receivable
worth 1.34 billion yuan at end-June, and it made a 345.27
million yuan provision for bad credit. Total assets at end-June
amounted to 7.33 billion yuan, while its debt stood at 4.58
billion.


NEW WIN ENGINEERING: Winding Up Hearing Set for September
---------------------------------------------------------
The date for hearing of the petition to wind up New Win
Engineering Limited is scheduled for September 18, 2002 at 10:00
a.m. at the High Court of Hong Kong.

Chan Sai Lun of Room 1158, Sand Martin House, Sha Kok Estate,
Sha Tin, New Territories, Hong Kong, filed the petition on July
27.


NORTHEAST ELEC.: Expects US$8M Payout From Liquidated Assets
------------------------------------------------------------
A Northeast Electrical Transmission & Transformation Machinery
Manufacturing Co Ltd spokeswoman said that the group responsible
for liquidating Liaoning Trust & Investment Corp's assets has
pledged to ensure that the Company will soon receive an US$8
million payout from the liquidated assets, AFX Asia reported.

The beleaguered company based in the northeastern province of
Liaoning needs the payout in order to meet a deadline to repay
US$8 million and free itself of all obligations to foreign
creditors by the end of November.

Northeast Electrical have already repaid US$18 million to
overseas banks as part of a debt restructuring deal reached in
May.

The spokeswoman added that Northeast Electrical is itself
seeking for the repayment of the full US$20 million it deposited
at Liaoning Trust & Investment.

Shares of the electrical power transformer and transmission
equipment maker have been suspended from trading on both
Shenzhen and Hong Kong stock exchanges since April 19 after the
company posted a loss for the third year in a row.


WINLIST INVESTMENTS: Faces Winding Up Petition
----------------------------------------------
Chu Yuk Shun of Room 606, Choi Wah House, Choi Fai Estate, Ngau
Chi Wan, Hong Kong, is seeking for the winding up of Winlist
Investments Limited.

The petition was filed on July 12, 2002, and will be heard
before the High Court of Hong Kong on October 9, 2002 at
10:00 a.m.


WINNER VEGETARIAN: Court Sets September Winding Up Hearing
----------------------------------------------------------
Yu Pak Chung of Room 317, Oak House, Kwong Yuen Estate, Sha Tin,
New Territories, Hong Kong is seeking for the winding up of
Winner Vegetarian Restaurant Limited.

The petition was filed on June 20, 2002 at the High Court of
Hong Kong, and will be heard before the said court on September
11, 2002 at 10:00 a.m.


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


SEMEN GRESIK: Posts Rp170.3B Profit in the First Half
-----------------------------------------------------
State-run cement maker PT Semen Gresik reported a net profit of
Rp170.38 billion for the six months ended 30 June 2002, against
a loss of Rp41.39 billion in the previous year.

Operating profit was reported at Rp376.62 billion from Rp529.92
billion.

The consolidated results of Semen Gresik were unaudited.

Mexican cement firm Cemex owns 25.5 percent of Gresik.

TCR-AP reported earlier that ratings agency Pefindo has assigned
a 'selective default' rating on Semen Gresik and its 600 billion
rupiah bond issue. The default rating followed unit PT Semen
Padang's failure to pay its 200 billion rupiah debt to PT
Jaminan Sosial Tenaga Kerja (Jamsostek) that matured on Aug 15.


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


DAIWA BANK: Realigns Operations of Units
----------------------------------------
Daiwa Bank Holdings, Inc. (President: Yasuhisa Katsuta)
previously announced its plan to consolidate and realign the
operations of its fully owned subsidiaries, The Daiwa Bank, Ltd.
(President: Yasuhisa Katsuta) and The Asahi Bank, Ltd.
(President: Yukio Yanase) to establish Resona Bank and Saitama
Resona Bank, subject to the approvals from the competent
government authorities.

Daiwa Bank HD disclosed that the parties concerned concluded
"Contract for Corporate Separation and Merger" in relation to
the planned reorganization.

In addition, representatives of Daiwa Bank HD (later the name
will be changed to Resona Holdings, Inc. effective on October 1,
2002), Resona Bank and Saitama Resona Bank were informally
appointed.

1. Outline of the Consolidation and Realignment of Subsidiary
Banks

In accordance with the "Contract for Corporate Separation and
Merger," Asahi Bank will transfer the operations of its branch
and other offices in Saitama Prefecture to Saitama Resona Bank,
Ltd. on March 1, 2003 (planned).

All of the Asahi Bank's branch and other offices in Saitama
Prefecture (excluding certain offpremises ATM corners and one
branch office to be established hereafter in Saitama Prefecture)
and three other branch offices, which Asahi Bank plans to
establish in the Tokyo metropolitan area, will be acquired by
Saitama Resona Bank. The three branches in the Tokyo
metropolitan area are to be newly opened for the sake of
customer convenience.

Acquiring institution was established on August 27, 2002 as a
fully owned subsidiary of Daiwa Bank HD. It will obtain a
banking license and after the acquisition of operations, it will
commence operations as a bank.

Based on the same contract, Daiwa Bank and Asahi Bank will merge
on March 1, 2003 with Daiwa Bank being a surviving institution.
Simultaneously, the corporate name will be changed to Resona
Bank, Ltd. Daiwa Bank, Asahi Bank and Saitama Resona Bank plan
to hold a general meeting of stockholders on September 27, 2002
to obtain approvals from their stockholders in relation to the
"Contract for Corporate Separation and Merger."

Outline of Resona Bank and Saitama Resona Bank

Saitama Resona Bank will develop its business activities with
all customer segments in Saitama Prefecture, building close ties
with the local communities and responding to the needs of its
customers with carefully tailored services.

Resona Bank will also develop its business activities,
maintaining and strengthening its ties with local communities.
Moreover, the specialized service capabilities, such as
derivatives and real estate transactions, will be concentrated
in Resona Bank, and the Resona Group will work to enhance these
capabilities. This will provide one common platform for the
Group as a whole and make it possible to offer these services to
all the customers of the Group banks.

For more information, go to
http://bankrupt.com/misc/TCRAP_DaiwaBank0829.pdf


DAIWA BANK: Establishing Unit for Issuance of Securities
--------------------------------------------------------
Daiwa Bank Holdings, Inc. (President: Yasuhisa Katsuta)
announced Wednesday that its board of directors meeting held on
August 28, 2002 passed a resolution to establish a wholly owned
subsidiary in Cayman Islands as a special purpose Company (SPC)
for issuance of preferred securities.

The issuance of preferred securities, non-cumulative perpetual
preference shares to be issued by the SPC, will strengthen the
capital adequacy of DBH through increasing the DBH's Tier I
capital as minority interest in its consolidated subsidiaries.
The proceeds from the issuance of the preferred securities will
be provided to Daiwa Bank.

Therefore, this issuance will simultaneously help Daiwa Bank
strengthen its Tier I capital. This issuance is in line with the
measure to strengthen the capital base, mentioned in the DBH's
announcement dated on April 12, 2002, titled "Decision of New
Group Name and Reorganization of Subsidiary Banks." As a result,
the financial position of the Resona Group
as a whole will be reinforced.

The preferred securities are not convertible to DBH's common
shares. The issuance is scheduled in September 2002, in form of
private placement, after notification to the Financial Services
Agency (FSA) of the establishment of the Cayman subsidiary and
acceptance of such notification by the FSA.

Outline of the forthcoming preferred securities

Issuer - Resona Preferred Capital (Cayman) 1 Limited
(SPC to be established as a fully owned subsidiary of DBH in
Cayman Islands)

Issue amount- approximately 60 billion yen (Planned)

Type of securities - Non-cumulative perpetual preference shares
denominated in Yen

Use of proceeds - To be provided ultimately to Daiwa Bank, a
banking subsidiary of DBH

Order of priority - Preferred securities are designed in such a
way to provide holders with liquidation preference substantially
similar to that of the preferred stocks directly issued by DBH

Form of offering - Private placement


HOKKAIDO INTERNATIONAL: DBJ Seeking Partner for Rehabilitation
--------------------------------------------------------------
The Development Bank of Japan is seeking assistance from local
businesses to aid the rehabilitation of ailing Hokkaido
International Airlines Co., the Asahi Shimbun reported Tuesday.

