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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

         Tuesday, September 17, 2002, Vol. 5, No. 184

                         Headlines

A U S T R A L I A

COLES MYER: ASIC to Monitor Boardroom Situation
COLES MYER: Chairman Wallis Backs Chief Fletcher
COLES MYER: Ex-director Greiner Labels Merger a Failure
FLOWCOM LIMITED: Faces Trading Halt at ASX


C H I N A   &   H O N G  K O N G

ANSHAN NO. 1: Faces Delisting After Failing to Submit Plan
CONSTANT GLOBAL: Hearing of Winding Up Petition Set
INNOCOM TELECOM: Winding Up Hearing Set for September 25
WESTERN STAR: Faces Winding Up Petition


I N D O N E S I A

FAJAR SURYA: Liquidates Dutch Subsidiary


J A P A N

DAIWA SECURITIES: Launches Consulting JV in Shanghai
NIPPON TELEGRAPH: Panel Urges Changes in Interconnection Fees
SKYMARK AIRLINES: Posts Y1.65B Net Loss
SOFTBANK CORP: Discloses Partial Sale of Holding in UTStarcom
SOFTBANK CORPORATION: Selling Aozora Bank Stake

SOGO INTERNATIONAL: Released From Certain Obligations


K O R E A

DAEWOO MOTOR: Court Tentatively Approves Restructuring Plan
KT CORPORATION: Issues W100B 5-Year Bonds
SEOUL BANK: PFOC Okays Merger With Hana


M A L A Y S I A

AMSTEEL CORPORATION: Approves Disposal of Optima Jaya
AOKAM PERDANA: Defaults in Interest Payment
AUTOINDUSTRIES VENTURES: Defaults in September Payments
AUTOWAYS HOLDINGS: Court Dismisses Application for Stay
BERJAYA LAND: Audit Committee Member Shuib Bin Ya'Acob Resigns

CHASE PERDANA: Court Orders Winding-Up of CPB Resources Unit
CHASE PERDANA: Faces Trade Suspension at KLSE
CHASE PERDANA: Court Grants Restraining Order for Subsidiaries
IDRIS HYDRAULIC: Applies for Striking-Off of Subsidiary
JASATERA BERHAD: Faces Suspension From KLSE

KILANG PAPAN: Granted Extension of Time by KLSE
KSU HOLDINGS: May Plastic Unit Defaults Loan Repayment
NGIU KEE: KLSE Suspends Trading of Shares
NGIU KEE: Replies to Impact Query of Unit's Winding-Up Appeal
PSC INDUSTRIES: Announces Disposal of PSC Asset Holdings

RENONG BERHAD: SC, FIC Approve CAHB Disposal
SEE HUP: Schedules EGM for September 30
SETEGAP BERHAD: Announces Resignation of Board Chairman
TECHNOLOGY RESOURCES: Lodges Police Report on False Invoices
TECHNOLOGY RESOURCES: Replies to KLSE Query Re Star Article

TENAGA NASIONAL: Announces Resignation of Joint Secretary
YTL LAND: KLSE Approves Extension of Time


P H I L I P P I N E S

MONDRAGON INTERNATIONAL: Reschedules ASM on March 17
NATIONAL POWER: ERC Orders to Reduce Total Generation Charges
NATIONAL POWER: Expands Coverage of Pricing Incentive Program
NATIONAL POWER: Posts 17.46B Net Loss
SHEMBERG GROUP: Buyers Expresses Concern Over Rehab Plan

URBAN BANK: ExportBAnk Explores Other Possible Acquisitions


S I N G A P O R E

ASIA PULP: IBRA Installs Former Minister to Monitor Finances
CHARTERED SEMICONDUCTOR: Unveils Rights Offering
EASYCALL INT'L: Dilution of Equity Interest in Philippines
EASYCALL INTERNATIONAL: Narrows Net Loss to A$1.7M
ELLIPSIZ LTD: Posts Notice of Change in Shareholder's Interest

FLEXTECH HOLDINGS: Updates Shareholders and Investors


T H A I L A N D

GAJAH TUNGGAL: Reduces Debt to US$320M
ROBINSON STORE: To Apply for Capital Increase
JASMINE INTERNATIONAL: Sirinaruemitr Steps Down as Chief
THAI-GERMAN CERAMIC: Offers 3.9 Million Ordinary Shares

     -  -  -  -  -  -  -  -

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


COLES MYER: ASIC to Monitor Boardroom Situation
-----------------------------------------------
Securities regulator Australian Securities & Investments
Commission said Monday that the instability of Coles Myer Ltd's
board is a serious cause of confusion and concern.

Stan Wallis said he plans to leave the chairman's post and the
board altogether after the November 20 annual general meeting.
His announcement exposed divisions on the retailer's board and
sparked a public campaign by dissident directors and
shareholders who called for his immediate departure, citing his
"disastrous" five-year tenure as chairman.

"The current level of publicly available information about all
of these matters is inadequate," ASIC Chairman David Knott said
in a statement.

"For that reason, ASIC will closely monitor the Coles Myer
situation in the period leading up to the annual general meeting
in November," he said.

Coles Myer, Australia's largest retailer with more than 2,000
stores throughout Australia and New Zealand, has hit hard times
over the past couple of years, largely due to losses in its
department stores.

It was forced to downgrade profits earlier this year, sending
its share price spiraling.


COLES MYER: Chairman Wallis Backs Chief Fletcher
------------------------------------------------
Coles Myer Chairman Stan Wallis swings behind CEO John Fletcher
and hits back at claims the Australian retailer lacks retail
experience at executive level, Dow Jones Newswires reports.

Wallis, in his memo to staff members, points to experience among
heads of food and liquor business as well as key management
recruits over past 12 months, which have "recognized
international retailing credentials".

The chairman said Fletcher has "skills to leverage the whole
rather than do the job of our retailer managing directors."


COLES MYER: Ex-director Greiner Labels Merger a Failure
-------------------------------------------------------
Former Coles Myer director Nick Greiner, speaking to ABC TV's
Inside Business, said the merger of Coles and Myer was "a
failure."

His comments came after a week of boardroom tension. Long-
serving board member Solomon Lew called for outgoing Chairman
Stan Wallis to resign immediately, saying his performance had
been "nothing short of disastrous."

With large losses in its department stores and a spiraling share
price, Mr Griener says the Coles Myer board needs to be flushed
out, including chairman Stan Wallis and board members Solomon
Lew and Mark Liebler.


FLOWCOM LIMITED: Faces Trading Halt at ASX
------------------------------------------
The securities of FlowCom Limited, Australia's second
telecommunications carrier, will be placed in pre-open at the
request of the Company, pending the release of an announcement
by the Company.

Unless ASX decides otherwise, the securities will remain in pre-
open until the earlier of the commencement of normal trading on
Wednesday, 18 September 2002 or when the announcement is
released to the market.

TCR-AP reported in August that FlowCom and its secured lender
have received proposals from the parties on restructuring its
secured debt.


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


ANSHAN NO. 1: Faces Delisting After Failing to Submit Plan
----------------------------------------------------------
Shares of Anshan No.1 Construction Machinery Co. was delisted
from the Shanghai Stock Exchange on Monday after the
unprofitable maker of construction equipment failed to submit a
turnaround proposal to the exchange within deadline.

The company's yuan-denominated Class A shares have been
suspended since April 26.

Anshan, based in the northeastern province of Liaoning, said
earlier its first-half loss widened to 97 million yuan ($11.8
million) from 50 million yuan a year ago. The Company posted
three straight years of losses since 1999.

Publicly traded companies that post three annual consecutive
losses can be expelled from trading if they do not return to
profit or if they are not able to convince regulators they can
remain profitable.


CONSTANT GLOBAL: Hearing of Winding Up Petition Set
---------------------------------------------------
The petition to wind up Constant Global Development Limited was
set for hearing before the High Court of Hong Kong on October
23, at 9:30 am.

The Industrial and Commercial Bank of China (Asia) Limited
(formerly known as Union Bank of Hong Kong Limited) of ICBC
Tower, 122-126 Queen's Road Central, Hong Kong, filed the
petition with the said court last August 1, 2002.


INNOCOM TELECOM: Winding Up Hearing Set for September 25
--------------------------------------------------------
The date for hearing of the petition to wind up Innocom Telecom
Hong Kong Limited is scheduled for September 25, 2002 at 9:30
a.m. at the High Court of Hong Kong.

Reach Networks Hong Kong Limited, located at 18th Floor, Telecom
House, 3 Gloucester Road, Wanchai, Hong Kong, filed the petition
with the said court last June 28, 2002.


WESTERN STAR: Faces Winding Up Petition
---------------------------------------
RBG Resources PLC (in liquidation) of Grant Thornton House,
Melton Street, Euston Square, London NW1 2EP., U.K., is seeking
for the winding up of Western Star Industries Limited.

The petition was filed on August 3, 2002, and will be heard
before the High Court of Hong Kong on October 30, 2002 at 10:00
a.m.


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


FAJAR SURYA: Liquidates Dutch Subsidiary
----------------------------------------
PT Fajar Surya Wisesa Tbk, a domestic investment company engaged
in paper package making, liquidated on August 19 its wholly
owned subsidiary FSW International Finance Company B.V., based
in Rotterdam, the Netherlands, Asia Pulse reported.

Fajar Surya Wisesa director Ongkowidjojo Hadirebowo said the
liquidation came after Fajar Surya Wisesa had settled its debts
in the form of guaranteed secured notes and was based on a
decision reached during a recent meeting of FSW BV shareholders.

He said FSW BV was established in 1990 to issue guaranteed
secured notes as part of efforts to refinance it and strengthen
its working capital.

The company started production in 1989. In 1995, it received
syndicated loans totaling US$50 million from 11 banks.


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


DAIWA SECURITIES: Launches Consulting JV in Shanghai
----------------------------------------------------
Shanghai International Group Corporation has formed a $5 million
joint venture consulting firm in Shanghai with two units of
Daiwa Securities Group Inc., Dow Jones reported Friday.

