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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

         Wednesday, September 25, 2002, Vol. 5, No. 190

                         Headlines

A U S T R A L I A

AMP LIMITED: Chief Paul Batchelor Steps Down
AMP LIMITED: Lower After CEO Resignation
AMP LIMITED: To Pay More for A$1B Capital Raising
COLES MYER: Boss Flick to Quit Post
COLES MYER: Management Structure Gives CSFB Pause

COLES MYER: May Announce Petrol Discount Plan Next Week
HIH INSURANCE: Ex-boss Blames Secrecy for Collapse


C H I N A   &   H O N G  K O N G

ASIA GLOBAL: China Netcom Still in Acquisition Talks
ASIA GLOBAL: Names Two New Board of Directors
CENTURY CITY: Narrows First-half Net Loss to HK$205.1M
CHINA AEROSPACE: Higher After First-half Net Loss Narrows
CHINA AEROSPACE: Xiaochun Steps Down as Chief

EFORCE HOLDINGS: Widens First-half Net Loss to HK$66.664M
EPRO LTD: First-half Net Loss Widened to HK$71.74M
HONG KONG CONSTRUCTION: HK$139.4M Loss Due to Project Costs
PALIBURG HOLDINGS: Trims Net Loss to HK$230.0M
REGAL HOTELS: Narrows Net Loss to HK$25.5M

SMARTONE TELECOM: Sees Profit, Smaller Loss
SUNEVISION HOLDINGS: Net Loss Rises to US$81.3M After One-offs


I N D O N E S I A

ASTRA INTERNATIONAL: May Divest Part of Toyota Astra Stake
BANK MANDIRI: Names Three Underwriters for November IPO
BANK NIAGA: Commerce Asset Will Not Raise Bid
TJIWI KIMIA: Sees First-half Net Loss Widen to US$41.3M


J A P A N

FUJITSU LTD: Delays Planned Semicon Ops Integration
MAZDA MOTOR: Issuing Convertible Bonds
MITSUBISHI MOTORS: Truck Spin-off Causes Debt to Fall Sharply
NISSAN DIESEL: Ailing Truck Maker Aims to Cut Debt by 40%
TDK CORPORATION: Launches NEOREC53 Series of Nd-Fe-B Magnets


K O R E A

LG ELECTRONICS: Issuing $200M Floating Rate Notes
LG ELECTRONICS: Strengthens Business Ties With Microsoft
WOORI BANK: ABN, Barclays, BNP to Manage Denominated Eurobond
WOORI BANK: Moody's Assigns Baa2 Rating


M A L A Y S I A

BERJAYA GROUP: Buys 8.3M Shares in Roadhouse Grill for US$3M
HAI MING HOLDINGS: SC Approves Extension of Time
JASATERA BERHAD: SC Rejects Proposed Extension
MALAYSIAN PLANTATIONS: Seeks Sabah Bank Financial Report
MALAYSIAN PLANTATIONS: Syabas Sutra Completes MPM Acquisition

METROPLEX BERHAD: Continues Debt Restructuring Exercise
RAHMAN HYDRAULIC: MITI Gives Nod on Proposed Corporate Exercise
SATERAS RESOURCES: Names New Chief
TAT SANG: Announces Update on Payment Default
TIME DOTCOM: Maxis Rejects Plan to Buy Fixed Line Assets


P H I L I P P I N E S

FIRST E-BANK: Banco De Oro Takes Over Metro's Banking Arm
FIRST E-BANK: Three Banks Aim to Acquire and Rehabilitate Bank
MANILA ELECTRIC: Government Prepares 10% Stake Sale
NATIONAL BANK: Selling Php1.8B Foreclosed Assets to Trim Losses
NATIONAL BANK: Posts Php1.4B Net Loss for First Half

NATIONAL BANK: Sets Up 120 ATMs Within Two Years
PHILIPPINE TELEGRAPH: Digital Seeks Debt Payment of Php44M


S I N G A P O R E

ASIA FOOD: Proposes Internal Restructuring Exercise With GAR
BIL INTERNATIONAL: Returns to Profit This Year
CHEMICAL INDUSTRIES: Completes Refinancing of Bonds
FLEXTECH HOLDINGS: Bares Restructuring Scheme Proposal
HORIZON EDUCATION: Post Change in Shareholder's Interest

WING TAI: Posts FY02 S$69.2M Net Loss


T H A I L A N D

BGES ENGINEERING: Changes Name to Picnic Gas
ROBINSON STORE: Seeks for Extension of Capital Increase
THAI PETROCHEMICAL: Delays Vote on Plan Amendment to October 4
TOTAL ACCESS: Plans to Sell Bonds, Borrow to Pay $194M Debt

     -  -  -  -  -  -  -  -

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


AMP LIMITED: Chief Paul Batchelor Steps Down
--------------------------------------------
AMP Limited said Chief Executive Officer and managing director Paul
Batchelor has stepped down after Australia's largest insurance and financial
services group lost 15 percent of its stock market value in three days
because of poor disclosure of a capital shortage at its U.K. Pearl unit.

The Sydney-based group added that its chief operating officer, Andrew Mohl,
has been appointed acting CEO.

AMP chairman Stan Wallis, who will step down in six months, will oversee the
appointment of a new CEO.

The company said Paul Leaming, corporate finance director, will assume the
role of chief financial officer. Marc de Cure resigned from that position
earlier this month.

AMP said Friday it will inject 500 million pounds ($774 million) into Pearl
to shore up capital buffers required by the U.K. Financial Services
Authority after slumping stock markets eroded capital to pay claims and
support investment funds.


AMP LIMITED: Lower After CEO Resignation
----------------------------------------
AMP Ltd was down A$0.02 at 11.39 but outperforming the overall market after
reports that chief executive officer Paul Batchelor has stepped down.

Dealers said that Batchelor's departure brings about hope that a new
management may do better although a lot will still depend on the level of
the FTSE 100.

AMP is a leading international financial services business, providing wealth
management products and services to around 8 million customers worldwide.
Principal activities include retirement savings, funds management, life and
general insurance, financial planning and banking services.

AMP operates in 20 markets around the world with a significant and efficient
domestic presence in its three home markets of Australia, New Zealand and
the UK.

AMP has around 17,000 employees and planners worldwide, manages assets of
more than A$280 billion and has a market capitalization of approximately
A$20 billion.


AMP LIMITED: To Pay More for A$1B Capital Raising
-------------------------------------------------
AMP Ltd. will have to pay a spread of at least 300 basis points for its
planned A$1 billion capital raising after Chief Executive Paul Batchelor
resigned as concerns mount over its U.K. operations and market disclosure,
Dow Jones Newswires reports, citing investors and analysts.

"The impact of the chief executive's resignation has got to be seen as
putting a further question mark on the ability of the operation that exists
within that organization," Paul Van Ryn of Challenger Portfolio Management
said.

The funds management and insurance company announced early last week it
hoped to raise A$750 million with up to A$250 million in oversubscriptions
through the issue of five-year reset preference shares.

At the time of the announcement, it was expected the margin would range
between 225 to 275 basis points over the 5-year swap rate, which translated
to about 7.95 percent to 8.45 percent.

AMP intends to review the adequacy of its capital commitment to the Pearl
life insurance unit in the U.K. if the FTSE index falls below 3700.


COLES MYER: Boss Flick to Quit Post
-----------------------------------
Another Coles Myer boss is stepping down from Australia's largest retailer
with more than 2,000 stores throughout Australia and New Zealand.

Warren Flick, Coles Myer's head of general merchandising, will stand down at
the end of the year, following announcement earlier this month that Chairman
Stan Wallis will retire in November.

Flick's departure is believed to be part of the restructuring of the
retailer, with the position being made redundant.


COLES MYER: Management Structure Gives CSFB Pause
-------------------------------------------------
Brokerage firm Credit Suisse First Boston notes that Coles Myer believes it
has undergone sufficient change in its management process.

According to a Dow Jones Newswires report, analyst views the new structure
as an improvement, but has some reservations regarding effectiveness of
committee structure.

Australia's largest retailer is suffering from board infighting during the
past two weeks, with retiring Coles Myer chairman Stan Wallis and Solomon
Lew showing few signs of settling.

Coles Myer 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: May Announce Petrol Discount Plan Next Week
-------------------------------------------------------
Coles Myer Ltd may announce as early as next week a plan under which
customers at its stores will receive discounts on Shell petrol stations.

According to a report from the Australian Financial Review, customers of
Coles Myer's Coles or Bi-Lo supermarkets will earn a discount docket that
would give them a few cents pet liter off the petrol price when presented at
a Shell station.

The report said the retailer could announce the scheme when it announces
full year results on October 3.


HIH INSURANCE: Ex-boss Blames Secrecy for Collapse
--------------------------------------------------
Former HIH Insurance director Charles Abbott, during an HIH Royal Commission
inquiry, blamed the management's secrecy for the collapse of the Company,
saying that senior managers only told the Company's board bad news if they
absolutely had to do so.

According to an ABC News report, Mr Abbott told the commission "bad news had
a habit of arriving very late".

He said had the board been told of some of the problems that have now been
revealed, they could have taken steps to recapitalize the company much
earlier.

Mr Abbott also cited expansions into the US and UK markets and the purchase
of FAI Insurance as reasons for the collapse.


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


ASIA GLOBAL: China Netcom Still in Acquisition Talks
----------------------------------------------------
Fixed-line telecom operator China Netcom Communication Group Corp is still
in talks to buy debt-laden Asia Global Crossing Ltd and is working to draft
a proposal for the restructuring of the company, the Asian Wall Street
Journal reported, citing people familiar with the situation.

One person said reports from state-run China Daily that the acquisition had
been completed were premature.

Neither China Netcom nor Asia Global Crossing would comment on the report
that Netcom had completed the acquisition of the transatlantic fiber-optic
cable company.

Wall Street Journal said Netcom is now the only candidate left to take over
Asia Global Crossing, which has an October 15 deadline to pay debt of
roughly US$27.5 million.

Asia Global Crossing, which operates fiber-optic cable networks linking Asia
and North America, has been seeking a buyer since its 58.8 percent U.S.
parent Global Crossing went bankrupt in January.


ASIA GLOBAL: Names Two New Board of Directors
---------------------------------------------
Asia Global Crossing announced today that Jeremiah D. Lambert and Myron E.
"Mike" Ullman, III, have been elected to its Board of Directors. They will
replace Gary Winnick and Lod Cook.
Lambert has been named Chairman of the Board.