The airline filed for court protection from creditors under the
Civil Rehabilitation Law on June 25 after failing to raise
sufficient capital from small and midsize local investors.

Air Do is expected to include in its upcoming rehabilitation
plan the Development Bank's offer to provide up to 50 percent of
the cash for the proposed fund and seek additional financing
from Hokkaido businesses.

The plan will be submitted next month.

The Development Bank was initially interested in using debtor-
in-possession financing, which gives the lender a lien on the
property of a debtor's estate, but opted to concentrate on
capital injections instead.


JAPAN CHEMITEC: JAI Acquires Ailing Waste Treatment Firm
--------------------------------------------------------
Japan Asia Investment Co. (JAI) will acquire industrial waste
treatment firm Japan ChemiTec, the Nihon Keizai Shimbun and
Nikkei reported Thursday.

JAI is now in the process of court-led reorganization under the
Civil Rehabilitation Law.

According to the reconstruction plan of Japan Asia, Japan
ChemiTec will retire all its capital by January end and allocate
new shares to JAI. Japan Asia's investment in and loans to the
firm totals nearly Y1 billion.

Japan ChemiTec's failure to launch new businesses led to poor
results, causing it to file for court-led rehabilitation in
February.

Japan Asia is planning to rebuild Japan ChemiTec by closing down
money-losing operations.


KURARAY CO.: Discloses Polyester Staple Business Restructuring
--------------------------------------------------------------
Kuraray Co., Ltd. reached a decision Wednesday regarding the
Company's polyester staple business, opting to halt sale of the
business's unprofitable products, while restructuring the
business in order to continue the sale of distinctive products
and to focus production on providing an adequate supply of
materials for in-house use. Details regarding this restructuring
plan are found below.

1. Background and Reasons for the Decision

Kuraray's polyester staple business has suffered under chronic
overproduction conditions brought on by a dramatic rise in
production capacity in China, following South Korea and Taiwan.
The subsequent decline in competitiveness of the business's
general-use products and the rapid deterioration in its
profitability are directly linked to serious structural problems
that are unlikely to be improved in the near future without
immediate attention.

Nevertheless, Kuraray has in its time advanced the development
of highly distinctive polyester materials and established a
solid foothold in this particular market. In addition, as
Kuraray's raw fibers -- used for production of the Company's
mainstay man-made leather and non-woven fabric -- are
indispensable to the competitiveness of these businesses,
Kuraray will continue to produce enough of these distinctive
materials for in-house use.

Thus, in response to an increasingly more difficult business
environment, the decision was made to withdraw completely from
the sale of the Company's unprofitable materials, and to improve
overall business profitability by focusing production on
supplying the Company's highly distinctive materials for outside
sale and in-house use.

2. Overview of Planned Business Restructuring

1) Reorganized sales structure
Outside sale of loss-making general-use products halted as of
end of fiscal 2002
Outside sales to be specialized on highly distinctive materials
of textiles, industrial materials and household goods
Continuation and expansion of materials for in-house use (man-
made leather, non-woven fabric, etc.)

2) Scale-back of production
Production to be reduced to 12,000 tons annually at the
Kurashiki Plant (Tamashima) beginning fiscal 2003 (25,000 tons
produced in 2001)

3) Organizational and staff restructuring
Number of staff to be reduced 50 percent at the Kurashiki Plant
(Tamashima) by the end of fiscal 2002, to 120 employees
Kurashiki Plant (Tamashima), including administrative divisions,
to be split off into a new production subsidiary in April 2003;
Plant employees at the time of split-off will be transferred to
the new Company 40 percent cut in sales and R&D staff by the end
of fiscal 2002

Production Subsidiary Overview
Name: Kuraray Tamashima Co., Ltd. (tentative)
Planned date of establishment: April 1, 2003
Address: 7471 Tamashima-Otsushima, Kurashiki, Okayama Prefecture
Representative: undecided
Capital: undecided
Employees: approx. 120

Kuraray Co Ltd. - www.kuraray.co.jp - is a manufacturer of
chemical and synthetic products. The Company operates through
the following divisions; FIBERS AND TEXTILES: Polyvinyl alcohol
fibers, polyester, rayon, synthetic fiber, EVOH fiber and
antibacterial de-odorizing fiber; CHEMICAL PRODUCTS: Resin,
isoprene chemical products, activated carbon and resin processed
products; MAN MADE LEATHER, NON WOVEN FABRICS AND FASTENING
MATERIALS: Leather, non woven fabric, hook and loop fasteners;
DIVERSIFIED BUSINESSES: Dental materials, contact lenses,
artificial kidneys, membranes, engineering and consulting.
Chemical products accounted for 48 percent of fiscal 2001
revenues; synthetic fibers, 29 percent; man-made leathers, 10
percent; medical products and other, 13 percent.

For further information, contact Kuraray Co., Ltd.'s Public
Relations Dept. at telephone 81 6 6348 2111 or via e-mail at
koho@kuraray.co.jp.


MATSUSHITA ELECTRIC: Develops One-Chip System LSI
-------------------------------------------------
Matsushita Electric Industrial Co., Ltd., best known for its
Panasonic brand of consumer electronics and digital
communications products, has developed the world's first one-
chip system LSI for DVD players that implements all analog front
end functions as well as back end processing functions.

Through the use of 0.13 mm CMOS process technology employing
six-layer copper wiring, Panasonic has managed to implement on a
single chip the capabilities of an analog front end IC, a servo
and error correction LSI, an AV decoder, and a system control
microprocessor. In addition to including IP conversion and video
noise removal function for high image resolution, the new LSI
supports a variety of audio decoding functions, such as DVD
Audio, MP3, and Windows Media Audio (WMA).

Since signals read from DVDs and CDs can now be processed using
a single chip, it is possible to build a high-performance DVD
player with an array of functions using the new LSI and a small
number of additional components. This contrasts with the minimum
of six microchips required by Panasonic's previous DVD players.
The result is reduced overall system cost and a substantial
reduction in the required circuit board mounting area.

The new LSI employs high-precision digital read channel
technology based on proprietary PRML technology to achieve
stable reading of video and audio data even from scratched or
warped DVDs and CDs. It also supports reading of data from
recordable media such as DVD-RAM discs. Finally, it benefits
from the superior performance and flexibility of the Panasonic
Media Core Processor software architecture, which makes possible
high-quality video reproduction together with support for a
range of audio standards.

Samples are scheduled to begin shipping in November 2002

Matsushita Electric Industrial Co., Ltd.
(www.panasonic.co.jp/global/top.html), best known for its
Panasonic, National, Technics, and Quasar brands, is a worldwide
leader in the development and manufacture of electronics
products for a wide range of consumer, business, and industrial
needs. Based in Osaka, Japan, the Company recorded consolidated
sales of US$51.70 billion for the fiscal year ended March 31,
2002. In addition to stock exchanges in Tokyo (TSE: 6752) and
elsewhere in Japan, Matsushita's shares are listed on the
Amsterdam, Dusseldorf, Frankfurt, New York (NYSE: MC), Pacific,
and Paris stock exchanges.

TCR-AP reported that Matsushita has been trying to free itself
out of deep losses caused by the global electronics slump,
diving computer-chip prices and competition from Asian rivals.

For the fiscal year ended in March, the Company posted a loss of
431 billion yen ($3.6 billion) the worst loss since the Company
was founded 80 years ago as sales nose-dived in almost all of
Matsushita's major sectors such as cell phones, electronics
parts, home appliances and industrial equipment.

For further information, contact Yasuhiro Fukagawa,
International PR in Tokyo at telephone +81-3-3578-1237 or fax at
+81-3-5472-7608.


MITSUBISHI CHEMICAL: Offering Y15B 7-Yr Bonds Due 2009
------------------------------------------------------
Mitsubishi Chemical Corp. (MCP) is offering Y15 billion of
seven-year bonds with the following terms, via joint-lead
managers Daiwa Securities SMBC and Tokyo-Mitsubishi Securities,
Dow Jones reports.


