---

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

                   A S I A   P A C I F I C

          Thursday, October 24, 2002, Vol. 5, No. 211

                         Headlines

A U S T R A L I A

AMP LIMITED: Raises AU$1.15 Billion in RPS Offer
BURSWOOD INTERNATIONAL: Investors Not Impressed by New Strategy
COLES MYER: Management Infighting Won't Stall Expansion Plan
COLES MYER: Regulator Takes Look at Discount Card Cancellation
COLES MYER: Lists Top 20 shareholders as of September 30, 2002

GOODMAN FIELDER: Issues Daily Share Buy-back Notice
NAUTILUS AUSTRALIA: Ferrier Hodgson Takes Over as Receiver


C H I N A   &   H O N G  K O N G

ADVANCE SUNDRIES: November Hearing on Wind Up Petition Set
BOLDS HAN: Petition Seeking Firm's Wind Up Planned November 13
GOLD SQUARE: Creditors Urged To Attend November 6 Hearing
LAI SUN: Debt-Equity Conversion Centerpiece of Debt Plan
PRESIDENT RESTAURANT: November Hearing on Wind Up Petition Set

TEAM POWER: Wind Up Petition Set for Hearing on November 13
TOPPING INVESTMENTS: Court to Hear Wind Up Petition on Nov. 13
XUE CUI: Petition Seeking Firm's Wind Up To Be Heard November 13


I N D O N E S I A

BANK NEGARA: Cuts Dollar-denominated Bond Issue to US$100 MM


J A P A N

ALL NIPPON: Pulls Out of Tokyo-Aomori Route
DAI NIPPPON: Submits Reconstruction Plan to Court
HANKYU CORPORATION: JCR Downgrades Rating to BBB
MITSUBISHI ELECTRIC: Joint Forces to Forge ZigBee Alliance
MIZUHO HOLDINGS: Dissolution of Subsidiary

MYCAL CORPORATION: Postpones Rehabilitation Plan
NIPPON STEEL: Wins Order For US Bridge Project
SEIYU LIMITED: Posts H1 FY02 Net Loss of Y22.4
SNOW BRAND: President Konose Listens to Outside Advice
SUMITOMO CORP: Becomes OLED Materials Distributor in Japan


K O R E A

DAEWOO MOTOR: Set To Graduate From Debt-Workout Program
HANBO IRON: AK Capital Buys Steel Firm For US$387M
HYUNDAI ENGINEERING: Cutting 250 From Payroll
LG ELECTRONICS: Provides Broadband TV Services to Sigma


M A L A Y S I A

BENJUNTAI TIN: Enserv Vendors Want "Mandatory Offer" Rule Waived
GEAHIN ENGINEERING: Debt Settlement Negotiations Extended
INNOVEST BERHAD: Announces Update on Marubeni Debt Settlement
METROPLEX BERHAD: Court Grants Restraining Order
PANCARAN IKRAB: Purchase Agreement on Bueno Shares Extended

TAI WAH: Annual General Meeting Set For October 31


P H I L I P P I N E S

DIGITAL TELECOMMUNICATIONS: Launching Wireless Ops Next Month
FAIRMONT HOLDINGS: Postpones Annual Stockholders Meeting
KEPPEL PHILIPPINES: President Hoe Eng Hock Resigns From Post
NATIONAL BANK: Capital Rises 37% After Share Issuance
URBAN BANK: Clarifies Acquisition Report


S I N G A P O R E

CHARTERED SEMICON: Merrill Must File Statement by November 10
CHARTERED SEMICONDUCTOR: Shares Down 6% on Tuesday
ISOFTEL LTD: Posts Notice of Shareholder's Interest
THAKRAL CORPORATION: Posts Changes in Avenue Asia's Interests
WEE POH: Selling Property For S$2.4M


T H A I L A N D

NTS STEEL: Offers Investors Warrants, Unsubscribed Units
SIAM STEEL: To Start Trading in Stock Exchange Tomorrow

     -  -  -  -  -  -  -  -

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


AMP LIMITED: Raises AU$1.15 Billion in RPS Offer
------------------------------------------------
Strong investor demand has led to AMP's Offer of Reset Preferred
Securities (RPS) successfully raising the maximum amount of
AU$1.15 billion.

AMP Chief Executive Officer Andrew Mohl said AMP was pleased
that the offer had been so well supported by investors.

"Extensive demand during the institutional bookbuild process and
subsequent offer to retail investors has ensured a strong
result," he said.

The distribution rate for the RPS will be set on 24 October
2002. The securities will commence trading on the Australian
Stock Exchange on a deferred settlement basis on 25 October
2002.

AMP will use the funds to reduce short-term debt, increase its
capital resources and generally reinforce the Group's financial
strength.

The Offer closed on 18 October 2002.

MEDIA INQUIRIES                          INVESTOR INQUIRIES

Karyn Munsie                             Mark O'Brien
61 2 9257 9870                           61 2 9257 7053
0421 050 430

Matthew Coleman
61 2 9257 2700
0421 611 138


BURSWOOD INTERNATIONAL: Investors Not Impressed by New Strategy
---------------------------------------------------------------
Burswood International Resort Casino slipped further to AU$0.71
after Tuesday's Annual General Meeting where the firm's top
honchos admitted that the only way to smooth its earnings
volatility is to water down its international commission
program.

According to Dow Jones Newswires, the company has lost too much
money to big-betting customers.  As a result, it has set limits
on baccarat, a favorite card game of the high-rolling set.  

The idea is to steer clear of the largest gamblers and
concentrate on "medium-sized business," Chief Executive John
Schaap told shareholders Tuesday.

"We don't want to expose the business to the shocks that will
inevitably come with wins and losses in that area," he told
reporters after the company's annual meeting.

In the fiscal first quarter, a very low win rate of 0.6% against
international premium players caused Burswood to post a AU$2.8
million loss. Had the rate matched its theoretical win rate of
1.35%, the Perth-based company would have made a AU$6.1 million
profit, the newswire said.

Burswood, which typically draws its international commission
business from Asia, isn't the only Australian casino to be
burned by high rollers. Its latest measures are expected to send
more business in the direction of domestic rivals Crown Casino
in Melbourne and Jupiters on the Gold Coast, the report said.

Burswood is not the only casino operator steering clear of high-
rollers.  Sydney's Star City virtually pulled out of the VIP
market in mid-2001, uncomfortable with the lumpy earnings flow
and shrinking margins.

The company released recently an information briefing, a copy of
which may be viewed through this link
http://bankrupt.com/misc/Information


COLES MYER: Management Infighting Won't Stall Expansion Plan
------------------------------------------------------------
Ailing Australian retail giant Coles Myer Ltd. will lean on new
supermarkets and liquor stores to drive the firm's growth over
the next five years, its annual report states.

"Going forward, the pace of expansion will increase, with plans
for at least 150 supermarkets and more than 50 liquor outlets to
open over the next five years," the group said in the report's
food and liquor division section.

The release of the report, however, did not captivate the
market, as Coles' shares were five cents or 1.2 percent weaker
in early trade yesterday, settling at AU$6.42, off a recent low
of AU$5.70 but still well down on its AU$9 high eight months
ago, in a firmer overall market, Reuters said in its mid-day
report.

Reuters notes that investor enthusiasm for the group's
turnaround potential remains subdued due to a recent profit
downgrade and management turmoil that has slashed 31 percent
from Coles Myer's stock in three months.

The group's loss-making Myer Grace department stores remain the
weakest link in its chain of food, liquor, clothing and goods
operations.  The news agency says market observers believe the
group will sell Myer Grace to free the value in its robust food
and liquor division.  This if the retailing giant is serious
with its plan to restore the once-elegant national icon to
profitability.

Meanwhile, the company said yesterday it would delay
consideration of any changes to its company structure until the
end of fiscal 2003.

"The board continually reviews our progress against the five-
year plan, but has deferred any further consideration of
structural change until the end of financial year 2003," new
chairman Rick Allert said in the annual report.

Coles Myer director Allert, a long-time wine and insurance
executive, took the chair two weeks ago after a fierce boardroom
fight claimed predecessor Stan Wallis.

But despite the thrust to forego any structural change,
directors remain locked in battle over efforts to toss Solomon
Lew, a 17-year veteran of the board and Coles Myer's biggest
shareholder, off the board, the report says.

The fight is building ahead of the November 20 annual meeting.
Directors have sent a letter to shareholders encouraging them to
direct their votes against Mr. Lew, Reuters says.

Mr. Lew, the board's only long-time retailer, has gone directly
to small shareholders in his campaign to remain on the board.

For a copy of the group's 2002 annual financial results, click
on this link
http://www.asx.com.au/asx/statistics/AnnHeadersForIssuer.jsp  

To see copy of the company's AGM notice, containing a letter by
eight directors, opposing the re-election of Mr. Lew, click on
this link http://bankrupt.com/misc/Notice

A copy of the Proxy Form for those who cannot attend the AGM,
but wish to participate through a representative, may be
downloaded through this link http://bankrupt.com/misc/Proxy


COLES MYER: Regulator Takes Look at Discount Card Cancellation
--------------------------------------------------------------
The decision by the board of Coles Myer Ltd. to scrap its
shareholder discount card program has caught the attention of
the Australian Securities & Investments Commission.

According to the Australian Financial Review, the watchdog is
now examining documents related to the alleged unanimous support
for the program's phase out.  The report says conflicting claims
as to the unanimity of the decision triggered the regulator's
action.

It is widely known that the firm's board is currently divided on
a lot of issues.