Winnick will remain as Chairman, and Cook as Co-Chairman, of the Global
Crossing Board of Directors. Global Crossing is the majority shareholder of
Asia Global Crossing.

Lambert is a nationally known lawyer whose practice has focused on corporate
clients in regulated industries, including those in the electricity, natural
gas and telecom sectors. Lambert previously served as a senior partner in
Shook, Hardy & Bacon L.L.P., and was the co-founder and chair of Peabody,
Lambert & Meyers. Lambert, who began his legal practice at Cravath, Swaine
& Moore, is a frequent lecturer and widely published author.

Ullman, who has retired from full-time corporate activity, has extensive
experience, both domestically and internationally, in corporations,
government and academia. Over the past 15 years, Ullman has led major
businesses in Asia (Wharf Holdings Ltd.), the United States (R.H. Macys &
Co., Inc. and DFS Group Ltd.) and, most recently, in Europe (LVMH Moet
Hennessy Louis Vuitton and DeBeers LV). Ullman has also served on numerous
business, community and not-for-profit boards.

Lambert and Ullman have served since April 2002 as independent directors of
Global Crossing and as members of the Audit Committee, Compensation
Committee, and Special Committee on Accounting Matters of the Global
Crossing board of directors.  They will continue to serve in those
capacities.

Asia Global Crossing provides city-to-city connectivity and data
communications solutions to pan-Asian and multinational enterprises, ISPs
and carriers. Through a combination of undersea cables and terrestrial
networks, Asia Global Crossing owns and operates the region's first truly
pan-Asian telecommunications network, which offers seamless connectivity
among the major business centers of the Asia Pacific region. In addition, in
combination with the Global Crossing Network, Asia Global Crossing provides
access to more than 200 cities worldwide. Asia Global Crossing's largest
shareholders include Global Crossing, Softbank and Microsoft.

For further information, please contact:  press, Madelyn Smith, Los Angeles,
CA, +1-310-481-4716, or +1-310-962-9644,
madelyn.smith@asiaglobalcrossing.com, or Selene Lo, Hong Kong,
+852-2121-2936, or +852-9127-9038, selene.lo@asiaglobalcrossing.com, or
investors, Asia Global Crossing Investor Relations, Los Angeles, CA,
+1-310-481-4783, all of Asia Global Crossing.


CENTURY CITY: Narrows First-half Net Loss to HK$205.1M
------------------------------------------------------
Century City International Holdings Ltd reported a net loss of HK$205.1
million for the six months to June, compared to a loss of HK$251.1 million
in the same period last year.

Operating loss of Century City also narrowed to HK$32.5 million from
HK$151.9 million. The Hong Kong-based company recorded sales of HK$693.3
million.

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

Century City International Holdings
Limited -http://www.centurycity.com.hk/- invests and manages property,
property development, development consultancy and project management,
construction and construction-related businesses, hotel ownership and
management, securities brokering, promotions and communications and other
investments (including investment and trading in financial instruments and
marketable securities).


CHINA AEROSPACE: Higher After First-half Net Loss Narrows
---------------------------------------------------------
China Aerospace International Holdings Ltd was up HK$0.005 or 1.4 percent at
0.355 against a weak broader market after reporting its six months to June
net loss narrowed to HK$27.828 million from a loss of HK$64.236 million a
year earlier, dealers said.

The net loss was boosted by the absence of a one-off provisional charge this
year.

The company reported sales for the period rose to HK$523.475 million from
HK$456.583 million.

China Aerospace International Holdings Limited (CASIL) -
http://www.casil-group.com/- manufactures and distributes electronic parts
and equipment, telecommunication products, plastic, moulds and polyfoam.
Other activities include trading and property investment, shipbroking and
agency.


CHINA AEROSPACE: Xiaochun Steps Down as Chief
---------------------------------------------
Lu Xiaochun of China Aerospace International Holdings Ltd. has resigned as
executive director, chairman and president of the information-technology and
satellite group, Dow Jones Newswires reported.

He will be replaced by current non-executive director Rui Xiaowu, effective
Monday.

Two other non-executive directors, Zhao Yuanchang and Wu Hongju, were also
appointed to the executive board.


EFORCE HOLDINGS: Widens First-half Net Loss to HK$66.664M
---------------------------------------------------------
eForce Holdings Ltd reported that its six months to June net loss widened to
HK$66.664 million from a loss of HK$9.271 million in the same period last
year.

This Hong Kong-based company also widened its operating loss to HK$53.684
million against a loss of HK$3.019 million. Sales was recorded at HK$35.934
million.

eForce Holdings has paid no dividends during the last 12 months and has not
paid any dividends during the previous two fiscal years.

At the end of 2001, eForce Holdings Limited had negative working capital, as
current liabilities were HK$255.36 million while total current assets were
only HK$160.81 million.

eForce Holdings Limited, formerly known as Fairform Holdings Limited,
manufactures and sells healthcare and household products. It also provides
Internet-related services and develops and sells enterprise applications
software.


EPRO LTD: First-half Net Loss Widened to HK$71.74M
--------------------------------------------------
Computer equipment and software distributor ePRO Ltd recorded a widened net
loss of HK$71.74 million for the six months to June against a loss of
HK$46.146 million the previous year.

Operating loss also widened to HK$72.717 million from HK$44.308 million. The
company recorded sales of HK$202.488 million.

ePRO did not declare any interim dividend, remained unchanged
since last year.

In August 2001, publicly listed ePro found itself on the firing line of the
High Court of the Hongkong Special Administrative Region (HKSAR) of the
People's Republic of China (PRC).

SiS International Ltd, a distributor of computer products, has issued legal
proceedings again ePro Systems (Hongkong) Ltd, a wholly owned subsidiary of
ePro Ltd, alleging that it owes SiS $HK612,878.10.


HONG KONG CONSTRUCTION: HK$139.4M Loss Due to Project Costs
-----------------------------------------------------------
Hong Kong Construction (Holdings) Ltd said it recorded an interim net loss
of HK$139.4 million, against a loss of HK$290.4 million a year earlier,
mainly due to a loss of HK$85.9 million from ongoing construction projects.

The company reported that sales fell to HK$709.8 million from HK$816.8
million.

As at end-June, its gearing ratio stood at 177.5 percent, against 140.8
percent at end-2001.


PALIBURG HOLDINGS: Trims Net Loss to HK$230.0M
----------------------------------------------
Paliburg Holdings Ltd recorded a net loss of HK$230.0 million for the six
months to June compared to a loss of HK$258.2 million in the previous year.

The company recorded sales of HK$696.4 million.

Paliburg Holdings has paid no dividends during the interim period and did
not pay any dividends during the previous year.

Paliburg Holdings Limited - http://www.paliburg.com.hk/- manages hotel;
invests, manages and develops property; deals in construction and
construction-related businesses; invests and trades in financial instruments
and marketable securities.

Shareholders of the property and hotel companies met last week 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 HOTELS: Narrows Net Loss to HK$25.5M
------------------------------------------
Hotel operator Regal Hotels International Holdings Ltd in the six months to
June recorded a net loss of HK$25.5 million from a loss of HK$167.9 million
in the previous year.

Sales this year, however, were reduced to HK$481.0 million against sales of
HK$543.5 million.

Regal Hotels International did not declare any interim dividend. It remained
unchanged since last year.

Hong Kong-based Regal Hotels International Holdings Limited -
http://www.regalhotel.com/- engages in hotel ownership and management,
restaurant operations, wedding services, production and distribution of
beer, plant nursery and florist, laundry operations, bakery operations,
travel services, property investment, securities investment and trading,
management services, trademark holding and financing.

Trading in the shares of Regal Hotels International was suspended at the
Hong Kong stock exchange last Wednesday.

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.


SMARTONE TELECOM: Sees Profit, Smaller Loss
-------------------------------------------
SmarTone Telecommunications Holdings Ltd is expected to report today its
year-to-June results showing either a smaller net loss or even a move into
profit.

Analysts forecast a net loss of HK$38 million to a net profit of HK$106
million, against a net loss of HK$283.83 million in the same period last
year.

In the first half to December, SmarTone reported a net loss of HK$39.354
million, down from the year earlier loss of HK$112.938 million.

The company had completed the restructuring of its local multipoint
distribution services (LMDS) operations, with a write-down of HK$68 million.
The LDMS operations reported a net loss of HK$2.0 million for the period.

Lehman Brothers analyst Peter Milliken expects a year to June net profit of
HK$106 million for EPS of 18 cents, supported by continued improvement in
the second half.

"Its operating business will continue to show an improvement in the second
half, while there will not be any exceptional losses during the period,"
Milliken said.

DBS-Vickers analyst Wallace Cheung expects the company to report a year to
June net loss of HK$38 million, while Dao Heng Securities analyst Benjamin
Tam expects the company to report a net loss of HK$3.0 million for the year.


SUNEVISION HOLDINGS: Net Loss Rises to US$81.3M After One-offs
--------------------------------------------------------------
Internet services firm SUNeVision Holdings Ltd said Monday that net loss for
the year ended June 2002 increased more than three times to HK$633.85
million (US$81.3 million) because of one-off restructuring costs, provisions
and revaluation of its property.

During the period under review, SUNeVision incurred a one-off loss of HK$131
million for the restructure of business units, including the closure of
SuperOffice, and closure of iAdvantage Singapore operations and cutting the
workforce in Red-Dots.

Meanwhile, SUNeVision Holdings managing director Sheridan Yen said the
company is likely to turn profitable in the year to June 2003 following the
closure of non-profitable business units, coupled with a steady reduction in
operating expenditure.

Yen said the company has no plan to further restructure its business units.


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


ASTRA INTERNATIONAL: May Divest Part of Toyota Astra Stake
----------------------------------------------------------
PT Astra International will likely sell a portion of its stake in PT Toyota
Astra Motor (TAM) to Toyota due to the increasing competition in the car
market, Bahana Securities said.

However, Bahana said that before such a sale could be possible, Astra would
want to ensure that it retains control of distribution rights.

Astra president Budi Setiadharma said that Astra wants to create a separate
marketing company to handle sales for TAM as one of the conditions of Astra
reducing its 51 percent stake in the joint venture with Japan's Toyota Motor
Corp.

Setiadharma also said Astra wants to retain a minority stake in the
manufacturing joint venture that assembles and distributes Toyota vehicles
in Indonesia.

Astra is considering raising up to US$100 million from a rights issue if its
debt restructuring is approved. It has around US$133 million and 164 billion
rupiah in debt set to mature in December.

The company is in the process of negotiating with creditors to reschedule
some US$830 to US$850 million in debt.


