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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

           Monday, January 13, 2003, Vol. 6, No. 8

                         Headlines

A U S T R A L I A

CRANSWICK PREMIUM: Court OKs Proposed Merger Scheme Meetings
GOODMAN FIELDER: BPC Welcomes Takeovers Panel's Decision
GOODMAN FIELDER: Panel OKs Undertaking in Declining Application
GOODMAN FIELDER: Shareholders Given Right to Withdraw Acceptance

SPIKE NETWORKS: Discloses Chairman's Address to Shareholders
SPIKE NETWORKS: Posts AGM Results
STARTRACK COMMUNICATIONS: Posts AGM Results
QUOIN (INT): Solicitors Post Shareholders' Update


C H I N A   &   H O N G  K O N G

EVERGREEN TECHNOLOGY: Winding Up Sought by GVC
JOYFUL CONSTRUCTION: Winding Up Sought by Jets Technics
LONGSHANG TRADING: Petition to Wind Up Pending
UDL HOLDINGS: Relates No Reason for Share Price Increase
WING LEE: Turnover Movement Inexplicable

XIN CORPORATION: Name Change Won't Affect Shareholder Rights


I N D O N E S I A

KIMIA FARMA: Government Cancels Divestment Plan


J A P A N

AIWA CO.: Promises to Regain Profitability Next Year
HOKKAIDO INTERNATIONAL: Prepares to Boost Services to Asahikawa
KAWASAKI KISEN: JCR Affirms BBB+ Rating
MINOLTA CO.: Integrates Management With Konica
MINOLTA CO.: Moody's Place Senior Debt Under Review

MITSUBISHI MOTORS: Recalling 17,644 "Delica" Units


K O R E A

ASIANA AIRLINES: Catering Unit Sale Nearly Complete
DAEWOO SHIPBUILDING: Wins $600M ExxonMobil Order
GM DAEWOO: Cars Will Reenter USA Under New Name
HYUNDAI GROUP: Prudential Close to Buying Ailing Units
LG PHILIPS: Slashing 200 Dutch Jobs


M A L A Y S I A

COUNTRY HEIGHTS: Seeks Full Bonds Redemption Approval
GULA PERAK: Debt Restructuring Completion Time Extended
IDRIS HYDRAULIC: Posts New Registrar Details
KIARA EMAS: FIC Gives One-Year Extension to Up Bumiputra Equity
KUB MALAYSIA: Answers KLSE's Query on Receivers Appointment

LION CORPORATION: Megasteel Scheme Effectuated
LION GROUP: Revises Proposed GWRS
MOL.COM: SC Gives Proposed Rights Issue Extension
PARK MAY: RAM Downgrades CP/MTN to BB3 From BBB3
PILECON ENGINEERING: Subsidiary Faces Winding Up Petition

TECHNO ASIA: FIC OKs Revised Proposed Restructuring Scheme
TIMBERMASTER INDUSTRIES: Creditors Voluntarily Winding-Up Unit
UNITED CHEMICAL: Posts Defaulted Facilities Details
WING TIEK: All Resolutions Approved at 25th AGM
WOO HING: FIC Approves Appeal Re Kamdar Proposals


P H I L I P P I N E S

MAYNILAD WATER: Gives Up Water Business in Manila
PHILIPPINE AIRLINES: Using Carmen Systems' Planning Solutions
PHILIPPINE LONG: CEO Admits Changes in 2003
PHILIPPINE NATIONAL: Moody's Revises Outlook to Negative
PILIPINO TELEPHONE: Signs Subscription Agreement With PLDT

UNION CEMENT: Appoints New Compliance Officer


S I N G A P O R E

BOUSTEAD SINGAPORE: Enters Management Deal With EasyCall
CREATIVE TECHNOLOGY: Product Counterfeiters Found Guilty
SEMBCORP LOGISTICS: Dormant Units Enter Voluntary Liquidation
UNITED OVERSEAS: Voluntarily Winds Up Units


T H A I L A N D

MODERN HOME: Clarifies Capital Decrease Regulations
RCL FEEDER: Cambodian Unit Dissolved
THAI TELEPHONE: Business Reorganization Petition Filed
WONGPAITOON GROUP: Warrants Remain at 403,230,585 Units

     -  -  -  -  -  -  -  -

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


CRANSWICK PREMIUM: Court OKs Proposed Merger Scheme Meetings
------------------------------------------------------------
The Federal Court of Australia has approved Cranswick Premium
Wines Limited's convening of the scheme meetings in connection
with the proposed merger with Evans & Tate Limited. Explanatory
Statements will be dispatched to Cranswick Shareholders,
Employee Optionholders and Noteholders no later than 13 January
2003 with the scheme meetings to be held on Monday 17 February
2003.

EVANS & TATE SHAREHOLDERS' MEETING

Evans & Tate Limited intends to hold a shareholders' meeting on
18 February 2003 to approve the terms of a recently executed
Deferred Sale Deed between Mr Graham Cranswick-Smith, director
and Chief Executive Officer of Cranswick Premium Wines Limited,
and Mr Franklin Tate, Chairman and Chief Executive Officer of
Evans & Tate Limited. Approval is sought under Section 208 of
the Corporations Act as a related party transaction.

Under the Deferred Sale Deed, Mr Tate will acquire the Evans &
Tate shares to be issued to Mr Cranswick-Smith pursuant to the
merger of the two companies by way of schemes of arrangement. At
the same time, a Proxy Deed was executed giving Mr Tate the
right of proxy over those shares pending the acquisition of
those shares.

Mr John Hopkins, lead director for Evans & Tate on the merger,
said, "Mr Tate has advised the Board that this transaction
demonstrates his commitment to the Company and reaffirms his
belief that the merger will be beneficial to its long term
success."

Mr Tate currently has voting power of approximately 40% of the
issued ordinary shares in Evans & Tate. The combined and
simultaneous effect of the merger and the Proxy Deed will result
in Mr Tate's voting power being approximately 34% of the merged
entities.

Mr Tate will purchase and Mr Cranswick-Smith will sell the
shares at the following prices:

   (i) Between 1 December 2003 and 31 December 2003, Mr Tate
will acquire 950,000 Evans & Tate shares, at the higher of $1.60
or a 15% discount to the 30-day average share price of Evans &
Tate at the time;

   (ii) Between 1 July 2004 and 31 July 2004, Mr Tate will
acquire a further 950,000 Evans & Tate shares on the same terms.

   (iii) Between 31 December 2004 and 30 June 2007 Mr Tate will
acquire 670,000 Evans & Tate shares for the higher of $1.95 or a
10% discount to the 30-day average share price of Evans & Tate
at the time up to a maximum of $3.50;

   (iv) Finally, between 1 July 2005 and 30 June 2007, Mr Tate
will acquire a further 670,000 Evans & Tate shares at a price
equal to the greater of $1.95 and a 10% discount to the 30 day
average share price of Evans & Tate at the time up to a maximum
of $3.50.

It is one of the conditions of the Schemes that Evans & Tate
seek approval from its shareholders to any of the matters
referred to in the Explanatory Statement under section 208(1) of
the Corporations Act, which is relevant, in the opinion of Evans
& Tate or its advisers.

Notice of Meeting and Explanatory Memorandum will be forwarded
to Evans & Tate shareholders in the near future.


GOODMAN FIELDER: BPC Welcomes Takeovers Panel's Decision
--------------------------------------------------------
Burns Philp welcomes the Takeovers Panel's decision declining
Goodman Fielder Limited's application.

Burns Philp's takeover bid was dispatched on 3 January 2003. As
part of the proceedings before the Takeovers Panel, Burns Philp
has given certain undertakings to the Panel:

   * to provide accepting shareholders' with withdrawal rights;

   * to declare the offer free of two conditions (material
adverse change in Burns Philp and an adverse change in the
financial markets). These conditions remain conditions of the
financing for the bid; and

   * to make minor changes to the financing condition to deal
with the possibility of waiver of preconditions or events of
default by the financiers.

The terms of those undertakings have been released by the
Takeovers Panel.

Burns Philp will dispatch formal documentation giving effect to
the undertakings to Goodman Fielder shareholders next week.

Burns Philp also notes the announcements by Goodman Fielder on 8
and 9 January 2003 in relation to the "make whole" payment for
the US$200m Goodman Fielder financing and correspondence
received from the Australian Taxation Office on 24 December
2002.

Burns Philp does not have sufficient information to determine
whether any of the conditions of its Offer have been breached by
virtue of these matters and, were they to have been breached,
whether it will rely upon those breaches.

Burns Philp also advises that it has given an extension to the
New Zealand Commerce Commission in relation to its application
for commerce commission approval. Burns Philp, anticipates
extending its takeover offer by a week (to 11 February 2003) to
allow for the Commerce Commission decision. Documents in
relation to this extension will be dispatched to shareholders
after the target statement is received.


GOODMAN FIELDER: Panel OKs Undertaking in Declining Application
---------------------------------------------------------------
The Takeovers Panel advised Friday that it has accepted
undertakings from BPC1 Pty Ltd (Burns Philp) (a subsidiary of
Burns, Philp & Company Ltd) in relation to Burns Philp's
takeover bid for Goodman Fielder Ltd. (Goodman Fielder).

On the basis of the undertakings from Burns Philp, the Panel has
declined the application from Goodman Fielder in relation to the
proposed takeover bid for Goodman Fielder by Burns Philp, which
the Panel received on 30 December 2002. The Panel had previously
decided not to make any interim order restraining the dispatch
of Burns Philp's bidder's statement.

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

Goodman Fielder sought the deletion, or amendment, of three of
the conditions Burns Philp had proposed for its bid, in relation
to: Burns Philp's financing for its bid, advice from the Goodman
Fielder board concerning Goodman Fielder's earnings and
liabilities, and material adverse changes in relation to Burns,
Philp & Company Ltd (and its subsidiaries). Goodman Fielder also
requested that Burns Philp disclose it cannot waive the 90%
minimum acceptance condition for its proposed bid without its
financiers' consent.

The undertakings primarily relate to Burns Philp varying its bid
to grant a withdrawal right (Withdrawal Facility) to Goodman
Fielder shareholders who accept its bid prior to the time when
Burns Philp has settled, documented and signed the terms of the
financing for the various loans (Facilities) it requires to
finance its bid. Goodman Fielder shareholders will initially
receive a supplementary bidder's statement setting out the
changes to Burns Philp's bid, and describing the Withdrawal
Facility, which will commence from that time.

When Burns Philp has settled and signed the Facilities
documentation Goodman Fielder shareholders will receive a
further supplementary bidder's statement, which will contain a
withdrawal form. Shareholders who have accepted at that stage
may, if they wish to, withdraw their acceptance up to 10 days
from the date of the supplementary bidder's statement, when the
Withdrawal Facility will lapse. The Withdrawal Facility will
also lapse (without notice) if Burns Philp declares its bid to
be free from the defeating condition in its bid that the
Facilities be available to it (the Finance Condition).