The consulting firm is named Shanghai Daiwa SMBC-SIG Investment
Consulting Company. It is 50 percent owned by Shanghai
International, 40 percent by Daiwa Securities SMBC Asia Holding,
and 10 percent by Daiwa Institute of Research Ltd.

The move will provide financial consulting services to local and
foreign clients.

TCR-AP said Daiwa reported a loss of 130.5 billion yen in the
business year that ended on March 31, hit by a downturn in its
core equities business and a one-off asset evaluation loss.

Daiwa Securities earlier posted a loss of 130.5 billion yen for
the year to March 31 as it wrote off 127 billion yen on property
sales in the fiscal second quarter.


NIPPON TELEGRAPH: Panel Urges Changes in Interconnection Fees
-------------------------------------------------------------
An advisory panel to the telecommunications minister urged that
NTT East Corp. and NTT West Corp. set different interconnection
fees to promote competition between them, Japan Times reported
Saturday.

The two regional units of Nippon Telegraph and Telephone
Corporation (NTT) now charge new carriers such as KDDI Corp. an
identical 4.5-yen for three minutes to use NTT's phone lines.

The two NTT firms said they are opposed to separate fees, citing
strong public demand for uniform rates.

But the United States, Britain and other countries have long
criticized NTT's interconnection fees because they are much
higher than in those countries.

The Public Management, Home Affairs, Posts and
telecommunications Ministry are scheduled to hold negotiations
with the United States next month over the issue.

NTT and the two regional carriers issued statements later in the
day saying that given the rapid structural changes in the
telecommunications market, the current fee calculation format no
longer matches their operating environments.

They demanded the format be swiftly scrapped.


SKYMARK AIRLINES: Posts Y1.65B Net Loss
---------------------------------------
Skymark Airlines Co. posted a net loss of 1.65 billion yen in
the three-month period to July due to disappointing traffic
during the soccer World Cup and a large drop in cargo
operations, Japan Times reports.

While revenue for the quarter grew 7.3 percent to 10.1 billion
yen versus a year earlier, operational profits declined by more
than 500 million yen to 1.58 billion yen.

The airline said cargo operations fell 51.1 percent to 95
million yen from a year earlier, played large role in the poor
showing.

The report said the much-anticipated windfalls from the
monthlong World Cup, which ended June 30, did not materialize.
Passenger traffic for June was the worst so far for the current
business year to October.

Takashi Ide, Skymark Chief Executive Officer, accused major
airlines of sharp-shooting his carrier with "unfair pricing
policies" in competing routes, saying they unduly hurt Skymark's
earnings.

According to Wright Investor's Service, at the end of 2001,
Skymark Airlines Co., Ltd. had negative working capital, as
current liabilities were 4.17 billion yen while total current
assets were only 1.47 billion yen.


SOFTBANK CORP: Discloses Partial Sale of Holding in UTStarcom
-------------------------------------------------------------
Softbank Corporation said its wholly owned subsidiary, Softbank
America Inc. (Headquarter: Delaware, U.S.A., Representative:
Masayoshi Son, SBA) sold a part of its holding in UTStarcom,
Inc. (UTSI) pursuant to UTSI's request to buy back its own
shares.

SBA sold 6,000,000 shares of UTSI, for an aggregate price of
approximately US$72 million. Gain on sale of such shares is
expected to be approximately 3.6 billion yen. SBA's stake in
UTSI is expected to decrease from approximately 26 percent to
approximately 20 percent after the transaction.

Proceeds from the above-mentioned sale will be allocated for
reduction of interest-bearing debt in order to further
strengthen the financial position and for the broadband
business, which Softbank as a group is developing vigorously,
and other businesses.


SOFTBANK CORPORATION: Selling Aozora Bank Stake
-----------------------------------------------
Softbank Corp. is planning to sell a majority stake in Aozora
Bank to foreign firms by the end of this year, Japan Times
reports.

The Company will sell its shares to three foreign firms, French
bank BNP Paribas, U.S. investment fund Cerberus Group and U.S.
private equity fund Loan Star Fund.

The move would lessen the Company's stake in Aozora to less than
20 percent compared to the current 48.8 percent. It will remain
the top shareholder in the bank, ahead of Orix Corp. and Tokio
Marine & Fire Insurance Co., which both own 14.9 percent.

Softbank expects proceeds of 35 billion yen from the deal.

The bank initially considered unloading its entire investment to
cut massive debts and put aside funds for its mainstay Internet-
related businesses.

But the Financial Services Agency took issue with the proposed
sale because the government sold Aozora Bank shares on the
condition they are held over a longer period.

Softbank has agreed to hold its shares in Aozora Bank for at
least two years.

The plan would increase foreign ownership in Aozora from the
current 12.7 percent to more than 40 percent. It would not,
however, give foreign stakeholders the leading role in
rebuilding the bank.

Orix and Tokio Marine will call on Softbank to ensure that the
three prospective foreign buyers to acquire about the same
number of shares, an 11 percent stake each.

Softbank, which reported a consolidated net loss of 88.76
billion yen in the year ended March 31, has been looking to
reduce its debt and generate cash to finance its ADSL business,
Yahoo BB, TCR-AP reports.


SOGO INTERNATIONAL: Released From Certain Obligations
-----------------------------------------------------
Mizuho Holdings, Inc. recently announced that its wholly owned
subsidiary, Mizuho Corporate Bank, Ltd., decided to release Sogo
International Development Co., Ltd. from certain of its
obligations in response to the draft agreement on special
liquidation of the Company which was approved in the creditors'
meeting on Friday.

This decision is subject to the confirmation of the approval of
the agreement by Tokyo District Court.


1.Outline of the Sogo International Development Co., Ltd.

(1) Address        : 3-6-11-204, OSAKI,SHINAGAWA-KU, TOKYO
                                141-0032, JAPAN
(2) Representative Liquidator : Mr. Eiji Katayama
(3) Capital                   : JPY 15,533 million

2. Details of Relevant Developments

January 31, 2002      Application for commencement of special
liquidation procedures with Tokyo District Court

February 28, 2002     Commencement of special liquidation
procedures September 13, 2002    

Approval of the draft agreement on special liquidation of the
Company 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 Company of JPY
34,622 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.

For inquiries, contact Mizuho Holdings, Inc.'s Public Relations
at telephone 03-5224-2026, or Mizuho Corporate Bank, Ltd.'s
Corporate Planning at telephone 03-5252-6574.


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


DAEWOO MOTOR: Court Tentatively Approves Restructuring Plan
-----------------------------------------------------------
The Incheon District Court has tentatively approved Daewoo Motor
Co.'s (DM) restructuring scheme on Friday, opening the way for
General Motors Corp. (GM) to launch a joint venture acquiring
Daewoo Motor's major operations by mid-October, Dow Jones
reports.

The restructuring plan includes debt rescheduling, repayment
measures and the splitting of operations.

DM's creditors will hold a meeting on September 30 to decide on
the plan. If they agree to it, the court's final approval will
immediately follow.

General Motors (GM) signed a final agreement in April to form a
joint venture with its business partners and Daewoo Motor's
creditors to buy major passenger car-manufacturing operations of
Daewoo Motor. The venture, called GM Daewoo Automotive &
Technology Co., had planned to launch this month.

But Daewoo Motor's delayed settlement on the restructuring
scheme, stemming from disputes on debt payment measures, kept GM
Daewoo from opening its business.

"If the final approval is given at the end of September, GM
Daewoo will likely launch in early October, not beyond mid-
October," said Kenneth Hong, an official at KPR, which is
handling public relations for GM Daewoo.


KT CORPORATION: Issues W100B 5-Year Bonds
-----------------------------------------
KT Corp. (KTC) will issue 100 billion won in five-year unsecured
bonds on Wednesday, Dow Jones reports.

The Company will use the proceeds to repay 100 billion won of
its outstanding bonds maturing September 21.

The maturing bonds were issued at an interest rate of 8.19
percent, more than the 6 percent coupon on the planned new
bonds.

Following are details of the bonds, according to the disclosure.

Amount:            KRW100 billion
Maturity Date:     Sept. 18, 2007
Settlement Date:   Sept. 18, 2002
Coupon Rate:       6.00 percent
Coupon Frequency:  Quarterly
Issue Price:       100.00

Debt Rating:       AAA (Korea Investors Service Inc.)
                   AAA (National Information & Credit
                        Evaluation Inc.)
Lead Manager:      LG Investment & Securities Co.

According to Wright Investor's Service, KT Corporation at the
end of 2001 has negative working capital, as current liabilities
were 6.06 trillion Korean Won while total current assets were
only 5.73 trillion Korean Won.


SEOUL BANK: PFOC Okays Merger With Hana
---------------------------------------
The Public Fund Oversight Committee (PFOC) said it has approved
plans for Hana Bank to merge with nationalized Seoulbank on the
basis of one Hana share for two Seoulbank shares.

The merged bank will become the third largest commercial bank
with combined asset of some 85 trillion won, following Kookmin
Bank and Woori Finance Holdings.

Hana Bank will pay the equivalent of KRW1.15 trillion in shares
to the government for the merger with Seoulbank, which is
currently 100 percent owned by the Korea Deposit Insurance Corp.

The government will have a 30.9 percent stake in the merged bank
that will be launched by the end of the year, it said.

Hana Bank said that it has pledged that it will buy back the
shares "if they fall below the value of KRW1.15 trillion. It
means that the government will receive KRW1.15 trillion won
regardless of the share prices after the merger."

Hana Bank and Seoulbank plan to sign a merger contract by the
end of the month. (M&A REPORTER-ASIA PACIFIC, Vol. No.1, Issue
No. 183, September 16, 2002)

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: Approves Disposal of Optima Jaya
-----------------------------------------------------
RHB Sakura Merchant Bankers Berhad, on behalf of Amsteel
Corporation Berhad, said Friday that the proposed disposal of
100% equity interest in Optima Jaya Sdn Bhd (OJSB), a wholly
owned subsidiary of Amsteel to SCB Developments Berhad (SCB) for
a consideration of RM150,000 to be settled via a cash payment of
RM10,000,500 and the balance of RM103,999,500 by an issue of
23,111,000 new ordinary shares of RM1.00 each in SCB valued at
RM4.50 per SCB share, and the proposed assumption of certain
liabilities of OJSB by Amsteel amounting to RM112,681,542 and
waiver by Amsteel of RM87,244,640 owing by OJSB to Amsteel, were
approved at the extraordinary general meeting of Amsteel held on
29 July 2002.

