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

                   A S I A   P A C I F I C

         Thursday, September 12, 2002, Vol. 5, No. 181

                         Headlines

A U S T R A L I A

ANACONDA NICKEL: Gains 4.7% as Debt Talks Continue
COLES MYER: Appoints Fraser MacKenzie as New CFO
COLES MYER: CEO Stays Focused on Meeting Profit Target
COLES MYER: Shareholder Calls for Board Change
COLES MYER: Slightly Falls on Concerns of Destabilized Board


C H I N A   &   H O N G  K O N G

CHINA NONFERROUS: Winding Up Hearing Set for September 18
CHINA SHIPPING: Shares Higher on Container Unit Disposal
CHONG SING: Court Sets October Winding Up Hearing
GOLD CHAMBER: Hearing of Winding Up Petition Set
GOLDWIZ HOLDINGS: Shi Ning Steps Down as CEO

GUANGDONG KELON: H1 Report 'No Problem' Despite Auditor Delay
SMC (FAR EAST): Faces Winding Up Petition


I N D O N E S I A

ASTRA INTERNATIONAL: Rp25 Lower on Weaker August Car Sales
BANK NIAGA: IBRA Will Proceed With Divestment  
KOMUNIKASI SELULAR: Qualcomm Keen on 13% Stake
SEMEN PADANG: Parent Reviews Legal Options After Court Ruling
INDAH KIAT: May Resume Trading After JSX Disclosure

TIJIWI KIMIA: May Resume Trading After Exchange Disclosure


J A P A N

CLARION CO.: Plans To Disband Two Units
DAIWA BANK: Completes Partial Transfer of Business to DTBC
HITACHI LTD.: Extends Existing Relationship With HP
TDK CORPORATION: Unveils Record Date for Interim Dividend
TOWA REAL: Creditors to Bail Out Condominium Builder

VICTOR CO.: Relocating Workers After Plant Closure


K O R E A

DAEWOO MOTOR: Delphi Korea Resumes Part Supply
DAEWOO MOTOR: Resumes Operation on September 10
HYNIX SEMICONDUCTOR: Aims to Increase Fast-Speed Memory Chips
POWERCOMM CO: Hanaro May Issue Bonds to Finance Bid
SEOUL BANK: Hana Bank Raises Offer to W1.15T


M A L A Y S I A

AMSTEEL CORPORATION: Announces Proposals' Completion
AUTOWAYS HOLDINGS: Replies to KLSE Query
EMICO HOLDINGS: KLSE Approves Extension of Time
GEORGE KENT: Lenders Agree to Price Variation
IRIS HYDRAULIC: FIC Approves Revised Restructuring Exercise

JOHAN HOLDINGS: Agrees to Price Variation
KEMAYAN CORPORATION: Appeals Court's Restraining Order Decision
MALAYSIAN RESOURCES: Disposing of Menara MRCB to Idaman
PICA (M): Granted Two-month Extension to Announce Rehab Plan
SASHIP HOLDINGS: Court Sets October Hearing

TECHNO ASIA: Announces Change in Boardroom
TECHNOLOGY RESOURCES: Replies to KLSE Query on CEO Statement


P H I L I P P I N E S

ABS-CBN: SEC Asks Explanation on Late Disclosure of Loan
METRO PACIFIC: Ayala Says "Not Conducting Due Diligence"
METRO PACIFIC: Continues Talks With Ayala, UNILAB
PICOP RESOURCES: Wants to Resolve Dispute With Napocor
PHILIPPINE LONG: Denies Pangilinan Ouster Report


S I N G A P O R E

ASIA PULP: Creditors Delay Debt Revamp Talks
ASIA PULP: Wants to Pay $13B Debt Over 13 Years
CHARTERED SEMICONDUCTOR: Officers Certificate Re Notes Due 2006
FLEXTECH HOLDINGS: AGM Set on September 27
L&M GROUP: Agrees to Debt and Equity Restructuring Proposal

L&M GROUP: Announces Restructuring Agreement Terms
L&M GROUP: Discloses Financial Effects of Rehab Agreement
WEE POH: Appoints Christine Ng Siew Ngo as Financial Controller


T H A I L A N D

THAI PETROCHEMICAL: High Court Upholds Rehab Plan Decision
THAI PETROCHEMICAL: May Face THB1B Fine for Varying Port Design
TPI POLENE: Court Sets Creditors Talks for October

     -  -  -  -  -  -  -  -


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


ANACONDA NICKEL: Gains 4.7% as Debt Talks Continue
--------------------------------------------------
Debt-laden Anaconda Nickel was up 4.7 percent at 33.5 cents
Wednesday after CEO Peter Johnston told Dow Jones he is
"confident" of securing debt restructure deal with U.S.
bondholders.

Johnston said bondholders will "gladly" extend if it needs more
time to get a deal.

The agreement will open way for the Company to make renounceable
rights issue to recapitalize company.

Major shareholder Glencore is proposing to underwrite issue, but
Anaconda Nickel is also looking at other underwriters.

Anaconda Nickel owes the US bondholders US$402 million.


COLES MYER: Appoints Fraser MacKenzie as New CFO
------------------------------------------------
Coles Myer Ltd announced Wednesday that Fraser MacKenzie had
been appointed permanently to the position of Chief Financial
Officer.

Mr MacKenzie has been filling the role on an interim basis for
the past two months following the retirement of John Schmoll.

Coles Myer CEO John Fletcher said that Mr MacKenzie had been
considered for the role on a permanent basis among a pool of
international candidates identified during a global search.

"In the short time Fraser has been with us, he has made a very
significant mark in terms of his skills, his experience, his
values and his team fit," Mr Fletcher said.

"While we have seen a number of outstanding candidates in recent
weeks, Fraser has impressed me and the Board as the best person
for the role."

Mr MacKenzie was most recently Chief Financial Officer at OPSM
Group Ltd, previously holding financial and strategic leadership
roles with Pfizer, SmithKline Beecham, Hanimax and Gestetner
Australasia.

He has extensive experience in financial strategy and
management, including complex business transformations and
integrations and successful cost reduction programs.

This appointment completes the Coles Myer Executive leadership
team, following the announcement two weeks ago of the
appointments of Andrew Potter as Group General Manager Supply
Chain and Peter Mahler as Chief Information Officer.

For media information, contact Scott Whiffin at telephone 03
9829 5548, or analyst Amanda Fischer at 03 9829 4521.


COLES MYER: CEO Stays Focused on Meeting Profit Target
------------------------------------------------------
Coles Myer CEO John Fletcher remains focused on meeting the
profit target for 2002 fiscal year in low A$350-365 million
range.

A source close to Fletcher tells Dow Jones Newswires that
boardroom tensions at the Australian retailer have distracted
Fletcher, but "he's pretty tough minded and he knows his real
role...is to get those numbers out that will satisfy the
market."


COLES MYER: Shareholder Calls for Board Change
----------------------------------------------
Coles Myer shareholder Premier Investments has sent an open
letter to company Chairman Stan Wallis calling for him to stand
down immediately, ABC reports.

The letter said Mr Wallis's five-year term as Chairman has been
"little short of disastrous" for shareholders, who have had to
watch the steady erosion of share value in recent years.

Wallis has announced he will resign from the Board in November.

Rick Allert, the chairman of wine group Southcorp and insurer
Axa Asia Pacific, is likely to replace Wallis as Chairman.


COLES MYER: Slightly Falls on Concerns of Destabilized Board
------------------------------------------------------------
Shares in Coles Myer Ltd., Australia's largest retailer, lost as
much as 1.3 percent in opening trade Wednesday amid concerns a
destabilized board could derail the its restructuring efforts.

Within the first few minutes of trade Coles Myer, Dow Jones
Newswires reported that shares fell as much as eight cents,
dipping to A$5.90, before recovering slightly to trade six cents
lower at A$5.92 at around 0017 GMT.

Shares in Coles Myer have steadily declined this year after the
company was forced to downgrade profit forecasts because of
trouble in its department stores. It fell to a five-and-a-half
year low last week.


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


CHINA NONFERROUS: Winding Up Hearing Set for September 18
---------------------------------------------------------
The date for hearing of the petition to wind up China Nonferrous
Metals (Hong Kong) Finance Co. Limited is scheduled for
September 18, 2002 at 9:30 a.m. at the High Court of Hong Kong.

The Company, located at 14th Floor, Hong Kong Club Building, 3A
Chater Road, Central, Hong Kong, filed the petition on June 24.


CHINA SHIPPING: Shares Higher on Container Unit Disposal
--------------------------------------------------------
The H-shares of oil shipper China Shipping Development Co Ltd
were up HK$0.05 or 3.04 percent at 1.69 on word of the company's
plan to dispose its loss making unit China Ocean Container
Transportation Co Ltd, AFX Asia reported.

"This is good for the company in that this (unit) is a loss
making business," Credit Suisse First Boston analyst Karen Chan
said.

"After the disposal, the company's core shipping operations
should be more stable," she said.

TCR-AP said Wednesday that China Shipping has agreed to sell
its 25 percent stake in the container business to its
controlling shareholder, China Shipping (Group) Co., for a token
of 1 yuan.

China Ocean Container has suffered deterioration in performance
as a result of slower global economic growth and a more
difficult operating environment for container shipping. It had a
book net asset value of negative CNY430.37 million at the end of
June, although an assessor valued the net assets at negative
CNY290.29 million.


CHONG SING: Court Sets October Winding Up Hearing
-------------------------------------------------
Nanyang Commercial Bank, Ltd is seeking for the winding up of
Chong Sing Corporation Limited.

The petition was filed on July 28, 2002 at the High Court of
Hong Kong, and will be heard before the said court on October
16, 2002 at 10:00 a.m.


