/raid1/www/Hosts/bankrupt/TCRAP_Public/021217.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

          Tuesday, December 17, 2002, Vol. 5, No. 249

                         Headlines

A U S T R A L I A

DIGITAL NOW: Discloses Chairman's EGM Address
HARRIS SCARFE: Former Officer McLaughlin Pleads Not Guilty
LEWIS DRISCOLL: Former Solicitor Faces Prosecution
SECURE FINANCE: Settles Investment Scheme Proceedings With ASIC
VOICENET (AUST): Releases November 2002 Cashflow Report


C H I N A   &   H O N G  K O N G

139 HOLDINGS: Widens Operations Loss to HK$27M
GUANGDONG KELON: Use of Capital Reserve Resolution Cancelled
TAT FUNG: Hearing of Winding Up Petition Set
TOPSECTOR LIMITED: Faces Winding Up Petition
VANDA SYSTEMS: Sees Turnaround as Group Restructures

WINFAIR INVESTMENT: 2002 Loss Swells to US$3.3M
YOUNG TRADE: Petition to Wind Up Pending

I N D O N E S I A

ASIA PULP: Lontar More Attractive Than Indah, Says DebtTraders


J A P A N

SKYMARK AIRLINES: Posts Y1.09 Billion Full-year Loss


K O R E A

HYNIX SEMICONDUCTOR: Confident US Trade Body Can't Prove Case
SK SECURITIES: Illegal Guarantee Leads to 1.18 Billion-won Fine


M A L A Y S I A

AVENUE ASSETS: Debt Equity Swap, Avenue Settlement Completed
BERJAYA SPORTS: MOF Approves Reduction in Pool Betting Duty
DATAPREP HOLDINGS: Shareholders Approve Resolutions at EGM
KEMAYAN CORPORATION: Winding Up Petition Hearing Adjourned
LAND & GENERAL: Amends Share Sale Agreement With Honcity

MGR CORPORATION: Changes Registered Address
PENAS CORPORATION: Proposals Approved at Creditors Meetings
RASHID HUSSAIN: Resolutions Passed at 15th AGM
RASHID HUSSAIN: Shareholders OK Proposed Bond Restructuring
REPCO HOLDINGS: MOF Revises Betting Duties

SENG HUP: Administrators Invite Investors to Tender for Assets
TECHNO ASIA: Administrators Submit November 2002 Report to KLSE

P H I L I P P I N E S

BATAAN POLYETHYLENE: Proposed Tariff Change Could Revive Plant
MANILA ELECTRIC: Meralco Will Get Back on Its Feet, Says BPI
MANILA ELECTRIC: Lopez Family Accepts Possible Loss of Heirloom
MAYNILAD WATER: Early Termination Amount to be Known Soon
NATIONAL STEEL: Rescue Vehicle Applies for Registration

PHILIPPINE REALTY: Seeking Debt Payment Suspension


S I N G A P O R E

LIANG HUAT: OKs Banking Facilities Restructuring
NATSTEEL LTD.: Approves Smaller Payout for Shareholders


T H A I L A N D

BAN-CHANG GROUP: Files Business Reorganization Petition
BIG C: Affected From Subsidiary's Winding Up, Liquidation
PREMIER ENTERPRISE: Registers Paid-Up Capital   

     -  -  -  -  -  -  -  -

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


DIGITAL NOW: Discloses Chairman's EGM Address
---------------------------------------------
Digital Now, Inc. on Friday held its Extraordinary General
Meeting following the Company's restructure and exit from the
protection of the provisions of Chapter 11 of the US Bankruptcy
Code.

Go to http://www.bankrupt.com/misc/TCRAP_DNI1217for a copy of  
the brief address from the Chairman and the accompanying slide
presentation in respect of the resolutions proposed in the
Notice to the Extraordinary General Meeting dated 7 November
2002. Copies of the Notice and the Explanatory Memorandum have
also been provided.

A further announcement will follow detailing the results of
voting in the relevant resolutions.


HARRIS SCARFE: Former Officer McLaughlin Pleads Not Guilty
----------------------------------------------------------
Mr Daniel Francis McLaughlin on Friday pleaded not guilty in the
Adelaide Magistrates Court to 17 charges arising from the
Australian Securities and Investments Commission's (ASIC)
investigation into the Harris Scarfe group.

Mr McLaughlin, of Happy Valley Adelaide, was remanded on bail
until 31 January 2003 for a committal hearing in the Magistrates
Court. Mr McLaughlin was the former Chief Operating Officer of
Harris Scarfe Holdings Limited and a director of Harris Scarfe
Limited. Both companies have had receivers and managers
appointed and are in liquidation.

Mr McLaughlin is charged with seven counts of failing to act
honestly in the exercise of his powers and the discharge of his
duties as an officer of Harris Scarfe Limited, and 10 counts of
being reckless as an officer of Harris Scarfe Limited and
failing to exercise his powers and discharge his duties in good
faith in the best interests of the company.

ASIC filed the charges and the case is being prosecuted by the
Commonwealth Director of Public Prosecutions. ASIC's
investigation into Harris Scarfe is continuing and no further
comment will be made at this time.


LEWIS DRISCOLL: Former Solicitor Faces Prosecution
--------------------------------------------------
Former Hobart solicitor Mr Thomas Peter Baron appeared on Friday
in court charged with 16 counts of failing to answer questions
put to him during an investigation conducted by the Australian
Securities and Investments Commission (ASIC).

Mr Baron was charged with not complying with a requirement to
provide information during the investigation relating to
transactions involving the failed solicitors mortgage fund
operated by Hobart law firm, Lewis Driscoll and Bull.

Mr Baron appeared in the Hobart Court of Petty Sessions and did
not enter a plea. Bail was set at $1,000, and he will next
appear in court on 13 January 2003.

The Commonwealth Director of Public Prosecutions is prosecuting
the matter.


SECURE FINANCE: Settles Investment Scheme Proceedings With ASIC
---------------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
settled its proceedings in the Supreme Court of Western
Australia against Secure Finance & Investment Services
(Australia) Pty Ltd and its sole director, Mr Phillip Garry
Crane.

During the proceedings ASIC obtained interim injunctions against
Secure Finance and Mr Crane, including the appointment of a
receiver to various assets pending a determination by the court
as to whether the defendants were operating an unregistered
managed investment scheme.

ASIC was additionally seeking winding up orders against Secure
Finance and the alleged managed investment scheme. These
proceedings have now been settled without admission of
liability.

Under the terms of settlement, Secure Finance and Mr Crane have
given undertakings to the court that they will not:

   * offer interests in a managed investment scheme without
complying with the provisions of the Corporations Act;

   * operate any managed investment scheme in the jurisdiction
that is required to be registered;

   * carry on a financial service business without holding an
Australian financial services license; and

   * offer securities that would need a disclosure document,
unless such a document has been lodged with ASIC.

Secure Finance and Mr Crane have also agreed to issue a circular
to investors, and to publish an advertisement, seeking claims
from the investors concerning the assets identified by the
receiver.

The defendants have acknowledged that any claims by the
investors will be treated as debts of Secure Finance subject to
any defenses the company may have. If the value of the claims
exceeds the value of the assets (subject to any claims being
resolved by Secure Finance), the company will be placed into
voluntary administration or liquidation.

Secure Finance has also agreed to pay the receiver's costs as
approved by the court.