Following receipt of Amsteel shareholders' approval for the
proposals, the only remaining condition precedent to the
completion of the proposals not yet satisfied, is the discharge
of the charge over the two pieces of freehold land held under
Geran HSD 98385 Lot PT 79 Seksyen 67 and Geran HSD 98386 Lot PT
78 Seksyen 67 Daerah Kuala Lumpur.

OJSB is the owner of the Novotel Century Kuala Lumpur Hotel,
which is built on the lands. The lands are currently charged to
Pancaran Abadi Sdn Bhd (PASB) as security for the amount owed by
OJSB to PASB (Outstanding Amount) for the construction of the
Novotel Century Kuala Lumpur Hotel (PASB Charge). It is
therefore necessary that Amsteel and the relevant parties
reached an agreement on the terms of settlement of the
Outstanding Amount and the discharge of PASB Charge, in order
for the proposals to proceed to completion.

On 12 September 2002, OJSB and Amsteel of the one part and PASB,
Takenaka (Malaysia) Sdn Bhd and Itochu Corporation (collectively
referred to as the Itochu Group) of the other part entered into
the Release & Settlement Agreement (R&S Agreement) wherein the
parties agreed on the terms of settlement of the Outstanding
Amount and the discharge of the PASB Charge.

Under the R&S Agreement, the parties agreed that the interest
(Prescribed Interest) shall be payable on the Outstanding Amount
at the rate of 1 percent above the BLR from the Effective Date
until full settlement of the Outstanding Amount.

The payment on the Effective Date of RM10,000,500 corresponds to
cash consideration which Amsteel shall receive from SCB under
the terms of the Proposals.

Each installment amount comprises the Prescribed Interest due up
to the date of the relevant installment with the balance being
applied as principal repayment of the Outstanding Amount. The
twelfth installment amount is an estimate only, and shall be an
amount, which shall fully settle all balance Outstanding Amount
and the Prescribed Interest due.

The 23.111 million SCB Shares, which Amsteel shall receive from
SCB under the terms of the Proposals, shall be charged to the
Itochu Group as security for the payment of the 12 installments
under the R&S Agreement.

The R&S Agreement is subject to the satisfaction of various
conditions precedent including, inter-alia:

1. the resolution of the Directors of Amsteel to execute all
power of attorney and documents in respect of the security
arrangements under the R&S Agreement and to perform all
obligations contained in such security documents; and

2. the High Court granting an order under Section 176 of the
Companies Act, 1965 sanctioning the proposed restructuring
scheme for Amsteel group of companies, Lion Corporation Berhad
group of companies, Lion Land Berhad group of companies, and
Angkasa Marketing Berhad group of companies, which was first
announced on 5 July 2000 and subsequently revised vide the
announcements released on 19 October 2000, 8 October 2001 and 26
March 2002.

Upon satisfaction of the conditions predecent set out in the R&S
Agreement and satisfaction of the conditions predecent set out
in the sale & purchase agreement for the Proposals apart from
the discharge of the PASB Charge, the necessary documents would
be executed to effect the discharge of the PASB Charge.


AOKAM PERDANA: Defaults in Interest Payment
-------------------------------------------
Pursuant to Paragraph 9.03 and 9.04 (l) of the Listing
Requirements and further to our announcement made on 26 April
2002, 3 May 2002, 3 June 2002 and 6 July 2002, the Board of
Directors of Aokam Perdana Berhad Group (APB) announces an event
of default in the payments of interest in respect of the
restructured creditors of APB as detailed in
http://bankrupt.com/misc/aokam_perdana.pdf.

Reasons for the default in payment

The performance of the Group is affected by the weak timber
market and tight financial position. Under this scenario, the
Company is unable to service the interest payment of the
restructured creditors.

Measures taken to address the default in payments

The Group has obtained the approvals-in-principle from the
majority (in value) of the creditors to restructure the
loans/debts under the Corporate Proposals of Aokam which
comprises of the Proposed Acquisition and Proposed Debt
Restructuring. The Corporate Proposals were aborted after the
termination of the acquisition by the Vendors.

At the present moment, the Company is in the midst of
negotiations with other potential white knights.

Any new Corporate Proposals or measures to address the
loans/debts would require fresh approvals from the creditors.

The financial and legal implications in respect of the default
in payments including the extent of the listed issuer's
liability in respect of the obligations incurred under the
agreements for the indebtedness.

Details of the financial implications on the default is given in
http://bankrupt.com/misc/aokam_perdana.pdf.

The legal implications which may arise from the defaults is that
the creditors could sue the Company.


AUTOINDUSTRIES VENTURES: Defaults in September Payments
-------------------------------------------------------
Further to the first announcement made on 14 December 2001, and
subsequently on every month, the financial position of the
Company in respect of its default in payments in the month of
September 2002 is as follows:

Name of Creditor    Principal (RM) Interest (RM) Total (RM)
Pacven Walden
Ventures III L.P.    2,730,955.03   1,387,105.22   4,118,060.25
BI Walden Ventures
Keempat Sdn Bhd      1,069,577.00     543,256.74   1,612,833.74
Financial
Institutions        17,052,695.63     208,948.72  17,261,644.35
                    =============   ============  =============
TOTAL               20,853,227.66   2,139,310.68  22,992,538.34

As announced to the KLSE on 14 December 2001, one of the
measures taken by the Company to address the default in payments
is to carry out a Proposed Restricted Issue of up to 13,000,000
new ordinary shares of RM1.00 each at a proposed issue price of
RM1.00 each for cash and issue of 2,000,000 new ordinary shares
of RM1.00 each to BI Walden Ventures Keempat Sdn Bhd (BIWV4) and
Pacven Walden Ventures III L.P. at a proposed issue price of
RM1.00 each as part settlement of the amount due (Proposed
exercise).

Autoindustries Ventures has received all the necessary approvals
on the proposed restricted issue of shares which was announced
by Commerce International Merchant Bankers Berhad (CIMB) on 1
July 2002 and is now pending the approvals from the following:

i) the KLSE for the listing of and quotation for the new AIV
shares to be issued pursuant to the Proposals on the Second
Board of the KLSE; and

ii) the Shareholders of the Company at an Extraordinary General
Meeting to be convened.

iii) any other relevant authorities, if required.

The Board of Directors of AIV is currently still contemplating
on the necessary course of action to expediate the completion of
the above Proposals.

Autoindustries Ventures also said should not be financial and
legal implications in respect of the default in payments
including the extent of the Company's liability in respect of
the obligations incurred under the agreements for the
indebtedness as the Management is currently negotiating with the
lenders on the rescheduling of payment terms through the
proposed exercise.


AUTOWAYS HOLDINGS: Court Dismisses Application for Stay
-------------------------------------------------------
In a statement to the Kuala Lumpur Stock Exchange, Autoways
Holdings Berhad wishes to inform that the company's lawyer had
attended Court on 10 September 2002 for the application for stay
of the winding-up petition of Autoways Holdings and Autoway
Construction Sdn Bhd.

Autoways Holdings said the Judge had dismissed the application.

The Company shall file an application for stay to the Court of
Appeal.


BERJAYA LAND: Audit Committee Member Shuib Bin Ya'Acob Resigns
--------------------------------------------------------------
Berjaya Land Berhad said that Shuib Bin Ya'Acob has stepped down
as Independent & Non Executive Member of Audit Committee
effective 12 September 2002.

Reason for the resignation was not disclosed.

With the resignation, the Audit Committee is now composed of Tan
Sri Dato' Thong Yaw Hong (Chairman/Independent Non Executive
Director), Dato' Mohammed Adnan Bin Shuaib (Independent Non
Executive Director), and Robert Yong Kuen Loke (Non-Independent
Executive Director).


CHASE PERDANA: Court Orders Winding-Up of CPB Resources Unit
------------------------------------------------------------
The Board of Directors of Chase Perdana Berhad (CPB) wishes to
announce that the Kuala Lumpur High Court has on 13 September
2002 granted an Order to wind up CPB's wholly owned subsidiary,
CPB Resources Sdn Bhd (CPBR) under the provisions of the
Companies Act, 1965.

Under the winding up order, the Official Receiver shall be
appointed as the Provisional Liquidator of CPBR and the
Petitoner is allowed the costs of and incidental to the winding-
up be paid out of the assets of CPBR.

The Company does not expect the winding up order to have any
material effect on the financial and operational matters of the
CPB Group as the investment in CPBR has been fully written off.
As such, Chase Perdana expects no losses from the winding-up
order.


CHASE PERDANA: Faces Trade Suspension at KLSE
---------------------------------------------
The Kuala Lumpur Stock Exchange said that trading in Chase
Perdana's securities was suspended with effect from 9.00 a.m.,
Friday, 13 September 2002.

Resumption of trading is pending until further notice.


CHASE PERDANA: Court Grants Restraining Order for Subsidiaries
--------------------------------------------------------------
The Board of Directors of Chase Perdana Berhad (CPB) wishes to
announce that a Restraining Order has been obtained from the
Kuala Lumpur High Court vide Originating Summons No. D3-24-87-
2002 dated 12 September 2002 pursuant to Section 176 (10) of the
Companies Act, 1965, for the Company and these subsidiaries:

* LH Capital Sdn Bhd
* Santun Indah Sdn Bhd
* CPB-Plastronic JV Sdn Bhd
* Imacentre Development Sdn Bhd

The Restraining Order is valid for a period of 130 days from the
date of the Order or for a period from the date of the Order up
to 6 December 2002, whichever comes first, pending lodgment of
the court order approving the Debt Restructuring Scheme of the
Company with the Companies Commission of Malaysia.

The sealed Order dated 12 September 2002 is pending extraction
from the Court.

