---

       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 22, 2003, Vol. 6, No. 15

                         Headlines

A U S T R A L I A

ANACONDA NICKEL: Board Awaits MP Global's Bidder's Statement
ANACONDA NICKEL: MP Global Offers Conditional Takeover
ANACONDA NICKEL: Takeovers Panel Receives MP Global Application
CTI COMMUNICATIONS: Posts General Meeting Results
CTI COMMUNICATIONS: Requests Suspension From Official Quotation

GOODMAN FIELDER: BPC Submits Application to Takeovers Panel
GOODMAN FIELDER: Panel Declines Takeover Bid Application
KALREZ ENERGY: Issues Oseil Production Operations Update
STADIUM AUSTRALIA: Releases Letter to Unitholders
VOYAGER ENERGY: Continues Rationalization of Non-Core Assets


C H I N A   &   H O N G  K O N G

BODYKEY FITNESS: Faces Winding Up Petition
CARGO MANAGEMENT: Winding Up Sought by TGAX Logistics
EUROLITE COMPANY: Petition to Wind Up Pending
HIGH CHAMP: Winding Up Hearing Scheduled February 19
INNOVATIVE INT'L: Sees No Reason for Share Price Decrease

MANSION HOLDING: Sees No Reason for Share Price Decrease
PCCW LIMITED: Parallel Trading Commences Today
SHEN GANG: Winding Up Petition Pending


I N D O N E S I A

ASTRA GRAPHIA: Permitted to Pay Dividend
INDOFOOD SUKSES: May Issue US$113M in Bonds


J A P A N

HAZAMA CORPORATION: Mizuho Extends Financial Support
JAPAN AIRLINES: Postpones Fare Hike to June
NEC CORPORATION: Affiliate Pays Over Y100M to Protesters
NEC CORPORATION: Appoints Akinobu Kanasugi as New President

* Teikoku Databank Releases November 2002 Bankruptcy Report


K O R E A

CHOHUNG BANK: KDI Asks President Elect to Sell Bank Quickly
HANYANG CORPORATION: Goodmorning City Acquires Bankrupt Firm
HYNIX SEMICON: Receives Validation From Intel for DDR SDRAM
HYUNDAI MERCHANT: BAI Files Suit Against Firm
HYUNDAI MERCHANT: BAI Unable to Confirm Use of W230 Billion  

KOREA ELECTRIC: Naming Prime Power Unit Bidder in Late February


M A L A Y S I A

AOKAM PERDANA: Submits Restraining Order Application to Court
ASSOCIATED KAOLIN: Special Administrators OK Proposals Revision
CELCOM (MALAYSIA): E&Y Appointed as Tritel's Receivers, Managers
GEAHIN ENGINEERING: Agrees With SC's PRS Condition
GENERAL LUMBER: FIC Approves Proposed Restructuring Scheme

HIAP AIK: FIC Endorses Proposed Restructuring Scheme
JIN LIN: Replies to KLSE's Litigation Query
KIARA EMAS: Court Holds Convened Shareholders' Meeting
KURNIA SETIA: Provides GESD's Default in Payment Status Update
LONG HUAT: Gets KLSE's Public Reprimand for Breach of LR

PAN PACIFIC: Joint Secretary Wee Hee Resigns
TECHNO ASIA: Court Adjourns Unit's Winding Up Hearing
TENGGARA OIL: Strikes Off Non-Operating Unit
TRU-TECH: Warrants Exercise Period Extended for Three Years


P H I L I P P I N E S

BAYAN TELECOMMUNICATIONS: Eyes Fixed-Line Facilities in Cebu
ISLA COMMUNICATIONS: Cut Jobs to Cut Losses
MANILA ELECTRIC: Raising Rates in February by P0.13/kwh
UNIWIDE GROUP: Receiver Seeks Clarification on Rehab Plan


S I N G A P O R E

CHEW EU: Posts Notice of Shareholder's Interest
NATSTEEL LTD: Posts Notice of Changes in Shareholder's Interest
WEARNES INTERNATIONAL: Voluntarily Liquidates Malaysian Unit


T H A I L A N D

EVERGREEN INDUSTRY: Files Business Reorganization Petition
HEMARAJ LAND: Purchases 25 Units of Convertible Bonds
MODERN HOME: SET Grants Listed Securities

     -  -  -  -  -  -  -  -  

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


ANACONDA NICKEL: Board Awaits MP Global's Bidder's Statement
------------------------------------------------------------
Anaconda Nickel Limited advises that MatlinPatterson Global
Opportunities Partners LP announced Tuesday it intends to make
an offer for all of the ordinary shares in Anaconda at A$0.12
per share and an offer for all of the rights to be issued under
the rights issue at A$0.01 per right.

The offer is unsolicited and at this stage Anaconda has not
received MatlinPatterson's bidder's statement.

Anaconda notes the highly conditional nature of
MatlinPatterson's proposed offers and would expect the offer to
be clarified in the bidder's statement.

Anaconda's Board of Directors is not yet in a position to make a
formal recommendation to shareholders. Accordingly, shareholders
are advised to take no action in relation to the MatlinPatterson
takeover offer and rights offer until the Board has issued its
formal recommendation regarding the offers.


ANACONDA NICKEL: MP Global Offers Conditional Takeover
------------------------------------------------------
MatlinPatterson Global Opportunities Partners LP, a global
private equity fund, announced Tuesday it received a takeover
bid (to be made through a wholly owned subsidiary of the Fund )
for Anaconda Nickel Limited ACN 060 370 783 (ANL), the joint
owner of the Murrin Murrin Laterite Nickel/Cobalt project in
Western Australia (Murrin Murrin Project).

The Fund proposes:

   * To make a takeover offer for all of the ANL shares for
consideration of A$0.12 cash per ANL share (Share Offer). The
Share Offer will not extend to include any new ANL shares that
are issued during the period beginning on the register date
nominated by Bidder under its Share Offer and ending at the end
of the Share Offer period (for example, the Share Offer will not
extend to shares issued on the exercise of any ANL executive
options or any shares issued as a result of the exercise of ANL
rights).

   * To make offers for all of the ANL rights (Rights) issued
under ANL's 14 for 1 pro-rata renounceable rights issue
prospectus lodged Monday (Rights Issue), and intends to offer
A$0.01 cash for every ANL quoted right to acquire one new ANL
share (Rights Offer).

   * To make available a facility in the Rights Offer under
which a holder of Rights (Rights Holder) will have the option of
electing that, in respect of every 6 Rights to which their
acceptance relates, 5 of those Rights are to be transferred to
Bidder and 1 Right is to be exercised under the Rights Issue by
Bidder lodging an acceptance form on the Rights Holder's behalf.
Bidder will apply the consideration which would otherwise have
been payable to the Rights Holder for the acquisition of the 5
Rights to the subscription money payable for the exercise of
that 1 Right.

It is presently proposed by the Fund that;

   * the bidder's statement for the Share Offer will be lodged
with Australian Securities and Investments Commission and served
on ANL on or before 23 January 2003;

   * the Share Offer period will commence by 3 February 2003;
and

   * the Rights Offer will open by 30 January 2003 and unless it
is extended by Bidder, will close on 13 February 2003.


ANACONDA NICKEL: Takeovers Panel Receives MP Global Application
---------------------------------------------------------------
The Panel advised that it received on Tuesday an application
from MatlinPatterson Global Opportunities Partners LP (MP
Global) in relation to its proposed takeover bid for Anaconda
Nickel Limited (ABN 23 060 370 783) (Anaconda).

MP Global's takeover bid (to be made through a wholly owned
subsidiary) was announced on Tuesday, and will be comprised of:

   * a conditional off-market bid under Chapter 6 of the
Corporations Act (the Act) for all of the fully paid ordinary
shares of Anaconda (the Share Offer); and

   * private offers to acquire all of the rights (Rights) to be
issued under a 14-for-1 pro rata renounceable rights issue (the
Rights Issue) being made by Anaconda under a prospectus dated 20
January 2003. The offer for the Rights will be conditional on
the satisfaction or waiver of the conditions in relation to the
Share Offer.