GOLD CHAMBER: Hearing of Winding Up Petition Set
------------------------------------------------
The petition to wind up Gold Chamber International Limited was
set for hearing before the High Court of Hong Kong yesterday,
September 11, 2002, at 10:00 am.

The Company, located at Suite 1005, World Wide House, 19 Des
Voeux Road Central, Hong Kong, filed the petition with the said
court last June 19, 2002.


GOLDWIZ HOLDINGS: Shi Ning Steps Down as CEO
--------------------------------------------
Goldwiz Holdings Ltd, formerly known as Hong Kong Toy Centre
International Ltd., said that Shi Ning has resigned as chief
executive officer and executive director of the company.

Goldwiz Holdings manufactures, trades and distributes toy
products. The Hong Kong-based group ceased its toy business and
property development in December 2000.

TCR-AP said in July that Goldwiz, for the year ended 31 March
2002, narrowed its operating loss to HK$26.69 million from
HK$142.84 million in the same period of the previous year.


GUANGDONG KELON: H1 Report 'No Problem' Despite Auditor Delay
-------------------------------------------------------------
Guangdong Kelon Electrical Holdings Co Ltd director and vice
president Yan Yousong said that the outcome of a profit of
112.68 million yuan will not have a major factual difference in
the audited version despite delays in getting the interim
results certified by auditors.

Yan told the China Daily that there is "no problem" with the
results after they were rejected by the Hong Kong Stock Exchange
on "technical grounds" after the company changed its auditors to
Deloitte Touche Tohmatsu from the now failed Arthur Andersen.

Guangdong Kelon appointed Deloitte in late August to undertake a
full review of its six months to June interim results, which it
expected to be completed not later than end of this month.

The company expects further revenue gains for 2003.


SMC (FAR EAST): Faces Winding Up Petition
-----------------------------------------
Tech Pacific (H.K.) Limited of 29th Floor, Millennium City, 378
Kwun Tong Road is seeking for the winding up of SMC (Far East)
Limited.

The petition was filed on June 28, 2002, and will be heard
before the High Court of Hong Kong on September 18, 2002 at
10:00 a.m.


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


ASTRA INTERNATIONAL: Rp25 Lower on Weaker August Car Sales
----------------------------------------------------------
Carmaker PT Astra International was down 25 rupiah at 3,225 on
volume of 2.2 million shares in the morning session following
the release of weaker August car sales, AFX Asia reported.

TCR-AP said yesterday that Astra sold 15 percent fewer cars in
August compared with the same month in the previous year as
domestic sales dropped.

The company's sales of assembled Toyota Motor Corp., Isuzu
Motors Ltd., Daihatsu Motor Co. vehicles and other models fell
to 14,432 units in August from 16,965 the same month a year
earlier.

According to dealers, the decline was likely attributable to
Astra's late launch of its new Toyota commercial vans towards
the end of August, when its competitors had already unveiled new
models.


BANK NIAGA: IBRA Will Proceed With Divestment  
---------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) will push
through with the divestment of the government's 51 percent stake
in PT Bank Niaga even if there is only one bidder participating
in the final bid scheduled for closing today (September 12).

"We have made it clear that we will not take any bids at the
same price as the previous bids," IBRA deputy chairman I Nyoman
Sender said, referring to bid that was canceled due to the low
price.

In June, the Financial Sector Policy Committee cancelled the
sale of the majority interest in Bank Niaga after final bids,
filed by Commerce and ANZ Panin consortium, came in at 20-30
rupiah/share, well below the bank's 75 rupiah share price at
that time.

IBRA then relaunched the sale and accepted interest from four
investors, including the ANZ Bank Group Ltd consortium, as well
as the PT Bank Victoria International consortium and Batavia
Investment Fund II Ltd.


KOMUNIKASI SELULAR: Qualcomm Keen on 13% Stake
----------------------------------------------
US-based digital wireless communication provider Qualcomm Inc.
is interested in buying a 13% stake, which PT Telekomunikasi
Indonesia (Telkom) holds in cellular phone operator PT
Komunikasi Selular Indonesia (Komselindo).

According to a Wednesday report from Bisnis Indonesia, Qualcomm
has tied up with a South Korean cellular telecommunications
company to buy the stake. The report did not name the South
Korean company.

The daily added that Telkom President Director Kristiono did not
know that Qualcomm is interested in the stake.

In August, TCR-AP said that Telkom plans to sell its 35 percent
stake in Komselindo to existing shareholder PT Bimantara Citra,
but such plan does not rule out the possibility of selling the
stake to other interested parties.

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

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


SEMEN PADANG: Parent Reviews Legal Options After Court Ruling
-------------------------------------------------------------
PT Semen Gresik is reviewing which legal avenue to take after
the Padang district court rejected its second petition against
troubled unit PT Semen Padang.

Semen Gresik lawyer Fredrik Pinakunary said the company will
either refile its petition in Padang, appeal the decision, or
take the case to the Supreme Court in Jakarta.

Approval of the petition would have forced the West Sumatran-
based subsidiary to hold an extraordinary general meeting, at
which the central government, Semen Gresik's majority
shareholder, plans to replace the board of directors and
commissioners.

PT Semen Padang failed to pay its 200 billion rupiah debt to PT
Jaminan Sosial Tenaga Kerja (Jamsostek) that matured on August
15.


INDAH KIAT: May Resume Trading After JSX Disclosure
---------------------------------------------------
PT Indah Kiat Pulp & Paper, the Indonesian unit of Singapore-
incorporated Asia Pulp & Paper Co. (APP) may be allowed to
resume trading after making disclosures relating to the
qualified auditor opinion attached to its 2001 financial
results.

The Jakarta Stock Exchange (JSX) said that it is considering the
resumption of trading for Indah Kiat after the company presented
items required by the JSX rules, which states that shares of
companies with qualified auditor opinions for two consecutive
years can only resume trading in the regular, negotiated, and
cash markets subject to certain conditions, among them going-
concern status, and implementation of good-governance measures.

Indah Kiat is still awaiting the response of the Indonesian Bank
Restructuring Agency (IBRA) to begin the debt restructuring for
the company.

TCR-AP said in August that Indah Kiat reported a net loss of
$190.4 million during the first half of this year from $46.8
million the previous year.

IBRA is one of APP's biggest creditors because it took over the
loans made by Bank Internasional Indonesia to the Widjaja
family's Sinar Mas Group, which controls APP.

The pulp and paper producer owes about $1 billion to IBRA.


TIJIWI KIMIA: May Resume Trading After Exchange Disclosure
----------------------------------------------------------
PT Pabrik Kertas Tjiwi Kimia may be allowed to resume trading
after making disclosures relating to the qualified auditor
opinion attached to its 2001 financial results.

A Jakarta Stock Exchange (JSX) spokesman told AFX-Asia by
telephone that Tjiwi Kimia has presented items required by the
JSX rules.

Under JSX rules, shares of companies with qualified auditor
opinions for two consecutive years can only resume trading in
the regular, negotiated, and cash markets subject to certain
conditions, among them going-concern status, and implementation
of good-governance measures.

The auditor's disclaimer must also result from force majeure.

Tjiwi Kimia finance director Gunawan Taslim said the company has
appointed Grant Thornton as new auditor after Prasetio Utomo &
Co, the local unit of Arthur Andersen, claimed it has no
responsibility for the contents of the 2001 financial report.

Taslim said Tjiwi Kimia is awaiting the response of the
Indonesian Bank Restructuring Agency (IBRA) to begin the debt
restructuring.

TCR-AP reported in August that Tjiwi Kimia revealed an unaudited
consolidated net loss of $41.39 million in the first half of the
year against $2.65 million from the previous year.


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


CLARION CO.: Plans To Disband Two Units
---------------------------------------
Car audio equipment maker Clarion Co has decided to disband two
units namely Clarion (H.K.) Co and Clarion Device Co, according
to the Tuesday edition of Kyodo News.

Clarion will dissolve the Hong Kong-based arm in June after
letting it hand over operations to Clarion's other subsidiary,
Clarion (H.K.) Industries Co on October 1.


DAIWA BANK: Completes Partial Transfer of Business to DTBC
----------------------------------------------------------
Resona Group has been preparing for the reorganization and
consolidation of the Group's trust business in accordance with
the basic policies outlined in the previous Company announcement
on June 17, 2002.

Daiwa Bank Holdings, Inc. (Daiwa Bank HD) announced on Tuesday
that the partial transfer of business such as securities
investment trusts from Asahi Trust & Banking Co., Ltd. to The
Daiwa Trust & Banking Co., Ltd. (DTBC) was completed as
originally scheduled. Daiwa Trust & Banking will provide other
subsidiary banks under Daiwa Bank HD with trust functions
including the ones it assumed from Asahi Trust & Banking.

Asahi Trust & Banking will be merged with The Daiwa Bank, Ltd.
so as to consolidate the remaining business such as monetary
claims trust and others.

The consolidation of the Group's trust business will enable us
to offer more sophisticated trust services to our customers,
also eliminating the redundancies in business operations and
enabling the Group to raise its management efficiency.

1.  Partial Transfer of Business from Asahi Trust & Banking to
Daiwa Trust & Banking Businesses of Asahi Trust & Banking
transferred to Daiwa Trust & Banking are as follows:

1) Date of Transfer       September 9, 2002
2) Transferee             Daiwa Trust & Banking
3) Assets Transferred

Asset Balance Trust Services                                           
(Billions of yen)

Securities investment trusts               174.4
Retirement benefit trusts                  156.5

Monetary trusts other than money trusts (specified management),
Specified money trusts for pension funds   107.3

Total                                      438.2

2. Schedule for the Consolidation of the Group's Trust Business
Hereafter

(1) Merger of Daiwa Bank and Asahi Trust & Banking

Daiwa Bank and Asahi Trust & Banking will merge on October 1,
2002, and Daiwa Bank will assume monetary claims trusts, land
trusts, and special donation trusts. (Approval from the
competent government authorities obtained)

(2) Change of Corporate Name

Daiwa Trust & Banking will change its corporate name to Resona
Trust & Banking Co., Ltd. on October 15, 2002. (Approval from
the competent government authorities obtained)


HITACHI LTD.: Extends Existing Relationship With HP
---------------------------------------------------
HP and Hitachi, Ltd. announced Tuesday a new technology
agreement enabling cross-management of each other's storage
arrays facilitated by the exchange of application programming
interfaces (APIs).

