/raid1/www/Hosts/bankrupt/TCRAP_Public/021227.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

           Friday, December 27, 2002, Vol. 5, No. 255

                         Headlines

A U S T R A L I A

AQUARIUS PLATINUM: Placed in FTSE 250 Index
CHROME GLOBAL: Director He Jun Resigns From Post
CRANSWICK PREMIUM: Court OKs Convening of Scheme Meetings
CTI COMMUNICATIONS: Exercise of Options Expiring 30 June 2006
POWERLAN LIMITED: Executes Deed of Company Arrangement

SUPERSORB ENVIRONMENTAL: Welcomes New Board Members
TELEVISION & MEDIA: Ends Business Restructuring Negotiations
WESTERN METALS: Posts Revised Financing Agreement Update
WESTERN METALS: Releases Change of Director`s Interest Notice


C H I N A   &   H O N G  K O N G

401 HOLDINGS: Hires Kingston Securities for Odd Lots Services
ASIACONTENT.COM: Terminates JV Agreement With MTV Networks
ASIA TELE-NET: H102 Net Loss Widens on Increased Provisions
CHINA EAGLE: Operations Loss Swells to HK$10.2M
EHEALTHCAREASIA: Reduces H102 Net Loss to HK$6.11M

KEENRICH COMPANY: Winding Up Petition Pending
KIN LEE: Winding Up Sought by Lai Chun
MAJORWORLD LIMITED: Winding Up Petition Slated for Hearing
METAO NETWORK: Winding Up Hearing Scheduled in January


I N D O N E S I A

SALIM GROUP: IBRA Fails to Sell Assets


J A P A N

HITACHI LIMITED: Selling Air Separation Plants to Nippon
KIA MOTORS: Recalling 242,250 Sephia Units
MAZDA MOTOR: Production and Sales Results in November
MITSUBISHI MOTORS: Reaches Agreement With DaimlerChrysler
SBC KK: Court Approves Special Liquidation

SUMITOMO METAL: 'Bpi' Rating Not Affected by New Share Issuance
SUMITOMO MITSUI: Merger Plans Don't Affect BBB Rating
SUMITOMO MITSUI: Merging Two Banking Units Next Year
TAMON SHUZO: Beverage Firm Applies For Rehabilitation
TOMEN CORPORATION: Shares Up 10% on Thursday

UFJ BANK: Gets US$833M Capital Injection From Merrill Lynch
UFJ BANK: S&P Affirms BBB Rating On Restructuring
UFJ GROUP: Unveils Accelerated Business Reform Plan


K O R E A

CHOHUNG BANK: Burdened With US$1.24B in Insolvent Obligations
CHOHUNG BANK: Potential Bad Debt Reaches US$914.4M
CHOHUNG BANK: Shinhan Financial Prime Bidder for Bank
DAEWOO ELECTRONICS: French Union Kidnaps Executives
HYNIX SEMICONDUCTOR: Creditors Set Meeting on December 30

HYNIX SEMICONDUCTOR: Latest Asset Sale May Disintegrate


M A L A Y S I A

AMSTEEL CORPORATION: Resolutions Approved at 27th AGM
DATAPREP HOLDINGS: KLSE Grants ICULS-3 Conversion Listing
IDRIS HYDRAULIC: Lawyers Negotiating Tahan's Debt to Gordian
MALAYSIAN RESOURCES: Court Adjourns Hearing to February 18
NALURI BERHAD: Special Administrators Appointed

PAN MALAYSIA: CSM's Liquidator Sells Property for RM7M
PANGLOBAL BERHAD: Announces November Timber Production
PLUS EXPRESSWAYS: Redeems Partial BBA Serial Bonds
QUALITY CONCRETE: Details Securities Disposal, Acquisition
REPCO HOLDINGS: All Resolutions Duly Passed at 12th AGM

SATERAS RESOURCES: Default Triggers Winding Up Petition
SELOGA HOLDINGS: Appoints Messrs Deloitte KassimChan as Auditor
SOUTH MALAYSIA: FIC Extends Time to Up Bumiputera Shareholding
TAI WAH: Director Al-Yafii Withdraws Re-election Consent
TECHNO ASIA: SC Grants Proposal Conditional Approval

TONGKAH HOLDINGS: Receives Bonds B Default Notice
UH DOVE: SC Grants Proposals Implementation Time Extension
YCS CORPORATION: Provides Additional ICULS Information


P H I L I P P I N E S

NATIONAL BANK: Court Transfers Plaza Ownership to Bank
NATIONAL BANK: Adjustment Price of Warrants
NATIONAL POWER: Temporarily Shutters Masinloc Power Plant
PHILIPPINE LONG: Workers Strike on Christmas Eve
PHILIPPINE LONG: Employees Hold Talks With Management Today


S I N G A P O R E

CHEW EU: Clarifies Annual Report
ECON INTERNATIONAL: Widens Net Loss to S$31.95M
NATSTEEL LIMITED: Posts Notice of Shareholder's Interest
NATSTEEL LTD: SGD1.55 Dividend Payout "Not Commercially Viable"


T H A I L A N D

ADVANCE PAINT: Tender Offer Rumor Not True
BANGCHAK PETROLEUM: Govt's Reorganization Decision Due Soon
PROPERTY PERFECT: Reports Rehab Plan Implementation Progress
RAIMON LAND: SET Adds New Listed Securities
SANDCHEMICAL INDUSTRY: Files Business Reorganization Petition

SHIN CORPORATION: Restructures E-Business
UNITED COMMUNICATION: Sells, Liquidates Subsidiaries

* DebtTraders Real-Time Bond Pricing

     -  -  -  -  -  -  -  -  -

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


AQUARIUS PLATINUM: Placed in FTSE 250 Index
-------------------------------------------
Aquarius Platinum Limited announced that at the Review of the
FTSE Actuaries Share Indices on 11 December 2002, Aquarius was
accepted for inclusion into the FTSE 250, being ranked at number
322 overall (FTSE 100 companies are excluded from the FTSE
250). Constituent changes to the index are effective from 23rd
December 2002.

Further, Aquarius advises that it has commenced the process to
seek application for its shares to trade on the CREST system in
the form of Depository Interests. This will enable shareholders
to trade Aquarius shares in a dematerialised form. It is
anticipated that this will be available to shareholders by
February 2003.

Wrights Investors' Service reports that at the end of 2001,
Aquarius Platinum Limited had negative working capital, as
current liabilities were A$201.14 million while total current
assets were only A$127.19 million.


CHROME GLOBAL: Director He Jun Resigns From Post
------------------------------------------------
Chrome Global Limited announced the resignation of Mr He Jun as
a Director. The Board wishes to thank Mr He Jun for his efforts
since his appointment.

Wrights Investors' Service reports that at the end of 2002,
Chrome Global had negative working capital, as current
liabilities were A$352,499.00 while total current assets were
only A$238,129.00. The Company has paid no dividends during the
during the previous 2 fiscal years and reported losses during
the previous 12 months.


CRANSWICK PREMIUM: Court OKs Convening of Scheme Meetings
---------------------------------------------------------
Cranswick Premium Wines Limited announced Thursday that the
Federal Court of Australia has approved the convening of the
scheme meetings in connection with the proposed merger with
Evans & Tate Limited.

The Record Date for Cranswick Shareholders, Employee
Optionholders and Noteholders to be eligible to vote on the
scheme is 6 January 2003. The Explanatory Statement will be
dispatched to Cranswick Shareholders, Employee Optionholders and
Noteholders no later than 13 January 2003 with the scheme
meetings to be held on Monday 17 February 2003 at Exchange
Square Auditorium, Exchange Square, 18 Bridge Street Sydney
commencing at 9:00 a.m.


CTI COMMUNICATIONS: Exercise of Options Expiring 30 June 2006
-------------------------------------------------------------
CTI Communications Limited (CTI) recently announced that it has
entered an agreement to acquire Tritton Resources Limited
(Tritton Acquisition). As part of the Tritton Acquisition, CTI
intends undertaking a one for six consolidation of CTIs capital
followed by a one for one bonus issue of fully paid ordinary
shares.

At this stage, the directors intend setting the record date for
the bonus issue at no earlier than 30 January 2003. The purpose
of this letter is to remind you that, as a holder of CTI options
expiring 30 June 2006 (Options), optionholders will need to
exercise its Options by the record date to be entitled to
participate in the bonus issue. If holders do not exercise your
Options on or before the record date you will not be entitled to
participate in the bonus issue. The directors do not intend to
proceed with the bonus issue if they consider that completion of
the Tritton Acquisition will not proceed.

CTI recommends that optionholders elect to exercise its Options
on or before the record date in order to participate in the
bonus issue and maximize your position in CTI.


POWERLAN LIMITED: Executes Deed of Company Arrangement
------------------------------------------------------
Powerlan Limited advised that it has executed a deed of company
arrangement in respect to the voluntary administration of ACN
056 159 963 Pty Ltd formerly known as Powerlan (Qld) Pty Ltd,
whereby Powerlan Limited will pay $5m over a 2.5 year period.

Powerlan will fund this from the proceeds of asset sales
currently being negotiated (approx $2.6m), while the balance
($2.4m) will be paid via operational cash flow at a rate of
$100,000 per month commencing July 2003.

The majority of the debt arose from the payments made by ACN 056
159 963 Pty Ltd to the secured creditor, the ANZ Bank. As a
result of the subrogation the charge previously held by the ANZ
Bank will be assigned to ACN 056 159 963 Pty Ltd until the deed
of company arrangement is effectuated.

Powerlan's Managing Director, Theo Baker, commented "The
execution of this deed of company arrangement brings certainty
and closure to a previously difficult situation. The payments to
ACN 056 159 963 Pty Ltd have been budgeted for and are well
within Powerlan's cash flow expectations. We can now put
Powerlan (QLD) behind us and focus on our vision of building a
global software leader."

CONTACT INFORMATION: Theo Baker
                     MANAGING DIRECTOR
                     Phone: 612 9925 4602
                     email: tbaker@powerlan.com.au
                     www.powerlan.com.au


SUPERSORB ENVIRONMENTAL: Welcomes New Board Members
---------------------------------------------------
The Directors of Supersorb Environmental NL are pleased to
announce that Mr Bradley Sounness and Mr Martin Shuttleworth
were appointed to the Board of Supersorb Environmental NL on
Monday 23 December 2002. These appointments have been made in
accordance with the conditions of the Deed of Company
Arrangement entered into between Supersorb Environmental NL,
Supersorb Minerals NL, Quangi Pty Ltd and the Joint and Several
Administrators of Supersorb Minerals NL, who have subsequently
been discharged.

As previously advised, interim Directors Mr Phillip Mellon and
Mr Chris Brampton have stepped down from the Board. The Board
thanks Messrs Mellon and Brampton for their contribution over
the last four weeks during which time the Group has seen the
Administrators discharged from Supersorb Minerals NL

Messrs Sounness and Shuttleworth have also been appointed to the
Boards of wholly-owned subsidiary Companies Supersorb Minerals
NL and Australian Diatomite Mining Pty Ltd. The Boards of all
three Companies now consist of three Directors, Messrs Sounness
and Shuttleworth and Dr Tony Parry

CONTACT INFORMATION: Dr T Parry
                     CHIEF EXECUTIVE OFFICER
                     1800 227 672


TELEVISION & MEDIA: Ends Business Restructuring Negotiations
------------------------------------------------------------
Television & Media Services Limited announced Thursday that it
has completed negotiations to restructure its business
operations as follows:

   * TMS has transferred all of the shares in the under
performing Val Morgan and MEG Australian, New Zealand and South
American cinema advertising businesses (Advertising Businesses)
to major creditors of the Advertising Business (being the cinema
exhibitors Hoyts, Greater Union and Village) in return for the
release of existing and future liabilities under cinema
advertising agreements.

   * As previously announced, TMS is in the process of
withdrawing from the Singapore screen advertising business. In
line with the restructuring of TMS, a decision has been made to
similarly withdraw from the Hong Kong screen advertising
business immediately.

   * TMS has entered into the following agreements with its
bankers, ANZ, as well as its major shareholders, PBL and TEN, to
restructure TMS's remaining core production and broadcasting
business:

     * ANZ, PBL and TEN have each agreed to subscribe for TMS
shares at 2.5 cents to the total value of $13.9 million.

     * PBL and TEN have provided limited guarantees of TMS's
obligations to the ANZ of up to approximately $13 million. If
the guarantees are called on during the next 3 years then the
debt of TMS to PBL and TEN may be capitalized to the extent of
the call at the option of PBL or TEN at 2.5 cents per TMS share.

     * TMS has agreed to grant each of PBL, TEN and ANZ 50
million 4 year options to subscribe for TMS shares exercisable
at 3 cents.

The above agreements are all subject to TMS shareholder approval
and any necessary regulatory approvals.

   * TMS will make a rights issue to all shareholders offering
(at 2.5 cents per share) 5 new shares for every 2 shares
currently held. The terms of the rights offer have changed from
the proposal previously announced. This reflects TMS's change in
circumstances and the agreement by major shareholders to
participate in the rights offer.

TMS considers that the revised terms offer TMS, and consequently
its shareholders a potential for greater returns.

   * The rights issue will not be underwritten, however PBL, TEN
and CPH have entered into agreements with TMS committing to take
up their rights under the rights offer.

   * The shares offered under the rights issue will not have
attached options to subscribe for further shares.

   * TMS intends that the rights issue prospectus and an
explanatory memorandum in respect of the rights issue and
recapitalization will be sent to TMS shareholders for their
consideration in the first calendar quarter of 2003.

The TMS board looks forward to finalizing the restructure and
recapitalization with the support of TMS shareholders.


WESTERN METALS: Posts Revised Financing Agreement Update
--------------------------------------------------------
The Western Metals Group advises that documentation of the
revised credit arrangements with its principal Financiers, as
foreshadowed in WML's ASX announcement of 25 November 2002,
continues to progress positively and the Directors are confident
and reasonably expect that these arrangements will be formally
concluded and documented by the first week in the New Year.

One material change to the revised credit terms is that the
Company will no longer be obliged to issue Options equivalent to
10% of the Company's issued share capital to the participating
Noteholders (a facility fee is to be substituted therefore).
This will minimize dilution of the Company's equity base arising
from these revised credit arrangements.

The Company will keep the market informed upon completion of
these revised credit arrangements.

