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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

          Friday, October 04, 2002, Vol. 5, No. 197

                         Headlines


A U S T R A L I A

AMP LIMITED: Exposed to Takeover, Analyst Says
ANACONDA NICKEL: Finalizes Units' Restructuring Agreement
AUSTRALIAN RURAL: Administrator to Report Finances to Court
COLES MYER: Continues to Address Directors' Election Issues
COLES MYER: Posts $353.8M Profit

COLES MYER: Shares Up 1.3% on $353.8M Profit
LM ERICSSON: Shuts Down Australian R&D Lab, Lays Off 450 Staff


C H I N A   &   H O N G  K O N G

CHONG SING: Winding Up Petition Slated for October 16
HENCE INDUSTRIAL: Faces Winding-Up Hearing
PALIBURG HOLDINGS: Delays Shareholders' Meeting to October 16
SILVERNET GROUP: Widens First-half Loss to HK$72.34M
WO FUNG ENGINEERING: Winding Up Petition Pending

YIELDFAITH INTERNATIONAL: Hearing of Winding Up Petition Set

I N D O N E S I A

BANK NIAGA: CAHB Declared "Fit and Proper" to Bid for 51% Stake


J A P A N

HITACHI LIMITED: Forming Chip Venture With Mitsubishi
JAPAN AIRLINES: Merges With JAS
JAPAN AIRLINES: S&P Assigns BB Rating
KINKI NIPPON: Early Retirement Program Leads to Losses
MARUBENI CORP: Enters Power Contract Deal With MHI in Brazil

MITSUBISHI MOTORS: Consolidates Five of its Affiliates
NTT DOCOMO: S&P Says Valuation Loss Not Impact Rating
NTT DOCOMO: Recognizing Overseas Affiliates' Losses
NTT DOCOMO: Writing Off US$4.66B in Investment Losses
SANRIO CO.: Securities Holdings Facing Losses

SNOW BRAND: Selling Yukijirushi Access Stake to Breweries
SOFTBANK CORP: Unit May Face Counter Suit on ADSL Service


K O R E A

HYNIX SEMICONDUCTOR: KDB Sees No Sale Soon
KOREA LIFE: Shareholders Files Injunction to Halt Sale
KYOBO LIFE: Lays Off 20% of Employees


M A L A Y S I A

DAMANSARA REALTY: In RC Facilities Rehab Talks With Creditors
EMICO HOLDINGS: Undergoes Restructuring Scheme Implementation
EPE POWER: Defaults Anew in Monthly Payment
FW INDUSTRIES: Awaits Creditors' Restructuring Plan Approval
HOTLINE FURNITURE: Replies to KLSE Queries

KUANTAN FLOUR: Disposes of Blue-Water Oil Interests
MALAYSIAN RESOURCES: Reports Milmax Unit's Winding-up Petition
PERNAS INTERNATIONAL: Restructuring May Involve Asset Sales
RENONG BERHAD: Falls 18% on Stock Sale Plan
REPCO HOLDINGS: Revises Proposed Scheme of Arrangement

SATERAS RESOURCES: Conducts Restructuring Talks With Banks
TECHNOLOGY RESOURCES: In Final Stage of Internal Restructuring
TEXCHEM RESOURCES: Revising Restructuring, Listing Proposal


P H I L I P P I N E S

METRO PACIFIC: Accepts Gokongwei Decision to End MoA
PHILIPPINE LONG: Acknowledges Gokongwei Group Deal Termination
PHILIPPINE LONG: Falls After Gokongwei Pullout
PHILIPPINE LONG: First Pacific Reviews Strategic Options
PHILIPPINE LONG: Gokongwei Quits Sale Agreement

PHILIPPINE LONG: Lists 59,980 Common Shares


S I N G A P O R E

HOTEL GRAND: Repays Transferable Loan Facilities to UOB


T H A I L A N D

BUMRUGRAD HOSPITAL: Buys Vitallife Shares From Shareholders
N.T.S. STEEL: Announces Capital Increase, New Share Allotment
RAIMON LAND: Appoints Four New Directors
RAIMON LAND: Board Amends Warrant Terms
SIKARIN PLC: Changes Name of New Board Director


     -  -  -  -  -  -  -  -

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A U S T R A L I A
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AMP LIMITED: Exposed to Takeover, Analyst Says
----------------------------------------------
AMP Limited, a leading international financial services
business, is wide open for a takeover with the perception of a
dysfunctional board, analyst Andrew Waddington at Sagitta Wealth
Management said.

"There are shareholders who are impatient and waiting to see
some value come back in the share price," he said.

According to a recent report from Dow Jones Newswires, two of
Australia's big four banks - NAB and CBA - have been suggested
as most likely buyers.

HSBC Holdings is also considered potential suitor.

Shares in the company have been sinking to all time lows this
week as the market reacted to revelations the group had not
revealed the full extent of the financial troubles at its
British subsidiary, AMP-Pearl.


ANACONDA NICKEL: Finalizes Units' Restructuring Agreement
---------------------------------------------------------
Anaconda has finalized an agreement where the required
percentage of secured creditors in value have agreed to vote in
favor of the previously announced restructuring of its
subsidiaries, Murrin Murrin Holdings Pty Limited and Anaconda
Nickel Holdings Pty Limited.

As previously announced, the agreement securing the vote of the
secured creditors was conditional upon acceptances by holders
representing 75% in value of the total of the MMH and ANH
secured obligations as well as those of Glencore Nickel and
Glenmurrin. This agreement will now enable all of these
companies to pursue Creditors Schemes of Arrangement in the West
Australian Supreme Court.

As previously announced, Anaconda has secured an underwriting
agreement for a rights issue to fund the cash payment to its
secured creditors. The details of the agreement with secured
creditors are outlined in the attached note

The next events are:

1. lodging of the required Scheme documents with the West
Australian Supreme Court,
2. Creditors Schemes of Arrangement meetings, expected to take
place in December
3. the prospectus relating to the rights issue will be available
in December, and
4. the closing date for rights entitlements is likely to be
early in 2003.

Anaconda CEO Peter Johnston described the agreement as a major
step forward for Anaconda. "All our plans for the
recapitalization of the company were dependent upon securing and
completing this agreement. Now that we have secured the
agreement, we can progress with the rights issue and look
forward to the future with a greater sense of certainty and
confidence", said Johnston.

SUMMARY OF AGREEMENT WITH SECURED CREDITORS

Anaconda Nickel Limited's indirect wholly owned subsidiary,
Murrin Murrin Holdings Pty Limited (MMH), has reached an
agreement with secured creditors of MMH representing in excess
of 75% in aggregate principal amount of MMH's outstanding
secured obligations pursuant to which such secured creditors
have agreed to vote in favor of the previously announced
restructuring of MMH.

In addition, Glencore International's indirect wholly owned
subsidiary, Glencore Nickel Pty Limited, reached an agreement
with secured creditors of Glencore Nickel representing in excess
of 75 percent in aggregate principal amount of Glencore Nickel's
outstanding secured obligations pursuant to which such secured
creditors have agreed to vote in favour of the financial
restructuring of Glencore Nickel. MMH and Glencore Nickel
(through its wholly owned subsidiary, Glenmurrin Pty Limited)
own 60% and 40%, respectively, of the Murrin Murrin Joint
Venture Nickel Cobalt Project.

The proposal, if ultimately concluded, would result in the
following:

* a cash payment of US$190 million (plus reimbursement of
certain transaction costs), subject to specified deductions for
funding costs of Anaconda Operations Pty Limited's (on behalf of
MMH and Glenmurrin) arbitration against Fluor Daniel and its
affiliates, 60 percent of which is to be shared pro rata among
MMH's secured creditors and 40 percent of which is to be shared
pro rata among Glencore Nickel's secured creditors;

* an allocation to secured creditors of 90 percent on the first
A$200 million of Anaconda Operation's net recovery from the
first phase of the Fluor arbitration, 60 percent of which is to
be shared pro rata among MMH's secured creditors and 40% of
which is to be shared pro rata among Glencore Nickel's secured
creditors (previously Anaconda announced that it had been
awarded a net amount of A$39.8 million from the first phase of
the Fluor arbitration);

* an allocation to secured creditors of 75 percent on the first
A$400 million of the Project's net recovery, if any, from the
second phase of its arbitration against Fluor Daniel and its
affiliates, 60 percent of which is to be shared pro rata among
MMH's secured creditors and 40 percent of which is to be shared
pro rata among Glencore Nickel's secured creditors;

* full and unconditional releases of all claims arising under
the US financing documentation with respect to the secured
obligations of ANL, Anaconda Nickel Holdings Limited, an
indirect wholly owned subsidiary of Anaconda (ANH), MMH and AO
as well as Glencore International, Glencore Nickel and
Glenmurrin and the past and present directors and officers of
all of the foregoing Anaconda and Glencore entities; and

* full and complete satisfaction of MMH's, ANH's and Glencore
Nickel's and Glenmurrin's respective secured obligations.

In connection with the agreement, Glencore International has
agreed to increase the amount available under the Senior Priming
Loan from US$10 million to US$25 million, 60 percent of which is
available to MMH and 40 percent of which is available to
Glenmurrin, in each case, for working capital needs and funding
of the balance of the first and for the second phases of the
Fluor arbitration.

Also MMH's secured creditors have extended their current
forbearance agreements to allow the restructuring and re-
capitalization of Anaconda. The forbearance may be terminated,
if, among other things, the restructuring and re-capitalization
is not completed before 15 February 2003 (which deadline may be
extended to 28 February 2003 under certain conditions). A
condition of the agreement is that each of ANH and MMH, on the
one hand, and Glencore Nickel and Glenmurrin, on the other hand,
is required to execute all appropriate documentation so as to
enable the scheme of arrangement documentation to be lodged with
the Australian Securities and Investment Commission and the
Supreme Court of Western Australia by no later than October 15,
2002.

Anaconda's restructuring and recapitalization will be
implemented by way of two schemes of arrangement to be pursued
by ANH and MMH.

Scheme meetings will be held at which ANH and MMH will require
approval from a majority in number of the secured creditors
present and voting (in person or by proxy), whose secured debts
or claims against ANH and MMH represent in the aggregate at
least 75 percent of the total secured debts and claims of ANH
and MMH. The ANH and MMH schemes are subject to other conditions
precedent, including approval by secured creditors of Glencore
Nickel and Glenmurrin at their respective scheme meeting.

Anaconda previously announced on 25 September 2002 that it has
secured an underwriting agreement for a fully underwritten
renounceable rights issue of 14 new shares for every ordinary
share in issue at 5 cents per share, to raise a total of A$323
million.

This will provide the proceeds necessary to fund the cash
payment specified above to MMH's secured creditors and provide
sufficient working capital to the Anaconda group to meet
operating and capital requirements of the Murrin Murrin project.

For further information, contact Company Secretary John Quayle
at telephone +61 8 9212 8400, or Tony Dawe of Ward Holt
Corporate Communication at telephone +61 8 9221 8722.


AUSTRALIAN RURAL: Administrator to Report Finances to Court
-----------------------------------------------------------
The Supreme Court of New South Wales accepted Wednesday
undertakings from the Voluntary Administrators of Australian
Rural Group Limited (ARG), ARG Management Limited, ARG Financial
Group Limited and ARG Custodians Limited.

The undertakings followed an application by the Australian
Securities and Investments Commission (ASIC) on 25 September
2002 seeking the appointment of a receiver and manager to ARG,
ARG Management and ARG Financial Group.

