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

                   A S I A   P A C I F I C

           Friday, November 8, 2002, Vol. 5, No. 222

                         Headlines

A U S T R A L I A

ACT AUSTRALIA: Advance Communications Drops Suit vs. Firm, CEO
AMP LIMITED: Cuts Staff in Financial Services Division


C H I N A   &   H O N G  K O N G

MOSEL VITELIC: S&P Rates Corporate Credit, Unsecured Debt 'CCC'
NORTHEAST ELECTRIC: Says it Can Keep Momentum, End 2002 in Black


I N D O N E S I A

BANK PIKKO: Posts Losses Despite Stronger Financial Standing
GARUDA INDONESIA: To try Options Other than Debt Rescheduling


J A P A N

DAIEI INC: Holds "Merchandise Fair" on November 7
FURUKAWA ELECTRIC: Shares Up 7.5% After Job Cut Report
FURUKAWA ELECTRIC: Denies US Fiber-optics Withdrawal Report
HITACHI ZOSEN: Sees FY02 Net Loss of Y35 Billion
HITACHI ZOSEN: Cutting 300 Jobs by March 2004

HOKKAIDO INTERNATIONAL: Court Approves Airline Rehab Plan
HYOGO DEVELOPMENT: Golf Course Enters Rehab Proceedings
ISHIKAWA BANK: Local Lenders Take Over Failed Bank
ISUZU MOTORS: Outlines New Three-year Reorganization Plan
KK Jibui: Court Approves Special Liquidation

KOTOBUKI INDUSTRY: Mill Firm Applies For Rehabilitation
MATSUSHITA ELECTRIC: Develops Advanced Plastic Recycling System
SNOW BRAND: Nissin Acquires Unit For Y581.64 Million
UBE INDUSTRIES: JCR Downgrades Rating to BBB-

* R&I's Criteria for Rating Pure Holding Company Groups


K O R E A

CHOHUNG BANK: Chairman Against Controlling Stake Sale
CHOHUNG BANK: Warburg Pincus Shows Interest in Korean Bank
CHOHUNG BANK: GNP Opposition Turns Bank Sale Into Hottest Issue
HYNIX SEMICONDUCTOR: Raising Memory Chip Prices to 8%
HYUNDAI MOTOR: Voluntarily Recalls 22,656 Cars

SSANGBANGWOOL CO.: Asks Court to End Receivership

* Unified Bankruptcy Procedures Set to Be Introduced in 2003


M A L A Y S I A

DAMANSARA REALTY: Issues Update on Loan Default Status
GENERAL LUMBER: Pakatan Reka Arkitek Files Wind-up Petition
LION CORPORATION: Creditors Approve Subsidiary's Debt Plan
LION CORPORATION: Commission Waives Restructuring Conditions
MALAYSIAN RESOURCES: Says Juranas' Suit "Flawed"

NAM FATT: Debt Plan Aims to Cut RM47.4M from Principal Loan
NCK CORPORATION: Default Status on RM620M Loan Unchanged
PARIT PERAK: Finalizing Proposal Terms to Spur Stabilization
TECHNO ASIA: Revises Proposed Restructuring Scheme


P H I L I P P I N E S

BAYAN TELECOMMUNICATIONS: Financial Restructuring Talks Ongoing
MANILA ELECTRIC: Clarifies Debt Payment Default Report
NATIONAL POWER: US$750M Bond Float Likely This Year


S I N G A P O R E

ASIA PULP: Will Appoint Accounting Firm to Monitor Finances
CHARTERED SEMICONDUCTOR: Reducing Workforce by 300
FHTK HOLDINGS: Schedules Annual General Meeting for November 15
FLEXTECH HOLDINGS: Responds to Trek Technology Suit Report
GMG GLOBAL: Posts Debt Restructuring Proposal

GMG GLOBAL: Deloitte & Touche Audits 1H02 Financial Statement
HUA KOK: Discloses Additional Info on Audited Accounts
NEPTUNE ORIENT: Gives Details on Sale of U.S. Unit
TWINWOOD ENGINEERING: Taking Steps to Liquidate Unit

* S&P Launches Asia-Pacific Bank Industry Risk Analysis


T H A I L A N D

TELECOMASIA CORP.: Debenture Foretells Company Turnaround
THAI CANE: Confident 2002 Results Will Show Profit
THAI CANE: Siam Cement, Five Others Eyeing Cardboard Maker
THAI PETROCHEMICAL: High Court Nixes Khun Prachai's Appeal

     -  -  -  -  -  -  -  -

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A U S T R A L I A
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ACT AUSTRALIA: Advance Communications Drops Suit vs. Firm, CEO
--------------------------------------------------------------
Advanced Communications Technologies, Inc. (OTCBB:ADVC)
announces that on October 14, 2002, ACT-Australia terminated the
Company's License Agreement to market and distribute the
SpectruCell technology and that on October 25, 2002, the Company
instructed its legal counsel in Australia to withdraw from the
Company's legal actions against Advanced Communications
Technologies (Australia) Pty Ltd (ACT-Australia)
and Roger May, the Company's former Chairman and CEO.

As a result, the Company's previous injunctions issued by the
Australian Court have been dissolved. Notwithstanding this, the
Company has not relinquished its rights or claims against Mr.
May, ACT-Australia and related parties, and believes that it
still has legal and equitable rights to the SpectruCell
technology in North, South and Central America.

The following is a detailed summary of the Company's lawsuit and
related events with ACT-Australia and Roger May, and a
discussion of its future plans and condition.

Litigation Status

In January 2002, the Company filed a lawsuit in the Supreme
Court of Victoria, Australia against Roger May and Advanced
Communications Technologies (Australia), Pty, Ltd. to enforce
its rights as a 20% shareholder of ACT-Australia and as the
licensee of the SpectruCell technology pursuant to the terms of
the License and Distribution Agreement dated July 5, 2000,
between the Company and ACT-Australia (the License Agreement).
A significant record relating to the Company's stock ownership
interest in ACT-Australia and its rights under the License
Agreement was created in that proceeding. After considering the
record, the Australian Court granted sweeping interim
injunctions in favor of the Company which preserved and
protected the Company's stock ownership interests and its
exclusive rights to market and distribute the SpectruCell
technology, including military rights, in North, South and
Central America, which Mr. May and ACT-Australia had disputed.

In mid-July 2002, Mr. May placed ACT-Australia into an
administrative insolvency proceeding in Australia, as a result
of which the Company's stock interest in ACT-Australia became
worthless. Shortly thereafter, Mr. May appointed a receiver over
the assets of ACT-Australia, including SpectruCell, based on a
blanket security interest he had created in December 2001, in
favor of Global Communications Technologies Pty Ltd (Global), an
entity owned and controlled by Mr. May. In mid-September 2002,
Mr. May proposed a plan of company arrangement in the insolvency
proceeding pursuant to which ACT-Australia's two main assets
(its shares in Australon Enterprises Pty Ltd (Australon) and the
SpectruCell technology) will be disposed of with no benefit to
the minority shareholders of ACT-Australia, which includes the
Company. ACT-Australia's shares in Australon will be sold
and a portion of the sale proceeds will go to third party
creditors and to pay the expenses of administration. The balance
of the sale proceeds will go to Global, the majority shareholder
of ACT-Australia.

Further, the SpectruCell technology will be transferred by the
receiver to an entity owned and controlled by Mr. May. The plan
of company arrangement was approved at a meeting of creditors
held on September 26, 2002. The Company voted against the plan.

Shortly after the plan of company arrangement was adopted, the
receiver of ACT-Australia's assets, who was appointed by Mr. May
and was acting under his instructions, filed a motion with the
Australian Court to terminate the Court's injunctions in favor
of the Company regarding the License Agreement.  The motion to
terminate the injunctions was based on statements made by Mr.
May under oath to the effect that the SpectruCell technology in
its current form had evolved from the original licensed
technology and was no longer subject to the License Agreement
and had not been subject to the License Agreement for the last
two years.

This contention was directly contrary to numerous statements
made by Mr. May, ACT-Australia and others in various forums,
including Internet posts, press releases, SEC filings and
documents exchanged between the parties.

Several days later, the receiver, acting on Mr. May's
instructions, sent a letter to the Company purportedly
terminating the License Agreement on the basis that the Company
is insolvent, as determined under Australian law, and that the
Company's insolvency constitutes an irreparable event of default
under the License Agreement.

The company's initial response to the receiver's motion to
terminate the injunctions and the receiver's purported
termination of the License Agreement was to oppose them and seek
leave of the Australian Court to apply for an injunction to
prohibit ACT-Australia from acting on the purported termination
pending trial. The Australian Court granted the Company leave to
do so. However, after considering the situation further and
receiving advice of counsel, the Company made the strategic
decision to alter its approach and withdraw from the Australian
litigation. This decision was based on various factors,
including:

     (i) the actions of Mr. May against the Company over the
         past 10 months, which in the Company's view
         demonstrated a consistent lack of good faith on his
         part that was unlikely to change;

    (ii) Mr. May's recent statement made under oath to the
         Australian Court that "It is important from the outset
         to understand that there was no SpectruCell product in
         1999 and today there still is no SpectruCell product as
         it is clearly still in the development stage and at
         least 12 to 18 months from the final product stage,"
         which was contrary to previous information consistently
         provided by Mr. May to the Company and the public on
         that subject;

   (iii) the completion of the research and development of
         SpectruCell that is currently projected to require an
         additional $12 to $15 million;

    (iv) the Company's opinion that development of SpectruCell
         is unlikely to be completed and a product brought to
         successful commercialization under Mr. May's
         leadership;

     (v) the Company's limited resources at the present time are
         insufficient to enable it take all of the legal actions
         that would be necessary to defend and enforce its
         rights in Australia; and

    (vi) the need for the Company to use available funds to
         continue current operations so that its rights and
         viability will be meaningfully preserved for the
         future.

The effect of the Company's decision to withdraw from the
Australia litigation is that the License Agreement has been
terminated and the existing injunctions issued by the Australia
Court have been lifted.  Notwithstanding this, the Company
retains its rights to bring an action or actions for damages and
other available legal and equitable relief against Mr. May, ACT-
Australia and other related and unrelated parties who have
damaged it.

Future Plans

The Company's business strategy has always been squarely focused
on marketing and distributing SpectruCell in North, South and
Central America (the Exclusive Territory). In order to implement
this business plan, the Company secured a significant funding
commitment from Cornell Capital Partners, LP (Cornell) in
January 2002. Based on information made available to the Board
by Mr. May in Fall 2001, it appeared that revenues from
SpectruCell sales were still 9-12 months away.

Consequently, after the Board removed Mr. May in November 2001,
it determined that the Company's business strategy would have to
be expanded to include the search for an operating business that
would produce both revenue and cash flow to the Company as a
complement to future SpectruCell sales.  With the Company's
financing facility in place, the Board embarked on a plan to
pursue the acquisition of one or more profitable operating
businesses in the telecommunications industry that were either
complementary to, or synergistic with, the SpectruCell
technology or alternatively, in any industry where the Company
had the chance to create shareholder value based on earnings.

During the period from February through August 2002, the Company
pursued the evaluation, negotiation of acquisitions and due
diligence on four privately owned business enterprises that had
the potential to make the Company viable from an operating
standpoint, create value for the Company's shareholders, and
complement the Company's core product, SpectruCell. The Board
initially pursued these acquisition candidates for the reasons
mentioned above.

Later, the Company intensified its activities in this regard
because of:

     (i) the uncertainty of the outcome of its litigation with
         Mr. May and ACT-Australia;

    (ii) the additional delays and costs announced as to the
         roll-out of the SpectruCell product;

   (iii) the uncertainty as to whether SpectruCell would ever be
         completed and released to the marketplace in a
         commercially viable time frame; and

    (iv) the financial difficulties that ACT-Australia was
         under, including but not limited to, the ATO action and
         the increasing concern of AusIndustries.

During the above time period, the Company negotiated three
proposed but unexecuted letters of intent with privately held
companies in the intelligence, telecommunications and leading
edge "intelligent agent" software businesses. The latter
business proved to be the most interesting to the Company based
on the management team's business strategy, managerial and
engineering experience and product development. Moreover, this
particular business enterprise had developed "intelligent agent"
software that could be implemented across all industries, but
most importantly, was earmarked specifically for the
telecommunications, financial services and health care
industries.