BANK MANDIRI: Names Three Underwriters for November IPO
-------------------------------------------------------
State-owned bank PT Bank Mandiri has named Credit Suisse First Boston, ABN
Amro and Danareksa Sekuritas as lead underwriters for its planned November
initial public offering of its 30 percent stake, Dow Jones Newswires
reported.

Bank Mandiri Vice President I Nyoman Pugeg said the bank has named Deutsche
Bank as the financial adviser for the offering.

The government had planned to privatize Bank Mandiri since May as part of
its commitment to the International Monetary Fund in exchange for the fund's
financial support to mend the country's economy. The IPO plans were put on
hold, much to the disappointment of foreign investors.


BANK NIAGA: Commerce Asset Will Not Raise Bid
---------------------------------------------
Commerce Asset Holding Bhd of Malaysia, the final bidder for a 51 percent
stake in PT Bank Niaga, has declined to increase its offer of 26.5 rupiah
per share.

According to Hamka Yamdu, the head of Lower House of Parliament (DPR)
Commission IX's Bank Niaga divestment team, Commerce Asset's financial
advisor JP Morgan had refused to increase its bid because the price it had
offered was final

The House Commission IX has urged the Indonesian Bank Restructuring Agency
(IBRA) to convince Commerce Asset to increase its bid for a 51 percent stake
in PT Bank Niaga to between 30 and 40 rupiah per share.


TJIWI KIMIA: Sees First-half Net Loss Widen to US$41.3M
-------------------------------------------------------
PT Tjiwi Kimia, a subsidiary of Asia Pulp & Paper, recorded a net loss of
US$41.3 million in the first half of 2002, compared to a US$25.9 million
loss during the same period last year.

Asia Pulse reported that the significant rise in net loss was mostly
contributed by an increase in its expenses from US$35.2 million to US$84.9
million.

Tjiwi Kimia's operational income rose from US$32.6 million to US$43.5
million.


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


FUJITSU LTD: Delays Planned Semicon Ops Integration With Fujitsu
----------------------------------------------------------------Toshiba Corp
and Fujitsu Ltd are expected to postpone the planned integration of their
semiconductor operations, the Nihon Keizai Shimbun reported.

The firms are finding it difficult to reach a conclusion on achieving
integration by the end of this month, the sources said.

However, the companies are likely to continue negotiations in the coming
months. (M&A REPORTER-ASIA PACIFIC, Vol. No.1, Issue No. 189, September 24,
2002)

According to TCR-AP, Fujitsu Limited has notified its labor union that the
Company will cut additional 3,000 workers this year, based on an incentive
program under which it will pay special allowances to those who voluntarily
quit.

The Company posted a loss of $3.27 billion in 2001.


MAZDA MOTOR: Issuing Convertible Bonds
--------------------------------------
Mazda Motor Corporation recently announced a 60 billion yen (US$492 million,
503 million euro) offering of Convertible Bonds.

Ford Motor Company, which presently owns 33.39 percent of Mazda, intends to
purchase 20 billion yen (US$164 million, 168 million euro) of the bonds; the
balance will be sold to the public.

Proceeds of the issue will be used to fund Mazda's debt repayments occurring
over the next two years. Together with the 38 billion yen (US$312 million,
319 million euro) syndicated bank borrowing completed in July, this
convertible bond offering will give Mazda a substantial amount of operating
flexibility and liquidity protection.

A key element of Mazda's strategy is to maintain high levels of liquidity
and to pre-fund maturing debt when there are attractive opportunities to do
so. This offering also helps Mazda maintain its funding diversification and
achieve term extension on its debt portfolio.

Mr. Booth, Mazda's President, commented, "I think this is great news for
Mazda. These bonds will be offered to retail and institutional investors
across the country. I know they are excited about our new products, and this
gives them a chance to participate in the success of our Millennium Plan. In
addition, the offering provides further evidence of the depth and strength
of the Ford/Mazda relationship and substantially enhances our balance sheet
and overall financial condition."

Mazda Motor Corporation - www.mazda.com/flash.html - was established in 1920
and is one of Japan's leading automobile manufacturers. With its
headquarters in Hiroshima, Mazda has two plants in Japan and manufacturing
and assembly operations in sixteen other countries. Mazda cars and trucks
are sold in more than one hundred and thirty countries.

Ford Motor and Mazda agreed to collaborate in 1979. Ford Motor Company
started investing in Mazda and increased its shareholding to 33.39 percent
as of March 31, 1999.

The principal activities of Ford - www.ford.com - are within two principal
business segments. The Automotive segment consists of the design,
manufacture, sale and service of cars and trucks, automotive components and
systems. The Financial Services segment consists of vehicle-related
financing, leasing and insurance, renting and leasing of cars and trucks and
renting industrial and construction equipment and other activities. The
Financial sector is operated through two subsidiaries, The Ford Credit
Company and The Hertz Corporation. The Company operates in North America,
South America, Europe, Africa and Asia-Pacific. In 2001, the Company
acquired the remaining interest of 18 percent in Hertz Corporation.

Automotive accounted for 81 percent of 2002 revenues; Ford credit services,
15 percent; automobile rental & leasing, 3 percent & other financial
services, 1 percent.

According to Wright Investor's Service, at the end of 2002, Mazda Motor had
negative working capital, as current liabilities were Y920.05 billion while
total current assets were only Y725.14 billion.


MITSUBISHI MOTORS: Truck Spin-off Causes Debt to Fall Sharply
-------------------------------------------------------------
Mitsubishi Motors Corporation's interest bearing debt expects to fall
sharply after a spin off its truck business, Auto Asia reported Monday.

By March 2003, the carmaker expects its debt to fall to JPY870 billion
(US$7.16 billion) versus a previous target of JPY1.2 trillion yen and an
actual JPY1.3 trillion yen at the end of March 2002.

DaimlerChrysler is taking a 43 percent stake in the new truck and bus
business while other Mitsubishi group companies will take up 15 percent. The
transaction will transfer some JPY210 billion of debt out of Mitsubishi
Motors into the new entity.


NISSAN DIESEL: Ailing Truck Maker Aims to Cut Debt by 40%
---------------------------------------------------------
Nissan Diesel Motor Co plans to lower its interest-bearing debt by 40
percent to 250 billion yen ($2 billion) by March 2006, as part of its
restructuring plan, Reuters reported.

The struggling truck maker will expand ties with China's second-largest auto
group, Dongfeng Motor Corp, to further Nissan Diesel's advance into the
growing Chinese market and help counter the sluggish and overcrowded
domestic truck market.

The Company has interest-bearing debts of 416.9 billion yen as of March 31.

It is forecasting a group net profit of one billion yen on sales of 380
billion yen in the current year to next March.


TDK CORPORATION: Launches NEOREC53 Series of Nd-Fe-B Magnets
------------------------------------------------------------
TDK Corporation recently developed the NEOREC53 series of
neodymium-iron-boron (Nd-Fe-B) magnets, which achieve the industry's top*
maximum energy product using the dry method (BH max = 420 kJ/m3).

* As of September 24, 2002, according to a TDK survey.

Applications for high-performance rare-earth magnets are expanding in small
motors used in information devices, automobiles, and other devices. As a
result, demand for Nd-Fe-B magnets with top magnetic properties for use in
devices such as hard disk drives (HDDs) that are under pressures to become
ever small and lighter-weight is increasing rapidly.

Since TDK first launched the NEOREC series of Nd-Fe-B magnets in 1989, they
have played a driving role in the industry as a result of their superior
coercive force and maximum energy product.

The recently developed NEOREC53 series features a maximum energy product
that is 7 percent-9 percent higher than that of the earlier NEOREC50 series.
The new series achieves top specifications of 414 kJ/m3 (with the NEOREC52
materials), achieving the industry's top* magnetic properties using the dry
manufacturing process.

Magnet manufacturing processes include the dry method, which forms the
magnetic material in a powder form in an inert gas, and the wet method,
which forms the magnetic material with some liquid included. The dry method
is simpler than the wet method, but posses the problem of a deterioration of
magnetic properties of as a result of residual oxygen in the Nd-Fe-B
magnets, which are made primarily of rare-earth elements that are very
susceptible to oxidation.

TDK used its accumulated expertise with the dry method and introduced a new
low-oxygen process to create a new and unique dry method. By maintaining
near-zero residual oxygen in all processes from grinding to molding, TDK can
limit oxidation of the powder material.

In addition, even as TDK raises the magnetic energy, it seeks increases in
production efficiency through adoption of the most cost-effective
formulation design and the introduction of the low-oxygen process.

The next-generation NEOREC53 series will further promote small sizes and
higher performance of small motors such as those used in HDDs. At the same
time, TDK has adopted the conventional dry method and improved the
orientation to develop high-coercive-forth materials with high maximum
energy product for use in automobiles and household electronics. TDK seeks
to expand the market by building a lineup with products that feature
properties optimized for each application.

TDK's Narita Plant will add a production line with a capacity of 15 tones
per month to bring the new series to market. Preparations for mass
production are currently underway.

TDK plans to display the new series at its booth (booth No. 8, D45) at
CEATEC JAPAN 2002, which will be held at the International Convention
Complex of Nippon Convention Center (Makuhari Messe) beginning on October 1.

TDK Corporation is a leading global electronics Company based in Japan. It
was established in 1935 to commercialize "ferrite," a key material in
electronics and magnetics.

For further information, please visit the TDK Corporation home page at:
www.tdk.co.jp

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

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


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


LG ELECTRONICS: Issuing $200M Floating Rate Notes
-------------------------------------------------
LG Electronics Inc. will launch syndication of its two-tranche US$200
million floating rate note, arranged by Citibank/Salomon Smith Barney,
Kookmin Bank and Shinhan Bank, Reuters reported Monday.

The US$100 million two-year tranche is expected to pay a coupon of 50 bps
over six-month Libor and the US$100 million three-year paper will pay
investors 60 bps over six-month Libor.

According to Wright Investor's Service, at the end of 2001, LG Electronics
Inc. had negative working capital, as current liabilities were 13.85
trillion Korean Won while total current assets were only 9.37 trillion
Korean Won.


LG ELECTRONICS: Strengthens Business Ties With Microsoft
--------------------------------------------------------
LG Electronics Inc has strengthened business ties with Microsoft Corp., with
the companies agreeing to join forces regarding their respective home
network business units, the Maeil Business News reported.

The two companies said they would forge alliances regarding home network
services, next-generation mobile services as well as joint development of
technologies and marketing strategies.

