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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 12, 2002, Vol. 5, No. 246

                         Headlines

A U S T R A L I A

NEWCREST MINING: Posts Chairman's Share Purchase Plan Letter
NEW TEL: Hires PricewaterhouseCoopers as Administrator
NEW TEL: Market Update
PASMINCO AUSTRALIA: Elura Mine Acquisition Update
TIRA PTY: Federal Court Appoints Provisional Liquidator

UNITED ENERGY: Welcomes McMeckan as Non-executive Director


C H I N A   &   H O N G  K O N G

401 HOLDINGS: Parallel Trading to Start Thursday
HOI HING: Winding Up Petition Slated for Hearing
KEY ON: Winding Up Sought by Che Kai
PAC CHALLENGE: Widens Operations Loss to HK$27.8M
SEAPOWER RESOURCES: All Resolutions Approved at EGM

STAR EAST: Disposes of Entire Interest in Sing Pao


I N D O N E S I A

ASTRA INTERNATIONAL: Creditors to Vote on Debt Plan Today
INTI FASINDO: PEFINDO Assigns `idBBB' Rating to Rp100B Bond  

* IBRA Manages Rp7.20T Worth SME Portfolio


J A P A N

DAIEI INC.: Selling Stake in Hub Pub Chain
HITACHI LIMITED: Imposing Pay Cuts on Top Executives
NICHIMEN CORP: Establishing Joint Holding Firm With Nissho Iwai
NIPPON YAKIN: Main Banks Agree on Y35B Financial Aid
NTT DOCOMO: No More Investments Planned in KPN Mobile N.V.


K O R E A

CHOHUNG BANK: Govt Proceeding With Sale Despite Strike Threat
CHOHUNG BANK: PFOC Will Not Make Sale Decision December 11
CHOHUNG BANK: Shinhan Ups Bid to US$413M
HYNIX SEMICONDUCTOR: Delays Bailout Meeting
HYNIX SEMICONDUCTOR: KEB Proposes Debt-for-Equity Swap

HYNIX SEMICONDUCTOR: Shares Down 12% After Writedown Report
HYUNDAI MERCHANT: Creditors to Guarantee ABS
HYUNDAI MERCHANT: May Sell Bonds Next Year


M A L A Y S I A

AUTOINDUSTRIES: Debt Settlement Subject to Trading Restriction
CEPATWAWASAN GROUP: Posts November 2002 Production Figures
CHASE PERDANA: Creditors Meeting Adjourned to December 27
KIARA EMAS: SC Grants PDS Guidelines Compliance Exemption
KUB MALAYSIA: Unit Faces Winding Up Petition From Tri Art

L&M CORPORATION: Submits Proposed DCRS to Relevant Authorities
NCK CORP.: Proposed Shareholders' Ratification Approval Pending
PLANTATION & DEVELOPMENT: FIC OKs Proposed Restructuring Scheme
PLUS EXPRESSWAYS: SC Endorses Proposed Indulgences, Consents
TONGKAH HOLDINGS: Companies Commission Strikes Off Units

UCP RESOURCES: December 31 Deadline for Regulatory Approvals
UNITED CHEMICAL: Provides Defaulted Facilities Details Update
RAHMAN HYDRAULIC: Appropriate Audit Disclosure Required
RENONG BERHAD: UEM Granted Placement Shares Waiver


P H I L I P P I N E S

EXTELCOM: US Firm Disposing Cellular Assets in the Philippines
MANILA ELECTRIC: OKs Short List of Adviser Banks
MECAUAYAN RURAL: PDIC Takes Over Rural Bank
METRO PACIFIC: Shareholders OK Transition
NATIONAL BANK: Clarifies `Cutting NPL' Report

NATIONAL BANK: Reviewing Proposals for AMC
NATIONAL POWER: Launches $500M Bond in Tokyo
PHILIPPING LONG: Minimal Service Disruption in Case of Strike


S I N G A P O R E

BOUSTEAD SINGAPORE: Disposes of Subsidiary
LANKOM ELECTRONICS: Dissolving Subsidiary
L&M GROUP: Shareholders OK EGM Resolution
NATSTEEL LTD: 98 Cannot Raise Offer Without Competing Bid


T H A I L A N D

ADVANCE PAINT: Posts Resolutions Supported at ESM No 1/2545
B. N. S. STEELGROUP: Business Reorganization Petition Filed
NEP REALTY: Pre-pays Debts to Financial Institution Creditors

     -  -  -  -  -  -  -  -

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


NEWCREST MINING: Posts Chairman's Share Purchase Plan Letter
------------------------------------------------------------
Newcrest Mining Limited posted Chairman I Johnson's letter to
the Shareholders regarding its Share Purchase Plan:

In September this year the Company made a placement of shares to
institutional investors at a price of $6.85 per share, a
discount of 2.6% of the average price over the preceding five
days and a 6.8% discount compared to the price the day before
the placement. At the time, shareholders were advised that the
Board intended to offer a Share Purchase Plan (SPP) for all
eligible shareholders at a similar discount and adjusted for the
dividend which was paid in October.

Under the SPP all eligible shareholders can now purchase
additional shares in the Company up to a maximum amount of
$5,000 per shareholder.

The price at which additional shares can be purchased is $5.33
which is equivalent to the 6.8% discount to the average share
price for the five days up to and including the record date of 5
December 2002, less an adjustment for the October dividend. No
brokerage or other transaction costs will be payable by you.

If you wish to purchase additional shares in Newcrest under the
SPP then you should read the green form attached to this letter.
It contains the SPP terms and conditions, the application form
and instructions.

Only registered holdings will be considered when determining
eligibility. Only Australian or New Zealand shareholders on the
share register as at the close of business on 5 December 2002
are eligible to participate in the SPP.

This offer closes at 5.00pm (Melbourne time) on Tuesday 7
January 2003 and shares will be allotted on 14 January 2003.

The opportunity for you to buy additional shares is not a
recommendation. Participation by eligible holders is entirely
optional. If you are in any doubt about participation in this
offer you should contact a professional adviser. If you have
other queries about the SPP please call Newcrest's share
registry on 1300 554 474.


NEW TEL: Hires PricewaterhouseCoopers as Administrator
------------------------------------------------------
Phil Carter and Greg Hall of PricewaterhouseCoopers have been
appointed joint administrators of New Tel Limited. (ASX: NWL)
(NASDAQ: NWLL).

Mr Carter and Mr Hall began an urgent assessment
of the financial position of the business on Wednesday
afternoon.

CONTACT INFORMATION: Andrew Head
                     COMMUNICATIONS,
               PricewaterhouseCoopers
                     Tel: (02) 8266 2111
                     Mobile: 0411 268 001
                     URL: (www.pwcglobal.com)


NEW TEL: Market Update
----------------------
GLOBAL EMERGING MARKETS LOAN FACILITY

On 12 November 2002 New Tel Limited made an Australia Stock
Exchange release advising that it had not yet drawn down any
funds from a $22,000,000 equity line with Global Emerging
Markets. New Tel confirms that the equity line is not available
for drawdown until the Company recommences trading on ASX and
trades for a minimum of 20 days, and certain other conditions
are met including reaching a minimum closing price of the
Company's ordinary shares of $0.12.

SALE OF SHARES IN ADVANCED ENGINE COMPONENTS LIMITED

New Tel confirms that the sale of its shares in Advanced Engine
Components Limited (AEC) to Global Business Solutions Limited is
not proceeding. New Tel has been in negotiations to sell its AEC
shares to a third party and anticipates that these negotiations
will be finalized next week. Further details regarding this
transaction will be released to the market once formal
documentation is signed.

ADDITIONAL MATTERS

The Company advises that it is finalizing its accounts for the
year ended 30 June 2002 and anticipates this process will be
completed in the next 2-3 weeks, following which the accounts
will be reviewed by the Company's auditors.

Further details on the timing of the reinstatement to quotation
of the Company's shares will be provided to shareholders as and
when that information is available.


PASMINCO AUSTRALIA: Elura Mine Acquisition Update
-------------------------------------------------
Consolidated Broken Hill Ltd's (CBH) due diligence for the
acquisition of the Elura zinc-lead-silver mine near Cobar, New
South Wales from Pasminco Australia Limited (Pasminco) is on
target for completion in late January. Detailed due diligence in
relation to the resource, the mining method and equipment
upgrade possibilities are being investigated. This is designed
to establish whether appropriate capital improvements can be
undertaken to increase the life of the mine, reduce operating
costs and improve overall mine production efficiencies. To date,
results have been positive.

As part of its internal processes, CBH has appointed Gresham
Partners as advisers in relation to financing the Elura mine
project.

Following CBH's announcement on 13 November, CBH and Clough
Engineering Limited (Clough) signed a formal Heads of Agreement
for the joint operation (50/50) of the Elura Mine. Under the
terms of the Heads of Agreement, if CBH successfully completes
the acquisition of the Elura mine from Pasminco, Clough may
elect to contract with CBH to operate the mine on a profit
related incentive basis. The Elura mine will be owned 100% by
CBH. Also, as part of the agreement, Clough will contribute $5
million of equity directly into CBH. This will be subject to
Board and CBH shareholder approval.


TIRA PTY: Federal Court Appoints Provisional Liquidator
-------------------------------------------------------
Mr Robert Andrew Street, a Melbourne financial planner who
allegedly transferred over $700,000 from clients into a Nigerian
letter scam, has consented to interlocutory orders restraining
him from receiving money in connection with the supply of
financial products and services.

The orders were obtained Tuesday in the Federal Court following
action by the Australian Securities and Investments Commission
(ASIC). The court, by consent, also appointed a provisional
liquidator to Mr Street's company, Tira Pty Ltd (Tira).

ASIC alleges that between April and August 2002 Mr Street
borrowed over $700,000 from several clients, by misrepresenting
the nature and risk of the purposes for which the money would be
used.

ASIC alleges that Mr Street and Tira transferred the money to
various overseas destinations after receiving a proposal from a
person purporting to be the Reverend Sam Kukah, Chairman of the
Presidential Payment Debt Reconciliation Committee in Nigeria.
ASIC alleges that this person offered to transfer US$65 million
to Tira upon payment of certain up-front fees.