VOICENET (AUST): Releases November 2002 Cashflow Report
-------------------------------------------------------
Voicenet (Aust) Limited announced that the payment of $608000 in
relation to the acquisition of the Microgenix project which had
been budgeted to take place this month is now expected to occur
over the next two months, with $330,000 being paid in December
2002 and the balance at the end of January 2003. The receipt
from borrowings of $1,250, which had been budgeted to take place
this month, is now expected to occur in December 2002.

Below is the consolidated cashflow report for the month ended 30
November 2002.

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD 01/10/2002 - 31/10/2002
                                           CURRENT     YEAR TO
                                           MONTH        DATE
                                                    (ten months)
                                           AUD000       AUD000

Cash flows related to operating activities
                                                -       2,648
1.1  Receipts from customers

1.2  Payments for
     (a) staff costs                           (4)     (3,115)
     (b) advertising and marketing              -         (22)
     (c) research and development               -           -
     (d) leased assets                          -        (162)
     (e) other working capital               (116)     (3,127)

1.3  Dividends received                         -           -

1.4  Interest and other items of a similar
      nature received                           -          16   
                               
1.5  Interest and other costs of finance paid   -        (431)

1.6  Income taxes paid                          -          13

1.7  Other (provide details if material)       50         376

     Net Operating Cash Flows                 (70)     (3,804)

1.8  Net operating cash flows (carried forward) (70)     (3,804)

     Cash flows related to investing activities

1.9  Payment for acquisition of:
     (a) businesses (item 5)                     -           -
     (b) equity investments                      -           -
     (c) intellectual property                   -           -
     (d) physical non-current assets             -         (17)
     (e) other non-current assets                -           -

1.1  Proceeds from disposal of:
     (a) businesses (item 5)                     -           -
     (b) equity investments                      -           -
     (c) intellectual property                   -           -
     (d) physical non-current assets             -          44
     (e) other non-current assets                -           -
                           
1.11 Loans to other entities                     -        (333)

1.12 Loans repaid by other entities              -         474

1.13 Other (provide details if material)         -          45

     Net investing cash flows                    -         213

1.14 Total operating and investing cash flows  (70)     (3,591)

     Cash flows related to financing activities

1.15 Proceeds from issues of shares, options, etc  -       1,738

1.16 Proceeds from sale of forfeited shares        -           -    
                  
1.17 Proceeds from borrowings                      -         561

1.18 Repayment of borrowings                       -       (310)

1.19 Dividends paid                                -           -   

1.2  Other (provide details if material)           -           -

     Net financing cash flows                      -       1,989

     NET INCREASE (DECREASE) IN CASH HELD       (70)     (1,602)   
                    
1.21  Cash at beginning of month/year to date    268       1,828

1.22  Exchange rate adjustments to item 1.20      -         (28)   
                                                     
1.23  Cash at end of month                       198         198


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


139 HOLDINGS: Widens Operations Loss to HK$27M
----------------------------------------------
139 Holdings Limited announced on 12 December 2002:

(stock code: 139)
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
                                 ('000)           ('000)
Turnover                             : 61,484           60,392
Profit/(Loss) from Operations        : (27,194)         (7,617)
Finance cost                         : (3,103)          (2,601)
Share of Profit/(Loss) of Associates : -                -
Share of Profit/(Loss) of
  Jointly Controlled Entities        : -                -
Profit/(Loss) after Tax & MI         : (30,272)         (10,218)
% Change over Last Period            : N/A
EPS/(LPS)-Basic                      : (0.35 cent)      (0.15
cent)
         -Diluted                    : -                -
Extraordinary (ETD) Gain/(Loss)      : -                -
Profit/(Loss) after ETD Items        : (30,272)         (10,218)
Interim Dividend per Share               : NIL              NIL
(Specify if with other options)          : -                -
B/C Dates for Interim Dividend           : -
Payable Date                             : -
B/C Dates for (-) General Meeting        : N/A
Other Distribution for Current Period    : -
B/C Dates for Other Distribution         : -               

Remarks:

(1) Turnover

Turnover represents revenue arising from the trading of
garments, shoes, leather goods, car audio equipment and other
merchandise, net of sale returns and trade discounts.

(2)  Loss per share

The calculation of basic loss per share is based on the net loss
attributable from ordinary activities to shareholders for the
Period of HK$30,272,000 (2001: net loss of  HK$10,218,000) and
the weighted average of 8,619,360,478 (2001: weighted average of
6,976,146,493) ordinary shares in issue during the Period.

Diluted loss per share for the Periods ended 30 September 2002
and 2001 respectively have not been shown as the share options
outstanding during these periods had no dilutive effect on the
basic loss per share for the periods or is anti-dilutive.  

(3)  Loss from operating activities

The Group's loss from operating activities is arrived after
charging :   
                
                          For the six months ended 30 September
                                2002                   2001
                              (Unaudited)           (Unaudited)
                                HK$'000                HK$'000
                                                                        
Depreciation :                                                          
    Owned fixed assets                    3,913           4,325
    Leased fixed assets                   110             79

(4)  Discontinuing operations

On 16 September 2002, the Company entered into the Agreement
with Red Valley Finance Limited (the "Purchaser") in respect of
the sales and purchase of the entire issued share capital in
Chaifa Holdings (B.V.I.) Limited, a wholly owed subsidiary of
the Company (the "Subsidiary") at a cash consideration of HK$17
million. The Subsidiary and its subsidiaries are principally
engaged into the manufacturing, trading and distribution of
garments, shoes, leather goods and other merchandise. The
consideration will be payable by the Purchaser in cash upon
completion. The transaction will be completed on or before 14
December 2002 or such later date as the Company may agree.  


GUANGDONG KELON: Use of Capital Reserve Resolution Cancelled
------------------------------------------------------------
Guangdong Kelon Electrical Holdings Company Limited released an
announcement on the resolutions of the board of directors of the
Company together with the notice of the 2002 extraordinary
general meeting (EGM Notice) on 14 November 2002.

Document number 284 of 2002 issued by the Listing Division of
the China Securities Regulatory Commission on 27 November 2002
requires that when a listed company proposes to use its capital
reserve to make up for its accumulated losses, it cannot use the
2001 audited results as the basis for determining the proposal
to use its capital reserve to make up for its accumulated
losses. Instead, it should conduct a special audit and submit
the audited financial statements in accordance with the
stipulations set out in "Question and Answer No.3 of the Rules
on Disclosure of Information by Companies which have issued
shares to the public on the source, procedures and information
disclosure of the making up for accumulated losses"

Since the relevant procedures would not be completed before the
extraordinary general meeting of the Company convened to be held
on 29 December 2002, the Company decided to cancel the
resolution relating to the proposal to use the Company's
statutory common reserve and capital reserve to make up for the
Company's accumulated losses as referred to in the Company's
EGM Notice. Such resolution will be submitted to the general
meeting for shareholders' approval if and when appropriate and
the Company will make a separate announcement in this regard.


TAT FUNG: Hearing of Winding Up Petition Set
--------------------------------------------
The petition to wind up Tat Fung Cotton Company Limited is
scheduled for hearing before the High Court of Hong Kong on
January 22, 2003 at 9:30 in the morning.

The petition was filed with the court on November 7, 2002 by
Bank of China (Hong Kong) Limited (the successor corporation to
Hua Chiao Commercial Bank Limited pursuant to Bank of China
(Hong Kong) Limited (Merger) Ordinance (Cap. 1167) of 14th
Floor, Bank of China Tower, 1 Garden Road, Central, Hong Kong.


TOPSECTOR LIMITED: Faces Winding Up Petition
--------------------------------------------
The High Court of Hong Kong will hear on January 15, 2003 at
10:00 in the morning the petition seeking the winding up of
Topsector Limited.

