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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

          Thursday, December 5, 2002, Vol. 5, No. 241

                         Headlines

A U S T R A L I A

CTC RESOURCES: ASIC's Winding Up Petition Adjourned until 2003
HIH INSURANCE: Businessman Rodney Stephen Adler Charged
KINGSTREAM STEEL: Revises Blueprint, Building Smaller Plant
NAMBUCCA GROUP: Ex-director Found Guilty of Fraud


C H I N A   &   H O N G  K O N G

LAI SUN: Put Option Forces Ailing Developer to Buy Hotel
UDL HOLDINGS: Sinks Deep into Red with HK$75.9 Million Loss
ZHONGXI PHARMACEUTICAL: Delisting from Shanghai Bourse Likely


J A P A N

AIOI INSURANCE: Returns to Y4.13B Profit
MAZDA CORPORATION: Unit Sales Down 18.3%
MITSUBISHI MOTOR: November Sales in U.S. Fell 12.9%
NEC CORPORATION: Former Chief Loses Advisor's Role
SAMSUNG ELECTRONICS: Selects NSGT For Broadcasting Service

SANYO ELECTRIC: Unit Files For Bankruptcy Protection
TAIHEIYO KANKO: Court OKs Protection of Golf Firm
TEIJIN CHEMICALS: Launches Polycarbonate Resin Company in China


K O R E A

CHOHUNG BANK: Shinhan, Newbridge, Cerberus Submit Final Bids
CHOHUNG BANK: Shinhan Aims to Buy 80.04% Stake
HYNIX SEMICONDUCTOR: Creditors Extend 67% Stake Lockup Period
HYNIX SEMICONDUCTOR: BOE Shareholders OK's Acquisition of Unit
KIA MOTORS: US November Sales Up 10.7%

KUMHO GROUP: Unit Terminates 80% Stake Sale to JP Morgan
SEOUL BANK: Fitch Withdraws 'D/E' Ratings


M A L A Y S I A

AUSTRAL AMALGAMATED: Nears Final Stage of Restructuring
AUTOWAYS HOLDINGS: Still Finalizing Agreement on Recovery Plan
CHASE PERDANA: Unsecured Creditors Meeting Postponed
DAMANSARA REALTY: Status of Defaulted Loan Remains Unchanged
EPE POWER: Defaults on Another Monthly Interest Payment

FW INDUSTRIES: Secures Provisional Backing for Debt Plan
NCK CORPORATION: Slates December 30 Annual General Meeting
SEAL INCORPORATED: Posts Details on Proposed Private Placement
SPORTMA CORPORATION: Sportma/Harn Len Has June Stake Deadline
WING TIEK: WTSP Will Become Sole Subsidiary


P H I L I P P I N E S

BOGO-MEDELLIN: Appoints New Directors
MANILA ELECTRIC: ASAP Warns Govt Against Planned Takeover
MANILA ELECTRIC: Clarifies Customer Refund Report
MANILA ELECTRIC: Sees Refund Costs at P11.5B
MANILA ELECTRIC: Government Proposes Debt-Equity Swap

PHILIPPINE LONG: Paying 1P Dividend to H/L/M/Y Shareholders
PHILIPPINE TELEGRAPH: Seeking P2.5B Capital Increase Post Deal
SHEMBERG BIOTECH: US Firm Allows Bid For Raw Materials


S I N G A P O R E

ASIA PULP: Unit Widens Net Loss to $228M
CHEW EU: Post Notice of Books Closure Date
FHTK HOLDINGS: Posts Notice of Shareholder's Interest
HONG LEONG: Associated Firm Enters Liquidation
HOTEL NEGARA: Considers Possible Sale of Meritus Negara

NATSTEEL LTD: Sanion To Make Tender Offer
NATSTEEL LTD: 98 Holdings "Looks at Situation" After Sanion
NIPPECRAFT LIMITED: Unveils Negotiations With Bankers


T H A I L A N D

BANGKOK MASS: Debt Restructuring Plan Approval Expected Soon
TANAYONG: CEO Confident Debt Plan Will Pass Court Scrutiny

     -  -  -  -  -  -  -  -

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


CTC RESOURCES: ASIC's Winding Up Petition Adjourned until 2003
--------------------------------------------------------------
The Federal Court has adjourned the application of the
Australian Securities and Investments Commission (ASIC) to wind
up CTC Resources NL (CTC) until a date to be fixed next year.
CTC Resources is an Albury-based public company with in excess
of 1,200 shareholders.

ASIC applied to have the company wound up following orders by
Acting Justice Foster of the Supreme Court of New South Wales in
August this year, which banned all current directors and a
former director of CTC from being involved in the management of
a company.

William Forge, Joszef Endesz, Dawn Endresz and Allan Endresz
were prohibited from being involved in the management of a
company for periods of 8 years, 8 years, 8 years and 16 years
respectively.  An application for a stay of this decision was
dismissed on 4 November 2002. An appeal against the decision of
Acting Justice Foster has been filed, and its hearing is
expected early next year.

ASIC submitted that the winding-up proceedings were necessary to
protect shareholders because:

(a) the prohibition orders had resulted in CTC having no
    management; and

(b) CTC had failed to account to shareholders in that it had not
    prepared audited financial reports since 1 July 1998, and
    had not held an annual general meeting in 1999 and
    subsequent years.

ASIC's application was opposed by two shareholders of CTC who
submitted that a shareholders' meeting, proposed for 14 December
2002, would result in them and a third person becoming directors
of CTC.

ASIC submitted that the nature of the resolutions to be
considered at the shareholders' meeting, and other evidence,
showed that the two shareholders, if appointed as directors,
would act as agents of the previous directors.

ASIC also submitted that shareholders had been provided with
inadequate information regarding many of the resolutions
requiring their approval. These resolutions related to
transactions that Acting Justice Foster had previously declared
as involving contraventions of the Corporations Law, and the
issue of shares by CTC to a company related to a former
director, which would result in that company holding
approximately 50 per cent of CTC's shares.

The matter was adjourned until next year, following the two
shareholders providing undertakings to the Court that 16 of the
proposed 21 resolutions would not be considered by shareholders
until audited accounts for CTC, and legal advice on the
resolutions, had been given to shareholders.


HIH INSURANCE: Businessman Rodney Stephen Adler Charged
-------------------------------------------------------
Rodney Stephen Adler appeared Tuesday in the Downing Centre
Local Court charged with three counts of stock market
manipulation and two counts of false or misleading statements in
relation to securities.

The Australian Securities and Investments Commission (ASIC)
alleges that Mr. Adler contravened the Corporations Act in
relation to stock market manipulation with the purchase, in the
name of Pacific Eagle Equities Pty Ltd, of 1,873,661 HIH shares
on 15 June 2000, 951,339 HIH shares on 16 June 2000 and 425,000
HIH shares on 19 June 2000.

The charges of false or misleading statements in relation to
securities relates to information disseminated by Mr. Adler on
19 June 2000 and 20 June 2000 that he had bought for himself
1,873,661 HIH shares on 15 June 2000 and 951,339 HIH shares on
16 June 2000.

The matter will next come before the Downing Centre Local Court
on 18 February 2003. This matter is being prosecuted by the
Commonwealth Director of Public Prosecutions. ASIC will not
comment further at this time.


KINGSTREAM STEEL: Revises Blueprint, Building Smaller Plant
-----------------------------------------------------------
Three east coast investors are reportedly trying to resurrect
the dream of Kingstream Steel to build a mill capable of
supplying the Asian market for pellets, the Australian Financial
Review said Monday.

According to the paper, it took at least a year of nagging from
investment banker Stephen de Belle, resources industry investor
Bob Duffin and one-time Kingstream director and former Kaiser
Engineers executive, Jesse Taylor, to convince the administrator
of the failed steel-maker to put their plan to Kingsteam
shareholders.

A meeting is scheduled for January, the paper says.  If the plan
gets approved, the 10,500 long-suffering shareholders may see
the stock return to trading early next year.  Kingstream's
administrator Bryan Hughes of Perth insolvency specialists
Norgard Clohessy has already approved the proposal in principle.

Unlike Kingstream's dream to build a AU$2 billion steel mill at
Oakajee, in WA's mid-west, fed by nearby iron ore reserves, the
new proposal, according to the report, is to build a medium-size
pellet plant to supply Asian markets.

Part of the proposal to be put to shareholders is a capital
raising of up to AU$10 million. Existing Kingstream shareholders
could emerge with between 10 per cent and 70 per cent of the
company.

The three businessmen admit the baggage accompanying Kingstream
poor management and perceptions of arrogance and ignorance that
led to the loss of millions of dollars of shareholders' wealth
will be a major hurdle to overcome.  Despite this, the
proponents have already briefed four broking houses, including
one in Perth, about underwriting the raising, and claim the
responses have been encouraging, the report said.

With funding in the bag, the trio hope to attract experienced
board members and reassess the pre-feasibility work done by
Kingstream's previous management. It is expected that particular
attention will be paid to the deals that Kingstream had struck
with potential suppliers and contractors, including Thiess
Contractors and Apache Energy, to help evaluate the merits of
the case.  The search will be on then to find strategic partners
to help fund the pellet plant, which could cost about
$500million.

The paper says one of the biggest pitfalls for Kingstream's
previous management, led by Nik Zuks and Ken Court, was its
dream of raising AU$2 billion without having to relinquish
control of the project.  The investors will consider letting an
offtake partner control the project.

Kingstream collapsed in November last year when it ran out of
cash.  After spending almost AU$90 million trying to get its
steel mill off the ground, it owed creditors AU$10 million.  A
state agreement with the WA Government to allow the project to
proceed has also expired.

A big slice of Kingstream's debt was repaid upon the settlement
of the sale of the key Tallering Peak deposit to fledgling iron
ore miner Mt Gibson Iron for AU$4.6 million, the paper said.