Amount:                Y15 Bln
Maturity:              Sept. 11, 2009
Coupon:                1.43 percent (swaps plus 75 bps)
Issue Price:           100.00
Payment Date:          Sept. 11, 2002
Fees:                  0.40 percent  (total)
                       0.10 percent  (mgmt & underwriting)
                       0.30 percent  (selling)
Debt Ratings:          A- (R&I)
Denominations:         Y100 Mln
Fiscal Agent:          Bank of Tokyo-Mitsubishi

Interest is payable semiannually.

According to TCR-AP, MCP's petrochemicals division plunged into
loss in fiscal 2001 due to fall in demand while the earnings of
pharmaceuticals increased, supported by consolidation of
Mitsubishi Welpharma and introduction of new drugs.

The operating profit was a third of the originally forecast
amount. The Company plunged into a large net loss as a result of
large amount of extraordinary loss incurred due to write-downs
of assets and severance payments.


NIPPON MEAT: Rejects Meat Ops Spin Off Reports
----------------------------------------------
Nippon Meat Packers Inc rejected, as baseless, a report it may
spin off its meat operations, AFX-Asia reported.

Yesterday, the M&A Reporter Asia Pacific reported that the
Company is considering a plan to spin off its meat operations,
which have been at the center of a beef mislabeling scandal that
recently sparked a retailer boycott. (M&A REPORTER-ASIA PACIFIC,
Vol. No.1, Issue No. 171, August 29, 2002)


TOSHIBA CORP: Enters Joint Venture With Chinese Firm
----------------------------------------------------
Toshiba Corporation announced Wednesday that it will establish a
joint venture with Dalian Locomotive & Rolling Stock Works
(DLRW) to manufacture, market, maintain and service electric
equipment for rolling stock. The companies today signed an
agreement on the joint venture in Dalian, China.

China's continued emergence as a powerful economic force is
promoting development of essential infrastructure, including the
construction of a new intercity rail network. Toshiba has state-
of-the-art technology in the manufacture of electric equipment
for rolling stock, and is seeking to expand its business in the
People's Republic. State-run DLRW, one of China's top three
manufactures of locomotives, wants to reinforce its capabilities
in electrical systems for rolling stock. The new joint venture
is a win-win solution for both partners that will also allow
them to contribute to the upgrade of China's railroad system.

Under the terms of the agreement signed today, a new joint
venture, Dalian Toshiba Locomotive Electric Equipment Co., Ltd.,
will be established in October 2002. Its initial capitalization
of 200-million yen will be 50 percent subscribed by Toshiba
Corporation, 10 percent by Toshiba China Co., Ltd and 40 percent
by DLRW. The new Company, Toshiba's first overseas manufacturing
facility for rolling stock electric equipment, will produce
propulsion systems and auxiliary power supply systems.

The new joint venture is well timed. With the approach of the
2008 Beijing Olympic Games, and in order to support continued
economic development, the Chinese government's five-year plan
for the period 2001-2005 includes development of new intercity
lines and electrification of diesel lines. Local railroad
projects are also planned in some 15 cities.

Toshiba entered the Chinese market last year when the Company
won orders for the electric equipment of local lines in Dalian,
Beijing and Tianjin. The joint venture with DLRW will further
support the Company's penetration of the railway system
business.

Outline of Joint Venture Company
Company name:       Dalian Toshiba Locomotive Electric Equipment
Co.,Ltd.
Established:        October 2002 (plan)
Start of operation: April 2003 (plan)
Capital:            200 million yen on establishment; 400
million yen by
                    April 2003
Investment holding: Toshiba Corporation: 50 percent
                    Toshiba China Co., Ltd: 10 percent
                    Dalian Locomotive & Rolling Stock Works: 40
percent
Location:           Dalian Free Trade Zone, Dalian, The People's
                    Republic in China
Chairman:           Not decided (to be appointed by DLRW)
President:          Not decided (to be appointed by Toshiba)
No. of employees:   35 (as of April 2003)
Factory area:       2,300 m2 (as of April 2003)
Factory completion: February 2003 (plan)
Business areas: Manufacture, marketing, maintenance and service
of rolling stock electric equipment, including propulsion
systems (main converter/inverter, variable voltage variable
frequency inverter) and auxiliary power supply systems (static
inverter).

Outline of DLRW
Company name:      Dalian Locomotive & Rolling Stock Works
Established:       1899
Capital:           6.5 billion yen
Location:          51 Zhongchang Street, Shahekou District,
                   Dalian, The People's Republic of China
President:         Tan Chengxu

Toshiba Corporation - www.toshiba.co.jp/index.htm - is a leader
in information and communications systems, electronic
components, consumer products, and power systems. The Company's
integration of these wide-ranging capabilities assures its
position as a leading Company in semiconductors, LCDs and other
electronic devices. Toshiba has 176,000 employees worldwide and
annual sales of over US$40 billion.

TCR-AP reported that Toshiba in the three months to December 31
had a loss of Y84.9 billion ($636 million) versus a net income
of Y11.1 billion in the year-earlier period. Consolidated sales
fell 14 percent to Y1.2 trillion from Y1.39 trillion.

For further information, contact Toshiba Corporation's Corporate
Communications Office at 1-1-1, Shibaura, Minato-ku, Tokyo, 105-
8001, Japan, at telephone +81-3-3457-2105, fax +81-3-5444-9202,
or via e-mail at press@toshiba.co.jp.


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


DAEWOO ELECTRONICS: Court Convicts Former Presidents
----------------------------------------------------
The Supreme Court sentenced former Daewoo Electronics Presidents
Jeon Ju-beom and Yang Jae-yeol to three years in prison with a
four year suspended sentence for illegal accounting practices,
Digital Chosun reported Tuesday.

The former Presidents were accused of fraudulently advancing
loans by cooking books and issuing corporate bonds, and although
they paid off the loaned money and caused no serious financial
damage, the charges are still valid.

Jeon and Yang were indicted for falsely accounting a total of
W41.1 trillion from 1997 to 1999. The bookkeeping allowed them
to get some W9.9 trillion in loans.


DAEWOO MOTOR: Readies for New Joint Venture With GM
---------------------------------------------------
In preparation for a new joint venture with General Motors (GM),
creditors of Daewoo Motor Co will submit a reorganization plan
to the Incheon district court this week, the Korea Herald
reported.

The reorganization plan includes a loss-sharing scheme among
creditors and a restructuring plan to split off the automaker.

Last week, Korea Development Bank Governor Jung Keung-yong said
Daewoo Motor creditors have reached a deal in principle on some
key pending issues, including a loan-loss sharing plan among
creditors and each bank's debt burden for the fresh $2 billion
loan package promised to GM Daewoo Automobile Technology.

The creditors have been split over how to share the proceeds
from the sale of the Korean automaker to General Motors.

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

Daewoo Group was declared bankrupt in 2000 with an estimated
debt of $15 billion after years of aggressive expansion and
Company mismanagement. (M&A REPORTER-ASIA PACIFIC, Vol. No.1,
Issue No. 171, August 29, 2002)


HYNIX SEMICON: Creditors Want Chipmaker Sold Before Election
------------------------------------------------------------
Creditors of Hynix Semiconductor Inc. are planning to sell the
struggling chipmaker before Korea's Presidential election in
December, the Chosun Ilbo newspaper and Reuters reported
Wednesday.

Creditors will contact Micron Technology Inc and chipmakers from
China and Taiwan in their efforts to revive the sale.

The Hynix board blocked creditors in April from selling the core
assets of Hynix for $3.4 billion to Micron.

Creditors will meet next month to review a restructuring scheme
by financial adviser Deutsche Bank.


HYNIX SEMICONDUCTOR: Deutsche Bank Proposes Debt Forgiveness
------------------------------------------------------------
Deutsche Bank, financial adviser of Hynix Semiconductor Co.,
advised that creditors of the chipmaker to forgive up to $2.5
billion in debt, EBN reports.

