/raid1/www/Hosts/bankrupt/TCRAP_Public/021125.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

          Monday, November 25, 2002, Vol. 5, No. 233

                         Headlines


A U S T R A L I A

BRAMBLES INDUSTRIES: Posts Financial Highlights; Guides Lower
NEW TEL: Announces Consolidation Strategy Details  


C H I N A   &   H O N G  K O N G

CHINA CITY: Full-year Losses Triple to HK$450 Million
CIL HOLDINGS: Net Loss Skyrockets to HK$142 MM from HK$4 MM
ECYBERCHINA HOLDINGS: Net Losses Widen to HK$235 Million
NEW ASIA: Farmland Properties Provision Causes Huge Loss
VENCO HOLDINGS: Winding Up Petition Hearing Set for Dec. 18

WELL FEAT: High Court to Hear Wind Up Petition December 18
WOODSMAN LIMITED: Court to Hear Winding Up Petition December 11


I N D O N E S I A

ASTRA INTERNATIONAL: Predicts Debt Defaults This Year
ASTRA INTERNATIONAL: C&C May Scoop Unsubscribed Shares
INTRACO PENTA: Seeking Additional Extension From Creditors


J A P A N

DAIEI INC.: Stores Initiate Big Yearly Sale to Boost Numbers
MIZUHO HOLDINGS: Dissolves U.S. Subsidiary
MIZUHO HOLDINGS: Counters Capital Increase News Report
NIPPON STEEL: Stock Values, Pension Liabilities Cause Huge Loss
NIPPON TELEGRAPH: Suspends Phone Service to Seychelles

NIPPON TELEGRAPH: Finance Ministry Delays Sale of 1 MM Shares
NTT DOCOMO: Receives Share Subscription Invitation from KPN
NTT DOCOMO: Tight-lipped on Alleged Share Purchase
SUMITOMO METAL: Returns to Black in First Half
SUMITOMO STEEL: Establishes Joint Study Committee

TOWA REAL: Appraisal Loans Prompt Y82.51 Billion Net Loss
WOWOW INC.: Heavy Cost Cutting Leads to New Profits
* Fitch Leaves Japan Bank Ratings Unchanged


K O R E A

CHOHUNG BANK: IMF Official Joins Sale Proponents
DAEWOO MOTOR: Creditors to Approve Debt Plan
HYNIX SEMICONDUCTOR: Reaches Sales Deal With BOE Technology
HYNIX SEMICONDUCTOR: Offering W912.3B 1-Yr Bonds



M A L A Y S I A

ABRAR CORPORATION: Recovery Plan Approval Deadline Extended
BRIDGECON HOLDINGS: Liquidates Six Inactive Subsidiaries
EPE POWER: Deadline for Submission of Recovery Plan Extended
SIME DARBY: Divests Interests in Several Subsidiaries
SIN HENG: Trade Ministry Sets Conditions on Recovery Proposals

TENAGA NASIONAL: New Bonds to Trade at LFX Beginning Tuesday
TENGGARA OIL: Court Grants Petition to Liquidate Unit
UCP RESOURCES: Releases Restructuring Plan Update


P H I L I P P I N E S

MANILA ELECTRIC: Shares Down on PSE Probe
METRO PACIFIC: Selling 50.4% Stake in Bonifacio Land Corp.
MULTITEL INTERNATIONAL: SEC Files Charges Against Owners
RFM CORP: Sells 217.49 Million Shares in Philstar


S I N G A P O R E

DATACRAFT ASIA: Suffers $34.8 Million Loss
DATACRAFT ASIA: CAD Investigation Update
ISOFTEL LTD: Posts Notice of Director's Interest
MEDIASTREAM LIMITED: Eliminates Dormant Subsidiary
PANPAC MEDIA.COM: Posts Shareholders Meeting Notice, Agenda


T H A I L A N D

ADVANCE AGRO: Seeks Re-scheduling of Baht-denominated Debts
TPI POLENE: Creditors Say Prachai's Ouster Likely to be Affirmed


     - - - - - - - - - -

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


BRAMBLES INDUSTRIES: Posts Financial Highlights; Guides Lower
-------------------------------------------------------------
TRADING HIGHLIGHTS FOR THE FOUR MONTHS TO OCTOBER 31, 2002

* Brambles EBITA (earnings before interest, tax and goodwill
  amortisation) from continuing businesses for the four months
  to 31 October (at constant exchange rates), down by 9%
  compared with same period last year.

* CHEP in the Americas EBITA up 22% with major improvement
  programme in CHEP USA being successfully executed.

* In CHEP Europe comprehensive review completed by new
  management; restructuring programme to fundamentally improve
  performance now underway:

   * CHEP Europe EBITA significantly down from last year.

   * One-off exceptional charge for reorganisation of
     approximately GBP85 million (A$238 million) to be taken
     over 2.5 years, with cash payback in 18 months.

   * First beneficial impact of reorganisation on CHEP Europe
     profits will occur next financial year; results thereafter
     should continue to improve with additional benefits from
     this programme as well as revenue growth.

* CHEP in other markets performing strongly.

* Recall continuing to grow organically and through acquisition.

* Cleanaway performing steadily.

* For the full year Brambles group EBITA from continuing
businesses (before restructuring costs) is now expected to be
below earlier expectations. Cash generation, however, will
remain strong.

COMMENTARY

After the merger in August 2001, which brought all the Brambles
businesses under one unified management, a comprehensive review
was commenced at CHEP and the management team strengthened with
the appointment of Victor Mendes as CHEP's CEO in March 2002.
While the review confirmed CHEP as a unique, profitable business
with good growth prospects, it also identified a number of
legacy issues in its US and European operations.

The strong push for revenue growth in the past several years had
led to an increasingly large investment in pallet stocks, an
expansion in the number of small drop points and an increasing
flow of pallets to non-participating distributors (NPDs). These
resulted in lower asset utilization and reduced margins.

CHEP IN THE AMERICAS

These issues were addressed in CHEP USA with a major and focused
improvement program, which began in early 2002.

The programme included the completion of a new contract with
Wal*Mart, a new pricing model for costly NPD deliveries, and a
totally restructured service centre (depot) network with a drive
for associated improvements in transport and pallet collection
costs.

The programme is being executed effectively and we are already
seeing margin improvements, a resumption of profit growth and
reduction in capital expenditure. We have also now completed the
implementation of the new SAP system four months ahead of
schedule.

As a result, EBITA in CHEP in the Americas in the four months to
the end of October was up by 22% compared with the same period
last year after charging an additional one-off cost of GBP4.5
million (A$13 million) associated with the SAP implementation.

For the full year, and even after charging the remaining GBP8
million (A$22 million) one-off cost relating to completion of
the service centre consolidation programme, the performance of
CHEP in the Americas should continue to be strong, driven by the
ongoing successful execution of the improvement programme in the
USA.

CHEP EUROPE

As with CHEP's operations in the USA, CHEP Europe is a
fundamentally strong and profitable business which has delivered
good returns and consistent growth over many years.

CHEP Europe has however operated a country based management
structure with different business processes in each country.
Although this was appropriate in the early days of CHEP Europe,
a major negative outcome has been the growth in the number of
excess pallets in the European pool. This has led to lower asset
utilisation and reduced revenue and margins. The structure has
also become more costly, less efficient and less customer
friendly as the single European market has evolved.

Following Victor Mendes' appointment as CHEP's global CEO, Mark
Luby was appointed President of CHEP's European businesses in
July this year. Mark successfully ran CHEP Asia Pacific for the
previous 5 years.

To address these issues, Mark's new management team is
reorganizing and refocusing CHEP Europe through the creation of
a new pan European organisation structure. The team is
implementing a reorganization plan which includes:

* An accelerated programme to recover and relocate pallets;

* Standardisation and streamlining of business processes across
  Europe;

* Reconfiguration of service centres and transportation
  logistics;

* A new pricing model to align prices more closely with
  activities and costs; and

* A focus on improving customer service to clearly differentiate
  CHEP's service offering.

The reorganisation programme at CHEP Europe is estimated to cost
approximately GBP85 million (A$238 million). The cost will be
shown in the accounts as an operating exceptional item under UK
GAAP and as a significant item under Australian GAAP.

Approximately 50% of the cost will be charged to the profit and
loss account this year, 35% next year with the balance, all
relating to the collection and relocation of pallets, in the
financial year to 30 June 2005.

Approximately GBP45 million (A$126 million) of the cost will be
in cash, and is related to the one-off collection and relocation
of excess pallets under the new pan European structure. This
initiative is expected to produce cash benefits through a
reduction in capital expenditure starting in the current
financial year. The completion of this element of the
reorganisation will take about 30 months.

Consequent savings in capital expenditure over this 30 month
period are expected to exceed GBP100 million (A$280 million),
with a positive net cash impact in the current financial year.

The remaining GBP40 million (A$112 million) of the
reorganization costs relate to key process efficiencies, cost
reduction and the other issues noted earlier. Approximately
GBP35 million (A$98 million) of these costs will be cash with an
expected cash payback of 2.5 years.

The overall impact of this reorganisation on the results of CHEP
Europe will commence with a benefit to profits of GBP15 million
(A$42 million) in the next financial year, and a further GBP15
million (A$42 million) in the following year.

In terms of current performance, profits of CHEP Europe in the
first four months of the year were 33% lower than last year,
including a GBP4 million (A$11 million) abnormal cost associated
with a number of service centre fires which are being
investigated by the authorities.