Events leading to the granting of the Order

On 5 and 6 March 2002, Southern Investment Bank Berhad had on
behalf of the Board of Directors of CPB, announced that the
Company will be undertaking a restructuring scheme involving
among others:

1. reduction of share capital from RM93,605,334 to RM9,360,533
by the cancellation of RM0.90 of the par value of each existing
ordinary share of RM1.00 each and the subsequent consolidation
into ordinary shares of RM1.00 each in the proportion of ten
(10) ordinary shares of RM0.10 each into one (1) ordinary shares
of RM1.00 each (Shares);

2. reduction of the entire share premium account amounting to
RM159,553,660;

3. debt restructuring with CPB's creditors under section 176 of
the Companies Act, 1965;

4. rights issue of 28,081,602 CPB Shares on the basis of six (6)
CPB Shares together with nine (9) free detachable warrants
2002/2007 (Warrants) for every two (2) CPB Share held after the
capital reduction and consolidation to shareholders of CPB;

5. conditional restricted issue of up to 28,081,602 CPB Shares
together with 42,122,403 Warrants to Tan Sri Datuk Dr Mohan M.K.
Swami (TSDDM);

6. share placement to meet the public shareholding spread
requirement, if necessary;

7. exemption to TSDDM from having to undertake a general offer
for the CPB Shares not already owned by him; and

8. mandatory assets disposal program.

CPB had submitted its proposal to the authorities on 29 April
2002.

The proposed Scheme has been approved by the Foreign Investment
Committee via its letter dated 15 May 2002.

The Securities Commission has via its letter dated 6 September
2002 approved the proposed Scheme with conditions which was
announced on 9 September 2002.

The Company has obtained the Order to prevent any further
winding up petition from jeopardizing the implementation of the
proposed Scheme.

Financial and operational impact on the Group

The Company does not expect the Order to have any material
effect on the financial and operational matters of the CPB
Group.

Information on the proposed Scheme

The proposed Scheme has been approved by the Foreign Investment
Committee via its letter dated 15 May 2002 and the Securities
Commission via its letter dated 6 September 2002.

The Company it currently finalizing the explanatory statement to
creditors and the circular to shareholders.


IDRIS HYDRAULIC: Applies for Striking-Off of Subsidiary
-------------------------------------------------------
Idris Hydraulic (Malaysia) Berhad said that its wholly owned
subsidiary, Idris Investments (S) Pte. Ltd. (IISPL) has applied
to the Registry of Companies and Businesses (ROCB) to be struck
off pursuant to Section 344(2) of the Companies Act, Singapore
due to the fact that it has been a dormant company for many
years.

The ROCB has gazetted that IISPL will be struck off at the
expiration of three months period from 8 August 2002.

The striking off of IISPL will not have any significant effect
on the earnings or net tangible assets per share of the Company
for the financial year ending 31 December 2002.


JASATERA BERHAD: Faces Suspension From KLSE
-------------------------------------------
Jasatera Berhad's shares were suspended with effect from 2.30
p.m., Friday, 13 September 2002 at the Kuala Lumpur Stock
Exchange.

Reason for suspension was not disclosed.

Shares will resume trading with effect from 9.00 a.m., Monday,
16 September 2002.


JASATERA BERHAD: SC Approves Restructuring Proposals
----------------------------------------------------
Public Merchant Bank Berhad (PMBB), on behalf of the Board of
Directors of Jasatera Berhad, is pleased to announce that the
Company has on 12 September 2002, received the approval from the
Securities Commission (SC) vide its letter dated 5 September
2002 in respect of the Company's appeal on 4 April 2002 for the
following proposals:

(i) Reduction of the issued and paid-up share capital of
RM19,800,000 to RM3,996,000 by canceling RM0.80 of every
existing ordinary share of RM1.00 and subsequently,
consolidating every five ordinary shares of RM0.20 each into one
ordinary share of RM1.00 each (Jasatera Share), as proposed;

(ii) Issuance of 27,442,075 irredeemable convertible preference
shares (ICPS) at its nominal value pursuant to a proposed debt
restructuring of Jasatera;

(iii) Restricted offer for the sale of 26,973,000 ICPS to the
existing shareholders of Jasatera on the basis of twenty seven
(27) ICPS for every four (4) Jasatera Shares held;

(iv) Rights issue of 23,976,000 new Jasatera Shares of RM1.00
each at par on the basis of six (6) new Jasatera Shares for
every existing one (1) Jasatera Share held (Proposed Rights
Issue), as proposed;

(v) Special issue of up to 4,500,000 new Jasatera Shares of
RM1.00 each at par (Proposed Special Issue), as proposed;

(vi) Private placement of up to 12,500,000 new Jasatera Shares
of RM1.00 each at par (Proposed Private Placement), as proposed;

(vii) Acquisition of the entire equity interest in Perfect Eagle
Holdings Sdn Bhd (PEHSB) for a purchase consideration of
RM2,066,336 to be satisfied by the issuance of 2,066,336 new
Jasatera Shares of RM1.00 each at par; and

(viii) Listing of and quotation for the entire new ordinary
shares to be issued pursuant to above proposals and the new
Jasatera Shares to be issued arising from the conversion of the
ICPS on the Kuala Lumpur Stock Exchange.

(Collectively to be referred to as the Proposals)

Based on the disclosures made in the application to the SC, the
SC takes cognizance that the proceeds from the Proposed Rights
Issue, Proposed Special Issue and Proposed Private Placement as
mentioned in paragraphs 1 (iv), (v) and (vi) above will be
utilized as follows:

Proceeds from the Proposed Rights Issue          RM'000

(a) Repayment of the advances                     9,147
made by the directors and PEHSB
(b) Repayment of the bank borrowings              9,140
(c) Working capital                               4,689
(d) Estimated expenses                            1,000
                                                 ------
                                                  23,976
  
Proceeds from the Proposed Special Issue and Proposed Private
Placement

(e) Working capital                              12,500^
                                                 =======
Total                                            36,476*

^ Based on minimum 8,000,000 shares issued pursuant to the
Proposed Private Placement and 4,500,000 shares pursuant to the
Proposed Special Issue.

* Based on the indicated issue price of RM1.00 per share and
subject to the actual issue price.

The utilization of the above proceeds, in any way, should be
based on the following conditions:

(i) The approval of the SC is required to be obtained for any
variation to the proposed utilization of the proceeds if the
variation involves utilization for purposes other than the core
business activities of Jasatera;

(ii) The approval from the shareholders of Jasatera is required
to be obtained for the proposed utilization and also for any
variation of 25% or more of the utilization of the said
proceeds. However, if any change to be implemented is less than
25 percent, appropriate disclosures are required to be made to
the shareholders of Jasatera;

(iii) Any extension of time from the timeframe set by Jasatera
for utilization of the proceeds should be approved by a final
resolution by the Board of Directors of Jasatera and fully
disclosed to the Kuala Lumpur Stock Exchange; and

(iv) Appropriate disclosure on the status of the utilization of
the proceeds from the Proposed Rights Issue are required to be
made in the Quarterly Report and the Annual Report of Jasatera
until such proceeds have been fully utilized.

The approval of the SC is subject to the following conditions:

(i) Jasatera is first required to make effort to procure third
party underwriter(s) to underwrite the Proposed Rights Issue of
Jasatera and PMBB is required to confirm to the SC that the
Company has taken such efforts. However, should Jasatera failed
to obtain third party underwriter(s), Dato' Koo Yuen Kim and Dr
Koo Woon Kee are required to fulfill their undertakings to
subscribe for all the remaining unsubscribed rights shares, as
proposed;

(ii) Should the discount for the rights issue price exceeds 30
percent from the theoretical ex-rights price based on the 5-days
weighted average market price of Jasatera Share immediately
prior to the price-fixing date, the Directors and the promoters
of Jasatera are required to provide undertakings that they will
not dispose their shares in Jasatera from the 'ex-date' up to
ten (10) days after the date of listing of the said Jasatera
Shares. PMBB is required to inform the SC on the final rights
issue price and the actual proceeds to be received from the
Proposed Rights Issue;

(iii) The special issue price has to be fixed at a level which
will enable Jasatera to obtain maximum benefit from the Proposed
Special Issue. The discount for the special issue price should
not be more than 10% from the 5-days weighted average market
price of Jasatera Share immediately prior to the price fixing
date. In this respect, PMBB is required to inform the SC on the
special issue price and the actual proceeds to be received from
the Proposed Special Issue;

(iv) The private placement price has to be fixed based on 5-days
weighted average market price of Jasatera Share immediately
prior to the price fixing date at a discount of not more than
10%, if required, unless the Proposed Private Placement is made
to the executive directors and/or the substantial shareholders
of Jasatera and all parties acting in concert with them. Should
the discount for the private placement price exceeds 10% and the
total private placement exceeds 10% of the issued and paid-up
share capital of Jasatera or represents more than 20% of the
total private placement made, investors of the said private
placement should provide undertakings that they will not dispose
the private placement shares for a period of 6 months from the
date of listing of the private placement shares. In this
respect, PMBB is required to inform the SC on the private
placement price and the actual proceeds to be received from the
Proposed Private Placement;

(v) Dato' Koo Yuen Kim and Dr Koo Woon Kee are required to
provide profit guarantees in respect of the profits after tax of
Jasatera, supported by bank guarantee, for the three consecutive
financial years as follows:

Financial years ending        Total profits guaranteed (RM)
31 January 2003                        3,699,855
31 January 2004                       12,048,923
31 January 2005                        6,284,612

(vi) The promoters and the directors of Jasatera are required to
disclose all their present involvement in any other similar or
competing businesses with those of Jasatera in the prospectus of
Jasatera;

(vii) All future business transactions between Jasatera and
companies related to the directors/substantial shareholders of
Jasatera should be based on commercial terms and not at any less
favourable terms which will cause losses to Jasatera. In this
respect, the Audit Committee of Jasatera should monitor all
related party business transactions, if any, and the Directors
of Jasatera are required to report these business transactions
in the annual report of Jasatera; and

(viii) Compliance with all the relevant requirements in the SC's
Policies and Guidelines on the Listings/Issues of Securities.

In addition, PMBB and Jasatera are required to give a written
confirmations to the SC that all the terms and conditions
imposed by the SC as mentioned in paragraphs 1, 2, and 3 above
have been fully complied after the implementation of the
Proposals.