The move aims to put Hynix in financial shape to continue
independent operations.

Deutsche Bank presented its long awaited financial analysis and
proposals to restructure the firm, according to Farhad Tabrizi,
Hynix's Vice President of worldwide marketing in San Jose.

Creditors are digesting the Deutschbank report and will meet
next month to consider what measures they will take.

Tabrizi said the Deutschbank report, as expected, also urged the
sale of noncore Hynix assets outside its main DRAM business. He
asserted that the Company continues to seek buyers for its
foundry, logic IC, and LCD panel business units, as well as
various real estate properties.


HYUNDAI MOTOR: FTC Warns Prompt Report on Affiliates
----------------------------------------------------
The Fair Trade Commission (FTC) has warned Hyundai Motor Co.
Chairman Chung Mong-koo to make a prompt report on its
affiliates, the Korea Herald reported Tuesday.

Hyundai Motor secured managerial control of WIA Co. Ltd., Korea
Precision Co. Ltd. and WISCO Co. Ltd. since April 2, 2001, but
reported them as its affiliates this April, the FTC said.

The Company still has not reported Bontec EM Co. Ltd. as its
affiliate, which it has controlled since November 20, 2001.

"Other large business groups are also suspected of not reporting
their affiliates, and we will continue our efforts to discover
them," said Kim Won-joon, Director of the FTC's Business Group
Division.

The fair trade watchdog said it slapped a 20 billion won fine on
Korea DTS, an affiliate of Hyundai Motor, for providing a loan
guarantee of 20 billion won to Hyundai Motor's then disguised
affiliate, Korea Precision Co. Ltd., during the period between
September 7, 2001 and November 13, 2001.

FTC also issued a warning to Hyundai Motor for providing a total
of 34.5 billion won to its then disguised affiliate, WIA, with
interest rates lesser than the market rates during the period
between July 31, 2001 and November 30, 2001.

The FTC has been investigating Korea's six largest business
groups since late July to determine whether they have illegally
assisted their affiliates.

The probe centers on 80 units of Samsung, LG, SK, Hyundai,
Hyundai Motor and Hyundai Heavy Industries.

FTC will decide by the end of August whether it will launch an
on-the-spot probe into alleged illegal internal trading among
affiliates of the six groups.

DebtTraders reports that Hyundai Motor's 7.600% bond due in 2007
(HYNM07KRS1) trades between 104.100 and 104.510. For real-time
bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=HYNM07KRS1


KOREA THRUNET: Signs Dacom MOU to Jointly Bid for Powercomm
-----------------------------------------------------------
Korea Thrunet Co., Ltd., a major provider of broadband Internet-
access services and enterprise network services in Korea,
announced Wednesday that the Company signed a Memorandum Of
Understanding (MOU) on August 27, 2002, with Dacom Corporation
(Dacom), a major Korean fixed line telecommunications carrier,
to articipate in the Dacom-led consortium that is bidding for a
stake in Powercomm Corporation (Powercomm).

Powercomm, a subsidiary of Korea Electric Power Corporation
(KEPCO), a state-owned Company, is the largest HFC (Hybrid Fiber
Coaxial) cable network operator in Korea and owns a nationwide
fiber optic cable network.  KEPCO is selling an initial stake of
30 percent in Powercomm and the successful buyer will have an
option to buy additional stakes, up to a total of 54 percent.

Thrunet plans to invest up to KRW10 billion, which represents a
portion of the total consortium investment amount allocated to
Dacom.  The consortium anticipates that the stake it is bidding
for would give it a significant presence in the management of
Powercomm.

The Company noted that it has made a very important strategic
decision to participate in the consortium in order to capitalize
on such expected synergies as the stable provision of HFC
network by Powercomm and the possibilities for co-marketing with
Dacom going forward.  As a result, Thrunet, which has recently
made public its intention to concentrate on its broadband
Internet access business following the successful completion of
its recent asset sales, stressed that it expects to operate a
more stable and efficient broadband Internet business by
participating in the consortium bidding for the shares of
Powercomm.  

Sang Woo Kim, Senior Vice President of the Company stated, "I
think that the consortium led by Dacom, a major provider of
long-distance and leased line telecommunications services, and
supported by Thrunet, a major provider of broadband Internet
services, is in a strong position to win the bid for Powercomm
shares." He also said, "If the consortium succeeds in acquiring
the Powercomm shares, Thrunet, Dacom and Powercomm are expected
to create significant synergies and to be given an opportunity
to maximize value for their shareholders."

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.  

Last week, Korea Thrunet Co Ltd. was notified by NASDAQ that its
stock will be delisted unless the share price stays above the
US$1.0 level for at least for 10 trading days in a three-month
period until November 5, TCR-AP reports.

The Company said it would try its best to boost its share price
and stay in the NASDAQ by completing the restructuring and
raising funds from international investors.

Corporate Headquarters:
Korea Thrunet's principal offices are located at 1337-20,
Seocho-2 dong,
Seocho-ku, Seoul, Korea 137-751.
Phone: 822-3488-8058   Fax: 822-3488-8511   
http://www.thrunet.com

For inquiries, contact Yong S. Lee (Investor Relations) of Korea
Thrunet Co., Ltd. at telephone +822-3488-8058, or via e-mail at
welcome@corp.thrunet.com.


KUMHO INDUSTRIAL: Creditors Offer US$1.03B Loans to Carlyle
-----------------------------------------------------------
Creditors of Kumho Industrial Co. will extend a syndicated loan
of 1.3 trillion won (US$1.08 billion) to the consortium of
Carlyle and JP Morgan, which has shown interest in the
acquisition of Kumho's tire division, PR Newswire reports.

Kumho Tire appears prepared to sell at a price around 1.44
trillion to 1.45 trillion won and the consortium is aiming to
inject an additional 400 billion-500 billion won into the
takeover plan, according to Chohung Bank, Kumho Group's main
creditor bank.

Chohung forecast the main contract would be settled next month,
with a loan rate of at least 8.5 percent annually.

TCR-AP reported that Kumho Industrial posted a 23.1 billion won
net loss in the first quarter of 2001. The Company held 3.2
trillion won in liabilities against 4.2 trillion won in assets
as of last June.

DebtTraders reports that Kumho Const & Eng's 0.250% convertible
bond due in 2010 (KUMI10KRN1) trades between 110 and 125. For
real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=KUMI10KRN1


KYUNGIN MUTUAL: FSC Suspends Operation Until February 2003
----------------------------------------------------------
The Financial Supervisory Commission (FSC) has suspended the
operations of Kyungin Mutual Savings Bank until February 26,
2003, as the Bank International Settlements (BIS) capital
adequacy ratio was below 1 percent, the Korea Times reported
Tuesday.

The financial regulator said its debts began outstripping assets
in the beginning of 2001. At the end of June 2002, the savings
bank saw its BIS ratio sag to -18.9 percent.

The bank can resume business by submitting detailed management-
improvement plans for FSC approval within a month, according to
Lee Byung-soo, a FSC's non-bank Finance Supervision Department
director.

"But if Kyungin fails to take such action, it will be sold in
the form of purchase and assumption or liquidated," Lee said.
The FSC conducted due diligence on the savings bank in July.


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


ABRAR CORPORATION: Says Payment Status Remains Unchanged
--------------------------------------------------------
Abrar Corporation Berhad said Wednesday that there have been no
changes to the payment status since the Company's previous
announcement made on 26 July 2002.

Pengurusan Danaharta Nasional Berhad (Danaharta) placed the
Company under the administration of Special Administrators on 27
May 2000 pursuant to Section 24 of the Pengurusan Danaharta
Nasional Berhad Act, 1998.

With the appointment of the Special Administrators, there is a
moratorium on the Company and no creditors may take action
against the Company except in accordance with Section 41 of the
Danaharta Act. The moratorium expires on 26 May 2003.

On 11 July 2002, the Special Administrators of the Company
entered into a Facilitation of Listing Agreement inter alia to
transfer the listing status of the Company to OilCorp Berhad.
The Special Administrators of the Company are currently
finalizing the Company's Workout Proposal pursuant to Section 44
of the Danaharta Act and the Workout Proposal will be submitted
to Danaharta for approval. The Workout Proposal will address the
Company's default in payments.


