/raid1/www/Hosts/bankrupt/TCRAP_Public/030203.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

           Monday, February 03, 2003, Vol. 6, No. 22

                         Headlines

A U S T R A L I A

ANACONDA NICKEL: Panel Receives Additional Applications
ANACONDA NICKEL: Takeovers Panel Declines MP Global Application
AUSTRIM NYLEX: Announces Writedowns, Provisions for H202
CHROME GLOBAL: Posts Commitments Test Entity Quarterly Report
GOODMAN FIELDER: Sells Remaining Ingredients Business

HIH INSURANCE: Posts Royal Commission Hearing Schedule
NEWCREST MINING: To Commence Diamond Drilling at Leonora
VOICENET (AUST): Changes Office Address


C H I N A   &   H O N G  K O N G

ATLANTIC MARBLE: Winding Up Sought by Perfect Marble
INNOVATIVE INT'L: Arranges Facilities for Odd Lot Holders
MODERN UNIVERSAL: Winding Up Petition Hearing Set
UNION POWER: Winding Up Petition Slated for Hearing
YEAR TIME: Winding Up Petition Pending

YEE WOO: Winding Up Hearing Scheduled February 19


I N D O N E S I A

BANK DANAMON: Parliament Undecided Over Divestment Suspension
BANK INTERNASIONAL: Relies on Credit Card, Forex Transaction


J A P A N

HITACHI LIMITED: Dropping Money-Losing Businesses
HITACHI LIMITED: Reinforcing Corporate Governance
MITSUBISHI TOKYO: Posts Y723B Latent Losses in 2002
MIZUHO HOLDINGS: FSA Takes Action to Improve Operations
NEC CORPORATION: Q402 Net Loss Narrows to US$38M

NEC CORPORATION: Shares Down 4.1% on Friday
NISSAN CONSTRUCTION: Released From Certain Obligations
SOGO CO.: Completes Legal Rehabilitation Procedures
TOSHIBA CORPORATION: Enters CRT Joint Venture With Matsushita

* Fitch Lowers Major Japanese Bank Ratings, Negative Outlook


K O R E A

DAEWOO GROUP: ThyssenKrupp May Acquire French Unit
DAEWOO SECURITIES: Italian Firm Acquires Romanian Unit
HYNIX SEMICON: Switches to Automated Cell Creation Technology
HYNIX SEMICONDUCTOR: Narrows FY02 Net Loss to US$1.66B
KOREA ELECTRIC: Moody's Upgrades Debt Rating to A3 From Baa2


M A L A Y S I A

CHG INDUSTRIES: Debt Restructuring Agreement Execution Pending
EPE POWER: KLSE Gives Two-Month Requisite Announcement Extension
HOTLINE FURNITURE: Unit Receives Winding Up Order From Court
KEMAYAN CORPORATION: FIC Approves Proposed Restructuring Scheme
KSU HOLDINGS: Provides Defaulted Facilities Status Update

KUB MALAYSIA: JV KUBTrus Faces Winding-Up Petition
L&M CORPORATION: Liquidator Appointed to Unit LMA
LAND & GENERAL: February 14 EGM Scheduled
LIEN HOE: Loan Stock Fully Redeemed, Legal Proceedings Withdrawn
LION GROUP: SC Grants Disclosure Requirement Waiver

LION LAND: Enters Further Deferment Agreement With LCS
MYCOM BERHAD: Inks Proposed Acquisitions Extension Agreements
NCK CORPORATION: Implementing Restructuring Scheme
NCK CORPORATION: Group's Defaulted Payment Stands RM636,303,473
TAI WAH: FIC Conditionally OKs Proposed Restructuring Exercise

TECHNO ASIA: Continues to Default Loan Interest Payment
TIMBERMASTER INDUS.: Starts Restructuring Scheme Implementation
TIME ENGINEERING: Feb 26 EGM Set
UCP RESOURCES: MITI OKs Proposed Restructuring Scheme


P H I L I P P I N E S

PHILIPPINE TOBACCO: Enters Settlement With Netherlands Company
UNIDEN CORPORATION: Shutting Down Laguna Plant
NATIONAL POWER: Unveils Completion of Exchange Offer


S I N G A P O R E

CHARTERED SEMICON: Keeping Options Open on Further Job Cuts
CHARTERED SEMICONDUCTOR: Unveils Q402 Financial Results
OVERSEA-CHINESE: Dissolves Subsidiary


T H A I L A N D

HEMARAJ LAND: Bt184.06M of Proceeds Goes to Creditors
NATURAL PARK: Registered Paid Up Capital Reduction Completed
PATKOL PUBLIC: Released From Debt Restructuring Agreement
PICNIC GAS: SET Grants Listed Securities

     -  -  -  -  -  -  -  -

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A U S T R A L I A
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ANACONDA NICKEL: Panel Receives Additional Applications
-------------------------------------------------------
The Takeovers Panel advises that it has received three more
applications in relation to the affairs of Anaconda Nickel
Limited (Anaconda). These are in addition to the two previously
announced.