Burns Philp has also undertaken to waive two defeating
conditions in its bid, those relating to material adverse
changes in the operation of the business of Burns Philp or its
related companies, and adverse changes in financial markets. The
Facilities however, still remain subject to similar conditions,
but the decision on whether or not to rely on them will be up to
the financiers to Burns Philp's bid rather than Burns Philp
itself.

Burns Philp has also undertaken to vary the terms of the
defeating condition in its bid relating to the Facilities to
exclude from the Finance Condition any precondition or event of
default that the financiers to the bid have agreed to waive. The
undertaking reduces concerns that the Finance Condition may have
offended the principle that a bidder should not be able to
frustrate its own bid, but may only rely on conditions, which
are outside its sole control.

Burns Philp has also undertaken to give a statement to Goodman
Fielder shareholders which will assist them in assessing the
likelihood of the Facilities being available to Burns Philp to
fund its bid.

Burns Philp has already addressed the concerns raised by Goodman
Fielder concerns about disclosure concerning its ability to
waive the 90% minimum acceptance conditions in its bid. Burns
Philp included some additional disclosure in the Chairman's
letter, which accompanied Burns Philp's bidder's statement, and
then formally repeated that disclosure in a supplementary
bidder's statement.

The Panel did not require any undertakings in relation to the
"Accounting Conditions" in paragraphs 9.6(g) and (h) of the
Burns Philp bidder's statement.

The Panel will post the reasons for its decision on its website
when they are finalized, at
http://www.takeovers.gov.au/Content/Decisions/decisions.asp.

The President of the Panel 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

Following is the text of the undertaking accepted by the
Takeovers Panel:

UNDERTAKING PROVIDED BY BURNS PHILP

Following is the text of the undertaking accepted by the
Takeovers Panel.

PREAMBLE

The undertaking set out below relates to the off-market takeover
bid by BPC1 Pty Limited ABN 45 101 665 918 (Burns Philp) for all
the issued ordinary shares in Goodman Fielder Ltd ABN 44 000 003
958 (Goodman Fielder) in respect of which a bidder's statement,
containing an offer (Offer), was lodged with the Australian
Securities and Investments Commission (ASIC) on 19 December 2002
(Bidder's Statement).

UNDERTAKING

Pursuant to subsection 201A(1) of the Australian Securities and
Investments Commission Act 2001 (Cth), Burns Philp undertakes to
the Takeovers Panel that it will:

   a. as soon as practical, free its Offer from conditions in
clauses 9.6(k) and (l) (the Burns Philp Material Adverse Change
Condition and Market Adverse Change Condition);

   b. as soon as practical after obtaining any necessary relief
from ASIC, vary its Offer to give Goodman Fielder shareholders
who accept the Offer a withdrawal right (Withdrawal Facility)
which extends from the date of the Offer until the time (Cut-Off
Time) which is the earlier of:

     (1) 7.00 p.m. (Sydney time) on the date which is 10 (ten)
calendar days from the date of Burns Philp sending a
supplementary bidder's statement to Goodman Fielder shareholders
setting out the terms of the settled and signed finance
facilities (Facilities) for Burns Philp's bid; and

     (2) the time (if any) when Burns Philp declares its Offer
free of the financing condition set out in clause 9.6(q) of the
Offer (Finance Condition);

   c. as soon as practical after obtaining any necessary relief
from ASIC, vary the Finance Condition to exclude from the
operation of the condition preconditions and events of default
to the Facilities which the underwriters to the Facilities have
agreed to waive;

   d. as soon as practicable after the resolution of these
proceedings, and receiving any necessary relief from ASIC, send
a supplementary bidder's statement (Variation Supplementary
Bidder's Statement) to each Goodman Fielder shareholder, along
with the notice of variation to its Offer:

     i. giving a plain English description of the Withdrawal
Facility;

     ii. advising that a form (Withdrawal Form) to exercise the
Withdrawal Facility will be sent with a supplementary bidder's
statement announcing the date for closing of the Withdrawal
Facility (Cut-Off Supplementary Bidder's Statement);

     iii. offering Goodman Fielder shareholders phone, fax and
email addresses to which they can send a request to Burns Philp
to be sent a Withdrawal Form before the Cut-Off Supplementary
Bidder's Statement is issued;

     iv. advising that (1) the Cut-Off Supplementary Bidder's
Statement may not be issued, and the Withdrawal Facility will
lapse, when and, if Burns Philp declares the Offer free from the
Finance Condition before the Cut-Off Supplementary Bidder's
Statement is issued, and (2) the Withdrawal Facility will
otherwise lapse at the Cut-Off Time;

   e. after the settling and the signing of the documentation
for all of the Facilities listed in Annexure E to the Burns
Philp bidder's statement, send a copy of the Cut-Off
Supplementary Bidder's Statement to each Goodman Fielder
shareholder:

     i. setting out (in similar style and detail to the
description of the terms of Term Loan A in Part 1 of Annexure E
of the Burns Philp bidder's statement) the events of default and
preconditions to each of the Facilities (any pre-condition which
is common to a number of different Facilities will be identified
in relation to each Facility, but not necessarily repeated in
full in relation to each Facility);

     ii. clearly setting out the preconditions to drawdown of
the Facilities, and to the Finance Condition, which remain to be
satisfied at the date of the Cut-Off Supplementary Bidder's
Statement;

     iii. advising of the status of those events of default and
preconditions (to the best, current knowledge of Burns Philp);

     iv. containing a Withdrawal Form;

     v. explaining the Withdrawal Facility ie that any Goodman
Fielder shareholder who had accepted the Offer may withdraw that
acceptance by giving written notice on the Withdrawal Form to
Burns Philp no later than the Cut-Off Time;

     vi. explaining that acceptances made after the Cut-Off
Time, and acceptances made prior to the Cut-Off Time and not
withdrawn before the Cut-Off Time, will not be able to be
withdrawn under the Withdrawal Facility;

     vii. explaining that the Withdrawal Facility will, however,
lapse immediately if the Offer is declared free of the Finance
Condition;

     viii. explaining that (subject to relief from ASIC) section
653B of the Corporations Act has been modified to allow a person
who has previously exercised their right under the Withdrawal
Facility to accept the Offer again after the closure of the
Withdrawal Facility for the same shares;

   f. include in the Variation Supplementary Bidder's Statement
a statement indicating that:

     i. in relation to any conditions to the Facilities, which
depend on an act of Burns Philp - Burns Philp's intention is to
comply with the preconditions;

     ii. in relation to any conditions to the Facilities which
relate to the business, assets, operations, financial condition
or prospects of Burns, Philp & Company Limited (and its
subsidiaries)  whether, in Burns Philp's view, it is likely that
any such condition will be triggered during the offer period
given the nature of its business, the products sold, its
customer base and the geographic spread of its operations; and

     iii in relation to any conditions to the Facilities which
relate to a material adverse change in the financial markets '
without engaging in speculation (such as in relation to matters
like a possible war in Iraq, the status of the US economy and
any other matters), whether Burns Philp has any reason to expect
that a material adverse change will occur; and

   g. use its best endeavors to gain the appropriate relief from
ASIC.


GOODMAN FIELDER: Shareholders Given Right to Withdraw Acceptance
----------------------------------------------------------------
The Takeovers Panel's decision on Friday and the undertakings
provided by Burns Philp will give Goodman Fielder's shareholders
more certainty and further information about the conditions
attached to and risks associated with the takeover bid.

Goodman Fielder's Chairman, Dr Keith Barton said: "Shareholders
have been given a new right to withdraw their acceptance of the
offer from commencement of the bid until 10 days after Burns
Philp publishes final information about its bid finance
facilities.

"Burns Philp has deleted two adverse change conditions from its
Bidder's Statement and the Finance Condition has been amended
substantially.

"In addition, Burns Philp will publish two Supplementary
Bidder's Statements in accordance with the Takeovers Panel's
decision.

"The first statement will detail the changes to Burns Philp's
takeover bid including shareholders' withdrawal rights. The
second statement will set out the final terms of the bid finance
facilities, describe the status of the finance conditions and
attach a withdrawal form," said Dr Barton.

FINANCE CONDITION

Including a withdrawal has amended the finance condition
right for shareholders.

The financing condition will also be amended to exclude reliance
on any precondition or event of default, which is waived by the
banks.

The inclusion of a 'withdrawal' right means that Goodman
Fielder's shareholders can withdraw acceptance of the offer for
up to 10 days after they receive further information about the
bid funding arrangements that will be explained in a
Supplementary Bidder's Statement to be issued by Burns Philp.

According to the Panel's decision, Burns Philp will also provide
further information to Goodman Fielder shareholders to assess
the likelihood of the Burns Philp finance facilities actually
being available to fund the bid.

BURNS PHILP MATERIAL ADVERSE CHANGE CONDITION

Burns Philp agreed to waive this condition.

FINANCIAL MARKETS ADVERSE CHANGE CONDITION

Burns Philp agreed to waive this condition.

90% MINIMUM ACCEPTANCE CONDITION

Burns Philp has already provided further information concerning
its ability to waive the 90% minimum acceptance condition.
Goodman Fielder will provide further information to shareholders
in its Target's Statement concerning this matter.

CONTACT INFORMATION: Lina Melero Nichele
                     Investor relations
                     (61) 2 8874 6095
                     (61) 401 700 000

                     Stephen Ellaway
                     Media relations
                     (61) 2 8874 6064
                     (61) 401 700 151

Note: The Takeovers Panel is the primary forum to resolve issues
associated with a takeover bid. The Panel is established under
the Australian Securities and Investments Commission Act. The
Panel is a peer review body with part-time members appointed
from members of Australia's takeovers and business communities.


SPIKE NETWORKS: Discloses Chairman's Address to Shareholders
------------------------------------------------------------
Spike Networks Limited posted its Chairman J McGuigan's address
to the Shareholders at Annual General Meeting held on January
10, 2003:

"I would like to provide you with a brief review of the
financial year to 30th June 2002 and more importantly update you
on the current position of your company.

I said at last years AGM that 2001 had been challenging for all
companies in the technology sector. If only we had known then
how challenging 2002 was going to be.

In the year to 30th June 2002 significant focus was given to our
associated company, Spike Limited, in which the Company held a
43.4% interest, to develop and change its business from being
purely a web development company into an integrated marketing
business with numerous business lines and a diversified client
base. We believed that Spike Limited had substantial prospects.

We worked very closely with Spike Limited's major shareholder -
techpacific.com Limited in Hong Kong - throughout last year in
developing Spike Limited's business and in December 2001 we
announced plans to acquire a 100% interest in Spike Limited by
way of an issue of new shares in Spike Networks.

Having completed most of the legal and accounting preparation
work on this transaction, in June 2002 we announced that we
intended to raise additional capital as part of the acquisition
of a 100% interest in Spike Limited. Regrettably this capital
raising was not completed when the investor we were dealing with
failed to invest. The Company is seeking compensation as a
result of the investor's actions.

Following the investor's sudden and unanticipated withdrawal,
both techpacific and the Company confirmed, that they were not
in a position to invest further working capital in Spike Limited
to continue its business development.

