/raid1/www/Hosts/bankrupt/TCRAP_Public/021107.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

          Thursday, November 7, 2002, Vol. 5, No. 221

                         Headlines

A U S T R A L I A

AUSTRIM NYLEX: Relocating Non-tyre Rubber Biz to Victoria
UECOMM LIMITED: Wins AU$11.5M New South Wales Govt Contract


C H I N A   &   H O N G  K O N G

INTERNATIONAL CAPITAL: Trading Suspended Pending Wind-up Update
JILIN CHEMICAL: 3rd Consecutive Annual Loss May Cause Delisting
PACIFIC PEARL: Suspends Trading Due to Capital Inadequacies


I N D O N E S I A

ASTRA INTERNATIONAL: Won't Appoint Underwriters Until December
BANK NIAGA: Stake Sale to Malaysian Investor Likely Friday
HOLDIKO PERKASA: IBRA Launches Stake Sale in Six Companies


J A P A N

FUJI CO.: JCR Assigns BBB Rating
FURUKAWA ELECTRIC: 1H02 Net Loss Widens to Y5.02 Billion
FURUKAWA ELECTRIC: Closing U.S. Fiber Production Unit
ISHIKARI DEVELOPMENT: Real Estate Firm Applies for Rehab
JAPAN LEISURE: Golf Course Enters Rehabilitation Proceedings

MATSUMOTO CORP: Construction Firm Enters Rehabilitation
MATSUSHITA ELECTRIC: 1H02 Shows Steady March to Recovery
MIZUHO HOLDINGS: Discloses Write-Down on Investment Securities
NIIGITA ENGINEERING: Submits Restructuring Plan in Court
NISHINOMIYA REIZO: Warehousing Company Goes Bust

TOSHIBA CORPORATION: Posts 1H02 Financial Results
TOSHIBA CORPORATION: Lexar Files Lawsuit Against Group
TOWA REAL: Creditors Agree on Y230 Billion Aid

* Japanese Banking & Economic Policy "Going Nowhere Fast"


K O R E A

CHOHUNG BANK: Withdraws Bank Stake Bid
CHOHUNG BANK: Union Intends to Strike on November 20
DAEWOO CAPITAL: Open Bid For Equity Shares
HANBO STEEL: Reaches Acquisition Deal With AK Capital
HYNIX SEMICONDUCTOR: Inventory Level Decreasing Steadily

HYNIX SEMICON: Deutsche Bank Hasn't Come Up With Reform Plan
HYUNDAI MOTOR: Resumes Production After KCTU Ends Strike
HYUNDAI PETROCHEMICAL: LG Chemical Consortium Likely to Win Bid


M A L A Y S I A

ABRAR CORPORATION: Proposed Debt Settlement Approved
ACTACORP HOLDINGS: Subsidiary Receives Winding Up Petition
GEAHIN ENGINEERING: Submits Restructuring Proposal to Regulator
HOTLINE FURNITURE: Extension Request to Stabilize Biz Denied
MALAYSIAN RESOURCES: Juranas Files RM48M Contract Breach Suit

MYCOM BERHAD: Subsidiary Ordered to Pay RM3.7 Million
PAN PACIFIC: Awaits Approval of Workout Plan from Lenders
SRIWANI HOLDINGS: Commission Sets Conditions on Rights Issue
TONGKAH HOLDINGS: Modifies Proposed Restructuring Scheme
UNITED CHEMICAL: Nears Agreement on Proposed Recovery Scheme

ZAITUN BERHAD: Status of Plan to Stabilize Finances Unchanged


P H I L I P P I N E S

ASIAN TERMINALS: Signs 5-year Loan Facility With HSBC
BENPRES HOLDINGS: Maynilad Requests MWSS to Fulfill Obligations
BENPRES HOLDINGS: JP Morgan, Chase Exercise Put Option Deal
BENPRES HOLDINGS: Clarifies Loan Payment Report
NATIONAL POWER: Lawmakers Urged to Close Coal Plants

PHILIPPINE LONG: Clarifies "Piso Has Unpaid Dues" Report
PHILIPPINE LONG: Will Resume Paying Dividends in 2004
PHILIPPINE LONG: Sets P1 Cash Dividend For Series G/P/N/S Shares
PILIPINO TELEPHONE: Narrows Net Loss to Php2.85 Billion


S I N G A P O R E

ASIA PULP: Four Units May Repay Debt in Less Than 10 Years
ELLIPSIZ LTD: Replies to SGX Queries
HEALTH MANAGEMENT: Submits Corporate Restructuring Proposal
HUA KOK: Closes Bintan Concrete Plant, Fires 660 Workers
SEMBCORP INDUSTRIES: Posts Notice of Shareholder's Interest


T H A I L A N D

BANGCHAK PETROLEUM: Govt Forms Panel to Mull Recovery Options
INTER FAR: Share Offering to Creditors Fully Subscribed

* DebtTraders Real-Time Bond Pricing

     -  -  -  -  -  -  -  -

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


AUSTRIM NYLEX: Relocating Non-tyre Rubber Biz to Victoria
---------------------------------------------------------
The Directors of Austrim Nylex are pleased to announce the
commencement of the consolidation of Austrim's Automotive
Division's three rubber businesses into Australia's largest non-
tyre rubber business located at Bendigo, Victoria.

Following the recent announcement by the Victorian Government of
AU$6.5 million in funding to redevelop former railway workshops
at Bendigo, Austrim has agreed to enter into a long-term lease
of part of the site from VicTrack.

Austrim is converting the workshop into a modern manufacturing
facility, creating significant new employment opportunities in
the region and re-locating plant and equipment to the property.

Managing Director & Chief Executive of Austrim Nylex, Peter
Crowley, said: "The funding of the project is an important part
of our restructuring of rubber operations and represents a major
boost for Empire Rubber, which is the largest private employer
in Bendigo."

VicTrack - the owner of Victoria's rail infrastructure - will
provide AU$4 million towards the project while AU$2 million will
be provided under the Bracks Government's Regional
Infrastructure Development Fund (RIDF), with the City of Greater
Bendigo Council to provide associated roadworks estimated to
cost $500,000 and to co-ordinate the redevelopment project.

Empire Rubber proposes to invest AU$5 million to consolidate its
manufacturing operations in Bendigo. The site comprises 10.3ha
of land and 31 separate buildings, including a 10,000sqm main
workshop building and 6 kilometers of railway track.

For further information, please contact:

Peter Crowley                  Tim Allerton
Austrim Nylex Limited          City Public Relations
(03) 9529 2999                 (02) 9281 7272


UECOMM LIMITED: Wins AU$11.5M New South Wales Govt Contract
-----------------------------------------------------------
Uecomm Limited, the specialist fiber broadband carrier,
announced Wednesday that it has been awarded a further contract,
worth AU$11.5 million, to provide telecommunication services to
the New South Wales Government's Department of Education and
Training (DET).

The AU$11.5 million contract is in addition to the contract
announced on October 31, 2002 for AU$8.5 million, bringing the
total contract value to more than AU$20 million over two years.
Revenue from both contracts will commence in 2003.

Uecomm's Chief Executive Officer, Peter McGrath said, "We are
delighted by DETs decision to award this additional contract to
Uecomm. It is a considerable achievement for the Company, and
confirms our strong position in the provision of cost effective
broadband data services to corporations and government
departments."

The Uecomm service will be delivered over Uecomms extensive
Sydney metropolitan optical fiber network and will provide
broadband connectivity to a large number of metropolitan NSW
Government schools and TAFEs. The fiber network will deliver
high levels of performance and functionality in addition to
efficiency of cost, upgrades, scalability and maintenance.
Gigabit Ethernet technology is being increasingly adopted to
satisfy demands for greater traffic levels and improved response
times. The services provided by Uecomm will be Ethernet managed
data services operating at 2 Mbps, 10 Mbps and 100 Mbps speeds.

Uecomm recently announced its third quarter business update,
revealing total sales contracts worth approximately AU$16
million were sold in the third quarter. These two contracts with
DET, totaling AU$20 million, are in addition to the AU$51
million in sales contracts secured for the nine months ended
September 30, 2002. The Company is forecasting total revenue
from operations between AU$41-$44 million for the year ended
December 31, 2002.

Further information:

UECOMM INVESTOR RELATIONS:
Michelle Wood
INVESTOR RELATIONS
Phone: (+613) 9941 4521
Mobile: 0404 837 649
E-mail: mwood@uecomm.com.au

MEDIA:
Katrina Walker
MARKETING COMMUNICATIONS MANAGER
Phone: 03 9221 4167
Mobile: 0416 333 200
E-mail: kwalker@uecomm.com.au



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


INTERNATIONAL CAPITAL: Trading Suspended Pending Wind-up Update
---------------------------------------------------------------
International Capital Network Holdings Ltd asked the Hong Kong
Stock Exchange Wednesday to temporarily halt trading of its
shares, pending an announcement related to a winding-up
petition.  

ICN last traded at HK$0.11.  The company had yet to update the
bourse when this story was filed.

You may view the company's 2002 Annual Report, which contains
details of the winding-up petition, through this link
http://bankrupt.com/misc/international_capital.pdf


JILIN CHEMICAL: 3rd Consecutive Annual Loss May Cause Delisting
---------------------------------------------------------------
Jilin Chemical Industrial's staggering 659 million yuan net loss
for the first nine months of the year has prompted speculations
that its A-shares may be delisted from the Hong Kong bourse,
says the South China Morning Post.

With the loss, the company is expected to end the year in red
for the third time in as many years.  According to the paper,
weighing on Jilin's bottom line was a fixed-asset write-off of
282.13 million yuan, an inventory loss of 139.98 million yuan
and a loss of 10.18 million yuan from off-season plant
shutdowns.  

No comparable figure was available for the same period last
year, as mainland listed companies were only required to post
quarterly results from the start of this year, the paper says.

Jilin posted a net loss of 1.81 billion yuan last year under
international accounting standards, a record annual loss
suffered by an H-share company at the time.  The loss was due
mainly to huge provisions against obsolete inventory and
outstanding receivables, the paper says.

"Considering the loss for the period between January to
September this year, the company expects to record a loss for
the year of 2002," a company statement read. "There is a
possibility that the company's A shares will be delisted after
continuous losses for three years."

The company, a subsidiary of oil giant PetroChina, makes
synthetic rubber and chemical fertilizers from refined crude
oil.


PACIFIC PEARL: Suspends Trading Due to Capital Inadequacies
-----------------------------------------------------------
Pacific Pearl Securities on Tuesday became the second brokerage
firm this year to voluntarily suspend trading for failing to
meet the minimum liquid capital requirement of HK$3 million.

According to The Standard, the Securities and Futures Commission
has already stepped in to protect the assets of the firm's 150
clients, although the management has confirmed that all the
assets are property segregated with no shortfalls.

"The SFC has given Pacific Pearl Securities ample opportunities
to rectify the irregularities and capital inadequacy, at the
same time, ensuring that client assets are not at risk," SFC
executive director Alexa Lam told the paper in an interview.

Pacific Pearl began operations in 1997.  It holds office at
Wheelock House in Central Hong Kong and is headed by Roger Leung
and Philip Yung.

In July, Prosperous Securities was suspended from trading after
it failed to operate with sufficient liquid capital, The
Standard says.



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


ASTRA INTERNATIONAL: Won't Appoint Underwriters Until December
--------------------------------------------------------------
PT Astra International Finance Director John Slack told the AFX-
Asia News that the Company will not appoint underwriters for its
proposed USD100-150 million rights issue until after a
creditors' meeting late next month.

Astra is negotiating with ING Securities, ABN Amro Asia
Securities (Indonesia), JP Morgan Securities (Indonesia) and UBS
Warburg.

Slack said he expected to appoint the underwriters that same day
following a meeting with the four parties.

The market took the news as a sign Astra is close to securing a
debt rescheduling deal with creditors, pushing the stock up as
much as 7 percent on the day. The rights issue is subject to
successful debt restructuring talks, and the money raised would
go directly to creditors.

However, Slack said Astra has decided to await the outcome of
the November 22 meeting with creditors, which will decide
whether it proceeds with the restructuring of its USD726 million
and IDR881 billion in outstanding debt.