The Rights Issue is fully underwritten by Glencore International
AG (Glencore) (which, prior to the Rights Issue, is a 33.77%
shareholder in Anaconda). MP Global has submitted that if
Glencore:

   * acquires sufficient Rights from shareholders in Anaconda;
and

   * chooses not to exercise those Rights,

then, under item 10 of section 611 of the Act, Glencore could
acquire control of Anaconda under the underwriting arrangements
without making a takeover bid. MP Global has requested that
Glencore undertake not to acquire any of the Rights, except:

   * Rights attaching to Glencore's shareholding in Anaconda as
at the record date for the Rights Issue;

   * pursuant to an off-market offer to acquire all of the
Rights (other than those referred to in the previous paragraph)
made on the same terms to each holder of Rights, which is made
in conjunction with an offer to acquire all Anaconda shares; or

   * with the prior consent of the Takeovers Panel. If Glencore
does not give the undertaking, MP Global is seeking interim
orders to the effect of the undertaking described above.

The Panel has not yet considered the issues raised and makes no
comment on the merits of the application. It has not received
submissions from the parties affected by the application and it
is, therefore, unaware of their views.

The President of the Panel will shortly appoint a sitting Panel
to consider the application.

CONTACT INFORMATION: Nigel Morris
                     DIRECTOR, TAKEOVERS PANEL
                     Ph: +61 3 9655 3501
                     nigel.morris@takeovers.gov.au


CTI COMMUNICATIONS: Posts General Meeting Results
-------------------------------------------------
CTI Communications Limited confirmed that all resolutions put to
shareholders at the general meeting on Monday were passed. A
total of 32 proxies, representing 11,985,114 shares were
received from ordinary shareholders. The resolutions were:

RESOLUTION 1 - CONSOLIDATION OF CAPITAL

Of the proxies received with respect to this resolution,
10,013,914 were for this resolution, 0 were against, 1,971,200
were open for the Chairman to vote.

RESOLUTION 2 - CHANGE OF NAME

Of the proxies received with respect to this resolution,
10,013,914 were for this resolution, 0 were against, 1,971,200
were open for the Chairman to vote.

RESOLUTION 3 - ACQUISITION OF TRITTON RESOURCES LIMITED

Of the proxies received with respect to this resolution,
10,013,914 were for this resolution, 0 were against, 1,971,200
were open for the Chairman to vote.

RESOLUTION 4 - ACQUISITION OF GREATER THAN 20% INTEREST

Of the proxies received with respect to this resolution,
10,013,914 were for this resolution, 0 were against, 1,971,200
were open for the Chairman to vote.

RESOLUTION 5 - PLACEMENT OF SHARES

Of the proxies received with respect to this resolution,
10,013,914 were for this resolution, 0 were against, 1,971,200
were open for the Chairman to vote.

RESOLUTION 6 - APPOINTMENT OF MR COLIN PATTERSON AS A DIRECTOR

Of the proxies received with respect to this resolution,
10,013,914 were for this resolution, 0 were against, 1,971,200
were open for the Chairman to vote.

RESOLUTION 7 - APPOINTMENT OF MR IAN CULBERT AS A DIRECTOR

Of the proxies received with respect to this resolution,
10,013,914 were for this resolution, 0 were against, 1,971,200
were open for the Chairman to vote.

RESOLUTION 8 - APPOINTMENT OF MR MICHAEL MCMULLEN AS A DIRECTOR

Of the proxies received with respect to this resolution,
10,013,914 were for this resolution, 0 were against, 1,971,200
were open for the Chairman to vote.


CTI COMMUNICATIONS: Requests Suspension From Official Quotation
---------------------------------------------------------------
The securities of CTI Communications Limited will be suspended
from quotation immediately, at the request of the Company,
following the outcome of resolutions considered by shareholders
at a general meeting held on 20 January 2003, and completion of
a proposed change to the Company's activities.

Below is the Company's Request Letter for Suspension:

CTI Communications Limited (Company) hereby requests an
immediate suspension from quotation for all its listed
securities, following approval of all motions considered at
Monday's general meeting of shareholders. We expect that the
suspension will be lifted when the Company completes its
acquisition of Tritton Resources Limited. The Company is not
aware of any reason why its securities should not be
suspended.


GOODMAN FIELDER: BPC Submits Application to Takeovers Panel
-----------------------------------------------------------
Burns, Philp & Company Limited (Burns Philp) in reference to the
takeover bid by its wholly owned subsidiary BPC1 Pty Limited
(BPC1), for all the Goodman Fielder Ltd (Goodman Fielder)
ordinary shares, at $1.85 per share (the Offer), and the
Bidder's Statement for the Offer dated 19 December 2002, issued
this information.

On 20 January 2003, Burns Philp notified the ASX that it did not
have sufficient information to determine whether the matters
announced by Goodman Fielder on 8 and 9 January 2003 triggered
any of the conditions of the Offer and, were they to have been
triggered, whether it would rely upon those breaches. This
continues to be the case.

Burns Philp states it has applied to the Takeovers Panel in
relation to Goodman Fielder, its target statement and related
matters.


GOODMAN FIELDER: Panel Declines Takeover Bid Application
--------------------------------------------------------
The Takeover Panel advises that it has published its reasons for
its decision to decline to make a declaration of unacceptable
circumstances in response to an application by Goodman Fielder
Ltd. (Goodman Fielder), which the Panel received on 30 December
2002. The application was in relation to a takeover bid for
Goodman Fielder by BPC1 Pty. Ltd. (Burns Philp) (a subsidiary of
Burns, Philp & Company Ltd.).

On 9 January 2003, the Panel decided not to make any
declaration. Its decision in relation to parts of Goodman
Fielder's application was based on submissions received. In
relation to other parts of the application, the decision was
based on undertakings, which it accepted from Burns Philp.
The Panel had previously decided not to make any interim order
restraining the dispatch of Burns Philp's bidder's statement.

The reasons for its decision have been published on the Panel's
website, 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

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 i.e. 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.


KALREZ ENERGY: Issues Oseil Production Operations Update
--------------------------------------------------------
Kalrez Energy Limited is a 2.5% shareholder in the Seram Joint
Venture that operates the Oseil oilfield. The major shareholder,
and Operator of the JV, is KUFPEC (Indonesia) Limited with
97.5%.

Production from the Oseil oilfield commenced on December 30th
2002, with processing taking place through a Temporary
Production System (TPS) nominally rated to approximately 12,000
barrels per day throughput.

The TPS facility is a temporary process facility to be utilized
until the permanent facilities currently being installed are
completed. Current expectations are that the permanent
facilities will be available during April 2003.

REPORTING PERIOD             FROM MIDNIGHT         TO MIDNIGHT
                             12TH JAN 2003         19TH JAN 2003
                         
Oil produced for the period   77,394             barrels of oil
                          
Average daily production
for the period                11,056             barrels of oil
                          
Cumulative oil produced       156,869            barrels of oil
                          
Oil sold during the period       0               barrels of oil
                          
Oil in stock                  156,869            barrels of oil
                          
The above represent total production from the Oseil oilfield as
reported by the Operator.  Kalrez entitlement is 2.5% of this
production after deducting operating costs and Indonesian
government entitlements.
                          
COMMENTS
                          
At the end of the reporting period, all three wells Oseil #1,
Oseil #2 and Oseil #4 are producing.

Well rates are being manipulated to attempt to stabilize TPS
operating conditions and maximize fluid heat, whilst monitoring
basic sediment and water levels ("BS&W') for each well, to
optimize each individual well rate.

Water cut average for the last 24 hours of the reporting period
was 3%.

Further updates will be on a weekly basis as announced in the
Australia Stock Exchange Announcement of 17th January 2003.


STADIUM AUSTRALIA: Releases Letter to Unitholders
-------------------------------------------------
Stadium Australia Trust posted the letter sent to its
Unitholders from MTM Investment Management Limited (MTM), as
attached at http://www.bankrupt.com/misc/TCRAP_SAX0121.pdf

The letter is in relation to the scheduled January 29 Unitholder
Meeting set by Ogden International Facilities Corporation Pty
Ltd (ABN 12 010 835 551) calling to remove MTM as a Responsible
Entity of the Trust. Attached to the letter is a statement from
MTM in response to Ogden's Notice of Meeting. To see a copy of
Ogden's Notice of Meeting, refer to the TCR-AP Friday, January
10, 2003 Vol. 6, No. 7 issue.  


VOYAGER ENERGY: Continues Rationalization of Non-Core Assets
------------------------------------------------------------
Voyager Energy Limited has reached an agreement with Gulliver
Productions Ltd for the sale of its 29.92% interest in
exploration license EP-104 containing the unappraised Point
Torment gas field (in which Voyager has a 37.4% interest) and
40.48% interest in the associated West Kora Production License
Application. Both projects are located onshore and in the
King Sound area near Derby in the Canning Basin. An appraisal
well is planned on the Point Torment field during the first half
of 2003.