But unlike the original Kingstream, Kingstream II wants to focus
on the Koolanooka deposit and take advantage of infrastructure
already in place.  The pellet plant would be built either at
Koolanooka or at the other end of the railway link, near the
regional port city of Geraldton, the report said.


NAMBUCCA GROUP: Ex-director Found Guilty of Fraud
-------------------------------------------------
Monday, following a ten-week jury trial before Judge Dodd in the
Sydney District Court, James Gordon Kearns was found guilty on
nine fraud charges brought by the Australian Securities and
Investments Commission (ASIC).  The charges against Mr. Kearns,
a solicitor and former company director, related to his
involvement with the Nambucca Group of companies.

The Nambucca Group carried on business in the mid-north coast
region of New South Wales as a finance company, until it was
placed into liquidation in December 1995. Lawnkin Pty Limited
(Lawnkin) was a wholly owned subsidiary of Nambucca Investments
Pty Ltd (Nambucca) and was principally involved in land
development projects.

Nambucca raised approximately $8.6 million by issuing
debentures. The 134 debenture holders at the collapse of
Nambucca were local retirees, pensioners and small
superannuation funds.

Mr. Kearns was found guilty of:

(1) dishonestly obtaining $300,000 from Lawnkin by falsely
    representing that the Equitable Group of companies, a New
    Zealand based insurance group, had agreed to take over
    Nambucca and its subsidiaries;

(2) dishonestly and improperly using his position as an officer
    of Nambucca and certain subsidiary companies, by causing the
    payment of $164,920 to his family company Snoco Limited;

(3) dishonestly obtaining a total of $50,000 from two investors,
    by falsely representing to them that their money would be
    invested in certain Equitable Group investment products; and

(4) obtaining approximately $220,000 from an investor for
    Nambucca, by making false or misleading statements.

The matter is being prosecuted by the Commonwealth Director of
Public Prosecutions and was stood over for a sentence hearing at
the Sydney District Court on 18 December 2002.



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


LAI SUN: Put Option Forces Ailing Developer to Buy Hotel
--------------------------------------------------------
Troubled property developer, Lai Sun Development, announced
Tuesday that a previous agreement had forced it recently to buy
a Yau Ma Tei hotel and shopping mall.

Ironically, the company has been selling assets to cut its
debts, which had ballooned to HK$7.14 billion as of July 31.
The company only has assets of HK$766 million, a gearing of 900
percent, The Standard said.

The paper said the company had to gear up further to conclude
the HK$1.66 billion deal, borrowing HK$600 million from banks.
The remainder is covered by the return of a shareholder's loan
from the selling party.  The selling parties, Eddington Property
Corp and Mainland Ltd, forced the sale based on a put option Lai
Sun had granted at the time it offloaded the properties in 1998.

While the deal has forced Lai Sun to once again knock on bank
doors, the purchase price was knocked down after considerable
negotiation.  The deal was completed on November 29 after the
sellers served notice to enforce the put option, the paper said.

Lai Sun is in talks with creditor banks to restructure its debt,
including HK$1 billion that came due in August. Lai Sun obtained
the HK$1 billion loan from a syndicate led by HSBC and Citibank
in 1999 by paying a margin of 300 basis points over the Hong
Kong Interbank Offered Rate, according to debt newsletter
BasisPoint.

The company has been scrambling to unload debt after a fateful
decision to buy 45.42 per cent of Furama Hotel Enterprises from
the controlling shareholder for HK$3.13 billion, or HK$33.50 per
share when property was hitting its peak in 1997.

It planned to merge the site of its hotel Ritz-Carlton in
Central with the adjacent site of the Furama to build a new
high-rise office tower which had been valued before the property
market crash at as much as HK$10 billion. It sold its 65 per
cent Furama stake in early 2000 to Singapore property developer
Pidemco, the paper said.


UDL HOLDINGS: Sinks Deep into Red with HK$75.9 Million Loss
-----------------------------------------------------------
Marine engineering services company, UDL Holdings, ended the
year to July 31 in red with HK$75.97 million in losses compared
with last fiscal year's HK$4.37 million profit.

The Standard says turnover for the year took a 68.86% nosedive
to HK31.17 million, as the company focused its attention
elsewhere.  Group Chairman Irene Leung said the year just ended
was committed to the recovery of receivables, disposal of some
of its vessels to reduce its debt, the opposition of the appeals
to the Scheme of Arrangement of seven of its subsidiaries in the
Court of Final Appeal, and the implementation of the Scheme of
Arrangement of the company and its 24 subsidiaries.

"The group has struggled to maintain the operations in some
minor port works and reclamation projects. The government
maintenance dredging contracts and bare-boat plant hires became
bread and butter to the group in the year," Ms. Leung told The
Standard in an interview.

Funding difficulties also highlighted the year, said Ms. Leung,
who admitted the group's inability to meet its working capital
requirements and debt servicing during the year.  The group's
principal debts comprise several secured loans taken out by two
of its major subsidiaries, The Standard said.  At July 31, these
amounted to about HK$110 million and were secured against the
group's floating craft.

These two subsidiaries were unable to meet their repayment
obligations during the year, and under the terms of the various
loan agreements this constituted a default, which entitled the
various financial institutions to demand immediate repayment of
the balances outstanding, the paper said.

In order to address the group's working capital needs and to
meet its debt servicing obligations, the directors initiated a
rights issue in November to raise net proceeds of approximately
HK$6.6 million.  The directors believe these funds will be
sufficient to meet the group's requirements for operation,
administration and legal expenses to be incurred, the report
said.

The group presently owns around 70 vessels and the directors
intend to dispose of about 20 to reduce debt. The remaining 50
will be used to carry on the group's principal business of
marine engineering.  Ms. Leung said the directors were in
negotiations with the secured lenders to seek their continued
support and to restructure the debt.

Should the negotiations not succeed, the directors believe the
proceeds from the rights issue and the vessels disposal would
not be sufficient to fund the group's working capital
requirements, Ms. Leung admitted.

The company's auditors have issued a disclaimer of opinion on
the financial statements for the year ended July 31, 2002,
because of the fundamental uncertainties relating to their
preparation on a going concern basis.  The board did not
recommend the payment of any final dividend for the year, The
Standard said.


ZHONGXI PHARMACEUTICAL: Delisting from Shanghai Bourse Likely
-------------------------------------------------------------
Zhongxi Pharmaceutical Co Ltd will be delisted from the Shanghai
Stock Exchange before the year ends as it has confirmed a net
loss for the full-year 2002, AFX-Asia said yesterday.

Market rules require companies to be delisted after they report
net losses for three consecutive years.  The news agency did not
indicate the amount of loss the company will incur.  The
company, however, have admitted that its financial costs remain
high as a result of a heavy debt burden.  Its involvement in
various legal cases has also caused it to halt operations for
certain periods.

The company has been unable to restructure, the company told
AFX-Asia.  At 10.33 am yesterday, Zhongxi Pharmaceutical's A-
shares were up 0.03 yuan at 4.67 on 127,000 shares.



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


AIOI INSURANCE: Returns to Y4.13B Profit
----------------------------------------
Aioi Insurance Co. posted a consolidated net profit of 4.13
billion yen in the first half to September, versus a loss of
52.44 billion yen a year earlier, Kyodo News said on Wednesday.

Dai-Tokyo Fire & Marine Insurance and Chiyoda Fire & Marine
Insurance merged on April 1, 2001 to start a new Company, Aioi
Insurance Co., Ltd.

The Troubled Company Reporter-Asia Pacific reported that The
Tokyo-based property and casualty insurance Company in May
reported consolidated losses in the year ended March 31 due
largely to a 138.7 billion yen hit on overseas reinsurance
claims, including those related to the September 11 terrorist
attacks in the United States.


MAZDA CORPORATION: Unit Sales Down 18.3%
----------------------------------------
Auto sales at Mazda North American fell 18.3 percent in November
to 15,838 units from 19,376 in the same month a year ago, AFX
News reports.

For the first eleven months of the year, Mazda sales were down
3.7 percent to 241,242 vehicles compared with the same period a
year ago.


MITSUBISHI MOTOR: November Sales in U.S. Fell 12.9%
---------------------------------------------------
Mitsubishi Motor Sales of America Inc., a unit of Mitsubishi
Motor Co., said November sales in the United States fell 12.9
percent to 28,804 from a record 33,060 vehicles in the same
month a year earlier, AFX News said on Tuesday.

For the first eleven months of the year, sales of new vehicles
increased 7.8 percent to 313,546 units.  Car sales fell 24.8
percent to 18,016 in November while new sport utility sales rose
18.5 percent to 10,788 units.


NEC CORPORATION: Former Chief Loses Advisor's Role
--------------------------------------------------
NEC Corporation terminated former President Tadahiro Sekimoto
from his post as Company advisor for publicly criticizing
Company policy, the Financial Times said on Tuesday.

The report said that the relationship between Sekimoto and the
current management, led by President Koji Nishigaki, had
deteriorated. Reportedly, Sekimoto had opposed NEC's proposal to
spin-off its semiconductor division, discussed during an
extraordinary shareholders meeting last August.

According to Wright Investor's Service, during the 12-month
period ending 31 March 2002, the Company reported losses of
187.06 per share, implying that the management believes that the
Company will return to profitability soon.


SAMSUNG ELECTRONICS: Selects NSGT For Broadcasting Service
----------------------------------------------------------
National Semiconductor recently announced that Samsung
Electronics has chosen National's Geode(TM) processor technology
for Samsung's first Internet Protocol (IP) digital set-top
boxes, which are on display this week in National's booth at the
Broadband Plus show in Anaheim.

Samsung's new set-top boxes are able to deliver video-on-demand
(VOD) and TV over IP networks, and MPEG2 compression for high-
quality image at a cost of about US$20 per month. This IP set-
top box will be launched in Japan for the purpose of the
interactive TV service, known as "BB Cable TV," by SOFTBANK
Broadmedia Corporation, the broadband content and application
unit of SOFTBANK.