BESCORP INDUSTRIES: Administrators Finalize Debt Rehab Plan
-----------------------------------------------------------
Malaysian International Merchant Bankers Berhad wishes to
announce on behalf of the Special Administrators of Bescorp
Industries Berhad (BIB) that the vendor of TFP Precision
Industries Sdn Bhd (TFPPI) has withdrawn the proposed injection
of TFPPI into TF Cybron Sdn Bhd (the new holding company which
will assume the listing status of BIB) as part of the Proposed
Corporate and Debt Restructuring Scheme of the Company.

The Special Administrators are currently finalizing the proposed
modifications arising thereof and will make such further
announcements to the Kuala Lumpur Stock Exchange in due course.


EPE POWER: Awaits KLSE Approval for Extension of Time
-----------------------------------------------------
Commerce International Merchant Bankers Berhad announced that it
had applied to the Kuala Lumpur Stock Exchange for an extension
of time of three months to 30 November 2002 to make the
Requisite Announcement of its plan to regularize the financial
condition of EPE Power Corporation Berhad.

EPE is awaiting KLSE's approval of the application.


ESPRIT GROUP: Applies for Further Stay at Court of Appeal
---------------------------------------------------------
Further to our announcement dated 26 August 2002, Esprit Group
Berhad wishes to inform that the Company has filed a further
application for stay at the Kuala Lumpur Court of Appeal on 28
August 2002.

Esprit said that the hearing for the Winding Up Petition by
Southern Investment Bank Berhad was fixed for Thursday, 29
August 2002.


HAP SENG: Lam Soon Withdraws Legal Suits
----------------------------------------
The Board of Hap Seng Consolidated Berhad said Wednesday that
Lam Soon (M) Berhad (LSMB) has on August 27 withdrawn its legal
suits in respect of LSMB's claim of the right of ownership over
established trademarks such as "Knife" and its associated
trademarks.

The lawsuits, with Suit Nos. MT3-22-575-2000 and MT2-25-68-2000,
were filed in the Shah Alam High Court.


HUBEI HUALI: Faces Winding-up Petition
--------------------------------------
Executive Director Wong Mun Wai, on behalf of the Board of
Directors of Hai Ming Holdings Berhad, made an announcement
Wednesday in respect of the Kuala Lumpur Stock Exchange's (KLSE)
request for additional information pursuant to Hai Ming's
announcement on 26 August 2002:

1. The date of the presentation of the winding-up petition and
the date the winding-up petition was served on Hubei Huali Paper
Mills Co. Ltd.

During the preparation of the 2001 Annual Report, Hai Ming's
Board of Directors was informed of the said Court Order by a
director of HHPM and received a fax copy of the judgment. The
date of the presentation of the winding-up petition and the date
the winding-up petition was served on HHPM was not legible on
the Court Order. As mentioned in the Company's Announcement,
efforts to contact the directors of HHPM were unsuccessful as
HHPM had ceased operations.

2. The interest rate on the amount claimed for under the
winding-up petition

The interest rate was not mentioned in the Court Order. As
mentioned in the Company's Announcement, the Court Order only
mentioned that interest shall be calculated from 6 April 2001
until full payment on the judgement sum of Renminbi1,739,046.58

3. The details of the default or circumstances leading to the
filing of the winding-up petition against HHPM

As mentioned in the Company's Announcement, HHPM owed a
creditor, namely Wuhan Municipal Fuel General Company for fuel
supply. As this sum was not paid, the creditor filed a suit
against HHPM. As mentioned in the Company's Announcement,
without building the water treatment and filtration plant, HHPM
had ceased operation during FYE 2001. No operation waould mean
no income to pay creditors. Winding-up is imminient. Hai Ming
had seen this coming and written off this investment. The Board
of Directors of Hai Ming are unwilling to commit more capital
which does not go to improve profitability/ efficiency in an
already loss making operations.

4. The steps taken and proposed to be taken by HHPM in respect
of the winding-up proceedings.

As mentioned in the Company's Announcement, the Board of
Directors of Hai Ming does not intend the Company to be involved
further in this suit as the Board of Directors of Hai Ming
having considered the cost and benefit of further involvement
and the current financial constraints had decided not to be
further involved.


KEMAYAN CORP: Court Extends Restraining Order to September
----------------------------------------------------------
The Board of Directors of Kemayan Corporation Berhad said
Wednesday that the Kuala Lumpur High Court has granted an
interim extension of the Restraining Order until 4 September
2002.

TCR-AP reported last week that the Kuala Lumpur High Court has
granted an adjournment with an interim extension of the
restraining order until 28 August 2002.

The Company originated as a plantation concern developing oil
palm plantations in Pahang and cocoa plantations in Sabah. It
undertook corporate exercises from 1993 to 1995 focusing on
construction and property related activities via the acquisition
of companies and projects. Besides these, the Group is also
involved in other activities like timber logging and saw-
milling, food manufacturing, retailing and trading, education,
aviation, hotel and tourism.

The 1997/1998 economic crisis faced by the country and the
region severely affected the Group's cashflow and operation of
projects. The Company and certain of its subsidiary companies
obtained a Restraining and Stay Order (RO) on 12 August 1998
from the High Court of Malaya under Section 176(10) of the
Companies Act, 1965 for the purpose of implementing a proposed
corporate restructuring scheme. The RO has been extended to 3
June 2002.

The Company entered into a second MOU on 19 February 2002 with a
White Knight for injection of assets and to propose a corporate
restructuring scheme.


MULPHA INTERNATIONAL: Announces Voluntary Winding-up of MBSB
------------------------------------------------------------
The Board of Directors of Mulpha International Bhd (MIB) said
Wednesday that Brunei's Mulpha (B) Sdn Bhd (MBSB), owned 70
percent by MIB and 30 percent by Mulpha Trading Sdn Bhd (MTSB),
will be wound up voluntarily by its members.

Ernst & Young, Brunei will be appointed as liquidators.

MBSB, which has accumulated losses of B$526,250 as of 31
December 2001, is being wound up as it has been inactive for a
number of years.

None of the directors, substantial shareholders and persons
connected with them has any interest, direct or indirect, in the
proposed winding up of MBSB.


NAM FATT: SC Revises Restructuring Conditions
---------------------------------------------
We refer to our announcement dated 12 July 2002 wherein it was
announced that the Securities Commission (SC) has approved,
inter-alia, the proposed issuance of up to RM285,100,000 of
RM1.00 nominal value 8-year 2.0% irredeemable convertible
unsecured loan stocks (ICULS-A) and proposed renounceable rights
issue of RM10,064,512 of RM0.10 nominal value 8-year zero coupon
irredeemable convertible unsecured loan stocks (ICULS-B) at 100%
of its nominal value on the basis of RM1.10 nominal value of
ICULS-B for every ten (10) ordinary shares of RM1.00 each held
in Nam Fatt Corporation Berhad subject to, inter-alia, the
following conditions:

(i) Nam Fatt is required to disclose in the circular to
shareholders and prospectus the effects of the proposed
disposals of certain assets of Nam Fatt and its subsidiaries
pursuant to the Debt Restructuring Agreement dated 31 December
2001 (Proposed Disposals) on the future profit and cashflow
position of Nam Fatt; and

(ii) Nam Fatt is required to disclose in the circular to
shareholders and prospectus the profit and cashflow projections
of the Nam Fatt Group after the implementation of the Proposals
up to the financial year ending 31 December 2010 together with
detailed explanations on the deficit arising from operating
activities which is expected to arise in the financial years
ending 31 December 2002 and 2003. Nam Fatt is also required to
disclose the sources and methods to overcome the aforesaid
deficit position from the operating activities, including but
not limited to any financing facilities which are expected to be
obtained, as well as disclosure on the risks and effects on the
financial position of Nam Fatt in the event the aforesaid
sources and methods are not implemented or obtained.