The sale provides for assignment of the interest to Gulliver
effective from 10 November 2002 and Voyager in preserving its
working capital for exploitation of its core, Perth Basin
assets.

Voyager will receive a payment of $50,000 once certain financing
arrangements are achieved by Gulliver and will have the right to
re-acquire a 10% interest in the project after the results of
the Point Torment-2 gas appraisal well are known.

The company has paid no dividends during the last 12 months. it
also reported losses during the previous 12 months. Wrights
Investors' Service reports that market capitalization of the
company is A$19.24 million (US$11.37 million). The
capitalization of the floating stock is A$18.88 million
(US$11.16 million).  These shares are not very liquid.

CONTACT INFORMATION: John Begg (Managing Director) or
                     Gillian Evans (Company Secretary)
                     Telephone: +61 8 9388 6722
                     Facsimile: +61 8 9388 6733
                     Email: info@voyagerenergy.com.au
        

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


BODYKEY FITNESS: Faces Winding Up Petition
------------------------------------------
The petition to wind up Bodykey Fitness Center Limited is
scheduled for hearing before the High Court of Hong Kong on
February 5, 2003 at 9:30 in the morning.

The petition was filed with the court on November 27, 2002 by
Kin Tong Land Investment Company Limited whose registered office
is situated at Top Floor, Chinachem Golden Plaza, 77 Mody Road,
Tsimshatsui East, Kowloon, Hong Kong.


CARGO MANAGEMENT: Winding Up Sought by TGAX Logistics
-----------------------------------------------------
TGAX Logistics (Hong Kong) Limited is seeking the winding up of
Cargo Management Consultants (H.K.) Limited.  The petition was
filed on December 16, 2002, and will be heard before the High
Court of Hong Kong on February 26, 2003.

TGAX Logistics holds its registered office at Flat 48-53, Ground
Floor, Phase II, Tsing Yi Industrial Center, 1-33 Cheung Tat
Road, Tsing Yi, New Territories, Hong Kong.


EUROLITE COMPANY: Petition to Wind Up Pending
-------------------------------------
The petition to wind up Eurolite Company Limited is set for
hearing before the High Court of Hong Kong on February 19, 2003
at 9:30 in the morning.

The petition was filed with the court on December 16, 2002 by
Bank of China (Hong Kong) Limited whose registered address is at
14/F., Bank of China Tower, No. 1, Garden Road, Central, Hong
Kong.


HIGH CHAMP: Winding Up Hearing Scheduled February 19
----------------------------------------------------
The High Court of Hong Kong will hear on February 19, 2003 at
10:00 in the morning the petition seeking the winding up of High
Champ Limited.

Mok Siu Kwan of Room 816, Cheong On House, Nam Cheong Estate,
Hong Kong filed the petition on December 19, 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 INT'L: Sees No Reason for Share Price Decrease
---------------------------------------------------------
The Board of Directors of Innovative International (Holdings)
Limited has noted the recent decreases in the price of the
shares of the Company and wishes to state that the Board is not
aware of any reasons for such decreases.

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

Wrights Investors' Service reports that at the end of 2002,
Innovative International had negative working capital, as
current liabilities were HK$836.71 million while total current
assets were only HK$35.06 million. The company also reported
losses during the previous 12 months.


MANSION HOLDING: Sees No Reason for Share Price Decrease
--------------------------------------------------------
The Board of Directors of Mansion Holdings Limited has noted the
recent decrease in the price of the shares of the Company and
wishes to state that except the disclosure made in the
announcement dated 13th January, 2003, it is not aware of
any reasons for such decrease.

The Board also confirms that there are no negotiations or
agreements relating to intended acquisitions or realizations
which are discloseable under paragraph 3 of the Listing
Agreement, nor 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.

Mansion Holdings Limited had negative working capital, as
current liabilities were HK$76.41 million while total current
assets were only HK$72.16 million, Wrights Investors Service
reported, adding that it reported losses during the previous 12
months and has not paid any dividends during the previous 3
fiscal years.


PCCW LIMITED: Parallel Trading Commences Today
----------------------------------------------
Market participants are requested to note the parallel trading
in the ordinary shares of PCCW Limited will commence at 9:30
a.m. on Wednesday, 22 January 2003 under the following
particulars:

Stock Code  Stock Short Name     Board Lot    Certificate Color
----------  ----------------     ---------    -----------------
8           PCCW-NEW             1,000 shares     Red
2906        PCCW-OLD               200 shares     Light Blue

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

According to Wrights Investors' Service, at the end of 2001, the
company had negative common shareholder's equity of -HK$7.64
billion. This means that at the present time, the common
shareholders have essentially no equity in the company. This is
further compounded by the fact that among the assets the company
does have on its balance sheet, there are HK$2.75 billion in
intangible assets. This company's total liabilities are higher
than total equity, which means that the money this company owes
are greater than all of the assets of the company.


SHEN GANG: Winding Up Petition Pending
--------------------------------------
Shen Gang Limited is facing a winding up petition, which is
slated to be heard before the High Court of Hong Kong on
February 5, 2003 at 10:00 in the morning.

The petition was filed on December 3, 2002 by UFJ Bank Limited
(formerly known as the Sanwa Bank, Limited) whose registered
address is at Fairmont House, 8 Cotton Tree Drive, Central, Hong
Kong.


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


ASTRA GRAPHIA: Permitted to Pay Dividend
----------------------------------------
PT Astra Graphia Tbk has issued its Release Date Certificate to
ABN Amro Bank N.V. (Facility Agent) to announce the company's
fulfillment of its obligations. The announcement states that the
company has:

   1) paid off more than 50 percent of its loan to all creditors
as noted in the Debt Restructuring Agreement,

   2) achieved less than 3 of Net Debt to EBITDA Ratio, and 3)
never been defaulted.

Following the Release Date, Astra Graphia is liberated from the
Cash Monitoring and Control Mechanism (CMCM), thus all creditors
as noted in Debt Restructuring Agreement are giving permission
to ASGR to disburse Dividend up to 40 percent from Net Profit
and manage its finances. Despite that all creditors also
unrestricted the amount of Capital Expenditure and amount of
Loan for working capital.

Therefore, the Annual General Meeting of Shareholders 2003 will
allowed to make an agreement to distribute a maximum of 40
percent of 2002's Net Profit as Dividend to Astra Graphia's
shareholders.

Additional Information

As of January 15, Astra Graphia is two loan payments ahead of
schedule, completing its debt obligations for 2003:

   1. US$4,63 million on 30 September 2002 instead of the
scheduled date on 31 December 2002.

   2. US$7,77 million on 30 December 2002 instead of the
schedules dated 30 June and 31 December 2003.

For the year 2003, ASGR hasn't got any obligation to repay loan
installments scheduled in 2003.

As of 31 December 2002, Astra Graphia's total amount of loan is
US$27,15 million, a decrease of US$55,11 million from US$82,26
million at the end of 1999 when The Debt Restructuring Agreement
was signed.

CONTACT INFORMATION: Handoyo Gunawan
                     Chief Corporate Secretary
                     Phone: (021) 572-1177 ext. 1600
                     Fax: (021) 574-4241


INDOFOOD SUKSES: May Issue US$113M in Bonds
-------------------------------------------
In an effort to refinance debt PT Indofood Sukses Makmur may
look to issue bonds valued at Rp1 trillion (US$113 million),
Asia in Focus reports, citing company Director Cesar M. de la
Cruz, adding that the declining trend of the benchmark interest
rate of Bank Indonesia promissory notes (SBI) has prompted a
plan that may see the company issue bonds to repay debt.

This follows a US$280 million bond issue by the company in the
middle of last year.

According to Wrights Investors' Service, at the end of 2001, PT
Indofood Sukses Makmur Terbuka had negative working capital, as
current liabilities were Rp6.06 trillion while total current
assets were only Rp5.25 trillion.


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


HAZAMA CORPORATION: Mizuho Extends Financial Support
----------------------------------------------------
Standard & Poor's Ratings Services announced that Mizuho
Corporate Bank Ltd.'s possible credit costs from debt
restructuring requested by troubled construction Company Hazama
Corp. (Ccpi) are within Standard & Poor's expectations and would
not affect its ratings on the bank.