In addition, the owners and engineers of this enterprise were
familiar with Software Defined Radio technology and believed
that they could offer significant technical and managerial
experience to support the future marketing and licensing of the
SpectruCell technology. The discussions with this particular
enterprise resulted in the Company performing extensive
financial and legal due diligence on the merger candidate as
well as exhaustive technical and engineering due diligence on
the particular "intelligent agent" software products they have
developed and were in the process of marketing to large
telecommunications and financial institutions.

Over the three-month time frame that the Company pursued this
acquisition, the members of the Board and legal counsel spent
many hours in meetings, discussions and business strategy
sessions with the owners of this business.

In late August 2002, the Company ceased its activities in
connection with entering into a transaction with this enterprise
because of the Company's liquidity issue and the fact that the
SEC had not yet approved the Company's $30 million Equity Line
of Credit facility with Cornell. The Company and the owners of
this business enterprise are still interested in discussing a
merger and/or acquisition transaction, and the Company will
pursue this or other opportunities in the event the Company's
currently pending Registration Statement is declared effective
and the Company is in a position to close such a transaction.

Currently, the Company has few capital resources remaining.
Unless the SEC declares the Company's pending Registration
Statement effective, thereby allowing the Company to commence
drawing down on its Equity Line of Credit facility or unless the
Company obtains some other source of capital, it will be unable
to continue as a going concern. Until the Company has the
resources available, it will not re-engage in acquisition
discussions with the above enterprise or pursue other
businesses.

The Board of Directors is actively working with its securities
counsel and Cornell to attempt to have the pending Registration
Statement declared effective by the SEC.


AMP LIMITED: Cuts Staff in Financial Services Division
------------------------------------------------------
AMP Limited confirmed Wednesday that a "small number" of
financial services employees lost their jobs that day, as the
company began rationalizing the division.

An unnamed spokesman could not be drawn to disclose the extent
of the layoff, according to the Sydney Morning Herald, but the
redundancies had long been anticipated.  Early last month, newly
appointed CEO Andrew announced an operational review on all so-
called 'low return' areas.

As the review of all these areas continues, more job cuts are
expected, the paper said.  Moody's and Standard & Poor's
downgraded AMP's UK operations Wednesday.



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C H I N A   &   H O N G  K O N G
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MOSEL VITELIC: S&P Rates Corporate Credit, Unsecured Debt 'CCC'
---------------------------------------------------------------
Standard & Poor's Ratings Services cut early this week the
corporate credit and senior unsecured debt ratings of Mosel
Vitelic Inc. (Mosel) to triple-'C'-plus from single-'B'-minus.
In a statement, the rating agency said it had also assigned a
negative outlook on the firm's corporate credit rating.

"The rating action is based on Standard & Poor's increased
concern over Mosel's vulnerable financial profile, which
reflects the company's continued losses in its core business,
tight liquidity position, and significant debt maturity due in
the first half of 2003, despite the completion of a recent
rights offering of Taiwan dollar (NT$) 4 billion," the statement
read.

On November 1, 2002, the company revised its total sales
forecast for 2002 to NT$11.4 billion from NT$12.4 billion in
September as well as a NT$7.9 billion pretax loss, compared with
NT$6 billion over the same period.

According to S&P, Mosel reported total revenue of NT$12.8
billion in 2001, with a NT$19.8 billion net loss: "The company
continued to record an NT$8 billion net loss in the first nine
months ended September 2002, from total sales of NT$7.8 billion.
Mosel's outstanding debt totaled NT$17.5 billion at the end of
September 2002, with an off-balance-sheet corporate guarantee of
NT$6.4 billion to its subsidiary debts.

"Of Mosel's own debt, NT$16.6 billion will fall due by June
2003, including three corporate bond issues totaling NT$12.6
billion-NT$5.1 billion due February 2002, NT$5.3 billion due
April 2003, and NT$2.2 billion due May 2003. Mosel had NT$1.9
billion in cash and cash equivalents on hand at the end of
September 2002, which was boosted by the company's successful
rights offering of NT$4 billion in late October," S&P noted.

With current cash positions and expected negative operating cash
flow, Standard & Poor's believes that the company still faces
significant refinancing risks to meet its debt maturity in the
first half of 2003.

Compounding Mosel's woes is a recent announcement by Germany-
based Infineon Technologies AG (Infineon) that it had canceled
its shareholder agreement with Mosel on its ProMOS joint
venture, effective Jan. 1, 2003. Infineon has been a technology
provider to ProMOS, and takes 100% capacity from ProMOS and
resells 52% of it to Mosel.

"If ProMOS fails to reach a new product purchase agreement with
Infineon by the end of 2002, it is unclear whether Mosel's
business operation will be interrupted," S&P said.

Mosel Vitelic Inc. is based in Taiwan and mainly engages in the
purchase and sale of dynamic random access memory products.

For more information, contact Tony Tsai, Taipei (8862) 2368-8277


NORTHEAST ELECTRIC: Says it Can Keep Momentum, End 2002 in Black
----------------------------------------------------------------
Northeast Electric Development Co Ltd is confident it will not
be delisted from the Shenzhen Stock Exchange for failure to turn
in a profit this year, AFX-Asia said Wednesday.

The company believes its financial results will be printed in
black by year's end after reporting net profit of 39.65 million
yuan in the first nine months to September.  The company
reported a net loss of 780.140 million yuan in full-year 2001
and in the year before, a loss of 364.737 million yuan.

The company said it has established a stronger source of
earnings after taking over a 42.5% stake in Shenyang Guhe Cable
Co Ltd.  The news agency said Northeast Electric acquired the
stake as part of a debt settlement.

Northeast Electric's A-shares are up for delisting if it fails
to report a net profit this year, the report said.



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


BANK PIKKO: Posts Losses Despite Stronger Financial Standing
------------------------------------------------------------
PT Bank Pikko may have improved its financial position by
speeding up the settlement of problem loans, but this did little
to prevent a pre-tax loss of 21 billion rupiah for the nine
months to September, AFX-Asia said early this week.

Net loss, however, narrowed to 23.8 billion rupiah in the first
half from 27.4 billion rupiah a year ago, the report said.

To improve its future earnings, the bank plans to seek strategic
alliances with other financial institutions to offer mutual fund
packages, and focus on export-oriented customers who need trade
finance and letters of credit, which will enhance its fee-based
income.  The bank will also speed up the sale of assets
confiscated from bad debtors, and cut controllable costs and
non-operating expenses, the news agency said.

Bank Pikko is still awaiting final approval from the central
bank for its proposed merger with PT Bank Danpac.


GARUDA INDONESIA: To try Options Other than Debt Rescheduling
-------------------------------------------------------------
Restructuring national airline PT Garuda Indonesia does not plan
to seek a rescheduling of its US$1.2 billion outstanding debts,
despite the sharp drop in air travel following the Bali bombing.

The carrier's average passenger load factor across its
international flights has already dropped to below 40%, AFX-Asia
said.  This factor stood at 80% prior to the October 12 car bomb
attack.

In an interview with AFX-Asia, airline President Indra Setiawan
said the company will not rush into negotiations for the
rescheduling of its loan.  Under the carrier's existing debt
rescheduling agreement, it must pay roughly US$120 million per
annum for 10 years starting this year.  It has already paid
US$60 million this year and will pay the balance in December,
the report said.

"Hopefully, creditors will understand our situation and
appreciate our efforts to survive," Mr. Setiawan said.

To counter the slowdown, Garuda last week announced an interim
restructuring plan which includes a sharp reduction in
international flights to Bali, especially from its major markets
Australia, Europe and Japan, and steep discounts for
international and domestic travelers to the resort island.  Some
60% of Garuda's international flights go through Bali's Denpasar
airport.

Mr. Setiawan believes it may take at least six months for
tourists from neighboring Australia to start returning to Bali,
while European tourists may stay away for up to a year partly
because they normally book flights to Indonesia one year in
advance.  A recovery in passengers from Japan could take two
years.  International sales contribute up to 60% of Garuda's
total revenue.

In addition to cutting flights, Mr. Setiawan also plans to
partly offset the lower international sales by filling seats on
domestic flights.  The airline will cooperate with banks, travel
agents, hotels and other tourism-related business for a discount
program.

Mr. Setiawan said the airline has already signed an agreement
with five banks -- Lippo Bank, Bank Internasional Indonesia,
Bank Danamon, Bank Niaga and Bank Permata, under which it will
offer discounts of between 15-75% to credit card holders for
flights to Denpasar from Jakarta, Makasar, Surabaya and
Yogyakarta. Garuda flies to 21 domestic destinations.



=========
J A P A N
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DAIEI INC: Holds "Merchandise Fair" on November 7
-------------------------------------------------
Ailing Daiei Inc. will hold a "Merchandise Fair" from November 7
to November 17, in preparation for the year-end shopping season,
Kyodo News says.

The fair will be held at 271 Daiei outlets across Japan through
November 17, and the retailer expects to register sales of 155
billion yen.

The Troubled Company Reporter-Asia Pacific reported in October
that the Development Bank of Japan (DBJ) would invest 10 billion
yen in a new corporate revival fund worth 60 billion yen to keep
ailing retailer Daiei Incorporated afloat.


FURUKAWA ELECTRIC: Shares Up 7.5% After Job Cut Report
------------------------------------------------------
Shares of Furukawa Electric Co. increased 7.5 percent after
Nikkei English News reported that it will cut jobs and halve its
capacity to produce fiber-optic cable at locations including a
factory in Norcross, Georgia, reports the Bloomberg News.

Furukawa shares traded at 235, up 7 or 3.1 percent at 9:23 a.m.
Japan time after rising as high as 245 yen.

Furukawa cut 1,020 the employees at its Optical Fiber Solution
unit, which it bought from Lucent Technologies Inc., Nikkei
said. Most of the job cuts are expected to occur at the Norcross
plant.


FURUKAWA ELECTRIC: Denies US Fiber-optics Withdrawal Report
-----------------------------------------------------------
Fibre-optic maker Furukawa Electric Co. denied a daily Asahi
Newspaper report on Wednesday that it would withdraw from mass
production of fibre-optics in the United States, according to
Reuters.

Furukawa said it was consolidating its global output into two
plants - one in Mie Prefecture, central Japan, and another in
the United States.

Warning it would remain in the red for a second straight year,
The Company will shifting production of fibre-optic related
parts to low-cost Asian centers like China while cutting its
workforce to cope with a drop in sales volumes.

The Company cut 200 workers at the parent Company in the first
half to September 30, slashing fixed costs by 5.6 billion yen
($45.9 million).

According to Managing Director Hiroshi Wada, the Company plans
to cut 500 more employees at the parent Company in the second
half, mainly by sending the surplus workers to subsidiaries and
affiliates within the group.


HITACHI ZOSEN: Sees FY02 Net Loss of Y35 Billion
------------------------------------------------
Hitachi Zosen expects a group net loss of 35 billion yen for the
year ending March 31, compared with its 10.3 billion yen loss
forecast in May, Bloomberg said on Thursday.

The shipbuilder more than tripled its loss forecast for this
business year because of reorganization costs such as the merger
of its shipbuilding business with that of NKK Corporation.


HITACHI ZOSEN: Cutting 300 Jobs by March 2004
---------------------------------------------
Hitachi Zosen Corporation will cut 300 jobs by the end of March
2004 to accelerate its corporate rehabilitation, Kyodo News
reports, citing Company President Takenao Shigefuji.

The heavy machinery and engineering Company will negotiate with
its labor union to slash annual salaries of rank-and-file
employees by some 15 percent in fiscal 2003 starting next April.

According to Wrights Investor's Service, at the end of 2002,
Hitachi Zosen had negative working capital, as current
liabilities were 405.20 billion yen while total current assets
were only 380.70 billion yen.


HOKKAIDO INTERNATIONAL: Court Approves Airline Rehab Plan
---------------------------------------------------------
The Tokyo District Court has approved a rehabilitation plan for
failed Hokkaido International Airlines, now in the process of
court-mandated restructuring under the civil rehabilitation law,
Japan Times reports.

The approval came after the insolvent airline, widely known as
Air Do, obtained support for the reform plan from its creditors
at a meeting at the court on November 6.