Bank of China (Hong Kong) Limited whose registered office is
situated at 14th Floor, Bank of China Tower, No. 1 Garden Road,
Central, Hong Kong filed the petition on November 6, 2002.
Tsang, Chan & Wong represents the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Tsang, Chan &
Wong, Solicitors for the Petitioner, 16th Floor,Wing On House,
71 Des Voeux Road Central,
Hong Kong.


VANDA SYSTEMS: Sees Turnaround as Group Restructures
----------------------------------------------------
Vanda Systems and Communications is determined to tackle its
high level of accounts receivable before focusing on boosting
the company's revenues, South China Morning Posts reported
Friday.  

The Company posted a net loss of HK$17.27 million in the six
months ended September 30 this year, compared with a net loss of
HK$17.29 million in the previous corresponding period.  The loss
per share was 4.1 cents.  No interim dividend was declared.  The
company had positive Ebitda of HK$1.48 million for the six
months under review.


WINFAIR INVESTMENT: 2002 Loss Swells to US$3.3M
-----------------------------------------------
Winfair Investment Company Limited announced on 12/12/2002:

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 01/04/2002    from 01/04/2001
                            to 30/09/2002      to 30/09/2001
                            Note  ($)          ($)
Turnover                        : 5,669,000          5,348,000         
Profit/(Loss) from Operations   : (3,381,000)        (1,068,000)       
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    : (3,791,000)        (1,468,000)       
% Change over Last Period       : N/A       %
EPS/(LPS)-Basic (in dollars)    : (0.0948)           (0.0367)          
         -Diluted (in dollars)  : N/A                N/A               
Extraordinary (ETD) Gain/(Loss) : N/A                N/A               
Profit/(Loss) after ETD Items   : (3,791,000)        (1,468,000)       
Interim Dividend                : 2 cents            2 cents           
  per Share                                                               
(Specify if with other          : N/A                N/A               
  options)                                                                
                                                                          
B/C Dates for
  Interim Dividend              : 10/01/2003         to
15/01/2003bdi.
Payable Date                    : 17/01/2003
B/C Dates for (-)            
  General Meeting               : N/A          
Other Distribution for          : N/A           
  Current Period                     
                                     
B/C Dates for Other
  Distribution                  : N/A


YOUNG TRADE: Petition to Wind Up Pending
----------------------------------------
The petition to wind up Young Trade Development Limited will be
heard before the High Court of Hong Kong on January 29, 2003 at
10:00 in the morning.

The petition was filed with the court on November 20, 2002 by
Tam Kit Tsuen of Room 708, Ngan Ping House, Long Ping Estate,
Yuen Long, 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.


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


ASIA PULP: Lontar More Attractive Than Indah, Says DebtTraders
--------------------------------------------------------------
Asia Pulp & Paper held a conference call Friday morning to
answer questions regarding the press release "Details of
Preliminary Agreement with IBRA Regarding Restructuring Terms in
respect of its Indonesian Operations" on December 5, 2002.

DebtTraders says, "Despite the negative tone of bondholders, we
estimate that Lontar Papyrus (8.3 times) and Indah Kiat (8
times) are relatively more attractive than Tjiwi Kimia (12
times), and Pindo Deli (16 times) in terms of total debt-to-
EBITDA, based on an estimated EBITDA of $750 million per year."

According to DebtTraders, APP Int'l Finance's 5.000% bonds due
in 2001 (APP01IDN3) are trading between 5 and 8. Check
http://www.debttraders.com/price.cfm?dt_sec_ticker=APP01IDN3for  
more real-time bond pricing information.


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


SKYMARK AIRLINES: Posts Y1.09 Billion Full-year Loss
----------------------------------------------------
Struggling Japanese carrier Skymark Airlines says its poor
full-year results are in line with the revisions it had earlier
reported.

Dow Jones Newswires said the discount airline posted parent net
loss of Y1.09 billion for FY through October, bigger than Y988
million loss last year.  The company absorbed net losses of
1.65 billion yen in the three months to July due to
disappointing traffic during the soccer World Cup and a large
drop in cargo operations.  

Although revenue for the quarter grew 7.3 percent to 10.1
billion yen, operational profits declined by more than 500
million yen to 1.58 billion yen.  Playing the biggest spoiler
was the cargo operations, which fell 51.1 percent to 95 million
yen from a year ago.

Citing Wright Investor's Service, TCR-AP had previously bared
that at the end of 2001, Skymark Airlines Co., Ltd. had
negative working capital, as current liabilities were 4.17
billion yen while total current assets were only 1.47 billion
yen.



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


HYNIX SEMICONDUCTOR: Confident US Trade Body Can't Prove Case
-------------------------------------------------------------
Restructuring chipmaker Hynix Semiconductor Inc. believes the
U.S. International Trade Commission cannot prove that the
country's computer memory chip industry had been materially
injured by imports from South Korea.

The American trade commission has initiated a probe into
charges that the South Korean government had provided subsidies
to its local manufacturers of dynamic random access memory
(DRAM) chips.  The investigation follows the complaint filed by
Micron Technology Inc. last month with the commission and the
U.S. Department of Commerce.  If the allegations are proven
right, South Korean chips could face heavy tariffs.

Reuters says semiconductors are South Korea's biggest export
and generated US$14.3 billion in overseas sales in 2001. DRAM
sales to the United States and the EU represent 17.5 percent of
semiconductor exports.
      
"Once the ITC has time to examine properly all the relevant
facts, Hynix is confident that the ITC will agree that Micron
cannot demonstrate that the U.S. DRAM industry suffered
material injury caused by allegedly [subsidized] shipments from
Korea," Hynix said in a statement.
      
"I have no doubt at all that at the end of its full
investigation the ITC will conclude that Micron cannot prove
its claims and will throw the case out," Chief Executive Sang
Park told Reuters in an interview.
      
The Idaho-based Micron has taken issue with South Korean banks'
extension of multi-billion dollar bailouts in 2001 to Hynix,
the world's number three memory chipmaker.  In its latest
rescue effort, the main creditor of Hynix proposed another deep
debt rescheduling for the cash-strapped DRAM maker this week.

The South Korean government, for its part, has denied the
allegations and said in November it would be willing to take
the issue to the World Trade Organization if necessary.
      
On Saturday, Seoul's Commerce Ministry said the ITC's decision
was widely expected and would have no direct impact on the
country's chip exports to the United States.
      
"Even if tariffs are imposed on Korean DRAMs, it will be after
May 2003 when the Department of Commerce and ITC's final
rulings are over," the ministry said in a statement.

Micron had previously led rescue talks with Hynix, but backed
out at the last minute.  The company is now finalizing a debt-
restructuring plan prepared by Deutsche Bank.


SK SECURITIES: Illegal Guarantee Leads to 1.18 Billion Won Fine
---------------------------------------------------------------
SK Securities Co. received an institutional warning last week
from the Financial Supervisory Service, which also imposed a
1.18 billion won fine for violating securities-transaction
laws.

According to Dow Jones Newswires, the brokerage had allegedly
guaranteed obligations at another SK Group company in violation
of laws that prohibit securities companies from providing debt
guarantees.  The company also failed to disclose the deal in
its financial reports, FSS said in a statement.



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


AVENUE ASSETS: Debt Equity Swap, Avenue Settlement Completed
------------------------------------------------------------
On behalf of the Board of Directors of Avenue Assets Berhad,
Commerce International Merchant Bankers Berhad announced that
the ICULS 2002/2007 issued pursuant to the Debt Equity Swap and
Avenue Settlement have been listed on the Kuala Lumpur Stock
Exchange on 13 December 2002. As such, the Debt Equity Swap and
Avenue Settlement are deemed to have been completed.

