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

                   A S I A   P A C I F I C

          Tuesday, October 01, 2002, Vol. 5, No. 194

                         Headlines

A U S T R A L I A

AMP LIMITED: Appoints Mohl as New Chief
AMP LIMITED: British Unit in Trouble
AMP LIMITED: Opens Reset Preferred Securities Offer
AMP LIMITED: Shares Fall Despite Mohl Appointment
COLES MYER: Stock Price Under Pressure


C H I N A   &   H O N G  K O N G

CRYSTAL FAMOUS: Winding Up Petition Hearing Set
CTS SYSTEMS: Faces Winding Up Petition
GLOBAL CHINA: Back in the Black With HK$115.2M Net Profit
GUANGDONG KELON: Deloitte Touche Sees Holes in Earnings
HUAJING GROUP: CR Logic to Take Over Loss-making Chip Producer

I-CHINA HOLDINGS: Still in Restructuring Talks With Lenders
LEAPTEK LTD: Net Loss Narrows to HK$55.914M
MILLION BAND: Winding Up Hearing Set
NEO-TECH GLOBAL: Widens Fiscal Year Loss to HK$185.36M
PHOENIX SATELLITE: Acquisitions Throw Broadcaster Into the Red

SOUTH CHINA BROKERAGE: Falls Into the Red With HK$58.3M Loss


I N D O N E S I A

ASTRA INTERNATIONAL: Auto Giant Raises Rights Issue to $150M
BANK NIAGA: Indonesian Minister Opposes Divestment of Stake
HOLDIKO PERKASA: Metropolitan Kentjana Highest Bidders Revealed
TECHNOLOGY RESOURCES: Invoicing Discrepancies May Delay Merger


J A P A N

AIWA CO.: Agrees Merger Agreement With Sony
DAIWA BANK: Unit Completes Capital Aid to JTSB
SHINDENGEN ELECTRIC: JCR Places BBB Rating Under Credit Monitor
KENWOOD CORPORATION: Shares Up After Receiving Financial Aid
KK COSMOS: Video Firm Enters Bankruptcy

KK JAPAN: Golf Course Enters Civil Rehabilitation Proceedings
KOBE STEEL: Selling Real Estate Holdings
MAZDA MOTOR: Launches Functional Integration Modules
NANKAI ELECTRIC: JCR Assigns BBB+ Rating
NTT DOCOMO: Clarifies Nihon Keizai Shimbun Report

SUMITOMO MITSUI: Shareholders' Plan Subject to Govt Approval


K O R E A

DAEWOO CAPITAL: Foreign Investors Interested in Takeover
DAEWOO MOTOR: Changwon Plant to Suspend Operations
DAEWOO MOTOR: Suzuki Aids GM to Restructure Carmaker
WOORI BANK: Offering $300M 3-5 Yr Bonds


M A L A Y S I A

ANTAH HOLDINGS: Enters Conditional Sale, Purchase Agreement
HIAP AIK: No Change in Payment Default Status
KUALA LUMPUR HOLDINGS: Court Grants Winding-up of Subsidiary
LION LAND: Affirms Variation of Preference Shares
PICA (M): Continues Reconstruction Scheme Talk With Creditors

RENONG BERHAD: Seeking Approval of Mandate Renewal
SENG HUP: Shareholders Pass Resolutions
TAI WAH: KLSE Dumps Time Extension Request
TIME ENGINEERING: Bank Negara Approves Restructuring Proposal
YCS CORPORATION: Defaults in ICULS-A Payment


P H I L I P P I N E S

FIRST E-BANK: Additional Info on Agreement With Banco de Oro
NATIONAL POWER: First-half Debt Hits $7.25B
NATIONAL POWER: Oil Price Hike No Effect on Electricity Rates
NATIONAL STEEL: Creditors Okay Rehabilitation Plan
PHILIPPINE LONG: Clarifies Philippine Star Report
PHILIPPINE LONG: Issuing STCP's in November for Refinancing


S I N G A P O R E

ACMA LIMITED: Interim Loss Widens to S$17.4M
ASIA PULP: Agrees to 10-Yr Repayment Period of $6.5B Debt
L&M GROUP: Details of Changes in Issued Share Capital
L&M GROUP: Secures Sizable Projects in 2002
SNP CORPORATION: Announces Voluntary Winding Up of Unit
WEE POH: Conditional Placement Agreement With Benxi


T H A I L A N D

KUANG PEI: Inks Debt Restructuring II Contract
NTS STEEL: Increases Capital to THB38.6B as Part of Rehab Plan
RAIMON LAND: Acquires New Shares in Raimon Tower
RAIMON LAND: Disposes of Investment, Claim in Subsidiary
TANAYONG PCL: Creditors Delay Vote on Debt Plan to November

     -  -  -  -  -  -  -  -

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


AMP LIMITED: Appoints Mohl as New Chief
---------------------------------------
The AMP Board has resolved to appoint Andrew Mohl to the
position of Managing Director and Chief Executive Officer of the
company, effective 7 October 2002.

Mr Mohl has been acting CEO of the Group since Monday 23
September 2002, after Paul Batchelor stood down from the role.

"We have taken advice regarding the availability of suitable
candidates in Australia and overseas and decided that an
extended international search for a new CEO is not in the best
interests of AMP's shareholders, customers and employees," AMP's
Chairman Stan Wallis said.

The AMP Board believes that Mr Mohl's outstanding operational
achievements in lifting the performance of AMP's Australian and
New Zealand financial services businesses in recent years and
his previous experience in asset management, banking and
prudential regulation make him well qualified to assume the
role.

"The Board is confident that all stakeholders will be well
served by Andrew's leadership of AMP in this challenging time in
the company's history," Mr Wallis said.

Mr Mohl and the Company have signed a letter of Letter of
Appointment, which envisages that a more detailed contract of
employment will be settled and signed in the next few weeks.
That contract will include finalized details of the equity
component of Mr Mohl's remuneration, which will be subject to
shareholder approval at AMP's next annual general meeting in
2003.

For media inquiries, contact Matthew Coleman at telephone
61 2 9257 2700. For investor inquiries, contact Mark O'Brien at
telephone 61 2 9257 7053.


AMP LIMITED: British Unit in Trouble
------------------------------------
Finance Services Authority told ABC TV's Inside Business that
AMP Limited's UK subsidiary has been in trouble for a number of
months.

Sir Howard Davies, chairman of the British financial regulator,
said that they have agreed a plan with the company to strengthen
the capital position of its funds in England.

Newly appointed AMP chief executive officer Andrew Mohl recently
revealed the insurance group's British business, AMP-Pearl, has
been under performing for a number of months because of
volatility in international markets.

Shares in the company have been sinking to all time lows last
week as the market reacted to revelations the group had not
revealed the full extent of the financial troubles at its
British operations.


AMP LIMITED: Opens Reset Preferred Securities Offer
---------------------------------------------------
AMP opened the Offer of Reset Preferred Securities (RPS)
yesterday, 30 September 2002, after a supplementary prospectus
has been lodged with ASIC to enable the offer size to be
increased.

The RPS annual Distribution Rate will be set at the close of the
Offer period, which is expected to be 18 October 2002. The Offer
period may be extended or closed early.

For the purpose of the calculation of the annual distribution
rate described in the printed prospectus, the initial margin has
been Stock Exchange of Thailand at 2.9 per cent (290 basis
points).

Extensive demand during the institutional bookbuild process last
week led AMP to increase the size of over-subscriptions from
A$250 million to A$400 million. This means AMP Group could raise
up to A$1.15 billion.

AMP acting Chief Executive Officer Andrew Mohl said that AMP
believed it was important for its retail shareholders to have
the opportunity to participate in the RPS Offer.

"For this reason, we have increased the size of the RPS Offer,"
Mr Mohl said.

"AMP is pleased that the Offer has been so well supported."

Offers of RPS may only be made after the supplementary
prospectus is lodged with ASIC and applications will only be
accepted on forms accompanying the prospectus, as replaced and
supplemented. Applications can also be downloaded from the AMP
website.


AMP LIMITED: Shares Fall Despite Mohl Appointment
-------------------------------------------------
Shares in AMP Ltd dropped to 4.8 percent, or 59 cents, in early
trade Monday in spite of news that Andrew Mohl had been
appointed managing director and chief executive on a permanent
basis.

Brokers said the fall was partly due to shares in AMP going ex-
dividend.

There were also expectations of a large fall on London's FTSE
100 index after Wall Street plunged 295.67 points to 7701.45 on
Friday.


COLES MYER: Stock Price Under Pressure
--------------------------------------
The merger between department store retailer The Myer Emporium
Ltd. and supermarkets group G J Coles & Coy Ltd. appear to be
unraveling, putting enormous pressure on the stock price of
Coles Myer Ltd.

The internal wrangling, according to Dow Jones Newswires, is
just one of several issues that have sent Coles Myer shares to a
five-and-a-half year low. This has left investors wondering
about the future of the grocery and department store operator.

The eruption of a boardroom battle earlier in September pushed
the company's shares below the critical A$6.00-mark, and to a
low of A$5.70. Chairman Stan Wallis surprised investors by
saying he planned to step down from the position and the board
altogether after the company's Nov. 20 annual general assembly
meeting.

Shares of the ailing Melbourne-based retailer have lost 30
percent of their value since the end of December.

Last year, the company posted a net profit after tax of A$150.8
million, but before restructuring costs and stock writedowns the
figure came in at A$333 million.


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


CRYSTAL FAMOUS: Winding Up Petition Hearing Set
-----------------------------------------------
The petition to wind up Crystal Famous Beauty and Slimming
Limited was set for hearing before the High Court of Hong Kong
last September 25, at 9:30 am.

Lee Po Yan of Room 2118, Hin Yeung House, Hin Keng Estate,
Shatin, New Territories, Hong Kong filed the petition with the
said court last July 3, 2002.


CTS SYSTEMS: Faces Winding Up Petition
--------------------------------------
Li Shuk Ha, Ellen of Flat E, 13/F., 119-125 Caine Road, Hong
Kong is seeking for the winding up of CTS Systems Limited.

The petition was filed on July 24, 2002, and will be heard
before the High Court of Hong Kong on October 16, 2002 at 10:00
a.m.


GLOBAL CHINA: Back in the Black With HK$115.2M Net Profit
---------------------------------------------------------
Photographic and consumer electrical products distributor Global
China Technology Group Ltd has returned to the black after it
reported an after-tax profit of HK$115.19 million for the first
six months of the year, from a loss of HK$68.17 million in the
same period last year.

The company has not paid interim dividends during the period,
and has not paid any dividends during the same period of last
year.

Listed on the main board of the Stock Exchange of Hong Kong,
Global China Group Holdings Limited is primarily engaged in
developing four core businesses - broadband technology &
applications, media & information services, education &
corporate training, and financial services.


GUANGDONG KELON: Deloitte Touche Sees Holes in Earnings
-------------------------------------------------------
Deloitte Touche Tohmatsu, the new auditors of Guangdong Kelon
Electrical Holdings Co., said Monday the company's first-half
accounts might need restatement.

According to a Dow Jones Newswires report, Guangdong Kelon could
not vouch for about 750 million yuan worth of transactions and
assets claimed by the refrigerator manufacturer.

The review by Deloitte came after three independent directors
refused to sign off on the half-year earnings, which showed net
profit soaring to CNY104.9 million in the six months ended June
30 from CNY15.7 million a year earlier, even as revenue dipped
to CNY2.55 billion from CNY2.79 billion.


