/raid1/www/Hosts/bankrupt/TCRAP_Public/020919.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

         Thursday, September 19, 2002, Vol. 5, No. 186

                         Headlines

A U S T R A L I A

AUSTRIM NYLEX: Shares Fall Following Crowley's Resignation
COLES MYER: Chairman Wallis Denies He Misled Board
FLOWCOM LIMITED: Announces Major Funding Plan Developments
HIH INSURANCE: Commission Told of Wein's Last-minute Spending
NEWCREST MINING: Risk Profile Has Improved, BNP Says


C H I N A   &   H O N G  K O N G

BONFIRE INTERNATIONAL: Faces Winding Up Petition
CARNATION INDUSTRIES: Winding Up Hearing Set for October 30
EVERBRIGHT OFFSET: Winding Up Petition Hearing Set
CHINA LOGISTICS: Posts HK$1.12B Loss in First Half
KADER HOLDINGS: First-half Loss Widens to HK$24.4M

REGAL INTERNATIONAL: Trading Suspended at HK Exchange
UNION PLAN: Court Sets October Winding-Up Hearing
VISION CENTURY: First-half Loss Reduced to HK$7.676M


I N D O N E S I A

BANK DANAMON: Assigned B- Rating by S&P
BANK NIAGA: Panel Rejects CAHB Bid
GAJAH TUNGGAL: Will Invest $146M in Tires to Improve Production
PERTAMINA: Rejects World Bank Proposal to Privatize Assets
PT JABABEKA: Hopes to Restructure US$267M Debt This Year


J A P A N

LONG-TERM CREDIT: Former Head Appeals Court Ruling
NIPPON MEAT: Farm Ministry Starts Inspecting Meat Firm
SHOWA DENKO: Signs Joint Venture Agreement in China
TOKYO ELECTRIC: Araki, Minami to Resign From Posts


K O R E A

DAEWOO MOTOR: Creditors Will Not Recover Loans
DAEWOO MOTOR: Creditors to Write-off $15B Debt
HYNIX SEMICONDUCTOR: Memory-Chip Price Must Double
HYUNDAI HEAVY: Issues Contract for Overseas Bonds
KOREA LIFE: Hanwha's Qualifications as Bidder Under Dispute

KOREA THRUNET: Unveils Closing Sale of HFC Network to Powercomm


M A L A Y S I A

GULA PERAK: Board Fixes Conversion Price for RCSN
PERAK CORPORATION: Enters Sale Agreement With Ng Ah Yee
PSC INSUSTRIES: SC Approves Rehab Plans
SASHIP HOLDINGS: Court Orders Capital Reduction
SASHIP HOLDINGS: Updates Exchange on Winding-up of Powermatic

SITT TATT: Directors Enter Share Sale Agreement With MISL
SUNWAY HOLDINGS: Schedules EGM for October 3
TECHNOLOGY RESOURCES: Replies to KLSE Newspaper Reports Query
TIME DOTCOM: Confirms Sale of Major Unit to Maxis


P H I L I P P I N E S

BAYAN TELECOMMUNICATIONS: Confident of Debt Pact This Year
BENPRES HOLDINGS: Interest Payment on Commercial Paper Due 2003
METRO PACIFIC: Ayala land Invited to Join Bid Process
NATIONAL BANK: 44.98% Stake Disposal May Take 5 Years
NEXSTAGE INC.: SEC Approves Equity Restructuring Request

PHIL-ASIA CARE: SEC Orders Offices' Closure
PHILIPPINE LONG: Management Presents Philippine Equity Roadshow
UNITRUST DEVELOPMENT: Clarifies Business World Report


S I N G A P O R E

CHARTERED SEMICONDUCTOR: Nasdaq, SGX Grant Share Rights Listing
CHARTERED SEMICON: Announces Availability of Rights Prospectus
CHARTERED SEMICON: Posts Timetable of Principal Events for ADS
PENTON INTERNATIONAL: Sunningdale Pulls Out of Rescue Plan
SEMBCORP INDUSTRIES: Posts Notice of Shareholder's Interest


T H A I L A N D

ITALIAN-THAI: TRIS Cancels Ratings
JASMINE INTERNATIONAL: Court Orders Rehabilitation
KRUNG THAI: Credit Card Unit Plans IPO in October
THAI PETROCHEMICAL: Court to Hear Claim Against Former Head
THAI REINSURANCE: S&P Assigns BBB Ratings

THAI SANSIRI: Property Firm Sees Return to Profit in '02

     -  -  -  -  -  -  -  -

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


AUSTRIM NYLEX: Shares Fall Following Crowley's Resignation
----------------------------------------------------------
Shares in diversified manufacturer Austrim Nylex Ltd closed 1.5
cents, or 6.52 percent, lower at 21.5 cents on a volume of just
over 1.1 million shares on Tuesday, Asia Pulse reported.

Austrim shares were at 24 cents at the end of last week.

Shaw Stockbroking analyst Brent Mitchell said the fall was
related to managing director Peter Crowley's departure, which
will take effect on December 31, 2002.

The company hopes to announce a replacement within one month.

Some in the market had seen Mr Crowley as "the hope going
forward" who had given Austrim a more stable base.

In August, TCR-AP reported that Austrim would undergo more
restructuring in this financial year in a bid to turn around its
fortunes, after the company booked a net loss of A$151.98
million (US$82.62 million) for the year ended June 30, 2002,
against a loss of A$269.23 million (US$146.35 million) for the
previous year. The company did not declare any dividends in
2001/02.


COLES MYER: Chairman Wallis Denies He Misled Board
--------------------------------------------------
Coles Myer Ltd. Chairman Stan Wallis has rejected a report in
the Australian newspaper alleging he misled the company's board
by not telling them he would sound out separately their views on
retiring directors, including dissident director Solomon Lew.

"At no time have I misled the board of Coles Myer nor have I
been involved in any ambush of Mr. Lew," Wallis said in a
statement released to the Australian Stock Exchange.

Wallis also lashed out at the leak of confidential boardroom
communications to the media, adding "inaccurate and distorted
representations" not only mislead the public but breach basic
and universally accepted tenets of proper boardroom conduct.

Earlier, Wallis surprised analysts by saying he planned to leave
the chairman's job and the board altogether after the November
20 annual general meeting.

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.


FLOWCOM LIMITED: Announces Major Funding Plan Developments
----------------------------------------------------------
Following announcements in August by FlowCom Limited in relation
to discussions taking place regarding debt restructure,
negotiations have been continuing with a number of parties.

FlowCom, Australia's second telecommunications carrier,
announced Tuesday the signing of a three-way letter of intent
with its secured lender, Alcatel, and a new strategic investor
to restructure its debt. This letter of intent is subject to due
diligence, any necessary third party approvals and approval at a
General Meeting by FlowCom shareholders.

Under this three-way letter of intent, a new strategic investor
in FlowCom, Delgrave Enterprises Pty Limited, will acquire over
80% of the current $14.3 million secured FlowCom debt to
Alcatel. The secured Alcatel debt remaining in FlowCom following
completion of these arrangements would be repayable over four
years.

Delgrave and FlowCom have separately signed a heads of agreement
covering arrangements whereby Delgrave would provide funding and
other resources to FlowCom, and convert most of their secured
debt to equity in FlowCom. These arrangements, too, are subject
to due diligence, any necessary third party approvals and
approval at a General Meeting by FlowCom shareholders.

Successful achievement of the above outcomes will result in the
removal of most of the group's debt, the provision of additional
working capital to FlowCom, as well as the appointment of new
executive management to strengthen FlowCom's sales, marketing
and business development performance.

Under the heads of agreement, it is proposed that Delgrave will
provide FlowCom with $1 million for its working capital
requirements and, subject to the FlowCom General Meeting,
Delgrave will swap secured debt for new shares representing
approximately 45% of FlowCom.

The heads of agreement between FlowCom and Delgrave also allow
for further working capital injections to FlowCom if appropriate
to pursue the Company's current plans.

The funding and other resourcing arrangements with Delgrave, if
completed, will enable FlowCom to pursue more aggressively its
current plans for its high speed data access DSL business
services and continue to develop additional distribution
channels to meet the growth opportunity in this area.

Documentation for the proposed general meeting is currently
being prepared and an announcement on the timing of the meeting
to consider the offer will be made shortly. It is expected that
the meeting will take place as soon as practicable in late
October.

As part of the finalization of the restructure documentation,
the parties have now entered into a 10-day due diligence period.

FlowCom Limited - www.flow.com.au - is a licensed
telecommunications carrier and an established service provider
of DSL Broadband and dial-up Internet, Virtual Private Networks,
voice services, managed Web hosting, co-location services,
Virtual ISP and Facilities management.