ARG appointed a Voluntary Administrator on 27 September and the
other three companies appointed a Voluntary Administrator on 30
September 2002.

By 16 October 2002, the Voluntary Administrators, Mr Max
Prentice and Mr Mark Robinson, have undertaken to report to the
Court and to ASIC:

* the names of all projects, undertakings and schemes (the
projects) for which ARG, ARG Management and ARG Custodians are
the responsible entity, trustee/representative, custodian or
manager;
* the actual role of the companies in relation to the projects;
* the numbers of investors in the projects; and
* identifying all of the bank accounts associated with the
projects and their balances.

By 30 October 2002, the Administrators have undertaken to
provide a more detailed report on the status of each project,
whether the projects are liquid or ill-liquid, and whether or
not they believe that ARG, ARG Management and ARG Financal Group
are complying with their respective license conditions.

This matter will return to Court on 31 October 2002.

On 27 September, ASIC placed interim stop orders on four ARG
scheme prospectuses: Timber Australia Project, Mary Valley
Paulownia Project, Sunshine Gas Project and ARA Forestry
Project. While the interim stop orders remain in place, ARG may
not make offers, issues, sales or transfers under the
prospectuses.


COLES MYER: Continues to Address Directors' Election Issues
-----------------------------------------------------------
Coles Myer Chairman Stan Wallis said Wednesday the Board was
continuing to address issues relating to the election of
directors.

Mr Wallis said the Board would meet again on 10 October 2002
prior to finalization of the Notice of Meeting, and that it was
still considering a successor to the Chairman.

Under the Coles Myer constitution, three non-executive directors
are required to retire at this year's AGM and, if they wish, to
stand for re-election. Each director must stand for re-election
at least every three years.

The directors to retire include those who have been in the
office longest, including Stan Wallis and Solomon Lew.

Mr Wallis has announced that he will not be seeking re-election
and will stand down as a director and chairman after the AGM on
20 November.

The third director to retire is selected by lot from among the
next longest serving directors unless another director indicates
an intention to retire and not seek re-election at the AGM prior
to the date of the Notice of Meeting.

Information relating to directors retiring, directors seeking
re-election and of other candidates who have nominated for
election to the Board will be published in the Notice of
Meeting, to be dispatched to CML shareholders in mid-October.

Coles Myer shareholders will determine on 20 November who is
elected to the Board.


COLES MYER: Posts $353.8M Profit
--------------------------------
Coles Myer Ltd (CML) announced yesterday a net profit after tax
of $353.8 million for the full year ended 28 July, 2002 - in
line with guidance and up by 6.2 percent on last year's
underlying net profit after tax. Sales rose by 8.7 percent to
$25.5 billion.

Underlying retail EBIT for the Group grew by 16.2 percent, up by
12.4 percent in the Food & Liquor business and by 36.9 percent
in the General Merchandise & Apparel (GM&A) brands.

Coles Myer Chief Executive Officer John Fletcher said the result
demonstrated early progress in delivering on the Group's five-
year program to rebuild the business and restore shareholder
value.

"Our Food & Liquor business has achieved compound double-digit
earnings growth over the past 10 years," Mr Fletcher said.

"In GM&A, there has been significant and continuing earnings
improvement in Target, along wih a much improved scond half
performance by Kmart, with both brands delivering to strategy
simultaneously.

"In Myer Grace Bros, the turnaround is taking longer to get
traction. However, with the leadership team now in place and the
recovery process underway, we believe the worst is behind us.

"We have significantly improved our cost of doing business
(CODB) to sales ration, with a reduction across the Group of 78
basis points. This represents a saving of $199 million, well
ahead of our $100 million target for FY2002, increasing our
competitiveness.

"We continue to forecast total CODB savings of at least $300
million by the end of FY2004.

"Ongoing benefits will emerge fromt he reviews of our Food &
Liquor business and our head-office and support functions.

"With the arrival this month of the new leaders of our Supply
Chain and IT functions, there will be further focus on running
our operations faster, cheaper, better and smarter.

"The balance sheet was further strengthened over the year. This
was aided by GM&A inventory levels falling by a further $107.9
million, additional to last year's reduction of $88.5 million.

"Operating cash flow rose by a substantial $445.8 million to
$1.1 billion.

"This has been a challenging year for the company, but one in
which we have made real progress. The full leadership team is
now in place, momentum is developing and significant business
transformation is taking place."

Mr Fletcher said Group sales for the first 8 weeks of FY2003
grew by 7.8 percent.

"While our Food & Liquor business is operating in an extremely
competitive environment, we are on track in the first quarter to
deliver to our strategic commitment of high single-digit sales
growth," Mr Fletcher said.

"In GM&A, Targer and Kmart sales continue to maintain momentum."

Furthermore, Coles Myer's net debt fell by 42.5 percent to
$702.1 million, resulting in net debt to capital employed down
to 17.5 percent (2001: 27.3 percent). Improved trading and
balance sheet management were the main drivers.

CML's credit ratings remain at investment grade quality. The
long and short term ratings from Standard and Poor's are BB+/A-2
(negative outlook) and Moody's Investors Service ratings are
Baa2/P-2 (stable).


COLES MYER: Shares Up 1.3% on $353.8M Profit
--------------------------------------------
Shares of Coles Myer moved eight cents, or 1.3 percent, to $6.20
on Thursday after the ailing retail giant reported a full-year
net profit of $353.8 million for the 52 weeks to July 28, 2002.

Chief executive John Fletcher said group sales had made a strong
start to the 2003 financial year, rising 7.8 percent in the
first two months.

Brokers said the result was in line with expectations and the
market had been pleased by the group's strong cash flow
generation.

"It's also pleasing that the profit was generated cleanly from
operations without any assistance from lower tax rates, etc,"
Shaw Stockbroking research director Scott Marshall said.


LM ERICSSON: Shuts Down Australian R&D Lab, Lays Off 450 Staff
--------------------------------------------------------------
Swedish telecommunications company Ericsson is closing its
AsiaPacificLab in Melbourne, with 450 scientists and researchers
losing their jobs, ABC News reports.

"We've put forward very specific proposals to increase the
research and development tax incentive and to apply it to the
salaries of researchers, so that our best and brightest don't
have to go overseas and that we can commercialize our own
scientific breakthroughs here in Australia," labor's innovation,
industry and trade spokesman, Craig Emerson said.

Moody's Investors Service downgraded in September the long-term
debt ratings of Telefonaktiebolaget LM Ericsson (Ericsson) from
Ba1 to Ba2, with a Ba2 senior implied rating.

The downgrade was due to a weak market for telecommunications
equipment. Several wireless operators announced withdrawal or
scale back from investment plans in 3rd generation (3G) wireless
infrastructure.


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


CHONG SING: Winding Up Petition Slated for October 16
-----------------------------------------------------
Chong Sing Corporation Limited is facing a winding up petition,
which is slated to be heard before the High Court of Hong Kong
on October 16, 2002 at 10:00 am.

Nanyang Commercial Bank Limited of 151 Des Voeux Road Central,
Hong Kong, filed the petition on August 29, 2002.


HENCE INDUSTRIAL: Faces Winding-Up Hearing
------------------------------------------
Bank of China (Hong Kong) Limited of 14th Floor, Bank of China
Tower, 1 Garden Road, Central, Hong Kong is seeking for the
winding up of Hence Industrial International Limited.

The petition was filed on August 6, 2002 at the High Court of
Hong Kong, and will be heard before the said court on October
30, 2002 at 10:00 a.m.


PALIBURG HOLDINGS: Delays Shareholders' Meeting to October 16
-------------------------------------------------------------
Paliburg Holdings Ltd has postponed a shareholders' meeting to
consider an earlier proposed capital reorganization of Paliburg
and Regal Hotels International Holdings Ltd until October 16.

According to an AFX Asia report, the delay is needed as the
company is still waiting for some clarification documents from
its creditors.

Under the settlement deal, Paliburg will transfer its 100
percent interest in Paliburg Plaza and Kowloon City Plaza and
its 31.7 percent stake in Regal to settle the HK$3.646 billion
due to bondholders.

Paliburg Holdings in September reported a net loss of HK$230.0
million for the six months to June compared to a loss of
HK$258.2 million in the previous year. It has paid no dividends
during the interim period and did not pay any dividends during
the previous year.

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

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


SILVERNET GROUP: Widens First-half Loss to HK$72.34M
----------------------------------------------------
Leather goods retailer Silvernet Group posted a net loss of
HK$72.344 million for the six months ended June 30 compared with
a net loss of HK$6.105 million in the corresponding period last
year.

Loss per share was 1.99 cents.

No interim dividend was declared.


WO FUNG ENGINEERING: Winding Up Petition Pending
------------------------------------------------
The petition to wind up Wo Fung Engineering Limited will be
scheduled before the High Court of Hong Kong on November 13,
2002 at 10:00 am.

The petition was filed with the said court on August 24, 2002 by
Wai Bo Construction and Engineering (H.K.) Co. Limited, whose
registered office is situated at at Flat D, 3rd Floor, Honland
Building, Nos 108-118 Prince Edward Road West, Kowloon, Hong
Kong.


YIELDFAITH INTERNATIONAL: Hearing of Winding Up Petition Set
------------------------------------------------------------
The petition to wind up Yieldfaith International Limited is set
for hearing before the High Court of Hong Kong on October 9,
2002, at 10:00 am.

Bank of China (Hong Kong) Limited of 14th Floor, Bank of China
Tower, 1 Garden Road, Central, Hong Kong filed the petition with
the said court last July 16, 2002.


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


BANK NIAGA: CAHB Declared "Fit and Proper" to Bid for 51% Stake
---------------------------------------------------------------
Indonesian Bank Restructuring Agency (IBRA) IBRA deputy I Nyoman
Sender told the AFX-Asia News that Commerce Asset-Holding Bhd
(CAHB) is deemed "fit and proper" by Bank Indonesia to bid for
the government's 51 percent stake in PT Bank Niaga Tbk.

TCR-AP reported that the central bank of Indonesia approved on
Wednesday the sale of the 51 percent stake in Bank Niaga to
Malaysia's Commerce Asset for around $120 million.

With Niaga almost in the hands of its new Malaysian parent, eyes
are focusing on which banks will next be sold. Coming up next is
the IPO of Bank Mandiri, slated for later this year. After that,
IBRA has said that it wants to divest stakes in Bank Danamon,
Bank Rakyat Indonesia, Bank Negara Indonesia and Bank Tambunan
Nasional. It is unclear at this stage if these next four sales
will be sold strategically or through the capital markets.


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


HITACHI LIMITED: Forming Chip Venture With Mitsubishi
-----------------------------------------------------
Hitachi Ltd. has agreed with fellow chipmaker, Mitsubishi
Electric Corp., to form a venture in April that may merge parts
of their semiconductor units, Bloomberg reported.

Hitachi spokesman Atsushi Konno declined to comment. Mitsubishi
Electric spokesman Motokazu Isozaki also refused to comment.

Hitachi and Mitsubishi Electric said in March they started
discussions to combine units that make system chips for DVD
players and digital cameras. They may transfer operations
entirely to the new company, which would be a 50-50 joint
venture.

The merger comes as Japanese chipmakers cope with rising
development costs and increasing competition from Taiwanese and
Korean rivals. The five biggest Japanese chipmakers posted
combined losses of 1.51 trillion yen ($12.3 billion) last year.


JAPAN AIRLINES: Merges With JAS
-------------------------------
Japan Airlines (JAL) combined its operations with Japan Air
System (JAS) Wednesday under a new holding company, Japan
Airlines System Corp.