HUAJING GROUP: CR Logic to Take Over Loss-making Chip Producer
--------------------------------------------------------------
China Resources Logic Ltd had agreed to acquire state-owned
Huajing Group for 20 million yuan in cash, Reuters reported.

The chipmaker had outstanding borrowings and accrued interest of
about 1.273 billion yuan at the end of July this year. Of the
total, about 941 million yuan was subject to debt restructuring
with its key creditors.

The China Cinda Asset Management Corp, one of the key creditors
of Huajing, had agreed to waive an aggregate amount of about 324
million yuan of the debts, putting Huajing's aggregate amount of
adjusted borrowings and accrued interest at 949 million yuan at
the end of July.

Huajing posted a net loss of 133 million yuan in 2001 and a net
loss of 195 million yuan the previous year. It had a net loss of
57 million yuan in the first seven months of this year.


I-CHINA HOLDINGS: Still in Restructuring Talks With Lenders
-----------------------------------------------------------
I-China Holdings Ltd deputy chairman Norman Choi Sung Fung said
the company is still holding discussions with its creditor
banks, including China Merchants Bank, on restructuring the
company.

According to an AFX Asia report, the chairman hopes to conclude
the talks as soon as possible so that the company's stock can
resume trading by the end of the year.

I-China has a total debt of HK$500 million. It reported a net
loss of HK$222.307 million for the year to March, against a loss
of HK$261.301 million in the previous year.

I-China Holdings Limited, formerly known as Seapower
International Holdings Ltd, engages in investment holding,
property holding and hire of motor vehicles. The company is
located at Kwai Chung New Territories in Hong Kong.

Its unit, Seapower Resources International Ltd, is completing
its liquidation process by selling most of its assets.


LEAPTEK LTD: Net Loss Narrows to HK$55.914M
-------------------------------------------
Leaptek Ltd reported a net loss of HK$55.914 million for the
year to March, compared to a loss of HK$243.181 million in the
previous year.

Operating loss was recorded at HK$55.718 million against a
HK$236.856 million loss in 2001. Sales totaled HK$10.080
million.

Leaptek did not declare any dividend. It remained unchanged
since last year.


MILLION BAND: Winding Up Hearing Set
------------------------------------
The date for hearing of the petition to wind up Million Band
Limited was scheduled for September 25, 2002 at 9:30 a.m. at the
High Court of Hong Kong.

Lai Ho Yan of Flat 6, G/F., Pak King House, Siu Shan Court, Tuen
Mun, New Territories, Hong Kong filed the petition with the said
court last July 4, 2002.


NEO-TECH GLOBAL: Widens Fiscal Year Loss to HK$185.36M
------------------------------------------------------
Neo-Tech Global Ltd reported a net loss of HK$185.360 million in
the year to April, from a net loss of HK$16.253 million in the
same period in 2001.

The company also reported an operating loss of HK$183.631
million compared with a loss of HK$16.122 million in the
previous year. Sales totaled HK$2.378 million.

Fiscal year dividend was omitted, unchanged from the same period
last year.

The company said it expects to release its audited year to April
results on or before Oct 25.


PHOENIX SATELLITE: Acquisitions Throw Broadcaster Into the Red
--------------------------------------------------------------
The costs for new channels and goodwill write-offs have eaten
into broadcaster Phoenix Satellite Television Holdings' earnings
and dragged the company into the red, the South China Morning
Post reported.

The Growth-Enterprise Market-listed Chinese-language broadcaster
posted a net loss of HK$199.71 million for the year to June 30.  
In the previous year, Phoenix TV recorded a net profit of
HK$53.98 million.

A goodwill impairment charge of HK$44.7 million arising from the
acquisition of Phoenix Chinese News & Entertainment late last
year was a key reason for the loss, the company said.

However, by stripping out the charge, Phoenix TV's full-year
results still fell below expectations.

A Thomson First Call poll of 18 analysts showed market consensus
was for a HK$138.9 million loss. The broadcaster saw operating
costs surge 19.3 percent to HK$850.05 million for the year,
largely due to losses from new channels, Phoenix InfoNews and
Phoenix North America Chinese, and Phoenix Chinese News &
Entertainment.

Losses from the four new channels more than doubled over the
year to HK$211.75 million. Its core channels, Phoenix Chinese
and Movies, also saw a sharp dip in profitability. The two
channels registered HK$165.76 million operating profit over the
year, a 33.2 percent plunge from HK$248.08 million in the
previous year.

Revenue surged 16 percent quarter on quarter due to the business
generated from the World Cup in June.


SOUTH CHINA BROKERAGE: Falls Into the Red With HK$58.3M Loss
------------------------------------------------------------
South China Brokerage Co. reported an after-tax loss of
HK$58.299 million in the first half of the year, ending June 30,
from a profit of HK$120.58 in the previous year.

Revenue for this year was reduced to HK$48.9 million from
HK$71.55 million.

Half-year dividend was omitted.


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


ASTRA INTERNATIONAL: Auto Giant Raises Rights Issue to $150M
------------------------------------------------------------
Auto giant PT Astra International aims to raise its rights issue
to $150 million as part of its debt restructuring efforts, the
Business Times reported Friday.

The $150 million issue will be priced at around 2,220 rupiah,
which is a slight discount to Astra's one-year average share
price of 2,980 rupiah, the newspaper said.

The indebted company short-listed JP Morgan, ING Barings and an
ABN AMRO Rothschild team for the exercise.

Singapore's Cycle and Carriage Ltd, Astra's largest shareholder
with a 32 percent stake, may have to borrow for its share of the
rights issue, the report said.


BANK NIAGA: Indonesian Minister Opposes Divestment of Stake
-----------------------------------------------------------
Indonesia's State Minister for Development Planning Kwik Kian
Gie is opposing the government's plan to sell Bank Niaga,
arguing that the divestment will be a huge loss to the people.

Asia Pulse reported that the state's assets will soon be
exhausted with the divestment spree.

In two or three years, there will be big problems in the state
budget because most of the fund will be used up to pay debts and
debt interests, Kwik claimed.

Kwik disclosed that the International Monetary Fund has set an
October deadline for the selling of Bank Niaga.

Chief economic minister Dorodjatun Kuntjoro-Jakti said Thursday
the government will go ahead with its plan to sell 51 percent of
its shares in Bank Niaga in spite of the fact that the offered
price of Malaysian Commerce Holding Asset Bhd, which offered to
buy the shares at only Rp26.5 (US$6.97) each, is lower than
expected.


HOLDIKO PERKASA: Metropolitan Kentjana Highest Bidders Revealed
---------------------------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) and PT Holdiko
Perkasa announced Thursday the names of the three investors that
submitted the highest bids for Holdiko's 47.5 percent ownership
in PT Metropolitan Kentjana Tbk (MK Tbk).

Investors PT Berca Indonesia, PT Puspita Nirmala and PT Sarana
Inti Trasindo Perkasa was given the opportunity to proceed to
the final binding bid submission phase on Friday.

The highest binding bid received from these investors was set as
the minimum price for the final bid submission phase.

The sale of Holdiko's 47.5 percent ownership in MK Tbk, an
integrated real estate developer, began in mid April this year.

Acting as financial advisor for the strategic sale of Holdiko's
shareholding in MK Tbk is PT PricewaterhouseCoopers FAS.

PT Holdiko Perkasa's team was formed in the second half of 1999
with the objective of selling all of Holdiko's assets to fulfill
its obligations to Indonesia Bank Restructuring Agency (IBRA) by
4 November 2002, the date when the Salim Group's settlement
payment to IBRA is due.


TECHNOLOGY RESOURCES: Invoicing Discrepancies May Delay Merger
--------------------------------------------------------------
The discovery of alleged invoicing discrepancies of $68 million
at Technology Resources Industries (TRI) may delay Telekom
Malaysia's planned merger, Reuters reported.

"The discovery of the fictitious invoices may cause a delay but
hopefully it will not derail the process," Telekom Chief
Executive Md Khir Abdul Rahman said.

A Telekom-led team found 259 million ringgit ($68 million) of
"fictitious invoices" while doing due diligence on TRI.

Fixed-line operator Telekom is in the midst of a messy takeover
of its rival TRI. It plans to merge its loss-making cellular
unit with TRI to create Malaysia's biggest mobile group and
capture about 45 percent share of the country's 7.4 million
users.

Md Khir said Telekom might not pay the 2.75 ringgit offer price
if a merger agreement was not struck by October 29, adding that
it would have to revert to its shareholders for a decision.


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


AIWA CO.: Agrees Merger Agreement With Sony
-------------------------------------------
Sony Corporation and Aiwa Co., Ltd. have decided that Sony will
absorb Aiwa by a merger effective December 1, 2002. Since Aiwa
is scheduled to become a wholly owned subsidiary of Sony through
a stock exchange on October 1, 2002, the respective Board
decisions have been made subject to the condition that this
stock exchange agreement is completed.

Accordingly, the merger agreement will be signed on October 1
after the conclusion of the stock exchange.

1. Objective of the Merger

On February 28 2002, Sony and Aiwa announced that Aiwa would
become a wholly owned subsidiary of Sony effective October 1,
2002, subject to Aiwa implementing a series of corporate
reforms. Since then, Aiwa has accelerated its rationalization
process and is scheduled to meet the target of reducing
consolidated fixed costs to one third of the level at which they
stood in February 2002.

At the end of March 2002, the number of Aiwa Co., Ltd. permanent
employees stood at 1,100. This has been reduced to about 500 as
of October 1, 2002, most of these belonging to product planning,
development and design divisions. The plan to integrate Aiwa's
domestic and international production and sales activities into
the Sony platform has been implemented.

Aiwa's factories in Malaysia and Indonesia have been closed and
the employee-count rationalized. In Asia, the Middle East and
the USA, the procedure of consigning sales and service
activities to Sony sales companies has almost been completed,
and nearly all Aiwa sales subsidiaries are now in the process of
closing down.

In Japan, Sony Marketing (Japan) Inc. now handles Aiwa sales
business. In Europe, it is planned to start consigning sales
activities from Aiwa to Sony from October. Aiwa's corporate
reforms have therefore proceeded on schedule and the conversion
to a wholly owned subsidiary of Sony will take place as planned
on October 1, 2002.

Although the integration of Aiwa's operations into Sony has
proceeded smoothly, it was decided that a complete unification
of the two companies by merger would be the best method from the
perspective of speedy and effective implementation of Sony group
strategy. As a result of the merger, the Aiwa and Sony brands
will both grow in strength under a unified electronics strategy,
which will enhance corporate value for the entire Sony group.

2. Conditions of merger, etc.

(1) Schedule of merger
September 26, 2002 (Thursday) Board meeting to approve merger
agreement (Aiwa)

September 27, 2002 (Friday) Board meeting to approve merger
agreement (Sony)

October 1, 2002 (Tuesday) Conclusion of merger agreement

October 16, 2002 (Thursday) Shareholders meeting to approve
merger agreement (Aiwa)

December 1, 2002 (Sunday) Effective date of merger

After December 2, 2002 (Monday) Official registration of merger

* Pursuant to the provisions of Paragraph 3 of Article 413 of
the Commercial Code of Japan, Sony shall perform the merger with
Aiwa without the approval of a shareholders meeting to approve
the merger agreement .

