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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

           Friday, January 10, 2003, Vol. 6, No. 7

                         Headlines

A U S T R A L I A

GOODMAN FIELDER: Panel Commences Takeover Proceedings
GOODMAN FIELDER: Takeover May Trigger Early Repayment of Debt
HIH INSURANCE: Commission to Hear Fanning Today
HILLGROVE GOLD: AGM Resolves Offer Extension to February 12
STADIUM AUSTRALIA: January 29 Meeting Scheduled


C H I N A   &   H O N G  K O N G

BERJAYA HOLDINGS: Net Loss Escalates to HK$5.15M
FUJIAN GROUP: Former Director Seeks Extension to File Defense
HUNG FUNG: Sees No Reason for Share Price Decrease
KSAT SATELLITE: Foresees US$17.9M Shareholders' Deficit
NAM FONG: Requests Trading Suspension

PCCW LIMITED: Hires Agent for Odd Lot Trading Arrangement
PCCW LIMITED: Proposed Share Consolidation Approved
PETER PUN: Winding Up Petition Slated for Hearing
SOUNDWILL HOLDINGS: Updates Restructuring Proposal Status
STAR EAST: Price Movement Unexplainable


I N D O N E S I A

GAJAH TUNGGAL: Operating Profit Declines


J A P A N

AIWA CO.: Sony Sets New Strategy to Renew Brand
NEC CORPORATION: Issues Sale of Shares Update
TOSHIBA CORP: Chip Operations "Positive", Says Shinko Securities
UBE INDUSTRIES: SDS Acquires Agrochemicals Business


K O R E A

ASIANA AIRLINES: Signs Oil Price Hedge Deal With SK
CHOHUNG BANK: Shinhan May Increase Cash Payment
DAEWO ELECTRONICS: Shuts Down French Factory
DAEWOO SHIPBUILDING: No Decision Yet on Share Buyback
GM DAEWOO: Needs Full Line of Products, Says Chairman

KIA MOTORS: Aims to Boost Domestic Market at 30%


M A L A Y S I A

BERJUNTAI TIN: FIC Approves Proposed Restructuring Scheme
FW INDUSTRIES: Changes Registered Address
GLOBAL CARRIERS: Discloses Change in Boardroom Notice
HOTLINE FURNITURE: Answers KLSE's Query
KEMAYAN CORPORATION: Receives Writ of Summon From AMDB

LAND & GENERAL: De-Registers Dormant Subsidiary
LAND & GENERAL: Provides Defaulted Payment Status Update
NAM FATT: SC Grants Time Extension on Proposals Completion
PARK MAY: Clarifies Asset Disposal Media Report
RNC CORP.: Invites Investors to Tender for Assets, Business

SELOGA HOLDINGS: SC Grants Proposals Conditional Approval
SOUTH MALAYSIA: Issues Warrants in Restructuring Compliance
TAT SANG: Fifth AGM to be Held on January 31
TONGKAH HOLDINGS: FIC Supports Proposed Restructuring Scheme
WING TIEK: SC Conditionally Approves Proposed CDRS


P H I L I P P I N E S

DMCI HOLDINGS: Delisting of Redeemed Preferred Shares
EAST ASIA: Turf Issue Leaves Receivership Case Hanging
LIBERTY TELECOMS: Signs Debt Restructuring Deal With DBP
NATIONAL BANK: Clarifies "Banks Keen on Buying Bad Loans"
PHILIPPINE LONG: Issues 10M Preferred Shares to Subscribers

PHILIPPINE LONG: Likely to Cut More Jobs
PHILIPPINE LONG: Won't Declare Dividends in Short Term


S I N G A P O R E

NATSTEEL LTD: Response to David Gerald's Letter
NATSTEEL LTD: Posts Notice of Shareholder's Interest
OVERSEA-CHINESE: Unit Enters Voluntary Liquidation
SEATOWN CORPORATION: Court Extends Restraining Order
SEATOWN CORPORATION: Proposes Sale of Shares in Unit


T H A I L A N D

PARAWOOD CORPORATION: Files Business Reorganization Petition
THAI DURABLE: Rehabilitation Plan Awaits Approval
THAI PETROCHEMICAL: Creditors OK Rehab Plan Amendment

* DebtTraders Real-Time Bond Pricing

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A U S T R A L I A
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GOODMAN FIELDER: Panel Commences Takeover Proceedings
-----------------------------------------------------
The Takeover Panel announced last week that it is determined to
commence proceedings in response to the 30 December 2002
application from Goodman Fielder Ltd (Goodman Fielder) in
relation to the takeover bid for Goodman Fielder by BPC1 Pty Ltd
(Burns Philp) (a subsidiary of Burns, Philp & Company Ltd).

Goodman Fielder's application seeks a declaration of
unacceptable circumstances, interim orders restraining the
dispatch of the Burns Philp bidder's statement until the Panel
has finally determined the application, and final orders in
relation to various conditions proposed to be in the Burns Philp
bid.

The Panel declined Goodman Fielder's application for an interim
order.

The Panel has been attempting to reach conclusion of the
application by way of undertakings, without commencing
proceedings. That process has not been possible.

The Panel had commenced proceedings on January 3, 2003.

The President of the Panel has appointed Ilana Atlas, Michael
Tilley and Marian Micalizzi to be the Sitting Panel to consider
the application.

Nigel Morris
Director, Takeovers Panel
Level 47 Nauru House
80 Collins Street
Melbourne VIC 3000
Ph: +61 3 9655 3501
nigel.morris@takeovers.gov.au


GOODMAN FIELDER: Takeover May Trigger Early Repayment of Debt
-------------------------------------------------------------
Goodman Fielder advised Wednesday that payment obligations of
approximately A$392 million may be incurred as a result of the
company closing-out existing US debt arrangements early if the
current takeover bid by Burns Philp is successful.

In 1999, a subsidiary of Goodman Fielder issued US$200 million
principal amount of guaranteed senior notes due in 2011 to
institutional investors resident in the United States. The
obligations under the Notes and associated documentation are
unconditionally guaranteed by Goodman Fielder.

The relevant Note Purchase Agreement contains provisions for
early repayment of the principal amount and a 'make whole'
amount in certain circumstances, at the option of the
noteholders.

Goodman Fielder has reviewed the Note documentation and has now
obtained advice from US counsel, following the announcement by
Burns Philp of an unsolicited takeover bid for Goodman Fielder.

The provisions for early repayment of the principal amount and
payment of a `make whole' amount is not automatically triggered
by a change of control of Goodman Fielder. However, an early
repayment obligation and an obligation to pay the 'make whole'
amount is likely to be triggered if the Burns Philp bid is
successful.

This is because Burns Philp has advised in its Bidder's
Statement that the financiers of the Burns Philp bid will take
security over assets of Goodman Fielder and its subsidiaries if
the Burns Philp bid is successful (and Goodman Fielder presumes)
Goodman Fielder and its subsidiaries will assume obligations,
for the payment of the Burns Philp bid facilities as part of the
security arrangements.

The principal amount outstanding is US$200 million. The amount
of the 'make whole' payment is US$40million (or US$28 million
after tax). If the Notes are repaid early, Goodman fielder will
receive a payment from the close-out of interest rate swaps,
presently about US$19 million (or US$13 million after tax),
giving a net after tax cost of US$15 million, approximately A$26
million.

The total amount presently likely to be payable, as a
consequence of the early repayment of the Notes should the Burns
Philp bid succeed, is therefore about US$221 million before tax.
The Australian dollar equivalent is approximately A$392 million.
These amounts fluctuate on a daily basis.

The current obligations may be summarized as follows.

                     USD      AUD        AFTER TAX     AFTER TAX
                                           (USD)          (AUD)

Principal           200m      355m         200m          355m
Make Whole Payment   40m       71m          28m           50m
Swaps close out     (19m)     (34m)        (13m)         (24)m

Total payable       221m      392m         215m          381m

Goodman Fielder had not been informed, at the date of this
announcement, of the intentions of any of the Noteholders in the
event that the Burns Philp bid is successful.


HIH INSURANCE: Commission to Hear Fanning Today
-----------------------------------------------
The HIH Royal Commission will sit today, 10 January 2003 to hear
evidence from John Patrick Fanning. It will sit again from
Monday 13 January 2003, for counsel assisting and parties to
speak to their closing submissions.

The sitting times are usually Monday to Friday 9:30AM to 11AM,
11:15AM to 12:45PM; and 2:15PM to 3:30PM and 3:45PM to 4:30PM.
Commission Location: Level 8, 'The Landmark' 345 George Street,
Sydney


HILLGROVE GOLD: AGM Resolves Offer Extension to February 12
-----------------------------------------------------------
Hillgrove Gold NL (Receivers and Managers Appointed) (subject to
Deed of Company Arrangement) ACN 004 297 116 posted the letter
from Clayton UTZ Lawyers regarding the outcome of resolutions
put to Annual General Meeting held on January 7, 2003:

"We act for the receivers of Hillgrove.

We are instructed to notify the Australian Stock Exchange
Limited (ASX) in accordance with Listing Rule 3.1, that at a
duly convened board meeting this afternoon, the directors of
Hillgrove resolved to extend the closing date of the offer of 15
million New Shares at an issue price of 10 cents per share,
contained in the Offer Information Statement lodged by Hillgrove
with the Australian Securities and Investments Commission (ASIC)
and ASX on 17 October 2002 (Offer) from 6 January 2003 until 12
February 2003, in accordance with the board's right to vary the
dates and times of the Offer.

The directors also advise that the offer is now over subscribed.

The board of Hillgrove has previously resolved to extend the
offer until 11 December 2002 by resolution of the board dated 11
November 2002 and to further extend the offer until 6 January
2003 by resolution of the board dated 11 December 2002. ASX was
notified of each extension on the same day as the relevant
resolution.

Attached is a copy of a Supplemental Offer Information Statement
dated 7 January 2003. The purpose of the Supplementary Offer
Information Statement is to inform investors of Hillgrove's
application for a modification to the requirements of the
Corporations Act and of Hillgrove's non-compliance with a
condition outlined in the Offer Information Statement.

David Landy                     Jeremy King
PARTNER                         SOLICITOR
(02) 9353 4175                  (02) 9353 4671
dlandy@claytonutz.com           jking@claytonutz.com

SUPPLEMENTARY OFFER INFORMATION STATEMENT

This is a Supplementary Offer Information Statement dated 7
January 2003 (Supplementary OIS), which supplements and should
be read in conjunction with the Offer Information Statement
dated 17 October 2002 (OIS) issued by Hillgrove Gold NL.

The purpose of this Supplementary OIS is to inform investors of
Hillgrove's application for a modification to the requirements
of the Corporations Act and of Hillgrove's non-compliance with a
condition outlined in the OIS.

The OIS stated that if ASX did not grant permission for official
quotation of the New Shares within 3 months after the date of
that document, or such longer period as is permitted by the
Corporations Act, then none of the New Shares offered by the OIS
would be allotted or issued. The Company wishes to advise
investors that the proposed recapitalization process is
scheduled to take place immediately following the Administrators
making all distributions to admitted creditors and the
completion of the disposal of certain resource interests of the
Company. This process is currently underway, however it may not
be completed in time to allow for permission for quotation of
the New Shares to take place within the 3 month period as
disclosed in the OIS.

Consequently, it is proposed that the Company will apply to the
ASIC to seek a 1 month extension to the requirement for
permission for official quotation of the New Shares to be
granted within 3 months of the date of the OIS.

The OIS also stated that Hillgrove would apply to ASX for
official quotation of the New Shares within 7 business days
after the date of the OIS. Hillgrove has deferred making this
application until completion of the recapitalization process.
Accordingly, in accordance with the Corporations Act, Hillgrove
is required to send applicants this Supplementary OIS and give
applicants 1 month in which to withdraw their original
application and be repaid their application monies.