Hazama recently announced that it would request financial
support, including a debt-for-equity swap, from its major
creditor banks, including main bank Mizuho Corporate Bank. In
response, Mizuho Corporate Bank expressed its intention to
provide full support to Hazama's restructuring plan.

The renewed restructuring plan is more drastic than the original
plan launched in 2000, and should boost the likelihood of
improvement in Hazama's financial profile. However, given the
continued difficult business environment in the construction
industry, Mizuho Corporate Bank will remain exposed to the high
business risk of Hazama, including the possibility that
additional financial support could be required.


JAPAN AIRLINES: Postpones Fare Hike to June
-------------------------------------------
Japan Airlines System Corporation will delay raising fares on
domestic flights until June, from the originally scheduled
April, Kyodo News said on Tuesday.

The holding Company of Japan Airlines Co. (JAL) and Japan Air
System Co. (JAS) had planned to implement the hike to cope with
a government plan to hike airport landing fees, which will take
place in April.


NEC CORPORATION: Affiliate Pays Over Y100M to Protesters
--------------------------------------------------------
An affiliate of NEC Corporation made a payment in excess of 100
million yen to a protesting labor group demanding the
resignation of former NEC Chairman Tadahiro Sekimoto, reports
the Sankei Shimbun and Dow Jones.

The payment wasn't declared to authorities and a firm related to
the group is liable to pay supplementary tax charges of around
Y30 million.

The Company dismissed Sekimoto as an adviser in December on the
grounds that the criticism he had expressed publicly about
Company policies were hurting the firm.


NEC CORPORATION: Appoints Akinobu Kanasugi as New President
-----------------------------------------------------------
NEC Corporation has chosen Akinobu Kanasugi as its new
President, Dow Jones reports. Kanasugi will replace Koji
Nishigaki. The personnel change will take effect on March 28.

Though Nishigaki will stay on as a Vice Chairman, he decided to
step down as President as he has now overseen the launch of most
of the restructuring plans aimed at getting the Company's
earnings back on a recovery trend. He also cited health
concerns, after he was hospitalized late last year in Tokyo due
to lower-back pain.

"It's difficult to continue for the long term," Nishigaki said.

For the fiscal year through March, NEC expects to post a Y10
billion group net profit, marking a major turnaround from the
Y312.0 billion loss it posted last year.

According to Wright Investor's Service, during the 12-month
period ending March 31, 2002, the Company reported losses of
187.06 per share, implying that the management believes that the
Company will return to profitability soon.


* Teikoku Databank Releases November 2002 Bankruptcy Report
-----------------------------------------------------------
Teikoku Databank Ltd. releases Japan's business failures for the
month of November 2002 as:

CASES OF BANKRUPTCIES AND AMOUNT OF LIABILITIES

(Liabilities: in Million yen)

Bankruptcies:  1,433
(down 16.0 percent below 1,706 in October 2002)
(down 22.6 percent below 1,851 in November 2001)

Liabilities: 575,679
(down 70.1 percent below \1,926,966 in October 2002)
(down 69.4 percent below \1,822,063 in November 2001)

HIGHLIGHT AND OUTSTANDING FEATURE

The number of bankruptcies (1,433 cases) decreased on a year-on-
year basis for four straight months, which fell below 1,500
cases for the first time in five months. It is the 13th record
for November in the postwar period. The number of bankruptcies
shows wild fluctuations holding potential of increment. A
decrease in transactions using notes, which reflects credit
contraction, curbed on bankruptcies with dishonored bill. On the
other hand, legal bankruptcies tended to increase. The total
number of bankruptcies for the period of January to November
2002 recorded 17,901 cases, the fourth highest record in history
for the same period. Amid a sluggish consumption and a decline
in motivation to invest, bankruptcies caused by deflationary
depression are still on the increase.

Total liabilities marked 575,679 million yen, which fell below
600,000 million yen for the first time in 35 months since
December 1999 (392,527 million yen). It is the lowest record of
the year and the 10th highest record in November in the postwar
period.

Construction (432 cases), wholesale (238 cases) and
transportation & communication (55 cases) industries marked the
lowest record of the year.

The number of business failures (liquidation type) showed a
year-on-year increase for 35 straight months (428 cases, up by
1.7 percent compared to November 2001).

Bankruptcy in the listed Company occurred for two consecutive
months, but there was only one case of Kokune Corp. (listed on
the 1st section of Tokyo Stock Exchange).

Bankruptcies in time-honored companies with 30-year or more
business history occurred to one in every four companies (365
cases, composition of 25.5 percent).

Recession-induced bankruptcies totaled 1,127 cases or
composition of 78.6 percent is the highest in all-time record.
The companies that were driven into bankruptcies due to bearish
sales or bad debts, etc., account for more than three-quarters
of the total.

The press release is located at http://www.tdb.co.jp/


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


CHOHUNG BANK: KDI Asks President Elect to Sell Bank Quickly
-----------------------------------------------------------
The Korea Development Institute (KDI) has stressed the need to
sell cash-strapped Chohung Bank as early as possible during its
business report to President-elect Roh Moo-hyun Monday, Asia
Pulse said on Tuesday.

"It's important to improve our economy's external credit
standing through consistent reform policies, and the sale of
Chohung Bank should be promptly pushed," the state-run think
tank said.

Foreign news media made affirmative estimates as the government
recently expressed a will to quickly push for the disposal of
Chohung Bank, which has been delayed because of backlashes from
the labor circles, the agency said.


HANYANG CORPORATION: Goodmorning City Acquires Bankrupt Firm
------------------------------------------------------------
Construction firm Hanyang Corporation is likely to re-emerge
after real estate firm Goodmorning City announced to acquire the
bankrupt firm, Digital Chosun reported on Tuesday.

Goodmorning City had signed a main contract to acquire the stake
in Hanyang held by the state-run Korean National Housing Corp.,
the largest shareholder in the firm, by around the end of last
year.

Goodmorning will pay a total of 230.8 billion won for the
acquisition, in installments over the next three years. The
real-estate development firm said that it has already paid 18
billion won to the state firm for a bond for the contract
performance.


HYNIX SEMICON: Receives Validation From Intel for DDR SDRAM
-----------------------------------------------------------
Hynix Semiconductor Inc. announced a successful Intel validation
and launched mass production of a high-speed 333Mbps 512Mb DDR
SDRAM. The Intel Corporation validation of the Hynix high-speed
333Mbps 512Mb DDR SDRAM is a first for the Korean DRAM industry.

"This validation from Intel demonstrates a confidence in the
performance of our 512 Mb DDR SDRAM," said Farhad Tabrizi, Vice
President of Worldwide Marketing at Hynix. "At Hynix, we
continue to leverage our advance technology and production
capabilities to deliver timely products that give our customers
an edge in a highly competitive marketplace. We expect this
validation to have a very positive impact on future DDR SDRAM
sales."

Hynix has applied its 0.13-micron Prime Chip manufacturing
technology to the development of the 512 DDR SDRAM. The chipset
has an external power source of 2.5V, TSOP/FBGA packaging and
can operate at the highest speed of DDR 333.

Hynix offers a broad range of DDR SDRAM products to meet the
diverse needs of desktop, portable, networking and graphics
applications. The high-speed 512Mb DDR SDRAM meets the demand
for high-bandwidth and low latency while increasing the memory
density needed for future high-end desktop, server and mainframe
applications. Initially, the 333Mbps 512Mb DDR SDRAM will be
used in 2 Gigabyte (GB) registered DIMM modules, providing
higher memory density needed for server applications, and 1GB
Small Outline DIMM's for high-performance notebook application.

Hynix expects the mass production of 512Mb DDR SDRAM will
enhance its market leadership and add world class standing to
its product offerings.

For a copy of the press release, go to www.hynix.com


HYUNDAI MERCHANT: BAI Files Suit Against Firm
---------------------------------------------
The Board of Audit and Inspection (BAI) will file a lawsuit
against Hyundai Merchant Marine (HMM) with the Seoul District
Prosecutor's Office next week, after the finance department of
HMM refused to submit a report on the spending of a 400 billion
won questionable loan to the board by Monday, Digital Chosun
reported Tuesday.

BAI will be suing HMM for violating the Inspection Law.
According to the current inspection law, the violator is
sentenced to a maximum of one year in prison and a fine of 5
million won.

