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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

           Wednesday, January 15, 2003, Vol. 6, No. 10

                         Headlines

A U S T R A L I A

ADVANCED ENGINE: Inks Loan Agreement With Commonwealth Equity
BONLAC FOOD: Ratings Likely to Be Affected, Says S&P
BRISBANE BRONCOS: N&K Holdings Ceases to be Substantial Holder
KALREZ ENERGY: Appoints Additional Directors
PMP LIMITED: HHI Ups Interests to 7.71%

TOWER LIMITED: To Boost Surplus Assets
YATES LIMITED: Sells Part of Forestry Land for A$2.085M

* ASIC Bans NSW Unit Trust Manager for Life


C H I N A   &   H O N G  K O N G

C.H. CONSTRUCTION: Winding Up Hearing Scheduled in February
INNOVATIVE INTL: Parallel Trading Starts Today
PEDAN ENTERPRISES: Winding Up Petition Pending
PROFITABLE LIMITED: Winding Up Sought by Bank of China
UNION GARDEN: Hearing of Winding Up Petition Set


I N D O N E S I A

JAYA REAL: Completes US$21.5M Debt Restructuring


J A P A N

DAIEI INC.: May Struggle After Ending Ties With Yamada
DAIEI INC.: Unable to Meet Restructuring Targets
MATSUSHITA ELECTRIC: Discloses 2004 Annual Management Policy
SEIBU DEPARTMENT: Seeks `Comprehensive Support' From Banks


K O R E A

DAEWOO ELECTRONICS: French TV Factory Holds Managers Captive
DAEWOO MOTOR: Iberian Unit Appoints Guillermo Sarmiento as CEO
HYUNDAI PETROCHEMICAL: Suspending Operations in Daesan
HYUNDAI PETROCHEMICAL: US Company Koch Revises Bid Terms
KIA MOTORS: Top Spokesman Gains Promotion


M A L A Y S I A

ASIAN PAC: RAM Lowers RCSLS to B2 From B1
DENKO INDUSTRIAL: Skiva Faces Legal Suit Filed by KWSP
KELANAMAS: Winding Up Proceeding Will Not Affect Restructuring
KEMAYAN CORPORATION: Unit Serves Writ of Summon
KSU HOLDINGS: Financial Constraint Prompts EGM Cancellation

KSU HOLDINGS: Director, CEO Kee Pin Steps Down From Post
LONG HUAT: Formulating New Restructuring Scheme
MGR CORP.: Appoints Messrs Horwath as Independent Audit Firm
MOL.COM BERHAD: Shareholders Approve Proposed Rights Issue
NCK CORPORATION: Proposed Disposal Completion Set for May

PANGLOBAL BERHAD: GMS Filing Award Application to Court
PLANTATION & DEVT.: MITI OKs Revised Proposed Workout Scheme
SOUTHERN PLASTIC: Clarifies Audited, Unaudited Result Variance
SURIA CAPITAL: Writ of Summons Hearing Fixed on April 4
UH DOVE: Clarifies KLSE's Query Letter Re Edge Daily Report

UH DOVE: Shareholders OK All Resolutions at EGM
WEMBLEY INDUSTRIES: FIC Grants Proposals Approval


P H I L I P P I N E S

MAYNILAD WATER: Ending Concession Agreement on February 7
METRO PACIFIC: Expects Debt Free by This Year
NATIONAL BANK: Revises Auditor's Certification Re Warrant Price
NATIONAL POWER: Employees to Have Jobs Only Until This Month
NATIONAL POWER: Unveils Exchange Offer Extension

UNION CEMENT: Taps P650M Loan to Pay Long-Term Debts


S I N G A P O R E

ASIA TECHNOLOGIES: Voluntarily Winds Up
CHARTERED SEMICONDUCTOR: Up 9% Despite Downplay of AMD Deal
WEE POH: Unveils FY02 Financial Results


T H A I L A N D

ROYNET PUBLIC: SET Temporarily Suspends Trading
SRITHAI SUPERWARE: Files Business Reorganization Petition
TANAYONG PUBLIC: Creditors Meeting Further Adjourned to Feb 14
THAI CANE: Names Kent Blumberg as Exec Board Chairman

     -  -  -  -  -  -  -  -

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A U S T R A L I A
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ADVANCED ENGINE: Inks Loan Agreement With Commonwealth Equity
-------------------------------------------------------------
The Directors are pleased to announce Advanced Engine Components
Limited Commonwealth Equity, Ltd, has entered into a Share
Subscription Agreement, which is subject to due diligence,
shareholder and regulatory approval.

According to the Share Subscription Agreement, the Company will
issue 180,000,000 fully paid ordinary shares at $0.05 per share
to Commonwealth Equity, Ltd and/or its nominee. Total capital
raised from the issue will be $9,000,000, and provide
Commonwealth Equity, Ltd with a total equity holding of
approximately 53% of the total shares on issue. On completion of
this transaction, Commonwealth Equity, Ltd will be the Company's
largest and controlling shareholder, and will be entitled to
appoint a majority of Directors to the board.

Commonwealth Equity Limited is a part of the Koo's Group of
Companies based in the Asia Pacific region.

In connection with the Share Subscription Agreement, the Company
has also entered into a Loan Agreement with Commonwealth Equity
for a short-term facility of up to $1,500,000. Funding from the
Loan Agreement will provide the Company with immediate working
capital.

Under the terms of the Loan Agreement, $500,000 has already been
drawn down. The Loan is provided at commercial rates, and is
secured by way of a Fixed and Floating Charge over the Company.
The Loan is repayable on demand in the event that shareholders
do not approve the Share Subscription Agreement.

The Directors believe the agreements with Commonwealth Equity
are in the interests of all shareholders as they provide the
financial resources to exploit the commercial opportunities that
the Company's existing intellectual property presents. In
particular, the Directors believe the agreements will provide
the working capital necessary to advance commercialization of
its NGVS and Sprintex patented technologies throughout Asia
including expansion of the Bullet Supercar program, which
recently received ADR approval.

The association with Commonwealth Equity, Ltd will also
complement the Company's expanding commercialization programs
with IRISBUS in Europe and its NGVS program in Australia.

If approved by shareholders, the Company intends to apply part
of the proceeds of the share subscription to reduce its existing
indebtedness.

The Directors will shortly be calling an Extraordinary General
Meeting to consider the Share Subscription Agreement - full
details of which will be made available to shareholders when the
Notice of Meeting is distributed. Both agreements require
satisfaction of conditions prior to 31 March 2003.

The Company is continuing the finalization of its Annual
Financial Report and will be lodging its report to the
Australian Securities and Investments Commission as soon as
practicable. The Company intends to seek re-quotation on the
Australian Stock Exchange as soon as the report is lodged.


BONLAC FOOD: Ratings Likely to Be Affected, Says S&P
----------------------------------------------------
Standard & Poor's Ratings Services said Tuesday that the boards
of Murray Goulburn Co-Operative Co. Ltd. (not rated) and Bonlac
Foods Ltd. (B+/Negative/C) have agreed to commence preliminary
discussions regarding a potential transaction between the two
companies would have no immediate impact on Bonlac's ratings.
The transaction would result in the consolidation of Bonlac
within Murray Goulburn. Fonterra Co-operative Group Ltd.
(AA-/Stable/A-1+), a 25% shareholder in Bonlac, is aware and
supportive of the discussions. Nevertheless, should the
discussions result in a formal offer to shareholders, the
ratings on Bonlac could be placed on CreditWatch with positive
implications, and raised if the transaction were to proceed.

If the transaction proceeds and the ratings on Bonlac are placed
on  CreditWatch, resolution of the CreditWatch would require an
assessment of  the business operations of the combined entity,
as well as its transaction  financing, capital structure, and
level of cash flow protection. The  transaction would be subject
to the approval of shareholders of both  companies and the
Australian Competition and Consumer Commission. It is
envisaged that the transaction would be completed by mid-2003 if
it  proceeds.

Bonlac was formed in 1986, inheriting a 140 year tradition of
supplier ownership, integrating three regionally based co-
operatives and a marketing company. Our ingredients and products
have been in international markets for over 100 years.


BRISBANE BRONCOS: N&K Holdings Ceases to be Substantial Holder
--------------------------------------------------------------
N & K Holdings Pty Ltd ceased to be a substantial shareholder in
Brisbane Broncos Limited on 14 January 2003.

Wrights Investors' Service reports that at the end of 2001,
Brisbane Broncos had negative working capital, as current
liabilities were A$3.24 million while total current assets were
only A$2.29 million. The company has paid no dividends during
the last 12 months and has not paid any dividends during the
previous 2 fiscal years.


KALREZ ENERGY: Appoints Additional Directors
--------------------------------------------
Kalrez Energy Limited advised that three more Directors were
appointed to the Company's Board.

Mr G Morcorella, is a businessman with investment interests in
resource and energy companies. Guiseppe (Joe), prior to becoming
the managing Director of a public investment company he was a
practicing solicitor. Joe gained an Honors First Class Law
Degree from Adelaide University and practiced law for 10 years.
Joe has had shares in Kalrez for some number of years and his
outlook, for the company is positive.

Mr N Forichella is a practicing Chartered Accountant and has
been in practice for approximately 20 years. Nicola's (Nick)
experience is in corporate and financial services for all levels
of clients.

Mr C Barone is a solicitor experienced in all areas of
commercial law and litigation. Carmine gained his Law Degree
from Adelaide University and has been a practicing solicitor for
17 years and has had his own practice since 1994.