(2) Method of merger

Sony, as an ongoing concern, shall absorb Aiwa, which shall be
subsequently dissolved.

(3) Others

Due to the fact that Aiwa shall be a wholly owned subsidiary of
Sony, there shall be no issuance of new shares or cash payment
upon this merger.

3. Summary of Parties (as of March 31, 2002)

(1) Trade name:
Sony Corporation
Aiwa Co., Ltd.

(2) Kind of business:
Manufacture and sale of electronic and electrical machines and
equipment
Manufacture and sale of electronic and electrical machines and
equipment

(3) Date of incorporation:
May 7, 1946
June 20, 1951

(4) Location of head office:
7-35, Kitashinagawa 6-chome, Shinagawa-ku, Tokyo  
2-11, Ikenohata 1-chome, Taito-ku, Tokyo

(5) Representative:
Nobuyuki Idei, Representative Director
Masayoshi Morimoto, Representative Director

(6) Share capital:
Y476,105 million        
Y33,111million

(7) Total number of shares issued and outstanding:
922,816,355 shares       
132,210,464 shares

(8) Shareholders' equity:
Y1,871,124 million
Y4,397 million

(9) Total assets:
Y3,602,269 million
Y90,192 million

(10) Date of settlement:
March 31
March 31

(11) Number of employees:
17,090
1,114

(12) Major customers:
Affiliated manufacturing and sales companies in and outside
Japan
Affiliated manufacturing and sales companies in and outside
Japan

(13) Major shareholders and shareholding ratios:

1 Moxley & Co 5.9 percent
2 Japan Trustee Services Bank, Ltd. (Trust Account) 4.2 percent
3 State Street Bank and Trust Company 4.1 percent
4 The Mitsubishi Trust & Banking Corporation
   (Trust Account) 3.6 percent
5 The Chase Manhattan Bank, N. A. London 3.2 percent  

1 Sony Corporation 61.4 percent
2 Sumitomo Mitsui Banking Corporation 1.8 percent
3 Japan Securities Finance  Co., Ltd. 0.8 percent
4 Japan Trustee Services Bank, Ltd. (Trust Account)  0.7
percent
5 The Chase Manhattan Bank, N. A. London 0.6 percent

(14) Main banks:
Sumitomo Mitsui Banking Corporation The Bank of Tokyo-
Mitsubishi, Ltd. and others  
Sumitomo Mitsui Banking Corporation and others

4. Circumstances after merger

(1) Trade name: Sony Corporation

(2) Kind of business: Manufacture and sale of electric and
electrical machines and equipment

(3) Location of head office: 7-35, Kitashinagawa 6-chome,
Shinagawa-ku, Tokyo

(4) Representative: Nobuyuki Idei, Representative
Director

(5) Share capital: Upon this merger the amount of share capital
shall not change.

(6) Total assets: The impact of the merger on total assets is
being assessed.

(7) Date of settlement: March 31

(8) Effect on business result: The impact of the merger on
Sony's consolidated results is being assessed.

In the mid to long term it is expected that the merger can have
a positive impact on consolidated results through the effective
deployment of the Aiwa brand in Sony's electronics business
under a unified management strategy.

For more information, go to
http://bankrupt.com/misc/TCRAP_aiwa0930.pdf

Audio-equipment maker Aiwa Co. revealed a group net loss of
Y46.58 billion (US$359.6 million) in fiscal 2001, up from Y39.01
billion a year earlier, TCR-AP reports.

Aiwa attributed the increased net loss to factors such as an
Y8.2 billion retirement benefit payout, a Y5.6 billion capital
loss associated with the sale of its factory equipment and a
Y4.7 billion cost related to inventories.

For inquiries, contact Sony Corporation's Corporate
Communications at telephone 03-5448-2200, or Sony Corporation's
Investor Relations at telephone 03-5448-2180.


DAIWA BANK: Unit Completes Capital Aid to JTSB
----------------------------------------------
Mitsui Trust Holdings, Inc. (Mitsui Trust, President: Kiichiro
Furusawa), The Daiwa Bank, Ltd., a subsidiary of Daiwa Bank
Holdings, Inc. (Daiwa Bank, President: Yasuhisa Katsuta), and
The Sumitomo Trust & Banking Co., Ltd. (Sumitomo Trust,
President: Atsushi Takahashi), previously agreed on January 25,
2002 that Mitsui Trust would contribute capital to Japan Trustee
Services Bank, Ltd. (JTSB, President: Yoshikazu Matsuda), a
joint venture established by Daiwa Bank and Sumitomo Trust, on
an equal footing. Mitsui Trust has completed the capital
contribution to JTSB as originally planned with the approval
from regulatory authorities.

More precisely, Mitsui Trust invested total amount of 17 billion
yen through the purchase of newly issued common stocks worth 1
billion yen from JTSB, and the transfer of the common stocks
valued 8 billion yen from Daiwa Bank and Sumitomo Trust,
respectively. As a result, the shareholding ratio of each bank
equally stands at 1/3 (33.33 percent).

On the same day, Toshiaki Kamimura of Mitsui Trust Financial
Group (MTFG) has assumed the position of Deputy President in
JTSB.

The transfer of assets to JTSB from Mitsui Asset Trust and
Banking Co, Ltd. (MATB), which is engaged in pension and
securities trust operations in MTFG, will begin in January 2003
and will be completed by September 2003.

With the transfer of assets from MATB, the amount of JTSB's
entrusted assets will exceed 110 trillion yen, further expanding
its top-tier asset base. Through this transfer, JTSB intends to
integrate management resources as well as long-established
expertise of the three parent banks, pursue efficient operation
by taking advantage of its economy of scale, and establish the
'National Standard for the Securities Processing Platform,' all
resulting in JTSB providing highly value-added services that
meet its customers' needs.

The Summary of JTSB

Corporate Name                 Japan Trustee Services Bank, Ltd.
Location                       8-11, 1-Chome, Harumi Chuo-ku,
Tokyo, Japan

Representative Directors

Chairman:  Shunsuke Matsui
President:   Yoshikazu Matsuda
Deputy President: Toshiaki Kamimura

Date of Establishment       June 20, 2000
Capital                     51.0 billion yen
Number of Shares Issued     1,020 thousand
Shareholders                The Daiwa Bank, Ltd. (33.33 percent)
                            The Sumitomo Trust Banking Co., Ltd.
                            (33.33 percent)
                            Mitsui Trust Holdings, Inc. (33.33
percent)

Scope of Operations            

The scope of operations covers securities processing business
related to pension trusts, individually operated designated
money trusts (Shitei-tan), specified money trusts securities
investment trusts, and retirement benefit trusts, as well as
their cash management, securities lending, foreign exchange
transactions, custody paying agent services, and other trust and
banking services related to processing.

In addition, the Company operates the information integration
services, as a part of Japanese Master Trust.

Total Assets                   936.0 billion yen
Total Entrusted Assets         75,738.9 billion yen

*1. Capital amount and number of shares issued are as of
September 27, 2002.

*2. Total assets and total entrusted assets are as of the end of
March 2002.

Daiwa Bank Holdings Inc's combined securities appraisal loss at
its five banks ballooned to 113.6 billion yen as of the end of
June, up from 70.7 billion yen three months earlier, due to a
depressed stock market, TCRAP reports.

The amount of non-performing loans at the five banks namely
Daiwa Bank, Asahi Bank, Kinki Osaka Bank, Nara Bank and Daiwa
Trust & Banking Co declined by 37.4 billion yen to 3,318.6
billion yen in the same period.


SHINDENGEN ELECTRIC: JCR Places BBB Rating Under Credit Monitor
---------------------------------------------------------------
Japan Credit Rating Agency (JCR) has placed a BBB rating to
Shindengen Electric Manufacturing on the following bonds under
credit monitor.

Issues Amount (bn) Issue Date Due Date Coupon
convertible bonds no.2 Y10 / Sept. 2, 1994 / Sept. 30, 2003 /1.0
percent
convertible bonds no.3 Y7 / Sept. 18, 1996 / Sept. 30, 2005
/1.05 percent

Shindengen Electric Mfg. announced the downward revision of
earnings forecasts for fiscal 2002. It would incur a pretax loss
before extraordinary items of 1.5 billion yen for the fiscal
year. It incurred the pretax loss of 6.6 billion yen for fiscal
2001.

JCR expected that the Company's performance would improve in
fiscal 2002, supported by the restructuring measures such as job
cut and offshore production. The recovery of performance
delayed.

JCR placed the rating under Credit Monitor in the direction of
downgrade.


KENWOOD CORPORATION: Shares Up After Receiving Financial Aid
------------------------------------------------------------
Shares of Kenwood Corporation increased 24 percent after the
receiving 27 billion yen ($221 million) in financial assistance
through bank loans and a sale of shares to investors, Bloomberg
reported Monday.

The shares soared as much as 22 yen to 113 yen and were traded
at 112 yen at 9:24 a.m. Monday.

In August, ailing audio equipment maker Kenwood Corporation
discussed with its creditors a financial assistance deal worth
Y20B, centering on a debt-for-equity swap, including Asahi Bank
Ltd, TCR-AP reports.

The Company will spin off its money-losing audio division before
the end of this year to restore its balance sheet.

As of March 2002, the firm's debt exceeded its assets by 17
billion yen.


KK COSMOS: Video Firm Enters Bankruptcy
---------------------------------------
The Japan court has declared KK Cosmos bankrupt, according to
Tokyo Shoko Research Ltd.

The video soft firm, which has 70 employees, has total
liabilities of 7.3 billion yen.

The Company is located at Minato-ku, Tokyo, Japan


KK JAPAN: Golf Course Enters Civil Rehabilitation Proceedings
-------------------------------------------------------------
KK Japan Central Colosseum applied for civil rehabilitation
proceedings last week under the Civil Rehabilitation Law,
according to Tokyo Shoko Research.

The Company has total liabilities of 27.5 billion yen.

The golf course, which has 480 workers, is located at Minato-ku,
Tokyo, Japan.


KOBE STEEL: Selling Real Estate Holdings
----------------------------------------
Kobe Steel, Ltd. sold a number of its real estate holdings to a
Company called Rokko Residence, a subsidiary of Goldman Sachs
Realty Japan Ltd. The transaction, valued at 8.125 billion yen,
was completed on September 27, 2002.

Kobe Steel has been making vigorously efforts to improve its
financial performance by reducing its interest-bearing
liabilities. Over the past several years, the sale of fixed
assets, such as Company-owned property, has been one of the
measures undertaken to procure funds. By selling the real estate
holdings at one time, Kobe Steel is able to increase its fund
procurement, while more efficiently reduce its fixed assets.

The transaction results in a 4.3 billion yen loss on the sale of
property (the difference between the book value and the transfer
price) in the half-year period ending September 30, 2002.
However, it does not change Kobe Steel's half-year earnings
forecast made on September 6, 2002.

Note: Figures in millions of Japanese yen

Property & Location         Book Value  Transfer   Status
                                         Price

Aprile Shin-Ogi No. 1 Bldg.
(11 units)                      8,470   5,548  Company
Kobe, Hyogo Prefecture                         apartments &
                                               dormitories

Aprile Uozaki
(9 units)                       3,883   2,312  Leased units
Kobe, Hyogo Prefecture

Wakinohama Office
& property of Safety               67     265  Office
Kobe, Hyogo Prefecture                         Education Center

Total                           12,420   8,125

ROKKO RESIDENCE

Rokko Residence is a wholly owned subsidiary of Goldman Sachs
Realty Japan Ltd.