CONTACT INFORMATION: Geoff Wedlock
                     MANAGING DIRECTOR & CEO
                     David Fowler
                     CFO & COMPANY SECRETARY
                     Ph 61 8 9221-2555


WESTERN METALS: Releases Change of Director`s Interest Notice
-------------------------------------------------------------
Western Metal Limited posted this notice:

           CHANGE OF DIRECTOR'S INTEREST NOTICE

   Name of Company          Western Metals Limited

   ABN                      69 009 150 618

We (the entity) give the ASX the following information under
listing rule 3.19A.2 and as agent for the director for the
purposes of section 205G of the Corporations Act.

   Name of Director         Geoffrey Lloyd Wedlock

   Date of last notice      04/01/2002


Part 1 - Change of director's relevant interests in securities

Direct or indirect interest             Indirect

Nature of indirect interest
(including registered holder)     1. Triglow Nominees P/L
                                  (ATF the Wedlock
                                  Superannuation Fund), holder
                                  of 770,000 ordinary shares

                                  2. Keypalm P/L (ATF the
                                  Wedlock Family Trust), holder
                                  of 15,000,000 unlisted
                                  options.

Date of change                    23/12/2002

No. of securities held prior
to change                         770,000 ordinary shares

Class                             Unlisted options

Number Acquired                   5,000,000 Tranche A Options
                                  (5c/30/11/2007)
                                  5,000,000 Tranche B Options
                                  (7c/30/11/2007)
                                  5,000,000 Tranche C Options
                                  (9c/30/11/2007)

Number disposed                         Nil

Value/consideration                     Nil

No. of securities held after
change                            770,000 ordinary shares
                                  15,000,000 unlisted options

Nature of change                  Issue of options as
                                  approved by resolution at
                                  AGM on 27/11/2002.

Part 2 - Change of director's relevant interests in contracts

Detail of contract                      Nil

Nature of direct interest               -

Name of registered holder
(if issued securities)                  -

Date of change                          -

No. and class of securities to which
interest related prior to change        -

Interest Acquired                       -

Interest disposed                       -

Value/consideration                     -

Interest after change                   -


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


401 HOLDINGS: Hires Kingston Securities for Odd Lots Services
-------------------------------------------------------------
401 Holdings Limited informed that in order to alleviate the
difficulties arising from the existence of odd lots of the
Consolidated Ordinary Shares as a result of the Capital
Reorganization, the Company has procured Kingston Securities
Limited to stand in the market to provide matching services on a
best efforts basis for the sale and purchase of odd lot
Consolidated Ordinary Shares by the odd lots holders of such
shares at their own cost during the period from Thursday, 12
December, 2002 to Tuesday, 7 January, 2003 (both dates
inclusive) to make up a full board lot or to dispose of their
holdings of odd lots of Consolidated Ordinary Shares.

Holders of odd lots of the Consolidated Ordinary Shares who wish
to take advantage of this facility either to dispose of their
odd lots of the Consolidated Ordinary Shares or to top up their
odd lots to a full board lot of 20,000 Consolidated Ordinary
Shares may contact Ms. Rosita Kiu of Kingston Securities Limited
at Suite 2801, 28/F, One International Finance Centre, 1 Harbour
View Street, Central, Hong Kong (telephone no. (852) 2298 6215)
as soon as possible starting from Thursday, 12 December 2002 to
Tuesday, 7 January, 2003 (both dates inclusive).

Holders of odd lot Consolidated Ordinary Shares should note that
matching of odd lots is not guaranteed.


ASIACONTENT.COM: Terminates JV Agreement With MTV Networks
----------------------------------------------------------
Asiacontent.com, Ltd. announced Tuesday that it had reached
agreement with MTV Networks, its joint venture partner, to
terminate the parties' joint venture. The joint venture, Asia
On-Line Entertainment, Ltd., has provided on-line promotions to
youth in Korea, China, Taiwan, Southeast Asia and India since
2000. MTV Networks is a division of Viacom International, Inc.

Pursuant to the agreement between the Company and MTV Networks,
MTV Networks will transfer its shares in the joint venture to
the Company. The joint venture entity will then enter voluntary
liquidation in its jurisdiction of incorporation. Closing on the
share transfer, and the entry of the joint venture entity into
voluntary liquidation, are expected to occur within the next
several weeks.

After the closing of the share transfer, BDO International, the
Company's liquidator, expects to deliver a progress report to
shareholders concerning the status of the liquidation.

As previously announced, the Company commenced voluntary winding
up and liquidation on July 10, 2002.


ASIA TELE-NET: H102 Net Loss Widens on Increased Provisions
-----------------------------------------------------------
Asia Tele-net And Technology Corp Ltd (670.HK) said its net loss
widened in the first half to September compared to a year
earlier, partly due to provisions on property and a HK$44.441
million extraordinary disposal gain booked in the corresponding
period of last year, AFX-Asia reports.

Below is a detailed financial report year end date 31/03/2003:

(stock code: 00679 )
Year end date: 31/03/2003
Currency: HKD
Auditors' Report: N/A
Review of Interim Report by: Both Audit Committee and Auditors
                                               (Unaudited )
                            (Unaudited )       Last
                             Current            Corresponding
                             Period             Period
                             from 01/04/2002    from 01/04/2001
                             to 30/09/2002      to 30/09/2001
                             Note  ('000)       ('000)
Turnover                           : 181,552            172,078
Profit/(Loss) from Operations   1  : (84,939)           (78,049)
Finance cost                       : (3,379)            (3,725)
Share of Profit/(Loss) of
  Associates                       : (2,011)            (209)
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A
Profit/(Loss) after Tax & MI       : (94,029)           (27,754)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)    2  : (0.017)            (0.0053)
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (94,029)           (27,754)
Interim Dividend                   : N/A                N/A
  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:

ASIA TELE-NET AND TECHNOLOGY
CORPORATION LIMITED
(incorporated in Bermuda with limited liability)

Interim Financial Report
For the six months ended 30 September 2002

CONDENSED CONSOLIDATED INCOME STATEMENT
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2002

        Six months ended
   NOTES 30.9.2002 30.9.2001
    (unaudited) (unaudited)
    HK$'000  HK$'000

Turnover   181,552  172,078
Cost of sales   (137,196) (139,370)
    ________ ________
Gross profit   44,356  32,708
Bad debts recovered  5,526  -
Other operating income   4,177  1,988
Distribution costs  (18,771) (21,155)
Administrative expenses  (53,432) (70,493)
Other operating expenses (4,400)  (1,833)
Allowance for bad and
doubtful debts   (3,178)  (17,047)
Net unrealized loss on
other investments  (23,366) (5,122)
Net realized (loss) gain
on other investments  (1,070)  2,905
Loss on resumption of
properties held for
development by
government   (2,081)  -
Impairment loss
recognized in respect
of property,plant
and equipment   (32,700) -
    ________ ________
Loss from operations  (84,939) (78,049)
Gain on partial disposal
of a subsidiary  -     44,441
Finance costs - interest (3,379)  (3,725)
Impairment loss recognized in
respect of goodwill arising
on acquisition of a
subsidiary   (5,500)  -
    ________ ________
    (93,818) (37,333)
Share of results of an
associate   (2,011)  (209)
    ________ ________
Loss before taxation  (95,829) (37,542)
Taxation (charge) credit  (1,899)  2,174
    ________ ________
Loss after taxation  (97,728) (35,368)
Minority interests  3,699  7,614
    ________ ________
Net loss for the period  (94,029) (27,754)
    ________ ________
    ________ ________
Loss per share
   Basic   1.7 cents  0.53 cents
    _________ _________
    _________ _________

1. LOSS FROM OPERATIONS
      Six months ended
     30.9.2002  30.9.2001
      HK$'000    HK$'000
Loss from operations has been arrived at
after charging (crediting):

Depreciation of property, plant and equipment  8,114    5,160
   Amortization of goodwill
   (included in administrative expenses)   1,360    2,221
   Amortization of intangible assets
   (included in administrative expenses)      13       13
Total depreciation and amortization   9,487    7,394
Loss (gain) on disposal of property,
plant and equipment       250    (298)
            _____    _____

2. LOSS PER SHARE

The calculation of the basic loss per share is based on the loss
for the six months ended 30 September 2002 of approximately
HK$94,029,000 (six months ended 30.9.2001: HK$27,754,000) and
the weighted average number of 5,529,268,000 (six months ended
30.9.2001: 5,267,338,601) shares in issue during the period.

No diluted loss per share has been presented for the six months
ended 30 September 2002 because the exercise price of the
Company's share options was higher than the average market price
of shares for the period.

No diluted loss per share has been presented for the six months
ended 30 September 2001 as the exercise of the Company's share
options would result in reduction of the loss per share.


CHINA EAGLE: Operations Loss Swells to HK$10.2M
-----------------------------------------------
The Interim Financial Report with a year end date of 31 March
2003 of China Eagle Group Company Limited released announced on
19 December 2002:

Currency: HKD
Auditors' Report: N/A
Review of Interim Report by: Both Audit Committee and Auditors
                                                 (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                           : 4,091              2,823
Profit/(Loss) from Operations      : (10,260)           (4,333)
Finance cost                       : (504)              (96)
Share of Profit/(Loss) of
  Associates                       : (19)               N/A
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A
Profit/(Loss) after Tax & MI       : (10,783)           (5,041)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.0066)           (0.0245)
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (10,783)           (5,041)
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:

The calculation of basis loss per share is based on the
unaudited consolidated loss attributable to members of
HK$10,783,456 (2001: HK$5,040,952) and on the weighted average
number of 1,618,303,500 shares(2001: 206,100,120 shares) in
issue during the period.


EHEALTHCAREASIA: Reduces H102 Net Loss to HK$6.11M
--------------------------------------------------
ehealthcareasia Ltd booked a net loss of HK$6.111 million in the
six months to September this year compared to a net loss of
HK$270.905 million a year earlier. Sales dropped to HK$9.052
million from HK$23.174 million, mainly due to an earlier move to
discontinue certain non-core businesses to concentrate on
profitable activities. The operating loss was HK$4.353 million,
compared with a loss of HK$271.267 million.

Below is the Company's Interim Report reviewed by both Audit
Committee and Auditors released on 19 December 2002:

(stock code: 00835 )
Year end date: 31/03/2003
Currency: HKD
Auditors' Report: N/A

                                                (Unaudited)
                             (Unaudited)        Last
                             Current            Corresponding
                             Period             Period
                             from 01/04/2002    from 01/04/2001
                             to 30/09/2002      to 30/09/2001
                             Note  ('000)       ('000)
Turnover                           : 9,052           80,197
Profit/(Loss) from Operations      : (4,353)         (271,267)
Finance cost                       : (1,758)         (2,976)
Share of Profit/(Loss) of
  Associates                       : 0                  0
Share of Profit/(Loss) of
  Jointly Controlled Entities      : 0                  0
Profit/(Loss) after Tax & MI       : (6,111)         (270,905)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.014)          (0.954)
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (6,111)         (270,905)
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

                                   Six months ended 30 September
                                        2002            2001
                                        HK$'000         HK$'000

(Restated)
Turnover -  Continuing operations      9,052          23,174
         -  Discontinued operations       -           57,023
                                     ----------      ----------
                                      9,052          80,197

                                     ======         ======
Loss from operations - Continuing operations (4,353)  (151,766)
                     - Discontinuing operations  -    (119,501)
                                     ----------    ----------
                                     (4,353)       (271,267)
                                     =======      ==========

(2)     Loss per share

The calculation of basic loss per share is based on the net loss
from ordinary activities attributable to Shareholders for the
period of HK$6,111,000 (2001: HK$270,905,000) and the weighted
average of 442,325,172 ordinary shares (2001: 283,965,415
ordinary shares, as restated to reflect the consolidation of the
shares of the Company effective on 21 December 2001 as further
detailed in a circular of the Company dated 27 November 2001) in
issue during the period.

No diluted loss per share is presented for the six months ended
30 September 2002 and 2001, as the effect of the Company's
potential ordinary shares outstanding during those periods was
anti-dilutive.

(3)     Comparative amounts

Due to the adoption of certain new and revised Statements of
Standard Accounting Practice during the current period, the
accounting treatment and presentation of certain items and
balances in the interim financial statements have been revised
to comply with the new requirements.

Accordingly, a prior year adjustment has been made and certain
comparative amounts have been reclassified/restated to conform
with the current period's presentation.


KEENRICH COMPANY: Winding Up Petition Pending
---------------------------------------------
Keenrich Company Limited is facing a winding up petition, which
is slated to be heard before the High Court of Hong Kong on
January 22, 2003 at 9:30 in the morning.

The petition was filed on November 11, 2002 by Lam Wong Hing of
Room 1119, 11/F., Tin Kin House, Tin Wan Estate, Aberdeen, Hong
Kong.  Tam Lee Po Lin, Nina represents the petitioner.


KIN LEE: Winding Up Sought by Lai Chun
--------------------------------------
Lai Chun Kau is seeking the winding up of Kin Lee Ko
Construction Company Limited. The petition will be heard before
the High Court of Hong Kong on February 5, 2003 at 9:30 in the
morning.

Lai Chun of Room 2318, 23/F., Yiu Chak House, Tin Yau (2)
Estate, Tin Shui Wai, New Territories, Hong Kong filed the
Petition on November 27, 2002.

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.


MAJORWORLD LIMITED: Winding Up Petition Slated for Hearing
----------------------------------------------------------
The petition to wind up Majorworld Limited is scheduled for
hearing before the High Court of Hong Kong on January 8, 2002 at
9:30 in the morning.  The petition was filed with the court on
October 28, 2002 by Shiu Man Yin of Room 2305, Kwong Lai House,
Kwong Fuk Estate, Kwong Fuk Road, New Territories, Hong Kong.


METAO NETWORK: Winding Up Hearing Scheduled in January
------------------------------------------------------
The High Court of Hong Kong will hear on January 22, 2003 at
9:30 in the morning the petition seeking the winding up of Metao
Network Transportation Company Limited.

Lee Ping Wai of G/F., 56A Lung Mei Village, Ting Kok Road, Tai
Po, New Territories, Hong Kong filed the petition on November
11, 2002.  Tam Lee Po Lin, Nina represents the petitioner.

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


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


SALIM GROUP: IBRA Fails to Sell Assets
--------------------------------------
The Indonesian Bank Restructuring Agency has been unable to sell
assets of the Salim Group, which were to be sold before the end
of the year, Asia In Focus reports.