Under the terms of the agreement, HP will be able to manage
Hitachi Freedom Storage Lightning 9900 and 9900 V Series and
Thunder 9200 Series storage arrays within the HP OpenView
Storage Area Management software product. Hitachi, Ltd. will be
able to manage the HP StorageWorks XP and VA disk arrays, HP
StorageWorks Enterprise Virtual Array (EVA) and HP StorageWorks
Enterprise Modular Array (EMA) storage systems within the
Hitachi HiCommand Management framework.

"This agreement with Hitachi is more proof that HP is fully
committed to providing interoperable solutions with all leading
storage vendors in order to make storage area management as easy
as possible," said Mark Sorenson, vice President, Storage
Software Division, HP Network Storage Solutions. "Customers will
be able to use HP OpenView software as the key to dramatically
reduce the cost of managing storage in a heterogeneous
environment."

"The announcement is another important milestone in Hitachi's
TrueNorth strategy to provide customers with open, heterogeneous
managed data storage environments," said Naoya Takahashi,
division President, Disk Array Systems Division, Hitachi, Ltd.
"We are forging ahead on all fronts to achieve this goal. This
API exchange is a short-term solution, which will shortly be
followed by our CIM (Common Information Model) based products.
Meanwhile, with this exchange our customers will be able to
manage the broadest range of heterogeneous storage systems in
the industry through HiCommand software."

SNIA SMI Efforts for Standards-based Interoperability

The exchange of APIs is an interim step toward standards-based
interoperability being led by the Storage Networking Industry
Association (SNIA) in an effort called the Storage Management
Initiative (SMI). SMI is based on Bluefin technologies and
provides a common management interface for all components in a
storage area network (SAN), including disk arrays, switches,
host adapters and servers. Both HP and Hitachi are committed to
standards-based interoperability as well as to leveraging
vendor-specific APIs to deliver multi-vendor storage management
solutions to customers today.

"The knowledge HP is gaining through integrating API
technologies from Hitachi, Ltd. and other companies into a
common software management platform will be used to assist the
industry in making Bluefin and SMI a reality," said Sorenson.
"We have always said that our goal is to work toward industry-
wide interoperability, and the fact that all these leading
companies have committed to work with HP demonstrates the
industry's faith in our commitment to open standards."

"Hitachi is taking a leadership role with Storage Networking
Industry Association on CIM/WBEM (Web-based Enterprise
Management) and SMI technologies to ensure that these open
standards become widely adopted and productized," said
Takahashi. "With the deployment of CIM and the ability to
leverage APIs, Hitachi believes that customers will benefit from
faster access to interoperable storage infrastructures that
extend to existing and future data storage products."

"Since 1999, HP and Hitachi, Ltd. have had a successful
relationship with the HP StorageWorks XP disk systems. Our
agreement, now focused on heterogeneous storage management,
complements the efforts HP and Hitachi have made to provide
customers with world-class storage systems," said Howard Elias,
senior vice President, HP Network Storage Solutions. "HP will
continue to work with Hitachi to bring increased business value
to our customers."

"The storage collaboration with HP is one of the most successful
partnerships at Hitachi. With this new agreement on API
exchange, HP and Hitachi will be able to bring mutual customers
the common interoperability and protect their investments in the
growing heterogeneous environments," said Hiroaki Nakanishi,
managing officer and general manager, International Operations
Division, Information & Telecommunications Systems, Hitachi,
Ltd.

Tokyo-based Hitachi, Ltd.- http://global.hitachi.com/- is a  
leading global electronics Company, with approximately 320,000
employees worldwide. Fiscal 2001 (ended March 31, 2002)
consolidated sales total 7,994 billion yen ($60.1 billion).

HP - http://www.hp.com- is a leading global provider of  
products, technologies, solutions and services to consumers and
businesses. The Company's offerings span IT infrastructure,
personal computing and access devices, global services and
imaging and printing. HP completed its merger transaction
involving Compaq Computer Corp. on May 3, 2002.

According to TCR-AP Hitachi Ltd's cash and cash equivalents as
of June 30, 2002 totaled 799.8 billion yen (US$6,665 million), a
decline of 229.5 billion yen (US$1,913 million) during the first
quarter.

Debt on June 30, 2002 stood at 2,952.7 billion yen (US$24,606
million), 45.4 billion yen (US$379 million) less than at March
31, 2002.

For inquiries, contact HP's Stacey Hoskin at telephone 408/447-
4673, or via e-mail at stacey_hoskin@hp.com. One may also
contact Hitachi Data Systems' Jodi Reinman at telephone 408/970-
1050, or via e-mail at jodi.reinman@hds.com.


TDK CORPORATION: Unveils Record Date for Interim Dividend
---------------------------------------------------------
Pursuant to Provisions l, 2, and 3 of Listing Agreement of the
undertaking of the Company submitted to the Council of The Stock
Exchange of the Kingdom and Republic of Ireland (the Exchange)
in connection with the listing of shares of Common Stock of the
Company on the Exchange, set forth below are the record date for
the proposed payment of an interim dividend and the estimated
amount of said dividend, subject to the approval of the Board of
Directors of the Company at the board meeting to be held on
October 31, 2002.

Record date:  September 30, 2002 (Japan Time)

Estimated amount of proposed interim dividend subject as
aforesaid:  Yen 25.00 per share of Common Stock

The amount of the proposed interim dividend set out above is
very roughly estimated. Neither the Company nor any of the
Directors make any warranty, representation or guarantee
whatsoever that the said amount will in fact be declared at the
aforesaid Board meeting. The Directors' complete discretion to
recommend and declare such higher or lower amount as they think
fit at the aforesaid Board meeting shall not be limited not
affected hereby in any respect.

Payment commencement date:  December 6, 2002 (Japan Time)

TCR-AP reported that TDK Corp. incurred a net loss of 24.8
billion yen (US$191 million) in the year to March due to
restructuring costs and a slowdown in technology investment.

The world's largest maker of magnetic tapes also planned to
close or consolidate eight plants globally in the year ahead.


TOWA REAL: Creditors to Bail Out Condominium Builder
----------------------------------------------------
UFJ Bank and other creditors are planning to infuse 230 billion
yen in financial aid to Towa Real Estate Development Co, a
condominium builder affiliated with Fujita Corporation, Kyodo
News reported Wednesday.

The creditors will waive 200 billion yen in claims on their
loans to Towa and exchanging 30 billion yen in Towa's debts for
its shares.


VICTOR CO.: Relocating Workers After Plant Closure
--------------------------------------------------
Audio equipment maker Victor Co. will relocate 230 workers after
closing its factory in the northern prefecture of Fukushima,
Bloomberg reported Wednesday.

The relocation site was not mentioned in the report.

The move is part of the Company's plan to cut its existing
factories to 13 from 17 by the year ending March 31, 2004.

Victor may sell the plant's production equipment and stop making
motor parts.

According to TCR-AP, Victor Co of Japan (JVC) sees a
consolidated net loss of Y44.9 billion for fiscal 2001 which
ended March 31, up from a loss of Y29 billion forecast last
October.

The Company revised the loss outlook as it will register an
extraordinary loss of Y7.11 billion in compliance with new
accounting rules obliging firms to book valuation losses on
shareholdings whose market value has declined more than 50
percent from their book value.


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


DAEWOO MOTOR: Delphi Korea Resumes Part Supply
----------------------------------------------
Delphi Korea will resume supplying automobile parts to ailing
Daewoo Motor on September 11, Kyodo News reports.

The major parts supplier suspended supply to Daewoo from August
27 due to the carmaker's delay in payments.

Market watchers view that Delphi may have decided to resume its
parts supply at a meeting of board members held on
Tuesday morning.


DAEWOO MOTOR: Resumes Operation on September 10
-----------------------------------------------
Daewoo Motor resumed production on September 10, as Korea Delphi
Automotive Systems, the largest parts-supplier for Daewoo,
decided to lift its embargo on the carmaker.

Korea Delphi suspended its supply to Daewoo Motor on August 28,
in protest over long-delayed payment.

The Company lost 165 billion won (22,000 cars) in sales due to
production halt.


HYNIX SEMICONDUCTOR: Aims to Increase Fast-Speed Memory Chips
-------------------------------------------------------------
Hynix Semiconductor Inc. is planning to increase production of
fast-speed dynamic random access memory chips in the second half
2002, the Wall Street Journal and Bloomberg reported Wednesday,
citing Hynix spokesman Bang Min-Ho.

Double data rate DRAM chips accounted for about 35 percent of
Hynix's total memory-chip production in June, and the Company is
planning to raise the percentage to 70 percent.

The report said the increase in double date rate DRAM production
doesn't require additional capital spending.

Korea Exchange Bank and other creditors, who took control of
Hynix in a 3 trillion won ($2.5 billion) debt-for-equity swap in
June, are ruling whether to give the Company its third debt
restructuring package in 18 months or sell its assets.


POWERCOMM CO: Hanaro May Issue Bonds to Finance Bid
---------------------------------------------------
In order to finance its bid for a 30 percent controlling stake
in Powercomm Co, which is owned by Korea Electric Power Corp
(KEPCO), Hanaro Telecom Inc is considering issuing bonds
convertible into shares to consortium partners American
International Group (AIG) and Emerging Markets Partnership
(EMP), a Hanaro investor relations official told AFX-Asia.