COLES MYER: Lists Top 20 shareholders as of September 30, 2002
--------------------------------------------------------------
                                         EXECUTIVE
     RANGE OF HOLDINGS       ORDINARY    PARTLY PAID

           1 -   1,000      450,672            3             
       1,001 -   5,000       96,774           22             
       5,001 -  10,000        9,651            6             
      10,001 - 100,000        5,558            -             
     100,001  and over          224            -             

                 TOTAL      562,879           31             


TOP TWENTY SHAREHOLDERS AS AT 30/09/2002
ORDINARY SHARES

NAME                                        NUMBER      %

National Nominees Ltd                    76,099,266     6.42
JP Morgan Nominees Australia Ltd         69,654,764     5.88
Westpac Custodian Nominees Ltd           62,468,217     5.27
Premier Investments Ltd                  57,000,000     4.81
MF Custodians Ltd                        46,924,485     3.96
RBC Global Services Australia Nominees   30,822,381     2.60
Pty Ltd  
Coles Myer Employee Share Plan Ltd       27,242,331     2.30
Citicorp Nominees Pty Ltd                25,666,692     2.17
ANZ Nominees Ltd                         23,107,229     1.95
MLC Ltd                                  16,542,334     1.40
Commonwealth Custodial Services Ltd      12,979,996     1.10
AMP Life Ltd                             11,902,084     1.00
Australian Foundation Investment          8,283,744     0.70
Company Ltd       
Queensland Investment Corporation         6,814,705     0.58
Cogent Nominees Pty Ltd                   6,731,928     0.57
HSBC Custody Nominees (Australia) Ltd     4,701,350     0.40
Pepetual Trustee Company Ltd              3,732,788     0.32
The University of Melbourne               2,842,317     0.24
Transport Accident Commission             2,623,528     0.22
The Myer Family Company Pty Ltd           2,212,380     0.18
                                        498,352,519    42.07



STATEMENT OF SHAREHOLDINGS AS AT 30/09/2002
                                             
                                         EXECUTIVE
     RANGE OF HOLDINGS       ReCAPS      SHARE
                                         OPTIONS

           1 -   1,000       36,397            -             
       1,001 -   5,000          332            -             
       5,001 -  10,000           19            -             
      10,001 - 100,000           28          535             
     100,001  and over            7          111             

                 TOTAL       36,783          646             


TOP TWENTY SHAREHOLDERS AS AT 30/09/2002
RESET CONVERTIBLE PREFERENCE SHARES (ReCAPS)

NAME                                             NUMBER      %

Australian Foundation Investment Company Ltd    473,664     6.77
Westpac Custodian Nominees Ltd                  373,076     5.33
RBC Global Services Australia Nominees Pty Ltd  333,050     4.76
Questor Financial Services Ltd                  196,734     2.81
Djerriwarrh Investments Ltd                     183,311     2.62
UBS Warburg Private Clients Nominees Pty Ltd    146,894     2.10
Treaty Services Pty Ltd                         120,000     1.71
AMP Life Ltd                                    100,000     1.43
Commonwealth Custodial Services Ltd              96,556     1.38
National Nominees Ltd                            95,945     1.37
Tower Trust Ltd                                  87,719     1.25
The National Mutual Life Association of          75,000     1.07
Australasia Ltd
Citicorp Nominees Pty Ltd                        65,300     0.93
Share Direct Nominees Pty Ltd                    64,919     0.93
JB Were Capital Markets Ltd                      50,000     0.71
The University of Melbourne                      43,500     0.62
Darinka Pty Ltd                                  40,000     0.57
Citibank Pty Ltd                                 37,500     0.54
JP Morgan Nominees Australia Ltd                 29,948     0.43
M F Custodians Ltd                               24,340     0.35

TOTAL                                         2,637,456    37.68

A full copy of the Annual Review is available in PDF format on
http://www.asx.com.au


GOODMAN FIELDER: Issues Daily Share Buy-back Notice
---------------------------------------------------
                     DAILY SHARE BUY-BACK NOTICE
                 (EXCEPT MINIMUM HOLDING BUY-BACK AND
                        SELECTIVE BUY-BACK)

Name of Entity
Goodman Fielder Limited

ACN or ARBN
44 000 003 958

We (the entity) give ASX the following information.


INFORMATION ABOUT BUY-BACK

1. Type of buy-back               On market

2. Date Appendix 3C was given to  13/11/2001
   to ASX                         Amended by Appendix 3D lodged
                                  21/06/2002

TOTAL OF ALL SHARES BOUGHT BACK, OR IN RELATION TO WHICH
ACCEPTANCES HAVE BEEN RECEIVED, BEFORE, AND ON, PREVIOUS DAY

                                   BEFORE               PREVIOUS
                                  PREVIOUS                DAY
                                    DAY

3. Number of shares bought      94,044,068             682,592
   back or if buy-back is      
   an equal access scheme,     
   in relation to which       
   acceptances have been   
   received
                 
                                   $                    $
4. Total consideration paid   143,125,522           1,012,498
   or payable for the shares  

5. If buy-back is an on-market
   buy-back                   
                         Highest price paid   Highest price paid
                               $1.69                $1.48             
                               Date:   17/07/2002
                               
                          Lowest price paid    Lowest price paid
                               $1.30                $1.445            
                               Date:   13/12/2001
                                              Highest price
                                              allowed under rule
                                                    7.33:
                                                    $1.5498           

PARTICIPATION BY DIRECTORS

6. Deleted 30/9/2001                Nil


HOW MANY SHARES MAY STILL BE BOUGHT BACK.

7. If the company has disclosed     33,273,340
   an intention to buy back a                                         
   maximum number of shares - the                                     
   remaining number of shares to                                      
   be bought back                                                     

COMPLIANCE STATEMENT

1. The Company is in compliance with all Corporations Law
   requirements relevant to this buy-back.

2. There is no information that the listing rules require to be
   disclosed that has not already been disclosed, or is not
   contained in, or attached to, this form.


J E Hartigan
ASSISTANT COMPANY SECRETARY
23/10/2002


NAUTILUS AUSTRALIA: Ferrier Hodgson Takes Over as Receiver
----------------------------------------------------------
Ferrier Hodgson informed the Australian Stock Exchange yesterday
that it had been appointed as receivers and managers of
Nautilus Australia Limited effective October 22, 2002.

According to a Yahoo.com dossier, the primary activity of the
company is ship providing in Indonesia, Singapore, Vauatu and
Australia with operations in all major ports in NSW, Vic, Qld
and SA.

Nautilus Australia Ltd was incorporated in April 1992 for the
purpose of acquiring Metro Meat Ltd, a subsidiary of the
Adelaide Steamship Company Ltd. The company subsequently
achieved ASX listing on December 11, 1993 following the public
issue of 10,233,720, 10-cent ordinary shares issued at $1.50 per
share.

Currently, Nautilus Australia Ltd is the largest ship Supply
Company in Australia with operations in all major ports in
Queensland, New South Wales, Victoria and South Australia.

NAU also operates through agency arrangements in Western
Australia and the Northern Territory and through controlled
companies in Singapore, Indonesia and Vanuatu. NAU provides
seagoing vessels with a complete range of goods from mechanical
parts to fresh and packaged food and beverages.

Customers range from Japanese fishing boats to passenger liners.
In March 97 the Company merged its ship supply business with the
Singapore based Legend Marine group of companies. In April 2000,
Nautilus Australia (NAU) acquired 61% of Sea Stores Ltd NZ.

For more information, contact Nick Walter or B J Carter & J R
Hart RECEIVERS & MANAGERS.



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


ADVANCE SUNDRIES: November Hearing on Wind Up Petition Set
----------------------------------------------------------
The petition to wind up Advance Sundries Company Limited is
scheduled to be heard before the High Court of Hong Kong on
November 13, 2002 at 9:30 in the morning.

Bank of China (Hong Kong), whose office is located at the 14th
Floor, Bank of China Tower, No.1 Garden Road, Central, Hong
Kong, filed the petition on August 27, 2002.

Petitioner is represented by Koo and Partners, whose office is
located at the 21st and 22nd Floor, Bank of China Tower, No.1
Garden Road, Central, Hong Kong.


BOLDS HAN: Petition Seeking Firm's Wind Up Planned November 13
--------------------------------------------------------------
The High Court of Hong Kong will hear on November 13, 2002 at
10:30 in the morning the petition seeking the winding up of
Bolds Han Industrial Company Limited.

Y.C. Lee, Pang & Kwok, which represents petitioner Ever Smart
Holdings Limited, is urging creditors or contributors of the
company, who support or oppose the making of an order on  
petition, to appear at the time of the hearing.

Ever Smart Holdings Limited lodged the wind up petition on
September 4, 2002.  The petitioner holds office at Workshop
No.4, 24th Floor, Sunwise Industrial Building, Nos.16-26 Wang Wo
Tsai Street, Tsuen Wan, New Territories, Hong Kong.

Petitioner's lawyer conducts business from its principal office
located at 2803, 28th Floor, Wing On House, 71 Des Voeux Road,
Central, Hong Kong.


GOLD SQUARE: Creditors Urged To Attend November 6 Hearing
---------------------------------------------------------
Gold Square Interiors Limited faces a wind up petitioner set for
hearing on November 6, 2002 before the High Court of Hong Kong.

The petition, filed on August 9, 2002, was brought by Cheung Ka
Lok, whose office is located at Room 1620, Wah Chui House, Wah
Fu Estate, Hong Kong.

Tam Lee Po Lin, Nina, whose principal office is located at the
27th Floor, Queensway Government Offices, 66 Queensway, Hong
Kong, represents the petitioner.

Creditors and other interested parties, who support or oppose
the making of an order on the petition, are urged to attend the
hearing.


LAI SUN: Debt-Equity Conversion Centerpiece of Debt Plan
--------------------------------------------------------
Lai Sun Development has commenced informal talks with
bondholders over an equity-for-debt swap, DebtTraders analyst
Blythe Berselli reported recently.

According to the analyst, central to the talks is a proposed
debt plan that also highlights -- aside from the debt-equity
conversion -- asset sales and refinancing.

The company's total debt amounts to HK$7.9 million ($1 billion),
which is mainly secured by major assets such as Cheung Sha Wan
Plaza, Causeway Bay Plaza, and Lai Sun Commercial Centre.

"It seems the Lim family is planning to give up its controlling
stake on Lai Sun, because bondholders will own the majority
stake of the company following the debt-equity swap," the report
said.