Almost all bidders for the assets offered a price far below the
floor price set by the agency.

   * Among the twelve prospective investors bidding for the six
former subsidiaries of the Salim Group, only PT Tantama Sentosa
came up with an offer slightly above the floor price.

   * The Salim Group has pledged more than 100 subsidiaries to
IBRA in compensation for its debt of around Rp53 trillion (US$6
billion) to the government.


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


HITACHI LIMITED: Selling Air Separation Plants to Nippon
--------------------------------------------------------
Hitachi Limited will sell its air separation business to Nippon
Sanso Corporation in April, Dow Jones reports. The plants
produce industrial-use gases such as oxygen, nitrogen and argon
for steel, chemical and semiconductor manufacturing.

The Troubled Company Reporter-Asia Pacific reported that Hitachi
Ltd's cash and cash equivalents as of June 30, 2002 totaled
799.8 billion yen (US$6,665 million), a decline of 229.5 billion
yen (US$1,913 million) during the first quarter. Debt on June
30, 2002 stood at 2,952.7 billion yen (US$24,606 million), 45.4
billion yen (US$379 million) less than at March 31, 2002.


KIA MOTORS: Recalling 242,250 Sephia Units
------------------------------------------
Kia Motors will recall 242,250 units of small sedan Sephia and
60,154 units of the jeep-style Sportage produced between June
1994 and May 1998 due to defects with safety belts, Asia Times
reports, citing the Ministry of Construction and Transportation.
In addition, 6,688 Rhino trucks produced between September 2000
and November 14 were also found to have the same defect.


MAZDA MOTOR: Production and Sales Results in November
-----------------------------------------------------
Mazda Motor Corporation announced its domestic production,
domestic sales, exports, and overseas production month-end
figures for November 2002.

Highlights include:

(1) Domestic Production

1. Domestic production increased for the fifth consecutive month
since July 2002.

2. Models that showed increases over the same month last year:
MX-5, up 113.2 percent; MPV, up 81.2 percent; Mazda2, up 31.7
percent; T-Series, up 26.5 percent; E-Series, up 19.1 percent;
and Tribute/Escape, up 1.7 percent.

(2) Domestic Sales

1. Domestic Sales increased for the fourth consecutive month
since August 2002.

2. Model that showed an increase over the same month last year:
Demio, up 61.7 percent.

3. Market share that showed increases over the same month last
year:
- Micro-mini vehicles: 2.1 percent, up 0.3 points (increased for
the sixth consecutive month since June 2002)
- Total: 4.1 percent, up 0.1 points (increased for the fourth
consecutive month since August 2002)

(3) Exports

1. Exports increased for the first time in two months since
September 2002.

2. Models that showed increases over the same month last year:
MPV, up 859.6 percent; MX-5, up 68.0 percent; Tribute/Escape, up
37.4 percent; and Mazda2, up 3.4 percent.

3. Destinations that showed increases over the same month last
year: Asia, up 113.0 percent; Europe, up 84.7 percent; and
Oceania, up 52.2 percent.

4. Major countries and destination that showed increases over
the same month last year (shipment based):

-Taiwan: 835 units, up 607.6 percent; MPV and Mazda6 sold
strongly.

-Philippines: 580 units, up 1350.0 percent; 323 and Tribute sold
strongly.

-Germany: 8,727 units, up 176.2 percent; 323, MX-5 and Mazda6
sold strongly.

-United Kingdom: 3,695 units, up 24.5 percent; MX-5 and Mazda6
sold strongly.

-Austria: 2,068 units, up 148.3 percent; 323, MPV and Mazda6
sold strongly.

-Netherlands: 1,505 units up 692.1 percent; 323, Mazda2, Premacy
and Mazda6 sold strongly.

-Australia: 3,495 units, up 49.9 percent; Mazda2 and Mazda6 sold
strongly.

(4) Overseas Production

1. Overseas production increased for the third consecutive month
since September 2002.
2. Models that showed increases over the same month last year:
323, up 53.3 percent and Premacy, up 38.1 percent.

Mazda Motor Corporation www.mazda.com/flash.html was established
in 1920 and is one of Japan's leading automobile manufacturers.
With its headquarters in Hiroshima, Mazda has two plants in
Japan and manufacturing and assembly operations in sixteen other
countries. Mazda cars and trucks are sold in more than one
hundred and thirty countries. Ford Motor and Mazda agreed to
collaborate in 1979, Ford Motor Company started investing in
Mazda and increased its shareholding to 33.39 percent as of
March 31, 1999.

For complete statistics please visit
http://bankrupt.com/misc/tcrap_mazda1226.htmor
http://www.media.mazda.com/index_e.html

Contact:
Mazda Motor Corporation
K. Yoshitake
yoshitake.k@tky.mazda.co.jp
+81-3-3508-5022


MITSUBISHI MOTORS: Reaches Agreement With DaimlerChrysler
---------------------------------------------------------
Mitsubishi Motors Corporation (MMC) has reached an agreement
with DaimlerChrysler (DC) to cooperate in the area of recycling
throughout Europe. As part of MMC's alliance with DC, the
agreement represents MMC's commitment to addressing the European
Union directive on end-of-life vehicles.

The agreement marks a proactive move to comply with the
directive, which calls for the proper recycling of end-of-life
vehicles to promote environmental protection in Europe. In
cooperation with DC, MMC will first investigate the current
state of implementation of the directive in member states and
recycling infrastructure in Europe from 2003.

MMC will then follow this up by looking into possible ways to
set up a recycling network for end-of-life vehicles and spare
parts. Other possibilities for cooperation in the alliance with
DC for recycling include dealer workshop waste management
systems, design for recycling, reselling used parts, monitoring
recycling and used vehicle status in Europe, and creating a
database of recycling related information.

The European Commission issued its directive on end-of-life
vehicles in September 2000 to member states. Targets for
automakers include: establishing recycling networks and vehicle
take-back programs; increasing recycling rate (85 percent re-use
and recovery rate by 2006 and 95 percent by 2015); and
restricting the use of specific hazardous substances (lead,
mercury, cadmium, and hexavalent chromium) from July 2003.

About Mitsubishi Motors Corporation

Mitsubishi Motors Corporation (TSE: 7211) was established in
1970 and is one of the few automobile companies in the world
that produces a full line of automotive products ranging from
660-cc mini cars and passenger cars to commercial vehicles and
heavy-duty trucks and buses. The Company also operates consumer
financing services and provides this to its customer base.
Automobile operations accounted for 98 percent of fiscal 2000
revenues and financing business, 2 percent. The Company has one
hundred and eighty nine consolidated subsidiaries worldwide.
Overseas sales accounted for 56.8 percent of fiscal 2000
revenues. Mitsubishi Heavy Industries, Ltd. is the major
shareholder with 25.62 percent of issued stock. For further
information, please visit the Mitsubishi Motors Corporation home
page at: www.mitsubishi-motors.co.jp

The Troubled Company Reporter-Asia Pacific reported that
Mitsubishi Motors Corporation will halt production at its only
U.S. plant on October 9 because the shutdown of West Coast ports
is reducing parts supplies, citing Illinois plant spokesman Dan
Irvin.

The Company employs 3,200 workers at the Normal, Illinois plant,
where it makes Galant sedans, Spyder convertibles and Eclipse
coupes, as well as Dodge Stratus and Chrysler Sebring coupes for
DaimlerChrysler.

Contact:
Mitsubishi Motors Corporation
Fumio Nishizaki
f-nishizaki@mitsubishi-motors.co.jp
03-5232-7164


SBC KK: Court Approves Special Liquidation
------------------------------------------
On December 24, 2002, the Tokyo District Court approved the
start of special liquidation for SBC KK, reports the Tokyo Shoko
Research. The real estate firm has total liabilities of 29.1
billion yen and is located at Fukuoka-si, Fukuoka, Japan.


SUMITOMO METAL: 'Bpi' Rating Not Affected by New Share Issuance
---------------------------------------------------------------
Standard & Poor's Ratings Services said that its 'Bpi' rating on
Sumitomo Metal Industries Ltd. would not be affected by the
issue of new shares through a third-party capital allocation to
Nippon Steel Corp., Kobe Steel Ltd., Sumitomo Corp., and other
Sumitomo group companies at the end of January 2003.

The proceeds from the capital increase, estimated at 47.15
billion yen, will be used to redeem bonds and repay bank debt.
Although the capital increase is a positive factor, it will have
a limited impact on Sumitomo Metal's credit quality, given the
Persistently difficult operating environment, the Company's
relatively weak business position, and its still weak financial
profile.

Even after the capital increase, Sumitomo Metal's debt usage
will remain very high and its cash flow weak. The Company faces
sizable refinancing risk, with 185 billion yen in bond issues
maturing during the fiscal years ending March 2004 and 2005. If
Sumitomo Metal is unable to successfully achieve the debt
reduction, cost reduction, and efficiency enhancements targeted
in a new management plan to be implemented in April 2003, the
Company will face strong pressure on its credit quality.


SUMITOMO MITSUI: Merger Plans Don't Affect BBB Rating
-----------------------------------------------------
Standard & Poor's Ratings Services said today that its ratings
on Sumitomo Mitsui Banking Corp. (SMBC; BBB/Negative/A-2) would
not be affected by the bank's plan to merge with Wakashio Bank
Ltd., currently a 100 percent-owned subsidiary of SMBC. The
current ratings on SMBC fully incorporate the financial strength
of Wakashio Bank. As SMBC intends to maintain Wakashio Bank's
current operations, the revenue of the post-merger bank will be
unchanged. SMBC will be able to use part of 3 trillion yen in
shareholders' equity freed-up by the merger to write-off
unrealized losses in its securities portfolio, which stood at
512 billion yen at September 30, 2002, apparently the main
purpose of the merger. However, the capital adequacy ratio of
SMBC will not be affected.

According to TCR-AP, Sumitomo Mitsui Banking Corporation posted
an appraisal loss of 631.7 billion yen on its shareholdings at
the end of June, up 130.8 billion yen from the end of March.

The Company expects to post a year to March 2002 net loss of
over 300 to 350 billion yen due to bad loan disposals. The bank
will also revise its November forecast for the year to March
2002 losses from non-performing loan write-offs to 1.6 trillion
yen from 1 trillion yen.


SUMITOMO MITSUI: Merging Two Banking Units Next Year
----------------------------------------------------
Sumitomo Mitsui Financial holdings will merge two banking units
next March, using the proceeds to help erase huge latent losses
stemming from the country's weak stock market, Channel News Asia
reported on Thursday.

The government has been urging banks to resolve their bad-loan
problems and repair fragile capital, which has been battered by
falling share prices and the rising cost of cleaning up their
dud assets.


TAMON SHUZO: Beverage Firm Applies For Rehabilitation
-----------------------------------------------------
Tamon Shuzo KK, which has total liabilities of 9.5 billion yen,
recently applied for civil rehabilitation proceedings, according
to Tokyo Shoko Research. The beverage firm has 63 employees and
is located at Nishinomiya-si, Hyogo, Japan.


TOMEN CORPORATION: Shares Up 10% on Thursday
--------------------------------------------
Shares of Tomen Corporation increased 10 percent at 77 yen on
Thursday after Nikkei News reported that the Toyota Motor group
would invest 10 billion yen to help the trading house, Dow Jones
reports, citing an unnamed analyst from the Daiwa Institute of
Research.

Toyota Motor and Toyota Tsusho Corporation, which is already
Tomen's biggest shareholder with a stake of 11.5 percent, would
take 5 billion yen each in new shares to be issued by the
trading house.


UFJ BANK: Gets US$833M Capital Injection From Merrill Lynch
-----------------------------------------------------------
Troubled UFJ Bank Ltd. will receive more than 100 billion yen
(US$833 million) in capital from Merrill Lynch Co. to speed up
bad loan disposals, AFP Online reports.

The Company also outlined plans to shift workers, closing
branches and cutting its vast equity portfolio amid fears over
the impact of a severe stock market slump.

Merrill Lynch's capital will go to a UFJ Bank subsidiary to be
created by March 2003 to manage bad loans worth one trillion yen
extended to small-and mid-sized firms that are bankrupt or at
risk of failure.  UFJ Bank is the core-banking unit of UFJ
Holdings.


UFJ BANK: S&P Affirms BBB Rating On Restructuring
-------------------------------------------------
Standard & Poor's Ratings Services said it had affirmed its
'BBB' long-term counter-party ratings on UFJ Bank Ltd. and UFJ
Trust Bank Ltd. and their associated entities following media
reports revealing UFJ group's new restructuring plan.

The outlook on the long-term ratings remains negative. The 'A-2'
short-term ratings on UFJ Bank and UFJ Trust Bank remain on
CreditWatch with negative implications where they were placed on
November 18, 2002.

The affirmation reflects expectations that the plan could have
some positive effects on UFJ group's profitability and
regulatory capital ratio if successfully implemented, although
these effects will not be sufficient to immediately eradicate
concerns over the group's low quality capital and massive non-
performing assets.

The UFJ group's new restructuring plan will focus on improving
its asset quality, enhancing the integration of group members,
and improving the efficiency of its operations. The group says
that it is continuing discussions with Merrill Lynch & Co. Inc.
aimed at securing JPY100 billion in capital to fund a separate
Company to be established to manage its non-performing loans.

"Implementation of this new plan should support the ratings on
the UFJ Banks, but given the difficult operating conditions the
immediate impact on the credit quality of the banks will be
limited," Nana Otsuki director at Standard & Poor's in Tokyo
said.

A reduction in expenses, as well as putting greater focus on
retail banking and the midsize corporate market will contribute
to an improvement in profitability to some extent, but low
earnings will not be solved unless the UFJ group raises lending
rates to appropriately reflect the credit risk of borrowers. In
dealing with thin loan spreads, the group faces difficulties
stemming from its management system and stagnant fund demand
from borrowers. Taking into account the group's high credit
costs, which are likely to remain at current levels for some
time, it is not yet clear to what extent the new restructuring
plan will offset these negative factors.

Separating non-performing loans may contribute to progress in
removing bad debt from the UFJ group's balance sheet in the
longer term, but this will not substantially decrease its
financial risks immediately. The new asset management Company
will be consolidated with the group, which will keep the non-
performing assets on UFJ group's balance sheet from the time of
establishment.

"The separation of bad assets does not automatically mean there
will be an acceleration in the write-off of non performing
loans," Ms. Otsuki said.