LG Electronics Vice President Koo Ja Hong met with Microsoft CTO Craig
Mundie at Microsoft's headquarters in the United States on September 17 to
discuss sealing strategic ties regarding the development of home network
products and services, Company officials said. (M&A REPORTER-ASIA PACIFIC,
Vol. No.1, Issue No. 189, September 24, 2002)


WOORI BANK: ABN, Barclays, BNP to Manage Denominated Eurobond
-------------------------------------------------------------
Woori Bank, formerly known as Hanvit Bank, has mandated ABN Amro Bank,
Barclays Capital and BNP Paribas to lead manage a dollar-denominated
Eurobond, expected to be for at least US$300 million.

The fixed-rate transaction will be launched off Woori's $2 billion euro
medium-term note program following investor presentations in Asia and
Europe.

In April, Hanvit Bank began to cut the ceiling on mortgage loans to 70 to 80
percent of the value of the corresponding apartments in Seoul from the
current 80 to 85 percent, TCRAP reports.

The cuts in the ceiling came as part of its efforts to effectively manage
credit risks associated with mortgage loans amid the recent sharp rise in
household loans.

Hanvit also cut the ceiling on mortgages to 70 percent from 80 percent of
the value of the apartments located in provinces, it said.


WOORI BANK: Moody's Assigns Baa2 Rating
---------------------------------------
Moody's Investors Service assigns a prospective rating of Baa2 to Woori
Bank's proposed senior bond issuance under the US$2 billion Medium Term Note
Programme.

Moody's also affirms the ratings on the updated MTN Programme: long-term
senior debt of Baa2 and long-term subordinated debt of Baa3.

Since the economic crisis, the financial performance of the bank has been
relatively weak although it has improved and is showing signs of
stabilizing.

Woori Bank, formerly known as Hanvit Bank, was established on December 31,
1998, as a result of a merger between Commercial Bank of Korea and Hanil
Bank. Since April 2, 2001, it has been a subsidiary of Woori Financial
Group, which is the first financial holding Company in Korea.

The Korea Deposit Insurance Corporation now holds 88 percent of Woori
Financial Group following an initial public offering in June 2002.

Woori Bank is now the second largest bank in the system, with assets of
KRW77tn as of June 30, 2002. The bank operates 680 branches domestically and
12 overseas.

The other ratings of the bank are long-term/short-term deposit ratings of
Baa2/Prime-3 and a bank financial strength rating of E+.

DebtTraders reports that Hanvit Bank's 12.750% bond due in 2010(CMBK10KRS2)
trades between 118.500 and 119.500. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=CMBK10KRS2


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


BERJAYA GROUP: Buys 8.3M Shares in Roadhouse Grill for US$3M
------------------------------------------------------------
The Board of Directors of Berjaya Group Berhad (BGroup) wishes to announce
that its wholly owned subsidiary company, Berjaya Group (Cayman) Limited
(BCayman) will subscribe for 8.3 million shares of new common stock in
Roadhouse Grill, Inc. (RGI) for a total cash consideration of US$3.0 million
(RM11.4 million) or at a subscription price of US$0.36 per share.

In conjunction with and as an integral part of the above subscription,
BCayman will receive 4.2 million shares of new RGI common stock at the same
issue price as payment for its existing loan of US$1.5 million granted to
RGI.

The above subscription and repayment of loan are collectively referred to as
Proposed Share Subscriptions.

INFORMATION ON THE PROPOSED SHARE SUBSCRIPTIONS

RGI was incorporated in Florida, United States of America (USA). The company
owns, operates and franchises a chain of full service, casual dining
restaurants under the brand name "Roadhouse Grill". RGI has 69 restaurants
located in Florida, Georgia, Ohio, New York, Louisiana, Mississippi,
Alabama, North Carolina, South Carolina and Arkansas. The company has also
franchised its business to Asia Pacific region, Brazil and Europe through
joint ventures. A unit of Berjaya Group Berhad is the master franchisee for
the Asia Pacific region.

Currently, RGI is a 62% owned subsidiary company of BCayman. On 18 January
2002, a landlord owning 17 of its leases filed an involuntary Chapter 11
petition under the Bankruptcy Code against the company. RGI consented to the
petition on 16 April 2002 and had on the same day filed its reorganization
plan. The Court approved the plan on 12 June 2002 for balloting by its
creditors and on 21 August 2002, the Court confirmed the company's plan,
which was overwhelmingly voted in favor by the creditors.

With the approvals obtained from the Court and its creditors, RGI will
emerge from Chapter 11 by 30 September 2002 and is proceeding to implement
the reorganization plan, which entails, inter-alia, the recapitalization of
the share capital of the company.

Under the recapitalization exercise, RGI will receive a cash injection of
US$5 million (RM19 million) from certain shareholders and investors in
return for equity in the company. BCayman, being the largest shareholder of
RGI has agreed to subscribe for a sum of US$3 million while the balance of
the US$2.0 million will be subscribed by two other shareholders and
investors. In addition to the cash injection, RGI will also repay US$1.5
million of debt due to BCayman via the issuance of 4.2 million shares of new
RGI common stock.

Details of the Proposed Share Subscriptions

Pursuant to the Proposed Share Subscriptions, BCayman will subscribe for 8.3
million shares of new RGI common stocks at a subscription price of US$0.36
per share for a total cash subscription sum of approximately US$3.0 million.
Simultaneously with the above, RGI will also repay US$1.5 million debt due
to BCayman via the issuance of 4.2 million shares of new RGI common stock at
the same issue price. In aggregate the total shares of new common stock to
be issued to BCayman arising from the Proposed Share Subscriptions amount to
approximately 12.5 million shares.

As an integral part of the reorganization plan, all shareholders of RGI will
receive an additional 0.15 shares for each share that they hold. In this
respect and based on the existing BCayman's shareholding of 6.0 million,
BCayman will receive an additional 0.9 million shares of new RGI common
stock.

The total shareholding held by BCayman after the Proposed Share
Subscriptions and the additional allotment will amount to 19.4 million
shares representing approximately 66.4% of the enlarged share capital of
RGI. This represents an increase of 4.2% compared to the existing equity
interest of 62.2%.

The recapitalization exercise will increase the share capital of RGI from
9.8 million shares to 29.2 million shares of RGI common stock.

The shares of new RGI common stock to be issued pursuant to the Proposed
Share Subscriptions rank pari passu in all respects with the existing
shares.

BASIS OF THE SUBCRIPTION PRICE OF THE PROPOSED SHARE SUBSCRIPTIONS

The subscription price of US$0.36 per share of new common stock of RGI is
arrived at based on the financial position of the company and the amount
cash required for the reorganization plan. As at 28 April 2002, RGI has a
net tangible asset of US$15.4 million or US$1.57 per share.

RATIONALE FOR THE PROPOSED SHARE SUBSCRIPTIONS

The Proposed Share Subscriptions are part of the reorganization plan to
structure RGI into a financially stronger company to meet the challenges
ahead.

FINANCIAL EFFECTS OF THE PROPOSED SHARE SUBSCRIPTIONS

i) On Share Capital

There is no impact on the share capital of BGroup as the transaction does
not involve any issuance of shares by BGroup.

ii) On Earnings

There is no material impact on the earnings of B-Group, as the Proposed
Share Subscriptions will be financed from the internally generated funds.
However, it is expected that the additional investment will contribute
positively to the Company in the future.

iii) Shareholders' Fund and Net Tangible Assets (NTA)

There will be no material impacts on the shareholders' funds and NTA of
BGroup.

CONDITIONS OF THE PROPOSED SHARE SUBSCRIPTIONS

The Proposed Share Subscriptions are not subject to any approvals from
relevant authorities. It is anticipated that the Proposed Shares
Subscriptions will be completed within two months from the date hereof.

DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS

None of the directors and major shareholders of BGroup or persons connected
to them have any direct and indirect interests in the Proposed Share
Subscriptions.

DIRECTORS RECOMMENDATION

The Board of Directors of BGroup is of the opinion that the Proposed Share
Subscriptions are in the best interest of Bgroup.


HAI MING HOLDINGS: SC Approves Extension of Time
------------------------------------------------
Public Merchant Bank Berhad, on behalf of the Board of Directors of Hai Ming
Holdings Bhd (HMHB), had on 17 September 2002, applied to the Securities
Commission (SC) for an extension of time of one month to 2 November 2002 to
enable HMHB to complete the implementation of the Proposed Restructuring
Exercise which were approved by the SC vide its letters dated 3 April 2002
and 9 April 2002.

Pursuant thereto, PMBB, on behalf of the Board of Directors of HMHB, is
pleased to announce that the SC had on 23 September 2002 approved the said
application.

TCR-AP reported earlier this month that the Hai Ming Holdings Board of
Directors has proposed to fix the conversion price of the 5-year 4.5%
redeemable convertible secured loan stocks (RCSLS) and 5-year 4.5%
irredeemable convertible unsecured loan stocks (ICULS) at RM1.57 for every
one (1) ordinary share of RM1.00 each in HMHB (HMHB Shares).

The RCSLS and ICULS will be issued as consideration for part settlement of
the total debts owing to the bank lenders of the HMHB Group and formed part
of the Proposed Restructuring Exercise approved by the shareholders at the
Extraordinary General Meeting held on 17 August 2002.


JASATERA BERHAD: SC Rejects Proposed Extension
----------------------------------------------
Public Merchant Bank Berhad, on behalf of the Board of Directors of Jasatera
Berhad, wishes to announce that the Securities Commission (SC) via its 16
September 2002 letter, received on 20 September 2002, rejected the Proposed
Exemption sought by Dato' Koo Yuen Kim, Dr Koo Woon Kee and parties acting
in concert with them from the obligation to extend a mandatory general offer
for the remaining voting shares in Jasatera not already owned by them
pursuant to PN 2.9.3 of the Code.

The SC notes:

(i) The SC via its letter dated 5 September 2002, approved the Revised
Proposed Recapitalisation Exercise, which inter-alia, includes the proposed
capital reconstruction, proposed acquisition of the entire equity interest
in Perfect Eagle Holdings Sdn Bhd (PEHSB) from Dato' Koo Yuen Kim, Dr Koo
Woon Kee and Lim Ching Soon at a purchase consideration of RM2,066,336 by
way of issuance of 2,066,336 new ordinary shares of RM1.00 each in Jasatera,
proposed debt settlement, proposed rights issue of 23,976,000 new shares of
RM1.00 each in Jasatera at par, proposed special issue and proposed private
placement;

(ii) Dato' Koo Yuen Kim and Dr Koo Woon Kee had provided written undertaking
to subscribed for all their rights entitlements and also the remaining
rights shares, if any, not subscribed for by the remaining shareholders of
Jasatera; and

(iii) According to Part II of the Code, all parties acting in concert with
them will need to undertake a mandatory general offer under the following
situations:

(a) Where the total shareholding of the parties acting in concert with them
in Jasatera will increase from 17.74% to 45.48%, following the
implementation of the proposed acquisition of PEHSB as mentioned above; and

(b) Where the total shareholding of the parties acting in concert with them
in Jasatera will increase from 45.48% to 89.00%, in the event, all the
remaining shareholders of Jasatera fail to subscribe for their rights
shares, following the proposed rights issue as mentioned above.