KILANG PAPAN: Granted Extension of Time by KLSE
-----------------------------------------------
Further to the announcement dated 16 May 2002, Kilang Papan
Seribu Daya Berhad is pleased to announce that the Kuala Lumpur
Stock Exchange has granted an extension of time to 31 December
2002 to enable the Company to obtain all the necessary approvals
from the regulatory authorities for the proposed debt and equity
restructuring scheme.

Kilang Papan manufactures and markets timber and timber related
products. The Sabah-based Company also trades rubber wood
products in Malaysia.


KSU HOLDINGS: May Plastic Unit Defaults Loan Repayment
------------------------------------------------------
The Board of KSU Holdings Berhad wishes to announce that May
Plastic Industries Bhd (MPI), a wholly owned subsidiary of KSU
had defaulted in the repayment of the term loan facility granted
jointly by Malaysian International Merchant Bankers Berhad and
Malaysian Industrial Development Finance Berhad, as detailed
below:

                               Amount (RM)   Due Date of Payment
Full Repayment of Term Loan   28,528,191.15       03.09.2002
Facility granted jointly by
Malaysian International
Merchant Bankers Berhad and
Malaysian Industrial
Development Finance Berhad

The Term Loan Facility is secured by several properties whose
value has diminished considerably due to the current depressed
property market. The loan was to be repaid by way of the
disposal of the properties.

KSU Holdings said it is currently taking steps to negotiate with
the Lenders to restructure/reschedule the repayment date of the
Term Loan Facility.

In the event of default, the Lenders are empowered to appoint
receiver or receiver and manager.

The default in payment does not constitute an event of default
for other loan facilities in the other Group members.


NGIU KEE: KLSE Suspends Trading of Shares
-----------------------------------------
Kuala Lumpur Stock Exchange said Friday that trading of Ngiu Kee
Corporation (M) Berhad's shares was suspended with effect from
9.00 a.m., Friday, 13 September 2002.

Resumption of trading is pending until further notice.


NGIU KEE: Replies to Impact Query of Unit's Winding-Up Appeal
-------------------------------------------------------------
Ngiu Kee Corporation (M) Berhad refers to the Kuala Lumpur Stock
Exchange query letter dated 13th September 2002 regarding the
financial and operational impact of the winding-up petition of
Ngiu Kee's wholly owned subsidiary, Big Store (Tar) Sdn Bhd, on
the Group.

The Board of Directors wishes to advise that it is too early to
quantify the financial impact on the Group.

However, if the petition by the landlord is successful, the
immediate financial impact on the Group would be the amount
claimed by KHY Enterprise Sdn Bhd amounting to RM401,321.29 (if
any).

Meanwhile, Ngiu Kee said they have sued the landlord for
RM74million for its cost of investments, losses and damages
inclusive of future profits and out of pocket expenses.

At the operational level, the business operations in Jalan TAR
have ceased and therefore no operational losses are envisaged.
The losses had been reflected in our audited accounts for the
financial year ended 31 December, 2001 which was duly approved
by the shareholders at the Company's Annual General Meeting duly
convened on 24th June 2002.


PSC INDUSTRIES: Announces Disposal of PSC Asset Holdings
--------------------------------------------------------
The Board of Directors of PSC Industries Berhad said that the
Company and its wholly owned subsidiaries, Penang Shipbuilding &
Construction Sdn Bhd and Amin Shah Holdings Sdn Bhd, had on 12
September 2002 entered into a Supplemental Agreement pursuant to
the proposed disposal of PSC Asset Holdings Sdn Bhd.

Under the Supplemental Agreement, all parties have agreed to
extend the completion date from 12 September 2002 until the
expiry of six (6) months from the date of the Supplemental
Agreement or fourteen (14) days from the date the Share Sale
Agreement becomes unconditional, whichever is earlier.


RENONG BERHAD: SC, FIC Approve CAHB Disposal
--------------------------------------------
On behalf of Renong Berhad, Commerce International Merchant
Bankers Berhad is pleased to announce that the Securities
Commission (SC) has on 12 September 2002 approved the proposed
disposal for cash by Fleet Group Sdn Bhd, a wholly owned
subsidiary of Renong, or up to its entire equity interest of
143,076,163 ordinary shares of RM1.00 each in Commerce Asset-
Holding Berhad (CAHB), representing 11.75 percent equity
interest therein as at 18 March 2002, subject to the following
conditions:

(i) The SC's approval is required for any proposed revision to
the utilization of the proceeds arising from the Proposed CAHB
Disposal;

(ii) Any extension of time on the utilization of the proceeds
determined by Renong must be approved by the Board of Directors
of Renong through a firm resolution and fully disclosed to the
Kuala Lumpur Stock Exchange;

(iii) Appropriate disclosure on the status of utilization of the
proceeds is required to be made in the quarterly and annual
reports until the proceeds have been fully utilized; and

(iv) Full compliance on the requirements in relation to the
implementation of the Proposed CAHB Disposal as set out in the
SC's Policies and Guidelines on Issue/Offer of Securities.

The Foreign Investment Committee (FIC) had via its letter dated
30 August 2002 also approved the Proposed CAHB Disposal.


SEE HUP: Schedules EGM for September 30
---------------------------------------
See Hup Consolidated Berhad said that an Extraordinary General
Meeting of the Company will be held at Berjaya 1, Level 7,
Berjaya Georgetown Hotel, Jalan Burma, 10350 Penang on 30
September, 2002 at 10.00 a.m. for that purpose of considering
and, if thought fit, passing the following resolution:

ORDINARY RESOLUTION

Proposed shareholders' mandate for recurrent related party
transactions of a revenue or trading nature

"THAT, for purposes of Paragraph 10.09 of Chapter 10 of the
Listing Requirements of Kuala Lumpur Stock Exchange, the
approval be given for the Company's subsidiaries to enter into
any of the category of recurrent related party transactions of a
revenue or trading nature as set forth in Section 2.4 of the
Circular to Shareholders dated 13 September, 2002 with those
related parties named in the said Section of the Circular,
provided that such transactions are necessary for the day-to-day
operations and they are carried out in the ordinary course of
business on normal commercial terms not more favourable to the
related parties than those generally available to the public and
not to the detriment of minority shareholders

AND THAT such approval shall be in force until:

(i) the conclusion of the next Annual General Meeting of the
Company following the Extraordinary General Meeting at which the
Ordinary Resolution for the Proposed Shareholders' Mandate is
passed, at which time it will lapse unless the authority is
renewed by a resolution passed at the meeting;

(ii) the expiration of the period within which the next Annual
General Meeting of the Company after the date it is required to
be held pursuant to section 143(1) of the Companies Act 1965
(but shall not extend to such extension as may be allowed
pursuant to Section 143(2) of the Companies Act 1965); or

(iii) revoked or varied by resolution passed by the shareholders
of the Company in a general meeting

whichever is the earlier."


SETEGAP BERHAD: Announces Resignation of Board Chairman
-------------------------------------------------------
Setegap Berhad said that Dato' Mohd Hussaini Bin Haji Abdul
Jamil has resigned as Chairman of the Independent & Non
Executive Board, effective 12 September 2002.

Y. Bhg. Dato' Mohd Hussaini Bin Haji Abdul Jamil started his
career in the Government service from an Assistant Secretary in
the Prime Minister's Department to the Deputy Secretary General
in the Treasury of Malaysia. Prior to his retirement in 1991, he
was Secretary General of the Ministry of Health.

He joined Setegap Berhad as Chairman of the Board of Directors
on 28 May 1992.

Meanwhile, Tan Sri Dato' Ahmad Kamil Bin M. Jaafar was appointed
Independent & Non Executive Director of the Board, also on
September 12.

In early August, TCR-AP said that Setegap has proposed a
renounceable two-call rights issue of up to 26,612,334 new
ordinary shares of RM1.00 each, proposed non- renouncable rights
issue of up to RM26,612,334 nominal value of ICULS at 100% of
its nominal value, and proposed increase in the authorized share
capital of the Company from RM100,000,000 comprising 100,000,000
Shares to RM200,000,000 comprising 200,000,000 Shares in the
Company.

The Board of Directors of Setegap believed that the Proposals
were the most appropriate means to strengthen its capital base
and raise funds, inter-alia, for the Setegap Group's working
capital requirements, repayment for bank borrowings and to
provide security for the performance bond facilities necessary
for its projects.


TECHNOLOGY RESOURCES: Lodges Police Report on False Invoices
------------------------------------------------------------
Technology Resources Industries Berhad, in a statement to the
Kuala Lumpur Stock Exchange, said that on Thursday it lodged a
police report in respect of fictitious invoices to the value of
RM259,315,572.96 issued during 1998 and 1999.

The police report was made pursuant to a decision of a Special
Board of Directors meeting of September 10, 2002.

According to TRI Chairman Dato' Dr. Mohd Munir Abdul Majid, the
fictitious invoices, which are the subject of the police report,
will have an impact on the Company's financials, as the carrying
net book value as of June 30, 2002 is up to RM198,028,045.48.

Based on the advice of the external auditors, the Company will
make a prior year adjustment to the financial statements of the
affected years.

The Company wishes to let the Exchange know that, following the
change in the composition of its Board of Directors which was
formalised at the Board meeting of July 3, 2002 after the
matters relating to the resignations and terminations from
employment/engagement of the former directors were dealt with,
the first meeting of the newly composed Board attended by the
four new directors nominated by Telekom Enterprise Sdn. Bhd. was
held on July 4, 2002.

At the next Board meeting on July 18, 2002, two additional
independent directors were appointed.

A number of audits were commissioned to ascertain the existence
of proper record and documentation of the Company's business and
obligations. This was found to be necessary, not just as a
matter of prudence, but to ensure full custody over and
completeness of those records and documents.

The following audits have taken or are taking place:

1. General operational audit on the Company's manpower
rationalization program
2. General operational audit on related party transactions
3. General operational audit on billing systems
4. General operational audit on tender and procurement
5. General legal audit on the restructuring documents
6. General legal audit on the tenancy agreements;
7. General legal audit on the real property purchases and
property titles; and
8. General legal audit on the overseas ventures agreements.

TRI expects to complete the audits by the end of September 2002.