The new plan will lift UFJ group's regulatory capital ratio
through an infusion of about JPY100 billion, an increase of
about 0.2 percent according to Standard & Poor's estimates based
on results reported as of Sept. 30, 2002. However, the capital
infusion is to be made in the form of preferred stock, which
Standard & Poor's regards as low quality capital. UFJ group's
capital already includes a substantial amount of preferred stock
and securities.

The negative outlook on the long-term ratings on the two banks
reflects their vulnerability to further deterioration in the
Japanese economy. As with other major Japanese banks, the
ratings on UFJ Bank and UFJ Trust Bank incorporate the
likelihood of government support to the banks. Any change in
government support could lead to a review of their ratings.

The short-term counter party ratings on UFJ Bank and UFJ Trust
Bank were placed on CreditWatch with negative implications on
November 18, 2002, reflecting a rapid deterioration in market
confidence and its possible impact on the banks' liquidity. In
resolving the CreditWatch placement of the short-term ratings,
Standard & Poor's will assess the details and feasibility of UFJ
group's plan as well as market sentiment toward the UFJ Group
and its impact on the group's funding capacity. Any downgrade of
the short-term ratings would likely be one notch.


UFJ GROUP: Unveils Accelerated Business Reform Plan
---------------------------------------------------
Since the establishment in April 2001, the UFJ Group has made
continuous effort to maximize its speediness and innovativeness
and to strengthen its management basis. In January 2002, UFJ
Bank was established through the merger of subsidiary banks and
is making achievement in such way as steady realization of
integration effects.

However, in consideration of the difficult business environment
under continuous deflation, the group have recognized the
necessity of further acceleration of business restructuring and
developed the "Accelerated Business Reform Plan".

In line with the Plan, we will accelerate the speed of tackling
the problem loan issue, aim to become an "innovative financial
group, which provides comprehensive financial services mainly to
the retail and mid-sized corporate customer base", and make
further reinforcement of profitability. Through the following
measures, the UFJ Group will provide further satisfying services
to the customers and enhance the value of shareholders.
For more information, go to
http://bankrupt.com/misc/tcrap_ufj1226.pdf


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


CHOHUNG BANK: Burdened With US$1.24B in Insolvent Obligations
-------------------------------------------------------------
The amount of insolvent obligations currently held by Chohung
Bank is estimated at 1.5 trillion won (US$1.24 billion), Asia
Pulse said on Wednesday, citing the Public Fund Oversight
Committee.

The insolvent obligations included bad household loans and
credit card arrears, money that went into allowances for bad
loans given to Hynix Semiconductor and Hanbo Steel, and losses
incurred through its involvement with Sportstoto. Yet Chohung
stressed that the amount of insolvent obligations stood at
around 1.1 trillion won, and that there was little chance that
there will be a need to set aside further allowances for more
bad debt.


CHOHUNG BANK: Potential Bad Debt Reaches US$914.4M
--------------------------------------------------
Chohung Bank said its potential bad debt as of the end of June
2002 has reached 1.1 trillion won ($914.4 million) and it plans
to set aside loan-loss provisions for the potential losses by
the end of June next year, reports Dow Jones.  Potential bad
debts in South Korea are defined as debts, which can turn into
bad debt if conditions change.

The bank has already set aside provisions for about 870 billion
won of potential loan losses in the second half of this year and
plans to set aside provisions for another 260 billion won in the
first half of 2003 to ease worries over possible hidden debt at
the bank. The South Korean government, which owns 80.04 percent
of Chohung, plans to sell a controlling stake in the bank to
privatize it.


CHOHUNG BANK: Shinhan Financial Prime Bidder for Bank
-----------------------------------------------------
The Public Fund Oversight Committee (PFOC) has selected Shinhan
Financial Group as a prime bidder for the government's
controlling stake in Chohung Bank, according to Asia Pulse on
Thursday. The PFOC said that Shinhan should raise its bidding
price as much as possible.


DAEWOO ELECTRONICS: French Union Kidnaps Executives
---------------------------------------------------
Union members at the Daewoo Electronics Co. Ltd. television
factory in Mosel, France, said that by holding four factory
executives hostage, they had won promises of a December salary
and bonus payments for 175 laid-off workers, Digital Chosun said
on Sunday.

The factory employees had been laid off recently due to
financial difficulties of Daewoo Electronics in France. The four
executives included factory President Lim Kwon-shik, who were
let go after promising to make the payments.


HYNIX SEMICONDUCTOR: Creditors Set Meeting on December 30
---------------------------------------------------------
Creditors of struggling Hynix Semiconductor Inc. are planning to
meet on December 30 to discuss a capital reduction scheme for
the chipmaker, Reuters reports, citing main creditor Korea
Exchange Bank.

Creditors want to combine every 21 Hynix shares into one before
offering a fresh $1.6 billion debt-for-equity swap and roll over
some three trillion won in maturing debts to help the chipmaker
stay afloat.


HYNIX SEMICONDUCTOR: Latest Asset Sale May Disintegrate
-------------------------------------------------------
Hynix Semiconductor Inc.'s latest asset sale faces the risk of
falling apart, as main creditor banks are still at odds over
offering syndicated loans to China-based BOE Technology Group,
the Korea Herald said on Wednesday.

In November, the chipmaker signed a final contract to sell its
flat-panel unit to the Chinese firm for up to $380 million,
paving the way for the chipmaker to generate much-needed cash
for its operation and facility investment.

About $210 million of the asset sale proceeds were expected to
be funded by its creditors, including state-run Korea
Development Bank, Chohung Bank, Woori Bank and Korea Exchange
Bank.

Chohung Bank and Woori Bank are taking a negative stance toward
funding the asset sale, due to the Chinese Company's unclear
business strategy after its acquisition of the flat-panel unit.

"We are still doubtful whether BOE will make additional
investments into the panel unit," said a high-ranking official
at Chohung Bank. "The Chinese firm also did not inform us of a
clear-cut business strategy."

The Korea Development Bank is also wavering on participation in
the syndicated loans.

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


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


AMSTEEL CORPORATION: Resolutions Approved at 27th AGM
----------------------------------------------------
Amsteel Corporation Berhad announced that at the Twenty-Seventh
Annual General Meeting of the Company held on 20 December 2002,
the shareholders of the Company have approved the following:

   i) the re-appointment of Y. Bhg. Jen (B) Tan Sri Dato' Zain
Hashim who retired pursuant to Section 129 (2) of the Companies
Act, 1965 as Director of the Company; and

   ii) all other resolutions tabled thereat including the
following   ordinary resolution transacted as special business:

Ordinary Resolution - Authority to Directors to issue shares

"That pursuant to Section 132D of the Companies Act, 1965 and
subject to the approval of all relevant authorities being
obtained, the Directors be and are hereby empowered to issue
shares in the Company at any time and upon such terms and
conditions and for such purposes as the Directors may, in their
absolute discretion deem fit, provided that the aggregate number
of shares issued pursuant to this resolution does not exceed 10%
of the issued capital of the Company for the time being and that
such authority shall continue in force until the conclusion of
the next annual general meeting of the Company."

COMPANY PROFILE

The Amsteel Group has business operations in the steel, property
and hotel, and plantation and motor industries. It also operates
departmental stores, hypermarkets and retail and food
businesses. Its departmental stores operate under the Parkson
name. Business operations are located both locally and overseas.

In July 2000, Amsteel proposed a Group-wide restructuring scheme
(GWRS) that has since been revised in October 2001. For Amsteel
and its Group companies, the GWRS includes: (a) acquisition by
Amsteel of 30% in Akurjaya Sdn Bhd and 45% in Avenel Sdn Bhd,
and acquisition by Umatrac Enterprises Sdn Bhd of 27% in Hiap
Joo Chong Realty Sdn Bhd; (b) disposal by (i) Akurjaya of 40% in
Megasteel Sdn Bhd, (ii) Amsteel of 50.45% in Lion Land Bhd
(LLB), 59.47% in Chocolate Products (Malaysia) Bhd (CPB) and
52.34% in Silverstone Bhd, and (iii) Avenel of 83.70% in Posim
Bhd (Posim); (c) offer for sale of Lion Corporation Bhd (LCB)
shares; and (d) rights issue of Amsteel warrants.

In addition, the GWRS includes netting off of inter-company
balances within the Amsteel, LLB, CPB, Posim, Angkasa Marketing
Bhd (AMB) and LCB groups, divestment of non-core assets, capital
reconstruction, and settlement of indebtedness to financial and
non-financial institution creditors.

CONTACT INFORMATION: Level 46, Menara Citibank
                     165, Jalan Ampang
                     50450 Kuala Lumpur
                     Tel : 03-2162 2155
                     Fax : 03-2162 3448


DATAPREP HOLDINGS: KLSE Grants ICULS-3 Conversion Listing
---------------------------------------------------------
Dataprep Holdings Berhad advised that the Company's additional
556,000 new ordinary shares of RM1.00 each, arising from the
Conversion of RM834,000 nominal amount of 4%, 3-year
Irredeemable Convertible Unsecured Loan Stocks 2002/2005 (ICULS-
3) into 556,000 new DPREP ordinary shares will be granted
listing and quotation with effect from 9.00 a.m., Monday, 30
December 2002.

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, 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


IDRIS HYDRAULIC: Lawyers Negotiating Tahan's Debt to Gordian
------------------------------------------------------------
Idris Hydraulic (Malaysia) Berhad wishes to announce that Tahan
Insurance Malaysia Berhad (Tahan) a wholly owned subsidiary of
Idris Hydraulic (Malaysia) Berhad, has received a Notice dated
20 December 2002 pursuant to Section 218 of the Companies Act,
1965 from Gordian Runoff Limited (Gordian) via its solicitors,
Lee Hishammuddin.

The Notice is pertaining to a claim by Gordian Runoff Limited
(formerly known as GIO Insurance Limited) of Level 24, AMP
Building, 33 Alfred Street, Sydney, NSW 2000, Australia, for the
sum of USD$ 1,217,407.10 or the ringgit equivalent of RM
4,626,146.98 pursuant to the Space Quota Share Treaty entered
into between Gordian and Tahan.

The Company wishes to advise that the above insurance treaty
relates to normal reinsurance transaction of insurance business
and the claim has been provided for by the subsidiary.

Tahan on without prejudice basis via its lawyers will reply to
Lee Hishammuddin and negotiate for a settlement of the amount
owing to Gordian.

CONTACT INFORMATION: 4th Floor, No. 2, Jalan Dewan Sultan
                     Sulaiman 1
                     Off Jalan Tuanku Abdul Rahman
                     50728 Kuala Lumpur
                     Tel : 03-26917988
                     Fax : 03-26917966


MALAYSIAN RESOURCES: Court Adjourns Hearing to February 18
----------------------------------------------------------
Further to the announcement on 15 November 2002, Malaysian
Resources Corporation Berhad announced that the High Court
agreed to the Company's request for a hearing adjournment in
relation to its application to set aside the Judgment in Default
dated 8 July 2002 and the application for a stay of execution of
the Judgment. Hearing for both matters has been fixed for 18
February 2003.

The Troubled Company Reporter - Asia Pacific reported Wednesday
that Juranas Sdn. Bhd. has withdrawn their winding-up petition
against the Company.


NALURI BERHAD: Special Administrators Appointed
-----------------------------------------------
Pengurusan Danaharta Nasional Berhad has appointed Mr. Gan Ah
Tee, Mr. Ooi Woon Chee and Encik Mohamed Raslan bin Abdul Rahman
of KPMG Corporate Services Sdn Bhd as Special Administrators of
Naluri Berhad on 23 December 2002. Go to
http://www.bankrupt.com/misc/TCRAP_Naluri1227.pdfto see the
Administrators' letter to shareholders.

COMPANY PROFILE

The Company is an international aviation-based holding company
with stakes in four carriers, namely, Pelangi Airways, World
Airways Inc, Air Maldives Ltd and Royal Air Cambodge Co Ltd.
Through a JV with Boeing, Hexcel and Sime Darby, Naluri has an
aircraft composite manufacturing facility in Malaysia to supply
secondary composite aircraft parts to Boeing. In JV with MAS
Hotels & Boutique, Quonset Hospitality Holdings and Unique
Pyramid, Naluri has also formed Signforce Sdn Bhd which
undertakes asset management, brand management and marketing of
tourism, leisure and lifestyle projects.

Within the Company's core focus area of transportation, Naluri
has expanded into the logistics sector through a JV with a
foreign partner, and established a cargo hub at Hahn Airport in
Germany. The facility is being developed to cater for the
requirements of MAS Cargo Sdn Bhd and to support the Company's
strategy to establish its European Cargo Hub in Germany.

The Company disposed of its 29.09% stake in Malaysian Airline
System Bhd to the Minister of Finance Inc on 13.5.2001. With the
sale, the Company has aborted its earlier proposal of a debt-
restructuring scheme as proceeds from the sale have been
utilized to repay its bank borrowings.

CONTACT INFORMATION: 8th Floor, Menara TR
                     161B, Jalan Ampang
                     50450 Kuala Lumpur
                     Tel : 03-2620878
                     Fax : 03-2620676


PAN MALAYSIA: CSM's Liquidator Sells Property for RM7M
------------------------------------------------------
Pan Malaysia Holdings Berhad notified that the Liquidator of
Cocoa Specialities (Malaysia) Sdn Bhd (In Liquidation) has
informed the Company of a sale and purchase agreement
(Agreement) entered into on 20 December 2002 between CSM by its
Liquidator and Metrojaya Berhad.

MJB agreed to purchase a parcel of land registered in CSM's name
under title no. HS(D) 129914, No. PT 47 Seksyen 15, Bandar Shah
Alam, Daerah Petaling, Negeri Selangor, together with a 1-storey
factory, a 3-storey office building, 2 guard houses and 1 open-
sided garage erected thereon (Property) for a cash consideration
of RM7.0 million. The Agreement was signed for and on behalf of
CSM by the Liquidator.

DETAILS OF THE DISPOSAL

CSM is a 64.8%-owned subsidiary of Pengkalen (UK) Plc, which in
turn, is a 84.1%-owned subsidiary of Pan Malaysia Holdings
Berhad (PMH). CSM is currently under a creditors' voluntary
liquidation.

The Liquidator of CSM had advertised the sale of the Property
and invited offers to bid for the Property. MJB tendered for the
Property. MJB's bid was accepted by the Liquidator. The
advertisement for the sale of the Property was carried in an
English daily newspaper by the Liquidator.

