/raid1/www/Hosts/bankrupt/TCRAP_Public/020909.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

          Monday, September 09, 2002, Vol. 5, No. 178

                         Headlines

A U S T R A L I A

CLUB CROCODILE: October EGM Scheduled
EMPIRE SYSTEMS: Director Gets Two-Yr Detention Over Deception
GOODMAN FIELDER: Sees Improvement in Core Operations
PMP LIMITED: WBC Cuts Substantial Holding to 5.05%
SPIDERWEB SOLUTIONS: Director Sentenced on ASIC Charges

UNITEDNETWORKS: Ratings Remain Unchanged, Says S&P


C H I N A   &   H O N G  K O N G

EUROTOP LIMITED: Winding Up Petition Slated for Hearing
HUAQING ORIENTAL: Winding Up Petition Pending
MILSON DEVELOPMENT: Petition to Wind Up Scheduled
PEARLRIVER TYRE: Operations Loss Narrows to HK$4.1M
SHARP TIME: Hearing of Winding Up Petition Set

SHINTALUK I & E: Winding Up Sought by Lam Kim
UNION TALENT: Winding Up Petition Hearing Set


I N D O N E S I A

PT DANAREKSA: Privatization Next Year Likely


J A P A N

HITACHI LTD: Appoints Yoshiro Kuwata as New President of HHT
MATSUSHITA ELECTRIC: Opens Panasonic Center in Tokyo
MITSUBISHI MOTORS: May Get Shareholders' Support
MITSUBISHI MOTORS: Releases 2003 Model Year Pajeros
NIPPON TELEGRAPH: US Urges Cuts in Connection Fees

NTT DOCOMO: Nears 42-Month Low, Growth in Doubt
ORIENT CORPORATION: Releasing Units From Certain Obligations
TOKYO ELECTRIC: Moody's Asserts NRA Data Rumors Lack Weight
TORAY INDUSTRIES: Expanding Polypropylene Operations


K O R E A

DAISHIN LIFE: Sale of Insurance Firm Continues
HYNIX SEMICONDUCTOR: Creditors Will Raise Loss Reserves
KOREA ELECTRIC: Offering $650M 5-Year Bonds


M A L A Y S I A

ANCOM BERHAD: Unit Proposes Capital Reduction, Disposal
GEAHIN ENGINEERING: Vigorously Defends Yodoform Litigation
GENERAL LUMBER: Revises Proposed Debt Settlement
HIAP AIK: Posts 2001 Annual Report Errata
KEMAYAN CORPORATION: Court Rejects RO Extension Application

KIARA EMAS: MITI Grants Conditional Approval on Proposals
KILANG PAPAN: Extends Scheme Implementation Period
LAND & GENERAL: De-Registers Dormant Subsidiary
LION GROUP: Obtains SW's Conditional Proposed GWRS Approval
LONG HUAT: Monitoring Accountant Appointment Underway

NCK CORPORATION: Danaharta Approves NCK Metal's Proposal
OLYMPIA INDUSTRIES: Scheme Implementation Period Ends March `03
PAN MALAYSIAN: 40th AGM Scheduled September 30
RASHID HUSSAIN: BNM Approves Proposed Bond Restructuring
REPCO HOLDINGS: KLSE OKs Regularization Plan Time Extension

SASHIP HOLDINGS: Answers KLSE's Winding Up Petition Query
SITT TATT: Obtains MITI's Nod on Acquisitions Revisions
SRI HARTAMAS: Inks Settlement Agreement With Syndicated Lenders
TECHNO ASIA: Updates Defaulted Payments Status
TENCO BERHAD: Replies to KLSE's Litigation Query


P H I L I P P I N E S

ABS-CBN: Additional Listing of PDR's
NATIONAL POWER: Tightens Coal Procurement Rules
RFM CORP: Noodle JV With Uni Likely to Begin in September
VICTORIAS MILLING: SEC Order on Debt-to-Equity Swap Pending


S I N G A P O R E

ASIA PULP: Needs to Pay Remaining $40M to IBRA This Month
ASIA PULP: Placing Financial Controllers at Three Units
BOUSTEAD SINGAPORE: Posts Notice of Shareholder's Interest
CHARTERED SEMICONDUCTOR: Government Plans for Chipmaker Unclear
CHARTERED SEMICONDUCTOR: Hwee Meets IAS Re $633M Rights Offer

CHARTERED SEMICONDUCTOR: SGX Probes Trading in Chipmaker
DATACRAFT ASIA: Sharp Increase in Shares on SGX
NATSTEEL LTD: Posts Notice of Shareholder's Interest
SEATOWN CORPORATION: Stay of Proceedings Pending


T H A I L A N D

GRAND HOTEL: Files Business Reorganization Petition
SIKARIN PUBLIC: Releases Rehabilitation Plan Progress

* SET Posts `SP' Sign Against Listed Companies

     -  -  -  -  -  -  -  -

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


CLUB CROCODILE: October EGM Scheduled
-------------------------------------
Club Crocodile Holdings Limited ACN 010 715 901 advised that a
General Meeting of Member's of Club Crocodile Holdings Limited
will be held on board the Kookaburra River Queen 1, moored at
Eagle Street Pier, 1 Eagle Street, Brisbane on Monday, 7 October
2002 at 10.30am (Brisbane time).

AGENDA

ORDINARY BUSINESS

To consider and, if thought fit, pass the following resolutions,
as ordinary resolutions:

1. That, in accordance with Rule 7A of the Listing Rules of the
Australian Stock Exchange Limited (ASX), the previous issue of
4,456,800 ordinary shares in the Company (the Shares) at an
issue price of 14 cents each on 1 August 2002 to Mr David
Kingston (Recipient) be hereby approved.

2. That, in accordance with Listing Rule 10.1 of the Listing
Rules of ASX, and for all other purposes, the Directors of the
Company are hereby authorized to dispose of two (2)
paddlewheelers known as the Kookaburra River Queens I and II
(Vessels) to Falconridge Pty Ltd ACN 010 336 562 as trustee for
the Thynne Family Trust (Purchaser), an entity associated with
Mr Peter Thynne, a Director of the Company, upon the terms and
conditions contained in an Agreement dated 1 August 2002 (the
Vessel Disposal Agreement).


EMPIRE SYSTEMS: Director Gets Two-Yr Detention Over Deception
-------------------------------------------------------------
Michael Roussi, also known as Misagh Roussi, was sentenced on
Friday by Judge Blackmore in the Downing Centre District Court,
Sydney to a two-year term of periodic detention for his part in
a $990,923 deception.

The sentence relates to two charges of Mr Roussi having
improperly used his position as an officer of Empire Systems Pty
Limited (Empire Systems) to gain an advantage for his wife, Rita
Rohani.

The charges against Mr Roussi were laid after an investigation
by the Australian Securities and Investments Commission (ASIC)
and were prosecuted by the Commonwealth Director of Public
Prosecutions.

It follows a two-week trial in June 2002, before Judge
Blackmore, where the jury heard details of Mr Roussi's
involvement with Empire Systems, a large computer retailer that
went into liquidation in 1998.

The two charges alleged that Mr Roussi initiated a 'round robin'
of cheques. Mr Roussi caused two cheques totaling $990,923 to be
drawn on Empire Systems' bank account and recorded in Empire
Systems' books as payments to two creditors.

Mr Roussi caused the cheques to be paid to cash and re-deposited
into the same account, recorded as having been received from his
wife in payment of her outstanding loan account.

Between 1994 and 1996 Mr Roussi was convicted for failing to
lodge reports as to affairs, as required under the law, for
other companies he and his wife previously operated.

On 11 May 1999 Justice Einfeld banned Mr Roussi and his wife Ms
Rohani for being involved in the management of a corporation for
ten years, following action taken by ASIC.


GOODMAN FIELDER: Sees Improvement in Core Operations
----------------------------------------------------
Goodman Fielder Ltd has improved in its core operation and gains
on the sale of its gelatin business contributed to a 12.2
percent increase in net profit for the year to June 2002 to
AUD$132.4 million.

The company booked a significant item of AUD$30 million in gains
during the year to account for the divestment of the Leiner
Davis gelatin business while EBIT rose to AUD$254.2 million from
AUD$243.0 million.

"Goodman Fielder recorded a solid performance despite the
internal and external pressures of restructuring, divestments,
management change and competitive markets," Company Chief
Executive Tom Park said.

To see a full copy of the Company's Preliminary report, go to
http://www.bankrupt.com/misc/TCRAP_GMF0909.pdf.


PMP LIMITED: WBC Cuts Substantial Holding to 5.05%
--------------------------------------------------
Westpac Banking Corporation decreased its relevant interest in
PMP Limited on 02/September/2002, from 18,033,482 ordinary
shares (6.21%) to 14,667,687 ordinary shares (5.05%).

Days ago, TCR-AP reported that 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.


SPIDERWEB SOLUTIONS: Director Sentenced on ASIC Charges
-------------------------------------------------------
Mr Antony David Smales, a company director from Frankston,
Victoria, was sentenced on Friday in the Melbourne County Court
on two charges brought by the Australian Securities and
Investments Commission (ASIC).

Mr Smales, a director of Spiderweb Solutions Pty Ltd, pleaded
guilty to two charges of making improper and dishonest use of
his position as a director of the company to gain an advantage
for himself.

Mr Smales was sentenced to 12 months imprisonment, to be fully
suspended upon him entering a recognizance in the amount of
$1,000 to be of good behavior for two years.

He was also ordered to repay $120,218 to the company, which has
been placed into administration.

The charges related to Mr Smales' withdrawal of $134,921 from
the company's bank account without the knowledge of his co-
directors. Judge White described it as a 'grave breach of trust'
against a long-standing friend of Mr Smales.

Mr Smales used the money to gamble at Crown Casino and other
venues.

The Commonwealth Director of Public Prosecutions prosecuted the
matter.


UNITEDNETWORKS: Ratings Remain Unchanged, Says S&P
--------------------------------------------------
Standard & Poor's Ratings Services said Firday that its `BBB+'
long-term and `A-2' short-term corporate credit rating on
UnitedNetworks Ltd. (UnitedNetworks) are to remain unchanged,
despite the downgrade of UnitedNetwork's majority U.S.-based
shareholder, Aquila Inc. (BBB-/Negative/A-3). Both ratings
remain on CreditWatch Developing, where they were placed on June
12, 2002.

"Although the credit rating on UnitedNetworks has always been
constrained by the lower rating on Aquila, the imminent sale of
Aquila's shareholding suggests that constraint is somewhat
tenuous," said Laurie Conheady, associate director, Corporate &
Infrastructure Finance Ratings. "In the event that a sale was
not forthcoming in the near term, however, the rating on
UnitedNetworks is likely to be lowered."


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


EUROTOP LIMITED: Winding Up Petition Slated for Hearing
-------------------------------------------------------
The petition to wind up Eurotop Limited is scheduled for hearing
before the High Court of Hong Kong on September 11, 2002 at
10:00 am.  The petition was filed with the court on June 19,
2002 by The Commissioner of Inland Revenue of Hong Kong of
Revenue Tower, 5 Gloucester Road, Wanchai, Hong Kong.


HUAQING ORIENTAL: Winding Up Petition Pending
---------------------------------------------
Huaqing Oriental Mining (Holdings) Limited is facing a winding
up petition, which is slated to be heard before the High Court
of Hong Kong on November 6, 2002 at 10:00 am.

The petition was filed on August 15, 2002 by Wonip Industries
Limited whose registered office is situated at Suite 3409, 34th
Floor, Convention Plaza Office Tower, 1 Harbour Road, Wanchai,
Hong Kong.


MILSON DEVELOPMENT: Petition to Wind Up Scheduled
-------------------------------------------------
The petition to wind up Milson 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 25, 2002 by Bank
of China (Hong Kong) Limited, the succeeding corporation of the
China State Bank Limited Corporation pursuant to Bank of China
(Hong Kong) Limited (Merger) Ordinance, which incorporated under
the laws of Hong Kong and have their registered office at 14/F.,
1 Garden Road, Central, Hong Kong.