In this respect, the parties acting in concert with them are advised to
apply for an exemption under Practice Note 2.9.1 of the Code if they are
eligible under the said Practice Note. However, in the event the parties
acting in concert with them are not eligible to apply for an exemption from
the obligation to extend a mandatory general offer under the PN 2.9.1 of the
Code, they are required to undertake the mandatory general offer for the
remaining voting shares in Jasatera not already owned by them, as required
under Part II of the Code.

With reference to the announcement dated 13 September 2002 and after due
deliberation, the Board of Directors of Jasatera had decided to accept all
conditions imposed by the SC vide its letter dated 5 September 2002. With
regards to the SC's letter dated 16 September 2002, Dato Koo Yuen Kim, Dr
Koo Woon Kee and parties acting in concert with them are still deliberating
on the matter and an announcement will be made once a decision is reached.

TCR-AP reported last week that SC has approved Jasatera's restructuring
proposals, which include the reduction of the issued and paid-up share
capital of RM19,800,000 to RM3,996,000, the issuance of 27,442,075
irredeemable convertible preference
shares (ICPS), the restricted offer for the sale of 26,973,000 ICPS to the
existing shareholders of Jasatera, rights issue, the acquisition of the
entire equity interest in Perfect Eagle
Holdings, and the listing of and quotation for the entire new ordinary
shares.


MALAYSIAN PLANTATIONS: Seeks Sabah Bank Financial Report
--------------------------------------------------------
The Board of Directors of Malaysian Plantations Berhad (MPlant) wishes to
announce that MPlant and its subsidiary, Alliance Bank Malaysia Berhad have,
on 20 September 2002 jointly requested the Kuala Lumpur High Court for an
order to determine the profits or losses of Sabah Bank for the period 1
January 2000 to 31 December 2000 being the underlying basis for the Final
Balance of the Purchase Price payable by Alliance Bank under the Sale and
Purchase Agreement dated 30 August 2000 entered into between MPlant,
Alliance Bank and Suria Capital Holdings Berhad (the Said Agreement) in
respect of the sale and purchase of 178,492,232 ordinary shares of RM1.00
each in Sabah Bank.

An amount of RM255.6 million has been duly paid during the year 2000 in
accordance with the Agreement.

The need for the above request arises from the non-issuance of the
Completion Audit Report by the Completion Auditor concerned duly appointed
pursuant to the Said Agreement.

Based on the information available, the above amount payable would range
from RM3.9 million to RM33.6 million. This is not expected to have an
adverse material impact on the earnings and net tangible assets of the
MPlant Group.


MALAYSIAN PLANTATIONS: Syabas Sutra Completes MPM Acquisition
-------------------------------------------------------------
The Board of Malaysian Plantations Berhad (MPlant) said Monday that its
wholly owned subsidiary Syabas Sutra Sdn Bhd has completed the acquisition
of the entire issued share capital of Multi-Purpose Management Sdn Bhd
(MPM), which holds the remaining 21.9% equity interest in Alliance Bank
Malaysia Berhad.

Pursuant to the Put & Call Option Agreement dated 25 June 1999 entered into
between Multi-Purpose Holdings Berhad ("MPHB"), MPlant and Syabas Sutra,
Syabas Sutra has on 23 September 2002, paid a total sum of RM302,972,458.00
being the consideration sum plus interest of RM5,381,103.94 (calculated at
7.5% per annum from 27 June 2002 to 22 September 2002) for the acquisition
of MPM.

Accordingly, Alliance Bank will now be a wholly owned subsidiary of Syabas
Sutra, which in turn is a wholly owned subsidiary of MPlant.


METROPLEX BERHAD: Continues Debt Restructuring Exercise
-------------------------------------------------------
Metroplex Berhad said Monday that it is still actively working on its debt
restructuring scheme for the Group with its creditors.

The Kuala Lumpur-based company added that an announcement will be made to
the Kuala Lumpur Stock Exchange once an agreement has been reached in this
regard.

Metroplex and its Group of Companies is engaged in various operations. Its
hotel and leisure business includes resort and gaming operations at Subic
Bay in the Philippines, Legend Hotel in Kuala Lumpur as well as cruise and
casino operations under the Empress Cruise Lines.

Under its property investment and development unit, the better-known assets
are The Mall and projects such as Pantai Hills Estate, Pantai Hills Flats,
and Pantai Towers. Originally around Kuala Lumpur and in the Klang Valley,
projects have expanded to Batang Kali, Pahang where the Legend Farmstead is
being developed. Besides these developments, the Company has also in its
pipeline the Baron Court and the Carlton Court condominiums at Taman Kosas
in Ulu Langat, Selangor.


RAHMAN HYDRAULIC: MITI Gives Nod on Proposed Corporate Exercise
---------------------------------------------------------------
Public Merchant Bank Berhad is pleased to announce on behalf of Rahman
Hydraulic Tin Berhad (Special Administrators Appointed) that the Ministry of
International Trade and Industry (MITI) has, vide its letter dated 19
September 2002, approved the proposed corporate exercise.

The proposal involves IJM Plantations Sdn Bhd, a wholly owned subsidiary
company of IJM Corporation Berhad, which is to be listed on the Main Board
of the Kuala Lumpur Stock Exchange in place of Rahman Hydraulic.

The MITI approval is subject to the approvals being obtained from the
Securities Commission and the Foreign Investment Committee.


SATERAS RESOURCES: Names New Chief
----------------------------------
Sateras Resources (Malaysia) Berhad has appointed Ku Abdul Rahman Bin Ku
Sulaiman as its chief executive officer and director of the board, effective
23 September 2002.

Sulaiman is director of Denko Industrial Corporation Berhad and Dialog Group
Berhad.

TCR-AP reported earlier this month that AmMerchant Bank Berhad had resigned
as the Company's adviser on 16 August 2002 and the Company is currently
seeking a new adviser for the restructuring plan, aimed at regularizing the
Company's financial condition.


TAT SANG: Announces Update on Payment Default
---------------------------------------------
The Board of Directors of Tat Sang Holdings Berhad said Monday that there
are no new significant development in relation to the various defaults in
payment that were announced on 15 August 2002.

The board hereby provides an update on the details of banking facilities,
which are currently in default as per attached
http://bankrupt.com/misc/tat_sang.pdf.

The Company informs that the hearing date of the following legal suits are
fixed as follows:

1. Standard Chartered Bank (M) Berhad - vs - Mercuries & Muar Wooden
Furniture Mfg Sdn Bhd (MMWF) at Kuala Lumpur High Court
Suit No: D5-23-1051-2001
Decision: The above suit case which came up for Decision of the Plaintiff's
Application for Summary Judgement on the 1st August 2002. The Senior
Assistant Registrar allowed the Plaintiff's application and recorded Summary
Judgement against all the defendants. Our Solicitors have filed an appeal to
the Judge in Chambers.

2. Malayan Banking Berhad - vs - MMWF at Muar High Court
Suit No.: 23-108-2001
Decision: The above suit case which was fixed for decision on 4 July 2002
and subsequent adjourned to 18.07.02, the learned Deputy of Registrar has
allowed the Plaintiff's application for Summary Judgment. Our Solicitors had
filed in the Notice of Appeal to the Judge in Chambers on 23.07.02 and the
matter will be fixed for hearing on 10.10.2002.

3. Bumiputra-Commerce Bank Berhad - vs - MMWF at Muar High Court
Suit No.: 23-76-2001
Hearing date: An application to amend the Writ of Summons and Statement of
Claims dated 16 May 2002 and application for Summary Judgment which was
fixed for hearing of the Order 14 Application on 20th June 2002 has fixed
for decision on 23 August 2002.
Decision: The judgment was obtained on 23 August 2002, the plaintiff's
application for Summary Judgment against the defendants were allowed by the
Senior Assistant Registrar. Notice of Appeal was filed and the hearing dated
will be fixed on 9 December 2002.

4. Bank Pembangunan & Infrastruktur Malaysia Bhd - vs - MMWF
Suit No.: 23-54-2002
Status of the suit: Memorandum of Appearance was filed on 25 July 2002 and
our solicitors had filed in defence on 8 August 2002. There is no further
action by the plaintiff.


TIME DOTCOM: Maxis Rejects Plan to Buy Fixed Line Assets
--------------------------------------------------------
Maxis Communications Bhd Chief Executive Officer Jamaludin Ibrahim said the
company has no plans to buy Time dotCom Bhd's fixed line assets.

The Edge newspaper reported earlier that Maxis Bhd may take an equity stake
in Time dotCom's broadband and fixed line services business if the joint
venture to market fixed line services lives up to its promise.

Jamaludin added Maxis has no plans to acquire Time dotCom's fiber optic
network.

He said the two companies are working together to jointly market fixed line
services, with the aim of leveraging their under-utilized fixed line assets.

TCR-AP said last week that Time dotCom is planning to sell its cellular
operations held under unit TIMECel Sdn Bhd to Maxis Communications at an
indicative price of RMB1.3 to 1.6 billion in cash subject to a due
diligence.

Time dotCom will use the entire proceeds from the sale for capital
repayments to shareholders and towards defraying expenses relating to the
exercise, subject to approval from shareholders and the relevant
authorities.


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


FIRST E-BANK: Banco De Oro Takes Over Metro's Banking Arm
---------------------------------------------------------
Over the weekend, Business World reported that wealthy businessman Henry
Sy's Banco de Oro Universal Bank is reportedly taking over Metro Pacific
group's banking arm, First e-Bank, beating Asia United Bank and Bank of
Commerce in the bidding for the right to rehabilitate 1st e-Bank.

The deal was closed last Friday.

"The Bangko Sentral has approved Banco de Oro's proposal (to rehabilitate
the bank). They plan to close the bank and reopen it as Banco de Oro as soon
as possible," a banking industry source said.

Banco de Oro officials declined to comment.

Earlier, a source from the Philippine Deposit Insurance Corp. (PDIC) said
1st e-Bank was finalizing talks with one of the rehabilitation proponents,
and that it plans to make an announcement this week.