The form and value of the investment by the consortium partners
will be determined during talks with KEPCO over Powercomm.

The two foreign investors may outpace LG Group as the largest
shareholder in Hanaro Telecom, depending on the size of the CB
issue.

LG Group, mainly Dacom Corp and LG Electronics Investment, holds
a 13 percent stake in Hanaro.

He also said that the Hanaro consortium has left the door open
to other interested parties, including Dacom Corp and Korea
Thrunet Co Ltd. (M&A REPORTER-ASIA PACIFIC, Vol. No.1, Issue No.
180, September 11, 2002)


SEOUL BANK: Hana Bank Raises Offer to W1.15T
--------------------------------------------
Hana Bank will acquire Seoul Bank for 1.15 trillion ($960
million), raising its previous offer of 1.1 trillion won, the
Korea Economic Daily and Bloomberg reported Wednesday.

Hana will swap two SeoulBank shares for one share in the merged
bank. That replaced an earlier offer of 2.1 SeoulBank shares for
one merged bank share.

Hana agrees to buy back the shares from the government at 1.15
trillion won if the market value falls below that level.

Hana is demanding indemnity from having to pay 100 billion won
if SeoulBank loses a lawsuit to Korea Exchange Bank, and other
lawsuits stemming from pre-merger transactions.

In August, Hana Bank was chosen as the government's preferred
negotiating partner for the takeover against Lone Star.

DebtTraders reports that Seoulbank's 3.791 percent floating rate
note due in 2006 (BKSE06KRN1) trades between 97 and 99. For
real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=BKSE06KRN1


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


AMSTEEL CORPORATION: Announces Proposals' Completion
----------------------------------------------------
Amsteel Corporation Berhad refers to its announcement made on 16
February 2001, 12 September 2001 and 14 May 2002 in respect of
the Proposals that includes:

a) Proposed acquisition by Amsteel Mills Sdn Bhd (AMSB), a 99%
owned subsidiary of Lion Land Berhad, of 100% equity interest in
Antara Steel Mills Sdn Bhd from Johor Corporation (JCorp) for a
consideration of RM108.23 million (Proposed Acquisition of
Antara); and

b) Proposed settlement of RM108.23 million inter-company
indebtedness out of the RM940.15 million owing by Amsteel to
AMSB involving the following:

i) Proposed disposal by Amsteel of its 100% equity interest in
Lion Gateway Parade Sdn Bhd (LGP) to JCorp and assignment to
JCorp of all sums owed by LGP to Amsteel for a consideration of
RM90.98 million; and

ii) Proposed payment by Ayer Keroh Resort Sdn Bhd, a 70% owned
subsidiary of Amsteel, of a cash sum of RM17.25 million to
JCorp.

The Board of Directors of the Company wishes to announce that
the Proposals were completed on 10 September 2002.

Following the completion:

(i) LGP and Gateway Management Sdn Bhd, a wholly owned
subsidiary of LGP, have ceased to be subsidiaries of the Company
with effect from 10 September 2002; and

(ii) The Put Option Agreements dated 7 September 2002 and
entered into between the Company of the one part and Norville
Corporation Sdn Bhd and Sumurmuda Sdn Bhd respectively of the
other part (pursuant to which the Company is entitled to resell
the 36.75% and 12.25% shares in LGP to Norville and Sumurmuda
respectively in the event the Proposals are terminated) shall be
deemed to have lapsed.


AUTOWAYS HOLDINGS: Replies to KLSE Query
----------------------------------------
On behalf of Autoways Holdings Berhad (AHB), the Ammerchant Bank
Berhad (formerly known as Arab-Malaysian Merchant Bank Berhad)
wishes to announce the following with regards to the Kuala
Lumpur Stock Exchange query:

1. The net tangible assets (NTA) of Kumpulan Liziz Sdn Bhd
(KLSB) is RM27.3 million based on its latest audited accounts
for the financial year ended 30 September 2001. The NTA of Green
Leaf Resources Sdn Bhd (GLRSB) is RM2 based on its latest
audited accounts for the financial year ended 30 June 2000.

2. The proposed issue price of RM1.00 for the new shares in
Newco arising from the Proposed Acquisition of Proposed
Subsidiaries by Newco and Proposed Special Issue was determined
after taking into consideration the par value of RM1.00 of Newco
shares, the financial position of AHB and terms of the Proposed
Restructuring Scheme.

The Proposed Restructuring Scheme includes capital reduction and
consolidation, set-off of share premium against accumulated
loss, scheme arrangement, settlement, disposal/liquidation of
AHB Group other than ACSB, acquisition of proposed subsidiaries
by Newco, special issue, waiver from the mandatory take-over
offer requirements, and transfer of listing status.

3. Based on the current proposal, other than the liabilities in
the Proposed Subsidiaries, no other liabilities will be assumed
by Newco pursuant to the Proposed Acquisitions of the Proposed
Subsidiaries.

4. AHB has requested from the vendors of KLSB and GLRSB, the
details of their respective cost and date of investments. The
information when obtained will be announced to the Exchange.

5. The Board of AHB is in the process of evaluating the
prospects and risk factors of KLSB and GLRSB. The information
when available will be announced to the Exchange.

6. The Proposed Restructuring Scheme is in the process of being
finalized and is subject to the signing of conditional sale and
purchase agreements with the Vendors of the Proposed
Subsidiaries. Details of departure from the Securities
Commission's Policies and Guidelines on Issues/Offer of
Securities, if any, will be announced upon the signing of the
aforementioned agreements.

7. The terms of the Proposed Acquisition of Proposed
Subsidiaries by Newco were agreed between Newco, Vendors of the
Proposed Subsidiaries and AHB on 22 August 2002.


EMICO HOLDINGS: KLSE Approves Extension of Time
-----------------------------------------------
The Kuala Lumpur Stock Exchange had vide the letter of Emico
Holdings Berhad dated 3 September 2002 and received on 10
September 2002 regarding the application for extension of time
pursuant to paragraph 5.1 of Practice Note No.4/2001 (PN4).

Emico said in a statement to the KLSE that it has obtained all
the necessary approvals from the regulatory authorities on 26
August 2002.

In that respect, the Exchange has approved an extension of time
from 14 August 2002 to 26 August 2002 to enable EMICO to comply
with Paragraph 5.1 of PN4.


GEORGE KENT: Lenders Agree to Price Variation
---------------------------------------------
George Kent (Malaysia) Berhad (GKM) refers to their announcement
dated 22 March 2002.

Under the Debt Restructuring Agreement dated 20 March 2002 (GKM
DRA) entered into by GKM, RM38.985 million is to be partly
capitalized and partly waived. The shares or entitlement thereto
arising from the restructuring of the Sale Portion are proposed
to be transferred to an investor to be identified by the Company
("the Investor") in accordance with the following formula:-

Q = [AI x (1+0.25)3] / SP
Where:
Q = the number of fully paid-up ordinary shares of the Company
to be issued to capitalize part of the Sale Portion;
AI = the sale portion consideration to be paid by the Investor
directly to the GKM Lenders amounting to RM11,695,607.44; and
SP = the weighted average price of the shares of the Company
over the five (5) trading days immediately preceding the day on
which the Securities Commission approves the Proposed Debt
Restructuring of GKM (the SC Approval Date).
(referred to as the Proposed Capitalization of Sale Portion)

A potential investor, whom the Company is in discussion with
requested that SP in the abovementioned formula be fixed at
RM0.31 per share (Variation In Price). The rationale for the
Variation In Price is to provide certainty for the Investor and
the Company as to the number of shares to be issued.

Aseambankers Malaysia Berhad, on behalf of GKM wishes to
announce that the Majority Lenders (as defined in the GKM DRA)
and the Company had given their consent and agreement to the
Variation In Price.

Pursuant to the Variation In Price, the Proposed Capitalization
of Sale Portion entails an issuance of 73,687,043 new ordinary
shares at an issue price of RM0.50 per share in GKM to the
Investor.


IRIS HYDRAULIC: FIC Approves Revised Restructuring Exercise
-----------------------------------------------------------
On behalf of the Board of Directors of Iris Hydraulic Malaysia
Berhad (IHMB), Commerce International Merchant Bankers Berhad
(CIMB) is pleased to announce that the Foreign Investment
Committee had via its letter dated 3 September 2002 stated that
it has no objection to the revised Proposed Restructuring
Exercise as announced on 10 June 2002 subject to the same
conditions as stated in the previous approval letter dated 23
March 2001 announced on 28 March 2001.

The Proposed Restructuring Exercise includes the following:
* Proposed capital reconstruction;
* Proposed corporate restructuring; and
* Proposed debt reconstruction


JOHAN HOLDINGS: Agrees to Price Variation
-----------------------------------------
Johan Holdings Berhad (JHB) refers to their announcement dated
22 March 2002.

Under the Debt Restructuring Agreements (DRAs) dated 20 March
2002 entered into by JHB and Prestige Ceramics Sdn Bhd (PCSB),
RM91,184,639.62 for JHB and RM39,051,109.31 for PCSB
respectively (referred to as Sale Portion) are to be partly
capitalized and partly waived.

The shares or entitlement thereto arising from the restructuring
of the Sale Portion are proposed to be transferred to an
investor to be identified by the Company in accordance with the
following formula:

Y = (BI * (1 +0.25)3)/ JSP

Where:
Y = the number of fully paid ordinary shares of the Company to
be issued to capitalize the Sale Portion;
BI = the sale portion consideration totaling RM30,647,672.32 to
be paid by the Investor directly to the JHB and PCSB Lenders;
and
JSP = the weighted average price of the shares of the Company
over the five (5) trading days immediately preceding the day on
which the Securities Commission (SC) approves the Proposed Debt
Restructuring (SC Approval Date).
(referred to as the Proposed Capitalization of Sale Portion)

The potential Investor, whom the Company is in discussion with,
had requested that JSP in the abovementioned formula be fixed at
RM0.30 per share (Variation In Price). The rationale for the
Variation In Price is to provide certainty for the Investor and
the Company as to the number of shares to be issued.