The Company must secure support from at least 67 percent of
creditors at the meeting. It has already received preliminary
approval from an umbrella group of international creditors
representing up to 40 percent of outstanding debt. (M&A
REPORTER-ASIA PACIFIC, Vol. No.1, Issue No. 220, November 6,
2002)


BANK NIAGA: Stake Sale to Malaysian Investor Likely Friday
----------------------------------------------------------
An agreement related to the sale of Bank Niaga's 51% stake to
Malaysia's Commerce Asset Holding Bhd will be signed Friday,
according to the Indonesian Bank Restructuring Agency.

In an interview with Jakarta Post, IBRA Chairman Syafruddin
Temenggung disclosed that all remaining obstacles to the sale
had already been cleared.

"We've wrapped up the four pending issues and an SPA (sale and
purchase agreement) can be signed this Friday," Mr. Syafruddin
told The Jakarta Post on the sidelines of a meeting between IBRA
and investors in Bali.

The sale would yield the government 1.05 trillion rupiah (about
US$114 million), as Bank Niaga's price has been set at 26.5
rupiah a share.  IBRA owns a 97 percent stake in Bank Niaga
after the government injected the bank with re-capitalization
bonds to offset bad loans resulting from the 1997 economic
crisis.  The agency has been trying to sell Bank Niaga since
early this year as part of a wider program under the
International Monetary Fund's (IMF) economic reform package.

According to Mr. Syafruddin, one of the pending issues that had
stalled negotiation revolved around the government's blanket
deposit guarantee scheme.   The scheme requires banks to pay a
certain amount in fees in return for which the government covers
their third party liabilities.  The scheme is aimed at
instilling public confidence in the fragile banking industry
that would have otherwise been prone to bank runs.

The scheme is mandatory for local banks, but Mr. Syafruddin said
Commerce was exempted from joining the scheme after it objected
to the requirement.  

The paper says the other contentious issue centered on IBRA's
assignability right, which allows the agency to sell a bank to
whatever party or in whatever manner it deems fit, without
requiring the other shareholders' approvals.  IBRA wants to sell
the remaining shares in Bank Niaga through the stock market, a
plan Commerce had originally objected but later agreed to, said
Mr. Syafruddin.

The other two issues concerned Bank Niaga's boards of directors
and commissioners.  Mr. Syafruddin said Commerce demanded the
right to appoint its own president director, who would then
appoint the bank's board of directors.  The Malaysian investors
were also seeking the right to appoint the chief commissioner,
he said.  IBRA, on the other hand, wanted the appointment of
management to be based upon Bank Niaga's shareholding
composition.  The agency eventually backed down, but it had
secured at least one seat on the banks' board of directors, the
paper said.


HOLDIKO PERKASA: IBRA Launches Stake Sale in Six Companies
----------------------------------------------------------
With the process scheduled for completion by year-end, the
Indonesian Bank Restructuring Agency (IBRA) launched the sale of
stakes in six companies held by PT Holdiko Perkasa.

In a published announcement, IBRA said it is selling a 100
percent stake in office project PT Ariobimo Estate Perkasa, a
37.84 percent stake in real estate firm PT Bumi Serpong Damai,
and a 50 percent stake in industrial estate developer PT
Cibinong Center Industrial Estate.

It is also selling a 100 percent stake in PT Sibatex Abadi and a
10 percent stake in PT Tuntex Garment Indonesia, both of which
are textile companies, and a 25 percent stake in flour and wheat
mill PT Sriboga Raturaya.

Final bids are due by November 28 and the announcement on the
winning bidders is expected the day after.

The final payment deadline is December 20. (M&A REPORTER-ASIA
PACIFIC, Vol. No.1, Issue No. 220, November 6, 2002)



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


FUJI CO.: JCR Assigns BBB Rating
--------------------------------
Japan Corporate Rating Agency (JCR) has assigned a BBB rating to
Fuji Co. Limited.

Issue convertible bonds no.2
Amount: Y10 billion Issue
Date: November 21, 2002
Due Date: February 29, 2008
Coupon: To be decided
Covenants: Negative Pledge, Collateralized & Maintenance of Net
Assets Commissioned
Company: Yes

RATIONALE:

Japan Credit Rating Agency (JCR) announced the affirmation of
BBB rating for the Company on October 25, 2002. The proceeds of
the issue above will be used for the capital spending and
repayment of the borrowings. Over the intermediate term, the
financial structure will remain unchanged.

According to Wright Investor's Service, at the end of 2002, Fuji
Co., Ltd. had negative working capital, as current liabilities
were 2.44 billion yen while total current assets were only 1.89
billion yen.


FURUKAWA ELECTRIC: 1H02 Net Loss Widens to Y5.02 Billion
--------------------------------------------------------
Electric wire and cable maker Furukawa Electric Co posted a net
loss of 5.02 billion yen in the first half ending September,
compared with a loss of 67 million a year earlier, Kyodo News
said on Tuesday.

The loss was due to a global slump in the information-technology
sector.

According to TCRAP, Furukawa Electric became the world's 2nd
largest optical fiber Company after Corning Inc. There is much
uncertainty about the future performance, however.

Although the Company plans to restructure the OFS business
further, it is still unclear when the Company can obtain
operating profit. Thus, the prospect for recovery of the
deteriorated financials is weak.


FURUKAWA ELECTRIC: Closing U.S. Fiber Production Unit
-----------------------------------------------------
Furukawa Electric Co. will stop manufacturing mass-production-
type optical fibers at its U.S. unit, as part of its
restructuring scheme, Asahi Shimbun reported on its Web site
Tuesday.

The fiber-optics maker will also stop producing optical fibers
at its Chiba plant in Japan and plans to lay off 500 workers by
next March.

Furukawa expects a pretax loss of 5.9 billion yen and net loss
of 3.6 billion yen for the current business year ending March
2003.


ISHIKARI DEVELOPMENT: Real Estate Firm Applies for Rehab
--------------------------------------------------------
Ishikari Development Co. Limited has applied for civil
rehabilitation proceedings, according to Tokyo Shoko Research.

The Company has total liabilities of 65 billion yen.

The real estate firm, which has 2,000 employees, is located at
Ishikari-si, Hokkaido, Japan.


JAPAN LEISURE: Golf Course Enters Rehabilitation Proceedings
------------------------------------------------------------
Japan Leisure Kaihatsu KK recently applied for civil
rehabilitation proceedings, reports the Tokyo Shoko Research.

The Company has total obligations of 16.8 billion yen.

The golf course is located at Oomuta-si Sochi-gun, Shizuoka,
Japan.


MATSUMOTO CORP: Construction Firm Enters Rehabilitation
-------------------------------------------------------
Matsumoto Corporation Co. Limited has applied for civil
rehabilitation proceedings, Tokyo Shoko Research reports.

The Company has total liabilities of 9.2 billion yen.

The construction and civil engineering firm, which has 160
employees, is located at Okayama-si, Okayama, Japan.


MATSUSHITA ELECTRIC: 1H02 Shows Steady March to Recovery
--------------------------------------------------------
Matsushita Electric Industrial Co.'s recovery is on track after
posting a group operating profit of 45.37 billion in the first
half ending September, versus a loss of 75.71 billion yen a year
earlier, Dow Jones reports.

No earnings figures were officially given for the July-September
period.

The Company posted a group net profit of 17.85 billion yen for
the first half, reversing from a year-earlier loss of 69.47
billion yen.

By the end of February 2003, Matsushita will buy back shares up
to 100 billion yen, or 70 million shares, including the buyback
conducted in October.

This is part of the 300 billion yen of annual share buyback
ceiling it set at the shareholders' meeting in June.


MIZUHO HOLDINGS: Discloses Write-Down on Investment Securities
--------------------------------------------------------------
Mizuho Holdings, Inc. recently announced the amount of write-
down on investment securities held by its wholly-owned
subsidiary, Mizuho Corporate Bank, Ltd. (MHCB), as of September
30, 2002 as shown below. MHCB evaluates investment securities
other than trading securities according to mark-to-market
method, cost method, or amortized cost method.

Amount of write-down on investment securities held by MHCB
as of September 30,2002 (approximation) (Billions of yen,
percent)

MHCB'S write-down on investment securities as of September 30,
2002 (A) 49.2

Consolidated Total Shareholders' Equity as of March 31, 2002 (B)
4,731.4 (A)/(B) X 100   1.0 percent

Consolidated Ordinary Profits (recent two-year average)(C) 287.4
(A)/(C) X 100    17.1 percent

Consolidated Net Income (recent two-year average)(D) 105.6
(A)/(D) X 100   46.6 percent

Notes:

1.Average figures for recent two fiscal years are used in
calculating the above Ordinary Profits and Net Income. The
Ordinary Profits and the Net Income for fiscal 2001 are counted
as zero since they are negative.

2.Mizuho's previously announced projections for the first half
of fiscal 2002, which were announced on May 24, 2002 , are not
expected to be revised.

Please direct any inquiries to:
Mizuho Holdings, Inc.
Public Relations: 81-3-5224-2026
Accounting      : 81-3-5224-2030


NIIGITA ENGINEERING: Submits Restructuring Plan in Court
--------------------------------------------------------
Niigata Engineering Co. submitted a restructuring plan to the
Tokyo District Court on Tuesday, centering on the sale of its
mainstay engine and turbine division to Ishikawajima-Harima
Heavy Industries Co. (IHI), Kyodo News reports.

As part of its plan, IHI is to also buy other divisions,
including a new transportation system section.

The Troubled Company Reporter-Asia Pacific reported in October
that Ishikawajima-Harima Heavy Industries Co. Limited (IHI) will
rehabilitate the power system division of bankrupt Niigata
Engineering Co by turning it into a subsidiary in February.

The rehabilitation plan includes cutting the Company's work
force by 20 percent to 1,000 employees and postpones the closure
and integration of Niigata's six plants in Niigata and Gunma
Prefectures for the time being.


NISHINOMIYA REIZO: Warehousing Company Goes Bust
------------------------------------------------
Warehouse firm Nishinomiya Reizo will voluntarily close its
doors later this month, reports the Kyodo News, citing
Nishinomiya President Yoichi Mizutani.

The decision follows the dissolution of Snow Brand Foods, a
principal customer, the report said.


TOSHIBA CORPORATION: Posts 1H02 Financial Results
-------------------------------------------------
Toshiba Corporation disclosed its consolidated and non-
consolidated results for the first half of fiscal year 2002. The
results reflect solid recovery led by recent initiatives taken
by management, including business restructuring and closely
focused portfolio management.

1) General Overview of the First Half of fiscal year 2002
The first half of fiscal year 2002 opened with signs of
industrial recovery that encouraged sentiment that the economy
had bottomed out. However, stock prices continued to decline
throughout the period, in both the United States and Japan,
accompanied by continued economic sluggishness. Despite these
circumstances, the performance of Toshiba and its consolidated
group companies improved significantly over the same period of
the previous year.

Consolidated Results

Consolidated net sales increased 5 percent over the same period
a year ago, to 2,635.1 billion yen (approximately US$21,423
million), reflecting healthy demand for electronic devices,
including semiconductors for consumer audio-visual products,
digital cameras and cellular phones. Sales of Digital Media
products increased supported by strong demand for PCs and visual
equipment in overseas markets.

Power

Systems, Information & Communications Systems and Home
Appliances, undercut by slow capital expenditures and weak
domestic consumer spending, recorded decreased sales.

Operating income was 2.9 billion yen (US$23 million), an
increase of 101.3 billion yen compared to the same period last
year, reflecting significant improvements in Electronic Devices
& Components and Digital Media.

Non-consolidated Results

Non-consolidated results saw net sales increase by 7 percent
over the same period a year ago, to 1,554.9 billion yen
(US$12,641 million). Recurring profit (loss) recovered to minus
22.4 billion yen (minus US$182 million). Net income rose to 47.1
billion yen (US$383 million), reflecting extraordinary gains
that included 108.7 billion yen from 2 relinquishment of the
entrusted portion of the employee pension fund.

2) Cash Flows

Net cash provided by operating activities was 76.4 billion yen
(US$621 million), while net cash used in investing activities
was 30.4 billion yen (US$247 million), an overall increase in
free cash flow of 46.0 billion yen (US$374 million).

3) Breakdown of FY 2002 First Half Consolidated Results by
Industry Segment

Net Sales

Net sales of Information & Communications Systems were down 8
percent over the same period a year ago, to 406.6 billion yen
(US$3,305 million). The result was influenced by declines in the
sales of telecommunications and broadcasting systems, as well as
information system for the private sector, including
distributors, financial institutions and manufacturing. Price-
erosion also contributed to lower sales figures.