Should you wish confirm your original application and not be
repaid your application monies, please sign the attached
confirmation form and return it in the attached postage paid
self addressed envelope, as soon as possible.

Terms and abbreviations defined in the OIS have a corresponding
meaning in this Supplementary OIS, unless context otherwise
requires.

Neither the ASIC nor ASX nor any of their respective officers
take any responsibility for the contents of this Supplementary
OIS.

Hillgrove's directors have authorized the issue of this
Supplementary OIS and consented to its lodgment with the ASIC."


STADIUM AUSTRALIA: January 29 Meeting Scheduled
-----------------------------------------------
Notice is given that pursuant to section 252D of the
Corporations Act 2001 (Cth) a meeting of members (Meeting) of
Stadium Australia Trust (ARSN 093 502 473 (SAT) will be held at:

Time:         10.00am (Sydney time)

Date:         Wednesday, 29 January 2003

Place:        Members' Dining Room
              Level 4, Members' Stand
              Telstra Stadium
              Edwin Flack Avenue
              Sydney Olympic Park.

This notice is issued by Ogden International Facilities
Corporation Pty Ltd (ABN 12 010 835 551) of The Pavilion On The
Lake, Brisbane Entertainment Center, Melaleuca Drive, Boondall,
Queensland, 4034 (Ogden), being a member of SAT holding
interests carrying at least  5% of the votes that may be cast at
a meeting of SAT's members.

In accordance with section 252S(3) of the Corporations Act 2001,
the SAT members present at the Meeting will elect a member
present to chair the meeting.

1. BUSINESS OF THE MEETING

The business of the meeting is to consider, and if thought fit,
to pass the resolutions set out below as ordinary resolutions
(Resolutions).

RESOLUTION 1 - REMOVAL OF THE RESPONSIBLE ENTITY OF SAT:

That, subject to the passing of Resolution 2, MTM Investment
Management Limited (ACN 093 504 155) be removed as the
responsible entity of Stadium Australia Trust ASRN 093 502 473.

RESOLUTION 2 - APPOINTMENT OF A NEW RESPONSIBLE ENTITY OF SAT:

That James Fielding Funds Management Limited (ACN 067 417 663)
(JFFM) be chosen and appointed as the new responsible entity of
Stadium Australia Trust ASRN 093 502 473 upon the valid removal
of MTM Investment Management Limited as responsible entity
pursuant to Resolution 1.

2. BACKGROUND AND FURTHER INFORMATION

The Resolutions, if passed, will result in the replacement of
MTM as responsible entity of SAT with JFFM. Resolution 2 will
not be put to the Meeting if Resolution 1 is not passed.

The Explanatory Memorandum accompanying this Notice of Meeting
sets out the reasons why the Resolutions are being proposed and
explains their effect.


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


BERJAYA HOLDINGS: Net Loss Escalates to HK$5.15M
------------------------------------------------
Berjaya Holdings (HK) Limited announced on 07 January 2003:

(stock code: 00288)
Year end date: 30/04/2003
Currency: HKD
Auditors' Report: N/A
Review of Interim Report by: Audit Committee
                                                (Unaudited)
                             (Unaudited)        Last
                             Current            Corresponding
                             Period             Period
                             from 01/05/2002    from 01/05/2001
                             to 31/10/2002      to 31/10/2001
                             Note  ('000)       ('000)
Turnover                           : 949                1,222
Profit/(Loss) from Operations      : (3,187)            (912)
Finance cost                       : (2,032)            (817)
Share of Profit/(Loss) of
  Associates                       : 103                141
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A
Profit/(Loss) after Tax & MI       : (5,115)            (1,586)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.0087)           (0.0027)
         -Diluted (in dollars)     : (0.0087)           (0.0027)
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (5,115)            (1,586)
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. Basis of preparation and accounting policies

These unaudited consolidated condensed interim accounts are
prepared in accordance with the applicable disclosure
requirements of Appendix 16 to the Rules Governing the Listing
of Securities of The Stock Exchange of Hong Kong Limited Listing
Rules) and the Statement of Standard Accounting Practice (SSAP)
25 (revised) "Interim Financial Reporting" issued by the Hong
Kong Society of Accountants (HKSA).

The accounting policies and methods of computation adopted
are consistent with those used in the Group's annual accounts
for the year ended 30th April 2002 except that the Group has
changed certain of its accounting policies following the
adoption of the following SSAPs issued by the HKSA which are
effective for accounting periods commencing on or after 1st
January 2002:

SSAP 1(revised): Presentation of financial statements
SSAP 11(revised): Foreign currency translation
SSAP 15(revised): Cash flow statements
SSAP 25(revised): Interim financial reporting
SSAP 34 : Employee benefits

For the six months ended 31st October 2002, the adoption of
the above new accounting standards did not have material
impact on the reported financial position or results of the
Group other in the changes in the format of presentation of the
condensed consolidated cash flow statement and the consolidated
statement of changes in equity.

2. Operating loss

Operating loss is stated after charging unrealized loss on other
investments amounting to approximately HK$1,117,000
(2001:HK$12,000) and depreciation expenses on fixed assets of
approximately HK$102,000 (2001: HK$137,000).

3. Taxation

The Company has no estimated assessable profit for Hong Kong and
overseas profits tax purposes for the period.  Potential
deferred tax asset arising from cumulative tax losses as at 31st
October 2002 has not been recognized in the unaudited condensed
consolidated interim accounts.

4. Loss per share

The calculation of basic loss per share is based on the
unaudited consolidated loss attributable to shareholders for the
six months ended 31st October 2002 of approximately HK$5,115,000
(2001: HK$1,586,000) and on the weighted average of 591,047,975
ordinary shares in issue throughout the six months ended 31st
October 2002 (2001: 591,047,975 ordinary shares).

At 31st October 2002 and 2001, there were no dilutive financial
instruments (such as share options and warrants) outstanding
and therefore, the diluted loss per share for both periods is
the same as the basic loss per share.


FUJIAN GROUP: Former Dir Seeks Time Extension to File Defense
-------------------------------------------------------------
References are made to the announcements dated 30 September
2002, 1 November 2002 and 2 December 2002 in relation to (i)
Labour Tribunal Claim No. LBTC 8170/2002 for the claim by
former directors against Fujian Group Limited of outstanding
wages and related claims for the total sum of HK$5,722,580.60;
and (ii) High Court Action No. 3576/2002 for the claim by FGL
against the former directors for breach of duties for the sum of
not less than HK$6,500,000.00.

The Labour Tribunal Claim No. LBTC 8170/2002 has been
transferred to the High Court under new High Court Action No.
4307 of 2002. According to the order by the High Court on 11
December 2002, the plaintiffs (the former directors of FGL) have
filed a statement of claim on 20 December 2002 and pursuant to
the said order, FGL shall file its defense within 14 days
thereafter. FGL shall apply with the High Court for an extension
to file its defense.


HUNG FUNG: Sees No Reason for Share Price Decrease
--------------------------------------------------
Hung Fung Group Holdings noted the recent decrease in the share
price of the shares of the Company and wish to state that the
Board is not aware of any reasons for such decrease.

Save as disclosed in the announcement of the Company dated 30th
December, 2002, the Board confirm that there are no other
negotiations or agreements relating to intended acquisitions or
realization which are discloseable under paragraph 3 of the
Listing Agreement, neither is the Board aware of any matter
discloseable under the general obligation imposed by paragraph
2 of the Listing Agreement, which is or may be of a price-
sensitive nature.


KSAT SATELLITE: Foresees US$17.9M Shareholders' Deficit
-------------------------------------------------------
KSAT Satellite Networks Inc. on Wednesday has determined that it
expects to have an unaudited shareholders' deficiency of
approximately US$ 17.9 million as at December 31, 2002.

During the past year, the growth of mobile phone users in China
has increased significantly, making it difficult for paging
operators to maintain their subscriber base. Accordingly, paging
operators have either cut back on capital expenditures or
reduced their existing paging infrastructure to match the
reduction in their subscriber base and the reduced operating
profits.

The Corporation's previous expectation that China's membership
in the World Trade Organization would create new business
opportunities for the Corporation did not yield the anticipated
opportunities and accordingly the expected increase in demand
for VSAT Satellite Communication equipment and related services
in the Chinese market did not materialize for the Corporation.

In addition, major state-owned telecommunications companies have
undergone a period of restructuring and consolidation, which has
had a negative impact on capital expenditures for the expansion
and upgrading of existing systems and on the sales the
Corporation was able to close in fiscal 2002.

The increase in the shareholder's deficiency as at December 31,
2002 is the result of the abovementioned changes and economic
pressures in the Corporation's area of focus, the
telecommunications and satellite industry in China in fiscal
2002.

These economic conditions and the difficult operating
environment for paging operators in China have led management of
the Corporation to recommend, and the board of directors of the
Corporation to approve, the proposed write down and creation of
provisions against certain assets of the Corporation, namely
inventory, trade receivables and capital assets totaling US$5.5
million as at December 31, 2002. The proposed write down and the
creation of provisions are reflected in the unaudited
shareholders' deficiency of US$ 17.9 million as at December 31,
2002.

The Corporation is maintaining its commitment to service their
customers of its One Way Receiver business, which have been
secured over the past two years. In addition the Corporation
continues to negotiate an extension of the repayment of its
shareholder loans and convertible debentures with two of its
shareholders. The outcome of this matter is still uncertain.


NAM FONG: Requests Trading Suspension
-------------------------------------
Nam Fong International Holdings Limited requested trading in its
shares to b suspended with effect from 9:30 a.m. Wednesday,
January 8, 2003, pending for release of an announcement in
relation to the outcome of the hearing for the winding-up
petition against the Company.


PCCW LIMITED: Hires Agent for Odd Lot Trading Arrangement
---------------------------------------------------------
PCCW Limited said that in order to facilitate the trading of odd
lots of New Shares as a result of the Consolidation, the Company
has appointed the Agent to provide a "matching service" to those
Shareholders who wish to top-up or sell their holdings of odd
lots of New Shares.

The Agent will provide the service to match the sale and
purchase of odd lots of New Shares during the period from
January 8, 2003 to February 14, 2003, both dates inclusive.
Holders of New Shares in odd lots who wish to take advantage of
this facility either to dispose of or top up their odd lots to a
board lot of 1,000 New Shares may directly contact the Agent on
telephone number 2867 1968 or through their brokers who should
contact the Agent on telephone number 2867 1859 or at 3rd Floor,
Hutchison House, 10 Harcourt Road, Central, Hong Kong during
such period.

Shareholders should note that the matching service is on a "best
efforts" basis only and successful matching of the sale and
purchase of odd lots of New Shares is not guaranteed and will
depend on there being adequate amounts of odd lots of New Shares
available for such matching.

Shareholders are recommended to consult their stockbroker, other
registered dealer in securities, bank manager, solicitor,
professional accountant or other professional adviser if they
are in any doubt about the matching facility described above.


PCCW LIMITED: Proposed Share Consolidation Approved
---------------------------------------------------
References are made to (i) the issue of 200,000,000 European
Style (Cash Settlement) Call Warrants 2002/2003 relating to
existing issued ordinary shares of HK$0.05 each of PCCW Limited
(Stock Code: 9641) (Warrants) by the SGA Soci‚t‚ G‚n‚rale
Acceptance N.V. (Issuer) and unconditionally and irrevocably
guaranteed by Soci‚t‚ G‚n‚rale, (ii) the supplemental listing
document dated 3 December, 2002 (Supplemental Listing Document)
published in relation to the Warrants, and (iii) the terms and
conditions of the Warrants (Conditions) contained in the
Supplemental Listing Document.