As part of the plan, the airline will to use all of its 7.2
billion yen in base capital to pay off its debts and calls on
creditors to give up 90 percent of their 3.94 billion yen
investments in the airline.

With closer ties to All Nippon Airways, Air Do is projecting a
net profit of 119 million yen next year.

Ishiko and other executives in his management team are expected
to resign after the airline secures the new capital.


HYOGO DEVELOPMENT: Golf Course Enters Rehab Proceedings
-------------------------------------------------------
Hyogo Development Co. Limited has applied for civil
rehabilitation proceedings, according to Tokyo Shoko Research.

The Company has total liabilities of 44.7 billion yen.

The golf course, which has 90 employees, is located at
Kobe-si, Hyogo, Japan.


ISHIKAWA BANK: Local Lenders Take Over Failed Bank
--------------------------------------------------
Failed Ishikawa Bank has agreed to hand over operations to five
local lenders including Hokuriku Bank and Hokkoku Bank, a report
from the Kyodo News said. Under the basic agreement, 42 of
Ishikawa's 65 branches will be taken over by Hokuriku.

Four branches will be taken over by Hokkoku, two by the First
Bank of Toyama, 11 by Kanazawa Shinkin Bank and six by Noto
Shinkin Bank. (M&A REPORTER-ASIA PACIFIC, Vol. No.1, Issue No.
221, November 7, 2002)


ISUZU MOTORS: Outlines New Three-year Reorganization Plan
---------------------------------------------------------
Isuzu Motors has outlined a new three-year reorganization plan,
Japan Corporate News Agency reports.

The plan calls for boosting truck production in China by 70
percent to 70,000 units annually by 2005.

In 2003, Isuzu and General Motors will launch a joint-venture
production in China. The carmaker will withdraw from the U.S.
automotive market, and concentrate its resources in China and
other Asian countries.

In November of this year, Isuzu will downsize the corporation
from 117 divisions to 70. In March 2003, the Company will
capitalize extraordinary losses totaling $1.15 billion to lower
consolidated losses to $1.38 billion.


KK Jibui: Court Approves Special Liquidation
--------------------------------------------
On October 9, 2002, the Tokyo District Court approved the start
of special liquidation for KK Jibui, reports the Tokyo Shoko
Research.

The Company has total liabilities of 43 billion yen.

The golf course, which has 100 workers, is located at Kyoto-si,
Kyoto, Japan.


KOTOBUKI INDUSTRY: Mill Firm Applies For Rehabilitation
-------------------------------------------------------
Kotobuki Industry Co. Limited has applied for civil
rehabilitation proceedings, according to Tokyo Shoko Research.

The Company has total liabilities of 18.6 billion yen.

The mill firm, which has 74 employees, is located at
Minato-ku, Tokyo, Japan.


MATSUSHITA ELECTRIC: Develops Advanced Plastic Recycling System
---------------------------------------------------------------
Matsushita Electric Industrial Co., Ltd., best known for its
Panasonic brand products, announced the development of the
industry's first plastic recycling system capable of separating
flame retardants from used plastic while maintaining its
original physical properties. The system has the potential to
accelerate the recycling of end-of-life consumer electronics.
The Company plans to release a commercial version of the system
during fiscal 2003, which ends March 31, 2004.

Flame-retardants are additives widely used in consumer
electronics products to ensure safety. However, some brominated
compounds used as flame-retardants are said to generate
brominated dioxins when incinerated at low temperature. For this
reason, plastics containing such compounds are currently
discarded. For example, plastics in end-of-life TV sets (which
account for 20 percent of the total weight) are incinerated at
temperatures high enough not to generate brominated dioxins or
sent to landfills for disposal, while glass and metal (which
exceed 60 percent of the total weight) are recycled. Thus,
recycling of plastics containing flame-retardants is a key step
in increasing the recycling ratio.

The newly developed system recycles plastics containing flame-
retardants using the following process. The plastic parts are
crushed, the pieces are heated until they become soft, and a
liquid solvent is added. The solvent melts only the flame-
retardants, separating them from the plastic. This is
accomplished using newly developed kneading technology employing
counter current extraction. Next, new functional additives are
added to the plastic if necessary. This is done to give the
desired characteristics to the plastic, allowing it to be molded
into various shapes. The process is performed at relatively low
temperature (160-200�damage the physical characteristics of the plastic. This means
it is possible to use recycled plastic rather than virgin
plastic for some parts of new products.

A photo is available at
http://www.matsushita.co.jp/corp/news/official.data/data.dir/en0
21105-3/en021105-3-1.jpg

Matsushita Electric Industrial Co., Ltd.
www.panasonic.co.jp/global/top.html, best known for its
Panasonic, National, Technics, and Quasar brands, is a worldwide
leader in the development and manufacture of electronics
products for a wide range of consumer, business, and industrial
needs. Based in Osaka, Japan, the Company recorded consolidated
sales of US$51.70 billion for the fiscal year ended March 31,
2002. In addition to stock exchanges in Tokyo (TSE: 6752) and
elsewhere in Japan, Matsushita's shares are listed on the
Amsterdam, Dusseldorf, Frankfurt, New York (NYSE: MC), Pacific,
and Paris stock exchanges.

The Troubled Company Reporter-Asia Pacific reported that
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.

Contact:
Matsushita Electric Industrial Co., Ltd.
Akira Kadota, International PR, Tokyo
kadota@hqs.mei.co.jp
Tel: 03-3578-1237 Fax: 03-3437-2776


SNOW BRAND: Nissin Acquires Unit For Y581.64 Million
----------------------------------------------------
Scandal-tainted Snow Brand Milk Products Co. will sell part of
its interest in distribution unit Yukijirushi Access Inc. to
Nissin Food Products Co. for 581.64 million yen, Japan Times
said on Thursday. The deal will take place on November 26.

After the acquisition, Snow Brand will still remain the unit's
top shareholder with 26.22 percent stake.

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

The dairy products firm was hit hard in 2000 by a widespread
food-poisoning scandal tied to its milk products. The group
suffered another savage blow from a beef-mislabeling scandal
caused by its unit Snow Brand Foods Co.  The unit disbanded on
April 30.


UBE INDUSTRIES: JCR Downgrades Rating to BBB-
---------------------------------------------
Japan Credit Rating Agency (JCR) has downgraded the preliminary
BBB ratings of Ube Industries Ltd's bonds to BBB-, affirming the
J-2 rating on the CP program below.

Shelf Registration Maximum: Y25 billion Valid: two years from
April 4, 2002

Issues Amount (bn) Issue Date Due Date Coupon

bonds no.1 Y5 / Feb. 21, 2000 / Feb. 21, 2005 / 2.41 %
bonds no.2 Y5 / Feb. 21, 2000 / Feb. 21, 2003 / 1.77 %
bonds no.3 Y7 / Apr. 28, 2000 / Apr. 28, 2006 / 2.66 %
bonds no.4 Y7 / Apr. 28, 2000 / Apr. 28, 2005 / 2.35 %
bonds no.5 Y7 / Sept. 4, 2001 / Sept. 4, 2006 / 1.43 %
convertible bonds no.3 Y20/Sept. 5, 1996/Sept. 30, 2005/1.25 %
convertible bonds no.4 Y20/Sept. 5, 1996/Sept. 30, 2008/1.40 %

CP Maximum: Y30 billion Backup Line: 0%

RATIONALE:

Ube Industries is a large chemical firm, ranking among the
world's top classes in caprolactam and nylon production. It has
been strengthening recently materials for electronics such as
polyimide and secondary battery materials and pharmaceutical
products.

Ube Industries at first planned to aggressively make investments
with the non-performing assets being written off under the mid-
term management plan. The subsequent deterioration in the
business environment forced the Company to revise the plan. Ube
Industries shifted the emphasis to the guaranteeing of the cash
flows through selection of investments and sales of assets,
implementing the rationalization measures again while
strengthening the pharmaceutical products and functional
materials continually.

While functional materials and pharmaceutical products are on
the road to growth, earnings volatility of main lactam business
is still large with the competition with rivals being fierce. In
fact, Ube Industries decreased the profit for fiscal 2001
sharply. The financial structure remains weak.

Ube Industries needs to improve the financial structure while
nurturing the businesses above. No optimism is guaranteed on the
cement business for which the Company is trying to change the
business model through expansion in the industrial waste
treatment. It will take time for Ube Industries to improve the
Company structure. The free cash flow might be lowered against
the high interest-bearing debt. Given the increasing severity of
business environment, JCR decided to downgrade the long-term
rating for the Company from BBB to BBB-.

In April, TCRAP reported that the earnings potential and cash
flow are lacking in stability because the mainstays of earnings
are general-purpose market commodities such as caprolactam and
cement. Ube Industries has been restructuring unprofitable
operations in recent years, while also expanding its earnings
base with new products in areas such as polyimide,
pharmaceuticals and pharmaceutical bulk, where value added is
higher.

Caprolactam for nylon fibers and cement, the mainstay products,
face a continuing period of dull demand over the medium term.


* R&I's Criteria for Rating Pure Holding Company Groups
-------------------------------------------------------
Rating and Investment Information, Inc. (R&I) announced its
"Criteria for Rating Pure Holding Company Groups" on October 30.
R&I emphasize group cohesiveness when it assigns a rating for a
pure holding Company. It believes that a holding Company's
rating could potentially be lower than those of its operating
subsidiaries if the cohesiveness between the holding Company and
the operating subsidiaries is weak. This is because there could
conceivably be cases when a holding Company that is an umbrella
structure for numerous operating companies with minority
shareholders is unable to freely use the cash flow of its
subsidiaries.

ASSESSING GROUP COHESIVENESS

When assigning a rating to a pure holding Company, it is
important to first evaluate the creditworthiness of its
consolidated group, which consists of the holding Company and
its operating subsidiaries. In this respect the rating process
is the same as in the case of an ordinary operating Company.
Ultimately, however, the parties responsible for repaying debt
are by definition the individual entities that incur such
liabilities, and repayment obligations are not necessarily
assumed on a group-wide basis. In particular, the strength of
the connections that bind a group together greatly affects a
holding Company's debt repayment capacity since that Company
does not engage in operations itself.

R&I, which uses the term "cohesiveness" to describe the strength
of these connections, considers various points in order to gauge
the extent of true, seamless cohesiveness among a group's
companies. These points include 1) the course of events leading
up to the creation of a holding Company framework and the
purpose of its establishment, 2) a holding Company's chief
functions and its authority and responsibilities, 3) the
existence of contracts and statutory regulations that strengthen
(or weaken) cohesiveness, and 4) such group-wide dynamics as
business relationships and synergies within a group as well as
risk diversification.

Depending on the state of cohesiveness, R&I may assign a holding
Company a Senior Long-term Credit Rating that differs from those
given to its operating subsidiaries. A holding Company and its
operating subsidiaries will have ratings identical to their
group's creditworthiness when group cohesiveness is
exceptionally high.

If it is not high, though, a holding Company's rating could
conceivably fall below its group's creditworthiness. The lower
the level of cohesiveness, the more likely it is that operating
subsidiaries' ratings will be determined by their individual
creditworthiness.

A pure holding Company group is just one configuration that is
used to connect enterprises, and the applicability of the rating
approach described above can also be expanded to include
ordinary operating Company groups.

A CONCRETE EXAMPLE OF A LOWER HOLDING COMPANY RATING

Take, for instance, a pure holding Company group that is
expanding its operations through a series of frequent mergers
and acquisitions. The group's operating subsidiaries implement
independent strategies and raise funds on their own. Although
the holding Company possesses the majority of subsidiary stock,
the existence of minority shareholders means that its control
over its subsidiaries' cash flow is not strong. Operational
interconnectivity among the subsidiaries is extremely low, and
synergies are not anticipated.

Cohesiveness is thought to be low in such a case. Additionally,
a holding Company's Senior Long-term Credit Rating is likely to
be substantially lower than its group's creditworthiness if a
considerable portion of subsidiary stock is financed by debt
because the holding Company's purpose is to seek tax advantages.
Details concerning these rating criteria are available (in
Japanese only) through the subscription-based website "R&I
Credit Express" and in the December 2002 issue of R&I Credit
Information, which can be purchased starting in late November.