'This type of proposal is commonly known as the Nigerian letter
scam. We urge all investors to avoid putting money into
unsolicited get-rich-quick offers of this type', ASIC Executive
Director Consumer Protection, Mr Peter Kell said.

The Federal Court orders appoint Mr Paul Pattison of Pattisons,
Business Advisors & Insolvency Specialists, as the provisional
liquidator over Tira's assets, and include specific powers for
the sale of two properties that are scheduled for auction in the
near future.

The orders also prevent Mr Street from receiving any further
money from clients in connection with the supply of financial
services or products, until ASIC's application for final orders
is heard on 1 April 2003.

Mr Street operated a Box Hill-based financial planning business
called 'Making Dollars & Sense' and until October 2002, acted as
a securities representative for Grosvenor Securities Pty Ltd.
ASIC's inquiries are continuing.


UNITED ENERGY: Welcomes McMeckan as Non-executive Director
----------------------------------------------------------
United Energy Limited Chairman, Keith Stamm announced Wednesday,
that Ms Tina McMeckan has been appointed as an independent non-
executive director of the Company.

"Tina McMeckan brings extensive business and financial strategic
experience to the Board", said Mr Stamm. "She has held
directorships in Victorian Power Exchange, Snowy Hydro, Westar,
Solaris and V Line Freight Corporation and worked in an
executive capacity with GPU PowerNet and SECV Energy Traders."

Tina McMeckan is an Executive Director of Riverside Australia,
which specializes in new business development and industry
change. Ms McMeckan is also Chairman of Zoological Parks and
Gardens and a non-executive director and Treasurer of Museums
Board of Victoria.

Tina's experience includes a wide exposure to the energy and
investment management sectors in Australia. She was formerly a
senior manager of AIDC and AMRAD Corporation, and was previously
a director of National Resources Systems Corporation.

Ms McMeckan holds a Bachelor of Liberal Arts and Sciences degree
from San Diego State University (California) and a MBA
(Melbourne). "We welcome Tina to the Board as our third
independent director", said Mr Stamm.

The Group's principal activity is the distribution of
electricity to 571,000 connections in Melbourne's south, east
and the Mornington Peninsula and management of 625,000 gas
connections in Melbourne's east on behalf of Multinet Gas.  At
the end of 2001, United Energy had negative working capital, as
current liabilities were A$424.51 million while total current
assets were only A$157.47 million.

CONTACT INFORMATION: Paul Bird
              MANAGER CORPORATE COMMUNICATIONS
              Phone: (+61 3) 9222 8520
              Mobile: 0414 247 794
              Fax: (+61 3) 9222 9161
              e-mail: pbird@ue.com.au


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


401 HOLDINGS: Parallel Trading to Start Thursday
------------------------------------------------
Market participants are requested to note the parallel trading
in the ordinary shares of 401 Holdings Limited will commence at
9:30 a.m. on Thursday, 12/12/2002 under these particulars:

Stock Code  Stock Short Name     Board Lot    Certificate Color
----------  ----------------     ---------    -----------------
401         401 HOLDING-NEW      20,000 shares    Light Blue
2993        401 HOLDING-OLD      400 shares       Light Red

Settlement of trading at each counter shall be in respect of the
shares traded at the respective counters.

Wrights Investors' Service reports that the Company has paid no
dividends during the last 12 months and has not paid any
dividends during the previous 6 fiscal years. It also reported
losses during the previous 12 months. At the end of 2002, 401
Holdings Limited had negative working capital, as current
liabilities were HK$84.35 million while total current assets
were only HK$36.23 million.


HOI HING: Winding Up Petition Slated for Hearing
------------------------------------------------
The petition to wind up Hoi Hing Hong Limited is set for hearing
before the High Court of Hong Kong on January 15, 2003 at 10:00
in the morning

The petition was filed with the court on November 4, 2002 by
Wong Long Hui of Flat 2101, 21/F., Block F, Healthy Mansion, 560
King's Road, North Point, Hong Kong. Tam Lee Po Lin, Nina
represents the petitioner.


KEY ON: Winding Up Sought by Che Kai
------------------------------------
Che Kai Chi is seeking the winding up of Key On Technical
Company Limited. The petition was filed on November 1, 2002,
and will be heard before the High Court of Hong Kong on January
15, 2003 at 10:00 am.

Che Kai holds its registered office at Room 1409, Cheung King
House, Cheung Wah Estate, Fanling, New Territories, Hong Kong.  
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 on the 27th Floor, Queensway
Government Offices, 66 Queensway, Hong Kong.


PAC CHALLENGE: Widens Operations Loss to HK$27.8M
-------------------------------------------------
Pacific Challenge Holdings Limited announced on 10/12/2002:

Year end date: 31/3/2003
Currency: HKD
Auditors' Report: N/A
Review of Interim Report by: Audit Committee

                                                 (Unaudited)
                               (Unaudited)        Last
                               Current            Corresponding
                               Period             Period
                               from 1/4/2002      from 1/4/2001  
                               to 30/9/2002       to 30/9/2001  
                               Note  ('000)       ('000)
Turnover                           : 19,839           14,203            
Profit/(Loss) from Operations      : (27,855)        (19,233)          
Finance cost                       : N/A              N/A               
Share of Profit/(Loss) of
  Associates                       : N/A              N/A               
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A              N/A               
Profit/(Loss) after Tax & MI       : (27,967)        (19,270)          
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.097)         (0.067)           
         -Diluted (in dollars)     : N/A              N/A               
Extraordinary (ETD) Gain/(Loss)    : N/A              N/A               
Profit/(Loss) after ETD Items      : (27,967)        (19,270)          
Interim Dividend                   : NIL              NIL               
  per Share                                                               
(Specify if with other             : N/A              N/A               
  options)                                                                
                                                                          
B/C Dates for
  Interim Dividend                 : N/A          
Payable Date                       : N/A       
B/C Dates for (-)            
  General Meeting                  : N/A          
Other Distribution for             : N/A           
  Current Period                     
                                     
B/C Dates for Other
  Distribution                     : N/A          

Remarks:

1. Turnover and loss from operations

        Turnover                     Contribution to loss from
        Six months ended             operations      
        30 September                 Six months ended 30
                                     September
    02 (Unaudited) 01 (Unaudited) 02 (Unaudited) 01 (Unaudited)      
    -------------  -------------- -------------- --------------       
      HK$'000         HK$'000         HK$'000         HK$'000

By business segment -                                                   
                                                                
Corporate finance advisory and other related fees
        1,030           4,370           (833)           699
Manufacturing and trading
        18,026          4,482           3,649           560
Securities investment and financial services
        783             5,351           783             5,351
        --------        --------        --------        --------        
        19,839          14,203          3,599           6,610
        -------         ========
                                                                
Unrealized loss on marketable securities                                
                                        (17,255)        (6,724)
Provision for legal fees                                                  
                                        -               (12,000)
Gain on disposal of marketable securities                               
                                        1,426           460
Other revenue                           1,081           428
Other general and administrative expenses                               
                                        (16,706)        (8,007)
                                      ---------       ----------      
                                        (27,855)        (19,233)
                                      ========        =========       
                
By geographical location -                                              
                
Hong Kong               
        6,671           9,721           (28,409)        (19,793)
China           
        5,085           -               882             -    
Taiwan          
        8,083           4,482           (328)           560
      -------         -------         --------        ----------      
        19,839          14,203          (27,855)        (19,233)
      -------         -------         =========       ==========

2. Loss per share

The calculation of basic loss per share was based on the
consolidated loss attributable to shareholders of $27,967,000
(2001 - $19,270,000) and on the weighted average number of
approximately 288,271,000 (2001 - 286,480,000) shares in issue
during the period.

Diluted loss earnings per share for the six months ended 30
September 2002 and 2001 have not been calculated because no
potential dilutive ordinary shares existed during such period.


SEAPOWER RESOURCES: All Resolutions Approved at EGM
---------------------------------------------------
The Provisional Liquidators and Investors of Seapower Resources
International Limited announced that all resolutions were duly
passed at the Extraordinary General Meeting held on December 9,
2002. For resolution number 5, in relation to the Whitewash
Waiver, of those who were present and voting by person or by
proxy at the EGM, 81 Shareholders, holding 756,246,958 Seapower
Shares which represented 88.83% in value, voted in favor for the
resolution and 3 Shareholders, holding 95, 099, 713 Seapower
Shares which represented 11.17% in value, voted against the
resolution.

The Provisional Liquidators also announced that the Hong Kong
Court and Cayman Island Court hearings of the Petition to
sanction the Scheme, originally scheduled for December 6, 2002
and November 29, 2002, have both been rescheduled to December
10, 2002. Further announcements in relation to the results of
the Court hearings would be made as and when appropriate.

This announcement does not necessarily indicate that the
Restructuring Proposal will be successfully implemented and
completed as the conditions precedent to the Restructuring
Proposal may not be fulfilled or otherwise waived. Trading in
the Shares of the Company has been suspended after Completion
until sufficient public float has been restored. Further
announcements will be made if material developments take place.


STAR EAST: Disposes of Entire Interest in Sing Pao
--------------------------------------------------
On 23rd November, 2002, Star East Holdings Limited entered into
a conditional sale and purchase agreement relating to the
disposal of its entire interest in Sing Pao to Sun Media, being
86,961,250 Sing Pao Shares and an amount of HK$15,126,750 Sing
Pao Warrants, in exchange for Sun Media issuing 521,767,500 new
Sun Media Shares to the Company and at a consideration of
HK$1.00 respectively. The Company and its wholly-owned
subsidiary also agreed to assign to Sun Media certain
shareholder's loan advanced to the Sing Pao Group amounting to
approximately HK$14.7 million at a consideration which will be
satisfied by Sun Media issuing 146,992,000 new Sun Media Shares
to the Company at an issue price of HK$0.10 per Sun Media Share
at the expiry of two calendar years from the date of Completion.