On 6 December, 2002, the board of directors of PCCW announced
its proposal to consolidate every five issued and unissued
ordinary shares of HK$0.05 each in the capital of PCCW (Old
Shares) into one new ordinary share of HK$0.25 in the capital of
PCCW (New Shares) (Consolidation). On 7 January, 2003, an
extraordinary general meeting was held by PCCW where an ordinary
resolution was passed by PCCW's shareholders approving the
Consolidation with effect from and including 8 January, 2003. As
a consequence of this, it is necessary to make certain
adjustments to the Warrants in accordance with the terms and
conditions of such Warrants.

Each of the existing Warrants has an entitlement ratio of one
Old Share in respect of each Warrant. With effect from and
including 8 January, 2003, the entitlement ratio will change
from one Old Share in respect of each Warrant to one New Share
in respect of every five Warrants.

The Conditions of the Warrants provide that the Cash Settlement
Amount (as defined in the Conditions) for each Warrant on expiry
is calculated in accordance with the following formula:

(Average Price - Exercise Price), per Warrant

where (i) the Average Price is the arithmetic mean of the
closing prices of one Old Share (as derived from the Daily
Quotation Sheet of the Stock Exchange, subject to any
adjustments (as determined by the Issuer in accordance with the
Conditions) to such closing prices as may be necessary to
reflect any capitalization, rights issue, distribution or the
like) for each of the five Business Days (as defined in the
Conditions) immediately preceding the Expiry Date (as defined in
the Conditions and in the Supplemental Listing Document), and
(ii) the Exercise Price (as defined in the Supplemental Listing
Document).

With effect from 8 January, 2003, the Cash Settlement Amount for
each Warrant on the Expiry Date will be calculated in accordance
with the following formulae:

(Average Price - New Exercise Price) x 0.20, per Warrant

where (i) the Average Price is the arithmetic mean of the
closing prices of one New Share (derived as described above and
subject to any adjustments as described above) for each of the
five Business Days immediately preceding the Expiry Date, and
(ii) the New Exercise Price is HK$8.00, being the current
Exercise Price of the Warrants multiplied by five.

For the avoidance of doubt, exercise expenses (if any) will be
deducted before an Issuer makes any payment to the Warrantholder
(as defined in the Conditions) in accordance with the
Conditions.

The existing permanent global certificate will continue to be
valid for all purposes without further amendment.

The existing Board Lot (as defined in the Supplemental Listing
Document) for trading on the Stock Exchange will remain
unchanged upon the Consolidation taking effect.

Warrantholders shall not be required to deliver an exercise
notice in respect of the Warrants and the Warrants may only
be transferred in a Board Lot or integral multiples thereof
within CCASS in accordance with the CCASS Rules.

The Conditions of the Warrants provide that the adjustments
described above be effective on 9 January, 2003 (the Business
Day following the Consolidation has taken effect). However,
pursuant to Condition 9(b)(i) of the Conditions the Issuer has
amended the Conditions of the Warrants so that the adjustments
take effect on 8 January, 2003, the same day as the effective
date of the Consolidation.

This announcement constitutes due and valid notice by the Issuer
to each Warrantholder insofar as such notice is required, under
the Conditions of the Warrants, to be made by way of publication
on the website of the Stock Exchange.


PETER PUN: Winding Up Petition Slated for Hearing
-------------------------------------------------
The petition to wind up Peter Pun Architects Limited is
scheduled for hearing before the High Court of Hong Kong on
January 29, 2003 at 10:00 am.

The petition was filed with the court on November 22, 2002 by
Chan King Lam of Room 911, Yat Tsui House, Wan Tsui Estate, Chai
Wan, Hong Kong.  Tam Lee Po Lin, Nina represents the petitioner.


SOUNDWILL HOLDINGS: Updates Restructuring Proposal Status
---------------------------------------------------------
Reference is made to the joint announcements dated 3 June 2002,
25 July 2002, 29 August 2002, 30 September 2002, 1 November 2002
and 2 December 2002 issued by Soundwill Holdings Limited, Fujian
Group Limited and Turbo Success Ventures Limited.

Pursuant to the MOU and the letter dated 29 August 2002, FGL has
granted to the Investors and/or the Other Party the exclusive
right for a further period of nine months with effect from 29
August 2002 to (i) enter into the Investment Agreements with FGL
for the purposes of enabling the Investors (or their respective
nominees) and/or the Other Party to acquire at least 51 per
cent. of the then issued share capital of FGL and (ii) assist
FGL in the finalization of the terms of the Debt Restructuring
Agreement with the major financial creditors of FGL.

As mentioned in the joint announcements dated 25 July 2002, 29
August 2002, 30 September 2002, 1 November 2002 and 2 December
2002, the Investors have submitted a debt restructuring proposal
to the major financial creditors of FGL on 4 June 2002 and are
still in the process of negotiation with the major financial
creditors of FGL in respect of the terms of the debt
restructuring proposal.

As January 6, 2003, the terms of the agreements contemplated
under the MOU have yet to be determined and the terms of such
agreements may not be exactly the same as those contained in the
MOU. At this stage, the FGL Directors are still unable to
estimate when the terms of the debt-restructuring proposal could
be concluded.

It is expected that completion of the transactions to be
contemplated under the agreements contemplated under the MOU
will result in a change in control of FGL. The transaction to be
contemplated under the Sale and Purchase Agreement, if
materializes, is expected to constitute a modifiable transaction
for SHL, under the Listing Rules.

The Restructuring Proposal may or may not proceed. Trading of
FGL Shares on the Stock Exchange has been suspended since 16
February 2001. FGL is in the final stage of delisting procedures
in accordance with Practice Note 17 to the Listing Rules as
announced on 22 July 2002 by the Stock Exchange. If FGL does not
submit a valid resumption proposal by 20 January 2003, the Stock
Exchange intends to cancel the listing status of FGL. In the
event that the Stock Exchange cancels the listing status of FGL
prior to the expiry of the exclusive period, it is the intention
of the Investors not to proceed with the Restructuring Proposal
as contemplated under the MOU.

In view of the current circumstances and the deadline for the
submission of a valid resumption proposal, it is uncertain
whether a valid resumption proposal may be submitted to the
Stock Exchange before 20 January 2003.

A further announcement will be made to keep investors informed
of any material development regarding the Restructuring Proposal
as and when appropriate.


STAR EAST: Price Movement Unexplainable
---------------------------------------
The Board of Directors of Star East Holdings has noted the
recent increase in trading price of the ordinary shares of the
Company and wish to state that the Board is not aware of any
reason for such increase.

The Board also confirms that there are no negotiations or
agreements relating to intended acquisitions or realizations
which are discloseable under paragraph 3 of the Listing
Agreement, neither is the Board aware of any matter discloseable
under the general obligation imposed by paragraph 2 of the
Listing Agreement, which is or may be of a price-sensitive
nature.


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


GAJAH TUNGGAL: Operating Profit Declines
----------------------------------------
PT Gajah Tunggal reported a decline of 33.5 percent year-on-year
to Rp368.7 billion in operating profit in the first nine months
of 2002, Asia Pulse reports, citing from its financial report to
the Jakarta Stock Exchange.

The tire maker's operating profit declined to a 6.9 percent rise
in cost of goods sold and a 10 percent increase in operating
cost. However, the company recorded a gain of RpRp1.7trillion on
foreign exchange in the first nine months 2002 against a loss of
Rp147 billion on foreign exchange in the same period in 2001.

DebtTraders also reports that the Company's net income reached
Rp2,815 billion in the first nine-month of 2002, a turnaround
from a loss of Rp34.6 billion in the same period a year ago. The
company sold $295 million of bonds in November 2002 after
restructuring its debt.

THE Troubled Company Reporter - Asia Pacific reported last year
that Gajah signed a debt restructuring agreement on September 6,
2002 with Goldman Sachs Group Inc., J.P. Morgan Chase & Co. and
about 20 other creditors, including ABN Amro Holding NV,
Bayerische Hypo-und Vereinsbank AG and Lehman Brothers Holdings
Inc., to extend US$300 million of debt for six years.


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


AIWA CO.: Sony Sets New Strategy to Renew Brand
-----------------------------------------------
Sony Corporation announced its strategy for renewing the Aiwa
brand and introduces a new Aiwa logo. The logo symbolizes the
dynamism of the renewed Aiwa brand as it creates business for a
new era and it will be deployed globally, starting with products
in the domestic market from February 2003.

Sony envisages Aiwa as a brand targeted mainly at young people,
offering simple and easy-to-use products for the "private space"
where you can enjoy your individual lifestyle.

As Aiwa's brand development moves forward, the Aiwa Business
Center (established December 1, 2002; Masaru Hirauchi,
President) will use Sony's production and sales platform to
build operations that respond speedily and efficiently to
changes in the market.

In the Japanese, American, and European markets, which are
mature in terms of AV products, a new brand image will be
created for Aiwa. The emphasis will be on cutting-edge products
such as "Net MD" and digital still cameras, which can connect to
PCs, allowing consumers to quickly and easily enjoy content
(movies, music etc.). This will be accompanied by an aggressive
advertising campaign.

In the Latin American, Asian, Middle East, and other markets,
growth potential is still envisaged for AV products. For these
markets, Aiwa will work to strengthen its product appeal and
develop business strategies optimized for each region.

Furthermore, for the American market, which is distinguished by
the prominence of large-scale retailers and distributors, Aiwa
Strategic Accounts Partnership, Inc. (ASAP) has been established
on November 1, 2002 to handle the sales and marketing of Aiwa
products.

ASAP will endeavor to create a new marketing model, which will
reduce operational costs to the lowest possible level. Fixed
costs will be strictly controlled, while Asian production a
supply chain to major distributors/retailers in the United
States will directly link centers.

Sony aims to strengthen its overall electronics business by
creating new opportunities for the Aiwa brand as it moves into
previously unexplored areas, and also to offer customers the
enhanced choice of the Sony or Aiwa brands to fit their usage or
lifestyle requirements.

Sony Corporation http://www.sony.net/is a leading manufacturer
of audio, video, game, communications and information technology
products for the consumer and professional markets. With its
music, pictures, computer entertainment and on-line businesses,
Sony is uniquely positioned to be a leading personal broadband
entertainment Company in the world. Sony recorded consolidated
annual sales of nearly $57 billion for the fiscal year ended
March 31, 2002.

Audio-equipment maker Aiwa Co. revealed a group net loss of
Y46.58 billion (US$359.6 million) in fiscal 2001, up from Y39.01
billion a year earlier, TCR-AP reports.

Aiwa attributed the increased net loss to factors such as an
Y8.2 billion retirement benefit payout, a Y5.6 billion capital
loss associated with the sale of its factory equipment and a
Y4.7 billion cost related to inventories.

Contact:
Inquiries
Gerald Cavanagh
Corporate Communications
Sony Corporation
Tel: +81 3 5448 2200
Fax  +81 3 5448 3061
Gerald.Cavanagh@jp.sony.com


NEC CORPORATION: Issues Sale of Shares Update
---------------------------------------------
NEC Corporation (NEC) decided to sell all of its holdings in
Sumitomo 3M Limited (Sumitomo 3M), as part of NEC's plan to
downsize its balance sheet. Details of the transaction are as
follows. The transaction will not affect the business
relationship between Sumitomo 3M and NEC.

1. Shares to be sold

(1) NEC's holdings in Sumitomo 3M before sale: 6,572,664 shares
(25 percent)

(2) Number of shares to be sold by NEC:  6,572,664 shares

(3) NEC's holdings in Sumitomo 3M after sale: None

2. Purchaser:  Nadco (Japan) Limited (a wholly owned subsidiary
of 3M Company, which is the parent Company of Sumitomo 3M).