The Liquidator that the salient terms of the Agreement are as
follows has also informed the Company:

   a. The Property is sold on an "as is where is" basis free
from all encumbrances and with vacant possession, but subject to
the category of land use, conditions of title whether expressed
or implied and restrictions-in-interest affecting the Property,
for a cash consideration of RM7.0 million ("Total Purchase
Price"), in accordance with the terms and conditions stated in
the Agreement.

   b. Completion of the Disposal shall be conditional upon the
fulfillment of all the conditions precedent within 180 days from
the date of the Agreement or such extended period as the parties
may mutually agree. The completion of the Disposal shall cease
to be conditional on the date when each of the conditions
precedent has been fulfilled (Unconditional Date).

   c. Prior to the execution of the Agreement, MJB paid CSM an
earnest deposit of RM350,000.00 (Earnest Deposit). Upon
execution of the Agreement, MJP paid a further deposit of
RM700,000.00 to CSM, and of which, together with the Earnest
Deposit shall be collectively referred to as the "Total
Deposit". Within 90 days from the Unconditional Date (Completion
Period), MJB shall pay CSM's Solicitors the balance
RM5,950,000.00 (Balance Purchase Price).

In the event MJB shall be unable to pay or cause to be paid the
Balance Purchase Price within the Completion Period, CSM shall
at the request of MJB made before the expiry of the Completion
Period, grant MJB an extension of 30 days from the expiry of the
Completion Period (Extended Completion Period) to make such
payment of the Balance Purchase Price, subject always to payment
by MJB to CSM of interest on the Balance Purchase Price
remaining unpaid at the rate of 10.0% per annum calculated on
the number of days elapsed in the Extended Completion Period up
to and inclusive of the day of actual payment.

In the event MJB fails or is unable to pay the Balance Purchase
Price together with late payment interest, CSM shall be entitled
to seek specific performance of the Agreement or elect to
terminate the Agreement and forfeit the Total Deposit as agreed
liquidated damages, whereupon in the case of the latter, neither
party shall have any claim against the other save in respect of
any antecedent breaches.

Following such termination and forfeiture, and provided that MJB
has withdrawn any private caveat entered onto the register
document of title in respect of the Property, CSM shall
forthwith refund or cause to be refunded to MJB any other sum
received pursuant to the Agreement.

   d. In the event that the conditions precedent are not
fulfilled within the prescribed period, CSM shall immediately
refund to MJB the Total Deposit without interest, following
which the Agreement shall automatically terminate and neither
party shall have any claim against the other save in respect of
antecedent breaches.

   e. If for any reason whatsoever not due to the fault of the
parties, the memorandum of transfer in respect of the Property
in favor of MJB (MOT) is not or cannot be registered by the
Registry of Titles, Shah Alam, and all reasonable remedial
actions have been exhausted without success, MJB shall be
entitled by notice to CSM to rescind the Disposal, whereupon the
following shall take place contemporaneously:

     i. CSM shall immediately refund the Total Purchase Price to
MJB without interest;

     ii. The parties shall immediately cause the CSM's
Solicitors to release the Retention Sum or remainder thereof (if
any) in the event that payment has been effected to the Inland
Revenue Board to MJB;

     iii. MJB shall immediately re-deliver vacant possession of
the Property in substantially the same condition existing on
completion to CSM; and

     iv. MJB shall return or cause to be returned the MOT and
issue document of title to the Property to CSM with the CSM's
interests therein intact;

Following which neither party shall have any claim against the
other save in respect of any antecedent breaches.

A valuation was carried out on the Property by United Pacific
Property Consultants Sdn Bhd on 22 June 2002 and the Land and
Building Comparison Method was used in arriving at the market
value of the Property of RM6.84 million.

The Agreement and the valuation report are available for
inspection at the registered office of PMH at 14th Floor, MUI
Plaza, Jalan P. Ramlee, 50250 Kuala Lumpur from Mondays to
Fridays (except public holidays) during business hours.

BACKGROUND INFORMATION ON CSM

CSM is a private limited company incorporated in Malaysia on 30
September 1988 and has an authorized share capital of RM5.0
million comprising 5.0 million ordinary shares of RM1/- each, of
which 4.0 million ordinary shares have been issued and fully
paid-up. CSM had ceased business operations since 1996 and was
placed under a creditors' voluntary liquidation on 28 June 2002.
Mr Venkiteswaran Sankar of Sankar & Co. was appointed the
Liquidator of CSM. Mr Venkiteswaran Sankar is not related to any
Directors or major shareholders or persons connected with the
Directors and major shareholders of PMH.

INFORMATION ON THE PROPERTY

CSM acquired the Property on 25 November 1988 at a cost of
RM3.40 million and is charged to PMH via a Deed of Debenture
dated 21 November 1997.

The Property consists of 1 lot of leasehold industrial land,
held under title no. HS(D) 129914, No. PT 47 Seksyen 15, Bandar
Shah Alam, Daerah Petaling, Negeri Selangor, measuring
approximately 8,137 square meters (87,586 square feet) together
with a 1-storey factory, a 3-storey office building, both
approximately 13 years old, and 2 guard houses and 1 open-sided
garage erected thereon bearing postal address No. 15, Jalan
Ragum 15/17, Section 15, 40000 Shah Alam, Selangor Darul Ehsan.
The tenure of the lease will expire in 2086. Based on the latest
audited financial statements and management accounts of CSM as
at 31 December 2001 and 28 June 2002 (date of liquidation), the
net book value of the Property was RM4.06 million and RM3.97
million respectively.

We have also been informed by the Liquidator of CSM that out of
the total floor area of the aforesaid office building of 12,558
square feet, 4,000 square feet is rented to MJB as warehouse
from 1 October 2002 to 31 January 2003 (tentatively) at a
monthly rental of RM1,200.

BACKGROUND INFORMATION ON MJB

MJB is a public limited company quoted on the Main Board of the
Kuala Lumpur Stock Exchange. MJB is incorporated in Malaysia on
31 December 1974 and has an authorized share capital of RM300.0
million comprising 300.0 million ordinary shares of RM1/- each,
of which 126.0 million ordinary shares have been issued and
fully paid-up. MJB is principally involved in operating
departmental stores and investment holding.

CONDITIONS PRECEDENT

The Liquidator of CSM has informed the Company that the Disposal
is conditional upon:

   a. CSM obtaining the consent of the relevant State Authority
to transfer the Property to MJB; and

   b. Any other approval or consent necessary for the completion
of the Disposal.

EFFECTS OF THE DISPOSAL

The Disposal has no effect on the share capital and substantial
shareholders' shareholding of PMH.

The Disposal has no effect on PMH Group's earnings per share and
net liabilities per share since CSM had been deconsolidated from
PMH Group on 28 June 2002 upon its creditors' voluntary
liquidation.

The Liquidator will be applying the net proceeds from the
Disposal towards the liquidation of CSM.

RATIONALE

The Disposal is carried out by the Liquidator in the performance
of his duties pursuant to the Companies Act, 1965, in the course
of the winding up.

DIRECTORS' AND MAJOR SHAREHOLDERS' INTEREST

Pan Malaysian Industries Berhad (PMIB), a deemed major
shareholder of PMH is a major shareholder of MJB. Tan Sri Dato'
Dr Khoo Kay Peng (KKP), a deemed major shareholder of PMH, is a
deemed major shareholder of MJB. PMIB and KKP each have a deemed
interest of 62.39% in the issued and paid-up share capital of
PMH.

Save for the shareholding as disclosed above, none of the
Directors, major shareholders and persons connected with the
Directors and major shareholders of PMH has any interest, direct
or indirect, in the Disposal.

DIRECTORS' RECOMMENDATION

The Directors are not in a position to provide any
recommendation on the Disposal as the Disposal was effected by
the Liquidator in the exercise of his powers as prescribed by
the Companies Act, 1965 and by law, in the liquidation of CSM.


PANGLOBAL BERHAD: Announces November Timber Production
------------------------------------------------------
PanGlobal Berhad wishes to announce that the production volume
of timber of its wholly-owned subsidiary, Limbang Trading
(Limbang) Sdn Bhd for the month of November 2002 was 33,909.46
cubic meters.

COMPANY PROFILE

The Group's principal activities include general insurance
business, extraction of logs, sawmilling and manufacturing of
veneer, coal mining, property investment and development,
rental of office and commercial premises and operation of hotel
apartments.

The Company was originally a housing developer. In 1966, the
Company disposed of these activities and entered into the towel
and yarn manufacturing business. Over the years, the Company
diversified its activities into property development, computers
and insurance. The Company maintains its insurance operations
through PanGlobal Insurance Bhd, with head office in Kuala
Lumpur and branches in 12 states. It transferred its towel
manufacturing operations to one of its subsidiaries in 1987,
thus becoming a purely investment holding company.
Subsequently, the Company, in 1994, disposed of its property
development division and computer division and, in 1995, its
textile operations.

Following this, the Company became involved in timber
extraction and related activities and operation of a coal mine.
Both activities are carried out in Sarawak.

An affected listed issuer under Practice Note 4/2001 of KLSE's
Listing Requirements, the Company has submitted a proposed
composite scheme of debt arrangement to the SC and the relevant
authorities. The proposals are awaiting approval from SC, the
High Court of Malaya and shareholders. A Restraining Order
under Section 176 of the Companies Act, 1965, granted to
PanGlobal together with four of its subsidiaries (PanGlobal
Properties Sdn Bhd, Menara PanGlobal Sdn Bhd, Global Minerals
(Sarawak) Sdn Bhd and Limbang Trading (Limbang) Sdn Bhd) has
been extended to 15 November 2002. This Restraining Order
affects only banking creditors.

CONTACT INFORMATION: Level 27, Menara IMC
                     8 Jalan Sultan Ismail
                     50250 Kuala Lumpur
                     Tel : 03-2019199
                     Fax : 03-2023977


PLUS EXPRESSWAYS: Redeems Partial BBA Serial Bonds
--------------------------------------------------
In connection with the announcement dated 11 December 2002, on
behalf of the Board of Directors of PLUS Expressways Berhad, RHB
Sakura Merchant Bankers Berhad wishes to announce that Projek
Lebuhraya Utara-Selatan Bhd (PLUS) has issued the BBA Serial
Bonds of nominal value of RM2,260 million on December 20, 2002.

The BBA Serial Bonds were issued in twelve (12) series as per
Table 1 below to raise total net proceeds of RM1,148,930,518.
Out of this, RM1,148,462,361 was used on Friday to redeem in
full the outstanding Link Bonds issued by PLUS whilst the
balance will be used to finance incidental expenses incurred for
the issue of the BBA Serial Bonds.

Table 1

Series             Tenure (Years)    Nominal Value (RM' Million)
1                       8 «                   200
2                       9                     200
3                       9 «                   200
4                      10                    200
5                      10 «                  200
6                      11                    200
7                      11 «                  200
8                      12                    200
9                      12 «                  200
10                     13                    200
11                     13 «                  200
12                     14                     60
                                            2,260

QUALITY CONCRETE: Details Securities Disposal, Acquisition
----------------------------------------------------------
The Board of Directors of Quality Concrete Holding Berhad
announced that the Company has entered into the following
disposals and acquisitions of its quoted securities, on various
dates as listed below, and for diverse considerations. The
aggregate value of the transactions exceeded 5% of the Company's
NTA.

1. Particulars of quoted shares acquired or disposed of
Please refer to
http://www.bankrupt.com/misc/TCRAP_Quality1227.xlsfor details.

2. Aggregate value of consideration - RM490,838
This value represents the aggregate of actual sales and purchase
proceeds received and paid respectively.

3. Effect of transaction on Company

NTA per share as at 31 January 2002 RM2.0205
NTA per share after transaction RM2.0093
Profit per share RM0.0002

The Company has on 19 December, 2002 disposed off 200,000
ordinary shares of RM1.00 each in CELCOM.

The Board will continue to monitor market conditions on the KLSE
and will make appropriate disclosures from time to time in
compliance with the KLSE Listing Requirements.

CONTACT INFORMATION: Room 209, 2nd Floor
                     Wisma Mata Kuching
                     Jalan Tunku Abdul Rahman
                     93100 Kuching
                     Serawak
                     Tel : 082-206601;
                     Fax : 082-206607


REPCO HOLDINGS: All Resolutions Duly Passed at 12th AGM
------------------------------------------------------
On behalf of Repco Holdings Berhad (Special Administrators
Appointed), the Special Administrators are pleased to announce
that all the resolutions set out in the Notice of the Twelfth
Annual General Meeting of the Company dated 28 November 2002
were duly passed at the Twelfth Annual General Meeting held at
Tanjung Room 1, Shangri-La Tanjung Aru Resort, No. 20 Jalan Aru,
88100 Kota Kinabalu, Sabah on Friday, 20 December 2002.

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


SATERAS RESOURCES: Default Triggers Winding Up Petition
-------------------------------------------------------
Sateras Resources (Malaysia) Berhad announced that a winding-up
petition served against the Company has been presented at the
Kuala Lumpur High Court by AmBank Berhad (Petitioner) (formerly
known as Arab-Malaysian Bank Berhad). The details:

1. The name of the petitioner

AmBank Berhad (formerly known as Arab-Malaysian Bank Berhad)

2. The date when the petition was served on the Company

The Company has been served with a sealed copy of the Winding-Up
Petition at the Registered Office of the Company on 16th
December 2002

3. The particulars of the claim under the petition, including
the amount claimed for under the petition and the interest rate.

The claim arose from a Revolving Credit Facility in the sum of
RM3,000,000.00 afforded by AmBank Berhad to the Company via a
letter dated 14 October 1996.

As per the Petition, the Company is indebted to the petitioner
in the sum of RM4,510,287.02 as at 31st July 2002 with further
interest accruing at the rate of 2.5% per annum above Base
Lending Rate (BLR is at 7.25% per annum) and penalty interest at
the rate of 1% per annum above the aforesaid rate payable on the
sum in default from 1st August 2002 until full payment and costs
of RM350 due on a final Judgment of the High Court at Kuala
Lumpur in Writ of Summons No. D2-22-2517-99 dated 2nd August
2000.