PEARLRIVER TYRE: Operations Loss Narrows to HK$4.1M
---------------------------------------------------
Pearl River Tyre (Holdings) Limited announced on
6 September 2002:

(stock code: 1187)
Year end date: 31/12/2002
Currency: HKD
Auditors' Report: N/A
Review of Interim Report by: Audit Committee
                                                  (Unaudited)
                                  (Unaudited)      Last
                                  Current          Corresponding
                                  Period           Period
                                  from 1/1/2002    from 1/1/2001
                                  to 30/6/2002     to 30/6/2001
                                  ('000)           ('000)
  Turnover                        : 201              4,295
  Profit/(Loss) from Operations   : (4,173)          (322)
  Finance cost                    : (5)              (4)
  Share of Profit/(Loss) of Associates  : 8,273   (1,872)
  Share of Profit/(Loss) of
    Jointly Controlled Entities   : -                -
  Profit/(Loss) after Tax & MI    : 6,578            (2,198)
  % Change over Last Period       : N/A
  EPS/(LPS)-Basic                 : 6.3 cents        (2.1 cents)
           -Diluted               : -                -
  Extraordinary (ETD) Gain/(Loss) : -                -
  Profit/(Loss) after ETD Items   : 6,578            (2,198)
  Interim Dividend per Share      : NIL              NIL
  (Specify if with other options) : -                -
  B/C Dates for Interim Dividend  : N/A
  Payable Date                           : N/A
  B/C Dates for (-) General Meeting      : N/A
  Other Distribution for Current Period  : N/A
  B/C Dates for Other Distribution       : N/A

Remarks:

(1) The above results are the unaudited consolidated results of
Pearl River Tyre (Holdings) Limited for the six month period
ended 30 June 2002 (current period) together with the
comparative figures for the corresponding period last year
(corresponding period).

(2) The results of Guangzhou Pearl River Rubber Tyre Limited
(Joint Venture) have been included under the heading `share of
profit/(loss) of associates'. The share of profit/(loss) of
associates is stated before taking into account the Group's
share of income tax of associates.

For better understanding of the Group's operating results, the
results of the Joint Venture for the current period together
with the comparative figures for the corresponding period are
set out below:

                             Six Month Period Ended 30 June
                             2002                    2001
                             HK$'000                 HK$'000

  Turnover                   275,926                 238,621
                             =======                 =======
  Profit from operations     12,608                  681
  Finance cost               (4,148)                 (4,737)
                             -------                 -------
  Operating profit/(loss)
    before taxation          8,460                   (4,056)
  Taxation                   4,488                   -
                             -------                 -------
  Operating profit/(loss)
    after taxation           12,948                  (4,056)
                             ======                  =======

(3) The results of Omega Semiconductor Sendirian Berhad (Omega),
an associate of the Company, have been accounted for using the
equity method based on the unaudited financial statements of
Omega made up from 1 January 2002 to 30 June 2002. The income
tax applied to the results of the operations of Omega is at 28%.

(4) The calculation of the basic earnings/(loss) per share is
based on the consolidated profit after taxation of HK$6,578,000
(30 June 2001 - consolidated loss after taxation of
HK$2,198,000) for the current period and on 105,116,280 ordinary
shares of A$0.20 each in issue during the current period.

There is no dilutive effect on the basic earnings/(loss) per
share for the current period and the corresponding period.


SHARP TIME: Hearing of Winding Up Petition Set
----------------------------------------------
The petition to wind up Sharp Time Investment Limited is
scheduled to be heard before the High Court of Hong Kong on
September 11, 2002 at 10:00 am.  The petition was filed with the
court on June 19, 2002 by The Commissioner of Inland Revenue of
Hong Kong of Revenue Tower, 5 Gloucester Road, Wanchai, Hong
Kong.


SHINTALUK I & E: Winding Up Sought by Lam Kim
---------------------------------------------
Lam Kim Fung is seeking the winding up of Shintaluk I & E
Company Limited. The petition was filed on July 16, 2002, and
will be heard before the High Court of Hong Kong on October 9,
2002 at 10:00 am.

Lam Kim holds its registered office at Block D, 23rd Floor, On
Yue Building, No. 130 Tsuen Wan Market Street, Tsuen Wan, New
Territories, Hong Kong.


UNION TALENT: Winding Up Petition Hearing Set
---------------------------------------------
The petition to wind up Union Talent Investment Limited will be
heard before the High Court of Hong Kong on September 11, 2002
at 10:00 am.  The petition was filed with the court on June 19,
2002 by The Commissioner of Inland Revenue of Hong Kong of
Revenue Tower, 5 Gloucester Road, Wanchai, Hong Kong.


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


PT DANAREKSA: Privatization Next Year Likely
--------------------------------------------
State financial company PT Danareksa will be privatized next
year, AsiaPulse reports, citing Minister of State Enterprises
Affairs Laksamana Sukardi.

"Privatization will take place after the process of
restructuring its debt has been completed," Laksamana said,
adding that the process of restructuring a US$173 million debt
is expected to be thrashed out this month and performance is
expected to improve after the restructuring.

The government, which wholly owns Danareksa, is expected to
divest 49 percent of its shares, but Laksaman said the portion
is yet to be decided.

However, Danareksa President Zas Ureawan indicated that
creditors have not fully agreed with the restructuring proposal.


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


HITACHI LTD: Appoints Yoshiro Kuwata as New President of HHT
------------------------------------------------------------
Hitachi, Ltd. announced that the following appointment was
approved at a meeting of the Company's board of directors held
on September 4, 2002.

Yoshiro Kuwata, Executive Vice President and Director
(Representative Director) of Hitachi, Ltd. and Chairman of the
Board of Hitachi High-Technologies Corporation, a listed
subsidiary of Hitachi, Ltd., has been appointed to serve
concurrently as President (Representative Director) of Hitachi
High-Technologies (HHT), effective on September 4. Noriaki
Higuchi has stepped down as President (Representative Director)
of Hitachi High-Technologies, citing health reasons.

Mr. Kuwata will continue to serve as Executive Vice President
and Director (Representative Director) of Hitachi, Ltd.

Information contained in this news release is current as of the
date of the press announcement, but may be subject to change
without prior notice.


MATSUSHITA ELECTRIC: Opens Panasonic Center in Tokyo
----------------------------------------------------
Matsushita Electric Industrial Co., Ltd., disclosed that it
would officially unveil to the public the Panasonic Center, the
Company's new marketing and communications facility on September
14th. The facility will exhibit new technologies and services
that are in line with the Company's corporate vision of helping
realize a "ubiquitous network society" and "coexistence with the
global environment".

Visitors can experience and comment on the latest Panasonic
digital audio and video equipment as well as prototype products
and solution systems. By allowing visitors to try out new
products and provide valuable customer feedback, the Panasonic
Center aims to be a place where future products and services are
originated.

Panasonic's vision of a "ubiquitous network society" is that
information terminals such as digital televisions, mobile phones
and car navigation systems will eventually become integrated
into every aspect of daily life and a sophisticated information
network environment will evolve. The Panasonic Center is
designed to show the latest advances of this networked society
and allow the visitor to take a glimpse of the future. The
facility is equipped with the latest digital electronics and
networked appliances as well as a proposed home networking
system that incorporates features such as ECHONET and IPv6
technologies.

Panasonic also believes that the creation of a recycling based
society that co-exists with the environment will evolve in the
future. The Panasonic Center will emphasize the Company's
various new environment-friendly technologies, including its
fuel cell-driven "co-generation" system that helps improve
energy efficiency through utilization of electricity and
generated heat, and other power generation systems using solar
energy and wind power. The Company's environment-conscious
products or so-called green products will be exhibited as well
as important environmental technologies of the Panasonic Center.

The Center also features Dinosaur Factory, an interactive
dinosaur museum, which uses Bluetooth and other wireless
technologies, a game software corner and a broadband cafe where
visitors can relax and enjoy a drink while viewing the world
wide web using wireless broadband access service. Adjacent to
the main building is the Ariake Studio, a recording studio
equipped with the latest Panasonic digital recording technology
and broadband capabilities.

"The opening of the Panasonic Center will allow visitors to try
out the latest Panasonic products and services. We collaborated
with many companies from various fields to ensure that visitors
to the Panasonic Center will have a unique experience," said Mr.
Hitoshi Mitsuzawa, Panasonic Center Director.

Located next to the Tokyo Big Sight, the Panasonic Center is
easily distinguishable by the ASTROWALL, an L-shaped video
information display screen that blends in with existing building
structures. The Center will be open daily from 11:00 A.M. to
6:00 P.M. and closed Mondays. Admission to the Panasonic Center
is free. (Admission fee is required to Dinosaur Factory.

For further information, please visit the Matsushita Electric
Industrial Co., Ltd. home page at:
www.panasonic.co.jp/global/top.html

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.


MITSUBISHI MOTORS: May Get Shareholders' Support
------------------------------------------------
Shares of Mitsubishi Motors may get some support from
shareholders Daimlerchrysler and Mitsubishi group of companies
for planned spin off of its truck and bus operations into new
Company, according to Dow Jones on Friday.

Meanwhile, Yomiuri Shimbun reported that the aid would help
strengthen its financial standing and help streamline
operations.

According to TCR-AP, at the end of 2001, the Company had
negative working capital, as current liabilities were 1.95
trillion yen while total current assets were only 1.23 trillion
yen.


MITSUBISHI MOTORS: Releases 2003 Model Year Pajeros
---------------------------------------------------
Mitsubishi Motors Corporation (MMC) recently announced the
release of the 2003 model year lineup of Pajeros, the Company's
well-known 4WD off-road vehicle. The new-look Pajeros go on sale
Thursday on the Japanese domestic market with a total monthly
sales target of 500 units.

- Newly designed exterior parts include front grille, front and
rear bumpers, and wheel lip moulds.

- Mitsubishi's own leading-edge active stability and traction
control (ASTC), equipped as standard in Exceed-II and Super
Exceed, provides better off-road performance and on-road
cornering than limited slip differentials (LSDs).

- Addition of 3.0-liter V6 ECI-multi engine and INVECS-II Sport
Mode 4-speed automatic transmission to Pajero Long gives rise to
new Exceed trim level.

Main Features

1. Exterior

- The front grille, front and rear bumpers, wheel lip moulds,
and other exterior parts have been redesigned and the side
seals, side steps, and rear mud guards have been reshaped to
better suit off road driving.

- Newly designed rear combination lamp units have been added
along with clear lens front and side turn signals.

- Redesigned 16-inch alloy wheels.

- Two new body colors: green/medium gray mica (GU) and medium
gold (JF).

2. Interior

- Increased use of wood grain panels gives the interior an added
air of elegance.

- The Super Exceed comes with leather-trim shift selector lever,
transfer lever, and handbrake handle.

- Titanium coated internal door handles.

3. Added Equipment - MMC's own active stability and traction
control (ASTC), which allows better off-road performance and on-
road cornering than LSDs, has been equipped as standard in
Exceed-II and Super Exceed.

- The dealer-fitted optional Multi Display Station that can be
connected to Aisin AW, Carrozzeria, Kenwood, Panasonic, and
Mitsubishi Electric car navigation systems now comes as standard
equipment on the Exceed-II(factory-fitted option on other trim
level models).

4. Introduction of Exceed
- Equipped with a V6 ECI-multi engine and INVECS-II Sport Mode
4-speed automatic transmission, the Exceed goes on sale with an
affordable price tag.

For more information on available models, prices, and
specifications, please visit Mitsubishi Motors home page at:
www.mitsubishi-motors.co.jp/inter/NEWS/0204-09/0235.html


NIPPON TELEGRAPH: US Urges Cuts in Connection Fees
--------------------------------------------------
Nippon Telegraph and Telephone Co. (NTT) may suffer after the
United States (US) requested a 16 percent cut in connection fees
from current levels, Dow Jones reports.

Meanwhile, Japan telecom ministry studied two plans, including 8
percent and 16 percent cut. The ministry will decide on the
matter by the end of September.

NTT's shares on Thursday increased 3.0 percent at Y446,000.


NTT DOCOMO: Nears 42-Month Low, Growth in Doubt
-----------------------------------------------
Shares in NTT DoCoMo (Docomo) Inc. posted a three-and-a-half
year low on Wednesday due to concerns about its growth prospects
and a global slump in telecom shares, Reuters reports.

DoCoMo lost 4.92 percent to 232,000 yen, drawing close to strong
technical support at a 42-month low of 228,000 yen marked one
day after the September 11 attacks in the United States.

The stock has lost more than 50 percent since April 1, which
compares with a 16 percent decline in the broad TOPIX index and
a 30 percent fall in the communications sector subindex.

The TOPIX fell 1.97 percent on Wednesday to close at its lowest
level since December 1984.

"DoCoMo looks cheap from a valuation perspective, but the
Company's path to new growth is still unclear," said Hideo Ueki,
Chief Investment Officer at UBS Asset Management, which oversees
12.3 billion yen ($105 million) of investment trusts.

"With no new catalyst for the stock likely to appear soon, I
expect it to face further pressure in the near term."

The Company is aiming to secure continued growth through the
deployment of third-generation (3G) mobile services, which offer
face-to-face video conferencing and high-speed Internet
connections.

But it has been striving to recruit 3G users mainly due to the
limited coverage area and poor battery life of its phones.