Other proponents said they have yet to hear from either PDIC or 1st e-Bank
itself.

About two weeks ago, Banco de Oro announced that it had an outstanding offer
to acquire 1st e-Bank.

"We had proposals to acquire 1st e-Bank's branches as early as November
2001, but despite serious discussions, no agreement was concluded with the
Metro Pacific group," Banco de Oro earlier told the Philippine Stock
Exchange.

The bank said its offer covers the acquisition of assets and assumption of
liabilities, both on a selective basis, of 1st e-Bank branches. (M&A
REPORTER-ASIA PACIFIC, Vol. No.1, Issue No. 189, September 24, 2002)


FIRST E-BANK: Three Banks Aim to Acquire and Rehabilitate Bank
--------------------------------------------------------------
Three banks are bidding for the right to buy and rehabilitate First E-Bank
Corporation (FSTE) from the MPC group namely Banco de Oro Universal Bank
(BDO), Bank of Commerce, and Asia United Bank, the Philippine Star reported
Tuesday.

"At present, as is the normal procedure, these proposals are still with the
regulatory agencies for evaluation," FSTE said.

BDO said it has an outstanding offer to acquire the assets and assume
liabilities, both on a selective basis, of FSTE's 60-branch network and has
submitted such offer to the Bangko Sentral ng Pilipinas.

But the bank denied it has been declared the winning bidder last Friday,
pointing out that "we have not yet received any notice of approval from the
Monetary Board," the policy-making body of the BSP.

"We had proposals to acquire First e-Bank's branches as early as November
2001 but despite serious discussions, no agreement was concluded with the
Metro Pacific Group," BDO said.


MANILA ELECTRIC: Government Prepares 10% Stake Sale
---------------------------------------------------
Finance Secretary Jose Isidro N. Camacho, emerging from a State
Privatization Council meeting last Friday, said the committee has agreed to
prepare for the possible bidding of the 10 percent block in power
distributor Manila Electric Co. (Meralco) even as it waits for a ruling by
the state-led Energy Regulatory Commission (ERC) on the power firm's
proposed rate increase, Business World reported.

He said the ERC decision is the key to determining the price of the Meralco
shares held by government.

The government wanted to sell its stake through the local bourse late last
year, banking on the passage of the power reform law to sweeten the possible
sale of the 10 percent stake.

The Department of Finance (DoF) had said it hoped to fetch some four billion
Philippine pesos (US$76.301 million) from the sale.

Finance Undersecretary Nieves L. Osorio had observed that PhP4 billion was a
good target since Meralco shares hit PhP40 per share last year and stayed at
that price for some time.

The government, however, early put off the sale early this year due to the
stock market downturn.

On Friday, Mr. Camacho said, "What we asked the staff to do is to prepare
for the most straightforward sale process, to bid out the block or conduct a
public bidding, and not to discount the possibility of a slightly more
structural proposal.

"So if there is an opportunity down the road, perhaps even before the end of
the year, then we will be in a position to sell it." (M&A REPORTER-ASIA
PACIFIC, Vol. No.1, Issue No. 189, September 24, 2002)


NATIONAL BANK: Selling Php1.8B Foreclosed Assets to Trim Losses
---------------------------------------------------------------
Struggling to trim down its 2002 losses to at least P2.9 billion, the
Philippine National Bank (PNB) sold P1.8-billion worth of foreclosed assets
from year-to-date, the Philippine Star reported Tuesday.

PNB President Lorenzo V. Tan said the bank has been able to unload a
considerable number of its real and other properties owned and acquired
(ROPOA) assets, mostly residential properties.

The bank has also managed to lower the ratio of its non-performing loans
(NPLs) from 45 to 50 percent of its total loan portfolio to slightly lower,
after its dacion en pago arrangement with the National Government, Tan said.

He said the bank's target was to bring this ratio down to at least 39
percent as PNB cleans up its portfolio during the course of its
rehabilitation.

The Philippine Deposit Insurance Corp. (PDIC) has not approved the proposed
rehabilitation plan but Tan expressed optimism that the bank would not have
any difficulty getting the plan approved for implementation.


NATIONAL BANK: Posts Php1.4B Net Loss for First Half
----------------------------------------------------
Philippine National Bank points out that the amount of P1.4 billion net loss
mentioned during the opening of the ATM exhibit at the PNB financial Center
on September 23, 2002 represents the result of operations covering the
six-month period, January to June 2002, as disclosed with the Philippine
Stock Exchange and reported to the Securities and Exchange Commission dated
August 8, 2002.

This is a significant decrease from the P3.9 billion net loss reported for
the same period last year.

For a copy of the press release, visit
http://bankrupt.com/misc/TCRAP_PNB0924.pdf


NATIONAL BANK: Sets Up 120 ATMs Within Two Years
------------------------------------------------
The Philippine National Bank will set up 120 additional Automated Tellering
Machines (ATMs) nationwide in the next two years.

At present, PNB's ATM complement totals 185, which is composed of 139 ATM
onsite booths and 46 ATM offsite booths.

PNB's projected expansion of its ATM network reflects its commitment to give
excellent customer service to more clients and reinforces its capability as
a top information technology service provider.

For a copy of the disclosure, go to http://www.pnb.com.ph


PHILIPPINE TELEGRAPH: Digital Seeks Debt Payment of Php44M
----------------------------------------------------------
Digital Telecommunications Philippines Inc. (DigiTel) is seeking debt
payment of 44 million pesos in unpaid access charges owed by Philippine
Telegraph & Telephone (PT&T), the Today Newspaper and AFX Asia reported
Tuesday, citing PT&T Assistant Vice President for Carrier Relations Ernesto
Barro.

DigiTel has cut off interconnection links with PT&T and that the both firms
have not agreed on certain conditions being pushed by Digital for the
payment of the debts.


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


ASIA FOOD: Proposes Internal Restructuring Exercise With GAR
------------------------------------------------------------
The Board of Directors of Golden Agri-Resources Ltd (GAR) and Asia Food &
Properties Ltd (AFP) disclosed the details of their proposed internal
restructuring exercise and their subsidiaries.

The basic restructuring agreement was entered into between PT Global
Agronusa Indonesia (GAI), PT Ivo Mas Tunggal (IMT), PT Ivo Mas (IM), AFP, PT
Buana Wiralestari (BWL), PT Ivo Mas Asia (IMA), PT Supra Veritas (SV), PT
Surya Mitra Sejati (SMS), PT Sinar Mas Tunggal (SMT), AFP International
Finance Ltd (AFPIF), AFP International Finance (2) Ltd (AFPIF(2)), PT Sinar
Mas Agro Resources and Technology Tbk (SMART) and GAR on 27 August 2002.

Summary of the Basic Restructuring Agreement

The Transfer of GAI Receivables

Under the Basic Restructuring Agreement, AFPIF and AFPIF(2) will transfer
their respective receivables comprising the US Dollar (US$), Indonesia
Rupiah (IDR) and Japanese Yen (JPY) portions, aggregating approximately IDR
341,078,000,000 (the GAI Receivables) or equivalent to approximately US$
39.07million at US$1 to IDR 8,730 and JPY 1 to IDR 73,088, from GAI to
IMA. As consideration for the transfer, IMA will allot and issue shares to
AFP as the designee of AFPIF and AFPIF (2).

The shareholding structures of the relevant parties to the Basic
Restructuring Agreement before the transfer of the GAI Receivables to IMA
are set out below.

IMA will thereafter transfer the GAI Receivables to IM. IM will allot and
issue shares to IMA as consideration for the transfer of the GAI
Receivables. The issue of shares in IM to IMA is subject to the waiver of
AFP's, SV's and SMT's rights of preemption.

Under the Basic Restructuring Agreement, GAI will allot and issue shares to
IM as settlement of the GAI Receivables.
The issue of shares in GAI to IM is subject to the waiver of SMS' and
SMART's rights of preemption.

The waiver of pre-emption rights by SMART (SMART Waiver) is subject to the
approval of the independent shareholders of SMART at the extraordinary
general meeting to be held on 3 October 2002 (SMART EGM) referred to in the
announcement dated 18 September 2002.

The shareholding structure of the relevant parties to the Basic
Restructuring Agreement after the transfer of the GAI Receivables and the
issue of shares are set out below.

The GAI Share Sale and the IM Share Sale Under the Basic Restructuring
Agreement, SMS, IM and SMART will be selling their shares in GAI to IMT,
another subsidiary of GAR. IMT is 91 percent owned by another subsidiary of
GAR, PT Purimas Sasmita and 9 percent owned by SMART.

The sale of shares in GAI (the GAI Share Sale) is subject to the approval of
the independent shareholders of SMART at the SMART EGM.

The GAI Share Sale will be effected through the execution of a Conditional
Sale and Purchase Agreement to be entered into between SMS, IM, SMART and
IMT (the "GAI S&P"). The GAI
S&P will provide the definitive terms and conditions of the GAI Share Sale.
This will be executed after the relevant approvals from the independent
shareholders of SMART for the SMART
Waiver and the GAI Share Sale have been obtained at the SMART EGM.

In addition, under the Basic Restructuring Agreement, AFP, SMT, SV and IMA
will be selling their shares in IM to IMT.
The sale of shares in IM (the "IM Share Sale") will be effected through the
execution of a Conditional Sale and Purchase Agreement to be entered into
between AFP, SV, SMT, IMA and
IMT (IM S&P). The IM S&P will provide the definitive terms and conditions of
the IM Share Sale and will be executed together with the GAI S&P.

As at the date hereof, the terms and conditions of the GAI S&P and the IM
S&P are currently being negotiated by the relevant parties and have not been
finalized.

Assuming that the GAI S&P and the IM S&P are executed, the shareholding
structure of the relevant parties to the Basic Restructuring Agreement after
the GAI Share Sale and the IM
Share Sale is set out.

Merger

Subject to all necessary consents and approvals being granted, IMT and its
subsidiaries, after the change in ownership and shareholder structure, plan
to carry out mergers between (a) GAI and BWL, a wholly owned subsidiary of
IMT; and (b) IMT and IM.
Conditions precedent of the Basic Restructuring Agreement
The completion of the Basic Restructuring Agreement is conditional, inter
alia, upon the following;

(a) approval of the shareholders of SMART at the SMART EGM for the SMART
Waiver and the GAI Share Sale; and

(b) all necessary consents and approvals being granted by governmental or
regulatory bodies (including the Singapore Exchange Securities Trading
Limited) or competent authorities having jurisdiction over the Basic
Restructuring Agreement.