Based in Tokyo, Rokko Residence is capitalized at 3 million yen.  
The Company is engaged in real estate sales, leasing, and
property management.

TCRAP reported that Kobe Steel revealed a group net loss of
28.52 billion yen in the fiscal year to March 31, from a profit
of 6.50 billion yen the previous year. The Shinagawa-ku, Tokyo-
based steel maker attributed the poor earnings to a hefty
extraordinary loss resulting from appraisal losses on securities
holdings amid the stock market slump and charges to cover
shortages in reserves for retirement benefits.

For further information, please contact:

Gary Tsuchida
Communication Center
Kobe Steel, Ltd.
9-12 Kita-Shinagawa 5-chome
Shinagawa-ku, Tokyo 141-8688
JAPAN

Tel  +81 (0)3-5739-6010
Fax  +81 (0)3-5739-5971
Email: www-admin@kobelco.co.jp

Investor Relations

Corporate Planning Department
Tel  +81 (0)3 5739-6043


MAZDA MOTOR: Launches Functional Integration Modules
-----------------------------------------------------
Mazda Motor Corporation will launch North America's first
functional integration modules. The modules will be used in the
all-new midsize Mazda6, known as Atenza in Japan, which is
scheduled for commercial production at Auto Alliance
International (AAI) in mid October.

These highly advanced "functional integration modules" greatly
improve on the previous subassembly modules, and are already
being utilized in the Atenza/Mazda6 manufactured at Mazda's Hofu
plant and the Demio manufactured at the Hiroshima plant in
Japan. The module carriers, the substrate in which the parts are
mounted, employ a new high-strength long glass-fiber reinforced
polypropylene material and injection molding process, both
developed by Mazda.

This is the first time that this new material and technology
will be used in front end and door module carriers in North
America. In line with North American production of module
carriers, Mazda and its partner in materials development, Chisso
Corporation, have licensed the technology of the new material to
LNP Engineering Plastics, a subsidiary of GE Plastics Company.
The technology for the injection molding process will be
licensed to DDM Plastics Co., Ltd. in Canada (front end module
carriers) and AUTOMOLD Co., Ltd. in the U.S. (door module
carriers). Both companies will provide module carriers for the
Mazda6 manufactured at AAI.

Advantages of producing the module carriers locally:

1. Increased cost competitiveness and product strength through
the joint development of global module technology.

2. Cost reduction associated with improvements in distribution
through procurement of high-strength plastics and module
carriers from local suppliers.

3. The use of module carriers employing high-strength plastic in
locally manufactured vehicles will result in weight reduction,
effective integration of parts, and improved functionality.

4. All of the above factors will contribute to an overall
reduction in production costs.

Under the license agreement with Mazda, local suppliers have
commenced production of the long glass-fiber polypropylene
through application of technology for the mixture of a new type
of polypropylene with a high crystalline structure, and
polypropylene base material with extremely low viscosity, which
reduces the damage to the glass-fiber during the molding process
to boost strength of the glass-fiber.

With the application of the new material and technology that is
now available in the U.S., the front end module and door module
for Mazda6 built at AAI have design freedom, rigidity and
strength equal to that of the Atenza/Mazda6 built at the Hofu
Plant. These modules integrate functions by combining a number
of parts, while producing stronger, lighter and less expensive
parts.

The front-end module holds the cooling unit that integrates
radiator components and fan assembly, and engine hood latch,
etc. The carrier integrates radiator connecting bracket, theft
protection bracket and bumper & lump connecting bracket, etc.,
resulting in reduction of the number of parts by over 20. Mazda
increases the impact strength and is able to use a layout (due
to improved moldability) that further protects the cooling unit
in light collisions.

In addition, the application of the module carriers has not only
reduced cost, but also enhanced reparability. The door module
holds the speakers, door latch assembly, door lock actuator,
glass window regulator, providing security improvement through
the plastic theft protection system, while the weight reduction
makes opening/closing doors easy.

Mazda has globally begun to apply this functional integration
module technology, starting with North American built vehicles.

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.

Rating and Investment Information, Inc. (R&I) has assigned Mazda
Motor Corp.'s long-term debt rating to BBB-, TCRAP reports.

Even though the Company has practically no involvement in sales
financing, the shareholders capital ratio is low, at 9.96
percent, as a result of poor performances in the past and the
fragile management condition of domestic dealerships and other
factors.

There also is still a heavy interest bearing debt burden.
Furthermore, the overseas sales ratio is at a high level of 61.3
percent, mainly for the North American and European markets, but
production bases are concentrated in Japan so earnings are
vulnerable to movements in exchange rates.


NANKAI ELECTRIC: JCR Assigns BBB+ Rating
----------------------------------------
Japan Credit Rating Agency has assigned a BBB+ rating to the
following bonds of Nankai Electric Railway to be issued under
the shelf registration.

Issue bonds no.24 Amount: Y20 billion Issue Date: October 17,
2002 Due Date: October 17, 2006 Coupon: 1.80 percent Covenants:
Negative Pledge & Collateralized Commissioned Company: Yes Shelf
Registration Maximum: Y50 billion Valid: two years from February
13, 2001

Nankai Electric Railway is a major railway operator, covering
south Osaka and northern part of Wakayama. It incurred a net
loss of 55.1 billion yen for fiscal 2001 through March 31, 2002,
writing off the subsidiaries and affiliated companies and taking
one-time charges for unfunded pension obligations.

The Company is restructuring the group businesses, reducing the
costs centering on the job cut under the new three-year
management plan started in April this year. The capital
expenditure burden is nearing the peak amount with the first
opening of the Namba redevelopment project being scheduled for
fall next year. Nankai Electric plans to reduce the interest-
bearing debt by reducing the capital spending and selling the
assets in the future. It plans to reduce the interest-bearing
debt to 580 billion yen by the end of March 2005 while
increasing net income to 5 billion yen for the fiscal 2004
ending March 31, 2005. The pretax profit before extraordinary
items bottomed out in fiscal 1999. JCR will continue to pay
close attention to the improvements in the periodic net income
and financial conditions.

JCR announced the affirmation of BBB+ rating for the Company on
March 7, 2002. The bond proceeds will be used for the repayment
of the bonds outstanding. The issue will not have any
significant impact on the financial structure of the Company,
accordingly.


NTT DOCOMO: Clarifies Nihon Keizai Shimbun Report
-------------------------------------------------
NTT Docomo responded to the Nihon Keizai Shimbun article, which
was published on September 26, 2002.

In the article, it was mentioned that the Company is expected to
recognize impairment losses of 500 billion yen on its overseas
investments.

NTT DoCoMo - www.nttdocomo.com - states that it is reviewing the
value of its investments according to relevant accounting
principles, which require it to consider, among other things,
the reported market prices and industry conditions of the
companies in which it has invested, and will recognize
impairments if necessary. A statement will be issued when a
decision has been made.

For inquires, please contact Yuichiro Pat Kuwahata, Head of NTT
DoCoMo's International PR, at telephone +81-3-5156-1366, or fax
+81-3-5501-3408.


SUMITOMO MITSUI: Shareholders' Plan Subject to Govt Approval
------------------------------------------------------------
Sumitomo Mitsui Banking Corporation (SMBC, President and CEO:
Yoshifumi Nishikawa) announced that the proposal to the
establishment of a wholly owning parent Company named 'Sumitomo
Mitsui Financial Group, Inc. (SMFG)', under which SMBC will
become a wholly owned subsidiary, during the Preferred
Shareholders' Meeting held on September 26, 2002 and the
Extraordinary Shareholders' Meeting, was subject to the approval
of governmental authorities.

The planned schedule for stock transfer is as follows:

September 28, 2002         Date of public notice for submission
                           of share certificates and
                           commencement of acceptance thereof

October 1, 2002           First date for acceptance of
                          submission of share certificates

November 26, 2002         Date for delisting of SMBC' shares

November 30, 2002         Final date for acceptance of
                          submission of share certificates

December 1, 2002          Date of stock transfer and listing on
                          the Tokyo Stock Exchange, the Osaka
                          Securities Exchange, and the Nagoya
                          Stock Exchange

December 2, 2002          Date of registration of incorporation
                          of SMFG

January 24, 2003          Date for delivery of new share
                          certificates

According to TCR-AP, Sumitomo Mitsui Banking Corp posted an
appraisal loss of 631.7 billion yen on its shareholdings at the
end of June, up 130.8 billion yen from the end of March.

The Company expects to post a year to March 2002 net loss of
over 300 to 350 billion yen due to bad loan disposals. The bank
will also revise its November forecast for the year to March
2002 losses from non-performing loan write-offs to Y1.6 trillion
from 1 trillion.


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


DAEWOO CAPITAL: Foreign Investors Interested in Takeover
--------------------------------------------------------
Seven foreign investments showed interest in taking over Daewoo
Capital seeking the establishment of a corporate restructuring
vehicle, Asia Times reported Monday, citing the Asset Management
Corporation (KAMCO).

The names of the foreign firms were not stated in the report.

According to KAMCO, the seven have proposed acquiring Daewoo
Capital to Samil Accounting Corp, the advisory firm for selling
off the ailing firm.


DAEWOO MOTOR: Changwon Plant to Suspend Operations
--------------------------------------------------
Daewoo Motor's Changwon plant will suspend operations for nine
days this month due to sluggish sales in Korea and abroad, the
Korea Herald reported Monday.

Labor and management at the plant agreed Friday to suspend
operations on October 4, 10, 11, 14, 15, 24, 25, 26, and 31.

The report said the launching of GM-Daewoo Auto & Technology,
originally scheduled for this month, might be postponed due to
the time needed to complete sales contract procedures.


DAEWOO MOTOR: Suzuki Aids GM to Restructure Carmaker
----------------------------------------------------
Suzuki Motor Corp. will aid General Motors Corporation (GM) to
restructure Daewoo Motor Co., the Nihon Keizai Shimbun and
Nikkei reported Monday.

GM aims to establish this month a joint venture called GM Daewoo
Auto & Technology Co. to acquire some of Daewoo's operations.

Suzuki is expected to own a 15 percent stake in the new Company,
will use a wide range of common car parts with the Company, in
order to help the latter reduce costs.

Suzuki will also outsource parts production to manufacturers
that will serve GM Daewoo, a measure expected to slash parts
purchase costs for both itself and GM Daewoo.

The GM group, which will hold a combined 67 percent in the new
joint Company, aims to step up assistance for the carmaker.

Use of common parts with Suzuki Motor is expected to be crucial
in lowering costs for the South Korean joint venture, said
Reilly, who is expected to head the new Company.

GM Daewoo will acquire Daewoo Motors's nine sales units in
Europe and other foreign countries.


WOORI BANK: Offering $300M 3-5 Yr Bonds
---------------------------------------
Woori Bank, part of state-owned Woori Finance Holdings Co., is
offering $300 million of bonds in two tranches with the
following terms, lead managers ABN Amro, Barclays Capital and
BNP Paribas said Friday:

3-Year Bond

Amount:           $150 million
Maturity:         Oct. 10, 2005
Coupon:           3.625 percent
Issue Price:      99.907
Reoffer Price:    99.907

Spread:           Treasurys plus 175 basis points or
                  midmarket swaps plus 90 basis points

5-Year Bond

Amount:           $150 million
Maturity:         Oct. 10, 2007
Coupon:           4.5 percent
Issue Price:      99.854
Reoffer Price:    99.854
Spread:           Treasurys plus 174 basis points or
                  midmarket swaps plus 110 basis points

Common Terms

Payment Date:     Oct. 10, 2002
Debt Ratings:     Baa2 (Moody's)
                  BB+ (Standard & Poor's)
Denominations:    $1,000, $10,000, $100,000
Listing:          Luxembourg
Interest:         Semi-Annual

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, TCRAP reported last month.