In July, Lai Sun Development sold its 32.75% stake in Asia
television (ATV) to www.tom.com at a loss of more than HK$240
million.  The book value of the stake was pegged at about
HK$530.9 million.  In exchange for the stake, the company
received www.tom.com shares valued at HK$290.38 million.


PRESIDENT RESTAURANT: November Hearing on Wind Up Petition Set
--------------------------------------------------------------
The High Court of Hong Kong is set to hear the wind up petition
filed against President Restaurant (Mongkok) Limited on November
6, 2002 at 9:30 in the morning.

Wong Chi Yuen of Room 1, 2/F., King Sam House, King Tin Court,
Shatin, New Territories, Hong Kong filed the petition on August
7, 2002.  The petitioner is represented by Tam Lee Po Lin, Nina.

Creditors and other interested parties, who support or oppose to
the making of an order on said petition, are encouraged to
attend the hearing.


TEAM POWER: Wind Up Petition Set for Hearing on November 13
-----------------------------------------------------------
A petition seeking the wind up of Team Power Engineering
International Company Limited has been scheduled for hearing on
November 13 at 11:00 in the morning before the High Court of
Hong Kong.

Koo Kin Ming of Room 501, 5/F Skylark House, Sha Kok Estate,
Shatin, New Territories, Hong Kong filed the petition on
September 11, 2002.  

Tam Lee Po Lin, Nina, which represents the petitioner, urges
creditors and other interested parties to attend the hearing.  


TOPPING INVESTMENTS: Court to Hear Wind Up Petition on Nov. 13
--------------------------------------------------------------
Topping Investments Limited faces a wind up petition before the
High Court of Hong Kong.  A hearing is scheduled on November 13,
2002 at 10:30 in the morning.

Hui Wing Cheung of Room 366, 3/F, Kam Pik House, Choi Hung
Estate, Kowloon, Hong Kong filed the petition on September 5,
2002.  The petitioner is represented by Tam Lee Po Lin, Nina.

Creditors and other interested parties are encouraged to attend
the hearing.  However, any person who intends to appear on the
hearing notify in writing Tam Lee Po Lin, Nina, which holds
office at 27th Floor, Queensway Government Offices, 66
Queensway, Hong Kong.



XUE CUI: Petition Seeking Firm's Wind Up To Be Heard November 13
----------------------------------------------------------------
A petition seeking the wind up Xue Cui College Company Limited
is set for hearing on November 13, 2002 at 9:30 in the morning
before the High Court of Hong Kong.

Siu Kwai Chu of B2308, King On House, Shan King Estate, Tuen
Mun, New Territories, Hong Kong brought the petition to the said
court on August 23, 2002, with the assitance of Tam Lee Po Lin,
Nina.

Creditors and other interested parties are encouraged to attend
the hearing.  However, any person who intends to do so must
notify in writing Tam Lee Po Lin, Nina, whose business address
is 27th Floor, Queensway Government Offices, 66 Queensway, Hong
Kong.



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


BANK NEGARA: Cuts Dollar-denominated Bond Issue to US$100 MM
------------------------------------------------------------
Indonesia's second largest state bank, Bank Negara Indonesia,
has trimmed down its proposed bond issue from US$150 million to
US$100 million.

Citing the bank's application to the Singapore Stock Exchange,
Reuters said JP Morgan will lead-manage the issue.  This is the
second dollar bond issue by an Indonesian bank since the 1997/98
regional financial crisis, the news agency said.

The bank has yet to disclose details like yields and maturities.  
Fitch Ratings has assigned a "B" rating on the bonds, Troubled
Company Reporter-Asia Pacific said last week.



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


ALL NIPPON: Pulls Out of Tokyo-Aomori Route
-------------------------------------------
All Nippon Airways Co. (ANA) decided to discontinue service
between Tokyo International Airport at Haneda and Aomori in late
April 2003, The Nihon Keizai Shimbun and Nikkei reported on
Tuesday.

ANA judged that its profits from the route could be eroded after
East Japan Railway Co. starts operating bullet trains between
Tokyo and Hachinohe, Aomori Prefecture, in December and has to
compete for the same tourist demand.

The airline now flies two round-trip flights a day on the
Haneda-Aomori route.


DAI NIPPPON: Submits Reconstruction Plan to Court
-------------------------------------------------
Insolvent construction firm Dai Nippon Construction submitted to
the Tokyo District Court a reconstruction plan under which
Nippon Hodo Co. would come to the rescue, Kyodo News reports.

"The.... operations of Nippon Hodo, whose mainline business is
road construction, do not overlap those of our company [which]
has expertise in railway and tunnel construction," Dai Nippon
President Tokunari Kito said.


HANKYU CORPORATION: JCR Downgrades Rating to BBB
------------------------------------------------
Rating and Investment Information, Inc. (R&I) has downgraded
Hankyu Corporation's rating to BBB from BBB+.

ISSUE: Bonds Rated Issue Date Redemption Issue Amount (mn)

Unsec. Conv. Bonds No. 5 Oct 12, 1987 Mar 31, 2003 Yen 20,000
Yen-Denominated Str. Bonds due 2002 Sep 17, 1992 Dec 18, 2002
Yen 20,000
Yen-Denominated Str. Bonds due 2004 Sep 24, 1993 Jan 07, 2004
Yen 10,000
Yen-Denominated Conv. Bonds due 2006 Oct 22, 1996 Sep 30, 2006
Yen 10,000
Unsec. Str. Bonds No. 22 May 19, 1999 May 19, 2004 Yen 8,000
Unsec. Str. Bonds No. 23 May 19, 1999 May 19, 2004 Yen 5,000
Unsec. Str. Bonds No. 24 May 19, 1999 May 19, 2006 Yen 5,000
Unsec. Str. Bonds No. 25 Aug 30, 1999 Aug 28, 2009 Yen 10,000
Unsec. Str. Bonds No. 26 Aug 30, 1999 Aug 28, 2009 Yen 10,000
Unsec. Str. Bonds No. 27 Sep 28, 2000 Sep 30, 2010 Yen 15,000
Unsec. Str. Bonds No. 28 Jun 28, 2001 Jun 28, 2011 Yen 10,000
Unsec. Str. Bonds No. 29 Nov 19, 2001 Nov 19, 2007 Yen 10,000
(with negative pledge)

RATIONALE:

Rating and Investment Information, Inc. (R&I) has downgraded the
credit rating of Hankyu Corporation (Hankyu) by one notch,
factoring in the risk to the company of supporting the group's
two-railway operators Hokushin kyuko Railway Co., Ltd. (Hokushin
Railway) and Kobe Electric Railway Co., Ltd. (Kobe Railway).

The two operators, equity method affiliates of Hankyu, are under
severe business conditions, and R&I concluded Hankyu's support
for them would be long running. As a result, R&I treated the
operators as affiliated subsidiaries when determining its
ratings, adding their interest-bearing debt to the consolidated
interest-bearing debt of Hankyu.

Hokushin Railway operates the line linking Shin-Kobe station and
Tanigami Station on Kobe Railway's Arima line. The company's
main shareholders are Hankyu and its subsidiaries and Kobe
Railway and its subsidiaries, which account for 55% of the
outstanding shares as a group. Hokushin Railway built the above
line as a by-pass during the period of rapid economic growth,
based on projections that Kobe Railway's Arima line alone would
be inadequate to cope with the rising population in Kobe's Kita
ward. Construction costs were high due to the tunneling
necessary for the entire length of the line, and demand has
continued to fall short of initial plans since the start of
operation.

Hokushin Railway relied almost entirely on interest-bearing
loans to cover the costs of building the line. This debt is
heavy and has remained a strain on Hokushin Railway's finances
since operations began. The loans came from the Japan Railway
Construction Public Corporation (JRCC), which set fixed rates at
the level of the government's Fiscal Investment and Loan Program
at that time. As market rates came down, these rates climbed
higher in relative terms and put an additional strain on the
company's finances.

At end-March 2002, Hokushin Railway's losses came to a
cumulative total of more than JPY30 billion. Against this
backdrop, Hankyu took a leadership role in preparing a
reconstruction scheme.

The scheme calls for the full advance repayment of the high-
interest debt to JRCC, with necessary funds provided at low
interest by Hankyu, Hyogo prefecture and Kobe city. Under the
agreement, however, Hokushin Railway must first repay the
borrowed funds to Hyogo prefecture and Kobe city, leaving Hankyu
in a position to continue providing financial support on its own
thereafter. When this scheme takes effect from April, Hokushin
Railway is expected to balance its books through the sharp
reduction in interest-bearing debt. In addition to this
financial support, Hankyu and Kobe Railway continue to provide
other financial assistance started at an earlier stage.

The Hokushin Railway reconstruction scheme also implies indirect
support for Kobe Railway. Hokushin Railway is an equity method
affiliate not only of Hankyu but also of Kobe Railway. The Kobe
Railway group holds a 27.5% share in Hokushin Railway, which
means a corresponding share of the latter's cumulative losses
each term are reflected in the consolidated balance sheets of
the former. Without this reconstruction scheme, Kobe Railway
would have been exposed to mounting equity method investment
losses and its fragile consolidated capital base would have been
pushed into a severe state each year.

But this does not solve all of Kobe Railway's problems. The
company still has another major concern, namely the
exceptionally rapid decline in residential land prices in Kobe's
Kita ward, where its train lines run. According to official
figures for 2002, seven areas within the ward ranked in the
nations top ten lists of fastest falling residential land
prices. Since real estate is a major source of earnings for Kobe
Railway, there will be lingering concern about the company's
future. The company's railway business, another source of
profit, is also in a precarious earnings position. The burden on
Hankyu, which is effectively the parent company of Kobe Railway,
is expected to become heavier as a result.