The conditions precedent are to be fulfilled or waived before 31 December
2003, or such later date as the parties to the Basic Restructuring Agreement
may agree. In the event that the parties
are unable to agree on such later date by 31 January 2004, any party to the
Basic Restructuring Agreement shall be entitled to terminate the Basic
Restructuring Agreement by written notice to
the other parties.

The Board of Directors wishes to highlight that the terms and conditions of
the GAI S&P and the IM S&P have not yet been finalized.

AFP and GAR will make prompt disclosure of any further developments in
relation to the GAI Share Sale and the IM Share Sale (including the
finalized terms and conditions of the
GAI S&P and the IM S&P) in compliance with Chapters 9 and 10 of the Listing
Manual of the Singapore Exchange Securities Trading Limited as and when such
details are available.

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

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

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

The Group's Property division in Indonesia is a leading developer and is
engaged in the development and construction of commercial, residential and
industrial properties, townships, hotels and resorts.

The Property division has long-term investments in major commercial
buildings, hotels and resorts, and is involved in property sales, leasing
and management of its real estate development and investments in Indonesia,
China, Singapore and Malaysia.

For more information, go to
http://bankrupt.com/misc/TCRAP_AFP0924.pdf


BIL INTERNATIONAL: Returns to Profit This Year
----------------------------------------------
BIL International Ltd said Monday it returned to profit after two years of
hefty losses because of gains from asset sales at its hotel unit and the
sale of shares in a local beverage firm.

BIL posted a net profit of $10.4 million for the year ended June 30,
compared with a loss of $119.6 million in the previous year.

The 2001 result was due to an exceptional loss suffered by former BIL
associate Air New Zealand Ltd for a writedown in its Ansett Australia unit.

It had suffered an even bigger loss of $162 million in 2000.

The firm's core asset, a 46 percent stake in London's largest hotelier,
Thistle Hotels Plc, contributed $29 million of profit from the sale of 37
hotels for about 600 million pounds ($930 million), BIL said in a statement.

The Company also sold shares in Singapore beverage firm Fraser & Neave
(F&N). It received about $13.4 million in April when F&N made special cash
distribution.

The firm declined to comment on how it expected to perform in the current
financial year.

"In this environment it's too difficult to predict what will be," BIL Chief
Executive Officer Arun Amarsi told Reuters in a telephone interview.

"Our efforts will go on in working hard on the assets we have, managing our
debt and keeping our costs low."

The firm said its net asset value at end June was higher at $749.1 million,
compared with $653.1 million a year earlier, helped mainly by a $65.8
million gain due to favorable foreign exchange movements.

BIL said its total debt has fallen at end-June to $582 million from about
$1.05 billion a year ago.


CHEMICAL INDUSTRIES: Completes Refinancing of Bonds
---------------------------------------------------
Chemical Industries (FAR EAST) Limited has successfully completed the
refinancing for the Company's $50 million 2.5 percent unsecured bonds
maturing on 23 September 2002 (Bonds).

The Company has entered into a facility agreement on 20 September 2002 with
a syndicate of banks which includes The Hongkong and Shanghai Banking
Corporation Limited, Moscow Narodny Bank Limited, Singapore Branch,
Oversea-Chinese Banking Corporation Limited and KBC Bank N.V. Singapore
Branch (Banks) for (a) a transferable loan facility (Transferable Loan
Facility) of up to $50,000,000 for the purpose of refinancing its existing
indebtedness under the Bonds; and (b) working capital banking facilities of
up to $20,000,000 to finance its general working capital requirements
(collectively, the Facilities).

The Facilities are secured, inter alia, by the Company's properties at 3
Jalan Samulun and 91 Sakra Avenue and a fixed and floating charge over all
the Company's assets. Three directors of the Company, namely Mr Lim Soo
Peng, Mr Eric Lim Yew Tou and Mr Cecil Lim Yew Khang, have also given joint
and several personal guarantees for up to an aggregate of GBP6,000,000. The
Hongkong and Shanghai Banking Corporation Limited is the arranger of the
Facilities and security trustee for the banks.

The Transferable Loan Facility was drawn down Monday and the Bonds were
fully repaid and redeemed.

The Company would also like to announce that 15,224,522 outstanding
warrants, issued by the Company pursuant to the Deed Poll dated 1 September
1997, expired on 20 September 2002 without being exercised. Accordingly, the
issued share capital of the Company remains at S$75,945,399 divided into
75,945,399 shares of S$1.00 each.

None of the Directors or substantial shareholders of the Company have any
interest, direct or indirect, in the Facilities.

At the end of 2002, Wright Investor's Service said Chemical Industries (Far
East) Limited had negative working capital, as current liabilities were
106.98 million Singapore Dollars while total current assets were only 34.03
million Singapore Dollars.


FLEXTECH HOLDINGS: Bares Restructuring Scheme Proposal
------------------------------------------------------
The proposed restructuring plans of Flextech Holdings Limited are:

1. Flextech Holdings Limited (FHL) is undertaking a comprehensive review of
the structure, business operations and financial position of the Company,
its subsidiaries and its principal associated companies (FHL Group).

2. On 10 September 2002, the Company announced that an Extraordinary General
Meeting (EGM) would be convened on 27 September 2002 for the purpose of
considering and passing the relevant resolutions to authorize the Board of
Directors of FHL to divest FHL's 49 percent shareholding in listed ASTI
Holdings Limited (ASTI). This is part of the proposal of the FHL Group to
strengthen its financial position.

3. In addition to such initiatives, FHL has decided to extend its
rationalization efforts to other aspects of its business, including its
group structure and borrowings. It is currently envisaged that the
restructuring would consist of the following initiatives:

(a) subject to the approval of the shareholders of FHL being obtained at the
said EGM, the divestment of FHL's 49 percent stake in ASTI (ASTI
Divestment);

(b) subject to the requisite loan stockholders' approval being obtained, the
restructuring and/or variation of the terms of FHL's existing unsecured loan
stock (due on 23 October 2002), such that, in consideration of fresh
security to be granted by FHL and a revised fixed interest rate of 3.75
percent per annum, the maturity date of the restructured loan stock would
become 23 October 2007(Restructured Loan Stock);

(c) the securing of additional and/or replacement loan facilities for the
FHL Group's working capital requirements (New Lending); and

(d) subject to the relevant approvals being obtained, the securing of fresh
funds from an issuance by FHL of unlisted preference shares to key
management personnel and investors (Preference Shares) representing
approximately 25 percent of the resultant issued capital of the Company.

4. In connection with the ASTI Divestment, the EGM will be held on 27
September 2002 and, if approved by FHL's shareholders, the Board intends to
pursue the divestment objective.

5. The principal terms of the proposed variation to the existing loan stock
are set out in Appendix A hereto. FHL will be providing for distribution to
loan stockholders, an explanatory circular relating to the Restructured Loan
Stock and intends to call a meeting of the loan stockholders to consider the
proposed restructuring of the existing loan as set out in Appendix A. Not
less than 21 days' notice of such meeting is required and the resolutions to
restructure the loan stock would require the following approvals:

(a) an Extraordinary Resolution (as defined in the Trust Deed dated 2
October 1997 relating to the loan stock) passed by a majority consisting of
not less than 75 percent of the persons voting at the meeting of the holders
of the loan stock to agree to such restructuring of the loan stock; and

(b) a resolution being passed by persons being or representing the loan
stockholders in respect of two-thirds in nominal value of the outstanding
loan stock.

The Board is recommending that the loan stockholders vote in favor of the
Restructured Loan Stock. FHL has also written to the SGX-ST to seek its
confirmation that the Restructured Loan Stock would continue to have the
benefit of its current listing status, subject to conditions that may be
imposed by the SGX-ST.

The loan stocks were issued pursuant to a rights issue in October 1997 with
warrants. It was anticipated at the time that the redemption of loan stock
would be made using the proceeds of the exercise of the warrants. However,
due to current market and economic conditions, the share price of FHL traded
shares has been depressed and FHL shares are currently trading at values
below the warrant exercise price. As such, it is no longer viable to effect
repayment from the proceeds of the exercise of the warrants. Therefore, in
the event that the requisite approval of the loan stockholders for the
extension and variation of the loan stock is not obtained before the
maturity date on 23 October 2002, FHL would not have ready funds to meet the
redemption amount and would have to, in the very short time frame, seek
alternative funding.

FHL has tried, in the past months, to raise additional funds for the FHL
Group, but in the current economic and market environment, this has proven
challenging. While the FHL Group is in talks to raise funding in the manner
described in paragraphs 3(c) and 3(d) above (which are further described in
paragraphs 6 and 7 below), the potential lenders / investors would require
the issue of the restructuring of the loan stock (including the extended
redemption date) to be satisfactorily resolved before they would proceed
with the New Lending and/or the Preference Share subscription. As such, it
is important that all these issues (including the loan stock restructuring)
be resolved concurrently.

6. FHL is in negotiations with a financial institution to provide the New
Lending (by way of working capital loans) in an amount not exceeding
S$35,000,000 to the FHL Group. This could replace and/or augment the current
banking facilities of the FHL Group.

7. In addition, FHL intends to pursue the issuance of unlisted Preference
Shares, which would be convertible into listed ordinary shares of S$0.15
each in the capital of FHL. The Preference Shares are expected to be issued
to key management personnel of the FHL Group and new investors, and would
result in a cash infusion of up to S$7,000,000. The Preference Shares will
be convertible into new ordinary shares of S$0.15 each in FHL within 3 years
at a conversion price equal to the Net Asset Value per ordinary share of FHL
as at 30 June 2002 or the par value of the FHL ordinary shares at the time
of conversion, whichever is higher. The Preference Shares would be subject
to the approval of FHL's shareholders and the SGX-ST being obtained (and to
compliance with applicable requirements or conditions imposed). The
Preference Shares will also be subject to the proposed restructuring of the
existing loan stock being approved by holders of the loan stock and the
restructuring of the FHL Group's bank borrowings. This Preference Share
issue will be arranged by UOB Kay Hian Pte Ltd.

8. Upon the ASTI Divestment being effected, the principal business units of
the FHL Group will consist of its 100 percent subsidiary, FE Global
Electronics Pte Ltd (FEG) (which is its principal operating subsidiary) and
80 percent of Spire Technologies Pte Ltd (Spire). FEG is in the business of
electronics component distribution and Spire is principally involved in
semi-conductor test services and materials. As at 30 June 2002, both of
these subsidiaries were profitable and cashflow positive. In addition, the
FHL Group would also contain certain historical investments which are not
yet producing returns but which do not require any financial contribution
from FHL or other members of the FHL Group.