As a consequence, Spike Limited and its operating subsidiaries
were placed in the hands of receivers in early July 2002. The
Company therefore lost its remaining investment.

The financial position of the Company and the consequences of
the closure of Spike Limited are fully detailed in the 2002
Annual Report.

In summary the position is:

   a) consolidated revenue for the year ended 30th June 2002
amounted to $600,000 (down from $5.3 million in 2001).

   b) the consolidated loss for the year from ordinary
activities loss amounted to $2.3 million (compared to $19.0
million in 2001). That loss included various loan write-offs and
certain closure costs associated with Spike Limited.

Needless to say it is important that we now look forward.

As I mentioned in the Annual Report, the directors have been
actively searching out new Investment opportunities. We are
continuing to do so and at the present time are exploring two
specific options. Should we proceed with any acquisitions it is
quite likely that the transactions will also involve a capital
raising and shareholder approvals will be required. We are
hopeful that we will be in a position to make an announcement in
relation to these proposals shortly.

I also mentioned in the annual report that the Company is
seeking compensation from Mr Greentree as a result of his
actions in failing to invest in the Company contrary to his
contractual obligations. I can report to you that we are
pursuing this matter in conjunction with techpacific. We have
received positive legal advice as to the merits of our case. We
will keep shareholders informed of progress in relation to this
matter.


SPIKE NETWORKS: Posts AGM Results
---------------------------------
Spike Networks Limited advises that the following resolutions
were unanimously passed at the Annual General Meeting of the
company held on Friday 10 January 2003.

ORDINARY RESOLUTIONS

1. That John Atkinson, who retires in accordance with clause
20.2 of the Company's Constitution, and offers himself for
reelection pursuant to clause 20.3 of the Constitution, be re-
elected as a director of the Company.

2. That Ilyas Khan, who was appointed a director of the company
or 12 July 2002 to fill a casual vacancy on the board of
directors, and who offers himself for election, be elected as a
director of the Company.


STARTRACK COMMUNICATIONS: Posts AGM Results
-------------------------------------------
In accordance with ASX Listing Rule 3.13.2 and section 251AA of
the Corporations Act, Startrack Communications Limited advised
the following results in relation to items of business
considered by members of Startrack Communications Limited at the
Company's Annual General Meeting held on Wednesday, January 8
2003:

Resolution Results

Resolution 1  Re-election of Mr John Stratton   Passed by a poll

Resolution 2  Approval to transfer Startrack
              Communications (Australia) Pty Ltd
              & Associated Assets               Passed by a poll

Proxy & Poll Details

Reso-  Proxies   Proxies     Open    Abstentions  Total   Total
lution    For     Against    Proxies                For  Against

31,582,452 ,050,559   8,146,335   Nil      53,814,587 12,563,111
2,131,619  7,751,482  8,156,335  27,739,910 28,777,452 9,860,636

The Troubled Company Reporter - Asia Pacific reported Tuesday
that the Company's main creditors have subsequently offered to
cancel more than AU$4 million in convertible note debt, which
matures in March, in return for ownership of local subsidiary
Startrack Australia.  Startrack Australia's main creditor is
Weston Investments, which holds about 7 percent of Startrack in
addition to AU$4 million in convertible note debt.

Wrights Investors' Service reports that at the end of 2002,
Startrack Communications Limited had negative working capital,
as current liabilities were A$5.07 million while total current
assets were only A$955,004.00. The company also reported losses
during the previous 12 months and has not paid any dividends
during the previous 2 fiscal years.


QUOIN (INT): Solicitors Post Shareholders' Update
-------------------------------------------------
In accordance with Quoin (Int) Limited's instructions, Efron &
Associates forwards the following Shareholder Update, Bar Code
QIL000066, which has been authorized for release by the Chairman
and Director Mr Moishe Gordon. Check
http://www.bankrupt.com/misc/TCRAP_QIL0113.pdfto see a copy of
the Shareholders Update.

Should you have any queries in relation thereto, contact Graeme
Ehon of Efron & Associates, Solicitors & Consultants at 0 1999
or 0411 690 690.



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


EVERGREEN TECHNOLOGY: Winding Up Sought by GVC
----------------------------------------------
GVC Corporation Limited is seeking the winding up of Evergreen
Technology International Limited.  The petition was filed on
December 19, 2002, and will be heard before the High Court of
Hong Kong on February 26, 2003 at 9:30 am.

GVC Corporation holds its registered office at Room 8, 2nd
Floor, Block B, Po Lung Center, 11 Wang Chiu Road, Kowloon Bay,
Kowloon, Hong Kong.


JOYFUL CONSTRUCTION: Winding Up Sought by Jets Technics
-------------------------------------------------------
Jets Technics Limited is seeking the winding up of Joyful
Construction Company Limited. The petition was filed on November
13, 2002, and will be heard before the High Court of Hong Kong
on January 29, 2003 at 9:30 am.

Jets Technics holds its registered office at 14th Floor, Nathan
Center, 580G-K, Nathan Road, Kowloon, Hong Kong. Wong, Hui & Co.
represent the petitioner.


LONGSHANG TRADING: Petition to Wind Up Pending
----------------------------------------------
The petition to wind up Longshang Trading Company Limited is
scheduled for hearing before the High Court of Hong Kong on
February 12, 2003 at 10:00 in the morning.

The petition was filed with the court on December 10, 2002 by
Bank of China (Hong Kong) Limited whose registered office is
situated at 14th Floor, Bank of China Tower, No. 1 Garden Road,
Central, Hong Kong.


UDL HOLDINGS: Relates No Reason for Share Price Increase
--------------------------------------------------------
UDL Holdings Limited has noted the recent increase in the price
of its shares and wish to state that it is not aware of any
reasons for such movement.

The Company confirmed 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.

Wrights Investors' Service reported at the end of 2002, UDL
Holdings Limited had negative working capital, as current
liabilities were HK$164.92 million while total current assets
were only HK$36.46 million. The company also reported losses
during the previous 12 months and has not paid any dividends
during the previous 6 fiscal years.


WING LEE: Turnover Movement Inexplicable
----------------------------------------
Wing Lee Holdings Limited has noted increase in the trading
volume of the shares of the Company and wish to state that the
Company is not aware of any reasons for such increase.

The Company also confirmed 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.


XIN CORPORATION: Name Change Won't Affect Shareholder Rights
------------------------------------------------------------
References are made to the announcements dated 13th November,
2002 and 30th December, 2002 issued by Xin Corporation Limited
(formerly known as Hung Fung Group Holdings Limited) and the
circular of the Company dated 4th December, 2002.

This announcement is made further to the Company's announcement
dated 30th December, 2002 in respect of the approval by the
Shareholders of a special resolution at the SGM of the Company
in relation to the change of name of the Company from "Hung Fung
Group Holdings Limited" to "Xin Corporation Limited" for
identification purposes only. The Registrar of Companies in
Bermuda confirming that the name of the Company has been changed
to "Xin Corporation Limited" effective from 30th December, 2002
has issued a Certificate of Incorporation on Change of Name
dated 6th January, 2003.

The change of name of the Company will not affect the rights of
the Shareholders. Share certificates will be issued under the
new name of "Xin Corporation Limited". However, all existing
share certificates in issue bearing the former name of the
Company will continue to be evidence of title to the ordinary
shares of the Company and will be valid for trading, settlement
and delivery for one fiftieth number of Reduced Shares in the
new name of the Company pursuant to parallel trading
arrangements as a result of a Share Consolidation.

Holders of existing share certificates may exchange them for new
share certificates free of charge within the period after the
change of name became effective, i.e. 31st December, 2002 to
11th February, 2003 (both dates inclusive) by delivering the
existing share certificates to the Company's Hong Kong branch
share registrar, Tengis Limited, at 4/F., Hutchison House, 10
Harcourt Road, Central, Hong Kong (on 10th January, 2003) or
G/F., Bank of East Asia Harbour View Centre, 56 Gloucester Road,
Wanchai, Hong Kong (on 11th January, 2003 and afterwards)
between 9:00 a.m. and 4:00 p.m. (except Saturdays, Sundays and
public holidays). Any exchange of new share certificates after
the aforesaid period will be effected only on payment of a fee
of HK$2.50 (or such higher amount as may from time to time be
allowed by the Stock Exchange) for each share certificate issued
or cancelled.

Trading of the Company's shares on the Stock Exchange under the
new name "Xin Corporation Limited" and the new stock short name
"XIN CORP" for ordinary shares will take effect from 14th
January, 2003.

Wrights Investors' Service reported that at the end of 2002, the
Company had negative working capital, as current liabilities
were HK$254.59 million while total current assets were only
HK$16.11 million. The company also reported losses during the
previous 12 months and has not paid any dividends during the
previous 2 fiscal years.


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


KIMIA FARMA: Government Cancels Divestment Plan
-----------------------------------------------
The Indonesian government has cancelled its plans to divest
stakes in state-owned PT Kimia Farma this year because the
Company still needs time to restructure, Asia Pulse reports.

The pharmaceutical company is one of the state companies
included in the government's privatization program for this
year. The government was to sell a 51 percent stake in Kimia
Farma to strategic investors.

An unnamed company source said the divestment plan for Kimia
Farma was postponed because the conditions in the market is not
favorable and the company has not finished its restructuring
itself.


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


AIWA CO.: Promises to Regain Profitability Next Year
----------------------------------------------------
Aiwa Company vowed on Wednesday to return to profit in 2004
starting in April as it launched a new product strategy, Reuters
reports.

The stereo maker, which posted losses of 100 billion yen ($830
million) over three years, said it would keep its low-price
strategy but focus on new products that work with home PCs -
including its first digital camera. The report said Aiwa has a
lot of ground to recover.

Successive job cuts and plant closures have left the unit with
only 500 employees, compared with 1,200 last February. Its
flagging fortunes contrast sharply with its parent Sony
Corporation, the world's largest consumer electronics maker.


HOKKAIDO INTERNATIONAL: Prepares to Boost Services to Asahikawa
---------------------------------------------------------------
Ailing Hokkaido International Airlines plans to fly three daily
round-trips between Asahikawa, Hokkaido, and Tokyo's Haneda
airport as early as July at a cheaper rate than major airlines,
Japan Times said Friday.

The airline is now in the process of court-mandated
restructuring under civil rehabilitation law and will begin
negotiations next week with the Ministry of Land, Infrastructure
and Transport.

Under its rehabilitation plan, the airline plans to expand its
service, now limited to the Sapporo-Haneda route, to between
other airports in Hokkaido and Haneda in or after 2005.

Meanwhile, Susumu Takizawa, former head of the Tokyo Regional
Civil Aviation Bureau, will become the next President of the
airline. Takizawa is currently Chairman of the Japan Tourism
Association.


KAWASAKI KISEN: JCR Affirms BBB+ Rating
--------------------------------------
Japan Credit Rating Agency has affirmed the preliminary BBB+ and
J-2 ratings of Kawasaki Kisen Kaisha, Ltd. on the following
shelf registration, bonds and CP program, respectively.