The Debt Equity Swap involves the Remission of Tax Liabilities
and Tax Penalties of Certain Subsidiaries of Avenue and
Panbuilt Sdn Bhd, a former subsidiary, amounting to
RM165,000,000 and the Issuance of Rm165,000,000 of Rm1.00
Nominal Value 5-Year Zero Coupon Irredeemable
Convertible Unsecured Loan Stocks Of Avenue (ICULS 2002/2007) at
100% of its Nominal Value to Aroma Teraju
Sdn Bhd as Consideration Thereof.

Avenue Settlement refers to Issuance of RM14,500,000 ICULS
2002/2007 at 100% of its Nominal Value and Cash Payment of
Rm11,250,000 to Certain Financial Institutions Pursuant to the
Proposed Settlement Arrangement Between Avenue and the
Financial Institutions in Relation to the Disposal of Mega
Palm Sdn Bhd (in Receivership) (MPSB).

CONTACT INFORMATION: Level 12
                     Menara Phileo
                     189 Jln Tun Razak
                     50400 Kuala Lumpur
                     Tel : 03-2166 2828;
                     Fax : 03-2166 2826


BERJAYA SPORTS: MOF Approves Reduction in Pool Betting Duty
-----------------------------------------------------------
The Board of Directors of Berjaya Sports Toto Berhad announced
that its wholly-owned subsidiary, Sports Toto Malaysia Sdn Bhd
(STM) has on 12 December 2002 received the letter of approval
from the Ministry of Finance (MOF) on the reduction of its Pool
Betting Duty on sales from the current 10% to 6% as well as the
abolishment of royalty payment of 1.5% on sales. This reduction
in Pool Betting Duty (PBD) and the abolishment of the royalty
payment totaling 5.5% will be effective from 1 January 2003.

With the above PBD reduction and abolishment of the royalty
payment, STM is required to increase the first prize payout of
its 4-Digit games. The prize payout for the first prize of the
4-D (Big) will be increased from RM2,000 to RM2,500 and the
first prize of the 4-D (Small) will be increased from RM3,000 to
RM3,500 for every RM1.00 bet with effect from 1 January 2003.
This translates to an overall increase in the prize payout of
its 4-Digit games by 5%.

The above 4% reduction in PBD as well as the abolishment of the
royalty payment is not expected to have any material effect on
the earnings of the Group for the financial year ending 30 April
2003. However, it is expected to have a significant positive
impact on the earnings of the Group in the subsequent financial
years due to expected increase in the sales of STM arising from
the increased prize payout of its 4-Digit games. In addition,
STM is expected to save an estimated RM10 million annually based
on its current level of sales taking into account the above
reduction, abolishment and overall 5% increase in prize payout.

The increased prize payout of the 4-Digit games will also enable
STM to compete more effectively with the illegal operators of 4-
Digit games and recapture whatever market share of the number
forecast sales that were lost to the illegal bookies in the
past. This latest move on the reduction of the PBD by the MOF
augurs well for the future of the NFO industry as this will help
to curb the activities of the illegal NFO operators.

COMPANY PROFILE

The Company's core business has evolved from the manufacture of
light fittings in the 70s to trading in construction materials
and property development in the 80s. Today, the Company is one
of the key players in the gaming business, operating Toto
betting through its principal subsidiary, Sports Toto Malaysia
Sdn Bhd.

On the international scene, the Group supplies and maintains a
computerized on-line lottery system in the Luzon Region,
Philippines. It is also the consultant cum project manager to
restructure and improve the operation and administration of the
Department of National Lotteries in Ghana. The Company's
Philippines operation is held through its 51.5% owned
subsidiary, Berjaya Lottery Management (HK) Ltd (BLHK). BLHK
holds 71.4% in International Lottery and Totalistic Systems,
Inc, and 68.5% in Prime Gaming Philippines, Inc, a company
listed on the Philippine Stock Exchange.

In December 2000, the Company proposed a special cash dividend
of 170%, rights issue of ICULS and increase in authorized share
capital to RM2b. The ICULS issue forms part of a repayment
scheme between the Company and its immediate holding company,
Berjaya Land Bhd (B-Land), to settle inter-company advances of
the latter via liquidation of the ICULS in the open market or
redemption of the ICULS. B-Land has committed to resolve the
inter-company advances within three years from the ICULS issue
date. The proposals are still pending shareholders' approval.

CONTACT INFORMATION: Level 17, Shahzan Prudential Tower
                     30 Jalan Sultan Ismail
                     50250 Kuala Lumpur
                     Tel : 03-2935 2373/2381;
                     Fax : 03-2935 8043


DATAPREP HOLDINGS: Shareholders Approve Resolutions at EGM
----------------------------------------------------------
Reference is made to the following proposals of Dataprep
Holdings Bhd:

   (i) Proposed acquisition of 51% equity interest in HRM
Business Consulting Sdn Bhd (HRMBC) for a cash consideration of
RM3.6 million (Proposed Acquisition of HRMBC);

   (ii) Proposed acquisition of the entire issued and paid-up
capital of Dataprep (Malaysia) Sdn Bhd (DPM) comprising
4,700,000 ordinary shares of RM1.00 each for a consideration of
RM10 million (Proposed Acquisition of DPM); and

   (iii) Proposed shareholders mandate for Dataprep Holdings Bhd
and its subsidiaries to enter into recurrent related party
transactions of a revenue or trading nature

The Board of Directors of Dataprep announces that the ordinary
resolutions pertaining to the above proposals as set out in the
Company's Notice of Extraordinary General Meeting dated 27
November 2002 contained in the Company's Circular to
Shareholders of even date, were approved at the Company's
Extraordinary General Meeting held on December 12, 2002.

With the receipt of the aforesaid shareholders' approvals, the
Proposed Acquisition of HRMBC is now unconditional whilst the
Proposed Acquisition of DPM remains subject to, inter-alia, the
approval of the Foreign Investment Committee.

COMPANY PROFILE

The Group engages in system integration services, maintenance
services, software services and consultancy and is an
application and content provider. The Group rents and maintains
data processing equipment and software, markets computer systems
and peripherals, personal computers and computer software, and
carries out research and development of computer software.

Among the Group's key projects is the development of the
electronic community for Kulim High Tech Park. In 1997 the Group
signed a franchisee agreement with Telekom to market its
Corporate Information Superhighway Malaysia Bhd network
services.

The Company had, on 13 January 2000, entered into a MOU with VXL
Holdings Sdn Bhd on a proposed subscription of 40m new shares
and 15,151,515 warrants in Dataprep for RM53.03m cash by VXL.

The proposed subscription is an integral part of Dataprep's
proposed restructuring scheme involving a capital reduction and
consolidation, debt restructuring, subscription of shares with
warrants, offer for sale of shares to Bumiputera parties by VXL,
and offer for sale of warrants to existing shareholders of
Dataprep by VXL.

A debt settlement agreement (DSA) was subsequently entered with
all creditor banks on 5 December 2000 and the SC approved the
proposed restructuring scheme on 7 June 2001.

The conditions precedent for the debt restructuring as set out
in the DSA have been complied with or fulfilled and the DSA
became unconditional on 28 June 2002.