Net sales of Social Infrastructure Systems declined by 4 percent
over the same period a year ago, to 373.0 billion yen (US$3,033
million), primarily as a result of continued curbs on capital
expenditure.

Net sales in Power Systems decreased 9 percent over the same
period a year ago, to 237.5 billion yen (US$1,931 million), as
restrained domestic investment resulted in smaller demand for
power equipment.

Digital Media sales increased by 18 percent over the same period
a year ago, to 795.6 billion yen or US$6,468 million. Overseas
sales of portable PCs, peripherals and visual equipment,
including color TVs, were strong throughout the period.

In Home Appliances, net sales decreased 5 percent over the same
period a year ago, to 332.7 billion yen (US$2,705 million). The
decline was compounded by price erosion and sluggish consumer
consumption, including limited sales of air-conditioners in an
unseasonably cool June.

Electronic Devices & Components recorded a boost of 17 percent
over the same period a year ago, to 641.6 billion yen (US$5,216
million). Demand was strong for semiconductors for consumer
products, particularly audio-visual equipment, and demand for
cellular phones boosted NAND flash memory.

Others decreased 2 percent over the same period a year ago, to
205.3 billion yen (US$ 1,669 million).

Operating Income
Information & Communications Systems saw income decline by 7.7
billion yen over the same period a year ago, to minus 10.4
billion yen (minus US$85 million).

Social Infrastructure Systems improved 2.7 billion yen over the
same period a year ago, to minus 12.5 billion yen (minus US$102
million), due to cost-cutting efforts and restructuring that
improved operating efficiency.

Power Systems decreased 2.6 billion yen over the same period a
year ago, to 6.6 billion yen (US$53 million), largely as a
result of a demand downturn in thermal power equipment.

Digital Media increased 14.5 billion yen over the same period a
year ago, to 3.4 billion yen (US$28 million).

In Home Appliances, operating income decreased 7.2 billion yen
to 2.4 billion yen (US$20 million).

Electronic Devices & Components saw a 98.6 billion yen increase
over the same period a year ago, to 5.0 billion yen (US$41
million). NAND Flash memory, discrete devices and system LSI all
returned strong performances. Withdrawal from the commodity DRAM
business also contributed to the improved performance.

Others increased 78 percent over the same period a year ago, to
8.6 billion yen (US$70 million).

Dividend per share

Toshiba has canceled its interim dividend.


TOSHIBA CORPORATION: Lexar Files Lawsuit Against Group
------------------------------------------------------
On October 29, 2002, Lexar Media Inc. filed a lawsuit against
Toshiba Corporation, Toshiba America Inc. and Toshiba America
Electronics Corporation, alleging that the companies stole trade
secrets regarding its flash memory products, Reuters said.

The suit against Toshiba, said that, from its inception in 1996,
and from 1997 to 1999 when Toshiba was represented on its board,
Toshiba had access to details of its flash memory microchips and
systems.

The items are used in digital cameras and other consumer
electronics.

Lexar said another case filed recently, Toshiba Corporation
versus Lexar Media, deals with whether Toshiba infringes 14 of
Lexar's patents.

TCR-AP reported that Toshiba in the three months to December 31
had a loss of Y84.9 billion ($636 million) versus a net income
of Y11.1 billion in the year-earlier period. Consolidated sales
fell 14 percent to Y1.2 trillion from Y1.39 trillion.


TOWA REAL: Creditors Agree on Y230 Billion Aid
----------------------------------------------
UFJ Bank and other creditors agreed to provide 230 billion yen
in financial aid to ailing Towa Real Estate Development Co.,
Kyodo News reported on Wednesday.

The deal comprises 200 billion yen in debt waiver and 30 billion
yen in debt-to-stock swap, the report said.

The condominium builder is affiliated with major construction
firm Fujita Corporation.


* Japanese Banking & Economic Policy "Going Nowhere Fast"
---------------------------------------------------------
Fitch said the Japanese government announced last week policies
aimed at revitalizing the financial system and dealing with
deflation. More aggressive measures to deal with bad loans in
the banking system and speed up structural reform of the economy
were anticipated following the Koizumi Cabinet reshuffle in
September. However, Fitch Ratings believes yesterday's dual
announcements of a 'Financial System Revitalization Program' and
'Comprehensive Measures to Accelerate Economic Reform' make it
clear that Japan is going nowhere fast when it comes to banking
and economic policy.

Indications were that newly appointed Financial Services Agency
FSA minister, Heizo Takenaka who added this portfolio to his
previous post of Economics minister, was planning a 'hard
landing' to rid major Japanese banks of problem loans and
rebuild capital adequacy. However, conservative Liberal
Democratic Party (LDP) leaders, career FSA officials and the
Japanese Bankers Association stonewalled some initial proposals.
Plans to tighten definitions of problem loans and increase loan
loss reserve levels are included in the Revitalization Program.
However, specifics are left to an action plan to be announced
later. Only the objective announced last year of reducing
problem loans for the major banks by one-half by the end of
fiscal 2004 is included in the recent announcement. The most
controversial move initially contemplated, changing the rules
for calculating bank capital adequacy, is now only to be
'studied'.

Some proposals in the Financial Revitalization Program are
indeed striking, but only because they indicate how little has
been done to date. For example, according to the announcement,
major banks that 'do not correct differences between their
internal assessments of loan collateral values and those made by
bank examiners will be served with correction orders'.
Supposedly, the 'Prompt Correction Measures' of 1998 and
subsequent annual refinements to the Bank Inspection Manual
corrected inconsistencies in collateral valuation.
Unfortunately, but not at all surprisingly, it is now clear that
collateral valuation remains an issue..

The Economic Reform measures 'announced' yesterday also replough
old ground. These include industrial and corporate
revitalization measures, tax reform, capital market reform,
urban renewal, employment policy and special financing measures
for SMEs. The only new wrinkle is a plan to create a sister
entity to the Resolution and Collection Corp. (RCC) under the
Deposit Insurance Corp. This entity will work hand in hand with
main banks to rehabilitate companies that are in weak financial
condition (watch credits) but deemed viable. According to
reports, banks, politicians and bureaucrats all agreed in short
order that such a vehicle was a fine idea. Fitch was under the
impression this was a function previously envisioned for the RCC
itself.

Fitch has long pointed to the weakness of Japanese bank capital
as well as the need for strict, uniform classification of
credits and for building loan loss reserves to adequate and
realistic levels. The forces that are resistant to genuine
reform appear likely to succeed in slowing change to the
plodding pace of the first 18 months of the Koizumi
administration. Therefore, the ultimate costs to the banks and
the economy will be far greater than if action were to be
carried out resolutely. Additional costs for resolving bank
problems, as well as those in the real economy, will ultimately
be covered only by the government itself, thus further straining
the ultimate source of support for the banks.

Given our opinion of the need for immediate remedial policy
action, a continuation of the piecemeal 'muddle through'
approach of recent years will result in Fitch taking negative
rating actions on Japan's banking sector.

Contact: Philip Jones; Reiko Toritani, Tokyo Tel: +81 3 3288
2628 David Marshall; Brian Coulton, Hong Kong+852 2263 9963
David Riley, London +44(0)20 7417 6338 Fred Puorro, New York +1
212 908 0500



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


CHOHUNG BANK: Withdraws Bank Stake Bid
--------------------------------------
Taiwan's Fubon Financial Holding Co. has withdrawn its bid for a
stake in Chohung Bank, Dow Jones and the Seoul Economic Daily
reported Wednesday.

The government aims to sell part of its 80 percent stake in
Chohung Bank in the latest block sale. It hopes to sell the
stake by the end of this month.

The Company's four bidders include Japan's Shinsei Bank Ltd.,
Fubon Financial, a U.S. Company and a consortium led by Shinhan
Financial Group.


CHOHUNG BANK: Union Intends to Strike on November 20
----------------------------------------------------
The Korea Financial Industry Union is planning to stage a
general strike on November 20 to protest the government's plan
to sell a controlling stake in Chohung Bank, AFX Asia reports.

The union said it is "incomprehensible" why the government is
trying to sell the bank in a hurry at cheap prices to
institutions controlled by foreign investors.

The government has granted rights to four potential buyers to
conduct due diligence on Chohung and plans to select a
successful bidder by the end of November.

Shinhan Financial Group, Shinsei Bank of Japan, and an US
investment fund Cerberus are reportedly among the three bidders,
while Fubon Financial Holding recently withdrew its interest.


DAEWOO CAPITAL: Open Bid For Equity Shares
------------------------------------------
The Korea Asset Management Corporation (KAMPO) announced the
open bid for the equity shares of Daewoo Capital CRV Under the
CRV Law as follows:

Summary of Daewoo Capital Corporation :
CEO : Seok-Kun Park
Category of business : financing(Installment financing)
Foundation date : February 21,1994
Number of Employees : 610 as of June 30 2002
Sales : KRW 1,124.3 billion(fiscal year 2001), KRW 1,169.6
billion(fiscal year 2000)
Status : Operating company with the conclusion of the workout
agreement dated December 31, 1999

Summary of Daewoo Capital CRV :
Daewoo Capital CRV is a special purpose paper company
established on September 30, 2002 under the CRV Law with the
payment in kind by the creditor banks to facilitate effective
disposal of assets of Daewoo Capital Corporation and improve its
workout process by unifying creditors' decisions.

Underlying shares for the bid :

Object   Number of shares    Ratio of total shares
Stock       14,999,994         50%


Bidder qualification: individual, entities or organizations that
received the bid package, limited in number of fifty (50) bidder
qualification

Bid procedures: Highest bid price in sealed bid auction. In case
only one party tenders a bid, that bid will also be considered
valid.

Terms of Bid

a. Date 3:00 PM, November 25, 2002
b. Bid registration both bid registration and bid will be
implemented at the same date

c. Location KAMCO auditorium, 27th Floor, ASEM Tower, #159-1
Samsung-dong, Gangnam-gu, Seoul

d. Bid deposit cash or bank check that amounts 10% or more of
the tender price should be deposited. The bid deposit of the
successful bidder is not to be refunded in case the transaction
should be terminated by any reason caused by the successful
bidder, pursuant to the Shareholders' Agreement and Share
Purchase Agreement.

e. Documents required for bid
- Bid (tender)
- Registered seal of the bidder (Corporate seal in case of a
company)
- For other required documents please refer to the documents
required for bid registration

f. Documents required for bid registration:

Application for bid registration
Certificate of non-collusion
Share Purchase Agreement
Shareholders' Agreement (all the mentioned are to be endorsed on
the designated format)
Certificate of registered seal of the bidder (Corporate seal in
case of a company)
Certificate of registered resident (Corporate registration in
case of a company)
Articles of association (in case of a company)
Letter of attorney (in case of submission by an attorney)
A copy of Minutes of BOD meeting regarding the participation in
Bid (in case of a company)

Successful bidder will be decided with the highest bid price at
the meeting of CRV Establishment board composed of the creditors
of Daewoo Capital Corporation.

Announcement of the successful bidder on November 28, 2002 by
telephone, fax or mail to the bid participants.

Payment of the remaining bid price balance the successful bidder
should wire bid price balance, which is the amount that excludes
bid deposit from the bid price, to the account designated under
the Share Purchase Agreement before 4:30 PM on December 10,
2002.

Information of data room for due diligence

Location: Main Conference room of Daewoo Capital Corporation
11th floor, 541 Namdaemunro5-ga, Jung-gu, Seoul

Open period: October 21, 2002 ~ the day before the bidding date.

Open hour:

Monday - Friday 9:30 AM ~ 5:30 PMSaturday 9:30 AM ~ 1:00 PM

Contact details regarding bid package & information:
19th Fl Kukje Center Building, 191 Hangangro2-ga, Yongsan-gu,
Seoul (Tel: 02- 709-7907, Fax: 02-749-6147)

Terms and conditions for Successful bidder

a. The shareholders of Daewoo Capital Corporate CRV, KAMCO and
13 creditor banks, will entrust the successful bidder with full
right of selecting the Asset Management Company and managing CRV
under the Shareholders' Agreement.

b. The Daewoo Capital CRV, of which the successful bidder will
be its major shareholder, will purchase the intermediary bonds
of 818 billion KRW at the successful bid rate when Nara Merchant
Bank will settle as a creditor of Daewoo Capital: the bonds are
currently owned by the bankrupt Nara Merchant Bank, and have not
been transferred to Daewoo Capital CRV.