The board is also considering indicting Park Sang-bae Vice-
President and the then President Lee Keun-young of the Korea
Development Bank for illegally lending the 400 billion won to
HMM in June 2000. Thus, the investigation of suspicions the
money was sent to North Korea has been transferred to the
Prosecutor's Office.

The board verified that of the 400 billion won, 176 billion won
has been used as HMM operational funds, but the spending of 224
billion won is unknown.


HYUNDAI MERCHANT: BAI Unable to Confirm Use of W230 Billion  
-----------------------------------------------------------
The Board of Audit and Inspection (BAI) is unable to trace how
some of Hyundai Merchant Marine's 400 billion won loan was
allocated, Digital Chosun and Arirang TV reported on Tuesday.
Hyundai borrowed some US$350 million from the state-run Korea
Development Bank two years ago.

The Company was suspected of withdrawing the money as part of a
secret fund transfer to North Korea in June 2000. Investigations
have only been able to track down the whereabouts of 170 billion
won, and that it is hard to tell where the remaining 230 billion
won was used.

Government auditors plan to report Hyundai Asan Chairman Chung
Mong-hun and then Korea Development Bank (KDB) Governor Lee
Keun-young to the prosecution for violating banking laws.


KOREA ELECTRIC: Naming Prime Power Unit Bidder in Late February
---------------------------------------------------------------
Korea Electric Power Corp. (KEPCO) will name in late February
the prime bidder for a stake in its unit Korea South-East Power
Co., Dow Jones reports, citing the Ministry of Commerce Industry
and Energy.

KEPCO plans to sell a 34 percent-51 percent stake in the unit as
part of the government's efforts to privatize state firms.

The Company will reveal the short list of suitable investors on
January 27, the report said. It will receive proposals until
Wednesday.


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


AOKAM PERDANA: Submits Restraining Order Application to Court
-------------------------------------------------------------
Further to the announcement made on 18 December 2002 on the
Corporate Proposals, Aokam Perdana Berhad announced that the
Company had filed on Monday the following applications with the
High Court of Malaya:

   (i) the Proposed Debt Restructuring Scheme of Aokam and its
subsidiaries, Aokam Industries Sdn Bhd and Pembangunan Papan
Lapis (Sabah) Sdn Bhd (PPL) pursuant to Section 176 (1) of the
Companies Act, 1965; and

   (ii) Restraining Orders for Aokam and PPL pursuant to Section
176 (10) of the Companies Act, 1965.


ASSOCIATED KAOLIN: Special Administrators OK Proposals Revision
---------------------------------------------------------------
On behalf of Associated Kaolin Industries Berhad (Special
Administrators Appointed), Commerce International Merchant
Bankers Berhad announced that AKI's Special Administrators (SA)
have on 16 January 2003 accepted the principal terms and
conditions of the revisions to the Proposals proposed by the
Promoters i.e. Stargard Resources Sdn Bhd, Saporiti Resources
Sdn Bhd, Shucho Asia Trading Sdn Bhd and Poh Kim Heng via their
letters dated 1 December 2002 and 7 January 2003. The agreements
for the Put Option and Call Option proposed will be entered into
after the receipt of the necessary approvals from the relevant
authorities.

The proposed revisions will entail revisions to the Proposed
Rights Issue, Proposed SBI and the Proposed Debt Restructuring,
which form parts of the Proposals approved by the Securities
Commission (SC) via its letter dated 11 July 2002. Please refer
to Table 1 for the details of the proposed revisions found at
http://www.bankrupt.com/misc/TCRAP_AKI0122.doc.

The other principal terms of the Proposals remained unchanged.
The proposed revisions will be incorporated into the Proposals
and are subject to, amongst others, the approval of the SC,
Foreign Investment Committee, Pengurusan Danaharta Nasional
Berhad and Ministry of International Trade and Industry.

In view of the current weak market sentiment and the difficulty
in procuring investors, the revisions proposed are to ensure the
smooth implementation of the Proposals and to return AKI to a
sound financial footing.

The Company will announce the financial effects of the proposed
revisions in due course.


CELCOM (MALAYSIA): E&Y Appointed as Tritel's Receivers, Managers
----------------------------------------------------------------
The Board of Directors of Celcom (Malaysia) Berhad announced
that Citibank Tanzania Limited (Citibank Tanzania) has given
notice for the appointment of Gotfrid Stolis Tesha and Anael
Patrick Kavishe of Messrs ERNST & YOUNG P.O Box 2475, Dar es
Salaam as Joint Receivers and Managers of TRI
Telecommunicationtanzania Limited (Tritel) under the terms of
the Debenture Agreement dated 6 April 2001 giving the holders a
ranking first fixed charge over the assets of Tritel and a first
ranking floating charge over all the current assets of Tritel ,
both moveable and immoveable whatsoever, wheresoever, both
present and future.

Date of Appointment of Receivers and Managers

14 January 2003 when the Deed of Appointment was signed.

Details of Tritel

Tritel was incorporated on 11 May 1994. By a joint venture
agreement dated 13 September 1993, Technology Resources
Industries Berhad (TRI) (now the wholly owned subsidiary of
Celcom) and VIP Engineering and Marketing Limited (VIPEM) agreed
to establish a joint venture company to provide
telecommunications services in Tanzania. TRI holds 14,103
ordinary shares, representing 60% whereas VIPEM holds the
remaining 9,402 ordinary shares representing 40% without putting
any investment.

Tritel has an authorized capital of Shs2,500,000,000 divided
into 25,000 ordinary shares of Shs100,000 each out of which
23,505 ordinary shares has been issued and credited as fully
paid-up. The principal activity of Tritel is the provision of
telecommunications services.

Net Book Value of the Affected Assets

The unaudited Net Book Value of the total assets of Tritel as at
30 November 2002 is Shs31.7 Billion equivalent to USD31.8
Million.

Details of Events leading to the appointment of Receivers &
Managers

Tritel has obtained loan facilities from Citibank Tanzania
Limited (Citibank Tanzania) and Citibank N.A Bahrain (Citibank
N.A Bahrain) totaling US$18.7 Million, which was secured against
a Debenture Agreement, dated 6 April 2002 (Debenture). Pursuant
to the Notice of Default dated 17 December 2002, Citibank
Tanzania has informed Tritel of its intention to accelerate the
said loan facilities due to the following events:

   (i) the decision by Tanzania Communications Commission (TCC)
to revoke Tritel 's GSM telecommunication license.

   (ii) material adverse change in Tritel's current business
performance.

On 10 January 2003, TCC had made a public announcement on the
revocation of Tritel's GSM telecommunication license.
Subsequently, on the same date, Tritel had also made a public
announcement of its intention to cease operation effective 31
January 2003.

Financial and Operational Impact of the appointment of Receivers
& Managers on Celcom Group

The appointment of Receivers & Managers is not expected to have
any immediate financial and operational impact on Celcom Group.

TRI's investment in Tritel had been fully written off during the
financial year ended 31 December 2001.

Expected losses arising from the appointment of Receivers &
Managers

The expected losses arising from the appointment of Receivers &
Managers is approximately US$250,000.

Steps Taken or Proposed to be taken by Celcom in respect of the
appointment of Receivers & Managers

Celcom will take necessary steps relevant to its exit plan as
highlighted in Celcom's announcement on 6 January 2003 to ensure
that its interests are protected.


GEAHIN ENGINEERING: Agrees With SC's PRS Condition
--------------------------------------------------
Further to the announcement dated 30 December 2002, Public
Merchant Bank Berhad is pleased to announce that Geahin
Engineering Berhad and the vendors of Mayford Garment Sdn Bhd
and M.K.K. Industries Sdn Bhd having deliberated on the
conditions imposed by the Securities Commission (SC) vide its
approval letter dated 26 December 2002 in relation to the
Proposed Restructuring Scheme (PRS), have accepted the terms and
conditions therein.


GENERAL LUMBER: FIC Approves Proposed Restructuring Scheme
----------------------------------------------------------
Further to the announcement on the proposed restructuring scheme
(Proposed Restructuring Scheme) dated 14 January 2003, PM
Securities Sdn Bhd (PM Securities), on behalf of General Lumber
Fabricators & Builders Bhd, announced that the Foreign
Investment Committee (FIC) had via its letter dated 31 December
2002 (which was received on 16 January 2003) approved the
Proposed Restructuring Scheme of GLFB, as proposed, subject to
the condition that Maxtral Industry Berhad (MIB) has a minimum
30% direct Bumiputera equity content upon the quotation and
listing of MIB on the Kuala Lumpur Stock Exchange.