Shelf Registration
Maximum: Y20 billion
Valid: two years from September 11, 2001

Issue Amount (bn) Issue Date Due Date Coupon
bonds no.5 Y5 / Mar. 21, 2000 / Mar. 18, 2005 / 2.04 percent

CP Maximum: Y30 billion
Backup Line: 0 percent

RATIONALE:

Kawasaki Kisen is one of Japan's largest shipping Company. The
gap between the Company and the top two shipping companies in
tonnage widens. Kawasaki Kisen's strength lies in the stable
clients for the car carriers and tramps. It has been cooperating
with Yang Ming Marine Transport Corp. and Cosco Container Lines
in space exchange of liner operations. It has recently tied up
with Hanjin Shipping Co. in South Korea. Kawasaki Kisen plans to
operate liners in collaboration with these three companies
beginning in January 2003. The transportation capacity of the
four combined will be as large as that of the world's largest
Grand Alliance.

The pretax profit before extraordinary items for fiscal 2001
dropped due primarily to fall in prices of liners. The Company
estimates that the pretax profit will increase in fiscal 2002
ending March 31, 2003, supported by cost reductions and
introduction of new car carriers, although the markets for
tramps and tanker services were stagnant. The negotiations to
increase fare in accordance with TSA guidelines have begun. JCR
will pay close attention to the correction of fare.

The interest-bearing debt including lease obligations has been
reduced through sell-off of assets. However, the capital ratio
remains low at a little less than 15 percent even after
implementation of land revaluation. Further improvement in the
financials needs to be made. Kawasaki Kisen plans to reduce the
debt further under the mid-term management plan. JCR will pay
attention to the future developments as to the free cash flow as
well as the earnings.

According to Wright Investor's Service, at the end of 2002,
Kawasaki Kisen Kaisha Ltd. had negative working capital, as
current liabilities were 182.52 billion yen while total current
assets were only 125.07 billion yen.


MINOLTA CO.: Integrates Management With Konica
----------------------------------------------
On January 7, 2003, Konica Corporation and Minolta Co., Ltd.,
announced that they have reached a basic agreement to conduct
management integration. On April 1 2003, Konica plans to carry
out a Company split for all its businesses and transfer the
companies to a pure holding Company. Minolta will become a
subsidiary of the holding Company through a stock transfer in
August 2003. Moreover, the two companies are planning to form a
new business group through business reorganization to be
conducted from October 2003.

The two companies concluded a business alliance in the office IT
equipment business, including copiers, in April 2000, and they
have been promoting joint product development and purchasing of
components and cooperation in toner operations. However, amidst
intensifying competition with major companies Canon Inc., and
Ricoh Co, Ltd., there is a disparity in the size of market share
compared to the leading companies even when the shares of Konica
and Minolta are combined, This means that it is possible the
tough conditions will persist in the future. The aim is to boost
competitiveness by conducting a management integration, which
includes sales operations that were left out at the time of the
business alliance.

With both companies under a common holding Company, it will be
possible to achieve synergies by reorganizing divisions where
there is duplication such as in the copier, office IT equipment
and camera businesses. Restructuring expenses including
personnel cuts and the reorganization of productions, sales and
service centers are also expected. Moreover, while Minolta will
improve its earnings due to the effects of the restructuring, it
has a weak financial base. The management integration with
Konica, where creditworthiness is relatively strong is a
positive factor in the rating for Minolta. However, it is
inevitable that the financial base of the pure holding Company
following the integration will be worse than the current
financial base of Konica. Whether sufficient synergies can be
achieved in the short term to offset the disadvantage of
deterioration in the financial base will be a key consideration
in the evaluation of creditworthiness for Konica.

Rating and Investment Information, Inc. (R&I) will announce new
ratings after looking into factors such as the specific details
and impact of the management integration and the imputation of
Minolta's rated bonds.

ISSUER: Konica Corp.
Senior Long-term Credit Rating: (A-);
Placed on the Rating Monitor scheme with a view to downgrading

ISSUE: Bonds Rated Issue Date Redemption Issue Amount (mn)
Unsec. Str. Bonds No. 14 Nov 14, 1996 Nov 14, 2006 Yen 5,000
Unsec. Str. Bonds No. 15 Nov 14, 1996 Nov 14, 2003 Yen 5,000
Unsec. Str. Bonds No. 18 May 27, 1997 May 27, 2004 Yen 5,000
Unsec. Str. Bonds No. 20 Feb 12, 1998 Feb 12, 2003 Yen 5,000
Unsec. Str. Bonds No. 22 Sep 08, 1998 Sep 08, 2008 Yen 5,000
Unsec. Str. Bonds No. 23 Sep 08, 1998 Sep 08, 2005 Yen 5,000

R&I RATING: (A-);
Placed on the Rating Monitor scheme with a view to downgrading
Konica Finance U.S.A. Corp.
ISSUE: Joint Euro Medium-Term Note Program
Issue Limit: US$ 500 million

NOTE: Konica Finance U.S.A. Corp., is supported by Keepwell
Agreements with Konica Corp. (TSE Code: 4902)

ISSUER: Minolta Co., Ltd. (TSE Code: 7753)
Senior Long-term Credit Rating: (BB);
Placed on the Rating Monitor scheme with a view to upgrading
ISSUE: Bonds Rated Issue Date Redemption Issue Amount (mn)
Unsec. Str. Bonds No. 2 Dec 17, 1997 Dec 17, 2004 Yen 10,000

Minolta Company posted a profit of 3.17 billion yen in first
half of 2002 to September compared to a loss of 22.73 billion
yen a year earlier, due to cost-cutting efforts and increased
sales of office information products and digital Cameras, the
Troubled Company Reporter-Asia Pacific reports.

According to Wright Investor's Service, at the end of 2002,
Minolta Company Limited had negative working capital, as current
liabilities were 286.55 billion yen while total current assets
were only 263.95 billion yen, Wright Investor's Service said.


MINOLTA CO.: Moody's Place Senior Debt Under Review
---------------------------------------------------
Moody's Investors Service has placed the B2 long-term unsecured
senior debt ratings of Minolta Co., Ltd. (Minolta) under review
for possible upgrade, and the Baa2 long-term unsecured senior
debt ratings of Konica Corporation (Konica) on review for
possible downgrade.

The action follows the firm's announcement of their plans to
integrate their businesses under a new holding Company
structure.

The rating action further reflects Moody's view that the plan to
create a new holding Company - with the goals of achieving
greater market shares and expected cost cuts - has the potential
to positively impact Minolta's rating.

Meanwhile, while the plan may also positively affect Konica's
operations, Konica's credit risk profile may be negatively
impacted, as Minolta's credit profile is weaker than that of
Konica.

The two companies have many common products in the markets for
cameras and office equipment.

The following ratings are placed under review for possible
upgrade:

Minolta Co., Ltd.: B2 senior unsecured debt rating

The following ratings are placed under review for possible
downgrade:

Konica Corporation: Baa2 senior unsecured debt rating

Konica Capital EC (Holland) B.V.: Baa2 senior unsecured debt
rating

Konica Finance USA Corp.: Baa2 senior unsecured debt rating

Minolta Co., Ltd., headquartered in Osaka, and Konica
Corporation, headquartered in Tokyo, are both major
manufacturers of photographic products.


MITSUBISHI MOTORS: Recalling 17,644 "Delica" Units
--------------------------------------------------
Mitsubishi Motors Ltd. will recall 17,644 "Delica" commercial
units due to poor heat resistance in the crankshaft pulley when
the car is driven at high speed, according to Dow Jones. The
carmaker has received 37 claims related to the problem, but no
accidents have been reported.

According to the Troubled Company Reporter-Asia Pacific,
Mitsubishi Motors Corporation (MMC) plans to turn the domestic
passenger car business into the black while maintaining the
current earnings level for North American business under the
turnaround-restructuring plan.

Japan Credit Rating Agency has been pointing out that it is
highly probable that the turning of the domestic car operation
into the black would be delayed, considering it is difficult to
bring back customers who left MMC due to the recall scandal in
such a short period of time. The cost reductions such as cutback
in jobs and reduction in materials cost have been going well as
scheduled. However, it is estimated that MMC would fall behind
around 2 years in turning of the domestic passenger car business
(excluding exports) into the black for fiscal 2003. Introduction
of new cars into the domestic market will be made on a full
scale in and after fiscal 2005, accordingly. During this time,
MMC needs to reduce the burden of loss via rehabilitation of
marketing system and additional models in an urgent manner.


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


ASIANA AIRLINES: Catering Unit Sale Nearly Complete
---------------------------------------------------
Asiana Airlines President Park Chan-bup said the sale of the
airline's catering business is nearing closure, the Korea Herald
said on Friday.  The sale is part of its restructuring scheme.

"The sale of Asiana Airport Service will be completed before the
end of February," Park said in a meeting with reporters.

The report said the airline has already measures to secure
enough aircraft oil for the first quarter of this year.

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


DAEWOO SHIPBUILDING: Wins $600M ExxonMobil Order
------------------------------------------------
Daewoo Shipbuilding and Marine Engineering has won a $600
million order from ExxonMobil to build an offshore oil producing
and storage plant in Angola, according to Reuters on Friday.
The Company is planning to complete the construction of the
plant by March 2005.

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: Cars Will Enter USA Under New Name
---------------------------------------------
According to Nick Reilly, Chief Executive of GM Daewoo, the
sales of Daewoo cars in America could re-start this year, though
under a different name, Auto Wired reports.

Other GM executives say no new brand will be created for the
Korean-built cars, which suggests they will be sold as one of
GM's existing brands, or under the Suzuki label. Suzuki owns a
15 percent stake in GM Daewoo.

GM Daewoo did not acquire the American Daewoo importer of Daewoo
Motor America when it took-over many of the assets of the failed
Korean manufacturer.

Hundreds of Daewoo dealers in America were left without any cars
to sell. Several of them, who had invested heavily in
dealerships, formed a fighting fund to seek compensation in the
courts.

According to the Troubled Company Reporter-Asia Pacific, GM
Daewoo was set up in October when GM acquired some of the assets
of bankrupt Daewoo Motor Co. It makes super-compact, compact
cars and mid-size sedans.


HYUNDAI GROUP: Prudential Close to Buying Ailing Units
------------------------------------------------------
Prudential Financial Inc (PRU) is close to signing an agreement
to buy the Hyundai Group's two floundering financial units with
support from the South Korean government, the Yonhap News Agency
and Reuters said on Friday.

The report said the South Korean government would first spend
taxpayers' money to help Hyundai Investment Trust Securities and
its Hyundai Investment Trust Management Co affiliate clean up
their financial books before selling controlling stakes to U.S.
insurance giant Prudential.

The government will recoup part of the public funds spent on the
two ailing units by selling shares of other Hyundai Group
companies. Those shares were given to the government by major
Hyundai shareholder Hynix Semiconductor Inc.