Excluding this abnormal cost, the EBITA of CHEP Europe in this
period was 23% lower than the same period last year. For the
full year and excluding the exceptional cost of restructuring,
CHEP Europe's profits are forecast to be similarly lower than
last year.

Factors which are impacting CHEP Europe's lower performance this
year include a timing delay in the start up of new contracts, an
increase in the volume of pallet repatriations from the UK to
the continent, and a higher than anticipated level of pallet
collection activity.

Following the reorganisation programme, CHEP Europe will be
operating with lower costs, a focused pan European operation and
management structure and will have enhanced competitive
advantage through improved customer service and scale. It is
also expected to grow revenue and increase margins and profits
from this lower cost base.

OTHER BUSINESSES

In Brambles other continuing businesses, Cleanaway is performing
steadily and, notwithstanding the state of the German economy,
the business is tracking last year's performance. Recall is
continuing to grow and while Industrial Services was impacted by
the bankruptcy of a customer, its profits are holding at last
year's level. Interlake continues to suffer from the decline in
its market. Brambles Shipping was sold in October.

SUMMARY

In summing up the Group's current trading and outlook, Chief
Executive Officer Sir CK Chow said, "We have high quality
businesses and a clear strategy. We have faced up to the issues
arising from our CHEP reviews and have now set the foundation
for a revitalized company. The actions we have taken to focus on
value creation and in improving use of capital will result in a
much stronger Brambles."

For further information, contact:

All Enquiries:  
Edna Carew                                  +61 (0) 2 9256 5204
London

Media:     
Richard Mountain, Financial Dynamics       +44 (0) 20 7831 3113

Investor and Other:
Sue Scholes, HEAD OF INVESTOR RELATIONS    +44 (0) 20 7659 6012


NEW TEL: Announces Consolidation Strategy Details  
------------------------------------------------
New Tel Limited is pleased to provide details on the continued
consolidation of its Australian telecommunications operations.

OUTSOURCING TELECOMMUNICATIONS OPERATIONS

Following an announcement to the market on November 12, 2002,
the Company has executed documentation relating to its
agreements with RSL CoM Partners Pty Ltd (RSL Com) and RSL Com
Mobile Pty Ltd (RSL Mobile) to provide operational
telecommunications services and infrastructure to New Tel.

Pursuant to the terms of these agreements, RSL Com and RSL
Mobile will assume operative control of the customer management
function providing telecommunication services to New Tel's
75,000 customers.  RSL Com and RSL Mobile will receive a monthly
customer management fee for supplying these services to New Tel.

The outsourcing program will not affect customers who will
continue to access New Tel's quality products and services and
receive the same high standard of customer service. The transfer
of customers to the RSL networks commenced last week and is
expected to be completed prior to the end of the month.

The restructuring has resulted in the majority of New Tel's
operational roles becoming redundant, with the first redundancy
payments to New Tel staff being paid today. Further redundancies
will be settled in line with the transfer of operations to RSL
Com and RSL Mobile.

DIVESTING NON-CORE ASSETS

As previously announced to the market, the Company is divesting
its non-core assets to enable it to focus on the development of
its telecommunications business within Australia.

New Tel is currently considering a number of opportunities to
divest its surplus infrastructure including its international
gateway switch and satellite earth station facilities. The
Company will access operative infrastructure through RSL Com and
RSL Mobile, and New Tel will retain responsibility for securing
competitive rates for services provided to its customers.

New Tel has already divested its mobile data communications
subsidiary Transcom Communications Systems Ltd (TCS) and is in
discussions to sell its remaining interest in leading automotive
manufacturer Advanced Engine Components Limited. The Company is
also currently evaluating proposals for the sale of its Chinese
language portal, nihao.com, to interested parties within Asia
Pacific.

BROADBAND & WIRELESS

In accordance with an announcement on 19 November 2002, New Tel
confirms that Broadband & Wireless Ltd (BWL) has entered into
agreements to acquire New Tel's debt to Telstra Corporation Ltd
and SingTel Optus Pty Ltd of approximately $22 million.

BWL is a Hong Kong based company that was established in 2001 to
acquire and manage infrastructure and associated subscriber
bases within the emerging, and converging broadband and wireless
industry sectors.

New Tel has had material discussions with BWL whereby BWL will
convert a portion of the debts it has acquired into ordinary
shares in New Tel with the remainder of that debt being paid out
of New Tel cash flow. Agreements documenting the terms of those
discussions are currently being finalized and are subject to the
necessary shareholder approvals.

This program provides BWL with the opportunity to participate in
the consolidation of the Australian telecommunications industry
and work with New Tel to enhance shareholder wealth by growing
the Company's customer base both organically and through
strategic acquisitions.

BWL has engaged Gerard Frack, former Optus Director Consumer and
Wholesale Mobile as its acting Chief Executive Officer in
Australia. BWL and Mr. Frack will work with New Tel to develop
and implement an aggressive sales and marketing campaign to
significantly increase New Tel's customer base as part of the
Company's business consolidation program.

Both Telstra and Optus have been supportive of New Tel's plans
to continue operations through outsourcing, and the agreement
with BWL further enhances New Tel's position going forward.

PROGRAMME GOING FORWARD

As a result of these strategic alliances, New Tel will improve
cash flow from its telecommunications carrier, in accordance
with the Company's strategic goals to grow the business
profitably. Attached is a media release regarding the current
program.

For additional information contact P. Malone (08) 9244 1166/0418
948 881



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C H I N A   &   H O N G  K O N G
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CHINA CITY: Full-year Losses Triple to HK$450 Million
------------------------------------------------------
China City Natural Gas Holdings posted a net loss of HK$450
million for the year ended July 31, 2002, three times greater
than the previous year, The Standard said last week. Loss per
share was 8.1 HK cents. No final dividend was declared.

The company lost HK$156 million a year earlier, the paper said.
The group is principally involved in Internet and information
technology, the manufacture and trading of batteries, silicone
rubber products and electronic finished products and trades in
electronic parts and components.


CIL HOLDINGS: Net Loss Skyrockets to HK$142 MM from HK$4 MM
-----------------------------------------------------------
CIL Holdings Ltd (479.HK) disclosed Friday that its net loss in
the year to June period ballooned to HK$142.3 million from just
HK$4.2 million a year earlier. The heavy losses contrast
improving sales of HK$56.6 million from HK$47.5 million.

The operating loss amounted HK$140.4 million against a profit of
HK$26.5 million a year earlier. The company said it will publish
the audited final version of the results by the end of the year.

Early this month, the High Court of Hong Kong postponed a
hearing on a petition seeking the wind up of CIL Holdings to
allow the company to implement its restructuring plan.  The
hearing was reset to December 16, 2002.

Total indebtedness of the group is HK$318 million and all of
which comes due within one year.  As of December 2001, the group
had net current liabilities of approximately HK$153 million and
total liabilities to equity ratio of approximately 3.75 times.  

CIL Holdings Limited's principal activities are the provision of
interior decoration and renovation services, building
construction, electrical and mechanical engineering, trading of
building and interior decoration materials. The Group also
develops and sells computer component, hardware and software and
other electrical parts and equipment.

Other activities include property development, investment
holding and manufacturing of multi-media products. Trading of
multi-media and communication products accounted for 87% of
fiscal 2001 revenues and interior decoration materials, 13%, a
Wrights Investor's dossier says.

To see latest interim financial results, please click on this
link http://bankrupt.com/misc/cil_holdings.pdf


ECYBERCHINA HOLDINGS: Net Losses Widen to HK$235 Million
--------------------------------------------------------
The financial health of eCyberChina Holdings Ltd. has further
deteriorated, recording net losses of HK$235.4 million for the
year ended June from only HK$81.3 million a year ago.

According to AFX-Asia, sales this year stood at HK$8.72 million
compared with HK$8.21 million, with operating loss at HK$69.9
million against a loss of only HK$53.8 million previously.

The results presently announced are unaudited. The company said
it will publish audited results for the year ended June on
January 2, 2002.

To see latest press release, please click on this link
http://bankrupt.com/misc/ecyberchina.pdf


NEW ASIA: Farmland Properties Provision Causes Huge Loss
--------------------------------------------------------
New Asia Realty and Trust, a subsidiary of Wheelock & Co,
plunged deeply into the red during the first half of the year,
wiping out last year's gain of HK$204.7 million, South China
Morning Post said last week.

The company blamed a substantial provision for the HK$122.3
million loss.  The latest result included a HK$468.8 million
provision for impairment in the value of certain properties,
mainly farmland reserved for development.  It is understood the
company holds 3 to 4 million square feet of farmland in Tai Po,
most of which was bought before the 1997 property market
correction.

The group said turnover during the six months fell 45.7% to
HK$1.31 billion from HK$2.42 billion, mainly because of lower
revenue realized by Marco Polo Developments from the sales of
Ardmore Park units in Singapore.  Operating profit fell 52.4% to
HK$425 million from HK$893.5 million.  Profit contribution from
property development decreased HK$450.2 million to HK$203.3
million.  Operating profit of the property investment division
increased HK$11.9 million to HK$103.1 million, the report said.


VENCO HOLDINGS: Winding Up Petition Hearing Set for Dec. 18
-----------------------------------------------------------
The High Court of Hong Kong will hear on December 18, 2002 at
10:00 in the morning the petition seeking the wind up of Venco
Holdings Limited.