3. Type of transaction:  Cash transaction

4. Price:  45 billion yen

5. Date of sale:  Scheduled for January 8, 2003

6. Effect on NEC's financial results for the fiscal year ending
March 31, 2003

NEC is expected to record certain capital gain as a result of
the sale of shares. However, the estimated amount of the capital
gain has been reflected in and will not affect the forecasts of
NEC's financial results for the fiscal year ending March 31,
2003, which was announced on October 25, 2002.

Meanwhile, Dow Jones said on Thursday that NEC Corporation dips
to lowest point since August 1980 as concerns spread over
worsening business climate, Dow Jones reports. Issue down 2.8
percent at 422 yen, after stocks fall on Wall Street overnight.

The stocks fall on Wall Street overnight. Topix electrical
subindex down 0.7 percent.

Contact:
Daniel Mathieson
Corporate Communication Division
NEC Corporation
TEL:81-3-3798-6511
d-mathieson@bu.jp.nec.com



TOSHIBA CORP: Chip Operations "Positive", Says Shinko Securities
----------------------------------------------------------------
Shinko Securities gives Toshiba Corporation's chip operations a
"Positive" outlook but earnings will take time to benefit from
90 NM chip mass production plans, Dow Jones reports, citing an
analyst from Shinko Securities.

Shares down 3.4 percent at 368 yen after earnings concerns hurt
Wall Street stocks overnight. The Troubled Company Reporter-Asia
Pacific reported that Toshiba Corporation expects a strong
recovery in global technology demand in the second half of next
year as new products hit the market and companies upgrade
equipment.

Toshiba in the three months to December 31 had a loss of Y84.9
billion ($636 million) versus a net income of Y11.1 billion in
the year-earlier period. Consolidated sales fell 14 percent to
Y1.2 trillion from Y1.39 trillion.


UBE INDUSTRIES: SDS Acquires Agrochemicals Business
---------------------------------------------------
SDS Biotech K.K. (SDS), a wholly owned subsidiary of Showa Denko
K.K. (SDK), recently acquired the agrochemicals business of Ube
Industries, Ltd. (Ube).

The transaction covers the following three lines of fungicides
developed and marketed by Ube:

1. Pefurazoate (trade name: Healthied): Registered in 1989, used
for disinfection of rice/wheat seeds

2. Oxpoconazole fumarate (trade name: Alshine): Registered in
2000, used for fruit trees, including cherry, pear, peach,
grapevine, apple and orange

3. Diflumetorim (trade name: Pyricut): Registered in 1997, used
for flowers and ornamental plants, including chrysanthemum and
rose

SDS has obtained all of Ube's rights pertaining to the
registration, safety data, production & sale, patents and
trademarks for the three lines of fungicides.

SDK is stepping up its efforts to establish SDS as a leading
agrochemicals manufacturer while Ube is going to concentrate its
resources on the pharmaceutical products and specialty products
businesses.

In addition to its main product of Daconil (TM) fungicide
(effective for a wide range of crops) and rice herbicides with a
significant market share, SDS will expand its businesses in
Japan and in the fast growing Asian markets, centering on
vegetable, fruit tree and rice applications.

Among the three fungicide lines SDS has acquired from Ube,
"Healthied" enjoys a high market share in Japan as a rice seed
disinfectant. Together with Daconil (TM)used for seedling
raising in box, it will facilitate the spread of the disease
control system covering the stages from seed to raising of
seedling. "Healthied" is also expected to create marketing
synergies with existing rice herbicides of SDS such as Dymron,
cafenstrole and benzobicyclon. Showa Denko Group is planning to
increase its agrochemicals sales from 18 billion yen in 2002 to
23 billion yen in three years' time.

Showa Denko www.sdk.co.jp is a major manufacturer and marketer
of chemical products serving a wide range of fields ranging from
heavy industry to the electronic and computer industries. the
Company makes petrochemicals (ethylene, propylene), aluminum
products (ingots, rods) electronic equipment (hard disks for
computers), and inorganic materials (ceramics, carbons). The
Company has overseas operations and a joint venture with
Netherlands-based Montell and Nippon Petrochemicals to make and
market polypropylenes. In March 2001, SDK merged with Showa
Denko Aluminum Corporation to strengthen the high-value-added
fabricated aluminum products operations, and is today developing
next-generation optical communications-use wafers.

Ube Industries, Ltd. http://www.ube-ind.co.jpwas established in
1942 and is one of the leading conglomerates in Japan, offering
a wide range of products including chemicals, plastics, cement,
building materials and machinery.

According to Japan Credit Rating Agency (JCR), the Company needs
to improve the financial structure while nurturing the
businesses above. No optimism is guaranteed on the cement
business for which the Company is trying to change the business
model through expansion in the industrial waste treatment. It
will take time for Ube Industries to improve the Company
structure. The free cash flow might be lowered against the high
interest-bearing debt. Given the increasing severity of business
environment, JCR decided in November to downgrade the long-term
rating for the Company from BBB to BBB-.

Contact:
Showa Denko K.K.
Nobuhiro Kato
nobuhiro_kato@sdk.co.jp
+81 3 5470 3233


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


ASIANA AIRLINES: Signs Oil Price Hedge Deal With SK
---------------------------------------------------
Asiana Airlines Inc. has signed a deal with oil refiner SK
Corporation to hedge against a sharp rise in oil prices, Dow
Jones said on Thursday.

Under the agreement, Asiana will buy 900,000 barrels of jet
fuel, about 40 percent of its annual jet fuel purchase, for
$28.60-$35.78 a barrel during January-March.

In 2002, Asiana bought 1.5 million barrels of jet fuel from SK
for an average $22 a barrel, the report said.

A $1-a-barrel increase in jet fuel adds 830 million won to
Asiana's costs each month.

According to TCR-AP, Asiana Airlines had a negative working
capital at the end of 2000, as current liabilities were W1.47
trillion while total current assets were only W558.91 billion.


CHOHUNG BANK: Shinhan May Increase Cash Payment
-----------------------------------------------
Shinhan Financial Group Ltd. may increase its cash payment for
Chohung Bank as requested by the Korean government, the Chosun
Ilbo and Bloomberg reported.

Shinhan, which is seeking to buy an 80 percent stake in the
lender, may finance the purchase of a 50 percent stake with cash
instead of 40 percent, increasing its chances of winning the
acquisition, the report said.

The Public Fund Oversight Committee will meet January 16 to
decide whether to approve Shinhan as preferred negotiator after
its subcommittee chose Shinhan over Cerberus Partners LP.


DAEWO ELECTRONICS: Shuts Down French Factory
--------------------------------------------
Daewoo Electronics (DM) closed down on Monday its factory in
Lorraine, France, to relocate production to its Polish unit, the
Financial Times World Media Abstract Service reports.

In December, employees at the factory held Company Chairman
Young-Kil Kim captive on the premises for an entire day,
demanding an extra redundancy payment.

Human Resources Director Martin Kiefer will act on this matter
to avoid bankruptcy, which would allow for the minimum legal
redundancy payment.

About 170 employees at the site are now waiting for their
redundancy letters.


DAEWOO SHIPBUILDING: No Decision Yet on Share Buyback
-----------------------------------------------------
Daewoo Shipbuilding & Marine Engineering Co. has informed the
Korea Stock Exchange that it has no specific decisions yet
whether to buy back shares or distribute dividends for this
year's results, AFX Asia reports.

According to Wright Investor's Service, at the end of 2001,
Daewoo Shipbuilding & Marine Engineering had negative working
capital, as current liabilities were 1.99 trillion Korean Won
while total current assets were only 1.30 trillion Korean Won.


GM DAEWOO: Needs Full Line of Products, Says Chairman
-----------------------------------------------------
The first thing that GM Daewoo Automotive & Technology Co. needs
to do is establish a full production line, the Maeil Business
Newspaper and Dow Jones reports, citing Jack Smith, Chairman of
General Motors Corp. (GM).

GM Daewoo was set up in October when GM acquired some of the
assets of bankrupt Daewoo Motor Co.

It makes super-compact and compact cars and midsize sedans.


KIA MOTORS: Aims to Boost Domestic Market at 30%
------------------------------------------------
Kia Motors Corporation aims to boost its domestic market share
to 30 percent this year, from 26.4 percent in 2002 even as
stronger competition is expected, Dow Jones said on Thursday.

The carmaker targets an increase in local sales by 17 percent
this year to 500,000 units. It will release a luxury sedan,
Opirus, in March, and another passenger model, code named as LD,
in the second half of this year, the report said.

Last year, local sales increased 9.5 percent on year to 429,103
units.

TCR-AP reported in October that the carmaker is saddled with 1.9
trillion won in debts and unclear business conditions in the
second half, explaining difficulties in working out an agreement
with the labor, citing unnamed Company Executives.

DebtTraders reports that Kia Motor Corp's 9.375 percent bond due
in 2006 (KIAM06KRS1), trades between 115.110 and 115.675. For
real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=KIAM06KRS1


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


BERJUNTAI TIN: FIC Approves Proposed Restructuring Scheme
---------------------------------------------------------
Further to Berjuntai Tin Dredging Berhad's announcements on 30
April 2002 and 14 October 2002, the Board of Directors of BTD is
pleased to announce that the Foreign Investment Committee
approved the following corporate exercises of the Company upon
the terms previously proposed by BTD:

   (i) proposed capital reduction exercise pursuant to Section
64 of the Companies Act, 1965 to reduce the existing issued and
paid-up share capital of BTD from RM30,526,200 comprising
30,526,200 ordinary shares of RM1.00 each in BTD (BTD Shares) to
RM15,263,100 comprising 30,526,200 ordinary shares of RM0.50
each by the cancellation of RM0.50 of the par value of BTD
Shares and thereafter the consolidation of 2 ordinary shares of
RM0.50 each in BTD into 1 ordinary share of RM1.00 each,
resulting in an issued and paid-up share capital of RM15,263,100
comprising 15,263,100 BTD Shares (Proposed Capital Reduction and
Consolidation);

   (ii) proposed conversion of RM20,600,000 debt owed by BTD to
Malaysia Mining Corporation Berhad as at 30 April 2002 into
11,444,444 new BTD Shares at RM1.80 per BTD Share (Proposed Debt
Conversion); and

   (iii) proposed acquisition by BTD from Dato' Anuar bin Tasin,
Mohd Shamshir bin Mohd Ibrahim, Tan Sri Mohamed bin Ngah Said,
T. Puteri @ T. Fatihah binti Sultan Ibrahim and Hatijah binti
Yusof (collectively the "Enserv Vendors") of 1,000,000 ordinary
shares of RM1.00 each representing 100% equity interest in
Enserv Sdn Bhd (Enserv) for a purchase consideration of
RM60,000,000 to be wholly satisfied by the issue of 33,333,333
new BTD Shares at an issue price of RM1.80 per BTD Share
(Proposed Enserv Acquisition).

(the Proposed Capital Reduction and Consolidation, the Proposed
Debt Conversion and the Proposed Enserv Acquisition shall
collectively be referred to as the "Proposed Restructuring
Scheme")

The Proposed Restructuring Scheme remains subject to approvals
being obtained from:

   (i) the shareholders of BTD for the Proposed Restructuring
Scheme;

   (ii) the Kuala Lumpur Stock Exchange for the listing of and
quotation for the new BTD Shares arising from the Proposed Debt
Conversion and Proposed Enserv Acquisition;

   (iii) the Securities Commission and the shareholders of BTD
for the proposed waiver to the Enserv Vendors exempting them
from their obligation to extend a mandatory general offer for
the remaining BTD Shares not already held by the Enserv Vendors
upon completion of the Proposed Enserv Acquisition (Proposed
Waiver to Enserv Vendors); and

   (iv) the sanction of the High Court of Malaya for the
Proposed Capital Reduction and Consolidation.