Aseambankers Malaysia Berhad, on behalf of JHB, wishes to
announce that the Majority Lenders (as defined in the respective
JHB and PCSB DRAs), JHB and PCSB had given their consent and
agreement to the Variation In Price.

Pursuant to the Variation In Price, the number of fully paid-up
ordinary shares of JHB to be issued to restructure the Sale
Portion shall be 199,529,117 new ordinary shares at an issue
price of RM0.50 per share in JHB to the Investor.


KEMAYAN CORPORATION: Appeals Court's Restraining Order Decision
---------------------------------------------------------------
Further to the announcement made on 4 September 2002, the Board
of Directors of Kemayan Corporation Berhad (KCB) said Tuesday
that the Honorable Judge of Kuala Lumpur High Court has
dismissed the application of stay of the Restraining Order with
costs.

KCB is appealing the decision on the dismissal of the
application for extension of the Restraining Order.


MALAYSIAN RESOURCES: Disposing of Menara MRCB to Idaman
-------------------------------------------------------
The Board of Directors of Malaysian Resources Corporation Berhad
(MRCB) is pleased to announce that its 60% owned subsidiary,
MRCB Selborn Corporation Sdn. Bhd. has on Tuesday entered into a
Sale and Purchase Agreement (SPA) with Idaman Unggul Sdn. Bhd.
for the disposal of its office block known as Menara MRCB.

The disposal includes the rights to 433 car-parking bays and
fixed fixtures and fittings, excluding all moveable furniture,
installations and office equipment to Idaman Unggul Sdn. Bhd.
for a cash consideration of RM55 million.

DETAILS OF THE PROPOSED DISPOSAL

1. Particulars of the Property

Menara MRCB was completed in September 1999.

Based on the expected completion of the Proposed Disposal in May
2003, the estimated net book value of Menara MRCB is RM55.977
million. The Proposed Disposal will record a marginal book loss
of approximately RM0.977 million to MRCB Selborn and an
exceptional gain of RM10.2 million at the Group level.

2. Basis of arriving at the sale consideration

The sale consideration was arrived at on a willing buyer and
willing seller basis after taking into consideration the market
value of RM63.5 million as valued by Messrs Khong and Jaafar, an
independent professional valuer as per its valuation dated 28
September 2000.

INFORMATION ON MRCB SELBORN

MRCB Selborn was incorporated on 14 November 1990 under the
Companies Act, 1965 as Selborn Corporation Sdn. Bhd. and changed
to its present name on 17 September 1993. The current authorised
share capital of MRCB Selborn is RM100,000,000.00 comprising of
80,000,000 Ordinary Shares of RM1.00 each and 200,000,000 6%
Redeemable Convertible Cumulative Preference Shares of RM0.10
each and the paid-up capital is RM22,000,000 comprising of
20,000,000 Ordinary Shares of RM1.00 each and 20,000,000 6%
Redeemable Convertible Cumulative Preference Shares of RM0.10
each.

The principal activity of MRCB Selborn is property development
and property holding.

INFORMATION ON IDAMAN

Idaman was incorporated on 22 October 1993 under the Companies
Act, 1965. The current authorised and paid-up capital of Idaman
is RM100,000 and RM10,000 respectively.

The principal activity of Idaman is investment holding.

SALIENT TERMS OF THE SALE AND PURCHASE AGREEMENT

An initial deposit of RM1.1 million equivalent to 2% of the sale
consideration was paid on 31 July 2002.

RM1.65 million equivalent to 3% of the sale consideration was
received upon the execution of the Sale and Purchase Agreement
today. The balance of RM52.25 million equivalent to 95% of the
sale consideration is payable on the Completion Date which is
forty-five days after the last condition precedent is fulfilled

RATIONALE

The Proposed Disposal will enable MRCB Selborn to realize the
value of the property. The proceeds from the Proposed Disposal
will ease the cashflow of the Group and enable MRCB Selborn to
repay some of its outstanding loans.

The Proposed Disposal is also in line with MRCB's plan of
relocating its Corporate Head Office to KL Sentral in the
future.

APPROVAL

The sale of the Property shall be subject to the fulfillment of
the following conditions precedent, within a period of 9 months
from the date of execution of the SPA or such longer period as
may be agreed upon and approved by:

i. Foreign Investment Committee
ii. Shareholders of Idaman and MRCB Selborn
iii. Bank Negara Malaysia

FINANCIAL EFFECT

The Proposed Disposal is expected to generate a profit on
disposal of RM10.2 million at the Group Level. Accordingly the
earnings per share of MRCB is expected to increase by 1.05 sen
and net tangible assets per share of MRCB by 1.05 sen for the
financial year ending 31 August 2003.

DIRECTORS AND SUBSTANTIAL SHAREHOLDERS' INTEREST

None of its Directors or substantial shareholders has any
interest, direct or indirect, in the Proposed Disposal.

STATEMENT BY DIRECTORS

After considering all relevant factors, the Directors of MRCB
are of the opinion that the Proposed Disposal is fair and
reasonable and in the best interest of the Company and its
shareholders.


PICA (M): Granted Two-month Extension to Announce Rehab Plan
------------------------------------------------------------
On behalf of PICA (M) Corporation Berhad, Commerce International
Merchant Bankers Berhad is pleased to announce that the Kuala
Lumpur Stock Exchange (KLSE) has granted an extension of two (2)
months from 28 August 2002 to 28 October 2002 to make the
Requisite Announcement.

This is in reference to the Company's announcement on 16 August
2002 on the application to the KLSE for extension of time of
three (3) months to 30 November 2002 to make the Requisite
Announcement of its plan to regularize its financial condition.


SASHIP HOLDINGS: Court Sets October Hearing
-------------------------------------------
The Board of Directors of Saship Holdings Berhad (SHB) wishes to
inform that Powermatic Sdn Bhd, a 99.6% subsidiary of SHB, has
received Monday a sealed copy of the Summons in the Kuala Lumpur
Session's Court dated 5 August 2002 and the Statement of Claims
dated 3 August 2002 initiated by the Petitioner, Saft Sdn Bhd
(formerly known as Saft Nife Power Systems Sdn Bhd) for the sum
of RM99,073.40.

The Court has fixed a date on 1 October 2002 for the hearing of
Summons no.: 8-52-11509-02.

TCR-AP reported Monday that 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.


TECHNO ASIA: Announces Change in Boardroom
------------------------------------------
Techno Asia Holdings Bhd. (Special Administrators Appointed) has
appointed Tuesday Liew Kau Keen as Company Director.

The 25-year old Liew Kau Keen, of B. Eng (Hons) Civil
Engineering, MSC (Eng) International Construction Management &
Engineering, has been a site engineer for a well established
construction company between December 2000 to November 2001 and
thereafter, became the project manager.

The Board of Directors of Techno Asia Holdings Bhd. after the
appointment of Liew Kau Keen will be comprised of:

Tuan Haji Muhadzir Bin Mohd. Isa - Chairman cum Managing
Director
Chye Kit Choong - Executive Director
Wong Tunk Hing - Independent Non-Executive Director
Lim Ong Kim - Non-Executive Director
Rohaida Bte Abd Rahim - Independent Non-Executive Director
Khairil Ismahafiz Bin Muhadzir - Non-Executive Director
Lee Sieng Meng - Non-Executive Director
Yap Ah Leng - Non-Executive Director
Liew Kau Keen - Independent Non-Executive Director


TECHNOLOGY RESOURCES: Replies to KLSE Query on CEO Statement
------------------------------------------------------------
Technology Resources Industries Berhad (TRI) refers to Kuala
Lumpur Stock Exchange query dated 9 September 2002 on the news
article in The Star, on even date.

TRI said that the statement made by the Company's Group Chief
Executive Officer, Dato' Mohamed Yunus Ramli Abbas, on the
expected financial performance of the Company over the next two
years was based on the expected improvement in the Group's
financial performance following the recently completed
Recapitalization and Refinancing Exercise.

The improved performance has already been reflected in the
Group's first six months' results ended 30 June 2002, TRI said
in a statement to the KLSE.

In the article "Celcom boss aims to bring back glory days," TRI
said, "Ramli is confident that with the strategies in place, TRI
would be able to see its after-tax profits rising by 20% to 25%
over the next two years."

In accordance with the Exchange's Corporate Disclosure Policy,
the Company was requested to furnish the Exchange with an
announcement for public release confirming or denying the above
reported article and in particular the underlined sentence after
due and diligent enquiry with all the directors, major
shareholders and all such other persons reasonably familiar with
the matters.

TRI was also required to confirm whether the external auditors
have reviewed the accounting bases, calculations and
assumptions.


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


ABS-CBN: SEC Asks Explanation on Late Disclosure of Loan
--------------------------------------------------------
The Securities and Exchange Commission has asked ABS-CBN
Broadcasting Corp to explain why it did not immediately disclose
that it had been declared in default by BNP Paribas and Standard
Chartered Bank as of Aug 30, AFX Asia reported Tuesday.

The two banks demanded payment of their loans to the Company of
US$3.6 million and 100 million pesos, respectively. The banks
declined to join ABS-CBN's deal with other short-term creditors
to extend the payment of 3.5 billion pesos in debt to five
years.

In a letter, SEC corporate finance department head Justina
Callangan told ABS-CBN, a unit of Benpres Holdings Corp, that
according to newspaper reports monitored by the commission,
"allegedly the Company was in default as early as Aug 30."

"However, no current report containing the information... was
submitted to the commission. Please comment on the said
articles," she told the Company.