Hankyu has launched a realignment of the group's businesses with
a strong awareness of "the characteristics that define Hankyu"
based on the "Hankyu New Century Group Vision". Under this
vision, it is shifting the focus of its business to the re-
development of commercial facilities. The company, however, has
been hit hard by falling land prices after investing massively
from the latter half of the 1980s into the acquisition of re-
development sites in a bid to break away from the railway
business. The company reassessed its land at end-March 2001 and
took accounting measures to offset massive losses through latent
profits on its railway land. In the railway business and Umeda
area, which is under re-development, the competition remains
fierce.

TCRAP reported that Hankyu has been pushing for the group
restructuring under the mid-term management plan that was set
out in April this year. The earnings for fiscal 2001 dropped.
The Company is expected to incur a net loss of 11 billion yen
for fiscal 2002, incurring costs for closure of amusement park
and other restructuring measures.


MITSUBISHI ELECTRIC: Joint Forces to Forge ZigBee Alliance
----------------------------------------------------------
Mitsubishi Electric, Invensys, Motorola, and Philips have formed
a non-profit corporation to drive the creation and further
development of the ZigBee wireless connectivity standard for a
new low-cost, low power consumption wireless technology. The
ZigBee Alliance members' focus on developing interoperable
wireless appliances and devices will provide customers with a
greater choice of wireless solutions that are cost-effective,
easy to use, highly reliable and secure. The Alliance consists
of over 25 total member companies and is rapidly growing.

The ZigBee wireless connectivity solution will be embedded in
consumer electronics, home and building automation, industrial
controls, PC peripherals, medical sensor applications, toys and
games. ZigBee will provide customers with the freedom,
flexibility, and convenience of a standards-based world without
wires.

The ZigBee standard uses very small, very low-power devices to
connect together to form a wireless control web. A ZigBee
network is capable of supporting up to 254 client nodes plus one
full functional device (master). ZigBee protocol is optimized
for very long battery life measured in months to years from
inexpensive, off-the-shelf non-rechargeable batteries, and can
control lighting, air conditioning and heating, smoke and fire
alarms, and other security devices. The standard supports 2.4
GHz (worldwide), 868 MHz (Europe) and 915 MHz (Americas)
unlicensed radio bands with range up to 75 meters.

"Invensys is a global leader in the management of production and
energy resources," said Ron Strich, Executive Vice President,
Invensys Home Control Systems ( www.invensys.com). "The ZigBee
Alliance is working towards standards that will revolutionize
controls and automation in commercial, industrial and
residential markets. We're proud to have been one of the initial
promoters."

"Today, the market is demanding connectivity solutions that are
appropriate to the application," said Richard Sessions, Director
of Embedded Systems at Mitsubishi Electric & Electronics USA,
Inc. (www.global.mitsubishielectric.com). "The ZigBee protocol
enables ROM sizes on the system's microcontroller to be smaller,
making it an excellent solution for cost-sensitive applications,
such as those requiring moderate speeds and command and control
functionality."

"We see a wide range of benefits in having a single standard
that provides the wireless protocol and targeted software
applications for this diverse marketplace," said Behrooz Abdi,
Vice President and General Manager Radio Products Division,
Motorola (www.motorola.com). "ZigBee and the underlying IEEE
802.15.4 standard are a natural fit within Motorola's portfolio
of wireless ICs and embedded controller technologies."

"As one of the lead promoters of the Alliance, Philips
recognizes the real market and growth opportunity for ZigBee
applications," said Phil Pollok, Senior Vice President and
General Manager Emerging Business Unit for Philips
Semiconductors (www.philips.com). "Philips' involvement in the
ZigBee Alliance reinforces its leadership in promoting standards
and offering solutions for a breadth of wireless communications
technologies, including those used in the home, in the office or
on the move."

The four promoter companies, along with approximately ten other
member companies of the Alliance, met together for the first
time in Monterey Calif. September 5-7. Various breakout sessions
during the meeting helped define the future of the Alliance,
from the technical, organizational, and marketing perspectives.

The ZigBee Alliance (www.zigbee.org.) is an association of
companies working together to create a very low-cost, very low
power consumption, two-way, wireless communications standard.
This wireless communications solution will be embedded in
consumer electronics, home and building automation, industrial
controls, PC peripherals, medical sensor applications, toys and
games.

Membership is open to any interested party, including Internet
service providers, network operators, original equipment
manufacturers, independent software vendors, end users, academic
institutions, government agencies, and non-profit organizations.

TCR-AP reported in March that Mitsubishi Electric Corp expects
to post a consolidated net loss of Y70 billion in fiscal 2001
through March, due to weak performance of the electronic device
and information equipment division.

The firm, which employs a total 11,000 full-time staff and
contract workers on a consolidated basis in Japan, has total
liabilities of US$27.3 billion as of March 2001 compared to
total assets of US$33.1 billion.

Meanwhile, Dow Jones reported that the shares of Mitsubishi
Electric dropped to its lowest since November 1982 as techs
shunned after Wall Street fall. The Company may remain pressured
ahead of its first half results.

CONTACT:          

ZigBee Alliance
Deepak Kamlani, 925/275-6607
dkamlani@inventures.com


MIZUHO HOLDINGS: Dissolution of Subsidiary
------------------------------------------
Mizuho Holdings, Inc. decided to take necessary steps to
dissolve its subsidiary DKB Investment Management International
Ltd., as follows subject to the appropriate regulatory approval
and other procedures.

1. The Subsidiary to be dissolved

Corporate Name    DKB Investment Management International Ltd.

Location          Edinburgh One, Ground Floor,
                  Morrison St., Edinburgh, EH3 8BE, UK

Representative    Kenichi Nakagawa

2. Reason for Dissolution

Because of effective development for reorganization of the
investment management business of Dai-Ichi Kangyo Asset
Management Co., Ltd., ('DKA')

3. Outline of the Subsidiary

Business                     Investment Management Business
Date of Establishment        July 1986
Share Capital                GBP 2 million
Numbers of Stocks issued     2 million Stocks
Total Asset (December 2001)  GBP 4.593 million
Number of Employees          3
(August 2002)

Shareholders                 DKA     51%
                             Mizuho Corporate Bank   44%
                             Scottish Widows Investment
                             Partnership    5%

4. Schedule Date of Dissolution

Closure                      By December 2002
Dissolution                  By March 2003

5. This decision will have no material effect on the profit and
loss for this fiscal year of Mizuho Holdings, Inc. (consolidated
or non-consolidated)


MYCAL CORPORATION: Postpones Rehabilitation Plan
------------------------------------------------
Mycal Corporation will postpone submitting its rehabilitation
plan to the Tokyo District Court for more than six months past
the December 31 deadline, Japan Times said on Wednesday, citing
Aeon Co. President Motoya Okada.

Mycal will apply to the court in the near future for an
extension of the deadline to submit the plan, he said.

The delay was caused by prolonged negotiations with financial
institutions. The negotiations involve the handling of land and
buildings put up as collateral for loans.

The postponement also reflects time-consuming coordination with
securities companies over how to deal with corporate bonds
issued for individuals in 2000, the year before Mycal failed.

Mycal filed for court protection from creditors on September 14,
2001, with group liabilities of 1.74 trillion yen.


NIPPON STEEL: Wins Order For US Bridge Project
----------------------------------------------
Nippon Steel Corporation and Kawada Industries Inc. jointly won
an order to manufacture and erect the girders and cables for the
new Tacoma Narrows Bridge, a large suspension bridge to be built
in the U.S. in the state of Washington, Asia Pulse reports.

The Tacoma Narrows Bridge is approximately 1.6km long and total
construction costs are estimated at about 75 billion yen (US$600
million).

The report did not reveal the value of the order they have won,
but Nippon Steel will be in charge of the cable wires and Kawada
will handle the girders.

Nippon Steel will supply some 5,000 tons of cable wiring and
some 18,000 tons of thick steel plate and other materials for
the girders.

According to TCRAP, Nippon Steel Corporation revealed a group
net loss of 28.4 billion yen in the year to March 31 from the
26.49 billion yen profit the year before, hit mainly by
valuation losses on its securities holdings.

As of March 2001, Nippon Steel had total assets of US$14 billion
against liabilities of US$25.2 billion.


SEIYU LIMITED: Posts H1 FY02 Net Loss of Y22.4
----------------------------------------------
Supermarket chain operator Seiyu Limited posted a net loss of
22.4 billion yen for the six months ending August 31, due to
one-time charges in relation to the reorganization of group
businesses and losses on its shareholdings, Bloomberg reports.

Shares in the Company fell 6.2 percent on Wednesday.

Meanwhile, Japan Times reported that a large portion of its
group net loss resulted from appraisal losses on its shares in
Tokyo City Finance Co., a nonbank lender.

According to TCRAP, Tokyo's Seiyu has been selling assets and
losing money-losing stores to help it halve its debt to 600
billion yen.


SNOW BRAND: President Konose Listens to Outside Advice
------------------------------------------------------
Tadaaki Konose, President of Snow Brand Milk Products Co., will
implement reforms by taking into account the views of outside
observers, including outside directors, since the progress made
might have been limited concerning our efforts to improve our
corporate culture.

The Agriculture, Forestry and Fisheries Ministry have approved
the rehabilitation plan of Snow Brand Milk Products Co., TCRAP
reports.

The dairy products firm was hit hard in 2000 by a widespread
food-poisoning scandal tied to its milk products.

The group suffered another savage blow from a beef-mislabeling
scandal caused by its unit Snow Brand Foods Co.

The unit was disbanded on April 30.


SUMITOMO CORP: Becomes OLED Materials Distributor in Japan
----------------------------------------------------------
Eastman Kodak Co. announced that Sumitomo Corporation has been
appointed as distributor for Kodak OLED (organic light emitting
diode) materials in Japan.

As part of the agreement, Kodak's Display Products business unit
will partner with Sumitomo to supply OLED materials to licensee
customers, as well as other research and development efforts
throughout Japan.