In addition, the Board of Directors of BTD wishes to announce
that AmMerchant Bank Berhad has been appointed as the
Independent Adviser to the Independent Directors and minority
shareholders of BTD in respect of the Proposed Debt Conversion
and Proposed Waiver to Enserv Vendors.

Shareholders of BTD and potential investors are requested to
refer to the announcements released by BTD on 30 April 2002 and
14 October 2002 for further information on the Proposed
Restructuring Scheme.


FW INDUSTRIES: Changes Registered Address
-----------------------------------------
FW Industries Berhad posted this notice:

Change description : Registrar
Old address  : 28-2, Jalan Tun Sambanthan 3, Brickfields,
               50470 Kuala Lumpur.
New address  : 28-1, Jalan Tun Sambanthan 3, Brickfields,
               50470 Kuala Lumpur.
Name of Registrar : Sectrars Services Sdn Bhd (92781-X)
Telephone no      : 03-22746133
Facsimile no      : 03-22741016
E-mail address    :
Effective date    : 03/01/2003

COMPANY PROFILE

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

The Company is an 'affected listed issuer' under KLSE's Practice
Note 4/2001. FW has made plans to regularize and consolidate its
financial position by downsizing and cost cutting exercises and
a corporate restructuring exercise (CRE). FW has appointed
Arthur Andersen & Co and/or Southern Investment Bank Bhd as
independent advisers to formulate a corporate restructuring
plan. The Company is in preliminary stages of negotiations with
interested parties to map out terms of the CRE, which is
expected to be finalized latest by April 2002.


GLOBAL CARRIERS: Discloses Change in Boardroom Notice
-----------------------------------------------------
Global Carriers Berhad posted this notice:

Date of change : 07/01/2003
Type of change : Resignation
Designation    : Alternate Director
Directorate    : Executive
Name           : Mohd. Gazali bin Hashim
Age            : 44
Nationality    : Malaysian
Qualifications : Bachelor of Social Science, University Sains
Malaysia
Working experience and occupation  : Director, Global Carriers
Berhad group of companies
Directorship of public companies (if any) : Nil
Family relationship with any director and/or major shareholder
of the listed issuer : Encik Mohd. Gazali bin Hashim and the
other members of the board namely Dato' Dr. Mohamad bin Hashim,
and Encik Sarfuddin bin Othman are family members
Details of any interest in the securities of the listed issuer
or its subsidiaries : Nil
Remarks : Encik Mohd. Gazali bin Hashim ceases to be the
Alternate Director to Encik Wan Izani bin Wan Mahmood with the
resignation of the latter as the Executive Director of the
company.

COMPANY PROFILE

The Group principally carries out shipping operations which can
be broadly classified into three categories: liquid bulk, dry
bulk and container operations.

Presently, the Global Carriers Group operates six liquid bulk
product tankers, with a total carrying capacity of 41,454 DWT.
The tankers are engaged in the liquid bulk carriage of petroleum
products for various oil majors namely, Shell Malaysia,
Petronas, Esso Malaysia and Pertamina of Indonesia.

The Group has expanded its activities to cover container
operations with the acquisition of five units of 1,100 TEU
containerships in 1996/1997. These vessels are fully chartered
out to international liner operators, for periods between six
months to four years.

The Group's trade routes, which have expanded significantly over
the past few years, now cover Asia, the Far East, Africa and the
European and Mediterranean countries.

Due to its substantial capital investment exceeding RM320m in
acquiring vessels in 1996/1997, Global Carriers commenced
undertaking a RM400m rights issue exercise. The SC and
shareholders approved this exercise in September and October
1997 respectively. However, given the economic crisis then, it
was neither possible to finance nor to arrange for the
underwriting of the rights issue.

In response to this, Global Carriers undertook a corporate
restructuring exercise in October 1998 in place of the rights
issue. The corporate restructuring exercise essentially converts
the debt owing to financial institutions to equity, convertible
loan stocks and preference shares. The original loan
restructuring schemes, which have been approved by the
respective scheme creditors and shareholders, have subsequently
been revised and are presently subject to the approval of the
relevant parties.

CONTACT INFORMATION: 68C, Damai Kompleks
                     Jalan Lumut, Off Jalan Ipoh
                     50400 Kuala Lumpur
                     Tel : 03-4043 5336;
                     Fax : 03-4043 5332


HOTLINE FURNITURE: Answers KLSE's Query
---------------------------------------
Hotline Furniture Berhad, in reply to the Query Letter by KLSE
reference ID: MM-030102-59825 on Notice of Winding-Up Petition
Served by Malayan Banking Berhad on Hotline Development Sdn. Bhd
(HDSB), informed that, as of January 6, 2003, its subsidiary
HDSB has yet to receive the notice of winding-up petition. HDSB
will make an immediate announcement as and when the winding-up
petition is received.

Below is the KLSE' Query Letter content:

We refer to the above Notice appearing in The Malay Mail, page
52 on Thursday, 2 January 2003, a copy of which is enclosed for
your reference. In this connection, kindly furnish the Exchange
immediately with the following additional information for public
release:

   The date of the presentation of the winding-up petition and
the date the winding-up petition was served on Hotline
Development Sdn Bhd;
   The particulars of the claim under the petition, including
the amount claimed for under the petition and the interest rate;
   The details of the default or circumstances leading to the
filing of the winding-up petition against Hotline Development
Sdn Bhd;
   The total cost of investment in Hotline Development Sdn Bhd;
   The financial and operational impact of the winding-up
proceedings on the group;
   The expected losses, if any, arising from the winding-up
proceedings; and
   The steps taken and proposed to be taken by your Company in
respect of the winding-up proceedings.

Yours faithfully
CHONG FUI TZY
Senior Manager, Listing Operations
WSW/HTH/MZM
c.c. Securities Commission (via fax)


KEMAYAN CORPORATION: Receives Writ of Summon From AMDB
------------------------------------------------------
The Board of Directors of Kemayan Corporation Berhad wish to
inform that Kemayan and its subsidiary, Kemtrad Holdings Sdn Bhd
had on 2 January 2003 received a summon from AMDB Factoring Sdn
Bhd (AMDB) of Tingkat 12, Bangunan AMDB, No. 1, Jalan Lumut,
50400 Kuala Lumpur for claiming an outstanding sum of
RM5,486,429.71 together with interest.

The Company has engaged the Solicitor to defend and dispute the
claim.

COMPANY PROFILE

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

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

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

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


LAND & GENERAL: De-Registers Dormant Subsidiary
-----------------------------------------------
Land & General Berhad informed that Osborne Chappel Payne
Limited (OCPL), a wholly-owned subsidiary of Overseas & General
Limited (OGL) which in turn is a 51% subsidiary of L&G, has been
de-registered in accordance with Section 291AA(7) of the
Companies Ordinance, Hong Kong. Hence, OCPL has ceased to be a
subsidiary of OGL.

OCPL has been dormant with a paid-up share capital of HK$20 and
US$1,800,000 only and OGL has no future plan to activate OCPL.


LAND & GENERAL: Provides Defaulted Payment Status Update
--------------------------------------------------------
The Board of Directors of Land & General Berhad wishes to inform
that there are no new significant development to the various
defaults in payment that were announced previously except for
the following:

1. Default in Payment of amount outstanding in respect of
banking facilities by Lembah Beringin Sdn Bhd (LBSB), a wholly-
owned subsidiary of L&G

Further to the announcement in August 2002 in relation to the
above-captioned matter, the bank lender had, on 6 January 2003
served a Writ of Summons and Statement of Claim on LBSB claiming
payment of RM19,279,351.33 as at 29 October 2002 plus interest
thereon.

LBSB shall file its defense through its solicitors soon.

2. Default in principal sum in respect of a Syndicated Revolving
Credit Facility by Bandar Sungai Buaya Sdn Bhd (BSB), a wholly-
owned subsidiary of L&G

Further to the announcement in October 2002 in relation to the
above-captioned matter and in relation to BSB's application for
a stay of execution in respect of the Summary Judgment granted
by the Court. The Court had, on 3 January 2003 dismissed BSB's
application for a stay of execution (with costs) in relation to
the said Judgment.

BSB shall file an appeal against the Court's decision through
its solicitors.


NAM FATT: SC Grants Time Extension on Proposals Completion
----------------------------------------------------------
Reference is made to the announcement dated 12 July 2002 in
relation to the Proposals, which involves Proposed Loans
Restructuring Scheme; Proposed Additional Issue; Proposed Rights
Issue; and Proposed Increase in Authorized Share Capital

On behalf of the Board of Directors of Nam Fatt Corporation
Berhad, Commerce International Merchant Bankers Berhad announced
that the Securities Commission has on 6 January 2003 approved an
extension of time to 9 June 2003 for Nam Fatt to complete the
Proposals.


PARK MAY: Clarifies Asset Disposal Media Report
-----------------------------------------------
Reference is made to the Kuala Lumpur Stock Exchange's Query
letter dated 6 January 2003 in relation to an article appearing
in The Star, Starbiz section, page 3, on Saturday, 4 January
2003 and in particular to the following statement:

"Bus service operator Park May Bhd, in an effort to reduce its
debts, plans to dispose of its 20% stake in Rangkaian Segar Sdn
Bhd, the operator of the Touch n' Go electronic payment system."

Park May Berhad confirmed that the Company is in the initial
stages of negotiation with a public-listed Information and
Communication Technology (ICT) company to dispose of our 20%
stake in Rangkaian Segar Sdn Bhd. However, to date, the Company
has yet to enter into any formal agreement or arrangement with
the said company.

The Company will make the necessary announcement as and when
they enter into a formal agreement with the said company.


Below is the KLSE's Query Letter content:

We refer to the above news article appearing in the Star,
StarBiz section, page 3, on Saturday, 4 January 2003, a copy of
which is enclosed for your reference.

In particular, we would like to draw your attention to the
underlined sentence, which is reproduced as follows:

"BUS operator Park May Bhd, in an effort to reduce its debts,
plans to dispose of its 20% stake in Rangkaian Segar Sdn Bhd,
the operator of the Touch 'n Go electronic payment system."

In accordance with the Exchange's Corporate Disclosure Policy,
you are requested to furnish the Exchange with an announcement
for public release confirming or denying the above reported
article and in particular the underlined sentence after due and
diligent enquiry with all the directors, major shareholders and
all such other persons reasonably familiar with the matter about
which the disclosure is to be made in this respect.

In the event you deny the above sentence or any other part of
the above reported article, you are required to set forth facts
sufficient to clarify any misleading aspects of the same. In the
event you confirm the above sentence or any other part of the
above reported article, you are required to set forth facts
sufficient to support the same.

Please furnish the Exchange with your reply within one (1)
market day from the date hereof.

Yours faithfully
LISA LAM
Senior Manager, Listing Operations
LL/WSW/GTH
c.c. Securities Commission (via fax)


RNC CORP.: Invites Investors to Tender for Assets, Business
-----------------------------------------------------------
In line with the Proposed Restructuring Scheme of RNC
Corporation Berhad (Special Administrators Appointed), the
Special Administrators announced that the Company, and its
wholly owned subsidiary company, Arensi Plastics Sdn Bhd (APSB)
are conducting an invitation to potential investors to tender
for the assets and plastic business of RNC and APSB which are
manufacturing and trading of UPVC pipes.