Other considerations

a. A bidder is expected to participate in the bid with the full
understanding of the terms & conditions of the bid.

b. All the incidental expenses are to be born by the successful
bidder.

c. Unmentioned particulars go by the bidding package

TCR-AP reported in February that the unit of the collapsed
Daewoo Group was currently allowed to keep afloat under a
creditor-initiated workout-restructuring scheme.

Daewoo Capital owes 1.9 trillion won to the state-run Korea
Asset Management Corp. (KAMCO), 974.4 billion won to Daewoo
Securities and 645 billion won to Seoul Investment Trust
Management Company.

Contact details for other questions regarding bid in general.
KAMCO Investment management department (Tel: 02-2103-6672, 6495)
Samil Accounting Corporation FAS division, Financial Advisor
(Tel: 02-709-7907, 4090)


HANBO STEEL: Reaches Acquisition Deal With AK Capital
-----------------------------------------------------
The Korea Asset Management Corporation (KAMCO) has reached an
agreement with AK Capital to sell Chohung Bank at US$377
million, about 8 percent lower than the fund's bidding price of
US$410 million, reports the Digital Chosun.

KAMCO said the main sale contract would be signed within this
month.

Bids and negotiations to sell off the ailing steel firm have
been frequently suspended by disputes among the government body
and creditors for the last five years.


HYNIX SEMICONDUCTOR: Inventory Level Decreasing Steadily
--------------------------------------------------------
The inventory level of Hynix Semiconductor is close to hitting  
bottom, PR Newswire reports.

Orders from such U.S. computer makers as Dell, IBM, Hewlett-
Packard, Compaq and AMD to be ready for the Christmas season
have caused Korean chipmakers to dip into their inventory levels
to fill those orders.

The spot-sale price of DDR chips has been boosted to the US$9
level and some of the computer makers have turned to SDRAM
chips, as they were unable to buy DDR chips.

A Samsung official said the inventory level of DDR chips fell
below the two-week level, which means the inventory level is
close to zero.


HYNIX SEMICON: Deutsche Bank Hasn't Come Up With Reform Plan
------------------------------------------------------------
Deutsche Bank, a financial advisor to Hynix Semiconductor Inc,
has not yet determined ways to restructure the chipmaker, AFX
Asia reports, citing Finance and Economy Minister Jeon Yun-Churl

Local lenders have delayed the announcement of plans to
restructure Hynix for about five months. It is now expected as
early as this month.

"Restructuring of (Hynix) debt has been done by creditors. The
government has stakes in some banks, but did not intervene in
the management of banks," Jeon said.


HYUNDAI MOTOR: Resumes Production After KCTU Ends Strike
--------------------------------------------------------
Hyundai Motor Co. and its affiliate Kia Motors Corporation have
resumed production of vehicles at all of their plants as
unionized workers returned to work after the Korean
Confederation of Trade Union (KCTU) stopped the strike, AFX Asia
said on Tuesday.

KCTU stopped the strike after the government withdrew a plan to
seek legislation of its bill for the five-day workweek plan by
the end of 2002.

Meanwhile, Dow Jones reported that Hyundai Motor Co. expects to
incur production loss of 44.5 billion won, or 3,600 vehicles,
caused by the strike.


HYUNDAI PETROCHEMICAL: LG Chemical Consortium Likely to Win Bid
---------------------------------------------------------------
A consortium led by LG Chem Ltd. and Honam Petrochemical Corp.
is likely to win as the preferred bidder for Hyundai
Petrochemical Co., reports the Korea Economic Daily and Dow
Jones.

Main creditor Woori Bank will choose the preferred bidder next
week.

Five bidders, including SK Corporation and three international
companies, have submitted proposals for the sale, in which
Goldman Sachs is lead manager.

The report didn't specify the stake's size.

In 2001, Hanvit and 64 other creditors approved a 2 trillion won
rescue for Hyundai Petrochemical, resulting to a first- quarter
profit of 35 billion won from a 77.6 billion won loss at the end
of last year, TCRAP reports.

Creditors, who now fully own Hyundai Petrochemical following the
debt bailout, plan to sell all Company shares by year-end.



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


ABRAR CORPORATION: Proposed Debt Settlement Approved
----------------------------------------------------
On behalf of Abrar Corporation Bhd, Public Merchant Bank Berhad
wishes to announce that a workout proposal (Workout Proposal)
for ACB was approved in accordance with Section 45(2) of the
Pengurusan Danaharta Nasional Berhad Act 1998 (the Act) via its
letter dated October 28, 2002.  A summary on the Proposed Debt
Settlement which was prepared by the Special Administrators of
ACB is attached hereunder.

Under section 46(4) of the Act, the Workout Proposal binds the
Company, all members and creditors of the Company and any other
person affected by the Workout Proposal.

Subject to proper identification and for a period of 30 days
after November 6, 2002, any creditor of the Company can examine
details of the Workout Proposal during office hours from 9.00
a.m. to 5.00 p.m. on any working day at the following address:

Abrar Corporation Berhad
(Special Administrators Appointed)
24-2, Jalan 1/76 D, Desa Pandan
55100 Kuala Lumpur

A summary on the Proposed Debt Settlement which was prepared by
the Special Administrators may be viewed through this link
http://announcements.klse.com.my/edms/edmsweb.nsf/ba387758ae3741
2b482568a300466fb6/482568bb00440ef448256c64003dbbd3/$FILE/Detail
s.doc

COMPANY PROFILE

The Company (ACB) originally operated as a textile retailer
under the name of Mun Loong stores. In 1996, construction
activities and infrastructure development replaced retailing as
the main core business. The retailing business was then disposed
of in 1997. In the same year, ABRAR Group International became
the Company's major shareholder, resulting in a change of name
from Mun Loong Berhad to Abrar Corporation Berhad.

On May 27, 2000, Pengurusan Danaharta Nasional Berhad appointed
Special Administrators (SAs) to carry out an assessment on the
viability of ACB's business and prepare a workout proposal to
address ACB's debt issues. However, MOUs undertaken on September
18, 2000 and June 27, 2001 with a view towards work out
proposals, were not advanced.

Currently, the SAs are reassessing the Company's financial
position and will formulate a new workout proposal.

CONTACT INFORMATION: No. 24-2, Jalan 1/76D
                     Desa Pandan
                     55100 Kuala Lumpur
                     Tel: 03-9283 2299
                     Fax: 03-9281 6299


ACTACORP HOLDINGS: Subsidiary Receives Winding Up Petition
----------------------------------------------------------
The Board of Directors of Actacorp Holdings Bhd wishes to inform
the public that one of AHB's wholly owned subsidiary, Noble
Concepts Sdn Bhd has been served with a winding-up petition,
details of which are as follows:

(1) Date Petition served: October 31, 2002.  The petition was
    sent to Noble Concepts Sdn Bhd's (NCSB) registered office on
    September 13, 2002 but was inadvertently not sent to the
    NCSB's business address or its solicitor for announcement to
    be released.

(2) Amount claimed: RM35,305.00

(3) Details of default: The claim is based on the purchase of
    materials from Power Fastening (M) Sdn Bhd by Noble Concepts
    Sdn Bhd, a wholly owned subsidiary of the company.  The    
    reason which led to the filing of the winding-up petition is
    based on claimed that Noble Concepts Sdn Bhd owed them
    RM35,305.00 which judgment was obtained.  The winding-up
    petition is scheduled to be heard November 6, 2002.

(4) Total investment in the Noble Concepts Sdn Bhd by Actacorp
    Holdings Berhad is RM6,139,836.00

(5) The expected loss: - NIL -

(6) Operational and financial impact on the group: - NIL -

(7) Step taken: The company is already in communication with
    Power Fastening (M) Sdn Bhd to resolve the matter.

COMPANY PROFILE

The Actacorp Group is a construction concern.  Construction and
engineering activities are undertaken by flagship company V-Pile
Sistem Sdn Bhd.

The Group started out as manufacturers and distributors of
agricultural chemicals and organic fertilizers. In 1991,
activities were enhanced through diversification into
engineering and construction. Participation in property
development followed in 1994.

The Group is currently in an advanced stage of negotiation for a
restructuring exercise.  The proposed restructuring exercise is
intended to revitalize the Group's financial position.

CONTACT INFORMATION: 68A, Jalan SS21/62,
                     Damansara Utama
                     47400 Petaling Jaya, Selangor
                     Tel : 03-7727 4881
                     Fax : 03-7727 4911


GEAHIN ENGINEERING: Submits Restructuring Proposal to Regulator
---------------------------------------------------------------
Further to the announcement made on October 31, 2002, Public
Merchant Bank Berhad, is pleased to announce on behalf of Geahin
Engineering Bhd, that the application in relation to the
Proposed Restructuring Scheme has been made to the Securities
Commission.

COMPANY PROFILE

The Company began operations in 1973 with activities mainly
confined to light structural steel fabrication and repairs of
parts and components used in the manufacturing and construction
industries. The Company expanded its mainstream activities in
1978 into the fabrication of larger and more complex steel
structures for power transmission and telecommunication
infrastructural developments. It also diversified into related
civil and structural engineering activities.

At this juncture, the Company was involved in "Build only"
projects. Its range of activities was expanded in 1988 to
"Design, Manage & Build" projects. Geahin set up in-house
engineering design and building services engineering facilities
in 1989. This enabled it to venture further downstream by
diversifying into design, fabrication and erection of space
structures.

In addition, the Company upgraded its manual and semi-automatic
operations into automated manufacturing technology (AMT) by the
addition of computer numerically controlled (CNC) production
facilities. This upgrading exercise increased production
capacity to 50,000 m/t p.a.

The Company is an affected listed issuer under Practice Note
4/2001 of KLSE's Listing Requirements. On January 23, 2002, the
Company entered into a restructuring agreement with Mayford
Group to undertake a proposed restructuring scheme (PRS). The
Company has yet to reach agreement with financial institution
and other creditors on the PRS, which is still pending the
approval of the High Court of Malaya, the relevant authorities,
scheme creditors and shareholders of the Company.

CONTACT INFORMATION: 8999 Kawasan Perindustrian
                     Batu Berendam
                     (Fasa IV) Batu Berendam
                     75350 Melaka
                     Tel: 06-2819998
                     Fax: 06-2813988


HOTLINE FURNITURE: Extension Request to Stabilize Biz Denied
------------------------------------------------------------
Public Merchant Bank Berhad (PMBB), on behalf of the Board of
Directors of Hotline Furniture Bhd, wishes to inform the public
that KLSE, which has vide its letter dated November 1, 2002,
rejected the Company's application for an extension of time to
comply with the obligation set out in paragraph 5.1 of PN4 which
was made to the KLSE on September 30, 2002. The KLSE further
reminded the Company that it is required to obtain all the
authorities' approval necessary for implementation of its scheme
by December 31, 2002, failing which the company may be de-listed
from the Official List of the KLSE pursuant to Paragraph 16.09
of the Listing Requirements.

Pursuant thereto, PMBB, on behalf of the Board of Directors of
HFB, is pleased to announce that the Company had on October 15,
2002 submitted an application to the Securities Commission of
its plan to regularize its financial condition via a Proposed
Restructuring Scheme.  Further, applications to the Foreign
Investment Committee and the Ministry of International Trade and
Industry in respect of the Proposed Restructuring Scheme will be
made in due course.  (This announcement is dated November 5,
2002)

COMPANY PROFILE

Hotline Furnitures owns companies involved in the manufacturing
and marketing of furniture. Manufacture of furniture products
under the registered trademark of "Hotline" commenced in the
late 1970s. The manufacturing activities of the Group are
carried out at two factories located in Balakong, Cheras Jaya,
both in the state of Selangor. The Group's products are exported
to international retailers and distributors such as Australia,
Japan, Hong Kong, South East Asia, Europe, the Middle East,
North America, South Africa, China, New Zealand, UK, Taiwan,
South Korea, Russia, Philippines, India, Pakistan and
Bangladesh.

Due to the difficult economic climate, the Group had proposed a
corporate exercise involving a rights issue with free warrants
and acquisition of four companies involved in education.
However, in view of the difficulty to procure underwriters, the
Group has aborted the proposed restructuring. The Group recently
announced a new restructuring proposal.

CONTACT INFORMATION: 12th Flr (Right Wing)
                     Menara Kemayan
                     160, Jln Ampang
                     50450 Kuala Lumpur
                     Tel : 03-2166 9660;
                     Fax : 03-2166 9661


MALAYSIAN RESOURCES: Juranas Files RM48M Contract Breach Suit
-------------------------------------------------------------
Malaysian Resources Corporation Bhd faces a winding up petition
filed by Juranas Sdn Bhd, The Edge Daily said yesterday.