Displays based on organic light-emitting diode offer bright,
full-motion images that are viewable from a very wide angle. The
displays comprise specially designed organic thin-film materials
that emit light when stimulated by an electric charge. Benefits
over conventional technologies include higher contrast for
superb readability in most lighting conditions, faster response
time to support streaming video, and industry-leading (165
degree) viewing angle and thinner design for better ergonomics.
OLED technology is also known in Japan as OEL, or organic
electroluminescence.

Through the partnership, Sumitomo, a worldwide leader in
logistics and customer service, will allow local distributors
and customers within Japan to place orders with Sumitomo
customer service representatives for standard delivery in just a
few business days. Sumitomo will be distributing Kodak's OLED
materials, which includes Alq (electron transport material) and
NPB (hole transport material).

"Our customers in Japan expressed a clear desire to have a local
distributor that could provide order services, stocking, and
invoicing in a manner familiar to Japanese companies," said Dan
d'Almeida, vice president of marketing and sales for Kodak
Display Products. "We expect this initiative will be well-timed
to a general market expansion of OLED."

All materials will continue to be supplied, warranted and
supported by Kodak. In addition, Kodak technical and marketing
representatives will team closely with Sumitomo representatives
to ensure a high level of customer service. As part of this
commitment, Kodak also plans to launch new materials on a
frequent basis to enhance display product performance in order
to address a broader set of applications.

"This agreement demonstrates the worldwide growing demand for
flat, lightweight, and brilliant displays," said Mr. Takashi
Miyagawa, Deputy General Manager, Specialty Chemicals Dept.,
Sumitomo Corporation. "Our partnership with Kodak is a critical
step in expanding the OLED display business in Japan."

Sumitomo Corporation, one of Japan's leading trading houses,
with consolidated company sales of about 10 trillion yen, is an
Integrated Business Enterprise with a solid platform in a
diversified business sector.

Eastman Kodak Company (Kodak) (http://www.kodak.com/go/oled/)is  
the leader in helping people share, enhance, preserve, print and
enjoy pictures - for memories, for information, for
entertainment. The company is a major participant in infoimaging
- a $385 billion industry composed of devices (digital cameras
and OLED display screens), infrastructure (online networks and
delivery systems for images), and services and media (film and
paper).

TCRAP reported that Sumitomo Corporation will book a Y45 billion
extraordinary loss in the year to March 2002 period, due to a
deterioration in the value of its stock holdings. The Company
said it maintained its earnings forecast for the period.

According to Wright Investors Service, as of March 2001, the
Company's long-term debt was Y1.56 trillion and total
liabilities were Y4.22 trillion.

CONTACT:
Kodak
Media:
Joseph Runde, 585/477-5204                          
joseph.runde@kodak.com                
or
Fleishman-Hillard  
Ruben Osorio, 415/348-2617                      
osorior@fleishman.com             



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


DAEWOO MOTOR: Set To Graduate From Debt-Workout Program
-------------------------------------------------------
Daewoo Motor Sales Corporation is set to graduate from its debt-
workout program by the end of November because of its improved
financial standing, Asia Pulse said Wednesday.

The Company's creditors agreed on its graduation from the
program and started due diligence through an accounting firm
before making a final decision on whether the company will
depart from the program.

The name of the accounting firm was not mentioned in the report.

The launching of an auto-making joint venture with General
Motors Corporation and creditors of Daewoo Motor Co. would also
help the company.


HANBO IRON: AK Capital Buys Steel Firm For US$387M
--------------------------------------------------
AK Capital will acquire Hanbo Iron & Steel Co. for US$387
million, with a final contract to be signed next week, Seoul
Economic Daily and AFX Asia said on Tuesday.

The state-run Korea Asset Management Corp is the largest
creditor of Hanbo and is leading the talks to sell the Company.

In March, the AK Capital consortium concluded a memorandum of
understanding (MOU) with Hanbo to acquire the ailing steel maker
for $410 million, providing it could hold negotiations with
creditors on a final acquisition price. This price was to be set
within a range of plus or minus 9.3 percent of the initial $410
million offer.


HYUNDAI ENGINEERING: Cutting 250 From Payroll
---------------------------------------------
Hyundai Engineering and Construction will reduce its payrolls by
about 250 from the current 4,200 to 3,950 by the end of 2002, as
part of its restructuring.

"About 30 percent of Hyundai Engineering's 145 executive level
officials will be slashed by the end of this month, while 200
mid-ranking employees will be laid off," said the company in a
statement. In this regard, all of the 145 executives have
already tendered their resignations, it noted.

In 2001, Hyundai Engineering received a 2.9 trillion won bailout
package from its creditors, including a 1.4 trillion won of
debt-for-equity conversion, TCRAP reports.

Hyundai Engineering posted a net profit of KRW89.1 billion in
the first half, after posting a net loss the past four years.

The Company expects its financial condition to significantly
normalize in 2003, due to its outstanding construction orders
worth 18.5 trillion won.

DebtTraders reports that Hyundai Engineering & Con's 0.125%
covertible bond due in 2004 (HYNE04KRN1) trades between 70 and
80. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=HYNE04KRN1


LG ELECTRONICS: Provides Broadband TV Services to Sigma
-------------------------------------------------------
Sigma Designs, a leader in IP video streaming solutions, has
been selected by LG Electronics, Korea Interactive TV Co., Ltd.
(KITV) and Leopalace21, the largest apartment chain in Japan and
a major provider of broadband interactive TV services, as the
supplier of MPEG decoder chips for a new fiber based video-on-
demand (VOD) deployment in Japan.

Leopalace21 will offer DVD-quality VOD Hollywood movies, local
movies, programming and Japanese animation programs over an IP
network to more than 100,000 subscribers. The nationwide
broadband IP network infrastructure will be provided by NTT
Communications Corporation. The digital broadband IP set-top
boxes will be designed and provided by LG Electronics/KITV, a
leading interactive TV solution provider in Korea, through its
Japan Representative -- NEO Inc.

Leopalace21 owns more than 200,000 apartment rooms throughout
Japan, in more than 7,000 buildings. The VOD service, LEO NET,
will be deployed on more than 100,000 digital set-top boxes. The
service will be commercially launched in October of this year
and the second half of 2003 will complete the full deployment.

"On-demand services have been proven to increase customer
satisfaction and our new set-top boxes from LG Electronics/KITV,
based on Sigma's MPEG decoders, will help us deliver the best
quality of service possible," said Kotaro Okui, division
manager, broadband services, Leopalace21.

LG Electronics/KITV has been selected to supply the custom set-
top boxes as specified by Leopalace21 for their fiber-based
network. The set-top boxes are based on Sigma's EM8400 MPEG
decoder chip and streaming video software. Additionally, nCUBE
is supplying video servers being used to implement the VOD
services by Leopalace21.

"Providing an optimum set-top box solution for interactive
video-on-demand was a primary design requirement," stated Mr.
K.B Nho, director of Access Network Group for LG Electronics.
"Sigma's EM8400 decoder provides us with a proven streaming
video solution that delivers high quality video output."

Sigma's EM8400 MPEG decoder chip, based on the company's award-
winning REALmagic(R) Video Streaming Technology, is a highly
integrated solution for the decoding of MPEG-1 and MPEG-2
streams. Accompanied by a portfolio of system level software for
streaming video, video-on-demand, and DVD playback, the EM8400
has become the most popular MPEG decoder chip for IP video set-
top boxes, with over 50 design wins in telco and commercial
applications.

"The emergence of video-on-demand services on fiber networks in
Asia evidences the trend toward high quality, IP video
entertainment," said Ken Lowe, Sigma Designs' vice president of
business development. "We are very excited to be working with LG
Electronics/KITV to develop a leading set-top box solution for
Leopalace21."

Sigma Designs www.sigmadesigns.com specializes in silicon-based
MPEG decoding for streaming video, progressive DVD playback, and
advanced digital set-top boxes.

LG Electronics is a major global player in electronics &
telecommunications, operating 72 subsidiaries around the world
with over 55,000 employees worldwide.

Korea Interactive Co., Ltd. (KITV), a Korean interactive TV
solution provider, is specialized in multicasting and unicasting
technology of video over IP broadband network in end-to-end
system.

Leopalace21 is an industry leading company that develops a
unique apartments/condominiums management total system, adapting
an innovative Western style to its rental condominiums, Monthly
Leopalace Flat. Leopalace21 launched the LEO NET broadband
interactive TV service to the tenants as a value-added service
in August 2002. Providing Leopalace TV, a streaming navigation
service on TV, Leopalace21 is actively deploying the interactive
broadband business as well. Leopalace21 was established in 1973
and became publicly held in 1989.

REALmagic(R) is a registered trademark of Sigma Designs, Inc.
Other product and service names mentioned herein are the
trademarks of their respective owners.

TCRAP reported Wednesday that LG Electronics expects to reduce
its outstanding loans to 2 trillion won (US$1.6) in 2003,
following its debt reduction scheme.

The Company's liabilities reached 4 trillion won early this year
but in June and September the figure fell to 3.12 trillion won
and 3.06 trillion won respectively.

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

CONTACT:

Sigma Designs, Inc.
Ken Lowe, 408/957-9850
kal@sdesigns.com
or
Edelman
Stephanie Porter, 650/968-4033
stephanie.porter@edelman.com



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


BENJUNTAI TIN: Enserv Vendors Want "Mandatory Offer" Rule Waived
----------------------------------------------------------------
On 30 April 2002, Berjuntai Tin Dredging Berhad (BTD) announced
that upon completion of the Proposed Restructuring Scheme, Dato'
Anuar bin Tasin, Mohd Shamsir bin Mohd Ibrahim, Tan Sri Mohamed
bin Ngah Said, T. Puteri and T. Fatihah binti Sultan Ibrahim and
Hatijah binti Yusof (collectively referred to as the Enserv
Vendors) shall collectively own 33,333,333 ordinary shares of
RM1.00 each (BTD Shares) representing approximately 55.5% equity
interest in BTD.