The Company would also like to elaborate on its recent
announcements, which have been the subject of numerous comments.

It should be appreciated that when the new directors attended
their first Board meeting on July 4, 2002, they did not have
full knowledge of the affairs of the Company and had to try to
piece together information from available records in a difficult
environment.

While the six new directors of the newly composed Board came to
know of the payment of the so-called compensation to the three
former executive directors of the Company from the Minutes of
Board of Directors meeting of July 3, 2002, it was not disclosed
to them, and the Minutes did not reveal, that Employee Provident
Fund (EPF) payments to the account of the three former executive
directors amounting to RM6,088,782.00 had been made. They were
discovered as a result of the various audits that were
initiated.

From the audits, it has also been discovered that an instruction
for a transfer of funds from Celcom (Malaysia) Berhad to the
Company's account amounting to RM29,955,774.00, which was
utilised for the so-called compensation payment, was given on
July 1, 2002 and the said funds were transferred on July 2, 2002
to be ready for payment before the Board of Directors' meeting
of July 3, 2002 which had "approved" the said payments after
taking legal advice from one firm of solicitors, not two or
three.

The audits have, additionally, discovered that a further sum of
RM11,053,438.34 was paid to the three former executive directors
on June 4, 2002 as a "reward" for their efforts in what was
their duty for which they already received a salary for
organizing the Company's recapitalization and reorganization
scheme of 2001-2002. This payment was not approved by the Board
of Directors.

On every score, as with the police report the Company is now
informing the Exchange about or like the disposal of the
Company's assets such as motor cars to directors who are related
parties, the Company will vigorously protect its interests on
behalf of all shareholders. The Company will make every effort
to recover assets that legitimately belong to it.

The Company is confident of the future and is proceeding forward
with its business and other plans, even as problems from the
past are cleared and principles and practices of good governance
are established, on which markets place a premium.


TECHNOLOGY RESOURCES: Replies to KLSE Query Re Star Article
-----------------------------------------------------------
Technology Resources Industries Berhad (TRI) refers to its
announcement on 10 September 2002 and Kuala Lumpur Stock
Exchange's further verbal query on the news article in The Star
on 9 September 2002 regarding the article, "Celcom boss aims to
bring back glory days."

In accordance with the Exchange's Corporate Disclosure Policy,
TRI was requested to furnish the Exchange with an announcement
for public release confirming or denying the above reported
article and in particular the sentence, "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."

TRI said, in a disclosure to the KLSE, that the expected
financial performance was also based on the projections under
the Recapitalization and Refinancing Exercise. The relevant
basis and assumption of the projections have been reviewed by
the Company's external Auditors pursuant to the Exercise.


TENAGA NASIONAL: Announces Resignation of Joint Secretary
---------------------------------------------------------
Tenaga Nasional said that Sazlin Ayesha Binti Abdul Samat has
resigned as Joint Secretary effective 10 September 2002.

The Company did not disclose reason for such resignation.

In August, TCR-AP reported that Tenaga Nasional's debt ratio has
been cut to 1:6 from 1:9 previously. The company aims to reduce
the debt ratio to 1:1 in five years.


YTL LAND: KLSE Approves Extension of Time
-----------------------------------------
Aseambankers Malaysia Berhad, on behalf of the Board of
Directors of YTL Land & Development Berhad (formerly known as
Taiping Consolidated Berhad), is pleased to announce that the
Securities Commission and the Kuala Lumpur Stock Exchange had
vide their letters dated 12 June 2002 and 12 September 2002
respectively, approved further extension of time until 31
December 2002 for YTL Land to comply with the 25 percent
'Public' shareholding spread requirement.


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


MONDRAGON INTERNATIONAL: Reschedules ASM on March 17
----------------------------------------------------
Mondragon International Philippines, Inc. has informed the
Philippine Stock Exchange that the Annual Stockholders Meeting
(ASM) of the Company will be rescheduled from September 16 2002
to:

March 17, 2003
9:00 A.M.
Mondragon House Hallroom
324 Sen. Gil Puyat Avenue Makati City

The meeting was rescheduled to allow the Company enough time to
pursue negotiations with concerned government entities as well
as with investors who will provide additional funds both to
settle its obligations to the government and normalize
operations within the Mimosa Leisure Estate.

TCR-AP reported in February that that the casino firm has total
debts of PP7.5 billion, of which P5.3 billion is owed to
creditor banks namely Metropolitan Bank and Trust Co., Far East
Bank and Trust Co., Asian Banking Corp., United Coconut Planters
Bank and Land Bank of the Philippines.

It also owes Clark Development Corp (CDC) P325 million in lease
rental, another P82 million to Pagcor and about P23 million to
the BIR.


NATIONAL POWER: ERC Orders to Reduce Total Generation Charges
-------------------------------------------------------------
National Power Corporation was ordered by the Energy Regulatory
Commission (ERC) to reduce total generation charges at 2.19
pesos ($0.042) per kilowatt-hour in Luzon, 2.08 pesos ($0.04)
per kWh in the Visayas, and 1.02 pesos ($0.02) per kWh in
Mindanao, DebtTraders analysts, Daniel Fan (852-2537-4111) and
Blythe Berselli (1-212-247-5300) reported, citing the Business
World news.

The rate is still higher than CE Casecnan's levelized price of
electricity from the project at 1.80 Philippine pesos (US$0.035)
per kilowatt-hour over a 50-year period.


NATIONAL POWER: Expands Coverage of Pricing Incentive Program
-------------------------------------------------------------
Large industrial and commercial electricity users nationwide may
soon start to enjoy lower power rates as the National Power
Corp. (Napocor) expands the coverage of its pricing incentive
program to different distribution utilities and electric
cooperatives, according to the Philippine Department of Energy.

Napocor signed two weeks ago a memorandum of agreement (MOA)
with the Angeles Electric Corp.; Cabanatuan Electric Corp.;
Cagayan Electric Power & Light Co. (CEPALCO); Dagupan Electric
Corp.; Iligan Light & Power, Inc.; La Union Electric; Tarlac
Electric Inc.; San Fernando Electric Light & Power Co.
(SFELAPCO) and Visayan Electric Co. (VECO) on the implementation
of the Special Pricing to Enhance Electricity Demand (SPEED)
program.   

Electric cooperatives led by the Cebu Electric Cooperative, Inc.
(CEBECO), which serves large industries in the highly urbanized
Cebu City, also signed a MOA with Napocor for the SPEED program.   

Energy Secretary Vincent S. Perez, Jr., who witnessed the
signing ceremony, lauded the initiative of the distribution
utilities and electric cooperatives to participate in the
program.   

"After the launching of the SPEED program last July, there has
been a strong clamor from large commercial and industrial
electricity users in the provinces if they could also enjoy the
same benefit of lower power costs. The series of consultations
with these utilities has led to the signing of the MOA on
Thursday. We thank them for their continued support in the
Government's effort to reduce electricity rates," he said.   

"With this MOA, we anticipate that different industries such as
feed mills, beverage and bottling plants, shopping malls,
fertilizer manufacturing plants, food processing plants and
software manufacturing plants, among others, will start to enjoy
reduced power cost. Our estimates show that some 80 large
industrial and commercial users nationwide will benefit from the
SPEED program," Secretary Perez added.      

The SPEED program, which is a joint initiative by the Department
of Energy (DoE) and the Department of Trade and Industry (DTI),
was originally intended for some 656 large industrial and
commercial customers in the Manila Electric Co. (Meralco)
franchise area covering Metro Manila and nearby provinces such
as Bulacan, Rizal, Cavite and Batangas).   

To heed President Gloria Macapagal-Arroyo's call of reduced
electricity rates, the SPEED program was expanded. With this
program, a larger number of electricity users nationwide will
enjoy much lower power rates and at the same time reduce
Napocor's unutilized power.   

In her State-of-the-Nation-Address (SONA) last July, President
Arroyo bared the Government's strong will to reduce power costs,
saying "It is not a pet concern for the moment. I think about it
all the time." She rallied all government agencies, electric
companies, electric cooperatives and the private sector to throw
in their full support in the drive to cut power rates and
improve the efficiencies of the power companies to ease the
burden on the consumers.  

The SPEED program will be implemented in phases. Phase I will
cover industrial and commercial customers with a minimum monthly
demand of 1,000 kilowatts (kW). The second phase will be allowed
customers with a minimum monthly demand of 500 kW.  

Under the expanded SPEED program, directly connected customers
with existing power supply contract with Napocor and customers
of distribution utilities with existing power supply contract
with Napocor may avail of the pricing discount.   

The price discount will be applied on the customers' incremental
consumption or above its customer base line.   

In the Luzon grid, Napocor will give a fixed discount of 80-
centavos per kWh. In Cebu-Negros grid, Napocor will give a fixed
discount of 70-centavos per kWh. Given that Napocor's power rate
in Mindanao grid is already the lowest among the grids, Napocor
will offer a 10-centavo per kWh rate discount.   

Under the MOA, distribution utilities and electric cooperatives
are required to pass on wholly the Napocor discount rate to the
customers. Power sourced by the utilities from their own
independent power producer will not carry any discount rate.   

For their part, the distribution utilities and the electric
cooperative will implement a program called SPEED-Rider, which
is a counterpart measure designed to provide discount on the
distribution cost. The rate of discount on the distribution
cost, however, will be customized in such a way that it
specifically responds to the market realities in their
respective areas.   

The SPEED pricing program will take effect upon the approval of
the Energy Regulatory Commission (ERC) until the billing month
of September 2004 or upon the full implementation of the
wholesale electricity spot market or until such time when there
is still available unused generating capacity in a particular
grid, whichever comes first.


NATIONAL POWER: Posts 17.46B Net Loss
-------------------------------------
The National Power Corp. (Napocor) incurred a net loss of 17.46
billion pesos for the first seven months of this year due to a
fall in the power demand of the Manila Electric Co. (Meralco),
the Philippine Star said on Monday, citing Napocor Officer-In
Charge Roland Quilala.

Quilala cited other factors that have greatly affected the
Company's financial performance for the period of January to
July 2002.

One of these factors is the commercial operation of the new
independent power producers (IPPs).