Delgrave Enterprises Pty Limited is a private company formed for
the purpose of making an investment in FlowCom.

For further information, contact FlowCom Limited Finance
Director Ed Goodwin at telephone (02) 9263 5000, fax (02) 9264
9868.


HIH INSURANCE: Commission Told of Wein's Last-minute Spending
-------------------------------------------------------------
Hearings at the HIH Royal Commission continue into the collapse
of HIH Insurance with the former chief executive rejecting
claims he put directors' financial demands ahead of those of
policyholders.

The inquiry heard that during the insurer's final days, Randolph
Wein authorized millions of dollars in payments to HIH's
directors, lawyers and consultants. In a number of cases,
invoices and bonus payments were paid out in the company's final
24 hours.

Mr Wein, however, denied he pushed the payments through because
he knew liquidation was imminent. He told the commission some
staff had threatened to resign so he felt it was his only course
of action.

Mr Wein became HIH's chief executive officer three-and-a-half
months before liquidators arrived in March last year.


NEWCREST MINING: Risk Profile Has Improved, BNP Says
----------------------------------------------------
BNP Paribas Equities maintains outperform rating on Newcrest
Mining Ltd after the gold miner successfully completed its A$216
million equity raising.

The equity raising was conducted in an overnight bookbuild
underwritten by Credit Suisse First Boston (CSFB) and JB Were.

BNP says that on positive side, company's balance sheet has been
enhanced, but on negative side, placement dilutes EPS by 6%-10%,
EBITDA by 10% and reduces longer-term NPV.

Nevertheless, analyst says "on balance, the placement improves
the risk profile for Newcrest and the company continues to offer
outstanding growth and remains a compelling target for investors
and major global gold predators."


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


BONFIRE INTERNATIONAL: 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 Bonfire International 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.


CARNATION INDUSTRIES: Winding Up Hearing Set for October 30
-----------------------------------------------------------
The date for hearing of the petition to wind up Carnation
Industries Limited is scheduled for October 30, 2002 at 10:00
a.m. at the High Court of Hong Kong.

RBG Resources PLC (in liquidation) of Grant Thornton House,
Melton Street, Euston Square, London NW1 2EP., U.K., filed the
petition with the said court last August 3, 2002.


EVERBRIGHT OFFSET: Winding Up Petition Hearing Set
--------------------------------------------------
The petition to wind up Everbright Offset Printing Factory
Limited was set for hearing before the High Court of Hong Kong
on November 11, at 10:00 am.

Li Tak Yiu of Room 2126, Shing Wai Hous, San Tin Wai Estate,
Shatin, New Territories, Hong Kong, filed the petition with the
said court last June 21, 2002.


CHINA LOGISTICS: Posts HK$1.12B Loss in First Half
--------------------------------------------------
China Logistics Group Ltd. reported an after-tax loss of
1,122,948,000 for the six-month period ending September 30,
compared with a profit of HK$2.75 million in the same period of
the previous year.

Revenue for the year 2001 was recorded at HK$101.9 million
against HK$111.56 million in 2000.

Half-year divided was omitted in both fiscal years.


KADER HOLDINGS: First-half Loss Widens to HK$24.4M
--------------------------------------------------
Kader Holdings' net loss widened to HK$24.4 million for the six
months ended June, up 3.38 percent from HK$23.61 million a year
earlier, Quamnet News reported.

Loss per share was 3.7 HK cents versus 3.6 HK cents.

No interim dividend was declared, unchanged from the same period
last year.


REGAL INTERNATIONAL: Trading Suspended at HK Exchange
-----------------------------------------------------
The Hong Kong stock exchange said that trading in the shares of
hotel operator Regal Hotels International, including property
investor Century City and Paliburg Holdings were suspended on
Wednesday.

Shareholders of the property and hotel companies met yesterday
to consider a restructuring of HK$3.6 billion in Paliburg debt
that would involve a series of share swaps and transfers between
the companies and creditors and Paliburg controlling shareholder
Lo Yuk-sui and his family.

Regal said it would issue up to HK$100 million of 18-month 5
percent convertible bonds to finance debt repayments and general
working capital. The bonds would convert at a price of 10 HK
cents a share.


UNION PLAN: Court Sets October Winding-Up Hearing
-------------------------------------------------
Bank of China (Hong Kong) Limited of 14/F., Bank of China Tower,
No. 1 Garden Road, Central, Hong Kong, is seeking for the
winding up of Union Plan Industries Limited.

The petition was filed on July 9, 2002 at the High Court of Hong
Kong, and will be heard before the court on October 9, 2002 at
9:30 a.m.


VISION CENTURY: First-half Loss Reduced to HK$7.676M
----------------------------------------------------
Vision Century Corporation Ltd reported that its net loss for
the six months to June was reduced to HK$7.676 million compared
to a loss of HK$177.017 million in the same period of last year.

Operating loss was recorded at HK$1.289 million from a loss of
HK$162.291 million, on sales of HK$279.89 million.

Loss per share was 0.4 cents against 10.6 cents.

No interim dividend was declared, and remained unchanged from
the same period last year.


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


BANK DANAMON: Assigned B- Rating by S&P
---------------------------------------
Standard & Poor's Ratings Services said Tuesday it has assigned
its single-'B'-minus long-term and 'C' short-term local and
foreign currency counterparty credit ratings to Indonesia's
fifth largest bank, PT Bank Danamon Indonesia Tbk. The outlook
is stable.

S&P said the ratings reflect the inherently risky operating
environment in Indonesia, where there are substantial economic
and financial difficulties, and an asset book dominated by
government local currency recapitalization bonds, which gives
the bank a low ratio of loans to assets.

"While Danamon has a smaller market position than its two major
rivals, Bank Mandiri and Bank Negara Indonesia (both rated: B-
/Stable/C), with a 5 percent share of system assets and
deposits, the bank enjoys above-domestic industry average
provisioning coverage of 49.5 percent," said Nancy Koh,
associate director at Standard & Poor's Financial Services
group.

Given the lack of viable lending opportunities in the system,
the bank's profitability is highly dependent on interest income
from its government bonds. Despite efforts made by Danamon to
rebalance its assets mix, the bank will find it a tough to
manage reinvestment risk as the bonds mature in stages over the
next eight years. Danamon must also demonstrate its ability to
improve its funding structure, which is largely made up of
short-term deposits and subjects the bank to significant
maturity mismatch.

Danamon is 99.4 percent owned by the government's Indonesia Bank
Restructuring Agency (IBRA), although there are plans to
privatize the bank.

In exchange for the sale of bad loans to IBRA, Danamon has
received a total of Indonesian rupiah (Rp) 48 trillion (US$6
billion) government recapitalization bonds. The proportion of
these bonds is expected to fall as Danamon seeks to rebalance
its earning assets mix to improve yields. As with most
Indonesian banks, Danamon's proportion of loans to assets is low
at about 28 percent as of the first half 2002.

As with the other Indonesian banks, Danamon would have been
insolvent had it not been for the capital injection from the
Republic of Indonesia. At year-end 2001, the bank's adjusted
common equity to assets ratio of 7.8 percent was above major
rated domestic peers.

S&P adds that the stable outlook reflects the expectation that
Danamon will continue to make progress in improving its
financial profile, having benefited from the sale of impaired
loans to IBRA, which gives the bank an NPA ratio below the
domestic industry average.


BANK NIAGA: Panel Rejects CAHB Bid
----------------------------------
After a parliamentary committee rejected a bid by Malaysia's
Commerce Asset Holding Bhd (CAHB) on the grounds that the bid
price was too low, the Indonesian Bank Restructuring Agency's
(IBRA) third attempt to sell a 51% stake in Bank Niaga has again
faced another delay, the IndoExchange reported.

According to local media reports, the committee members told
IBRA that they would not approve any price below IDR30 a share
for the beleaguered bank, which is significantly higher than
Commerce Asset's bid of IDR26.5 per share and IBRA's initial
floor price of IDR24.84 per share.

Ibra chairman Syafruddin Temenggung said then that Commerce
Asset had made a good offer. "They have produced a good business
plan and shown commitment to developing the bank," he noted.

Malaysia's second largest banking group had emerged as the sole
bidder for Bank Niaga last week after the ANZ Panin Consortium
withdrew their bid.

If the Bank Niaga deal collapses, not only will it deprive IBRA
of over one trillion rupiah in income, which is critical for the
agency in meeting its asset sales target for the year, it would
also send negative signals to other investors keen to buy into
Indonesian banks.

Many banking analysts feel that the opposition to the sale of
Bank Niaga is spearheaded by powerful vested interest groups who
do not want to see foreign investors taking over local banks.
"IBRA needs to get some deals done quickly," said Michael
Chambers, head of Research at CLSA Indonesia.