ORIENT CORPORATION: Releasing Units From Certain Obligations
------------------------------------------------------------
Mizuho Holdings, Inc. announced that its wholly owned
subsidiary, Mizuho Corporate Bank, Ltd., has decided to release
four subsidiaries of Orient Corporation (Orient Land Co., Ltd.,
Holon Fund Co., Ltd., NT Development Co., Ltd., and NTM Co.,
Ltd., collectively, the `Companies') from certain of their
obligations in response to the draft agreement on special
liquidation of the Companies which was approved in the
creditors' meeting.

This decision is subject to the confirmation of the approval of
the agreement by Tokyo District Court. Possible irrecoverability
of claims to the Companies had already been informed in its
release on March 29, 2002.

1. Outline of the Companies
Orient Land Co., Ltd.
(1)Address 2-1, Kojimachi 5-chome, Chiyoda-ku, Tokyo
(2)Representative Mr. Masatora Yoshida
(3)Capital JPY 120 million

Holon Fund Co., Ltd.
(1)Address 2-1, Kojimachi 5-chome, Chiyoda-ku, Tokyo
(2)Representative Mr. Shizuka Fujimoto
(3)Capital JPY 30 million

NT Development Co., Ltd.
(1)Address 2-1, Kojimachi 5-chome, Chiyoda-ku, Tokyo
(2)Representative Mr. Noritoshi Kimura
(3)Capital JPY 100 million

NTM Co., Ltd
(1)Address 2-1, Kojimachi 5-chome, Chiyoda-ku, Tokyo
(2)Representative Mr. Noritoshi Kimura
(3)Capital JPY 80 million

2. Details of Relevant Developments

May 24, 2002 Application for commencement of special liquidation
procedures with the Tokyo District Court

May 27, 2002 Commencement of special liquidation procedures
September 3, 2002 Approval of the draft agreement on special
liquidation of the Companies in the creditors' meeting

3. Claims to be waived by Mizuho Corporate Bank, Ltd.

Mizuho Corporate Bank, Ltd., subject to the confirmation of the
approval of the agreement on special liquidation by Tokyo
District Court, will waive claims against the Companies of JPY
133,371 million.

4.Effect of this Development on Profit/Loss of Mizuho Holdings,
Inc.

This development will have no effect on Mizuho's previously
announced projections for this fiscal year.


TOKYO ELECTRIC: Moody's Asserts NRA Data Rumors Lack Weight
-----------------------------------------------------------
Moody's Investors Service expects that the recent publicized
suspicions that nuclear reactor inspection data (NRI data) was
falsified by Tokyo Electric Power Co. (TEPCO) are unlikely,
based on data so far to exercise a significantly negative and
direct impact on TEPCO's credit profile. TEPCO has a long-term
debt rating of Aa2.

The rating agency, however, notes that the incident has the
potential to negatively affect the long-term business
environment for TEPCO.

TEPCO recently announced 29 likely cases of falsification in the
maintenance records it keeps for its voluntary inspections, as
distinct from those that are legally stipulated, of its nuclear
reactors between the late 1980s and 1990s. TEPCO has
subsequently conducted a safety analysis of the relevant units
in accordance with available data and has confirmed that no
safety problems arose.

Based on this analysis, the Nuclear and Industrial Safety Agency
of Japan assessed that the safety of TEPCO's reactors has not
been seriously affected.

TEPCO is now carrying out an internal investigation and will
report its detailed findings by mid-September. In the meantime,
the Company will suspend the operation of the 5 reactors in
question and undertake inspections to rebuild the confidence of
neighboring residents in its safety levels.

The direct impact of the incident on TEPCO will include the
incremental cost to its operations during the inspection period
and the potential for punitive measures from the authorities.
Such measures would be subject to the results of TEPCO's own
investigation.

Given the nature of TEPCO's operation as a materially
monopolistic public utility, the Ministry of Economy, Trade and
Industry is unlikely to impose measures that are so drastic that
they could significantly weaken the Company's operation or
financial position.

Approximately 44 percent of the power generated by TEPCO is
nuclear-based. In view of the importance of the safety of
nuclear power generation to Japan and to TEPCO's future
operations, Moody's will monitor the Company's investigation and
inspection process. Moody's will also assess the long-term
effect on TEPCO's nuclear development plans.

Furthermore, we will assess, on an ongoing basis, how this
incident could indirectly influence the current discussion on
further deregulation of Japan's electric utility market,
especially in the context of TEPCO's leadership and influence in
this discussion and the evolution of Japan's nuclear power
generation policy. Moody's is cautions that the result of the
deregulation discussion could affect the industry's structure
and the business risks of Japanese power companies in the
future.

Tokyo Electric Power Co., headquartered in Tokyo, is the largest
electric utility Company in Japan with consolidated sales of Yen
5.2 trillion for the fiscal year ended March 31, 2002.

According to Wrights Investors service, at the end of 2001,
Tokyo Electric Power Company Incorporated had negative working
capital, as current liabilities were Y3.02 trillion while total
current assets were only Y603.47 billion.


TORAY INDUSTRIES: Expanding Polypropylene Operations
----------------------------------------------------
Toray Industries, Inc. announced Friday that Toray Saehan Inc.
(TSI), a joint venture of Toray and the South Korea-based
leading synthetic-fiber manufacturer Saehan, Inc., decided to
construct a new production facility in Seoul, South Korea for
polypropylene spunbonds (PPSBs), which are certain types of
nonwoven fabrics. The new state-of-the-art production facility
will primarily produce four-layer spunbonds consisting of
spunbonds. The production facility is scheduled to begin
operation in October 2003. It will manufacture 13,000 tons of
PPSB per year, which will enable TSI to expand its PPSB
production capacity to 45,000 tons a year.

In December 2000, TSI built a PPSB production facility with a
yearly production capacity of 30,000 tons, the first full-scale
production facility of its kind in Asia. In addition, last June
the Company increased its PPSB production capacity by 2,000 tons
a year in order to meet the increasing demand for those
products. Moreover, TSI decided to expand its production
capacity again in response to a continuing increase in demand
for PPSBs, including demand relating to paper-diaper
applications. This will enable the Company to further strengthen
its solid position as a PPSB manufacturer in Asia..

In Japan, the United States, and Europe, the diffusion of paper
diapers made from PPSB has reached almost 100 percent. In recent
years, the diffusion of paper diapers in Asian countries has
also been increasing, backed by the fact that family incomes in
this region's nations have been rising. It is essential that
paper diapers be light-weight and feel soft to the touch. It is
expected that the demand for multilayer spunbonds (more-than-
three-layer spunbonds) for use in diapers will increase at a
rate of more than 10 percent per year until 2010.

In 1999, Toray acquired Saehan's polyester filament, polyester
films, polypropylene and polyester nonwoven-fabric filament
businesses. Regarding the nonwoven-fabric filament business,
Toray and TSI - with a combined annual output of 53,000 tons -
will together be among the world's leading enterprises.

The decision to expand the production facility is part of
Toray's solutions business to promote the concept of
"Transformation into a New Value Creator," as described in the
Company's new management-policy program called Project New TORAY
21. The Toray group plans to offer high-quality products so as
to increase its customers' satisfaction.

Reference
Overview of Toray Saehan Inc.

1. Headquarters:    Seoul, South Korea

2. Plant locations: 93-1, Imsu-Dong, Gumi City , Kyungbuk , 730-
                    350, South Korea

3. Representatives: Toshiyuki Umemoto (Chairman)
                    Lee Yong Kwan (President)

5. Capital:         Approximately 30 billion yen (300 billion
                    won)

6. Capital ratios:  Toray @70%
                    Saehan @30%

7. Businesses:      Manufacturing and marketing of the following
                    products:
                    Polyester films (90,000 tons a year)
                    Polyester filament yarn (50,000 tons a year)
                    Polyester nonwoven fabric filament (4,000
                    tons a year)
                    Polypropylene nonwoven fabric filament
                    (32,000 tons a year)

8. Sales:           About 46 billion yen (about 460 billion
                    won), FY2001

9. Total assets:    About 66 billion yen (about 660 billion
                    won), FY2001

10. Employees:      Approximately 800, including 8 employees
                    from Toray as of June 2002

In July, Moody's Investors Service changed the outlook on the
Baa1 senior unsecured long-term debt ratings of Toray
Industries, Inc. (Toray) to negative from stable. The change in
outlook reflects Moody's concerns over Toray's ability to
improve its cash flow over the medium term.

Due to the severe business environment for its synthetic fiber
and chemical products, Toray's performance remains weak. The
Company has completed its program of investing in 23 projects in
ten countries to re-engineer its global production system of
polyester fiber and films and reinforce other business lines
such as IT-related products. However, it cannot obtain
meaningful results from the projects at present.


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


DAISHIN LIFE: Sale of Insurance Firm Continues
----------------------------------------------
The Public Fund Oversight Committee (PFOC) will soon proceed
with the sale of Daishin Life Insurance Co, the Korea Herald
reported Friday citing PFOC Chairman Kang Keum-shik.

Kang said the committee has decided to allow the KT&G to buy
back and retire 9.50 million shares from state-run Korea Asset
Management Corp. (KAMCO) to help boost its stock price.

He stressed that the buyback price would be at least 16,200 won
or higher depending on the movement of the KT&G stock price.

In 2001, the Financial Supervisory Commission (FSC) had stamped
Daishin Life Insurance as an insolvent financial institution and
places it under FSC management due to net asset deficiency of
W241.1 billion, TCR-AP reports.

Daishin Life pushed ahead with the rescheduling of the W24
billion worth of debts incurred by three of its construction
affiliates prior to the public bidding.


HYNIX SEMICONDUCTOR: Creditors Will Raise Loss Reserves
-------------------------------------------------------
Creditors of Hynix Semiconductor Inc., including Chohung, Korea
Exchange and Woori banks, will raise loss reserves against
secured loans extended to the chipmaker, in addition to
unsecured debts, the Korea Herald reported Friday.

Korea Exchange Bank and other creditors set aside money equal to
80 percent of their loans to Hynix as of the end of June.

Majority of the creditors said they would increase the level to
100 percent by the end of 2002.

Chohung Bank, which has already set aside reserves equivalent to
100 percent of its unsecured loans to the chipmaker, is now
planning to raise provisioning against secured debts.

Korea Exchange Bank and Chohung Bank set aside reserves
equivalent to 20 percent of the face value of secured loans,
while Woori Bank set aside about 80 percent loss reserves
against secured debts.

Reports said Deutsche Bank AG, a financial adviser for the
creditors, recommended that they swap 1 trillion won of Hynix
debt for equity. Creditors exchanged 3 trillion won of debt for
shares in June, taking a controlling 67 percent stake in the
chipmaker.

According to creditor banks, they are not willing to lend Hynix
more money, and their best plan of action is to cut their
losses.

DebtTraders reports that Hyundai Semiconductor's 8.625% bond due
in 2007 (HYUS07KRA1) trades between 60 and 65. For real-time
bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=HYUS07KRA1


KOREA ELECTRIC: Offering $650M 5-Year Bonds
-------------------------------------------
Korea Electric Power Corporation is offering $650 million yen of
5-year bonds with these terms:

Amount:           $650 million
Maturity:         Sept. 12, 2007
Coupon:           4.25%
Issue Price:      99.546
Reoffer Price:    99.546
Payment Date:     Sept. 12, 2002

Spread:           Treasurys plus 140 basis points
Debt Ratings:     Baa2 (Moody's)
                  A- (Standard & Poor's)

The lead managers are Deutsche Bank, Goldman Sachs, Schroder
Salomon Smith Barney and UBS Warburg.


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


ANCOM BERHAD: Unit Proposes Capital Reduction, Disposal
-------------------------------------------------------
Aseambankers Malaysia Berhad, on behalf of the Board of
Directors of Ancom Berhad, announces:

   (i) Nylex (Malaysia) Bhd (Nylex), a subsidiary of Ancom
(which has an effective equity interest of 26.02%), is proposing
to undertake a capital distribution of Nylex's investment to the
shareholders of Nylex as follows:

     (a) the proposed cancellation of fifty (50) sen from the
entire issued and paid-up share capital of Nylex comprising
224,487,720 ordinary shares of RM1.00 each to be undertaken
under Section 64 of the Companies Act, 1965 (Act) (Proposed
Capital Reduction); and

     (b) the resultant credit arising therefrom of RM112,243,860
is to be applied to distribute Nylex's entire investment in
Tamco Corporate Holdings Sdn Berhad (Tamco) of RM112,243,860
comprising of 224,487,720 ordinary shares of RM0.50 to entitled
shareholders of Nylex on the basis of one (1) ordinary share of
RM0.50 each in Tamco for every one (1) ordinary share at a
proposed par value of RM0.50 each in Nylex on a date to be
determined later (Proposed Capital Distribution).