In today's world, where both intending and existing shareholders
demand both corporate governance plus the growth of a company,
it is very important that company Boards have all depths of
experience including a balance of legal and financial expertise
to assist management in the running of the company. The Company
believes all three of these gentlemen assist the company to meet
this level of required expertise.

Wrights Investors Service reports that at the end of 2002,
Kalrez Energy Limited had negative working capital, as current
liabilities were A$6.23 million while total current assets were
only A$4.64 million. The company also reported losses during the
previous 12 months and has not paid any dividends during the
previous 4 fiscal years.


PMP LIMITED: HHI Ups Interests to 7.71%
---------------------------------------
Hunter Hall Investment Management Limited increased its relevant
interest in PMP Limited on 08 01 2003, from 17,300,105 ordinary
shares (5.96%) to 22,398,983 ordinary shares (7.71%).

Wrights Investors' Service reports that the company's long-term
debt was A$416.93 million and total liabilities were A$666.35
million. The long-term debt to equity ratio of the company is
3.32.


TOWER LIMITED: To Boost Surplus Assets
--------------------------------------
Following discussions with Australian Securities and Investments
Commission , TOWER Limited announces that it will increase the
surplus assets in TOWER Australia by approximately A$30
million by 31 March 2003.

TOWER Australia already has excess surplus assets over and above
the level required by the Life Insurance Act, as disclosed in
the financial statements released on 5 December 2002.

The decision to increase the level of surplus assets follows a
requirement from APRA that surplus assets are increased back to
the company's target surplus level quickly. The timetable is
still under discussion with APRA. The increase is seen by the
Board as a prudent step to take in rebuilding confidence in its
Australian business. TOWER Limited would not expect any dividend
to be paid from TOWER Australia unless target surplus was met
and maintained.

TOWER expects to utilize internal sources of funds in the group
to achieve the increase and does not intend to undertake an
equity issue to provide funds for this purpose.

TOWER does not expect the increase in surplus assets (in TOWER
Australia) to affect profit projections for the group.

CONTACT INFORMATION: William Giesbers
                     TOWER GROUP CHIEF FINANCIAL OFFICER
                     64 4 498 7906
                     64 21 435 981


YATES LIMITED: Sells Part of Forestry Land for A$2.085M
-------------------------------------------------------
The Board of Yates Limited announced Tuesday the sale of three
Forestry properties to South Australian Forestry Corporation,
for A$2.085 million. The sale price is in total greater than the
original purchase price. There will be a profit on sale of
$212,000 after costs. Payment will be received by the end of
January with funds being used to retire debt.

The sale of this Forestry land is in line with the Yates Ltd
Board decision to divest its Forestry business and focus on
Yates' core businesses of Consumer gardening and Commercial
horticultural products.

Wrights Investors' Service reports that at the end of 2002,
Yates Limited had negative working capital, as current
liabilities were A$57.24 million while total current assets were
only A$54.79 million. The company has paid no dividends during
the last 12 months and reported losses during the previous 12
months.


* ASIC Bans NSW Unit Trust Manager for Life
-------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
permanently banned Mr Leslie Reginald Nelson, an accountant from
Hurstville in Sydney, from dealing in securities or giving
investment advice.

ASIC made the banning following earlier action relating to Mr
Nelson's conduct as the trustee of a number of unit trusts into
which about 120 investors, mainly elderly retirees, placed
approximately $3.7 million.

ASIC's investigation found that Mr Nelson misled and deceived
investors into believing that the money would be invested in
real property mortgages. In fact, the money was used by Mr
Nelson to prop up a failing agricultural business and to
purchase land in Mudgee to establish and maintain an olive grove
project.

In March 2002, ASIC obtained orders against Mr Nelson in the
Supreme Court of New South Wales, banning him from managing
corporations for life, and ordering him to pay $3 million
compensation to a number of the unit trusts.

The Court declared that Mr Nelson had breached his duties as a
director of the trustee companies, as well as number of other
companies that owned and operated the olive project.

In May 2002, following an application by ASIC, the Supreme Court
of NSW made orders to wind up the following companies, with Mr
Andrew Love of Ferrier Hodgson, appointed liquidator:

   * Barroin Pty Ltd
   * Provest (NSW) Pty Ltd
   * Australasian Quality Testing Pty Ltd
   * Transline Pty Ltd
   * Rural Orchard Management Services Pty Ltd
   * Mudgee Property Management Pty Ltd.


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C H I N A   &   H O N G  K O N G
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C.H. CONSTRUCTION: Winding Up Hearing Scheduled in February
-----------------------------------------------------------
The High Court of Hong Kong will hear on February 19, 2003 at
9:30 in the morning the petition seeking the winding up of C.H.
Construction Company Limited.

Yuen Kam Wong of G/F., 16 Yin Kong Village, Lane 3, Sheung Shui,
New Territories, Hong Kong filed the petition on December 11,
2002.  Tam Lee Po Lin, Nina represents the petitioner.

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


INNOVATIVE INTL: Parallel Trading Starts Today
----------------------------------------------
Market participants are requested to note the parallel trading
in the ordinary shares of Innovative International (Holdings)
Limited will commence at 9:30 a.m. today, 15 January 2003 under
the following particulars:

Stock Code  Stock Short Name     Board Lot     Certificate Color
----------  ----------------     ---------     -----------------
729         INNOVATIVE-NEW       400,000 shares         Beige
2903        INNOVATIVE-OLD           100 shares         Blue

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


PEDAN ENTERPRISES: Winding Up Petition Pending
----------------------------------------------
Pedan Enterprises Company Limited is facing a winding up
petition, which is slated to be heard before the High Court of
Hong Kong on February 12, 2003 at 9:30 am.

The petition was filed on December 6, 2002 by Kwok Lam Ho of
Flat F, 5th Floor, Block 3, Vienna Gardens, 1 Kat Cheung
Crescent, Fanling, New Territories, Hong Kong. Tam Lee Po Lin,
Nina represents the petitioner.


PROFITABLE LIMITED: Winding Up Sought by Bank of China
------------------------------------------------------
Bank of China (Hong Kong) Limited is seeking the winding up of
Profitable Limited. The petition was filed on December 17, 2002,
and will be heard before the High Court of Hong Kong on February
19, 2003 at 9:30 in the morning.

Bank of China (Hong Kong) Limited (the successor corporation to
Sin Hua Bank Limited pursuant to Bank of China (Hong Kong)
Limited (Merger) Ordinance (Cap. 1167) holds its registered
office at 14th Floor, Bank of China Tower, 1 Garden Road,
Central, Hong Kong.


UNION GARDEN: Hearing of Winding Up Petition Set
------------------------------------------------
The petition to wind up Union Garden Limited is set for hearing
before the High Court of Hong Kong on February 5, 2003 at 10:00
in the morning.

The petition was filed with the court on December 2, 2002 by
Bank of China (Hong Kong) Limited (the successor corporation to
The National Commercial Bank Limited pursuant to Bank of China
(Hong Kong) Limited (Merger) Ordinance (Cap. 1167) of 14th
Floor, Bank of China Tower, 1 Garden Road, Central, Hong Kong.



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


JAYA REAL: Completes US$21.5M Debt Restructuring
------------------------------------------------
PT Jaya Real Property has finished restructuring a debt of
Rp190.8 billion (US$21.5 million), Asia Pulse reports, citing
Company Director Diaz Moreno, adding that the debt has been
converted into convertible bonds to City View Properties
Limited.

"The debt restructuring was approved in a shareholders' meeting
on December 16 last year," Moreno said.

On July 3, 2002, Rp58.334 billion of the company's debt, which
was handled by the Indonesian Bank Restructuring Agency, was
transferred to state-owned Bank Mandiri and Rp190.81 billion to
City View.


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J A P A N
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DAIEI INC.: May Struggle After Ending Ties With Yamada
------------------------------------------------------
Daiei Inc. could struggle after ending its marketing arrangement
with home appliance retailer Yamada Denki, according to Dow
Jones. The venture with Yamada Denki was seen as key to Daiei
efforts to revamp its weak home appliance operations.

The Troubled Company Reporter-Asia Pacific reported yesterday
that Daiei Inc. has scrapped a sales tie-up with Yamada Denki
Co. to review its strategy to boost slumping sales of household
appliances.


DAIEI INC.: Unable to Meet Restructuring Targets
------------------------------------------------
Ailing retailer Daiei Inc. cannot meet its restructuring
targets, Asahi Shimbun and Dow Jones report on Tuesday.

Monthly sales for December fell more than 3 percent on-year,
down for a fourth consecutive month and further darkening the
outlook for the second half. The figure may result in a new
business strategy and intensify calls for a management
reshuffle.

The poor performance is rendering increasingly unlikely the
firm's three-year restructuring plan's first-year goal of
maintaining the business results of the previous year.


MATSUSHITA ELECTRIC: Discloses 2004 Annual Management Policy
------------------------------------------------------------
Matsushita Electric Industrial Co., Ltd., best known for its
"Panasonic" and "National" brand names, recently announced its
annual management policy for fiscal 2004, ending March 31, 2004.
The following is an outline of the policy, which Company
President Kunio Nakamura announced.

As of January 1, Matsushita implemented its new organizations
based on business domains. Mr. Nakamura emphasized that this is
Matsushita's new beginning, "re-declaring its founding."

1. Purpose of "Value Creation 21" plan

To make the transition from a mass-production-oriented
operation, Matsushita will establish a business model to become
a "super manufacturing Company." This will enable a value-
chained business model with higher profit from synergy effects
of components and devices, finished products and services &
solutions.