It is a condition precedent to Completion that the Company and
its wholly-owned subsidiary enter into the Settlement Deed,
pursuant to which the Company and its wholly-owned subsidiary
will waive part of the existing shareholder's loan advanced to
the Sing Pao Group, inclusive of all interest accrued thereon,
so as to reduce the total outstanding amount of indebtedness due
from the Sing Pao Group to approximately HK$22.1 million, out of
which approximately HK$14.7 million would be assigned to Sun
Media in the aforesaid manner. The remaining shareholder's loan
of approximately HK$7.4 million will carry interest at the prime
rate and be only due and repayable by the Sing Pao Group on the
date falling on the expiry of 30 calendar months after the year
end of any financial year of Sing Pao after Completion in
respect of which Sing Pao declares a profit after taxation in
its audited accounts, provided that the relevant payment date
shall not fall on a date after the 20th anniversary of the date
of Completion.

The Proposed Disposal constitutes a discloseable transaction for
the Company under the Listing Rules. Circular containing further
details of the Proposed Disposal will be dispatched to
shareholders of the Company as soon as possible.


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


ASTRA INTERNATIONAL: Creditors to Vote on Debt Plan Today
---------------------------------------------------------
PT Astra International will meet today with creditors to vote on
the plan to reschedule its US$800 million debt, Bloomberg
reported Wednesday, citing Astra's Senior Manager Nico Tahir.

"It will be held in Singapore tomorrow (December 12) at 11 a.m.
and whether all bondholders are contacted to get the right
quorum depends on communications by the security trustee," Nico
Tahir said.

Astra, which has US$133 million and Rp165 billion (US$18.4
million) of debt due in December, wants to raise as much as $150
million selling new shares to improve its finances and pay debt
due this month. Astra must pay $726 million and Rp881 billion
due by 2006 and is asking for a three-year payment extension.

On November 20, Singaporean car retailer Cycle & Carriage Ltd
said it may take up more than its 31 percent share of
Astra's proposed sale of stock to help ensure its success. Astra
will seek creditors' approval to hire J.P. Morgan Chase & Co.,
ING Groep NV and UBS Warburg to help arrange the share sale.

"The banks will sign underwriting agreements for the rights sale
on Dec. 17 if we get creditors' approval on the debt plan," said
John Slack, Astra's finance Director. "Whether we will get the
vote is uncertain."


INTI FASINDO: PEFINDO Assigns `idBBB' Rating to Rp100B Bond  
------------------------------------------------------------
PEFINDO assigned `idBBB' ratings to PT Inti Fasindo
Internasional (INFI or the company) and its proposed Rp100
billion bond/2002.  

The rating reflects INFI's wide renowned brand coverage and
extensive distribution channel.  However, the ratings are
mitigated by its relatively low profitability level and high
dependency in its parent company, PT Great River International
Tbk. (GRIV) and principals' brand licenses.  INFI primarily
engages in trading and distribution of branded clothes and other
related accessories produced by GRIV in domestic market.  

As to date, GRIV is a market leader in retail and production of
fashion apparel in Indonesia and is holding around 30
international brands or trademarks from the USA, E.U., Germany,
Japan, France and Australia.  Currently, GRIV's ownership at
INFI is 99.93 percent.

According to Wrights Investors' Service, its parent company has
paid no dividends during the last 12 months. It last paid a
dividend during fiscal year 1996, when it paid dividends of 1.25
per share. Wrights Investors added that GRIV had negative
working capital, as current liabilities were Rp1.06 trillion
while total current assets were only Rp353.41 billion.


* IBRA Manages Rp7.20T Worth SME Portfolio
------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) successfully
handled a 124.48 thousand SME portfolio worth + Rp7.20 trillion
(ATK Principal) nearing the year-end of 2002.

The amount is estimated to continue increasing since as many as
13.75 thousand SME portfolio worth Rp1.43 trillion have been
registered to carry out repayment.

Of 124.48 thousand SME portfolio already handled by IBRA, 61.37
thousand portfolio worth Rp4.08 trillion have been settled
through repayment process. The remaining 63.11 thousand
portfolio worth Rp3.12 trillion will be transferred back to the
banking system through sales program. The total SME portfolio
handled by IBRA is 171.67 thousand accounts worth Rp10.11
trillion.

Presently, there are 33.44 thousand accounts worth Rp1.47
trillion who have to settle their obligations with IBRA. IBRA is
still opening an opportunity for SME debtors who hold the
account to settle their obligations through Crash Program,
namely repayment program with a discount formula.

As has been stipulated in the Crash Program, the discount
formula applicable for productive debtors is different from that
for consumptive debtors. Productive debtors are those who used
the SME loan for business purposes. On the other hand, the
consumptive debtors are those who used their loan for
consumptive purposes such procurement of motor vehicles (KKB) or
Housing Loan (KPR). Productive Debtors deserve a 25% discount on
principal, 100% discount on interest and 100% discount on
penalty. The consumptive debtors deserve 100% discount on
interest and 100% discount on penalty.

Referring to the SME Restructuring Guidelines issued by IBRA in
furtherance to the Presidential Decree No. 56 of the year 2002
of SME Restructuring, the registration period for this program
will be closed on 29 January 2003. Meanwhile the payment period
will be closed on 28 February 2003.

Pursuant to the policy by FSPC, IBRA will also receive transfer
of bad loans from 4 state-owned banks (Bank Mandiri, BNI, BRI
and BTN), worth Rp17.58 trillion.


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


DAIEI INC.: Selling Stake in Hub Pub Chain
------------------------------------------
Ailing retailer Daiei Inc. will sell all of its shares in
English Pub unit to Katokichi Co. and 21 Lady Inc. for 1 billion
yen, as part of its restructuring plan, the Japan Times said on
Wednesday. Daiei owns a 91.97 percent stake, or 9,013 shares, in
the chain of English-style pubs.

Murasaki Honsha Co. and Katoyoshikazu Co., the units of
Katokichi, will purchase a combined 67.02 percent stake in the
Hub, while consulting firm 21 Lady will purchase a 24.95 percent
stake. The Hub currently runs 23 English pubs, mainly in Tokyo
and the Kansai area, Daiei said.


HITACHI LIMITED: Imposing Pay Cuts on Top Executives
----------------------------------------------------
Hitachi Limited will cut salaries of its top executives at 10 to
20 percent for a period of one to two months, signaling their
responsibility for the fact that Hitachi employees were
implicated in cooperating with Tokyo Electric Power Co Inc. in
falsifying nuclear reactor safety tests, the Nihon Keizai
Shimbun and AFX Asia reported on Wednesday.

Hitachi President Etsuhiko Shoyama and Senior Vice President and
Director Masaharu Sumikawa in charge of the electric power and
industrial systems group, and other executives, will face the
pay cut, the report said.


NICHIMEN CORP: Establishing Joint Holding Firm With Nissho Iwai
---------------------------------------------------------------
Trading houses Nichimen Corporation and Nissho Iwai Corporation
are planning to establish a joint holding Company next spring to
integrate management, while seeking aid from UFJ Bank and
conducting in-house restructuring, Kyodo News reports.  Both
firms will also launch restructuring programs, including a
reduction in its workforce.

Meanwhile, Bloomberg reported that Nissho Iwai Corp. and
Nichimen Corp. are planning to merge in April, aiming to cut
4,000 jobs and reduce debt by a sixth. Lehman Brothers Holdings
Inc. is considering an investment in what will be Japan's sixth-
biggest trading company.


NIPPON YAKIN: Main Banks Agree on Y35B Financial Aid
----------------------------------------------------
Creditor banks of Nippon Yakin Kogyo Co. including Mizuho
Corporate Bank have agreed to give financial aid totaling 35
billion yen, as part of the steel maker's midterm revival plan,
Dow Jones reports. The financial support is comprised of a 20
billion-yen debt waiver and a 15 billion-yen debt-for-equity
swap. Main lender Mizuho Corporate Bank is a unit of the Mizuho
Holdings Inc. group.

Nippon Yakin will seek approval for further restructuring
measures at an extraordinary shareholder meeting scheduled for
January 23. These steps include a 2-for-1 reverse stock split
and a reduction in capital and profit reserves as well as spin-
offs of some operations. The Company has been hurt in recent
years by sagging domestic demand and a prolonged fall in
stainless steel product prices.


NTT DOCOMO: No More Investments Planned in KPN Mobile N.V.
----------------------------------------------------------
Following the notice from KPN Mobile N.V. (KPNM) on November 15,
2002 for subscription of new shares, NTT DoCoMo, Inc. has
decided not to exercise its right to subscribe new shares of
KPNM as KPNM is to issue new shares to Koninklijke KPN N.V.
(KPN).  As a result, NTT DoCoMo's voting interest will decrease
from 15 percent to approximately 2.2 percent when KPNM issues
new shares to KPN.

Meanwhile, Reuters said the evaporating value of its foreign
holdings forced DoCoMo to book 813 billion yen in appraisal
losses in the last business year to March and another 573
billion yen in the first half of this year, when it wrote down
its KPN Mobile stake to zero.

NTT DoCoMo www.nttdocomo.com/top.shtml is the world's leading
mobile communications Company with more than 44 million
customers. The Company provides a wide variety of leading-edge
mobile multimedia services. These include i-mode(R), the world's
most popular mobile internet service, which provides e-mail and
Internet access to over 35 million subscribers, and FOMA(R),
launched in 2001 as the world's first 3G mobile service based on
W-CDMA. In addition to wholly owned subsidiaries in Europe and
North and South America, the Company is expanding its global
reach through strategic alliances with mobile and multimedia
service providers in the Asia-Pacific, Europe and North and
South America. NTT DoCoMo is listed on the Tokyo (9437), London
(NDCM), and New York (DCM) stock exchanges.


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


CHOHUNG BANK: Govt Proceeding With Sale Despite Strike Threat
-------------------------------------------------------------
The government has no other choice but to proceed with the sale
of nationalized Chohung Bank as scheduled, even though its labor
union has threatened it will go on strike on Wednesday, Yonhap
News reported, citing Finance and Economy Minister Jeon Yun-
Churl. He said the Public Fund Oversight Committee would hold a
subcommittee session today (December 11) as scheduled to screen
the final bids submitted by Shinhan Financial Group and the
consortium led by US investment fund Cerberus.

Jeon said the labor union at Chohung Bank has "no cause" to
strike on November 11 as no particular decision on the sale of
Chohung has been made.