4. The details of the default or circumstances leading to the
filing of the winding-up petition.

As per the settlement agreement dated 22nd December 2000 under
an earlier restructuring proposal approved by the Securities
Commission but subsequently aborted by the Company on 29th April
2002, one of the terms of this agreement was for the Company to
allow consent judgment. The petitioner subsequently made a
demand on the Company for payment of its debt by service of a
notice pursuant to Section 218 of the Companies Act, 1965 dated
26th August 2002. The Company had held meetings and negotiations
with AmBank Berhad with the intention to resolve AmBank Berhad's
claim against the Company. The Company's last proposal to AmBank
Berhad was forwarded vide the Company's letter dated 10
September 2002. However, AmBank Berhad has not reverted with a
response thereto.

5. The operational and financial impact on the Group, if any,
arising from the aforesaid petition.

In light of the presentation of the Winding-Up Petition, the
Company will have to comply with specific provisions of the
Companies Act, 1965 when dealing with its properties.

6. The expected losses, if any, arising from the foresaid
petition.

The Company is expected to incur legal fees, yet to be
ascertained. In addition to the legal fees that may be incurred,
losses may be suffered due to the restrictions on dealings by
the Company as referred to in item 5 above.

7. The steps that the Company has taken and will take with
regards to the winding-up petition.

The Company will continue to pursue its negotiation with AmBank
Berhad with the intention to resolve the said claim amicably.
Further, the Company will endeavor to secure an acceptable
restructuring scheme.


SELOGA HOLDINGS: Appoints Messrs Deloitte KassimChan as Auditor
---------------------------------------------------------------
AmMerchant Bank on behalf of the Board of Directors of Seloga,
is pleased to announce the Company has appointed Messrs Deloitte
KassimChan as its independent audit firm.


SOUTH MALAYSIA: FIC Extends Time to Up Bumiputera Shareholding
--------------------------------------------------------------
Further to the announcement on 14 November 2002 made by Alliance
Merchant Bank Berhad (Alliance) on behalf of South Malaysia
Industries Berhad, the Company is pleased to announce that the
Foreign Investment Committee , via its letter dated 18 December
2002, has approved the extension of time for the increase of the
Bumiputera Shareholding to 30% to 31 December 2003.

COMPANY PROFILE

The Company (SMI), which was originally engaged primarily in the
manufacture and trading of assorted metal wire and zinc sheets,
began diversifying its activities in 1984. In 1989, the
manufacture of galvanized iron sheets was terminated due to
continued shortages of raw materials and escalating import
costs. The manufacture of wire-mesh also ceased.

The principal activity of SMI thereafter changed to that of
property development with the acquisition of Perantara
Properties Sdn Bhd and Kuchai Entrepreneurs Park in 1993.

In 1994, the Company entered into various JVAs in China, dealing
mainly with the leisure and entertainment industry. This helped
launch SMI into the international scene. In the process of
expanding its entertainment business, the Company acquired a 70%
equity stake in UA Cineplex Holdings Sdn Bhd (UA).

In November 2000, the Company unveiled its comprehensive debt
restructuring and capital raising exercises. The proposals were
revised on 16 February 2001 to incorporate a share premium
reduction exercise and restructure, additional loan and
liquidated damages. BNM and FIC approved the proposals on 22
January 2001 and 19 February 2001 respectively. Currently,
approvals from its lenders, shareholders, the High Court and the
SC are still pending.

On 2 April 2001, the Company completed the acquisition of
Stellar Acres Sdn Bhd (SA) which had been announced in December
1996 and later revised.

CONTACT INFORMATION: 2G Bangunan Foh Chong
                     Jalan Ibrahim
                     80000 Johore Bahru
                     Tel : 07-2241088
                     Fax : 07-2238988


TAI WAH: Director Al-Yafii Withdraws Re-election Consent
--------------------------------------------------------
The Board of Directors of Tai Wah Garments Manufacturing Berhad
informed that Tuan Haji Ahmad Kamal Bin Abdullah Al-Yafii who
retires in accordance with Article 78 of the Company's Articles
of Association and eligible to be re-elected as Director of the
Company has on 19 December 2002 withdrew his consent to be re-
elected as Director in the Company.

Therefore, Resolution No. 3 on Re-election of Tuan Haji Ahmad
Kamal bin Abdullah Al-Yafii as Director is no longer applicable.

COMPANY PROFILE

In 1970, the Company commenced manufacturing of knitted men's
underwear which was exported to Singapore for resale to
countries such as the US and the UK. Tai Wah penetrated the
international market in 1982, producing under contract for
European buyers, branded apparel under the brand names Adidas,
Christian Dior, Ralph Lauren, Nike and Halmode.

In 1998, Tai Wah obtained a restraining order under Section 176
of the Companies Act, 1965 from the High Court of Malaya for the
purpose of implementing a restructuring scheme.

The restructuring scheme, announced in November 1998, involves a
proposed capital reduction and consolidation; debt
reconstruction; rights issue with warrants; special issues to a
group of senior management/operations staff and two independent
parties of Bumiputera investors; and the disposal of non-core
assets/ subsidiaries, namely, Tai Wah Ventures Sdn Bhd, Tai Wah
Development Sdn Bhd and Tai Wah Garments International Sdn Bhd.

Subsequently, in November 2000, the Company revised its scheme
in relation to the settlement terms and conditions for both
secured and unsecured creditors pursuant to the debt
reconstruction, special issues to Tai Wah's management team, and
the management team's exemption from having to undertake a
mandatory general offer after the special issues. The scheme was
submitted to the SC on 20 November 2000. At meetings convened
for Tai Wah's scheme creditors on 21 December 2000, the
creditors unanimously voted for the scheme as proposed. The
Company had on 22 February 2001 responded to queries raised by
the SC on its restructuring scheme. Further queries were raised
by the SC in May 2001 to which Tai Wah's merchant bankers
responded accordingly. As such and in view of the change in the
economic environment, the Company had submitted revised
financial projections in June 2001.

On 11 June 2001, the High Court sanctioned Tai Wah's proposed
debt reconstruction scheme as approved by the scheme creditors.
After another series of queries in July 2001, the SC gave its
approval on 3 August 2001 for the proposed restructuring scheme
subject to compliance with certain conditions. Subsequently, on
14 August 2001, the Company obtained the SC's approval for the
proposed exemption to the seven investors (parties acting in
concert) from having to undertake a mandatory offer for the
remaining shares not owned by them. The scheme is currently
pending the approval of Tai Wah's shareholders and KLSE and
expected to be completed by April 2002.

CONTACT INFORMATION: 519, Block A
                     5th Floor, Kelana Business Centre
                     97, Jalan SS7/2
                     Kelana Jaya, Petaling Jaya.
                     Tel : 03-5821818
                     Fax : 03-5821933.


TECHNO ASIA: SC Grants Proposal Conditional Approval
----------------------------------------------------
AmMerchant Bank Berhad (formerly known as Arab-Malaysian
Merchant Bank Berhad), on behalf of Techno Asia Holdings Berhad
(Special Administrators Appointed), wishes to announce that the
Securities Commission (SC) has through its letter dated 17
December 2002 approved the Company's Proposals, save for the
Proposed Exemption, subject to these conditions:

   (I) the appointment by the Company of an independent audit
firm (who are experienced in investigative audit and are not the
current auditor of YNHB Group) within two (2) months from the
date of the SC's approval letter to conduct an investigative
audit on the Company's previous business losses. The Company is
also required to take the necessary/appropriate measures to
recover the said losses. Based on the findings of the
investigative audit, the Company is required to make a report to
the relevant authorities in the event of any breach of the laws,
regulations, rules, guidelines and/or the Company's memorandum
and articles of association by any member of the Company's Board
of Directors and/or any other party that has caused the losses
to the Company.

The investigative audit is to be completed within six (6) months
from the date of appointment of the independent audit firm and
appropriate announcement is required to be made to the KLSE in
respect of the findings of the investigative audit. Two (2)
copies of the said investigative audit report must be made
available to the SC after the completion of the investigative
audit; and;

   (II) To fully disclose the following in the
prospectus/information circular;

     (a) in respect of KSB Group's and YSSB's total trade debts,
ageing analysis of the said trade debts and also outstanding
debts which are above the credit period; and

     (b) comments/statements from the directors of YNHB/KSB
Group/YSSB on the recoverability of the outstanding trade debts
which are above the credit period;

   (III) Provisions are to be made for KSB Group's and YSSB's
debts, whereby:

     (a) there is dispute/conflict regarding the amounts;

     (b) legal action has commenced/been taken; and

     (c) the credit period has exceeded six (6) months;

   (IV) The directors of YNHB/KSB Group/YSSB are required to
provide to the SC with written a confirmation that the trade
debts which have exceeded the credit period are recoverable and
provisions for doubtful and bad debts have been made to the
financial accounts and the financial forecast/projections prior
to the issuance of the information circular/prospectus;

   (V) In relation to the properties of YNHB Group, the
conditions detailed in Table 1 at
http://www.bankrupt.com/misc/TCRAP_TECASIA1227.docare to be
fulfilled/complied;

   (VI) Any bad debts arising after the implementation of the
proposed acquisition of KSB and YSSB which was not provided for
and not disclosed in the information circular/prospectus, will
required to be reimbursed by the vendors of KSB and YSSB;

   (VII) AmMerchant Bank will be required to comment on the
reasonableness and basis of the valuation of KSB and YSSB in the
information circular/prospectus;

   (VIII) Disclosure is to be made in the information
circular/prospectus to the shareholders in relation to the
comments on the existing credit facilities to meet the cashflow
requirements for the financial year 2003 and 2004;

   (IX) AmMerchant Bank will be required to provide the SC the
final list of placees in relation to the proposed private
placement; and

   (X) The SC's approval is required to be obtained prior to
making any variations to the terms and conditions for the
issuance of the ICULS.

The Proposals refers to:

   (i) Proposed Capital Reduction And Consolidation;

   (ii) Proposed Share Swap With Yu Neh Huat Berhad (Formerly
Known as Giant Express Berhad) (YNHB);

   (iii) Proposed Acquisition Of Kar Sin Berhad (KSB) And Its
Subsidiaries (KSB Group) and Yu & Sons Sdn Bhd (YSSB) by YNHB;

   (iv) Proposed Exemption for the Vendors of KSB and YSSB and
Parties Acting in Concert With Them to Undertake a Mandatory
Take-Over Offer to Acquire the Remaining Shares in YNHB Not
Owned by them (Proposed Exemption);

   (v) Proposed Restricted Issue of YNHB Shares to Selected
Shareholders of YNHB;

   (vi) Proposed Transfer of Listing Status of TAHB to YNHB;

   (vii) Proposed Disposal of TAHB;

   (viii) Proposed Offer for Sale of Shares by the Vendors of
KSB and YSSB;

   (ix) Proposed Transfer of Rm100,000 Nominal Value of
Irredeemable Convertible Unsecured Loan Stocks (ICULS) for Free;

   (x) Proposed Listing of the Entire Issued and Paid-Up Share
Capital and ICULS of YNHB on the Main Board of the Kuala Lumpur
Stock Exchange (KLSE); and

   (xi) Proposed Employee Share Option Scheme by YHNB.


TONGKAH HOLDINGS: Receives Bonds B Default Notice
-------------------------------------------------
On 29 August 2002, Tongkah Holdings Berhad announced that it was
unable to effect the redemption of one-fourth of the outstanding
nominal amount of RM275,980,363 Nominal Value of 1%-2%Redeemable
Convertible Secured Bonds B 1999/2004 (Bonds B) amounting to
RM68,995,090.75 due and payable on 29 August 2002.

Further thereto, Tongkah Holdings announced that on 20 December
2002, the Company received a notice declaring an event of
default on the Bonds B from the solicitors acting for and on
behalf of PB Trustee Services Berhad (PB Trustee), the security
trustee for the holders of Bonds B. The notice states that the
Company's failure as above mentioned has triggered an "Event of
Default" as provided under Clause 15.1 of the Trust Deed dated
27 August 1999 and that the Bonds B are immediately due and
repayable at the nominal value together with default interest at
the rate of two percent (2%) per annum above the base lending
rate of Malayan Banking Berhad calculated from the due date of
payment to the actual date of payment.

The Company has on 30 September 2002, announced a proposed
restructuring scheme to regularize its financial condition. Part
of the said restructuring scheme would involve a debt
restructuring scheme to address the indebtedness of the Company
and its Group including the default on the Bonds B mentioned
above. The Company has submitted its application to the relevant
authorities in relation to the proposed restructuring scheme and
is awaiting their approval.

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


UH DOVE: SC Grants Proposals Implementation Time Extension
----------------------------------------------------------
Further to the announcement dated 2 July 2002, Malaysian
International Merchant Bankers Berhad announced on behalf of UH
Dove Holdings Berhad, that it has received the approval of the
Securities Commission for the extension of time up to 28
February 2003 to complete the implementation of the Proposals.

The Proposals include:

   * Proposed Rights Issue;
   * Proposed Debt Restructuring;
   * Proposed Acquisitions of the Entire Equity Interest in
Bertam Development Sdn Bhd, Budaya Identiti Sdn Bhd and Syarikat
Sungei Buan Sdn Bhd and the Proposed Acquisition of Land.


YCS CORPORATION: Provides Additional ICULS Information
------------------------------------------------------
YCS Corporation Berhad, in reply to the Query Letter by KLSE
reference ID: KM-021216-43646 in relation to the Default in
Payment of Interest in Respect of RM58,520,000 Irredeemable
Convertible Unsecured Loan Stock - A2000/2005 (ICULS), furnished
the following:

1) Lines of action available to the ICULS holders against YCS
Corporation Berhad are that on the written direction by the
ICULS-A Holders holding not less than ten percent (10%) of the
ICULS-A, the Trustee can declare that all outstanding ICULS-A
become immediately due and payable together with accrued
interest and institute such proceeding as it thinks fit.

2) In relation to query No. 2.

i) Default in payment constitute and event of default under the
Supplemental Agreement [Scheme A-YCSB Unsecured Lenders] between
YCS Corporation Berhad and the Unsecured Lenders dated 13 July
2000; and the Supplement [Scheme C - PCSB Unsecured Lenders]
between Perumahan Chianion Sdn Bhd and YCS Corporation Berhad
and Unsecured Lenders dated 24 October 2000.

ii) Any of the Unsecured Lender shall in relation to ICULS-A
exercise such right, powers or remedies as provided under ICULS-
A Trust Deed insofar as such Unsecured Lenders remain the
holders of ICULS-A.

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

We refer to your announcement dated 11 December 2002 in relation
to the aforesaid matter.

In this respect, kindly furnish the Exchange immediately with
the legal opinion in respect of the restraining order dated 15
February 2000.