In addition to the above, the Company is required to inform the
FIC on completion of the Proposed Restructuring Scheme.

In respect of the minimum Bumiputera equity content in MIB, the
Board of Directors of GLFB is in consultation with MIB on the
said condition.

The Company is presently awaiting the approval from the
Securities Commission for the Proposed Restructuring Scheme of
GLFB.


HIAP AIK: FIC Endorses Proposed Restructuring Scheme
----------------------------------------------------
Hiap Aik Construction Berhad (Special Administrators Appointed),
in relation to the announcement made 14 November 2002 by
AmMerchant Bank Berhad (formerly known Arab-Malaysian Merchant
Bank Berhad) in regards to the Proposed Restructuring Scheme.

AmMerchant Bank, on behalf of HACB, wishes to announce that the
Foreign Investment Committee has, vide its letter dated 30
December 2002 (which was received by AmMerchant Bank on 16
January 2003), no objection to the Proposed Restructuring
Scheme.

The above Proposed Restructuring Scheme is still subject to the
approvals of, inter-alia, the Securities Commission, Pengurusan
Danaharta Nasional Berhad and Kuala Lumpur Stock Exchange.


JIN LIN: Replies to KLSE's Litigation Query
-------------------------------------------
Jin Lin Wood Industries Bhd, in reference to the Kuala Lumpur
Stock Exchange's Query Letter reference ID: MN-030115-33461
dated 17 January 2003 on Material Litigation, replied as
follows:

   (1) As a result of the legal suit, Syarikat Mustapha Ngu &
Timber Sdn Bhd's (SMNT) will not be able to utilize its credit
facilities thus, putting SMNT under considerable financial
constraints. However, the JLWIB Group will continue to operate
and carry out its business significantly on a cash basis.

   (2) The legal suit is in respect of the loan principal and
interest owing by SMNT to the bank. The amount of the loan
principal and the interest have or would have already been
respectively reflected in the balance sheet and profit and loss
accounts of SMNT and the JLWIB Group. Thus, the proceedings are
not expected to cause losses to SMNT and the JLWIB Group.

   (3) The JLWIB Group was faced with cashflow problems during
the world economic slowdown in 2001 due to a severe drop in
product prices and demand. This has resulted in SMNT's inability
to service its repayment of certain bank borrowing facilities.

With the slowdown in the timber market during the first half of
2002, JLWIB Group experienced further difficulties in servicing
its bank borrowing facilities, which may have led the bank to
decide on legal action against SMNT.

The JLWIB Group has been and is in negotiation with individual
banks on loan restructuring proposals to enable the JLWIB Group
to sustain its operations.

Below is the KLSE's Query Letter content:

We refer to your Company's announcement dated 14 January 2003 in
respect of the aforesaid matter. In this connection, kindly
furnish the Exchange immediately with the following
additional information for public release:

1. The financial and operational impact of all the proceedings
on the Group;

2. The expected losses to your Group arising from all the
proceedings; and

3. The details of the default or circumstances leading to the
filing of all the proceedings against Syarikat Mustapha & Ngu
Timber Sdn Bhd.

Yours faithfully
TAN YEW ENG
Senior Manager, Listing Operations
WSW/TYE/LMN
copy to: Securities Commission (via fax)


KIARA EMAS: Court Holds Convened Shareholders' Meeting
------------------------------------------------------
On behalf of Kiara Emas Asia Industries Berhad, AmMerchant Bank
Berhad announced that the High Court of Malaya at Seremban had,
on 2 January 2003, granted an application to hold the Court
Convened Shareholders' Meeting of Kiara Emas, for the purpose of
considering and, if thought fit, approving the Proposed
Shareholders' Scheme.

The Court Convened Shareholders' Meeting shall be held on or
before 22 July 2003 or any other date as directed by the Court,
between 9:00 am and 5:00 pm at a place to be determined by Kiara
Emas.


KURNIA SETIA: Provides GESD's Default in Payment Status Update
--------------------------------------------------------------
Kurnia Setia Berhad wishes to announce on the default in payment
by its subsidiary Ge-Sunny Dale Industries Sdn. Bhd. (GESD), due
to the adverse economic conditions and insufficient funds to
service its bankers.

1. Overdraft Facility of RM1,000,000.00

Tight cashflow condition has resulted in GESD continue to
default in payment of overdraft facility owing to Public Bank
Berhad. The outstanding amount as at 2 January 2003 is
RM1,033,889.53 (total interest and principal sum).


2. Address the Default

GESD is taking all the necessary actions to settle the
outstanding amount and currently payments have been made on a
staggered basis. Kurnia Setia as the holding company will
continue to give financial support to its subsidiary.


LONG HUAT: Gets KLSE's Public Reprimand for Breach of LR
--------------------------------------------------------
The Kuala Lumpur Stock Exchange (KLSE) in consultation with the
Securities Commission, publicly reprimanded Long Huat Group
Berhad for breach of paragraphs 6.1 of Practice Note No. 4/2001
(PN4) and 8.14(3)(d) of the KLSE's Listing Requirements (LR).

Pursuant to paragraph 6.1 of PN4, an affected listed issuer
which fulfils one or more of the following criteria must appoint
an independent accounting firm as a Monitoring Accountant (MA)
within 2 weeks from the date of the First Announcement, to
perform the functions set out in paragraph 6.2 of PN4.

   (a) the latest group audited accounts of the affected listed
issuer are qualified in any or more of the following respects:

     (i) the auditors were unable to determine that all relevant
transactions have been recorded due to incomplete accounting
records; or

     (ii) the auditors were unable to obtain sufficient
information and explanations from the directors with regard to
the latest group audited consolidated accounts; or

   (b) the latest audited accounts have not been issued and the
issuance has been delayed for more than 6 months from the date
the audited accounts are due to be issued.

Pursuant to paragraph 8.14 (3)(d) of the LR, a listed issuer
and/or its directors must do all such things as may be directed
by the Exchange from time to time where a listed issuer fulfils
one or more of the criteria prescribed by the Exchange in
relation to the financial condition of the listed issuer.

LHUAT's annual audited accounts for the financial year ended 31
August 2001 were qualified by its auditors, amongst others, on
the aspect that the auditors were unable to form an opinion as
to whether the accounting and other records and the registers
required by the Companies Act, 1965 to be kept by the Company
and by the subsidiaries have been properly kept in accordance
with the provisions of the Companies Act. The Exchange had vide
its letter dated 16 May 2002 required the Company to appoint a
MA to perform the functions set out in paragraph 6.2 of PN4 by
30 May 2002.

LHUAT has breached paragraphs 6.1 of PN4 and 8.14(3)(d) of the
LR for failing to appoint the MA by the timeframe of 30 May 2002
as stipulated by the Exchange. LHUAT only appointed the MA on 25
October 2002, after a delay of approximately five (5) months
from the Exchange's stipulated timeframe.

The public reprimand was imposed pursuant to Paragraph 16.17 of
the LR after taking into consideration all relevant factors
including the fact that LHUAT is a repeat offender of the LR and
after consultation with the Securities Commission.

The KLSE previously publicly reprimanded LHUAT for breaching
Section 335(4)(b)(x) of the Main Board Listing Requirements by
virtue of Clause 1.18 of the Second Board Listing Requirements
for failing to make immediate announcements to the Exchange
pertaining to seven (7) writs of summons served on the Company
and/or its subsidiaries, from 30 November 1998 to 23 March 2001.
The KLSE views this contravention seriously and hereby cautions
LHUAT and its Board of Directors on their responsibility to
maintain appropriate standards of corporate responsibility and
accountability in order to achieve greater disclosure and
transparency to its shareholders and the investing public


PAN PACIFIC: Joint Secretary Wee Hee Resigns
--------------------------------------------
Pan Pacific Asia Berhad posted this notice:

Date of change : 15/01/2003  
Type of change : Resignation
Designation    : Joint Secretary
License no.    : MAICSA 0773340
Name           : Lee Wee Hee

COMPANY PROFILE

Prior to its public issue, Pan Pacific undertook a restructuring
exercise involving the acquisition of stockbroking companies. In
1995, the Company embarked on timber-related activities when it
completed a restructuring exercise which involved the
acquisition of five timber companies: Caritimas Sdn Bhd, Kawood
Sdn Bhd, Leaderade Sdn Bhd, Propagate Industry Sdn Bhd and
Wansuria Sdn Bhd. At the same time, the Company divested its
interest in stockbroking company, South Johor Securities Sdn
Bhd.