"Demand on streaming media or processing graphic intensive
contents is increasing rapidly in set-top boxes. National's
Geode SC1200, a highly integrated single-chip, is a low cost but
high performance set-top box solution. It provides a streaming
media decoding platform which has enhanced the flexibility and
variety of video-on-demand services to our worldwide customers,"
said Dr. Hee-Won Park, senior manager of Set-top Box Development
of Samsung.

Using National's popular Geode SC1200 single-chip solution
optimized for digital set-top box applications, Samsung's SMT-
F240 is a cost effective set-top box that delivers high-quality
video, music and other multimedia-rich content delivery over
broadband networks.

"Samsung Electronics' selection of our Geode technology
demonstrates National Semiconductor's commitment to drive
digital entertainment for consumers who access broadband
entertainment through next-generation set-top boxes," said David
Pederson, set-top box business unit director, National
Semiconductor. "Working closely with Samsung Electronics,
National Semiconductor is also proud to be part of a set-top box
product that enables broadband service providers to deliver
high-quality streaming video entertainment services to
consumers."

Geode Technology Optimizes Power, Performance and Cost

National Semiconductor's highly integrated x86 Geode SC1200
processor is fully compatible with more than 300 plug-ins and
applets available on the Internet and provides the best balance
in performance, cost and power consumption. Combined with the
Geode CS1301 multimedia co-processor that provides real-time
processing of audio, video, graphics and communications data
streams, it enables a powerful MPEG2, MPEG4 and Windows
Media(TM) Technology encoding and decoding architecture for next
generation entertainment appliances.

The Geode SC1200 processor is an x86 architecture single-chip
device, integrating a Geode GX1 processor, a TV video processor,
video input port, video output ports, core logic and a SuperI/O
block. The Geode CS1301 multimedia companion chip combines a 180
MHz, 2.5V Trimedia(TM) core and a full complement of enhanced
on-chip I/O and co-processing units. The coprocessor achieves up
to 6.5 billion operations per second, ideal for applications
requiring real-time processing of video, audio, graphics and
communications data streams.

National Semiconductor www.national.com is the premier analog
Company driving the information age. Combining real-world analog
and state-of-the-art digital technology, the Company is focused
on the fast growing markets for wireless handsets, displays,
information infrastructure, and information appliances. With
headquarters in Santa Clara, California, National reported sales
of $1.5 billion for its most recent fiscal year and has about
10,000 employees worldwide.

NOTE: National Semiconductor is a registered trademark and Geode
is a trademark of National Semiconductor Corporation.

All other brands or product names are trademarks or registered
trademarks of their respective holders.

TCR-AP reported in June that Samsung Electronics is aiming to
use its extra cash holdings to repay US$300 million worth of
foreign currency-denominated bonds ahead of maturity.

The early repayment of the foreign bonds issued on November 1992
will mature in November this year. The move aims to cut the
firm's debt and to improve its finances.

DebtTraders reports that Samsung Electronics' 9.750 percent bond
due in 2003 (SAMS03KRS2) trades between 104.493 and 104.627. For
real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=SAMS03KRS2


SANYO ELECTRIC: Unit Files For Bankruptcy Protection
----------------------------------------------------
Eiko Systems Co., a unit of Sanyo Electric Credit Co., recently
filed for court protection from creditors at the Fukuoka
District Court under the fast-track Civil Corporate Revival Law,
Kyodo News reports. The Company, based in Fukuoka Prefecture,
has liabilities totaling 44 billion yen, and supplies private
power generation systems.


TAIHEIYO KANKO: Court OKs Protection of Golf Firm
-------------------------------------------------
The Tokyo District Court has granted a plea by the Resolution
and Collection Corp. (RCC) to protect the assets of golf course
Taiheiyo Kanko Kaihatsu, Japan Times reports, citing credit-
research agency Teikoku Databank. A major creditor, RCC took the
action because the golf course was unable to reimburse
membership deposits.

Taiheiyo Kanko Kaihatsu and its affiliated course developer have
total liabilities of 125 billion yen, Teikoku Databank said.
Taiheiyo Kanko Kaihatsu also runs the Country Club the Lakes and
the Segovia Golf Club in Chiyoda, both also located in Ibaraki
Prefecture. The Company developed a negative net worth as a
result of huge borrowing to fund the construction of the Segovia
course, which opened in 1993.

"RCC asked the court to protect the firm's assets . . . because
it deems it appropriate to seek to reconstruct the Company under
the supervision of the court, as it still earns sizable
operating revenues annually," the agency said.


TEIJIN CHEMICALS: Launches Polycarbonate Resin Company in China
---------------------------------------------------------------
TEIJIN CHEMICALS LTD. (Head Office: Chiyoda-ku, Tokyo; President
& CEO: Takanobu Fujii), the core Company of the Teijin's Plastic
Business Group, plans to set up a polycarbonate resin production
and sales Company in Zhejiang Province, in China.

The new Company will be established in January 2003, and will
begin operation of its first production line in April 2005 with
a capacity of 50,000 tons per year. For the next stage, TEIJIN
CHEMICALS will add another production line that will double
capacity to 100,000 tons per year.

Some two million tons of polycarbonate resin is produced each
year and this is expected to grow by 7 percent per year for the
mid-term future. Demand in China is expected to grow faster than
in any other country, at more than 10 percent. The decision to
establish a new Company in China was made to meet this expected
demand.

Currently TEIJIN CHEMICALS produces polycarbonate resin in Japan
at a plant in Matsuyama City, Ehime Prefecture and in Singapore,
and will have total production capacity of 300,000 tons per year
by the end of this year. The Company plans to begin operations
in China from mid 2003, and construction is underway at a
production plant for polycarbonate resin and ABS resin compounds
in Shanghai. At the same time, while responding to growing
demand in the Chinese market, the Company will endeavor to
strengthen its global competitive capabilities in the
polycarbonate resin business.

The new Company will be located in the Zhapu Development Zone in
Jiaxing City, where the Zhejiang government is actively inviting
companies to set up operations in an industrial park for the
petrochemical industry. Jiaxing City is in eastern China where
industrial development is proceeding rapidly.

The plant is conveniently located 90 minutes by car from central
Shanghai and is close to polycarbonate resin users in cities
such as Kunshan, Suzhou, Hangzhou, and Ningbo. The nearby port
ensures convenient shipping connections as well, helping to
maintain high expectations for future developments.

Outline of Teijin Polycarbonate China

1. Name:                    TEIJIN POLYCARBONATE CHINA LTD.

2. Location:                Zhapu Development Zone in Jiaxing
City, Zhejiang Province, China

3. Representative Director: To be announced

4. Capital:                 5 billion yen (100 percent
investment by Teijin Chemicals Ltd.)

5. Established:             January 2003, with production to
begin in April 2005

6. Production capacity:     First line: 50,000 tons/year. This
will double to 100,000 tons/year after the addition of a second
line

7. Total investment:        14 billion yen

8. Sales target:            12 billion yen in FY2006

Outline of Teijin Limited

1. Name:                    Teijin Limited

2. Established:             June 17, 1918

3. Address:                 1-6-7, Minami-Hommachi, Chuo-ku,
Osaka

4. Capital:                 70,787 million yen (as of March 31,
2002)

5. Representative:          Toru Nagashima (President and CEO)

6. No. of employees:        24,026 (consolidated, as of March
31, 2002) 4,252 (non-consolidated, as of March 31, 2002)

7. Sales:                   923,446 million yen (consolidated,
for the period ended March 31, 2002) 232,280 million yen (non-
consolidated, for the period ended March 31, 2002)

8. Scope of business:       Activities relating mainly to the
manufacture and sale of synthetic fibers, chemicals, and medical
products.

Conducts global activities together with group companies through
business bases in Japan and in more than ten countries
worldwide.

Outline of TEIJIN CHEMICALS LTD.

1. Established:             August 2, 1947

2. Head office:             1-2-2 Uchisaiwai-cho, Chiyoda-ku,
Tokyo

3. Capital:                 2,149 million yen (as of March 31,
2002)

4. President & CEO:         Takanobu Fujii

5. Number of Employees:     720 (as of March 31, 2002)

6. Sales:                   56 billion yen (non-consolidated,
for the period endedMarch 31, 2002)

7. Businesses:

Plastics: Manufacturing and marketing of polycarbonate resin,
composite resins; polyethylene terephthalate resin and
polyethylene naphthalate resin sales.

Plastics Products: Manufacturing and marketing of polycarbonate
sheet and other products.

Chemicals: Manufacturing and marketing of fumigants and
flame retardants.

Teijin Limited, established in 1918, was the first Japanese
Company to produce rayon yarn, and has remained an innovator and
leader in the development and commercialization of fibers. Since
then, the Company has capitalized on its expertise in fibers to
diversify into other fields. Today, the Company's operations
encompass five segments: Fibers and Textiles; Films and
Plastics; Pharmaceuticals and Home Health Care; Machinery and
Engineering; and New Products and Other Businesses. At present,
Teijin is utilizing its proprietary technologies to expand into
promising new areas, notably health-care products and services,
advanced materials and IT-related products. During its 83-year
history, Teijin has grown from a small domestic venture into a
major multinational enterprise. The Company has production and
sales subsidiaries and affiliates in more than 10 countries. The
parent Company also has six overseas offices, as well as four
plants and three research institutes in Japan.

Teijin Limited posted a group net loss of 1.08 billion yen for
the fiscal first half ending September 30, citing poor clothing
and textile sales and restructuring costs, according to Kyodo
News on Thursday.

According to Wright Investor's Service, Teijin Limited at the
end of 2002 had negative working capital, as current liabilities
were 495.59 billion yen while total current assets were only
459.33 billion yen.