   (ii) Ancom on 3 September 2002 entered into a conditional
sale and purchase agreement (Conditional SPA) with Nylex for the
proposed disposal of the entire equity interest in four of its
wholly-owned subsidiaries, namely Perusahaan Kimia Gemilang Sdn
Bhd (PKG), Fermpro Sdn Bhd (Fermpro), Kumpulan Kesuma Sdn Bhd
(Kesuma) and Wedon Sdn Bhd (Wedon) (collectively known as
"Chemical Companies") for a total sale consideration of
RM64,427,000 to be satisfied by the issuance of 128,854,000 new
ordinary shares at a proposed par value of RM0.50 each in Nylex
at an issue price of RM0.50 (at the proposed par value) per
share credited as fully paid-up (Proposed Disposal) after the
Proposed Capital Distribution.

(Collectively referred to as the "Proposals".)

Further details pertaining to the abovementioned Proposals are
set out at http://www.bankrupt.com/misc/TCRAP_Ancom0909.pdf.

The Proposed Capital Distribution and Proposed Disposal form
part of the rationalization exercise to reorganize the existing
diverse business activities of Ancom Group. The first stage of
the rationalization exercise involves inter alia, merging of
existing complementary businesses into defined business
entities. The Proposed Disposal will enable the Ancom Group to
rationalize and consolidate the chemical business under Nylex
upon implementation of the Proposed Capital Distribution. The
streamlining of the chemical business of Ancom Group will
enhance and maximize the value of both Ancom and Nylex through
economies of scale with minimized operational conflicts and
greater operational synergy. The Proposed Disposal will also
enable Ancom to unlock the value of its investment in the
Chemical Companies via conversion into marketable securities.
The reorganization of the chemical business will enable Ancom to
focus its resources on other core activities within the Group.

The Proposed Disposal is subject to the approvals of the
Securities Commission, the Kuala Lumpur Stock Exchange ("KLSE"),
the Foreign Investment Committee, the Ministry of International
Trade and Industry, the shareholders of the Company, the
shareholders of Nylex and any other relevant authorities, if
any. The Proposed Capital Distribution and Proposed Disposal are
inter-conditional with each other.

The proforma financial effects of the Proposed Disposal are set
out at http://www.bankrupt.com/misc/TCRAP_Ancom0909.pdf.

YABM Raja Tun Mohar bin Raja Badiozaman, YBhg. Dato' Siew Ka
Wei, YBhg. Dato' Siew Nim Chee, YBhg. Dato' Ahmad Johari bin Tun
Abdul Razak, YBhg. Dato' Ismail bin Che Rus, YBhg. Tan Sri Dato'
Lin See Yan and Chieng Ing Huong, directors of Ancom, are deemed
interested in the Proposed Disposal and accordingly, have and
will continue to abstain from all Board deliberations in
relation to the Proposed Disposal. They will also abstain from
voting in respect of their direct and/or indirect shareholdings
in Ancom at the Company's Extraodinary General Meeting ("EGM")
to be convened for considering the Proposed Disposal .

Silver Dollars Sdn Bhd and Lembaga Tabung Haji, substantial
shareholders of Ancom, are deemed interested in the Proposed
Disposal and accordingly, will abstain from voting in respect of
their shareholdings in Ancom at the Company's EGM to be convened
for considering the Proposed Disposal.

The abovementioned parties will also undertake to ensure that
persons connected to them will abstain from voting on the
Proposed Disposal.

The Board has appointed Aseambankers as the Advisers for the
Proposed Disposal. In view of the interests of the Directors and
substantial shareholders, the Board, in compliance with Chapter
10 Part E of the KLSE Listing Requirements, has appointed RHB
Sakura Merchant Bankers as the Independent Adviser to the
independent directors and minority shareholders of Ancom in
relation to the Proposed Disposal.

For further details on the Proposals, go to
http://www.bankrupt.com/misc/TCRAP_Ancom0909.pdf.


GEAHIN ENGINEERING: Vigorously Defends Yodoform Litigation
----------------------------------------------------------
Geahin Engineering Berhad, in reference to the Kuala Lumpur
Stock Exchange's queries dated 03 September 2002 in respect of
the CH Yodoform Sdn. Bhd. (Yodoform) Litigation against the
Company), replied as follows:

In the suit Yodoform alleged that GEAHIN owes them for goods
delivered during the month of October and November 2000 of an
alleged sum of RM72,356.65 and for an alleged interests of
RM19,478.92 levied on the aforesaid sum and for further
interests of 1.5% per month on the aforesaid sum of RM72,356.65
from 27.07.2002 until full and final settlement and for costs
and other relief all of which are disputed by the Company and
for which proof of debts and the accuracy of the accounts are
required and questioned by the Company.

As mentioned in its earlier announcement dated 29 August 2002
the Company denies the claim and did not agree to pay the 1.5%
per month interest as alleged. The Company has instructed its
legal counsel to defend the said case and will keep all parties
concerned informed about its outcome in due course.


GENERAL LUMBER: Revises Proposed Debt Settlement
------------------------------------------------
General Lumber Fabricators & Builders Bhd, in reference to its
earlier announcement regarding the execution of the memorandum
of understanding (MOU) between GLFB and vendors of KYWI
(Vendors), had announced the proposed restructuring scheme of
GLFB, which comprises these proposals:

   (i) the proposed exchange of 53,732,104 ordinary shares of
RM1.00 each in GLFB (GLFB Shares) held by the existing
shareholders of GLFB with 5,373,210 new ordinary shares of
RM0.50 each in a newly incorporated company identified by the
Vendors to facilitate the proposed restructuring scheme of GLFB
(NewCo) on the basis of ten (10) GLFB Shares surrendered for
every one (1) new NewCo Share of RM0.50 each issued (Proposed
Share Exchange);

   (ii) the proposed disposal of the entire issued and paid-up
share capital of GLFB by NewCo for a nominal consideration of
RM1.00 (Proposed Disposal);

   (iii) the proposed issuance by NewCo of 20,000,000 NewCo
Shares at an issue price of RM0.50 per NewCo at par and
20,000,000 Irredeemable Convertible Preference Shares of RM0.10
each (ICPS) at an issue price of RM0.50 per ICPS to the
creditors of GLFB (Proposed Debt Settlement);

   (iv) the proposed acquisition by NewCo of the entire issued
and paid-up share capital of KYWI for a purchase consideration
of RM104,000,000 to be satisfied by the issuance of 104,000,000
new NewCo Shares at an issue price of RM0.50 per NewCo Share and
104,000,000 ICPS at an issue price of RM0.50 per ICPS (Proposed
Acquisition);

   (v) the proposed exemption to the Vendors from the obligation
to extend a mandatory take-over offer for the remaining shares
in NewCo not held by them upon completion of the Proposed
Acquisition (Proposed Exemption);

   (vi) the proposed offer for sale and/or placement of NewCo
Shares and ICPS (Proposed Offer / Placement) by the Vendors; and

   (vii) the proposed transfer of the listing status of GLFB on
the Second Board of Kuala Lumpur Stock Exchange (KLSE) to NewCo,
by way of the delisting of GLFB on the Second Board of KLSE and
the listing of NewCo on the Second Board of KLSE (Proposed
Transfer of Listing).

After several discussions with the major lenders of GLFB and the
Vendors, the Board of Directors of GLFB announced certain
revisions to the Proposed Debt Settlement and incorporate the
proposed schemes of arrangements involving the creditors of GLFB
(Scheme Creditors) as follows:

   (a) Revised Proposed Debt Settlement

The revised Proposed Debt Settlement would involve the issuance
by NewCo of 25,000,000 NewCo Shares of RM0.50 each at par and
25,000,000 ICPS at the issue price of RM0.50 per ICPS to a
scheme administrator to be appointed (Administrator) instead of
20,000,000 NewCo Shares and 20,000,000 ICPS as earlier
announced.

Following the issuance of the NewCo Shares and ICPS by NewCo
under the Proposed Debt Settlement, the Vendors of KYWI have
agreed to grant a put option granting the Administrator the
right to sell the entire 25,000,000 ICPS issued under the
Proposed Debt Settlement to certain Vendors of KYWI at a fixed
price of RM0.50 per ICPS plus a holding cost over a period of
three (3) years.

Simultaneously, a corresponding call option shall also be
granted to the Vendors of KYWI granting them the right to
purchase up to 25,000,000 ICPS from the Administrator.

   (b) Proposed Creditors' Schemes

The Proposed Creditors' Schemes would involve the proposed
schemes of arrangement and compromise under Section 176(1) of
the Companies Act, 1965 involving creditors of GLFB, comprising
Scheme A, Scheme B and Scheme C as detailed below.

     (i) Scheme A - Preferential Creditors of GLFB

Preferential Creditors of GLFB under Scheme A include the class
of creditors of GLFB comprising statutory creditors such as
Inland Revenue Board, Employees Provident Fund Board, etc and
persons whose claims against GLFB would be treated as ranking in
priority over all other unsecured debts of GLFB such as accrued
salaries and retrenchment benefits of the employees of GLFB.

Under Scheme A for the Preferential Creditors of GLFB, all
outstanding amounts owing to the Preferential Creditors on or
after 30 June 2002 (Cut-Off Date) shall be fully settled in cash
by the Administrator from the disposal proceeds arising from the
realization of the assets of GLFB (after payments to the
respective Secured Creditors of GLFB (as defined below) in
respect of proceeds arising from the realization of the relevant
Secured Assets as defined below) and/or by the Administrator
from the disposal proceeds arising from the realization of the
NewCo Shares and/or ICPS, ranking in priority to all Unsecured
Creditors of GLFB (as defined below).

     (ii) Scheme B - Secured Creditors of GLFB

Secured Creditors of GLFB under Scheme B include the class of
creditors of GLFB, which are secured by certain secured assets
of GLFB (Secured Assets), including creditors of the
subsidiaries of GLFB, which are secured by the assets and/or
debenture of GLFB.

Under Scheme B for the Secured Creditors of GLFB, the amount of
indebtedness owing and outstanding to the Secured Creditors of
GLFB as at the Cut-Off Date shall be compromised as follows:

   (a) All charges, interest accrued and penalty charges, if
any, arising after the Cut-Off Date shall be completely waived
or deemed waived;

   (b) The outstanding debts owing to the Secured Creditors as
at the Cut-Off Date shall be settled in full in the following
manner:

     (aa) Repayment based on proceeds arising from realization
of the Secured Assets held as security by the Secured Creditors
by the Administrator; or

     (bb) Settlement of the amount owing to the Secured
Creditors by way of setting off the Secured Assets against the
amount owing to the Secured Creditors based on the value of the
Secured Assets which is subject to an independent valuation by a
firm of professional valuers jointly appointed by the respective
Secured Creditors and the Company (Defined Value). The portion
of the debts owing to such Secured Creditors equivalent to the
Defined Value shall deemed to have been fully settled and repaid
by GLFB and such Secured Creditor shall have no further claim
against GLFB nor NewCo for the said portion of the debt set off.
Such Secured Creditor shall then deal with the Secured Asset as
it so deems fit.

Any shortfall arising from the above repayment/set off shall be
deemed unsecured and shall then be entitled to rank and
participate in the distribution of the disposal proceeds arising
from the realization of the assets of GLFB, NewCo Shares and/or
ICPS ranking pari passu with the Unsecured Creditors of GLFB, as
the case may be.

   (iii) Scheme C - Unsecured Creditors of GLFB

Unsecured Creditors of GLFB under Scheme C include the class of
creditors comprising creditors of GLFB whose debts are not
secured by any assets, including the contingent creditors of
GLFB and claims of unsecured creditors with credit facilities
extended to the subsidiaries of GLFB which are guaranteed by
GLFB (Corporate Guarantees Creditors).

Under Scheme C for the Unsecured Creditors of GLFB, the amount
of indebtedness owing and outstanding to the Unsecured Creditors
as at the Cut-Off Date shall be compromised as follows:

     (a) All charges, interest accrued and penalty charges, if
any, arising after the Cut-Off Date shall be completely waived
or deemed waived;

     (b) All outstanding debts owing to the Unsecured Creditors
as at the Cut-Off Date shall be entitled to participate in the
distribution of the disposal proceeds arising from the
realization of the assets of GLFB, NewCo Shares and ICPS by the
Administrator, ranking behind the Preferential Creditors as
described in Scheme A above. Any unsecured claims by the Secured
Creditors of GLFB in respect of any shortfall as stated in
Scheme B above shall rank pari passu with the unsecured claims
of the Unsecured Creditors of GLFB.

Where deemed appropriate by the Administrator, the NewCo Shares
and/or ICPS may be distributed in specie to the eligible Scheme
Creditors.

Currently, copies of the information memorandums on the Proposed
Restructuring Scheme of GLFB have been circulated to the
affected financial institutional creditors of GLFB for their
consideration and approval. The Company is currently awaiting
approvals in principle from such creditors after which the
Company envisages to enter into a debt restructuring agreement
with them.