The applications are as follows:

Anaconda 01: an application received on 21 January from
MatlinPatterson Global Opportunities Partners LP (MP Global)
seeking interim orders preventing Glencore International AG
(Glencore) from acquiring rights in the 14-for-1 pro rata
renounceable rights issue to be made by ANL under a prospectus
dated 20 January 2003 (Rights Issue). The application has not
yet been resolved.

Anaconda 02: an application received on 28 January from Metal
Holdings P/L (Metal Holdings), a company associated with Mr
Andrew Forrest, seeking a declaration of unacceptable
circumstances, and final orders, in relation to the affairs of
Anaconda. Metal Holdings alleges that the underwriting agreement
with Glencore should have been treated as a related party
transaction and should not proceed without approval by
shareholders not associated with Glencore.

Anaconda 03: an application received Thursday from MP Global
seeking a declaration of unacceptable circumstances, and final
orders, in relation to the affairs of Anaconda. The application
is in relation to:

   (a) the underwriting arrangements with Glencore International
AG (Glencore) in relation to the Rights Issue, its terms and the
possible effect of the Rights Issue and Underwriting
Arrangements on control of Anaconda;

   (b) failure of Anaconda and MP Global to reach agreement on
access for an independent expert (of Anaconda's own choosing) to
the Murrin Murrin Project so as to enable the satisfaction of
the Independent Expert Condition of the MP Global bidder's
statement;

   (c) failure of Anaconda and MP Global to reach agreement on
methods to ensure the ongoing solvency of Anaconda in the event
that Anaconda was no longer certain of Glencore being obliged to
perform all obligations under the Underwriting Arrangements; and

   (d) the issue of treatment by Anaconda of MP Global and
Glencore (as competing bidders for control of ANL).

The application seeks final orders by the Panel to require
Anaconda and, to the extent necessary, Glencore to either:

   (a) give an independent expert access to the Murrin Murrin
Project to allow the satisfaction of the condition of MP
Global's bidder's statement; or

   (b) agree to a compromise proposed by MP Global in
substitution for the satisfaction of the condition referred to
in the previous paragraph.

Anaconda 04: is an application received Thursday from Glencore
seeking review of the relief ASIC granted to MP Global to allow
it to make its offer for the Anaconda Rights concurrently with
its offer for Anaconda shares, and to acquire the shares issued
on exercise of any rights it acquires under its rights offer.
Glencore asserts that the offer for the rights allows Anaconda
shareholders insufficient time to consider the rights offer.
Glencore asserts that it is unacceptable for the share offer not
to extend to shares issued on lapse of any rights not exercised.
Glencore asserts that the relief should not be granted, or
should require MP Global to:

   a. exercise all rights it acquires under the bid,

   b. close its bid sufficiently early for rights holders to
decide whether to exercise their rights, allow them to lapse,
sell them, or accept the MP Global offer, and

   c. offer for all shares which may be issued under the rights
issue or underwriting.

Glencore has requested that the Panel make an interim order
restraining dispatch of the rights offer document. The Panel
understands that the document has been posted onto ASX and some
documents have been posted. MP Global has undertaken not to
dispatch any more documents for a period to allow the Panel to
consider the request for the interim order.

Anaconda 05: is an application received Thursday from Anaconda.
It asserts that unacceptable circumstances exist in relation to:

   a. MP Global's offer and conditions,

   b. the issues concerning the Independent Expert Condition,

   c. the future solvency of Anaconda,

   d. the ability of MP Global to affect the percentage
shareholding in Anaconda that it achieves if its bid succeeds,

   e. the timing of the Rights Offer, and

   f. MP Global's intentions.

The Panel has not yet sought the views of persons potentially
involved in the applications 02 - 05 and has therefore formed no
views on the application.

The Panel is aware of the timing issues in the current
commercial events in relation to Anaconda and will endeavor to
ensure that Panel proceedings interfere with those timetables as
little as possible.

The President of the Panel has appointed the Anaconda 01 Panel,
Brett Heading, Tro Kortian and Peter Scott, to consider all of
the Anaconda applications.


ANACONDA NICKEL: Takeovers Panel Declines MP Global Application
---------------------------------------------------------------
The Takeovers Panel revealed that on Thursday it declined an
application for an interim order restraining dispatch of the
offer document in the offer for Anaconda Nickel Limited Rights
from MatlinPatterson Global Opportunities Partners LP (MP
Global).