2. "Value Creation 21" Initiatives

In order to become a "Lean & Agile" Matsushita, these program
changes have been implemented:

   (1) IT innovations
   (2) Corporate culture reform
   (3) Manufacturing innovations
   (4) Reform of sales/distribution structure in Japan
   (5) Reform of headquarters' function
   (6) Integration of manufacturing bases
   (7) Employment structure reforms
   (8) R&DD (Research & Development and Design) reform

3. Shift in management focus from "Deconstruct" to "Create"

   (1) New organizational structure - shifting from single
product line-based division management to a domain Company
management structure to achieve optimum overall results.

   --  Reorganization of home appliances business

As of April 1, 2003, the Home Appliance and Housing Electronics
Company, and the Air-Conditioner Company will be integrated into
Matsushita Home Appliances Company.

This new Company, along with the Packaged Air-Conditioner
Company and Matsushita Refrigeration Company constitute the
Home Appliances Group.

   (2) Management Innovations - Authority will be delegated to
domain companies to promote autonomous management, with an
emphasis on cash flows and global consolidated management.

The newly established domain companies will aim for the
following to help "realize the ubiquitous network society" and
"co-exist with the environment."

Panasonic AVC Networks Company
   -   aims to be the global No.1 in digital platforms: SDs,
DVDs, and Digital TVs

Panasonic Communications Co., Ltd.

   -   aims to be the global No.1 that can lead the development
of networking environment for home, small business and corporate
customers through IPv6.

Panasonic Mobile Communications Co., Ltd.
   -   aims to be in the world's top 3 in multimedia mobile
communications.

Panasonic Automotive Systems Company
   -   aims to be the global No.1 in automotive multimedia
systems.

Panasonic System Solutions Company

   -   will create a ubiquitous networking society through
digital AV & IT technologies.

Matsushita Ecology Systems Co., Ltd.

   -   will contribute to co-existence with the global
environment through environmental systems business.
Panasonic Factory Solutions Co., Ltd.

   -   will contribute to the business development of customers
by innovating manufacturing processes through circuit
manufacturing technology.

Healthcare Business Company

   -   will contribute to the well-being of people by creating
ubiquitously networked healthcare business.

Home Appliances Group

   -   will provide people worldwide with dependable and
attractive products & services in the areas of food, clothing
and housing as a leader in environmentally-friendly technology.

4. Challenge to become global No.1

In order to achieve growth in fiscal 2004 and beyond,
Matsushita will build solid pillars of business as follows:

       (1) Next V-products - A 1,200 billion yen sales target
(fiscal 2004) for 90 products.

       (2) Overseas operations - As a "growth engine,"
Matsushita will aim to generate 60% or more of the group's total
profit from overseas operations. Matsushita will accelerate the
expansion of business in China, aiming at sales of 1,000 billion
yen in 2005.

       (3) R&D Strategy - Creation of "Black-box" technologies
(technology that cannot be easily copied by competitors);
selection and concentration of technology resources according to
business portfolio.

      (4) Global Marketing

       --  Providing a variety of ideas for enhancing people's
lifestyles throughout the world.

       --  Develop a unified global design concept based on the
three keywords: "Progressive" (continuous innovation),
"Sensitive" (responsive to customers' needs) and
"Timeless" (value that lasts).

       --  Worldwide simultaneous marketing of new products
through which the Company aims for instant gain of high market
share in such product categories as DVD recorders (50%) and
plasma displays (30%).

5.  Initiatives toward a new Matsushita

In summary, we will create a new Matsushita through the
following:

        (1) Business domain-based structure
        (2) Creation of V-products
        (3) "Black-box" technologies
        (4) Global strategy
        (5) Management focusing on cash flows
        (6) Management quality innovation
        (7) "Flat & Web" organization
        (8) Increased brand value

6.  Management Slogan for 2003

Each of Us Acting with the Spirit of a Founder

Matsushita Electric Industrial Co., Ltd., best known for its
Panasonic, National, Technics, and Quasar brand names, is a
worldwide leader in the development and manufacture of
electronics products for a wide range of consumer, business, and
industrial needs. Based in Osaka, Japan, the Company recorded
consolidated sales of US$51.7 billion for the fiscal year ended
March 31, 2002. Matsushita's shares are listed on the Tokyo,
Osaka, Nagoya, Fukuoka, Sapporo, New York, Pacific, Euronext
Amsterdam, Euronext Paris, Frankfurt and Dusseldorf stock
exchanges. For more information, please visit Matsushita web
site at http://www.panasonic.co.jp/global/top.html

The Troubled Company Reporter-Asia Pacific reported that
Matsushita Electric Industrial Co.'s recovery is on track after
posting a group operating profit of 45.37 billion in the first
half ending September, versus a loss of 75.71 billion yen a year
earlier.

No earnings figures were officially given for the July-September
period. The Company posted a group net profit of 17.85 billion
yen for the first half, reversing from a year-earlier loss of
69.47 billion yen.


SEIBU DEPARTMENT: Seeks `Comprehensive Support' From Banks
----------------------------------------------------------
Seibu Department Stores has decided to undertake a corporate
revival plan under the comprehensive support and cooperation
from its main lender Mizuho Corporate Bank and others, AFX
reports.

The Company will ask for 220 billion yen in loan forgiveness and
10 billion yen in a debt-equity swap. It would also reduce its
capital by 90 percent.

Seibu will adopt a "multi-creditor out-of-court workout"
guidelines set by the Japanese Bankers Association in September
2001, issuing a "standstill" notice to its creditors.

Creditors are expected not to dispose of or increase their loans
to Seibu after receiving the notice.

A creditors meeting is scheduled for January 21, 2003.

Meanwhile, the Yomiuri Shimbun reported that is planning to
close seven loss-making outlets in rural areas. The stores
account for one-third of its outlets.

Seibu posted an operating profit of 12.7 billion yen in
unconsolidated earnings reports for the business year through
February. However, it suffered major net worth losses, falling
to 1.7 billion yen after its affiliated real estate Company
Seiyo Corporation liquidated in July 2000.


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K O R E A
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DAEWOO ELECTRONICS: French TV Factory Holds Managers Captive
------------------------------------------------------------
Employees at the Daewoo Electronics Co. Ltd. television factory
in Mosel, France, again held managers including its Chairman
captive on Friday, as part of a protest over redundancy
payments, according to Le Figaro and FT Information.
The names of the managers were not stated in the report.

The television factory, which has 170 staff in total, closed on
January 6. Over 30 to 40 workers took the managers captive when
they heard that the group would make no redundancy compensation.
Three of the Company's managers were held in the same way on
December 20.


DAEWOO MOTOR: Iberian Unit Appoints Guillermo Sarmiento as CEO
--------------------------------------------------------------
Guillermo Sarmiento has been chosen as the new Chairman and
Chief Executive Officer of Daewoo Motor Iberica, the Iberian arm
of South Korean carmaker Daewoo, according to the Financial
Times. He replaces Sung Koo Rha.

Sarmiento has an industrial engineering degree from the
Universidad Politecnica de Madrid and a diploma in financial
management from the European Management Center in Brussels. He
joined General Motors Spain in 1981, helping to set up the US
group's plant in Zaragoza. Since then, he has held several
management positions in the group.


HYUNDAI PETROCHEMICAL: Suspending Operations in Daesan
------------------------------------------------------
Hyundai Petrochemical Co. halted some of its Naphtha Cracking
Center [NCC] complex in Daesan, South Chungcheong Province, Asia
Pulse reports.

"Early morning, electric equipment caused problems and we
suspended the operation of the No. 1 plant in the NCC with
annual production capacity of 450,000 tons," a Company official
said. "We are trying to determine the exact cause of the problem
and it will take about five to six days to restart the plant."

Hyundai Petrochemical holds the second-largest production
capacity of ethylene after Yeocheon NCC Co. It can produce up to
1.05 million tons of ethylene annually.

In 2001, Hanvit and 64 other creditors approved a 2 trillion won
rescue for Hyundai Petrochemical, resulting to a first quarter
profit of 35 billion won from a 77.6 billion won loss at the end
of that year, TCRAP reports. Creditors, who now fully own
Hyundai Petrochemical following the debt bailout, plan to sell
all Company shares by the end of 2002.


HYUNDAI PETROCHEMICAL: US Company Koch Revises Bid Terms
--------------------------------------------------------
U.S. based Koch Industries Inc. has revised the terms of its
proposal to acquire the ailing Hyundai Petrochemical Company,
the Chosun Ilbo and Dow Jones report.

In the revised proposal, Koch will acquire the Company's entire
outstanding debt of 2.3 trillion won. It will also immediately
pay back K1 trillion won of that debt in cash. Koch has also
proposed repaying the remaining debt later with the Company's
future operating profits.

In 2002, creditors of Hyundai Petrochemical selected the LG-
Honam consortium as the prime bidder and Koch as the secondary
bidder. Koch will be allowed to negotiate for a stake in Hyundai
if talks between the creditors and the LG-Honam consortium fail.


KIA MOTORS: Top Spokesman Gains Promotion
-----------------------------------------
Kim Ik-hwan, the top public relations officer of Kia Motors, has
been promoted from Senior Vice President to Senior Executive
Vice President, in a group-wide reshuffle on Monday, the Korea
Herald reports. Beside Kim, a total of 118 top-ranking Hyundai
Motor and Kia Motors executives were also promoted.

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

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


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


ASIAN PAC: RAM Lowers RCSLS to B2 From B1
-----------------------------------------
Rating Agency Malaysia Berhad (RAM) has downgraded the rating
for Asian Pac Holdings Berhad's RM298,252,110 Redeemable
Convertible Secured Loan Stocks (RCSLSfrom B1 to B2. The
downgrade is premised on the anticipated reduction in Asian
Pac's operational cash flow following the delay in the
implementation of several property launches coupled with lower
profit margins expected from the property division, in line with
higher construction cost.