(Takahito KIJIMA and Kazuko FUSHIMI, Credit Rating Division,
Tel.3-5644-3421)

For more information, go to
http://bankrupt.com/misc/tcrap_R&I1107.pdf



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


CHOHUNG BANK: Chairman Against Controlling Stake Sale
-----------------------------------------------------
The government should not sell a controlling stake in Chohung
Bank at the auction currently under way, the Korea Economic
Daily reported, AFX Asia said on Wednesday, citing Chohung Bank
chairman Wee Sung-bok.

"It is not desirable to sell shares (giving the acquirer)
management rights at this time," Wee said.

The Chairman also emphasized that that as the bank is expected
to post stronger profits next year, the bank's management will
then actively seek merger partners, in a deal that would bring
more gain to the government than the current one.

The Troubled Company Reporter-Asia Pacific reported that the
bank recently posted net losses of 42.7 billion won in the third
quarter largely due to a drop in value of shares held by the
bank.  The bank posted a net profit of 136.2 billion won in the
third quarter of last year.


CHOHUNG BANK: Warburg Pincus Shows Interest in Korean Bank
----------------------------------------------------------
Warburg Pincus, a US investment fund currently in steps to
acquire 15-30 percent of the government's stake in the Chohung
Bank, on an investment of US$500 million to US$1 billion, as a
member of a Shinhan Financial group-led consortium, the Digital
Chosun said. The US investment fund had reportedly already
carried out negotiations with the government and the bank, but
the negotiations fell through.

Sources at Cho Hung said Tuesday that Warburg Pincus had joined
in the consortium explicitly to acquire about a 15 percent stake
in Cho Hung Bank.

Financial market observers predicted that the US firm would play
a role of providing funding for the bid by the Shinhan-led
consortium.

The same Cho Hung source said that the government and the bank
have held three to four different negotiation sessions with the
US fund, in July and August, but the that the talks failed due
to the government's opposition towards Warburg Pincus' proposed
method of purchasing exchangeable bonds (EB).

At the time, the US firm proposed to purchase shares of Cho Hung
Bank at around W6,000 a share, slightly higher than the market
price of W5,500 per share in July. The current share price has
fallen below W5,000.

Established in New York in 1939, Warburg Pincus has prospered
through investments into shares and operates a total investment
fund worth US$30 billion. The firm has invested in seven Korean
businesses since 1998, including a US$500 million equity
investment in LG Card in 2000, acquiring 18.9 percent of the LG
unit.

The official bid for the government stake in the bank closed in
late October, and sources said that four bidders, including the
Shinhan-led consortium, are currently moving ahead with due
diligence audits on Cho Hung. (M&A REPORTER-ASIA PACIFIC, Vol.
No.1, Issue No. 221, November 7, 2002)


CHOHUNG BANK: GNP Opposition Turns Bank Sale Into Hottest Issue
---------------------------------------------------------------
Amid the government's repeated statements of commitment to
selling its majority stake in Cho Hung Bank before the end of
this month, the opposition Grand National Party and the bank
strongly opposed sale plan on Tuesday, which is turning the sale
of the bank into one of the hottest issues for the upcoming
Presidential election, the Digital Chosun said, citing Deputy
Prime Minister Jeon Yun-churl.

He believes that the government would get more benefit by
rapidly privatizing the bank. He also said that if the sum
offered for Cho Hung lives up to the government's expectations,
the government would sell its entire current 80 percent stake
in the bank. The government, however, would not sell its stake
if the price does not come within the range.


Observers commented that the government has betrayed its
intention to sell the bank as early as possible, sparking
criticism that such a strong commitment to the sale deadline
would only result in forcing the government into a
disadvantageous positions during negotiations, and speculation
is rife that the rush to sell was due to political pressure.

Officials at the bank, though, said that the government's
hastening of the sale should be questioned, as the bank's share
price hit bottom recently.

The opposition party also resisted the government's move. The
party said on Tuesday that earlier, the government has said that
it will move ahead with its privatization steps in phases for
the next three to four years, in consideration of the share
prices of concerned government-owned firms. As Cho Hung's share
prices have fell below the face value, the government would not
be able to recoup the KRW1.25 trillion in public funds out of
the total KRW2.7 trillion injected into the bank if the bank is
sold now, the party insisted.

The opposition party also explained that it has been paying a
keen attention to a speculation that the government, Shinhan
Financial Group, widely regarded as the front-runner in the bid,
and foreign bidders for the bank, had secretly arranged the sale
deal. (M&A REPORTER-ASIA PACIFIC, Vol. No.1, Issue No. 221,
November 7, 2002)


HYNIX SEMICONDUCTOR: Raising Memory Chip Prices to 8%
-----------------------------------------------------
Hynix Semiconductor Inc. will raise its contract prices of high-
speed memory chips supplied to its customers by 8 percent, the
Maeil Business Newspaper and Bloomberg said.

According to the Troubled Company Reporter-Asia Pacific, the
inventory level of Hynix Semiconductor is close to
hitting bottom.

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.


HYUNDAI MOTOR: Voluntarily Recalls 22,656 Cars
----------------------------------------------
Hyundai Motor Co. and its affiliate Kia Motors Corporation will
voluntarily recall 22,656 units of the New Grandeur XG, Starex
Club, and Optima Regal models, Dow Jones reports, citing the
Ministry of Construction and Transportation.

The recall, applicable to cars made from June 18 to September 10
2002, comes after the car makers found a defect in the automatic
rolling system of the models' seat belts.

Both firms will replace the rolling system for free over a year
starting November 11, 2002.

According to Wright Investor's Service, at the end of 2001,
Hyundai Motor Company Limited had negative working capital, as
current liabilities were 17.88 trillion Korean Won while total
current assets were only 12.04 trillion Korean Won.


SSANGBANGWOOL CO.: Asks Court to End Receivership
-------------------------------------------------
Ssangbangwool Co. requested for court approval to end from
receivership, the Korea Herald reported Wednesday.

The report said the termination of the receivership is likely to
occur on November 20, 2002.

The Company was forced to suspend stock trading in September, as
it had to complete repayment of debts by reducing capital and
offering rights to the third party.

The Company plans to focus on the outerwear business by
launching a new brand after getting out of court receivership.

AddAsset consortium is now the largest shareholder of the
underwear maker with a 73.66 percent stake.


* Unified Bankruptcy Procedures Set to Be Introduced in 2003
------------------------------------------------------------
The Korean Ministry of Justice have come up with a unified
corporate insolvency bill to help heavily-indebted firms
normalize their operation as well as quickly liquidate nonviable
firms, the Korea Times reports, citing Lee Song-yun, a Ministry
Justice Official in charge of Legal Affairs said.

The unified corporate insolvency procedure will be introduced in
July of 2003.

The ministry disclosed a draft bankruptcy bill designed to
integrate three separate laws on corporate failure, composition
and liquidation.

The ministry will hold a public hearing on November 7, 2002 to
sample opinions on the bill from persons from all walks of life.
It said it is scheduled to present the bill to the National
Assembly soon.

The bill calls for the scrapping of the present composition
scheme, under which near-insolvent firms are given court-
mediated bankruptcy protection from creditors.

The composition program has come under attack as many nonviable
businesses have frequently sought court-mediated bankruptcy
protection in an attempt to avoid immediate collapse, especially
following the 1997-98 financial crisis.

If the bill becomes law, firms teetering on the brink of
insolvency will be forced to resort to court receivership in a
bid to resolve financial woes.

Even though troubled firms are placed under court receivership,
their managers are likely to be allowed to maintain managerial
rights.

Under current law, companies under court receivership are
managed by court-appointed administrators, while their managers
and owners are deprived of managerial or shareholder rights.

The new bill is ultimately intended to protect creditors' rights
by taking advantage of the know-how of troubled firms' managers.



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

DAMANSARA REALTY: Issues Update on Loan Default Status
------------------------------------------------------
Default in Principal and/or Interest Payment by:

(a) DBHD in relation to RM13.7 million Revolving Credit
    Facilities (RC Facilities); and

(b) Damansara Realty (Pahang) Sdn Bhd (DRP) in relation to
    RM57.9 million Syndicated Term Loan Facility (Term Loan
    Facility)

Contents:

(a) DBHD's RC Facilities

There is no material development on the default of the RC
Facilities. DBHD is still in the process of negotiating with the
lenders for the purpose of restructuring the said Facilities.

(b) DRP's RM57.9 million Term Loan Facility

On October 23, 2002, the lenders had, inter-alia, approved the
settlement proposal for the outstanding interest payment for the
period between September 2001 up to July 2002 on the basis of
one (1) month overdue interest to be paid in one calendar month
until full settlement.  (This announcement is dated November 6,
2002)

COMPANY PROFILE

Originally a tin mining concern (Kesang Tin (Malaya) Ltd), the
Company switched focus to property-based activities in 1993.
Its first project was the integrated commercial property in
Damansara Heights, Kuala Lumpur, forming Phase 1 of the
Damansara Town Centre (DTC) together with development rights on
15.5 acres of commercial land.

The Company holds 32% in listed company Long Huat Group Bhd,
which is engaged in timber, manufacturing, hotel and leisure
activities.

Currently, the Group is undergoing a reconstruction and
restructuring exercise (RRE) which includes an interim financing
exercise which was completed on January 18, 2000.

On July 21, 2000 and December 12, 2000 the Company announced
revisions to the RRE. The RRE is now proposed to include:
capital reduction, share exchange of the Company's shares into
shares in Newco, redemption of "A" redeemable convertible
cumulative preference shares, acquisition of 100% in Johor City
Development Sdn Bhd (JCD), 20% in Bertam Properties Sdn Bhd,
Larkin Business Park, Gebeng Land, 20% in Damansara Realty
(Pahang) Sdn Bhd, restricted offer for sale by Johor
Corporation, transfer of the Company's listing status to Newco
and private placement of Newco's shares.

The proposed acquisitions are expected to provide downstream
synergies to the Company's current operations since the
additional assets are either engaged in property development
activities and/or construction or would provide land bank in
growth areas for property development activities to be
undertaken by the Group in the future.

Subsequently, on July 19, 2001 and July 27, 2001, the Company
announced that JCD has defaulted in its first principal
repayment of RM76 million and interest servicing obligation of
approx. RM6.70 million under its RM400 million bank guarantee
facility in which the Company is a joint obligor.

CONTACT INFORMATION: Level 1, Block E
                     Pusat Bandar Damansara
                     50490 Kuala Lumpur
                     Tel : 03-2732 2695;
                     Fax : 03-2732 2696


GENERAL LUMBER: Pakatan Reka Arkitek Files Wind-up Petition
-----------------------------------------------------------
Pakatan Reka Arkitek Sdn Bhd served a winding-up petition
against General Lumber Fabricators & Builders Bhd on October 31,
2002, the Kuala Lumpur Stock Exchange said yesterday.

COMPANY PROFILE

The Company and its two subsidiaries, General Lumber Processing
Sdn Bhd (GLP) and General Lumber Trading Sdn Bhd (GLT) were
originally wholly owned subsidiaries of Land & General Bhd
(L&G).  Pursuant to the restructuring exercise of L&G, which was
completed on June 7, 1993, L&G divested its interests in GLP and
GLT to GLFB.  Upon completion of the restructuring exercise,
GLFB was acquired from L&G in a management buy-out by Nik
Mahmood bin Hj Nik Hassan and Wan Mustapha bin Wan Ismail.
Following further expansion and full settlement of the amount
owed to L&G in May 1994, the Company's shares were listed on
KLSE.
In January 1995, the Group was restructured to transfer and
separate GLFB's manufacturing activities and its marketing
functions to its various subsidiaries.

The acquisition of Nilam Mestika (M) Sdn Bhd in 1996 expanded
the Group's activities to cover both upstream and downstream
timber activities which include logging, sawmilling, kiln-
drying, and manufacturing of timber mouldings, furniture
components and rubberwood. In Papua New Guinea, the Group has
tied up with the timber division of the Sime Darby Group to
submit a proposal for a forest concession.

In its move to diversify into the property sector, the Group has
acquired land in Papua New Guinea for mixed commercial and
residential development.

On May 16, 2001, the Group appointed a Financial Adviser,
Perdana Merchant Bankers Bhd, to undertake and recommend various
restructuring proposals, which are expected to take a period of
six to 12 months to be put in place.