"There are other more difficult sales coming up and those could
be impacted if Niaga is not sold soon."

"Bank Niaga is not worth what is being asked for it, so it's
unlikely that any investor will pay a higher price," Mr Chambers
added. "This could, therefore, very well be a political deal."

Sources told BT that, in fact, ANZ Panin had pulled out from the
bidding process for Bank Niaga due to strict restrictions being
placed by IBRA on any new owner and thus never submitted a final
bid. (M&A REPORTER-ASIA PACIFIC, Vol. No.1, Issue No. 185,
September 18, 2002)


GAJAH TUNGGAL: Will Invest $146M in Tires to Improve Production
---------------------------------------------------------------
PT Gajah Tunggal, Indonesia's largest tire producer, plans to
invest US$146 million to increase production after creditors
agreed to extend about half of its overdue foreign debt,
Bloomberg reports.

Gajah signed a debt restructuring agreement on September 6 with
Goldman Sachs Group Inc., J.P. Morgan Chase & Co. and about 20
other creditors, including ABN Amro Holding NV, Bayerische Hypo-
und Vereinsbank AG and Lehman Brothers Holdings Inc., to extend
US$300 million of debt for six years.

Under the debt plan, the tiremaker may seek more working capital
and loans from creditors at terms yet to be finalized, with
inventory and accounts receivables offered as collateral.

About US$95.8 million will be invested in a new production line
to make bus and truck tires. An additional $82.7 million will be
spent on operations over the next six years.

The agreement ends a four-year bid by creditors to get repaid
and frees the company to invest more in bus and truck tire
production.

The Indonesian government, which took over Gajah Tunggal during
the 1997-1998 Asian crisis, says it is still owed $3.6 billion
by the company and its founder, Sjamsul Nursalim.

TCR-AP reported early this week that Gajah Tunggal reduced its
debt to US$320 million after signing the debt restructuring
agreement.


PERTAMINA: Rejects World Bank Proposal to Privatize Assets
----------------------------------------------------------
Pertamina, Indonesia's oil and gas enterprise, has criticized
World Bank suggestions for the government to sell-off various
assets such as the oil refineries in Cilacap in Central Java and
Balikpapan in East Kalimantan.

President Baihaki Hakim said the cunning strategy is designed to
cripple the company by dividing it into small units. Through
privatization, Pertamina would lose control over its most
profitable business units.

The Cilacap and Balikpapan refineries, which respectively have a
capacity of 348,000 barrels per day and 260,000 barrels per day,
are the largest owned by Pertamina.

Baihaki did not give details of the proposal, but a report in
Kontan weekly last week said the proposal was contained in a
letter sent by former World Bank country director in Indonesia
Mark Baird in May this year.


PT JABABEKA: Hopes to Restructure US$267M Debt This Year
--------------------------------------------------------
Publicly listed developer and operator of industrial estate PT
Jababeka hopes to restructure a debt of US$237 million and Rp269
billion (US$30 million) this year.

Company President Juwandi Dharmono told the Jakarta Stock
Exchange in a report Tuesday its creditors have given initial
agreement when the company promised not to seek haircut.

He said the company plans to issue 12,128,665,377 new shares
with a nominal price of Rp150 per share.

Dharmono said that a compromise with the creditors was reached
through the Jakarta Commercial Court.


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


LONG-TERM CREDIT: Former Head Appeals Court Ruling
--------------------------------------------------
Katsunobu Onogi, former president of failed Long-Term Credit
Bank of Japan, appealed his sentence given a week ago by the
Tokyo District Court for falsifying financial statements to
conceal massive bad loans and other charges, Kyodo News reports.

Onogi was sentenced on September 10 to three years in prison for
violating the securities and exchange law and the Commercial
Code.


NIPPON MEAT: Farm Ministry Starts Inspecting Meat Firm
------------------------------------------------------
The Ministry of Agriculture, Forestry and Fisheries began
inspecting all unchecked packages of beef for which Nippon Meat
Packers Inc. had sought payments under a government buyback
program, Kyodo News reported Tuesday.

The inspection covers 683 tons of 796 tons of beef submitted by
Nippon Meat under the program.

It was reported on August 8, 2002, that Nippon Food disguised
imported beef as a domestic product to qualify for government
subsidies, TCR-AP reports.

The government subsidy system was introduced in the wake of an
outbreak of Bovine Spongiform Encephalopathy disease, known as
BSE, in September 2001.

A number of Japan's major retailers have removed NMP's products
from their store shelves, citing increasing complaints from
customers in the wake of the mislabeling revelation.


SHOWA DENKO: Signs Joint Venture Agreement in China
---------------------------------------------------
Showa Denko K.K. (SDK) recently signed a joint venture agreement
with Inner Mongolia Baotou Steel Rare Earth Hi-Tech Co., Ltd.,
China Metallurgical Import and Export Corporation and Tokai
Trade Co., Ltd. to start producing neodymium-iron-boron (NdFeB)
magnet alloy in Baotou, Inner Mongolia, China.

The new Company, Baotou Showa Rare Earth Hi-Tech New Material
Co., Ltd., will be established in Baotou's high-tech industrial
development zone in December 2002. Construction of a 1,000-
ton/year NdFeB magnet alloy production facility will start in
January 2003, for completion in December of the same year. The
entire product will be sold to SDK, and annual sales of the
joint venture are expected to amount to Y1-1.5 billion.

The joint venture, with registered capital of Y1 billion, will
be owned 60 percent by SDK, 30 percent by Inner Mongolia Baotou
Steel Rare Earth Hi-Tech Co., and 5 percent each by China
Metallurgical Import and Export Corp. and Tokai Trade Co.

SDK has decided to establish the facility in China to secure
stable supply of the raw material Nd and to ensure the
production of high-performance NdFeB magnet alloy at low cost.
China accounts for more than 80 percent of the world's Nd
production. Furthermore, Baotou Iron and Steel (Group) Co., Ltd.
parent Company of the joint venture partner Inner Mongolia
Baotou Steel Rare Earth Hi-Tech Co. owns the majority of Nd
mines in that country.

The joint venture will be employed with 50 people including
three Japanese. Tadahiro Hashimoto (Chairman) and Mitsuhiko
Morihira (General Manager) will led the joint venture, both from
SDK.

SDK has been producing rare earth magnet alloys in Chichibu,
Japan, using its advanced quick-cooling technologies. As the
leading supplier of rare earth magnet alloys, SDK is providing
high-performance alloys to magnet manufacturers inside and
outside Japan.

NdFeB-based magnet is the strongest permanent magnet on the
market on Tuesday, having stronger magnetic force than cast
magnets (Alnico and others) or ferrite magnets. NdFeB-based
magnet is used in voice coil motors of hard disk drives,
medical-use magnetic resonance imagers, and miniaturized
vibration motors for cellular phones. The new facility in China
will mainly produce alloys for use in sintered magnets, rather
than bonded magnets.

Demand for rare earth magnets is expected to grow at an annual
rate of 15 percent or more in the years to come, for
applications in various sectors such as the automotive,
information technology, environmental goods and electric
appliances industries.

In the ongoing medium-term consolidated business plan "Cheetah
Project" and the subsequent business plan "Sprout Project," SDK
is committed to providing highest-level technologies and
products to its customers in the electronics industry. As part
of this move, SDK is allocating much of its resources to the
rare earth magnet alloy operation, which is defined as one of
the strategic growth businesses under the two business plans.

According to Wright Investor's Service, at the end of 2001,
Showa Denko Kabushiki Kaisha had negative working capital, as
current liabilities were Y488.73 billion while total current
assets were only Y308.55 billion.

Showa Denko Kabushiki Kaisha's principal activity is the
manufacture and sale of chemical products serving a wide range
of fields ranging from heavy industry to the electronic and
computer industries.


TOKYO ELECTRIC: Araki, Minami to Resign From Posts
--------------------------------------------------
The Chairman and President of Tokyo Electric Power Co (TEPCO),
Hiroshi Araki and Nobuya Minami, will resign on September 30 to
take responsibility for the Company's cover-up of defects at
nuclear plants, according to Kyodo News on Tuesday.

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


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


DAEWOO MOTOR: Creditors Will Not Recover Loans
----------------------------------------------
Creditors of Daewoo Motor Co will be unable to recover 14.5
trillion won out of 19.1 trillion in loans extended to the
carmaker after it was split into five units, the Chosun Ilbo and
AFX reported Tuesday.

Daewoo Motor will be separated into GM Daewoo Auto & Technology,
Bupyong Daewoo Motor, Busan Daewoo Bus, Gunsan Daewoo Commercial
Vehicle and a "bad" Company set up to assume the carmaker's
liabilities.