Pursuant to the Malaysian Code on Takeovers and Mergers, 1998
(Code), the Enserv Vendors would be obliged to extend a
mandatory general offer for all the remaining BTD Shares not
already owned by them upon completion of the Proposed
Restructuring Scheme.

Subsequently, BTD had submitted an application to the Securities
Commission (SC) on behalf of the Enserv Vendors to seek a waiver
from the said general offer obligation under Practice Note 2.9.1
of the Code (Proposed Waiver).

In this connection, the Board of Directors of BTD announces that
the SC has, vide its letter dated 18 October 2002, informed that
it will consider the Proposed Waiver after the following have
been fulfilled:

     (i) the Enserv Vendors are required to provide statutory
         declarations to the SC that they have not purchased any
         BTD Shares in the period commencing 6 months prior to
         the posting of the circular in relation to the Proposed
         Waiver to the shareholders of BTD until the Proposed
         Waiver is approved by the SC;

    (ii) the Enserv Vendors are required to obtain the approval
         of the shareholders of BTD for the Proposed Waiver by
         way of a poll at an extraordinary general meeting to be
         convened wherein all interested parties are to abstain
         from voting; and

   (iii) the shareholders of BTD must be provided with competent
         independent advice by an independent adviser whose
         appointment requires the prior approval of the SC. The
         contents of the independent advice circular to be
         dispatched to the shareholders of BTD would also
         require the approval of the SC.

Shareholders of BTD and potential investors are requested to
refer to the announcement released by BTD on April 30, 2002 and
October 14, 2002 for further information on the Proposed
Restructuring Scheme and Proposed Waiver.


GEAHIN ENGINEERING: Debt Settlement Negotiations Extended
---------------------------------------------------------
On behalf of Geahin Engineering Berhad (GEB), Public Merchant
Bank Berhad announced that the Company, Mayford Garments Sdn Bhd
(MGSB) and M.K.K. Industries Sdn Bhd (MKK) had on October 21,
2002 agreed to extend the negotiation period between GEB and its
agents and the creditors in relation to the settlement and
restructuring of the debts owed to the creditors, for a further
three (3) months, expiring on January 22, 2003.


INNOVEST BERHAD: Announces Update on Marubeni Debt Settlement
-------------------------------------------------------------
The Board of Directors of Innovest Berhad refers to its
announcements on June 6, 2001 and November 30, 2001 pertaining
to the proposed settlement of debt amounting to RM24,658,593
owed by two (2) wholly owned subsidiaries namely, IB Timber
Industries Sdn Bhd and Innovest International Ltd to Marubeni
Corporation (Marubeni Debt Settlement).  The Marubeni Debt
Settlement has been approved by shareholders in the Company's
Extraordinary General Meeting on 30 November 2001.

Innovest and its subsidiaries have terminated the agreements as
described below in relation to the above settlement:

(a) Settlement Agreement dated 26 April 2001 between Innovest
    Berhad (Innovest), IB Timber Industries Sdn Bhd (IB Timber),
    Innovest International Ltd (IIL) and Innovest Property
    Management Sdn Bhd (IPM) and Marubeni Corporation (Marubeni)
    [hereinafter referred to as Settlement Agreement] to set-off
    an amount owing by IB Timber and IIL to Marubeni against 107
    shoplots in Selayang Capitol Complex [Properties];

(b) Supplemental Agreement dated 27 April 2001 between Innovest,
    IB Timber, IIL and IPM and Marubeni and Tochi Holdings Sdn
    Bhd (Tochi) [hereinafter referred to as Supplemental
    Agreement] whereby Marubeni designated Tochi to be its
    nominee; and

(c) Sale and Purchase Agreements dated 23 May 2001 between IPM
    and Tochi [hereinafter referred to as Sale and Purchase
    Agreements] for the transfer of the 107 units of shoplots in
    Selayang Capitol Complex from IPM to Tochi.

The abovesaid agreements are collectively known as "Agreements."

Innovest Property Management Sdn Bhd vs Tochi Holdings Sdn Bhd
(1st Defendant) and Marubeni Corporation (2nd Defendant)

The Company's Solicitors has on 25 July 2002 filed a Writ of
Summons and Statement of Claims No. D5-22-1181-2002 in the High
Court of Malaya at Kuala Lumpur against Tochi (1st Defendant)
and Marubeni (2nd Defendant) and served the same on the 1st
Defendant and 2nd Defendant on 11 September 2002 and 3 September
2002 respectively for the following:

Against Tochi, the 1st Defendant

(a) A Declaration that the termination of the Supplemental
    Agreement is valid and the Parties are not bound by the said
    Agreement.

(b) A Declaration that the Sale and Purchase Agreements and all
    other agreements relating to the transfer of Properties
    signed between IPM and Tochi are terminated and/or
    terminated; and

(c) a total claim of RM1,432,504.77 consisting of all the rental
    collected by Tochi from the tenants, outstanding service
    charges, other outgoings and rental due from Tochi.

Against Marubeni, the 2nd Defendant

(a) A Declaration that the Settlement Agreement and Supplemental
    Agreement are terminated and/or rescinded;

(b) costs and interests on the Judgment from the date of filing
    of the Writ of Summons until full settlement.


REASONS FOR TERMINATION

Pursuant to the provisions of the Supplemental Agreement,
Marubeni has nominated Tochi as buyer of the Properties and as a
result of the nomination, IPM as seller and Tochi as buyer had
entered into the Sale and Purchase Agreements for the conveyance
of the Properties in favour of Tochi for a consideration of RM24
million. Based on the Agreements, Tochi's obligation amongst
others is to pay the said consideration directly to Marubeni.
Upon payment of the said sum, the debt of RM24,658,593 owing to
Marubeni would be extinguished.

After a lapsed period of approximately more than one (1) year,
Tochi has yet to fulfill it obligations under the Agreements and
pay the consideration to Marubeni for the Properties. Tochi had
also collected the rental from the Properties since 15 June 2001
and refused to pay the service charges and other outgoings to
IPM as a Property Manager of Selayang Capitol Complex. In order
to mitigate further losses from the aforesaid delay and breaches
of the Agreements, Innovest has through its solicitors on 30
July 2002 served the abovesaid suit on Marubeni and Tochi.

FINANCIAL EFFECT

(a) Share Capital and Shareholding Structure

The termination and/or rescission will not have any effect on
the issued and paid-up share capital of and substantial
shareholders' shareholding in Innovest.

(b) Earnings

With the termination of the Agreements, IPM has demanded from
Tochi the rental income of approximately RM891,000/- previously
collected by Tochi in respect of the above Properties.

Nevertheless, the sum is being disputed by Tochi. This matter
has been referred to the Court and upon the Court determination,
the said sum shall become immediately payable by Tochi to IPM.

(c) Net Tangible Assets and Gearing

There is no material effect on the audited Net Tangible Assets
and gearing of the Company as at 31 December 2001.

OPERATIONAL IMPACT ON THE GROUP

Upon the termination of the Agreements, IPM has started
collecting rental from the above Properties.

EXPECTED LOSSES

Apart from the legal fees to be incurred, the Group is not
expected to suffer any losses.

DEFENSE AND COUNTERCLAIM

As a consequent of the above, Marubeni Corporation served on the
Company their Defence and Counterclaim against IPM, IB Timber,
IIL and Innovest on 18 October 2002.  Marubeni sought for a
declaration that the Agreements are valid, subsisting, binding
and enforceable on the ground that an extension of time has been
granted to Tochi for the payment of the consideration.
Alternatively, in the event the Agreements are held to be or
shall become void, invalid or unenforceable or is terminated for
any reason whatsoever, Marubeni shall claim against IPM, IB
Timber, IIL and Innovest the sum of USD6,489,103 or an
equivalent sum of RM24,658,593 and the interest on the said sum
at the rate of 12% per annum from 31.10.2000 to the date of full
settlement and costs; and Tochi served the Company with their
Defence and Counterclaim against IPM, IB Timber, IIL and
Innovest on 18 October 2002. Tochi filed a Declaration for the
Agreements to be valid, subsisting and enforceable on the same
ground as Marubeni and prayed for damages against IPM in the sum
of RM750,000 despite having failed to fulfill to its obligations
to pay the consideration to Marubeni.

STEPS TAKEN AND TO BE TAKEN BY IB IN RESPECT OF THE WRIT OF
SUMMONS AND COUNTER-CLAIM

The channel of discussions between Innovest and Marubeni are
opened. The parties are looking into the possibility of re-
negotiating the terms of settlement in an attempt to settle the
claim of approximately RM24 million amicably out of court.

The Company will keep all relevant parties informed on the
development in due course.


METROPLEX BERHAD: Court Grants Restraining Order
------------------------------------------------
The Board of Directors of Metroplex announced that the High
Court of Malaya at Kuala Lumpur has granted the application of
the Company and its subsidiary firms for a retraining order (RO)
pursuant to Section 176(10) of the Companies Act, 1965.

(1) Farmstead Products Sdn Bhd (382405-T);
(2) Jumantan Sdn Bhd (199605-X);
(3) Maxrise (M) Sdn Bhd (289519-V);
(4) Maxi Murni Sdn Bhd (266454-A);
(5) Metrobilt Construction Sdn Bhd (38214-P);
(6) Metroplex Development Sdn Bhd (30688-V);
(7) Metroplex Holdings Sdn Bhd (69491-V);
(8) Peninsular Park Sdn Bhd (218312-M);
(9) Vistasutra Sdn Bhd (188846-X);
(10) Ekabina Sdn Bhd (145534-V);
(11) Metroplex Centrepoint Sdn Bhd (5222-W);
(12) Metroplex Leasing and Credit Corporation Sdn Bhd (66380-U);
(13) Metroplex Project Management Sdn Bhd (93918-U);
(14) Metroplex Trading Sdn Bhd (84288-T);
(15) Wiramuda (M) Sdn Bhd (149442-A).

The RO is valid for six (6) months effective October 22, 2002
and is to facilitate the finalization of Metroplex Group's debt
restructuring scheme.