Subsequent to the disposal of its insurance and stockbroking
businesses, Asian Pac's future cash flow will emanate from its
property development project, namely Kepong Entrepreneurs' Park
(KEP). Despite the good location, the delay in securing the
necessary approvals for development and the expected higher cost
of construction due to the soil conditions in certain areas of
the development site could impede Asian Pac's profit margins and
future cash flow generation.

Although an exceptional gain of RM26 million is expected to
arise from the sale of the insurance business, Asian Pac is
anticipated to continue to make losses in FYE 31 March 2003 (FY
2003) due mainly to the RM33 million provision for the
diminution in value of quoted investments. In addition to the
earnings from its property division, Asian Pac would also need
to depend on proceeds from its sale of assets and warrant
conversion to repay the RM32.7 million term loan from Malaysian
Building Society Bhd (MBSB), fully redeem the RCSLS and meet its
coupon payments in FY 2005 and FY 2006.

The assets that the management plans to sell have all been
pledged as security for the RCSLS and term loan. These include
part of the land in KEP and 2 parcels of land in Kota Kinabalu,
Sabah (valued at RM210 million in 1997). The sale of these
assets are, however, uncertain at this juncture. The likelihood
and quantum of the proceeds from the conversion of warrants are
also not assured; the warrants are presently out of money.
Nevertheless, all the outstanding RCSLS will be automatically
converted to equity on maturity, if they are not fully redeemed
by the Company.


DENKO INDUSTRIAL: Skiva Faces Legal Suit Filed by KWSP
------------------------------------------------------
Denko Industrial Corporation Berhad (Denko) wishes to inform
that on 8 January 2003 Skiva (Kulim) Sdn Bhd (SK), a wholly
owned subsidiary of Denko was served a summons dated 16 October
2002 filed by the Kumpulan Wang Simpanan Pekerja (KWSP) in the
Magistrate Court, Ampang, Selangor (summons No. 87-481-2002),
allegedly due to failure to submit KWSP contributions amounting
to RM138,809.00 for the period from September 2000 to March
2002.

The expected loss is minimal as the KWSP contributions in arrear
has already been accrued in the accounts of SK. SK does not
dispute the amount so claimed by the KWSP. The reason for the
default in payment is solely due to cash flow constraint faced
by SK.

Denko and SK do not expect any material financial and
operational impact arising from the above suit as SK has ceased
operation in February 2002. The management has negotiated a
repayment schedule with the KWSP, which has been adhered to so
far. The cost of investment of Denko in SK is RM2.00 only.

COMPANY PROFILE

The Denko Group, originally involved in the manufacture and
distribution of packaging materials, also manufactures and
distributes plastic pipes, and ladies' undergarments and
provides maintenance services for sewerage systems. Its
packaging factory is situated in the Bayan Lepas and Kulim Hi-
tech Industrial Park, and its products are supplied to MNCs in
the audio and electronics industry in the northern part of
Peninsular Malaysia. The factory manufacturing plastic pipes is
situated at Tasek Industrial Estate, Perak and the ladies'
undergarments factory is in Selangor and Kulim. Production
capacity of its Packaging Division and Garments Division are
124m pcs p.a. and 100,000 pcs per month respectively. Currently
output for the packaging division is 109m pcs p.a. and the
garments division, 60,000 pcs per month.

The Group is in the process of rationalizing its other
businesses and diversifying from its manufacturing base to that
of IT and internet-related activities. The proposal to invest in
IT-based companies under the Xylog Group, was incorporated into
the Group's corporate exercises which include acquisition of 10
condominium units and a capital raising exercise via rights
issue. The SC has approved the proposals with permission to
extend the completion date to April 2002.

In addition Denko has acquired equity interest in Denko Labuan
Corporation and Denko-APS (M) Sdn Bhd as part of its strategy to
acquire technology and capability to manufacture medical related
products. The Group has also acquired 100% equity interest in
Skiva (UK) Trading Ltd as a means to penetrate the lucrative
lingerie market of the European Union.

CONTACT INFORMATION: 16th Floor, Wisma Tan & Tan
                     Jalan Tun Razak
                     50400 Kuala Lumpur
                     Tel : 03-2163 7833
                     Fax : 03-2163 7866


KELANAMAS: Winding Up Proceeding Will Not Affect Restructuring
--------------------------------------------------------------
With reference to the previous announcement dated 9 January
2003, Kelanamas Industries Berhad has located the winding-up
petition, which was left unattended at the previous registered
office at 9th Floor Plaza Kelanamas, 19 Lorong Dungun, Damansara
Heights, 50490 Kuala Lumpur.

The premises is currently unoccupied and the Company is unable
to determine the exact date the winding up petition was served
on SBM Food Industries Sdn Bhd. Based on the winding up petition
located January 13, 2003, the Company provides this information:

   (a) The date of presentation is on 20 September 2002

   (b) Amount and particulars of claim is RM131,536.00 together
with interest thereon at 8% per annum from the date the summons
is fixed i.e. 4th November 1999 until the date of full
settlement and cost RM1,815.00 which are due and owing to the
petitioner pursuant to the aforesaid judgment dated 29 January
2001.

   (c) Date of winding-up petition : 26 February 2003

Further details leading to the winding up petition against SBM
Food Industries Sdn Bhd (SBMF): An action was commenced by Kian
Joo Packaging Sdn Bhd (KJP) against SBMF for damages in the
amount of RM131,536.00 and interest and costs in relation to an
alleged breach of a contract of bailment an/or conversion for
not returning to KJP packaging materials which KJP had provided
to SBMF. The summons dated 30 June 1999 was served on 21 July
1999 and the defense by SBMF was filed and served on 14 October
1999 but the case was struck out due to non-attendance by the
plaintiff's solicitors. The plaintiff had re-filed an amended
summons. This matter has been fixed for mention on 26 September
2000. On 29 January 2001, the court granted an order in terms of
KJP's application for summary judgment. On 26 February 2001,
SBMF has applied to set aside the judgment and the hearing date
is yet to be fixed.

Kelanamas Industries Berhad's (KIB) total cost of investment in
SBMF is RM8,624,892 (inclusive of inter company loan) which has
been fully provided for in the audited accounts of 30 April 2002
and hence we do not expect further material losses arising from
the winding-up proceedings of SBMF. The Directors are of the
opinion that the winding up proceedings would not effect the on
going restructuring of KIB. As mentioned in the earlier
announcement dated 9 January 2003, KIB to continue, implement
and complete our restructuring scheme and the Board of Directors
is currently seeking legal redress on the above matter.


KEMAYAN CORPORATION: Unit Serves Writ of Summon
-----------------------------------------------
The Board of Directors of Kemayan Corporation Berhad informed
that its subsidiary, Kemayan Land Sdn Bhd (K Land) had on 9
January 2003 received a summons from Cedar Hill Sdn Bhd, Popular
Synergy Sdn Bhd, Popular Time Sdn Bhd, Popular Passage Sdn Bhd,
Madihill Development Sdn Bhd and Metrosharp Sdn Bhd claiming
guaranteed profit of RM22,500,000.00 under a Profit Sharing
Agreement dated 19 September 1995 signed with K Land.

K Land is engaging Solicitor to defend and dispute the claim.

COMPANY PROFILE

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

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

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

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


KSU HOLDINGS: Financial Constraint Prompts Feb EGM Cancellation
---------------------------------------------------------------
The Board of Directors of KSU Holdings Berhad informed that the
Company is unable to convene the Extraordinary General Meeting
which was fixed on the 10th February 2003 due to financial
constraint and lack of personnels.

The Troubled Company Reporter - Asia Pacific reported on
November 19 last year the default by KSU as of October 31, 2002
amounted to RM33,459,966.15 of principal sum and RM2,048,901.74
of interest for term loans and overdraft facilities.

COMPANY PROFILE

The Company (KSUH) was formed as part of a rescue-cum-
restructuring scheme of May Plastics Industries Bhd (the
original listed vehicle). Upon completion of the scheme in April
2002, May Plastics was de-listed from KLSE on 10.5.02, and KSUH
assumed its listing status on the same day.

The KSUH Group's core business is property development, centered
around Taman Kenanga in Sepang, Selangor. Taman Kenanga is
planned as a self-contained mixed development township
comprising 3,960 residential units, 1,982 commercial units, 111
industrial units, commercial complex, primary and secondary
school, private kindergartens, medical center, hotel, country
club and 22-acre recreational center. Development of Taman
Kenanga commenced in 1997 and is targeted to be completed in
2005. As at 31.10.2000, 1,613 residential units and 328
commercial units have been sold with a total sales value of
approx. RM259,730,624.

KSUH is also planning to develop its Abaco property, approx.
1,010 acres of freehold land situated in the Mukim of Beranang,
District of Ulu Langat, Selangor, into a self-contained mixed
development township comprising residential, commercial, orchard
lots, kindergartens, primary and secondary schools, colleges,
medical center, multi-purpose hall, mosque and recreational
park. The entire project would be completed over a period of 15
to 20 years.