METRO PACIFIC: Ayala Says "Not Conducting Due Diligence"
-------------------------------------------------------
In a filing to the Philippine Stock Exchange (PSE), Ayala Corp
said it is not in talks with Metro Pacific Corp or United
Laboratories, owned by businessman Jose Campos, nor is it
conducting due diligence on Metro Pacific's Bonifacio Land Co.

Ayala Corp issued the statement to clarify a newspaper report it
was "quietly" conducting due diligence on Bonifacio Land and
would bid for a controlling stake in the property developer in
case a deal between First Pacific Co Ltd and the Gokongwei group
falls through.

The M&A Reporter Asia Pacific reported yesterday (September 10),
that Ayala Corp has teamed up with Campos' Greenfields
Development Corp for a bid for Bonifacio Land.

First Pacific, whose unit Metro Pacific controls Bonifacio Land,
has an agreement with the Gokongwei group to form a joint
venture that will takeover First Pacific's controlling stakes in
Bonifacio Land and Philippine Long Distance Telephone Co. (M&A
REPORTER-ASIA PACIFIC, Vol. No.1, Issue No. 180, September 11,
2002)


METRO PACIFIC: Continues Talks With Ayala, UNILAB
-------------------------------------------------
In a statement to the Philippine Stock Exchange (PSE), Metro
Pacific Corp said it continues to hold discussions with
potential partners in its Fort Bonifacio global city
development, including the Ayala group and United Laboratories,
but added no agreement has been signed.

Metro Pacific told the exchange while it is prioritizing debt
reduction and restructuring deals, it is also seeking real
estate development initiatives to boost business in Fort
Bonifacio and other areas.

"Accordingly, Metro Pacific continues to engage in discussions,
and share relevant information, with existing and potential
creditors of the Company as well as potential development
partners including the Unilab, Ayala and other business groups,"
it said.

"However, no agreement has been reached or signed with respect
to any purchase of shares in Bonifacio Land."

Metro Pacific made the disclosure after reports that the Ayala
group may team up with Unilab's Jose Campos to acquire control
of Bonifacio Land Corp, which owns the Fort Bonifacio project.
The deal was intended to surface should the Gokongwei group's
bid to take over Bonifacio Land fail. (M&A REPORTER-ASIA
PACIFIC, Vol. No.1, Issue No. 180, September 11, 2002)


PICOP RESOURCES: Wants to Resolve Dispute With Napocor
------------------------------------------------------
Picop Resources Corp. wants to negotiate with the National Power
Corp. (Napocor) to allow the integrated pulp and paper milling
Company to continue operating with a stable power supply.

PICOP has presented to Napocor various options to address the
situation. At one time Napocor was threatening to disconnect
Picop over the latter's mounting unpaid electricity charges,
according to Picop Corporate Information Officer, V. Ubalde.

Ubalde said Picop has been questioning these bills for several
years now.

"The fact that Picop did not pay the latest power bills was only
the manifestation of voltage fluctuation consequences that has
accumulated equipment damage amounting to P152 million, off
grade products stuck in non-moving inventory amounting to P119
million and unfair increase in rates of P140 million since 2001
to June 2002," he said.

PICOP said due to a fluctuation in the power supplied by
Napocor, a voltage dip in April 1998 caused the shutdown of one
of the bark boilers at its mill site in Bislig, Surigao del Sur,
forcing the Company to shut down one of its paper machines and
half of the pulp mill.

Despite this, Napocor insisted on charging the full demand
charge of about P6 million even with the inability of the
equipment to run for 28 days.

As Picop initiated moves to install additional power capacities
to make it self sufficient, Napocor made an offer of a five-year
bulk power supply in November 1998, assuring Picop the priority
in power supply and low power rates.

According to Ubalde, the dramatic increase in power rates
Napocor has been charging since last year "wiped out the cost
savings achieved through the four years of improvement program
and actually reneged on the assurances that the power rates
should stabilize at levels at par with industries from
competitor nations."

"The rate policy of Napocor is unduly penalizing its earliest
customers with the highest rates while providing cheaper power
rates to those who did not contract with Napocor," he said.

Ubalde also noted that the claimed advantage of stability of
power supply did not continue as Picop experienced higher
incidence of voltage fluctuations in 2001 and 2002, causing
substantial damage to their equipment.

"Picop hopes that Napocor will concede that there is mutual
benefit to both Napocor and Picop to reestablish a satisfactory
power cost level that will enable Picop to continue operations
with power supplied by Napocor. After all these were the basis
for going into a five-year contract that still has to complete
its course in 2003," Ubalde added.


PHILIPPINE LONG: Denies Pangilinan Ouster Report
------------------------------------------------
Philippine Long Distance Telephone Co (PLDT) denied a newspaper
report that parent First Pacific Co Ltd will remove Manuel
Pangilinan as Chairman of Philippine Long Distance Telephone Co.
and Metro Pacific Corp., so it can proceed with the sale of the
two companies to businessman John Gokongwei, AFX Asia reports.

PLDT said it is not privy to First Pacific's plans.

"The article refers to alleged actions to be taken by First
Pacific and PLDT is not privy to their plans," PLDT told the
exchange.

"However, as far as we are aware, the report is false."

DebtTraders reports that Philippine Long Distance Telephone's
11.375 percent bond due in 2012 (TELP12PHS1) trades between 92
and 94. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=TELP12PHS1


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


ASIA PULP: Creditors Delay Debt Revamp Talks
--------------------------------------------
Asia Pulp & Paper Co. (APP)'s creditors have delayed debt
reorganization talks after the company said it won't make the
full $100 million debt payment demanded by the end of September,
Bloomberg reported Wednesday, citing APP Director Gandi
Sulistiyanto.

Creditors had sought the $100 million payment in an escrow
account to show the Company was committed to meeting its
obligations. The two sides were negotiating the reorganization
of $13 billion in debt that Asia Pulp stopped paying in March
2001.

APP was able to pay $60 million last month and said it would
only be able to pay another $20 million by the end of September.
Creditors say Asia Pulp has to pay the full amount.

"This means Asia Pulp failed to show commitments of good faith,
which is very important at the current stage of debt talks,"
said Gomos Silitonga, a pulp and paper analyst at PT Danareksa
Sekuritas.

According to analysts, delays in debt talks may put Asia Pulp
back into a legal dispute with creditors.

In August, Asia Pulp defeated an attempt by some creditors who
moved a Singapore court seeking to replace the management. High
Court Justice Lai Siu Chiu had said another attempt might
succeed if debt talks do not improve.


ASIA PULP: Wants to Pay $13B Debt Over 13 Years
-----------------------------------------------
Asia Pulp & Paper Co. (APP), which will complete a $13 billion
debt-restructuring plan by the end September, wanted to pay its
debt over 13 years, Bloomberg reports, citing Company Director
Gandi Sulistiyanto.

Sulistiyanto said the Company would start paying the principal
of its debt at the end of the fifth year.

"There has been a proposal for a rescheduling period of between
eight and 10 years, but Asia Pulp thinks that is too
optimistic," Sulistiyanto said.


CHARTERED SEMICONDUCTOR: Officers Certificate Re Notes Due 2006
---------------------------------------------------------------
Chartered Semiconductor Manufacturing, with reference to the
First Supplemental Indenture dated April 2, 2001 to Indenture
dated April 2, 2001, between the Company and Wells Fargo Bank
Minnesota, National Association relating to the issue of
US$575,000,000 2.5 percent Senior Convertible Notes due 2006
(the Notes) (the Indenture). Capitalized terms used herein but
not otherwise defined herein shall have the respective meanings
given to such terms in the Indenture.

Chia Song Hwee, President and Chief Executive Officer, and
George Thomas, Chief Financial Officer, respectively, of the
Company, hereby certify that we are authorized to execute this
certificate on behalf of the Company and, solely in such
capacity, further certify on behalf of the Company as follows:

- The Company proposes to issue to holders of its Ordinary
Shares, rights to subscribe for new Ordinary Shares (the
Ordinary Share Rights), and to holders of its American
Depositary Shares (the ADSs), rights to subscribe for new ADSs
(the ADS Rights).

- Section 13.4(b) of the Indenture provides that the Conversion
Price per Ordinary Share shall be adjusted from time to time by
the Company if (i) the Company issues or distributes Ordinary
Shares, or any of its Subsidiaries issues or distributes any
securities or rights which are convertible into or exchangeable
for Ordinary Shares, or issues or distributes any warrants or
rights to purchase or subscribe for Ordinary Shares, in each
case, to all or substantially all holders of Ordinary Shares;
and (ii) the applicable issuance, distribution, conversion,
exchange, purchase or subscription price per Ordinary Share,
after taking into account any per share consideration received
by the Company in respect of such issuance or distribution, is
below 95 percent of the Average Market Price as of the date of
announcement of details concerning such applicable issuance,
distribution, conversion, exchange, purchase or subscription
price.

- The formula for adjustment of the Conversion Price per
Ordinary Share shall be:

Adjusted conversion price = P multiplied by (S + f)
(S + a)

P = conversion price before adjustment;

S = number of Ordinary Shares outstanding on the date of
announcement;

f = number of additional Ordinary Shares which the aggregate
subscription price would purchase at the average market price as
of the date of the announcement; and

a = number of additional Ordinary Shares that are issued or
issuable pursuant to the terms of the rights that are the
subject of the rights issue.

- As a result of the proposed issue of Ordinary Share Rights and
ADS Rights, and based on the above formula, the Conversion Price
per Ordinary Share is estimated to be S$4.7980 (the Adjusted
Conversion Price) (equivalent to approximately US$26.7701 per
ADS, based on a fixed exchange rate of US$1.00 = S$1.7923, and
the current Ordinary Share-to-ADS ratio of 10:1). The estimated
Adjusted Conversion Price is calculated in the manner set forth
in Annexure A hereto.