9. FHL intends, in this restructuring exercise, to pare down its non-core
business activities and to re-focus its energies and resources in its core
strengths, embodied in FEG and Spire, both of which are healthy companies.

10. Subject to the effective restructuring described in paragraph 3 above
taking place, the Board is confident that the resultant business of the FHL
Group should be a healthy one, given the profitability and cash flow
positive positions. The outlook of the Group should also, barring unforeseen
circumstances, improve in the medium to long term. Accordingly, the Board is
of the view that, subject to successful implementation of the proposed
restructuring, the FHL Group is a going concern.

11. Moving forward, FHL will seek its shareholders' approval to divest its
ASTI stake in the EGM to be held on 27 September 2002. It will also seek the
consent of the loan stockholders for the Restructured Loan Stock in a loan
stockholders meeting to be convened. Concurrently with these initiatives, it
will pursue finalization of the terms of the New Lending and the Preference
Shares. In light of these active and immediate steps that are being taken by
FHL's management to bolster the financial and business position of the FHL
Group, FHL has met with the bankers of the FHL Group to assure them as to
the fundamental viability of the resultant restructured group and to seek
their continuing support.

12. FHL will continue to update its shareholders on the status of the
proposed restructuring exercise, as may be appropriate or required.

APPENDIX A - RESTRUCTURING OF LOAN STOCK

Quantum: Principal amount of S$19,958,668

Tenor: Extended term of 5 years (new maturity date - 23 October 2007)

Interest Rate: Fixed rate of 3.75 percent Interest is payable semi-annually

Security: Charge over FHL's entire 49 percent shareholding interest in ASTI.

Subject to the approval of FHL's shareholders being obtained at the
Extraordinary General Meeting to be convened on 27 September 2002
authorizing the divestment of the ASTI shares, FHL may divest of the ASTI
shares, in which event the sale proceeds would become the subject matter of
this security. Provided the shareholders on terms mandate the divestment on
27 September 2002, no further approvals would be required from the Loan
Stockholders.

Put & Call Option: Loan stockholders shall have right to require FHL to
purchase from the Loan Stockholders, and FHL shall have right to require the
Loan Stockholders to sell to FHL, on the following principal amount of Loan
Stock on the following dates:

23 October 2003 Nil

23 October 2004 S$1,000,000

23 October 2005 S$1,500,000

23 October 2006 S$2,500,000

Redemption: The balance of the outstanding Loan Stock will be fully redeemed
on
23 October 2007

Listing Status: Subject to the approval of the SGX-ST, the Restructured Loan
Stock would continue to be listed on the SGX-ST.

Interim Measures: While the variation and extension of the Loan Stock are
being negotiated and finalized, the Loan Stockholders will also be asked to
consent to not declaring an event of default on the Loan Stock and not
demanding redemption (subject to FHL continuing to make interest payments in
accordance with the terms and conditions of the current Loan Stock) unless
the variation cannot be finalized on or before 2002.


HORIZON EDUCATION: Post Change in Shareholder's Interest
--------------------------------------------------------
Horizon Education and Technologies Limited posted a notice of changes in
substantial shareholder Horizon Technologies Holdings Pte Ltd's interest:

Name of substantial shareholder: Horizon Technologies Holdings Pte Ltd (In
Members' Voluntary Liquidation)
Date of notice to Company: 28 Aug 2002
Date of change of interest: 28 Aug 2002

Name of registered holder: Horizon Technologies Holdings Pte Ltd
(In Members' Voluntary Liquidation)

Circumstance(s) giving rise to the interest: Others
Please specify details: Distribution of asset in specie

Shares held in the name of registered holder
No. of shares of the change: 4,800,000
Percentage of issued share capital: 2.02
Amount of consideration per share excluding brokerage, GST, stamp duties,
clearing fee: Distribution of asset in specie
No. of shares held before change: 75,007,260
Percentage of issued share capital: 31.62
No. of shares held after change: 70,207,260
Percentage of issued share capital: 29.6

Holdings of Substantial Shareholder including direct and deemed interest
                                  Deemed Direct
No. of shares held before change:      75,007,260
Percentage of issued share capital:             31.62
No. of shares held after change:       70,207,260
Percentage of issued share capital:             29.6

Total shares:                          70,207,260

No. of Warrants
No. of Options
No. of Rights
No. of Indirect Interest


WING TAI: Posts FY02 S$69.2M Net Loss
-------------------------------------
Singapore property developer Wing Tai Holdings Ltd incurred a net loss of
S$69.15 million ($38.9 million) in the fiscal year, versus a loss of S$21.88
million a year ago, due to a write down of its properties, Reuters reported
Monday.

The Company incurred an exceptional loss of S$95.3 million, of which S$88
million resulted from provisions for its development properties in Singapore
and Hong Kong.

Four analysts forecasted an average net loss of S$30.25 million for the year
to June 30.

"It is disappointing. The market has not expected such a large provision,"
said Winston Liew, an analyst at Daiwa Institute of Research.

Although some analysts have raised doubts about the Company's cash position
as gearing remains substantial, Wing Tai's General Manager Tan Hwee Bin said
further provisions were unlikely under current conditions.

"If the market stays at current levels, we are fine," Tan told a news
conference, adding his Company was comfortable with its debt level but would
like to lower its long-term gearing level to a range of 0.7 to 1.3 times.

Wing Tai's debt totals S$1.3 billion as of June 2002.

DebtTraders reports that Wing Tai Holdings' 1.500% convertible preferred due
in 2002 (WING02SGS1) trades between 129.250 and 130.250. For real-time bond
pricing, go to http://www.debttraders.com/price.cfm?dt_sec_ticker=WING02SGS1


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


BGES ENGINEERING: Changes Name to Picnic Gas
--------------------------------------------
Utimate Key Co., Ltd, the Rehabilitation Plan Administrator of BGES
Engineering Systems Public Company Limited, said Friday that the Company has
filed the petition to the Ministry of Commerce and been approved to change
the name to Picnic Gas and Chemicals Public Company Limited effective from
September 16,2002.

Utimate Key's Varawooth Lapvisutsin said there will be change in the company
stock symbol for trading in the Stock Exchange of Thailand from BGES to
PICNIC.

TCR-AP reported in August that Ultimate Key reported the Central Bankruptcy
Court's order on August 19, 2002 to approve capital decrease, capital
increase and allotment of new ordinary shares of BGES according to the
company's rehabilitation plan.


ROBINSON STORE: Seeks for Extension of Capital Increase
-------------------------------------------------------
Jongkolrattana Lamvilai, Vice president-Financial Line of Robinson
Department Store Public Company Limited, said Monday that it has requested
for an extension of capital increase and reduction.

The statement was in reference to the announcement of Robinson Department
Store made to the Stock Exchange of Thailand on 13 September 2002 regarding
the capital increase and reduction, on 19 September 2002.

Subsequently on 20 September 2002, there were articles from some newspapers
indicating that the above extension of capital increase and reduction would
affect the Rehabilitation Plan of the Company and may cause default of the
payment in the future.  Such article might cause the misunderstanding among
the creditors, the shareholders and the investors of the Company.

Accordingly, the Company would like to clarify the facts and reasons of the
extension of capital increase and reduction as follows:

1. Since majorities of the creditors of the Company are foreign creditors,
the Company has structured a shareholding after capital reduction pursuant
to the Plan by having a portion of increased shares issued to the creditors
in the form of Thai Trust Fund Units. This structure would enable the
Company to continue to do its business as normal without violating the law
and regulation on the foreign shareholding limit. However, apart from
standard documents required in normal capital increase, other complicated
documentation is also required to effect the above-mentioned structure.
Therefore timing required for share issuance is longer than planned. At this
stage the Company is in the process of obtaining approval from related
governmental entities and expects that the schedule for capital increase and
reduction as indicated in previous announcement would not be met.

As a result, the extension of timing is required in order to avoid any
difficulty which might happen should the share issuance not be made as
announced. Once the exact date is known the Company will report to the SET
accordingly. It is expected that the capital increase and reduction would be
made by the end of October 2002.

Please note that on 15 June 2001, the Company has registered with the
Ministry of Commerce for an increase of its registered capital and the
amendment of its article of association to increase the foreign shareholding
limit from 20% to 49% of its issued and outstanding shares. The remaining
major steps of the Plan are debt-to-equity conversion, capital reduction and
forgiveness of remaining debts, which shall occur simultaneously.

2. The above extension will, however, not affect the debt repayment of the
Company as they are separate processes. The Notes issued pursuant to the
Plan will be amortized every 6 months with the final maturity on 31 December
2005. Since the Note issuance date on 5 October 2001 to date the Company has
been able to made all due payments to the Noteholders.  Furthermore, it has
also made the prepayments to the Noteholders in addition to payment required
by the Plan.


THAI PETROCHEMICAL: Delays Vote on Plan Amendment to October 4
--------------------------------------------------------------
Effective Planners Ltd., Thai Petrochemical Industry PCL (TPI)'s
court-appointed debt planner, said that the Company has postponed the
deadline for a creditors' vote on amendments to its debt restructuring plan
to October 4 from September 20.

According to a Dow Jones Newswires report, TPI creditors have requested more
time before deciding on their vote.

Effective Planners has asked for creditors' support to amend the voting
mechanism for future plan amendments and to change the deadline for a $200
million debt payment through the sale of non-core assets to March 31, 2003,
from the end of 2001.

The voting proposal was made after the Bankruptcy Court in July rejected the
amendment of TPI's $3.7 billion debt restructuring plan because some
creditors said they opposed the changes even though the majority of them had
voted in favor.

Under TPI's 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.


TOTAL ACCESS: Plans to Sell Bonds, Borrow to Pay $194M Debt
-----------------------------------------------------------
Total Access Communication Pcl, Thailand's second-largest mobile-phone
company, plans to sell as much as 4 billion baht of bonds and borrow 4
billion baht from banks, taking advantage of low interest rates to pay 8.4
billion baht ($194 million) of debt, Bloomberg reports.

Total Access Chief Financial Officer Grant Ferguson said the bonds, which
may have maturities of five years to seven years, will be sold by year-end.
He declined to comment on yields.

ABN Amro Holding NV and Siam Commercial Bank Pcl will advise Total Access on
the sale.

Total Access has 52 billion baht in debt due through 2006, according to
Bloomberg data. It includes $200 million of bonds that investors may convert
into stock at $10.50 a share.

The company said in June it received a $30 million loan from Nordic
Investment Bank to expand and improve its network.



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.

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