CONTACT INFORMATION: Level 9, Wisma General Lumber
                     Block D, Peremba Square
                     Saujana Resort, Section U2
                     40150 Shah Alam
                     Selangor
                     Tel : 03-7621 0800
                     Fax : 03-7621 1133


LION CORPORATION: Creditors Approve Subsidiary's Debt Plan
----------------------------------------------------------
On September 25, 2002 and October 16, 2002, RHB Sakura Merchant
Bankers Berhad had announced on behalf of Lion Corporation Bhd
that Megasteel Sdn Bhd (Megasteel), a subsidiary of the Company
had held meetings with its scheme creditors (Scheme Creditors)
and the Scheme Creditors had voted unanimously in favor of the
scheme of arrangement proposed for the settlement of the debts
owing by Megasteel to the Scheme Creditors (Proposed Scheme).

The Company wishes to announce that Megasteel had on November 1,
2002 filed with the High Court the application to seek a Court
order to sanction the Proposed Scheme pursuant to Section 176 of
the Companies Act, 1965.

COMPANY PROFILE

The Company was originally established in Singapore in 1939
under the name of Lion Teck Chiang Chiang Foundry Company to
carry on the business of an iron foundry. As the Company
expanded its activities to cover the manufacture of rubber
compound for tyre retreading, furniture products as well as
steel slotted angles, panels and shelves, the operation was
expanded overseas. In 1972, Lion (Teck Chiang) Sdn Bhd was
incorporated in Malaysia to restructure all these operations.
Since then, the Company has ventured into other areas including
agriculture, horticulture, motor vehicle assembly, security
equipment production and office furniture manufacturing. In
1986, it acquired the business licensed to produce hot rolled
coils, which is one of the key raw materials used in higher
value added manufacturing, engineering, industrial and
construction-related applications. The RM2.5 billion plant is
currently the only producer of such products in the country with
annual rated capacity of 2m m/t.

The Company is presently undertaking a Group-wide restructuring
scheme aimed at consolidating, stabilizing and rationalizing the
cash flow and funding of the Group and optimizing utilization of
the Group's businesses. The Company and its subsidiary, Lion
Construction & Engineering Sdn Bhd, have obtained a Court Order
to convene scheme meetings with their respective financial
institution scheme creditors.

CONTACT INFORMATION: Level 46, Menara Citibank
                     165, Jalan Ampang
                     50450 Kuala Lumpur
                     Tel : 03-21622155
                     Fax : 03-21623448


LION CORPORATION: Commission Waives Restructuring Conditions
------------------------------------------------------------
In accordance with Paragraph 4.1(b) of PN4 and Paragraph 8.14 of
the Listing Requirements of the KLSE, the Directors of Lion
Corporation Berhad hereby announce that as of November 1, 2002:

(1) the proposed group-wide restructuring scheme announced on
    July 5, 2000, October 8, 2001 and March 26, 2002 (Proposed
    GWRS) is still in progress;

(2) as announced on July 12, 2002, the Securities Commission
    (SC) had approved the relevant proposals under the Proposed
    GWRS subject to certain conditions imposed by the SC (SC
    Conditions). Following an appeal made by the Company to the
    SC on certain of the SC Conditions (Appeal), the Company had
    on October 10, 2002 announced that the SC had approved the
    Appeal on the following:

    (a) the SC has waived its earlier requirement that 5%
        premium be added to the theoretical market price of the
        new shares of the Company to be attached to the
        Company's Bonds to be issued by the Company to the
        Amsteel Corporation Berhad group of companies (Subject
        Company Shares) in settlement of the purchase
        consideration for the proposed acquisition by the
        Company of 40% equity interest in Megasteel Sdn Bhd and
        50.45% equity interest in Lion Land Berhad, subject to a
        minimum issue price of RM1.05 each. Instead, the SC has
        approved the Company's proposal to fix the issue price
        of the Subject Company Shares without any premium,
        subject to the minimum issue price of RM1.00 per share;
        and

    (b) The SC has waived its earlier condition that the issues
        affecting the joint-venture operations of Lion Land
        Berhad and Amsteel Corporation Berhad in the People's
        Republic of China must be resolved prior to the
        implementation of the Proposed GWRS subject to certain
        conditions.


MALAYSIAN RESOURCES: Says Juranas' Suit "Flawed"
------------------------------------------------
Malaysian Resources Corporation Bhd claims the default judgment
being used by Juranas Sdn Bhd as basis for its winding-up
petition was obtained irregularly.

In a statement to the Kuala Lumpur Stock Exchange, the company
said available evidence culled by its solicitors point to a
flawed default judgment.  Juranas has alleged that it was
appointed as a project manager for a joint venture project
between MRCB and Perbadanan Kemajuan Ikhtisas Negeri Kelantan
for a reforestation project in Kelantan.

The winding-up petition, which has yet to be served on the
company, is seeking RM48.39 million for the illegal termination
of the contract.

MRCB saw its share price fall almost 10 percent to close 9.5 sen
lower at 93.5 sen with a total of 11.62 million shares done on
November 6.  It reached an early low of 88.5 sen, The Edge Daily
said.


NAM FATT: Debt Plan Aims to Cut RM47.4M from Principal Loan
-----------------------------------------------------------
Some 47.4 million ringgit of principal will be shaved off from
the total debts of Nam Fatt Corp Bhd, after it completes a
multi-million loan-restructuring program early next year, AFX-
Asia said.

Citing the New Straits Times, the news agency said the company
is currently working on a 615.7 million ringgit restructuring
scheme with creditors.  Under the plan, around 289.9 million
ringgit of principal will also be converted into a 5 to 8-year
term loan with interest between 4 and 8 percent.

The report quoted Nam Fatt as saying in a statement that on
completion of the restructuring scheme, the company will have an
optimal balance sheet structure.  It added that the company has
an outstanding order book of 776 million ringgit.


NCK CORPORATION: Default Status on RM620M Loan Unchanged
----------------------------------------------------------
In compliance with Practice Note No. 1/2001, NCK Corporation Bhd
wishes to announce that there has been no change in the status
of the credit facilities on which the NCK Group has defaulted in
payment since the Company's previous announcement dated October
4, 2002.

Total borrowings on which the NCK Group has defaulted on
payments stood at RM620,354,310 (inclusive of accrued interest)
as of September 30, 2002.

COMPANY PROFILE

The NCK Group's core activities are manufacturing and marketing
of aluminium and steel building materials and building
contracting.

The materials supplied by the Group are mainly used in the
construction and engineering sectors as structural reinforcement
for buildings and river banks; construction material for
highways, bridges and roads; structures in the construction of
factories; structure and construction material for machinery and
palm oil mills, the shipbuilding and mining industries and the
oil and gas industry. The majority of the Group's sales are to
the domestic market. The Group has diversified both upstream
into the manufacturing sector and downstream into the property
development, construction and related services sector.

The Group is currently undertaking a rationalization exercise to
provide an avenue for the restructuring of its working capital
requirement and the streamlining of its operations into
profitability.

CONTACT INFORMATION: 4th Flr, Wisma NCK 3
                     Lot 45A, Section 92A
                     Batu 3«, Jln Sungai Besi
                     57100 Kuala Lumpur.
                     Tel : 03-781 2299
                     Fax : 03-781 7438


PARIT PERAK: Finalizing Proposal Terms to Spur Stabilization
------------------------------------------------------------
On February 23, 2001, Parit Perak Holdings Bhd announced that it
is considered an "affected listed issuer" pursuant to PN4 issued
by the KLSE.

On October 22, 2002, Alliance Merchant Bank Berhad (Alliance)
had announced on behalf of PPHB that the Company had on October
21, 2002, entered into a Restructuring Agreement (RA) with Liqua
Health (M) Sdn Bhd, Align Matrix Sdn Bhd, Chan Wan Cheong, Teh
She Ling, Lim Paik Gaik, Lee Chai Hua, Mohd Fadzil bin Mohd Ali,
Muhammad bin Md Ali and Rafizah bte Abu Hassan, (collectively
referred to as the Vendors) for the implementation of a workout
proposal to regularize its financial position.

The Company and the Vendors are currently in the process of
finalizing the terms of the workout proposal and documentation
in relation to the proposals therein and plan to submit the
workout proposal to regularize PPHB's financial condition to the
relevant authorities for approval, including the Securities
Commission, in due course.

Further details of the workout proposal for PPHB will be
announced in due course once the terms have been finalized.

COMPANY PROFILE

Initially the Company carried out rubber planting activities,
but its business has changed to that of an investment holding
concern. Via a restructuring scheme undertaken in 1994, the
Company divested its plantation interests and re-invested
principally into property development activities. Its main
development is the Kemayan City project in Johor Bahru, where
the Kemayan City Shopping Complex was completed in February
1999.

In February 2000, the Company sought the assistance of the CDRC
in mediating a scheme to restructure the Group's debts and
borrowings. On August 8, 2000, a restructuring scheme was
unveiled, but the proposal has since lapsed.

Subsequently, the Company has entered into a MOU with three
parties who are interested to inject their assets to resuscitate
the Group.
The Group plans to re-position itself in the property
development sector by constructing apartments on top of the
Kemayan City shopping podium in Johor Bahru instead of the
present approved plans for three office towers and a hotel.

CONTACT INFORMATION: 12th Flr (Right Wing)
                     Menara Kemayan
                     160, Jln Ampang
                     50450 Kuala Lumpur
                     Tel : 03-2669660
                     Fax : 03-2669661


TECHNO ASIA: Revises Proposed Restructuring Scheme
--------------------------------------------------
Further to the announcement made on November 1, 2002, AmMerchant
Bank Berhad (formerly known as Arab-Malaysian Merchant Bank
Berhad), on behalf of Techno Asia Holdings Bhd, wishes to
announce that certain revisions had been made to the original
proposed restructuring scheme of TAHB as announced on February
8, 2002.  These revisions are to take into consideration the
revision of the valuation of the land banks belonging to Kar Sin
Berhad (KSB) and its subsidiary companies (KSB Group) by the
Securities Commission (SC) vide its letter dated September 30,
2002 (Revised Proposals).  Accordingly, the purchase
consideration of KSB Group has been revised from RM275,710,000
to RM211,098,000.  The purchase consideration for Yu & Sons Sdn
Bhd (YSSB) remains at RM30,000,000.

A supplementary agreement had been executed on October 29, 2002
between YNHB and vendors of KSB, namely, Yu Kuan Chon as the
executor of Yu Neh Huat Estate, Yu Kuan Seng, Yu Kuan Huat, Yu
Kuan Chon, Ling Mooi Hung and Teh Nai Sim for the Revised
Proposals.

Giant Express Berhad, the white knight of TAHB, has changed its
name to Yu Neh Huat Berhad (YNHB) on July 3, 2002.

In summary, the revisions to the proposed restructuring of TAHB
are as follows:

     (i) Proposed acquisition of the entire issued and paid-up
         share capital of KSB and YSSB (collectively known as
         Acquiree Companies) by YNHB for a total purchase
         consideration of RM241,098,000 to be satisfied with the
         issuance of 192,878,000 new YNHB ordinary shares of
         RM1.00 each (YNHB Share) at an issue price of RM1.00
         per Share and the issuance of 48,220,000 nominal value
         of 3% 5-year Irredeemable Convertible Unsecured Loan
         Stocks (ICULS) by YNHB. YNHB and the Acquiree Companies
         shall be known as YNHB Group; and

    (ii) Proposed Offer For Sale of 52,000,000 YNHB Shares by
         the Vendors of KSB and YSSB, consisting of 50,000,000
         Shares via private placement to public placees (whom
         will be identified at a later stage) and 2,000,000
         Shares to the Malaysian Public.

There are no other changes to the proposals other than as stated
above.

To view table showing the revision in the number of YNHB Shares
and ICULS to be issued pursuant to the Revised Proposals, click
on this link
http://announcements.klse.com.my/EDMS/edmsweb.nsf/ba387758ae3741
2b482568a300466fb6/482568bb00440ef448256c6900376c8f/$FILE/Tables
.doc.

FINANCIAL EFFECTS OF THE REVISED PROPOSALS

The financial effects of the Revised Proposals are set out as
follows:

(I) Share Capital

The effects of the Revised Proposals on the share capital of
TAHB are as shown in Table 2.