CONTACT INFORMATION: 11th Floor, Menara Luxor
                     6B Persiaran Tropicana
                     Tropicana Golf and Country Resort
                     47410 Petaling Jaya
                     Selangor
                     Tel : 03-7882 2222
                     Fax 03-7880 8033


KEMAYAN CORPORATION: Winding Up Petition Hearing Adjourned
----------------------------------------------------------
The Board of Directors of Kemayan Corporation Berhad announced
that the hearing of the winding up petition by PB International
Factors Sdn Bhd has been postponed to 13 March 2003.

COMPANY PROFILE

The Company originated as a plantation concern developing oil
palm plantations in Pahang and cocoa plantations in Sabah. It
undertook corporate exercises from 1993 to 1995 focusing on
construction and property related activities via the acquisition
of companies and projects. Besides these, the Group is also
involved in other activities like timber logging and saw-
milling, food manufacturing, retailing and trading, education,
aviation, hotel and tourism.

The 1997/1998 economic crisis faced by the country and the
region severely affected the Group's cashflow and operation of
projects. The Company and certain of its subsidiary companies
obtained a Restraining and Stay Order (RO) on 12 August 1998
from the High Court of Malaya under Section 176(10) of the
Companies Act, 1965 for the purpose of implementing a proposed
corporate restructuring scheme. The RO has been extended to 3
June 2002.

The Company entered into a second MOU on 19 February 2002 with a
White Knight for injection of assets and to propose a corporate
restructuring scheme.

CONTACT INFORMATION: 167, Jln Glasiar
                     Taman Tasek
                     80200 Johor Bahru
                     Johor.
                     Tel : 07-2362390 ;
                     Fax  : 07-2365307


LAND & GENERAL: Amends Share Sale Agreement With Honcity
--------------------------------------------------------
Further to the announcements released by Land & General Berhad
on 20 March 2002 and 21 March 2002, the Board of L&G wishes to
inform that the Company has entered into an Amendment to Share
Sale Agreement  on 12 December 2002 with Honcity Limited Honcity
or the Purchaser) in relation to the disposal by L&G of the
entire equity interest in Kinley Trading Limited, comprising
28,000,002 ordinary shares of US$1 each with the ultimate
intention of disposing its 80% equity interest in PT Wapoga
Mutiara Industries (WMI) which is currently held by Baines Ltd.
(the Disposal).

Pursuant to the ASSA, the parties to the Disposal have agreed to
revise the cash purchase consideration from USD3.5 million to
USD3 million. As announced previously, the Purchaser has paid a
deposit of USD500,000 to the Company. The balance of the revised
purchase consideration of USD2.5 million shall be paid in three
installments over approximately two and a half years. In
addition, under the ASSA, all the conditions precedent contained
in the original agreement are waived and Honcity will indemnify
L&G in the event a claim is made by a beneficiary of any
guarantee or security provided by L&G in favor of any creditor
of WMI.

With the signing of the ASSA, the Directors of L&G are pleased
to inform that the Disposal is deemed completed on 12 December
2002.

The financial effects of the Disposal on the Earnings and Net
Tangible Assets of the L&G Group based on the revised purchase
consideration of USD3 million and the latest unaudited results
of the L&G Group as at 30 September 2002 are as follows:

Earnings

The Disposal is expected to result in a gain of RM47.8 million
to the Company and a gain of RM10.8 million to the L&G Group for
the financial year ending 31 December 2002.

Net Tangible Assets

The Disposal is expected to increase the consolidated Net
Tangible Assets of the L&G Group by 2 sen per share.

CONTACT INFORMATION: 2nd Floor, 7 Persiaran Dagang
                     Bandar Sri Damansara
                     52200 Kuala Lumpur
                     Tel : 03-6275 7788;
                     Fax : 03-6277 7061


MGR CORPORATION: Changes Registered Address
-------------------------------------------
MGR Corporation Berhad posted this change of address notice:

Change description : Registered
Old address  : Ground Floor, Wisma Aman, Mile 1.1/2, Jalan
Tuaran, 88400 Kota Kinabalu
New address : Level 3, Wisma Aman, Mile 1.1/2, Jalan Tuaran,
88400 Kota Kinabalu
Name of Registrar :  
Telephone no : 088-239007
Facsimile no : 088-239009
E-mail address : mgr@po.jaring.my
Effective date : 12/12/2002  

COMPANY PROFILE

The MGR Group is primarily engaged in the manufacturing,
marketing and trading of timber and timber related products in
Malaysia.

MGR was engaged in sawn timber trading when it began operations
in 1985. It later expanded into the sale of timber logs. In
1989, MGR ventured into downstream activities beginning with
wood moldings. In mid-1996, MGR branched into the downstream
processing of plain plywood and subsequently supplemented its
furniture operation by moving into the manufacturing of doors.

The acquisition of a sawmill in 1993 enabled the Company to
capture foreign markets. Henceforth, high-end value-added wood
moldings and interior furniture were manufactured for the
European and American markets.

Currently, the Company is in the process of undergoing a
restructuring scheme involving the acquisition of certain
assets of the Company, including its listed status. On 5 March
2002, a conditional principal agreement was entered into with
Crest Builders Sdn. Bhd and its shareholders for the purpose of
implementing the scheme.

CONTACT INFORMATION: Wisma Aman, Mile 1 1/2
                     Jalan Tuaran
                     88400 Kota Kinabalu Sabah
                     Tel : 088-239006
                     Fax : 088-239009


PENAS CORPORATION: Proposals Approved at Creditors Meetings
-----------------------------------------------------------
AmMerchant Bank Berhad (formerly known as Arab-Malaysian
Merchant Bank Berhad), on behalf of Penas Corporation Berhad,
announced that the Court Convened Creditors Meetings (pursuant
to Section 176 (1) of the Companies Act, 1965) held on 12
December 2002 have approved the Proposals.

The Proposals collectively refers to:

(1) Proposed Composite Scheme of Arrangement and Compromise
Repayment to Pencorp's Creditors and Members Pursuant to Section
176 of the Companies Act 1965 (Proposed Scheme)

(2) Proposed Acquisitions of Vintage Tiles Industries Sdn Bhd
(VTI) and Vintage Tiles Holdings Sdn Bhd (VTH) (collectively
Vintage Group) by VTI Vintage Berhad (VVB) (Proposed Acquisition
of Vintage Group);

(3) Proposed Exemption for the Vendors of Vintage Group and
Parties Acting in Concert to Undertake a Mandatory General Offer
to Acquire the Remaining Shares in VVB not Owned by them
(Proposed Exemption);

(4) Proposed Disposal of Pencorp;

(5) Proposed Public Issue and Proposed Offer for Sale;

(6) Proposed Placement of Irredeemable Convertible Unsecured
Loan Stocks; and

(7) Proposed Transfer of Listing Status of Pencorp to VVB.