Chiu Tung Hing of Room 805, 8th Floor, Block E, Lok Man Sun
Chuen, Tokwawan, Kowloon, Hong Kong filed the petition on
October 18, 2002.  Tam Lee Po Lin, Nina represents the
petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Tam Lee Po
Lin, Nina, which holds office at the 27th Floor, Queensway
Government Offices, 66 Queensway, Hong Kong.


WELL FEAT: High Court to Hear Wind Up Petition December 18
----------------------------------------------------------
A petition seeking the wind up Well Feat Catering Engineering Co
Limited is scheduled for hearing before the High Court of Hong
Kong on December 18, 2002 at 10:00 in the morning.

Cheung Yuen Pik of Flat B1, 20/F., Block B, Green Leaves Garden,
15-17 Yuen Chau Kok Road, Shatin, New Territories, Hong Kong
filed the petition on October 21, 2002.  Tam Lee Po Lin, Nina
represents the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Tam Lee Po
Lin, Nina, which holds offic at the 27th Floor, Queensway
Government Offices, 66 Queensway, Hong Kong.


WOODSMAN LIMITED: Court to Hear Winding Up Petition December 11
---------------------------------------------------------------
Woodsman Limited faces a winding up petition, which the High
Court of Hong Kong will hear on December 11, 2002 at 9:30 in the
morning.

Poon Lai Yan of Flat 3, 6/F., Chun Yat House, Ko Chun Court, Yau
Tong, Kowloon, Hong Kong filed the petition on October 7, 2002.  
Tam Lee Po Lin, Nina represents the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Tam Lee Po
Lin, Nina, which holds office at the 27th Floor, Queensway
Government Offices, 66 Queensway, Hong Kong.



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


ASTRA INTERNATIONAL: Predicts Debt Defaults This Year
-----------------------------------------------------
Astra International finance director John Slack admitted last
week that the company only has enough money to pay US$75 million
worth of current liabilities. That amount is just over half what
is necessary to satisfy creditors in the coming 12 months.

The company has a total of US$133 million and Rp165 billion
(US$18.5 million) of debts falling due this year, Asia in Focus
said in a report late last week.  In all, the company has a
total debt of US$726 million and Rp881 billion maturing until
2006.

Mr. Slack said if the company's creditors won't agree to a
refinancing, Astra will propose a rollover until 2009.


ASTRA INTERNATIONAL: C&C May Scoop Unsubscribed Shares
------------------------------------------------------
PT Astra International Finance Director John Slack said Cycle &
Carriage has given a verbal commitment to subscribe for more
than the shares it is entitled to as a 31 percent owner, but
will pick up only those shares that are not bought by existing
investors, the AFX-Asia News reported.

Mr. Slack said Astra will also seek other investors to serve as
standby buyers for the rights issue.

C&C chief financial officer Neville Venter said that no decision
has yet been made on the extent of C&C's participation in the
Astra rights issue beyond its entitlement.

Yesterday (November 21), the M&A Reporter Asia Pacific reported
that C&C is likely to take up half of unit Astra's planned
rights issue, which may raise its stake in Astra to more than 40
percent from 31.75 percent currently.

Astra has said it plans to issue as much as 3 billion in rights
with the subscription price ranging between 500 to 2,000 rupiah.
The exercise is likely to raise between 100 and 150 mln usd,
mostly going to debt repayment.

"C&C wants this rights issue to be successful. And there is an
indication that they will invest more if necessary," Mr. Slack
said adding it may only happen if shares are available.

"We think there are other investors who are also interested in
being standby buyers. They could be portfolio investors," he
said.

Mr. Slack explained that, in order to secure the participation
of other standby buyers, Astra will conduct a road show in Hong
Kong and Singapore one week after the Company's proposed debt
restructuring is approved by general meeting of creditors on
November 26.

He said at this stage, the Company has yet to be involved in in-
depth talks with investors because the rights issue is still
subject to the debt restructuring approval.

Moreover, he said the three proposed underwriters -- ING Baring,
UBS Warburg and JP Morgan -- have not yet signed any agreements
committing to underwrite the issue. (M&A REPORTER-ASIA PACIFIC,
Vol. No.1, Issue No. 232, November 22, 2002)


INTRACO PENTA: Seeking Additional Extension From Creditors
----------------------------------------------------------
Heavy equipment company PT Intraco Penta is once more in talks
with creditors, this time seeking the extension of repayment
deadlines involving US$31.3 million of debts, Asia Pulse said
Friday. According to the news agency, the company is negotiating
for an extension to 2009 from 2007, citing worsening economic
conditions.  It is also seeking for a grace period of two years
from 2009.

Financial director Robertus Sampara Lie had earlier proposed to
rollover debts until 2007.  He is confident a new agreement
could be signed with creditors by the end of this month.

Two years ago, the company also restructured US$27 million of
debts.  The company trades on the Jakarta Stock Exchange under
the ticker symbol "INTA."



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J A P A N
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DAIEI INC.: Stores Initiate Big Yearly Sale to Boost Numbers
------------------------------------------------------------
Daiei Inc. started its crucial year-end sale at its 271 stores
nationwide on Thursday, Kyodo News reports. The ailing
supermarket chain operator, which will receive financial aid
from its three major creditor banks and the government-backed
Development Bank of Japan (DBJ), aims to boost sales during the
year's biggest sales event.

Meanwhile, Japan Times said Daiei's three major creditor banks
and the DBJ announced a plan to establish a 60 billion yen fund
to support the rehabilitation efforts of the financially
troubled Company, Japan Times reports.

The DBJ will invest 10 billion yen in the fund and the three
creditor banks -- UFJ Bank, Sumitomo Mitsui Banking Corp. and
Mizuho Corporate Bank -- will contribute the remaining 50
billion yen, they said.  The sales event ends on December 25.


MIZUHO HOLDINGS: Dissolves U.S. Subsidiary
------------------------------------------
Mizuho Holdings, Inc. has announced that its wholly-owned
subsidiary, Mizuho Corporate Bank, Ltd. (MHCB), has decided to
dissolve MHCB Data Services (USA), Inc., as follows.

1. The Subsidiary to be Dissolved

Corporate Name: MHCB Data Services (USA), Inc.
Location: 95 Christopher Columbus Drive, Jersey City, New
Jersey, U.S.A.
Representative: Shigeo Ochi

2. Reason for Dissolution

The companies will go into dissolution as part of
rationalization of MHCB's operations in the Americas.

3. Outline of the Subsidiary

Business Systems Development and Administration
Date of Establishment June 1991
Common Stock USD 8 million
Amount of Stock issued: 8 shares
Total Assets (December 2001) USD 16.3 million
Number of Employees (October 2002) 40
Shareholders 100 percent owned by MHCB
Performance
(Fiscal Year Ended in December 2001) Ordinary Profit USD 531
thousand
Net Profit USD 184 thousand

4. Scheduled Date of Dissolution

By March 2003.

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


MIZUHO HOLDINGS: Counters Capital Increase News Report
------------------------------------------------------
Mizuho Holdings Inc. denied a newspaper report from Yomiuri
Shimbun that it was seeking to raise 700 billion yen ($5.73
billion) in capital to strengthen its financial health, Reuters
reports. The report said Mizuho would tap main business partners
for new capital amounting to 700-800 billion yen. The newspaper
said the amount would be determined by the bank's progress in
disposing of bad loans and movements in the stock market.

"There is no truth to the report about our bank considering an
increase in capital, which is based on speculation," Mizuho said
in a statement.

Mizuho shares have fallen to all-time lows recently on market
concerns that a stricter government banking policy could hurt
banks' balance sheet and lead to some being nationalized, which
would dilute or even wipe out share value, traders said.

Shares in Mizuho fell to a new lifetime low of 95,200 yen on
Wednesday before ending the morning session up 10.33 percent at
110,000 yen, rising with other bank issues.


NIPPON STEEL: Stock Values, Pension Liabilities Cause Huge Loss
---------------------------------------------------------------
Nippon Steel Corporation posted a consolidated net loss of 5.07
billion yen in the first half of this year, versus a profit of
520 million yen a year ago, Kyodo News said on Friday.

Nippon Steel fell into the red as it booked a net extraordinary
loss of 11.66 billion yen including 3.69 billion yen for
appraisal of invested securities holdings and 3.8 billion yen
for additional retirement allowances.


NIPPON TELEGRAPH: Suspends Phone Service to Seychelles
------------------------------------------------------
NTT Communications Corporation (NTT Com), a unit of Nippon
Telegraph and Telephone Co., announced that the Company's
regular international phone service to Diego Garcia (country
code: 246) and the Seychelles (248) will be suspended effective
December 16 to prevent problems with customer fraud.

Many NTT Com dial-up customers have reported being invoiced with
expensive phone bills after they unknowingly dialed
international numbers via their computers. Under the scam, if a
person accesses certain sites on the Internet, software is
automatically downloaded and secretly replaces the local dial-up
access number stored in the computer with an international
number.

Although NTT Com has disseminated information about the fraud
via monthly statements mailed to customers and the Company's
website, as well as provided free software that can be
downloaded from the Company website to monitor and warn of the
scam, it has continued to receive large numbers of inquiries and
complaints.