(II) Major Shareholdings

The effects of the Revised Proposals on the major shareholders
of TAHB are as illustrated in Table 3.

(III) Net Tangible Assets (NTA)

The proforma effects of the Revised Proposals on the NTA are as
illustrated in Table 4.

(IV) Earnings

The Revised Proposals is not expected to have a material effect
on the earnings of TAHB for the financial year ending December
31, 2002. TAHB Group will be delisted upon completion of the
proposed restructuring of TAHB. As such, the new YNHB Group,
which will assume the listing status of TAHB, barring any
unforeseen circumstances, is expected to contribute positively
to the earnings of the new group upon completion of the proposed
restructuring scheme.

(VI) Gearing

The effects of the Revised Proposals before the conversion of
the 5-year ICULS and exercise of options from the Proposed
Employee Share Option Scheme (Proposed ESOS), based on the
proforma balance sheet of YHNB as at July 31, 2001 is as
illustrated in Table 5.

In addition, the Revised Proposals will be subject to the
following:

(1) approval from the SC;

(2) approval from the Foreign Investment Committee;

(3) approval from the independent adviser for the Revised
    Proposals i.e. OSK Holdings Berhad (IA);

(4) approval from Pengurusan Danaharta Nasional Berhad, if
    required; and

(5) approval from the secured creditors of the SA companies
    within TAHB and its subsidiary companies (TAHB Group), if
    required.  (This announcement is dated November 6, 2002)

COMPANY PROFILE

On February 2, 2001, Pengurusan Danaharta Nasional Berhad
appointed Special Administrators (SAs) to the Company.

The financial statements are prepared on a going concern basis,
which is dependent on the outcome of the workout proposal to be
prepared by the SAs to enable the Group and Company to continue
as a going concern.

On August 6, 2001, the SAs entered into a conditional MOU with
Semai Warnasari Sdn Bhd and Dr Yu Kuan Chon with the intention
of setting the key areas of understanding on a corporate
restructuring exercise pending the finalization and approval of
the Workout Proposal.

On February 2, 2001, SAs were appointed for the sub-subsidiary
Prima Moulds Manufacturing Sdn Bhd.  On April 30, 2001, SAs were
also appointed for the following subsidiaries; Mount Austin
Properties Sdn Bhd (formerly known as Westmont Mount Austin Sdn
Bhd), Cempaka Sepakat Sdn Bhd, Ganda Edible Oils Sdn Bhd, Litang
Plantations Sdn Bhd, Wisma Dindings Sdn Bhd, Ganda Plantations
(Perak) Sdn Bhd and Techno Asia Venture Capital Sdn Bhd
(formerly known as Westmont Venture Capital Sdn Bhd).

The Company carried on the business of cultivating and
processing oil palm in its early days. The Company later evolved
into an investment holding company with subsidiaries involved in
property development, investment holding, oil palm plantations
and power generation.

The Company changed its name to Techno Asia Holdings to better
reflect its current activities and business as an investment
holding company with diversified business.

The oil palm operations are based in Teluk Intan, Perak and
Lahad Datu, Sabah. The main property development activity is in
the 1,276-acre Taman Mount Austin in Johor Bahru comprising
light industrial, commercial and residential development.
Overseas, the Company is involved in the supply of electricity
to Mombasa in Kenya, Ecuador, Bangladesh and Dominican Republic.

CONTACT INFORMATION: No. 17-2, Jalan 5/152
                     Taman Industri OUG
                     58200 Kuala Lumpur
                     Tel : 03-7782 5575
                     Fax : 03-7783 5575



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


BAYAN TELECOMMUNICATIONS: Financial Restructuring Talks Ongoing
---------------------------------------------------------------
Bayan Telecommunications Inc. (BayanTel)'s talks with creditors
to restructure US$477 million in debt continue to progress,
though no final deal is in sight, AFX Asia reports, citing
BayanTel Chief Financial Officer Gary Olivar.

Olivar said the Company's financial restructuring is on track to
meet the Company's latest revised budget.  The CFO did not
elaborate or give specific figures.


MANILA ELECTRIC: Clarifies Debt Payment Default Report
------------------------------------------------------
Manila Electric Co. (Meralco) refers to the news article
entitled "Meralco defaulting on debts" published in the November
6, 2002 issue of the Manila Standaard.

The article reported that: "Manila Electric Co. has admitted it
will be in technical default of the interest payments on short-
term loans that the Company borrowed from various unsecured
creditors amounting to about P4.9 billion.

In a recent investors' briefing, Daniel Tagasa, Meralco
executive Vice President for finance, said the Company would not
be able to pay the interest on the loans, which will be
amortized until 2005 as a result of the Company's inability to
raise power rates.

Meralco President Jesus Francisco stressed that the technical
default covers only the interest on the loans from unsecured
creditors and not secured creditors. Tagasa added that the
Company will have to pay $100 million (P4.9 billion) to its
creditors next year. He added the amount due will be sourced
from internally generated funds and the Company is not planning
to tap any additional loans to pay off its outstanding debts.
Meralco is already technically in default on $200 million worth
of debts with the Asian Development Bank and World Bank. As a
precondition for the waiver of payments, Meralco must have a
return on rate base (level of profitability) of 8 percent. By
the end of the year, the Company's RORB is seen falling below 3
percent.

Manila Electric Company (MER), in a letter dated November 6,
2002, issued these clarifications:

1. During Meralco's investor;s briefing held last October 28,
2002 discussing the Company's third quarter results, a question
was raised on Meralco's ability to service debt assuming there
is no rate increase. Meralco's response was that assuming there
is no rate increase, Meralco would indeed have difficulty in
servicing its debt obligations in 2003.

2. With respect to the Company's being in technical default on
its covenant with the Asian Development Bank and World Bank, the
Company is indeed in that status for the last years as Meralco
had failed to comply with the 8 percent RORB minimum. Meralco
has disclosed this matter regularly during the past three years.

The press release is located at
http://bankrupt.com/misc/tcrap_meralco1107.pdf


NATIONAL POWER: US$750M Bond Float Likely This Year
---------------------------------------------------
The planned US$750 million bond offering of National Power
Corporation (Napocor) will push through before the year-ends,
Business World said, citing the Power Sector Assets and
Liabilities Management Corporation (PSALM).

PSALM President Edgardo M. del Fonso is optimistic that Napocor
will meet the fourth-quarter target saying PSALM is finalizing
the processing of the loan.

"We are still sticking with our targets for the bond float, and
we expect to have a bond float before the year ends. We are just
going through the process of processing the loan with the
organizations involved," Mr. del Fonso said.

The planned $750-million bond float will half of the power
firm's $1.5-billion funding requirement in 2002. The power firm
has so far raised $750 million, which only comprises half of its
funding requirement.

Meanwhile, Finance Secretary Jose Isidro N. Camacho said the
National Government is not yet looking at borrowing funds for
Napocor as it believes the firm will be able to get a partial
guarantee facility from the ADB for its planned bond float.

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



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


ASIA PULP: Will Appoint Accounting Firm to Monitor Finances
-----------------------------------------------------------
Creditors of Asia Pulp & Paper Co. will appoint an accounting
firm to monitor the finances of the Company, the Business Times
reports, citing Gandi Sulistiyanto, the Vice-Chairman of APP's
internal debt restructuring taskforce.

The five candidates are Ernst & Young LLP, KPMG International,
PricewaterhouseCoopers LLP, Grant Thornton LLP, and Renaissance
Capital Corporation.

The appointment will be made before a year-end deadline set by
APP for creditors to agree on the terms of a debt-restructuring
plan announced in September.

In September, the Indonesian Bank Restructuring Agency (IBRA)
installed six local financial controllers and four of its
Indonesian units to help monitor APP's cash flow. APP owes the
bank rescue agency about US$1 billion.

The Company wants bondholders and other creditors to agree to
the restructuring plan before the end of November so that a
final accord governing the Company's total debt can be signed
next month, and made legally binding next year.

Three law firms, including Allen & Overy and Shearman &
Sterling, have been appointed as legal advisers.

Separate agreements will be signed between creditors and each of
the Company's four Indonesian units, PT Indah Kiat Pulp & Paper,
PT Tjiwi Kimia, PT Pindo Deli Pulp and Paper Mills, and PT
Lontar Papyrus.

APP, which makes the bulk of its revenue from pulp and paper
plants in Indonesia, stopped paying its debts in March 2001.

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.


CHARTERED SEMICONDUCTOR: Reducing Workforce by 300
--------------------------------------------------
Chartered Semiconductor Manufacturing recently announced it is
reducing its worldwide workforce by approximately 300 people, or
about 7 percent of its total employment. This action is being
taken as result of a reassessment of the pace of recovery in the
global semiconductor industry.

Approximately 60 percent of the affected employees are
manufacturing operators in Chartered's Singapore fabs. The
balance of the affected employees are primarily operations,
support and administrative staff, whose positions are being
consolidated or eliminated. Approximately 275 of the affected
employees are based in Singapore, and the rest are located at
Chartered sites around the world.

"This is an unfortunate, but necessary and prudent business
decision," said Chia Song Hwee, President and CEO of Chartered.
"We felt it was essential to act in the most fair and
compassionate way possible to our affected employees, with a
compensation package that includes career transition assistance,
job counseling and other elements."

Chartered expects to incur a one-time charge of approximately $5
million dollars in the fourth quarter associated with the
workforce reduction. Annual savings in payroll and benefits is
expected to be approximately $8 million. For more details on the
compensation package, see Appendix: Employee Compensation and
Assistance Package.

"From a business perspective, this re-sizing was carefully
implemented and will not affect our ability to serve our
customers," Chia added. "We will be consolidating jobs in a
manner to gain efficiencies to help Chartered's
competitiveness."

For details on Chartered's third quarter results and outlook for
fourth quarter 2002, please see the Company's earnings release,
which was issued today.

ABOUT CHARTERED

Chartered Semiconductor Manufacturing www.charteredsemi.com one
of the world's top three silicon foundries, is forging a
customized approach to outsourced semiconductor manufacturing by
building lasting and collaborative partnerships with its
customers. The Company provides flexible and cost-effective
manufacturing solutions for customers, enabling the convergence
of communications, computing and consumer markets. In Singapore,
Chartered operates five fabrication facilities and has a sixth
fab in the process of being developed as a 300mm facility.

A Company with both global presence and perspective, Chartered
is traded on both the Nasdaq Stock Market and on the Singapore
Exchange. Chartered's 3,500 employees are based at 12 locations
around the world.


FHTK HOLDINGS: Schedules Annual General Meeting for November 15
---------------------------------------------------------------
The Annual General Meeting (AGM) of FHTK Holdings Limited will
be held at 20 Harbour Drive #06-02 PSA Vista, Singapore 117612
on 15 November 2002 at 12 p.m. to transact the following
businesses:

1. To receive and adopt the Directors' Report and the Audited
Accounts of the Company and the Group for the year ended 30 June
2002.

2. To approve the payment of Directors' Fees in respect of the
year ended 30 June 2002.

3. To re-elect the following Directors retiring by rotation
pursuant to Article 91 of the Company's Articles of Association:

a) Lee Suet Fern
b) Tan Kian Chew
c) Victor Loh Kwok Hoong

4. To re-elect the following Directors retiring from office
pursuant to Article 97 of the Company's Articles of Association:

a) Lim Yew Tou Eric
b) Kwek Gim Song

5. To consider and, if thought fit, to pass the following
resolution:

"That pursuant to Section 153(6) of the Companies Act, Cap. 50,
Lim Soo Peng be and is hereby re-appointed Director of the
Company, to hold office until the next Annual General Meeting."

6. To re-appoint Messrs Deloitte & Touche, Certified Public
Accountants, Singapore as Auditors of the Company and to
authorize the Directors to fix their remuneration.

7. As Special Business

To consider and, if thought fit, to pass the following Ordinary
Resolutions:

(a) AUTHORITY TO ISSUE SHARES

"That pursuant to Section 161 of the Companies Act, Cap. 50,
approval be and is hereby given to the Directors to issue shares
in the Company at any time to such persons upon such terms and
conditions and for such purposes as the Directors may in their
absolute discretion deem fit, provided that the aggregate number
of shares to be issued pursuant to this ordinary resolution
shall not exceed fifty percent (50 percent) of the issued share
capital of the Company for the time being, of which the
aggregate number of shares issued other than on a pro-rata basis
to existing shareholders shall not exceed twenty percent (20
percent) of the Company's issued share capital for the time
being and such authority shall continue in force until the
conclusion of the Company's next Annual General Meeting."