Barring any unforeseen circumstances, the said debt
restructuring agreement and the definitive agreements for the
Proposed Restructuring Scheme are expected to be executed within
one (1) month from the date of this announcement. Upon the
execution of these agreements, the Company shall immediately
make the requisite announcement (RA) as required under Practice
Note No. 4 of the Listing Requirements of the KLSE (PN4).

Pursuant to Paragraph 5 of PN4, GLFB is required to make the RA
on or before 3 September 2002, being expiry of six (6) months
from 4 March 2002, the date on which GLFB was classified as an
"affected listed issuer" under PN4. On 16 August 2002, the
Company has applied to KLSE for an extension of time up to 15
October 2002 to make the RA. Presently, the approval from KLSE
for the said application of extension of time to make the RA is
still pending.


HIAP AIK: Posts 2001 Annual Report Errata
-----------------------------------------
Hiap Aik Construction Berhad announced that there are errors and
omission printed in the Annual Report of the Company for the
financial year ended 31 December 2001 and have been amended as
shown in the Errata found at
http://www.bankrupt.com/misc/TCRAP_Hiap0909.pdf.


KEMAYAN CORPORATION: Court Rejects RO Extension Application
-----------------------------------------------------------
Public Merchant Bank Berhad, on behalf of Kemayan Corporation
Berhad, announced that the Company has, received approval-in-
principle from certain major Scheme Creditors namely Pengurusan
Danaharta Nasional, Alliance Bank Berhad and Southern Finance
Berhad in respect of the Proposed Restructuring Exercise.

The Company also announced that the Honourable Judge of Kuala
Lumpur High Court has dismissed KCB's Application for Extension
of the Restraining Order with costs.

KCB is appealing against the decision and is applying for stay
of the order pending appeal to the Court of Appeal.


KIARA EMAS: MITI Grants Conditional Approval on Proposals
---------------------------------------------------------
On behalf of Kiara Emas Asia Industries Berhad, AmMerchant Bank
Berhad, announced that the Ministry of International Trade and
Industry has vide its letter dated 28 August 2002 approved the
Proposals subject to the following conditions:

   (a) To obtain the approval of the Securities Commission (SC);

   (b) To obtain the approval of the Foreign Investment
Committee (FIC);

   (c) Stone World Sdn Bhd is required to consult the MITI to
fulfill its equity conditions within three (3) years from the
date of the MITI's approval; and

   (d) Hup Lee Coachbuilders Sdn Bhd is required to surrender
its manufacturing license to MIDA.

The Proposals collectively refers to:

     i. Proposed Shareholders' Scheme
    ii. Proposed Creditors' Scheme
   iii. Proposed Disposal
    iv. Proposed Acquisition
     v. Proposed Special Issue
    vi. Proposed Restricted Issue
   vii. Proposed Mandatory Offer
  viii. Proposed Transfer Of Listing Status
    ix. Proposed Exemption


KILANG PAPAN: Extends Scheme Implementation Period
---------------------------------------------------
AmMerchant Bank Berhad (formerly known as Arab-Malaysian
Merchant Bank Berhad) on behalf of Kilang Papan Seribu Daya
Berhad, announced that the Kuala Lumpur Stock Exchange has, vide
its letter dated 3 September 2002, approved the Company's
application for an extension of time until 31 December 2002 for
the Company to obtain all necessary approvals from the
regulatory authorities in implementing its proposed debts and
equity restructuring scheme.

Saved as mentioned above, there is no material change to the
Company's plan to regularize its financial condition from the
plan announced on 15 January 2001.


LAND & GENERAL: De-Registers Dormant Subsidiary
-----------------------------------------------
Land & General Berhad informed that Riverina Investments Co Ltd
(Riverina), a wholly-owned sub-subsidiary of Overseas & General
Limited (OGL) which is a 51% subsidiary of L&G, has been de-
registered in accordance with the International Business
Companies Ordinance 1984 of the British Virgin Islands. Hence,
Riverina has ceased to be a sub-subsidiary of OGL.

Riverina has been dormant with a paid-up share capital of USD1
only and OGL has no future plan to activate Riverina.


LION GROUP: Obtains SW's Conditional Proposed GWRS Approval
-----------------------------------------------------------
Lion Corporation Berhad (LCB), Lion Land Berhad (LLB),
Amsteel Corporation Berhad (ACB) and Angkasa Marketing Berhad
(AMB) (collectively referred to as the "Lion Group") jointly
announced on 12 July 2002, inter alia, that the Securities
Commission (SC) has approved each of the relevant proposals
within the proposed debt restructuring exercises, divestment
programmers and corporate restructuring exercises of the Lion
Group (Proposed GWRS) that required the SC's approval, as
proposed by the Lion Group subject to certain revisions and
conditions as set out in the aforesaid announcement.

Amongst the conditions imposed by the SC, the SC had required
issues affecting the joint-venture operations of the Lion Group
in the People's Republic of China (PRC), such as the transfer of
land use rights and property ownership rights by the other
joint-venture parties to the joint-venture companies (Items of
Concern), must be resolved prior to the implementation of the
Proposed GWRS.

The Directors of LLB, ACB and AMB and their respective senior
management have undertaken all necessary steps to address the
Items of Concern affecting their joint-venture operations in the
PRC. Nevertheless, the Directors of LLB, ACB and AMB are of the
view that certain of these Items of Concern cannot be fully
resolved prior to completion of the Proposed GWRS.

In view of the foregoing, undertakings have been procured from
the relevant vendor(s) of sale shares or purchaser(s) issuing
consideration shares (Relevant Party) (where the Items of
Concern apply) in favor of the affected purchaser(s) or the
vendor(s), as the case may be (Affected Party) where the
Relevant Party shall resolve or cause to be resolved any Items
of Concern that remain outstanding as at completion of the
Proposed GWRS (Outstanding Items) within 24 months from the date
of completion, failing which, the Relevant Party shall be
obliged to take or cause to be taken all such necessary action,
including the settlement of any and all such cost, expenses or
payments required in respect of the operations in the PRC to
resolve the Outstanding Items.

In the event the Relevant Party is still unable to resolve or
cause to be resolved the Outstanding Items and thereby resulting
in the Affected Party suffering any loss, the Relevant Party
shall indemnify the Affected Party for the loss suffered.

Further, any losses or expenses incurred by the Affected Party
during the 24 months period pending efforts by the Relevant
Party to resolve the Outstanding Items shall be fully
indemnified by the Relevant Party to the Affected Party.

The affected corporate transactions are set out in Table I at
http://www.bankrupt.com/misc/TCRAP_Lion0909.pdf.
Shareholders of the Lion Group and potential investors are
requested to refer to the announcements dated 5 July 2000, 11
September 2000, 19 October 2000, 8 October 2001, 26 March 2002,
9 May 2002, 12 July 2002, 19 July 2002 and 5 August 2002 for
further details of the Proposed GWRS.


LONG HUAT: Monitoring Accountant Appointment Underway
-----------------------------------------------------
The Kuala Lumpur Stock Exchange via its letter dated 3 September
2002 rejected Long Huat Group Berhad's application to defer
appointing a monitoring accountant pursuant to paragraph 6.1 of
PN4. Accordingly, L.Huat is required to appoint a monitoring
accountant immediately to perform the functions as set out in
paragraph 6.2 of PN4.

At the moment L.Huat is in a process of appointing an accounting
firm to act as the monitoring accountant. The necessary
announcement to the Exchange will be made upon finalization of
the appointment.


NCK CORPORATION: Danaharta Approves NCK Metal's Proposal
--------------------------------------------------------
Pengurusan Danaharta Nasional Berhad (Danaharta) appointed Dato'
Nordin bin Baharuddin, Mr Adam Primus Varghese bin Abdullah and
Ms Wong Lai Wah all of Messrs Ernst & Young on 16 April 2001 as
Special Administrators (SA) for NCK Corporation Berhad pursuant
to the Pengurusan Danaharta Nasional Berhad Act, 1998 (Danaharta
Act). On 11 October 2001, the same SA were appointed for NCK
Metal Sdn Bhd (NCK Metal), a 75% owned subsidiary of NCK.

The SA, on 1 November 2001, invited parties interested in
acquiring the assets of NCK Metal or restructuring the NCK Group
to submit their proposals to the SA for their consideration.
Several proposals were received and an announcement was made
pursuant to the signing of the relevant agreement. Please refer
to the announcement made on 14 May 2002.

On behalf of the SA, Alliance Merchant Bank Berhad announced
that Danaharta had on 30 August 2002 approved the NCK Metal
Workout Proposal submitted by the SA.

NCK Metal workout proposal

The NCK Metal Workout Proposal comprises of the following:

   (i) Proposed sale of business and assets;
   (ii) Proposed corporate restructuring; and
   (iii) Proposed debt settlement to creditors.

Proposed Sale of Business and Assets

NCK proposes to dispose of the business and assets of NCK Metal
to Oriental Castle Sdn Bhd (Oriental Castle) for a net cash
consideration of RM1,514,048 (Proposed Sale of Business and
Assets).

Proposed Corporate Restructuring of NCK Metal

NCK Metal had, on 13 May 2002 entered into a subscription
agreement to issue 15,000 new ordinary shares of RM1.00 each in
NCK Metal (NCK Metal Share) at an issue price of RM1.00 (Special
Shares) to Oriental Castle which forms part of the corporate
restructuring of NCK Metal as follows:

   * Proposed capital repayment of RM15,000 on the basis of
RM0.005 for every one (1) existing NCK Metal Share held by the
existing shareholders of NCK Metal (Proposed Capital Repayment);
and

   * Proposed capital cancellation of the entire existing issued
and paid-up capital of NCK Metal amounting to 3,000,000 NCK
Metal Shares pursuant to Section 64(1) of the Companies Act,
1965 (Proposed Capital Cancellation). Pursuant to the Proposed
Capital Cancellation, RM3,000,000 will be available to be
utilized to reduce the accumulated losses of NCK Metal which
amount to RM45,289,169 based on the audited accounts of NCK
Metal as at 30 June 2001;

(collectively known as the Proposed Corporate Restructuring of
NCK Metal)

Upon completion of the Proposed Corporate Restructuring of NCK
Metal, Oriental Castle will become the sole shareholder of NCK
Metal.

The audited net tangible liabilities of NCK Metal, based on the
audited accounts for the financial year ended 30 June 2001 is
RM42,289,169.

NCK acquired its 75% equity interest in NCK Metal between 6
January 1994 to 22 January 1994 for a total consideration of
RM2,262,000.

Based on the audited consolidated accounts of NCK as at 30 June
2001, the Proposed Sale of Business and Assets and the Proposed
Corporate Restructuring of NCK Metal will result in a gain on
disposal of RM42,302,314 to the NCK Group.

In addition to the net proceeds of RM1,514,048 to be received
from Oriental Castle as indicated in Section 2.1 above, NCK
Metal expects to realize a repayment from holding company of
RM702,655, amount due from related company of RM539,767 and
amount due from holding company of RM371,318. Furthermore, NCK
Metal currently has a fixed deposit and cash balance of
RM14,260,009. The net proceeds to be received from Oriental
Castle, the net realizable amount from holding company and
related company and the cash reserves will total RM17,387,797,
which will be used for the capital repayment to the existing
shareholders and the settlement of the creditors of the Company.

Proposed Debt Settlement to Creditors

It is proposed that the Cut-off Date for all debts (except for
debts relating to Special Administration Creditors, as defined
below) be fixed on 30 June 2001 such that all known debts
outstanding as at this date shall be included in the Workout
Proposal for the proposed debt settlement. In order to ascertain
the known debts, NCK Metal had, on 4 March 2002 conducted a
proof of debt exercise by publishing a notice in the New Straits
Times and Berita Harian inviting creditors to file their claims
with the companies by 18 March 2002. For the purposes of
settlement of Outstanding Debts to creditors by NCK Metal, all
charges, interest and penalty charges in relation to the known
debts arising after the Cut-off Date shall be completely waived.
The proposed treatment and settlement of debt for each class of
creditors is as follows:

Special Administration Creditors

The creditors or future creditors who are deemed by the SA to be
essential for the preservation and maintenance of NCK Metal's
assets (Special Administration Creditors) shall be paid in full
and shall have priority over and be paid in priority to all
other classes of creditors. However, all costs, expenses and
remuneration of the SA and credit facility provided to NCK Metal
during the administration of NCK Metal as set out in Section 66A
of the Danaharta Act shall rank in priority over all other
Special Administration Creditors.

The Special Administration Creditors are non exhaustive and any
unforeseen costs and expenses incurred by the SA up to the date
of the termination of the administration of the SA pursuant to
the Danaharta Act shall form part of the Special Administration
Creditors.