Contact:

Mr. Manabu Mori
Teijin Public Relations &
Investor Relations Office (Tokyo)
E-mail: ma.mori@teijin.co.jp



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


CHOHUNG BANK: Shinhan, Newbridge, Cerberus Submit Final Bids
------------------------------------------------------------
A consortium led by the Shinhan Financial Group and a rival
group led by Newbridge Capital and US investment Fund Cerberus
have submitted final bids to buy a controlling 51 percent stake
in Chohung Bank, a banking source told the AFX-Asia News. Among
the consortium led by Shinhan Financial are Warburg Pincus and
BNP Paribas, while the other consortium comprises Cerberus
Partners, Korea First Bank, which is controlled by Newbridge
Capital, and Shinsei Bank. At the same time, ABN AMRO is bidding
for a 10 percent stake in Chohung Bank.

The Public Fund Oversight Committee plans to hold a five-member
sub-committee meeting possibly on December 11 to screen the bids
for Chohung Bank, with the final selection of a preferred bidder
to be made only after further screening sessions are held.

The government currently owns 80.04 percent of the nationalized
Chohung Bank. (M&A REPORTER-ASIA PACIFIC, Vol. No.1, Issue No.
240, December 4, 2002)


CHOHUNG BANK: Shinhan Aims to Buy 80.04% Stake
----------------------------------------------
A Shinhan Financial Group-led consortium is proposing to buy the
entire government-owned 80.04 percent stake in Chohung Bank at
about 6,000 won per share, the Chosun Ilbo and AFX Asia
reported.

The report said rival groups led by Newbridge Capital and US
investment Fund Cerberus have proposed similar terms of the
transaction.


HYNIX SEMICONDUCTOR: Creditors Extend 67% Stake Lockup Period
-------------------------------------------------------------
Creditor banks of Hynix Semiconductor decided to extend the
lockup period for their combined holdings of 3.5 billion shares
or a 67 percent stake in the chipmaker to March from December to
help reduce the impact on the market, AFX Asia reported Monday.

By March the banks are planning to carry out a new debt-for-
equity swap worth 1.9 trillion won.

"Even after the lockup period, banks will sell the shares in
phases so as to keep Hynix's share price from plunging," an
unnamed Company spokesman said.

Creditors will also impose a lockup period on any shares they
take on after the 1.9 trillion won debt-for-equity swap, likely
lasting until the end of 2006, by which time the banks hope to
have completed a new bailout package.


HYNIX SEMICONDUCTOR: BOE Shareholders OK's Acquisition of Unit
--------------------------------------------------------------
The BOE Technology Group has approved a plan to acquire Hynix
Semiconductor's TFT-LCD unit for US$380 million, AFX News
reported. In order to make the acquisition, BOE will establish a
subsidiary to raise funds overseas, the report said.

Shareholders also approved a plan to buy 249,460 sqm of land
from former parent Beijing Electronic Tube Factory for 52.39
million yuan.


KIA MOTORS: US November Sales Up 10.7%
--------------------------------------
Kia Motors America said its November sales in the United States
increased 10.7 percent to 18,741 from 16,936 vehicles in the
same month a year ago, AFX News said on Tuesday.

For the first eleven months of the year, Kia sales were up 7.9
percent to 222,720 from the same period last year.


KUMHO GROUP: Unit Terminates 80% Stake Sale to JP Morgan
--------------------------------------------------------
Kumho Group's subsidiary Kumho Industrial Co. has terminated
negotiations to sell an 80 percent stake in its tire operations
to the JP Morgan-Carlyle Group consortium due to pricing
differences, a Kumho Group spokesman told the AFX-Asia News.
However, he declined to confirm a report that the group has
instead started negotiations with a consortium led by the
Military Mutual Aid Association.

Earlier, the Korea Economic Daily quoted unspecified creditor
sources as saying that Kumho is now in talks with the local
investor after the expiry of the memorandum of understanding
between Kumho and the international bidder at the end of
October.

About J.P. Morgan

J.P. Morgan Chase & Co., the second-largest financial services
firm in the US behind Citigroup, was formed by the 2001 merger
of retail banking powerhouse Chase Manhattan and venerable
investment bank J.P. Morgan. In the consumer arena, the bank is
one of the nation's top mortgage lenders, automobile loan
writers, and credit card issuers. The Company's investment
banking operations (including J.P. Morgan H&Q) boast expertise
in mergers and acquisitions consulting, risk management, and
debt and securities underwriting. Its asset management business
includes the prestigious J.P. Morgan Private Bank, institutional
investment manager J.P. Morgan Fleming, and a 45 percent stake
in mutual fund Company American Century.

About The Carlyle Group

Can you say military-industrial complex? The Carlyle Group can.
With former Defense Secretary Frank Carlucci leading the charge,
the firm takes part in management-led buyouts (MBOs), acquires
minority stakes, and provides other investment capital for
companies in aerospace and defense, consumer products, energy,
health care, information technology, real estate, bottling
companies and telecommunications. Defense and aerospace firms
make up a significant share of the world's largest private
equity firm's portfolio. MBOs make up the bulk of Carlyle's
investments. (M&A REPORTER-ASIA PACIFIC, Vol. No.1, Issue No.
240, December 4, 2002)


SEOUL BANK: Fitch Withdraws 'D/E' Ratings
-----------------------------------------
Fitch Ratings, the international ratings agency, has withdrawn
Seoulbank's Individual rating of 'D/E' and Support rating of
'2'. This follows the completion of the bank's acquisition by
Hana Bank (Hana). The merger, first announced in August this
year, was completed on December 1 with the launch of the 'new'
Hana.

At the same time, the agency has affirmed its ratings on the
merged Hana at 'BBB+' for Senior debt, 'C' Individual, '2'
Support and 'F2' Short-term. The Outlook remains Stable.



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


AUSTRAL AMALGAMATED: Nears Final Stage of Restructuring
-------------------------------------------------------
Austral Amalgamated Bhd wishes to announce that the Company's
plan to regularize its financial position since its last
announcement on November 1, 2002 which the Securities Commission
had, by their letter dated April 16, 2001, approved the Scheme,
is currently at the final stage of implementation.  Furqan
Business Organisation Berhad (FBO), which would have acquired
the Company and all its subsidiaries pursuant to the Scheme,
shall acquire the listing status of the Company and is expected
to be listed on the Kuala Lumpur Stock Exchange's Main Board on
December 30, 2002. The details of the SC's approval of the
Scheme and the proposed modifications of the Scheme were earlier
announced by the Company on April 20, 2001, October 16, 2001,
July 2, 2002 and September 2, 2002.

CONTACT INFORMATION: Level 12, Menara AA
                     247 Jalan Tun Razak
                     50400 Kuala Lumpur
                     Tel: 03-2148 9999
                     Fax: 03-2148 9992


AUTOWAYS HOLDINGS: Still Finalizing Agreement on Recovery Plan
--------------------------------------------------------------
Reference is made to the announcement dated November 1, 2002 by
AmMerchant Bank Berhad on behalf of Autoways Holdings Bhd.

In compliance with the directive from the KLSE and the KLSE
Listing Requirements, the company wishes to announce that
together with its advisers and vendors of the new businesses, it
is now in the process of finalizing the terms of the relevant
agreements to be signed. The Company is also in the process of
preparing for the submission of the restructuring scheme to
Authorities for approval.

COMPANY PROFILE

On May 21, 1999, Autoways announced a proposed restructuring
scheme to enable it to continue as a going concern and return it
to profitability.

The Shah Alam High Court granted the Company and subsidiary,
Autoways Construction Sdn Bhd, a restraining order pursuant to
Section 176 (10) of the Companies Act, 1965, which had been
extended and expired on December 19, 2000. The Company and the
Group are currently formulating a revised proposed restructuring
scheme. Details and timing of the scheme are pending
finalisation.

CONTACT INFORMATION: 2nd Floor, Wisma Socfin
                     Jalan Semantan
                     Damansara Heights
                     50490 Kuala Lumpur
                     Tel: 03-4680050
                     Fax: 03-4680051


CHASE PERDANA: Meeting of Unsecured Meeting this Week Postponed
---------------------------------------------------------------
Further to the announcement made on 2 December 2002, on behalf
of CPB, Southern Investment Bank Berhad wishes to announce that
the Court Convened Meeting of the Unsecured Creditors of Pancar
Generasi (M) Sdn Bhd held on 3 December 2002 has been adjourned
to Monday, 9 December 2002 at 9.30 a.m. in Suite 5.2, 5th Floor,
Wisma Chase Perdana, Off Jalan Semantan, Damansara Heights,
50490 Kuala Lumpur.

CONTACT INFORMATION: Suite 8.3, 8th Floor
                     Wisma Chase Perdana
                     Off Jalan Semantan
                     Damansara Heights
                     50490 Kuala Lumpur
                     Tel: 03-2732 7151
                     Fax: 03-2732 1073


DAMANSARA REALTY: Status of Defaulted Loan Remains Unchanged
------------------------------------------------------------
Status of Defaulted Loans:

(a) Damansara Realty Bhd's Revolving Credit 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) Damansara Realty (Pahang) Sdn Bhd's RM54.7 million Term Loan
Facility

There is no material development on the Term Loan Facility since
DRP has been paying the current period interest payment
obligation on the respective due dates and in the process of
settling the overdue interest payments based on the settlement
proposal which had been approved by the lenders. The overdue
interest payments are required to be fully settled by March
2003.

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 RM76m and interest servicing obligation of approx.
RM6.70m under its RM400m 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


EPE POWER: Defaults on Another Monthly Interest Payment
-------------------------------------------------------
Subsequent to the announcement dated 1 November 2002, the
Company has further defaulted in the payment of monthly interest
of RM701,536.66 due to several financial institution ("FIs")
under its revolving credit ("RC") facilities. The status of the
default of principal amount remains the same as previously
announced.