On 26 December 2000, Pan Pacific entered into a conditional
Share Sale Agreement with K & N Kenanga Bhd for the proposed
disposal of the entire issued and paid-up share capital of
Peninsula Securities Sdn Bhd (PSSB). On 24 August 2001, the
shareholders of Pan Pacific approved the proposed disposal of
PSSB to K & N Kenanga. The disposal was subsequently completed
on 30 August 2001.

Pursuant to the revamped listing requirements of Practice Note
4/2001 which requires affected listed issuers to announce plans
to regularize their financial condition, the Company has
commenced negotiations with one of its major financiers for its
debt restructuring. Pan Pacific also plans to utilize part of
the proceeds from its divestment of the stockbroking subsidiary
to establish a manufacturing facility for biodegradeable
packaging for food and beverages.

CONTACT INFORMATION: Suite 6.2, Level 6, Menara Pelangi
                     Jalan Kuning, Taman Pelangi
                     80400 Johor Bahru
                     Tel : 07-3343008
                     Fax : 07-3339163


TECHNO ASIA: Court Adjourns Unit's Winding Up Hearing
-----------------------------------------------------
Reference is made to a winding-up petition obtained by Central
Mercantile Corporation (M) Sdn. Bhd. (CMCSB) against Ganda
Plantation Sdn. Bhd. (GPSB) subsequent to a judgment obtained
against GPSB on 29 November, 2001 in the High Court at Kuala
Lumpur. CMCSB had filed for a claim of RM1.75 million, together
with interest accrued at the rate of 8% per annum.

GPSB is contesting this claim and their solicitors have advised
that the hearing of the winding-up petition has now been
adjourned by the High Court of Johor Bahru to 10 July, 2003.

GPSB is a 79.45% owned subsidiary company of Techno Asia
Holdings Berhad (Special Administrators Appointed).


TENGGARA OIL: Strikes Off Non-Operating Unit
--------------------------------------------
Tenggara Oil Berhad informed that upon its application to the
Companies Commission of Malaysia (CCM), it had on 20 January
2003 received a notification dated 30 December 2002 from CCM
that Tenggara Tentas Technologies Sdn. Bhd. (Company No :
436676-K) [TTTSB], a subsidiary of the Company, will be struck-
off from the Register of CCM and be dissolved pursuant to
Section 308 of the Companies Act, 1965 on expiration of three
(3) months from the date of notification.

TTTSB never commenced operations after incorporation. The
striking-off of TTTSB will not have any significant effect on
the earnings or net tangible assets per share of TOB Group for
the financial year ending 31 January 2003.

Wrights Investors' Service reported that at the end of 2002,
Tenggara Oil had negative working capital, as current
liabilities were RM33.36 million while total current assets were
only RM25.05 million. The company also reported losses during
the previous 12 months and has not paid any dividends during the
previous 2 fiscal years.


TRU-TECH: Warrants Exercise Period Extended for Three Years
-----------------------------------------------------------
The Board of Directors of Tru-Tech Holdings Bhd, in relation to
the Extension of Duration and Exercise Period of Tru-Tech's
Outstanding 6,981,125 1996/2001 Warrants (1996/2001 Warrants)
announced that that the exercise period of the 1996/2001
Warrants has been extended for a further period of three (3)
years from 19 April 2003 up to and including 18 April 2006, as
announced by the Company on 18 January 2003, being three (3)
months from the expiry date of the 1996/2001 Warrants on 18
April 2003.

On 2 October 2000, the holders of the 1996/2001 Warrants
approved the Company's proposal of extending the duration and
exercise period of the 1996/2001 Warrants by one (1) year from
18 April 2001 up to and including 18 April 2002 (First
Extension) and thereafter an option to extend the exercise
period for a further period of one (1) year expiring 18 April
2003 (Second Extension) with a final option of effecting the
Final Extension.

The Company effected the First Extension and Second Extension on
5 October 2000 and 18 January 2002 respectively.

As stipulated under Clause 10 of the 2nd Supplemental Deed Poll
dated 5 October 2000, the Company may, at its discretion and
without the consent of the holders of the 1996/2001 Warrants,
effect the Final Extension, if the exercise price of the
1996/2001 Warrants exceeds the weighted average market price of
Tru-Tech's shares for every market day during the thirty (30)
consecutive market days immediately preceding 18 January 2003
(Monitoring Period) during which the shares are quoted on the
KLSE. In this respect, the highest weighted average market price
of Tru-Tech's shares during the Monitoring Period was RM0.205 on
13 December 2002 whilst the exercise price of the 1996/2001
Warrants is RM7.80.

Wrights Investors' Service reports that at the end of 2001, Tru-
Tech Holdings, electronic components manufacturer, had negative
working capital, as current liabilities were RM208.37 million
while total current assets were only RM163.34 million. The
company also reported losses during the previous 12 months and
has not paid any dividends during the previous 2 fiscal years.


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


BAYAN TELECOMMUNICATIONS: Eyes Fixed-Line Facilities in Cebu
------------------------------------------------------------
Telecommunications firm Bayan Telecommunications (BayanTel)
plans to offer fixed-line services in some areas of in Cebu
City, the Manila Times reports.

Bayantel Chief Information Officer Frank Ayre III said the
Company will be using a modified version of the wireless local
loop technology for the initial stage of its fixed-line
services.

This year, BayanTel will make available 200,000 fixed lines
nationwide, he said. For the Visayas alone, he said, the Company
will have an initial capacity of 50,000 lines.

"Our only hope to succeed is to get other players to play fair,"
Ayre said.

Artemio P. Pama Jr., Vice President for corporate and business
markets, said BayanTel will charge monthly rates for its fixed
line services in Cebu, which is comparative to the standard
rates in Manila.


ISLA COMMUNICATIONS: Cut Jobs to Cut Losses
-------------------------------------------
Some 75 employees of Globe Telecom's Cebu-based
telecommunications unit Isla Communications Co. Inc. (Islacom)
will lose their jobs soon as part of its effort to prevent
further losses, Sun Star Cebu reported on Tuesday.

Islacom's current retrenchment is the third reduction of
employees since the Ayala-led Globe Telecom bought into the then
debt-ridden Islacom two years ago.

Islacom is one of the providers of landline services in the
Visayas. Since its sale to Globe, it has been carrying Globe's
landline product, Globelines.

Islacom posted losses amounting to 2 billion pesos as of
September last year attributed to the increasing capital
expenses and the oversupply of the firm's manpower.


MANILA ELECTRIC: Raising Rates in February by P0.13/kwh
-------------------------------------------------------
Manila Electric Company (Meralco) is likely to increase rates by
P0.13/kwh next month for the collection of additional purchased
power adjustment (PPA) costs, BPI Securities reports.

The increase in PPA costs was attributed to lower consumption of
electricity during December and higher power costs from IPPs.
The Energy Regulatory Commission (ERC) clarified that Meralco
can pass on additional PPA costs until the commission has ruled
on its rate unbundling petition. The ERC has targeted a decision
within the first quarter.


UNIWIDE GROUP: Receiver Seeks Clarification on Rehab Plan
---------------------------------------------------------
The receiver of the debt-saddled Uniwide Group of Companies has
asked the Securities and Exchange Commission (SEC) to clarify
the payment scheme involving some creditor banks under its
amended rehabilitation plan, Business World reports.

In a letter sent to the SEC, Monico V. Jacob, Chairman of
Uniwide's interim receivership committee, said there might be an
increase in the amount of money that Uniwide will have to pay
creditors via convertible notes and from the firm's income on
retail operations due to the failure of creditor banks to agree
to certain terms of the dacion en pago (payment in kind) scheme
outlined in the rehabilitation plan.

"If the above issues remain unsolved, Uniwide will have the
following outstanding balance that will have to be paid via
convertible notes and restructured from the retail operations:
2.326 million Philippine pesos for unsecured creditors; PhP493.4
million for Equitable-PCI Bank and PhP610 million for Rizal
Commercial Banking Corp. (RCBC) totaling PhP3.43 million," Jacob
said. This means, additional burden on the firm's balance sheet.