Priority Creditor

The Priority Creditor is a creditor that shall be retained by
NCK Metal upon completion of the Proposed Corporate
Restructuring of NCK Metal and settled by NCK Metal on such
terms as may be agreed between NCK Metal and the Priority
Creditor after the completion of the Proposed Corporate
Restructuring of NCK Metal.

Unsecured Creditors

The proposed treatment and settlement of all creditors that are
not secured creditors as referred to in Section 21 of the
Danaharta Act, other than the Special Administration Creditors
and Priority Creditor (Unsecured Creditors) is as follows:

   (i) All interest, penalty and all other charges whatsoever
arising from the Outstanding Debt after the Cut-off Date as
against NCK Metal shall be completely waived by the Unsecured
Creditors;

   (ii) The Unsecured Creditors shall be paid from:

     (a) the amount made by the SA from the cash in hand; and
     (b) any amount recovered by NCK Metal from the holding
company and related companies. The amount so received shall, as
and when received, accrue to the Unsecured Creditors and shall
be immediately distributed to the SA/Creditors' Agent. The
SA/Creditors' Agent shall hold the sums so received for the
benefit of Unsecured Creditors and shall, at any time as he
deems fit, distribute the sums received to Unsecured Creditors
on a pari-passu basis in proportion to their Outstanding Debt as
at Cut-Off Date.

Such settlement made in (ii)(a) and (b) above to the Unsecured
Creditors shall represent a full and final settlement of the
Outstanding Debt and after such settlement, the Unsecured
Creditors shall waive all remaining Outstanding Debt.

The estimated debt settlement to the creditors of NCK Metal is
shown in Table 1 at
http://www.bankrupt.com/misc/TCRAP_NCK0909.pdf.

Rationale for the NCK Metal Workout Proposal

NCK Metal has been making operating losses for the past three
years. As a result of the operating losses NCK Metal has become
financially insolvent and has not been able to honor its loan
repayment obligations.

The SA have prepared the NCK Metal Workout Proposal pursuant to
Section 44 of the Danaharta Act with the following objectives:

   (i) To achieve an advantageous realization of the primary
assets of NCK Metal than on a winding up; and

   (ii) To achieve a more expeditious settlement of the
liability owed by NCK Metal to its creditors.

EFFECTS OF the NCK METAL WORKOUT PROPOSAL

Share Capital

There will be no change to the share capital of NCK as a result
of the NCK Metal Workout Proposal.

Proforma Net Tangible Assets (NTA)

The effects of the NCK Metal Workout Proposal on the proforma
NTA of NCK taking into account of the restructuring of the NCK
Group as per the announcement dated 15 August 2002, is set out
in Table 2 at http://www.bankrupt.com/misc/TCRAP_NCK0909.pdf.

Earnings

The NCK Metal Workout Proposal will result in a gain on disposal
to the NCK Group of RM42,302,314 or RM1.13 per share.

Shareholding Structure

There will be no change to the shareholding structure of NCK as
a result of the NCK Metal Workout Proposal.

APPROVALS REQUIRED

The NCK Metal Workout Proposal is subject to inter-alia, the
approvals of the following:

   (i) Danaharta, of which approval was received on 30 August
2002;
   (ii) The secured creditors of NCK for the NCK Metal Workout
Proposal if required;
   (iii) the SC for the Proposed Sale of Business and Assets and
the Proposed Corporate Restructuring of NCK Metal;
   (iv) the Foreign Investment Committee for the Proposed
Corporate Restructuring of NCK Metal; and
   (v) any other relevant authorities and/or parties, if
required.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

None of the existing Directors and/or substantial shareholders
of NCK and persons connected to them have any interest, direct
or indirect, in the NCK Metal Workout Proposal.

ADVISER

Alliance has been appointed as the Adviser to make the necessary
applications to the authorities for the NCK Metal Workout
Proposal.

SA'S RECOMMENDATION

After due consideration of all aspects of the NCK Metal Workout
Proposal, the SA are of the opinion that the NCK Metal Workout
Proposal is in the best interest of the Company, its
shareholders and creditors.

APPLICATION TO THE SC

Barring any unforeseen circumstances, the relevant applications
to the regulatory authorities in respect of the NCK Metal
Workout Proposal, which have, yet to be made, will be made
within two (2) months from the date of this announcement
The NCK Metal Workout Proposal is estimated to be completed by
February 2003.

DOCUMENTS FOR INSPECTION

The NCK Metal Workout Proposal is available for inspection at
the Registered Office of the SA, 4th Floor, Kompleks
Antarabangsa, Jalan Sultan Ismail, 50250 Kuala Lumpur during
normal business hours from Monday to Friday (except for public
holidays) for a period of 14 days from the date of this
announcement.


OLYMPIA INDUSTRIES: Scheme Implementation Period Ends March `03
---------------------------------------------------------------
Alliance Merchant Bank Berhad had, on behalf of Olympia
Industries Berhad, made an application on 29 August 2002 to the
Securities Commission (SC) for an extension of time from 8
September 2002 to 7 September 2003 to implement the Proposed
Restructuring Scheme.

The Board of OIB now wishes to announce that AMB has been
advised by the SC that the implementation period for proposals,
which involves court proceedings, is twelve (12) months from the
date of approval of the proposals by the SC. In this regards,
the implementation period for the said Scheme would be from 8
March 2002 to 7 March 2003 and not from 8 March 2002 to 7
September 2002 as announced on 29 August 2002. Henceforth, the
application made to the SC as announced had been withdrawn by
AMB accordingly.


PAN MALAYSIAN: 40th AGM Scheduled September 30
----------------------------------------------
Pan Malaysian Industries Berhad informed that its Fortieth
Annual General Meeting ("AGM") of PMIB will be held at Crystal
Ballroom, Corus hotel Kuala Lumpur, Jalan Ampang, 50450 Kuala
Lumpur on Monday, 30 September 2002 at 3.00 p.m.

Please refer to the attached file at
http://www.bankrupt.com/misc/TCRAP_PMB09096.docfor the full
text of the Notice of AGM.


RASHID HUSSAIN: BNM Approves Proposed Bond Restructuring
--------------------------------------------------------
AmMerchant Bank Berhad (formerly known as Arab-Malaysian
Merchant Bank Berhad), on behalf of Rashid Hussain Berhad,
announced, in relation to the Proposed Bond Restructuring of he
US$200,000,000 Nominal Amount of RHB 1.5% Per Annum Exchangeable
Bonds Due 2007, that Bank Negara Malaysia (BNM) has vide its
letter dated 2 September 2002 which was received on 4 September
2002 approved the Proposed Bond Restructuring.

The approval from BNM is subject to, inter-alia, the following
main conditions:

   (i) prior approval must be sought from the Foreign Exchange
Administration Department (FEAD) for any revision to the terms
and conditions of the New Bonds;

   (ii) the redemption of the New Bonds shall be by way of
approved foreign denominated currency (except for the currency
of Israel, Serbia and Montenegro); and

   (iii) RHB is required to inform the FEAD of the source of
funds in the event of any early redemption of the New Bonds.

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


REPCO HOLDINGS: KLSE OKs Regularization Plan Time Extension
-----------------------------------------------------------
Repco Holdings Berhad (Special Administrators Appointed)
announced that the Kuala Lumpur Stock Exchange has approved an
extension of time from 19 August 2002 to 30 November 2002 to
enable the Company to obtain all the necessary approvals from
the regulatory authorities.

On 14 August 2002, through its advising merchant bankers,
Commerce International Merchant Bankers Berhad, submitted an
application to the KLSE for an extension of time to 30 November
2002 for Repco to obtain the necessary approvals to regularize
its financial condition.


SASHIP HOLDINGS: Answers KLSE's Winding Up Petition Query
---------------------------------------------------------
The Board of Directors of Saship Holdings Berhad, in reply to
Query Letter by KLSE reference ID : ZO-020902-57060 regarding
the Petition for Winding up of Powermatic Sdn Bhd, a subsidiary,
of SHB, announced that:

1. The date of the presentation of the winding-up petition on
PSB is 14 June 2002.

2. The interest rate charged for the outstanding amount is 8%
per annum.

3. PSB defaulted in paying the outstanding judgment sum of
RM34,220 together with interests at the rate of 8% per annum
thereon the said sum from 11 December 1999 until realization and
the costs of RM936.

4. The total cost of investment in PSB is RM517,000, which has
been fully provided by SHB.

5. PSB contributed a minimal amount to the Group turnover, for
2001 PSB's turnover was only RM603,000, which is 5.04% of the
total Group turnover of RM11,974,000 . PSB is not a profit
making Company. PSB has a negative contribution to the total
Group profit and loss at least for the last seven years. In
addition, there is no inter-company business transaction between
PSB and the Group's member. Hence there is a minimal or no
financial and/ or operational impact of the winding-up
proceeding on the Group.

6. There are no expected losses arising from the winding-up
proceeding as there is no existing business contract or job in
hand for PSB.

7. PSB will try to negotiate with the petitioner for settlement
before the hearing date.


SITT TATT: Obtains MITI's Nod on Acquisitions Revisions
-------------------------------------------------------
Utama Merchant Bank Berhad, on behalf of Sitt Tatt Berhad
announced that Sitt Tatt has obtained the approval from the
Ministry of International Trade and Industry (MITI) vide its
letter dated 2 September 2002 on the revisions as announced on
12 August 2002 pursuant to the Proposed Acquisitions.

The Proposals collectively refers to:

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

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

   * Proposed Rights Issue on the basis of one (1) new ordinary
share for every two (2) existing ordinary shares held (Proposed
Rights Issue);

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

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


SRI HARTAMAS: Inks Settlement Agreement With Syndicated Lenders
---------------------------------------------------------------
The Special Administrators of Sri Hartamas Berhad announced that
SHB had on 3 September 2002 entered into a Settlement Agreement
(Agreement) with AmMerchant Bank Berhad (formerly known as Arab-
Malaysian Merchant Bank Berhad) (AmMerchant) as trustee for
itself and agent for AmBank Berhad (formerly known as Arab-
Malaysian Bank Berhad) (AmBank) and AmFinance Berhad (formerly
known as MBf Finance Berhad) (AmFinance) (collectively referred
as "the Am Syndicated Lenders") to partly settle the outstanding
sum of RM96,083,700.63 owing to the Am Syndicated Lenders.

BACKGROUND INFORMATION

In 1995, SHB had entered into a Facility Agreement with the Am
Syndicated Lenders to make available to SHB a syndicated term
loan facility of RM100,000,000.00 in the following proportion:

AmBank RM 30,000,000/-
AmMerchant RM 30,000,000/-
AmFinance RM 40,000,000/-
---------------------
Total : RM100,000,000/-
=============

Pursuant to the Facility Agreement, SHB had created the
following charges to partly secure the syndicated term loan of
RM100,000,000.00 granted by the Am Syndicated Lenders to the
Company:

   (1) a fixed charge over all that piece of land measuring
approximately 14,730 sq. feet held under H.S.(D) 238994 P.T.B
11999, Town of Johor Bahru, District of Johor Bahru together
with a building erected thereon known as Wisma MBf, to
AmMerchant on behalf of the Am Syndicated Lenders.

   (2) by a Memorandum of Deposit of Shares, SHB had pledged
108,636,087 ordinary shares of RM0.50 each in MBf Holdings
Berhad (MBf Shares) to AmMerchant on behalf of the Am Syndicated
Lenders.

INFORMATION ON THE SETTLEMENT

As at 30 June 2000, the syndicated term loan facility has an
outstanding balance of RM96,083,700.63 of which RM502,000.00 had
been settled on 8 October 2001 in cash and a sum of
RM74,749,896.63 will be settled from other securities held by
the Am Syndicated Lenders other than the two charges mentioned
above, thereby leaving a balance of RM20,831,804.00 to be
settled.

The Workout Proposal of the Company was approved by Pengurusan
Danaharta Nasional Berhad (Danaharta) and Secured Creditors of
the Company on 29 January 2002. Pursuant to the Workout
Proposal, the Am Syndicated Lenders had elected Option 1, that
is, to set off and transfer Wisma MBf and the MBf Shares to Am
Syndicated Lenders at RM15,400,000.00 and RM5,431,804.00
respectively (Transfer Values), in the proportions as detailed
under Schedule 1 to settle the balance sum of RM20,831,804.00.
The transfer of Wisma MBf and MBf Shares shall be deemed to be
the full and final settlement sum by the Company, subject to the
receipt of sale proceeds of the other securities held by the Am
Syndicated Lenders.

CONDITION PRECEDENT

The proposed set-off and transfer in accordance with the terms
and conditions set out in the Agreement and the Workout Proposal
is subject to the approval of the Securities Commission (SC)
pursuant to Chapter 18 of the SC's guidelines. In this
connection, SC has given its approval for the proposed set-off
and transfer via its letter dated 14 August 2002.