About Shinhan

Shinhan, one of Korea's major financial institutions, offers
retail, corporate, and international banking services. It was
the first South Korean bank to provide online banking to its
customers, and it intends to expand its eShinhan division to
include online stock trading and insurance services. Shinhan has
more than 300 domestic branches and about half a dozen overseas,
most of which specialize in retail banking. The bank is
restructuring itself as a financial holding company to manage
its banking, insurance, investment, and securities units. To
strengthen its position in South Korea's financial services
market, it may buy another bank. Citigroup owns about 10% of
Shinhan Bank. (M&A REPORTER-ASIA PACIFIC, Vol. No.1, Issue No.
245, December 11, 2002)


CHOHUNG BANK: PFOC Will Not Make Sale Decision December 11
----------------------------------------------------------
Deputy Prime Minister Jeon Yun-churl said, in an Asia in Focus
report, that the Public Fund Oversight Committee [PFOC] will not
make a final decision on the sale of Chohung Bank at a meeting
slated for December 11. He added that any strike by the Chohung
Bank trade union will not give a good impression to Chohung
clients.

* A Ministry of Finance and Economy official said the union
might have made the decision not to go on a strike Wednesday
"because they thought that the proposed strike will not be
helpful to the bank at the moment."

* The PFOC will hold a meeting today (December 11) to discuss
the viability of the sale price of Chohung Bank proposed by a
consortium led by the Shinhan Financial Group and another led by
U.S. investment group Cerberus Capital Management LP. (M&A
REPORTER-ASIA PACIFIC, Vol. No.1, Issue No. 245, December 11,
2002)


CHOHUNG BANK: Shinhan Ups Bid to US$413M
----------------------------------------
Shinhan Finance Holding has offered a higher bid of 500 billion
($413 million) won for the government's 80 percent stake in
Chohung Bank over a rival bid from a group led by U.S. fund
Cerberus, the Korea Economic Daily and Reuters reported
Wednesday.

A finance ministry official denied on Tuesday another media
report that the Cerberus-led consortium had matched Shinhan's
rival offer to buy all of the government's 80.05 percent stake
in Chohung, rather than a 51 percent stake.

A sale of the government's share in the nationalized lender
would mark another major step forward in recovering some of the
157 trillion won in taxpayers' money spent on bailing out
financial firms since the 1997 Asian financial crisis.


HYNIX SEMICONDUCTOR: Delays Bailout Meeting
-------------------------------------------
Creditors of Hynix Semiconductor have delayed a meeting to
decide whether to offer a fresh bailout to the cash-strapped
chipmaker, the Financial Times said on Wednesday.

The lenders were expected to meet on November 10 to discuss
plans to swap 1.9 trillion won (US$1.6 billion) of Hynix' debt
for equity and reschedule a further 3 trillion won of loans.
The meeting was postponed until later this month.

The Company could risk defaulting on some of its 6.1 trillion
won of debt next year if creditors fail to agree a third multi-
billion dollar bailout in 15 months.


HYNIX SEMICONDUCTOR: KEB Proposes Debt-for-Equity Swap
------------------------------------------------------
As part of Hynix Semiconductor's restructuring scheme, the Korea
Exchange Bank (KEB) proposes to swap some of the chipmaker's 1.9
trillion won (US$1.58 billion) debt to equity that would include
a 21:1 capital reduction and roll over the remaining debt in
February, Reuters reports. Officials at Korea Exchange Bank were
not available for comment.

Creditors took control of Hynix after rescuing it twice in 2001
with multi-billion dollar bailouts including a debt-for-equity
swap. The Company owes its lenders more than $5 billion.


HYNIX SEMICONDUCTOR: Shares Down 12% After Writedown Report
-----------------------------------------------------------
Shares of Hynix Semiconductor Inc. fell 12 percent after a
newspaper report that creditors may force shareholders to accept
one share for every 21 as part of the chipmaker's third bailout,
Bloomberg said on Wednesday. The name of the newspaper was not
mentioned in the report.

Shares dropped as much as 50 won to 360. They traded 45 won, or
11 percent lower, at 365 won as of 9:11 a.m.  The write down
would be proposed at a creditors' meeting as early as next week
and at a shareholders' meeting in February. If approved, Hynix
will have 250 million common shares outstanding, down from 5.2
billion.

Creditors, who own 67 percent of the Company, are reviewing a
proposal to swap 1.9 trillion won of debt for new stock and to
delay payment on 3 trillion won to 2006 from 2003-04.

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


HYUNDAI MERCHANT: Creditors to Guarantee ABS
--------------------------------------------
The creditors of Hyundai Merchant Marine Co. are planning to
provide a payment guarantee for up to 300 billion won of asset
backed securities (ABS) that the Company may issue next year,
reports the Seoul Economic Daily and Dow Jones on Wednesday.

"The Company needs to come up with funds to refinance maturing
corporate bonds and for operations next year," the paper quoted
an official at one of creditors as saying. "Creditors discussed
a plan to help the Company issue ABS of KRW250 billion-KRW300
billion."

HYUNDAI MERCHANT: May Sell Bonds Next Year
------------------------------------------
Hyundai Merchant Marine Co. (HMM) may sell as much as W300
billion ($246 million) of bonds in 2003, backed by container-
freight charges, Seoul Economic Daily and Bloomberg reported
Wednesday. Creditors may provide guarantees on the bonds to
sweeten the domestic sale.

HMM needs to raise funds to repay corporate bonds due next year
and for working capital. The shipper has raised W.72 trillion
($2.2 billion) from selling container terminals and other
assets to help repay some of its 6 trillion won debt.


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


AUTOINDUSTRIES: Debt Settlement Subject to Trading Restriction
--------------------------------------------------------------
Further to LISTING'S CIRCULAR NO.L/Q:15946 OF 2002,
Autoindustries Ventures Berhad advised that the 13,000,000 and
2,000,000 new ordinary shares of RM1.00 each in AUTOVEN issued
pursuant to the Restricted issue of 13,000,000 new ordinary
shares of RM1.00 at an issue price of RM1.00 per share
(Restricted Issue) and issue of 2,000,000 new ordinary shares
of RM1.00 each Autoindustries Ventures Berhad to BI Walden
Ventures Keempat Sdn Bhd and Pacven Walden Ventures III L.P. at
an issue price of RM1.00 per share as part settlement of amount
due (Debt Settlement), are subject to trading restriction in
the form of full payment before purchase.

CONTACT INFORMATION: Lot 22225, Batu 7
                     Jalan Bukit Kemuning
                     42450 Kelang
                     Selangor
                     Tel: 03-5212329
                     Fax: 03-5212494


CEPATWAWASAN GROUP: Posts November 2002 Production Figures
----------------------------------------------------------
November 2002 Production figures of Cepatwawasan Group Berhad:

FFB 9.889.74 MT
Crude Palm Oil 6,207.96 MT
Palm Kernel 1,455.30 MT

COMPANY PROFILE

The Company (SPFI) had on 16 August 2000 proposed to undertake
a capital reduction and scheme of arrangement involving the
incorporation of a new investment holding company (Newco) and
share exchange exercise on the basis of one consolidated SPFI
share for one Newco share. Upon completion of the scheme, SPFI
proposed to implement a rights issue, a debt-restructuring
scheme to settle the Group's financial obligations by way of
cash repayment and an issuance of Newco ICULS, and a settlement
of a stockbroking company's claim also via an issuance of Newco
ICULS.

Concurrently, SPFI proposed to acquire equity interests in 15
companies involved in operation of oil palm and cocoa
plantations, operation of palm oil mill, investment holding,
provision of equipment hiring and plantation management
services, provision of plantation development contracting
services and sale of oil palm seedlings. Pursuant to these
acquisitions, SPFI proposed to settle amounts owing to certain
directors and shareholders of these companies and to purchase
two oil palm estates.

Following this, SPFI proposed to dispose of its existing
business and subsidiaries to Simfoni Melangit Sdn Bhd and apply
for transfer of listing from KLSE's Second Board to the Main
Board. In effect, the restructuring exercise would change
SPFI's core business to plantations.

A revised scheme was later submitted to the SC on 8 March 2001,
incorporating changes to the purchase consideration of the
companies and estates to be acquired. Subsequently, on 16 April
2001, the SC approved the scheme subject to certain conditions
but rejected SPFI's proposed transfer to KLSE's Main Board.

In early May, however, in view of current market conditions,
SPFI aborted its rights issue exercise. In its replacement,
certain vendors of the acquiree companies agreed to advance
RM5m cash to Newco (presently known as 'Cepatwawasan Group Bhd'
(CGB)) upon completion of the acquisitions. This shareholders'
advance will provide CGB with adequate funding to meet the cash
settlement portion to its debt restructuring and defray related
expenses of the corporate exercises. On 8 June 2001, the High
Court granted an order to SPFI to convene members' meetings, to
be held within a period of 90 days from the date of the order,
for the purpose of approving the scheme.

Subsequently, on 14 June 2001, the SC approved the revisions
made to the scheme. The scheme is now pending approvals from
shareholders and KLSE and sanction from the High Court.

SPFI was originally involved in the manufacture and trading of
coconut cream powder locally known as "Instant Santan" with the
technical back-up and research support of the Malaysian
Research and Development Institute (MARDI).

CONTACT INFORMATION: Lot 16, Jalan PJS 11/18
                     Bandar Sunway
                     46150 Petaling Jaya
                     Selangor Darul Ehsan


CHASE PERDANA: Creditors Meeting Adjourned to December 27
---------------------------------------------------------
On behalf of Chase Perdana Berhad, Southern Investment Bank
Berhad announced that the Court Convened Meeting of the
Unsecured Creditors of its subsidiary, Pancar Generasi (M) Sdn
Bhd, held on 9 December 2002 has been further adjourned to
Friday, 27 December 2002 at 9:30 in the morning 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

COMPANY PROFILE

The Company (CPB) commenced operations as Tan Chew Piau
Building Contractor, a civil engineering and building
construction concern. Today, CPB is a registered Class "A"
Pusakabumi and CIDB G7 contractor able to tender for public,
quasi-government and private sector projects with no limitation
on project size and contract sum. CPB is also experienced in
restoration, renovation and upgrading works.