Services to Diego Garcia and Seychelles that will be suspended:

- 0033 direct calls (including from mobile, PHS and public
phones)
- 00347 calls with charge announcement service at end of call

Services to Diego Garcia and Seychelles that will remain
available:

- 0034111 calls using World Prepaid Card
- 0034112 calls using credit card
- 000345 calls via international virtual private networks

NTT Communications Corporation (NTT Com) www.ntt.com, a Tokyo-
based subsidiary of Nippon Telegraph and Telephone Corporation,
provides long-distance and international services for voice,
video and data communication reaching more than 200 countries.
NTT Com also provides world-class IP services under the
NTT/VERIO brand, as well as managed data, multimedia and
additional services under the Arcstar brand.

For more information, please contact:
Akira Tamachi or Daniel O'Connor
Public Relations Office, NTT Communications
Tel. +81 3 6700 4010 / info@ntt.com


NIPPON TELEGRAPH: Finance Ministry Delays Sale of 1 MM Shares
-------------------------------------------------------------
The Ministry of Finance (MoF) will postpone the sale of 1
million government-held shares in Nippon Telegraph and Telephone
Corp. (NTT), originally scheduled for this year, until the year
to March 2004 or later, the Nihon Keizai Shimbun and AFX Asia
reported.

The shares represent a 13 percent stake in the company and along
with over 330,000 shares in Japan Tobacco Inc, were meant to
raise more than 580 billion yen to part finance the costs of
redeeming government bonds.

The ministry will prioritize the sale of Japan Tobacco shares,
whose prices are relatively stable, hoping to implement the sale
by the end of March, the report said.


NTT DOCOMO: Receives Share Subscription Invitation from KPN
-----------------------------------------------------------
NTT DoCoMo, Inc. has received a share subscription invitation
from KPN Mobile N.V. (KPNM), in which it holds a 15 percent
voting interest, with regard to an opportunity to subscribe for
further shares through exercise of DoCoMo's Top-up right in
order to maintain voting interest, as KPNM is to issue new
shares to Koninklijke KPN N.V., JCN reports.

NTT DoCoMo will announce whether to subscribe to the new shares
of KPNM or not by the middle of December.


NTT DOCOMO: Tight-lipped on Alleged Share Purchase
--------------------------------------------------
NTT DoCoMo Inc declined to comment on reports that it has
decided against buying additional shares in KPN Mobile NV as
part of a debt-to-equity swap, the AFX-Asia News reported,
citing Company spokesman Takumi Suzuki.

Earlier reports said DoCoMo will decide in mid-December whether
to maintain its 15 percent voting interest by purchasing
additional shares in KPN Mobile, which plans to issue new shares
to its parent Royal KPN NV.

Royal KPN had already stated publicly that it did not expect
DoCoMo to buy additional shares, given the Japanese firm's
increased reluctance to make overseas investments after booking
huge valuation losses on past acquisitions. (M&A REPORTER-ASIA
PACIFIC, Vol. No.1, Issue No. 232, November 22, 2002)


SUMITOMO METAL: Returns to Black in First Half
----------------------------------------------
Sumitomo Metal Industries Limited resumed short term
profitability in the first half ended September, despite a 9.6
percent drop in group sales from a year earlier, Kyodo News said
on Thursday. The steel maker attributed the favorable results to
increased profitability via group-wide restructuring and cost-
reduction measures.

The Troubled Company Reporter-Asia Pacific previously reported
that Sumitomo Metal Industries Limited is seeking capital funds
worth 50 billion yen from Sumitomo Mitsui Banking Corporation,
Sumitomo Corporation and other members in the Sumitomo group.

The debt-strapped firm will announce a restructuring program
this month that will center on capital injection from the
Sumitomo group as well as sweeping restructuring at the Wakayama
steel plant, one of its weakest units.


SUMITOMO STEEL: Establishes Joint Study Committee
-------------------------------------------------
Sumitomo Metal Industries Ltd., Nippon Steel Corporation and
Kobe Steel, Ltd. have each signed bilateral agreements with the
other two companies concerning bipartite collaboration measures
and cross share holding.

While each company will accelerate the collaboration measures
under those agreements, the three companies have decided to set
up Joint Study Committee among them to study items which would
further improve business efficiency of each company than under
those bilateral agreements.

The three companies will continue to compete against each other
while studying and implementing the collaboration measures to
enhance their respective competitiveness.

For more information, go to http://www.sumitomometals.co.jp


TOWA REAL: Appraisal Loans Prompt Y82.51 Billion Net Loss
---------------------------------------------------------
Towa Real Estate Development Co. posted a net loss of 82.51
billion yen in the first half through September, Japan Times
said on Friday. The result was due to a special loss of 82.5
billion yen, mainly from appraisal losses on real estate assets.
The assets will be sold in the near future as part of
restructuring.

The firm has requested that creditor banks give up loans
totaling 230 billion yen in return for carrying out a
restructuring plan.  This plan, announced earlier this month,
has pummeled the share price of UFJ Holdings Inc., Towa's main
creditor bank.

President Ubumi Sagara may step down at the next shareholders'
meeting in June, due to mounting public criticism against the
debt-waiver request, the second in three years.

Address:

Towa Real Estate Development CO., Ltd. -
Homepage: http://www.towa-fudosan.co.jp/
3-13, YAESU 2-CHOME
CHUO-KU TOKYO 104-8484
JAPAN  +81 3 32726331
+81 3 32721901  

Towa Real Estate Development Co., Ltd. was established in 1957.
The company is engaged in the development, sales and trading of
land and real estate. Lan Condominiums and other real estate
sales accounted for 95 percent of fiscal 1999 revenues; land and
real estate rental and leasing, 3 percent; real estate trading
commissions, 1 percent; construction works and other, 1 percent.  


WOWOW INC.: Heavy Cost Cutting Leads to New Profits
---------------------------------------------------
Satellite broadcaster WOWOW Inc. swung back into the black in
the first half to September 30 due to cost cutting measures,
according to Kyodo News on Friday.

In its consolidated earnings report, the Company posted a net
profit of 1.4 billion yen, a sharp reversal from a loss of 2.32
billion yen a year earlier, and a pretax profit of 1.73 billion
yen against a loss of 2.13 billion yen.


* Fitch Leaves Japan Bank Ratings Unchanged
-------------------------------------------
Fitch Ratings, the international rating agency, does not intend
to make any immediate changes to its Japanese bank ratings in
light of today's sovereign downgrade.

However, the agency is concerned that many of the factors behind
the sovereign rating downgrade also have implications for banks.
It is therefore undertaking a review of the ratings it assigns
to Japanese banks and expects to announce the results by the end
of the year.

Recently announced proposals for financial sector reform have
been short on detail and ran into fierce resistance even before
they were announced. Policies central to serious reform include
stricter definitions of eligible bank capital, an increase in
loan loss reserves - reflecting a more realistic assessment of
borrowers' creditworthiness - and a more aggressive stance
towards companies that are no longer viable.

While this kind of 'hard landing' approach appears to have been
favored by Heizo Takenaka, Minister at the Financial Services
Agency FSA, opposition from the banks themselves, as well as the
government bureaucracy and ruling Liberal Democratic Party, may
yet result in the details of Takenaka's financial revitalization
program being substantially watered down before they are
released.

Fitch expects the banking sector to remain trapped in a grim
operating environment beset by falling equity prices and
continuing losses arising from non-performing loans.

More positively, the announcement of a further round of special
inspections scheduled for early-2003, is a demonstration of the
toughening attitude of the FSA towards the lax borrower
classifications and over-optimistic loan loss reserving of
Japan's major banks.

It is likely that these inspections will result in additional
credit costs for the banks, probably booked either in the latter
half of the current year or the first-half of next fiscal year.

However, Fitch believes that ultimately large-scale capital
injections into the banks, possibly involving partial
nationalization, is the only realistic way to stabilize their
ratings and solve the sector's protracted problems.

Presently, it is only the expectation that support would be
forthcoming from the government, if needed that maintains many
of the Long-term debt ratings of the Japanese banks in the
investment grade category.

However, given the expected gradual deterioration of the
government's finances as indicated by the Negative Outlook
assigned to the sovereign rating, the uplift given to the Long-
term ratings of those banks rated 'D/E' or 'E' on a stand-alone
basis (Individual rating) is weakening.



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


CHOHUNG BANK: IMF Official Joins Sale Proponents
------------------------------------------------
Paul Greunwald, the head of International Monetary Fund (IMF)'s
Seoul Office, supported the government's drive to sell off
Chohung Bank and that political considerations should not
influence the deal, Digital Chosun said on Thursday.  The bank's
labor union has been opposing the sale.

Greunwald also noted that due to swiftly changing market
situations, it would be better to sell off the bank when there
are some interested buyers. He added that that the government
would have to purge its stake in the bank in the future.

However, Cho Hung President Hong Suk-ju said that he would not
accept the theory that the profitability of the bank is marred
by its government ownership.  Hong said he doubted the claim
that the bank should be sold now, because, he said, the bank has
been remarkably profitable.

One executive of the bank's labor union simply said that
Greunwald is a spokesperson for the Korean government.


DAEWOO MOTOR: Creditors to Approve Debt Plan
--------------------------------------------
Creditors of Daewoo Motor Sales Co. are planning to free the
Company from its debt-workout program on Friday, reports Asia
Times.

"We'll (creditors) decide Daewoo's graduation from workout by
completing written procedures to approve a Daewoo plan to repay
its debts tomorrow (Friday)," a creditor bank official said.