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


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


ANTAH HOLDINGS: Enters Conditional Sale, Purchase Agreement
-----------------------------------------------------------
Southern Investment Bank Berhad (SIBB), on behalf of the Board
of Directors of AHB (Board), wishes to announce that AHB had on
27 September 2002 entered into the following conditional Sale
and Purchase Agreements to undertake the following:

(i) Proposed acquisition of the entire issued and paid-up share
capital of TWG representing 8,000,009 ordinary shares of RM1.00
each (TWG Sale Shares) from the vendors, Looi Kam Seng (LKS) and
Anthony Chin (AC) (via the instruction letter accorded to LKS)
(TWG Vendors) for a total purchase consideration of RM56,000,000
(TWG Purchase Consideration) to be satisfied with 90,000,000 new
AHB Shares to be issued at an issue price of RM0.50 per AHB
share (TWG Consideration Shares) and RM11,000,000 nominal value
of 2-year Irredeemable Convertible Unsecured Loan Stocks with a
nominal value of RM0.50 each (ICULS-A); and

(ii) Proposed acquisition of the entire issued and paid-up share
capital of IMI representing 2,850,000 ordinary shares of RM1.00
each (IMI Sale Shares) from the vendors, Cai Ren Sheng @ Chua
Hock Sim, Chee Siew Lin, Lim Beng Keong, Ng Swee, Shih Woon
Chian, Tokie Fuji, Lee Ping Ping and Chin Fook Choy (IMI
Vendors), for a total purchase consideration of RM40,000,000
(IMI Purchase Consideration) to be satisfied with 64,000,000 new
AHB shares to be issued at an issue price of RM0.50 per AHB
share (IMI Consideration Shares) and RM8,000,000 nominal value
of 2-year Irredeemable Convertible Unsecured Loan Stocks with a
nominal value of RM0.50 each (ICULS-B).

Further information on the Proposed Acquisitions is found at
http://bankrupt.com/misc/antah_hold.pdf.


HIAP AIK: No Change in Payment Default Status
---------------------------------------------
Further to the announcement made on 15 August 2002 pertaining to
the default in payment in relation to Practice Note No. 1/2001,
Hiap Aik Construction Berhad (Special Administrators Appointed)
(HACB), said in a disclosure to the Kuala Lumpur Stock Exchange
that there is no change to the status in respect of the default
in payment to the registered holders of 8 percent Irredeemable
Convertible Unsecured Loan Stocks (ICULS) 2001/2006.

TCR-AP reported in July that the default in payment of half-
yearly interest of RM967,342 to the registered holders of 8
percent Irredeemable Convertible Unsecured Loan Stocks 2001/2006
(ICULS) was due and payable on 30 June 2002.

The construction firm defaulted in its payment due to its
adverse cash flow position arising from losses incurred in
recent years.


KUALA LUMPUR HOLDINGS: Court Grants Winding-up of Subsidiary
------------------------------------------------------------
Further to our earlier announcement dated 5 July 2002 with
regard to the winding-up petition served on Kuala Lumpur
Industries Holdings Berhad (KLIH) Project Management Sdn Bhd, a
wholly owned subsidiary of the Company on 17 June 2002, we wish
to inform that the High Court of Malaya at Kuala Lumpur has on 8
August 2002 granted the following Orders to KLIH Project
Management Sdn Bhd:-

i) that KLIH Project Management Sdn Bhd be wound up by the Court
under the provisions of the Companies Act, 1965;

ii) that the Official Receiver be appointed as Liquidator of the
said KLIH Project Management Sdn Bhd; and

iii) that the costs of and incidental of this Petition be paid
out of the assets of the said company.


LION LAND: Affirms Variation of Preference Shares
-------------------------------------------------
On 10 August 2000, Affin Merchant Bank Berhad had announced, for
and on behalf of Lion Land Berhad (LLB), a proposal that LLB
affirms the variation to the mode of redemption of the
43,613,000 5-year cumulative redeemable preference shares of
RM0.01 each (RPS) in Likom Computer System Sdn Bhd (LCS) held by
LLB via the issuance and allotment of new ordinary shares of
SGD1.00 each in Likom Electronic Pte Ltd (LEPL) before 28 June
2001 (Proposed Redemption).

The Company hereby announces that LLB, LCS and LEPL executed an
agreement on 13 December 2000 (Conditional Redemption Agreement)
to confirm and formalize the terms of the Proposed Redemption as
announced on 10 August 2000 and the salient terms of the
Conditional Redemption Agreement are as follows:

(a) The parties agree to vary the mode of redemption of the RPS
such that the RPS shall be fully redeemed and satisfied by the
proposed issuance and allotment of RM43,613,000 (Redemption Sum)
worth of new ordinary shares of SGD1.00 each in LEPL (LEPL
Shares) to LLB on or before 28 June 2001;

(b) The number of LEPL Shares to be issued and allotted to
satisfy the Redemption Sum will depend on the issue price of the
LEPL Shares, which shall be determined upon the listing of the
LEPL Shares;

(c) Upon the issue of the LEPL Shares to LLB, all obligation
and/or liabilities of LCS in respect of the RPS and the
redemption thereof shall be discharged in full and LCS shall be
released from all future claims and liabilities in respect of
the RPS and the redemption thereof;

(d) The LEPL Shares shall, when issued, be credited as fully
paid and rank pari passu in all respects with the ordinary
shares of LEPL issued at the date of allotment, except in
respect of any dividend declared or paid by reference to a
record date prior to completion date; and

(e) The Proposed Redemption is conditional upon the satisfaction
of following conditions precedent (Conditions to Issuance of
LEPL Shares) before 13 March 2001 (which was subsequently
extended until 28 December 2002 as announced on 22 March 2002):

i) the approval of the shareholders of LLB;
ii) the approval of the shareholders of LCS; and
iii) the approval of the Singapore Exchange Securities Trading
Limited (SGX-ST) to the proposed listing of LEPL on the SGX-ST.

As at the date of this announcement, the conditions for the
Proposed Redemption are still outstanding.


PICA (M): Continues Reconstruction Scheme Talk With Creditors
-------------------------------------------------------------
The Board of Directors of Pica (M) Corporation Berhad said it
has met up with most of the creditors to further discuss and
obtain the creditors' opinion on the reconstruction scheme.

Majority of the creditors have agreed to the Scheme in principal
and the Company shall continue to meet up and discuss the Scheme
with creditors who has yet to approve the Scheme.


RENONG BERHAD: Seeking Approval of Mandate Renewal
--------------------------------------------------
On behalf of Renong Berhad, Commerce International Merchant
Bankers Berhad (CIMB) wishes to announce that the Company
proposes the following:

(i) to implement a private placement of such number of new
ordinary shares of RM0.50 each in Renong (Placement Shares) to
raise proceeds of approximately RM400.0 million. Based on the 5-
day weighted average market price to 26 September 2002 of RM0.74
per share, 540,541,000 new Renong shares will be issued; and

(ii) to seek the approval of its shareholders for the renewal of
the mandate in relation to recurrent related party transactions
of a revenue or trading nature.

In conjunction with the Proposed Private Placement, the Company
also proposes to increase the authorized share capital of Renong
from RM1.5 billion comprising 3.0 billion ordinary shares of
RM0.50 each to RM2.5 billion comprising 5.0 billion ordinary
shares of RM0.50 each.

DETAILS OF THE PROPOSALS

Proposed Private Placement

The Placement Shares will be offered to placees to be identified
at a later stage through an independent placement agent to be
appointed by Renong. Placees shall be persons who qualify under
Schedule 2 or Schedule 3 of the Securities Commission Act, 1993
(SCA) and may include existing shareholders of Renong.

The issue price of the Placement Shares will be based on the
five (5)-day weighted average market price of Renong shares
prior to the price-fixing date to be determined and announced at
a later date after the approval of the Securities Commission
(SC).

As at 30 June 2002, the shareholders' funds of Renong and its
subsidiaries (Renong Group) was RM61.2 million. The Group
suffered a loss after taxation and minority interest of RM101.0
million for the quarter ended 30 June 2002, of which RM89.2
million relates to finance cost. The finance cost arises
substantially from the RM8.2 billion nominal value 7-year zero
coupon redeemable secured bond due in 2006 (Renong SPV Bond)
issued by Renong Debt Management Sdn Bhd, a subsidiary of
Renong, held by United Engineers (Malaysia) Berhad (UEM). In the
event the Group continues to incur losses in view of the
substantial finance cost from the Renong SPV Bond, there is a
significant risk that the Group's shareholders' funds will be in
deficit in the near future. The Proposed Private Placement is an
immediate measure to avoid the Renong Group's shareholders'
funds from being in deficit, pending finalisation of a longer
term plan to turn around the business of the Renong Group.

UEM, a major shareholder of Renong, has given its irrevocable
written undertaking that UEM and/or its subsidiaries shall
subscribe for or procure the subscription of all or any
remaining Placement Shares not subscribed by other placees so as
to ensure that the Company's objective to avoid the Renong
Group's shareholders' funds from being in deficit is not
jeopardized should there be insufficient placees to subscribe
for all the Placement Shares. As at 31 August 2002, UEM holds
approximately 31.03% direct and indirect equity interest in
Renong.

In the event that UEM and/or its subsidiaries are required to
subscribe for the Placement Shares and the subscription of such
number of Placement Shares results in UEM and its subsidiaries
(UEM Group) holding more than 33.0% equity interest in Renong,
UEM Group will be required to undertake a mandatory general
offer (MGO) to acquire the remaining Renong shares not already
held by UEM Group pursuant to the Malaysian Code on Take-overs
and Mergers 1998 (Code). However, UEM will seek a waiver from
the SC from having to undertake the MGO pursuant to Practice
Note 2.9.3 of the Code. This Practice Note provides that a
person may apply for an exemption from the obligation to extend
a general offer where the objective is to save the financial
position of the offeree, in this case, Renong, as a rescue
operation.

The Proposed Private Placement is conditional upon UEM obtaining
the abovementioned waiver from the SC.

The proceeds from the Proposed Private Placement subscribed by
placees other than the UEM Group will be utilized for working
capital purposes and partial redemption of the Renong SPV Bond,
the quantum of which has not yet been decided. In the event UEM
and/or its subsidiaries are required to subscribe for all or any
of the Placement Shares not subscribed by other placees, the
subscription amount will be set off against part of the Renong
SPV Bond as partial redemption of the same.

The Placement Shares will, upon issue and allotment, rank pari
passu in all respects with the then existing ordinary shares of
RM0.50 each in Renong save and except that they will not be
entitled to any dividends, rights, allotments and/or
distributions (if any), the entitlement date of which precedes
the date of allotment of the Placement Shares.

Proposed Shareholders' Mandate

The details of the recurrent related party transactions will be
disclosed in the circular to shareholders to be issued in due
course.