Quilala said the two new IPPs namely Casecnan HEP and Ilijan
Natural Gas project became operational in April and June this
year.

Prior to this, the Bakun I and CBK Power project both became
operational in March 2001. These four belong to the category of
ineligible IPPs (not approved by the Energy Regulatory
Commission to December 2000); hence, ERC approval of their
inclusion in the automatic cost recovery is not expected.

Quilala said Napocor has no choice but to shoulder in full all
the purchased power cost related to these IPPs.

Another factor that contributed to substantial losses of the
power firm was the government's rate reduction program, which
was implemented during the period under review.

According to Quilala the two programs which aimed to lessen the
cost of power to consumer further aggravated the firm's losses,
the implementation on July 2001 of the 30 centavo per
kilowatthour (kWh) Mandatory Rate Reduction Program of Republic
Act 9136 and the reduction in purchased power cost adjustment
(PPCA) charges to 40 centavos/kWh effective May 8, 2002.

The programs reduced the power firm's revenue by P1.71 billion
and P4.5 billion, respectively.

Quilala stressed that there was an overall decrease in the
utilization of all major plants, Napocor-owned as well as IPPs.

Based on Napocor data, this was basically due to the lower
demand for Naporcor's electricity.

Quilala said it was the first time in Napocor's history that the
Company registered a negative net operating income.

The increase in losses was incurred despite Napocor's effort to
trim down its expenses. For the period under review, Company
sales actually dropped by 1.4 percent from P62.4 billion to
P61.55 billion.


SHEMBERG GROUP: Buyers Expresses Concern Over Rehab Plan
--------------------------------------------------------
Buyers of Shemberg Group's products expressed concern over
criticisms on the planned rehabilitation scheme of the ailing
Company, the Business World reported Monday.

The Company biggest buyer Ingredients Solutions Inc. (ISI),
recently informed Shemberg President Benson U. Dakay that it
would source only 80 percent of its annual carrageenin
requirements from the Shemberg Group instead of the earlier-
planned 95 percent.

Other buyers like Sara Lee and Den-Mat Corp., have also been
"concerned" over the adverse publicity generated by delays in
the rehabilitation plan approval, CEO Benson Dakay said.

Harris J. Bixler, owner of ISI, will allocate 95 percent of his
Company's $20-million carrageenin requirements to Shember
Biotech Corp. (SBC) and its parent Company Shemberg Marketing
Corp. (SMC). But he changed his mind after reading a news
article pushing for SBC's closure, Mr. Dakay said.

"He (Mr. Bixler) told me he will buy 95 percent of his
requirements from Shemberg after I showed him our expansion
program and plans to upgrade product quality last week. But
after reading the news, he changed his mind. He was afraid that
we would really be closed," Mr. Dakay said.

"ISI is one of our biggest buyers. In fact, it is one of the
biggest buyers in the US outside of FMC," he added. ISI is much
bigger than Mars, which sources $6 million worth of carrageenin
from Shemberg.

The CEO is now trying to assure Shemberg's buyers that there is
no reason for both SBC and SMC to close shop and that both
companies can deliver carrageenin.

Carrageenin is a gum extract from red seaweeds that is used as a
stabilizing agent and thickener, among others, in dairy
products, processed meat, toothpaste and other personal care
products, and vitamin capsules.

"I assured them (buyers) that we could deliver. I told them we
have been paying the banks and there's no reason for our
creditors to shut us down," Mr. Dakay said.


URBAN BANK: ExportBAnk Explores Other Possible Acquisitions
-----------------------------------------------------------
Export and Industry Bank (Exportbank) is now ready to explore
other possible acquisitions, after entering their second year of
its take over of Urban Bank, the Business World reported, citing
Exportbank President Benjamin Castillo.

Industry sources earlier said Exportbank is finalizing talks for
the possible acquisition of a thrift bank. Mr. Castillo declined
to comment on the same. He, however, said that "having a thrift
bank license will be beneficial" to Exportbank.

The thrift bank arm of Urban Bank, Urban Development Bank, was
not included in the package of Urban Bank subsidiaries to be
rehabilitated by Exportbank.

Since the merger with Urban, Mr. Castillo said Exportbank has
managed to bring down its non-performing loan level to 26
percent from 80 percent at the start of the merger.

Earlier, Exportbank Chairman Sergio Ortiz-Luis said the bank is
not likely to dispose of its non-performing loans and assets
through a special purpose asset vehicle (SPAV) or a Company that
buys non-performing assets at deep discounts. (M&A REPORTER-ASIA
PACIFIC, Vol. No.1, Issue No. 183, September 16, 2002)


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


ASIA PULP: IBRA Installs Former Minister to Monitor Finances
------------------------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) has installed
Indonesia's former top economic Minister Burhanuddin Abdullah
and five other officials to monitor the finances of Asia Pulp &
Paper Co. (APP) that defaulted on more than $13 billion of debt
last year, Bloomberg reports.

Abdullah and one official will be placed at the parent Company,
while the other four will watch over Asia Pulp's four operating
firms, agency Chairman Syafruddin Temenggung said.

The supervision starts on September 15.


CHARTERED SEMICONDUCTOR: Unveils Rights Offering
------------------------------------------------
On September 2, 2002, Chartered Semiconductor Manufacturing Ltd
announced its proposed eight-for-ten renounceable rights
offering (Rights Offering), underwritten by Merrill Lynch
(Singapore) Pte. Ltd. (the Rights Offering Announcement).

All terms and references used in this Announcement which are
defined or construed in the Rights Offering Announcement, but
are not defined or construed in this Announcement shall have the
same meaning and construction as defined in the Rights Offering
Announcement.

2. LISTING APPROVALS GRANTED BY SINGAPORE EXCHANGE SECURITIES
TRADING LIMITED AND NASDAQ NATIONAL MARKET

The Board of Directors of the Company announced that it has on
September 13, 2002 received the in-principle approval of
Singapore Exchange Securities Trading Limited for the listing of
and quotation for the Share Rights and the Rights Shares on the
Official List of the Singapore Exchange and the approval of
Nasdaq National Market (Nasdaq) for the quotation for the ADS
Rights on Nasdaq.

The new ordinary shares and new ADSs to be issued pursuant to
the Rights Offering will be listed and/or quoted on the
Singapore Exchange and Nasdaq, respectively.

3. LODGMENTS AND AVAILABILITY OF THE RIGHTS PROSPECTUS

The Company further announces that a copy of the prospectus
supplement dated September 14, 2002 (to the prospectus dated
March 19, 2001) issued in connection with the Rights Offering
has been lodged with The Monetary Authority of Singapore (the
MAS).

A copy of the Rights Prospectus will also be filed with The
Securities and Exchange Commission (the SEC) in the United
States.

For a copy of the Rights Prospectus and the Company's Letter to
Shareholders and ADS Holders, go to
http://bankrupt.com/misc/TCRAP_CharteredSemicon0916.pdf
http://bankrupt.com/misc/TCRAP_CharteredSemicon0916p2.pdf

DebtTraders reports that Chartered Semiconductor Mnfg's 2.500
percent convertible bond due in 2006 (CSM06SGN1) trades between
89 and 91. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=CSM06SGN1.


EASYCALL INT'L: Dilution of Equity Interest in Philippines
----------------------------------------------------------
EasyCall International Limited announced that its operating
Company in the Philippines, EasyCall Communications Philippines,
Inc. (ECPI), has received in-principle approval from the
Philippine Stock Exchange for the following:

(1) an additional equity injection of Peso 50 million
(approximately A$1.7 million/S$1.7 million) from its substantial
shareholder, Global E-Business Solutions, Inc. (GEBSI), in the
form of a private placement of 50 million new ECPI shares at par
value of Peso1 per share; and

(2) the conversion of shareholder loans amounting to Peso 12.5
million (approximately A$0.4 million/S$0.4 million) from the
EasyCall Group to 12.5 million new ECPI shares at par value of
Peso1 per share.

The proceeds from the aforementioned new issues will be used to
support the working capital needs of ECPI's call centre and
Internet data centre (IDC) operations. ECPI has recently entered
into a 50/50 joint venture agreement with US-based Centralized
Marketing Company (CMC) and secured a 25 percent equity
participation in iAspire.Net (Phils.), Inc (iAspire). ECPI's
joint venture with CMC (which currently has a 250-seat call
centre operation in the US) is aimed at accelerating its entry
and access to the foreign call centre market, while its
investment in iAspire is expected to increase the utilisation of
its IDC infrastructure, leading to higher revenues.

Following the new issues, GEBSI's equity stake in ECPI will be
increased from 33.3 percent to around 46.7 percent whilst that
of EasyCall will be reduced from 56.0 percent to 45.7 percent.
EasyCall's dilution in ECPI is in line with its intention to
focus its resources on its new core business of education in
China.

Singapore Office:
EasyCall International Pte Ltd, 63 Ubi Avenue 1, #06-05 Boustead
House, Singapore 408937
Tel: +65 6742 7789 Fax: +65 6742 7767

For further information or queries, contact Loh Kai Keong or
Alvin Kok at (65) 6742 7789, or via email at
kk.loh@easycall.com.sg or alvin.kok@easycall.com.sg.


EASYCALL INTERNATIONAL: Narrows Net Loss to A$1.7M
--------------------------------------------------
EasyCall International Limited, a Company listed on the
Australian and Singapore stock exchanges, announced Thursday
that for the year ended 30 June 2002, the Group had slashed its
net loss after tax to A$1.7 million (S$1.6 million) from the
high of A$45.1 million (S$43.4 million) recorded a year ago.

The significantly lower net loss this year was largely
attributable to the non-recurrence of restructuring
provisions/charges taken up last year, a A$2.3 million (S$2.2
million) year-on-year reduction in operating losses and gains
recognized this year arising from the liquidation of the Group's
Singapore Internet data centre (IDC) business (A$0.8
million/S$0.8 million) and the dilution of its interest in the
Philippines (A$1.1 million/S$1.1 million).