On 21 November 2002, Commerce International Merchant Bankers
Berhad announced that KLSE has granted to EPE a further
extension of two (2) months from 31 October 2002 to 30 December
2002 to make the Requisite Announcement.

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

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


FW INDUSTRIES: Secures Provisional Backing for Debt Plan
--------------------------------------------------------
The Board of FW Industries Bhd wishes to inform the Exchange
that the Company has received approvals-in-principle from
certain major Financial Institution (FI) lenders and has yet to
receive the same from other FI lenders for the Proposed
Corporate and Debts Restructuring Scheme (PCDR). Nonetheless,
the Company has applied to the Exchange via its Adviser,
Southern Investment Bank Berhad, for an extension of time to
make the Requisite Announcement (RA) to 3 January 2003. The
Exchange's approval for the application is still pending and
outcome would announced once received.

COMPANY PROFILE

The FW Group is involved in the manufacturing of industrial
plant and process engineering equipment and plant fabrication,
construction and related engineering works for diverse
industries. These range from resource based processing and
mining to high technology manufacturing and heavy industries
(cement, petro-chemical, power generation, oil and gas,
oleochemical, chemical and general manufacturing). The FW
factories, located at Rawang, Selangor, have a combined
production capacity and output of approx. 10,000 m/t of steel-
based industrial equipment and components per annum.

The Company is an 'affected listed issuer' under KLSE's Practice
Note 4/2001. FW has made plans to regularise and consolidate its
financial position by downsizing and cost cutting exercises and
a corporate restructuring exercise (CRE). FW has appointed
Arthur Andersen & Co and/or Southern Investment Bank Bhd as
independent advisers to formulate a corporate restructuring
plan. The Company is in preliminary stages of negotiations with
interested parties to map out terms of the CRE.

CONTACT INFORMATION: Lot 89, Rawang Integrated Industriala Park
                     Mukim Rawang
                     Gombak
                     48000 Selangor
                     Tel: 03-6092 8828
                     Fax: 03-6092 8013


NCK CORPORATION: Slates December 30 Annual General Meeting
----------------------------------------------------------
Notice is hereby given that the Seventeenth Annual General
Meeting of the Company will be held at Corus 1, Level 1, Corus
Hotel Kuala Lumpur (Formerly known as MingCourt Vista Kuala
Lumpur), Jalan Ampang, 50450 Kuala Lumpur on Monday, December
30, 2002 at 10.00 a.m. to transact the following businesses:

AGENDA

ORDINARY BUSINESS

(1) Resolution 1: To receive and adopt the Audited Financial
    Statements of the Company for the financial year ended 30
    June 2002 and the Reports of the Directors and Auditors
    thereon.

(2) Resolution 2, 3, 4:  To re-elect the following Directors
    retiring in accordance with Article 105 of the Articles of
    Association of the Company:

    (a) Mr Siow Chau @ Siau Chan Leong
    (b) Mr Ng Kiat Bee
    (c) Mr Ng Kiat Beng

(3) Resolution 5: To consider and if thought fit, to pass the
    following resolution pursuant to Section 129(6) of the
    Companies Act, 1965:

       "THAT Mr Ng Choo Kwan who is over the age of seventy (70)
       years and retiring in accordance with Section 129(2) of
       the Companies Act, 1965 be and is hereby re-elected a
       Director of the Company and to hold office until the
       conclusion of the next Annual General Meeting."

(4) Resolution 6: To re-appoint Messrs Ong Boon Bah & Co. as the
    Company's Auditors and to authorise the Directors to fix
    their remuneration.

By Order of the Board
YEOH CHONG KEAT (MIA 2736)
VOO YIN LING (MAICSA 7016194)
Secretaries

NOTES ON THE APPOINTMENT OF PROXY

(1) A member of the Company entitled to attend and vote at the
    Meeting is entitled to appoint a proxy or proxies to attend
    and vote in his stead. A proxy may but need not be a member
    of the Company and a member may appoint any person to be his
    proxy without limitation and the provisions of Section
    149(1)(b) of the Companies Act, 1965 shall not apply to the
    Company.

(2) The instrument appointing a proxy shall be in writing under
    the hand of the appointer or his attorney duly authorized in
    writing, or if the appointer is a corporation, either under
    seal or under the hand of an officer or attorney duly
    authorized.

(3) A member shall be entitled to appoint more than one proxy
    (subject always to a maximum of two (2) proxies at each
    meeting) to attend and vote at the same meeting. A member
    who appoints two (2) proxies shall specify the proportion of
    his shareholdings to be represented by each proxy.

(4) Pursuant to Paragraph 7.22 of the Listing Requirements of
    the Kuala Lumpur Stock Exchange, where a member of the
    Company is an authorized nominee as defined under the
    Securities Industry (Central Depository) Act 1991, it may
    appoint at least one (1) proxy in respect of each securities
    account it holds with ordinary shares of the Company
    standing to the credit of the said securities account.
    Please indicate the securities account number where
    applicable.

(5) The instrument appointing a proxy and the power of attorney
    (if any) under which it is signed or a notarially certified
    copy thereof must be deposited at the Registered Office of
    the Company at 4th Floor, Wisma NCK 3, Lot 45A, Section 92A,
    Batu 3«, Jalan Sungei Besi, 57100 Kuala Lumpur or the
    Company's Share Registrar Office at Level 13, Uptown 1, No.
    1, Jalan SS21/58, Damansara Uptown, 47400 Petaling Jaya,
    Selangor Darul Ehsan not less than forty-eight (48) hours
    before the time for holding this meeting or at any
    adjournment thereof.

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


SEAL INCORPORATED: Posts Details on Proposed Private Placement
--------------------------------------------------------------
1. INTRODUCTION

AmMerchant Bank Berhad, on behalf of the Board of Directors of
Seal Incorporated Bhd, wishes to announce that the Company
proposes a private placement of up to 10% of the issued and
paid-up share capital.

2. DETAILS OF THE PROPOSED PRIVATE PLACEMENT

SEAL proposes to implement the Proposed Private Placement as
follows:

2.1 Size Of Placement

The size of the Proposed Private Placement is 12,335,000 new
ordinary shares of RM1.00 each ("Shares") representing
approximately 10.00% of the issued and paid-up share capital of
SEAL of RM123,359,732 comprising of 123,359,732 Shares as at 26
November 2002.

2.2 Placement Arrangement

The Placement Shares will be placed out by a placement agent to
be appointed by SEAL and the placees will be determined at a
later stage according to the criteria as prescribed in the
Policies and Guidelines on Issue / Offer of Securities issued by
the Securities Commission ("SC Guidelines").

2.3 Pricing

The issue price will be fixed in accordance with the SC
Guidelines which stipulate that the issue price should be based
on the five (5) days weighted average market price of the Shares
of the Company prior to the price fixing date with a discount of
not more than 10%, if deemed appropriate.

The price fixing date will be determined later after receiving
all the relevant approvals and after taking into consideration
market demand and prevailing conditions.

The five (5) days weighted average market price of SEAL Shares
up to 2 December 2002 was RM0.85 per Share.

2.4 Ranking Of The Placement Shares

The Placement Shares shall upon allotment and issue, rank pari
passu with the existing Shares of SEAL except that they will not
be entitled to participate in any dividend, rights, allotment
and/or any other distribution that may be declared, made or paid
before the date of allotment of the Placement Shares.

2.5 Utilisation Of Proceeds

Assuming the issue price of the Placement Shares is at par of
RM1.00 each, the gross proceeds from the Proposed Private
Placement shall be RM12,335,000. The proceeds, after defraying
estimated expenses relating to the Proposed Private Placement
will be utilised to finance the proposed working capital
requirements of SEAL and its subsidiaries ("Group"). The
breakdown of the utilisation is shown in Table 1, which may be
viewed through this link
http://announcements.klse.com.my/EDMS/edmsweb.nsf/ba387758ae3741
2b482568a300466fb6/482568bb00440ef448256c84003351c3/$FILE/Table.
doc

3. RATIONALE FOR THE PROPOSED PRIVATE PLACEMENT

After due consideration of the various methods of fund raising,
the Board is of the view that raising funds by way of a private
placement is the most appropriate means to finance the Group's
proposed working capital requirements.

Some of the major factors which led to the decision of the Board
are as follows:

     (i) the Proposed Private Placement can be completed
         expeditiously to generate the required funds; and

    (ii) the Proposed Private Placement will enable the Company
         to raise funds at lower costs compared to borrowings to
         finance the Group's proposed working capital
         requirements.

4. FINANCIAL EFFECTS OF THE PROPOSED PRIVATE PLACEMENT

4.1 Share Capital

As at 26 November 2002, the issued and paid-up capital of the
Company was RM123,359,732 comprising 123,359,732 Shares. The
Proposed Private Placement will increase the issued and paid up
share capital of SEAL by 12,335,000 new Shares to RM135,694,732
comprising 135,694,732 Shares.

4.2 Substantial Shareholders

The effects of the Proposed Private Placement on the
shareholdings of the substantial shareholders of SEAL are shown
in Table 2.

4.3 Earnings

The proceeds from the Proposed Private Placement are expected to
contribute positively to the earnings of the Group for the
financial year ending 30 June 2003.

4.4 Net Tangible Assets ("NTA")

Based on the audited consolidated financial statements of SEAL
as at 30 June 2002, the effects of the Proposed Private
Placement on the NTA per Share of the Group are shown in Table 3
assuming the issue price for the 12,335,000 Placement Shares is
at par of RM1.00 each.

4.5 Dividends

The Company did not declare any dividend for the financial year
ended 30 June 2002. The Company will decide on the dividends to
be declared upon the finalisation of the financial statements of
SEAL for the financial year ending 30 June 2003.