In conjunction with the grant of the RO, the nomination of Mr.
Lee Seng Huat by a majority of the creditors to act as a
director of the Company is hereby approved by the Court pursuant
to Section 176(10A)(d) of the Companies Act 1965 to represent
the creditors.

2. Events Leading To The Grant Of The Court Order

On December 21, 2000, Metroplex announced it had failed to
redeem its 1995/2000 Bonds and had defaulted on its loan
facilities with various lenders. Metroplex had also in the same
year sought the assistance of Corporate Debt Restructuring
Committee (CDRC) to restructure Metroplex Group's debts.

Metroplex had engaged Commerce International Merchant Bankers
Berhad (CIMB) as their financial advisor and Zaid Ibrahim & Co
as their legal advisor for the purposes of working out a debt-
restructuring scheme.

In view of the closure of CDRC on 31.07.2002, the Metroplex
Group decided to withdraw from the purview of CDRC. It is now
continuing its debt restructuring with its creditors on a
private work-out basis and any compromise and arrangement under
the present scheme would be pursuant to Section 176 of the
Companies Act, 1965.

3. Financial And Operational Impact On The Group

The Company does not expect the RO to have any material effect
on the financial and operational matters of Metroplex and its
subsidiaries.

4. Details Of The Proposed Scheme

Subject to creditors' consent and any modifications necessary to
meet regulatory and legal requirements, Metroplex's debt
restructuring scheme would involve:

     (i) the conversion of outstanding secured debts into term
         loans, and outstanding unsecured debts into 5-year
         RCULS;

    (ii) an assessment and review of the carrying values of
         Metroplex Group's assets against the present
         unfavourable economic and operating environment and
         making write-down of impaired assets to reflect current
         values;

   (iii) a proposed capital reduction;

    (iv) a rights issue;

     (v) a managed programme for disposal of certain landed
         properties of the Metroplex Group to meet debt
         repayments.  Once the financial advisor has finalised
         full details of the proposed debt restructuring scheme,
         this would be forwarded to all Metroplex Group's
         creditors for their agreement.


PANCARAN IKRAB: Purchase Agreement on Bueno Shares Extended
-----------------------------------------------------------
The Board of Directors of Pancaran Ikrab Berhad (PIB) announced
that the Company, Capital Abound Sdn Bhd (CASB) and the vendors
of Bueno Manufacture (Shanghai) Co. Ltd (Bueno) have on even
date, mutually agreed to extend an additional period of seven
(7) days until October 29, 2002 for the signing of the sale and
purchase agreement for the acquisition of the entire ordinary
share capital of Bueno comprising 850,000 ordinary shares at
US$1.00 each.

Further thereto, the Company, CASB and Frontiers Bond (M) Sdn
Bhd shall enter into a sale and purchase agreement to acquire a
piece of leasehold land held under title H.S(D) No. 21149 P.T.
No. 67622, Mukim of Kuala Kuantan, Pahang Darul Makmur by
October 29, 2002 as well.

Upon finalization and signing of the abovementioned sale and
purchase agreements, details of these acquisitions will be
announced.

The company is currently implementing a restructuring plan,
which involves the settlement of debts with financial
institution creditors amounting to RM36,766,566 through the
issuance of 25,000,000 new CASB Shares.

The issuance of these new CASB Shares represents the full and
final settlement of all unsecured debts of the company and its
subsidiaries.


TAI WAH: Annual General Meeting Set For October 31
--------------------------------------------------
Tai Wah Garments Manufacturing Berhad announced that the
Company's 32nd Annual General Meeting (AGM) will be held at
Peacock I function room, 6th Floor, Pearl International Hotel,
Batu 5, Jalan Klang Lama, 58000 Kuala Lumpur on Thursday,
October 31, 2002 at 9.30 a.m.

The Company informed that two of the shareholders of the Company
have served upon the Company a notice in writing, in accordance
with the Articles of Association of the Company, stating their
intention to nominate Mr. N. Sivagurunathan s/o V. Narayanasamy
and Mr. Low Han Teong as additional directors of TWGB.

Tai Wah Garments Manufacturing Berhad (TWGB) said in a Kuala
Lumpur Stock Exchange disclosure that the garments firm and
Tangkai Jaya Sdn Bhd, Hock Der Realty Sdn Bhd, Setegap Jaya Sdn
Bhd and parties acting in concert with them (White Knights) have
on 16 October 2002 signed a letter of agreement to extend the
validity of the MOA for another four weeks from 16 October 2002
to enter into an agreement for the formulation of the proposed
restructuring scheme of TWGB and the implementation thereof.



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


DIGITAL TELECOMMUNICATIONS: Launching Wireless Ops Next Month
-------------------------------------------------------------
Digital Telecommunications Philippines Inc. (Digitel) will
launch its mobile phone service in November, BusinessWorld and
Dow Jones reported, citing the company's Director Lance
Gokongwei.

This is despite the continued pressure exerted by Smart
Communications Inc. for the government's National
Telecommunications Commission (NTC), to block the rollout of
Digitel's cellular phone operations.

Smart, in a complaint filed in July, insisted that NTC should
cancel Digitel's license as the third mobile phone service
operator in the Philippines as Digitel didn't roll out as
scheduled, a violation of its contract with the government, the
report said.

According to Wright Investor's Service, Digital
Telecommunications Phils Inc. at the end of 2001 had negative
working capital, as current liabilities were 8.99 billion
Philippine Pesos while total current assets were only 6.01
billion Philippine Pesos.


FAIRMONT HOLDINGS: Postpones Annual Stockholders Meeting
--------------------------------------------------------
The board of directors of Fairmont Holdings, Inc. has decided to
postpone for next year its annual stockholders meeting scheduled
to be held on October 29, 2002 under the Fairmont's By-Laws.

The postponement will enable Fairmont to review its business
directions for the ensuing year and assess the merits of
proposed projects requiring stockholders' action.

In 2000, BW Resource Corporation changed its name to Fairmont
Holdings, Inc. It also changed its stock trading symbol to
"FAIR". BW Resource Corporation, formerly Greater Asia Resources
Corp., was known previously as Gaming Interest and Franchise
Technologies It was the former Ramie Textiles, Inc., which
engaged in the business of manufacture and sale of all types of
ramie products.  

According to Technistock.com as of 2001, Fairmont Holdings has
total current assets of P4.45 million, compared to total
liabilities of P13.78 million.


KEPPEL PHILIPPINES: President Hoe Eng Hock Resigns From Post
-----------------------------------------------------------
Hoe Eng Hock has resigned as President of Keppel Philippines
Holdings, Inc. effective immediately.

The board elected Toh Ko Lin as the Corporation's President,
with immediate effect.

TCR-AP reported that Keppel Philippine Holdings, Inc. (KPHI) is
closing down four units namely Matamarine Technical Services,
Inc. (MTSI), KP Finance, Inc. (KPFI), KP Designing and
Detailing, Inc. (KDDI), and Opon KE Construction and
Development, Inc. (OKDC), Business World said Monday. The move
aims to lower the Company's operating costs.

KPHI posted a net loss of P46.8 million in 2001 from a net
profit of P4.4 million in 2000. This was due mainly to poor
performance of Keppel Bank Philippines, which is undergoing
rehabilitation.


NATIONAL BANK: Capital Rises 37% After Share Issuance
-----------------------------------------------------
The Philippine National Bank (PNB) revitalizes its industry
position as it increased its capital accounts to 24 billion
pesos as of September 30, 2002, up by 37 percent or 6.5 billion
pesos from its year-end 2001 figure of 17.5 billion pesos.

The increase in capital resulted from the issuance of preferred
shares to the Philippine Deposit Insurance Corporation (PDIC) as
part of the settlement of advances made by PDIC to the Bank in
October 2000. The capital hike is part of the capital
restructuring being undertaken by the Bank as provided under the
Memorandum of Agreement between the Government and Lucio Tan
Group signed last May 3, 2002.

Before the issuance of the preferred shares, the SEC approved
the increase of PNB's Authorized Capital Stock from P33.33
billion to P50 billion.

The capital hike enables the Bank to comply with the risk-based
capital adequacy ratio requirement of the Bangko Sentral ng
Pilipinas (BSP). The increase also makes PNB, the country's
fourth largest bank in terms of capitalization.

Meanwhile, Business World reported that PNB expects to perform
better this year and report losses lower than its original full-
year projection of PhP2.9 billion.

As of September 20, PNB reported non-performing loans (NPLs)
amounting to 48.9 billion pesos, comprising 55 percent of its
total loans. For the nine-month period, the bank set aside 17.26
billion pesos as cover for possible loan losses.

For more information, visit
http://www.pnb.com.ph


URBAN BANK: Clarifies Acquisition Report
----------------------------------------
Export and Industry Bank, Inc. responded to the news article
entitled "Exportbank set to retake Cebu bank" published in the
October 16, 2002 issue of the BusinessWorld.

The article reported that: "Export and Industry Bank
(Exportbank) is gunning to buy back Cebu Development Bank as
part of its plan to operate a thrift bank. Exportbank Chairman
Sergio Ortiz-Luis said the bank has already requested the
Philippine Deposit Insurance Corporation (PDIC), the receiver of
definct Urban Bank, Inc. - and the Bangko Sentral ng Pilipinas
(BSP) to allow it to operate the Cebu bank. He said the Cebu-
based bank was part of the Urban bank group but was not included
when Exportbank merged with Urban bank.

Export and Industry Bank, Inc. (EIB), in a letter to the
Exchange dated October 22, 2002, stated that:

"Please be advised that the Cebu Development Bank referred to in
the aforesaid article is actually Urbancorp Development Bank, a
thrift bank which is wholly owned by the Bank but was not
included in the approved Rehabilitation Plan for Urban Bank,
Inc. and Urbancorp Investments, Inc."

For a copy of the press release, go to
http://bankrupt.com/misc/tcrap_urbanbank1023.pdf



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


CHARTERED SEMICON: Merrill Must File Statement by November 10
-------------------------------------------------------------
In a statement, Chartered Semiconductor Manufacturing Limited's
practice is to promptly make all filings, which it is required
to make under the applicable laws and securities regulations.