The assets available for sale are the operating assets and/or
businesses of RNC and APSB, comprising:

Stocks
Property
Motor vechicles
Plant equipment & machinery
Office equipment & computer software

The tender briefing will be held on the 10 January 2003


SELOGA HOLDINGS: SC Grants Proposals Conditional Approval
---------------------------------------------------------
Reference is made to the announcements made by AmMerchant Bank
Berhad (formerly known as Arab-Malaysian Merchant Bank Berhad)
on behalf of the Board of Directors of Seloga on 20 November
2002 and 4 December 2002 in relation to the Proposals, which
consists of:

   - Proposed Two-Call Rights Issue;
   - Proposed Restricted Issue;
   - Proposed Settlement of Joint Venture;
   - Proposed Debt Settlement Scheme;
   - Proposed Segi-Seloga Jaya JV; and
   - Proposed ESOS.

In the Circular to shareholders dated 16 December 2002, it was
mentioned that an application has been made on behalf of the
Company by AmMerchant Bank to the Securities Commission (SC) on
27 November 2002, inter-alia, seeking the SC's approval for the
variations to the proposed terms of the Irredeemable Unsecured
Loan Stocks (Seloga ICULS) to be issued pursuant to the Proposed
Segi-Seloga Jaya JV as follows:

   (i) proposed variation to the formula used to determine the
portion of convertible Seloga ICULS to be based on a contract
value of RM464 million;

   (ii) proposed extension of the tenure of the Seloga ICULS
from 6 years to 7 years; and

   (iii) in the event the tenure of the works relating to the
Proposed Segi-Seloga Jaya JV exceeds the tenure of the Seloga
ICULS, Seloga Jaya Sdn Bhd is to pay Segi Resources Sdn Bhd's
(Segi Resources) 30% of profits, which profit shall be computed
based on 17.24% of the gross revenue generated from the Proposed
Segi-Seloga Jaya JV of up to RM464 million, for the period
commencing from the maturity of the Seloga ICULS until
completion of the said joint venture in cash as and when revenue
is recognized.

In relation to the above, AmMerchant Bank on behalf of the Board
of Directors of Seloga, is pleased to announce that the Company
has obtained the approval of the above from the SC vide its
letter dated 30 December 2002. The said approval is subject,
inter alia, to the following conditions:

   (a) Segi Resources is entitled to 30% out of the total
estimated gross profits of RM80 million in the event the actual
gross profit margin is not less than the estimated 17.24%
margin; and

   (b) Seloga is required to reduce its dependency on Segi
Resources to obtain future contracts. In connection thereto,
Seloga is required to disclose its plans to do so. The above
condition is required to be disclosed in the Abridged Prospectus
to be issued in relation to the Proposed Two-Call Rights Issue.

In relation to item (a) above, the Company is deliberating on
whether to appeal to the SC on the said condition and an
announcement will be made in the event the Company decides to
proceed with the said appeal to the SC.


SOUTH MALAYSIA: Issues Warrants in Restructuring Compliance
-----------------------------------------------------------
Further to the announcement made by South Malaysia Industries
Berhad on 24 December 2002, the Company announced that, on 6
January 2003, it has issued 9,998,100 new warrants 2002/2005 to
the bondholders and secured and unsecured lenders pursuant to
the Bonds Restructuring and Debt Restructuring respectively.

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 January 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


TAT SANG: Fifth AGM to be Held on January 31
--------------------------------------------
The Board of Directors' of Tat Sang Holdings Berhad announced
that the Fifth Annual General Meeting of the Company is
scheduled to be held at Saujana I, Hotel Grand Continental,
Jalan Dato' Abdullah Tahir/Jalan Tebrau, 80300 Johor Bahru on
Friday, 31 January 2003.

The Board of Directors also proposed to seek the shareholders'
approval at the forthcoming Annual General Meeting to amend the
Company's Memorandum and Articles of Association to reflect the
current activities of the Company and also, to be in compliance
with the Kuala Lumpur Stock Exchange Listing Requirements.


TONGKAH HOLDINGS: FIC Supports Proposed Restructuring Scheme
------------------------------------------------------------
Further to the announcement dated 30 September 2002 wherein the
Proposed Restructuring Scheme of Tongkah Holdings Berhad
was announced, Public Merchant Bank Berhad announced, on behalf
of the Board of Directors of THB, that the Foreign Investment
Committee had vide its letter dated 30 December 2002, which was
received on 6 January 2003, stated that it does not have any
objections to the Proposed Restructuring Scheme subject to the
condition that Harbour-Link Group Berhad shall have at least 30%
Bumiputera equity interest at the time of listing.


WING TIEK: SC Conditionally Approves Proposed CDRS
--------------------------------------------------
The Board of Directors of Wing Tiek Holdings Berhad announced
that the Securities Commission has, vide its letter dated 2
January 2003 (SC Letter), approved the Proposed Corporate and
Debt Restructuring Scheme that was previously announced by the
Company, subject to inter-alia the following conditions:

   (i) In the event JAKS and PTS fail to meet their respective
profit after tax (PAT) forecast for the financial year ending 31
October 2003, the JAKS Vendors and the PTS Vendors are required
to settle the said PAT shortfall to JAKS Resources in cash
within 30 days after the accounts of JAKS and PTS have been
audited. In this connection, prior to the implementation of the
Proposed CDRS, RHB Sakura is required to inform the SC of the
mechanism which will ensure that the interest of JAKS Resources
is fully protected in the event there is a shortfall in the PAT
for the financial year ending 31 October 2003;

   (ii) Prior to the issuance of the circular to shareholders of
WTHB (Circular), JAKS Resources is required to provide a
confirmation to the SC that JAKS/JAKS-KDEB Consortium have fully
complied (or otherwise) with all the terms and conditions of the
Pipe Supply Contract entered into with the State Government of
Selangor. The prior approval of the SC is required for the
issuance of the Circular should JAKS/JAKS-KDEB Consortium fail
to comply with any of the terms or conditions of the Pipe Supply
Contract. The status of compliance is also required to be
disclosed in full in the Circular;

   (iii) Full settlement of the following matters prior to the
implementation of the Proposed CDRS:

     (a) all trade receivables of JAKS Resources and the
companies to be acquired by JAKS Resources, owing by their
directors and/or the shareholders (including company(ies) in
which such directors and/or shareholders have an interest); and

     (b) all non-trade receivables of JAKS Resources and the
companies to be acquired by JAKS Resources, owing by their
directors and/or the shareholders (including company(ies) in
which such directors and/or shareholders have an interest).

RHB Sakura is further required to provide the SC with a
confirmation from JAKS Resources and the vendors/directors of
the companies to be acquired by JAKS Resources that all the
conditions stated in (iii) above have been complied with prior
to the implementation of the Proposed CDRS.

   (iv) Full provision is required to be made for all trade
receivables of the eventual JAKS Resources Group where the
amount owing is in dispute, under legal action or where such
trade receivables have been outstanding for a period exceeding 6
months. WTHB/JAKS Resources is required to provide a written
confirmation to the SC that all trade receivables for which no
provisions have been made shall be collectible/receivable;

   (v) In relation to the WTHB Land to be acquired by JAKS
Resources, the conditions to be complied with are as set out in
Table 1 at http://www.bankrupt.com/misc/TCRAP_WingTek0110.doc;

   (vi) The approvals of the relevant authorities, including,
the Economic Planning Unit, if required, must be obtained prior
to the implementation of the Proposed CDRS;

   (vii) A moratorium shall be imposed on the sale of
110,000,000 JAKS Resources Shares, representing 50% of the JAKS
Resources Shares to be received by the JAKS Vendors and the PTS
Vendors as required under Section 18.09(5) of the Policies and
Guidelines on the Issue/Offer of Securities issued by the SC (SC
Guidelines). The JAKS Vendors and the PTS Vendors are not
allowed to sell, transfer or assign their shareholdings under
the moratorium for one year from the Listing Date. Thereafter,
they are allowed to sell, transfer or assign their shareholdings
of not more than one-third of their shareholdings under the
moratorium for each subsequent year.

Details of the JAKS Resources Shares that are proposed to be
held under moratorium by the JAKS Vendors and the PTS Vendors in
accordance with the SC Guidelines are as set out in Table 2 at
http://www.bankrupt.com/misc/TCRAP_WingTek0110.doc.
Nevertheless, JAKS Resources is allowed to adopt any future
amendments made to the SC Guidelines in line with the
implementation of the final phase of the disclosure-based
regulation in relation to the said moratorium requirement.

   (viii) The Directors and Substantial Shareholders of JAKS
Resources are required to provide an undertaking to the SC that
they shall not be involved in any other businesses that are
similar or that may compete with the businesses of the JAKS
Resources Group in the future and they shall not utilize any
information obtained through their capacities as Directors or
Substantial Shareholders of the JAKS Resources Group in the
manner which will jeopardize the businesses and operations of
the JAKS Resources Group. In addition, the full time Directors
of JAKS Resources are not allowed to assume any full time
position in their personal businesses or any other companies;

   (ix) Any future dealings between the JAKS Resources Group and
the companies related to the Directors/Substantial Shareholders
of the JAKS Resources Group shall be conducted on an arms'
length basis and shall not be based on terms, which would be
detrimental to the JAKS Resources Group. In this connection,
JAKS Resources is required to disclose in the Circular of any
existing businesses in which its promoters, directors and
substantial shareholders have any interest or involvement. The
Audit Committee of JAKS Resources is required to monitor such
dealings, and the Directors of JAKS Resources are required to
report such dealings, if any, in the annual report of JAKS
Resources;

   (x) The Directors of JAKS Resources/JAKS and PTS are required
to provide the SC with an undertaking that all companies to be
acquired by JAKS Resources shall update and settle all tax
returns with the Lembaga Hasil Dalam Negeri (LHDN), including
filing the latest tax returns and making all relevant payments
to the LHDN prior to the implementation of the Proposed CDRS.
All additional tax and tax penalties which may be imposed by the
LHDN in relation to the financial years prior to the
implementation of the Proposed CDRS must be settled by the
respective vendors and not by WTHB or JAKS Resources. The
promoters of the companies to be acquired by JAKS Resources are
reminded to enhance the corporate management of the respective
companies in the future;

   (xi) JAKS Resources is required to formulate a management
succession plan, which includes concrete plans to train the
management personnel of JAKS Resources to ensure the continuity
of the operations of the company in the future and the said plan
must be finalized and disclosed in the Circular;

   (xii) The approval of the SC is required for any changes to
the terms and conditions of the issuance, including any changes
to the terms and conditions of the private debt securities;

   (xiii) WTHB/JAKS Resources is required to appoint an
independent firm of auditors (with experience in investigative
audit and which is not the existing or previous auditors of the
WTHB Group) within 2 months from the date of the SC Letter to
conduct an investigative audit into the past losses of the WTHB
Group. WTHB is also required to take the necessary/relevant
measures to recover the losses incurred by WTHB. Based on the
results of the investigative audit, WTHB is required to lodge a
report to the relevant authorities should there be any violation
of laws, regulations, guidelines and/or Memorandum and Articles
of WTHB by the Board of Directors of WTHB and/or any parties
which have caused the said losses to the WTHB Group. The said
investigative audit shall be completed within 6 months from the
date of appointment of the independent firm of auditors and an
appropriate announcement shall be made based on the said
findings of the investigative audit. Upon completion of the said
audit, 2 copies of the investigative audit report must be
submitted to the SC; and

   (xiv) Pengurusan Danaharta Nasional Berhad is required to
provide an undertaking to the SC that it shall reduce its equity
interest in JAKS Resources to not more than 5% within a
stipulated period acceptable to the SC.

In addition, the SC has also granted its approval for the
assignment of the rights to 25,000,000 JAKS Resources Shares
which shall be held under moratorium pursuant to the security
under the put option arrangement, subject to the condition that
there shall be no change in the beneficial shareholdings of such
JAK Resources Shares and any proposal for the sale of the said
JAKS Resources Shares in the future shall require the prior
approval of the SC.