In the mid-1990s the Company expanded its business activities
to include the property development, plantation and finance
sectors. The type of projects it has completed include 5-star
hotels and condominiums to high-rise offices, universities,
mosques, other special purpose buildings and infrastructure
projects such as highways both in Malaysia and overseas. The
Company's latest key project is the construction of Universiti
Malaysia Sabah.

The Company is an affected listed issuer under Practice Note 4
of KLSE's Listing Requirements. Its earlier debt-restructuring
scheme (submitted to the SC on 12 July 2000) has been withdrawn
and the Tripartite Agreement (signed between the Company, Sitt
Tatt Bhd and Malaysian Resources Corporation Bhd on 16 January
2001) has been terminated. The Company subsequently proceeded
to formulate a revised debt and corporate restructuring
exercise.

The approval of the majority of the financial institution
lenders (FI Lenders) was received on 5 March 2002 and
subsequently, an in-Principle agreement was executed with all
the FI Lenders on 6 March 2002.

On 29 April 2002, the Company submitted its revised debt
restructuring to the relevant authorities. On 15 May 2002, the
said scheme was approved by the FIC. On 21 May 20002, the
Company received the approval from BNM and subsequently on 6
September 2002, the SC.

On 12 September 2002 CPB obtained a Restraining Order (RO) from
Kuala Lumpur High Court pursuant to Section 176 (10) of the
Companies Act, 1965. The RO was granted to the Company and four
of its subsidiaries up to 6 December 2002. The objective of the
RO is to allow the Company to implement the scheme without any
interference from its creditors. The Company is expected to
complete its exercise by the first half of 2003.
  

KIARA EMAS: SC Grants PDS Guidelines Compliance Exemption
---------------------------------------------------------
On 3 September 2002 and 18 October 2002, AmMerchant Bank Berhad
(formerly known as Arab-Malaysian Merchant Bank Berhad) had, on
behalf of Kiara Emas Asia Industries Berhad, announced that the
Company had obtained the approvals of the Ministry of
International Trade and Industry and the Foreign Investment
Committee respectively for the Proposals.

The Proposals entail:

   i.    Proposed Shareholders' Scheme
   ii.   Proposed Creditors' Scheme
   iii.  Proposed Disposal
   iv.   Proposed Acquisition
   iv.   Proposed Special Issue
   vi.   Proposed Restricted Issue
   vii.  Proposed Mandatory Offer
   viii. Proposed Transfer Of Listing Status
   
On behalf of Kiara Emas, AmMerchant Bank wishes to announce
that the Securities Commission has, vide its letter dated 2
December 2002, stated that it has no objections to the proposal
that Major Team Holdings Sdn. Bhd. advance up to approximately
RM13.8 million of the proceeds of the Proposed Special Issue
and Proposed Restricted Issue to Stone World Sdn. Bhd. (Stone
World) (Proposed Advance), which will become a subsidiary of
MTHSB upon the completion of the Proposed Acquisition. The SC
has also approved an exemption for the Proposed Advance from
compliance with the SC's Guidelines on the Offering of Private
Debt Securities (PDS Guidelines), subject to the following
conditions:

   (a) The Proposed Advance is a private loan between MTHSB and
Stone World and is not transferable and not tradeable; and

   (b) AmMerchant Bank shall furnish to the SC a written
confirmation that the condition mentioned in paragraph (a)
above has been fulfilled.

The SC has also approved the Company's application for an
exemption for the 2% 5-year redeemable convertible unsecured
loan stocks which will be issued by MTHSB, from the rating
requirement of the PDS Guidelines, subject to the following
conditions:

   (c) Kiara Emas is required to obtain the approval of a
majority of the Scheme Creditors, in accordance with Section
176 of the Companies Act, 1965; and

   (d) AmMerchant Bank shall furnish to the SC a written
confirmation that the approval of a majority of the Scheme
Creditors as mentioned in paragraph (c) above has been
obtained.

CONTACT INFORMATION: Suite 11.2B, Level 11
                     Menara Pelangi
                     No.2 Jalan Kuning
                     Taman Pelangi
                     80400 Johor Bahru
                     Tel : 07-3341750
                     Fax : 07-3318617


KUB MALAYSIA: Unit Faces Winding Up Petition From Tri Art
---------------------------------------------------------
KUB Malaysia Berhad, in reference to the Query Letter by Kuala
Lumpur Stock Exchange reference ID: CY-021209-36218 dated 9
December 2002 regarding the Winding Up Petition against
Visionscape Sdn Bhd by Tri Art Media (M) Sdn Bhd, replied as
follows:

1. VisionScape Sdn Bhd (VisionScape) has defaulted in its media
fees totaling RM67,500.00 as it is not able to generate
sufficient revenue to cover all its expenses and cashflow
obligation when due.

2. For the third quarter ended 30 September 2002, KUB has
provided RM8.9 million in respect of its cost of investment in
VisionScape totaling RM1.02 million and certain portion of the
advances given to VisionScape.

3. Pursuant to the Debenture of RM38 million executed by
VisionScape in KUB's favor over its fixed and floating assets,
KUB intends to exercise its right under the said Debenture in
order to protect its investment.

KUB's investment in VisionScape is through its wholly owned
subsidiary, KUB Teknologi Sdn Bhd, which holds
51 percent equity interest amounted to RM1.02 million. KUB has
further made advances of RM40.3 million to VisionScape which is
secured via a Debenture of RM38 million executed by VisionScape
in KUB's favor over the fixed and floating assets of
VisionScape.

Below is a copy of the Kuala Lumpur Stock Exchange's Query
Letter:

We refer to your announcement dated 4 December 2002 on the
aforesaid matter. In this connection, kindly furnish the
Exchange with the following additional information for public
release:

(1) The details of the default or circumstances leading to the
filing of the winding-up petition against VisionScape Sdn Bhd.

(2) The expected losses, if any, arising from the winding-up
proceedings.

Please furnish the Exchange with your reply within two (2)
market days from the date hereof.

Yours faithfully,
LISA LAM
Senior Manager
Listing Operations
LL/WSW/CY


L&M CORPORATION: Submits Proposed DCRS to Relevant Authorities
--------------------------------------------------------------
Further to the announcement on 2 December 2002 pertaining to
its Monthly Status on Plan to Regularize its Financial
Conditions for November 2002, the Special Administrators of L &
M Corporation (M) Bhd wish to inform that the Proposed
Corporate And Debt Restructuring Scheme has been submitted to
the following authorities and are presently awaiting for their
approvals.

Authorities Submission Date

Foreign Investment Committee 3 December 2002
Ministry of International Trade and Industry 3 December 2002

CONTACT INFORMATION: No. 6, Persiaran Kerjaya (Jalan Glenmarie)
                     Seksyen U1
                     40150 Shah Alam, Selangor
                     Tel : 03-5031 8318/5514 6888
                     Fax : 03-5031 8325


NCK CORP.: Proposed Shareholders' Ratification Approval Pending
---------------------------------------------------------------
NCK Corporation Berhad (Special Administrators Appointed)
wishes to announce:

PROPOSED SHAREHOLDERS' RATIFICATION FOR RECURRENT RELATED PARTY
TRANSACTIONS ("RRPT")

a) INTRODUCTION

Pursuant to paragraph 10.09 of the Listing Requirements, the
Company is required to seek shareholders' mandate with regards
to related party transactions of a revenue or trading nature
which are necessary for its day-to-day operations. These RRPT
are in the ordinary course of business and on terms not more
favorable to the related party than those generally available
to the public and not to the detriment of the minority
shareholders.

NCK is an investment holding company and provides management
services to its subsidiary company.

b) DETAILS OF THE RECURRENT RELATED PARTY TRANSACTIONS

The value of the RRPT for the period from 1 June 2001 to 31
December 2002 requiring Shareholders' ratification is set out
at http://www.bankrupt.com/misc/TCRAP_NCK1212.pdf

c) RATIONALE FOR THE PROPOSAL

The RRPT has been conducted on arm's length basis with margins
for the purchase and/or sale of goods and services and have
been conducted in the ordinary course of business of NCK and
its subsidiary and associated companies. The RRPT from the
period from 1 June 2001 to 31 December 2002 requiring
shareholders' ratification have contributed RM4,830,324 to the
overall turnover of NCK its subsidiary and associated
companies.

The rental paid by NCK and its subsidiary companies for the
premises are generally competitive and comparable to prevailing
rates in the same vicinity. Furthermore, the rental arrangement
allows NCK and its subsidiaries to be based in the
adjacent/adjoining premises facilitating communication and
overall management of the companies within the Group.

d) APPROVAL REQUIRED

The Proposed Shareholders' Ratification is conditional upon
approval from the shareholders of the Company at the
Extraordinary General Meeting ("EGM") to be convened at Corus
1, Level 1, Corus Hotel Kuala Lumpur (formerly known as
MingCourt Vista Kual Lumpur), Jalan Ampang, 50450 Kuala Lumpur
on 30 December 2002 at 10:30 a.m. or immediately following the
conclusion or adjournment (as the case may be) of the
Seventeenth Annual General Meeting of the Company which is
scheduled to be held at the same venue and on the same date, at
10:00 a.m., whichever is later.

e) DIRECTORS' AND MAJOR SHAREHOLDERS' INTEREST

The major shareholders of the Company, Ng Choo Kwan Holdings
Sdn Bhd and the Directors, Mr Ng Choo Kwan, Mr Ng Cheng Kiat,
Mr Siow Chau @ Siau Chan Leong, Mr Ng Kiat Bee and Mr Ng Kiat
Beng will abstain from voting in respect of their direct and/or
indirect interest in the Company and will ensure that persons
connected with it and/or them will abstain from voting on the
resolution pertaining to the proposed ratification for RRPT in
the forthcoming EGM.

Save as disclosed, none of the Directors, major shareholders
and persons connected with the Directors and/or major
shareholders of the Company have any interest, direct or
indirect, in the Proposed Shareholders' Ratification.

f) BOARD OF DIRECTORS' RECOMMENDATION

The directors having considered all aspects of the Proposed
Shareholders' Ratification for RRPT, are of the opinion that
the Proposed Shareholders' Ratification for RRPT is in the best
interest of NCK and its shareholders.