Creditors will convert 14.5 trillion won in debt into equities
in the "bad" Company, which will subsequently be liquidated.

The move will clean up the books of the other four new entities.

The restructuring plan will be put to a vote at a creditors'
meeting on September 30.


DAEWOO MOTOR: Creditors to Write-off $15B Debt
----------------------------------------------
Creditors of bankrupt Daewoo Motor is planning to write off 77
percent of the carmaker's 19 trillion won ($15.72 billion) in
debt, paving the way for General Motors (GM) to launch its joint
venture to acquire Daewoo, the Times of India reported
Wednesday.

The move is part of its debt rescheduling scheme, which was
previously submitted to a provincial court and is due to be
finalized by the end of this month.

"Under the plan, creditors will convert 14.56 trillion won of
loans into stocks of Daewoo Motor," said spokesman Kim Sung-soo.
"Then the equity will be canceled with Daewoo Motor's
liquidation."

In April, General Motors agreed to lead a joint venture,
together with Japan's Suzuki Motor Corporation to revive the
carmaker as GM Daewoo Auto & Technology Co, which is expected to
launch in October.

GM will take a 42.1-percent stake in the venture, Suzuki 14.9
percent while GM partner firm will take 10 percent in the
venture and Daewoo lenders will hold the remaining 33 percent.

Daewoo will initially be split into five separate units,
including the GM joint venture, Pupyong unit, Pusan bus unit,
Kunsan truck unit and Daewoo Motor, the spokesman said.


HYNIX SEMICONDUCTOR: Memory-Chip Price Must Double
--------------------------------------------------
Hynix Semiconductor Inc. needs to double the prices of its
memory chip in order to stay afloat, Bloomberg reports, citing
South Korea's Finance Minister, Jeon Yun Churl.

The spot price of memory chips must reach $4 for Hynix to
survive independently, Jeon said. The benchmark 128-megabit
dynamic random-access memory chip traded at $1.68 each on
Tuesday, down 62 percent from this year's peak of about $4.40 in
March.

Korea Exchange Bank and other creditors are debating whether to
give chipmaker its third debt-restructuring package in 18 months
or sell its assets.

Creditors took control of the Company in a 3 trillion won ($2.5
billion) debt-for-equity swap in June.

"It's too nationalistic to mention independent survival of
Hynix," Jeon said, adding he is skeptical about Hynix's future
because memory-chip prices are declining.

Hynix shares fell as much as 5 percent to 470 won. They traded
at 475 won as of 10:26 a.m. South Korea time.

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


HYUNDAI HEAVY: Issues Contract for Overseas Bonds
-------------------------------------------------
Hyundai Heavy Industries, Co. Ltd. issued a contract for
overseas issuance of bonds:

1. class of bonds    series    no. -   class     Floating
Rate Notes

2. total issuing
   amount
   by face value foreign currency(unit)                  US$
Korean won (KRW) 182,595,000,000
exchange rate 1,217.30

3. issuing place and method other private placement
4. listing exchange -
5. payment date 2002.09.26
6. coupon rate ( percent) 3.0814
7. yield to maturity ( percent) -
8. maturity date of bonds 2005.09.26
9. other special conditions
  (put option, call option etc.) -
10. lead manager Barclays Bank PLC
11. underwriters Barclays Bank PLC   
12. method of principal and interest payment Bullet payment at
maturity
13. others coupon rate : 6M Libor +
1.90 percent

TCR-AP reported earlier that HHI posted losses of W78.1 billion
($59.4 million) in 2001 versus to W161.5 billion in 2000.

Hyundai suffered losses in 2001 due to poorly performing group
units namely Hynix Semiconductor Inc, cruise venture Hyundai
Asan, and Hyundai Petroleum Co. The Company revealed a loss of
W410 billion from its affiliates. Hyundai Heavy has been
battling to cut its stake in these affiliates, in its attempt to
go it alone and cut its ties with its parent Company, Hyundai
Group.


KOREA LIFE: Hanwha's Qualifications as Bidder Under Dispute
-----------------------------------------------------------
The Public Fund Oversight Committee (PFOC), the state body in
charge of public fund management, and the business group are
undergoing last-minute negotiations for the sale of Korea Life
Insurance, as the Hanwha group's qualifications to acquire the
Korean life insurer are once again under dispute, the Digital
Chosun reported.

According to a report by the Ministry of Finance and Economy
(MOFE) and submitted Monday to the Finance and Economy Committee
of the National Assembly, the government has provided a total of
W1.49 trillion in public funds to two financial units of the
group since the 1997 financial crisis, but has recovered only
0.87 percent of the fund so far.

The average recovery ratio of the public fund injected into the
financial and business sectors hovers at around 30 percent. (M&A
REPORTER-ASIA PACIFIC, Vol. No.1, Issue No. 185, September 18,
2002)


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

The board of directors approved the agreement on July 31, 2002
and the closing of such transaction took place on August 6,
2002. The total sale price for the assets transferred was KRW 45
billion or approximately US$ 38 million.

The Company stressed that the HFC network sale would complete
the first phase of its corporate restructuring plan including
the sale of its leased line assets and headquarter building, and
would focus on its second phase of corporate restructuring plan
to raise foreign capital through a private placement of equity.
The Company also noted that the sale of its HFC network would
not materially adversely affect its broadband Internet business,
as Thrunet will lease back the HFC network from Powercomm going
forward.

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

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

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

He also said, "We are now able to concentrate our business
capability only on the sales and marketing of the broadband
Internet business to increase the market share instead of
putting our efforts on acquisition of new subscribers and
management of HFC network at the same time given the fierce
competition in the market." As previously announced, Thrunet
still plans to sell its corporate headquarter building and raise
foreign capital in the second half of this year. Upon the
successful completion of these restructuring plans and more
focus on broadband Internet business, the Company is expected to
improve its operating performance and financial structure.

Founded in July 1996, Korea Thrunet Co., Ltd. -
http://www.thrunet.com- is a major provider of broadband  
Internet access services and enterprise network services in
Korea. The first to offer broadband Internet services in Korea,
with 1,305,779 paying end-users at the end of July 2002, Korea
Thrunet's network currently passes over 8.3 million homes.
Thrunet service features always-on Internet access at speeds up
to 100 times faster than traditional dial-up Internet access.

Corporate Headquarters: Korea Thrunet's principal offices are
located at 1337-20, Seocho-2 dong, Seocho-ku, Seoul, Korea 137-
751.

For inquiries, contact telephone 822-3488-8058 or
fax 822-3488-8511.


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


GULA PERAK: Board Fixes Conversion Price for RCSN
-------------------------------------------------
Aseambankers Malaysia Berhad, on behalf of the Board of
Directors of Gula Perak Berhad, is pleased to announce that the
Board of Directors of the Company has agreed to fix the
conversion price for the Redeemable Convertible Secured Notes
(RCSN) at RM1.20 per share.

The conversion price for the RCSN is based on a discount of 4
percent over the weighted average market price of GPB shares for
the five market days ended 16 September 2002 of RM1.25 per
share.

The announcement is with regards to the proposed debt
restructuring of:

(i) the bank guarantee facility of RM154.5 million pursuant to
RM150 million nominal value of 3% 1995/2000 guaranteed
redeemable bonds (1995/2000 BONDS);
(ii) RM25 million Revolving Credit (RC) Facility; and
(iii) RM21 million syndicated Term Load (TL) for KSB
Requirements & Rest Sdn Bhd, a subsidiary of GPB.


PERAK CORPORATION: Enters Sale Agreement With Ng Ah Yee
-------------------------------------------------------
Perak Corporation Berhad (PCB) has entered into an Agreement
with Mr Ng Ah Yee (the Option Holder) on 17 September 2002
whereby in consideration of the Option Holder waiving his right
to purchase 49% of the equity interest in Anakku Holdings Sdn
Bhd from PCB for a total consideration of RM50,000,000 under the
Call Option Agreement dated 8 January 1997 (Call Option), PCB
agreed to pay to the Option Holder, a premium sum of RM4,599,076
as full and final settlement of the Call Option.

The premium sum is due and payable fourteen days after the
completion date of the Sale and Purchase Agreement entered into
between PCB and Audrey International (M) Bhd (AIMB) dated 22
April 2002 (SPA) and subject to the receipt of the full cash
consideration by PCB from AIMB.

The Agreement is conditional upon the successful completion of
the SPA. In the event that the SPA is not completed, the Call
Option shall be revived and have full force and effect between
the parties. In addition, the Option Holder shall be entitled to
request for the validity of the Call Option to be extended for a
reasonable period of time in order for the Option Holder to
exercise his rights under the Call Option.