LG PHILIPS: Slashing 200 Dutch Jobs
-----------------------------------
Loss-making LG Philips Displays, the world's largest TV and
monitor tube Company, will cut more than 200 staff at its
Sottard plant in the Netherlands as development work is moved to
nearby Eindhoven, Reuters said on Thursday.

LG Philips Displays is a joint venture between electronics
groups LG Electronics Inc. of South Korea and Philips
Electronics NV from the Netherlands. The factory will now focus
on production of metal parts.

LG posted a $110 million loss from its display venture, sending
its shares down 4.9 percent. Analysts said Philips had already
flagged the loss, a result of impairment charges on old
machinery.


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


COUNTRY HEIGHTS: Seeks Full Bonds Redemption Approval
-----------------------------------------------------
Country Heights Holdings Bhd informed that a meeting of the
Bondholders will be convened at short notice on 14 January 2003
to seek the Bondholders' agreement for the lump sum redemption
of the whole of the outstanding amount of RM200 million on 31
December 2005.

The Company would also like to inform the KLSE as follows:

1. The Company has always serviced interests in respect of all
its borrowings promptly and especially the interests on the
bonds.

2. Total bank balance of the Group as at 6 January 2003 is
approximately RM120.0 million of which:

   a) Approximately RM76.6 million is held in trust for Affin
Merchant Bank Berhad in respect of the redemption of the RM148.5
million 0-8% Redeemable Convertible Secured Loan Stocks
2002/2007;

   b) Approximately RM6.0 million is deposited in the various
banks under the Housing Development Accounts of subsidiary
companies;

   c) Approximately RM37.4 million is earmarked for the
development expenditure of Country Heights Damansara Project and
other working capital requirements of the Group. For a Project,
which required no capital outlay, Country Heights Damansara has
generated an excellent cashflow for the Group despite it being
launched after the September 11 incident in New York. It is the
Board's desire therefore to ensure that the Project is
successfully implemented as it was felt that the Company should
not neglect the market's support of the Company as a property
development business unit. Since its inception, the property
development unit has performed impressively. It is the property
investment unit such as hotel and exhibition center that is
posing a challenge to the Group.

The purpose of this announcement is to make clear to all
shareholders and bondholders that it is not possible to draw on
these funds to redeem the RM50 million bonds due on 31 December
2002. As a matter of fact, PrciewaterhouseCoopers Consulting Sdn
Bhd as the Financial Monitoring Accountant in respect of the
Bonds, has in their latest report dated 30 November 2002
highlighted to all the bondholders that the cash position of the
Group did not appear to support the payment of the RM50 million.
The Company concede that the earlier agreement to pay down RM50
million annually is the Company's poor negotiation and
commitment. Since the bonds have been extended to 2005 with
ample collaterals totaling RM560 million and the Company having
an impressive track record in paying the bond interest promptly,
the Company should have convinced the bondholders to agree to a
bullet lump sum repayment in 2005.

Furthermore, it is unlikely that the collaterals placed with the
bondholders would be reduced even with the continued paydown of
the principal amount.

3. PB Trustee Services Berhad has served a Notice of Demand on
the Company on 2 January 2003 to demand the immediate payment of
sum of RM50 million no later than 15 January 2003, failing which
they will call for an event of default and be compelled to
pursue with legal proceedings against the Company.

At this moment, the best option for the Company depends upon the
Managing Director and substantial shareholder of the Company, Y
Bhg Tan Sri Lee Kim Yew's purchase of the bonds. Tan Sri Lee has
offered all the bondholders RM0.88 for the B2 rated bonds. To
date, 5 of the bondholders namely Arab-Malaysian Merchant Bank
Berhad, Affin Bank Berhad, Amanah Raya Berhad, Bee Garden
Holdings Sdn Bhd and South East Asia Insurance Berhad have
accepted his offer. Tan Sri Lee will keep the Company updated on
the latest.


GULA PERAK: Debt Restructuring Completion Time Extended
-------------------------------------------------------
Reference is made to the announcement dated 21 November 2001, 19
July 2002 and 21 August 2002 in relation to the Proposed Debt
Restructuring, which involves:

   (i) the Bank Guarantee Facility of RM154.5 Million Pursuant
to RM150 Million Nominal Value of 3% 1995/2000 Guaranteed
Redeemable Bonds(1995/2000 Bonds);

   (ii) RM25 Million Revolving Credit (RC) Facility; and

   (iii) RM21 Million Syndicated Term Loan (TL) for KSB
Requirements & Rest Sdn Bhd, a Subsidiary of GPB.

Aseambankers Malaysia Berhad, on behalf of the Board of
Directors of Gula Perak Berhad, is pleased to announce that the
Securities Commission had vide its letter dated 6 January 2003
approved the further extension of time for another four (4)
months from 25 January 2003 to 25 May 2003 to complete the
Proposed Debt Restructuring.


IDRIS HYDRAULIC: Posts New Registrar Details
--------------------------------------------
Idris Hydraulic (Malaysia) Berhad posted this change of
registrar notice:

Old registrar : DINASTI KORPORAT (M) SDN. BHD.
New registrar : SIGNET & SHARE REGISTRATION SERVICES SDN. BHD.
Address       : 10th & 11th Floor, Tower Block
                Kompleks Antarabangsa
                Jalan Sultan Ismail
                50250 Kuala Lumpur
Telephone No   : 03-21454337
Facsimile No   : 03-21421353
Effective date : 08/01/2003

COMPANY PROFILE

The Company (IHMB) was formed as the vehicle to take over the
business of Idris Hydraulic Tin plc (Idris plc), a mining
company. IHMB carried out mining operations until 1986. Over the
years the Company has expanded into property development,
insurance services, manufacturing and timber-based activities.

IHMB has proposed a series of corporate exercises, which would
ultimately see its listing status being transferred to a new
company that would focus on investment in the insurance
industry. Insurance subsidiary, Talasco Insurance Bhd (TIB), is
among the few insurance companies in Malaysia with a paid-up
capital of RM100m or more.

On 13 July 2000, 17 August 2000 and 11 January 2001, a
restructuring exercise was proposed which amongst others,
addresses IHMB's various financial obligations to creditors and
reconstitutes IHMB's assets in a new entity (Newco).

The restructuring, undertaken under the auspices of the
Corporate Debt Restructuring Committee, BNM, includes a shares
subscription with Dato' Che Mohd Anuar bin Che Mohd Senawi and
Idaman Unggul Sdn Bhd (Newco), capital reconstruction, capital
reduction and reserve reduction, share exchange, rights issue of
shares, scheme of arrangement, issue of yield shares, rights
issue of ICULS, transfer of TIB to Newco, and proposed listing
transfer from IHBB to Newco.

IHMB has applied to KLSE for an extension of time until end-
October 2001 to obtain all necessary approvals for
implementation of its restructuring which has undergone various
revisions.

In response to the current insurance industry consolidation
programmed, the Company signed a SPA in May 2001 with Asian Pac
Holdings Bhd to acquire 100% in Tenaga Insurance Bhd. Also, in
the same month, IHMB entered into a MOU to acquire 51.13% in
Malaysia & Nippon Insurans Bhd

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


KIARA EMAS: FIC Gives One-Year Extension to Up Bumiputra Equity
---------------------------------------------------------------
On 18 October 2002, AmMerchant Bank Berhad (formerly known as
Arab-Malaysian Merchant Bank Berhad) had, on behalf of Kiara
Emas Asia Industries Berhad, announced the approval by the
Foreign Investment Committee of the Proposals subject to the
condition that Major Team Holdings Sdn. Bhd. is required to
increase its Bumiputra equity to at least 30% upon its listing
on the Second Board of the Kuala Lumpur Stock Exchange.

On behalf of Kiara Emas, AmMerchant Bank wishes to announce that
further to an appeal, the FIC, by its letter dated 30 December
2002, has agreed to extend the time to comply with the 30%
Bumiputra equity condition to one (1) year from the date of
listing of MTHSB on the Second Board of the KLSE.

The Proposals refers to:

   i. Proposed Shareholders' Scheme
   ii. Proposed Creditors' Scheme
   iii. Proposed Disposal
   iv. Proposed Acquisition
   v. Proposed Special Issue
   vi. Proposed Restricted Issue
   vii. Proposed Mandatory Offer
   viii. Proposed Transfer Of Listing Status


KUB MALAYSIA: Answers KLSE's Query on Receivers Appointment
-----------------------------------------------------------
Reference is made to the Kuala Lumpur Stock Exchange's Query
dated 2 January 2003 on the Appointment of Receivers and
Managers and on the Company's reply dated 3 January 2003.

Currently, KUB Malaysia Berhad has advanced a total sum of
RM40.3 million to Visionscape Sdn Bhd (VisionScape) out of
which KUB has made a provision of RM8.9 million, leaving a
balance of RM31.4 million. KUB through the appointed Receivers &
Managers, is currently attempting to dispose off Visionscape's
assets via tender to recover the balance.

The remaining balance of KUB's advance totaling RM31.4 million
represents 5.2% of KUB Group's shareholders' fund as at 30
September 2002 of RM603,099,000. Thus, the appointment of the
Receivers & Managers has no material financial impact on KUB as
a Group after taking into consideration the potential amount to
be recovered from the disposal of VisionScape's assets.

KUB will make a further announcement to the Exchange upon
ascertaining additional provisions in relation to the carrying
value of the assets of VisionScape in compliance with MASB 23 of
the Malaysian Accounting Standard Board.

Below is the KLSE's Query Letter content:

We refer to your announcement dated 31 December 2002 on the
aforesaid matter. In this connection, kindly furnish the
Exchange with the following additional information for public
release:

(1) The financial impact of the aforesaid appointment on the
Group, if any;

(2) The steps taken or proposed to be taken by your Company in
respect of the aforesaid appointment.

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

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


LION CORPORATION: Megasteel Scheme Effectuated
----------------------------------------------
On 12 December 2002, Lion Corporation Berhad announced that on
12 December 2002 the High Court granted the order for sanction
of the proposed scheme of arrangement (Court Order) for the
settlement of the debts owing by Megasteel Sdn Bhd (Megasteel),
a subsidiary of the Company, to its creditors pursuant to
Section 176 of the Companies Act, 1965 (Megasteel Scheme).

The Company wishes to announce that on 8 January 2003 the Court
Order was lodged with the Companies Commission of Malaysia and
the Megasteel Scheme is effective thereupon.