Under the United States Securities and Exchange Commission (SEC)
rules, Merrill Lynch, who has acquired more than 10 percent of
Chartered's ordinary share capital is required to file a
Schedule 13G statement with the SEC within 10 days after the end
of the first month in which such acquisition occurred, which
would be 10 November 2002.

The obligation to make such filing is on the shareholder,
Merrill Lynch, not the Company.

As of 22 October 2002, Merrill Lynch has confirmed to Chartered
that, contrary to press reports, it has not made any filings
with the SEC relating to its acquisition of Chartered shares
arising from the 8 for 10 rights issue offering. When Merrill
Lynch files its Schedule 13G statement with the SEC, such
statement will become immediately available to the worldwide
public on the SEC website.

As a further convenience to investors, shareholders and other
members of the public in Singapore, Chartered has decided, after
discussions with the Singapore Exchange, that promptly upon
receipt of statements of shareholding interests filed with the
SEC by its substantial shareholders, Chartered will re-post
these filings on Masnet.

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


CHARTERED SEMICONDUCTOR: Shares Down 6% on Tuesday
-------------------------------------------------
Shares of Chartered Semiconductor Manufacturing (CSM) fell 6
percent to 91 cents on Tuesday, hit by a poor earnings outlook,
the Business Times reports.

Chartered declined to comment on talk that the semiconductor
sector faces a sales slump, citing the blackout period prior to
the release of its third quarter results on Friday.

Netresearch-Asia.com analyst Russell Tan said CSM, which has
reported six consecutive quarters of losses faces broader
industry issues that could derail its return to profit.

'As an investor you should take a few steps back and look at the
whole world in terms of how money was created during the bubble
and how it has just been vaporized,' the analyst said.


ISOFTEL LTD: Posts Notice of Shareholder's Interest
---------------------------------------------------
Isoftel Limited posted a notice of changes in Director Seah Yong
Wah's interest:
  
Date of notice to company: 22 Oct 2002
Date of change of shareholding: 18 Oct 2002
Name of registered holder: SEAH YONG WAH
Circumstance(s) giving rise to the interest: Sales in open
market at own discretion

Shares held in the name of registered holder
No. of shares of the change: 150,000
% of issued share capital: 0.066
Amount of consideration per share excluding brokerage, GST,
stamp duties, clearing fee: S$0.06
No. of shares held before change: 6,731,000
% of issued share capital: 2.941
No. of shares held after change: 6,581,000
% of issued share capital: 2.875

Holdings of Director including direct and deemed interest
                                    Deemed Direct
No. of shares held before change:   0      6,731,000
% of issued share capital:          0      2.941
No. of shares held after change:    0      6,581,000
% of issued share capital:          0      2.875
Total shares:                       0      6,581,000

Percentage of shareholding calculated based on 228,868,152
shares in issue as of October 22, 2002.

TCR-AP reported earlier that Isoftel revealed a net loss of
S$29.062 million in the fiscal year 2001 against a profit of
294,000 in 2000.

The Board of Directors announced in September 2001 that the
first half-year results of the Company and Group are expected to
be worse than anticipated. The businesses of the Company and
Group, faced with significant slowdown in the telecommunications
industry, more particularly, in the US and Asian markets, have
declined substantially in the last 2 quarters.

The Group also is facing the growing trend of delayed
investments from customers who, in anticipation of the continued
worsening economic situation, have opted for prudence and prefer
to defer any new expansionary investment plans.


THAKRAL CORPORATION: Posts Changes in Avenue Asia's Interests
-------------------------------------------------------------
Thakral Corporation Limited posted a notice of changes in
substantial shareholder Avenue Asia Capital Management, LLC's
interests as follows:

Date of notice to company: 19 Oct 2002
Date of change of interest: 17 Oct 2002
Name of registered holder: (1) HSBC (Singapore) Nominees Pte
Ltd.
(2) Bear, Stearns Securities Corp.
  
Circumstance(s) giving rise to the interest: Others
Please specify details: Transferring legal and beneficial title
to the beneficial owner.
Shares held in the name of registered holder
No. of shares of the change: 278,612,348
% of issued share capital: 18.6
Amount of consideration per share excluding brokerage,GST,stamp
duties,clearing fee: Nil
No. of shares held before change: 122,809,812
% of issued share capital: 8.2
No. of shares held after change: 401,422,160
% of issued share capital: 26.8

Holdings of Substantial Shareholder including direct and deemed
interest
                                       Deemed      Direct
No. of shares held before change:      132,084,660 0
% of issued share capital:             8.8         0
No. of shares held after change:       431,737,947 0
% of issued share capital:             28.9        0
Total shares:                          431,737,947 0

Information relating to shares held in the name of the
registered holder (2)

No. of shares which are the subject of the transaction:
21,040,939
% of issued share capital: 1.4%
  
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: Nil
  
No. of shares held before the transaction: 9,274,848
% of issued share capital: 0.6%
  
No. of sharesw held after the transaction: 30,315,787
% of issued share capital: 2.0%

Notes:

(1) HSBC (Singapore) Nominees Pte Ltd is the Registered Holder
of the Unreleased Shares (definition of Unreleased Shares is
according to the Scheme of Arrangement).

(2) Bear, Stearns Securities Corp. is the Registered Holder of
the Released Shares (definition of Released Shares is according
to the Scheme of Arrangement).


WEE POH: Selling Property For S$2.4M
------------------------------------
The Board of Directors of Wee Poh Holdings Limited announced
that the Company had on 28th September 2002 granted an option to
purchase to Ngai Chin Construction Pte Ltd (the Purchaser) to
purchase its property at 413 Tagore Industrial Avenue, Singapore
787803, for a purchase price of SGD$2,460,000.00.

The purchase price for the sale of the Property (the Sale) was
arrived at following negotiation on a willing-buyer willing-
seller basis, and after taking into account the present property
market conditions. The purchaser has exercised the Option on
11th October 2002, and the balance 10% deposit has been paid to
the Company's solicitors as stakeholders pending completion of
the Sale.

Completion of the Sale is conditional on, inter alia, the
Purchaser's solicitors receiving satisfactory replies to their
legal requisitions on the Property.

As the Company had recently moved its registered office to 213
Upper Thomson Road, Singapore, the Property is now in excess of
the Company's present requirement. The Company intends to
utilize the proceeds from the Sale to reduce the Company's
banking facilities with various banks. The net book value of the
property as at 30 June 2002 is SGD$4 million.

The Board has obtained a valuation of the current market value
of the Property by DTZ Debenham Tie Leung (SEA) Pte Ltd
(valuation report). Based on direct comparisons with recent
transactions of comparable properties within the vicinity, the
Property was assessed with a current market value of SGD$2.3
million as at 23 September 2002. A copy each of the Option and
the valuation report are available for inspection during normal
business hours at the Company's registered office for 3 months
from the date herein.

Based on the latest announced consolidated results for the year
ended 30 June 2002 and assuming that the transaction had been
completed at the end of that financial year, the impact of the
disposals on the net tangible asset per share and earnings per
share of the Group will be as follows:

(i) net tangible assets per share reduced from 3 cents to 2
cents; and
(ii) earnings per share (loss) from (15) cents to (16) cents.

None of the directors or substantial shareholders of the Company
has any interest, direct or indirect, in the above transaction.

TCRAP reported that the Company recorded a net loss, after tax
and minority interests, of S$17.6 million in the financial year
ended 30th June 2002, of which S$10.3 million is attributable to
actual cost exceeding internal projections in the Group's major
projects.

In addition, provision was made for doubtful debts as well as
bad debts being written-off amounting to S$6.6 million. Finally,
the Group suffered a loss of S$1.4 million arising from the
disposal of fixed assets.



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


NTS STEEL: Offers Investors Warrants, Unsubscribed Units
--------------------------------------------------------
Restructuring NTS Steel Group Public Company Limited informed
the Thailand Stock Exchange Monday that it offered existing
shareholders warrants at the subscription ratio of 1 share to
5.416 units of warrant at price 0.05 Baht for each warrant
(proportionately comprising of 2.253 units of warrant 1 and
3.163 of warrant 2.

It also offered outstanding unsubscribed units to be allotted by
the authority of the Administrator under the Business
Reorganization Plan.  These transactions were done between
October 2-8, 2002 at 9.00 am to 4.00 pm.

331 Planner Co., Ltd. as the Plan Administrator of N.T.S. Steel
Group Public Company Limited would like to report the result of
sale of warrants as follow:

Warrant 1 totally sold out at number of 476,530,000 units
Warrant 2 totally sold out at number of 668,980,000 units
Warrant 1 and 2 totally sold out at number of 1,145,510,000
units

Amount of money received from the sale of warrants Baht
57,275,500.00

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


SIAM STEEL: To Start Trading in Stock Exchange Tomorrow
-------------------------------------------------------
Starting October 25, 2002, the Stock Exchange of Thailand
(SET) allowed the securities of Siam Steel International Steel
Public Company Limited (SIAM) to be traded after finishing
capital increase procedures.

Issued and Paid up Capital

   Old                     : 1,087,024,910 Baht
   New                     : 1,635,669,810 Baht
Allocate to                : Financial institution creditors
                             in the amount of 54,864,490
                             common stocks
Price Per Share            : 10 Baht
Exercise/Payment Date      : 24 September 2002

A rehabilitation plan approved by the Central Bankruptcy Court
on May 11, 2000, with amendments on December 13, 2002 had
previously mandated that certain debts be converted into common
equity in an approximate amount of 1,270,671,118.75 Baht.

Deloitte Touche Tohmatsu Planners Co., Ltd is Siam Steel's
rehabilitation plan administrator.





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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
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USA, and Beard Group, Inc., Washington, DC USA. Lyndsey Resnick,
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Copyright 2002.  All rights reserved.  ISSN: 1520-9482.

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