KSU HOLDINGS: Director, CEO Kee Pin Steps Down From Post
--------------------------------------------------------
KSU Holdings Berhad posts Change in Boardroom Notice:

Date of change : 10/01/2003
Type of change : Resignation
Designation    : Director & Chief Exec. Officer
Directorate    : Executive
Name           : Yeoh Kee Pin
Age            : 58
Nationality    : Malaysian
Qualifications : Certified Public Accountants
Working experience and occupation  : He was with Dataprep
Holdings Berhad as Chief Operating Officer from March 1998 to
2002
Directorship of public companies (if any) : Nil
Family relationship with any director and/or major shareholder
of the listed issuer : Nil
Details of any interest in the securities of the listed issuer
or its subsidiaries : Nil


LONG HUAT: Formulating New Restructuring Scheme
-----------------------------------------------
Long Huat Group Berhad announced that presently, the Board of
Directors of L.Huat comprises one (1) Independent non-executive
director and two (2) Non-Independent non-executive directors.

As such, L.Huat does not comply with paragraph 15.02,
15.10(1)(a)&(b) and 15.19 of the LR. The non-compliance was due
to the difficulty faced by L.Huat in finding a suitable
candidate to act as independent Director as currently, the
company is in the restructuring process and currently under
Practice Note 4 of the LR. In addition, it also facing the risks
of being delisted from the Exchange.

Notwithstanding the above, the Company is formulating a new
scheme to restructure the Company. It is envisaged that L.Huat
will only be able to regularize the composition of Board of
Directors as per the LR, immediately upon the signing of the
relevant Sale and Purchase Agreement with the relevant parties
in connection with the restructuring exercise.

The Exchange has granted an extension of time of three (3)
months until 31 March 2003 or 2 weeks after the signing of the
relevant Sale and Purchase Agreement whichever is earlier to
comply with the abovementioned requirements.


MGR CORP.: Appoints Messrs Horwath as Independent Audit Firm
------------------------------------------------------------
Reference is made to the announcement dated 12 November 2002,
made by AmMerchant Bank Berhad (formerly known as Arab-Malaysian
Merchant Bank Berhad), on behalf of MGR Corporation Berhad
(Special Administrators Appointed), relating to the Securities
Commission's approval for the Proposed Restructuring Scheme by
its letter dated 8 November 2002 wherein the SC's approval was
subject to, inter-alia, the appointment by the Company of an
independent audit firm within two (2) months from the date of
the SC's approval letter.

In this regard, AmMerchant Bank, on behalf of the Company, is
pleased to announce that the Company has appointed Messrs
Horwath as the said independent audit firm on 8 January 2003.


MOL.COM BERHAD: Shareholders Approve Proposed Rights Issue
----------------------------------------------------------
The Board of Directors of mol.com berhad is pleased to announce
that the Ordinary Resolutions 1 & 2, Proposed Rights Issue and
Proposed Increase in Authorized Share Capital respectively,
proposed at the Company' Extraordinary General Meeting held on
Monday, 13 January 2003 have been duly passed.

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
are in deficit by RM31.7m. The Company on 18 April 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 December 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.


NCK CORPORATION: Proposed Disposal Completion Set for May
--------------------------------------------------------
On behalf of NCK Corporation Berhad (Special Administrators
Appointed), Alliance Merchant Bank Berhad (Alliance) wishes to
announce that its subsidiary Fook Chuan Trading Sdn Bhd (Special
Administrators Appointed) (FC Trading), on 10 January 2003,
entered into a sale and purchase agreement (SPA) for the
proposed disposal of a piece of vacant land.

THE PROPOSED DISPOSAL

On 10 January 2003, FC Trading (Vendor) entered into a SPA for
the proposed disposal of a piece of vacant land held under HS(D)
98116, PT No 30302, Mukim of Sungai Buloh, District of Petaling,
Selangor (Land) to Susan Kee and Tan Hooi Cheng @ Tang Ah Lik
(collectively referred to as the Purchasers) for a cash
consideration of RM787,182.

The Proposed Disposal does not depart from the Securities
Commission's Policies and Guidelines on the Issue/Offer of
Securities.

The Proposed Disposal is expected to be completed by May 2003.

Salient terms of the SPA

The salient terms of the SPA are as follows:

   (a) The total cash consideration is payable as follows:

     * 2% of the purchase price prior to the execution of the
SPA;

     * 8% of the purchase price upon execution of the SPA;

     * The Purchasers shall pay 90% of the purchase price
(Balance Purchase Price) to the solicitors of FC Trading, Messrs
A. Zahari & rakan rakan, acting as stakeholders on or before the
expiry of one (1) month from the date of the fulfillment of the
conditions precedent (Completion Date);

    (b) In the event that the Purchasers shall fail to pay the
Balance Purchase Price by the Completion Date, FC Trading shall
grant the Purchasers a further period of one (1) month to pay
the Balance Purchase Price subject to the Purchasers paying
interest at the rate of 10% per annum calculated on the Balance
Purchase Price or such part thereof remaining unpaid to Messrs
A. Zahari & rakan rakan calculated on a daily rest basis until
the date the Balance Purchase Price is received by Messrs A.
Zahari & rakan-rakan;

   (c) The conditions precedent as stated in Section 7 of this
announcement are to be fulfilled on a date no later than four
(4) months from the date of the SPA or such other extended date
to be determined by FC Trading or the Special Administrators
(SA) at its sole discretion;

   (d) Save for Section 7(a), the Vendor may in its absolute
discretion waive compliance with any of the conditions
stipulated in Section 7 without prejudice to its rights and such
waiver shall not preclude the Vendor from demanding that such
waived provisions shall be complied with or remedied by the
Purchasers within any period notified by the Vendor to the
Purchasers; and

   (e) The Land shall be disposed of free from all encumbrances,
prohibitory orders, caveats, or restrictions in interest, liens
and charges and with vacant possession but subject to all
conditions and restrictions in interest express or implied in
the document of title to the Land.

Basis of determining the cash consideration

The cash consideration of RM787,182 was derived from the
proposals submitted and recommended by the management of FC
Trading to the SA on 19 August 2001 and 10 October 2001
respectively. The proposals which offered to purchase the Land
for the cash consideration of RM787,182 was accepted by the SA
on 12 October 2001.

Original cost of investment

FC Trading acquired the Land on 25 September 1998 for a total
consideration of RM850,000.

Based on the audited consolidated accounts of NCK as at 30 June
2002, the Proposed Disposal will result in a loss on disposal of
RM62,818 to the NCK Group.

Liabilities to be assumed by the Purchasers

The Purchasers will not assume any liabilities pursuant to the
Proposed Disposal.

BACKGROUND INFORMATION

FC Trading

FC Trading was incorporated in Malaysia on 5 December 1983 as a
private limited company. The present authorized share capital of
FC Trading is RM2,000,000 comprising 2,000,000 ordinary shares
of RM1.00 each, of which 1,500,000 ordinary shares of RM1.00
each have been issued and fully paid-up. The principal activity
of FC Trading is as a dealer in building materials including
hardware products.

Land

FC Trading is the registered owner of the leasehold land held
under HS(D) 98116, PT No 30302, Mukim of Sungai Buloh, District
of Petaling, Selangor, measuring approximately 1,108 square
meters. The Land is currently vacant and free from all
encumbrances. The market value of this piece of land as valued
by Henry Butcher, Lim & Long Sdn Bhd on 29 September 2000 is
RM835,000 using the Comparison Method.

The net book value of the Land based on the audited financial
statements of FC Trading for the financial year ended 30 June
2002 is RM787,182.

RATIONALE FOR THE PROPOSED DISPOSAL

FC Trading currently has negative shareholders' funds of
RM52,776,023 as at 30 June 2002. The Proposed Disposal is
expected to raise proceeds to meet the financial obligations of
FC Trading.

Utilization of Proceeds

FC Trading will receive proceeds totaling RM787,182 from the
Proposed Disposal. The proceeds will be utilized for the
settlement of the creditors of FC Trading.

FINANCIAL EFFECTS

Share capital

The Proposed Disposal will not have any effect on the issued and
paid-up share capital of NCK.

Earnings

The Proposed Disposal will result in a loss on disposal to the
NCK Group of RM62,818 or 0.17 sen per share.

Net tangible assets

The Proposed Disposal will not have any material impact on the
net tangible assets of the NCK Group.

Shareholding structure

The Proposed Disposal will not have any effect on the
shareholding structure of NCK.

APPROVALS REQUIRED

The Proposed Disposal is subject to the approvals/consents of
the following:

     (a) Pihak Berkuasa Negeri for the transfer of the Land from
FC Trading to the Purchasers;

     (b) Pengurusan Danaharta Nasional Berhad and the secured
creditors, if any, for the Workout Proposal of NCK, which was
obtained on 13 August 2002;

     (c) the Securities Commission;

     (d) any other relevant authorities and/or parties, if
necessary.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

None of the existing Directors and/or substantial shareholders
of NCK and persons connected to them has any interest, direct or
indirect, in the Proposed Disposal.

APPOINTMENT OF ADVISER

Alliance has been appointed as the Adviser for the Proposed
Disposal.

SA' AND DIRECTORS' OPINIONS

After due consideration of all aspects of the Proposed Disposal,
the SA and the Directors of NCK are of the opinion that the
Proposed Disposal is in the best interest of the Company.

APPLICATION TO THE SC

The application to the SC for the Proposed Disposal will be made
within fourteen (14) days from the date of signing of the SPA or
such timeframe which maybe extended by the SA of FC Trading at
their sole discretion.

DOCUMENTS FOR INSPECTION

The SPA is available for inspection at the NCK's office, 4th
Floor, Wisma NCK 3, Lot 45A, Section 92A, Batu 3 «, Jalan Sungai
Besi, 57100 Kuala Lumpur during normal business hours from
Monday to Friday (except for public holidays) for a period of 14
days from the date of this announcement.