LION GROUP: Revises Proposed GWRS
---------------------------------
The Board of Directors of Lion Corporation Berhad (LCB), Lion
Land Berhad (LLB), Amsteel Corporation Berhad (ACB) and Angkasa
Marketing Berhad (AMB) (collectively referred to as the "Lion
Group") announce that revisions have been made to the following
proposals within the proposed corporate and debt restructuring
exercises of the Lion Group (Proposed GWRS):

   1. It is proposed that ACB acquires the remaining 30% equity
interest in Akurjaya Sdn Bhd (Akurjaya) from Horizon Towers Sdn
Bhd (Horizon Towers) for RM385.51 million as opposed to RM395.1
million as per the revision set by the Securities Commission
(SC), vide SC's letter dated 9 July 2002. The revised purchase
consideration shall be fully satisfied by the issuance of 385.51
million new ordinary shares of RM1.00 each in ACB (ACB Share) at
RM1.05 per share instead of 399.28 million new ACB Shares at
RM1.00 per ACB Share;

   2. It is proposed that Umatrac Enterprises Sdn Bhd (Umatrac),
a subsidiary of ACB, acquires an aggregate 27% equity interest
in Hiap Joo Chong Realty Sdn Bhd held from Teck Bee Mining (M)
Sdn Bhd (Teck Bee Mining) and LCB for an aggregate purchase
consideration of RM3.65 million as opposed to RM3.83 million.
The revised purchase consideration payable to Teck Bee Mining of
RM1.825 million shall be satisfied by the issuance of 1.825
million new ACB Shares at RM1.05 per ACB Share, as opposed to
1.915 million new ACB Shares, whilst the revised purchase
consideration payable to LCB of RM1.825 million (as opposed to
RM1.915 million), shall be set-off against the net inter-company
indebtedness owing by the LCB Group to the ACB Group; and

   3. It is proposed that LCB acquires the 419,260,981 ACB
Shares (as opposed to 415,473,669) from Tan Sri William H.J.
Cheng (TSWC) and parties deemed connected to TSWC and Datuk
Cheng Yong Kim (DAC) for RM419.26 million (as opposed to
RM434.58 million). The revised consideration shall be satisfied
by the issuance of 399,296,172 new ordinary shares of RM1.00
each in LCB (LCB Shares) at RM1.05 per LCB Share.

Shareholders and potential investors are requested to refer to
the announcements dated 5 July 2000, 19 October 2000, 8 October
2001, 26 March 2002, 9 May 2002, 12 July 2002, 19 July 2002, 10
October 2002 and 28 November 2002 for further details of the
Proposed GWRS.


MOL.COM: SC Gives Proposed Rights Issue Extension
-------------------------------------------------
On behalf of the Board of Directors of Mol.Com Berhad,
AmMerchant Bank Berhad announced that the Securities Commission
has vide a letter dated 7 January 2003 approved the Company's
application for an extension of time to implement the Proposed
Rights Issue. Due to the approval, MOL has until 8 July 2003 to
complete the Proposed Rights Issue.

COMPANY PROFILE

The Company is principally involved in providing engineering and
contracting services for electrical and theatrical machinery and
apparatus; distribution of electrical products; and manufacture
and trading of fluorescent lighting and lamps, wires and cables.
The bulk of its trading stocks and a major part of its product
components are imported. Operations are located in Subang Jaya,
Kota Bharu, Penang, Johor Bahru, Senawang and Klang. The Group's
products are sold locally.

In early 2000, the Company began to invest in Internet
companies. The main business, MOL Online Sdn Bhd (popularly
known as Malaysia Online), serves as an aggregator site for the
Company's contents and streamlines its branding strategy.
Following the acquisition of various other Internet- related
businesses, the Company changed name to MOL.Com to better
reflect its strategic shift towards investments in IT
particularly related to the Internet and its objective to become
a major Internet incubator.

During FYE 30 June 2001, the Group consolidated and streamlined
its operations in both the industrial products and ICT sectors
to strengthen its financial position through the disposal of :
100% equity stake in LKH Lamps Sdn Bhd, 51% equity stake in
Dijaya Ceil Sdn Bhd, freehold land and building, plant and
machinery and stocks in LKH Wires & Cables Sdn Bhd and 41% in
Mcities.com Sdn Bhd.

Due to losses incurred by the Group up to 31 December 2001,
shareholders' funds after excluding reserves on consolidation is
in deficit by RM31.7m. The Company on 18.4.2001 announced,
inter-alia, a rights issue of two for one at par, which will
result in an issue of approx. 150,674,600 shares, raising
RM150,674,000. The application is pending approval from the
relevant authorities. Completion of the rights issue will
significantly strengthen the financial position of the Group. As
at 31.12.2001, Tan Sri Dato' Tan Chee Yioun (TSVT), the major
controlling shareholder of the Company, has advanced principal
amount of RM125.05m to the Group. TSVT has indicated that the
whole of these advances will be applied towards the subscription
of his entitlement of the rights issue and has further stated
his intention to subscribe for any remaining rights shares that
are not taken up by other shareholders.


PARK MAY: RAM Downgrades CP/MTN to BB3 From BBB3
------------------------------------------------
Rating Agency Malaysia Berhad (RAM) has downgraded the long- and
short-term ratings of Park May Berhad's (PMB) RM120 million
Commercial Paper/Medium-Term Notes Programme (2002/2007)
(CP/MTN), from BBB3 and P3 to BB3 and NP, respectively.
Simultaneously, RAM has lifted the Rating Watch (with a negative
outlook) on PMB. PMB's ratings of BBB3/P3 had been placed on
Rating Watch with a negative outlook on 2 December 2002, based
on the Group's poor performance; it had incurred losses in the
past 3 consecutive quarters amounting to RM12.6 million. PMB is
principally involved in the operation of stage and express
buses.

The downgrade is largely premised on the external factors at
play, which are believed to be beyond the control of PMB.
Despite consolidation plans for the industry, the relevant
authorities continued to issue additional bus licenses in 2002,
which further intensified competition for PMB's stage and
express buses. Prior to this, the Government had frozen the
issuance of new bus licenses for 7 consecutive years, ever since
consolidation plans were first tabled in 1994. Meanwhile, the
unexpected mass deportation of illegal foreign workers, which
constitute a sizeable percentage of the Group's passengers,
contributed to the declining ridership for its stage buses.
Although proposals are in place to bring back foreign workers
into Malaysia, the strict conditions attached have resulted in
only a small proportion of these workers returning. Together,
these factors have had a substantial negative impact on PMB's
financial performance up to 30 September 2002.

It is highly likely that PMB's financial profile will continue
to deteriorate in the next financial year, making it
increasingly difficult for the Group to service its first CP/MTN
repayment of RM22 million in January 2004. Nevertheless, since
bus transportation is considered a public service, RAM does not
discount the possibility that the Government may intervene to
ensure that PMB will continue its operations. Should this not
materialize, there may be further downward pressure on PMB's
ratings.


PILECON ENGINEERING: Subsidiary Faces Winding Up Petition
---------------------------------------------------------
Pilecon Engineering Berhad wishes to announce that a winding-up
petition was presented at the Kuala Lumpur High Court on 15 July
2002 against Pilecon Building Construction Sdn Bhd (PBCSB), a
wholly owned subsidiary of the Company, and served onto PBCSB on
8 January 2003, for a claim of RM314,119.94, together with
interest thereon at 8% per annum from 26 July 2001 until the
date of full satisfaction.

1. The Details of default or circumstances leading to the filing
of the winding-up petition against PBCSB: Perniagaan Kim Chong
(PKC) against PBCSB filed the petition. PKC was appointed the
sub-contractor to supply, install and test plumbing and sanitary
services for a project known as "Proposed Condominium
Development (Phase 2) on Sub-Lot 625-632, 641-643, and 645-648,
Section 5, Mukim Petaling Jaya, Selangor Darul Ehsan for M/s
Gasing Heights Sdn Bhd". PKC alleged that a sum of RM314,119.94
is due and owing by PBCSB.

2. The total cost of investment in PBCSB: RM8,000,000.00

3. The financial and operational impact on the Group: There is
no operational impact to the Group. In the event the winding-up
petition succeeds, there would be an estimated exceptional loss
of RM314,119.94 with an interest of 8% per annum thereon.

4. The expected losses: PBCSB is expected to incur legal fees of
approximately RM16,000.00

5. The amount of interest claimed: 8% per annum

6. The date of hearing of the winding-up petition: 19 March 2003

7. The steps taken and proposed to be taken by PBCSB in respect
of the winding-up proceedings:

The Company would file an application to stay the winding-up
petition and simultaneously apply to set aside the judgment-in-
default on which the petition is based.


TECHNO ASIA: FIC OKs Revised Proposed Restructuring Scheme
----------------------------------------------------------
Further to the announcements made on 6 November 2002 and 21
November 2002, AmMerchant Bank Berhad (formerly known as Arab-
Malaysian Merchant Bank Berhad), on behalf of Techno Asia
Holdings Berhad (Special Administrators Appointed), wishes to
announce that the Foreign Investment Committee (FIC) by its
letter dated 30 December 2002, received on 7 January 2003, has
no objection to the proposed revision to the proposed
restructuring scheme of TAHB. The approval is subject to the
condition set by the FIC as detailed in the announcement dated
21 November 2002.


TIMBERMASTER INDUSTRIES: Creditors Voluntarily Wind-Up Unit
-----------------------------------------------------------
The Special Administrators of Timbermaster Industries Berhad
being the holding company of Timbermaster (Malaysia) Sdn Bhd (In
Creditors' Voluntary Liquidation) wish to inform that TMM has
been wound-up by way of creditors' voluntary winding-up on 7
January 2003 in accordance with the Company's workout proposal
dated 12 March 2002.

As announced to the Exchange on 11 December 2002, the Special
Administrators of the Company had declared that the Company
cannot by reason of its liabilities continue its business and
that meetings of the Company and its creditors be convened on 7
January 2003 pursuant to Section 255(1)(b) of the Companies Act,
1965.

At an Extraordinary General Meeting (EGM) of the Company
convened on 7 January 2003, the following special resolutions
were duly passed:

   1. That it has been proved to the satisfaction of the EGM
that the Company cannot by reason of its liabilities, continue
its business and that it is advisable to wind up the same and
accordingly that the Company be wound up by way of creditors'
voluntary liquidation.

   2. That Kenneth Teh Ah Kiam and Chew Hoy Ping of
PricewaterhouseCoopers be appointed jointly and severally as
either independently of the other may exercise the liquidators
and the powers of the liquidators.

At the creditors' meeting held immediately following the said
EGM, the creditors have confirmed the appointment of Kenneth Teh
Ah Kiam and Chew Hoy Ping as liquidators of the Company.

The aforesaid liquidation will not have any material operational
and financial impact on Timbermaster Industries Berhad.


UNITED CHEMICAL: Posts Defaulted Facilities Details
---------------------------------------------------
The Board of Directors of United Chemical Industries Berhad
wishes to inform that there are no new significant developments
in relation to the various defaults in payment that were
announced on 10 December 2002.

The Board of Directors of UCI would like to further provide an
update on the details of all facilities currently in default in
compliance with Section 3.1 of Practice Note 1/2001. Details of
the defaulted facilities are found at
http://www.bankrupt.com/misc/TCRAP_UCI0113.xls


WING TIEK: All Resolutions Approved at 25th AGM
----------------------------------------------
The Board of Directors of Wing Tiek Holdings Berhad wishes to
announce that at the Twenty Fifth Annual General Meeting of the
Company held on January 8, 2003, all resolutions including the
re-election of Datuk Nordin Bin Salleh and Mr. Poh Liong Ban as
Directors of the Company pursuant to Article 79 of the Company's
Articles of Association and re-election of Encik Zainal Abidin @
Abd Razak Bin Hashim as Director of the Company pursuant to
Article 85 of the Company's Article of Association were
approved.