The petitioner is seeking payments of RM48.39 million in
relation to a contract "wrongfully" terminated by the firm.  In
a statement to the KLSE yesterday, the company said it had yet
to receive the winding-up petition from Juranas.

Juranas alleges that it was appointed as a project manager for a
joint venture project between the company and Perbadanan
Kemajuan Ikhtisas Negeri Kelantan for a reforestation project in
Kelantan.

The company said that based on the petition, the claim of up to
RM48.39 million comprised the following:

     (i) RM4.5 million being the "lump sum compensation" due to
         the termination of the contract by the respondent
         and/or alternatively;

    (ii) RM7.899 million being the sum due and outstanding under
         the invoices for the monthly installment payment and
         reimbursable expenses and/or alternatively;

   (iii) Loss of profit and/or general damages amounting to RM36
         million due to the wrongful termination of contract by
         the respondent.

"The company has no knowledge of the legal proceedings initiated
by Juranas on this matter nor the judgment in default obtained
by Juranas," a company statement read. "However, based on the
limited information we have received, there is no merit to the
case. MRCB will be contesting against the judgment once we
received more information on the matter."


MYCOM BERHAD: Subsidiary Ordered to Pay RM3.7 Million
-----------------------------------------------------
Further to the announcement made on August 23, 2002, the Board
of Directors of Mycom Berhad wishes to announce that Filati
Lastex Elastofibre Inc., USA (FLE-USA), a wholly owned
subsidiary of Filati Lastex Sdn Bhd (FLSB), 51% owned subsidiary
of the Company had on October 31, 2002 received a judgment by
default entered in favor of the Plaintiffs, Messrs White & Case
against FLE-USA and FLSB jointly for a sum of US$994,036.83
(RM3,777,340) plus costs and post-judgment interests.

The judgment sum of US$994,036.83 relates to legal retainer fees
billed to FLE-USA and FLSB by the Plaintiffs who the Company
feels were extremely excessive and FLSB and Mycom intend to take
steps to negotiate for a fair settlement to the matter.

The Directors of Mycom do not expect a material financial and
operational impact on the Mycom Group as the judgment sum
amount, except for the post-judgment costs and interests, had
already been accrued for in the books of FLSB for the financial
year ended June 30, 2002.  Meanwhile, FLE-USA has since June
2002 temporarily ceased operations due to inconducive business
conditions.

COMPANY PROFILE

The Company was formed as a JVC between two Japanese companies,
Tokyo Shibaura Electric Co Ltd and Mitsui & Company Ltd, and Kee
Huat Radio Company Sdn Bhd.

Mycom manufactured and sold 'Toshiba' electrical consumer
products under a technical collaboration agreement with Toshiba
Corporation of Japan from 1969 to 1987. Since then, Mycom has
transformed into a diversified investment group with substantial
holdings in Malaysia and globally. In 1994, as a result of the
rationalization of part of its investments, Mycom acquired a
stake in KLSE-listed Olympia Industries Bhd. Through Olympia,
Mycom diversified its investments into the property and
financial sectors, resource-based industries, manufacturing and
automobiles. In 1995, Mycom expanded its investments into
plantations and, in property, to include hotels. It also
diversified geographically through investments in South Africa.
In 1996 and 1997, the Company increased its presence in the
natural resource-based sector through further investments in
timber and building materials in Malaysia and South Africa.

On May 8, 2000, the Company and certain of its subsidiaries,
Duta Grand Hotels Sdn Bhd, Sentul Murni Sdn Bhd, Pacific Forest
Industries Sdn Bhd, UNP Plywood Sdn Bhd and Mycom Capital (BVI)
Ltd entered into a restructuring and standstill agreement with
its financial institution creditors to undertake a proposed debt
and corporate restructuring entailing a proposed capital
reduction and consolidation, reduction of share premium account,
rights issue with detachable warrants, special issue, debt
novation, debt restructuring, acquisition of property companies
and land, disposal of investment, inter-company settlement
between the Company and Olympia Industries and an offer for
sale.

The Proposed Restructuring Scheme was submitted to the SC in
August 2000. In February 2001, the SC requested for a more
comprehensive restructuring scheme for its consideration.

The Revised Scheme was submitted to the SC in July 2001.
Subsequently, a further amended Revised Scheme was submitted to
the relevant authorities for approval in December 2001. This has
obtained approvals from BNM, FIC and the MITI while the approval
from the SC is still pending.  The amended Revised Scheme is
also inter-conditional with the proposed restructuring scheme of
Olympia Industries, which is pending SC approval.

CONTACT INFORMATION: Level 23, Menara Olympia
                     8, Jln Raja Chulan,
                     50200 Kuala Lumpur
                     Tel : 03-2323993,
                     Fax : 03-2323996


PAN PACIFIC: Awaits Approval of Workout Plan from Lenders
---------------------------------------------------------
The Board of Directors of Pan Pacific Asia Bhd wishes to
announce that the Company is still awaiting the agreement-in-
principle from its lenders.  The Requisite Announcement will be
made once the Company has obtained the agreement-in-principle
from the majority of its bankers.

COMPANY PROFILE

Prior to its public issue, Pan Pacific undertook a restructuring
exercise involving the acquisition of stockbroking companies. In
1995, the Company embarked on timber-related activities when it
completed a restructuring exercise which involved the
acquisition of five timber companies: Caritimas Sdn Bhd, Kawood
Sdn Bhd, Leaderade Sdn Bhd, Propagate Industry Sdn Bhd and
Wansuria Sdn Bhd. At the same time, the Company divested its
interest in stockbroking company, South Johor Securities Sdn
Bhd.

On December 26, 2000, Pan Pacific entered into a conditional
Share Sale Agreement with K & N Kenanga Bhd for the proposed
disposal of the entire issued and paid-up share capital of
Peninsula Securities Sdn Bhd (PSSB). On August 24, 2001, the
proposed disposal of PSSB to K & N Kenanga was approved by the
shareholders of Pan Pacific. The disposal was subsequently
completed on August 30, 2001.

Pursuant to the revamped listing requirements of Practice Note
4/2001 which requires affected listed issuers to announce plans
to regularize their financial condition, the Company has
commenced negotiations with one of its major financiers for its
debt restructuring. Pan Pacific also plans to utilize part of
the proceeds from its divestment of the stockbroking subsidiary
to establish a manufacturing facility for biodegradeable
packaging for food and beverages.

CONTACT INFORMATION: Suite 6.2, Level 6, Menara Pelangi
                     Jalan Kuning, Taman Pelangi
                     80400 Johor Bahru
                     Tel : 07-3343008
                     Fax : 07-3339163


SRIWANI HOLDINGS: Commission Sets Conditions on Rights Issue
------------------------------------------------------------
We refer to the announcements dated June 28, 2002, July 5, 2002
and August 9, 2002 on the above matter and on behalf of the
Board of Directors of Sriwani Holdings Bhd, Commerce
International Merchant Bankers Berhad (CIMB) hereby announces
that the Securities Commission (SC) has on October 31, 2002
approved the Proposals.

The approval of the SC on the Proposals is however subject to
the following conditions:

     (i) The following conditions need to be adhered to when
         utilizing proceeds from the Proposed Rights Issue and
         conversion of irredeemable convertible preference
         shares (ICPS)-A:

         (a) the approval of the SC is required for any revision
             in the utilization of proceeds from the Proposed
             Rights Issue and conversion of the ICPS-A other
             than for core business of SHB;

         (b) SHB is required to inform its shareholders of the
             utilization of the proceeds and should there be any
             variation, appropriate disclosure should be made to
             the shareholders of SHB;

         (c) any extension of time in utilizing the proceeds
             must be approved by way of a final resolution from
             the Board of Directors of SHB and must be fully
             disclosed to the Kuala Lumpur Stock Exchange
             (KLSE); and

         (d) appropriate disclosure on the status of the
             utilization of proceeds must be made in the
             quarterly report and annual report of SHB until the     
             proceeds have been fully utilized.

    (ii) The vendors of Winner Prompt Sdn Bhd (WPSB) are
         required to guarantee that the net tangible assets
         (NTA) of WPSB shall be at least RM9.0 million upon
         completion of the proposed acquisition of the entire
         equity interest in WPSB (Proposed WPSB Acquisition) and
         the vendors of Selasih Ekslusif Sdn Bhd (SESB) are
         required to guarantee that the NTA of SESB shall be at
         least RM17.0 million upon completion of the proposed
         acquisition of the entire equity interest in SESB     
         (Proposed SESB Acquisition).

   (iii) Detailed information on trade receivables, aging
         analysis as well as those trade receivables which have
         exceeded the relevant credit periods granted, of SHB
         and its subsidiaries (SHB Group), WPSB and SESB are
         required to be disclosed in the circular to  
         shareholders of SHB. In addition, a statement from the
         directors of SHB and the vendors of WPSB and SESB on
         the recoverability of those trade receivables which
         have exceeded the relevant credit periods granted,
         should also be included in the circular to the
         shareholders of SHB.

    (iv) Full provision on the trade receivables of the SHB
         Group, WPSB and SESB is required to be made in respect
         of the following:

         (a) if the amount owing by the trade debtors are being
             disputed;

         (b) if legal action has commenced or taken against such
             debtors; and

         (c) if trade receivables have been outstanding for more
             than 6 months.

         In connection with the above, the Directors of SHB and
         the vendors of WPSB and SESB are required to provide a
         written confirmation to the SC on the recoverability of
         such trade receivables that have exceeded the relevant
         credit periods granted other than those for which
         provisions for doubtful/bad debts have been made in the
         accounts and in the profit forecast and projections of
         the SHB Group, WPSB and SESB.

     (v) A moratorium shall be imposed on 50% of the new SHB
         ordinary shares of RM1.00 each (SHB Consideration
         Shares) to be issued to the vendors of WPSB and SESB
         pursuant to the Proposed WPSB Acquisition and Proposed
         SESB Acquisition. In this regard, the vendors of WPSB
         and SESB are not allowed to sell, transfer or assign
         50% of the SHB Consideration Shares for one (1) year
         from the date of listing of the SHB Consideration
         Shares. Thereafter, the vendors of WPSB and SESB are
         only allowed to sell, transfer or assign not more than
         one-third (1/3) of the total SHB Consideration Shares
         under moratorium for each subsequent year. CIMB is
         required to provide the name of the vendors of WPSB and
         SESB who shall be subject to such moratorium on
         disposal of the SHB Consideration Shares. In this
         connection, the aforesaid vendors are required to
         provide an undertaking not to sell, transfer or assign   
         the SHB Consideration Shares during the stipulated
         timeframe. However, SHB could apply the relevant SC's
         Guidelines in relation to the moratorium on disposal of
         shares to be announced by the SC at a later stage in
         line with the implementation of final phase of the
         Disclosure-Based Regulation.

    (vi) SHB is required to appoint within two (2) months from
         the date of the approval letter of the SC an
         independent firm of auditors with the relevant
         experience in carrying out an investigative audit and
         shall not be the current auditors of the SHB Group, to
         conduct an investigative audit on the previous business
         losses. SHB is required to take necessary/relevant
         steps to recover the losses incurred. Based on the
         results of the investigative audit, SHB has to report
         to relevant authorities if there is any violation of
         laws, regulations, guidelines and the Memorandum and
         Articles of Association of SHB, caused by the directors
         of SHB and/or any other parties which resulted in the
         losses of the SHB Group. Thereafter, SHB is required to
         improve on its corporate governance. The investigative
         audit has to be completed within six (6) months from
         the date of appointment of the independent auditors and
         two (2) copies of the audit report have to be forwarded
         to the SC.

   (vii) SHB is required to furnish the SC for their review
         copies of the valuation report on the properties of the
         SHB Group earmarked for disposal pursuant to the
         Proposed Debt Restructuring Scheme prior to the
         disposal.

  (viii) SHB is required to obtain the approval of the Foreign
         Investment Committee prior to the implementation of the
         Proposals.

    (ix) A copy of the circular to shareholders in relation to
         the Proposals is required to be presented to the SC for
         review.

     (x) SHB is required to comply fully with the relevant
         requirements of the Policies and Guidelines on
         Issue/Offer of Securities of the SC.