Last week, the SEC informed Uniwide it has already approved the
second amendment to the rehabilitation plan since it was not
opposed by majority of the creditors.


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


CHEW EU: Posts Notice of Shareholder's Interest
-----------------------------------------------
Chew Eu Hock Holdings Limited posted a notice of changes in
substantial shareholder Hiap Hoe Holdings Pte Ltd's interest:

Date of notice to Company: 17 Jan 2003
Date of change of interest: 17 Jan 2003
Name of registered holder: Hiap Hoe Holdings Pte Ltd
  
Circumstance(s) giving rise to the interest: Others
Please specify details: Completion of the sale to certain
private investors on 17 January 2003 of an aggregate of
73,200,000 ordinary shares of $0.005 each held by us in the
capital of Chew Eu Hock Holdings Ltd.  

Information relating to shares held in the name of the
registered holder: -
No. of shares, which are the subject of the transaction:
73,200,000
% of issued share capital: 1.32
-  
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: The purchase consideration of $0.02
received per share
No. of shares held before the transaction: 4,483,620,613
% of issued share capital: 81.15
No. of shares held after the transaction: 4,410,420,613
% of issued share capital: 79.82

Holdings of Substantial Shareholder including direct and deemed
interest
                                           Deemed Direct
No. of shares held before the transaction: 0      4,483,620,613
percent of issued share capital:                 0      81.15
No. of shares held after the transaction:  0      4,410,420,613
percent of issued share capital:                 0      79.82
Total shares:                              0      4,410,420,613

No. of Warrants: NIL
No. of Options: NIL
No. of Rights: NIL
No. of Indirect Interest: NIL


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

Date of notice to Company: 20 Jan 2003
Date of change of deemed interest: 17 Jan 2003
Name of registered holder: Standard Chartered Bank
  
Circumstance(s) giving rise to the interest: Others
Please specify details: Receipt by 98 Holdings Pte. Ltd. 98
Holdings of acceptances in respect of an aggregate of 137,500
ordinary shares of S$0.50 each in the capital of NatSteel Ltd
Acceptance Shares pursuant to 98 Holdings' mandatory conditional
cash offer Offer for all the issued and paid-up ordinary shares
of S$0.50 each in the capital of NatSteel Ltd.

(Note: For the purpose of this notice, 98 Holdings is regarded
as having a direct interest in the Acceptance Shares, regardless
of whether or not settlement and transfer of such shares have
taken place.)

By virtue of Section 7 of the Companies Act, Chapter 50, OBS has
deemed interest in the Acceptance Shares in respect of which
acceptances of the Offer are received by 98 Holdings.

Information relating to shares held in the name of the
registered holder:  
No. of shares which are the subject of the transaction: 137,500
% of issued share capital: 0.04
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: S$2.06
No. of shares held before the transaction: 188,388,872
% of issued share capital: 50.43
No. of shares held after the transaction: 188,526,372
% of issued share capital: 50.47

Holdings of Substantial Shareholder including direct and deemed
interest
                                            Deemed Direct
No. of shares held before the transaction: 188,388,872  
% of issued share capital:                 50.43  
No. of shares held after the transaction:  188,526,372  
% of issued share capital:                 50.47  
Total shares:                              188,526,372  

The percentages above have been computed based on 373,558,237
shares issued as at 18 December 2002. There has been no change
in the no. of issued shares since 18 December 2002.


WEARNES INTERNATIONAL: Voluntarily Liquidates Malaysian Unit
------------------------------------------------------------
Wearnes International (1994) Limited announced that its 20
percent effectively held associate, O'Connor's L&N JV Sdn Bhd, a
dormant Company incorporated in Malaysia, has been voluntarily
liquidated.

Wrights Investors' Service reports that market capitalization of
Wearnes International, engaged in distribution and service of
passenger cars, trucks, parts, accessories and fire and safety
equipment, is S$136.16 million (US$78.57 million). Closely held
shares amount to over 50 percent of the total shares
outstanding, thus, it is impossible for an outsider to acquire a
majority of the shares without the consent of management and
other insiders. The capitalization of the floating stock is
S$16.04 million (US$9.25 million). These shares are not very
liquid.     


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


EVERGREEN INDUSTRY: Files Business Reorganization Petition
----------------------------------------------------------
Evergreen Industry Company Limited (DEBTOR), engaged in hand-
made business, filed its Petition for Business Reorganization to
the Central Bankruptcy Court:

   Black Case Number 799/2543

   Red Case Number 813/2543

Petitioner: EVERGREEN INDUSTRY COMPANY LIMITED

Debts Owed to the Petitioning Creditor : 1,389,454,768.37Baht
Planner : Mr. Chalern Koka

Date of Court Acceptance of the Petition : October 2, 2000

Date of Examining the Petition: October 30, 2000 at 9.00 A.M.

Court Order for Business Reorganization and Appointment of
Planner : October 30, 2000

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: November 8, 2000

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette : November 30,
2000

Deadline for Planner to submit the Business Reorganization Plan
to Official Receiver : February 28, 2001

Planner postponed the date to submit the reorganization plan #
1st : March 31, 2001

Appointment Date of the Meeting of Creditors for the Plan
Consideration : May 4, 2001 at 9.30 am. Convention Room no.
1104, 11th Floor Bangkok Insurance Building, South Sathorn Rd.

The Meeting of Creditors had passed the resolution accepting the
reorganization plan pursuant to Section 90/46

Court Order for Accepting the reorganization plan : June 21,
2001 and appointed Mr. Chalern Koka to be the Plan Administrator

Announcement of Court Order for Accepting the Reorganization
Plan in Matichon Public Company Limited and Siam Rath Company
Limited: July 16, 2001

Announcement of Court Order for Accepting the Reorganization
Plan in Government Gazette : August 14, 2001

Appointment Date of the Meeting of Creditors to consider the
request of the Plan Administrator for the Amendment of the Plan
on May 15, 2002 at 9.30 a.m. at Convention Room 1104, 11th
Floor, Business Reorganization Office

The creditors' meeting had passed a special resolution accepted
the amended plan

Court had issued an Order on May 24, 2002 for Accepting the
Amendment of the Plan pursuant to Section 90/63

Central Bankruptcy Court had issued the Order for Canceling the
reorganization of Evergreen Industry Company Limited since May
24, 2002

Announcement of Court Order for Canceling the Reorganization in
Matichon Public Company Limited and Siam Rath Company Limited:
June 3, 2002

Announcement of Court Order for Canceling the Reorganization in
Government Gazette : June 25, 2002

Contact : Mr. Attawut Tel, 6792525 ext 127


HEMARAJ LAND: Purchases 25 Units of Convertible Bonds
-----------------------------------------------------
Hemaraj Land and Development Public Company Limited refers to
the issuance of the Bonds in the amount of 60,000 units at the
face value of US$1,000 per unit, totaling US$60,000,000 at the
interest rate of 3.5 percent issued on 9th September, 1993 to
offshore investors, having a maturity date on 9th September,
2003.

The Company had made an offer to purchase the Bonds from
existing bondholders through the Trustee (The Law Debenture
Trust Corporation Plc) during November 27, 2002 to December 11,
2002.  As a result of such offer, the Company has purchased 25
units of the Bonds and these purchased Bonds have been
cancelled.

Currently, there are 23,226 units of outstanding Bonds.


MODERN HOME: SET Grants Listed Securities
-----------------------------------------
The Stock Exchange of Thailand (SET) allowed the securities
of Modern Home Development Public Company Limited (M-HOME) to be
listed securities on the SET after finishing capital increase
procedures, starting from 22 January 2003.

However, M-HOME is a listed company under REHABCO sector and is
in the rehabilitation process. Therefore, the SET has still
suspended trading all securities of M-HOME until the causes of
delisting are eliminated.

Name                        : M-HOME
Issued and Paid up Capital
         Old                : 2,175,583,500 Baht
         New                : 2,188,680,840 Baht
Allocate to                 : Bankthai Public Co.,Ltd for
                              debt-for-equity swap
                              1,309,734 shares
Ratio                       : -
Price Per Share             : -         
Exercise/Payment Date       : -
     
Remarks:

During the period of December 2002,the additional paid-up
capital should be increased for repayment of debt to Bankthai
Public Co.,Ltd. Notwithstanding, the paid-up capital which are         
increased during the period of November 2001, September 2002 and
December 2002 are the first increase of capital in accordance  
with the rehabilitation plan.  
   

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 ***