PANGLOBAL BERHAD: GMS Filing Award Application to Court
-------------------------------------------------------
Further to the announcement dated 1 June 2001, Panglobal
Berhad's subsidiary, Global Minerals (Sarawak) Sdn Bhd, has
received the Arbitrator's 1st Interim award dated 27 December
2002 (the 1st Award) on 9 January 2003.

The Arbitrator has awarded the Claimant (DML-MRP Resources Sdn
Bhd) a sum of RM 10,266,547.83.

The Arbitrator has also made the following award on interest:

   1) Pre-Award interest - 11.5% per annum commencing 1st
September 1998 until date of this 1st Award on portion of award
due to Claimant amounting to RM8,579,550.87

   2) Post-Award Interest - 8% per annum of the above said
amount of RM8,579,550.87.

GMS will be filing an application to the High Court for judicial
review in respect of the aforesaid award.

COMPANY PROFILE

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

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

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

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

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


PLANTATION & DEVT.: MITI OKs Revised Proposed Workout Scheme
------------------------------------------------------------
AmMerchant Bank Berhad (formerly known as Arab-Malaysian
Merchant Bank Berhad), on behalf of Plantation & Development
(Malaysia) Berhad, wishes to announce that the Ministry of
International Trade and Industry has approved the revisions to
the Proposed Restructuring Scheme of P&D announced on 19
December 2002. The approval is subject to the condition that the
Securities Commission and the Foreign Investment Committee
approve the revisions.

There is no other material development in the Proposed
Restructuring Scheme of P&D subsequent to the announcement dated
2 January 2003.


SOUTHERN PLASTIC: Clarifies Audited, Unaudited Result Variance
--------------------------------------------------------------
Southern Plastic Holdings Berhad, in reply to Query Letter by
KLSE reference ID: NS-021118-41956 regarding the Variance
Between Audited and Unaudited Result for the Year Ended
31 May 2002, advised that the difference in announced and
audited results can be reconciled as follows:

         RM'000
Losses after taxation, but before MI (as announced)      18,339
Adjustments made during the audits:                        -
Provision for slow moving debt
- related company balance- Southtech Timber (M) Sdn Bhd  16,973
- other trade debtor previously not provided                593
Provision for impairment loss in land                       698
Losses in subsidiary previously not consolidated
- Southtech Industries Sdn Bhd                              492
Other general adjustment                                   (76)
Losses after taxation, before MI (as per audited acct)   37,019
Less: MI share of losses                                  (539)
Losses after taxation and MI (as per audited accts)      36,480

The above information are provided by the former CEO, Paul Leong
Jee Hong (resigned October 2002) and his financial controller,
Sean Goh (resigned November 2002).

Below is the Kuala Lumpur Stock Exchange's Query Letter content:

We refer to your Company's Annual Audited Accounts 2002 received
on 14 November 2002.

We note that the group's loss after taxation and minority
interests for the year ended 30 May 2002 amounts to
RM36,479,604. However, your Company's announcement of unaudited
results dated 26 August 2002, showed a loss after taxation and
minority interests of RM18,339,000 for the abovementioned
financial year.

In accordance with the Exchange's Listing Requirements, kindly
furnish the Exchange immediately with your detailed explanation
of the above difference for public release.

Yours faithfully
TAN YEW ENG
Senior Manager, Listing Operations
TYE/NZ


SURIA CAPITAL: Writ of Summons Hearing Fixed on April 4
-------------------------------------------------------
Suria Capital Holdings Berhad, in relation to the Kuala Lumpur
High Court Suit No.S 22-1092 of 2002 on Alliance Bank Malaysia
Bhd & Anor V Suria Capital Holdings Berhad, announced that the
hearing for SURIA's (as Defendant) application to strike out the
Plaintiff's Writ of Summons and Statement of Claim is scheduled
for 4 April 2003.

COMPANY PROFILE

Prior to its public listing, the Company (SCHB) undertook a
restructuring exercise which included the acquisition of Sabah
Development Bank Bhd (SDB) and Sabah Bank Bhd (SBB). SCHB was,
until then, principally a property development company. With the
completion of the restructuring, SCHB was transformed into an
investment holding company.

The Company disposed of SDB to the State Government of Sabah in
1999. In the year 2000, the Company also sold its entire equity
interest in SBB and on 15 November 2000, entered into a
conditional sale of shares agreement to dispose of its entire
equity interest in Suria Asset Management Sdn Bhd. As a result
the Company presently has no core business.

The management is in the process of identifying viable business
opportunities to form the new core business of the Company.

On 20 June 2001, Suria received a letter from the Sabah State
Economic Planning Unit informing Suria officially of the State
Government's approval to inject the Sabah Ports Authority into
Suria upon its corporatization. The parties involved are
negotiating on the terms of the injection. Permission for Suria
to proceed with the financial and legal due diligence on Sabah
Ports Authority was announced on 25 September 2001.

CONTACT INFORMATION: Lot 7AF, 08-09-10-11
                     7th Floor Block A
                     Kompleks Karamunsing
                     Km 2.4 Jalan Tuaran
                     88300 Kota Kinabalu
                     Sabah
                     Tel : 088-256736
                     Fax : 088-256410


UH DOVE: Clarifies KLSE's Query Letter Re Edge Daily Report
-----------------------------------------------------------
Reference is made to the Kuala Lumpur Stock Exchange's Query
Letter ref: MZ-030110-53867 dated 10 January 2003 pertaining to
the article entitled, "UH Dove targets RM100 million revenue"
appearing in website of The Edge Daily, on Friday, 10 January
2003.

After due diligent enquiry with all the directors, major
shareholders and all such persons reasonably familiar with the
matters, the Board of Directors of UH Dove Holdings Berhad
clarified that Mr Tan Ai Tong, the Company's Managing Director
has made a general statement after the conclusion of the
Company's Extraordinary General Meeting held on 10 January 2003,
stating that barring unforeseen circumstances, the Company has
set an internal target of not less than RM100 million for year
2003 which represents about 10 percent growth from last year.

In addition, with reference to the third paragraph of the
article appeared in The Edge daily, the Company wishes to
clarify that UH Dove expects to launch its housing and
commercial projects in Batu Tiga (Subang) in Klang Valley and
Langkawi this year and not as stated in the said paragraph of
having projects in Batu Tiga, Klang and Langkawi.

The Company trusts that the above clarifies the query.

Below is KLSE's Query Letter content:

We refer to the above news article appearing in website of The
Edge Daily, on Friday, 10 January 2003, a copy of which is
enclosed for your reference.

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

"UH Dove Holdings Bhd has set a target of RM100 million turnover
for 2003, which represents a 10 per cent growth from last year
...".

In accordance with the Exchange's Corporate Disclosure Policy,
you are requested to furnish the Exchange with an announcement
for public release confirming or denying the above reported
article and in particular the underlined sentence after due and
diligent enquiry with all the directors, major shareholders and
all such other persons reasonably familiar with the matters
about which the disclosure is to be made in this respect. In the
event you deny the above sentence or any other part of the above
reported article, you are required to set forth facts sufficient
to clarify any misleading aspects of the same. In the event you
confirm the above sentence or any other part of the above
reported article, you are required to set forth facts sufficient
to support the same.

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

Yours faithfully
MARY BERNADETTE PETERS
Assistant Manager, Listing Operations
MBP/WSW/MZZ


UH DOVE: Shareholders OK All Resolutions at EGM
-----------------------------------------------
The Board of Directors of UH Dove Holdings Berhad is pleased to
inform that the shareholders of UH Dove have at the
Extraordinary General Meeting (EGM) held on 10 January 2003
approved all the resolutions set out in the Notice of the EGM
dated 19 December 2002.

COMPANY PROFILE

UH Dove is an investment holding company with subsidiaries
principally involved in the manufacturing and marketing of
hardware products and building materials. Manufacturing
operations commenced in 1977 and today total annual turnover is
RM10m. About 90% of the Group's products is sold locally while
the remaining 10% is exported to South Africa.

Current production output is 840,000 sets of louvre windows,
3,400 m/t of nails and 800 m/t of hard-drawn wire. Operations
are located in Malacca, Federal Territory, Johor, Terengganu,
Pahang, Perak and Kedah.

The Group is proposing a restructuring exercise which may
include a rights issue, restructuring of its bank borrowings and
acquisition of assets from a developer of mixed property
development projects.

CONTACT INFORMATION: 6th Floor
                     3 Changkat Raja Chulan
                     50200 Kuala Lumpur
                     Tel : 03-2380266


WEMBLEY INDUSTRIES: FIC Grants Proposals Approval
-------------------------------------------------
Further to the announcements dated 30 October 2002, Wembley
Industries Holdings Berhad is pleased to announce that the
Foreign Investment Committee has, by its letter dated 7 January
2003, approved the Proposals subject to the condition that the
FIC would review the equity structure of WIHB three (3) years
after the completion of the Proposals. The said letter of
approval from the FIC was received on the 10 January 2003.

The Proposals entails:

     i.  Proposed Capital Reduction and Consolidation;
    ii.  Proposed Debt Restructuring;
   iii.  Proposed Rights Issue; and
    iv.  Proposed Increase in Authorized Share Capital


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


MAYNILAD WATER: Ending Concession Agreement on February 7
---------------------------------------------------------
The concession deal between Maynilad Water Services, Inc. and
the government's Metropolitan Waterworks and Sewerage System
(MWSS) will end on February 7 unless the three-member
arbitration committee is formed and suspends the contract
termination, the Business World said on Tuesday.

If this happens, the government will have to acquire the water
service in the west zone of the capital Metro Manila until it
finds a new concessionaire.