In connection thereto, the Board of Directors of WTHB now
comprises the following:

1) Datuk Nordin Bin Salleh - Executive Chairman
2) Mr Poh Liong Ban - Independent Non-Executive Director
3) Dr Ramanathan A/L Kulanthaivelan - Managing Director
4) Encik Zainal Abidin @ Abd Razak Bin Hashim - Independent Non-
Executive Director


WOO HING: FIC Approves Appeal Re Kamdar Proposals
-------------------------------------------------
Reference is made to the announcement dated 29 November 2002 in
relation to the Kamdar Proposals, which is comprised of the
following:

   (i) Proposed Acquisition of Revenue-Based Companies;
   (ii) Proposed Acquisition of Asset-Based Companies;
   (iii) Proposed Share Swap;
   (iv) Proposed Restricted Renounceable Offer For Sale (ROS)
Package A;
   (v) Proposed ROS Package B;
   (vi) Proposed Cash and Securities Transfers;
   (vii) Proposed Placement by the Vendors;
   (viii) Proposed Put Option Granted by the Vendors to the
Creditors of WHB;
   (ix) Proposed Transfer of the Listing Status of WHB on the
Second Board of the Kuala Lumpur Stock Exchange (KLSE) to
Positive Noble Sdn Bhd (PNSB);
   (x) Proposed Transfer of the Listing Status of PNCSB from the
Second Board of the KLSE to the Main Board of the KLSE; and
   (xi) Proposed Disposal of 15,600,000 WHB Shares Representing
100% Equity Interest in WHB by PNSB to the Special
Administrators or a Special Purpose Vehicle Nominated by the
Special Administrators for a total cash consideration of RM1.00

On behalf of Woo Hing Brothers (Malaya) Berhad (Special
Administrators Appointed), Commerce International Merchant
Bankers Berhad is pleased to announce that the Foreign
Investment Committee has, via its letter dated 31 December 2002
(which was received on 7 January 2003), approved the appeal made
by the Special Administrators of WHB and the promoters of Kamdar
Sdn Bhd to alter the previous equity condition imposed on PNSB
such that PNSB is now required to have a minimum of 15% direct
Bumiputra equity interest at the time of its listing on the KLSE
and to secure the remaining 15% Bumiputra equity interest over a
one-year period from the date of the aforementioned listing.


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


MAYNILAD WATER: Gives Up Water Business in Manila
-------------------------------------------------
Maynilad Water Services Inc., a unit of Benpres Holdings Corp.
and France's Suez SA, will quit the unprofitable business of
selling water to Manila residents after the government withheld
rate increases needed to keep pace with debt payments, Bloomberg
News said on Thursday.

The Company will giving up a franchise that serves about 5
percent of the French utility's 125 million customers worldwide.
Suez invested about $60 million in the unit.

"We have reached a point of no return," said Rafael Alunan,
Maynilad Water's President. "After five years of negotiations,
we failed to arrive at a solution to make it viable."

According to Benpres' Chief Financial Officer Angel Ong, the
Company would have to write down as much as $80 million if the
arbitration committee rules against Maynilad.


PHILIPPINE AIRLINES: Using Carmen Systems' Planning Solutions
-------------------------------------------------------------
Carmen Systems AB announced that Philippine Airlines (PAL) has
signed a five-year contract for the use of Carmen's integrated
optimization solutions for cockpit and cabin crew.

Carmen Crew Pairing, Rostering and Roster Maintenance software
will assist PAL to produce and maintain crew schedules that are
both cost-efficient and consider crew preferences whilst also
meeting operational targets.

Susan A. Del Carmen, AVP-Cabin Services Sub-Department at PAL,
said that Carmen's optimization solutions would offer PAL
valuable flexibility and efficiency when dealing with changes.

"Carmen's advanced resource optimization solutions will assist
us to more effectively adapt to changes whilst also achieving a
higher level of operational stability," said Susan A. Del
Carmen.

"Our crew communities will also benefit from the opportunity to
influence their monthly work schedules," added Ruby Carol
Manzano, International Line Administrator at PAL.

"We are very pleased to be able to provide Philippine Airlines
with Carmen's planning and fostering optimization solutions
which will enable them to reduce costs and increase
productivity," said Per Noren, President and CEO at Carmen
Systems.

"PAL is Carmen's second client in the Asia-Pacific region -- the
first being Singapore Airlines, we look forward to helping PAL
to meet their business goals through Carmen's advanced resource
optimization systems," said Kristina Larsdotter-Lane, Director
of Sales and Services, Asia-Pacific at Carmen Systems.

Carmen Systems AB develops and implements integrated planning
and decision-support solutions for airlines and railways.
Clients include, amongst others, Philippine Airlines,
Aeromexico, Air France, Alitalia, British Airways, Iberia, KLM,
Lufthansa, , SAS, Singapore Airlines, Deutsche Bahn (German
railways) and SJ,Green Cargo (Swedish railways). Carmen Systems
is a rapidly expanding organization and today has 164 employees
from 24 countries. Carmen is also involved in joint research and
software development activities with some of the world's leading
universities. Carmen's headquarters in Goteborg has the largest
R&D section in the industry.

According to the Troubled Company Reporter-Asia Pacific,
Philippine Airlines (PAL) reduced its debt load to US$1.8
billion from 2.4 billion in 1999 in 2002. PAL majority owner
Lucio Tan said he expects PAL to "be at the forefront of this
region's rally for rebound."

According to PAL's Chief financial officer Andrew Huang, the
airline will continue to exercise prudence to maintain yearly
debt payments of US$230 million, and PAL expects to repay its
debt on schedule according to its rehabilitation plan.

For Additional Information Contact:

Per Noren, President & Odinsgatan 9
CEO
+46 31 720 81 01             SE-411 03 Goteborg
per.noren@carmensystems.com  Sweden

E-mail: carmen@carmensystems.com
Web: www.carmensystems.com

Catherine Hines, Public Affairs
+46 31 722 62 02
catherine.hines@carmensystems.com


PHILIPPINE LONG: CEO Admits Changes in 2003
-------------------------------------------
Philippine Long Distance Telephone Co. (PLDT) President Manuel
V. Pangilinan said that as the Company enters 2003, it is
expected that the landscape of fixed line telecommunications
will continue to change.

Mr. Pangilinan announced in early December the Company would lay
off 1,000 more employees this year, including 17 executives.

The management has a two-year plan it began implementing last
year wherein the rank-and-file employees will be trimmed down to
just 4,000.

In his message, Mr. Pangilinan said he is committed to move PLDT
forward, address the Company's problems and make PLDT a stronger
Company.

"There are no easy solutions if we intend to survive and to
prosper. Difficult and tough decisions will have to be made.
Decisions that may hurt, and decisions that may be unpopular,"
he said.

He added, "But in the end, the only objective of all decisions
which management has and will make is to build a stronger and
more competitive PLDT for the benefit of all our stakeholders,
especially our employees."


PHILIPPINE NATIONAL: Moody's Revises Outlook to Negative
--------------------------------------------------------
Moody's revised the outlook for the local currency deposit
ratings for the Development Bank of the Philippines and
Philippine National Bank to negative from stable. The change in
the outlook followed the revision of the country's local
currency government bond rating outlook to negative on January
8, 2003. These two banks are government-invested, whose ratings
incorporate anticipated regulatory support.

The outlooks for the following ratings were revised to negative:

Development Bank of the Philippines - Baa3 local currency
deposit rating

Philippine National Bank - Baa3 local currency deposit rating

The outlooks for the following ratings were unaffected:

Development Bank of the Philippines - senior foreign currency
debt rating of Ba1, long term/short term foreign currency
deposit ratings of Ba2/NP, and Bank Financial Strength Rating of
D.

Philippine National Bank - senior foreign currency debt rating
of Ba1, long term/short term foreign currency deposit ratings of
Ba2/NP, and Bank Financial Strength Rating of E.

Development Bank of the Philippines is the eighth largest bank
in the Philippines, with assets of P138.9 billion as of end-
December 2001.

Philippine National Bank is the country's sixth largest bank,
with assets of P191.3 billion as of end-December 2001.


PILIPINO TELEPHONE: Signs Subscription Agreement With PLDT
----------------------------------------------------------
Pilipino Telephone Corporation disclosed that on January 9,
2003, the Company signed a Subscription Agreement with
Philippine Long Distance Telephone Company (PLDT) pursuant to
which PLDT subscribed for an additional 209,100 shares out of
the 792,007 unissued shares of Class I, Series J preferred stock
of the Company at a subscription price of Php1,000.00 per share.

The Troubled Company Reporter-Asia Pacific reported that
Pilipino Telephone Corporation (Piltel) recorded an operating
loss of 2.2 billion pesos in the first nine months of 2002, a
decrease of 36 percent from the operating loss of 3,486.6
million pesos for the same period a year ago, citing a Company
statement to the Philippine Stock Exchange.


UNION CEMENT: Appoints New Compliance Officer
---------------------------------------------
Attorney. Ma. Allen Morallos-Arbis was appointed Compliance
Officer of Union Cement Corporation with effect as of January 2,
2003.

The Troubled Company Reporter-Asia Pacific reported that Union
Cement Corp has redeemed a total of 950 million pesos in
long-term commercial papers, which matured on December 20 and
December 23, 2003.

The Company aimed to settle P1.5 billion in total debt in 2002
to bring down its total debt load to P1.7 billion.


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


BOUSTEAD SINGAPORE: Enters Management Deal With EasyCall
--------------------------------------------------------
The Board of Directors of Boustead Singapore Limited announced
that the Company has entered into a conditional agreement dated
9 January 2003 with EasyCall International Limited EasyCall, an
associated Company in which the Company holds a 45.31 percent
shareholding.

The Management Agreement formalizes the remuneration payable to
the Company for providing assistance to EasyCall in establishing
and operating its education business in Tianjin and procuring
the appointment of Tianjin Morgan Educational Management
Consultation Co., Ltd Tianjin Morgan, a wholly owned Chinese
subsidiary of EasyCall, to provide certain services to Tianjin
University of Commerce Boustead Informatics College Boustead
Informatics College, a Tianjin-based education institution owned
and operated by the Company. The remuneration payable to the
Company under the Management Agreement is S$4 million,
comprising S$2 million in cash and 21,234,351 new EasyCall
shares (being of equivalent value to S$2 million).

The Management Agreement is conditional upon:

(a) EasyCall shareholders passing a resolution approving the
execution and performance of the Management Agreement.

(b) The receipt of a satisfactory independent expert's report in
relation to the transactions contemplated by the Management
Agreement.

Pursuant to the provisions of the Management Agreement, Boustead
Informatics College has entered into an agreement dated 9
January 2003 (the "Service Agreement with Tianjin Morgan under
which Tianjin Morgan shall provide certain management advisory,
consultancy and support services to Boustead Informatics College
for an annual fee of RMB6 million (approximately S$1.3 million).