- Since the total number of additional shares issuable upon
exercise of the Ordinary Share Rights and ADS Rights will not be
known until on or about October 8, 2002 (the day after the
expiration of the subscription period for the Ordinary Share
Rights), the preceding Adjusted Conversion Price is only an
estimate at this time. The actual Adjusted Conversion Price will
be determined on or about October 8, 2002 and will become
effective retroactively as of September 18, 2002 (the
"Adjustment Effective Date"), which is the books closure date
for the issuance of the Ordinary Share Rights. The Company will
provide another notice of the actual Adjusted Conversion Price
once it is determined.

If the Conversion Date for the Conversion of the Notes falls
prior to the Adjustment Effective Date in circumstances where
the issuance of Ordinary Shares in respect of the exercise of
relevant conversion right falls on or after such Adjustment
Effective Date, we shall issue to the relevant Holders the
additional number of Ordinary Shares to which such Holders would
have been entitled to, had the Conversion Date fallen
immediately following the Adjustment Effective Date.


FLEXTECH HOLDINGS: AGM Set on September 27
------------------------------------------
The Extraordinary General Meeting of Flextech Holdings Limited
will be held at Blk 25, Kallang Avenue, #03-06, Kallang Basin
Industrial Estate, Singapore 339416 on 27 September 2002 at 3.00
p.m. for the purpose of considering and, if thought fit, passing
with or without any modifications, the following resolution
which shall be proposed as an Ordinary Resolution:

That approval be and is hereby given to the Directors:

(I) to dispose of all or part of the Company's entire interests
in the capital of ASTI Holdings Limited, comprising

(a) 104,292,145 ordinary shares of $0.10 each in the issued and
paid-up capital of ASTI Holdings Limited, representing
approximately 49.41 percent of the issued and paid-up capital of
ASTI Holdings Limited; and

(b) 17,911,518 warrants to subscribe for new ordinary shares of
$0.10 each in the capital of ASTI Holdings Limited, subject to
the terms of a general mandate set out in the Company's Circular
to its shareholders dated 10 September 2002 ("Proposed General
Mandate"); and

(II) to complete and do all such acts and things (including but
not limited to executing agreements, arrangements, deed and
other documents) as may be required in connection with the
Proposed General Mandate or as they may consider necessary or
expedient to give effect to this Ordinary Resolution.
Notes:

1. A member entitled to attend and vote at the Extraordinary
General Meeting is entitled to appoint a proxy (or a
representative in the case of a corporation) to attend and vote
on his behalf. Such proxy (or representative) need not be a
member of the Company.

2. If the appointor is a corporation, the proxy must be executed
under seal or the hand of its director, attorney or duly
authorized officer.

3. The instrument appointing a proxy must be deposited at the
registered office of the Company at 10 Collyer Quay, #19-08,
Ocean Building, Singapore 049315 not less than 48 hours before
the time appointed for holding the Extraordinary General
Meeting.

In August, TCR-AP reported that the shares of the Company
declined S$0.015 or 6.38 percent at a new all time low of 0.22
on concerns that it may have difficulties in raising funds to
meet debt payments.

Flextech Holdings will continue in its efforts towards raising
funds for additional working capital and further reduction of
bank borrowings.


L&M GROUP: Agrees to Debt and Equity Restructuring Proposal
-----------------------------------------------------------
L&M Group Investments Ltd. announced Wednesday that the Company,
the controlling shareholders of the Company, William Soeryadjaya
and Edward Soeryadjaya (both the Soeryadjaya Family) and the
United Overseas Bank Limited (successor-in-title of Overseas
Union Bank Limited) (the Bank) have agreed on the terms to
restructure the Company's debt.

The Company currently owes the Bank approximately S$84.7 million
(The Bank Debt). Essentially, the Bank Debt will be restructured
in the following manner:

A. The Bank will assign S$32 million of the Bank Debt (the
Assigned Debt) to the Soeryadjaya Family upon receipt of S$15
million from the Soeryadjaya Family. The Bank will also provide
new facilities amounting to S$5 million.

B. The Bank will convert S$42.7 million of the Bank Debt into 2
convertible bonds. The convertible bonds and the Assigned Debt
will be convertible into new ordinary shares of the Company at
S$0.10 cents per share.

C. The Company will pay the remaining S$10 million of the Bank
Debt within 12 months from the date of the restructuring
agreement or upon completion of the sale of the office unit at
20 Upper Circular Road #02-21 The Riverwalk Singapore 058416,
whichever is earlier.

After the restructuring, the Company's debt that remains payable
on demand will be reduced from about S$84.7 million to S$5
million comprising the new facilities that the Bank will be
providing to the Company. The Company estimates that it will
save about S$2,125,871.81 in interest expense as at 31 December
2003 as compared to the interest expense incurred as at 31
December 2001.


L&M GROUP: Announces Restructuring Agreement Terms
--------------------------------------------------
The main terms of the restructuring agreement of L&M Group
Investments Limited are as follows:

1. The Soeryadjaya Family will make a cash payment of S$15
million to the Bank for which the Bank will assign part of the
Bank Debt amounting to S$32 million (the Assigned Debt) to the
Soeryadjaya Family. The result is a write-off of S$17 million of
the Bank Debt in favor of the Company.

2. The Assigned Debt will be convertible into new ordinary
shares of the Company at S$0.10 per new share or at par
whichever is lower.

3. The Company will pay the Bank S$10 million within 1 year from
the date of the restructuring agreement or the date of the sale
of the office unit at 20 Upper Circular Road #02-21 The
Riverwalk Singapore 058416, whichever is earlier.

4. Part of the Bank Debt amounting to S$28 million will be
converted into a 2-year convertible bond. The 2-year convertible
bond of S$28 million shall be convertible into new ordinary
shares of the Company at 10 cents per share. The bond will also
be subject to the following put and call option and early
conversion provisions:

i. S$14 million of the bond shall be convertible from the 13th
month after the date of the restructuring agreement; and
ii. The remaining S$14 million shall be convertible from the
25th month after the date of the restructuring agreement.
The Bank will be entitled to put the issued shares arising from
the conversion of the 2-year bond to the Soeryadjaya Family at
S$0.1608 per share. The Soeryadjaya Family will have the right
to call the Bank to convert the bond into new shares at any time
and buy these issued shares at S$0.1608 per share.
If the share price of the Company as traded in the SGX exceeds
S$0.1608 per share then the Bank shall be entitled to convert
the bond into new shares in the capital of the Company
immediately. In such an event, the Bank shall give first right
of refusal to the Soeryadjaya Family to buy these newly issued
shares at S$0.1608 per share.

5. The remaining S$14.7 million of the Bank Debt will be
converted into a 5-year convertible bond, which shall be
convertible into new ordinary shares of the Company at 10 cents
per share. The 5-year bond will be subject to the following put
and call option and early conversion provisions:

i. S$7 million of the bond shall be convertible from the 37th
month after the date of the restructuring agreement; and
ii. The remaining S$7.7 million of the bond shall be convertible
from the 49th month after the date of the restructuring
agreement.
The Bank will be entitled to put the issued shares arising from
the conversion of the 5-year bond to the Soeryadjaya Family at
S$0.15 per share. The Soeryadjaya Family will have the right to
call the Bank to convert the bond into new shares at any time
and buy these issued shares at S$0.15 per share.
If the share price of the Company as traded in the SGX exceeds
S$0.15 per share, the Bank shall be entitled to convert the bond
into new shares in the capital of the Company immediately. In
such an event, the Bank shall give first right of refusal to the
Soeryadjaya Family to buy these shares at S$0.15 per share.

The various share prices as stated above shall be adjusted
accordingly once the capital reduction undertaken by the Company
(as announced on 30 August 2002) is successfully completed.

New Facilities

Upon the payment of the S$15 million from the Soeryadjaya Family
to the Bank and the completion of the necessary documentation,
the Bank will provide new facilities amounting to S$5 million to
the Company. The new facilities comprises an overdraft facility
of S$1 million and Letters of Credit amounting to S$4 million
and will be subject to the Bank's review from time to time and
shall be payable on demand at the Bank's discretion. These new
facilities shall be used only for the core construction
operations of the Company and its subsidiaries in Singapore.

Under the restructuring, the Company will continue to provide
the following securities to the Bank:

a. The existing all-monies first legal mortgage over an office
unit at 20 Upper Circular Road #02-21 The Riverwalk Singapore
058416 in favor of Overseas Union Bank Limited (and now vested
in the Bank as successor in title to Overseas Union Bank
Limited).

b. The existing all-monies first legal mortgage over an
industrial property at 28 Tuas Crescent Singapore 638719 in
favor of Overseas Union Bank Limited (and now vested in the Bank
as successor in title to Overseas Union Bank Limited).

c. The existing all-monies legal mortgage/assignment over an
industrial property at 2 Tanjong Penjuru Crescent Singapore
608969 in favor of Overseas Union Bank Limited (and now vested
in the Bank as successor in title to Overseas Union Bank
Limited).

d. The existing debenture over all the present and future assets
of L&M Geotechnic Pte Ltd and L&M Precast (Tuas) Pte Ltd in
favor of Overseas Union Bank Limited (and now vested in the Bank
as successor in title to Overseas Union Bank Limited).

e. The existing pledge of unquoted shares of L&M Geotechnic Pte
Ltd in favor of Overseas Union Bank Limited (and now vested in
the Bank as successor in title to Overseas Union Bank Limited).