On behalf of the Directors of Nam Fatt, Commerce International
Merchant Bankers Berhad (CIMB) is pleased to announce that the
SC has vide its letter dated 26 August 2002 revised the
aforesaid conditions as follows pursuant to an appeal made by
CIMB on behalf of Nam Fatt for an exemption from complying with
the aforesaid conditions:

(i) with respect to condition (i) above, Nam Fatt is now only
required to disclose in a narrative manner the risks and effects
of the Proposed Disposals on the future profit and cashflow
position of Nam Fatt in the circular to shareholders and
prospectus without the need to disclose the effects of the
Proposed Disposals in a quantitative manner; and

(ii) with respect to condition (ii) above, the SC has exempted
Nam Fatt from complying with the said condition subject to Nam
Fatt making appropriate disclosures on risks relating to
deficits in operational cashflow during the tenure of the ICULS-
A and ICULS-B to be issued pursuant to the implementation of the
Proposed Loans Restructuring Scheme, steps to be taken to
overcome the deficit situation and the risks and effects on the
Nam Fatt Group in the event the deficit situation could not be
resolved.


PAN MALAYSIA: Posts Updates on Company Proposal
-----------------------------------------------
We wish to inform the Exchange that there has been no change to
the status of the Company's proposal that was disclosed in the
Initial Announcement and Quarterly Announcement made by the
Company on 26 July 2001, 13 November 2001, 27 February 2002 and
22 May 2002 respectively, save for the following:

1) The Securities Commission (SC) had via its letter dated 11
June 2002 granted its approval to PM Securities Sdn Bhd (PMS) to
operate as a Universal Broker. The said approval is granted
subject to the conditions set out in the Dealer's license that
was issued to PMS.

With this approval, PMS is now able to offer clients a more
comprehensive scope of services, which would include corporate
advisory services, asset management and trading in derivatives
in addition to its core broking services.

2) The Klang branch of PMS has commenced operation on 30 May
2002.

Todate, all seven branches of PMS located in Kuala Lumpur,
Seremban, Puchong, Johor Bharu, Penang, Melaka and Klang are
fully operational. To provide better service nationwide, PMS
intends to set up kiosks and sub-branches in strategic locations
to complement the coverage of its existing branch network and
to, when appropriate, participate also in the unlisted bond
market.

Wrights Investors' Service reports that at the end of 2001, the
company had negative common shareholder's equity of -288.65
million Malaysian Ringgits. This means that at the present time,
the common shareholders have essentially no equity in the
company. This is further compounded by the fact that among the
assets the company does have on its balance sheet, there are
152.41 million Malaysian Ringgits in intangible assets.


PARIT PERAK: Narrows Loss to MYR50.81M
--------------------------------------
Parit Perak Holdings Bhd said it has reduced its pre-tax loss to
RM50.815 million for the financial year-ended 30 June 2002 from
a pre-tax loss of RM124.285 million in 2001.

The loss was registered over a revenue of RM470,000, against
RM366,000 from the previous year.


PARK MAY: Cuts Pre-tax Loss to MYR13.30M
----------------------------------------
Park May Bhd reported a pre-tax loss of RM13.307 million for the
financial year ended 30 June 2002, from a pre-tax loss of
RM17.327 million in 2001.

The loss was recorded over a slightly reduced revenue of
RM121.252 million against RM126.422 million in the year-ago
period.

Earlier this month, TCR-AP reported that Park May's
subsidiaries, Leng Huat Omnibus Company Sdn Bhd (LHOC) and Sam
Lian Enterprise Sdn Bhd, entered into two separate sale and
purchase agreements for the disposal of its non-core assets.

The Proposed Disposals will enable PMB to realize RM0.912
million in cash, which will be utilized to reduce its debt.


PICA (M) CORPORATION: Seeks KLSE Approval for Extension of Time
---------------------------------------------------------------
On 15 August 2002, Commerce International Merchant Bankers
Berhad announced that it had applied to the Kuala Lumpur Stock
Exchange for an extension of time of three months to 30 November
2002 to make the Requisite Announcement of its plan to
regularize the financial condition of Pica (M) Corporation
Berhad.

PICA is awaiting KLSE's approval of the application.


SOUTHERN STEEL: sees Profit in First Half
-----------------------------------------
Southern Steel Bhd posted a net profit of 12.531 million ringgit
in the six months to June, compared with a loss of 35.546
million ringgit a year earlier.

According to an AFX Asia report, Southern Steel's second quarter
net profit of 19.672 million ringgit more than offset the loss
incurred in the first quarter.

A strong construction sector, higher productivity and in-house
cost reduction programs helped the group performance. Continued
strong demand from the construction sector for steel products
and cost reductions also attributed the second quarter
performance.


SOUTHERN STEEL: Shares Up MYR0.22 on Strong Results
---------------------------------------------------
Southern Steel Bhd shares were up 0.22 ringgit at 1.26 on volume
of 396,000 shares in morning trade after the company announced
strong second quarter earnings, AFX Asia reports.

Southern Steel posted a net profit of 12.531 million ringgit in
the six months to June, compared with a loss of 35.546 million a
year earlier, as the second quarter net profit of 19.672 million
ringgit more than offset the loss incurred in the first quarter.

A local brokerage analyst said Southern Steel's improved second
quarter results are generating positive interest in the stock.
Investors are also enthused by the overall industry outlook
going forward.


TECHNOLOGY RESOURCES: Ends Redundant MOU With Telekom Malaysia
--------------------------------------------------------------
Technology Industries Resources Bhd (TRI) has terminated a
redundant memorandum of understanding with Telekom Malaysia
Bhd., which was signed by Telekom and Celcom, TRI's 100%-owned
mobile carrier unit.

The memorandum was for cooperation on passive network
components, transmission capacity, and radio access network in
low priority areas, if both TRI and Telekom had been awarded
third generation, or 3G, spectrum by the Malaysian government.

TRI said in a statement to the Kuala Lumpur Stock Exchange that
the termination was made in view of the outcome of the 3G bid
result by Malaysian Communication and Multimedia Commission
where Celcom's application was unsuccessful.

The commission in July granted 3G spectrum access to Telekom
Malaysia and Maxis Communications Bhd., shutting out other
bidders.


TECHNOLOGY RESOURCES: Seeks Legal Advice on Directors' Payments
---------------------------------------------------------------
Technology Resources Industries Bhd (TRI) is seeking legal
advice regarding the legal position of payments made to its
three former directors amounting to a total gross of 38.68
million ringgit.

The payments were in relation to the termination of their
respective services with the company on July 2002.

According to a TRI statement, chief executive officer Tan Sri
Tajudin Ramli received a net payment of around 15 million
ringgit, while former Senior Executive Officer Lim Kheng Yew
received 5.79 million ringgit, and Group Executive Vice
President Bistamam Ramli received 3.97 million ringgit net.

TRI said the new board of directors became aware of the  
payments when minutes of the board of directors' meeting held on
July 3, 2002 were tabled for confirmation on July 18, 2002.

TRI on August 16 issued a letter demanding repayment from the
respective former officers. The company has yet to receive any
response from the former officers.


TIME DOTCOM: Okays Resale, Distribution of Equant Data Services
---------------------------------------------------------------
Time dotCom Bhd has agreed with global Internet provider Equant
to jointly offer Equant's data communications services to
multinational companies doing business in Malaysia.

Under the joint agreement, Time dotCom acts as the authorized
distributor for Equant in Malaysia, where it would resell and
distribute Equant's virtual private network services, which
includes Internet Protocol, ATM, Voice Over IP, as well as
supporting managed and professional services.

Time dotCom Chief Executive Officer Robert C. Fox said they will
see greater revenue coming for both Time dotCom and Equant with
the agreement.


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


ALL ASIABANK: PDIC Starts Insurance Payments to Depositors
----------------------------------------------------------
The Philippine Deposit Insurance Corporation announced that it
will receive claims for insured deposits maintained with the
closed All AsiaBank Corporation (AABC) starting August 27, 2002.
Depositors are advised to file their claims at the premises of
the following branches.   