The Circular to Shareholders dated 12 December 2002 in relation
to the Proposed Shareholders' Ratification for RRPT will be
dispatched to all shareholders.


PLANTATION & DEVELOPMENT: FIC OKs Proposed Restructuring Scheme
---------------------------------------------------------------
AmMerchant Bank Berhad (formerly known as Arab-Malaysian
Merchant Bank Berhad), on behalf of Plantation & Development
(Malaysia) Berhad, announced that the Foreign Investment
Committee has approved the Proposed Restructuring Scheme of P&D
as announced on 8 August 2002. The approval is subject to the
condition that Fountain View Development Berhad (formerly known
as Fountain View Development Sdn Bhd) (Fountain View), the
company that is proposed to assume the listing status of P&D,
has at least 30% direct Bumiputera equity interest on listing
on the KLSE.

There is no other material development in the Proposed
Restructuring Scheme of P&D subsequent to the announcement
dated 2 December 2002.

CONTACT INFORMATION: Suite 1301, 13th Floor, City Plaza
                     Jalan Tebrau
                     80300 Johor Bahru


PLUS EXPRESSWAYS: SC Endorses Proposed Indulgences, Consents
------------------------------------------------------------
1. INTRODUCTION

1.1 The existing secured indebtedness of Projek Lebuhraya
Utara-Selatan Berhad (PLUS), a wholly owned subsidiary of PLUS
Expressways Berhad (PLUS Expressways), include the following:

     (a) RM50,000,000 Overdraft Facility;
     (b) RM20,000,000 Maintenance Bond Facility;
     (c) RM750,000,000 Government Support Loan;
     (d) RM212,000,000 Additional Government Support Loan; and
     (e) RM5,100,000,000 Bai' Bithaman Ajil Secured Serial
Bonds (BAIDS)

(hereinafter called the 'Designated Debts').

1.2 The terms of the security documents for the Designated
Debts ('Designated Debt Security Documents') contain various
covenants and undertakings to be complied by PLUS, including
the following which restrict the ability of PLUS to, amongst
others:

     (a) incur further indebtedness;
     (b) create new security interest;
     (c) discharge any of the security created in favor of the
Designated Debt financiers before full repayment of the secured
amounts; and
     (d) agree to a variation of the Concession Agreement.

1.3 PLUS had on 18 September 2002, announced its proposal to
issue RM2,260 million nominal value of Bai' Bithaman Ajil
Serial Bonds ('BBA Serial Bonds') (formerly announced as 'Al-
Bai Bithaman Ajil Serial Bonds or ABBA Serial Bonds') to fully
redeem the outstanding Link Bonds issued by PLUS. In view of
the existing covenants and undertakings within the Designated
Debt Security Documents, PLUS had, via its letters dated 4
October 2002 and 23 October 2002 requested for the consent of
the respective Designated Debt financiers for various
indulgences and consents in order for PLUS to issue the BBA
Serial Bonds as proposed ('Proposed Indulgences and Consents').

2. DETAILS OF THE PROPOSED INDULGENCES AND CONSENTS SOUGHT

2.1 Under the Designated Debt Security Documents:

     (i) PLUS had undertaken that it will not incur or permit
to exist any indebtedness for borrowed moneys other than
stipulated borrowings as permitted. Consent of the Designated
Debt financiers was therefore sought and obtained for the
proposed issue of the BBA Serial Bonds to refinance in full its
existing indebtedness to Hartanah Lintasan Kedua Sdn Bhd
('Hartanah') under the Link Bonds.

     (ii) PLUS has undertaken not to create additional security
interest other than those existing and permitted under the
Designated Debt Security Documents.

The BBA Serial Bonds are proposed to be secured by (a) an
assignment over such sum not exceeding RM400 million of the
positive cashflow proceeds (to be based on an agreed formula)
per calendar year as specified by the auditors in respect of
the period commencing 1 January 2011 to 31 December 2015 and
RM260 million for the period commencing 1 January 2016 to 31
December 2016 ('Charged Amounts') and (b) charge over the
security account into which the Charged Amounts shall be
deposited.

Consent of the Designated Debt financiers was therefore sought
and obtained for the creation of security in favor of the
holders of the BBA Serial Bonds.

     (iii) PLUS had assigned its rights, benefit and title
under the Concession Agreement ('Concession rights') to the
Security Trustee for the benefit of part of the Designated
Debts. PLUS has undertaken to the Security Trustee that it may
call for a reassignment of the Concession rights assigned as
security after full payment of the said Designated Debts.

The underlying asset used for the Bai' Bithaman Ajil ('BBA')
contract in relation to the BBA Serial Bonds issue is PLUS'
Concession rights. To enable PLUS to use the Concession rights
as the underlying asset for the BBA Serial Bonds issue, these
Concession rights have to be released and assigned to PLUS to
facilitate the sale by PLUS of all its Concession rights to the
primary subscribers of the proposed BBA Serial Bonds pursuant
to the Islamic contract of financing of BBA.

Consent of the Designated Debt financiers was therefore sought
and obtained for the Security Trustee to release and assign the
Concession rights to PLUS to facilitate the BBA contract,
subject to the immediate reassignment to the Security Trustee
upon the re-vesting of the said Concession rights to PLUS via
an asset sale agreement.

     (iv) PLUS had undertaken not to agree to any variation to
the Concession Agreement or release the Government from any of
its obligations thereunder without the approval of the Security
Trustee.

Consent of the Designated Debt financiers was therefore sought
and obtained for PLUS, in relation to the Concession Agreement,
to seek the consent and indulgence of the Government to enter
into the asset purchase agreement and the asset sale agreement
pursuant to the Islamic contract of financing of BBA relating
to the issue of the BBA Serial Bonds. The consent and
indulgence of the Government were duly obtained by PLUS on 14
November and 3 December 2002.

2.2 In this regard, approval of the Securities Commission
('SC') was sought for the Proposed Indulgences and Consents in
respect of the BAIDS.

On behalf of the Board of directors of PLUS Expressways, RHB
Sakura Merchant Bankers Berhad ('RHB Sakura') wishes to
announce that the SC has, vide its letter dated 5 December
2002, approved the Proposed Indulgences and Consents in respect
of the BAIDS subject to the following conditions:

     (i) All relevant approvals must be obtained for the
Proposed Indulgences and Consents;

     (ii) The Proposed Indulgences and Consents do not
contravene any terms of the trust deed of the BAIDS or any
relevant laws; and

     (iii) Full disclosure be made to all relevant parties on
the Proposed Indulgences and Consents and their approvals, if
required, be obtained.

3. FINANCIAL EFFECTS

The Proposed Indulgences and Consents will not have any effect
on the issued and paid-up share capital of PLUS Expressways. It
will also not have any material effect on the earnings, net
tangible assets and gearing of the PLUS Expressways Group for
the financial year ending 31 December 2002.

4. APPROVALS

Save and except for the approvals mentioned in this
Announcement, which have been accordingly obtained, the
Proposed Indulgences and Consents are not subject to any other
approvals.

5. DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

Hartanah is a wholly-owned subsidiary of United Engineers
(Malaysia) Berhad ('UEM'). UEM is a substantial shareholder of
PLUS Expressways.

Khazanah Nasional Berhad ('Khazanah') holds 100% interest in
Syarikat Danasaham Sdn Bhd, which in turn holds 99.999%
interest in UEM consequent to the expiry and final exercise of
the UEM Warrants 1999/2002 on 18 November 2002. As such,
Khazanah is deemed to have 99.999% indirect interest in UEM.
Khazanah is also a substantial shareholder of PLUS Expressways.

Tan Sri Dato' Mohd Sheriff bin Mohd Kassim is a director of
Khazanah, PLUS Expressways, PLUS and UEM.

Encik Abdul Wahid Bin Omar is a director of PLUS Expressways,
PLUS and UEM.

Other than that disclosed herein, none of the other directors
or substantial shareholders or persons connected to them, have
any interest, direct or indirect in the Proposed Indulgences
and Consents.

6. SUPPLEMENTAL AGREEMENTS

The supplemental agreements to the relevant Designated Debt
Security Documents will be executed, where necessary, to give
effect to the Proposed Indulgences and Consents in due course.


TONGKAH HOLDINGS: Companies Commission Strikes Off Units
--------------------------------------------------------
Tongkah Holdings Berhad informed that with effect from 9
December 2002, the following wholly owned subsidiaries of
Tongkah Holdings Berhad have been struck off the register by the
Companies Commission of Malaysia, pursuant to Section 308 (2) of
the Companies Act, 1965 and these companies will forthwith be
dissolved:

1. Tongkah Marketing Sdn. Bhd. (Company No. 401534-H);
2. Tongkah Applications Sdn. Bhd. (Company No. 401532-P);
3. Tongkah Sales and Services Sdn. Bhd. (Company No. 401979-A);
4. Paksiwang Sdn. Bhd. (Company No. 440902-H).

COMPANY PROFILE

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

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

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

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


UCP RESOURCES: December 31 Deadline for Regulatory Approvals
------------------------------------------------------------
On 26 November 2001, the Kuala Lumpur Stock Exchange announced
that the affected listed issuers that have made their first
announcements before 31 December 2001 pursuant to Practice Note
4/2001 of the Listing Requirements of the KLSE (Specified PN4
Companies), are granted an extension of time up to 31 December
2002 to obtain the regulatory approvals necessary for the
implementation of their restructuring plan.

In view of KLSE's announcement on 26 November 2001, UCP, being a
Specified PN4 Company, is required to obtain all necessary
approvals for the implementation of its plan to regularize its
financial condition by 31 December 2002.

As previously announced on 21 November 2002, Public Merchant
Bank Berhad (PMBB), on behalf of the Board of Directors of UCP
Resources Berhad, had on 31 October 2002 submitted an
application in relation to UCP's regularization plan (Proposed
Corporate and Debt Restructuring Scheme) to the Securities
Commission (SC) for its approval. In addition, applications had
also been submitted to the Ministry of International Trade and
Industry and the Foreign Investment Committee on 19 November
2002.