PSC INSUSTRIES: SC Approves Rehab Plans
---------------------------------------
On behalf of PSC Industries Berhad, Aseambankers Malaysia Berhad
is pleased to announce that the Securities Commission (SC) had
vide its letter dated 16 September 2002 (which was received on
17 September 2002) and approved the extension of the completion
date for the Proposals to 15 March 2002.

The Proposals include:

* Proposed Bonus Issue
* Proposed Private Placement
* Proposed Debt Restructuring
* Proposed Restricted Offers For Sale
* Proposed Waivers Of Mandatory General Offers


SASHIP HOLDINGS: Court Orders Capital Reduction
-----------------------------------------------
Saship Holdings Berhad (SHB) announced Tuesday the Court Order
on the Capital Reduction and Share Premium Accounts
Consolidation of Shares of SHB and Sabah Shipyard Sdn Bhd (SSSB)
and the Scheme of Arrangement which has been lodged with
Companies Commission of Malaysia on 12 September 2002 and will
be advertised in Berita Harian and the New Straits Times on
Wednesday, 18 September 2002.

Refer to http://bankrupt.com/misc/saship1.pdfand  
http://bankrupt.com/misc/saship2.pdffor the court order.


SASHIP HOLDINGS: Updates Exchange on Winding-up of Powermatic
-------------------------------------------------------------
The Board of Directors of Saship Holdings Berhad wishes to
inform the Kuala Lumpur Stock Exchange with the following
information in relation to the Petition of Winding-up of its
subsidiary, Powermatic Sdn Bhd (PSB):

a. The judgment and the circumstances leading to the filing of
the suit are due to the outstanding debt for the purchase of
software and service rendered from CTI Resources Sdn Bhd (CTI)
to PSB;

b. The judgment for the suit was made on 9 May 2000;

c. PSB has been sued by CTI, on which a Judgment in Default of
Appearance was entered for the sum of RM34,220. A demand notice
on the outstanding judgment sum was received on 20 November
2001. PSB has received a sealed copy of the petition for Winding
Up in the High Court of Malaya initiated by CTI. The Court has
fixed a date on 25 November 2002 for the hearing of the
petition; and

d. The total cost of investment in PSB is RM517,000 which has
been fully provided by SHB in the financial year ended 31
December 1996.


SITT TATT: Directors Enter Share Sale Agreement With MISL
---------------------------------------------------------
Sitt Tatt Berhad (STB) wishes to announce that the Company has
received a notification from its Directors, Tan Sri Datuk Dr
Mohan Swami, JP (TSDDM) and Dato' Pang Wee Pat, JP (DPWP) that
they have on 16 September 2002 entered into a Supplemental Share
Sale Agreement with MISL & Associates Sdn Bhd to acquire up to
62,562,500 new ordinary shares of RM1.00 each representing
28.49% in STB upon the completion of the Proposed Acquisitions
of the entire issued and paid-up share capital of Pyramid
Manufacturing Industries Pte Ltd, Singapore, CEM Machinery Pte
Ltd, Singapre and PMI Plating Services Pte Ltd, Singapore but
prior to the conversion of any of the Irredeemable Convertible
Preference Shares into new STB shares.

The Agreement is conditional upon the Proposed Acquisitions
being completed.

Both TSDDM and DPWP have also informed the Company that they
will abstain from all further deliberations and voting in
respect of the Proposed Acquisitions and Proposed Waiver at the
Board Meeting of STB.

Accordingly, they will also abstain from the voting in their
direct/indirect shareholdings (if any) on the ordinary
resolutions pertaining to the Proposed Acquisitions and Proposed
Waiver to be tabled at the forthcoming Extraordinary General
Meeting of the Company.


SUNWAY HOLDINGS: Schedules EGM for October 3
--------------------------------------------
Sunway Holdings Incorporated Berhad, in a statement to the Kuala
Lumpur Stock Exchange, said that an Extraordinary General
Meeting of the Company will be held at Cayman 2-4, Level 10,
Sunway Lagoon Resort Hotel, Persiaran Lagoon, Bandar Sunway,
46150 Petaling Jaya, Selangor Darul Ehsan on Thursday, 3rd
October 2002 at 11.30 a.m.

During the meeting Sunway Holdings will pass:

ORDINARY RESOLUTION 1 - PROPOSED TERMINATION OF EXISTING
EMPLOYEES' SHARE OPTION SCHEME (ESOS)

"THAT approval be and is hereby given to the Board of Directors
to terminate the continuation of the existing ESOS which was
approved by the Securities Commission on 1 November 1999
(Existing ESOS) and commenced on 23 December 1999 for a period
of five (5) years and expiring on the 22 December 2004 and
immediately hereafter from the date of this resolution, no
further offers shall be made by the committee of the Existing
ESOS and all offers outstanding but not accepted by eligible
employees at the date of this resolution and the options
unexercised or partially exercised shall be deemed to have been
terminated and be null and void (Proposed Termination of
Existing ESOS) AND THAT the Directors be and are hereby
authorised to give effect to the aforesaid Proposed Termination
of Existing ESOS with full power to assent to any conditions,
modifications, variations and/or amendments in any manner as may
be required by the relevant authorities and to take steps as
they may deem necessary or expedient in order to implement,
finalize and give full effect to the aforesaid Proposed
Termination of Existing ESOS."

ORDINARY RESOLUTION 2 - PROPOSED ESTABLISHMENT OF NEW ESOS

"THAT contingent upon passing the Ordinary Resolution 1 above
and subject to the requisite approvals being obtained, the
Directors of the Company be and are hereby authorized:

i) to establish and administer a new employees' share option
scheme for the benefit of the eligible employees and eligible
directors (Eligible Employees) of the Company and its
subsidiaries, which are not dormant (the Group) (hereinafter
referred to as the Proposed New ESOS) and in accordance with the
Bylaws referred to in Appendix II of the Circular to
Shareholders dated 18 September 2002 (New Bylaws) but subject to
such amendments to the Proposed New ESOS  as may be made or
required by the relevant authorities including any revision to
the share allocation to Eligible Employees as may be determined
by the relevant authorities and acceptable to the Directors;

ii) from time to time to allot and issue such number of new
ordinary shares of RM1.00 each (Shares) in the Company to
Eligible Employees pursuant to their exercise of the options
under the Proposed New ESOS, provided that the total number of
Shares to be offered under the Proposed New ESOS shall not
exceed 10% in aggregate of the issued and paid-up share capital
of the Company at any point in time during the existence of the
Proposed New ESOS and that the said Shares shall, upon allotment
and issue, rank pari passu in all respects with the then
existing issued and paid-up Shares of the Company, except that
the Shares so allotted will not be entitled to any dividends,
rights, allotments or other forms of distribution which may be
declared, prior to the date of allotment of the Shares and will
be subject to all the provisions of the Articles of Association
of the Company relating to transfer, transmission and otherwise;

iii) to make the necessary applications to the Kuala Lumpur
Stock Exchange and take whatever necessary actions at the
appropriate time or times for permission to deal in and for
listing and quotation of the Shares of the Company which may
from time to time be allotted and issued pursuant to the
Proposed New ESOS; and

iv) to modify and/or amend the Proposed New ESOS from time to
time provided that such modifications and/or amendments are
effected in accordance with the provisions of the New Bylaws
relating to modifications and/or amendments and to do all such
acts and to enter into all such transactions, arrangements and
agreements as may be necessary or expedient in order to give
full effect to the Proposed New ESOS;

AND THAT the Directors be and are hereby further authorized to
give effect to the Proposed New ESOS with full power to assent
to any modification and/or amendment in any manner as may be
required by the relevant authorities."

ORDINARY RESOLUTION 3 - OPTIONS TO Tan Sri Dato' Seri (Dr) Cheah
Fook Ling, EXECUTIVE CHAIRMAN

"THAT contingent upon passing the Ordinary Resolutions 1 and 2
above, and for so long as this approval remains in force, the
Board of Directors of the Company be and hereby authorized to
offer and grant to Tan Sri Dato' Seri (Dr) Cheah Fook Ling,
Executive Chairman of the Company, options to subscribe for and
up to a maximum of 2,500,000 Shares pursuant to the Proposed New
ESOS, subject always to the terms and conditions of the New
Bylaws and any adjustments which may be made in accordance with
the New Bylaws of the Proposed New ESOS."

ORDINARY RESOLUTION 4 - OPTIONS TO Dato' Chew Chee Kin,
PRESIDENT

"THAT contingent upon passing the Ordinary Resolutions 1 and 2
above, and for so long as this approval remains in force, the
Board of Directors of the Company be and hereby authorized to
offer and grant to Dato' Chew Chee Kin, President of the
Company, options to subscribe for and up to a maximum of
1,000,000 Shares pursuant to the Proposed New ESOS, subject
always to the terms and conditions of the New Bylaws and any
adjustments which may be made in accordance with the New Bylaws
of the Proposed New ESOS."