(b) INTERESTED PERSON TRANSACTIONS

i) "That for the purposes of Chapter 9A of the Listing Manual
of the Singapore Exchange Securities Trading Limited, approval
be and is hereby given for the FHTK Group or any member of the
FHTK Group to enter into any of the transactions falling within
the categories of Interested Person Transactions, particulars of
which are set out in the Circular dated 15 May 2002 (the
"Circular, with any party falling within the class of Interested
Persons provided that such transactions are made on an arm's
length basis and on normal commercial terms and are in
accordance with the guidelines and procedures of the Company for
Interested Person Transactions as described in the Circular and
that the approval given herewith (the "Mandate shall unless
revoked or varied by the Company in General Meeting, continue in
force until the next Annual General Meeting of the Company."

ii) "That the Directors of the Company be and are hereby
authorised to complete and do such acts and things (including
executing all such documents as may be required) as they may
consider expedient or necessary or in the interests of the
Company to give effect to the Mandate and/or the Resolutions."

8. To transact any other business that may be transacted at an
Annual General Meeting.

NOTES:

A member of the Company entitled to attend and vote at the above
meeting is entitled to appoint not more than two proxies to
attend and vote in his stead. A proxy need not be a member of
the Company and where there is more than one proxy, the
proportion (expressed as a percentage of the whole) of his
shareholding to be represented by each proxy must be stated.

The instrument appointing a proxy must be deposited at the
Company's Registered Office at 20 Harbour Drive #05-03, #06-02
PSA Vista, Singapore 117612 not less than 48 hours before the
time for holding the Meeting.

EXPLANATORY NOTES

Kwek Gim Song, if re-appointed, will remain as Audit Committee
Chairman. Lim Soo Peng and Victor Loh Kwok Hoong, if re-
appointed, will remain as Audit Committee Members.

The ordinary resolution proposed in item 7(a) above, if passed,
will empower the Directors of the Company from the date of the
above meeting until the next Annual General Meeting to issue
shares in the capital of the Company up to an amount not
exceeding in total 50 percent of the issued share capital of the
Company for the time being, of which the aggregate number of
shares issued other than on a pro-rata basis to existing
shareholders shall not exceed 20 percent of the Company's issued
share capital for the time being, for the purposes as they
consider would be in the interest of the Company. This authority
will, unless previously revoked or varied at a general meeting,
expire at the next Annual General Meeting of the Company.

The ordinary resolutions proposed in item 7(b) above, if passed,
will authorize the Interested Person Transactions as described
in the Circular dated 15 May 2002 and recurring in the year and
will empower the Directors to do all acts necessary to give
effect to the Shareholders' Mandate. This authority will, unless
previously revoked or varied by the Company at a general
meeting, expire at the conclusion of the next Annual General
Meeting of the Company.


FLEXTECH HOLDINGS: Responds to Trek Technology Suit Report
----------------------------------------------------------
The Board of Directors of Flextech Holdings Limited refers to
the news article in the Business Times on November 6, 2002
entitled "Trek sues several firms for breach of patent" in
connection with the suit by Trek Technology against, amongst
other parties, FE Global Electronics Pte Ltd and Electec Pte
Ltd, both wholly-owned subsidiaries of Flextech (Flextech
subsidiaries).

The Board of Flextech has sought legal advice and is of the
opinion that:

a. The suit against the Flextech subsidiaries is groundless and
without merit; and

b. Based on revenue generated by distribution of the portable
data storage device, the suit does not have a material financial
impact on the Flextech Group.

Flextech will issue an announcement in due course to update its
shareholders and investors of the matter.


GMG GLOBAL: Posts Debt Restructuring Proposal
---------------------------------------------
Following the announcement of the results for the full year
ended 30 June 2002 made on 24 September 2002, the Board of
Directors of GMG Global Ltd stated that the auditors have
included an emphasis of matter paragraph in their auditors'
report on the financial statements for the year ended 30 June
2002. The Auditor's Report is attached.

Further as mentioned in the announcement dated 24 September
2002, the Auditor's Report; and the progress report of 31
October 2002, the Group negotiated the terms of the unsecured
State loan ('the loan') amounting to S$52,911,307 with the
Minister of Finance and Budget, State of Cameroon. The Group is
pleased to announce that Hevecam SA, Cameroon (- a subsidiary of
the Company, "Hevecam and the Minister of Finance and Budget,
State of Cameroon have signed a Restructuring Agreement on 5
November 2002 to restructure the loan. The Company holds 100
percent interest in GMG International SA, which owns 90 percent
of Hevecam.

Under the terms of the Restructuring Agreement, the Minister of
Finance and Budget of Cameroon has agreed to reduce the
outstanding debt owing by Hevecam from FCFA 22 673 324 400 to
FCFA 10 539 732 900 with tax and stamp duty exemption to be
repaid as follows:

FCFA 500 000 000 upon signing the agreement;
FCFA 10 039 732 900 over seven (7) years starting from Year 2003
as detailed below:

- 1st July 2003 FCFA 600 000 000

- 1st December 2003 FCFA 400 000 000

- Years 2004 to 2008 FCFA 750 000 000 on 1st July and 1st
December of each year

- Year 2009 FCFA 750 000 000 on 1st July and FCFA
789 732 900 on 1st December

The annual revenue generated from the operations of Hevecam
would fund the repayment of the above debt. There will be no
interest chargeable on the said debt.

The total outstanding debt of FCFA 22 673 324 400 comprises of
principal amount of FCFA 19 803 459 000 and interest of FCFA 2
869 865 400.The above would result in a net gain of
approximately of FCFA 7 123 994 340 or the equivalent of S$19
million [90 percent of (FCFA 19 803 459 000 less FCFA 10 539 732
900)] to the Group and after taking into account the related
restructuring and consultation fee. The financial effects of the
debt restructuring on the Group based on the audited accounts of
the Group as at 30 June 2002 are as follows :

                       Before Restructuring  After Restructuring

Net Tangible Asset per share (Cents) 7.66        8.60
Earnings Per Share (Cents)           (0.67)      0.27
Debt/ Equity Ratio                   1:1.33      1:1.89


GMG GLOBAL: Deloitte & Touche Audits 1H02 Financial Statement
-------------------------------------------------------------
Deloitte & Touche Certified Public Accountants have audited the
financial statements of GMG Global Limited and the consolidated
financial statements of the group for the financial year ended
June 30, 2002. These financial statements are the responsibility
of the Company's directors. Our responsibility is to express an
opinion on these financial statements based on our audit.

Deloitte & Touche conducted an audit in accordance with
Singapore Standards on Auditing. Those Standards require that we
plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting
principles used and significant estimates made by the directors,
as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable
basis for our opinion.

The auditor's opinion:

(a) The accompanying financial statements and consolidated
financial statements are properly drawn up in accordance with
the provisions of the Singapore Companies Act and Singapore
Statements of Accounting Standard and so as to give a true and
fair view of:

  (i) The state of affairs of the Company and of the group as at
June 30, 2002 and of the results and changes in equity of the
Company and of the group and cash flows of the group for the
financial year then ended; and

  (ii) The other matters required by Section 201 of the Act to
be dealt with in the financial statements and consolidated
financial statements;

(b) The accounting and other records and the registers required
by the Act to be kept by the Company and those subsidiaries
incorporated in Singapore of which we are the auditors have been
properly kept in accordance with the provisions of the Act.

Deloitte & Touche have considered the financial statements and
auditors' reports of all the subsidiaries of which we have not
acted as auditors, being financial statements included in the
consolidated financial statements. The names of these
subsidiaries are indicated in Note 9 to the financial
statements.

Deloitte & Touche are satisfied that the financial statements of
the subsidiaries that are consolidated with the financial
statements of the Company are in form and content appropriate
and proper for the purposes of the preparation of the
consolidated financial statements and we have received
satisfactory information and explanations as required by us for
those purposes.

The auditors' reports on the financial statements of the
subsidiaries were not subject to any qualification and in
respect of subsidiaries incorporated in Singapore did not
include any comment made under Section 207 (3) of the Act.

Without qualifying our opinion, we draw your attention to Note
13 to the financial statements which indicates that the group is
in the process of negotiating the terms of the unsecured State
loan amounting $52,911,307 as at June 30,2002 with the Minister
of Finance, State of Cameroon. Based on the current arrangement,
the unsecured State loan is due for repayment on December 31,
2002.

This loan has been classified as a non-current liability as the
directors are of the view that based on experience from past
negotiations with the Minister, the repayment term of the loan
will be restructured for a period exceeding the next twelve
months.

Accordingly, the financial statements are prepared on a going
concern basis on the assumption that the loan will not be repaid
within the next twelve months.

For a copy of the press release, go to
http://bankrupt.com/misc/tcrap_cmg1107.pdf


HUA KOK: Discloses Additional Info on Audited Accounts
------------------------------------------------------
Pursuant to the announcements made on 30 September 2002, 3
October 2002 and 1 November 2002, the Board of Directors of Hua
Kok International Limited disclosed the following announcement.

The Board of Directors of Hua Kok believes that the Company will
be able to continue to operate on a going concern basis after
taking into account the following information and developments:

Closure of the Bintan Precast operation and offer for sale of
Bintan assets.

The major loss of the Company was from the Precast division in
financial year 2002 as highlighted in the announcements
mentioned above. In the announcement dated 5 November 2002
(Masnet No. 38), we announced the closure of the Bintan Precast
operation in order to improve the division's financial
performance and future cashflow, and to concentrate the
manufacture of precast components at the Sungei Kadut, Singapore
plant.

The Company also highlighted the offer for sale of all the
Bintan assets including land and buildings as these were
considered surplus to the Company's requirements. These are
major steps taken by the Company in the effort to improve the
working capital and financial performance;

- Cash flows expected to be generated from the businesses of the
Group;

- Expected proceeds from the divestment of non-core and surplus
assets, in addition to those assets from the Bintan Precast
plant;

- Cost cutting measures taken throughout the Group;

- Continuing support from the existing financial institutions;

- New credit facilities currently under discussion with certain
financial institutions.

The Board of Directors of Hua Kok is of the view that sufficient
disclosure has been made, and will continue to make timely
disclosures and announcements with respect to all price-
sensitive information to facilitate orderly trading in the
Company's shares.


NEPTUNE ORIENT: Gives Details on Sale of U.S. Unit
--------------------------------------------------
Neptune Orient Lines Limited responded to the MASNET
announcement on November 5, 2002 in respect to the sale of E-
Logistics operation to Newroads:

(a) The book value of the assets and operations of APL Direct
Logistics is US$7.32 million; and

(b) The loss of US$4.0 million is inclusive of the difference
between the book value and the sale price, as well as related
costs arising from the sale.


TWINWOOD ENGINEERING: Taking Steps to Liquidate Unit
----------------------------------------------------
The Board of Twinwood Engineering Limited announced Wednesday
that it has decided to stop with immediate effect any further
financial support to its subsidiary EdgeMatrix Pte Ltd
(EdgeMatrix) and is taking steps to place EdgeMatrix into
liquidation.

This decision is based on a recently concluded detailed review
of the business performance and outlook of EdgeMatrix and its
subsidiaries (the "EdgeMatrix Group. Twinwood holds
approximately 98percent of the issued share capital of
EdgeMatrix. The EdgeMatrix Group is engaged principally in
providing mobility solutions to telecommunications operators in
Singapore, Indonesia, Malaysia and Australia.

As a result of the business review, it was established that the
outlook for the EdgeMatrix Group in 2003 and in the foreseeable
future was uncertain, particularly in view of the slower than
expected spending by the telecommunications industry in mobility
applications, and the prevailing difficult economic conditions
in the South East Asian markets, where the EdgeMatrix Group
operates.

In the view of the Twinwood Board, EdgeMatrix in the foreseeable
future will not have the ability to operate as a viable and
effective business, without continual cash contributions from
Twinwood. In consideration of all these circumstances, the
Twinwood Board has therefore decided to withdraw further
financial support to EdgeMatrix. In addition, it is also taking
steps to place EdgeMatrix into liquidation.