The Troubled Company Reporter-Asia Pacific said Daewoo Motor
Sales Corporation is set to graduate from its debt-workout
program by the end of November because of its improved financial
standing.

An auto-making joint venture with General Motors Corporation and
creditors of Daewoo Motor Co. is also expected to help the
company financially.


HYNIX SEMICONDUCTOR: Reaches Sales Deal With BOE Technology
-----------------------------------------------------------
Hynix Semiconductor Inc. signed on the Asset Sales Agreement on
Hyundai Display Technology Inc., TFT-LCD business (Hydis, a
subsidiary wholly owned by Hynix) with BOE Technology Group Co.,
LTD.

1. Subject business: Hyundai Display Technology Inc., TFT-LCD
business.

2. Purchaser: BOE Technology Group Co., LTD.

3. Sales price: expected above US $ 380 million.

4. Contract date: November 19, 2002.

5. Payment schedule: US $ 380 million on December 2, 2002.

Working capital adjustment amount on December 31, 2002.

6. Others:

- Sales price might be changed after conducting an independent
audit for working capital.

- Working capital will be adjusted by US GAAP
(Generally Accepted Accounting Principle).

- Payment schedule might be changed under mutual agreement.

September 7, 2001:

Voluntary Disclosure of Other Material Information Regarding
Business

- Asset Sales Agreement on Hyundai Display Technology Inc.,

TFT-LCD business (Hydis, a subsidiary wholly owned by Hynix)
with Cando consortium.

May 15, 2002:

Voluntary Disclosure of Other Material Information Regarding
Business

- Termination of the Sales agreement with Cando consortium due
to insolvency.

August 01, 2002:

Voluntary Disclosure of Other Material Information Regarding
Business.

- There is no grain of truth about a market rumor of SK
Telecom's intention of purchasing Hydis.

September 26, 2002:

Temporary Response to Disclosure Inquiry regarding Rumor or
News.

- Signed on MOU (Memorandom of Understanding) between Hynix and
BOE Technology Group Co., LTD.

For more information, visit
http://www.kse.or.kr

DebtTraders reports that Hyundai Semiconductor's 8.625 percent
bond due in 2007 (HYUS07KRA1) trades between 60 and 65. For
real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=HYUS07KRA1   


HYNIX SEMICONDUCTOR: Offering W912.3B 1-Yr Bonds
------------------------------------------------
Hynix Semiconductor Inc. is offering 912.3 billion won of
unsecured bonds to refinance maturing debt, Dow Jones reports.

Following are details of the issue according to the Company's
disclosure to the Korea Stock Exchange. Hynix said the actual
issue amount might change if demand falls short of the offer.


Amount:            KRW912.3 billion
Maturity Date:     Nov. 29, 2002
Settlement Date:   Nov. 29, 2003
Coupon Rate:       6.5 percent
Coupon Frequency:  Quarterly
Issue Price:       100.00

Debt Rating:       B (Korea Investors Service Inc.)
                   B (National Information & Credit
                        Evaluation Inc.)



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


ABRAR CORPORATION: Recovery Plan Approval Deadline Extended
-----------------------------------------------------------
Please refer to the announcements made by Public Merchant Bank
Berhad on behalf of Abrar Corporation Bhd on July 15, 2002,
August 29, 2002 and September 2, 2002 in relation to its
Proposed Share Exchange, Proposed Debt Settlement, Proposed
Transfer, Proposed Acquisitions, Proposed Offer for Sale.

Pursuant to Clause 3.1 of the Share Sale Agreements and Clause
3.4 of the Listing Agreement in relation to the Proposals, the
parties of the said agreements were to obtain all approvals for
the Proposals before November 12, 2002 unless otherwise mutually
agreed to between the parties and consented by the Special
Administrators.

On behalf of ACB, PMBB wishes to announce that the relevant
parties to the Share Sale Agreements and the Listing Agreement
have agreed to extend the Approval Period to January 11, 2003.

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


BRIDGECON HOLDINGS: Liquidates Six Inactive Subsidiaries
--------------------------------------------------------
Bridgecon Holdings Bhd wishes to announce that these
subsidiaries have been placed under creditors' voluntary
liquidation pursuant to the Special Resolution passed by its
respective members at the Extraordinary General Meeting held on
November 21, 2002:

(1) Bridgecon Development Sdn Bhd

(2) Bridgecon Pedu Development Sdn Bhd

(3) Bridgecon Construction Sdn Bhd -- a wholly owned subsidiary
    of Bridgecon Engineering Sdn Bhd (Special Administrators
    Appointed), which in turn, its subsidiary of the Company.

(4) Ultimate Riviera Sdn Bhd -- a wholly owned subsidiary of
    Bridgecon Development Sdn Bhd, which in turn, is a
    subsidiary of the Company.

(5) Premier Mix Sdn Bhd

(6) Bridgecon Properties Sdn Bhd

The BHB's Subsidiaries have been inactive and had ceased
business operations since year 2000.

The liquidation of the above subsidiary companies will result in
a gain of approximately RM25 million to BHB Group and a
corresponding decrease in the net liabilities. Accordingly the
loss per share of the Company will reduce by RM1.25 per share.

The Creditors' Voluntary Liquidation is part of the Company's
restructuring and rationalization exercise to regularize its
financial condition pursuant to Practice Note No. 4/2001.

COMPANY PROFILE

A construction concern, the Group has four main divisions:
engineering and construction, manufacturing, property
development, and toll expressway operation. Some of the main
construction projects undertaken by the Group include the Mines
Business Park (KL) and the Bintulu Port Project in Sarawak.
Current on-going projects include the LRT infrastructure works
at Putrajaya. The manufacturing and supply of ready-mixed
concrete division has consolidated to four batching plants and a
fleet of 25 mixer trucks. Two of the batching plants are located
in the Klang Valley and two in Penang. The Group's property
flagship is the "Puteri Indah Condominium" project in Penang.

The Group's engineering and construction division continues to
remain the major contributor of the Group. The year 2000 saw a
further down-size in operations particularly in the
manufacturing and property divisions. The divestment of non-core
assets shall continue in the year 2001.

On February 23, 2001, the Company announced that it was in the
midst of formulating a restructuring scheme to regularize its
financial position. The Company had six months from February 23,
2001 to finalize a work-out plan.

On April 6, 2001, Tan Kim Leong and Siew Kah Toong of Messrs BDO
Binder were appointed as Special Administrators (SAs) of the
Company. On May 24, 2001, they were also appointed as SAs of
subsidiaries Bridgecon Engineering Sdn Bhd and Lean Seng Chan
(Quarry) Sdn Bhd.

Subsequently, on August 1, 2001, parties to the Company's
proposed restructuring scheme withdrew from the scheme. On
August 10, 2001, the Company requested for a six-month extension
from August 23, 2001 to submit a revised plan to regularize its
financial condition.

Currently the SAs together with Pengurusan Danaharta Nasional
Bhd are exploring alternative avenues available to restructure
the Company.

CONTACT INFORMATION: 18, Jalan Wan Kadir 1
                     Taman Tun Dr. Ismail
                     60000 Kuala Lumpur
                     Tel: 03-7727 6333
                     Fax: 03-7727 7087


EPE POWER: Deadline for Submission of Recovery Plan Extended
------------------------------------------------------------
Further to the announcement made on behalf of EPE Power
Corporation Bhd by Commerce International Merchant Bankers
Berhad on October 22, 2002, CIMB wishes to announce that the
KLSE has granted a further extension of two (2) months from
October 31, 2002 to December 30, 2002 to EPE to make the
Requisite Announcement of its plan to regularize its financial
condition.

COMPANY PROFILE

The EPE Power Group is principally involved in the manufacture,
supply and maintenance of electrical equipment; design,
engineering and construction of power distribution, transmission
and generation systems; operation and maintenance of power
distribution systems and power plants; and supply of
electricity. The Group's businesses are categorised into four
divisions: switchgear, projects, power, and services.

The manufacturing businesses of the EPE Group are carried out by
the Company's Switchgear Division with plants in Nilai, Negeri
Sembilan and Bandar Muadzam Shah, Pahang. A significant portion
of secured orders come from Tenaga Nasional Bhd (TNB) bulk
supply contracts.

Primary contracts undertaken by the projects division are the
supply, installation and commissioning of six 33kV GIS
substations at Putrajaya; a major portion of the supply,
installation and commissioning of the Supervisory Control and
Data Acquisition project for Sabah Electricity Sdn Bhd's Load
Dispatch Centre in Sandakan, Sabah; and TNB's cable laying
projects. The division also handles turnkey projects for the
design, supply, erection, installation, testing and
commissioning of high voltage substations and transmission
systems.

The power division operates a 120MW nominal capacity open cycle
gas turbine power plant at Teluk Salut, Kota Kinabalu, Sabah.
The power plant, which began full operations in 1998, has been
the largest contributor to the power demand of Sabah Electricity
Sdn Bhd's West Coast Grid. In addition, the division is licensed
by Jabatan Bekalan Elektrik dan Gas to buy, distribute and sell
electricity to the PUTRA LRT System 2 and along the PUTRA LRT 2
corridor.

A 120 MW open cycle power plant is operated and maintained by
the Services Division via an Operation & Maintenance Agreement
signed in 1997. The Services Division also has a contract with
PUTRA LRT 2 to operate and maintain the PUTRA LRT 2 Power
Distribution System for 15 years.