Maynilad counsel Regis V. Puno said the concession contract will
be strictly followed and MWSS will only avoid taking over if the
appeals panel issues a stay order.

According to AFX, Maynilad abandoned its concession in December,
citing mounting losses and the inability of government to help
it make the concession viable by allowing rate adjustments.


METRO PACIFIC: Expects Debt Free by This Year
----------------------------------------------
Metro Pacific Corporation (MPC) expects to be able to clean its
books by this year, the Philippine Star said on Tuesday. The
Company's total debt was recently reduced to 4.1 billion pesos
from a high 18 billion pesos in 2001.

"We expect to be able to restructure and reduce this amount and
clean the books by the end of this year," unnamed officials
said.

The Company used a combination of assets sale and restructuring
in order to bring down the level of indebtedness to the current
level.

And most recently, MPC was assured of at least 5 billion pesos,
which it can use to reduce debt after a local ALI-GDC consortium
agreed to assume part of its indebtedness.

MPC is expected to close a deal with the Ayala Land-Greenfield
Developed Corp. (ALI-GDC) consortium calling for the latter's
purchase of a 50.4 percent in Bonifacio Land Corp. (BLC), a
Company owned 73 percent by MPC, before the end of the month.


NATIONAL BANK: Revises Auditor's Certification Re Warrant Price
---------------------------------------------------------------
The Philippine National Bank (PNB) refers to Circular for
Brokers No. 3357-2002 dated December 23, 2002 pertaining to the
SGV report which PNB provided the Exchange relative to the
computation of the adjusted exercise price of its warrants to
P40.00 per share.

In relation thereto, the Bank, in a letter to the Exchange dated
January 9, 2003, clarified that:

"The Company transmits herewith a copy of the revised auditor's
certification pertaining to the above matter which correctly
indicates that the PNB Warrants are due on or before November
16, 2005. The previous certification, which PNB received
inadvertently, indicated that the warrants are due on or before
September 7, 2005.

For a copy of the amended SGV report, go to
http://bankrupt.com/misc/tcrap_PNB0114.pdf


NATIONAL POWER: Employees to Have Jobs Only Until This Month
------------------------------------------------------------
In line with its impending privatization, the National Power
Corp. (Napocor) has informed its workers that they will be
working only until the end of this month.  Eduardo Eroy, acting
Vice President of Genco 4, told Sun.Star the employees had not
been given individual termination notices. The move would affect
over 5,000 employees of Napocor nationwide.

In his office at Osme¤a Blvd. Cebu, around 120 employees would
be affected, he said.

The power firm has been lined up for privatization because
paying for its huge debts, aside from its loss-making
operations, has proved a drain on the government coffers. To
prepare for the privatization, Napocor was divided into six-
generation companies (genco) and one transmission Company.

Napocor-Genco 4 covers the Leyte geothermal plants and the
Palimpinon (Dumaguete) geothermal plants. It is also the
administrator of the Naga plant, which is managed by Salcon
Power, and the power facilities managed by Toledo Power Co.

Eroy said some employees still had hopes of being rehired, as
the rehiring process would start by February 1 so that the
delivery of services would not be interrupted. However, he
admitted that not all the employees could expect to get their
jobs back.

"We are restructuring. We are going to have a new table of
organization," he said.


NATIONAL POWER: Unveils Exchange Offer Extension
------------------------------------------------
National Power Corporation of the Philippines (NPC) on Monday
announced that it has extended to 5:00 p.m., New York City time,
on January 27, 2003, its offer to exchange 9.625 percent New
Guaranteed Bonds Due 2028, 8.400 percent New Guaranteed Bonds
Due 2016, and 7.875 percent New Guaranteed Bonds Due 2006 (the
New Bonds) for outstanding principal amounts of 9.625 percent
Guaranteed Bonds Due 2028, 8.400 percent Guaranteed Bonds Due
2016 and 7.875 percent Guaranteed Bonds Due 2006 (the "Old
Bonds"), respectively.

As of the original expiration date, approximately $282 million
in aggregate principal amount of bonds have tendered into the
exchange offer. Not including those bonds held by the Republic
of the Philippines, this amount represents a participation rate
of over 88 percent.

The exchange offer is intended to provide for the assumption by
Power Sector Assets and Liabilities Management Corporation, a
Philippines government-owned corporation, of NPC's obligations
under the Yankee bonds as part of NPC's restructuring and
privatization under the Electric Power Industry Reform Act of
2001.

An amendment to the registration statement relating to these
securities has been filed with the Securities and Exchange
Commission and NPC will request that it be declared effective on
January 13, 2003 by the Securities and Exchange Commission.

Holders of the Old Bonds who have previously accepted the
exchange offer may withdraw their acceptance at any time prior
to 5:00 p.m., New York City time, on January 27, 2003. Holders
who have questions should contact Bear, Stearns & Co. Inc., the
dealer manager, at (877) 696-2327 inside the U.S. and (212) 272-
5112 outside the U.S. (Address: 383 Madison Avenue, New York,
New York 10179) or D.F. King & Co., Inc., the information agent,
at (800) 758-5378 inside the U.S. and (212) 269-5550 outside the
U.S. (Address: 77 Water Street, New York, New York 10005).


UNION CEMENT: Taps P650M Loan to Pay Long-Term Debts
----------------------------------------------------
Union Cement Corporation has tapped a five-year syndicated loan
worth 650 million pesos to partially settle 950 million pesos in
long-term commercial papers, which matured last December, the
Business World reports.

Union Cement has put in place the funds needed to settle its 950
million pesos in long-term commercial papers, which matured on
December 20-23, 2003.

The Company said their source of cash was a five-year syndicated
loan amounting to PhP650 million and another PhP300 million in
funds from operations. The PhP950-million debt instrument is
part of the PhP1.8 billion long-term commercial papers Union
Cement issued in 1995 and 1999. Another PhP200 million in long-
term commercial papers will fall due in 2003 and another PhP650
million in 2004.

The Troubled Company Reporter-Asia Pacific reported that Union
Cement is aiming to settle 1.5 billion pesos in total debt in
2002 to bring down its total debt load to 1.7 billion pesos.


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


ASIA TECHNOLOGIES: Voluntarily Winds Up
---------------------------------------
The Board of Directors of Asia Power announced the completion of
the voluntary winding up of Asia Technologies with its net
assets amounting to US$9.9 million (S$17.5 million) having been
distributed to Asia Power and Asia Tech in proportion to their
respective shareholdings of 61 percent and 39 percent in
accordance with the Liquidator's final statement of assets and
liabilities as approved by shareholders of Asia Tech.

The Registrar of Companies in the British Virgin Islands,
declaring the dissolution of Asia Tech, issued a Certificate of
Dissolution dated December 31, 2002 under Section 94 of the
International Business Companies Act.


CHARTERED SEMICONDUCTOR: Up 9% Despite Downplay of AMD Deal
-----------------------------------------------------------
Shares of loss-making Chartered Semiconductor Manufacturing
increased 9 percent to 89 cents on Monday, despite a Company
announcement that dampened expectations of possible gains from a
deal with US-based Advanced Micro Devices, reports the Business
Times.

In a report on Chartered's upcoming fourth quarter 2002 results,
GK Goh analyst Jatin Doktor said the firm could post a net loss
of US$116.4 million (S$202.2 million) and a loss per share of
4.7 US cents. For the first quarter of 2003 the analyst expects
a further 6 percent decline in sales quarter-on-quarter at
Chartered. 'This is in line with GK Goh's view that the fourth
quarter of 2002 was the semiconductor industry's mid-cycle peak,
which will be followed by weakness in the first quarter 2003and
a bottoming in the second quarter of 2003 before a pick-up from
the third quarter and the fourth quarter 2003 onwards.

Chartered shares rose on speculation it could secure more orders
from AMD. This followed an announcement last Wednesday by IBM
and AMD that they will jointly develop next-generation
microprocessor technology.


WEE POH: Unveils FY02 Financial Results
---------------------------------------
Further to the announcement on 6 January 2003, the Board of
Directors of the Wee Poh Holding Limited updated the
shareholders and the general public on the audited results of
the Group and the Company, which were finalized recently.

On September 30, 2002, the Company announced its un-audited
full-year financial results, which reported a loss after tax and
minority interests of S$17.6 million and S$25.2 million for the
Group and the Company respectively.

The Company had included as an exceptional gain, the amount of
S$8.9 million, which represent the gain to the Group arising
from the Scheme of Arrangement SOA agreed on 24 February 2002
with creditors of W&P Piling Pte Ltd WPP. This inclusion was
explicitly stated in the 30 September 2002 announcement of the
un-audited results for the financial year ended 30 June 2002.
However, subsequent to 30 September 2002 it became apparent to
the directors that the Group is experiencing difficulties in
adhering to the agreed cash repayment installment schedule under
the SOA. A variation to the SOA is being proposed to creditors
of WPP that they receive new Shares of the Company in place of
the cash repayment installments. This variation to the SOA is
being tabled to the creditors in a meeting proposed on 15
January 2003. Therefore, in the audited full year results for
the year ended 30 June 2002, the Group has deferred the
recognition of the exceptional gain and has reversed the item as
compared to the announcement of 30 September 2002. Barring
unforeseen circumstances, and as and when, in the event that the
creditors of WPP receive shares instead of cash, the directors
would expect that the Group would be in a position to recognize
the exceptional gain.

Moreover, on 22 October 2002, which is after the Company's
announcement of its un-audited results on 30 September 2002, the
Company announced that it had sold a property at loss of S$1.6
million. Although the sale took place after 30 June 2002, the
directors on grounds of prudence recognized the loss of S$1.6
million in the financial statements of the Group and the Company
for the year ended 30 June 2002.