BASIS OF ARRIVING AT THE TRANSFER VALUES

The latest valuation by M/S CH Williams Talhar & Wong dated 7
December 2000 valued Wisma MBf at RM15,400,000.00 based on
forced sale value. The Transfer Value of RM15,400,000.00
represents 100% of the forced sale value.

The Transfer Value of the MBf Shares of RM5,431,804.00 is based
on the par value of RM1.00 for each ordinary share of MBf
Holdings Berhad after the proposed share capital reduction and
consolidation of MBf Holdings Berhad pursuant to the proposed
scheme of arrangement of MBf Holdings Berhad as contained in the
circular to shareholders of MBf Holdings Berhad dated 19
December 2000. The said proposed scheme of arrangement was
approved by the SC on 9 January 2002.

DESCRIPTION OF WISMA MBf

SHB is the registered owner of Wisma MBf. As at 30 June 2001,
the audited net book value of Wisma MBf was RM19,197,848.32.

Upon completion of the sale, the Property will be transferred in
its present state and condition on an "as is where is" basis
(subject to fair wear and tear) and free from all encumbrances.

INFORMATION ON SHB

SHB was incorporated in Malaysia under the Companies Act, 1965
on 6 January 1969.

SHB's present authorized share capital is RM1,200,000,000
divided into 1,200,000,000 ordinary shares of RM1.00 each of
which 860,081,667 ordinary shares of RM1.00 each have been
issued and fully-paid.

The principal activities of SHB are that of property
development, including dealing in land, property investment and
investment holding.

Special Administrators have been appointed over SHB on 16 June
2000 by Danaharta pursuant to Section 24 of the Pengurusan
Danaharta Nasional Berhad Act 1998.

RATIONALE FOR THE SET-OFF AND TRANSFER

The Workout Proposal of the Company was approved by Danaharta
and the Secured Creditors of the Company on 29 January 2002.
Pursuant to the Workout Proposal, the Am Syndicated Lenders had
elected Option 1, that is, to set off and transfer Wisma MBf and
the MBf Shares to Am Syndicated Lenders at the Transfer Values
of RM15,400,000.00 and RM5,431,804.00 respectively, in the
proportions as detailed under Schedule 1 to settle the balance
sum of RM20,831,804.00. SC has given its approval for the
proposed set-off and transfer via its letter dated 14 August
2002.

FINANCIAL EFFECTS OF THE SET-OFF AND TRANSFER

The financial effects of the set-off and transfer are as follow:

Share Capital

The proposed set-off and transfer will not have any effect on
the issued paid-up share capital of SHB.

Earnings

The proposed set-off and transfer will not have any material
effect on the consolidated earnings of SHB Group for financial
year ended 30 June 2002 as the losses on set-off and transfer
are estimated at only RM3,798,000 and RM2 for Wisma MBf and MBf
Shares respectively.

Net Tangible Assets (NTA)

The proposed set-off and transfer will not have any material
effect on the audited consolidated NTA of SHB Group as at 30
June 2001.

Directors' and Substantial Shareholders' Interests

The Board of Directors of SHB as at 3 September 2002 is as
follows:

   (i) Tan Sri Dato' Elyas Bin Omar
   (ii) Dato' Abdul Rahman Bin Dato' Mohammed Hashim
   (iii) Gopala Krishnan s/o Sanguni Nair
   (iv) Nirmaljit Singh a/l Surjit Singh

None of the Directors held any share in SHB as at 3 September
2002.

None of the shareholders of SHB as at 3 September 2002 held more
than 5% of the paid-up capital of SHB.

SPECIAL ADMINISTRATORS' RECOMMENDATION

The Special Administrators of SHB are of the view that the set-
off and transfer is in the best interest of the stakeholders of
SHB and the terms and conditions thereof are fair and reasonable
in the circumstances.


TECHNO ASIA: Updates Defaulted Payments Status
----------------------------------------------
Mr. Lim Tian Huat and Mr. Chew Cheng Leong of Messrs. Arthur
Andersen & Co. were appointed Special Administrators (SAs) over
Techno Asia Holdings Berhad (Special Administrators Appointed)
and a subsidiary company, Prima Moulds Manufacturing Sdn. Bhd.
(PMMSB) on 2 February, 2001. The Special Administrators were
subsequently appointed over these subsidiary companies of
TECASIA on 30 April, 2001:

   1. Mount Austin Properties Sdn. Bhd.;
   2. Cempaka Sepakat Sdn. Bhd.;
   3. Ganda Edible Oils Sdn. Bhd.;
   4. Litang Plantations Sdn. Bhd.;
   5. Wisma Dindings Sdn. Bhd.;
   6. Ganda Plantations (Perak) Sdn. Bhd.; and
   7. Techno Asia Venture Capital Sdn. Bhd. (collectively known
as the "Affected Companies")

Pursuant to the announcement dated 1 August, 2002 in respect of
Practice Note 1/2001, TECASIA announced that the Company and its
subsidiaries, namely Mount Austin Properties Sdn. Bhd (Special
Administrators Appointed), PMMSB (Special Administrators
Appointed), Prima Moulds Sdn. Bhd. and Ganda Energy Holdings,
Inc continue to default in payments of their loan interest and
principal sums owing to several financial institutions. The
outstanding amounts as at 31 July, 2002 are tables at
http://www.bankrupt.com/misc/TCRAP_Tecasia0909.gif.

Measures Taken to Address the Default

TECASIA is considered as an "affected listed issuer" pursuant to
PN4/2001.

Further to the measures undertaken as announced on 1 August,
2002, there have been no major changes to the status of
TECASIA's plan to regularize its financial position.

Implications in respect of the Default in Payments

TECASIA announced that Pengurusan Danaharta Nasional Berhad had
on 30 January, 2002 and 26 April, 2002 granted an extension of
twelve (12) months to the moratorium previously in effect for
TECASIA and PMMSB and seven other subsidiaries pursuant to
Section 41(3). The said extension will expire on 2 February 2003
and 30 April 2003 respectively. All legal actions initiated
against TECASIA and other affected subsidiaries will be stayed
and any petition for winding-up, or any appointment of a
receiver, receiver and manager or provisional liquidator cannot
proceed during the moratorium period.


TENCO BERHAD: Replies to KLSE's Litigation Query
------------------------------------------------
Tenco Berhad, in reply to Query Letter by KLSE reference ID: MZ-
020903-33928 regarding the High Court of Kuala Lumpur, Summons
No. D5-22-1057-02, provided this information as requested:

1) The Summons was filed on July 9, 2002 and served on Quality
Coatings Sdn Bhd (QCSB) solicitors on July 24, 2002.

2) The interest rate claimed for under the Summons is 8% per
annum.

3) The claim by E.P.O. Corporation Sdn Bhd (E.P.O.) against QCSB
is for goods allegedly sold and delivered by E.P.O. to QCSB.

4) The total cost of investment by Tenco Berhad in QCSB is
RM9,098,878-00.

5) QCSB maintains that E.P.O.'s claim (if any) against QCSB is
premature and therefore misconceived. Accordingly, the Summons
is not expected to have any financial and operational impact on
the Group.

6) The Company does not expect to suffer any losses arising from
the Summons based on the ground set out in paragraph (5) above.

7) QCSB has sought the advice of its solicitors and has filed an
Affidavit in Reply to contest E.P.O.'s application for summary
judgment on the ground that the said claim by E.P.O. is
premature and wholly misconceived.


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


ABS-CBN: Additional Listing of PDR's
------------------------------------
The Philippine Stock Exchange has approved on September 8, 1999,
subject to either actual issuance or exercise of PDRs, the
listing application of ABS-CBN Holdings Corporation (the
Company) to list a maximum of 272,000,000 Philippine Deposit
Receipts (PDRs).

In this connection, the Company's PDR agent has received notices
from the ABS-CBN shareholders for the exchange of 60,000 ABS-CBN
common shares to 60,000 PDRs.

In view thereof, the listing of the 60,000 PDRs as represented
by PDR Certificate No. 1142 is set on Friday, September 6, 2002.

This brings the number of PDRs listed arising from the exchange
of 60,000 ABS-CBN shares to a total of 269,290,900 PDRs.

The designated PDR Agent is hereby authorized to record and
register in its books the above-mentioned number of PDRs.


NATIONAL POWER: Tightens Coal Procurement Rules
-----------------------------------------------
National Power Corp. (Napocor) will implement a stricter coal
procurement process to ensure compliance with the Clean Air Act
(CAA), the Philippine Star said Friday.

Based on its revised terms of reference (TOR) for coal bidding,
Napocor lessened the maximum allowable sulfur content in its
coal purchases from 0.9 percent to 0.7 percent.

Napocor said the rejection limit has been placed at 0.8 percent,
which means that coal with a sulfur content of 0.8 percent or
more must be used in any of Napocor's coal fired power plants.

The power firm said while the existing 0.9 percent sulfur
content is already within acceptable levels based on the CAA
timetable, reduced sulfur content will improve the quality of
coal used in the power plants as well as lessen the level of
emissions.

The reduction in sulfur content will not in any way have any
cost impact on the price of coal purchased.

Another vital feature of the revised TOR is the inclusion of a
cargo protection service provider, a third party that will check
if the samples taken from the supplier's stockpile match the
coal loaded to the vessel.

Napocor OIC-President Roland S. Quilala said the power firm
would continue to take steps to ensure that the operations of
its plants do not pose danger to public health as well as the
environment.

According to TCR-AP, Napocor's said the rehabilitation of the
425 MW Mak-Ban geothermal power plant will start on February
2003 as approved by Japan Bank for International Cooperation
(JBIC), the Philippine Star said Monday, citing Mak-Ban plant
maintenance manager Efren San Sebastian.

San Sebastian said if the rehabilitation commences on schedule,
the rehabilitation program would be completed by January 2004.


RFM CORP: Noodle JV With Uni Likely to Begin in September
---------------------------------------------------------
The instant noodle joint venture of the Uni-President group with
RFM Corp in the Philippines is due to become operational on
September 12, the Economic Daily News reported.

Uni-President holds a 51% stake in the TWD400 million venture,
with the remainder taken by RFM.

Separately, Uni-President is considering additional investment
projects in the Philippines to coincide with expansion of
President Chain Store Corp's 7-Eleven outlets there, sources
from Uni-President said. (M&A REPORTER-ASIA PACIFIC, Vol. No.1,
Issue No. 177, September 6, 2002)

According to TCR-AP, As of December 2000, RFM's long-term debt
was 1.62 billion pesos and total liabilities were 14.43 billion
pesos.


VICTORIAS MILLING: SEC Order on Debt-to-Equity Swap Pending
-----------------------------------------------------------
Victorias Milling Company Inc. is waiting for the Securities and
Exchange Commission (SEC) to approve the debt-to-equity swap
that allows the election of new directors to oversee its
rehabilitation program, AFX Asia said Thursday.

Pending with the SEC is an order to convert the Company's debt
to 27 creditor banks worth 1.1 billion pesos into a roughly 70
percent stake in the Company.

Another 2.4 billion pesos of the Company's debt will be
restructured into a 15-year loan.

Victorias produced a record 5.082 million 50-kilogram bag of raw
sugar in the year to August, beating a previous production
record of 4.706 million bags in 1975-1976.

The Company processed 26 percent of sugar cane produced in the
Negros Occidental province, beating nine other sugar mills
operating there.


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


ASIA PULP: Needs to Pay Remaining $40M to IBRA This Month
---------------------------------------------------------
Asia Pulp and Paper Co. (APP) needs to pay the remaining $40
million to the Indonesian Bank Restructuring Agency (IBRA) and
other creditors this month, DebtTraders analysts, Daniel Fan
(852-2537-4111) and Blythe Berselli (1-212-247-5300) reported,
citing the Bloomberg news.

The paper group had paid $60 million of a required $100 million
into an escrow account for creditors.

IBRA asked APP to pay a minimum of $20 million to an escrow
account each month starting October.


ASIA PULP: Placing Financial Controllers at Three Units
-------------------------------------------------------
According to a bank restructuring agency, three financial
controllers will be placed at three of Asia Pulp Indonesian
operating units, PT Indah Kiat Pulp & Paper, PT Pabrik Kertas
Tjiwi Kimia, and PT Pindo Deli Pulp & Paper Mills, Bloomberg
reports.

The three will in turn report to two higher officials who will
be financial and economic advisers.

The controllers will review monthly financial information and
capital spending to determine cash available for the escrow
account.