Premised on the above, PMBB, had on 12 November 2002 on behalf
of the Board, made an application to the KLSE for a further
extension of time until 28 February 2003 (i.e. 4 months from 31
October 2002, being the date of submission to the SC) to obtain
the necessary approvals for the implementation of its Proposed
Corporate and Debt Restructuring Scheme.

In line with the abovementioned announcement made by the KLSE,
the KLSE had, via its letter dated 3 December 2002, granted UCP
a timeframe of up to 31 December 2002 to obtain all regulatory
approvals necessary for the implementation of the Proposed
Corporate and Debt Restructuring Scheme.

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 RM30m per year
and its annual output is RM20m.

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


UNITED CHEMICAL: Provides Defaulted Facilities Details Update
-------------------------------------------------------------
The Board of Directors of United Chemical Industries Berhad
wishes to inform that there are no new significant developments
in relation to the various defaults in payment that were
announced on 8 November 2002.

The Board of Directors of UCI would like to further provide an
update on the details of all facilities currently in default in
compliance with Section 3.1 of Practice Note 1/2001. Check
http://www.bankrupt.com/misc/TCRAP_United1212.xlsfor the  
updated defaulted facilities details.

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


RAHMAN HYDRAULIC: Appropriate Audit Disclosure Required
-------------------------------------------------------
Further to the Securities Commission's approval for the Proposed
Corporate Exercise of Rahman Hydraulic Tin Berhad (Special
Administrators Appointed) dated 28 October 2002, the SC had,
vide its letter dated 5 December 2002, which was received on 9
December 2002, required RHTB to make an appropriate announcement
on the findings of the investigative audit, which is to be
carried out to investigate the past losses incurred by the RHTB
group.

The Proposed Corporate Exercise involves IJM Plantations Sdn
Bhd, a wholly-owned subsidiary company of IJM Corporation
Berhad, which is to be listed on the Main Board of the Kuala
Lumpur Stock Exchange in place of Rahman Hydraulic Tin Berhad.  

CONTACT INFORMATION: Level 14, Uptown 1
                     No.1, Jalan SS21/58
                     Damansara Uptown
                     47400 Petaling Jaya
                     Tel : 03-7152888
                     Fax : 03-7157719/92


RENONG BERHAD: UEM Granted Placement Shares Waiver
--------------------------------------------------
In reference to the announcements dated 27 September 2002 and 7
October 2002 in relation to the Proposed Private Placement of up
to 800,000,000 New Ordinary Shares of Rm0.50 Each (Placement
Shares) in Renong Berhad to Raise Proceeds of Approximately
Rm400.0 Million (Proposed Private Placement)

On behalf of Renong, Commerce International Merchant Bankers
Berhad is pleased to announce that the Securities Commission had
vide its letter dated 4 December 2002 granted a waiver under
Practice Note No. 2.9.3 of the Malaysian Code on Take-Overs and
Mergers 1998 to United Engineers (Malaysia) Berhad and its
subsidiaries (UEM Group) from undertaking a mandatory general
offer for the remaining ordinary shares of RM0.50 each in Renong
not already held by UEM Group and TIME Engineering Berhad upon
completion of the Proposed Private Placement.

CONTACT INFORMATION: 1st Floor, MCOBA Building
                     42 Jalan Syed Putra
                     50460 Kuala Lumpur
                     Tel : 03-2742166,
                     Fax : 03-2743979


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


EXTELCOM: US Firm Disposing Cellular Assets in the Philippines
--------------------------------------------------------------
Millicom International Cellular S.A. (Millicom), the global
telecommunications investor, announced that it has entered into
separate discussions with third parties for the disposal of its
cellular operations in the Philippines (Extelcom) and Colombia
(Celcaribe). There can be no assurance that either transaction
will occur.

Extelcom, Millicom's business in The Philippines, has continued
to experience a number of difficult operational and trading
issues, which have adversely impacted its financial performance.
The board of Millicom has therefore concluded that the most
appropriate course of action is to pursue a sale of Extelcom.
Discussions with a potential buyer are ongoing and it is
currently anticipated that the sale of Extelcom will be made for
little consideration. It is expected that the sale of Extelcom
will result in Millicom incurring a book write-off of
approximately U.S. $50 million.

Separately, Millicom is in discussions with a third party
regarding the potential sale of Celcaribe, Millicom's business
in Colombia. In the context of this transaction, the third party
potential purchaser is currently conducting due diligence of
Celcaribe's operations. It is currently anticipated that the
sale of Celcaribe will result in Millicom incurring a book
write-off of approximately U.S. $125 million.

Millicom also announces that it has retained Lazard to assist it
in reviewing strategic alternatives to address Millicom's
ongoing liquidity needs, including other potential asset sales
and divestitures, the availability of new debt and equity
financing and potential debt restructuring alternatives.

Millicom has, directly or through its affiliates, repurchased
from time to time over the past year a portion of its
outstanding debt securities at a discount from par and may
continue to do so in the future depending upon market conditions
and its other liquidity needs.

COMPANY PROFILE

Millicom is a global telecommunications investor with cellular
operations in Asia, Latin America and Africa. It currently has a
total of 18 cellular operations and licenses in 17 countries.
The Group's cellular operations have a combined population under
license (excluding Tele2) of approximately 444 million people.
Millicom also has a 7.0 percent interest in Tele2 AB, the
leading alternative pan-European telecommunications Company
offering fixed and mobile telephony, data network and Internet
services to over 16 million customers in 21 countries.
Millicom's shares are traded on the Nasdaq Stock Market under
the symbol MICC.

CONTACT INFORMATION: Marc Beuls
            Telephone: +352 27 759 101
            President and Chief Executive Officer
            Millicom International Cellular S.A., Luxembourg
            Jim Millstein
            Telephone: +1 212 632 6000
            Peter Warner
            Telephone: +44 20 7588 2721
            Lazard Andrew Best
            Telephone: +44 20 7321 5022\
            Investor Relations
            Shared Value Ltd., London


MANILA ELECTRIC: OKs Short List of Adviser Banks
------------------------------------------------
The Manila Electric Co. (Meralco) said it has approved a short
list of adviser banks that would help the Company in its
financial restructuring once the order of the Supreme Court to
refund customers becomes final, the Philippine Star said on
Wednesday.

In a statement, Meralco said the short list was approved by the
six-member special committee of the board in its meeting held
last Dec. 6.  The board has initiated a process of identifying a
credit coordinator and/or a financial advisor.

The special committee emphasized that the interest of all
Meralco stakeholders which include its customers, investors,
suppliers and creditors, among others, will be carefully weighed
and considered in formulating solutions to a number of
challenging problems within the current regulatory environment.

The special committee of the board is composed of Cesar E.
Virata, former prime minister and current President of the
Bankers Association of the Philippines, as Chairman; and members
are Washington Z. Sycip, SGV founder; Octavio Victor Espiritu,
former President of Far East Bank and Trust Co.; Christian S.
Monsod, former Comelec Chairman and 1986 Constitutional
Commission member Monico V. Jacob, former Chairman of Petron
Corp. and commissioner of the Securities and Exchange
Commission; and Emilio Vicens, Union Fenosa S. A. country
representative for the interests of foreign investors.


MECAUAYAN RURAL: PDIC Takes Over Rural Bank
-------------------------------------------
The Philippine Deposit Insurance Corp. (PDIC) has taken over
Meycauayan Rural Bank's operations in November after the BSP's
policy-making Monetary Board ruled that the bank be placed under
receivership.

Sources told BusinessWorld, owners of the bank were not able to
infuse needed capital and the bank was faced with withdrawals,
which it was unable to meet.

The bank has seven branches including its head office in
Meycauayan, Bulacan. It has branches in Bocaue and Valenzuela.
The Company's total liabilities amount to 210 million pesos
(US$3.9 million) with 12,681 accounts. The bank's total assets
stood at 250 million pesos while liabilities are pegged at 358
million pesos.


METRO PACIFIC: Shareholders OK Transition
-----------------------------------------
In a Company statement, shareholders of First e-Bank has
approved on Monday the assignment of the banking business of
First e-Bank to Banco de Oro, as well as conversion of the
publicly listed First e-Bank entity into a media holding company
to be called Prime Media Holdings, Inc. (Prime Media).

It is the intention that Prime Media will own strategic
interests in the broadcasting and advertising sectors, initially
through Nation Broadcasting Corporation, currently majority-
owned by MediaQuest Inc. Management is also engaged in active
discussions to acquire an ownership stake in Image One, the
outdoor advertising company majority owned by the Jimenez
family. Transfer of these assets into Prime Media would be
effected against the issuance of new shares to MediaQuest and
the Jimenez family.


NATIONAL BANK: Clarifies `Cutting NPL' Report
---------------------------------------------
In reference to the news article entitled "PNB to slash NPLs,
eye bancassurance" published in the December 9, 2002 issue of
the Malaya, which reports that 'PNB, according to President
Lorenzo Tan, is entertaining three suitors to sell life
insurance products.'

Philippine National Bank (PNB), in its letter dated December 10,
2002, confirmed that PNB is currently reviewing separate
proposals submitted by three foreign life insurance firms in
line with preparations for the Bank's entry into
'bancassurance'.

For a copy of the press release, go to
http://bankrupt.com/misc/tcrap_pnb1211.pdf


NATIONAL BANK: Reviewing Proposals for AMC
------------------------------------------
Philippine National Bank (PNB) confirmed that it is currently
reviewing proposals for the setting up of its own asset
management Company (AMC) in partnership with a foreign financial
institution, BPI Securities reports.

It added that it has received proposals from four (4) large
foreign investment banks, which have submitted different
disposition structures for the bank's non-performing loans (NPL)
and foreclosed assets portfolio. The sale of the bank's bad
assets to the AMC will enable the bank to clean up its balance
sheet while allowing the AMC to focus on the collection of the
bank's bad loans, handling of debt work-outs, and improving the
management of the foreclosed assets.

As of October 31, 2002, the bank's NPL and foreclosed assets
amount to 73 billion pesos. PNB made the clarification on
reports that it is in talks with US-based Lehman Brothers and
three other foreign investment bankers for the sale of some 70
billion pesos in bad loans and foreclosed assets.