By integrating its operations with JAS, JAL hopes to compete
domestically with All Nippon Airways on an equal footing and
boost its profits.

JAL President Isao Kaneko became president and chief executive
officer of the new holding company the same day.

The holding company is capitalized at 100 billion yen and has a
workforce of 122. The Mizuho Financial Group is its largest
stockholder, followed by Tokyu Corp., a top JAS shareholder.

In the first phase of their management integration, JAL and JAS
will maintain their current flight services, becoming
subsidiaries of Japan Airlines System.

In the second integration phase, beginning in April 2004, the
two companies will completely merge their operations into three
group firms.

These will be Japan Airlines International Co., which will run
international flights; Japan Airlines Domestic Co., which will
operate domestic flights; and Japan Airlines Cargo Co.

Japan Airlines System was listed Tuesday on the first sections
of the Tokyo Stock Exchange, the Osaka Securities Exchange and
the Nagoya Stock Exchange.


JAPAN AIRLINES: S&P Assigns BB Rating
-------------------------------------
Standard & Poor's Corp said Wednesday it has assigned its BB
corporate credit rating with a negative outlook to Japan
Airlines System, a new holding company established with the
merger of Japan Airlines (JAL) and Japan Air System (JAS).

The U.S. rating agency said it has also raised its rating on JAS
to BB-minus-pi from B-plus-pi, and affirmed the BB long-term
rating on JAL with the outlook remaining negative.


KINKI NIPPON: Early Retirement Program Leads to Losses
------------------------------------------------------
Kinki Nippon Railway Co expects to post a net loss after it has
revised downward its parent-only earnings projections for the
fiscal first half to a one-time loss under an early retirement
program.

The Osaka-based railway company said it will book 2.51 billion
yen in special retirement allowances as extraordinary losses,
due to the company conducting part of the retirement program in
September.

According to TCR-AP, Kinki Nippon Railway incurred a net loss of
34.5 billion yen for fiscal 2001 through March 31, 2002, writing
off the unrealized loss of the equity method real estate
Company. It offset the unrealized loss on land for business
purpose with the unrealized railway assets.

The financial structure deteriorated more than expected due to
the lowering net worth and the increasing interest-bearing debt
as well as the realization of unrealized railway assets.


MARUBENI CORP: Enters Power Contract Deal With MHI in Brazil
------------------------------------------------------------
Marubeni Corporation and Mitsubishi Heavy Industries, Ltd. (MHI)
have jointly concluded a contract to construct a 75 MW power
generation system (boiler, turbine and generator) with Companhia
Siderurgica de Tubarao (CST: head office; Vitoria, President;
Jose Armando de Figueiredo Campos), a private steel maker in
Espirito Santo State, Brazil.

The total amount of the contact is approximately 6 billion yen,
and the power generation system is to be constructed at the
Company's Tubarao Steelworks.

Companhia Siderurgica de Tubarao, capable of producing five
million tons of crude steel annually, is the largest steel maker
in Brazil, of which major shareholders are ARCELOR of France,
Companhia Vale de Rio Doce (CVRD) of Brazil, Kawasaki Steel
Corporation, etc. Tubarao Steelworks has so far self-supplied
all power for internal use by independent power generation.
However, because the demand for power is expected to increase
when its hot rolling mill currently under construction starts to
operate, introducing a new power generation system has become
necessary. The ordered system is designed to generate power with
recycled energy. In other words, it is planned to recover and
store BOF gas produced in the steel making plant and to use it
as fuel. By doing so, the steelworks can ensure the stable
supply of power at low costs. Among main steelworks in Brazil,
it is only Tubarao Steelworks that can secure all of necessary
power by independent power generation. In Brazil, a country
where power supply is not stable, this is an advantage to
compete with other steel makers.

Marubeni Corporation and Mitsubishi Heavy Industries jointly
supplied the existing power generation systems of Tubarao
Steelworks. In addition to this track record, the customer
highly evaluated our technological advantage in terms of power
generation efficiency etc. as well as our after-sales service
system. Furthermore, our pricing was competitive enough coupled
with our local procurement of the boiler. Owing to these
factors, we succeeded in receiving the order winning in price
competition with GE of America and others.

Tubarao Steelworks is also planning to make a large-scale
equipment investment to increase its production capacity
further. With this order as a momentum, therefore, we will try
harder to receive more orders.
About Mitsubishi Heavy Industries, Ltd.

Mitsubishi Heavy Industries, Ltd. - www.mhi.co.jp - was
established in 1917 and is a leading manufacturer of heavy
machinery engaged in the production of a broad and diverse range
of products from engines, farm/construction machinery and
airconditioning equipment to aircraft and ocean-going vessels.
Power generation systems accounted for 25 percent of fiscal 2000
revenues; general industrial machinery, 24 percent; machinery
and steel structures, 23 percent; aircraft and aerospace
equipment, 14 percent; vessels and ocean related operations, 9
percent and other, 5 percent. The Company has one hundred and
twenty two consolidated subsidiaries worldwide. Overseas sales
accounted for 41.0 percent of fiscal 2000 revenues.

Marubeni Corporation - www.marubeni.co.jp.com - was established
in 1858, and is a core Company of Marubeni Group, one of Japan's
leading general trading houses. Operations encompass domestic
import, export and offshore trade. Activities range from the
development of natural resources to the retailed marketing of
finished products. For the past several years, Marubeni Group
has been establishing and enhancing its worldwide information
and communication business. Marubeni Group continues to create
comprehensive IT services through investment. For further
information, please visit the Marubeni Corporation home page at:

TCRAP reported last month that the National Tax Authority of
Japan has ordered Marubeni Corporation to pay 1.2 billion yen in
back taxes because it failed to declare 3.5 billion yen in
income in the four years to March 31, 2001.

The Company paid about 800 million yen to a local agent in
Nigeria and declared it as commission fees for selling printing
machines to the country during the four-year period.

In September, PT Barito Pacific Timber filed a petition in the
Central Jakarta District Court against Marubeni Corporation and
creditors after creditors failed to recognize Barito's stake in
PT Tanjung Enim Lestari declined to 40 percent after it wasn't
able to inject additional capital, thus failing to approve the
dilution of Barito's stake in pulp production subsidiary
Tanjung.

For inquiries, contact Marubeni Corporation's Hiroshi Nishizaki
at 03-3282-4803 or via e-mail at Nishizaki-H@marubeni.co.jp.


MITSUBISHI MOTORS: Consolidates Five of its Affiliates
------------------------------------------------------
Mitsubishi Motors Corporation (MMC) announced the consolidation
of five of its nationwide passenger car related affiliates into
one Company called MMC Estec Co., Ltd.

This latest move comes after MMC's decision to transfer property
management and catering operations in Japan to leading
specialist companies.

MMC Estec will take over the work currently done by five MMC
group companies and reorganize operations by next June to focus
on areas related to passenger car production such as
construction and upkeep of buildings, and maintaining power
supply and manufacturing equipment. The new Company will make
MMC's business structure simpler and allow the Company to
further concentrate on its core businesses and related areas.

Outline of MMC Estec Co., Ltd.

Established:   October 1, 2002
President:     Shuhei Inoue
Capital:       100 million yen
Head Office:   Nagoya, Japan
Employees:     250

Mitsubishi Motors Corporation www.mitsubishi-motors.co.jp was
established in 1970 and is one of the few automobile companies
in the world that produces a full line of automotive products
ranging from 660-cc mini cars and passenger cars to commercial
vehicles and heavy-duty trucks and buses. The Company also
operates consumer-financing services and provides this to its
customer base.

TCRAP reported last month that Mitsubishi Motors Corporation's
interest bearing debt expects to fall sharply after a spin off
its truck business.

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

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

Contact Mitsubishi Motors Corporation's Fumio Nishizaki at 03-
5232-7342 or via e-mail at f-nishizaki@mitsubishi-motors.co.jp
for more information.


NTT DOCOMO: S&P Says Valuation Loss Not Impact Rating
-----------------------------------------------------
Standard & Poor's Ratings Services said Thursday that the
announcement by NTT DoCoMo Inc. that it will post valuation
losses on its investments in overseas telecommunications
companies will not affect the ratings on NTT DoCoMo or its
parent, Nippon Telegraph and Telephone Corp.

S&P said NTT DoCoMo's stable cash flow from existing second-
generation services will limit the short-term impact of the loss
on its credit quality.

The ratings on NTT DoCoMo and NTT already incorporate the
business and financial risks stemming from the substantial
investments the NTT group has made over the past several years,
it said.

NTT DoCoMo said earlier this week it would post JPY573 billion
in extraordinary losses for the first half of fiscal 2002 (the
six months ended September 30, 2002) to account for valuation
losses on its equity investments in AT&T Wireless Services Inc.,
KPN Mobile N.V., and Hutchison 3G UK Holdings.


NTT DOCOMO: Recognizing Overseas Affiliates' Losses
---------------------------------------------------
NTT DoCoMo, Inc. said that its Board of Directors will recognize
and post impairment losses for the first half of the fiscal year
ending March 31, 2003, to reflect significant drops in the
market price or fair value of the shares of some of its overseas
investee affiliates.

The company also announced that it will prepare and disclose the
company's consolidated financial statements in accordance with
US GAAP for the first half of the fiscal year ending March 31,
2003, and for future mid-term financial reports, in accordance
with the revised regulations for mid-term consolidated financial
statements which came into effect in April 2002.

It also expects to recognize impairment charges related to its
overseas investee affiliates in its consolidated financial
statements prepared in accordance with US GAAP. The impairment
losses recognized by the company in its consolidated financial
report will be recorded together with the equity portion of
gains and losses in investee affiliates as investment losses on
equity. The company is currently in the process of calculating
the actual amount of the investment losses.

The company plans to issue forecasts for the current fiscal year
(April 1, 2002-March 31, 2003) in accordance with US GAAP. The
forecasts will include the results of different accounting
standards and revised operation data for the first half of
fiscal year 2003, as well as the impairment charges. The
forecasts will be announced upon completion, which is expected
to be in November of this year.


NTT DOCOMO: Writing Off US$4.66B in Investment Losses
-----------------------------------------------------
NTT DoCoMo, Japan's biggest mobile carrier, will write off 573
billion yen (US$4.66 billion) in losses on its investments in
three major foreign partners in the first fiscal half due to a
slowdown in the global telecommunications market.

The largest loss of 339 billion yen (US$2.76 billion) for the
half year that ended September 30 comes from NTT DoCoMo's
investment in AT&T Wireless in the United States, followed by a
lost of 108 billion yen (US$878 million) from Dutch telecom KPN
Mobile N.V. and another 126 billion yen ($1.02 billion) from
Hutchison 3G UK Holdings of Britain.

NTT DoCoMo has invested a combined 1.9 trillion yen (US$15.45
billion) in five telecom firms based in the United States,
Europe and Asia since 1999.

The value of those investments has slumped amid the recent drop
in major global stock markets amid a gloomy economic outlook.


SANRIO CO.: Securities Holdings Facing Losses
---------------------------------------------
Sanrio Co. Inc., best known for its "Hello Kitty" character
products, expects to remain in the red in the six months through
September after being hit with big losses on securities
holdings.

Sanrio said it faced an appraisal loss of 8.3 billion yen on
securities held for trading purposes on a consolidated basis at
the end of last month. This would be the biggest contributor to
an overall group net loss of 13.2 billion yen for the half year,
a sharp reversal from its May estimate of a profit of 2 billion
yen.