BOUSTEAD SINGAPORE: Posts Notice of Shareholder's Interest
----------------------------------------------------------
Boustead Singapore Limited posted a notice of changes in
substantial shareholder Chew Leong Chee's interest:

Date of notice to Company: 05 Sep 2002
Date of change of interest: 04 Sep 2002
Name of registered holder: Chew Leong Chee
Circumstance(s) giving rise to the interest: Open market
purchase

Shares held in the name of registered holder
No. of shares of the change: 4,000
% of issued share capital: 0.002
Amount of consideration per share excluding brokerage,GST,stamp
duties,clearing fee: 0.33
No. of shares held before change: 1,428,000
% of issued share capital: 0.77
No. of shares held after change: 1,432,000
% of issued share capital: 0.77

Holdings of Substantial Shareholder including direct and deemed
interest
                                   Deemed      Direct
No. of shares held before change:  17,820,000  1,428,000
% of issued share capital:         9.62        0.77
No. of shares held after change:   17,820,000  1,432,000
% of issued share capital:         9.62        0.77
Total shares:                      17,820,000  1,432,000

Mr. Chew Leong Chee has a deemed interest in the shares held by:

Macondray & Company, Inc - 10,000,000 shares
Representations International (H.K.) Ltd - 6,400,000 shares
ARC Ventures Limited - 1,420,000 shares

Therefore, Mr. Chew Leong Chee's total interest (including
deemed interest) is 19,252,000 (10.39%) shares.

No. of Warrants : 180,000
No. of Options : Nil
No. of Rights : Nil
No. of Indirect Interest : 1) Macondray & Company, Inc 500,000
Warrants
2) Representations International (H.K.) Ltd 1,520,000 Warrants


CHARTERED SEMICONDUCTOR: Government Plans for Chipmaker Unclear
---------------------------------------------------------------
Despite speculation by analysts on a possible takeover or
delisting, the government's plans for loss-making Chartered
Semiconductor Manufacturing and the likelihood of it being sold
into foreign hands is unclear, the Star reports.

The US$633 million rights issue, Chartered's third fund-raising
exercise, will provide nearly S$2.1 billion in cash and credit
lines to the Company.

The chipmaker wants to strengthen its balance sheet and cut debt
but also must spend heavily on technology to match rivals Taiwan
Semiconductor Manufacturing Co and United Microelectronics
Corporation.


CHARTERED SEMICONDUCTOR: Hwee Meets IAS Re $633M Rights Offer
-------------------------------------------------------------
Chia Song Hwee, Chartered Semiconductor Manufacturing Ltd.'s
Chief Executive, will meet with the Securities Investors
Association of Singapore (IAS) to address shareholders' concerns
over the chipmaker's planned $633 million rights offer, the
Business Times and Bloomberg reported Friday.

The meeting, which due Friday, was set up after the association
wrote to Chartered noting the Company's share price started to
collapse last week in heavy trade, suggesting that some traders
knew about the rights offer before it was announced on Monday,
the report said.

The chipmaker is raising money to help pay for the construction
of the chip factory. The Company plans to sell the shares at a
52 percent discount to the August 30 price, the last trading day
before the sale was announced.

``Retail investors are at a loss as to why the Company chose to
raise funds through the rights issue at this current time and at
this sharply discounted price,'' the report cited the
Association as saying. ``Tough action must be taken if there is
any evidence of wrongdoing.''


CHARTERED SEMICONDUCTOR: SGX Probes Trading in Chipmaker
--------------------------------------------------------
The Singapore Stock Exchange (SGX) is investigating trades in
Chartered Semiconductor Manufacturing Ltd.'s shares, which fell
prior to its announcement that it will sell stock at a 52
percent discount to existing investors, Bloomberg reports.

The exchange will review trading in the period leading up to the
announcement to see who was trading and whether any possible
inside information was relied on, according to SGX Executive
Vice President Alan Shaw.

Shares in the Company fell every day last week. Shares declined
18 percent, including an 8 percent decline on Friday when 28
million shares changed hands, more than triple the three month
daily average. The shares fell 24 percent on Monday after the
Company announced it would raise $633 million selling shares to
existing investors for S$1.00.


DATACRAFT ASIA: Sharp Increase in Shares on SGX
-----------------------------------------------
The Board of Directors of Datacraft Asia Limited refers to the
sharp increase in the price of the Company's shares on the
Singapore Stock Exchange on Thursday.

It has come to the attention of the Company that there is a
market rumor that the CAD investigations (referred to in the
Company's announcement dated 22 August 2002) have come to an
end. The Company and its Directors wish to announce that they
are not aware of this development and, to the best of their
knowledge, the rumor is unfounded.

Further, the Company understands that there is another rumor
that Dimension Data Holdings PLC, the holding Company of
Datacraft is making an offer to the minority shareholders. The
Company, its Directors and Dimension Data wish to announce that
there are currently no discussions on this matter.

Apart from the abovementioned rumors, the Company, its Directors
and substantial shareholders are not aware of any reason, which
could have contributed to the said increase.

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.


NATSTEEL LTD: Posts Notice of Shareholder's Interest
----------------------------------------------------
Natsteel Limited posted a notice of changes in substantial
shareholder Temasek Holdings (Private) Ltd's interest:

Date of notice to Company: 03 Sep 2002
Date of change of deemed interest: 30 Aug 2002
Name of registered holder: CDP : Keppel Insurance Pte Ltd
Circumstance(s) giving rise to the interest: Sales in open
market at own discretion

Shares held in the name of registered holder
No. of shares of the change: (77,000)
percent of issued share capital: 0.02
Amount of consideration per share excluding brokerage,GST,stamp
duties,clearing fee: S$1.76
No. of shares held before change: 76,482,945
percent of issued share capital: 20.91
No. of shares held after change: 76,405,945
percent of issued share capital: 20.89

Holdings of Substantial Shareholder including direct and deemed
interest
                                   Deemed      Direct
No. of shares held before change: 47,182,945   29,300,000
percent of issued share capital:        12.9         8.01
No. of shares held after change:  47,105,945   29,300,000
percent of issued share capital:         12.88       8.01
Total shares:                      47,105,945  29,300,000

Based on 365,750,737 shares issued as at 26 August 2002.


SEATOWN CORPORATION: Stay of Proceedings Pending
------------------------------------------------
The Board of Directors of Seatown Corporation Ltd announced
Friday that the Company has, on September 4, 2002, made an
application to the High Court of Singapore pursuant to Section
210(10) of the Companies Act, Cap. 50 of the Singapore Statutes,
for an order restraining specific creditors of the Company from
taking any further steps in any proceedings commenced by these
creditors against the Company now before the Courts of Singapore
in any other way continuing such proceedings (the Application).

The Application was made in connection with proceedings
commenced by some creditors of the Company. Some of these
creditors have obtained judgments against the Company, for an
aggregate sum of S$1,226,517.76. The Application is scheduled
before the High Court on September 19, 2002.

The Company providing further information after the hearing for
the Application will issue a further announcement.


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


GRAND HOTEL: Files Business Reorganization Petition
---------------------------------------------------
The Grand Hotel Bangkok Company Limited (DEBTOR)'s Petition for
Business Reorganization was filed to the Central Bankruptcy
Court:

   Black Case Number 926/2543

   Red Case Number -/2543

Petitioner: Bangkok Bank Public Company Limited # 1st, Bank Of
Asia Public Company Limited # 2nd, BankThai Public Company
Limited # 3rd

Debts Owed to the Petitioning Creditor: Bt3,806,022,229.41

Date of Court Acceptance of the Petition: November 10, 2000

Date of Examining the Petition: December 12, 2000 at 9.00 A.M.

Appointment Date of the Hearing the Court Order: January 15,
2001

Court postponed the date to examining the petition : February 5,
2001

Court postponed the date of examining: March 9, 21 and 23, 2001

Court postponed the examination date to April 18, 2001 at 9.30
AM.

Court Appointment for the Hearing on June 8, 2001

Court issued an Order Cancelled the Petition for Business
Reorganization on June 8, 2001

Contact: Mrs. Piyanunt Tel, 6792525 ext 113


SIKARIN PUBLIC: Releases Rehabilitation Plan Progress
-----------------------------------------------------
Sikarin Public Company Limited, in reference to the
Rehabilitation Plan submitted to the SET according to the rules
and regulation of SET on the listing and de-listing (no. 7)
dated January 15, 1997, reported the progress of its Plan in 2
parts, as follow:

Part 1: Report of the operation result according to the
rehabilitation plan

1) Financial aspect

During the second quarter of 2002, the company and a related
company had 2 transactions of debt restructuring, as follows:

On May 29, 2002, the Company entered into a debt restructuring
agreement with the creditor on the Bt22.31 million overdraft
loan.  The summary of the agreement was to reduce the amount of
principle and interest to the amount of Bt13.00 million.  The
Company paid the total of such amount to the bank on July 31,
2002 and recorded into the account as a gain on debt
restructuring at the amount of Bt9.31 million.

On June 21, 2002, a related company, Theparak General Hospital
Plc., entered into a debt restructuring agreement with the
creditor.  Such transaction made the company to be discharged
from the guarantee agreement on such loan.  The Company credited
into the loss over book on investment account and the share of
net profit of subsidiary account at the total amount
of Bt14.49 million.

2) Operational aspect

During the second quarter of 2002, we continued to improve the
quality of our medical service to the standard.  The Company has
also offered several new package health care services.  Thus the
number of clients has steadily increased.

Part 2  Report of the operating result comparing with the
financial projections.

Summary of Profit and Loss Statement for the second quarter
ending June 30, 2002

Company Equity (Thousand Bt)    Actual  Projection    Difference

Medical service
revenues and sales
revenues      176,728  91.58%  162,851 97.14%   13,877   8.52%
Interest income    29   0.02%        0  0.00%       29    N/A
Other revenues  16,227   8.41%    4,800  2.86%   11,427  238.06%

Total revenues 192,984 100.00%  167,651 100.00%  25,333   15.11%

Cost of medical
services and
cost of sales  120,839  62.62%  114,845  68.50%   5,994    5.22%
Selling and
administrative
expenses      20,942  10.85%   32,096  19.14% (11,154) (34.75%)
Bad debts and
doubtful accounts  0   0.00%    1,629   0.97%  (1,629) (100.00%)
Equity in net
earnings of
subsidiaries   0   0.00%    1,009   0.60%  (1,009) (100.00%)
Other expenses     3   0.00%        0   0.00%       3      N/A

Total expenses 141,784  73.47%  149,579  89.22% (7,795)  (5.21%)

Earnings before
interest expenses 51,200 26.53% 18,072  10.78%  33,128   183.31%
Interest expenses(4,619)(2.39%) (7,907) (4.72%)  3,288    41.58%

Earnings from
normal operations 46,581  24.14% 10,165   6.06%  36,416  358.25%
Gain on debt
restructuring    9,311   4.82%        0   0.00%   9,311      N/A
Earnings for the
period         55,892  28.96%   10,165   6.06%  45,727   449.85%

Earnings per share

Earnings for the period           0.62             0.11

Shareholders equity  Ending balance  104,697          (31,822)

* N/A means the calculation for the percentage of change cannot
be made.

Reasons for the variances between the projections and actual
results.

1.      The actual medical service revenues and sales revenues
are 8.52% higher than the forecasted because the Company has
rendered better quality of services to clients with reasonable
price.  Thus the number of clients has steadily increased.

2.      The actual cost of medical services and cost of sales is
68.38% of revenue from medical service and sales.  In other
words the profit margin is 31.62%, which is higher than the
29.48% forecasted.

3.      The actual selling and administrative expenses are
10.85% of total revenues, which is 34.75% lower than the
forecasted.

4.      The Company has earnings for the period at Bt55.89
million, 449.85% higher than the Bt10.16 million forecasted.
The reason for the much higher earnings is that the Company can
improve its quality of services. Meanwhile, the Company is able
to control and manage the cost and expenses effectively.  So the
profit from operations is much more than the figure shown in the
projections.

In addition, the Company further restructured its debt as
described in part 1 so that we have additional gain on debt
restructuring shown in the statements.

5.      The shareholders' equity shows a positive figure, rather
than the negative value forecasted.


* SET Posts `SP' Sign Against Listed Companies
----------------------------------------------
Previously, the SET posted the `NP' (Notice Pending) sign on
the securities of the following companies effective from 30
August 2002 because they have failed to submit their financial
statements as of 30 June 2002, which was the deadline, specified
by the SET.

   1. Sun Tech Group Public Company Limited (SUNTEC)
   2. Siam Syntech Construction Public Company Limited (SYNTEC)

The Stock Exchange of Thailand (SET) has posted an `SP'
(Suspension) sign to temporary suspend the trading of the
companies' securities due to the companies have failed to submit
their financial statements for more than 5 working days.

Therefore effective on 6 September 2002 onwards, until
the companies submit the required financial statements this
suspension will remain in effect.


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 ***