NATIONAL POWER: Launches $500M Bond in Tokyo
--------------------------------------------
The National Power Corporation (Napocor) has launched in Tokyo a
$200 million 18-year yen-denominated bond at a coupon 3.2
percent and a $300 million 20-year yen bond at a coupon 3.55
percent, Dow Jones reports, citing President Edgardo del Fonso
of the Power Sector Asset and Liabilities Management
Corporation. The yen bond is part of a long-delayed $750 million
borrowing planned by Psalm to service the debt of Napocor.


PHILIPPING LONG: Minimal Service Disruption in Case of Strike
-------------------------------------------------------------
The Philippine Long Distance Telephone Co. (PLDT) is taking "all
reasonable measures" to ensure there will be minimal disruption
in operations if the union should stage a strike, Sun Star Cebu
reported on Tuesday.

PLDT union members are now moving to strike after announcing
that it would be cutting 500 employees manning the regional
operator services by the end of December.

In a statement sent to Sun.Star, PLDT said the employees who
would be affected would still get the benefits for the full year
of 2002, like the 13th month pay and bonuses.

"Management has also prepared an enhanced package for affected
employees with substantial premiums over and above what they
would normally receive," the Company said.

The telecom also assured that some of the separated employees
would be considered for positions in the Company's directory
assistance service.

DebtTraders reports that Philippine Long Distance Telephone's
11.375 percent bond due in 2012 (TELP12PHS1) trades between 92
and 94. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=TELP12PHS1


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


BOUSTEAD SINGAPORE: Disposes of Subsidiary
------------------------------------------
The Board of Directors of Boustead Singapore Limited announced
on October 10, 2002, that the Company had, together with its
wholly-owned subsidiary, Boustead Services Pte Ltd, entered into
a conditional agreement dated October 10, s2002 with Survitec
Group (Singapore) Pte Ltd to dispose of all of its shares in its
wholly-owed subsidiary, W.H. Brennan & Company (Pte) Ltd, for a
cash consideration of S$14,350,000.00. As to date, the Board
announced that legal completion of the transaction has taken
place on December 10, 2002.

The Company has not paid dividends during the last 12 months,
according to Wright Investors Service. The Company also reported
losses during the previous 12 months.


LANKOM ELECTRONICS: Dissolving Subsidiary
-----------------------------------------
The Board of Directors of Lankom Electronics Limited announced
the dissolution of Lankom Electronics Inc., a wholly owned
subsidiary of the Company, on September 17, 2002.

Lankom Electronics Inc. was incorporated on July 19, 2001 in the
State of California, USA for the promotion and marketing of the
Group's electromagnetic components and was dormant since
incorporation.

The dissolution of this subsidiary has no impact on the business
and affairs of the Group.


L&M GROUP: Shareholders OK EGM Resolution
-----------------------------------------
The Board of Directors of L&M Group Investments Limited
announced that the following resolution as set out in the Notice
of Extraordinary General Meeting EGM dated 26 November 2002
circulated to the shareholders, was tabled and approved as a
special resolution by the shareholders at the EGM held on 10
December 2002:

ISSUE OF SCHEME SHARES

THAT pursuant to section 161 of the Companies Act (Cap. 50),
approval be and is hereby given to the directors of the Company
to allot and issue 1,094,386,339 new ordinary shares of S$0.01
each in the capital of the Company the Scheme Shares at S$0.025
per Scheme Share for the purposes of:

   (1) Giving effect to the Scheme of Arrangement taken up by
L&M Prestressing Pte Ltd for its partially secured creditors
whose claims are guaranteed or payable by the Company excluding
its bank creditors, its preferential creditors as defined by
section 328 of the Companies Act (Cap. 50) and its creditors
whose claims will be settled by third parties in the normal
course of its business, independent of the scheme; and

   (2) Giving effect to the Scheme of Arrangement taken up by
L&M Prestressing Pte Ltd for its unsecured creditors excluding
its bank creditors, its preferential creditors as defined by
section 328 of the Companies Act (Cap. 50), its creditors whose
claims will be settled by third parties in the normal course of
its business, independent of the scheme, and its creditors whose
claims are guaranteed by or who have a recourse in respect of
their claim against the Company;

Upon the Company obtaining approval by the Singapore Exchange
Securities Trading Limited SGX-ST for the admission of all the
Scheme Shares to the Official List of the SGX-ST and the listing
and quotation of all the Scheme Shares on the SGX-ST.


NATSTEEL LTD: 98 Cannot Raise Offer Without Competing Bid
---------------------------------------------------------
Under the takeover code, 98 Holdings cannot raise its SGD2.05
per share bid for Natsteel Ltd before the December 23 closing
date, nor can it extend the closing date, unless a competing bid
emerges, the Securities Industry Council said in a statement.
Hopes of a bidding war for NatSteel were quashed after Sanion
Enterprises said overnight it does not intend to make a general
offer.

Sanion had been thought to be looking to make a rival bid for
NatSteel after it accumulated some 29.79 percent by purchasing
NatSteel shares in the open market. Sanion said it does not
intend to accept the 98 Holdings offer.

If 98 Holdings fails to secure 50% plus one acceptance required
for the offer to become unconditional, it will have to withdraw
the bid, an SIC spokesman said.

Dealers said it is up to NatSteel's minority shareholders to
ensure the 98 Holdings offer become unconditional.

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% 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. 245, December 11, 2002)


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


ADVANCE PAINT: Posts Resolutions Supported at ESM No 1/2545
-----------------------------------------------------------
Advance Paint and Chemical (Thailand) Public Company Limited
notified the resolution of the Extraordinary Shareholders
Meeting No.1/2545 held on 9 December 2002 in which the following
resolution of the meeting have been approved:

1. Approved minutes of the Company Shareholder General Meeting
No.1/2544

2. Approved the increase of registered capital from
1,674,800,250 Baht to 4,184,800,250 Baht in order to prepare the
issuing of 251,500,000 new warrants.

3. Approved the amendment to Clause 4 of the Company's
Memorandum of Association (Registered Capital) by increasing the
registered capital from 1,674,800,250 Baht to 4,189,800,250 Baht
in order to prepare the issuing of 251,500,250 new warrants.

4. Approved the issuing of warrant to existing shareholders with
the ratio of 2 existing ordinary shares for 3 warrants.

5. Increased the Board of Director Meeting allowance from Baht
10,000 per meeting to Baht 20,000 per meeting.

6. Increased the Audit Committee Meeting allowance from Baht
10,000 per meeting to Baht 20,000 per meeting.

7. Adjourned the closing date of shareholder's register book for
the right to receive warrants from 30 December 2002 to 27
December 2002.


B. N. S. STEELGROUP: Business Reorganization Petition Filed
-----------------------------------------------------------
The Petition for Business Reorganization of B. N. S. Steelgroup
Company Limited, engaged in manufacturing iron line, was filed
to the Central Bankruptcy Court:

   Black Case Number 793/2543

   Red Case Number 812/2543

Petitioner: B. N. S. STEELGROUP COMPANY LIMITED

Debts Owed to the Petitioning Creditor: 4,351,869,032Baht

Planner: B.N.S. SteelGroup Company Limited

Date of Court Acceptance of the Petition: September 29, 2000

Date of Examining the Petition: October 30, 2000 at 9.00 A.M.

Court Order for Business Reorganization and Appointment of
Planner: October 30, 2000

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matching Public Company Limited
and Siam Rath Company Limited: November 6, 2000

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette : November 28,
2000

Deadline for Planner to submit the Business Reorganization Plan
to Official Receiver : February 28, 2001

Planner postponed the date to submit the reorganization plan #
1st : March 28, 2001

Planner postponed the date to submit the reorganization plan #
2nd : April 28, 2001

Appointment Date of the Meeting of Creditors for the Plan
Consideration : May 15, 2001 at 9.30 am. Convention Room no.
1103, 11th Floor Bangkok Insurance Building, South Sathorn Rd.

Court had issued an Order for Cancelled the order for Business
Reorganization pursuant to Section 90/48 since June 27, 2001

Announcement of Court Order for Cancelled the order for Business
Reorganization in Matichon Public Company Limited and Siam Rath
Company Limited: July 18, 2001

Announcement of Court Order for Cancelled the order for Business
Reorganization in Government Gazette : August 16, 2001

Contact: Mrs. Bang-Orn Tel, 6792525 ext 112


NEP REALTY: Pre-pays Debts to Financial Institution Creditors
-------------------------------------------------------------
Further to NEP Realty and Industry Plc.'s execution of a
compromise agreement with its creditor, the Thai Banks Bank Plc
(Thai Bank) on September 18, 2001 for the principal debts in the
aggregate total of Bt99,842,356.41 and outstanding interests of
Bt27,226,849.31 for which the Company was required to discharge
its payment of the principal within a period not exceeding 36
months, the Company has, however, paid back the principal sum of
Bt99,842,356.41 to the Thai Bank  on October 25, 2002 as a
result of which the Thai Bank had agreed to waive its rights
over the outstanding interests of Bt27,226,849.31 for the
Company.

Moreover, on October 25, 2002, the Company re-paid its debts of
loan to the Bangkok Bank Plc. (Bangkok Bank) for the sum of
Bt30,000,000.00 which were debts for which the Company had
executed a compromise agreement with the Bangkok Bank on
November 28, 2001. The Company was required, in this respect, to
repay the total loan of Bt100,000,000.00 to the Bangkok Bank at
the lapse of 8 years starting from the date of Agreement.     

The Bangkok Bank agrees to waive its rights for the Company over
the outstanding interests of Bt25,940,974.61 once it has
discharged its debts in full in accordance with the Agreement.    
Thus, as the result of the Company's repayment of Bt30,000,000
of such debts to the Bangkok Bank, it now has an outstanding
debt of Bt70,000,000.00 payable to the Bangkok Bank whilst the
outstanding interests of Bt25,940,974.61 stand to be waived by
the Bangkok Bank once the Company has discharged its debts
in full pursuant with the Agreement.


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,
Maria Vyrna Nineza-Merlin, Maria Cristina Pernites-Lao, Editors.

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

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