RASHID HUSSAIN: Resolutions Passed at 15th AGM
---------------------------------------------
Pursuant to paragraph 9.19 (7) of the Listing Requirements of
Kuala Lumpur Stock Exchange, Rashid Hussain Berhad wishes to
announce that the following resolutions were passed at its
Fifteenth Annual General Meeting held on 12 December 2002:

RESOLVED  RESOLUTIONS

As Ordinary Business:   

That the Audited Financial Statements of the Company for the
financial year ended 30 June 2002 and the Directors' and
Auditors' Reports thereon be and are hereby received and
adopted.  Ordinary Resolution 1

That the following Directors retiring under the Company's
Articles of Association be and are hereby re-elected:   

   (i) Under Article 87   

Mr Seah Fook Chin  Ordinary Resolution 2
Mr Chartchai Sae s/o Pusavat  Ordinary Resolution 3
Datuk Oh Chong Peng  Ordinary Resolution 4

   (ii) Under Article 91   
Dato' Mohamed Khadar Merican  Ordinary Resolution 5

That the payment of Directors' fees totaling RM70,867.72 for the
financial year ended 30 June 2002 be and is hereby approved.  
Ordinary Resolution 6

That Messrs PricewaterhouseCoopers be and is hereby re-appointed
as Auditors of the Company to hold office until the conclusion
of the next Annual General Meeting of the Company, at a
remuneration to be determined by the Directors.  Ordinary
Resolution 7

As Special Business:   

That pursuant to Section 132D of the Companies Act, 1965, and
subject to the approvals of the relevant governmental and/or
regulatory authorities, the Directors be and are hereby
empowered to issue shares in the Company, at any time, at such
price, upon such terms and conditions and for such purpose or
purposes and to such person or persons whomsoever as the
Directors may, in their absolute discretion, deem fit, provided
that the aggregate number of shares issued pursuant to this
resolution for the following period of twelve (12) months after
the date of this resolution does not exceed 10% of the issued
share capital of the Company for the time being and that the
Directors be and are also empowered to obtain the approval from
the Kuala Lumpur Stock Exchange for the listing of and quotation
for the additional shares so issued and that such authority
shall continue in force until the conclusion of the next Annual
General Meeting of the Company.  Ordinary Resolution 8


RASHID HUSSAIN: Shareholders OK Proposed Bond Restructuring
-----------------------------------------------------------
Reference is made to the announcement dated 21 June 2002 in
relation to the Proposed Bond Restructuring and the announcement
dated 7 November 2002 in relation to the Proposed Bonds With
Warrants Issue and Proposed Offer For Sale. Reference is also
made to the announcement dated 11 December 2002 in relation to
the Proposed Straight Bonds Issue.

On behalf of RHB, AmMerchant Bank Berhad (formerly known as
Arab-Malaysian Merchant Bank Berhad) announced that at the
Extraordinary General Meeting (EGM) held on 12 December 2002,
the shareholders of RHB have approved the resolutions pertaining
to the Proposed Bond Restructuring and Proposed Bonds with
Warrants Issue contained in the Notice of EGM dated 27 November
2002.

RHB also announced that the Securities Commission (SC) has
approved the Proposed Straight Bonds Issue via its letter dated,
12 December 2002.

With the approval of the SC of the Proposed Straight Bonds
Issue, shareholders of RHB are requested to note that
notwithstanding the approval obtained at Thursday EGM for the
Proposed Bonds With Warrants Issue, RHB will replace the
Proposed Bonds With Warrants Issue with the Proposed Straight
Bonds Issue.

The approval of the SC for the Proposed Straight Bonds Issue is
subject to the following conditions:

   i) the approval of the SC is required for any variation of
the terms and conditions of the Proposed Straight Bonds Issue;

   ii) AmMerchant Bank is required to ensure that disclosures of
the selling restrictions pertaining to the Proposed Straight
Bonds Issue are made to prospective investors, relevant parties
and through the Bond Information and Dissemination System
(BIDS);

   iii) AmMerchant Bank is also required to make full disclosure
to prospective investors of any potential conflict-of-interest
as a result of the banking relationship between AmMerchant Bank
and the RHB Group, if any.

The Proposed Bond Restructuring and the Proposed Straight Bonds
Issue are being undertaken as part of the overall re-financing
and restructuring of RHB's borrowings and the abovementioned
approvals for the Proposed Bond Restructuring and the Proposed
Straight Bonds Issue represent the final approvals required to
implement the same.


REPCO HOLDINGS: MOF Revises Betting Duties
------------------------------------------
Repco Holdings Berhad (Special Administrators Appointed)
announced that Sandakan Turf Club (STC), with whom one of its
subsidiaries has an agreement to manage the number forecasting
operation had, on 12 December 2002, been notified by the
Ministry of Finance that the Ministry has decided:

a) that the rate of betting duty for number forecast be reduced
from 12% to 6%; and

b) that the payout for the 1st Prize be increased by a minimum
of RM500 ie RM2,500 for 4D-Small Game and RM3,500 for 4D-Big
Game.

The above decision shall come into effect from 1 January 2003.

The above revisions are not expected to have any material impact
on the earnings of the Group for the financial year ending 30
June 2003. However, it is expected to have a positive effect on
the earnings in future financial years due to potential increase
in 4D ticket sales arising from the higher prize payout.

COMPANY PROFILE

Repco was incorporated as an investment holding and management
company over subsidiaries which comprised a diversified grouping
of companies in the gaming, autoparts, timber and property
sectors. The Company currently has two active subsidiaries,
Everise Ventures Sdn Bhd (EVSB) and Repco (Malaysia) Sdn Bhd
(RMSB). EVSB has an agreement with Sandakan Turf Club to manage
and operate the 4-digit numbers forecast pools in Sabah and RMSB
is involved in the marketing and distribution of autoparts and
motor oils.

On 8 April 1999, Special Administrators (SAs) were appointed by
Pengurusan Danaharta Nasional Bhd over the Company and seven of
its subsidiaries. The SAs have submitted a proposed corporate
and debt restructuring scheme (workout proposal) to Danaharta to
address the Company's debts.

CONTACT INFORMATION: Wisma Repco
                     12 Lorong Tenggiling 4
                     Jalan Maktab Gaya, Luyang
                     88300 Kota Kinabalu
                     Sabah
                     Tel : 088-250000
                     Fax : 088-253007


SENG HUP: Administrators Invite Investors to Tender for Assets
--------------------------------------------------------------
The Special Administrators of Seng Hup Corporation Berhad are
inviting potential investors to tender for the assets and the
lighting businesses of Seng Hup and Crystal Palace Lighting (M)
Sdn. Bhd. (CP), a wholly owned subsidiary of the Company.

The assets available for sale are as follows:

1) Four (4) properties located at strategic locations; and
2) Operating assets and/or lighting businesses of Seng Hup or CP

CONTACT INFORMATION: Unit E-9-6, 9th Floor,
                     Megan Phileo Promenade,
                     189, Jalan Tun Razak,
                     50400 Kuala Lumpur
                     Tel : 03-2666888
                     Fax : 03-2661050


TECHNO ASIA: Administrators Submit November 2002 Report to KLSE
---------------------------------------------------------------
Pursuant to PN 4/2001 in relation to paragraph 8.14 of the
Revamped Listing Requirements of the Kuala Lumpur Stock Exchange
(KLSE), Techno Asia Holdings Berhad, being an affected listed
issuer announced that in compliance with the obligation imposed
under the said practice note, the monthly report for the month
of November 2002 accompanied by the statutory declaration duly
executed by the Special Administrators had been submitted to the
KLSE on 13th December, 2002.

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


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


BATAAN POLYETHYLENE: Proposed Tariff Change Could Revive Plant
--------------------------------------------------------------
An idea raised by industrialist Raul Concepcion may well revive
the US$330-million plant of bankrupt Bataan Polyethylene Corp.,
says the Philippine Daily Inquirer.

The businessman, along with plastic product manufacturers, is
urging the government to levy an equal 10% duty on both resins
and finished plastic products as a compromise deal to a long-
running dispute on tariffs on petrochemical products.

According to the report, Mr. Concepcion recently broached a
toll-manufacturing plan by heavy users of plastic products,
which may well reopen the idle plant of Bataan Polyethylene
Corp.  The businessman, convenor of the Alliance of Concerned
Downstream Industries and End Product Manufacturers, said his
group would agree to give midstream petrochemical firms (which
make resins or polymers) tariff cover for up to three years as
long as finished plastic products were given commensurate
protection.
      