In addition, you are also required to furnish the Exchange with
further clarification in relation to your reply to the following
queries :

Lines of action available to the ICULS holders against YCS
Corporation Berhad.

Whether the default in payment constitutes an event of default
under a different agreement for indebtedness (cross default) and
the details thereof.

Please furnish the Exchange with the aforesaid clarification for
public release within two (2) market days from the date hereof.

Yours faithfully
INDERJIT SINGH
Senior Manager
Listing Operations
CKM


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


NATIONAL BANK: Court Transfers Plaza Ownership to Bank
------------------------------------------------------
In a decision released December 11, the Court of Appeals ordered
the Register of Deeds to record the sale of Victoria Plaza
Shopping Complex, one of the three largest shopping complexes
operating in Davao City, in favor of the Philippine National
Bank, transferring ownership of the sprawling Victoria Plaza to
PNB from the Limso family's Davao Sunrise Investment and
Development Corp. The Limso family's legal team, however, said
it would file a motion for reconsideration before the court.

Regional PNB officials told BusinessWorld the CA decision is a
major victory for the bank considering the issue has dragged in
the courts for more than three years now.

Based on bank records, spouses Robert and Nancy Limso, owners of
Davao Sunrise Investment, which operates the shopping mall,
borrowed 700 million Philippine pesos (US$13.03 million at
PhP53.721=$1) from PNB in 1993. Attached as collateral to the
loan is Victoria Plaza, located in Bajada district, with close
to 200 shop-tenants.

The Limso family eventually failed to pay its regular
amortization, questioning the abrupt increase of the outstanding
loan amount, which has ballooned to about PhP1.1 billion in
2000. PNB decided to foreclose the commercial complex resulting
in several court cases lodged in local courts and at the CA.

A lawyer of the Limso family claimed that the latest CA decision
"seemed irregular since the question that requires a ruling
covers only a writ of injunction." Instead, the appellate court
decided on all six cases including three currently on local
courts, the lawyer added. The Limso family has hired the law
office of former solicitor general Francisco Chavez to act on
behalf of Davao Sunrise Investment. "Filing a motion for
reconsideration on the CA ruling is its first assignment," a
Company official said.

The Limso family's lawyer also said their clients' petition was
anchored on the argument the Land Registration Act provides
individuals the right to redeem a foreclosed property over a
period of one year. Under the new General Banking Act, however,
corporations were granted only a few months to redeem a
foreclosed property.

"The Limso family and Davao Sunrise Investment were co-
mortgagors in 1993 but it looks like the rights of the Limso
family as individuals were ignored," said an official of the
Company. "If they took into consideration the Limso family as
mortgagor, then they would have been given the right to redeem
the Victoria Plaza Shopping Complex within one year after
foreclosure."

Regional PNB officials, meanwhile, said near-term plans,
including a possible management takeover on Victoria Plaza would
depend on decisions of the bank's top officials in Metro Manila.
Tomas Sentillas, regional legal officer, is currently in Manila
conferring with PNB's legal department on the case. (M&A
REPORTER-ASIA PACIFIC, Vol. No.1, Issue No. 254, December 26,
2002)


NATIONAL BANK: Adjustment Price of Warrants
-------------------------------------------
Further to Circular for Brokers no. 2155-2002 dated August 19,
2002, the Philippine National Bank furnished the Philippine
Stock Exchange a copy of the SGV report which reflects the
computation of the adjusted exercise price of its warrants to
P40.00 per share.

For the computation of adjusted exercise price of its warrants,
visit http://bankrupt.com/misc/tcrap_pnb1226.pdf


NATIONAL POWER: Temporarily Shutters Masinloc Power Plant
---------------------------------------------------------
The National Power Corporation (Napocor) has decided to close
temporarily its 600-megawatt (MW) coal-fired power plant in
Masinloc, Zambales due to an ongoing dispute with tenants living
in the area, the Philippine Star reports, citing Napocor acting
President Roland Quilala.

Quilala said as a result of the shutdown, the estimated revenue
loss would amount to 4.9 million pesos a day excluding the
start-up cost of about 700,000 pesos.

The Masinloc power plant was among the coal-fired power plants
programmed by the government to add 1,975 MW of additional
capacity of 2005.

Since May this year, the plant has been experiencing problems as
local residents in the area, who are asking for additional
disturbance compensation, have been blocking all major entrances
to the plant.

The residents are demanding that Napocor should give additional
compensation package equivalent to five years amounting to 154
million pesos.


PHILIPPINE LONG: Workers Strike on Christmas Eve
------------------------------------------------
Workers at Philippine Long Distance Telephone Co. went on strike
Christmas Eve to protest the dismissal of their colleagues, but
officials assured that public services won't be disrupted, the
Associated Press reports.

The strike affected 17 of 327 Philippine Long Distance Telephone
Co. sites in the country, according to Labor Secretary Patricia
Santo Tomas.

In November, the Company announced to lay off some of its phone
operators in its regional offices, citing plans to rationalize
operations and a 75 percent drop in operator-assisted calls.

The Company attributed this sharp decrease to the popularity of
local and international direct calls, text messaging, electronic
mail and cellular phones.

Management and union representatives are to meet Friday to try
to resolve the strike, Ms. Santo Tomas said.


PHILIPPINE LONG: Employees Hold Talks With Management Today
-----------------------------------------------------------
Striking members of the Philippine Long Distance Telephone Co's
employees union are set to hold discussions with management on
December 27 over layoffs involving 503 workers, AFX Asia said on
Thursday.

Pinlac told AFX-ASIA by phone that the union, the 6,700-member
Communication Workers of the Philippines, began the strike on
the evening of December 23. He said 80 to 90 percent of the
union's members have joined the strike at 62 offices of PLDT
nationwide.

"The efforts of the Labor department are still on. They have
scheduled a meeting (between the union and management) tomorrow
at 10 am," Pinlac said.

"Although we don't believe anything substantial will happen, we
are sending lawyers to talk to them and try to find an amicable
settlement."


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


CHEW EU: Clarifies Annual Report
--------------------------------
Chew Eu Hock Holdings Limited responded to the following queries
raised by the Singapore Exchange Securities Trading Limited SGX-
ST on 19 December 2002:

1. Please release the auditors' report as set out on pages 11 to
13 of the Annual Report via MASNET immediately as required under
Rule 704(5) of the Listing Manual

Auditors' Report to the Members of Chew Eu Hock Holdings Ltd and
Subsidiaries

Ernst & Young Certified Public Accountants were engaged to audit
the financial statements of Chew Eu Hock Holdings Ltd and its
subsidiaries. The financial statements comprise the balance
sheets of the Company and of the Group as of 31 July 2002, the
profit and loss accounts and the statements of changes in equity
of the Company and of the Group, and cash flow statements of the
Group for the year ended 31 July 2002, and notes thereto set out
on pages 12 to 53. These financial statements are the
responsibility of the Company's Directors. The financial
statements for the year ended 31 July 2001 were audited by
another firm of Certified Public Accountants whose report dated
23 November 2001 expressed a disclaimer of opinion on those
statements, for the reasons discussed below.

Except as discussed in the following paragraphs, we conducted
our audit in accordance with Singapore Standards on Auditing.
Those Standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit also
includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and
significant estimates made by the Directors, as well as
evaluating the overall financial statements presentation.

The previous auditor was unable to express an opinion on the
financial statements for the year ended 31 July 2001 for the
following reasons:

(i) Significant uncertainty regarding the ability of the Company
and the Group to continue as going concerns;

(ii) Insufficient information available on which to form an
opinion as to the appropriateness of the $20.4 million carrying
value of investment in Chew Eu Hock Construction Co. Private
Limited (under judicial management) CEHC, a subsidiary;

(iii) Uncertainty regarding the recoverability of an amount of
$18.0 million, included in work-in-progress, relating to
additional costs incurred on various construction contracts
arising from variation works; and

(iv) Insufficient information available to form an opinion on
the validity of unrecorded outstanding claims amounting to $9.5
million from various subcontractors which CEHC and the Group are
disputing as being inflated or without basis.

Ernst & Young discussed below the extent to which the matters
that gave rise to the disclaimer of opinion in respect of the 31
July 2001 financial statements remain unresolved, insofar as
they impact on both the corresponding as well as current figures
provided in the current financial statements, and additional
matters that relate to the current financial statements:

(a) Ernst & Young draw attention to Note 1(a) to the financial
statements. The Company and the Group incurred a net loss of
approximately $1.4 million and $60.0 million respectively for
the year ended 31 July 2002. As of 31 July 2002, the Company's
and the Group's current liabilities exceeded their current
assets by approximately $14.9 million and $83.6 million
respectively, and the Group was in a net shareholders' deficit
position of approximately $63.0 million.

On 23 November 2001, CEHC was placed under judicial management.
A creditors' meeting on 29 November 2002 approved the scheme of
arrangement (the Scheme) to restructure all outstanding
unsecured debts of CEHC. The shareholders of the Company
approved the issue of shares pursuant to the Scheme on 2
December 2002 and the High Court of Singapore approved the
Scheme on 11 December 2002.

On 30 January 2002 and 5 June 2002 respectively, the Company
entered into a Put and Call Option Agreement and Supplemental
Deed with Hiap Hoe Holdings Pte Ltd Hiap Hoe and certain
substantial shareholders of the Company to acquire 4
subsidiaries of Hiap Hoe (the Acquisition). The shareholders of
the Company have approved the Acquisition on 2 December 2002.

The validity of the going concern assumption on which the
financial statements of the Company and consolidated financial
statements of the Group are prepared depends on the successful
completion of the Scheme and the Acquisition. If the Company and
the Group are unable to continue as going concerns, adjustments
may have to be made to reflect the situation that assets may
need to be realized other than in the normal course of business
and at amounts which could differ significantly from the amounts
at which they are currently recorded in the balance sheet. In
addition, the Company and the Group may have to reclassify non-
current assets and non-current liabilities as current assets and
current liabilities respectively.

(b) As stated in Note 35 to the financial statements, Mr Chew Eu
Hock, a significant shareholder of the Company, has undertaken
to purchase CEHC's interests in 2 subsidiaries, namely Chew Eu
Hock Construction Co. (Pvt.) Ltd and Chew Eu Hock-Laos
Construction Pte Ltd, a joint venture, Monico-CEH Joint Venture,
and investment in overseas quoted shares based on the net book
value of these investments as at 31 March 2002. We have not been
able to obtain sufficient evidence to ascertain the financial
position of the shareholder. Accordingly, we are not able to
form an opinion on the appropriateness of the carrying value of
these investments in the financial statements of CEHC and the
Group. The auditor's report on the financial statements of CEHC
has been similarly qualified on the appropriateness of the
carrying value of such investments.

(c) As stated in Note 5 to the financial statements, the Company
has an investment in CEHC, amounting to $20.4 million as at 31
July 2002. We do not consider the information made available to
us sufficient to form an opinion as to the appropriateness of
the carrying value of this investment in the financial
statements of the Company.

(d) Included in Note 29 is a potential liability relating to
that of a joint venture (the "JV, in which CEHC has a 20 percent
share. The auditor's report, dated 28 January 2002, on the
latest available financial statements of the JV for the period
from 1 April 2001 to 12 December 2001 has a disclaimer of
opinion on the basis of the following uncertainties:

The JV is in dispute with a supplier of services (the
"Consultant, which is claiming approximately $23.1 million for
additional consultancy work undertaken. The JV disputes the
amount claimed and believes that the Consultant does not have a
contractual entitlement to the amount claimed.

On the other hand, the JV is counter claiming the Consultant for
$18.1 million due to delays in program submission, failure to
carry out the services with reasonable skill, care or diligence
resulting in wrong and inadequate design information,
consequential cost, financial losses due to the Consultant's
refusal to comply with directions of the JV. At the date of the
auditor's report, the JV has not initiated legal proceedings
against the Consultant, nor has the Consultant initiated any
legal proceedings against the JV or CEHC.

Under the contract signed between the JV and a customer, the JV
may be liable contractually for liquidated damages of an
undetermined amount arising from delays encountered during the
progress of the project. On the other hand, additional billings
in respect of variation orders arising from additional work done
has been submitted by the JV to its customer but has not been
agreed upon.

On 12 December 2001, CEHC has been excluded from participating
in the JV and on 14 October 2002, CEHC's interest in the JV was
novated. Under the novation agreement, the customer has agreed
to release and discharge CEHC from any further performance of
the JV agreement, and from all claims, demands, obligations and
liabilities whatsoever in respect thereof. Under the
supplemental deed signed on the same date, the JV partners have
agreed to release and discharge CEHC from all of its liabilities
and the performance of its obligations under the JV agreement.
However, we do not consider the information made available to us
sufficient to enable us to form an opinion as to whether all
potential liabilities relating to the JV have been recorded by
CEHC and the Group as at 31 July 2002. The auditor's report on
the financial statements of CEHC has been similarly qualified
for this uncertainty.

Because of the significance of the matters referred to in the
preceding paragraphs, we are not in a position to, and do not
express an opinion on whether the accompanying financial
statements are properly drawn up in accordance with the
provisions of the Singapore Companies Act, Cap. 50 Act and
Singapore Statements of Accounting Standard and so as to give a
true and fair view of:

(i) The state of affairs of the Company and of the Group as at
31 July 2002 and of the results and changes in equity of the
Company and of the Group and cash flows of the Group for the
year then ended; and

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

In our opinion, except for the matters referred to in the
preceding paragraphs, the accounting and other records and the
registers required by the Act to be kept by the Company and by
those subsidiaries incorporated in Singapore of which we are the
auditors have been properly kept in accordance with the
provisions of the Act.

We have considered the financial statements and auditors' report
of the subsidiary of which we have not acted as auditors and the
financial statements of the subsidiary, which is not required to
present audited financial statements under the laws of its
country of incorporation being financial statements that are
included in the consolidated financial statements. The names of
those subsidiary companies are stated in Note 5 to the
accompanying financial statements.

Except for the matters referred to in the preceding paragraphs,
we are satisfied that the financial statements of the
subsidiaries that have been consolidated with the financial
statements of the Company are in form and content appropriate
and proper for the purposes of the preparation of the
consolidated financial statements and we have received
satisfactory information and explanations as required by us for
those purposes.