5. CONDITIONS OF THE PROPOSED PRIVATE PLACEMENT

The Proposed Private Placement is conditional upon the approvals
of:

     (i) the Securities Commission ("SC");

    (ii) the Foreign Investment Committee;

   (iii) the Ministry of International Trade and Industry;

    (iv) the Kuala Lumpur Stock Exchange for the listing of and
         quotation for the Placement Shares; and

     (v) any other relevant authority.

The Company will at its forthcoming Annual General Meeting
("AGM"), to be held on 12 December 2002, seek its shareholders
to authorise the Board, pursuant to a resolution as provided
under Section 132D of the Companies Act, 1965, to allot and
issue Shares in the Company at any time until the conclusion of
the next AGM or until the expiration of the period within which
the next AGM is required by law to be held, whichever is the
earlier and upon such terms and conditions and for such purposes
as the Board may, in their absolute discretion deem fit,
provided that the aggregate number of Shares to be issued
pursuant to this resolution does not exceed ten per centum (10%)
of the issued and paid-up share capital of the Company for the
time being.

Based on the above, the Board intends to use the discretion
accorded to them for the purposes of the Proposed Private
Placement.
In the event that the approval of the shareholders as stated
above is not obtained, the Company will convene an extraordinary
general meeting to seek the approval of the shareholders for the
Proposed Private Placement.

6. DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

None of the directors and/or substantial shareholders of SEAL or
persons connected to them has any direct and/or indirect
interest in the Proposed Private Placement.

7. DIRECTORS' STATEMENT

After taking due consideration of the rationale for the Proposed
Private Placement, the Board is of the opinion that the Proposed
Private Placement is in the best interest of the Company.

8. ADVISER

SEAL has appointed AmMerchant Bank as the Adviser for the
Proposed Private Placement.

9. APPLICATION TO THE Relevant AUTHORITIES

Application to the SC for the Proposed Private Placement is
expected to be submitted within three (3) months from the date
of this announcement.

CONTACT INFORMATION: 21 & 23 Jalan Hussein
                     (Ground Floor) 30250 Ipoh
                     P.O. Box 88, 30710 Ipoh
                     Tel: 05-2415633
                     Fax: 05-2541572


SPORTMA CORPORATION: Sportma/Harn Len Has June Stake Deadline
-------------------------------------------------------------
On behalf of the Special Administrators of Sportma, Affin
Merchant Bank Berhad wishes to announce that Ministry of
International Trade and Industry, via its letter dated 28
November 2002 that was received by Affin Merchant on 30 November
2002, has approved the extension of time for Sportma/Harn Len to
increase its Bumiputera equity participation to 30% before 30
June 2003.

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


WING TIEK: WTSP Will Become Sole Subsidiary
-------------------------------------------
This announcement is released on behalf of Wing Tiek Holdings
Berhad:

On 30 August 2002, the Board of Directors of WTHB announced the
proposed corporate and debt restructuring scheme (Proposed
CDRS). Pursuant to the Proposed CDRS, it is proposed that save
for WTSP, all the companies in the WTHB Group which are involved
in the Proposed CDRS shall be liquidated.

To facilitate the liquidation process under the Proposed CDRS,
the Board of Directors of WTHB announces that the Company had on
November 30, 2002 entered into a supplemental agreement with
JAKS, Dato' Hj Jamian bin Mohamad, Ang Ken Seng and Ang Lam Poah
for the proposed disposal of the entire issued and paid-up share
capital of WTHB by JAKS Resources to a special purpose vehicle
nominated by the Directors of WTHB for a total consideration of
RM1, subsequent to the completion of the Proposed Share
Exchange, the Proposed Acquisitions and the Proposed Transfer of
Listing Status.

The disposal or liquidation of all the other companies in the
WTHB Group save for the companies which are involved in the
Proposed CDRS, may be undertaken prior to and pending receipt of
approvals from the relevant approval bodies and implementation
of the Proposed CDRS.

The Supplemental Agreement will be available for inspection at
the Registered Office of WTHB at 10th Floor, Tower Block,
Kompleks Antarabangsa, Jalan Sultan Ismail, 50250 Kuala Lumpur
during normal business hours from Mondays to Fridays (except
public holidays).

COMPANY PROFILE

The Company has since its incorporation dealt as traders and
brokers of a variety of steel hardware which comprises among
others, structural steel, steel beams, sheet pipes, and steel
columns.

In 1979, WTHB established Wing Bee Hardware to handle hardware
trading in the northern region of Peninsular Malaysia. The
Company itself services the central and southern regions
including East Malaysia. WTHB's three subsidiaries, Wing Tiek
Steel Pipe (WTSP), Wing Tiek Ductile Iron Pipe (WTDI) and Wing
Tiek Metal Industries (WTMI), have monthly production capacities
of 12,000 m/t, 450 m/t and 2,300 m/t respectively. Also, WTSP,
WTDI and WTMI command approx. 12%, 50% (for fittings) and 15% of
market share respectively.

WTHB expanded into upstream activities in 1986 through the
manufacture of wire mesh, cold drawn shafting bars, mild steel
shafting bars and stainless steel shafting bars and
subsequently, the manufacture of steel pipes and tubes in March
1990, used mainly as structures and for reinforcement purposes
in the construction and engineering sectors.

As of March 31, 1998, WTHB and its subsidiaries had defaulted in
the payment of credit facilities due to financial institutions
amounting to approx. RM505 million. In September 1999, scheme
creditors approved a proposed scheme of restructuring. The
scheme involves capital reduction, rights issue, debt
reconstruction and repayment and disposal of assets.

Subsequently, on August 28, 2000, the SC required WTHB to submit
a more comprehensive scheme to address the Group's financial
problems. WTHB is in discussion with interested parties taking
the "White Knight" role and is in the process of reviewing the
business and assets to be injected into WTHB. The SC's
requirement is in line with the advice of WTHB's major creditor
who deliberated with the Company, to provide a "total solution"
restructuring plan for WTHB Group of Companies.

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


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


BOGO-MEDELLIN: Appoints New Directors
-------------------------------------
Bogo-Medellin Milling Company announced that these individuals
have been appointed at the special meeting of the Board of
Directors held on November 29, 2002, effective immediately:

1. Timothy T. Bennett and Reynaldo J. Bandolon as Directors

2. Messrs. Alfred Acopan and Reynaldo J. Bandolon as President
and General Manager respectively

3. Reynaldo J. Bandolon as Treasurer

According the Troubled Company Reporter-Asia Pacific, Jardine
Davies Inc. (JDI) would give up its interests in sugar milling
Company Bogo-Medellin Milling Co. (BMMCO), which has been
suffering from the economic crunch.

In a disclosure to the Philippine Stock Exchange, JDI said it
has decided to divest at least 1.2 million shares in the milling
Company to existing shareholders of BMMCO.

Bogo-Medellin is one of the country's oldest sugar companies. It
is primarily engaged in the milling of sugar with molasses as
the byproduct.


MANILA ELECTRIC: ASAP Warns Govt Against Planned Takeover
---------------------------------------------------------
The Association of Securities Analysts of the Philippines (ASAP)
said the Supreme Court's order on Manila Electric Co (Meralco)
to refund to customers overbillings from 1994 is likely to open
the door to similar suits against all Philippine utilities, both
listed and private, warning the government against taking over
management of Meralco, saying it is "unwise" and has "fraught
and dangerous implications", a statement from ASAP said.

"Government has never proven itself to be an efficient manager,"
the group said, adding that a government takeover of Meralco
management is a reversal of its plan to privatize its holdings
in private enterprises.

The government owns about 25 percent of Meralco. ASAP urged the
government to "shy away from trying to stick its hands in
private enterprises.

"Whatever the future financial implications of the milestone
Supreme Court ruling will be on other Philippine utilities,
government must allow existing management to approach the
dilemma.

"Any attempt to try and wrest management or any other form of
control could provide the wrong signal to the market, already
reeling from a slew of national economic and global concerns."

The group noted that the Supreme Court ruling effectively
changes the formula for a utility firm's power or distribution
rates.

"Many of our member-analysts are presently looking at their
financial models of Meralco and determining the extent of the
impact as well as the implications on other utility firms," it
said.

If the Supreme Court ruling is implemented, ASAP said it will
have an impact on Meralco's profitability and other utilities
will "have to be prepared for the worst."

About Meralco

Manila Electric Company (Meralco) is the largest utility in the
Philippines, providing power for 3.8 million customers in
metropolitan Manila and more than 100 surrounding communities.
Meralco purchases 90 percent of its electricity from the state-
owned National Power Corp. (Napocor); the rest comes from
independent power producers. Meralco is preparing for
competition by moving into nonregulated activities, including
energy consulting, engineering, fiber optics, e-commerce,
independent power production, and real estate. The Philippine
government has announced plans to sell its 10 percent stake in
the Company. (M&A REPORTER-ASIA PACIFIC, Vol. No.1, Issue No.
240, December 4, 2002)


MANILA ELECTRIC: Clarifies Customer Refund Report
-------------------------------------------------
The Manila Electric Company responded to the news article
entitled "DOE Chief: Meralco refund still unclear" published in
the November 29, 2002 issue of the Manila Times.

The article reported that the "Government and the Manila
Electric Co. (Meralco) have yet to reach an agreement on how to
refund consumers the P28-billion excess charges that Meralco
collected. After meeting Meralco officials yesterday, Energy
Secretary Vincent Perez Jr. said it remains unclear how
government could help ensure Meralco's financial stability. He
reiterated that government is willing to assist Meralco, but
stressed that taking over the firm's operations was not what
they had in mind."

Manila Electric Company (MER), in its letter dated December 3,
2002, stated that:

The Meralco officials concerned discussed with Energy Secretary
Vincent Perez, Jr. issues about optimum dispatch of Meralco
Independent Power Producers. In the course of discussion, the
matter on refund and Meralco's financial stability were
mentioned in passing. But there was really nothing significant
on this.