Resins are slapped 15 percent, which is set to go down next
year under the ASEAN Free Trade Area to 5 percent, the current
duty on finished plastic products.  Mr. Concepcion's group was
pushing a common 10-percent duty for both products while the
Association of Petrochemical Manufacturers of the Philippines
(APMP) is adamant on a minimum 15-percent duty for both
sectors, the report said.  

Mr. Concepcion said his group met with APMP two weeks ago in
order to reach a common stand for approval by the government
but no deal was reached. This was why the Tariff and Related
Matters Committee had to study separate proposals from the
industry players before finalizing the government's tariff
policy on petrochemicals.  He said the heavy users of plastic
products such as San Miguel Corp. would negotiate with BPC's
foreign creditors led by the International Finance Corp. for a
toll manufacturing arrangement.
      
"We (the plastic users) would buy the resins and let BPC
process them to polymers for a fee. That way, BPC would
maximize its plant while the users would get their polymers at
a lower cost," Mr. Concepcion told the Philippine Daily
Inquirer.
      
BPC shareholders-British Petroleum (38.5 percent), Petronas
(38.5 percent), Profinda (16.5 percent) and Sumitomo Corp. (6.5
percent)-announced two weeks ago that it had decided to
dissolve the company whose plant had been idle since July last
year due to poor sales.
      
The move has left JG Petrochemical as the sole polymer producer
still in operation and raised doubts on the viability of
establishing a naphtha cracker (which makes monomers used for
polymers) that was supposed to be built right next to the BPC
plant in Bataan, the report said.


MANILA ELECTRIC: Meralco Will Get Back on Its Feet, Says BPI
------------------------------------------------------------
Bank of the Philippine Islands (BPI), one of the major lenders
of Manila Electric Co. (Meralco), is optimistic the utility firm
will get back on its feet even as the Supreme Court is yet to
decide whether to reconsider its ruling on the utility's alleged
overcharges, Business Word reported Friday, citing BPI President
Xavier P. Loinaz.

Meralco earlier hit a brick wall after the Supreme Court ordered
the power distributor to pay back customers for the alleged over
billings.

In a disclosure last week, Meralco said its special committee
has approved a shortlist of advisor banks. The six-man team is
tasked to ensure the Company's financial health.


MANILA ELECTRIC: Lopez Family Accepts Possible Loss of Heirloom
---------------------------------------------------------------
In a sharp reversal from its stand six months ago, the Lopez
family is considering giving up its control of Manila Electric
Co., the "crown jewel" of its business empire, the Philippine
Daily Inquirer said over the weekend.

Considered a family heirloom, Meralco Chairman and CEO Manolo
Lopez had earlier declared that not all the money in the world
could induce his family to give up the power distributor.

"We survived martial law. We'll survive this," he said then,
stressing that the Lopez family was in Meralco not for the
money but out of a "sense of mission."

Benpres Holdings Corp. Chairman Oscar Lopez, however, told
Inquirer editors and reporters recently that the family is now
open to the idea of letting go with the ailing firm.  He said
the Lopez group could decide to just focus on its power
generation business and give up power distribution.

The group's First Generation Holdings Corp. is currently the
country's third largest independent power producer, generating
some 1,832 megawatts representing 13 percent of the country's
total installed capacity, the paper said.  The Supreme Court
had recently ordered Meralco to refund its 3.8 million
customers between eight billion and 28 billion pesos in excess
charges from 1994 to 1998.  

The Lopez family controls only a fifth of Meralco but it
exercises full management control. The government, on the other
hand, controls over 25 percent and is Meralco's single biggest
shareholder.  

Aside from Meralco, the Lopez family is also facing intense
pressure to raise cash and pay its debts following a number of
setbacks affecting their various businesses.  Maynilad, the
Lopez group's water distribution arm, recently decided to
terminate its concession agreement with the Metropolitan
Waterworks and Sewerage System, citing "compelling financial,
regulatory and natural causes in the last five years."


MAYNILAD WATER: Early Termination Amount to be Known Soon
---------------------------------------------------------
The amount due the Maynilad Water Services, Inc. from the
Metropolitan Waterworks and Sewerage System-Regulatory Office
will soon be know, says Business World.

MWSS-RO chief Eduardo C. Santos told the paper recently that it
had already short-listed several local auditors, which will be
tasked to determine the amount to be paid to Maynilad for early
termination of its water concession contract.  He declined to
identify the auditors.

On December 9, MWSI applied for early termination of its
concession contract with MWSS after its efforts to make the
concession viable failed.  MWSI cited six grounds for early
termination:

(1) MWSS violation of the concession agreement,

(2) non-implementation of rate adjustment,

(3) ignoring MWSS board resolution in relation to MWSI payment
    of concession fees,

(4) non-cooperation with MWSI,

(5) unreasonable MWSS demands upon MWSI on concerns of term
    lenders, and

(6) MWSS noncompliance with its obligations under the
concession
    agreement.


NATIONAL STEEL: Rescue Vehicle Applies for Registration
-------------------------------------------------------
The Philippine Securities and Exchange Commission confirms that
a special purpose asset vehicle of the National Steel Corp. has
applied for registration with the regulator.

The Philippine Star says the creation of the new company is
part of the firm's plan to restart operations after being idle
for a little over three years now.  According to SEC Chairman
Lilia R. Bautista, the shell corporation will be named
Philippine Newsteel Industry Inc. and will own the P20 billion
worth of assets of the debt-saddled steel firm.

Among the assets that will be transferred to the special asset
vehicle are the movable equipment and real properties directly
used for plant operations, all of which are mortgaged to NSC's
creditor banks under a mortgage trust indenture, the paper
said.

The establishment of the SPAV follows the signing of a
memorandum of agreement between NSC's major shareholder,
Hottick Investments Ltd., and creditor-banks with respect to
the disposition of the steel maker's assets and liabilities.

Under the MOA signed last month, one or more special purpose
asset vehicles may be organized to acquire, hold, operate or
lease out the Iligan plant, which has remained idle for three
years now, the paper said.  As a result of the MOA, creditor-
banks now own 80 percent, bringing down Hottick's stake in the
steel firm to 20 percent from 82.5 percent.

The agreement provides that the chief operating officer and the
chief financial officer of the SPAV must be selected by NSC's
secured creditors subject to the concurrence of Hottick while
all other officers shall be elected with the conformity of
shareholders representing at least 67 percent of the
outstanding capital of the SPAV.  The SPAV shall assume the P2-
billion loan obligations of NSC to its secured creditors. It
will be structured in a manner that will allow secured
creditors to effectively convert their loan receivables from
NSC into equity in the SPAV, the paper said.  

Trade and Industry Secretary Manuel Roxas II, said earlier he
expected the Iligan plant to resume operations by the middle or
the end of January next year.  Mr. Roxas said the new investor
in NSC would need between P1.5 billion and P2-billion to
restart the firm's plant. The money would be used as initial
working capital and to finance the refurbishment of the factory
back to efficient levels.

Meanwhile, investors reportedly want tariff protection for NSC
products as a condition before bidding for the mothballed steel
firm.

John K.C. Ng, chairman of the Cathay Group of Companies, told
the Philippine Star recently that it would be interested in
bidding anew for NSC only if the government commits to provide
tariff protection for NSC.

The commitment, Mr. Ng insists, must be included in the
contract so that the government cannot back out from extending
the tariff protection. Without the tariff protection, Mr. Ng
explained, investors will not likely make an offer for NSC.

Cathay Pacific Steel Corp., along with Allengoal Steel and
Trading and Voest Alpine are among the interested
bidders/operator of NSC.