Proposed IASC

In order to accommodate the increase in the issued and paid-up
share capital of Renong pursuant to the Proposed Private
Placement, the Company proposes to increase its authorized share
capital from RM1.5 billion comprising 3,000,000,000 ordinary
shares of RM0.50 each to RM2.5 billion comprising 5,000,000,000
ordinary shares of RM0.50 each. The Memorandum of Association of
the Company will be duly amended to reflect the increase in the
authorized share capital.

RATIONALE OF THE PROPOSALS

Proposed Private Placement

As stated above, the Proposed Private Placement is an immediate
measure to avoid the Renong Group's shareholders' funds from
being in deficit, pending finalization of a longer term plan to
turn around the business of the Renong Group. The Company, as
part of its long term strategy, will continue to accelerate its
efforts to redeem the Renong SPV Bond, which has accreted to
RM4,054.0 million as at 30 June 2002, via a structured asset
disposal program in order to reduce the debt burden of the
Renong Group and to preserve a positive shareholders' funds.

The Proposed Private Placement will allow Renong to raise equity
funds more expediently and cost-effectively compared to
alternative means such as a rights issue to existing
shareholders. Since the issue price of the Placement Shares will
not be at a discount to the market price, existing shareholders
of Renong will not be disadvantaged. Furthermore, shareholders
who qualify under Schedule 2 or Schedule 3 of the SCA may also
apply for the Placement Shares.

Proposed Shareholders' Mandate

The Proposed Shareholders' Mandate will enable the Renong Group
to carry out recurrent routine transactions necessary for the
Renong Group's day-to-day operations (Recurrent Transactions),
which are time-sensitive in nature, and will eliminate the need
to announce and to convene separate general meetings on each
occasion to seek prior approval of shareholders for the
Recurrent Transactions.

This will substantially reduce expenses associated with the
convening of general meetings on an ad hoc basis, improve
administrative efficiency and allow human resources and time to
be channeled towards attaining other corporate objectives.

Proposed IASC

The Proposed IASC is to accommodate the increase in the issued
and paid-up share capital of the Company pursuant to the
Proposed Private Placement, as well as for any future corporate
exercises.

FINANCIAL EFFECTS OF THE PROPOSALS

Earnings

The Proposed Private Placement will contribute positively to the
earnings of the Renong Group in the future as a result of
interest savings from the partial redemption of the Renong SPV
Bond. In the event the entire proceeds from the Proposed Private
Placement is utilized to partially redeem the Renong SPV Bond,
the total interest savings will amount to approximately RM38.0
million per annum.

Net Tangible Assets (NTA)

Proposed Shareholders' Mandate

The Proposed Shareholders' Mandate will not have any effect on
the issued and paid-up share capital and substantial
shareholders' shareholdings, and is not expected to have a
material effect on the NTA per share and earnings per share of
the Renong Group.

CONDITIONS OF THE PROPOSALS

The Proposals are subject to and conditional upon approvals
being obtained from the following:

(i) SC for the Proposed Private Placement and the waiver to UEM
from having to undertake a MGO for the remaining shares in
Renong not already held by UEM Group;

(ii) Foreign Investment Committee for the Proposed Private
Placement;

(iii) KLSE for the listing of the Placement Shares on the Main
Board of KLSE; and

(iv) Shareholders of Renong at an Extraordinary General Meeting
(EGM) to be convened.

The Proposed Private Placement is also conditional upon UEM
obtaining a waiver from the SC for UEM Group from having to make
a MGO under the Code for the remaining Renong Shares not already
owned by UEM Group upon completion of the Proposed Private
Placement.

DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS

UEM is a major shareholder of Renong. TIME Engineering Berhad,
an associate of Renong, is also a major shareholder of Renong.
Accordingly, UEM and TIME are deemed interested in the Proposed
Private Placement by virtue of UEM's irrevocable undertaking
that UEM and/or its subsidiaries shall subscribe for or procure
the subscription of the Placement Shares. In this regard, UEM
and TIME will abstain from voting in respect of their direct and
indirect shareholdings in the Company on the ordinary resolution
pertaining to the Proposed Private Placement at an EGM of Renong
to consider the matter.

Tan Sri Dato' Mohd Sheriff Mohd Kassim is a director of Khazanah
Nasional Berhad, Syarikat Danasaham Sdn Bhd, Renong and UEM.
Encik Abdul Wahid Omar is a director of UEM and Renong. Puan
Salmah Sharif is a director of TIME, Renong and Danasaham.
Accordingly, the aforesaid directors are deemed interested in
the Proposed Private Placement (Interested Directors). The
Interested Directors have abstained and will continue to abstain
from all deliberations and voting at the relevant meetings of
the Board to consider the Proposed Private Placement. All the
aforementioned Directors do not have any shareholding in Renong,
UEM, TIME, Khazanah or Danasaham.

Save as disclosed above, none of the other Directors or major
shareholders of the Company or persons connected to them have
advised the Company that they have any interest, direct or
indirect in the Proposed Private Placement.

The interests of the Directors and major shareholders of Renong
in the Proposed Shareholders' Mandate together with the details
of the recurrent related party transactions will be disclosed in
the circular to the shareholders.

DIRECTORS' RECOMMENDATION

The Directors of Renong, after careful deliberation, are of the
opinion that the Proposals are in the best interest of the
Company.

ADVISER

CIMB has been appointed as the Adviser to Renong for the
Proposals.

DEPARTURE FROM THE SC'S GUIDELINES

The Board of Directors of Renong is not aware of any departure
from the SC's Policies and Guidelines on Issue/Offer of
Securities in respect of the Proposed Private Placement.

SUBMISSION TO THE SC

The submission to the SC for the Proposed Private Placement is
expected to be made within six (6) months from the date of this
announcement.


SENG HUP: Shareholders Pass Resolutions
---------------------------------------
Seng Hup Corporation Bhd (Special Administrators Appointed)
(SHCB), in a statement to the Kuala Lumpur Stock Exchange, said
that its shareholders had vide the Fortieth Annual General
Meeting of the Company held on 27 September 2002 unanimously
passed all the resolutions as prescribed in the notice convening
the said Meeting contained in the 2002 Annual Report.


TAI WAH: KLSE Dumps Time Extension Request
------------------------------------------
Further to the announcement dated 23 August 2002, Tai Wah
Garments Manufacturing Berhad (TEGB) wishes to inform that the
Kuala Lumpur Stock Exchange (KLSE) has vide its letter dated 24
September 2002 rejected TWGB's application for the extension of
time until 30 September 2002 to make its requisite announcement.

Notwithstanding the foregoing, the garments firm will make the
requisite announcement regarding the Phase 2 of its revised
Restructuring Scheme by 31 October 2002.

TWGB on 2 July 2002 announced the first phase of its proposed
restructuring scheme comprising the disposal of the entire
equity interest in Tai Wah Garments Industry Sdn Bhd and 47
parcels of land and/or buildings for a total cash consideration
of RM43.78 million (Phase 1 Proposal).

The indicative components of Phase 2 of the Proposed
Restructuring Scheme shall comprise, inter-alia, the following:

(i) The proposed incorporation or setting up of a newly
incorporated company (Newco);

(ii) The proposed scheme of arrangement with the shareholders of
TWGB in relation to the reduction of the existing issued and
paid-up share capital of TWGB from RM106 million comprising 106
million ordinary shares of RM1.00 each to RM10.6 million by the
cancellation of RM0.90 of the par value of each existing TWGB
share reducing the par value to RM0.10 per share.

Upon completion of the aforesaid cancellation, the issued and
paid-up share capital of TWGB will be consolidated on the basis
of every ten (10) ordinary shares of RM0.10 each in TWGB into
one (1) ordinary share of RM1.00 each, resulting in the issued
and paid-up share capital of TWGB to be RM10.6 million
comprising 10.6 million shares of RM1.00 each. The consolidation
will be followed by an exchange of all the existing shares in
the Company for ten million six hundred thousand (10,600,000)
new ordinary shares of RM1.00 each in Newco;

(iii) The proposed settlement between TWGB and its creditors
involving the issuance of seventeen million two hundred fifty-
five thousand (17,255,000) new ordinary shares of RM1.00 each or
other financial instrument(s) in Newco to the creditors as full
and final settlement of the outstanding debts due from TWGB to
the creditors after a debt waiver and set-off of proceeds from
the Phase 1 Proposal;

(iv) The proposed acquisition of White Knight Assets by Newco
from the White Knights at the purchase consideration to be
mutually agreed upon by the parties herein; such consideration
shall be in the form of new ordinary shares of RM1.00 each
and/or other financial instrument(s) in the Newco (Proposed
Acquisitions);

(v) The proposed exemption to the Vendors from the obligations
of making a mandatory general offer for the remaining shares in
Newco not already owned by them upon completion of the Proposed
Acquisitions pursuant to the provisions of the Malaysian Code on
Take-overs and Mergers, 1998;

(vi) The proposed offer for sale/placement of Newco
shares/financial instruments by the Vendors to the general
public to meet the 25% public spread requirement of the KLSE;
and

(vii) The proposed listing and quotation of all new ordinary
shares of Newco.


TIME ENGINEERING: Bank Negara Approves Restructuring Proposal
-------------------------------------------------------------
AmMerchant Bank Berhad (formerly known as Arab-Malaysian
Merchant Bank Berhad) wishes to announce that TIME Engineering
Berhad has obtained the approval of Bank Negara Malaysia vide
its letter dated 26 September 2002 for the Proposed
Restructuring for the US$250 million nominal value redeemable
secured zero coupon bonds 1996/2001 (US$ Bonds) subject to the
condition, inter-alia, that TIME will only be allowed to dispose
of its shares in TIME dotCom Berhad.

TCR-AP reported Friday that TIME Engineering has also obtained
approval for the said restructuring proposal from the Securities
Commission (SC).


YCS CORPORATION: Defaults in ICULS-A Payment
--------------------------------------------
YCS Corporation Berhad wishes to announce that it has defaulted
in the payment of interest amounting to RM2,018,823.16 on the
RM58,520,000 Irredeemable Convertible Unsecured Loan Stock-A
2000/2005 (ICULS - A), which was due on 4th May 2002.

The ICULS was issued by the Company in May 2000 and is
constituted under a Trust Deed dated 4th May 2002.

The Company was unable to meet the interest payment on the ICULS
on 4th May 2002 as its planned disposal of certain of its
properties to raise the requisite cashflow to meet the
abovementioned obligation has yet been consumated on that date.

The Company has on 13th September 2002 enter into Share Sale
Agreement to disposal a wholly owned subsidiary ie. Puncak Kayan
Sdn Bhd for a cash consideration of RM84.6 million.

The Company will allocate part of the cash proceeds from the
proposed disposal to settle all the outstanding interest
payment.


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


FIRST E-BANK: Additional Info on Agreement With Banco de Oro
------------------------------------------------------------
First e-Bank Corporation gives further information in relation
to its acquisition agreement with Banco de Oro as follows:

1. What are the conditions precedents to closing of the
transaction as set by the monetary board?

The monetary board's letter-approval was addressed to BDO and we
were just furnished a copy thereof. Per agreement, BDO will be
the party responding to your information request.

2. What are the plans of FSTE considering that its banking
business will be assumed by BDO?

First e-bank will amend its articles of incorporation to change
its primary purpose from banking to non-banking business. It
also plans to revert to its old name 'PDCP'. The new business
that it plans to go into is still under study. We are engaging
the services of ABN-AMRO to assist us in preparing the new
business plan that will be submitted to our stockholders for
their approval.