The toy characters and accessories manufacturer lost 3.79
billion yen a year earlier.


SNOW BRAND: Selling Yukijirushi Access Stake to Breweries
---------------------------------------------------------
Snow Brand Milk Products Co. will sell part of its stake in
Yukijirushi Access Inc. to Asahi Breweries Ltd. and Kirin
Brewery Co. to beefing up the firm's financial health and to
raise resources for its rehabilitation plan.

According to a report from Japan Times, Snow Brand Milk will
sell 1.57 million, or 3 percent, of its outstanding shares of
food wholesale unit Yukijirushi Access to each beer brewer for
1.163 billion yen on Oct. 24, the company said.

After these transactions, Snow Brand Milk's stake in Yukijirushi
Access will fall to 27.72 percent from 33.72 percent.

Trading firm Itochu Corp. holds a 25 percent stake in the firm.
Several other trading companies also hold stakes in Yukijirushi
Access, including Mitsubishi Corp., with an 8 percent stake;
Marubeni Corp., with a 7.5 percent stake; and Mitsui & Co., with
a 2.5 percent stake.

The Snow Brand group was beaten in 2000 by a widespread food-
poisoning outbreak. It suffered another savage blow from a beef-
mislabeling fraud involving its subsidiary, Snow Brand Foods
Co., which disbanded April 30.


SOFTBANK CORP: Unit May Face Counter Suit on ADSL Service
---------------------------------------------------------
A unit of Softbank Corp may face a counter lawsuit in a case
pitting it against an executive of one of its rival broadband
Internet service companies over a new asymmetric digital
subscriber line (ADSL) service, Japan Today reported.

eAccess Ltd board member Yoshihiro Obata, who is also chairman
of a working panel under the Telecommunication Technology
Committee (TTC), will consider filing a counter suit against a
damages suit filed by BB Technology Corp.

In mid-September, Softbank Corporation said its wholly owned
subsidiary, Softbank America Inc. sold a part of its holding in
UTStarcom, Inc. (UTSI) pursuant to UTSI's request to buy back
its own shares.

Softbank Corp. is also planning to sell a majority stake in
Aozora to French bank BNP Paribas, U.S. investment fund Cerberus
Group and U.S. private equity fund Loan Star Fund Bank by the
end of this year.

Softbank, which reported a consolidated net loss of 88.76
billion yen in the year ended March 31, has been looking to
reduce its debt and strengthen its financial position.


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


HYNIX SEMICONDUCTOR: KDB Sees No Sale Soon
------------------------------------------
State-run Korea Development Bank, a South Korean creditor of
Hynix Semiconductor Inc, expected no speedy sale of the ailing
chipmaker, as the company's debt rescheduling was unavoidable,
Reuters reported.

"Given that there are no would-be buyers, it's impossible to
sell Hynix immediately and it's essential to keep corporate
value through reforms," KDB's document to the parliament said.

Creditors, owed $5 billion by Hynix, control some 80 percent of
Hynix shares after they converted three trillion won ($2.46
billion) of debt into equity to help the chipmaker keep running.

Badly hit by last year's record fall in memory-chip prices,
loss-making Hynix was rescued twice last year by creditors. They
have asked adviser Deutsche Bank AG for a third reform plan.


KOREA LIFE: Shareholders Files Injunction to Halt Sale
------------------------------------------------------
Nine former shareholders of Korea Life, including its former
chair Choi Soon-young, filed on Wednesday for a court injunction
on the deal against the Korea Deposit Insurance Corp, the
Digital Chosun reported.

The move followed the government's decision to sell Korea Life
to a Hanwha group-led consortium last week. The KDIC is the
government arm in charge of selling off government-owned
companies.

In the application for the court injunction, Choi and other
shareholders claim that the sale of the insurance company
violates the Constitution. The shareholders referred to a case
in 1999, the government financial sector watchdog agency judged
the insurance company to be a non-viable financial organization
and ordered it to reduce its capital. The reduction would strip
shareholders of their managerial rights.

TCR-AP reported in September that Hanwha Group plans to sign a
final contract "sometime in October" to buy a controlling 51
percent stake in Korea Life Insurance Co for KRW823.6 billion.


KYOBO LIFE: Lays Off 20% of Employees
-------------------------------------
Kyobo Life Insurance has fired 20 percent, or 1,180 people, out
of its total payroll of 5,600 through voluntary resignations,
the Digital Chosun reported.

Kyobo unveiled a major restructuring schedule on September 13,
which planned to close down 200 business offices and seven
branches nationwide.

Under the staff-trimming plan, the company accepted applications
for early retirement.

The nation's third largest life insurer said that the retirees
have been paid a bonus of six to 17 months' salary each,
depending on their time with the company.


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


DAMANSARA REALTY: In RC Facilities Rehab Talks With Creditors
-------------------------------------------------------------
Damansara Realty Berhad still in the process of negotiating with
the Lenders for the purpose of restructuring the RM13.7 million
Revolving Credit Facilities (RC Facilities).

The Company also said that Damansara Realty (Pahang) Sdn Bhd
(DRP) had regularized the current period interest payment
obligation for the RM57.9 million Syndicated Term Loan Facility
on the respective due dates since August 2002.

In respect of the overdue interest payment for the period
between September 2001 up to July 2002, DRP had started paying
the same beginning August 2002 on the basis of one (1) month
overdue interest to be paid in one calendar month until full
settlement.

The settlement proposal for the outstanding cumulative interest
payment is however, still subject to the lenders' approvals.


EMICO HOLDINGS: Undergoes Restructuring Scheme Implementation
-------------------------------------------------------------
Emico Holdings Berhad has moved into the Implementation Stage of
the Restructuring Scheme.

The Company said that there has been no change to the status of
its plan to regularize its financial position as announced
earlier.

TCR-AP reported in September that Emico Holdings' shareholders
have approved the company's proposed debt restructuring scheme,
proposed two-call rights issue, proposed employee share option
scheme, and proposed increase in authorized share capital.


EPE POWER: Defaults Anew in Monthly Payment
-------------------------------------------
EPE Power Corporation Berhad has further defaulted in the
payment of monthly interest of RM699,069.83 due to several
financial institution (FIs) under its revolving credit (RC)
facilities.

The status of the default of principal amount remains the same
as previously announced.

On 24 September 2002, Commerce International Merchant Bankers
Berhad (CIMB) announced that KLSE has granted to EPE an
extension of two (2) months from 29 August 2002 to 30 October
2002 to make the Requisite Announcement.

With regards to EPE Debt Restructuring proposal, please refer to
the announcement made on 30 May 2002. The Company wishes to
inform that the negotiation is still ongoing and announcement to
KLSE will be made upon successful completion of the negotiation
with the lenders in respect of the proposed debt-restructuring
scheme.


FW INDUSTRIES: Awaits Creditors' Restructuring Plan Approval
------------------------------------------------------------
On 4 February 2002, FW Industries Berhad (FWI) made its First
Announcement in accordance to Practice Note No. 4/2001
(PN4/2001) issued by the KLSE pursuant to paragraphs 8.14, 16.02
and 16.09 of the Listing Requirements of KLSE, whereby the
Company announced that it is an affected company pursuant to
PN4/2001.

Under PN4/2001, FWI is required to make a requisite announcement
to the KLSE, which contains detailed plans, the implementation
of which will enable FWI to regularize its financial condition
(Requisite Announcement). The Requisite Announcement is to be
made within six (6) months from the date of the First
Announcement, i.e. by 3 August 2002.

Subsequently, FWI had on 10 August 2002 announced that the KLSE
had via its letter dated 9 August 2002 approved the extension of
time from 3 August 2002 to 3 October 2002 for FWI to make its
Requisite Announcement.

To date, FWI is in the midst of obtaining the approvals-in-
principle from its creditors for its proposed corporate and debt
restructuring scheme and the Company anticipates that the
deadline for the Requisite Announcement of 3 October 2002 is
unlikely to be met.

Accordingly, Southern Investment Bank Berhad wishes to announce
on behalf of the Board of Directors of FWI that an application
was made to the KLSE on 18 September 2002 for an extension of
time for a period of one (1) month for FWI to make the Requisite
Announcement. The outcome of the said application will be
announced in due course.


HOTLINE FURNITURE: Replies to KLSE Queries
------------------------------------------
Hotline Furniture Berhad (HFB) refers to the Kuala Lumpur Stock
Exchange letter dated 27 September 2002 that was received on 1
October 2002 and is pleased to furnish this information:

1. The net tangible assets (NTA) of the Acquiree Companies are
as follows:

Name of the Acquiree Companies       NTA based on the latest
                                        audited accounts as
                                     at 30 June 2002 (RM'000)
Salak Park Property Sdn Bhd                   21,119
Jiwa Property Sdn Bhd                         96,712
Spangate Sdn Bhd                                  94
Kejuruteraan Mahajaya Sdn Bhd                 23,406
Medan Damai Realty Sdn Bhd                    64,694

2. The method of valuation and open market value of properties
of the Acquiree Companies are as follows:

Acquiree Companies   Method of valuation   Open market values of
                                           the properties of the
                                            Acquiree Companies*
                                                  (RM'000)
Salak Park Property Residual and Comparison        32,900
Jiwa Property       Comparison and/or Residual    274,858
Spangate Sdn Bhd    Comparison and/or Residual      3,575
Medan Damai Realty  Residual and Comparison       209,326

Note:

* As at 10 September 2002 as valued by Messrs Khong & Jaafar Sdn
Bhd.

3. The name of the directors and the substantial shareholders of
Winmin Property Sdn Bhd and Fokus Alur (M) Sdn Bhd are as
follows:

a. Winmin Property Sdn Bhd (WPSB)
The directors of WPSB are Mr Tan Kok Keng and Mr Peter Leong
Fook Chong @ Leong Beng Choy.

The substantial shareholders of WPSB are Tan Kok Keng and Md
Yusof Bin Kechut.

b. Fokus Alur (M) Sdn Bhd (FASB)
The directors of FASB are Tan Ming Wai and Saidi Mohamed Bin
Sidi.

The substantial shareholders of FASB are Tan Ming Wai and E.
Ghazali Bin Mohd Shafie.

The HFB Group has suffered losses for the past four financial
years since the financial year ended 31 May 1998, which has
resulted in a negative shareholders' fund of RM53,993,345 based
on the latest audited results as at 31 May 2001.

The HFB Group had also defaulted in servicing and repaying its
financial obligations to the bank lenders and creditors as the
Group's business as a whole cannot generate sufficient revenue
and cashflow to service and repay the total debts owing to the
bank lenders and creditors of RM114,862,000 as at 30 November
2001.


KUANTAN FLOUR: Disposes of Blue-Water Oil Interests
---------------------------------------------------
On 26 April 2002, Kuantan Flour Mills Berhad (KFM) has executed
a Shareholders' Agreement with Blue-Water Oil Services Pte Ltd
(BWOS) and Blue Water Engineering Pte Ltd (BWE) to regulate the
relationship between the Company and BWOS and certain aspects of
the affairs of BWE as well as the shareholders' dealings with
BWE in regard to undertake the business of processing and
recovery of crude oil from oil sludge.

Pursuant to Clause 7.4.1 (a) of the SA, if Mr. Vernon Khoo Tiam
Hock (VK) transfers or disposes of 75 percent or more of his
aggregate equity interest in the Company as at 26 April 2002,
held either in his own name or through his interest in entities
or corporations that hold equity in KFM within twelve (12)
months from 26 April 2002, BWE shall be entitled to purchase all
of KFM's shares in BWOS.