The table below shows the pro-forma financial effect of the
eventual liquidation of EdgeMatrix on the Twinwood Group's net
tangible assets (NTA), earnings per share (EPS) and gearing
(Gearing) by reference to the Twinwood Group's half-year
unaudited results for the period ended June 30, 2002:

                       Before   After
NTA per share (S$)(1)  0.051    0.042
EPS per share (S$)(2) (0.0095)  (0.0188)
Gearing               0.06      Nil

(1) Based on the number of 878,770,960 ordinary shares in issue
as at June 30, 2002.

(2) Based on the weighted average number of 878,770,960 ordinary
shares in issue from January 1, 2002 to June 30, 2002.

The financial effect, which is non-recurring, on the Twinwood
Group of the eventual liquidation of EdgeMatrix is a net loss of
approximately S$8.2 million arising from the full impairment of
Twinwood's investment and loan to the Edgematrix Group of
S$12.59 million and the deconsolidation of the cumulative losses
of S$4.39 million of the EdgeMatrix Group since the acquisition
of the Edgematrix Group on December 10, 2001 to June 30, 2002.
As a result, the basic and fully diluted EPS (which is negative)
would increase by 98percent to S$0.0188 and the NTA per share
will decrease by 18percent to S$0.042.

The Gearing for the Twinwood Group will substantially improve as
all debts owing by EdgeMatrix to banks and financial
institutions would be removed from the Twinwood Group's
financial statements as a result of the deconsolidation of the
Edgematrix Group liabilities to such banks and financial
institutions.

The matters described above relate only to the business of
EdgeMatrix and the EdgeMatrix Group and not to any of the other
subsidiaries or businesses of the Twinwood Group. The Directors
of Twinwood are of the view that the abovementioned actions
taken in connection with EdgeMatrix will increase the ability of
Twinwood to conserve its resources and allocate them to the
other businesses within Twinwood, as well as allow Twinwood to
explore other opportunities to increase shareholder value.

None of the Directors of Twinwood has any interest, direct or
indirect in the above transaction.


* S&P Launches Asia-Pacific Bank Industry Risk Analysis
-------------------------------------------------------
Standard & Poor's Ratings Services announced its most recent
review of the economic and industry risk profiles of the banking
systems it covers in the Asia-Pacific region.

"Not surprisingly, the economic and industry risks of the Asia-
Pacific banking systems vary widely," said Ian Thompson,
managing director, Financial Services Ratings.

"The banking industries in Australia, New Zealand, and Singapore
stand out as having the lowest risk among the Asia-Pacific
systems, while Hong Kong is next with a moderate risk profile,"
Mr. Thompson said.

The banking sectors of Japan, Korea, and Taiwan have better
economic risk than they do industry risk and hence have moderate
to moderately high-risk profiles. They are followed by the
banking sector of Malaysia, which has higher economic risk.

Risk escalates significantly in the banking systems of India,
the Philippines, and Thailand, which are classified as high
risk, while the systems in mainland China, Indonesia, and
Vietnam have the highest risk of all.

Standard & Poor's defines economic risk, in the context of a
banking system, as the risk level of a country's economy as it
affects financial institutions, as opposed to the country's own
credit quality. Included are the economy's strength, diversity,
and volatility; the financial health of the corporate and
individual sectors; and the government's ability to manage the
economy through boom and recessionary periods.

The industry risk category contains many elements, and for any
system there will be both positive and negative factors. While
it is difficult to say which factors will outweigh others in any
one system, generally Standard & Poor's gauges the dynamics of
the financial service industry and to what extent those dynamics
lead to more or less risk from the point of view of debt
holders.

Details of the review are contained in a commentary report
entitled "Asia-Pacific Banking: A Comparative Analysis of
Industry Risk," which has just been published, together with a
series of individual commentary items on the individual systems
reviewed.

Contact: Ian Thompson, Melbourne (61) 3-9631-2100; Terry Chan,
Hong Kong (852) 2533-3590; Gavin Gunning, Melbourne (61) 3-9631-
2092; Naoko Nemoto, Tokyo (81) 3-3593-8720; Takamasa Yamaoka,
Tokyo (81) 3-3593-8719; Ernest D Napier, New York (1) 212-438-
7397



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


TELECOMASIA CORP.: Debenture Foretells Company Turnaround
---------------------------------------------------------
A successful 15 billion baht debenture issue has left
TelecomAsia Corp. Plc feeling confident it can repay its entire
outstanding foreign debt by the first quarter next year.

Managing director Suphachai Jiarawanont told AFX-Asia recently
that foreign borrowings is now down to US$78 million from US$750
million.

"We have utilized proceeds raised from the debentures issue to
(re)pay almost all of the foreign debt.  Foreign borrowing now
stands at US$78 million," he said.

Mr. Suphachai said the company is now focusing on strengthening
its balance sheet by reducing foreign borrowings and increasing
its registered capital.

TelecomAsia Corp issued the 15 billion baht worth of debentures
on October 14.  It also issued 538.74 million new shares to
existing shareholders at 6.50 baht each from Oct 14-18.  Its
major shareholder, Charoen Pokphand Group Co Ltd and other
existing shareholders, subscribed to a combined 461.99 million
new shares for a total of 3 billion baht.  Some 76.75 million
shares remain unsubscribed.

"This year, we are beginning to show profit and reaching break-
even point. From the first to the third quarter of 2002, we have
showed profits," he said.

Mr. Suphachai said the company's third-quarter results will be
"positive" but gave no further details.

According to the news agency, the company reported a net loss of
6.25 billion baht in the first quarter due to charges of 5.722
billion baht on the impairment of its FLAG investment, but it
reported a net profit of 1.01 billion baht for the second
quarter.

But Mr. Suphachai said the company expects its investments in
hardware to be low next year as it still faces excess capacity:
"As we have excess capacity, investment next year would not be
high. Investment next year would only be in support facilities
and in the non-voice business in order to add value to
products."

"As we are entering a knowledge-based society, where people
consume more data and information, we will focus on the non-
voice business because we would like to deliver to the bottom
line. Next year will be a turning point for the TelecomAsia
group," he told AFX-Asia.


THAI CANE: Confident 2002 Results Will Show Profit
--------------------------------------------------
After posting first-half net income of 60 million baht,
restructuring cardboard maker Thai Cane Paper Public Co is
aiming for a 10% growth this year, says the Bangkok Post.

Vice chairman and executive director Virapan Pulges told the
paper recently that the company is confident the year will end
in black, due in part to the revival of demand for property and
vehicles, a known driver of demand for cardboard.

The firm is emerging from a successful deal with the Thai Asset
Management Company (TAMC), which will restructure the company's
management and raise around one billion baht from existing
shareholders and new investors to repay creditors.

Under the agreement, the report said, TCP's unsecured creditors
will accept an initial payment of 50% of all money owed. Most
interest due will be waived and the remaining 50% of loans will
be exchanged for three-year warrants.  Ten million warrants are
to be issued.

Secured creditors, who have agreed to extend principal repayment
after the restructuring to eight years, will receive full
repayment of all outstanding principal, plus three months'
interest, the report said.

After restructuring TCP's 4.9 billion baht debt, which
represents principal and accrued interest with the TAMC, the
company's debt-to-equity ratio would improve from 2.8:1 to
0.9:1, Mr. Virapan told Bangkok Post.

Bualuang Securities and National Securities have been appointed
as TCP's financial advisers, the paper said.  The firm's major
shareholders are Asia Pacific Growth Fund II with 56%; Kitti
Keeratimongkollert, 5.46%; and Evertop Co, 3%.  The remaining
18.32% belongs to various shareholders.

Total sales in 2001 reached 2.5 billion baht. Domestic sales
comprised 65% of total sales, while the remaining was exported.
In contrast, total sales in the first half of this year amounted
1.7 billion baht, of which 67% were domestic and 33% overseas,
the paper said.


THAI CANE: Siam Cement, Five Others Eyeing Cardboard Maker
----------------------------------------------------------
About five to six strategic investors, including Siam Cement,
are currently conducting due diligence on Thai Cane Paper, vice
chairman and executive director Virapan Pulges told The Nation
recently.

"Those involved in due diligence are industry players, as well
as mutual and private equity funds in Thailand and from abroad,"
said Mr. Virapan in an interview.

The company has just concluded a 5-billion-baht debt
restructuring.  Under the plan, supervised by the Thai Asset
Management Corp (TAMC), the debt-ridden paper-maker will have to
raise equity by at least 1 billion baht from the current 1.5
billion. The capital increase is expected in the first quarter
of next year.

Siam Cement had previously acquired pulp-maker Phoenix Pulp and
Paper.  Siam Cement is targeting companies whose debt is being
supervised by the TAMC in a move aimed at strengthening its core
paper and pulp business by reaching economy-of-scale production,
the paper said.

TCP is expected this year to show a profit for the first time
since the 1997 economic crisis.


THAI PETROCHEMICAL: High Court Nixes Khun Prachai's Appeal
----------------------------------------------------------
Effective Planners Limited (EPL), a wholly owned subsidiary of
Ferrier Hodgson, a leading accounting, financial restructuring
and recovery firm, confirmed Wednesday that the Supreme Court
has dismissed an appeal filed by former Thai Petrochemical
Industry Public Company Limited (TPI) Chief Executive Officer
Khun Prachai Leophairatana.

In that appeal Khun Prachai Leophairatana sought to reverse a
September 21, 2001 decision of the Labor Court which entirely
rejected his request to retain the position of CEO of TPI and
his claims to be a TPI labor union representative.

In the September 21, 2001 decision, the Labor Court clearly
stated that it was only the court sanctioned Plan Administrator,
Effective Planners, that is empowered to make any decisions in
relation to the management of the company including the former
CEO's status at TPI.

The Supreme Court also upheld the Labor Court's decision, also
made on September 21, 2001, that in his former role as the CEO
of TPI, Khun Prachai Leophairatana could not at the same time
serve as an employee committee member of TPI's labor unions.

TPI's labor unions were established on December 4, 2000 and
December 12, 2000. The Bankruptcy Court sanctioned the creditor-
approved appointment of Effective Planners Limited as Plan
Administrator of TPI on December 15, 2000.

"The Labor Court and the Supreme Court noted that there is an
inherent conflict in a person being both an employer and
employee committee member at the same time. Serving these dual
roles simultaneously raises questions of conflict of interests
that, practically speaking, could never be reconciled," stated
Mr. Peter Gothard, Managing Director at Effective Planners
Limited.

Both the Supreme Court's and Labor Court's decisions are
consistent with a similar, unqualified ruling made by the
Official Receiver on May 4, 2001 in response to another, nearly
identical petition filed by Khun Prachai Leophairatana.

In that petition to the Official Receiver, filed on March 9,
2001, Khun Prachai sought to retain the position of Chief
Executive Officer of TPI and all the executive authorities that
accompany that role. These included his request to continue to
use the title of Chief Executive Officer, to seek information
regarding TPI from staff members, to disclose operational
information regarding TPI and to use the TPI logo, trademark and
tradename in his Web site. This petition was dismissed by the
Official Receiver.

In its dismissal of the March 9, 2001 petition the Official
Receiver noted that there is "no legal provision which allows
for acceptance of any of the requests" made by the former CEO of
TPI.

Effective Planners Limited is the Plan Administrator of Thai
Petrochemical Industry Public Company Limited and is a wholly
owned subsidiary of Ferrier Hodgson.  Ferrier Hodgson operates
throughout Australia and specializes in financial restructuring,
corporate recovery, insolvency management and related services.
Ferrier Hodgson established a Bangkok office in March 1998.
Since then, the firm has developed a solid and growing presence
in Bangkok with 60 specialists in diverse sectors including
banking, petrochemical, telecommunications, hotel, property and
transportation.

In Thailand, Ferrier Hodgson has been involved in projects
acting for creditors (including major bank lenders) and
shareholders, with the total financial debts of transactions
exceeding US$12 billion.



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
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contained herein is obtained from sources believed to be
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The TCR -- Asia Pacific subscription rate is $575 for 6 months
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subscription or balance thereof are $25 each.  For subscription
information, contact Christopher Beard at 240/629-3300.

                 *** End of Transmission ***