All AsiaBank - Head Office depositors will be serviced until
September 24, 2002 while Digos, Tagum and Koronadal branches
will service claims of their depositors until September 17,
2002. Meanwhile, claims of depositors of General Santos City and
Buhangin District branches will be serviced until September 13,
2002.

PDIC representatives shall service claims and entertain queries,
Mondays thru Fridays, 8:00 a.m. to 5:00 p.m. Depositors are
advised to present their evidence of deposits such as passbook,
original certificate of time deposit and latest identification
documents (IDs) with the depositors' specimen signature. After
the designated payoff date, depositors can file their claims
personally or thru mail at the PDIC Office at 2228 Chino Roces
Ave., Makati City.

The PDIC representatives in the course of claims processing may
require additional documents.


NATIONAL POWER: May Revive Ambuklao Power Plant Rehab
-----------------------------------------------------
The National Power Corp. (Napocor) and Meralco Industrial
Engineering Services Corp. (Miescor) may revive the
rehabilitation plan for the 75-megawatt (MW) Ambuklao
hydroelectric power plant, the Philippine Star reported
Thursday.

"They (Miescor) have indicated plans to go back after they have
suspended work in the project in 2000," Napocor OIC-President
Roland S. Quilala said.

"There was a proposal from EDC to revive the rehabilitation of
Ambuklao after Miescor. In fact, Miescor has informed us that it
wants the project back, Quilala said.

According to Quilala they need to thresh out some issues with
Miescor before jumping into another deal with other interested
parties.

Quilala said Miescor wants an extension of the ROL contract for
another five years, which Napocor rejected. "This is why they
stopped the rehabilitation of the plant," he said.

"Miescor, however, has not totally abandoned the plant since
they still has 15-year with us," he said.

An unnamed Napocor official said Miescor has long-standing
claims for reimbursements of lease payments amounting to 126
million pesos.

The issue was the main reason why Miescor decided to pre-
terminate the contract for the rehabilitation of the hydro
plant.

The official said, "We hope to finish the TOR soon and come up
with a compromise settlement with Miescor. We will submit it for
board approval anytime now."


PHILIPPINE AIRLINES: Expects Php911M Net Profit in 1Q FY03
----------------------------------------------------------
Philippine Airlines Inc. (PAL) expects a net profit of 911
million pesos in the year to March 2003, AFX Asia reported
yesterday, citing PAL President Avelino Zapanta.

The President said PAL's strong performance in the last few
months had allowed the airline to revise its previous target of
a loss for the year.

"We'll try to (recover) the 1.6B in losses we had last year,
although I know that is a tall order," he said.

In the four months to July, PAL's profit exceeded 1 billion
pesos. It posted a net profit of 984 million pesos between April
and June.

According to TCR-AP, government agencies holding a combined 4.26
percent in Philippine Airlines are giving the airline and its
majority owner Lucio Tan until the end of August to settle their
put option on their shares.

The report said the government agencies will be sending a letter
to PAL demanding that it honor the put option on the shares,
estimated to be worth PhP2 billion.


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


ASIA FOOD: Announces Debt Restructuring Update
----------------------------------------------
The Board of Directors of Asia Food & Properties Limited (AFP)
and Golden Agri-Resources Ltd (GAR) have updated their
shareholders and the general public on the debt rescheduling
progress.

The AFP Group (including GAR Group) has rescheduled an
additional US$46.5 million of its debts (comprising bank loans,
bonds and trade facilities).

The details of the total debt rescheduled during the period July
2001 to 26 August 2002 for AFP and GAR Groups are as follows:

In US$ million
Debt rescheduled from July 2001 to 26 August 2002

                               AFP          GAR      Total AFP
                          (excluding GAR)         (consolidated)
Accumulative original balance (a)  181.1   247.5      428.6
Balance outstanding as at 30 June 2002 (b) 126.6 237.3 363.9

(a) This refers to the aggregate original amount of debt
rescheduled.
(b) This refers to the outstanding balance as at 30 June 2002 of
the aggregate amount of debt rescheduled. The figures differ
from (a) due to partial repayment of certain debts, debt to
equity swap, and elimination on group consolidation of bonds
held by subsidiaries.

The following table shows the breakdown of total debt as at 30
June 2002 and the percentage of rescheduled debt:

US$ million            AFP            GAR        Total AFP  
(Un-Audited)        (excluding GAR)          (consolidated)

Short-term debt1       249.0          463.1       712.1
Long-term debt2        419.8           72.2       492.0
Total debt (bank       668.8          535.3     1,204.1
loans, bonds and
trade facilities)
as at 30 June 2002 3
Rescheduled debt(b)   8.9 percent  44.3 percent 30.2 percent
as a percentage of
total debt4
                           
1 Short-term refers to amounts payable within 1 year
2 Long-term refers to amounts payable after 1 year
3 Figures available at the latest practicable date
4 Percentage of total debt rescheduled is computed for
information only

For ease of comparison, the amounts in Singapore Dollar have
been converted to United States Dollar equivalent at US$1 to
S$1.762 as at end of June 2002.

Cash and time deposits with BII Bank Limited, Cook Islands (BII
Bank Ltd):

Under the repayment and security package entered into with BII
Bank Ltd (announced on 2 November 2001), the first and second
aggregate repayments to the AFP Group, including GAR and its
subsidiaries, was scheduled to be US$27 million for the period
from May 2001 to April 2002, and US$25 million for the period
from May 2002 to October 2002.

To date, the AFP Group, including GAR and its subsidiaries, has
reduced its principal cash and time deposits by US$52.4 million,
including reduction of GAR Group's deposits by US$17 million.
This exceeded the required aggregate repayment obligation of BII
Bank Ltd amounting to US$52 million for the period to 31 October
2002.

Listed on the Singapore Exchange Securities Trading Limited
(SGX-ST), Asia Food & Properties Limited (AFP) is involved in
three core businesses: Agri-business, Food and Property, through
its investments in Indonesia, China, Malaysia and Singapore.
Headquartered in Singapore, the AFP Group employs about 45,000
people. The Group turnover for the year 2001 was S$1.5 billion.

Agri-Business

The Agri-business operations are located in Indonesia and China.

Through its SGX-ST listed subsidiary, Golden Agri-Resources Ltd
(GAR), the Group's Indonesia Agri-business is one of the world's
largest vertically integrated oil palm plantation companies.
With a total planted area of 280,000 hectares, GAR operates 22
palm oil processing mills, two refineries and four kernel
crushing mills. The primary activities include oil palm tree
cultivation and harvest; processing of fresh fruit bunch into
crude palm oil (CPO) and palm kernel; and refining into value-
added products such as cooking oils, margarine and shortening.
The Group's China Agri-business operations include refineries,
port and oil-seed crushing facilities in Ningbo and Zhuhai,
China.

Food

The Group's Food operations, which are carried out by Zhuhai
Huafeng Food Industry (Group) Co., Ltd and its subsidiaries is
one of the largest manufacturers of instant noodles in China.
Its operations include the production, distribution and sale of
instant noodles throughout China.

Property

The Group's Property division in Indonesia is a leading
developer and is engaged in the development and construction of
commercial, residential and industrial properties, townships,
hotels and resorts. The Property division has long-term
investments in major commercial buildings, hotels and resorts,
and is involved in property sales, leasing and management of its
real estate development and investments in Indonesia, China,
Singapore and Malaysia.


CHARTERED SEMICONDUCTOR: Need Funds Within Nine Months
------------------------------------------------------
Chartered Semiconductor Manufacturing (CSM) wants to raise funds
in the next six to nine months to improve financial ratios and
fund its wafer fabrication plant, Reuters reported Wednesday,
citing analysts.

On Tuesday, the Company dive more than 5 percent to a record
intra-day low of S$2.37 on market rumors it might do a rights
issue.

Chartered's Chief Financial Officer George Thomas said its funds
were "sufficient" to keep it going but declined to comment
specifically on the rights issue talk.

The microchip maker, which has seen a 31 percent slump in its
book value due to six consecutive quarters of net losses, will
need to lower its debt-to-equity ratio and start work on its
advanced 300-mm plant, Fab 7.