    (xi) SHB and the relevant parties are required to provide a
         written confirmation on compliance with the above terms
         and conditions in each of the financial year.  (This
         announcement is dated November 5, 2002)

COMPANY PROFILE

The main business of the Group is trading of duty free
merchandise.  The Group operates 15 duty free outlets around the
globe, the (Duty Free Zone, Johor Bahru) duty free complex in
Johor Bahru being one of the largest integrated duty free
tourism complexes in the region.

The Group was initially involved in the importation and
distribution of consumables, the tours and the food business.
Following a restructuring and rationalization exercise in 1990,
the duty free operations were rationalized under subsidiary,
Sriwani Trading Sdn Bhd, and at the same time, non-duty free
trading companies were divested.  The Group's main focus was
then in trading, wholesaling and retailing of duty free
merchandise.

The Group diversified into tourism-related activities in 1992
with the acquisition of land in Penang for resort development.
Its first accommodation facility, the Eden Garden Hotel, Johor
Bahru, had its soft opening in late 1997.

The Group diversified into the food-related business in 1993
with the acquisition of the Eden Enterprises (M) Sdn Bhd Group,
owner and operator of western cuisine and seafood restaurants,
catering services, gourmet supply outlets, and bakeries. The
Group has since also opened the Eden Floating Palace, Johor
Bahru.

Group operations are located in Kuala Lumpur, Selangor, Malacca,
Penang, Kedah, Kelantan and overseas, Mongolia and Vietnam.

On February 2, 2001, the Company announced a proposed scheme of
arrangement involving a capital reconstruction, rights issue,
scheme between the Company and certain of its subsidiaries,
(Sriwani Trading Sdn Bhd, Cergasjaya Sdn Bhd, Sriwani Duty Free
Supplies Sdn Bhd, Kelana Megah Sdn Bhd and Syarikat Sriwani (M)
Sdn Bhd), with certain creditors and those subsidiaries and the
proposed disposal of certain assets and properties of Sriwani
and those subsidiaries which are being charged as collateral to
financial institutions. The High Court on April 18, 2001 granted
an order for the Company to convene separate meetings of its
shareholders with each class of creditors included in the
proposed scheme of arrangement to be implemented under Section
176 of the Companies Act, 1965.

On April 23, 2001, the KLSE granted Sriwani an extension of four
months, from April 23, 2001 to August 22, 2001 to submit
authorities its plan to regularize its financial condition under
Practice Note 4/2001 of KLSE's listing requirements.

CONTACT INFORMATION: Wisma Sriwani, 418 Chulia Street
                     10200 Penang
                     Tel : 04-2628535
                     Fax : 04-2614076


TONGKAH HOLDINGS: Modifies Proposed Restructuring Scheme
--------------------------------------------------------
We refer to the announcement dated September 30, 2002 wherein
Public Merchant Bank Berhad (PMBB), on behalf of the Board of
Tongkah Holdings Bhd, announced that the Company, Harbour-Link
Group Berhad (HLG) and the vendors of Harbour-Link (M) Sdn Bhd
(HLM), Harbour Agencies (Sarawak) Sdn Bhd (HAS), and Eastern
Soldar Engineering & Construction Sdn Bhd (ESEC), had on
September 30, 2002 entered into a Master Agreement to give
effect to and implement the terms of the Proposed Restructuring
Scheme of THB, which inter-alia includes, the following:

     (i) the proposed acquisition of the entire share capital of
         HLM comprising 10,055,120 ordinary shares of RM1.00
         each for a purchase consideration of RM76,000,000 to be
         satisfied by way of issuance of 76,000,000 ordinary
         shares of RM1.00 each in HLG (HLG Shares) (Proposed
         Acquisition of HLM);

    (ii) the proposed acquisition of the entire share capital of
         HAS comprising 750,000 ordinary shares of RM1.00 each
         for a purchase consideration of RM34,000,000 to be
         satisfied by way of issuance of 34,000,000 HLG Shares
         (Proposed Acquisition of HAS); and

   (iii) the proposed acquisition of the entire share capital of
         ESEC comprising 4,000,000 ordinary shares of RM1.00
         each for a purchase consideration of RM45,000,000 to be
         satisfied by way of issuance of 45,000,000 HLG Shares.

(i) to (iii) above are collectively referred to as the "Proposed
Acquisitions."


Further thereto, on behalf of the Board of THB, PMBB wishes to
announce that THB, HLG and the vendors of HLM, HAS and ESEC had
on November 5, 2002, entered into a supplemental Master
Agreement to revise the purchase considerations for HLM and HAS
as follows:

     (i) the purchase consideration for the Proposed Acquisition
         of HLM from RM76,000,000 to RM73,000,000; and

    (ii) the purchase consideration for the Proposed Acquisition
         of HAS from RM34,000,000 to RM37,000,000.

HLG had also on November 5, 2002 entered into supplemental share
sale agreements with the vendors of HLM and HAS respectively for
the following:

     (i) To revise the purchase consideration for HLM from
         RM76,000,000 to RM73,000,000; and

    (ii) To revise the purchase consideration for HAS from
         RM34,000,000 to RM37,000,000.

Consequently, the number of new HLG Shares to be issued pursuant
to the Proposed Acquisition of HLM and the Proposed Acquisition
of HAS will be revised to 73,000,000 new HLG Shares and
37,000,000 000 new HLG Shares respectively. However, the total
number of consideration shares to be issued by HLG for the
Proposed Acquisitions remains unchanged at 155,000,000 HLG
Shares.

The purchase prices for HLM and HAS, which were arrived at on a
willing-buyer willing-seller basis after taking into
consideration their potential earnings, were revised due to the
adjustments in the future earning contribution from HLM and HAS
subsequent to the signing of the share sale agreements and the
Master Agreement on September 30, 2002.

Save for the above, there are no further revisions to the
Proposed Restructuring Scheme that was announced on September
30, 2002.  (This announcement is dated November 5, 2002)

COMPANY PROFILE

The Group has been involved in manufacturing, financial services
and healthcare support services.

On Septemver 6, 2001, the Company announced that it was an
affected issuer under Practice Note 4 of KLSE Listing
Requirements.

Losses incurred and continued difficult business conditions
necessitate the rationalization of the Group's activities.  In
line with this, the Company disposed of Tongkah Electronics Sdn
Bhd and Tongkah Mouldings Technologies Sdn Bhd to contain
losses. The Group is also disposing of its entire equity
interest in Kestrel Securities Sdn Bhd in line with the
consolidation of the stock broking industry. Bonds A holders and
shareholders have approved the disposal of Kestrel Securities to
Allied Avenue Assets Securities Sdn Bhd on December 19, 2001.
Efforts are being put in place to regularize the financial
condition of the Company.

CONTACT INFORMATION: 10th Floor, Tower Block
                     Kompleks Antarabangsa
                     Jalan Sultan Ismail
                     50250 Kuala Lumpur
                     Tel : 03-2454337
                     Fax : 03-2415757


UNITED CHEMICAL: Nears Agreement on Proposed Recovery Scheme
------------------------------------------------------------
Further to the monthly announcement dated October 1, 2002 and
the announcement on October 31, 2002 in respect of the extension
of time for the signing of the Conditional Sale and Purchase
Agreements (SPAs), Alliance Merchant Bank Berhad, on behalf of
the Board of Directors of United Chemical Industries Bhd, wishes
to announce that the relevant parties are progressing towards:

     (i) entering into a Corporate Restructuring Agreement (CRA)
         and SPAs to record and regulate the proposed
         restructuring scheme of the Company;

    (ii) finalizing the legal and financial due diligence
         exercises in relation to the proposed restructuring
         scheme; and

   (iii) procuring the creditors' agreement-in-principle to the
         proposed restructuring scheme.

COMPANY PROFILE

The Company, located in Penang, was set up to manufacture
polypropylene woven bags for flour. Through expansionary
programs, the Company has increased its production capacity and
presently has modern technological machinery for the
manufacturing of polypropylene/polyethylene cloth and bags. The
raw materials for production are mainly sourced locally. The
Company has an estimated 12% share of the local market. About
80% of the products is sold locally and the balance 20%
comprising substantially polypropylene cloth is exported mainly
to the Netherlands and Australia. Currently, annual production
capacity and output stand at 2,400 m/t and 2,040 m/t
respectively.

In September 1996, the Company entered into a SPA with Sungei
Wang Properties Sdn Bhd (SWP) to acquire Hongkew Holdings (M)
Sdn Bhd. However the SA was subsequently terminated. In late
June 2001, the Company appointed a merchant bank to formulate a
restructuring plan to regularize the Group's financial position.
This followed the Group's write-off of the investment incurred
to acquire Hongkew. To this end, UCI has also appointed a
solicitor to assist the Company in recovering deposits paid to
SWP.

CONTACT INFORMATION: 20th Floor, East Wing
                     IGB Plaza
                     Jalan Kampar
                     Off Jalan Tun Razak
                     50400 Kuala Lumpur
                     Tel : 03-4430411
                     Fax : 03-4439233


ZAITUN BERHAD: Status of Plan to Stabilize Finances Unchanged
-------------------------------------------------------------
Zaitun Berhad wishes to announce that there is no change to the
status of its plan to regularize its financial position since
the last announcement made by the Company on October 4, 2002.

COMPANY PROFILE

The Group's core business consists of the manufacturing and
marketing of toiletries, cosmetics and food products under its
own brand name of "Zaitun." The Group is the pioneer producer
and the market leader for toiletries and cosmetic products in
the Muslim market segment. The Group's products mainly cater to
Muslim men and women with household incomes of RM500 and above.
The products are also exported to countries such as Brunei,
Singapore, Indonesia and China.

Zaitun's products are distributed through high traffic outlets,
retailers and wholesalers. These main outlets are serviced by 30
sales representatives and executives operating from seven branch
offices in West Malaysia.

Most of the Group's raw materials are imported, while some are
procured from local suppliers. However, the imported raw
materials are currently supplied by local distributing houses.

Following the termination of the last exclusive distributorship,
the Group has commenced distributing and selling its own
products. The Group has not been successful in appointing
another sole agent to distribute its products.

In January 2001, the Company had announced its proposal to
undertake a comprehensive fund raising exercise, including a
rights issue, aimed at restoring the financial health of the
Group. The Company subsequently had to abort the exercise owing
to the prevailing market conditions. Nevertheless, the Board
continues in its effort to devise another workable financial
plan to strengthen the Group's financial position.

CONTACT INFORMATION: Suite 16.09, Tingkat 16
                     Plaza Pengkalen
                     Batu 3, Jalan Ipoh
                     51200 Kuala Lumpur
                     Tel : 03-4433422
                     Fax : 03-4424653



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


ASIAN TERMINALS: Signs 5-year Loan Facility With HSBC
-----------------------------------------------------
Asian Terminals Inc. (ATI), through SEC Form 17-C dated October
30, 2002, informed the Philippine Stock Exchange that:

The Company signed on October 29, 2002 a loan Agreement with the
Hong Kong Shanghai Banking Corporation (HSBC) to provide a Five-
year Loan Facility in the amount of Six Hundred Million Pesos
(P600, 000,000.00). The proceeds of the Loan will be used to
finance capital expenditures and to refinance existing debt.
Final Maturity date is five years from the date of initial draw
down.

For a copy of the press release, go to
http://bankrupt.com/misc/tcrap_ati1106.pdf


BENPRES HOLDINGS: Maynilad Requests MWSS to Fulfill Obligations
---------------------------------------------------------------
Maynilad Water Services, Inc., a corporation whose capital stock
is 59 percent owned by Benpres Holdings Corporation, served
notice to the Metropolitan Wateworks and Sewerage System (MWSS)
requesting MWSS to fulfill its obligation under Amendment NO. 1
of the Concession Agreement to ensure the viability of the
concession. In the notice of the MWSS, Maynilad asked the MWSS
to perform its obligations, notably, to enter into an agreement
with Maynilad on the action planon service targets, the rates to
be implements in January 2003, and the issues to be addressed on
the concerns of Maynilad's lenders, which constitute the main
elements of Amendment No. 1.

The MWSS Board has repeatedly extended the deadline for the
agreements that would resolve the above issues, originally set
for January 3, 2002. The subsequent deadlines set for June 30,
July 31 and October 31 this year has also lapsed. Maynilad
declined any further extension of the latest deadline when it
lapsed last week.

Maynilad is also seeking the full implementation of the foreign
exchange loss recovery mechanism approved by MWSS last year
under Amendment No. 1.