As a consequence of these two adjustments, the audited accounts
for the Group and the Company report a loss after tax and
minority interests of S$29.1 million and S$26.9 million,
respectively. The audited financial statements of the Group and
the Company for the year ended 30 June 2002 is set out in
greater detail hereinafter.

As stated in our previous announcements, the Company is pursuing
a number of measures to increase the capital of the Company
which includes, inter alia, the issue of new shares to creditors
of WPP, a best effort debt conversion placement to creditors of
WPC, a capital reduction and the issue of strategic shares of up
to 1,600,000,000 shares to a strategic investor. Barring
unforeseen circumstances, the directors are cautiously
optimistic as to the successful outcome of such measures.
Meanwhile, for the purpose of finalizing accounts of the Company
and the Group, for the year ended 30 June 2002, they have been
prepared on the basis as on-going concerns. Given the above
uncertainties, our auditors' report contains a disclaimer
opinion on the on-going concern basis. Should the on-going
assumption be inappropriate, adjustments will have to be made to
reflect the situation that the assets may need to be realized
other than in the amounts in which they are currently recorded
in the balance sheets and the Group may have to provide for
further liabilities that may arise and to re-classify non-
current assets and liabilities as current assets and
liabilities. The details of the report are set out in this
announcement below.

EVENTS SUBSEQUENT TO YEAR END

1. Exceptional item of S$8.9 million

WPP, a subsidiary, is presently undergoing a restructuring of
its debts under the SOA with its creditors. Under the terms of
the SOA, the WPP Creditors whose claims were admitted by the
Scheme Administrator would be paid in cash an aggregate of $0.40
for every $1.00 of the Approved Claim in 4 equal quarterly
installments, that is, in cash an amount of $0.10 for every
$1.00 of the Approved Claim on each of the dates falling:

   (i) three (3) months after the Scheme Date i.e. 26 July 2002;

   (ii) six (6) months after the Scheme Date i.e. 26 October
2002;

   (iii) nine (9) months after the Scheme Date i.e. 26 January
2003; and

   (iv) twelve (12) months after the Scheme Date i.e. 26 April
2003.

The SOA was approved by the High Court on 24 April 2002.

As a result of the SOA and the consequent release of debts by
the participating creditors, an exceptional gain amounting to
S$8.9 million was recognized in the financial statements
announced in September 2002.

WPP had since paid a sum of approximately S$1.2 million for the
installments due on 26 July 2002. Due to the deterioration of
the Group's financial condition and the termination of the Benxi
Placement Agreement, which was announced on 26 October 2002, WPP
defaulted on the second installment. Accordingly, the claims
subject to the SOA became repayable in full.

In respect of the remaining S$0.30 for every S$1.00 of the
Approved Claim as per the SOA, the Company has filed a Revised
SOA to the High Court of Singapore on 19 November 2002 for the
purposes of settlement of such amounts by way of a debt to
equity conversion. Under the Revised SOA, the Approved Claim
less amounts settled or to be settled in cash under the first
installment mentioned above, shall be settled by way of issuance
of up to a maximum 102,000,000 New Shares at an issue price of
S$0.05 per share.

As such, the Group has deferred the recognition of the
exceptional gain by reversing out the item as compared to the
announcement of 30 September 2002.

2. Impairment Loss on Property

On 22 October 2002, the Company announced the sale of its
property at 413 Tagore Industrial Avenue, Singapore 787803 which
had a net book value as at 30 June 2002 amounting to S$4.0
million, for the price of approximately S$2.46 million compared
to an independent property valuation of S$2.3 million as at 23
September 2002. As such, an impairment loss of S$1.6 million has
been recognized for the said property.

3. Provision for Material Litigation

A provision of S$600,000 had been made for material litigation.

4. Other Audit Adjustments

Other audit adjustments include additional provision for income
tax expense of $289,000 and additional accrual for auditors'
remuneration of S$75,000.


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


ROYNET PUBLIC: SET Temporarily Suspends Trading
-----------------------------------------------
Roynet Public Company Limited has publicly submitted to the
Stock Exchange of Thailand and its investors the revised
financial statement for the third quarter ending 30 September
2002 required by the SEC. The revised financial statement has
shown net loss for nine months equal to 36.69 million baht and
shareholder equity equal to (9.20) million bath, which is
significantly different from the financial statement that ROYNET
submitted on 14 November 2002.

The SET has investigated this information and found that there
is a significant decrease in the number of shareholding of
ROYNET's management and its major shareholders, which may be
relevant to the report of both financial statements.

The SET is still investigating the above information and
instructs ROYNET to clarify the fact so that the SET can
consider further action.

By virtue of clause 5 (7) of the SET's Rules, Conditions and
Procedures for the Temporary Prohibition of  Trading of Listed
Securities, notified on 9 February 1995, the SET post "SP" sign
for temporarily suspended trading on ROYNET's securities listed
in MAI on 14 January 2003 henceforth.


SRITHAI SUPERWARE: Files Business Reorganization Petition
---------------------------------------------------------
The Petition for Business Reorganization of Srithai Superware
Co. Ltd (DEBTOR), engaged in manufacturing and sale of plastic
products and melamine, was filed to the Civil Court of Southern
Bangkok:

   Black Case Number Lor.Phor. 1/2542

   Red Case Number Lor.Phor. 1/2542

Petitioner : Bank of America National Trust and Savings
Association

Planner : SGV-NA THALANG Co.Ltd (Debtor)

Debts Owed to the Petitioning Creditor : 6,477,893,940 Baht

Date of Court Acceptance of the Petition : April 27,1999

Court Order for Business Reorganization and Appointment of
Planner : May 28, 1999

Number of creditors filing Applications for Debt Repayment : 222
Amount of debts: 7,319,462,535.82 Baht

The creditors' meeting passed a special resolution accepted the
amended plan and established the creditors' committee which is
comprised of:

     1. Bank of America National Trust and Saving Association
(creditor number 183)

     2. Westdeutsche Landesbank Girozentrale Singapore Branch
(creditor number 203/5)

     3. KBC Bank N.V., Singapore Branch (creditor number 203/1)
On December 30, 1999, the Civil Court of Southern Bangkok issued
an order accepting the reorganization plan of the debtor
pursuant to Section 90/58 paragraph 1 of the Bankruptcy Act B.E.
2483 and appointed SGV-NA THALANG Co.Ltd to be a plan
administrator.

Now, Central Bankruptcy Court had issued the Order for canceling
the reorganization of Srithai Superware Company Limited since
July 15, 2002

Announcement of Court Order for Canceling the Reorganization :
in Matichon Public Company Limited and Siam Rath Company
Limited: July 26, 2002

Announcement of Court Order for Canceling the Reorganization in
Government Gazette : August 20, 2002

Contact : Ms. Amornrat, Tel. 6792525 ext 144


TANAYONG PUBLIC: Creditors Meeting Further Adjourned to Feb 14
--------------------------------------------------------------
Pursuant to a petition filed for the Business Reorganization of
Tanayong Public Company Limited on January 22, 2002 with the
Central Bankruptcy Court, and subsequently the Court gave an
order on February 18, 2002 for the Business Reorganization and
appointed Tanayong Planner Company Limited as the Planner of
Tanayong Public Company Limited.

Accordingly, the Plan has been prepared by the Planner and sent
to the Official Receiver as well as all the creditors having
voting rights.

The Official Receiver then called for a meeting of creditors
with voting rights on September 27, 2002 at 9.30 a.m. at YWCA
Building, No.13 South Sathorn Road, Bangkok, in order to discuss
whether to accept the Plan or how to revise it. Since there were
some amendments to the Plan, the Planner and some creditors
requested that the meeting be postponed and the Official
Receiver gave an order to postpone the meeting to be on November
25, 2002, and again on January 9, 2003.

After the postponement of the second meeting, sixteen creditors
proposed the revision of material points of the Plan. Once again
at this latest meeting, the creditors and the Planner requested
for postponement of the meeting and the Official Receiver gave
an order that the next meeting is scheduled to be held on
February 14, 2003 at 9.30 a.m. at the same YWCA building, with a
condition that there shall be no postponement to the meeting any
more.


THAI CANE: Names Kent Blumberg as Exec Board Chairman
-----------------------------------------------------
The Board of Directors' Meeting No. 1/2546 of Thai Cane Paper
Public Company Limited, which was held on January 10, 2003, has
resolved:

1. Appointment of Mr. Kent M. Blumberg as the Company's Director
in replacement of Ms. Nilobal Tangprasit and change the
authorization to sign to bind of the Company as follows:

"Mr. Virapan Pulges, Mr. Pichit Suntornwarangkana, Mr. Chavalit
Uttasart, and Mr. Kent M. Blumberg, two directors of these four
directors jointly sign together with the Company's seal being
affixed or one of the aforementioned directors jointly sign with
Mr. Pornsit Janedittakana, or Mr. Sobhon Dhammapalo, or Pol.
Maj. Gen. Urai See-urai, or Mr. Krisana Sivakrisakul together
with the Company's seal being affixed"

2. Appointment of Mr. Kent M. Blumberg as the Company's Chairman
of the Executive Board of Directors and Executive Chief Officer,
subject to the necessary approval of the relevant authorities.

Thai Cane Paper PLC (TCP), Kraft paper manufacturers and
exporters, is in the final stages of completing a major
financial restructuring.

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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Washington, DC USA. Lyndsey Resnick,
Maria Vyrna Nineza-Merlin, Maria Cristina Pernites-Lao, Editors.

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

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

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

                 *** End of Transmission ***