CONTACT INFORMATION: 8, Jalan Bangsar Utama 9
                     Bangsar Utama
                     59100 Kuala Lumpur
                     Tel: 03-2287 0796
                     Fax: 03-2282 0658


SIME DARBY: Divests Interests in Several Subsidiaries
-----------------------------------------------------
Sime Darby Berhad wishes to announce that its wholly owned
subsidiary company, Sime Malaysia Region Berhad, has, on
November 21, 2002, disposed of its entire shareholding in the
following companies to Extra Vantage Sdn Bhd for a total cash
consideration of RM696,001:

(a) 255,000 ordinary shares of RM1.00 each representing 51% of
    the issued and paid-up capital of Sime Darby Duty Free Sdn
    Bhd, which holds 100% of the issued and paid-up capital of
    Langkawi Duty Free (M) Sdn Bhd;

(b) 60,000 ordinary shares of RM1.00 each representing 60% of
    the issued and paid-up capital of Sime Seaport Duty Free Sdn
    Bhd; and

(c) 2 ordinary shares of RM1.00 each representing 100% of the
    issued and paid-up capital of Labuan Duty Free (M) Sdn Bhd.   
    (hereinafter referred to as "the Duty Free Group").

The sale consideration for the Duty Free Group, which is engaged
in the retail trade of duty free consumer products, was arrived
at on a willing buyer-willing seller basis. As a result of the
disposal, the abovementioned companies in the Duty Free Group
have ceased to be subsidiaries of Sime Darby.

The above disposal of shares in the companies in the Duty Free
Group is not expected to have any material effect on the
earnings or net tangible assets of the Sime Darby Group for the
financial year ending 30th June 2003. None of the directors or
substantial shareholders of Sime Darby or persons connected to
them has any interest, direct or indirect, in the said disposal
of shares.

CONTACT INFORMATION: 21st Floor Wisma Sime Darby
                     Jalan Raja Laut
                     50350 Kuala Lumpur
                     Tel: 03-2914122
                     Fax: 03-2987398


SIN HENG: Trade Ministry Sets Conditions on Recovery Proposals
--------------------------------------------------------------
Please refer to the announcements made on behalf of the Special
Administrators of Sin Heng Chan (Malaya) Bhd (SA) on August 16
and 19, 2002 and October 17, 2002 respectively.  Said
announcements contained the company's Proposed Restructuring
Scheme, Proposed Employees' Share Option Scheme, and Proposed
Share Capital Increase.

On behalf of the SA, Southern Investment Bank Berhad is pleased
to announce that the Ministry of International Trade and
Industry (MITI) had approved the Proposals vide its letter dated
November 19, 2002, which was received on November 20, 2002.

The approval of the MITI is subject to the following conditions:

     (i) Approval from the Securities Commission in relation to
         the Proposals to be obtained;

    (ii) Approval from the Foreign Investment Committee in         
         relation to the Proposals to be obtained, the approval   
         of which was obtained vide its letter dated October 7,
         2002; and

   (iii) Sin Heng Chan (East Coast) Sdn Bhd, a wholly-owned
         subsidiary of SHCM, is required to discuss with the
         MITI on its equity requirement within three (3) years
         from November 19, 2002, being the date of the approval
         letter.

SHCM is also required to inform the MITI after the completion of
the Proposals.


TENAGA NASIONAL: New Bonds to Trade at LFX Beginning Tuesday
------------------------------------------------------------
Tenaga Nasional Bhd unit TB Capital Labuan Ltd's US$350 million
guaranteed exchangeable bonds will list on the Labuan
International Financial Exchange (LFX) on November 26, book-
runner Commerce International Merchant Bankers (CIMB) said
Friday.

In a November 15 report, Troubled Company Reporter-Asia Pacific
said the five-year guaranteed exchangeable bonds had been
oversubscribed two times.  Due to the high demand, the company,
on November 12, upsized the base deal from US$300 million to
US$350 million.

Over 50 investors representing outright, fixed income and
convertible bond investor types participated in the deal, with a
geographical split of 20 percent to Asia, five percent to the US
and 75 percent to Europe.

The bonds could be exchanged for Tenaga shares at RM10.15, being
a 16 percent premium to the five-day volume weighted average
share price to November 12 of RM8.76. The exchange price will be
adjusted once on August 20, 2005.  Assuming full conversion, the
bonds will represent about five percent of Tenaga's enlarged
equity.  The maximum dilution to existing shareholders upon full
conversion and exchange of the guaranteed exchangeable bonds and
the ringgit-denominated convertible securities is 9.09 percent.

The company intends to use the proceeds to pay its foreign
currency debt maturing from 2004 onwards.


TENGGARA OIL: Court Grants Petition to Liquidate Unit
-----------------------------------------------------
Tenggara Oil Bhd wishes to announce that its solicitors, Messrs.
Francis Chia & Jinu of No. 11-1, 1st Floor, Block B, Damai Plaza
Phase IV, Lorong Pokok Kayu Manis 2, 88300 Kota Kinabalu, Sabah
has on November 21, 2002 received an extract of the Order For
Winding Up by the Court and they have advised that on November
13, 2002, the Court has granted the Company's petition for
winding up of TIPCO.

A Notice of Winding Up Order will be advertised in a local
newspaper and the local newspaper in Sabah on November 25, 2002.
The said Notice will also be placed in the Government Gazette on
December 5, 2002.

COMPANY PROFILE

The Tenggara Oil Group is undertaking a divestment and
restructuring exercise, which will reposition it as a service-
oriented and trading group from its current resource-based
businesses. Current businesses include investment holding,
supply of ready mixed concrete, property holding, management and
construction. The Group intends to dispose of its property and
construction operations and had ceased its general timber
merchant activities by the end of year 2000.

As part of a corporate revamp exercise, the Company has
repositioned itself in the oil and gas business, which will be
its core business. The Group will accelerate its involvement in
this industry, through investment in JVs and through
acquisitions.

CONTACT INFORMATION: 55, Medan Setia 1, Plaza Damansara
                     Bukit Damansara
                     50490 Kuala Lumpur
                     Tel: 03-2525228
                     Fax: 03-2525229


UCP RESOURCES: Releases Restructuring Plan Update
-------------------------------------------------
On October 29, 2002, Public Merchant Bank Berhad (PMBB), on
behalf of the Board of Directors of UCP Resources Bhd, made the
requisite announcement pursuant to Practice Note 4/2001 of the
Listing Requirements of the Kuala Lumpur Stock Exchange in
respect of its Proposed Corporate and Debt Restructuring Scheme.

On November 1, 2002, UCP announced that the application for the
Proposed Corporate and Debt Restructuring Scheme was submitted
to the Securities Commission.

PMBB, on behalf of the Board, is pleased to announce that the
applications for the Proposed Corporate and Debt Restructuring
Scheme were submitted to the Foreign Investment Committee and
the Ministry of International Trade and Industry on November 19,
2002.

COMPANY PROFILE

The Group is principally involved in manufacturing square
reinforced concrete (RC) piles and ready-mixed concrete, and the
production of bored and micro piles, in addition to executing
foundations as part of its civil engineering work. The Group
intends to manufacture spun piles which may be exported
overseas. Currently, all the RC and bored piles are sold to the
local market.

The principal market for the Group's products is within the
construction industry itself. The customers for square and spun
piles comprise mainly trading houses and contractors, whereas
the customers for bored piles are mainly contractors. Some of
the major contractors are Kelpile Sdn Bhd, Song Chuan Sdn Bhd
and Rafa (M) Sdn Bhd.

Raw materials for piles which consist mostly of cement, steel
bars, sand and aggregates are sourced locally unless there are
shortages.

Current annual production capacity and output for RC piles are
300,000 m/t per annum and 180,000 m/t per annum respectively.
Production capacity for bored and micro piles is RM30 million
per year and its annual output is RM20 million.

The Company had on February 21, 2001 submitted its proposed
rights issue to the SC which forms part of its plan to
regularise its financial condition, pursuant to KLSE's revamped
listing requirements. The proposal was subsequently approved by
the SC on May 24, 2001 and on November 9, 2001, the SC granted
an extension of time of up to May 24, 2002 for the Company to
implement the proposal.

CONTACT INFORMATION: Lot 302, 3rd Floor
                     Komplek Selangor
                     Jalan Sultan
                     50000 Kuala Lumpur
                     Tel: 03-2325997
                     Fax: 03-2326036



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


MANILA ELECTRIC: Shares Down on PSE Probe
-----------------------------------------
Shares of Manila Electric Co. (Meralco) declined on Thursday
after the Philippine Stock Exchange (PSE) investigated trades
involving shares of Meralco at the time the Supreme Court ruled
it should refund customers for excess charges, Dow Jones said.

At 0256 GMT, Meralco A was down 0.20 peso, or 2 percent, at
PHP9.60 on 49,000 shares traded, while Meralco B was off
PHP0.50, or 4.4 percent, at PHP11 on 2.3 million shares traded.
A shares are exclusive to Filipino investors, while B shares are
open to local and foreign investors. The stocks are outpacing
the Philippine Stock Exchange Index, which is down 6.31 points,
or 0.6 percent, at 1027.89.

The court released its decision ordering Meralco to refund its
3.1 million customers for excess charges dating back to 1994
shortly before the market closed Friday. During that session,
investors heavily sold Meralco shares, with its B stock losing
12 percent to PHP16.50.