ORDINARY RESOLUTION 5 - OPTIONS TO Dato' Tan Kia Loke, GROUP
Managing Director

"THAT contingent upon passing the Ordinary Resolutions 1 and 2
above, and for so long as this approval remains in force, the
Board of Directors of the Company be and hereby authorised to
offer and grant to Dato' Tan Kia Loke, Group Managing Director
of the Company, options to subscribe for and up to a maximum of
1,000,000 Shares pursuant to the Proposed New ESOS, subject
always to the terms and conditions of the New Bylaws and any
adjustments which may be made in accordance with the New Bylaws
of the Proposed New ESOS."

ORDINARY RESOLUTION 6 - OPTIONS TO Mr Yau Kok Seng, MANAGING
Director

"THAT contingent upon passing the Ordinary Resolutions 1 and 2
above, and for so long as this approval remains in force, the
Board of Directors of the Company be and hereby authorised to
offer and grant to Mr Yau Kok Seng, Managing Director of the
Company, options to subscribe for and up to a maximum of
1,000,000 Shares pursuant to the Proposed New ESOS, subject
always to the terms and conditions of the New Bylaws and any
adjustments which may be made in accordance with the New Bylaws
of the Proposed New ESOS."

ORDINARY RESOLUTION 7 - OPTIONS TO Mr MARK VICTOR ROZARIO,
FINANCE DIRECTOR

"THAT contingent upon passing the Ordinary Resolutions 1 and 2
above, and for so long as this approval remains in force, the
Board of Directors of the Company be and hereby authorised to
offer and grant to Mr Mark Victor Rozario, Finance Director of
the Company, options to subscribe for and up to a maximum of
1,000,000 Shares pursuant to the Proposed New ESOS, subject
always to the terms and conditions of the New Bylaws and any
adjustments which may be made in accordance with the New Bylaws
of the Proposed New ESOS."

ORDINARY RESOLUTION 8 - PROPOSED SHAREHOLDERS' MANDATE PURSUANT
TO PARAGRAPH 10.09(1) OF THE KUALA LUMPUR STOCK EXCHANGE LISTING
REQUIREMENTS IN RELATION TO PROVISION OF FINANCIAL ASSISTANCE BY
SUNWAY HOLDINGS INCORPORATED BERHAD TO SUNWAY CONSTRUCTION
BERHAD (SUNCON) GROUP IN THE FORM OF CORPORATE GUARANTEE TO OR
IN FAVOUR OF ANOTHER PERSON AS SECURITY FOR DUE PERFORMANCE OF
THE SUNCON GROUP WHICH IS NECESSARY FOR THE SUNCON GROUP TO
PROCURE A CONTRACT OR SECURE WORK FROM THE PUBLIC AND PRIVATE
SECTORS

"THAT approval be and is hereby given to the Company to provide
financial assistance to the Suncon Group in the form of
corporate guarantee to or in favour of another person as
security for the due performance of the Suncon Group which is
necessary for the Suncon Group to procure a contract or secure
work from the public and private sectors and THAT the financial
assistance shall be provided solely for the above purpose,
subject to the compliance with the Listing Requirements of the
Kuala Lumpur Stock Exchange, Companies Act, 1965 (Act), the
Company's Memorandum and Articles of Association and all other
applicable laws, guidelines, rules and regulations.

THAT such authority shall commence upon the passing of this
resolution and shall continue to be in force until:

the conclusion of the next Annual General Meeting (AGM) of the
Company at which time the mandate will lapse, unless by a
resolution passed at the next AGM, the mandate is renewed;

the expiration of the period within which the next AGM of the
Company is required to be held pursuant to Section 143(1) of the
Act (but shall not extend to such extension as may be allowed
pursuant to Section 143(2) of the Act); or

revoked or varied by resolution passed by the shareholders in
general meeting,

whichever is the earlier.

THAT authority be and is hereby given to the Directors of the
Company to complete and do all such acts and things (including
executing such documents as may be required) as they may
consider expedient or necessary to give effect to the aforesaid
shareholders' mandate."

By Order of the Board

PUAN SRI DATIN SERI Susan Cheah SEOK CHENG (MIA 5601)
Tan Kim Aun (MAICSA 7002988)
Secretaries

Petaling Jaya
18 September 2002

NOTES:

1. A member of the Company entitled to attend and vote, is
entitled to appoint a proxy to attend and vote in his stead. A
proxy need not be a member of the Company.
2. The instrument appointing a proxy shall be in writing under
the hand of the appointer or of his attorney duly authorized in
writing, or, if the appointer is a corporation, under its common
seal, or under the hand of its attorney or duly authorized
officer.
3. The instrument appointing a proxy must be deposited at the
Registered Office of the Company at Level 16, Menara Sunway,
Jalan Lagoon Timur, Bandar Sunway, 46150 Petaling Jaya, Selangor
Darul Ehsan, Malaysia not less than 48 hours before the time
appointed for holding the meeting or any adjournment thereof.


TECHNOLOGY RESOURCES: Replies to KLSE Newspaper Reports Query
-------------------------------------------------------------
Technology Resources Industries Berhad (TRI) refers to the Kuala
Lumpur Stock Exchange's query dated 16th September 2002 (KLSEZO-
020916-43662) regarding the articles "Where did TRI's money go?"
and "TRI Fraud Allegations Play Havoc With Stock" that appeared
in The Edge and the Wall Street Journal on Monday.

The Edge reported, "It is believed that the sum of RM259.31
million in fake invoices that had been issued by Technology
Resources Industries Bhd in 1998 and 1999 may have been used in
share market operations."

According to a statement from TRI, the fictitious invoices were
issued to Celcom Transmission Sdn Bhd, a wholly owned subsidiary
of Celcom (Malaysia) Berhad in 1998 and 1999. The present Board
of Directors of the Company has no knowledge as to the use of
the RM259.31 million. The matter is now under police
investigation. We shall make an announcement once we have
further information on the matter.

The Edge also said, "It is believed that the cash found its way
to now defunct Taiping Securities and may then have been used to
prop up the Company's share price during the 1998 financial
crisis."

TRI said that the present Board of Directors of the Company is
unable to confirm or deny the accuracy of the statement as it
has no knowledge of the matter. The matter is now under police
investigation. We shall make an announcement once we have
further information on the matter.

Meanwhile, the Asian Wall Street Journal reported Monday that
"... TRI's exposure to the discrepancies could easily exceed 500
million ringgit and could significantly reduce the company's
asset values."

TRI wishes to inform the Exchange that apart from what was
disclosed in their announcement dated 12th September 2002, the
company does not have further information to disclose to the
Exchange as the present audits have not been completed. Further,
the matter is now under police investigation. TRI shall make an
announcement once we have further information on the matter.


TIME DOTCOM: Confirms Sale of Major Unit to Maxis
-------------------------------------------------
In relation to the cellular business, TIME dotCom Berhad has
announced on 16 September 2002 that it is currently in
negotiations with Maxis Communications Berhad for the disposal
of its wholly owned unlisted subsidiary, TIMECel Sdn Bhd (which
owns and operates the cellular business) to Maxis.

The statement is in response to the Exchange's query letter
dated 16 September 2002 regarding the Asian Wall Street Journal
article "Maxis to Acquire Cellular Business of TIME dotCom"
saying that "Maxis Communications Bhd... is set to acquire the
cellular business of state-controlled Time dotCom Bhd in a
transaction valued at about 1.5 billion ringgit. Time dotCom's
nationwide fiber-optic network... is likely to be sold in coming
months to national telephone utility Telekom Malaysia Bhd."

In relation to the fiber-optic network, the Company wishes to
clarify that there are currently no plan to sell its nationwide
fiber-optic network to Telekom Malaysia Berhad.


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


BAYAN TELECOMMUNICATIONS: Confident of Debt Pact This Year
----------------------------------------------------------
Bayan Telecommunications Inc. is positive it will reach a debt-
restructuring agreement with creditors this year covering $477
million in debts, the Philippine Daily Inquirer and Dow Jones
reported Wednesday, citing the Company's Chief Financial Officer
Gary Olivar.

"We've moved on to specific terms of the term sheet," he says.
"We're done with the generalities. I believe this is an
indication that we're making progress. We're in the process of
reaching an eventual agreement with both our secured and
unsecured creditors."

BayanTel is a unit of Benpres Holdings Corporation.

In 2001, the Company sought a write-off of 25 percent of its
unsecured debts and 18 months worth of interest charges starting
January 19, 2001.