PHILIPPINE REALTY: Seeking Debt Payment Suspension
--------------------------------------------------
Struggling property developer Philippine Realty & Holdings
Corp. plans to seek a debt moratorium on its PHP3.8 billion of
obligations, while it seeks a court-administered
rehabilitation.

Citing a disclosure to the Philippine Stock Exchange last week,
Philippine Daily Inquirer said the company will soon file a
court petition seeking suspension of debt payments.  Aside from
this the company is also considering paying creditors in kind
(or dacion en pago), converting obligations to equity and
restructuring the obligations.

Last week the company's board of directors agreed to amend the
firm's articles of incorporation and bylaws, change the
authorized capital stock, issue bonded indebtedness and modify
shareholders' rights, the report said.
      
A petition for the suspension of debt payments intends to
protect any company, which is facing financial problems, from
creditors, which may scramble for its assets. A court-assisted
rehabilitation paves the way for the restructuring of
obligations to restore the company's financial health, the
paper said.  Accordingly, as a rule of thumb, the suspension of
debt payments is usually allowed for companies with sufficient
assets to cover debts. A company that has fallen into
bankruptcy - or without enough assets to pay for liabilities -
undergoes liquidation.
      
The paper said Philrealty has PHP6.2 billion in assets, of
which PHP2.4 billion consisted of stockholders' equity.  Among
its projects, which is involved mainly in high-end and high-
rise property developments, were the Philippine Stock Exchange
towers and the Alexandra condominiums in the Ortigas central
business district.
  
The report said the company's operations in the past four years
have been severely affected by the slump in the property
sector. It was hit by the continued decline in sales that was
compounded by the rising interest rates brought about by the
1997 Asian currency crisis.
      
"The property market depends heavily on bank financing for its
growth, but the economic crisis not only brought prohibitive
lending rates but also restricted credits to the real estate
industry," Philrealty said in its latest management discussion
submitted to the PSE as of September 30.
      
"Although nominal interest rates have been on a downtrend,
banks remain very selective in lending to the real estate
sector and buyers are still reluctant to buy because of the
economic uncertainties," it stressed.
      
For the first nine months of this year, Philrealty incurred a
consolidated net loss of P168 million. For the year 2001, its
losses hit P812 million.  The company has been operating in the
red since 1997, the paper said.



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


LIANG HUAT: OKs Banking Facilities Restructuring
------------------------------------------------
Further to a series of earlier announcements on negotiations
between Liang Huat Aluminium Limited and its principal bankers,
namely Malayan Banking Berhad and United Overseas Bank Limited
relating to the restructuring of banking facilities totaling
S$110 million, the Company announced that its principal bankers
have given their written approval to the restructuring plan
proposed by the Company.

The restructured facilities and the new repayment schedules are
as follows:

1. Working Capital Line of S$40 million.

The Working Capital Line will consist of:

(a) Overdraft Facility of S$20 million, with interest at prime
rate.

(b) Trade Financing of S$20 million, comprising of Letters of
Credit, Trust Receipts, Bankers' Guarantees, Bills Exchange
Purchased and other related facilities at prime interest rate.

2. Three-year Term Loan of S$20 million.

Repayment consists of a bullet payment by 31 December 2005. The
interest rate shall be SWAP plus 2 percent p.a.

3. Five-year Term Loan of S$20 million.

Repayment shall be in six semi-annual installments, starting
from 30 June 2005. The interest rate shall be SWAP plus 2
percent p.a.

4. Five-year Convertible Bond of S$30 million.

The Bond is convertible into 300 million new shares of Liang
Huat Aluminium Limited at par value of ten cents per new share.
The principal banks shall grant a call option to Mr Peter Tan
Yong Kee, the Managing Director of the Company, to buy back the
Convertible Bond at its par value.

With the restructuring of the above banking facilities, the
Group will improve its working capital position, and will also
significantly reduce current liabilities in the Balance Sheet.

As part of the restructuring exercise, the Group will divest
some of its non-core assets, such as property and investment, to
further lighten the Group's Balance Sheet and improve its
working capital.


NATSTEEL LTD.: Approves Smaller Payout for Shareholders
-------------------------------------------------------
NatSteel Ltd. will only give shareholders 97 Singapore cents a
share, way below the dividend Oei Hong Leong had suggested
earlier, Dow Jones Newswires said yesterday.

The firm's single largest shareholder, Mr. Oei had asked the
company to distribute SG$1.55 a share after NatSteel sold its
stakes in NatSteel Broadway Ltd. last year and in affiliate
NatSteel Brasil this year.

On Friday, however, the company said Mr. Oei's suggestion isn't
"commercially viable."  Instead, the company will offer 70
Singapore cents a share in dividends "as soon as reasonably
possible in early 2003," while the other 27 Singapore cents
could be offered after NatSteel's ownership is clearer.  

The ambiguity about who eventually will own NatSteel has led to
some banks withdrawing or reviewing lending, potentially
affecting NatSteel's financial position, the newswire said.  

The company earned SG$587 million from disposing of the two
assets, but only SG$258 million can be distributed soon.  
NatSteel needs some SG$156 million in capital expenditures and
also wants to set aside SG$100 million in reserves to pay its
debt, which amounted to SG$131 million on September 30, the
company told Dow Jones.

Mr. Oei's demand for a SG$1.55 dividend would create
"operational difficulties," would leave the company short of
funds to pay debt and would cause the company to miss
investment opportunities.  The uncertainty also could hurt its
relationship with suppliers, NatSteel said.

A potential owner, Mr. Oei, who has accumulated a 29.79% stake
in NatSteel through his investment vehicle Sanion Enterprises
Ltd., had said last week he didn't plan to make a general offer
for the steel-maker.



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


BAN-CHANG GROUP: Files Business Reorganization Petition
-------------------------------------------------------
Ban-Chang Group Public Company Limited (DEBTOR), engaged in
real estate development, filed its Petition for Business
Reorganization to the Central Bankruptcy Court:

   Black Case Number 709/2544

   Red Case Number 590/2544

Petitioner : BAN-CHANG GROUP PUBLIC COMPANY LIMITED BY MR.
ANUSORN PURINTRAMART, THE AUTHORIZED PERSON

Debts Owed to the Petitioning Creditor : 3,394,422,271.80 Baht

Date of Court Acceptance of the Petition : July 25, 2001

Date of Examining the Petition : August 20, 2001 at 9.00 A.M.

Court had issued an Order not accepting the Petition for
Business Reorganization

Contact : The Central Bankruptcy Court Tel, 2861150


BIG C: Affected From Subsidiary's Winding Up, Liquidation
---------------------------------------------------------
Big C Supercenter Public Company Limited, in regards to the
winding up and liquidation of Ubol Big C Company Limited, in
which the Company is a majority shareholder, announced that it
would reduce its total expenses and increase the efficiency on
its operation.

The Subsidiary Company had finished the registration to winds up
and liquidated itself with the Commercial Registration
Department on 29th November 2002.

From such liquidation, the company's consolidated asset has been
affected. The Subsidiary Company has returned the investment
capital to the Company at the amount of Bt78,120,000 in total.


PREMIER ENTERPRISE: Registers Paid-Up Capital   
---------------------------------------------
Premier Planner Company Limited, as the Plan Administrator of
Premier Enterprise Public Company Limited, reported that PE has
now registered its paid-up capital increase from Bt 800,000,000
to Bt2,981,725,550 through conversion of Debt to Equity.  

The registration has been made with the Ministry of Commerce on
11 December 2002.


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

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