Attached is the press release of Maynilad on this matter at
http://bankrupt.com/misc/tcrap_bhc1106p3.pdf


BENPRES HOLDINGS: JP Morgan, Chase Exercise Put Option Deal
-----------------------------------------------------------
Benpres Holdings Corporation received a letter from JP Morgan
Partners (BHCA), L.P., Chase Manhattan International Finance
Limited and Bayan Investment Holding Company (JP Morgan/Chase
Group), giving notice that the JP Morgan/Chase Group is
exercising its option to require Benpres to acquire Class A
shares in Bayan Telecommunications Holdings Corporation.

The JP Morgan/Chase Group is claiming a higher number of shares
and a higher purchase price than the US$6.7 million recognized
by Benpres Holdings in relation to this claim as disclosed in
its annual accounts for the year ended 31 December 2001.

The Balance Sheet Management plan of Benpres intends to address
the settlement of the JP Morgan/Chase put option.

For a copy of the disclosure, click on
http://bankrupt.com/misc/tcrap_bhc1106p2.pdf


BENPRES HOLDINGS: Clarifies Loan Payment Report
-----------------------------------------------
Benpres Holdings Corporation responded to the news article
entitled "Benpres to pay interests on loans by December"
published in the November 5, 2002 issue of the BusinessWorld.

The article reported that: "Lopez-led Benpres Holdings Corp.
will make interest payments on outstanding obligations by
December whether its creditors agree to its proposed
restructuring plan, Chief Financial Officer Angel S. Ong said.
"We wil just pay." Mr.Ong told BusinessWorld. Another source
said interests due in this month are still being computed, thus
Benpres cannot yet assure payments will be made in full. To
date, Benpres is yet to convince all its creditors to approve
the restructuring of its $596.9 million debt.

Benpres Holdings Corporation (BPC), in its letter to the
Philippine Stock Exchange dated November 5, 2002, stated that:

"Please be advised that although it has not reached an agreement
with its creditors on the terms of the restructuring, Benpres
would be making certain interest payments in December 2002, on
its own initiative, as announced earlier. The amounts to be paid
in December 2002 were based on rates fixed in accordance with
its Balance Sheet Management Plan.

Benpres is still discussing the restructuring terms with its
creditors."

The press release is located at
http://bankrupt.com/misc/tcrap_bhc1106.pdf


NATIONAL POWER: Lawmakers Urged to Close Coal Plants
----------------------------------------------------
The House of Representatives has urged the National Power
Corporation (Napocor) to shut down its coal-fired power plants
due to the danger they pose to human life and the ecosystem,
Asia Pulse says.

In a joint public hearing, it was revealed that burned coal
emitted by coal-fired power plants emit toxins and carcinogens
that pose real danger to human and animal life, vegetation and
the coastal ecosystem.

DebtTraders reports that National Power Corporation's 9.750%
bond due in 2009 (NATP09PHN1) trades between 104.188 and
105.254. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=NATP09PHN1

      
PHILIPPINE LONG: Clarifies "Piso Has Unpaid Dues" Report
--------------------------------------------------------
The Philippine Long Distance Telephone Co., refers to the news
article entitled "Piso has unpaid dues with PLDT" published in
the November 4, 2002 issue of the Manila Standard.

The article reported that: "Philippine Long Distance Telephone
Co. will get even with the Philippine Internet Services
Organization by raising before the National Telecommunications
Commission the non-payment by Piso members of their obligations
to the dominant carrier.

'The combined liabilities and debts of most of the members of
Piso amount to over P100 million. These have remained unpaid for
almost a year, a PLDT source said.

Philippine Long Distance Telephone Company (PLDT), in a letter
dated November 4,2002, stated that:

The issue of Piso's nonpayment of their obligations to PLDT was
attributed to anonymous sources. As a matter of policy, we do
not comment on statements that are not properly attributed.

Regarding Piso's complaint, which has been raised with the NTC,
rest assured that we will immediately respond as soon as we
formally receive a copy thereof.

Further, the Company, in its letter dated November 5, 2002
advised the Philippine Stock Exchange that:

"Based on PLDT records, a majority of the PISO members have
accounts due to PLDT of approximately P100.0 million."

For a copy of the press release, go to
http://bankrupt.com/misc/tcrap_pldt1106.pdf


PHILIPPINE LONG: Will Resume Paying Dividends in 2004
-----------------------------------------------------
Philippine Long Distance Telephone Co. (PLDT) will resume paying
dividends on common shares in the second half of 2004 as the
telecom pursues plans to pay half of $1.3 billion of debt due by
2004 with cash from operations, reports the Bloomberg News.

PLDT last paid a full-year dividend to holders of common stock
in 1998. Its shares were unchanged at 227 pesos.


PHILIPPINE LONG: Sets P1 Cash Dividend For Series G/P/N/S Shares
----------------------------------------------------------------
The Philippine Long Distance Telephone Co will pay a cash
dividend of 1.00 peso per share to holders of its series G, P, N
and S shares, AFX Asia reports.

PLDT said the date of record for the dividend is November 29,
while the payment date is December 27.

At 9.33 A.M. Wednesday, PLDT was down 3 pesos at 224.


PILIPINO TELEPHONE: Narrows Net Loss to Php2.85 Billion
-------------------------------------------------------
Pilipino Telephone Corporation, a unit of Philippine Long
Distance Telephone Co., reported a nine months net loss of 2.849
billion pesos, versus a loss of 19.587 billion pesos a year ago,
reports the AFX News.

Pilipino Telephone Corporation disclosed its 9-month financial
result as follows:

(in billion pesos unless stated)

Net loss 2.85 vs 19.59
Operating revenue 2.46 vs 2.42
Provision for depreciation and amortization 2.22 vs 2.83
Interest expense (million) 605.5 vs 1,129
Loss per share (peso) 2.25 vs 11.82

For three months to September 30, 2002 (in million pesos unless
stated):

Net loss 922.10 vs 1,387
Operating revenue 639.5 vs 942.4
Loss per share (peso) 0.74 vs 1.00

Multex Global Estimates consensus for 2002 is a net loss of 4.32
billion pesos or a loss per share of 2.50 pesos.



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


ASIA PULP: Four Units May Repay Debt in Less Than 10 Years
----------------------------------------------------------
Four Indonesian units of Asia Pulp & Paper Co. (APP) may be able
to repay debts in less than 10 years, a senior official at the
Indonesian Bank Restructuring Agency said.

The Indonesian units are PT Indah Kiat Pulp, Paper and PT Tjiwi
Kimia, PT Pindo Deli Pulp & Paper Mills and PT Lontar Papyrus.

According to Bloomberg, Asia Pulp, which makes the bulk of its
revenue from pulp and paper plants in Indonesia, signed an
agreement on September 28 with key creditors, agreeing to pay
$6.5 billion, less than half its debt, in 10 years.

APP stopped payments on more than $13 billion of debt in March
2001 after the collapse of the country's currency in 1997 and
1998. Indonesian companies owe overseas creditors more than $60
billion, much of which soured after the Asian crisis.

DebtTraders reports that APP China Group's 14.000% bond due in
2010 (PAP10IDS1) is trading between 28.500 and 31. Go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=NATP09PHN1
for real-time bond pricing.


ELLIPSIZ LTD: Replies to SGX Queries
------------------------------------
The Board of Directors of Ellipsiz Limited responded to the
Singapore Exchange Securities Trading Ltd's queries raised in
its letter dated November 5, 2002, on the Company's Annual
Report for the Financial Year ended 30 June 2002 that was
released on 30 October 2002:

(a) As at 14 October 2002, approximately 48 percent of the
Company's shares listed on the Singapore Exchange Securities
Trading Limited were held in the hands of the public.
Accordingly, the Company has complied with Rule 723 of the
Listing Manual;
  
(b) As required under Rule 713 of the Listing Manual, the
Company confirms that the date of appointment of the audit
partner in charge of the audit of the Company and its group
companies is 30th June 2000; and
  
(c) As regards Rule 1207(16) of the Listing Manual, the Company
confirms that there was no interested person transaction during
the financial year ended 30 June 2002.

In September, TCRAP reported that Ellipsiz Limited posted a net
loss of S$23.1 million for the fiscal year to June, citing
Kelive analysts.

Ellipsiz's cash position was also eroded by some S$15 million
from S$59.4 million to S$44 million as a result of the
significantly weaker operations.

Looking ahead, management stated that outlook for the Company
remains murky and it is currently working on a new business
model for the Advanced Packaging Solutions Group, which has a
burn rate of S$600k to S$800k per month for MicroFab alone.


HEALTH MANAGEMENT: Submits Corporate Restructuring Proposal
-----------------------------------------------------------
The Board of Directors of Health Management International
Limited (HMI) said the Company intends to implement a corporate
restructuring and strategic repositioning of the Company and all
its subsidiaries (HMI Group).

A. EXISTING STRUCTURE

2.1 Existing Corporate Structure

2.1.1 Currently, HMI has 3 wholly owned subsidiaries, HMI
Balestier Hospital Pte Ltd HMIBH, HMI Consulting Pte Ltd (HMIC)
and HMI Health Management (M) Sdn Bhd (HMIHM).

2.1.2 HMIBH presently owns a 30 percent equity interest in
Nathill Track Sdn Bhd (NTSB) and 46.7 percent equity interest in
Excellent Strategy Sdn BHd (ESSB). ESSB owns and operates
Mahkota Medical Centre (MMC) in Melaka, Malaysia.

2.1.3 On 9 September 2002, HMIBH signed a Sale & Purchase
Agreement (Regency S&P) to acquire a 65 percent equity in
Premier Health Corporation (M) Sdn Bhd (PHCM). PHCM through its
wholly owned subsidiary, Regency Medical Centre (Seri Alam) Sdn
Bhd RMCSA, and an 85 percent subsidiary, Regency Medical Centre
(Sungai Petani) Sdn Bhd RMCSP, owns a completed but yet to be
equipped 218-bed hospital tentatively known as Regency
Specialist Hospital RSH and a piece of freehold land approved
for the development of a 200-bed hospital in Sungai Petani,
Kedah respectively. Completion of the Regency S&P is subject to
certain conditions, including the approval of the Foreign
Investment Committee, Malaysia.

2.1.4 HMI Institute of Health Sciences HMI-IHS was established
as a business within HMIC in December 2001.

2.2 Existing Business Structure

The current business structure of the HMI Group consists of the
following 3 core businesses:

2.2.1 Hospital operations and management

HMIBH operates the HMI Balestier Hospital BH in Singapore and
manages MMC. HMIBH was awarded a 5-year Hospital Management
Contract (the "MMC Contract to manage MMC in November 1998, with
an option to extend the MMC Contract for another 5 years.

2.2.2 Hospital development, management and consulting services

HMIC and HMIHM, both currently dormant companies, were set up
initially to provide hospital development, management and
consultancy services.

2.2.3 Healthcare training and education services

HMI-IHS provides healthcare related training and education
courses in Singapore through its Enrolled Nursing Training
Course, Inpatient Care Assistant Course and other new courses,
which will be rolled out progressively.

B. STRATEGIC REPOSITIONING

3. Given the highly competitive private healthcare market in
Singapore and the downturn in patient through-put experienced by
BH and the prolonged economic slowdown, the HMI Group intends to
reposition itself and embark on a growth strategy focused on two
core businesses:

3.1 Healthcare Division

(a) The Healthcare Division of the HMI Group will undertake all
hospital related investment, operations, management and
consulting activities.

(b) Given the market potential for private healthcare services
in Malaysia and other Asian regions, the HMI Group will be
consolidating and strengthening the operations of its Singapore
hospital, BH, and its hospitals in Malaysia, namely MMC, the
recently acquired RSH and Hospital Al-Bukhary HAB in Alor Setar
which is managed by the HMI Group.

(c) As part of the restructuring exercise, the current 46.7
percent shareholding in ESSB held by HMIBH will be restructured
and transferred as follows:

- 16.7 percent will be transferred to HMIHM
- 30 percent will be transferred to HMI

(d) To simplify the structure of the Healthcare Division, HMIBH
will transfer its 30 percent equity interest in NTSB and assign
the Regency S&P to HMI.

3.2 Education Division

(a) In October 2002, the HMI Group launched HMI-IHS to undertake
all healthcare related training and education activities,
including international research based consulting work.