Some $226 million of the Company's debts are unsecured.


BENPRES HOLDINGS: Interest Payment on Commercial Paper Due 2003
---------------------------------------------------------------
Benpres Holdings Corporation (BHC) said it will be able to make
its interest payment on its long-term commercial paper maturing
in 2003.

As earlier announced, BHC has appointed Credit Suisse First
Boston as its financial advisor in connection with its Balance
Sheet Management Plan.

BHC has proposed to make interest payments and principal
repayments to its creditors in accordance with the plan.

For a copy of the disclosure, go to
http://bankrupt.com/misc/TCRAP_Benpres0918.pdf


METRO PACIFIC: Ayala land Invited to Join Bid Process
-----------------------------------------------------
In a filing to the Philippine Stock Exchange (PSE), Ayala Corp
Chairman Jaime Augusto Zobel de Ayala said Ayala Land Inc is in
talks with the Campos group for a possible joint bid for the
development of the Fort Bonifacio property owned by Bonifacio
Land Co.

He said the discussions are between the group of Jose Campos,
who is a major shareholder of United Laboratories, and Metro
Pacific Corp, which controls Bonifacio Land.

"They asked us to look at some refinancing opportunities
(involving) the debt of Metro Pacific that may involve land
development opportunities as well," Zobel de Ayala said, without
giving further details about the loan refinancing.

He said the Ayala group is looking at the Fort Bonifacio
property as "potentially another CBD (central business district)
and so it's always been of interest" for Ayala Land.

Bonifacio Land is the developer of the Fort Bonifacio Global
City, a vast property adjacent to the Ayala group's Makati
central business district.

Ayala Corp, parent firm of Ayala Land Inc, earlier rejected
newspaper reports 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 reports added that Ayala Corp has teamed up with Campos'
Greenfields Develpment 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 take over First Pacific's controlling stakes
in Bonifacio Land and Philippine Long Distance Telephone Co.

The deal for Bonifacio Land involves payment by the Gokongwei
group of a US$105 million loan of Bonifacio Land obtained from
Larouge BV, a unit of First Pacific.

The loan is secured by a 50.4 percent stake in Bonifacio Land.
(M&A REPORTER-ASIA PACIFIC, Vol. No.1, Issue No. 185, September
18, 2002)


NATIONAL BANK: 44.98% Stake Disposal May Take 5 Years
-----------------------------------------------------
Finance Secretary Jose Isidro Camacho reiterated it may take the
government another five years to unload its 44.98 percent stake
in Philippine National Bank.

"We're giving ourselves five years from now to privatize PNB. It
will probably have to be a delivery of some changes in the bank,
better performance and financial returns... to be able to
achieve a reasonable price," the Secretary said in a disclosure.

He said the government is assessing assets it can privatize but
not just for their sale. He said some properties may be used for
the government's housing projects.

He said a new undersecretary for finance will be appointed to
oversee the privatization initiatives. (M&A REPORTER-ASIA
PACIFIC, Vol. No.1, Issue No. 185, September 18, 2002)


NEXSTAGE INC.: SEC Approves Equity Restructuring Request
--------------------------------------------------------
On September 2, 2002, NextStage, Inc. requested an approval of
the Securities and Exchange Commission (SEC) to undergo equity
restructuring by applying the additional paid-in capital of
P223,900,000 to partially wipe out the Company's deficit of
P324,540,822 as of December 31, 2001.

The SEC interposes no objection to the said request, provided
that after such process has been effected, the same shall be
disclosed in all the subsequent financial statements of the
corporation for a period of three years.

For a copy of the aforementioned letter, visit
http://bankrupt.com/misc/TCRAP_NextStage0918.pdf

The Securities and Exchange Commission (SEC) approved the change
in its corporate name from Pacemco Holdings, Inc. (formerly
Pacific Cement Company) to NextStage Inc. Pacific Cement Co.
Inc. (Pacemco) is a pioneer in cement technology in the
Philipines and Southeast Asia. It is the only cement plant in
the country producing and marketing special cements that meet
international standards: types II, III and V, and the very
special Class G Well Cement used in drilling oil, gas and
geothermal wells.

According to Yehey Finance, as of 2001, NextStage, Inc. has
total current assets of 80.11 million pesos and total current
liabilities of 104.07 million pesos.


PHIL-ASIA CARE: SEC Orders Offices' Closure
-------------------------------------------
The Securities and Exchange Commission (SEC) has ordered the
immediate closure of all offices of Phil-Asia Care Plans Inc. to
further safeguard the interests of the investing public, the
Philippine Star reports.

The cease-and-desist (CDO) was issued on the basis that Company
has been selling pre-need plans to the public without the
necessary license.

According to the SEC's Compliance and Enforcement Department,
Phil-Asia continued selling pre-need plans and collecting
amortizations from plan holders despite the issuance of the CDO.

"A careful perusal of the evidence presented shows that Phil-
Asia continuously and flagrantly violated the CDO issued by the
Commission. Its failure to file a motion to lift as well as its
continued defiance of the CDO show Phil-Asia's hard stance in
ignoring and challenging the authority of the Commission. It is
therefore imperative and warranted that the CDO be made
permanent," the Commission en banc said.

Phil-Asia was directed to explain within 15 days from receipt of
the order why its certificate of registration should not be
revoked for violation of the CDO.

SEC said Phil-Asia has no pre-need plan available for sale since
1993. It has had no dealers licensed since 1996 and no authority
to operate a branch.


PHILIPPINE LONG: Management Presents Philippine Equity Roadshow
---------------------------------------------------------------
Philippine Long Distance Telephone Company (TEL) furnished to
the Philippine Stock Exchange a copy of the Management's
presentation materials entitled "Philippine Equity Roadshow".

A copy of the said document is available for reference at the
PSE-Centre and PSE-Plaza Libraries, and can also be downloaded
at www.pldt.com.ph/investor_relations.html

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


UNITRUST DEVELOPMENT: Clarifies Business World Report
-----------------------------------------------------
CityState Savings Bank, Inc., responded to the news article
entitled "Citystate is sole Unitrust bidder" published in the
September 17, 2002 issue of the Business World.

The article reported that: "Seemingly unfazed by the legal
issues involved in the rehabilitation of Unitrust Development
Bank, publicly listed Citystate Savings Bank resubmitted its bid
to take over the closed bank. An official from the Philippine
Deposit Insurance Corp. (PDIC) said since it announced its
decision to reopen the bidding for Unitrust, only Citystate
submitted a proposal to rehabilitate the bank. Meanwhile, the
PDIC official said that even with the restraining order,
Citystate Savings continues to be interested in the closed bank.

Citystate Savings Bank, Inc. (CSB), in its letter dated
September 17, 2002, stated that:

The Company would like to confirm the above cited news article
that indeed, Citystate Savings Bank, Inc. submitted its bid to
rehabilitate Unitrust Bank. However, Citystate is still in the
process of getting the consent of the 2/3 majorities of the
stockholders of the said bank as part of the requirements of the
Philippine Deposit Insurance Corporation (PDIC) to complete the
Company's bid.

For a copy of the disclosure, go to
http://bankrupt.com/misc/TCRAP_Unitrust0918.pdf


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


CHARTERED SEMICONDUCTOR: Nasdaq, SGX Grant Share Rights Listing
---------------------------------------------------------------
The Board of Directors of Chartered Semiconductor Manufacturing
Limited said it has on September 13, 2002 received the in-
principle approval of Singapore Exchange Securities Trading
Limited (the Singapore Exchange, SGX) 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.

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


CHARTERED SEMICON: Announces Availability of Rights Prospectus
--------------------------------------------------------------
Chartered Semiconductor Manufacturing Limited announced 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 (Rights Prospectus) has been lodged with The
Monetary Authority of Singapore (MAS).

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

For a copy of the Rights Prospectus, visit the website of the
Singapore Exchange (www.sgx.com) or the MAS (www.mas.gov.sg) or
(after it has been filed with the SEC) through the EDGAR system
of the SEC (www.sec.gov/edgar.shtml).


CHARTERED SEMICON: Posts Timetable of Principal Events for ADS
---------------------------------------------------------------
Chartered Semiconductor posted a timetable of principal events
for its American Depositary Receipt  (ADR)'s, New York City
time.