The Group undertook a restructure of its operations last year to
weed out loss making operations, taking one-time charges
totaling A$39.4 million (S$37.9 million). These comprised A$13.7
million (S$13.2 million) in impairment provisions against the
Group's Internet network infrastructure and paging
infrastructure equipment, a A$22.2 million (S$21.4 million)
provision made in respect of its Thai paging operations and a
A$3.5 million (S$3.4 million) charge arising from the disposal
of its Indonesian paging operations.

Net cash burn after capital expenditure this year was around
A$13.0 million (S$12.5 million), comparable to that last year.
Whilst the restructure exercise resulted in deep cuts in
recurring cash outlays this year, revenues lost due to the
winding down of the Philippine paging operations offset these
savings.

At the same time, capital expenditure was not significantly
lower this year, although the A$8.7 million (S$8.4 million)
spent on IDC equipment last year did not recur, the Group's
Tianjin education startup accounted for a comparable level of
capital spending. These comprised progressive payments on the
acquisition of land use rights and construction costs for the
new campus.

Year Ended

A$ million 30 Jun 2002  30 Jun 2001

Loss Before Abnormal Items and Tax (6.3)  (12.5)

Abnormal Items Before Tax 1.8  (39.4)

Loss Before Tax (4.5)  (51.9)

Income Tax 1.8  3.2

(Profit/(Loss) After Tax (2.7)  (48.7)

Outside Equity Interests 1.0  3.6

Net Profit/(Loss) After Tax Attributable to Members (1.7)  
(45.1)
    
Earnings/(Loss) Per Share (A$) (0.01)  (0.21)
Net Tangible Assets Per Share (A$) 0.10  0.11
Cash Backing Per Share (A$) 0.09  0.13

Group revenues this year amounted to A$6.5 million (S$6.3
million), 55 percent lower than the A$14.4 million (S$13.9
million) generated last year. This reflected a 70 percent
decline in revenue contribution from the Philippine paging
operations resulting from the winding down of operations during
the year, the loss of revenue contribution from the Indonesian
paging operations (which was disposed of in January 2001) and
lower interest income (due to lower cash reserves this year and
the termination of interest revenue from the shareholder loan
advanced to the Thai paging operations).

The Group's operating loss this year was trimmed to A$6.3
million (S$6.1 million) from A$12.5 million (S$12.0 million) a
year ago, an overall reduction of 50 percent year-on-year. This
was largely attributable cost savings realized following the
restructure of the Group last year. The closure of the IDC
operations in Singapore and Malaysia, along with the downsized
head office and Philippine IDC setup accounted for the bulk of
these savings.

The Singapore IDC of the Group was wound up in August 2001 as
part of a restructuring exercise to reduce operating losses in
the Group. The subsequent deconsolidation of this business from
the Group accounts resulted in a net gain of A$0.8 million
(S$0.8 million).

As part of plans to strengthen its call centre and data centre
businesses in the Philippines, the Group secured the equity
participation of a new strategic partner in its Philippine
operating entity in November 2001. This effectively diluted the
Group's interest in the Philippines which gave rise to a A$1.1
million (S$1.1 million) net gain to the Group.

A further A$1.8 million (S$1.7 million) in unused tax provisions
was written back this year, although this was significantly
lower than the A$3.2 million (S$3.1 million) written back last
year.

Consolidated net tangible assets as at 30 June 2002 stood at
A$22.2 million (S$21.4 million) or equivalent to 10 Australian
cents (10 Singapore cents) per share. The Group still holds cash
reserves of A$20.1 million (S$19.4 million), or equivalent to a
cash backing per share of 9 Australian cents (9 Singapore
cents).

Tianjin Education Business

As announced recently, the Group has made an initial capital
injection of US$2.5 million (approximately A$4.5 million/S$4.3
million) to fund initial start-up expenses and costs of
completing the campus building in Tianjin, China. A further loan
facility of RMB40 million (approximately A$8.8 million/S$8.5
million) has been taken up by the Group's Chinese subsidiary,
Tianjin Morgan Educational Management and Consultation Co., Ltd,
to fund progressive payments on the purchase of the land use
rights.

Construction of the new campus has been largely completed and
enrollment of students for the new academic year starting
October 2002 is currently underway.

Future Prospects

With the eventual closure of the Philippine paging operations in
the next couple of months, the Group will lose another source of
revenue. However, this loss will be mitigated by revenue
contribution from the Group's new Tianjin College that will come
downstream from the following month. This, together with the
improving utilization of the Group's Philippine IDC as well as
better prospects engendered by a new partnership with an
American call centre is expected to halt, if not reverse, the
revenue downtrend.

Whether this will lead to an immediate return to profitability
for the Group is uncertain as gestation losses are not uncommon
for new businesses experiencing teething problems while going
through a learning curve. However, with stringent controls and a
prudent approach to management, the Group remains cautiously
optimistic of a turnaround in profitability within the next two
years.

EasyCall is listed in Australia (EZY), Singapore (EasyCall) and
the Philippines (ECP).

For further information or queries, please contact Loh Kai Keong
or Alvin Kok at (65) 6742 7789, or via email at
kk.loh@easycall.com.sg or alvin.kok@easycall.com.sg.


ELLIPSIZ LTD: Posts Notice of Change in Shareholder's Interest
--------------------------------------------------------------
Ellipsiz Limited posted a notice of changes in substantial
shareholder Pao Ning Yu's interest:

Date of notice to Company: 12 Sep 2002
Date of change of interest: 05 Sep 2002
Name of registered holder: Pao Ning Yu
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: 50,000
Percentage of issued share capital: 0.0253
Amount of consideration per share excluding brokerage, GST,
stamp duties, clearing fee: S$0.175
No. of shares held before change: 22,191,416
Percentage of issued share capital: 11.2078
No. of shares held after change: 22,141,416
Percentage of issued share capital: 11.1825

Holdings of Substantial Shareholder including direct and deemed
interest
                                   Deemed    Direct
No. of shares held before change:     0    22,191,416
Percentage of issued share capital:   0       11.2078
No. of shares held after change:      0    22,141,416
Percentage of issued share capital:   0       11.1825

Total shares: 0 22,141,416


FLEXTECH HOLDINGS: Updates Shareholders and Investors
-----------------------------------------------------
The Board of Directors of Flextech Holdings Limited, with
reference to the news article reported in The Business Times,
advised that the Company will be making an announcement in the
course of next week to update its shareholders and investors.

More details will be included in the forthcoming announcement to
address the concerns over the debt position of the Flextech
group of companies.

The Company expects to announce its half-year results in late
September 2002.


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


GAJAH TUNGGAL: Reduces Debt to US$320M
--------------------------------------
PT Gajah Tunggal, Thailand's largest tire producer, reduced its
debt to US$320 million after signing a debt restructuring
agreement earlier this month, Asia Times reported.

Company official Chatarina Widjaja said the company reached an
agreement with its creditors on September 6 to restructure debts
totaling $528 million including $360 million in syndicated debt
and $168 million in bilateral debt.


ROBINSON STORE: To Apply for Capital Increase
---------------------------------------------
Reference is made to an order of the Central Bankruptcy Court,
in Rehabilitation Red Case No. For. 21/2543, dated 2 May 2000,
to the effect that Robinson Department Store Public Company
Limited increase its paid-up capital from Baht 1,448,881,510.00
to Baht 14,808,815,100.00 in compliance with the provisions of
the rehabilitation plan.

According to Jongkolrattana Lamvilai, Vice President for
Financial Line, the Company will apply for registration of the
increase of the paid-up capital on 23 September 2002 and will
allocate the shares from the capital increase to its creditors.

In addition, pursuant to the rehabilitation plan, the Company is
required to reduce its registered capital by 25 per cent
subsequent to the capital increase by means of a reduction in
the number of shares in proportion to the number of shares held
by the shareholders.

Therefore, the Company hereby fixes the date for the closure of
the register of shareholders on 27 September 2002 at 12:00 hours
so that the names of the shareholders and the numbers of their
shares to be so reduced can be determined.


JASMINE INTERNATIONAL: Sirinaruemitr Steps Down as Chief
--------------------------------------------------------
Director Somboon Patcharasopak of Jasmine International Public
Company Limited said Monday that Phongchai Sirinaruemitr has
resigned as President, Director and Executive Director of
Thailand's biggest undersea fiber-optic network operator
effective 1 October 2002.

Mr. Patcharasopak did not disclose the reason for Mr.
Sirinaruemitr's resignation.

Early this month, TCR-AP said that Citigroup Inc. has asked a
Thai court to block a proposal from Jasmine International to
change how the Thai telecom company repays about 12 billion baht
($284 million) in defaulted debt.

Chokechai Nilijiansakul, a lawyer at Linklaters (Thailand) Ltd.
who is representing the Thai arm of Citigroup's Citibank unit at
the Central Bankruptcy Court, told the court that Jasmine had
assets of about 17 billion baht and liabilities of 16 billion
baht on December 31.

Jasmine is seeking protection from Citibank, Bangkok Bank Pcl
and other creditors as it prepares to revamp debt payment.
Jasmine said it needs a bailout because it is not generating
enough cash to repay foreign-currency debt.

The company stopped paying debt at the end of 2001. It turned to
a second-quarter loss of 1.4 billion baht after recording a 169
million baht profit a year earlier.


THAI-GERMAN CERAMIC: Offers 3.9 Million Ordinary Shares
-------------------------------------------------------
Thai-German Ceramic Industry Public Company Limited reported
Thursday to the Stock Exchange of Thailand the results of the
sale of shares.

The company has offered 3,950,000 ordinary shares to Private
Basis (DEG-Deutsche Investitions - und Entwicklungsgessellschaft
mbH) for a Price per share of Baht  25.

Subscription and payment period was 3 September 2002.

Details of the sale:

                    Thai investors     Foreign investors
                   Juristic  Natural   Juristic  Natural   Total
                    persons  persons    persons  persons
Number of persons      -        -          1        -        1    
Number of shares       -        -      3,950,000    -  3,950,000
Subscribed
Percentage of total    -        -         100       -       100   
Shares offered for sale

Total amount of money received from the sale of shares was
98,750,000 million Baht.



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,
Salve M. Mordeno, Maria Cristina Pernites-Lao, Editors.

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

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

The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
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                 *** End of Transmission ***