For a copy of the press release, go to
http://bankrupt.com/misc/tcrap_meralco1204.pdf


MANILA ELECTRIC: Sees Refund Costs at P11.5B
--------------------------------------------
Manila Electric Co. (Meralco) expects total refund costs
covering over billings from 1994 to 1998 of 11.5 billion pesos
but payment will be made only after the Supreme Court order
becomes final, AFX Asia said on Wednesday, citing Company
President Jesus Francisco.

Meralco officials earlier estimated the refund to range from 8
billion to 28 billion pesos. The Company has 31 billion pesos in
outstanding debts, including 9 billion in short-term
obligations.

Francisco said since Meralco will be filing a motion for
reconsideration with the Supreme Court, the refund would only be
made after a final decision has been rendered.  He also intends
to discuss with the Energy Regulatory Commission the mechanics
of the possible refund.



MANILA ELECTRIC: Government Proposes Debt-Equity Swap
-----------------------------------------------------
The Philippine government said that creditors of Manila Electric
Co. (Meralco) could convert their loans into equity to keep the
power distributor financially viable, the Philippine Star
reported Wednesday, citing Energy Secretary Vincent Perez.

Meralco was ordered by the Supreme Court last month to refund
customers after years of over-billing.  Meralco's creditors
include Citibank, the Asian Development Bank, the World Bank,
Bank of the Philippine Islands, Equitable PCI Bank, and Banco de
Oro Universal Bank.

Perez said Meralco may reduce its expenses by cutting down non-
essential expenses and renew discussions with independent power
producers (IPPs).  The Energy Secretary said he is still
awaiting Meralco's proposals on debt restructuring.

The Department of Energy has started undergoing preliminary
discussions with various stakeholders of Meralco. These include
the officials of Meralco's IPPs such as Quezon Power (Phils)
Ltd. Inc (QPPL) and First Gas Power Corp. (FGPC) and bank
creditors led by Citibank.


PHILIPPINE LONG: Paying 1P Dividend to H/L/M/Y Shareholders
-----------------------------------------------------------
Philippine Long Distance Telephone Co will pay a 1.00 peso cash
dividend to holders of its series H, L, M, and Y shares, AFX
Asia reported. It said the record and payment dates would be
announced later pending clarification with the Securities and
Exchange Commission.

For a copy of the disclosure, visit
http://bankrupt.com/misc/tcrap_pldt1204.pdf


PHILIPPINE TELEGRAPH: Seeking P2.5B Capital Increase Post Deal
--------------------------------------------------------------
The Philippine Telegraph and Telephone Corporation (PT&T) is
seeking a capital increase by 2.5 billion pesos to 6.3 billion
after signing a loan restructuring agreement with 11 of its
creditors, AFX Asia reports.  PT&T had signed a master
restructuring deal with creditors for longer repayment terms and
conversion of part of its 8.8 billion-peso debt into equity.

Creditors signing the agreement account for about 75 percent of
PT&T outstanding debt are All Asia Capital and Trust Co,
Asiatrust Development Bank, Bank Leumi Le-Israel B.M.,
Development Bank of the Philippines, JP Morgan Chase, Keppel
Bank Philippines Inc, Korea Telecom Philippines Inc, Penta
Capital Corp, Philippine National Bank, Tomen Corp and United
Coconut Planters Bank.


SHEMBERG BIOTECH: US Firm Allows Bid For Raw Materials
------------------------------------------------------
The United States has allowed Shemberg Biotech Corporation to
bid for the raw material requirements of its facility in the
United Kingdom, Asia Pulse said on Wednesday, citing Company CEO
Benson Dakay.

He said the Company has started to shift to carrageenan (or
seaweed) as the raw material for its capsules. He also
maintained that the carrageenan capsule would become the product
of the century for the industry once the market is fully
developed. Aside from the UK facility, the Company is also
looking at India since it is the largest producer of capsules in
the region. Dakay said an Indian capsule manufacturing Company
has sent a representative to discuss with their Company the
possibility of using carrageenan for their capsules.

According to the Troubled Company Reporter-Asia Pacific,
Shemberg Biotech Corp. (SBC), the largest manufacturer of
refined carrageenan in Southeast Asia, is awaiting the approval
from the Cebu Regional Trial Court (RTC) for them to stop paying
the Bank of Philippine Islands (BPI) due to the latter's refusal
for the rehabilitation plan of the Company.

Shember Biotech had difficulty in paying especially the foreign-
denominated loans because of the 1997-99 Asian financial crisis.
Its debts to the multilateral lenders rose from P484.591 million
to over P600 million.

Last year, Shemberg claimed it had total debt of P989 million,
where P669.972 million is owed to its multilateral lenders and
P319.621 million to commercial banks. Court-appointed receiver
Pio Go has yet to determine the company's total debt.



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


ASIA PULP: Unit Widens Net Loss to $228M
----------------------------------------
PT Indah Kiat Pulp & Paper, a unit of Asia Pulp & Paper Co.
(APP), posted an nine-month net loss of $228 million ending
September, versus a loss of $166.9 million in the year-earlier
period, Bloomberg reported.

Indah Kiat booked a $54 million foreign exchange loss in the
nine months, compared with a $1.85 million in foreign exchange
gains in the year-earlier period.

Asia Pulp, which defaulted on its $13 billion debt in March last
year, reached an agreement with creditors on a plan to start
repaying about half of the group's debt. APP plans to sign an
interim agreement on $6.5 billion debt by December 16.

PT Tjiwi Kimia, another of Asia Pulp's Indonesian units, said
its unaudited nine-month loss also widened to $51.2 million,
versus a $36.2 million loss a year earlier.


CHEW EU: Post Notice of Books Closure Date
------------------------------------------
The Board of Directors of Chew Eu Hock Holdings Limited refers
to the circular to shareholders of Shareholders dated November
15, 2002, and previous announcements of the Company released on
29 November 2002 and 2 December 2002.

Chew Eu Hock, a majority shareholder of the Company, shall
convert his outstanding loan to the Company of S$13,098,649
(including interest) as at 30 October 2001 into 187,123,557 new
shares of S$0.005 each in the capital of the Company (the
"Converted MS Shares, and offer to transfer or direct the
Company to allot up to 48,652,125 of the Converted MS Shares,
representing approximately 26.0 percent of the Converted MS
Shares, to the Shareholders (other than to himself, Mdm Wong
Swee Choo and their respective associates), on a pro-rata basis,
at nil consideration. The Converted MS Shares will be directly
allotted to Shareholders pursuant to Chew Eu Hock's direction to
the Company on the basis of their shareholdings as at the Books
Closure Date, further details of which are set out below,
fractional entitlements to be disregarded.

NOTICE IS HEREBY GIVEN that the Register of Members and the
share transfer books of the Company will be closed from 5.00
p.m. on 20 December 2002 (the "Books Closure Date up to and
including 21 December 2002 for the purpose of determining the
entitlement of the Shareholders to up to an aggregate of
48,652,125 of the Converted MS Shares.

Shareholders (being depositors) whose securities accounts with
The Central Depository (Pte) Ltd CDP are credited with shares of
$0.005 each in the capital of the Company Shares as at 5.00 p.m.
on the Books Closure Date will be allotted the Converted MS
Shares on the basis of the number of Shares standing to the
credit of their securities accounts with CDP as at 5.00 p.m. on
the Books Closure Date.

It should be noted that the proposed transfer of or direct
allotment of up to an aggregate of 48,652,125 of the Converted
MS Shares to the Shareholders is strictly on a gratuitous basis,
and neither the Company nor Mr Chew Eu Hock nor the Mr Tay Swee
Sze of M/s Tay Swee Sze and Associates shall have any liability
or responsibility or obligation to any Shareholder in connection
with such Converted MS Shares in any manner whatsoever.


FHTK HOLDINGS: Posts Notice of Shareholder's Interest
-----------------------------------------------------
FHTK Holdings Limited posted a notice of changes in shareholder
Oversea-Chinese Banking Corporation Ltd's interest:

Date of notice to Company: 29 Nov 2002
Date of change of interest: 29 Nov 2002
Name of registered holder: Oversea-Chinese Bank Nominees Private
Limited

Circumstance(s) giving rise to the interest: Others
Please specify details: Change in registered holder

Shares held in the name of registered holder
No. of shares of the change: 1,654,967
% of issued share capital: 0.13
Amount of consideration per share excluding brokerage,GST,stamp
duties,clearing fee: 0
No. of shares held before change: 43,924,886
% of issued share capital: 3.58
No. of shares held after change: 45,579,853
% of issued share capital: 3.71

Holdings of Substantial Shareholder including direct and deemed
interest
                                   Deemed Direct
No. of shares held before change:  0      189,226,959
% of issued share capital:         0      15.38
No. of shares held after change:   0      189,226,959
% of issued share capital:         0      15.38
Total shares:                      0      189,226,959

Oversea-Chinese Banking Corporation Limited direct interest
under registered holder UOB KayHian Private Limited is
143,647,106 (11.67 percent) and under registered holder Oversea-
Chinese Bank Nominees Private Limited is 45,579,853 (3.71
percent). Total interest after change is 15.38 percent.


HONG LEONG: Associated Firm Enters Liquidation
----------------------------------------------
Hong Leong Asia Limited informed that Reardon Smith Management
Pte Ltd, an associated Company of the Company, incorporated in
Singapore, has been voluntarily liquidated under The Companies
Act, Chapter 50.

The dissolution of Reardon Smith Management Pte Ltd is not
expected to have any material impact on the earnings per share
and the net tangible assets per share of the Company for this
financial year.