VK has on 6 June 2002 disposed his entire shareholdings totaling
18.68% of the Company's paid-up share capital and VK's interest
was held through Omar Holdings Ltd.

The Board of KFM said Wednesday that pursuant to Clause 7.4.1
(a) of the SA and as Mr. Vernon Khoo Tiam Hock has disposed his
entire interest held through Omar Holdings Ltd. in the Company
on 6 June 2002, the Company will be executing all the relevant
documents pertaining to the transfer of the Company's entire
interest held in BWOS to BWE.

FINANCIAL EFFECTS OF THE DISPOSAL

Share Capital and Substantial Shareholders

The Disposal will not have any effect on the issued and paid-up
share capital and the shareholding structure of KFM.

Net Tangible Assets

The Disposal is not expected to have any impact on the NTA of
KFM Group.

Earnings

The Disposal is not expected to have any impact on the earnings
of KFM Group.

DIRECTORS AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

None of the Directors and substantial shareholders of KFM, and
any persons connected to the Directors and substantial
shareholders have any interest, direct or indirect, in the
Disposal.


MALAYSIAN RESOURCES: Reports Milmax Unit's Winding-up Petition
--------------------------------------------------------------
Pursuant to paragraph 9.19(19) of the KLSE Listing Requirements,
Malaysian Resources Corporation Berhad (MRCB) wishes to announce
that a winding-up petition no. 28-187-2002 against its wholly
owned subsidiary, Milmix Sdn Bhd, formerly known as MRCB
Construction Sdn Bhd was served by Classic Aluminium & Glazier
on Wednesday.

On 9 July 2002, Classic through its solicitors, Messrs T. S.
Teoh & Partners served a Notice pursuant to Section 218 of the
Companies Act, 1965 on Milmix. The winding-up petition was
subsequently presented to the High Court on 3 September 2002.

According to the petition, an amount of RM31,615.09 is
outstanding from Milmix to Classic for work done at the Kota
Kemuning and Kajang Utama Phase 3A Projects. No interest is
imposed on the amount claimed.

Upon receiving the Notice pursuant to Section 218 of the
Companies Act, 1965 on 9 July 2002, the Company have had several
negotiations with Classic and was not able to reach an amicable
solution. Subsequently on 30 August 2002, the Company filed an
ex-parte application by way of Originating Summons with
affidavit to High Court to formulate a Proposed Debt Settlement
through a Scheme of Arrangement pursuant to Section 176 of the
Companies 1965.

As announced on 25 September 2002, the High Court of Malaya had
on 23 September 2002, granted Milmix a Restraining Order (RO)
for a period of 3 months from the date of the RO to allow for
implementation of the Proposed Debt Settlement. Amounts owing to
unsecured creditors including Classic are to be settled under
the Proposed Debt Settlement.

There is no financial impact on MRCB Group arising from the said
petition as the creditors of Milmix has no recourse to MRCB
Group and the particular claim of RM31,615.09 is not significant
to MRCB Group as against MRCB's audited shareholders' fund as at
31 August 2001 of RM473.1 million.

MRCB's original equity investment in Milmix was RM12 million. As
at 31 July 2001, the carrying value of Milmix in MRCB Group's
books has been fully written down. In the event of a winding up
of Milmix, no losses will be incurred by MRCB Group.

Milmix specialises in the construction of residential property.
Milmix's operation does not constitute a material component of
MRCB Group's engineering and construction activities. As all of
Milmix's projects in hand have effectively been completed, the
said petition will not have any material impact on MRCB Group's
operations.

The winding-up petition is scheduled for hearing on 22 January
2003.


PERNAS INTERNATIONAL: Restructuring May Involve Asset Sales
-----------------------------------------------------------
The restructuring of Pernas International Holdings Bhd is likely
to involve asset sales and fresh capital injection by its new
shareholders, the New Straits Times reported, citing
unidentified sources.

The asset sales will occur in stages, with overseas properties
among the first to go on sale, the paper said.

It added that Pernas owns eight apartments in Singapore with a
total net value of 19.37 million ringgit, and a retail and
office building in London that has a net book value of 15.91
million ringgit.

The paper also said Pernas may raise additional funds via a
rights issue. The moves are aimed at improving Pernas' cashflow
and lower its gearing with total debt of 2.54 billion ringgit.


RENONG BERHAD: Falls 18% on Stock Sale Plan
-------------------------------------------
Renong Bhd. tumbled 11 sen, or 18 percent, to 50 sen at 9:51
a.m. yesterday after it said it would sell 400 million ringgit
($105 million) of new shares to keep its capital from being
wiped out.

Renong is selling assets to help pare debt as part of a plan to
dismantle an empire of 13 public companies built around the
company by tycoon Halim Saad.

Investors said the stock's 35 percent drop in the past two weeks
raised concerns of margin calls.

Renong, controlled by United Engineers (Malaysia) Bhd., said
losses in the three months ended June were mainly on financing
costs related to an earlier bond sale. Shareholders' funds of
61.2 million ringgit may be wiped out if such costs recur,
Renong said on Friday.


REPCO HOLDINGS: Revises Proposed Scheme of Arrangement
------------------------------------------------------
On 23 April 2002, Commerce International Merchant Bankers Berhad
(CIMB) had, on behalf of Repco Holdings Berhad, announced that
the Company has proposed, amongst others, to implement the
following proposals:

(i) The proposed acquisition of the Strategic Assets by Etika
Alliance Berhad (EAB), a newly incorporated company, from the
Vendors for a total consideration of RM98,000,000 to be settled
by way of EAB issuing 98,000,000 new ordinary shares of RM1.00
each in EAB credited as fully paid-up (EAB Shares) at an issue
price of RM1.00 per EAB Share (Proposed Acquisition of Strategic
Assets);

(ii) The proposed special issue of 31,574,600 new EAB Shares at
an issue price of RM1.00 per EAB Share by EAB to investors to be
identified on a best effort basis by a placement agent to be
appointed later ("Proposed Special Issue");

(iii) The proposed capitalization of RM390,555,013 secured debts
due to Pengurusan Danaharta Nasional Berhad (Capitalized Debts)
in Everise Capital Sdn. Bhd. (ECSB), a wholly owned subsidiary
of RHB, to 37,500,000 zero dividend redeemable convertible
preference shares of RM1.00 each in ECSB credited as fully paid-
up (ECSB RCPS) at an issue price of RM1.00 per ECSB RCPS and
353,055,013 ordinary shares of RM1.00 each in ECSB credited as
fully paid-up (ECSB Shares) at an issue price of RM1.00 per ECSB
Share and the assumption of all claims and liabilities of the
Affected Companies, except for liabilities in RHB and Everise
Ventures Sdn. Bhd. (EVSB), a 75%-owned subsidiary of ECSB, by
RHB (Proposed Capitalization and Assumption of Claims and
Liabilities);

(iv) The proposed acquisition by EAB of the equity interest in
the subsidiaries of RHB from RHB and Danaharta for a total
consideration of RM51,425,400 to be settled by way of a
combination of cash payment of RM10,000,000 plus the issuance of
40,000,000 zero dividend non-redeemable convertible preference
shares of RM1.00 each in EAB credited as fully paid-up (EAB CPS)
at an issue price of RM1.00 per EAB CPS and 1,425,400 new EAB
Shares at an issue price of RM1.00 per EAB Share to the Special
Administrators for distribution in accordance with the Workout
Proposal (Proposed Acquisition of RHB Subsidiaries);

(v) The proposed reduction of the issued and paid-up share
capital of RHB from RM14,254,002 comprising 14,254,002 ordinary
shares of RM1.00 each in RHB (RHB Shares) to RM712,700
comprising 14,254,002 ordinary shares of RM0.05 each, by
canceling RM0.95 from every existing RHB Share and the proposed
consolidation of twenty (20) resultant ordinary shares of RM0.05
each in RHB into one (1) new RHB Share, and thereafter, the
proposed distribution of 712,700 EAB Shares that are to be
issued pursuant to the Proposed Acquisition of RHB Subsidiaries
to the Special Administrators for subsequent allocation to the
shareholders of RHB on the basis of one (1) EAB Share for every
one (1) RHB Share held after the proposed reduction and proposed
consolidation above (Proposed Capital Reconstruction);

(vi) The proposed transfer of listing status of RHB to EAB
(Proposed Transfer of Listing Status);

(vii) The proposed transfer of EAB from the Second Board to the
Main Board of the Kuala Lumpur Stock Exchange (Proposed Transfer
to Main Board); and

(viii) The proposed offer for sale of 712,700 Offer Shares by
Danaharta at an offer price of RM1.00 per Offer Share to
investors to be identified on a best effort basis by a placement
agent to be appointed later (Proposed Offer for Sale).

The above shall be collectively referred to as the "Original
Proposed Scheme of Arrangement.

CIMB, on behalf of the Company, would like to announce that
after careful deliberation, the Company has decided to revise
the Original Proposed Scheme of Arrangement.

DETAILS OF THE REVISIONS

Please refer to http://bankrupt.com/misc/repco.pdffor the  
details of the revisions.

All other terms of the Original Proposed Scheme of Arrangement
remain unchanged.

The Original Proposed Scheme of Arrangement after incorporating
the Revisions shall collectively be referred to as the "Proposed
Scheme of Arrangement". The Proposed Scheme of Arrangement will
comprise the following:

(i) The Proposed Acquisition of Strategic Assets;
(ii) The Proposed Restricted Issue;
(iii) The Proposed Capitalisation and Assumption of Claims and
Liabilities and the Proposed Settlement of Contingent Creditors;
(iv) The Proposed Acquisition of RHB Subsidiaries;
(v) The Proposed Capital Reconstruction;
(vi) The Proposed Transfer of Listing Status;
(vii) The Proposed Transfer to Main Board; and
(viii) The Proposed Placement.

RATIONALE FOR THE REVISIONS

The Revisions was made to better reflect the description of the
proposals under the Proposed Scheme of Arrangement.

DEPARTURE FROM THE SECURITIES COMMISSION'S GUIDELINES

Save as disclosed below, the Special Administrators are not
aware that the Proposed Scheme of Arrangement has departed from
the SC's Guidelines.

Pursuant to the revision of the Proposed Special Issue to the
Proposed Restricted Issue, the following are the non-compliance
of the Proposed Scheme of Arrangement with the SC's Guidelines:

(i) The issue price of the new EAB Shares under the Proposed
Restricted Issue of RM1.00 per EAB Share represents a discount
of 86.7% to the five (5)-day weighted average market price of
RHB Shares until and including 8 April 1999, i.e. the last date
prior to the suspension of trading of the RHB Shares, of RM7.50
per RHB Share. This does not comply with the SC's Guidelines on
private placement, which does not allow the issue price to be
set at a discount of more than 10% from the 5-day weighted
average market price of the shares of the company prior to the
price-fixing date.

(ii) The size of the Proposed Restricted Issue is more than 10%
of the issued and paid-up share capital of EAB prior to its
implementation and the number of EAB Shares to be issued to one
single placee may be more than 20% of the total EAB Shares to be
placed out under the Proposed Restricted Issue. Under such
circumstances, where the issue price is set at a discount to the
5-day weighted average market price of the shares of the
company, the SC's Guidelines require the placees to give
undertaking that they will not dispose the new shares within a
period of six (6) months from the date of listing of the shares.
As the Proposed Restricted Issue will not require the placees to
provide such undertaking, it does not comply with the SC's
Guidelines on private placement.