The stock extended its losses when trading resumed Monday,
shedding another 40 percent to PHP9.90, which prompted the
bourse to freeze the trading on the shares.


METRO PACIFIC: Selling 50.4% Stake in Bonifacio Land Corp.
----------------------------------------------------------
First Pacific Corp. agreed to sell its 50.4 percent stake in
Bonifacio Land Corp. (BLC) for $105 million to the consortium of
Ayala Land and Greenfield Development Corp., the Philippine Star
said on Friday.

Ayala and Greenfield, owned by Jose Yao Campos, are scheduled to
sign the agreement with First Pacific subsidiary Metro Pacific
Corp. (MPC) expectedly on November 25 for their assumption of a
$105-million loan (principal plus interest) extended by Larouge
BV to MPC.  The loan was secured by 50.4 percent of Bonifacio
Land's outstanding stocks and fell due December 2001.

By acquiring a majority stake in Bonifaco Land, the Ayala-Campos
group will control Metro Pacific's biggest asset - the Fort
Bonifacio Global City. Metro Pacific has an 80 percent interest
in BLC.


MULTITEL INTERNATIONAL: SEC Files Charges Against Owners
--------------------------------------------------------
The Securities and Exchange Commission filed before the Makati
Prosecutors Office on Thursday a criminal complaint against the
owners and certain officers of Multinational Telecom Investors
Corp. and Multitel International Holdings Inc. led by Rosario
and Saturnino Baladjay, the Philippine Star reports.

The Makati Prosecutors Office will determine whether the charges
leveled by the SEC against the officers of the Multitel Group
have basis.  The Multitel Group was issued a cease-and desist
order by the SEC for unauthorized sale of securities in
violation of the Securities Regulation Code.

The Baladjays are now nowhere to be found and have just been
communicating to investors through letters or advisories. If
convicted, Baladjay faces seven to 21 years' imprisonment.

The case filed by the SEC is separate from the individual estafa
cases that hundreds of investors plan to file against Baladjay.
The SEC is encouraging other aggrieved investors of Multitel to
come out in the open and file complaints with the Commission to
build an airtight case against the Baladjays.


RFM CORP: Sells 217.49 Million Shares in Philstar
---------------------------------------------------
RFM Corp sold its 217.49 million shares in Philstar.com Inc for
PhP0.482781 per share, a filing to the Philippine Stock Exchange
said. The stake in Philstar.com will be jointly acquired by a
group composed of itself, JEG Development Corp and Mai-i
Resources Corp.  The Company said the sale of the stake will be
conducted through cross transactions at the exchange.

It said its joint venture with the Philstar group on new media
applications will be implemented through Philstar under a new
unlisted Company. (M&A REPORTER-ASIA PACIFIC, Vol. No.1, Issue
No. 232, November 22, 2002)



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


DATACRAFT ASIA: Suffers $34.8 Million Loss
------------------------------------------
The $34.8 million loss that Datacraft Asia suffered for the 15-
month period to September was worse than GK Goh's expectation of
US$29.3 million loss. The disappointment stems from lower
revenue and EBITDA margin, and higher provisions for writing
down the value of the Company's i-commerce assets. Offsetting
these weaknesses was higher forex gains and lower depreciation
and amortization.

The Company incurred total one-time charges (OTC) of US$41.4m.
Excluding these OTC and the goodwill amortization, the bottom
line result was a net profit of US$10m, which was also lower
than our US$14.7 million forecast.

The receivable problems appear to be over. Resolution of CAD
probe is however, still pending. The market conditions are
mixed, with no clear evidence of a rebound in end-demand. The
recent restructuring exercise will yield an annualized expense
savings of around US$16m to help lift EBITDA margin from about
7.5 percent in 2H02 to 9.8 percent. Management may take further
cost cutting measures.

Based on GK Goh's fiscal 2003 EPS of 4.8 US cents, the stock is
trading at a P/E of 15x.  While this is arguably cheap on a
historical basis, it is unlikely that the shares can rally
substantially without signs of a real pick-up in end-demand. GK
Goh maintaintains "Hold" rating recommendation.


DATACRAFT ASIA: CAD Investigation Update
----------------------------------------
Patrick Quarmby, the Chairman of Datacraft Asia Limited, stated
that the investigations by the Commercial Affairs Department
(CAD) were ongoing and that the Company would be urging them to
conclude their investigations swiftly.

Dow Jones Newswire (DJN), which wrongly misquoted Quarmby,
reported that the probe by CAD into share trading by the
Directors would swiftly conclude, and have already printed a
subsequent correction.


ISOFTEL LTD: Posts Notice of Director's Interest
------------------------------------------------
Isoftel Limited posted changes in substantial shareholder Au Sai
Chuen's interest:

Date of notice to Company: 21 Nov 2002
Date of change of deemed interest: 20 Nov 2002
Name of registered holder: Citibank Nominees (Singapore) Pte Ltd
Circumstance(s) giving rise to the interest: Sale initiated by
financial institution to meet obligations

Shares held in the name of registered holder
No. of shares of the change: 100,000
% of issued share capital: 0.044
Amount of consideration per share excluding brokerage,GST,stamp
duties,clearing fee: S$0.050
No. of shares held before change: 39,236,000
% of issued share capital: 17.143
No. of shares held after change: 39,136,000
% of issued share capital: 17.099

Holdings of Substantial Shareholder/Director including direct
and deemed interest
                                  Deemed     Direct
No. of shares held before change: 39,236,000 25,000
% of issued share capital:        17.143     0.01
No. of shares held after change:  39,136,000 25,000
% of issued share capital:        17.099     0.01
Total shares:                     39,136,000 25,000

Percentage of shareholding calculated based on 228,868,152
shares in issue as of November 21, 2002.


MEDIASTREAM LIMITED: Eliminates Dormant Subsidiary
---------------------------------------------------
The Board of Directors of MediaStream Limited announced that
Form Multimedia Pte Ltd, a dormant subsidiary of the Company,
has (upon application by the directors of Form Multimedia Pte
Ltd) been struck off the Register of Companies under Section 344
of the Companies Act, with effect from 8 November 2002 and
accordingly, Form Multimedia Pte Ltd has been dissolved.

Mediastream Limited posted a net loss of S$1.284 million in the
first half of the fiscal year, versus a loss of S$1.619 million
a year ago, despite a fall in sales as it lowered advertising
and overhead costs, the Troubled Company Reporter-Asia Pacific
reports.


PANPAC MEDIA.COM: Posts Shareholders Meeting Notice, Agenda
-----------------------------------------------------------
The Extraordinary General Meeting (EGM) of Panpac Media.com
Limited will be held at 371 Beach Road #03-18 Keypoint Singapore
199579 on 13 December 2002 at 10.30 a.m. for the purpose of
considering and, if thought fit, passing with or without any
modifications the following resolutions:-

AS SPECIAL RESOLUTION

1. CHANGE OF NAME TO "PANPAC MEDIA GROUP LIMITED"

THAT the name of the Company be changed from "Panpac Media.com
Limited" to "Panpac Media Group Limited" and that the name
"Panpac Media Group Limited" be substituted for "Panpac
Media.com Limited" wherever the latter name appears in the
Memorandum and Articles of Association of the Company and that
the directors of the Company be and are hereby authorized to
complete and do all such acts and things (including executing
such documents as may be required) as they may consider
expedient or necessary to give effect to this Resolution.

2. Capital Reduction

THAT pursuant to Article 60(2) of the Company's Articles of
Association and subject to the confirmation of the High Court of
the Republic of Singapore, the Capital Reduction will be
effected, inter alia, as follows:

(a) Cancelling an amount of $46,324,812 standing to the credit
in the share premium account of the Company; and

(b) Forth with upon the Capital Reduction taking effect an
amount equal to $46,324,812, being the credit arising on the
Capital Reduction taking effect will be applied in writing-off
the accumulated losses of the Company as at 30 June 2002.

3. THAT THE ARTICLES OF ASSOCIATION OF THE COMPANY BE ALTERED AS
FOLLOWS:

(a) Article 51(A) be inserted immediately after the existing
Article 51 as follows:

"51(A) Subject to and in accordance with the provisions of the
Act, the listing rules of the Singapore Exchange Securities
Trading Limited, and other written law, the Company may purchase
or otherwise acquire ordinary shares, stocks, preference shares,
options, debentures, debenture stocks, bonds, obligations,
securities, and all other equity, derivative, debt and financial
instruments issued by it on such terms as the Company may think
fit and in the manner prescribed by the Act.

The Company shall cancel all shares purchased by the Company
immediately on purchase or acquisition. On the cancellation of
any share as aforesaid, the rights and privileges attached to
that share shall expire. In any other instance, the Company may
deal with any such share which is so purchased or acquired by it
in such manner as may be permitted by, and in accordance with,
the Act."