The Company, which has been bleeding since the January to March
quarter of 2001, incurred a loss of $384 million in 2002.

Research firm Multex Global Estimates said analysts expect
Chartered to lose another $343 million this year after its net
losses of $219 million in the six months to June 30.

"There's a high probability in the next six to nine months that
Chartered will need to come to the market to raise money,
firstly to lower its debt-to-equity ratio, and also to fund Fab
7," Daiwa Institute of Research analyst Pranab Kumar Sarmah
said.

The firm has targeted a debt-to-equity ratio of 50 percent,
against analysts' estimates of 60 percent at the moment.

Chartered has $831 million in cash and about $620 million in
credit lines on standby. The group's long-term debt totals $1.1
billion.


INNO-PACIFIC: Narrows First-Half Net Loss to $1.85M
---------------------------------------------------
Inno-Pacific Holdings Ltd. posted a first-half net loss of $1.85
million versus a loss of $5.15 million a year ago, Business
Times reported Thursday.

The decline was due to lower royalties income because several
franchise restaurants had been closed, which was terminated from
the Shakey's system. Losses shrank due to the reduction of
directors and staff costs as well as other savings.


PENTON INTERNATIONAL: Resolving Issues, Profit Warning
------------------------------------------------------
Penton International Ltd announced on Wednesday:

(a) Following the appointment of Ernst and Young as the
Company's auditors, with effect from 20 August 2002, the Audit
Committee comprising Mr. John Lim C G (Independent Director),
and Mr. Bertie Cheng (Independent Director) have been in
discussions with Ernst and Young on resolving certain un-
reconciled balances in the accounts of the Company and the
Company's wholly-owned subsidiary CAC Tooling Holdings Limited
(CAC), amounting to an estimated aggregate amount of
approximately S$4.8 million, in respect of the un-audited
financial results of the Company for the financial year ended 30
April 2002.

The Company is in the process of resolving these un-reconciled
items with the assistance of Ernst and Young.

(b) The Company has informed the Audit Committee that the that
the financial statements of CAC for the financial year ended 30
April 2001 have not been signed off by Arthur Andersen UK. Owing
to new developments in CAC, Deloitte and Touche UK (the current
auditors to CAC) now requires additional audit evidence from the
Directors of CAC that its going concern assumption is still
appropriate in respect of the financial year ended 30 April
2001.

The present members of the Audit Committee (Mr. John Lim and Mr.
Bertie Cheng) were appointed only on 19 June 2002 and 19 August
2002 respectively and therefore do not have any prior knowledge
of the above two matters. However, as newly appointed members of
the Audit Committee, they are committed to carry out their
duties in the best interests of the Company.

(c) In connection with and in view of the foregoing, the Company
wishes to announce that it has requested the SGX-ST to suspend
the trading of its shares pending the solution of the above
matters.

The Board wishes to inform shareholders that it does not expect
the Company and its subsidiaries to be profitable for the
financial year ended 30 April 2002, but at this juncture is
unable to quantify the amount of the loss with any degree of
certainty, because of unresolved issues.

The Independent Directors, namely Mr. John Lim C G and Mr.
Bertie Cheng, will, after consultation with Ernst and Young,
make a recommendation to the Board as to the appropriate course
of action to be taken in respect of the above matters.

(d) Meanwhile, the Board wishes to inform shareholders that it
is trying its best to re-position Penton on a firmer financial
footing and hope to find ways to help Penton recover from its
current crisis. At this juncture, it is the intention of the
Board to explore all feasible options with regard to the future
of Penton.


SEMBCORP INDUSTRIES: Posts Changes in Temasek's Interest
--------------------------------------------------------
Sembcorp Industries Ltd posted a notice of changes in
substantial shareholder Temasek Holdings Limited's deemed
interests as follows:

Name of substantial shareholder: Temasek Holdings (Private)
Limited
Date of notice to Company: August 28, 2002
Date of change of deemed interest: August 22, 2002
Name of registered holder: CDP: DBS Nominees
Circumstance(s) giving rise to the interest: Open market
purchase

Shares held in the name of registered holder

No. of shares of the change: 16,000
Percentage of issued share capital: 0
Amount of consideration per share excluding brokerage, GST,
stamp duties,
clearing fee: 1.20990
No. of shares held before change:
Percentage of issued share capital:
No. of shares held after change:
Percentage of issued share capital:

Holdings of Substantial Shareholder including direct and deemed
interest

No. of shares held before change: 713,021,167 (Deemed),
215,054,693 (Direct)
Percentage of issued share capital: 39.16 (Deemed), 11.81
(Direct)
No. of shares held after change: 713,037,167 (Deemed),
215,054,693 (Direct)
Percentage of issued share capital: 39.16 (Deemed), 11.81
(Direct)
Total shares: 713,037,167 (Deemed), 215,054,693 (Direct)

This transaction was reported to Temasek on 26 August 2002. (M&A
REPORTER-ASIA PACIFIC, Vol. No.1, Issue No. 171, August 29,
2002)


SINGAPORE PRESS: Injects $40M Into Loss-Making TV Unit
------------------------------------------------------
Media group Singapore Press Holdings (SPH) has approved a cash
injection of S$40 million ($23 million) into SPH MediaWorks to
finance the loss-making broadcasting arm's operations, Reuters
reported Wednesday.

To date, SPH has invested S$88.8 million in MediaWorks.


SUM CHEONG: China Dev't Sells Loss-Making Singaporean Unit
----------------------------------------------------------
As part of a debt restructuring agreement entered into, China
Development Corp Ltd will sell its loss-making Singapore unit,
Sum Cheong Corp Pte Ltd, to the unit's director Albert Hong Hin
Kay.

In a statement the Company said the move would enable the
Company to re-focus on its existing business in Hong Kong and
look for opportunities to diversify into other businesses.

Under the agreement, Sum Cheong will issue an exchangeable note
to China Development, which can be converted into a 50 percent
equity stake in unit CP-Sum Cheong (China) Pte Ltd in exchange
for the partial settlement of a debt due to Mitsui & Co Ltd from
Sum Cheong's unit, Sum Cheong Piling Pte Ltd.

CP-Sum Cheong holds a 60 percent stake in Suzin Public Road
Construction & Development (Suzhou) Co, which operates a toll
road in China. (M&A REPORTER-ASIA PACIFIC, Vol. No.1, Issue No.
171, August 29, 2002)


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


THAI PETROCHEMICAL: Effective Planners Implemented Rehab Plan
-------------------------------------------------------------
Effective Planners Ltd said it has strictly implemented Thai
Petrochemical Industry Plc's rehabilitation plan, AFX Asia
reported.

Effective Planners' statement came in response to a petition
filed with the Central Bankruptcy Court calling for it to be
removed as the company's administrator.

The filing of the petition by an official receiver from the
Business Reorganisation Office followed a July 29 request by TPI
CEO Prachai Leophairatana, and is authorized under section 90/67
of the Bankruptcy Act.

EPL said it has submitted a report detailing the facts
surrounding the inability to sell the non-core assets (of TPI)
within the original deadline. The report was provided to the
official receiver on August 22, 2002.

Last year, TPI recorded earnings before interest, taxes,
depreciation and amortization (Ebitda) of just US$450 million a
month, much below the $700 million seen in 2000.


THAI PETROCHEMICAL: Seeks Dismissal of Effective Planners
---------------------------------------------------------
Receivership officials have requested the Central Bankruptcy
Court to consider dismissing Effective Planners Ltd as Thai
Petrochemical Industry PLC's rehabilitation plan administrators.

Thailand's bankruptcy court will hear a petition on October 8.

TPI Polene Plc vice president Silpin Buranasilpin told AFX Asia
the request was submitted to the court on August 23 by an
official of the Business Reorganisation Office in accordance
with the Bankruptcy Act.

TPI founder Prachai Leophairatana lodged the request. The
petition questioned the legitimacy and competency of Effective
Planners to remain as TPI's planners after it failed to meet a
deadline to repay US$200 million worth of debt to creditors by
selling non-core assets as stated in the plan.



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
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                 *** End of Transmission ***