ADS ex-rights date: September 13

Record date for ADS Rights: 5:00 p.m. on September 17

Trading in ADS Rights on Nasdaq commences: September 18

Subscription period for ADSs commences: September 18

ADS Rights certificates sent to eligible ADS holders on or
about: September 19

Last date and time for exchanging primary ADS Rights for primary
Share Rights to be traded in Singapore: 5:00 p.m. on September
30

Last date and time for exchanging primary ADS Rights for primary
Share Rights to be exercised in Singapore: 5:00 p.m. on Oct. 2

Trading in ADS Rights on Nasdaq ends: 4:00 p.m. on October 4

Subscription period for ADSs expires: 5:00 p.m. on October 4

Last date and time to subscribe for new ADSs pursuant to primary
ADS Rights (including by means of a notice of guaranteed
delivery): 5:00 p.m. on October 4

Last date and time to subscribe for new Shares (in the form of
ADSs) pursuant to secondary ADS Rights: 5:00 p.m. on October 4

Last date and time for delivery of ADS Rights in satisfaction of
a notice of guaranteed delivery: 5:00 p.m. on October 9

Trading in new ADSs on Nasdaq commences: on or about October 11
Expected date for distribution of new ADSs: on or about October
14


PENTON INTERNATIONAL: Sunningdale Pulls Out of Rescue Plan
----------------------------------------------------------
White knight Sunningdale has terminated its call option to buy a
controlling stake in Penton International Limited, a plastic
injection mould and toolmaker, GK Goh reports.

Penton, which shocked the market when it warned of difficulties
continuing as a "going concern" barely five months after its
initial public offering (IPO), is now reviewing options.

They include but not limited to restructuring the operations of
the firm and putting the UK operations under receivership.

On May 28, 2001, the Board of Directors of Penton International
Ltd announced that its financial advisors, Regional Capital Pte
Ltd and Access Right Securities Ltd, was appointed to
restructure the bank borrowings of the Group in United Kingdom,
Regional Capital Pte Ltd have introduced the Company to GEM
Investment Advisors Inc (GEMIA) in connection with a proposed
US$12 million equity line of credit to be granted to the
Company. The US$12 million equity line of credit will be
arranged by GEMIA from GEM Global Yield Fund (GEMGYF).

The Company has been offered and it has accepted an engagement
letter with GEM Investment Advisors Inc (GEMIA) to arrange the
US$12 million equity line from GEMGYF, which will grant the
Company the option to require GEMGYF to subscribe, on the terms
and conditions set out in the definitive agreements to be
entered into between inter alia the Company and GEMGYF (the
Definitive Agreements), up to an aggregate of twelve million
United Dollars (US$12,000,000) (Equity Credit Line) in value of
ordinary shares in the Company.


SEMBCORP INDUSTRIES: Posts Notice of Shareholder's Interest
-----------------------------------------------------------
Sembcorp Industries posted a notice of changes in substantial
shareholder Temasek Holdings (Private) Ltd's interest:

Date of notice to Company: 17 Sep 2002
Date of change of deemed interest: 12 Sep 2002
Name of registered holder: CDP: DBS VICKERS SEC
Circumstance(s) giving rise to the interest: Others
Please specify details: Securities lending/borrowing transaction

Shares held in the name of registered holder
No. of shares of the change: 200,000
Percentage of issued share capital: 0.01
Amount of consideration per share excluding brokerage, GST,
stamp duties, clearing fee: N.A
No. of shares held before change:  
Percentage of issued share capital:  
No. of shares held after change:  
Percentage of issued share capital:  

Holdings of Substantial Shareholder including direct and deemed
interest
                                        Deemed      Direct
No. of shares held before change:  713,221,167   215,054,693
Percentage of issued share capital:      39.17         11.81
No. of shares held after change:   713,021,167   215,054,693
Percentage of issued share capital:      39.16         11.81
Total shares:                      713,021,167   215,054,693

This transaction was reported to Temasek on September 17, 2002.


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


ITALIAN-THAI: TRIS Cancels Ratings
----------------------------------
TRIS Rating Co., Ltd. said Tuesday that it has canceled the
company rating of Italian-Thai Development PLC (ITD) and the
rating of its Bt3,500 million senior debentures.

The cancellations came at the request of the company, because
ITD's debentures were terminated following its rehabilitation
plan.

As a result, TRIS Rating will no longer monitor ITD's company
and issue ratings, and the ratings assigned previously cannot be
used as references.

TRIS Rating downgraded ITD's company and issue ratings to "D" on
11 October 2000 and the ratings were later changed to
"restructured" when the company entered into the rehabilitation
plan.

TCR-AP reported early this week that ITD had signed a contract
worth 391.6 million baht with the Harbour Department for shore
erosion protection work.


JASMINE INTERNATIONAL: Court Orders Rehabilitation
--------------------------------------------------
Jasmine International Public Company Limited (JASMIN) and
Jasmine International Rehabilitation, in a statement to the
Stock Exchange of Thailand, said that the Central Bankruptcy
Court on 17 September 2002 has ordered both companies to be
under rehabilitation process.

Director Somboon Patcharasopak said that the Court has appointed
Chaengwatana Planner Co., Ltd. and Pakkret Planner Co., Ltd. to
be the planner of JASMIN and JIOC respectively.

Jasmine International 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.

Phongchai Sirinaruemitr has resigned as President, Director and
Executive Director of Thailand's biggest undersea fiber-optic
network operator effective 1 October 2002.

TCR-AP reported in August that Krung Thai Bank's board of
directors resolved to approve the Bank's restructuring plan,
comprising of a repurchase of 10,800,000,000 warrants to
purchase Class A preferred shares and decrease of the Bank's
registered capital.


KRUNG THAI: Credit Card Unit Plans IPO in October
-------------------------------------------------
Krung Thai Card Plc, the credit card unit of Thailand's largest
state bank, Krung Thai Bank Plc, will offer 51 million shares in
an initial public offering by late October to finance the
company's business expansion.

Krung Thai Card Managing Director Niwatt Chittalarn told Reuters
the bank wanted to reduce its stake in the unit to below 50
percent, from 99.99 percent.

Niwatt said the offer price will be set by mid-October.

Merrill Lynch Phatra Securities is acting as financial adviser
for the deal.

Krung Thai Bank also plans to offer more shares to the public in
November, which will reduce the government's stake in the bank
to 49 percent from 92 percent.


THAI PETROCHEMICAL: Court to Hear Claim Against Former Head
-----------------------------------------------------------
Thailand's Bankruptcy Court will hear arguments in early October
on a petition filed by Effective Planners Ltd., the debt planner
in charge of Thai Petrochemical Industry PCL, to recover more
than US$200 million from TPI's former chief executive and owner
Prachai Leophairatana, the court official told Dow Jones
Newswires.

Effective Planners filed the petition to the Bankruptcy Court in
August after failing to receive a response from the demand for
payment it issued in June.

Effective Planners had asked companies owned by Prachai's family
to repay baht-denominated promissory notes issued to TPI between
1996 and 1999 for a total of around $200 million.

Effective Planners director Peter Gothard said earlier the notes
could be used to pay TPI's debt.

If the court finds that there are grounds, Prachai's companies
will have 14 days from the hearing to repay the loans or appeal.
The official said that if no appeal is filed, he would have
another 30 days for the repayment.

Under TPI's US$3.7 billion debt-restructuring plan, it was
required to pay $200 million to creditors by the end of 2001.
The company had planned to use proceeds from the sale of non-
core assets as payment. The sales were delayed, as the deadline
could not be met.


THAI REINSURANCE: S&P Assigns BBB Ratings
-----------------------------------------
Standard & Poor's said Tuesday it has assigned a BBB
counterparty credit ratings and insurer financial strength to
Thailand's leading reinsurer, Thai Reinsurance PLC. The outlook
is stable. At the same time, the double-'B'-pi public
information ratings on the company were withdrawn.

Standard & Poor's credit analyst Adrian Chee said that the
ratings reflect the company's strong market position, good
operating performance, and adequate reserving standards.

Factors partially offsetting these strengths, however, are the
company's moderate financial flexibility and the relatively less
diverse investment market in Thailand, Chee said.

Thai Re is the leading reinsurer servicing the domestic
insurance market and was listed on the Stock Exchange of
Thailand in 1993. Its shareholders include domestic nonlife
players as well as foreign investors, mainly funds in Singapore
and Hong Kong. The company has an 18.5% share of the nonlife
reinsurance market and 2.6% share of the life reinsurance market
in Thailand.


THAI SANSIRI: Property Firm Sees Return to Profit in '02
--------------------------------------------------------
Sansiri Plc, part-owned by U.S.-based Starwood Hotels & Resorts
Worldwide, said Tuesday it would have a net profit of about 40
million baht ($925,900) in 2002 from revenue of 1.2 billion
baht, Reuters reported, citing vice president for corporate
finance Mayta Chanchamcharat.

Mayta also said the company expects a net profit of at least 400
million baht next year, helped by future projects which will be
worth about 20 billion baht.

The Thai property firm made a net loss of 89 million baht last
year.



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
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                 *** End of Transmission ***