(b) Amendment of Article 120(2)

Existing Article 120(2)

"120 (2) The contemporaneous linking together by telephone of a
number of the Directors not less than the quorum and the
Secretary, wherever in the world they are, shall be deemed to
constitute a meeting of the Directors so long as the following
conditions are met:

(a) The Directors for the time being entitled to receive notice
of any meeting of the Directors (including any alternate for any
Director) shall be entitled to notice of any meeting by
telephone and to be linked by telephone for the purpose of such
meeting. Notice of any such meeting may be given by telephone.
It shall not be necessary to give notice of a meeting of
Directors to any Director for the time being absent from
Singapore;

(b) Each of the Directors taking part and the Secretary must be
able to hear each of the other Directors taking part subject as
hereinafter mentioned throughout the meeting;

(c) At the commencement of the meeting each Director must
acknowledge his presence to all the other Directors taking part;

(d) Unless he has previously obtained the consent of the
Chairman of the meeting, a Director may not leave the meeting by
disconnecting his telephone and shall be conclusively presumed
to have been present and to have formed part of the quorum
throughout the meeting. The meeting shall be deemed to have been
validly conducted notwithstanding that a Director's telephone is
accidentally disconnected during the meeting, and the
proceedings thereof shall be deemed to be as valid as if the
telephone had not been disconnected; and

(e) A minute of the proceedings shall be sufficient evidence
thereof, conclusive evidence of any resolution of any meeting
conducted in the manner as aforesaid and of the observance of
all necessary formalities if certified by the Chairman and the
Secretary."

New Article 120(2)

That the existing article 120(2) be deleted and replaced
entirely with a new article 120(2) as follows:

"The contemporaneous linking together by telephone, radio,
conference television or similar communication equipment or any
other form of audio or audio-visual instantaneous communication
of a number of Directors being not less than the quorum required
under Article 121 whether or not any one or more of the
Directors is physically present at the place in which the
meeting is being held shall constitute a meeting of the
Directors. Resolutions passed at such meetings by telephone,
radio, conference television or similar communication equipment
or any other form of audio or audio-visual instantaneous
communication shall be valid and as effectual as a resolution
passed at a meeting of the Directors duly convened and held
provided howsoever that the following conditions are fulfilled:

(a) All the Directors for the time being entitled to receive
notice of a meeting of the Directors shall be entitled to notice
of a meeting by telephone, conference television or similar
communication equipment or any other form of audio or audio-
visual instantaneous communication and to be linked by
telephone, conference television or similar communication
equipment or any other form of audio or audio-visual
instantaneous communication for the purposes of such meeting;

(b) Each of the Directors taking part in the meeting by
telephone, conference television or similar communication
equipment or any other form of audio or audio-visual
instantaneous communication must be able to hear each of the
other Directors taking part in the meeting by telephone,
conference television or similar communication equipment or any
other form of audio or audio-visual instantaneous communication,
and verbal confirmation given by each Director taking part in
the meeting to such effect shall constitute sufficient evidence
of the same;

(c) At the commencement of the meeting each of the Directors
taking part in the meeting must state his presence for the
purposes of the meeting to all the other Directors taking part
in the meeting; and

(d) A Director may not leave the meeting by disconnecting his
telephone, conference television or similar communication
equipment or any other form of audio or audio-visual
instantaneous communication unless he has previously obtained
the express consent of the Chairman of the meeting and a
Director shall be deemed to have been present and to have formed
part of the quorum at all times during the meeting by telephone,
conference television or similar communication equipment or any
other form of audio or audio-visual instantaneous communication
unless he has previously obtained the express consent of the
Chairman to leave the meeting as aforesaid.
Minutes of the proceedings at a meeting by telephone, conference
television or similar communication equipment or any other form
of audio or audio-visual instantaneous communication shall be
sufficient evidence of such proceedings and of the observance of
all necessary formalities if certified to be correct minutes by
the Chairman of the meeting. The provisions of these Articles in
respect of Directors' meetings shall so far as they are
applicable mutatis mutandis apply to Directors' meetings by
telephone, conference television or similar communication
equipment or any other form of audio or audio-visual
instantaneous communication."

AS ORDINARY RESOLUTION

1. Modifications to the Panpac Media.com Limited Employee Share
Option Scheme (Panpac Scheme)

That the provisions of the Panpac Scheme be modified in the
manner and to the extent set out in Appendix III of the Circular
dated 21 November 2002.

2. SHARE ISSUE MANDATE

THAT Directors be and are hereby authorized pursuant to Section
161 of the Companies Act (Chapter 50) to allot and issue such
further Shares 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 (whether by way of rights, bonus or
otherwise), provided that the aggregate number of shares to be
issued pursuant to such authorization shall not exceed 50
percent of the issued share capital of our Company, and provided
further that the aggregate number of Shares to be issued other
than on a pro-rata basis to shareholders of our Company does not
exceed 20 percent of the issued share capital of our Company.
For this purpose, the percentage of issued share capital is
calculated based on the maximum potential share capital at the
time that the mandate is passed (taking into account the
conversion or exercise of any convertible securities and
employee share options on issues at the time that the mandate is
passed, which were issued pursuant to previous shareholder
approval), adjusted for any subsequent consolidation or
subdivision of shares. Such a general mandate shall only remain
in force until:

(i) The conclusion of the next annual general meeting of the
Company following the passing of the resolution by the
shareholders of the Company at which time it shall lapse, unless
by ordinary resolution passed at that meeting, the mandate is
renewed, either unconditionally or subject to conditions; or

(ii) The shareholders of the Company by an ordinary resolution
in a general meeting revoke or vary such general mandate,
whichever is the earlier.

NOTES:

1. A member of the Company entitled to attend and vote at the
Extraordinary General Meeting is entitled to appoint a proxy to
attend and vote in his stead. A member of the Company, which is
a corporation, is entitled to appoint its authorized
representative or proxy to vote on its behalf. A proxy need not
be a member of the Company.

2. The Proxy Form is attached and must be deposited at the
registered office of the Company at 80 Raffles Place #25-01, UOB
Plaza 1,Singapore 048624 not less than 48 hours before the time
fixed for holding the Extraordinary General Meeting in order for
the proxy to be entitled to attend and vote at the Extraordinary
General Meeting.

3. A Depositor's name must appear on the Depository Register
maintained by The Central Depository (Pte) Limited 48 hours
before the time fixed for holding the Extraordinary General
Meeting in order for the Depositor to be entitled to attend and
vote at the Extraordinary General Meeting.



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


ADVANCE AGRO: Seeks Re-scheduling of Baht-denominated Debts
-----------------------------------------------------------
Advance Agro PCL (H.AAP), Thailand's second largest pulp and
paper manufacturer, said last week it is still awaiting word
from creditors on its proposal to restructure baht-denominated
debts.

"Negotiations have been seriously underway since the middle of
this year. We're now waiting for answers from creditors," Deputy
managing director Paisan Srisaan told The Nation in an
interview.

The company want local creditor to re-schedule worth THB7
billion of debts and extend new loans to retire all dollar-
denominated debt totaling US$220 million.  The Nation says
Advance Agro's debt repayment ability has been constrained
because pulp prices have fallen from levels the company had
projected when it made the borrowings.


TPI POLENE: Creditors Say Prachai's Ouster Likely to be Affirmed
----------------------------------------------------------------
Creditors of TPI Polene, who had voted for the ouster of Prachai  
Leophairatana as plan administrator of the troubled cement
maker, are confident the Central Bankruptcy Court will affirm
their decision. Although disappointed by the court's decision to
forego a ruling on the petition to remove Mr. Prachai until
December 9, the creditors believe the court has no choice but to
respect their decision.

Creditors don't really need court approval to remove Mr.
Prachai, but since he refuses to recognize the decision of the
creditors committee, the latter was forced to file a petition in
court on November 14, 2002.  They want the court to appoint
Intanond Business Advisory, a unit of KPMG Consulting Inc., as
interim administrator of the restructuring plan.

"Officially Prachai has been informed that he's been removed but
as he disputes the decision, the court will have to make the
decision for us," said an unnamed creditor in an interview with
Business Day.
      
Creditors claim more than 84% of them support the ouster of Mr.
Prachai.  Under Thailand's bankruptcy laws, creditors require
votes representing 67 percent of the debt value to remove a plan
administrator, which in this case is Mr. Prachai and his company
TPI Planner.  
      
In his ruling last week, Judge Kamol Teeravetponkul said
creditors have the right to remove an administrator who fails to
implement the plan, but didn't express an opinion on whether the
creditors' motion to remove Mr. Prachai can already take effect.

Creditors have in the past said that Mr. Prachai has failed to
implement the plans of the company, with the equity raising
being the key issue.  Under the debt restructuring plan for TPI
Polene's $1.2 billion in debts, the company was to raise at
least $180 million in equity, which was to be used to buy back
debts at steep discount to their face value. As part of the
equity raising plans, the company has in the past talked to
almost all-major global cement players but all negotiations have
so far failed.
      
In February this year, TPI Polene's management signed a deal
with Siam City Cement, Thailand's second largest cement
producer, to sell a 77 percent stake in TPI Polene for $375
million. Siam City Cement is 32 percent owned by Switzerland-
based Holcim, world's second largest cement company.
      
Creditors have said that the frequent failure of TPI Polene to
raise capital via strategic partnership was an indication that
Mr. Prachai, whose family controls the majority of the shares of
TPI Polene, was only interested in keeping control and have
therefore sought to remove him from office.
      
As an alternative to the Siam City Cement plan, Mr. Prachai has
proposed to either sell shares worth at least $180 million to
the public or sell the stake to an alternative strategic
partner.
      
Mr. Prachai has said that he objects to the changes made by the
creditors in the sale agreement with Siam City Cement about the
valuation of the TPI Polene's assets and liabilities and also
the personal guarantees posted by the Leophairatana family.




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,
Larri-Nil Veloso, 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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                 *** End of Transmission ***