The Proposed CDRS remains pending the receipt of the following
approvals:

   (i) the FIC;

   (ii) the MITI;

   (iii) the Controller of Foreign Exchange;

   (iv) the Scheme Creditors in respect of their respective
schemes of arrangement under the Proposed CDRS pursuant to
Section 176 of the Act;

   (v) the shareholders of WTHB at the Court-convened meeting to
be held pursuant to Section 176 of the Act and at the EGM to be
held;

   (vi) the shareholders of WTMI, WTDIP, WBH, VS and WTSP at
their respective EGMs;

   (vii) the Proposed CDRS being sanctioned by the Court
pursuant to Section 176 of the Act;

   (viii) the KLSE for the listing of and quotation for the
entire enlarged issued and paid-up share capital of JAKS
Resources; and

   (ix) any other relevant authorities, if required.


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


DMCI HOLDINGS: Delisting of Redeemed Preferred Shares
-----------------------------------------------------
DMCI Holdings announced that a total of 61,930 preferred shares
redeemed for the month of November should be delisted from the
official registry of the Exchange effective on Wednesday,
January 8, 2003. This brings the number of the Company's
outstanding preferred shares to 503,860.

The Troubled Company Reporter-Asia Pacific reported in October
that DMCI Holdings Inc. has restructured 2.4 billion pesos worth
of convertible preferred shares that fell due in April 2002.

The Company incurred a net loss of 160. 585 million pesos in the
nine months to September, compared with a year-earlier profit of
30.813 million.


EAST ASIA: Turf Issue Leaves Receivership Case Hanging
------------------------------------------------------
Nine months after Asia Capital Corporation filed a petition for
rehabilitation, it has not been placed under receivership as the
issue on which body has primary jurisdiction over the Company
remains unresolved, the Business World reports.

The Bangko Sentral ng Pilipinas (Central Bank of the Philippines
or BSP) insists it should oversee the rehabilitation of East
Asia, which has also received a quasi-banking license in 1973.

The unresolved issue was aggravated by the resignation of its
receiver Cynthia Roxas del Castillo.

The Makati Regional Trial Court is still awaiting nomination of
a new receiver who will take over from the position.

A group of foreign and domestic investors represented by
Arniston Management Ltd., wanted to buy distressed firm and
mapped out a rehabilitation plan with the assistance of
financial advisor, ATR Kin-Eng Fixed Income Fund, Inc.

Seventy percent of the creditors approved the plan.


LIBERTY TELECOMS: Signs Debt Restructuring Deal With DBP
--------------------------------------------------------
Liberty Telecoms Holdings Inc. (LTHI) and its unit Liberty
Broadcasting Network Inc. signed an agreement with the
Development Bank of the Philippines for the restructuring of
more than 296.21 million pesos in debts, the Philippine Star
reports.

The agreement basically extended the repayment period of two
loan tranches by an average of two years, while also easing the
accrued interest and charges amounting to an additional 26.22
million pesos.

The highlights include the extension of the principal repayment
for a 175.04-million pesos loan for five years, or until August
2007, commencing on February 2005.

Another 94.95 million pesos of DBP loan will be extended payment
for six years, or until March 2008, with the principal repayment
starting on March 2005.

"For both loans, this pertains to an average two years extension
in the original loan term as to principal payment," LTHI
Corporate Secretary Heinz Reyes said.


NATIONAL BANK: Clarifies "Banks Keen on Buying Bad Loans"
--------------------------------------------------------
The Philippine National bank responded to the new article
"Foreign banks keen on buying PNB bad loans" published in the
January 8, 2003 issue of the BusinessWorld.

The article reported that: "The Philippine National Bank (PNB)
has receive proposals form four foreign investment bank's bad
loans and non-performing assets. Federico Y. Cadiz, Jr., PNB
executive vice-president for asset management said the bank is
in discussions with these investment banks on the possible
structure of the AMC. PNB is presently exploring a plan to sell
assets on a joint-venture basis or by putting up assets for a
separate Company in exchange for cash or shares in that
Company."

Philippine National Bank (PNB), in its letter dated January 8,
2003, stated that:

"In light of the forthcoming passage of the Special Purpose
Vehicle Act, PNB is engaged in preliminary discussion with a
number of institutions interested in setting up an Asset
Management Company (AMC) for the purpose of acquiring non-
performing assets of the bank. The discussions at this point are
confined to the presentation by these institutions of possible
structures relative to the set-up to such an AMC. PNB will
undertake an evaluation of the proposed structures in line with
the bank's overall objective of managing its non-performing
assets.

For a copy of the press release, go to
http://bankrupt.com/misc/tcrap_pnb0109.pdf


PHILIPPINE LONG: Issues 10M Preferred Shares to Subscribers
-----------------------------------------------------------
Philippine Long Distance Telephone Co. (PLDT) proposed to issue
and sell 10 million shares of its serial preferred stock with a
par value of 10 pesos each to its subscribers, AFX Asia said on
Thursday.

The shares will be designated as 10 percent cumulative
convertible preferred stock, series DD.

It said the shares are to be issued to PLDT telephone
subscribers this year under its Subscriber Investment Plan,
which was started in 1974.

The report said the shares will earn uniformly cumulative
dividends at an annual rate of 10 percent.

The preferred shares are also convertible to common shares a
year after issuance, at a price equivalent to 10 percent below
the average price of PLDT's common shares on the Philippine
Stock Exchange over a period of 30 consecutive trading days
before the conversion date.


PHILIPPINE LONG: Likely to Cut More Jobs
----------------------------------------
Philippine Long Distance Telephone Co. (PLDT), which fired 500
staff in December, may face further job cuts, BusinessWorld and
Bloomberg reports, citing an email to employees from Company
President Manuel Pangilinan.

"As we enter the year 2003, it is expected that the landscape of
fixed-line telecommunications will continue to change. We cannot
stop this: AT&T just announced more layoffs," the report quoted
Pangilinan as saying.

PLDT is trying to cut costs and boost cash flow to help pay $600
million of debt due by 2004.

The Company will also try to boost cash flow to levels that will
allow it, under its loan agreements, to resume paying dividends.


PHILIPPINE LONG: Won't Declare Dividends in Short Term
------------------------------------------------------
The Philippine Long Distance Telephone Co. (PLDT) will not be
declaring dividends to its shareholders in the short term due to
certain loan covenants, according to the Philippine Star.

The last time PLDT declared cash dividends for its common shares
was in the first quarter of 2001.

Following the completion of its liability management exercise,
which addressed some $1.3 billion in debts maturing between 2002
and 2004, PLDT is now focusing on reducing the amount of
indebtedness.

In the case of the fixed line, PLDT was able to reduce debts by
$130 million in 2002. Most of PLDT's liabilities are in the
fixed line business.


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


NATSTEEL LTD: Response to David Gerald's Letter
-----------------------------------------------
Natsteel Limited responded to Mr. David Gerald's letter of 7
January 2003 and set out below our response to the issues he had
raised.

ANTI-DUMPING DUTIES

The Notice of Termination was published in the Gazette on 19
July 2002. NatSteel Ltd NatSteel" or the "Company, as an
interested party, was not directly informed of the notice by the
relevant authority. This is unlike its past practice where the
authority would normally convey all major decisions pertaining
to Anti-Dumping Orders directly to all interested parties
including NatSteel, in addition to publishing such decisions in
the Gazette.

For example:

(a) In the final determination in 1995, the Trade Development
Board TDB informed all parties directly by fax on 28 July 1995
that anti-dumping duties would be imposed on all imports of
rebars originating in Malaysia with effect from 29 July 1995.

(b) In a subsequent review undertaken by the TDB in 1997, a
notice was faxed and couriered to NatSteel on 23 January 1998
informing the Company of the Gazette published on the same day
with regard to the final determination of the review.

Although the relevant trade authority (now known as
International Enterprises Singapore) is technically not required
to inform interested parties directly, the Company had been
extended the privilege of receiving prior notifications in the
past. In the meantime, the Company was in regular communication
with the trade authority on trade-related matters and matters
relating to Anti-Dumping Orders throughout the period between
January and October 2002. However, the trade authority did not
convey the decision to the Company in this instance. Immediately
on becoming aware of the notice, the Company lodged a request on
1 November 2002 for an extension of the deadline.

4 DECEMBER 2002 EGM

We have always adopted a consistent practice of recording
minutes of proceedings at the general meetings of the Company,
which is to minute all resolutions passed or defeated, and all
amendments proposed to such resolutions (whether or not
approved). We are legally advised that our practice is in line
with the practice of many Singapore-listed companies, which is
not to minute proceedings at general meetings to the specific
detail of questions and answers with shareholders. Accordingly,
we will continue to follow this practice.

THIRD QUARTER RESULTS

NatSteel has made annual and semi-annual results announcements
and the Company has also released material information where
appropriate and necessary in accordance with the relevant
regulations.

The Company believes it is neither feasible nor appropriate to
release the Q3 results for a number of reasons:

First, the Company had updated the prospects for the NatSteel
group in a qualitative manner for the second half of 2002 in the
6 November 2002 Circular. The Board is not aware of any material
developments, which would have necessitated further revisions to
the statement of prospects.

Secondly, quarterly results are affected by seasonal factors and
the steel industry is volatile. We note that ANZ Singapore
Limited ANZ, the independent financial adviser to the
independent Directors of NatSteel, have made their
recommendation to the independent Directors of NatSteel, having
taken into account prevailing market, economic, industry,
monetary and other conditions, and the independent Directors
have made their recommendation to NatSteel shareholders in the
supplemental circular dated 26 December 2002 in respect of the
98 Holdings mandatory offer.

Thirdly, as required under Rule 25.6 of the Singapore Code on
Take-overs and Mergers (the "Code the release of the Q3 results
for 2002 by the Company under the present circumstances may
require the Company's results to be reviewed by
PricewaterhouseCoopers, as the reporting accountant. This
announcement would necessitate an accompanying opinion from ANZ,
as the independent financial adviser to the independent
Directors. It is expected that this process would take a
considerable amount of time and require the dispatch of a
further circular to NatSteel shareholders. Further and in
addition, under Rule 22.8 of the Code, except with the consent
of the Securities Industry Council SIC, the board of the offeree
Company should not announce trading results, profit or dividend
forecasts, asset valuations or major transactions after the 39th
day following the posting of initial offer document. The initial
98 Holdings offer document was posted on 21 October 2002 and
hence no trading results could be released after 29 November
2002 without the opinion from the advisers as stated above and
the approval of the SIC.

Finally, sufficient information has been given to the NatSteel
shareholders to enable them to make an informed decision on the
98 Holdings offer and no material information has been withheld
from them.


NATSTEEL LTD: Posts Notice of Shareholder's Interest
----------------------------------------------------
Natsteel Limited posted a notice of changes in substantial
shareholder Ong Beng Seng's interest:

Date of notice to Company: 08 Jan 2003
Date of change of deemed interest: 07 Jan 2003
Name of registered holder: Standard Chartered Bank
Circumstance(s) giving rise to the interest: Others
Please specify details: Acquisition pursuant to open market and
off market purchases

Shares held in the name of registered holder
No. of shares, which are the subject of the transaction:
3,417,734
% of issued share capital: 0.91
Amount of consideration per share excluding brokerage,GST,stamp
duties,clearing fee: S$2.06
No. of shares held before the transaction: 131,607,714
% of issued share capital: 35.23
No. of shares held after the transaction: 135,025,448
% of issued share capital: 36.15

Holdings of Substantial Shareholder including direct and deemed
interest
                                           Deemed     Direct
No. of shares held before the transaction: 131,607,714
% of issued share capital:                 35.23
No. of shares held after the transaction:  135,025,448
% of issued share capital:                 36.15
Total shares:                              135,025,448

The percentages above have been computed based on 373,558,237
shares issued as at 18 December 2002.