A waiver will be sought from the SC for the above non-
compliance. The waiver will be made after taking into account,
amongst others, the following:

(i) The view that the market price of the RHB Shares prior to
its suspension of trading does not that reflect the current
value of the RHB Group;

(ii) The Proposed Restricted Issue aims to secure the necessary
public shareholders for EAB which is crucial for the successful
implementation of the Proposed Scheme of Arrangement;

(iii) The Proposed Restricted Issue forms an integral part of
the Proposed Scheme of Arrangement which is a rescue exercise on
the RHB Group;

(iv) The issue price of the EAB Shares at RM1.00 each represents
a premium of 67% of the NTA per EAB Share after the
implementation of the Proposed Scheme of Arrangement of RM0.60
per EAB Share; and

(v) The Proposed Restricted Issue involves EAB issuing new EAB
Shares and there is no market price to benchmark the EAB Shares
as EAB has not been admitted onto the Official List of the KLSE.

EFFECTS OF THE PROPOSED SCHEME OF ARRANGEMENT

Other than the changes in the description of the "Proposed
Special Issue" and the "Proposed Offer for Sale" to the
"Proposed Restricted Issue" and the "Proposed Placement"
respectively as set out in Section 2 hereof, the Revisions will
not result in any material changes to the effects of the
Original Proposed Scheme of Arrangement on the share capital,
net tangible assets, shareholdings of substantial shareholders,
earnings and dividends of the RHB Group and the EAB Group. The
details of the effects have been set out in the announcement
dated 23 April 2002.

The "Proposed Capitalisation and Assumption of Claims and
Liabilities" under the Original Proposed Scheme of Arrangement
and the "Proposed Capitalisation and Assumption of Claims and
Liabilities and the Proposed Settlement of Contingent Creditors"
under the Proposed Scheme of Arrangement do not have any effects
on the share capital, net tangible assets, shareholdings of
substantial shareholders, earnings and dividends of the RHB
Group and the EAB Group.


SATERAS RESOURCES: Conducts Restructuring Talks With Banks
----------------------------------------------------------
Sateras Resources (Malaysia) Berhad wish to inform the Kuala
Lumpur Stock Exchange:

(i) The Company is currently discussing with a few merchant
banks with a view to appointing an adviser for the proposed
restructuring exercise of the Company.

(ii) The Company is working towards a new restructuring plan
aimed at regularizing the Company's financial condition.

The Board will announce details of the new proposal as soon as
they are finalized.


TECHNOLOGY RESOURCES: In Final Stage of Internal Restructuring
--------------------------------------------------------------
Technology Resources Industries Bhd (TRI) refers to its circular
to the shareholders dated 2 January 2002. In the Circular, the
company informed the shareholders of the proposed corporate
restructuring exercise involving a:

(a) Proposed Restricted Issue;
(b) Proposed Rights Issue;
(c) Proposed Early Redemption Option;
(d) Proposed Debt Refinancing; and
(e) Proposed Internal Restructuring

(all as defined in the Circular).

TRI is pleased to announce that it has completed items (a) to
(d) of the Proposals and is in the final stages of completing
item (e) of the Proposals.

Under the Circular, the Proposed Internal Restructuring would
involve the following:

(a) Issue of two (2) Redeemable Preference Shares to two (2)
Directors;
(b) Repayment and recapitalisation of the inter-company debts by
Celcom (Malaysia) Berhad to TRI;
(c) Capital Repayment exercise by TRI;
(d) Issue of 1,000 new TRI shares to Celcom and redemption of
the two (2) Redeemable Preference Shares; and
(e) Transfer of listing status from TRI to Celcom.

After having completed items (a) to (d) of the Proposals and
looking at the current timeline to implement the Proposed
Internal Restructuring, the Company has made a decision not to
proceed with the issuance and the subsequent redemption of the
two (2) Redeemable Preference Shares as such issuance and
redemption are no longer deemed necessary in the implementation
of the Proposed Internal Restructuring.

In the Circular, the issuance of the two (2) Redeemable
Preference Shares was described as "merely to facilitate the
Company's implementation of the internal restructuring exercise"
and the said two (2) Redeemable Preference Shares would be
redeemed immediately thereafter. The two (2) Redeemable
Preference Shares would not have formed part of TRI's issued and
paid up share capital after the implementation of the Proposed
Internal Restructuring.

The Company has been advised by its legal advisers that it may
implement the Proposed Internal Restructuring without the
issuance and the subsequent redemption of the two (2) Redeemable
Preference Shares provided that the Capital Repayment exercise
and the issuance of the 1,000 new TRI shares to Celcom are
implemented simultaneously. In view of the various steps and
actions which the Company has taken to date in implementing the
Proposed Internal Restructuring and based on the current
timeline, the Company may implement the Capital Repayment
exercise (of which the court order has been obtained) and the
issuance of the 1,000 new TRI shares to Celcom (of which the
prior approval from the shareholders of TRI has also been
obtained) simultaneously. In this regard, the issuance of the
two (2) Redeemable Preference Shares and the subsequent
redemption of the same are no longer necessary.

The Company has also been advised that in view of the fact that
the Board of Directors have been authorized by the shareholders
at the extraordinary general meeting held on 25 January 2002 to
amend or vary the Proposals or any part thereof in the best
interest of the Company, the Company has the power and authority
not to proceed with the issuance and redemption of the two (2)
Redeemable Preference Shares. The Company also would not be in
breach of any of the express conditions imposed by the
authorities by not issuing and subsequently redeeming the two
(2) Redeemable Preference Shares.

The Company also wishes to state that by not issuing and
redeeming the two (2) Redeemable Preference Shares under the
Proposed Internal Restructuring exercise, there is no financial
or other impact on the Company as:

(a) only two (2) Redeemable Preference Shares of RM1 each would
be issued under the current plan and since the said two (2)
Redeemable Preference Shares would be redeemed immediately
thereafter, there would be no change to the share capital of the
Company; and

(b) the Proposed Internal Restructuring would still be
implemented and the end result would remain the same (i.e. the
transfer of listing status from TRI to Celcom). Based on the
current timeline and barring any unforeseen circumstances, the
Company expects to list Celcom on the Main Board of the KLSE by
mid October 2002.

The Company wishes to reiterate that the proposed issuance and
subsequent redemption of the two (2) Redeemable Preference
Shares were merely to facilitate the implementation of the
Proposed Internal Restructuring. Since this process is no longer
necessary under the current timeline, such non-issuance of the
two (2) Redeemable Preference Shares and the subsequent
redemption of the same would not have any adverse effect on the
Proposed Internal Restructuring.


TEXCHEM RESOURCES: Revising Restructuring, Listing Proposal
------------------------------------------------------------
Reference is made to the announcements made by Commerce
International Merchant Bankers Berhad (CIMB) on 11 June 2001, 31
July 2001, 26 February 2002, 22 April 2002, 6 May 2002 and the
Circular to the shareholders dated 22 April 2002 (Circular).

The Board of Directors of Texchem Resources Berhad (TRB) has
since revisited the terms of the Proposed Restructuring and
Listing and has decided to revise the Proposed Restructuring and
Listing.

Details of the revised Proposed Restructuring and Listing (with
the changes highlighted in bold) are set out below:

(i) Proposed Share Split

The proposed share split of 18,000,000 ordinary shares of RM1.00
each in Texpack to 36,000,000 ordinary shares of RM0.50 each in
Texpack, by way of a sub-division of its existing ordinary
shares of RM1.00 each to RM0.50 each remains unchanged as
announced on 26 February 2002, 6 May 2002 and as set out in the
Circular.

The Proposed Share Split will result in the existing issued and
paid-up share capital of Texpack being adjusted from 18,000,000
ordinary shares of RM1.00 each to 36,000,0000 Texpack Shares.

(ii) Proposed Rights Issue

It was earlier proposed that, upon completion of the Proposed
Share Split, Texpack will implement a rights issue of 44,000,000
new Texpack Shares at an issue price of RM1.253 per Rights
Share, payable in full upon acceptance on the basis of
approximately eleven (11) new Rights Shares for every existing
nine (9) Texpack Shares held after the Proposed Share Split.

It is now proposed that the issue price of the Rights Shares be
revised to RM1.00 per Rights Share. Other terms of the revised
Proposed Rights Issue remains unchanged as announced on 26
February 2002, 6 May 2002 and as set out in the Circular.

Accordingly, the amount raised by Texpack pursuant to the
Proposed Rights Issue will now be reduced from RM55,132,000 to
RM44,000,000.

(iii) Proposed Offer for Sale

It was earlier proposed that TRB will undertake an offer for
sale of up to 23,104,000 Texpack Shares at an indicative offer
price of RM1.50 per Offer Share to the following:

(a) Bumiputera investors to be nominated and approved by the
Ministry of International Trade and Industry (MITI);

(b) eligible employees of Texpack and its subsidiaries (Texpack
Group) and/or TRB and/or persons who have contributed to the
success of Texpack Group;

(c) the shareholders of TRB except for the major shareholders of
TRB and Directors of TRB and its subsidiaries and associated
companies and associates of the major shareholders of TRB and
Directors of TRB Group (as defined in the amendments to the
requirements on initial public offerings of securities on the
KLSE issued by the Securities Commission (SC) on 3 September
2001) as at a date to be determined by the Directors of TRB
after the approval of the SC for the Proposed Restructuring and
Listing; and

(d) the Malaysian public.

The number of Texpack Shares which will be made available for
application by persons listed on paragraphs (iii)(b) to (iii)(d)
will depend on the percentage shareholding in Texpack held by
Bumiputera investors to be nominated and approved by the MITI
who can be recognized as part of the 25% public spread
requirement.

It is now proposed that TRB will undertake an offer for sale of
up to 24,000,000 Texpack Shares at an indicative offer price of
RM1.25 per Offer Share pursuant to the revised Proposed Offer
for Sale. Other terms of the revised Proposed Offer for Sale
remains unchanged as announced on 26 February 2002, 6 May 2002
and as set out in the Circular.

Upon completion of the revised Proposed Offer for Sale, TRB will
hold up to 75% equity interest in Texpack. TRB's shareholding in
Texpack will depend on the number of Texpack Shares TRB is
required to offer for sale (pursuant to the Proposed Offer for
Sale) in order to comply with the public and Bumiputera
shareholding spread requirement.

(iv) Proposed Listing

The proposed listing of and quotation for its entire enlarged
issued and paid-up share capital of Texpack comprising
80,000,000 Texpack Shares on the Second Board of the KLSE
remains unchanged as announced on 26 February 2002, 6 May 2002
and as set out in the Circular.

EFFECTS OF THE REVISED PROPOSED RESTRUCTURING AND LISTING

Share Capital

The revised Proposed Restructuring and Listing will not have any
effect on the share capital of TRB.

Earnings

The revised Proposed Restructuring and Listing is only expected
to be completed in the first half of 2003 and will not have any
effect on the earnings of TRB Group for the financial year
ending 31 December 2002.

NTA

For illustrative purposes, the proforma effects of the revised
Proposed Restructuring and Listing on the NTA of TRB Group based
on the audited consolidated accounts of TRB Group and the
audited accounts of Texpack Group and Texchem-Pack (Philippines)
Inc. for the financial year ended 31 December 2001 assuming that
the revised Proposed Restructuring and Listing were implemented
on that date are set out in Table 2.