(b) The HMI Group believes that there is a shortage of skilled
manpower in the healthcare sector in Singapore and the region.
There is, accordingly a need for continuing training and
education for healthcare professionals. The HMI Group intends to
establish and expand the local and regional operations of its
HMI-IHS by building on its extensive experience in and knowledge
of healthcare and healthcare education.

(c) BH will be transformed into a training hospital and base for
the new healthcare education and training business of the HMI
Group whilst continuing to provide the following core hospital
and outpatient services:

- Operating Theatre and Day Surgery
- Health Screening
- Outpatient General Practice and Specialist Clinics
- Radiology

C. CORPORATE RESTRUCTURING PLANS

4 Restructuring of HMIBH to be the HMI Group's education &
training arm

4.1 HMIBH will transfer 30 percent of the shares in ESSB to HMI
for RM20.7 million and 16.7 percent of the shares in ESSB to
HMIHM for RM 11.5276 million.

4.2 HMIBH will assign the MMC Contract to HMIHM for a total
consideration of RM2.6 million.

4.3.1 The transfer of ESSB shares and the assignment of the MMC
Contract to HMIHM shall be effective from 1 July 2002. The total
sum of RM 14.1276 million due and owing to HMIBH by HMIHM shall
be satisfied as follows:

a. HMIHM shall allot 5.05 million ordinary shares at RM1.00 per
share to HMIBH to be paid for by capitalizing a sum of RM5.05
million due and owing by HMIHM to HMIBH. HMIBH will renounce
these shares in favor of HMI to satisfy an amount of S$2.339
million (being equal to RM5.05 million at an exchange rate of
0.4632) due and owing by HMIBH to HMI; and

b. RM9.0776 million shall be payable in cash.

In addition, for a consideration of RM1.00, HMIHM will grant to
HMI an option to subscribe for another 5.05 million ordinary
shares at RM1.00 per share.

4.3.2 HMIHM will issue redeemable convertible preference shares
RCPS to strategic investors to raise up to RM9.9 million in cash
for the HMI Group (the RCPS Issue. The RCPS Issue will be
subject to all applicable laws and regulations.

Features of the RCPS may include:

- Pari passu ranking with HMIHM ordinary shares on dividend.

- Convertibility into ordinary shares of HMIHM at anytime but in
any event no later than when required pursuant to any initial
public offering and listing of HMIHM shares on a recognized
stock exchange in Malaysia or elsewhere.

- Redemption by the holder at any time from the 2nd anniversary
of their issue date but in any event not later than the 5th
anniversary of their issue, failing which the RCPS shall be
redeemed at the option of HMIHM on the 5th anniversary of their
issue date.

The negative working capital of the HMI Group (as set out in the
announcement of the HMI Group's unaudited full year financial
statement announcement for the year ended 30 June 2002) will
return to a positive position with the successful implementation
of the RCPS Issue together with the Rights Issue announced by
the Company on 21 October 2002.

4.4 HMIBH will transfer its 30 percent shareholding in NTSB to
HMI.

4.5 HMIBH will assign the Regency S&P to HMI.

4.6 HMIC will transfer the HMI-IHS business to HMIBH to reflect
the new structure.

4,7 The restructuring exercise is subject to all relevant laws
and regulations, the requirements of the SGX-ST and the
approvals of all relevant parties.

5. Restructuring of HMI to be the investment arm for healthcare
division

Upon the completion of the restructuring exercise, HMI will
become the investment arm for healthcare division and will hold:

(a) 30 percent equity interest in NTSB;

(b) 30 percent equity interest in ESSB; and

(c) 65 percent equity interest in PHCM.

According to Wright Investor's Service, at the end of 2002,
Health Management International Limited had negative working
capital, as current liabilities were 19.01 million Singapore
Dollars while total current assets were only 11.54 million
Singapore Dollars.


HUA KOK: Closes Bintan Concrete Plant, Fires 660 Workers
--------------------------------------------------------
The Board of Directors of Hua Kok International Limited
announced the closure of PT Sindo Bintan Precast (SBP)
operations in Bintan with immediate effect.

Information on SBP

SBP was incorporated in 1996 for the purpose of manufacturing
precast concrete components in Bintan as a result of growing
demand in Singapore for precast concrete products. The precast
factory, occupying a 25-Hectares site, became fully operational
in February 1997 and increased the Group's annual production
output from approximately 15,000 cu.m to approximately 45,000
cu.m.

Rationale for closure

As was highlighted in the announcement on the Company's full
year results for the year ended 30 June 2002 made on 30
September 2002, the precast division recorded a loss before
interest and tax LBIT of S$11.5 million. This loss was
attributable to projects that were secured at competitive
pricing and higher manufacturing costs partly as a result of the
increase in the minimal wage rate in Indonesia. The announcement
also highlighted that market conditions for the precast division
remains extremely difficult with limited contracts available and
high collection risks associated with the industry. To make
better use of resources, the precast manufacturing operation was
reactivated at Sungei Kadut, Singapore in June 2002 and the
scale of operation in Bintan was correspondingly reduced. The
announcement also mentioned that going forward, with surplus
capacity, there are plans to downsize the Bintan plant and
possibly to close/divest the plant.

The Company announced that in its effort to improve the
performance and cash flow of the precast division, it has
decided to close the Bintan precast manufacturing operation with
immediate effect and focus precast manufacturing activity solely
in the Sungei Kadut, Singapore location that, with current
production capacity, is able to meet production requirements for
existing contracts. The Bintan location is therefore considered
surplus to present requirements.

Impact of closure

The Bintan closure will involve the retrenchment of more than
660 workers and employees, mainly based in Bintan, and
retrenchment compensation to be offered will be granted in
accordance with local labor laws as legally advised. The
retrenchment cost is expected to amount to S$0.5million. In
addition, the plant and fixed assets have been offered for sale,
either as a whole or separately.

The financial impact of the closure will depend on realization
of the disposal value of all assets including land and
buildings, which cannot be reasonably estimated at this point in
time. Further announcement will be made once the impact can be
reasonably determined.

Following the closure of the Bintan plant in first half of
financial year (FY) 2003, the operating performance and cashflow
of the precast division in second half of FY2003 is expected to
improve.

Interest of the Directors

None of the Directors of Hua Kok has any interest, direct or
indirect, in the transaction. The Directors are not aware of any
substantial shareholder having any interest, direct or indirect,
in the transaction and have not received any notification of any
interest in this transaction from the substantial shareholder.


SEMBCORP INDUSTRIES: Posts Notice of Shareholder's Interest
-----------------------------------------------------------
Sembcorp Industries Limited posted a notice of changes in
substantial shareholder Keppel Insurance Pte Ltd's interest:
  
Date of notice to Company: 05 Nov 2002
Date of change of deemed interest: 31 Oct 2002
Name of registered holder: CDP: KEPPEL INSURANCE PTE LTD
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: 24,000
percent of issued share capital: 0
Amount of consideration per share excluding brokerage,GST,stamp
duties,clearing fee: 1.02000
No. of shares held before change:  
percent of issued share capital:  
No. of shares held after change:  
percent of issued share capital:  

Holdings of Substantial Shareholder including direct and deemed
interest
                                  Deemed      Direct
No. of shares held before change: 712,852,167 215,554,693
% of issued share capital:        39.15       11.84
No. of shares held after change:  712,828,167 215,554,693
% of issued share capital:        39.15       11.84
Total shares:                     712,828,167 215,554,693



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


BANGCHAK PETROLEUM: Govt Forms Panel to Mull Recovery Options
-------------------------------------------------------------
The government has formed a committee to find a solution to the
financial woes of Bangchak Petroleum Plc, The Nation reported
yesterday.

Chai-anan Samudavanija will chair the body, which counts among
its members the permanent secretary of the Energy Ministry and
representatives from Krung Thai Bank and PTT Plc.  Bangchak is
majority-owned by the Finance Ministry, Krung Thai Bank and PTT,
the paper said.

Bangchak has debts of about 20 billion baht, of which 7 billion
baht are due for repayment next year. It operates an oil
refinery in Bangkok and a nationwide network of petrol stations.  

According to Bangchak Petroleum Managing Director Narong
Bunyasaquan, one solution the government can initiate is ending
PTT Plc's monopoly on state oil sales and improving oil quality
standards in major cities.

Recently, the Thai Cabinet approved a short-term loan package to
help the firm repay debts.  Citing Energy Minister Pongthep
Thepkanjana, Troubled Company Reporter-Asia Pacific previously
said that Krung Thai Bank Plc, a Bangchak shareholder, would
extend three billion baht ($68.57 million) in loans to the firm.

The company's major creditors include the World Bank, to which
it owes $38 million, the Government Savings Bank and
bondholders.  Bangchak is due to repay three billion baht of
debts in November and early next year, TCR-AP said.

Bangchak is 47.9-percent owned by the Thai finance ministry,
24.3 percent by state-owned energy firm PTT Plc, and 7.8 percent
by Krung Thai Bank.  Bangchak, which has capacity to produce
120,000 barrels per day, has suffered losses for the last three
years.

The firm made a net profit of 647 million baht in the first half
of this year, mainly because of foreign exchange gains and other
extra items, compared with a net loss of 919 million baht in the
same period last year, the report says.

In April, the company sought government approval for a 3 billion
baht capital hike.  The firm reasoned at the time that issuing
bonds for debt repayment or refinancing could not alone resolve
Bangchak's debts totaling 23.9 billion baht.

As of April, the company's annual interest burden stood at 1.3
billion baht, despite refinancing the principal last year.  The
interest burden this year is between 1.1 billion baht and 1.2
billion baht at adjusted rates of 5-6 percent, although the
company plans to issue debentures to refinance the loans.


INTER FAR: Share Offering to Creditors Fully Subscribed
-------------------------------------------------------
Inter Far East Engineering reported recently that its 35.4
million ordinary share offering had been fully subscribed.

According to the Bangkok Post, the shares where offered to the
firm's financial creditors in Groups 1-4 and Group 9 as part of
it rehabilitation plan.  The shares were subscribed at 10 baht
each, the report said.

As of July 2, 2002, the Company had already repaid principal
loans amounting to 250,515,452.16 baht, TCR-AP previously said.



* DebtTraders Real-Time Bond Pricing
------------------------------------

Issuer                Coupon  Maturity  Bid - Ask  Weekly change
Asia
Asia Pulp & Paper     FRN     due 2001    8 - 9        -2
Asia Pulp & Paper     11.75%  due 2005   31 - 32        0
APP China             14.0%   due 2010   29 - 31        0
Asia Global Crossing  13.375% due 2006   18 - 20        +4
Bayan Telecom         13.5%   due 2006   18 - 20        0
Daya Guna Sumudera    10.0%   due 2007    3 - 5         0
Hyundai Semiconductor 8.625%  due 2007   62 - 65        -4
Indah Kiat            11.875% due 2002   35 - 36        0
Indah Kiat            10.0%   due 2007   27 - 29        0
Paiton Energy         9.34%   due 2014   68 - 73        0
Tjiwi Kimia           10.0%   due 2004   27 - 29        +1
Zhuahi Highway        11.5%   due 2008   35 - 37        0
U.S
Federal-Mogul         7.5%    due 2004   16 - 18        -1
Finova Group          7.5%    due 2009 29.5 - 31.5      +1.5
Freeport-McMoran      7.5%    due 2006   87 - 89        0
Global Crossing Hldgs 9.5%    due 2009    1 - 2         +0.5
Globalstar            11.375% due 2004    4 - 5         +2
Lucent Technologies   6.45%   due 2029   40 - 42        +6
Polaroid Corporation  6.75%   due 2002  3.5 - 5.5       0
Terra Industries      10.5%   due 2005   83 - 85        0
Westpoint Stevens     7.875%  due 2005   30 - 32        +2
Xerox Corporation     8.0%    due 2027   40 - 42        +4


Bond pricing, appearing in each Thursday's edition of the TCR-
AP, is provided by DebtTraders in New York. DebtTraders is a
specialist in global high yield securities, providing clients
unparalleled services in the identification, assessment, and
sourcing of attractive high yield debt investments. For more
information on institutional services, contact Scott Johnson at
1-212-247-5300. To view our research and find out about private
client accounts, contact Peter Fitzpatrick at 1-212-247-3800.  
Real-time pricing available at http://www.debttraders.com



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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Washington, DC USA. Lyndsey Resnick,
Salve M. Mordeno, Maria Cristina Pernites-Lao, Editors.

Copyright 2002.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.  Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each.  For subscription
information, contact Christopher Beard at 240/629-3300.

                 *** End of Transmission ***