L&M GROUP: Discloses Financial Effects of Rehab Agreement
---------------------------------------------------------
The financial effects of the restructuring agreement of L&M
Group Investments Limited and the Group based on the audited
accounts of the Company as of December 31, 2001 are as follows:

a. Share Capital

(i) Share Capital

Number of issued shares as at 31 December 2001: 244,421,923

Placement of 12,950,000 new shares to Kim Eng
Securities (Pte) Limited on 18 February 2002: 12,950,000
Placement of 9,241,000 new shares to Kim Eng
Securities (Pte) Limited on 26 March 2002: 9,241,000
Issuance of 108,942,125 new shares to certain creditors of L&M
Precast (Tuas) Pte Ltd pursuant to the terms and conditions of
the scheme of arrangement for Precast on 12 April 2002:
108,942,125
Issuance 166,867,570 new shares to certain creditors of L&M
Concrete Specialists Pte Ltd pursuant to the terms and
conditions of the scheme of arrangement for Concrete on 25 June
2002: 166,867,570

Number of issued shares as at the date of this announcement:
542,422,618

Number of issued shares as at completion of the restructuring
agreement: 1,134,551,971

b. Net Assets Per Share

(i) Net assets of the Group as at 31 December 2001: $(8,777,573)
Net assets per share of the Group as at 31 December 2001: (3.59)
cents
Net assets of the Company as at 31 December 2001: S$(7,706,280)
Net assets per share of the Group as at 31 December 2001: (3.15)
cents

(ii) Net assets of the Group upon completion of the
restructuring agreement: S$99,962,081.98
Net assets per share of the Group upon completion of the
restructuring agreement: 8.81 cents

Net assets of the Company upon completion of the restructuring
agreement: S$101,033,374.98
Net assets per share of the Company upon completion of the
restructuring agreement: 8.91 cents

c. Earnings per Share

(i) Consolidated loss of the Group as at 31 December 2001:
S$(71,324,276.00)
Weighted average number of shares in issue for the year 2001:
223,104,361
Loss per share of the Group as at 31 December 2001: (31.97)
cents

(ii) Consolidated loss of the Group upon completion of the
restructuring agreement: S$(71,324,276.00)
Loss per share of the Group upon completion of the restructuring
agreement: (6.29) cents

d. Gearing (the ratio of total borrowings to total shareholders'
funds)

(i) Total borrowings of the Group as at 31 December 2001:
S$121,218,599
Total shareholders' funds of the Group as at 31 December 2001:
S$(8,777,573)
Gearing of the Group as at 31 December 2001: (1,381) percent

Total borrowings of the Company as at 31 December 2001:
S$81,355,369
Total shareholders' funds of the Company as at 31 December 2001:
S$(7,706,280)
Gearing of the Company as at 31 December 2001: (1,056) percent

(ii) Total borrowings of the Group upon completion of the
restructuring agreement: S$44,863,599.00
Total shareholders' funds of the Group upon completion of the
restructuring agreement: S$99,962,082
Gearing of the Group: 44.9 percent

Total borrowings of the Company upon completion of the
restructuring agreement: S$5,000,369
Total shareholders' funds of the Company upon completion of the
restructuring agreement: S$101,033,375
Gearing of the Company: 4.9 percent

e. Interest Expense

(i) Interest expense of the Company based on audited accounts of
the Company as at 31 December 2001: S$3,425,121.67

(ii) Estimated interest expense of the Company as at 31 December
2003: S$1,299,249.86 (based on interest rates as at the date of
this announcement)

Approximate savings in interest expense: S$2,125,871.81

Conditions Precedent

The restructuring agreement is conditional, inter alia, upon the
following:

1. The approval in-principle of the Singapore Exchange
Securities Trading Limited (SGX-ST) for the listing and
quotation of the new shares on the SGX-ST pursuant to and
contemplated by the terms of the restructuring agreement and the
relevant rulings being obtained from the Securities Industry
Council for a waiver of the obligation of the Soeryadjaya Family
and parties acting in concert with it to make a mandatory take-
over offer for the Company arising from the acquisition of new
shares in the capital of the Company under the restructuring
agreement;

2. The necessary approvals of the shareholders of the Company at
an extraordinary general meeting(s) to be convened; and

3. All other consents and approvals which the Soeryadjaya Family
may deem necessary to be obtained for and in connection with the
restructuring agreement having been obtained.


WEE POH: Appoints Christine Ng Siew Ngo as Financial Controller
---------------------------------------------------------------
Wee Poh Holdings Limited has appointed Christine Ng Siew Ngo as
the Company's financial controller.

Date of appointment: 30 Aug 2002
Age: 29
Country of principal residence: Singapore

Whether appointment is executive, and if so, the area of
responsibility: Executive, Finance
  
Working experience and occupation(s) during the past 10 years:
(1) September 2001 - June 2002
Finance & HR Manager
- WholeTree.com (Asia) Pte Ltd

(2) December 1995 - August 2000
Finance & Admin. Manager
Culture Club Group

(3) 1995
Assistant Accountant
Studebaker's of Singapore (1992) Pte Ltd

(4) 1993 - 1995
Assistant Customer Service Officer
DBS Bank Ltd

Other directorships

Past:
None

Present:
None
Shareholding in the listed issuer and its subsidiaries: None
  
Family relationship with any director and/or substantial
shareholder of the listed issuer or of any of its principal
subsidiaries: None
  
Conflict of interest: None

Declaration by a Director, Executive Officer or Controlling
Shareholder as Required
(As required per Appendix 2.4)
-  
1(a) Were you in the last 10 years involved in a petition under
any bankruptcy laws in any jurisdiction filed against you?
No
  
1(b) Were you in the last 10 years a partner of any partnership
involved in a petition under any bankruptcy laws in any
jurisdiction filed against it while you were such a partner?
No
  
1(c) Were you in the last 10 years a director or an executive
officer of any corporation involved in a petition under any
bankruptcy laws in any jurisdiction filed against it while you
were such a director or executive officer?
No
  
2. Are there any unsatisfied judgments outstanding against you?
No
  
3. Have you been convicted of any offence, in Singapore or
elsewhere, involving fraud or dishonesty punishable with
imprisonment for 3 months or more, or charged for violation of
any securities laws? Are you the subject of any such pending
criminal proceeding?
No
  
4. Have you at any time been convicted of any offence, in
Singapore or elsewhere, involving a breach of any securities or
financial market laws, rules or regulations?
No
  
5. Have you received judgment against you in any civil
proceeding in Singapore or elsewhere in the last 10 years
involving fraud, misrepresentation or dishonesty? Are you the
subject of any such pending civil proceeding?
No
  
6. Have you been convicted in Singapore or elsewhere of any
offence in connection with the formation or management of any
corporation?
No
  
7. Have you ever been disqualified from acting as a director of
any Company, or from taking part in any way directly or
indirectly in the management of any Company?
No
  
8. Have you been the subject of any order, judgment or ruling of
any court of competent jurisdiction, tribunal or governmental
body permanently or temporarily enjoining you from engaging in
any type of business practice or activity?
No
  
9. Have you, to your knowledge, in Singapore or elsewhere, been
concerned with the management or conduct of affairs of any
Company or partnership which has been investigated by an
inspector appointed under the provisions of the Companies Act,
or other securities enactments or by any other regulatory body
in connection with any matter involving the Company, or
partnership occurring or arising during the period when you were
so concerned with the Company or partnership?
No


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


THAI PETROCHEMICAL: High Court Upholds Rehab Plan Decision
----------------------------------------------------------
Effective Planners Ltd. (EPL), the court-appointed debt planner
for troubled Thai Petrochemical Industry PCL (TPI), said Tuesday
the Supreme Court has dismissed all petitions filed by TPI's
former chief executive officer Prachai Leophairatana against the
debt restructuring plan for its six subsidiaries.

The subsidiaries concerned are TPI Oil Co Ltd, Thai ABS Co Ltd,
TPI Aromatics Plc, Thai Polyurethane Industry Co Ltd, TPI Polyol
Co Ltd and TPI Energy Co Ltd.

EPL said that the Supreme Court upheld the Central Bankruptcy
Court's decision and approval of the plan, and that the
allocation of repayment of debt is adequate for the company's
restructuring.

According to the Court ruling, reorganization under the plan
provided better benefits in terms of repayment of debt than in
the case of bankruptcy.


THAI PETROCHEMICAL: May Face THB1B Fine for Varying Port Design
---------------------------------------------------------------
Thai Petrochemical Industry PCL (TPI) may face a fine of THB500
million to THB1 billion for failing to comply with construction
design specifications at three deep seaports in Thailand's
eastern seaboard, Bangkok Post reports.

The three ports in Rayong province, which were completed between
1996-2000, were intended to support TPI's power plant and earn
income from leasing out port facilities.

The newspaper report quoted Thanit Seniwongse Na Ayutthaya of
the Rayong police station as saying that the Harbor Department
was seeking legal action against TPI and its debt planner,
Effective Planners.

The department inspected the facilities in September last year
and concluded that construction was not in compliance with
regulations. It ordered port services suspended in March this
year.


TPI POLENE: Court Sets Creditors Talks for October
--------------------------------------------------
Judge Pichai Nilthongkham of the Thai Central Bankruptcy Court
said cement maker TPI Polene Plc and its creditors will meet on
October 9-10 to consider two options to restructure the firm's
one billion-dollar debt.

The court said both sides failed to agree during a Tuesday
meeting a restructuring plan, which includes additional capital
and mortgaging assets.

Most creditors said they want TPI Polene, a unit of Thailand's
biggest corporate debt defaulter, Thai Petrochemical Industry,
to sell a majority stake to a strategic partner.

The next meeting will discuss the details, with the parties
required to submit their concerns and observations regarding the
proposal to the court for consideration by Oct 1.

The court suggested that a public offering should also be
considered to raise capital and facilitate the restructuring of
the company.

On mortgage of assets, the parties agreed to work out a detailed
proposal to be submitted to the official receiver.

TCR-AP said in August that Siam City Cement PCL's acquisition of
a 77 percent stake in TPI Polene has been stalled due to
conflicts among creditors.



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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
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