Major Shareholders

The revised Proposed Restructuring and Listing will not have any
effect on the shareholdings of the major shareholders of TRB.

DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS

None of the Directors and major shareholders of TRB or any
person connected to the Directors and major shareholders of TRB
have any interest, direct or indirect, in the revised Proposed
Restructuring and Listing other than as being shareholders of
TRB.

DIRECTORS' STATEMENT

The Board of Directors of TRB is of the opinion that the revised
Proposed Restructuring and Listing are in the best and long term
interest of TRB.

COMPLIANCE WITH SC GUIDELINES

The revised Proposed Restructuring and Listing is in compliance
with the SC Guidelines.


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


METRO PACIFIC: Accepts Gokongwei Decision to End MoA
----------------------------------------------------
Metro Pacific Corporation said Wednesday it acknowledges the
decision of the Gokongwei Group to terminate its Memorandum of
Agreement with First Pacific Company Limited, dated 4 June 2002.

Metro Pacific continues to implement its debt reduction and
restructuring program, in which substantial progress has been
achieed to date. Moreover, business prospects continue to
improve across the Metro Pacific Group, in particular, renewed
investor interest and increased development at the Bonifacio
Global City, and the return to profitability by subsidiaries
Landco Pacific Corporation and Negros Navigation Company.

It said its Board of Directors and management of Metro Pacific
"wishes to thank its investors, shareholders, creditors,
business partners and staff for their continued loyalty,
understanding and support during this challenging period."

The Gokongweis had offered to repay a US$105 million loan owed
by Metro Pacific to First Pacific unit Larouge BV in exchange
for First Pacific's 50.4 percent stake in Bonifacio Land.

For inquiries, contact David Nugent, Vice President for Media
and Corporate Communications of Metro Pacific Corporation, at
telephone (02) 885-3102.


PHILIPPINE LONG: Acknowledges Gokongwei Group Deal Termination
--------------------------------------------------------------
Philippine Long Distance Telephone Co (PLDT) said in a statement
to the Philippine Stock Exchange (PSE) that it acknowledges the
decision of the Gokongwei Group to terminate the Memorandum of
Agreement with First Pacific Co Ltd, offering to acquire control
of the Philippines' largest telecom company.

This now opens the opportunity for PLDT and the Gokongwei Group
to cooperate with each other to move the telecommunications
industry forward.

PLDT added its board, management and employees "can now focus
fully on the work at hand" which is "to meet the objectives of
our 5-year plan, enhance shareholder value and ensure that PLDT
remains the premier communications company our country can be
proud of."


PHILIPPINE LONG: Falls After Gokongwei Pullout
----------------------------------------------
Philippine Long Distance Telephone Company (PLDT) was down 7.50
pesos, a 270 on volume of 47,140 shares, following Gokongwei
group's withdrawal of its offer to acquire control of the
company from First Pacific Co Ltd.

Dealers said investors are awaiting clear statements from both
PLDT and First Pacific on whether the latter will still pursue
its plan to sell its controlling stake in PLDT.

First Pacific said it is reviewing "strategic" options regarding
its investments in the Philippines.


PHILIPPINE LONG: First Pacific Reviews Strategic Options
--------------------------------------------------------
First Pacific Co said it is reviewing its strategic options in
the Philippines after the Gokongwei Group terminated a
memorandum of agreement concerning the acquisition of
controlling stakes in Philippine Long Distance Telephone Co
(PLDT).

No talks with a third party concerning its Philippine
investments are currently under way, First Pacific added.

First Pacific, which owns 24.4 percent of PLDT, said it accepts
Gokongwei's decision.

The Gokongwei Group is withdrawing its offer to acquire control
of PLDT and Bonifacio Land, citing, among other things, the
expiry of the exclusivity clause of the deal with First Pacific
on Sept 30 and the inability of the Hong Kong-based conglomerate
to implement the transaction.

It said PLDT and Metro Pacific Corp managements did not allow
the Gokongwei Group to conduct due diligence on the two firms,
which was a prior requirement before closing the deal with First
Pacific.

Metro Pacific is majority shareholder of Bonifacio Land,
developer of the Fort Bonifacio Global City.

Following the MoA termination, First Pacific said, "all
obligations under the MoA have ceased and it is not anticipated
that there will be any further liabilities or obligations other
than continuing obligations of confidentiality."


PHILIPPINE LONG: Gokongwei Quits Sale Agreement
-----------------------------------------------
First Pacific announces that the Gokongwei Group has terminated
the memorandum of agreement (MOA) that was signed on 4 June
2002, citing, among other matters, the expiration of the
exclusivity period on 30 September 2002 and difficulties
encountered by First Pacific in attempting to implement the
transaction (including the resistance of the current management
of both Philippine Long Distance Telephone (PLDT) and Metro
Pacific Corporation (MPC)/Bonifacio Land Corporation (BLC)).

Having regard to the nature and terms of the MOA, First Pacific
has accepted the termination of the MOA by the Gokongwei Group
and, accordingly, the transactions contemplated by the MOA will
not now proceed.

Following the termination of the MOA, all obligations under the
MOA have ceased and it is not anticipated that there will be any
further liabilities or obligations other than continuing
obligations of confidentiality.

First Pacific continues to review its strategic options in
relation to its Philippine investments, although no negotiations
or discussions in relation to a specific transaction are
currently ongoing. First Pacific will make such further
announcements as may be appropriate in the event that there are
future material developments in relation to its Philippine
investments, the termination of the MOA or the impact of such
termination on First Pacific.

On 5 June, 2002, First Pacific announced that it had entered
into a MOA with the Gokongwei Group for the establishment of
joint venture arrangements in relation to the First Pacific
Group's interest in PLDT and part of the First Pacific Group's
interest in BLC. All previous announcements relating to this
transaction are available under the 'News & Press Releases'
section of First Pacific's website at www.firstpacco.com.

The First Pacific Group (through its Philippine affiliates) has
aggregate attributable direct and indirect economic interests of
24.4 percent of the issued common stock of PLDT (conferring
voting rights of approximately 31.5 percent of the outstanding
voting share capital of PLDT) and 80.6 percent of MPC. MPC, in
turn, has a controlling 72.9 percent shareholding in BLC, of
which 50.4 percent of the outstanding common stock of BLC is
subject to a pledge in favour of Larouge BV (Larouge), a wholly
owned subsidiary of First Pacific, to secure a loan advanced by
Larouge to MPC in April 2001 in the principal amount of US$90
million.

For further information, please contact First Pacific Company
Limited's Rebecca Brown at telephone (852) 2842 4301, or Sara
Cheung, Assistant Vice President for Group Corporate
Communications at telephone (852) 2842 4336.


PHILIPPINE LONG: Lists 59,980 Common Shares
-------------------------------------------
Philippine Long Distance Telephone Company (PLDT) has received a
notice from a preferred shareholder for the conversion of 59,980
shares of Series VI Cumulative Convertible Preferred Stock with
59,980 common shares.

In view thereof, the 59,980 common shares was set for listing
yesterday, October 3. This brings the number of common shares
listed arising from the conversion of additional 59,980 Series
VI Cumulative Convertible Preferred Shares to a total of 669,
163 common shares.

The Philippine Stock Exchange said in a disclosure that the
designated Stock Transfer Agent is authorized to issue the
corresponding stock certificate to the preferred shareholder.


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


HOTEL GRAND: Repays Transferable Loan Facilities to UOB
-------------------------------------------------------
The Directors of Hotel Grand Central Limited said Wednesday that
it had on 30 September 2002 fully repaid the Transferable Loan
Facilities of A$20 million and S$15 million to United Overseas
Bank Limited.

Hotel Grand Central added that at the close of business at 5.00
p.m. on 2 October 2002 (the expiry date for Warrants W021002),
there was a total of 45,517,250 Warrants W021002 which had not
been exercised. The 45,517,250 Warrants W021002 had ceased to be
valid for any purpose.

In March, TCR-AP said that Hotel Grand Central's dormant
subsidiary, Grand Central Trading Pte Ltd, commenced voluntary
liquidation on 12 October 2001. Mr Wu Wai Hong was appointed as
its liquidator.


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


BUMRUGRAD HOSPITAL: Buys Vitallife Shares From Shareholders
-----------------------------------------------------------
Bumrugrad Hospital Public Co., Ltd. said in a disclosure to the
Stock Exchange of Thailand that it had on September 25 reached
an agreement with the current shareholders, Aurica S.A, Delson
Co.,Ltd. and Mrs Nalinee Mintarkhin (persons not related to the
company) to buy their shares in Vitallife Corporation Ltd., a  
wellness center.

The transaction was for 50 percent of the registered share
capital of 31,500,000 Baht, the equivalent of 157,500 shares for
an amount of Baht 9,950,000, thus increasing its shareholdings
from 50 percent to 100 percent and the number of shares held
from 157,494 shares to 314,994 shares.

Such transaction is not required to be in compliance with the
Notification of The Stock Exchange of Thailand concerning the
Rules, Procedures and Disclosure of information on the
Acquisition and Disposition of Asset of Listed Companies.

Bangkok-based Bumrungrad Hospital, which is under
rehabilitation, is a full service medical facility offering
international standard medical care with 554 beds, outpatient
clinics for 3,000 patients per day and a staff of over 600
highly qualified physicians. Bumrungrad Hospital is owned by the
Bumrungrad Hospital Public Company Ltd., a public company listed
on the Stock Exchange of Thailand, which also owns Bumrungrad
Hospital, Rayong as well as a number of other healthcare related
business.


N.T.S. STEEL: Announces Capital Increase, New Share Allotment
-------------------------------------------------------------
331 Planner Co., Ltd.,  the Plan Administrator of N.T.S. Steel
Group Public Company Limited (NTS), announced yesterday the
capital increase and allotment of new shares in accordance with
the Reorganization Plan as follows:

1. Capital Increase/ Capital Decrease

1.1 Capital Decrease
Decrease the authorized capital from Baht3,000,000,000 to
88,500,000 shares at a par value of Baht10

1.2 Capital Increase
According to the Reorganization Plan, the company have to
increase the authorized capital amount up to Baht36,484,900,000  
by issuing new shares for debt to equity conversion and
reservation for warrant conversion, the details as follows:

Objective            Type of share   No. of shares  Amount(Baht)
a) Debt to Equity   Preferred share   788,300,000  7,883,000,000
Conversion          Ordinary share  1,714,680,000 17,146,800,000

b) Reservation      Ordinary share  1,145,510,000 11,455,100,000
for subscribed
Warrants for existing shareholders

After the authorized capital increase, the company will have
3,071,690,000 ordinary shares and 788,300,000 preferred shares,
at a par value Baht10 each, totaling Baht38,599,900,000

2. Allotment of new shares:
In accordance with the Reorganization Plan, the company has to
allot new shares of 2,860,190,000 ordinary shares and
788,300,000 prefer shares, at a par value Baht10 each, the
details as follows:

Allotted to       No. of   Ratio    Offering  Subscription  Note
                  Shares  Existing:   Price    and Payment
                           Warrant  per Share    Period

Existing
Shareholders  1,145,510,000 1:5.416    0.05       2- 8 Oct  Only
             (ordinary share)                     9 am  4 pm  
                                                   Business day
*as at  28 Apr,2000
as the reservation for    
warrant exercise

Debtors who
derive from
debt to
equity
conversion      788,300,000     -      1.87      Not yet    will
              (preferred share)                 specified inform
                                                           later
                      
               1,714,680,000    -    **1.00and 5.36
              (ordinary share)

* The last closure date of the share registered book prior to
the date of Bankruptcy Court ordered for Business
Reorganization.