The Service Agreement is conditional upon:

(a) EasyCall shareholders passing a resolution approving the
execution and performance of the Management Agreement.

(b) The Management Agreement being executed.

(c) The receipt of a satisfactory independent expert's report in
relation to the transactions contemplated by the Management
Agreement.

The remuneration and fees under the Management Agreement and
Service Agreement were agreed to after arm's length negotiations
between the parties.

The Group expects to record a gain in the current financial year
of approximately S$2.3 million arising from the transactions
contemplated in the Management Agreement and Service Agreement.

The transactions contemplated by the Management Agreement and
the Service Agreement as outlined above are expected to have the
following financial effects on Boustead:

(a) The net tangible asset per share of Boustead will be
increased from S$0.24 to S$0.25, assuming that the proposed
transactions had been effected at the end of FY 2002;

(b) The loss per share of Boustead will be decreased from
S$0.029 to S$0.016, assuming that the acquisitions had been
completed at the beginning of FY 2002.

The Company is a substantial shareholder of EasyCall and the
Company's Chairman and Group Chief Executive Director, Mr Wong
Fong Fui, is also an Executive Director and the Group Chief
Executive Officer of EasyCall. Further to this, Mr Wong holds a
3.75 percent shareholding in EasyCall. As such, the Company and
Mr Wong, as well as their nominees, shall not be eligible to
vote on the proposed resolution of EasyCall shareholders to
approve the execution and performance of the Management
Agreement.


CREATIVE TECHNOLOGY: Product Counterfeiters Found Guilty
--------------------------------------------------------
Creative Technology Ltd (Nasdaq: CREAF), the worldwide leader in
digital entertainment products for PC users, announced that the
Singapore Court found Cosmos Trade-Nology Pte Ltd Cosmos, guilty
of 8 charges of copyright and trademark infringement. Cosmos was
punished with fines amounting to S$ 800,000 (US$ 460,000) for
the offences. Creative Technology initiated the criminal
prosecution as part of its worldwide efforts to enforce its
intellectual property rights. The Company convicted of the
counterfeiting is required to pay the government the maximum
penalty prescribed under Singapore law of S$ 100,000 per charge.

In the Summer of 2002, Creative, through its worldwide
intellectual property enforcement efforts, uncovered information
that Cosmos, a Singapore Company, had imported and engaged in
selling counterfeit PC cards illegally labeled as Creative
'Vibra' sound cards. The counterfeit cards, which had been
imported into Singapore from China, had been packed into
counterfeit boxes which were also illegally marked 'Creative',
and were sold together with counterfeit CD-Roms which contained
infringing copies of Creative software programs.

As part of its ongoing investigative efforts, Creative learned
that the cards originated from a Company in Shenzhen, China.
Following its investigative efforts, Creative worked with the
Singapore government to bring criminal charges against the
counterfeiters.

"This strong court ruling should serve as a clear warning to any
Company that would consider the distribution or sale of
counterfeit products that are illegally branded as Creative
products." said Craig McHugh, President of Creative Labs Inc.
"We are being very aggressive in protecting our intellectual
property and protecting consumers. Consumers are cheated out of
their money because the counterfeit products do not run with
Creative software applications and do not deliver the
performance and quality of Creative products. As part of our
intellectual property enforcement efforts, we will continue to
aggressively pursue companies that seek to sell or distribute
counterfeit Creative products."

S. Sivananthan, Creative's Director of Legal Services in
Singapore said "The fact that Cosmos received the maximum fines
is encouraging for us in that we know we can trust the Singapore
legal system to fairly protect owners of intellectual property.
Hopefully, the sentence will have a deterrent effect and send a
message to counterfeiters that they cannot get away with their
unscrupulous activities."

Creative (Nasdaq: CREAF) is the worldwide leader in digital
entertainment products for users of the personal computer and
the Internet. Famous for its Sound Blasterr sound cards and for
launching the multimedia revolution, Creative is now driving
digital entertainment on the PC platform with products like its
highly acclaimed NOMAD Jukebox. Creative's innovative hardware,
proprietary technology, applications and services leverage the
Internet, enabling consumers to experience high-quality digital
entertainment -- anytime, anywhere.

The Creative logo, Vibra and Sound Blaster are registered
trademarks of Creative Technology Ltd. in Singapore and other
countries. NOMAD is a registered trademark of Aonix and is used
by Creative Technology Ltd. and/or its affiliates under license.

CONTACT INFORMATION
Creative Technology Ltd
Wynne Leong
Tel (65) 6895 4120
wynne.leong@ctl.creative.com

Creative Labs, Inc.
Phil O'Shaughnessy
Tel (408) 546 6773
poshaughnessy@creative.com


SEMBCORP LOGISTICS: Dormant Units Enters Voluntary Liquidation
--------------------------------------------------------------
SembCorp Logistics (SembLog) announced that the following
subsidiaries have been placed under members' voluntary
liquidation:

(1) Semseas Agencies Pte Ltd (Semseas), Registration No.
199406042H; and

(2) Auto Batam Ferries & Tours Pte Ltd (Auto Batam),
Registration No. 198902112M.

Semseas and Auto Batam are 100 percent owned by SembLog.

On January 9, 2003, Tam Chee Chong and Wee Aik Guan have been
appointed as the liquidators for both subsidiaries.

Both the subsidiaries are dormant companies and their
liquidation is not expected to have any material financial
impact on SembLog.

For media and investor enquiries, please call:

Chow Hung Hoeng (Ms)
Investor Relations
SembCorp Logistics
Tel: (65) 6462 8408 / 6357 9152
Fax: (65) 6468 2797 / 6352 2163
Email: chowhh@sembcorp.com.sg
Website: www.semblog.com


UNITED OVERSEAS: Voluntarily Winds Up Units
-------------------------------------------
United Overseas Bank Limited UOB announced that its wholly-owned
subsidiaries, Overseas Union Realty Services Pte Ltd has
commenced member's voluntary liquidation, and OUB (Australia)
Securities Pty Ltd and OUB Australia Nominees Pty Ltd have been
de-registered. The liquidation and de-registration are part of
the ongoing rationalization of the operations of the UOB group
of companies.


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


MODERN HOME: Clarifies Capital Decrease Regulations
---------------------------------------------------
With respect to the fact that Modern Home Development Public
Company Limited has scheduled the date for closing its share
register book in order to decrease its capital in accordance
with the business rehabilitation plan on 10 January 2003 at
12.00 a.m., the Company would like to clarify as follow;

1.  Reducing the amount of the Company's paid-up ordinary shares
from the total amount of 218,868,084 shares with the par value
of 10 baht per share to 8,497,725 shares with the par value of
10 baht per share. The Company will reduce 26 existing shares to
1 new share.  In case of having any fraction exceeding or
equivalent to 0.5, it will be rounded up to 1 share;

2.  In the event that the number of shares after the capital
reduction is not in accordance with the above ratio, the Company
shall consider as follows:

   2.1 After calculation, if the number of shares is less than
8,497,725 shares, the different shall be allocated  to The "
Asset Management Corporation (AMC)"

   2.2 After calculation, if  the number of shares is greater
than 8,497,725 shares,  the different shall be deducted from the
shares allocated to The "Asset Management Corporation (AMC)"


RCL FEEDER: Cambodian Unit Dissolved
------------------------------------
RCL Feeder Pte. Limited, a wholly owned subsidiary in Singapore,
holds the 100% interest in RCL Cambodia Co., Limited, which acts
as ship-agent in Cambodia.

The Company has been informed that the Board of Directors of RCL
Feeder Pte. Limited passed a resolution on 8th January 2003
approving the dissolution of its subsidiary company. The details
are as follows:

1.   Details of subsidiary company
     a)   Name: RCL  Cambodia Co.,  Limited
     b)   Nature  of  Business: Ship - agent  in  Cambodia
     c)   Registered  Capital: Riel  270,000,000 (approximately
                               Bt3.90 million)

2.  Effect from such liquidation on the Company: Nil

3.  Monetary Result : Gain of US$33,639 after liquidation
(approx. Baht 1.45 million)

5.  Reason of Dissolution: RCL Feeder Pte. Limited no
longer required to handle agency activities themselves and
transferred such activities to a local company to bring in long
- term savings to RCL Group.


THAI TELEPHONE: Business Reorganization Petition Filed
------------------------------------------------------
The Petition for Business Reorganization of Thai Telephone &
Telecommunication Public Company Limited (DEBTOR) was filed at
the Central Bankruptcy Court:

   Black Case Number Phor. 19/2543

   Red Case Number Phor. 25/2543

Petitioner: THAI TELEPHONE & TELECOMMUNICATION PUBLIC COMPANY
LIMITED

Planner: THAI TELEPHONE & TELECOMMUNICATION PUBLIC COMPANY
LIMITED

Debts Owed to the Petitioning Creditor : 44,357,561,770 Baht

Date of Court Acceptance of the Petition : April 7, 2000

Court order for Business Reorganization : May 8, 2000

Court order Appointment of Planner : May 29, 2000

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: June 5, 2000

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette on July 29,
2000

Deadline for Creditors to submit Applications for Payment in
Business Reorganization : July 31, 2000

Deadline to object Applications for Payment in Business
Reorganization : August 15, 2000

Deadline for the Planner to submit the Business Reorganization
Plan to the Official Receiver : October 30, 2000

Court issued an Order Accepting the Reorganization Plan:
December 27, 2000 and Appointed Thai Telephone &
Telecommunication Public Company Limited to be as the Plan
Administrator

Announcement of Court Order for Accepting the Reorganization
Plan in Matichon Public Company Limited and Siam Rath Company
Limited: January 8, 2001

Announcement of Court Order for Accepting the Reorganization
Plan in Government Gazette: January 30, 2001

Court had issued the Order for canceling the reorganization of
Thai Telephone & Telecommunication Public Company Limited since
December 24, 2001

Announcement of Court Order for Canceling the Reorganization in
Matichon Public Company Limited and Siam Rath Company Limited:
January 7, 2002

Announcement of Court Order for Canceling the Reorganization in
Government Gazette : January 22, 2002

Contact : Ms. Bang-Orn Tel 6792525 ext. 112


WONGPAITOON GROUP: Warrants Remain at 403,230,585 Units
-------------------------------------------------------
Wongpaitoon Planner Company Limited issued and offered warrants
to subscribe for new ordinary shares of the Company in the
amount of 403,230,585 units to the creditors, in accordance with
the Business Reorganization plan, on December 21, 2001. The
warrant holders are entitled to exercise their right to
subscribe shares on a quarterly basis of the accounting year of
the Company; i.e. on March 31, June 30, September 30 and
December 31. If the exercise date is not a business day for the
commercial bank, such date shall be the next following business
day.

Wongpaitoon Planner Company Limited informed that there were no
applications for the 4th exercise of warrants as of
January 2, 2003. The number of the remaining warrants is
403,230,585 units.


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

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