The auditors' reports on the financial statements of the
subsidiaries were not subject to any qualification and in
respect of subsidiaries incorporated in Singapore did not
include any comment made under Section 207(3) of the Act, except
for CEHC whose auditor's report, dated 11 December 2002,
expressed a disclaimer of opinion on the financial statements.
The auditors did not express an opinion because the auditors
were not able to ascertain the recoverability of work-in-
progress and reasons as stated in the preceding paragraph (b)
and (d).

2. The auditor We refer to note 6 of the Annual Report where it
has been disclosed that a Singapore-incorporated associated
Company, Eng Tat Engineering Pte Ltd, was audited by Chew Whye
Lee & Co.. Please confirm if the Company has control, as
prescribed in Clause 715 of the Listing Manual, over the
associated Company. If so, please confirm if Clause 716(1) has
been complied with.

The Company wishes to confirm that it has no control (as defined
in the Singapore Statements of Accounting Standards) over the
associated Company, Eng Tat Engineering Pte Ltd.

3. Elaborate on the Company's Internal Code on securities
transactions by officers of the Company/Group in order to comply
with the principles set out in the Best Practices Guide

The Group has adopted a code of conduct to provide guidance to
its officers with regards to dealings in the Company's
securities, in compliance with the Best Practices Guide of the
SGX-ST. In addition, the Company's securities have been
suspended from trading since 28 January 2002.


ECON INTERNATIONAL: Widens Net Loss to S$31.95M
-----------------------------------------------
Econ International posted a net loss of S$31.95 million in the
six months to September this year, versus a loss of S$6 million
a year earlier.

Financial result in the six months to September 30, 2002:

(in millions of S$ unless stated)

Net profit/(loss) (31.95) vs (6.00)
Group shr (cents) (5.80) vs (1.10)
Turnover 159.39 vs 156.18
Exceptional items (14.06) vs nil
Dividend (pct) nil vs nil

Econ International Ltd is engaged in civil, geotechnical and
foundation engineering works and trading of building materials
such as precast concrete products, steel products and granite
products.

The exceptional items relate to losses on disposal of
subsidiaries and on the sale of investment property, provision
for premature termination of an overseas project and pre
contract costs written off. The Company does not expect to
report a profit next year.


NATSTEEL LIMITED: Posts Notice of Shareholder's Interest
--------------------------------------------------------
Natsteel Limited posted a notice of changes in substantial
shareholder Cameo International Finance Ltd's interest:

Date of notice to Company: 21 Dec 2002
Date of change of deemed interest: 19 Dec 2002
Name of registered holder: Standard Chartered Bank
Circumstance(s) giving rise to the interest: Others
Please specify details: Off-Market Purchase

Shares held in the name of registered holder
No. of shares which are the subject of the transaction: 863,500
% of issued share capital: 0.23
Amount of consideration per share excluding brokerage,GST,stamp
duties,clearing fee: S$2.06
No. of shares held before change: 119,253,498
% of issued share capital: 31.92
No. of shares held after change: 120,116,998
% of issued share capital: 32.15

Holdings of Substantial Shareholder including direct and deemed
interest
                                       Deemed Direct
No. of shares held before change: 119,253,498
% of issued share capital:        31.92
No. of shares held after change:  120,116,998
% of issued share capital:        32.15
Total shares:                     120,116,998

Based on 373,558,237 shares issued as at 18 December 2002.


NATSTEEL LTD: SGD1.55 Dividend Payout "Not Commercially Viable"
---------------------------------------------------------------
Natsteel Ltd said, in a statement to the Singapore Exchange
(SGX), that it is "not commercially viable" to distribute
SGD1.55 per share to shareholders as part of the proceeds from
the sale of units Natsteel Broadway Ltd and Natsteel Brasil Ltd
and still function as a properly capitalized group capable of
maintaining its performance and growth prospects. Nevertheless,
the Company said it "intends to continue its practice of
distributing surplus cash prudently at the appropriate time".

This latest statement is in response to a statement from Oei
Hong Leong's Sanion Enterprises, which said that Natsteel can
declare a dividend of SGD1.55 from the sale of the two units
instead of the SGD0.97 payout the latter is proposing.

Natsteel also said Sanion's proposal for it to use part of
Sanion's dividend entitlement to help it with loan repayments
may result in a "conflict in the priority of applying any cash"
available or generated by the group.

Furthermore, if it does accept Sanion's offfer, Natsteel could
possibly face a medium term funding deficit of SGD216 million.

Currently, Sanion has a 29.79 percent stake in Natsteel, while
the consortium led by hotelier Ong Beng Seng and government
investment arm Temasek Holdings, 98 Holdings, has a 36.72
percent interest in Natsteel.

About Natsteel

NatSteel mixes steelmaking and other activities to make it one
of Singapore's largest industrial groups. NatSteel's operations
include steel (roughly 64 percent of sales), electronics,
building products, chemicals, engineering products and services,
and property development. The Company has steel minimills in
China, Malaysia, the Philippines, Singapore, and Vietnam. Its
electronics division consists of many contract manufacturers, as
well as a major investment in modem maker U.S. Robotics. In 2002
the Company sold its NatSteel Broadway (printed circuit boards,
plastic and metal components) unit to Flextronic International
for about $367 million. (M&A REPORTER-ASIA PACIFIC, Vol. No.1,
Issue No. 254, December 26, 2002)


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


ADVANCE PAINT: Tender Offer Rumor Not True
------------------------------------------
Advance Paint and Chemical (Thailand) Public Company Limited
(APC), in relation to the rumor that the Company has been
approached by foreign investors who make tender offer for its
shares at the price of 15 Baht per share, clarified that it has
not been contacted by any foreign or any investors on a tender
offer for APC shares as the rumor suggested.

The Company would immediately notify the Stock Exchange of
Thailand on this subject if approached.


BANGCHAK PETROLEUM: Govt's Reorganization Decision Due Soon
-----------------------------------------------------------
Deputy Prime Minister Prommin Lertsuridej said that the decision
on the state-owned Bangchak Petroleum Public Company Limited's
reorganization will be due in January 10 next year, Bloomberg
reported Wednesday.

Thailand's biggest energy company PTT Public Company Limited,
opposes the move of the government to merge Bangchak, which
posted losses in eight of the past 10 quarters and has Bt23.6
billion debt, with its unit Thai Oil Co. An alternative move is
for the government to increase Bangchak's capital by Bt6 billion
(US$139.7 million).

On November, the Thai unit of ChevronTexaco Corp. said
Bangchak's refinery, which has a refining capacity of 120,000
barrels per day, should be closed because it isn't being run
efficiently.


PROPERTY PERFECT: Reports Rehab Plan Implementation Progress
------------------------------------------------------------
Asian International Planners Limited, as Plan Administrator of
Property Perfect Public Company Limited, reported the progress
on the implementation of the Rehabilitation Plan, which was
approved by the Central Bankruptcy Court since October 2, 2002,
as follow:

1. Financial Restructure

Principal repayment: The Company has repaid the principal to all
creditors as stipulated by the Plan up to November 30, 2002 in
total of Baht 719,946,729.52 of which Baht 309,789,075.65 was
paid to secured creditors and Baht 409,957,653.87 was paid to
unsecured creditors.

Up to November 30, 2002 the Company has made 4 quarterly
interest payments as stipulated by the Plan to all creditors in
total of Baht 94,638,869.86.

The Company had reduced the unpaid capital and increased the
capital to reserve for the issuance of warrant and debt to
equity conversion as stipulated by the Plan.

The Company had issued 53 million of warrants to the unsecured
creditors as stipulated by the Plan. And the Stock Exchange of
Thailand has approved the listing of the Company's warrants,
"PF-W2", on December 4, 2002.

As stipulated by the plan, each year before September 1, the
Creditor group 2, 3, 4, 5, 6, 7, 8, and 10 has the rights to
convert its debt into the Company's share capital. In 2002, The
Company was notified by the number of the unsecured creditors of
their intention to convert their debt into the Company's shares.
The Company is reviewing the creditors' request and is preparing
for the issuance of the shares to the eligible creditors. At the
date of this report, the Company has already filed the
application for the issuance of the common shares for the debt
to equity conversion to the Stock Exchange Commission.

2. Operation of the Company's Business: The Company has continue
to operate its business as normal. Four major projects have been
developed, being Perfect Place  Rattanathibet, Nantana Garden
Park Place, Maneeya Masterpiece, and Maneerin Lake and Park
Tiwanon Outer Ring Road. The Company also plans to expand the
size of its 3 existing projects, namely Rangsit, Ramkhamhaeng,
and Rattanathibet. As for the marketing strategy the Company is
to pursue an increase in the selling of the Pre Built Units from
65 percent to 80 percent of the total sale.


RAIMON LAND: SET Adds New Listed Securities
-------------------------------------------
The Stock Exchange of Thailand (SET) has granted a listing of
Certificates representing the rights to purchase shares (with
call option) of Raimon Land Public Company Limited from December
25,  2002.

The SET has set warrants of Raimon Land Public Company Limited,
amounting to 253,530,974  units to be traded on the SET under
the sector of warrants to subscribe to common shares using the
trading name of "RAIMON-W" commencing from December 25, 2002
onwards.


SANDCHEMICAL INDUSTRY: Files Business Reorganization Petition
-------------------------------------------------------------
Sandchemical Industry Company Limited (DEBTOR), engaged in
producing and distributing chemical products for paper, plastic,
pick, fiberglass, color and glue industries, filed its
Petition for Business Reorganization to the Central Bankruptcy
Court:

   Black Case Number 1057/2543

   Red Case Number 14/2544

Petitioner : SANDCHEMICAL INDUSTRY COMPANY LIMITED

Planner: Mr. Paramiat Kajonvittaya

Debts Owed to the Petitioning Creditor : 2,343,183,224.56 Baht

Date of Court Acceptance of the Petition : December 19, 2000

Date of Examining the Petition: January 16, 2001 at 9.00 AM

Court Order for Business Reorganization and Appointment of
Planner : January 16, 2001

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: January 29, 2001

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette : February 20,
2001

Deadline for the Planner to submit the Reorganization Plan to
Official Receiver : May 20, 2001

Planner postponed the date of submitting the reorganization plan
#1st to June 20, 2001

Planner postponed the date of submitting the reorganization plan
#2nd to July 20, 2001

Appointment date for the Meeting of Creditors to consider the
plan : August 28, 2001 at 9.30 am. Convention Room 1104, 11th
Floor, Bangkok Insurance Building, South Sathorn Road

The Meeting of Creditors had a resolution not accepting the
reorganization plan pursuant to Section 90/48

Court had issued an Order Cancelled the Petition for Business
Reorganization on October 18, 2001

Announcement of Court Order Cancelled the Petition for Business
Reorganization in Matichon Public Company Limited and Siam Rath
Company Limited: October 29, 2001

Announcement of Court Order Cancelled the Petition for Business
Reorganization in Government Gazette : November 13, 2001

Contact : Mrs. Piyanant Tel: 6792525 ext 114


SHIN CORPORATION: Restructures E-Business
-----------------------------------------
Shin Corporation Public Company Limited (SHIN) and AD Venture
Co., Ltd. (ADV), a 90.91% subsidiary of SHIN (SHIN Group),
signed the agreement to restructure its E-Business with NTT
Communications Corporation (NTT Com) with material terms and
conditional as follows :

1. SHIN Group shall purchase 40% stake in Shinee Co.,Ltd.
(Shinee) from NTT Communication (Thailand) (NTT Thailand) worth
Baht 75 million. After this transaction, SHIN Group will hold
99.99% in Shinee. With this full control, Shinee would be able
to enhance its potential and quality of wireless content
business and this restructuring would help Shinee to strengthen
synergy among SHIN Group.

2. To realign the Internet Service Provider (ISP) business and
Internet Data Center business of the group, SHIN Group and NTT
Com agree to look for the process of consolidating the services
and customers of ArcCyber Co., Ltd.,in which ADV hold 47.50%,
and NTT Thailand hold 47.50%, with C.S. Communications Co., Ltd.
(CSC) and NTT Communications Group. Currently, CSC is an
affiliate of SHIN and involving in ISP business in Thailand.


UNITED COMMUNICATION: Sells, Liquidates Subsidiaries
----------------------------------------------------
The Board of Directors' Meeting of United Communication Industry
Public Company Limited No.8/2002 held on December 23, 2002
passed the resolution to approve as follows:

1. Connected Transaction

    The Meeting unanimously approved the subsidiary company,
UCOM Entertainment Broadcasting Company Limited (UEB)'s selling
of all shares held in INN Company Limited (INN) and the
assignment of loan receipt payable by INN, which has the
outstanding value of Baht 58.01 million to a connected person,
Mr. Boonchai Bencharongkul.

2. Liquidate of the subsidiary company.

    The Meeting unanimously approved that the subsidiary company
will liquidate, United Utility Management Company Limited (UUM),
held  699,994 shares by UCOM which equal to 99.99% of its paid-
up capital.


* DebtTraders Real-Time Bond Pricing
------------------------------------

Issuer             Coupon   Maturity   Bid - Ask   Weekly change
-----              ------   --------   ---------   -------------

Asia Pulp & Paper     FRN     due 2001   1.5 - 2.5       -1
Asia Pulp & Paper     11.75%  due 2005    31 - 32        +0.5
APP China             14.0%   due 2010    28 - 30        0
Asia Global Crossing  13.375% due 2006    11 - 13        +1
Bayan Telecom         13.5%   due 2006    16 - 18        0
Daya Guna Sumudera    10.0%   due 2007     1 - 3         0
Hyundai Semiconductor8 .625%  due 2007    61 - 64        0
Indah Kiat            11.875% due 2002    33 - 34        -2
Indah Kiat            10.0%   due 2007    26 - 28        -0.5
Paiton Energy         9.34%   due 2014    71 - 76        +1
Tjiwi Kimia           10.0%   due 2004    24 - 26        0
Zhuahi Highway        11.5%   due 2008    35 - 37        0

Bond pricing, appearing in each Friday's edition of the
TCR-AP, is provided by DebtTraders in New York. DebtTraders is
a specialist in global high yield securities, providing clients
unparalleled services in the identification, assessment, and
sourcing of attractive high yield debt investments. For more
information on institutional services, contact Scott Johnson at
1-212-247-5300. To view our research and find out about private
client accounts, contact Peter Fitzpatrick at 1-212-247-3800.
Real-time pricing available at www.debttraders.com


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.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.  Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each.  For subscription
information, contact Christopher Beard at 240/629-3300.

                 *** End of Transmission ***