** price Baht1.00 for debt to equity conversion to 72,620,000
ordinary shares and price Baht5.36 for debt to equity conversion
to 1,642,060,000 ordinary shares   

Details of warrants:
Type: Specified name of the holder of warrant 1 and warrant 2 to
purchase the new ordinary shares of NTS
Term: Warrant 1: 10 years from the issuing date.
      Warrant 2: 10 years from the issuing date.
Units: Warrant 1       476,530,000     units
       Warrant 2       668,980,000     units
       Total         1,145,510,000     units
Offering Price: Warrant 1  Baht 0.05 per units
                Warrant 2  Baht 0.05 per units  
Offering Method: To be allotted to the existing shareholders at
the ratio of 1 existing share:5.416 units of warrants 1 and 2
comprised  of 2.253 units of warrant 1 and 3.163 units of
warrant 2

The subscriber of warrant 1 and warrant 2 cannot select each
type for subscription.

The remaining unsubscribed warrants will be offered and allotted
under the Reorganization Plan by the Plan Administrator.
Transfer restriction: Shareholders who hold warrant 1 and
warrant 2 are unable to transfer to others who are not existing
shareholders.
Exercise Price: 1 unit of warrant 1 can be exercised to 1
ordinary share at the price of Baht 2.10
1 unit of warrant 2 can be exercised to 1 ordinary share at the
price of Baht 6.114
Exercise Period: Every 3 months
Last Exercise Date: The end of the 10th year from the issuing
date of warrant 1 and warrant 2.

The subscribers of NTS warrants shall be required to exchange
NTS warrant to MS warrant and the creditor who derived NTS
ordinary shares and preferred shares from debt to equity
conversion shall be required to exchange NTS ordinary shares and
preferred shares to MS ordinary shares and preferred shares by
ratio 1:1

3. Schedule of shareholder's meeting to approve the capital
increase/allotment

Due to being the procedures under NTS's Reorganization Plan, the
company therefore does not arrange to have the shareholder's
meeting.

4. Approval of the capital increase by relevant government
agency

The company is in the process of registration and to obtain
approval from the Ministry of Commerce.

5. Objective of capital increase and cash proceeds from the
capital increase

To reserve for creditors debt to equity conversion and warrant
exercise under NTS's Reorganization Plan which already approved
by the creditor's meeting. The cash proceeds from the issuance
of warrants shall be use to repay the outstanding advance NTS
incurred to pay the insurance premium for NTS plants and to use
as working capital of NTS. The proceeds from the issue of shares
from the exercise of warrants shall be in accordance with NTS's
Reorganization Plan.

6. Benefits from the capital increase/share allotment

To achieve a sustainable debt and equity structure as proposed
in Reorganization significantly from the expected upturn in the
industry as the economy recovers. This will add value to
NTS's creditors and shareholders.

The company hereby certifies that the information contained in
this report from is true and complete in all respects.


RAIMON LAND: Appoints Four New Directors
----------------------------------------
The Board of Directors of Raimon Land Company Limited has
appointed new directors and the independent directors of the
Company to protect the interest of minority shareholders.

The appointees are:

1. Mr. Sompote Indharanukul
2. Mr. Visit Rakvisitwong
3. Mr. Ratanachai Phatinavin.
4. Mr. Jirawud Kuvanant

The appointments of the new directors and independent directors
were made in accordance with the motion for the Court's
permission for the appointment of the new directors and audit
committee filed with the Court on 20th September, 2002, which
was granted on 26th September, 2002.

The persons who were appointed as the new directors and
independent directors are qualified and independent as required
under the Notification of the Securities and Exchange shares and
its permission.

The appointments of the new directors and the independent
directors would enable the board of directors of Raimon Land to
conduct its business operations without interruption after the
completion of the rehabilitation process and ensure that Raimon
Land has good corporate governance in compliance with the
relevant Notifications of the Securities Exchange Commission.

The persons who were appointed as Raimon Land's new directors
and independent directors would, after the Court has granted an
order to cancel the rehabilitation process of Raimon Land,
perform their duties and undertake any necessary business of
Raimon Land in accordance with the scope of their power and as
determined by the board of directors of Raimon Land and the
guidelines prescribed under the Public Companies Act B.E.
2535(1992), including the relevant Notifications of the
Securities Exchange Commission.

In addition, Mr. Ratanachai Phatinavin, who was nominated to be
appointed a new director and an independent director of Raimon
Land, currently holds the title of general manager of a real
estate operator, which carries out a similar business to Raimon
Land.

Under the Public Companies Act B.E. 2535(1992), no director of a
public company can be the director of any other company which
has a similar business and is in competition with the business
of that public company unless the shareholders have been fully
informed prior to such appointment.

After due discussion, the Plan Administrator considered that the
position of Mr. Ratanachai Phatinavin as an executive of a
company engaging in the same business as Raimon Land would not
affect his performance and his rendering of independent opinion
as an independent director of Raimon Land.


RAIMON LAND: Board Amends Warrant Terms
---------------------------------------
The Board of Directors' Meeting Nos. 24/2002 and 27/2002 of
Raimon Land Planner Company Limited held on 9th September, 2002
and 2nd October, 2002, respectively (acting in the capacity of
the plan administrator of Raimon Land Public Company Limited)
have resolved to amend the terms and conditions of 299,904,800
units of warrants in respect of the exercise period and the term
of the warrants as follows:

That the terms and conditions of 299,904,800 units of warrants
in respect of the exercise period and the term of warrants be
amended according to the motion for the court's permission for
the amendments to the terms and conditions of 299,904,800 units
of warrants in respect of the exercise period and the term of
the warrants filed with the Central Bankruptcy Court on 20th
September, 2002 and granted on 26th September, 2002. The details
of the amendments are as follows:

(a) Amendment to the exercise period

Current details of exercise period

"Exercise Period:  On the last business day of March, June,
September and December throughout the term of the warrants.

Additionally, Raimon Land may exercise its call option to
require warrantholders to exercise warrants, in whole or in
part, at any time by giving three months' prior notice to the
warrantholders. If the warrants are not exercised within the
specified period, such warrants will be deemed expired."

Amended details of exercise period

"Exercise Period:  On the last business day of March, June,
September and December throughout the term of the warrants.

Additionally, in the event that the weighted average of the
closing price of Raimon Land's share during the period of 30
consecutive days is greater than the exercise price by 20
percent or more, Raimon Land may exercise its call option to
require warrantholders to exercise warrants, in whole or in
part, at any time by giving three months' prior notice to the
warrantholders. If the warrants are not exercised within the
specified period, such warrants will be deemed expired."

(b) Amendment to the term of the warrants

Current details of the term of the warrants

"Term: 5 years commencing from the issue date of the warrants."

Amended details of the term of the warrants

"Term: 5 years commencing from the first issue date of the
warrants."

Except for the amended terms and conditions of the warrants in
respect of the exercise period and the term of the warrants,
other terms and conditions of the warrants remain as the terms
and conditions of the Warrants specified in the motion submitted
to the Court on 12th June, 2545, which was granted by the Court
on 13th June, 2002, and the minutes of the board of directors'
meeting No. 14/2002 held on 3rd July, 2002.

After the amendments, the terms and conditions of 299,904,800
units of warrants are as follows:

(a) Rights warrants of 199,936,000 units

Type: Warrants to purchase new ordinary shares in Raimon Land

Amount: 199,936,000 units

Offering price: Free appear on the share register book on the
book closing date to be determined by the Plan Administrator
(please see agenda item no. 3) at the ratio of 1 existing share
to 4 units of warrants.

Number of reserved shares: 199,936,000 shares

Term: 5 years commencing from the first issue

Exercise ratio: 1 unit of warrant to 1 new ordinary share.

Exercise price: Baht 5 per share

Exercise period: On the last business day of March, June,
September and December throughout the term of the warrants.

Additionally, in the event that the weighted average of the
closing price of Raimon Land's share during the period of 30
consecutive days is greater than the exercise price by 20
percent or more, Raimon Land may exercise its call option to
require warrantholders to exercise warrants, in whole or in
part, at any time by giving three months' prior notice to the
warrantholders. If the warrants are not exercised within the
specified period, such warrants will be deemed expired.

Offering period: The warrants will be issued to those existing
shareholders after the SEC's approval has been granted.

Listing requirements: The warrants will be listed on the Stock
Exchange of Thailand.

Dilution effect: There is no dilution effect since all warrants
will be issued to existing shareholders.

The terms, conditions and other details of the warrants
including the reasons for which new shares must be reserved for
the adjustment to the exercise discretion of Raimon Land's board
of directors or the Plan Administrator (as the case may be).
        
(b) Free warrants of 99,968,000 units (attached to the rights
shares)

Type: Warrants to purchase new ordinary shares in Raimon Land.

Amount: 99,968,000 units

Offering price: Free

Offering method: To existing shareholders as well as private
placement investors, being those who subscribe for new ordinary
shares under item no. 2.3 (2) below, at the ratio of 1 new
ordinary share to 1 unit of warrant.

Number of reserved shares: 99,968,000 shares

Term: 5 years commencing from the first issue date of the
warrants.

Exercise ratio: 1 unit of warrant to 1 new ordinary share.
Exercise price: Baht 5 per share
Exercise period: On the last business day of March, June,
September and December throughout the term of the warrants.

Additionally, in the event that the weighted average of the
closing price of Raimon Land's share during the period of 30
consecutive days is greater than the exercise price by 20
percent or more, Raimon Land may exercise its call option to
require warrantholders to exercise warrants, in whole or in
part, at any time by giving three months' prior notice to the
warrantholders. If the warrants are not exercised within the
specified period, such warrants will be deemed expired.

Offering period: The warrants will be issued after the SEC's
approval has been granted.

Listing requirements: The warrants will be listed on the Stock
Exchange of Thailand.

Dilution effect: There will be no dilution effect if all new
ordinary shares under item no. 2.3 (2) are fully subscribed by
existing shareholders.

If there are warrants (of which the number of the reserved
shares for the exercise of warrants are in excess of 30 percent
(but up to 100 percent) of the total issued shares in Raimon
Land) as a result of new ordinary shares under item no. 2.3 (2)
not being taken up by existing shareholders and those remaining
warrants are issued by way of private placement, the maximum
effect to the voting rights and the rights to receive dividend
of existing shareholders will be reduced by 44.44 percent. This
calculation is based on:

(i) none of the new ordinary shares under item no. 2.3 (2) is
subscribed by existing shareholders;

(ii) all 99,968,000 units of warrant are exercised by
warrantholders; and

(iii) The total issued shares is 449,856,000 shares.      

The terms, conditions and other details of the warrants
including the reasons for which new shares must be reserved for
the adjustment to the exercise price and/or exercise ratio of
the warrants would be determined at the discretion of Raimon
Land's board of directors or the Plan Administrator (as the case
may be).


SIKARIN PLC: Changes Name of New Board Director
-----------------------------------------------
Sikarin Public Company Limited, in a disclosure to the Stock
Exchange of Thailand, said that it would like to change the name
of new board director (refer to report no. sor kor 1934/2545)
from Mr. Kraiwut Siripong to Mr. Kraiwut Sirinupong.

The appointment was made early this week with three others,
following the resignation of Wichai Tongtang, Att Tongtang,
Uthai Sakulkrue and Sittichai Sukcharoenmitr from the board.

Bangkok-based Sikarin, which is under rehabilitation, is in the
hospital business.




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