3. What are the effects of this transaction to FSTE's
shareholders?

The First e-Bank shareholders will continue to be shareholders
of First e-Bank. But upon implementation of the transaction with
BDO, the First e-Bank's shareholders will become shareholders of
a non-banking corporation."


NATIONAL POWER: First-half Debt Hits $7.25B
-------------------------------------------
In the first half of this year, National Power Corp. (Napocor)'s
total debt reaches $7.25 billion, due to the additional $750
million incurred during the first quarter, the Philippine Star
reported Monday, citing Power Sector Assets and Liabilities
Management Corp. (PSALM) President Edgardo del Fonso.

Under Republic Act 9136 or Electric Power Industry Reform Act of
2001, PSALM would handle all the assets and liabilities of
Napocor. It will also be in-charge in disposing of the power
Company's assets and paying off its obligations in the next 25
years.

As of end-December 2001, Napocor's debt level stood at $6.5
billion.

"This end-2001 level had increased because we have been
borrowing since the start of the year 2002," del Fonso said.

PSALM said the loan obligations of Napocor will be increased by
another $750 million within the year if the power firm would be
able to push through with the planned $500 million US-bond
offering in October.

PSALM will also issue $250 million yen-denominated bonds
alongside with the US bond issuance.

Napocor will need an additional $1.1 billion in funding
requirement for the reminder of the year to finance its
operating expenses as well as pay off its maturing obligations.

The power generation firm is expected to pay about P17 billion
for its interest expense this year. For the first seven months
of the year, it had paid some P9.7 billion for interest payments
for its debts.

Bulk of the loan obligations of Napocor or about 60 percent are
coming from multilateral creditors such as Asian Development
Bank (ADB) and the World Bank.


NATIONAL POWER: Oil Price Hike No Effect on Electricity Rates
-------------------------------------------------------------
The Department of Energy (DOE) assured that the recent
adjustments in the oil prices have minimal effect, if at all, on
electricity rates as the country continues to move away from
complete dependence on oil for power generation.   

The assurance comes in the heels of increased tension in the
Middle East which could affect the price of oil in the world
market and consequently affect the local oil prices given that
the Philippines is a direct importer of oil.   

Energy Secretary Vincent S. Perez, Jr. said the Philippines has
a diversified source of energy as fuel for the power plants,
most of which are indigenous sources such as hydro power,
geothermal and natural gas, to safeguard the country from the
impact of any problems in the supply and price of oil brought
about by external factors. He added that this is the same reason
why the country has pushed aggressively for the development and
increased utilization of indigenous sources of energy.   

"The country through the National Power Corp. (Napocor) has been
veering away from the use of oil in our power generation mix.
Our data from Napocor show that dependence on oil as fuel for
power plants has significantly been reduced to only 11.75
percent as of July this year," Secretary Perez said.   

Coal, which is considered the one of the cheapest fuel,
accounted for the most significant contribution in the power
generation mix of about 40.02 percent while use of geothermal
was at 27.23 percent as of July this year. Dependence on hydro
as a fuel source was at 16.25 percent. Napocor's Ilijan power
plant, which came on stream this June, has also contributed
about 4.72 percent in the fuel mix.   

In 1995, oil contributed more than half or 56.85 percent in the
power generation mix. But this slowly dropped over the years. In
end-2000, the use of oil in the power generation mix has
declined to only 20.28 percent. Last year, the country's energy
self-sufficiency stood at 45.5 percent.

Based on the initial studies made by Napocor, Secretary Perez
said a 10 percent increase in the price of bunker fuel per liter
will translate to only one-centavo per kilowatt hour (kWh)
increase in the fuel cost adjustment component of Napocor's
electricity rates in the Luzon grid. Even a 50 percent increase
in diesel fuel will only translate to one-centavo per kWh
increase, he added.     

Secretary Perez also said that Napocor has also retired aging
oil-based power plants with a combined capacity of 1,020
megawatts (MW) as of 2000.   

In Luzon, another three oil-fired power plants with a total
capacity of 860-MW will be decommissioned by 2009 and 2010. In
the Visayas region, five oil-fired power plants with a combined
capacity of 285.4-MW are also in the pipeline for
decommissioning between 2004 and 2011. These include: 36.5-MW
Panay diesel (2004), 22-MW Bohol diesel power barge (2005), 55-
MW Cebu land-based gas turbine (2011), 43.9-MW Cebu diesel
(2011) and Power Barge 101-104 with a total capacity of 128-MW
(2005).   

The retirement of Bohol diesel power barge, however, is
contingent in the completion of the Leyte-Bohol transmission
line upgrading, which will provide sufficient and reliable power
to the area.  

"Our goal is to have a stable and secure energy supply by
increasing the share of indigenous energy sources. We are
working hard to develop our indigenous energy sources to
increase our energy self-sufficiency level," Secretary Perez
said.

The energy Chief also echoed the call of Press Secretary Ignacio
Bunye to the consumers to conserve gas in the light of increased
tension in the Middle East.  

"We fully support the call of Secretary Toting Bunye urging the
consumers to conserve oil. We have seen that prices of oil have
gone up in the last few months. We believe it will be best for
all of us to be more prudent on oil consumption including use of
LPG for cooking," Secretary Perez said.


NATIONAL STEEL: Creditors Okay Rehabilitation Plan
--------------------------------------------------
The National Power Corporation and its creditors has approved
the Company's rehabilitation scheme as agreed with main
Malaysian shareholder Pengurusan Danaharta Nasional Bhd, AFX
Asia reported, citing Philippine President Gloria Macapagal
Arroyo.

"The Danaharta board is presently reviewing the memorandum of
agreement (MoA) and we are hopeful that they will sign it,"
Arroyo said.

The President expressed gratitude to Malaysian Prime Minister
Mahathir Mohamad who "is the one who made Danaharta agree to the
terms."

"Both creditors and Danaharta confirmed that their game plan is
still to operate the business," she said.

She said Danaharta had stressed that the sale of National
Steel's core assets as part of the rehabilitation program need
not require 85 percent majority consent provided that the price
is at least 80 percent of the appraised value.


PHILIPPINE LONG: Clarifies Philippine Star Report
-------------------------------------------------
The Philippine Long Distance and Telephone Co. (PLDT) refers to
the Philippine Stock Exchange's fax letter requesting for
confirmation/clarification of the news article entitled "PLDT
asks FPC to junk deal with Gokongwei published in the September
27 issue of the Philippine Star.

PLDT advised that the Company is not aware whether the
exclusivity period granted by First Pacific to the Gokongwei
Group under the June 4, 2002 Memorandum of Agreement (the MOA)
will be extended or the conditionalities to complete the
transaction contemplated under the MOA will be met.

However, the PLDT confirm that, as stated in the August 1,2002
letter of the Board of Directors to First Pacific (a copy of
which was filed with the Philippine Stock Exchange and the
Philippine Securities and Exchange Commission), the Board
continues to believe that the proposed transaction between First
Pacific and the Gokongwei Group, concerning First Pacific's
interest in the Company, is fundamentally flawed and would not
serve the interests of PLDT and its shareholders taken as a
whole. Therefore, it is best that First Pacific abandon the
transaction and work together with the Board and the management
team of PLDT in its continuing effort to revitalize and
strengthen the financial results of PLDT for the benefit of all
shareholders.

For a copy of the press release, go to
http://bankrupt.com/misc/TCRAP_PLDT0930.pdf


PHILIPPINE LONG: Issuing STCP's in November for Refinancing
-----------------------------------------------------------
Philippine Long Distance and Telephone Co (PLDT) will file with
the Securities and Exchange Commission next month an application
to issue short-term commercial paper (STCPs), to refinance its
maturing debts, AFX Asia and the Philippine Star reported,
citing adviser Citibank NA.

The report did not give details of the issue size.

In preparation for the STCP issue, PLDT will be applying for a
rating with the Philippine Rating Services Inc to comply with
SEC requirements.

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


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


ACMA LIMITED: Interim Loss Widens to S$17.4M
--------------------------------------------
Acma Limited posted a wider interim loss of S$17.4 million
versus a $6.6 million loss a year earlier, GK Goh reports.

Turnover fell due to the reduction of the group's peripheral
activities and well as the discontinued and sale of some
operations to concentrate on its core businesses.

Management believes the ongoing restructuring, which started
last year will enable the group to evolve into a tightly
controlled and focused international operation, mainly centered
on the communications, engineering and plastics industries.  

However, the short-term impact of the changes has been the
losses, which have adversely impacted the bottom line. There was
a doubling in exceptional loss to $5.5m.

GK Goh said the Company will continue to be short-term pains
resulting from its ongoing restructuring but management expects
a better 2H as the benefits of the reorganization sets in.

Many of Acma's subsidiaries are significant profit generators in
their own rights and will continue to underpin the group.


ASIA PULP: Agrees to 10-Yr Repayment Period of $6.5B Debt
---------------------------------------------------------
The Board of Directors of Asia Pulp & Paper Co. has agreed to a
10-year repayment period of its $6.5 billion debt, half the
amount it owes, Bloomberg reported, citing Company Director
Gandi Sulistiyanto.

Asia Pulp will present the terms to creditors, such as dollar-
denominated bondholders. The five Asia Pulp companies involved
are PT Purinusa Ekapersada, PT Indah Kiat Pulp & Paper, PT
Pabrik Kertas Tjiwi Kimia, PT Lontar Papyrus and PT Pindo Deli
Pulp & Paper.

The plan assumes that the Company will earn an average of $750
million a year before interest, taxes and depreciation during
the next decade. That figure lies between the extremes of $500
million and $1.06 billion projected by KPMG International, the
auditor appointed by the creditors.

Asia Pulp expects to set aside $30 million to $40 million a
month in cash to repay debt. Principal and interest on about
$1.2 billion of the Company's debt will be repaid over 10 years.
Interest only will be paid on another $3 billion.

The balance, if not paid off in 10 years, will be converted into
equity, the head of the Indonesian Bank Restructuring
Restructuring Agency (IBRA) Syafruddin Temenggung Temenggung
said.

DebtTraders reports that Asia Pulp's 11.75 percent bonds due on
2005 (APP7) are trading between 28.5 and 30.5. Go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=APP7for  
real-time bond pricing.


L&M GROUP: Details of Changes in Issued Share Capital
-----------------------------------------------------
L&M Group Investments Ltd announced the details of changes in
the Company's issued share capital as follows:

No of Shares S$'000

Balance as at December 31, 2001 244,421,923 24,442

(a) Issue pursuant to a private placement in Feb 2002 12,950,000
1,295
Issue pursuant to a private placement in Mar 2002 9,241,000 924

(b) Issue pursuant to a scheme of arrangement in Apr 2002
108,942,125 10,894

(c) Issue pursuant to a scheme of arrangement in June 2002
166,867,570 16,687

Balance as at September 27, 2002 542,422,618 54,242

Issue pursuant to a private placement in Feb 2002
The Company issued 12,950,000 new ordinary shares of S$0.10, at
the issue price of S$0.1206 per share on the 18 February 2002 to
Kim Eng Securities (Pte) Ltd. The net proceeds from the
Placement has been utilized for working capital.

Issue pursuant to a private placement in Mar 2002
The Company issued 9,241,000 new ordinary shares of S$0.10, at
the issue price of S$0.1181 per share on the 26 March 2002 to
Kim Eng Securities (Pte) Ltd. The net proceeds from the
Placement has been utilized for working capital.