HOTEL NEGARA: Considers Possible Sale of Meritus Negara
-------------------------------------------------------
The Board of Directors of Hotel Negara Limited Company announced
that United Overseas Bank Limited UOB, with a shareholding
interest (both direct and indirect) of approximately 70.43
percent in its issued share capital as at 27 November 2002, has
written in to request the Board to consider whether the disposal
of the property known as Meritus Negara Singapore situated at 10
Claymore Road, Singapore Property owned by the Company by way of
tender sale Exercise would be in the best interests of the
Company and its shareholders.

Following such request, the Company has appointed Credit
Agricole Indosuez Merchant Bank Asia Ltd CAIMBAL as independent
financial adviser to evaluate the Exercise and advise the
members of the Board who are deemed independent in respect of
the Exercise on the alternatives available to the Company
(including without limitation sale of the Property by way of
tender sale). Pending CAIMBAL's evaluation and recommendation,
no decision has been reached on whether or not the Property will
be disposed of. If the Property is to be disposed of, the
disposal will be subject to, inter alia, the approval of
shareholders.

Hotel Negara Limited announced that United Overseas Bank Limited
has agreed to extend credit facilities totalling $29,500,000 to
the Company to refinance part of the 5-year secured term loan
for a principal amount of $42,000,000, which is due for
repayment on 15 December 2002, the Troubled Company Reporter-
Asia Pacific reports. The Company will be using its internal
funds for partial repayment of the term loan.

According to Wright Investor's Service, at the end of 2001,
Hotel Negara Limited had negative working capital, as current
liabilities were 42.45 million Singapore Dollars while total
current assets were only 8.43 million Singapore Dollars.


NATSTEEL LTD: Sanion To Make Tender Offer
-----------------------------------------
Sanion Enterprises Ltd, a Company controlled by Indonesian
businessman Oei Hong Leong, will make a takeover offer for all
the ordinary shares of Natsteel Ltd, a statement to the
Singapore Exchange (SGX) said. Consequently, Natsteel will be
seeking a suspension on the trading of its shares when Sanion
makes the offer.

Law firm Rajah & Tann wrote Natsteel in behalf of Sanion, "We
act for Sanion Enterprises Ltd and Mr Oei Hong Leong, in his
capacity as a shareholder and director of Sanion, who are
considering making a takeover offer for all the ordinary shares
at SGD0.50 each in the capital of (Natsteel)."

"The parties are in the process of seeking clearance of certain
regulatory issues in connection with the proposed offer," it
said.

Sanion did not say how much it intends to pay for the rest of
Natsteel's shares but newspaper reports said it will likely be
SGD2.05, the price at which it has bought majority of its
holding.

About Natsteel

NatSteel mixes steelmaking and other activities to make it one
of Singapore's largest industrial groups. NatSteel's operations
include steel (roughly 64 percent of sales), electronics,
building products, chemicals, engineering products and services,
and property development. The Company has steel minimills in
China, Malaysia, the Philippines, Singapore, and Vietnam. Its
electronics division consists of many contract manufacturers, as
well as a major investment in modem maker U.S. Robotics. In 2002
the Company sold its NatSteel Broadway (printed circuit boards,
plastic and metal components) unit to Flextronic International
for about $367 million. (M&A REPORTER-ASIA PACIFIC, Vol. No.1,
Issue No. 240, December 4, 2002)


NATSTEEL LTD: 98 Holdings "Looks at Situation" After Sanion
-----------------------------------------------------------
98 Holdings Pte Ltd said it is 'looking at the situation' after
Sanion Enterprises Ltd, which now owns 29.25 percent of Natsteel
Ltd, said it will make a general offer for the steel Company, a
spokesperson for 98 Holdings told AFX-Asia.

Natsteel is suspended after Sanion, a Company controlled by
Indonesian businessman Oei Hong Leong, announced it will make an
offer for the shares it does not own in Natsteel. It did not
give a price for the exercise. Sanion said it is currently in
the process of seeking clearance of certain regulatory issues in
connection with its proposed offer.

At just below 30 percent, Sanion is the single biggest
shareholder in NatSteel, surpassing the estimated 25.05 percent
stake of 98 Holdings, which includes irrevocable undertakings by
Natsteel shareholders who are also members of 98 Holdings.

98 Holdings, which counts government investment arm Temasek
Holdings and Hotel Properties managing director Ong Beng Seng
among its members, is offering to buy NatSteel at SGD2.03.

A spokesman for Natsteel said the Company will proceed with the
scheduled extraordinary general meeting when shareholders are to
choose between two offers, namely 98 Holdings' and Crown Central
Assets', a corporate vehicle comprised of Natsteel executives
led by President Ang Kong Hua, which has offered SGD1.91.

About Natsteel

NatSteel mixes steelmaking and other activities to make it one
of Singapore's largest industrial groups. NatSteel's operations
include steel (roughly 64 percent of sales), electronics,
building products, chemicals, engineering products and services,
and property development. The Company has steel minimills in
China, Malaysia, the Philippines, Singapore, and Vietnam. Its
electronics division consists of many contract manufacturers, as
well as a major investment in modem maker U.S. Robotics. In 2002
the Company sold its NatSteel Broadway (printed circuit boards,
plastic and metal components) unit to Flextronic International
for about $367 million. (M&A REPORTER-ASIA PACIFIC, Vol. No.1,
Issue No. 240, December 4, 2002)


NIPPECRAFT LIMITED: Unveils Negotiations With Bankers
-----------------------------------------------------
Nippecraft Limited unveils the progress of negotiation with the
Company's bankers, disposal of a wholly owned subsidiary and
KPMG's progress for the month of November 2002 as follows:

a) There are no further developments with the banks.

b) The Extraordinary General Meeting (EGM) to approve the
proposed divestment of Collins Office Products International
Trading Limited to APP Printing (Holding) Pte Ltd was
successfully concluded on November 27, 2002 with all the
resolutions passed.

c) KPMG is continuing in its role as stated in the Company's
previous announcements.



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


BANGKOK MASS: Debt Restructuring Plan Approval Expected Soon
------------------------------------------------------------
An official of Bangkok Mass Transit System disclosed early this
week that a modified debt-restructuring plan is now being
considered by creditors who are expected to approve the deal in
three months.

In an interview with Business Day, CEO Keeree Kanjanapas said
the new plan is more realistic and was based on only a slight
growth in passenger traffic, and not on extravagant projections
of half a million passengers a day that the company had
originally boasted it would achieve.

The company, operator of Thailand's sole elevated railway
system, has been working on a plan to restructure its US$1
billion in debts for nearly two years now, the report says.  Mr.
Keeree explained that the deal had been delayed mainly because
of the detailed process required to structure such a deal.

The chief told Business Day that the debt restructuring would
include a write-off, debt to equity conversion and debt
repayment extension and that existing shareholders of BTS would
see their equity diluted to 15-20 percent, but he declined to
give further details. He said that his firm was negotiating with
potential investors from Hong Kong and Europe to take a
strategic stake of up to 25 percent in the company.

Mr. Keeree said that after the debt restructuring, the company
has set a target for earnings before interest, taxes,
depreciation and amortization around one billion to 1.2 billion
baht, a turnaround from losses at present. He didn't give the
loss figures for the company.

Once the company completes its debt-restructuring plan, it will
go ahead with its initial public offering, which has been
delayed from original schedule in late 1999 due to unfavorable
market conditions, Mr. Keeree told Business Day.

Business Day says Tanayong, along with Credit Suisse First
Boston, and contract construction Italian-Thai Development are
the major shareholders of BTS.  Siam Commercial Bank,
International Finance Corp and German bank Kreditanstalt Fur
Wiederaufbau (Kfw) are the key creditors.


TANAYONG: CEO Confident Debt Plan Will Pass Court Scrutiny
----------------------------------------------------------
The Central Bankruptcy Court will likely approve the debt-
restructuring plan of troubled property developer, Tanayong,
when it hears the case in January, CEO Keeree Kanjanapas told
Business Day early this week.

"Our expectation is that the debt restructuring would be
approved on January 9 and then we can proceed with plans to
raise capital and make investments," Mr. Keeree told the local
paper in an interview.

According to Business Day, the plan had been delayed due to the
opposition of 11 creditors, who want to make changes on the
plan.  These creditors claim that the plan favors some groups of
creditors over others.  But the chief executive now claims that
the firm had made the required changes and he expected the
process to pass without any hitches.

Under the plan, Tanayong would see its debts reduced to six
billion baht under various methods including capital increases,
debt-to-equity conversion and debt rescheduling.  The plan calls
for Tanayong to sell 106.32 million - or 85 percent - of its
shares to a new investor, with 10 million shares reserved for a
debt-to-equity swap with creditors, while existing shareholders
would hold the remaining stake.

The plan would cut the company's debt to six billion baht, which
would be repaid over the next five to 10 years, he added.
Tanayong's major creditors are Bangkok Bank and Siam Commercial
Bank.

Mr. Keeree told that paper that Tanayong would then raise its
capital by $100 million, with the proceeds used to pay off debts
and developing its massive project on Bangna Trat Road.

"We already have strategic investors and foreign strategics
investors lined up and that money is going to be used to develop
Thana City, where we have lots of land," Mr. Keeree said.

He would not give details of investors' plans, or which sector
he wanted to penetrate, Business Day said.

The Kanjanapas family was one of Thailand's richest and biggest
real-estate developers before the onset of the economic crisis,
which brought their dream of a satellite city within Bangkok,
crashing down. Muang Thong Thani, now a ghost town, was the
family's brainchild.

Thailand's real-estate market, particularly the housing sector,
has experienced a massive surge on the back of better than
expected economic growth and lower interest rates that has made
homes more affordable.  Tanayong's shares are suspended from
trading but are listed on the Stock Exchange of Thailand's
rehabilitation sector. Its last closing price was one baht in
September last year, Business Day said.




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
reliable, but is not guaranteed.

The TCR -- Asia Pacific subscription rate is $575 for 6 months
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                 *** End of Transmission ***