OVERSEA-CHINESE: Unit Enters Voluntary Liquidation
--------------------------------------------------
Oversea-Chinese Banking Corporation Limited announce that, by
resolutions in writing signed by all the Shareholders of Keppel
TatLee Nominees (HK) Limited the Company) pursuant to Section
116B of the Hong Kong Companies Ordinance on 8 January 2003, the
shareholders of the Company passed a special resolution for the
members' voluntary winding-up of the Company. The Company is a
wholly owned subsidiary of Oversea-Chinese Banking Corporation
Limited.

The Statutory Declaration of Solvency of the Company executed by
the Board of Directors, in compliance with Section 233 of the
Hong Kong Companies Ordinance was lodged with the Hong Kong
Registrar of Companies on 7 January 2003. The Company has ceased
business operations and is currently a dormant Company.

The issued and paid-up capital of the Company is HK$2.


SEATOWN CORPORATION: Court Extends Restraining Order
----------------------------------------------------
The Directors of Seatown Corporation Ltd announced on 26
November 2002 that the Company has obtained on 25 November 2002,
from the High Court of Singapore pursuant to Section 210(10) of
the Companies Act, Cap 50, an extension of the stay order
restraining certain creditors of the Company from taking any
further steps in any proceedings commenced by these creditors
against the Company until 15 December 2002, pending the entry
into of a definite sale and purchase agreement between the
Company and a third party for a proposed acquisition of
businesses and assets of the Company.

The Company has also announced on 13 December 2002 that the
Company has entered into a conditional investment agreement with
Hui Yuan Investment Limited HY Investment, with regard to the
proposed acquisition by the Company of all the shares of Wise
Glory Group Ltd, a wholly owned subsidiary of HY Investment.

The Directors has resolved that it is in the best interest of
the Company and its shareholders/creditors that the Company be
placed under Judicial Management. An application to place the
Company under Judicial Management to the High Court of Singapore
will be made shortly.


SEATOWN CORPORATION: Proposes Sale of Shares in Unit
----------------------------------------------------
The Directors of Seatown Corporation Ltd announced that the
Company and Seatown Construction Pte Ltd SCPL have entered into
a conditional sale and purchase agreement S&P Agreement with Soh
Kian Shang Soh for the proposed acquisition by Soh of all the
shares Sale Shares of Seatown Foundation Engineering Pte Ltd
SFE. SFE is a wholly owned subsidiary of SCPL, which is in turn
a subsidiary of the Company. Soh is a senior executive and
director of SFE and the Company.

SFE has the following subsidiaries and associate Company
(collectively, the "SFE Group Companies:

(a) Seatown Development (Tuas) Pte. Ltd. Tuas (76 percent);
(b) Seatown-TSO JV Pte Ltd TSO(50 percent)
(c) Cheng Engineering & Equipment Pte Ltd (51 percent)(Dormant);
(d) Seatown-Pyramid Sdn Bhd (100 percent)(Dormant) and;
(e) Seatown-Crec Pte. Ltd. (51 percent) (wound up);

As the consolidated net asset value of SFE and the SFE Group
Companies is negative, the purchase consideration for the Sale
Shares, which was arrived at on an arm's length willing buyer-
willing seller basis, is nominal. However, SCPL has an option to
require Soh to transfer all shares held by SFE in Tuas and TSO
back to SCPL, subject to approval of the option by creditors of
SFE pursuant to a scheme of arrangement under section 210 of the
Companies Act (Cap. 50) Scheme, and subject to approval of the
Scheme by the High Court of Singapore. Finally, the transaction
is also subject to the creditors of SFE agreeing to release SCPL
from the debts owing by SCPL to SFE

SFE carries on a mixed construction business, including
foundation works, such as micropiling, conventional piling and
underpinning. The SFE Group Companies carry on a range of
construction-related businesses, including the business of
general contractors, construction of railways, carriages and
light monorail, rental and servicing of all types of
construction and industrial equipment.

SFE suffered a net loss before income tax of S$13,450,355.00 for
its financial year ended 30 September 2002, and has net
liabilities of S$8,318,167.00 as at 30 September 2002. The
divestment of SFE and the SFE Group Companies will improve the
consolidated net asset position of the Company. Further, subject
to the approval of creditors of SFE as highlighted above, SCPL
which remains a wholly-owned subsidiary of the Company, will be
released from the debts of approximately S$3,842,894.00
currently owing by SCPL to SFE. This will also have a positive
effect on the consolidated net assets of the Company.

The Company's initial investment into SFE and the SFE Group
Companies, amounting to an aggregate of S$12,931,000.00, will
have to be written off as a result of the divestment of SFE and
the SFE Group Companies. The divestment will result in the
deconsolidation of past losses booked amounting to
$18,144,000.00 to be written back which will result in a net
deconsolidation profit of $ 5,213,000.00 after deducting the
costs of investments of $12,931,000.00 for the year ended 30
September 2002. Save as aforementioned, the sale of SFE will
have no other material impact on the Company's earnings and net
tangible assets for its current financial year ended 30
September 2002.

None of the Directors or any substantial shareholders of the
Company has any interest, direct or indirect, in this
transaction.


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


PARAWOOD CORPORATION: Files Business Reorganization Petition
-------------------------------------------------------------
Wood Furniture Manufacturer and Distributor Parawood Corporation
(Worldwide) Company Limited (DEBTOR) filed its Petition for
Business Reorganization to the Central Bankruptcy Court:

   Black Case Number 1323/2544

   Red Case Number- /2544

Petitioner: THAI - DIAMOND SHAMROCK COMPANY LIMITED #1ST,
PARAWOOD CORPORATION (WORLDWIDE) COMPANY LIMITED #2ND

Debts Owed to the Petitioning Creditor : 335,713,716.83Baht

Date of Court Acceptance of the Petition : October 18, 2001

Date of Examining the Petition: November 12, 2001 at 9.00 A.M.
Court had set the Order Cancelled the Petition for Business
Reorganization

Contact : Ms. Amornrhat Tel: 6792525 ext. 144


THAI DURABLE: Rehabilitation Plan Awaits Approval
-------------------------------------------------
The Board of Directors Meeting of Thai Durable Textile Public
Company Limited No. 1/2003 which was held on January 7, 2003 at
170/29, 31 11th floor, Ocean Tower I Building, Ratchadapisek
Rd., Klong-Toey Sub-district, Klong-Toey District, Bangkok has
resolved the following:

1. It was resolved to approve the rehabilitation plan made by
the company and Seamico Securities Public Company Limited, the
financial advisor of the company, and to propose the
rehabilitation plan to the shareholders meeting for further
approval.  The company shall arrange for the analyst to provide
opinion to the shareholders on January 28, 2003 at 2:00 p.m. at
Sukhumvit Room 1-3, 7th floor, the Landmark Hotel, 138 Sukumvit
Road, Bangkok.

2. It was resolved to approve the amendment to the Articles of
Association of the Company with respect to the appointment of
the share registrar, the shares buy back, the capital
regulations of the Stock Exchange of Thailand and to propose the
amendment to the Articles of Association.

3. It was resolved to call for the Extra-Ordinary Shareholders
Meeting No. 1/2003 to be held on February 5, 2003 at 11.00 a.m.
at Sukhumvit Room 1-3, 7th floor, the Landmark Hotel, 138
Sukhumvit Road, Bangkok to consider the following:

   1. Adoption of the Minutes of previous meeting
   2. Consideration on the rehabilitation plan
   3. Consideration on the amendment to the Articles of
Association of the Company
   4. Other business (if any)

4. It was resolved to close the Shareholder Registration Book to
determine the right to attend the Extra-Ordinary Shareholders
Meeting No. 1/2003 from January 22, 2003, from 12:00 hours
onwards until the meeting adjourned.


THAI PETROCHEMICAL: Creditors OK Rehab Plan Amendment
-----------------------------------------------------
Effective Planners Limited (EPL) received on Wednesday
confirmation from the Committee of Creditors of Thai
Petrochemical Industry Public Company Limited (TPI) that the
required majority of TPI creditors have now accepted two
resolutions to amend TPI's court sanctioned rehabilitation plan.

The first resolution addresses the voting mechanism and
thresholds for amending the TPI rehabilitation plan.
Specifically, this resolution removes the provisions in the plan
that previously enabled just one Scheme Creditor to effectively
veto any material change to the plan.

The new voting system allows a 75% majority of creditors to pass
amendments.

"We have always advocated practical voting mechanisms to
facilitate adjustments to the plan which may become necessary
during the implementation phase. While ensuring fairness to all
creditors, some degree of flexibility is essential to the
successful implementation of any rehabilitation plan," stated
Mr. Peter Gothard, Managing Director at Effective Planners
Limited.

The second resolution details changes to the US$200 million non-
core asset sale deadline, from 31 December 2001 to 31 March 2003
or such later date as may be agreed by Participating Scheme
Creditors holding more than 50 percent of Participating Scheme
Debt.

These results followed a similar round of voting with equally
supportive results that was convened last year among creditors
of TPI's key subsidiaries.

In order to formally amend the rehabilitation plan, it is now
necessary to hold statutory meetings of creditors for TPI and
the six subsidiaries, which will be convened under the
Bankruptcy Act. It is expected that these statutory meetings
will be held within the next four to six weeks. Formal sanction
of the amendments will then be required from the Central
Bankruptcy Court.

Similar proposals to amend TPI's rehabilitation plan have in the
past consistently yielded the support of in excess of 90 percent
of TPI's creditors. However, under the voting mechanisms
contained in TPI's rehabilitation plan, just one veto has the
effect of nullifying those strongly supportive results.

"In its original form, TPI's rehabilitation did not allow for
any material changes if just one creditor opposed such changes.
For complex situations like TPI, it is likely that occasionally
it will make good business sense to make adjustments to the
plan. It is therefore prudent to establish a framework for this
to occur."

"Given that there are more than 140 TPI creditors involved, it
is a major accomplishment to get everyone's consent to the
removal of the veto and extension of the milestone. This is also
a clear demonstration of the creditors' support and commitment
for the rehabilitation of TPI. EPL and TPI's creditors are
absolutely committed to re-build and re-vitalize TPI for the
benefit of all stakeholders."

Effective Planners Limited is the Plan Administrator of Thai
Petrochemical Industry Public Company Limited, and is a wholly-
owned subsidiary of Ferrier Hodgson.  Ferrier Hodgson operates
throughout the Asia Pacific region and specializes in financial
restructuring, corporate recovery, insolvency management and
related services. Ferrier Hodgson established a Bangkok office
in March 1998. Since then, the firm has developed a solid and
growing presence in Bangkok with 50 specialists in diverse
sectors including banking, petrochemical, telecommunications,
hotel, property and transportation. In Thailand, Ferrier Hodgson
has been involved in projects acting for creditors (including
major bank lenders) and shareholders, with the total financial
debts of transactions exceeding US$12 billion.


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

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

Asia Pulp & Paper     FRN     due 2001   1.5 - 2.5       0
Asia Pulp & Paper     11.75%  due 2005    31 - 32        0
APP China             14.0%   due 2010    30 - 32        +2
Asia Global Crossing  13.375% due 2006  11.5 - 13.4      +0.5
Bayan Telecom         13.5%   due 2006    16 - 18        0
Daya Guna Sumudera    10.0%   due 2007   1.5 - 3.5       +0.5
Hyundai Semiconductor 8.625%  due 2007    61 - 64        0
Indah Kiat            11.875% due 2002  34.5 - 35.5      +1.5
Indah Kiat            10.0%   due 2007  25.5 - 27.5      -0.5
Paiton Energy         9.34%   due 2014    73 - 78        +2
Tjiwi Kimia           10.0%   due 2004    20 - 22        -4

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 2003.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
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                 *** End of Transmission ***