Issue pursuant to a scheme of arrangement in Apr 2002
The Company issued 108,942,125 new ordinary shares at S$0.1353
per share pursuant to the Scheme of Arrangement of L&M Precast
(Tuas) Pte Ltd on 15 April 2002.

Issue pursuant to a scheme of arrangement in Jun 2002
The Company issued 166,867,570 new ordinary shares at S$0.10 per
share pursuant to the Scheme of Arrangement of L&M Concrete
Specialists Pte Ltd on 28 June 2002.

The Group is currently undergoing a Debt and Equity
restructuring exercise to restructure the Company's S$84.7
million debt.

The Company, the Soeryadjaya Family, and the Bank have reached
an agreement on the terms of the restructuring on 11 September
2002. The restructuring agreement is conditional upon approval
in-principle from the SGX-ST for the listing and quotation of
new ordinary shares, Securities Industry Council's waiver for
the mandatory take-over offer of the Company by the Soeryadjaya
Family, and approval of the shareholders of the Company.

After the restructuring, the Company's debt that will remain
payable on demand will be reduced from about S$84.7 million to
S$5 million comprising the new facilities that the Bank will be
providing to the Company.


L&M GROUP: Secures Sizable Projects in 2002
-------------------------------------------
Despite the contraction in the construction industry with lower
demand and stiff competition, L&M Group Investment Limited
managed to secure a few sizable projects during the year.

This brings the balance of the order book to $321 million for
the core specialist Geotechnical and Structural Systems
Divisions at the date of this announcement.

The Group will stay focused on its core business and be
selective in securing projects and will continue to contain
overheads and rationalize operating costs to stay competitive.

As announced on 11 September 2002, United Overseas Bank Limited
(successor-in-title of Overseas Union Bank Limited) (the Bank),
and the controlling shareholders of the Company, William
Soeryadjaya and Edward Soeryadjaya (both the Soeryadjaya
Family), have reached an agreement on the terms of the Debt and
Equity Restructuring Proposal.

In addition, the Company has successfully completed two Scheme
of Arrangements, respectively for L&M Precast (Tuas) Pte Ltd and
L&M Concrete Specialists Pte Ltd. They have enabled the Company
and the Group to be capitalized by an additional S$ 31,427,000
since 31 December 2001.

In addition, L&M Prestressing Pte Ltd has also proposed two
other Schemes of Arrangements for its creditors on similar terms
as that completed by L&M Precast (Tuas) Pte Ltd and L&M Concrete
Specialists Pte Ltd.

Upon the successful completion of the various restructuring
above and barring any unforeseen circumstances, the directors
expect the Group's performance for the FY 2002 not to be worse
than its results in FY2001.


SNP CORPORATION: Announces Voluntary Winding Up of Unit
-------------------------------------------------------
The Board of Directors of SNP Corporation Ltd said PanPac Stone
Forest Development (S) Pte Ltd, a wholly owned subsidiary held
by Pan Pacific Pte Ltd, which is in turn a subsidiary of the
Company, has been placed under members' voluntary winding up.

Panpac Stone Forest was incorporated in Singapore on 3 May 1990
and has been dormant since 1998.

The said winding up will not have any material impact on the net
tangible assets per share and earnings per share of the Group.


WEE POH: Conditional Placement Agreement With Benxi
---------------------------------------------------
Wee Poh Holdings Limited refers to the announcement made on June
13, 2002 pertaining to the Conditional Placement Agreement
between the Company and Benxi, the Board of Directors of the
Company will provide an update to the shareholders on the status
of the matter.

Since the last announcement, the Board and Benxi have been
working towards fulfilling the various conditions in the
Agreement. However, progress on the matter has been delayed as
compliance issues in the People's Republic of China is more
protracted and complex than initially envisaged by Benxi.

The Board assured its shareholders that it will continue to
provide all assistance to Benxi to advance the progress of the
placement of new shares to Benxi.

However, the Board also recognizes that it would be in the
Company's interest to secure an injection of funds into the
Company in the short term. In this regard, the Board has been
exploring offers from other interested parties who have
approached the Company recently. At present, the Board is still
engage in discussions with various interested parties, but
nothing has yet to progress beyond the preliminary stages.

As soon as there is something definite to report, the Board
shall make further announcements if and when required to ensure
that the investing public is kept appraised of the development
in the placement of shares to Benxi, and/or any new developments
in the Company's fund-raising efforts.

According to TCR-AP, Wee Poh Holdings Limited unveiled in July
its first payment under the Scheme of Arrangement (the Scheme)
under Section 210 of the Companies Act of W&P Piling Pte Ltd (a
subsidiary of Wee Poh Holdings Limited).

Wee Poh Holdings announced that the first payment under the
Scheme was made on 26 July 2002 to all participating Creditors
whose claims have been admitted by the Scheme Administrator.


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


KUANG PEI: Inks Debt Restructuring II Contract
----------------------------------------------
Kuang Pei San Food Products Public Co., Ltd, said in a statement
to the Stock Exchange of Thailand that its lenders have accepted
the procedure and have signed in the debt restructuring II
agreement on September 26, 2002 as the following details.

1. Restructuring outstanding: 1,023,360,000 Baht period 10 years
divided into two contract periods, three years and 7 years.

2. The debt is divided into four parts.

2.1 The debt of Tranche A, amount of 741,691,459 Baht divided to
the principle payment and its interest amount of 520,000,000
Baht as the term payment stated in the contract, and the close
account payment amount of 221,691,459 Baht. By the way, there is
a condition to provide forgiveness in case the borrower makes a
prepayment.

2.2 The debt of Tranche B,amount of 263,722,000 Baht issuing as
a convertible debenture in the term of withdrawal within 10
years before the contract is due.

2.3 Overdraft debt agreement

2.4 The debt under the original restructures agreement, which
shall be a close account payment in the amount of 12,980,143.13
Baht.


NTS STEEL: Increases Capital to THB38.6B as Part of Rehab Plan
--------------------------------------------------------------
N.T.S. Steel Group PCL plans to increase its capital to 38.6
billion baht from THB2.12 billion as part of its rehabilitation
plan.

According to a Dow Jones Newswires report, the company will
issue 788.3 million new preferred shares and 2.86 billion new
common shares at a par value of THB10 each.

Of the new shares, the 788.3 million preferred shares and 1.71
billion new common shares will be allotted to creditors as part
of a debt-to-equity conversion.

The remainder of 1.15 billion new shares will be reserved for
the exercise of 1.145 billion warrants.

The 10-year warrants will be offered to existing shareholders at
the ratio of 5.416 warrants for one existing share at the price
of THB0.05 each.

N.T.S. Steel entered in July a deal to merge with the steel
business of Siam Cement PCL. Under the deal, its current
shareholders and creditors will hold together around 48 percent
of the merged entity, named Millennium Steel PCL.

NTS has been under a rehabilitation plan, with the assistance of
the Bank of Thailand, for the company's debt of more than THB40
billion.


RAIMON LAND: Acquires New Shares in Raimon Tower
------------------------------------------------
Director Nigel J. Cornick of Raimon Land Planner Co., Ltd., the
Plan Administrator for Raimon Land Public Company Limited, said
in a disclosure to the Stock Exchange of Thailand that the
Company on 26 September 2002 acquired 465,000 new ordinary
shares in Raimon Tower Company Limited at the par value of Baht
100 per share with the subscription price of Baht 100 per share
(first call payment 25% of par value = 25 Baht/per share) being
93 percent of the total shares in Raimon Tower Company Limited
and made the payment for the New Shares in the amount of Baht
11,625,000 to Raimon Tower Company Limited.

After the acquisition, the shareholding proportion of the
Company in Raimon Tower Company Limited will increase from 19.14
percent to 94.34 percent of the total shares in Raimon Tower
Company Limited.

The acquisition of the New Shares in Raimon Tower Company
Limited is made in accordance with the resolution of the board
of directors' meeting no. 18/2002 of Raimon Land Planner Company
Limited (acting in the capacity of the plan administrator of the
Company) held on 1st August, 2002.


RAIMON LAND: Disposes of Investment, Claim in Subsidiary
--------------------------------------------------------
Raimon Land Planner Co., Ltd., the Plan Administrator of Raimon
Land Public Company Limited, said that it has proceeded to cause
the Company disposed of all of its ordinary shares and claims
(debts) in relation to Care Property Service Co., Ltd. to Mr.
Supornchai Nitisorawut as follows:

Director Nigel John Cornick of Raimon Land Planner said that the
parties concerned are:

Seller: Raimon Land Public Company Limited.
Purchaser: Mr. Supornchai Nitisorawut, who has no relationship
with the directors nor the executives of the Company and the
Plan Administrator.   
        
Details of the Disposed Assets are as follows:

(1) 999,993 ordinary shares in Care, with par value of 10 Baht,
being the ratio of 99.99% of the registered capital of Care,
whereby the Company already paid for the shares at 10 Baht per
share, amounting to an investment of 9,999,930 Baht.
(2) Claims for the advance payment in the principal amount of
650,000 Baht together with the accrued interest.

Total Value of Consideration and Terms of Payment

The Company will sell 999,993 ordinary shares in Care at the
selling price of 35,000 Baht, and claims for the advance payment
in the principal amount of 650,000 Baht together with the
accrued interests at the selling price of 65,000 Baht, the
totaling 100,000 Baht, whereby the Company will receive the
payment upon the transfer of the said ordinary shares and the
assignment of claims to the Purchaser, and it would recognize
the said income in the third quarter of 2002.

Criteria to Determine the Value of Consideration

The price is agreed between the Purchaser and the Seller by
using the net value of the shares to determine the price, which
the book value of the shares under the financial statements of
Care as at 30 June 2002, is -1.39 Baht per share.

General Characteristics of Transaction

Upon consideration of the criteria on the category and size of
the transaction under the Notification of the Stock Exchange of
Thailand;

Re: Criteria, Method and Disclosure in relation to the
Acquisition or Disposal of the Assets of Listed Companies, the
size of the transaction is not categorized under said
Notification of the Stock Exchange of Thailand, as, upon
calculating the value of the disposed assets compared with the
net total assets of the Company as at 30 June 2002, it is equal
to 0.13%. In addition, the disposal of the investment and claims
for the advance payment aforesaid is in accordance with the
terms provided in the Rehabilitation Plan of the Company.

Benefits expected to receive

(1) The Company can utilize the proceeds from the sale as its
working capital.

(2) It is the proceeding under the Rehabilitation Plan of the
Company.


TANAYONG PCL: Creditors Delay Vote on Debt Plan to November
-----------------------------------------------------------
The creditors of Thai property developer Tanayong Plc will vote
on November 25 on a 39 billion baht ($899 million) debt
restructuring plan, which includes a capital increase, debt-to-
equity conversion, and debt rescheduling, the Nation newspaper
reports.

Tanayong's creditors at a Friday meeting decided to delay a vote
while waiting for details on the firm's plan to raise 1.06
billion baht through an 85 percent stake sale to a new investor,
with 10 million shares reserved for a debt-to-equity swap with
creditors.

Senior vice president Ekasit Thanasaranat said the existing
shareholders would hold the remaining stake.

The plan would cut the company's debt to THB6 billion, which
would be repaid over the next five to 10 years, he added.

Tanayong's major creditors include Bangkok Bank, BankThai, Siam
Commercial Bank, and Credit Suisse First Boston.




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

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