The application for the interim order was from Glencore
International AG (Glencore) and formed part of the Anaconda 04
application by Glencore.

The Panel advised MP Global that it was, however, concerned that
Anaconda shareholders be promptly informed of the large degree
of uncertainty currently facing the shareholders of Anaconda,
the MP Global offers and the rights issue. MP Global agreed to
the Panel's request to write to Anaconda shareholders on
Thursday with its offer document, advising them of the existence
of the various applications before the Panel and advising them
that Panel decisions may potentially affect the offers etc.

MP Global advises the Panel that it is sending a letter, and a
copy of the Panel's Media Release, with its Rights Offer
Document, to Anaconda shareholders. It has advised that it will
send the letter separately to those Anaconda shareholders who
were sent the Rights Offer Document prior to MP Global's
undertaking to the Panel.

In its letter MP Global advises that as at the date of its
letter:

   a. none of the applications before the Panel has been finally
dealt with

   b. the Panel may make orders in relation to any of these
applications, which could affect any or all of MP Global's
offers for ANL's shares and rights, ANL's rights issue, and the
underwriting of the rights issue by Glencore;

   c. Anaconda shareholders should monitor ASX's website for
further updates on these applications, as if any such orders are
made or if any other important developments occur in relation to
these applications, they will be made public through ASX.

MP Global noted that the Panel has refused to make the interim
order preventing MP Global from sending the Rights Offer
Document to Anaconda shareholders.

The Panel advises that it continues to progress its
consideration of the current applicants.

The Panel has not yet sought the views of persons potentially
involved in the applications 02 - 05 and has therefore formed no
views on the application.

The President of the Panel has appointed the Anaconda 01 Panel,
Brett Heading, Tro Kortian and Peter Scott, to consider all of
the Anaconda applications.

CONTACT INFORMATION: 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


AUSTRIM NYLEX: Announces Writedowns, Provisions for H202
--------------------------------------------------------
The Directors of Austrim Nylex Ltd stated on Friday that the
group's results for the six months to December 31, 2002, to be
announced next month, will include writedowns and provisions of
approximately $33 million.

The group's plant hire division, AH Plant Hire, is the subject
of a $22 million writedown of goodwill, following six months of
lower-than-expected trading levels.

The directors do not expect any significant upturn in AH Plant's
trading performance in the remaining five months of the 2003
financial year.

The plant hire market has been affected by increasing
competition and the drought on the Eastern Seaboard. As a
result, the valuation of the business, based on maintainable
earnings, will be written down.

The balance of the provisions (approximately $11 million),
mainly relate to the group's freehold properties.

Following these writedowns, the group's pre-tax result for the
half year ended December 31, 2002 is expected to be in line with
the previous corresponding period.


CHROME GLOBAL: Posts Commitments Test Entity Quarterly Report
-------------------------------------------------------------
Chrome Global Limited posted its Second Quarter Report for
Commitments Test Entity:

               QUARTERLY REPORT FOR ENTITIES
                  ON BASIS OF COMMITMENTS

Name of entity
Chrome Global Limited

ABN                        Quarter ended (current quarter)
009 264 699                31/12/2002

CONSOLIDATED STATEMENT OF CASH FLOWS

Cash flows related to                    Current   Year to date
operating activities                     Quarter   (6 months)
                                         AUD'000      AUD'000

1.1  Receipts from customers                377          588
1.2  Payments for         
       (a) staff costs                      (207)        (399)
       (including Sales and
        Marketing, Research and
        Development - not capitalized)
       (b) advertising & marketing           -            -
       (c) research & development            -            -
       (d) leased assets                     -            -
       (e) other working capital            (188)        (356)
1.3  Dividends received                      -            -
1.4  Interest and other items of
     a similar nature received               -            -
1.5  Interest and other costs of
     finance paid                            -            -
1.6  Income taxes paid                       -            -
1.7  Other (transfer to Administrator)       -            -

1.8  Net Operating Cash Flows               (18)        (167)

Cash flows related to investing activities                
1.9  Payment for acquisition of:        
       (a) businesses (item 5)               -            -
       (b) equity investments                -            -   
       (c) intellectual property             -            -   
       (d) physical non-current assets       -          (7)   
       (e) other non-current assets          -            -
1.10  Proceeds from disposal of:        
       (a) businesses                        -            -
       (b) equity investments                -            -   
       (c) intellectual property             -            -   
       (d) physical non-current assets       -            -   
       (e) other non-current assets          -            -
1.11 Loans to other entities                (12)        (139)
1.12 Loans repaid by other entities          -           97
1.13 Other (provide details if material)     -            -

     Net investing cash flows               (12)         (49)

1.14 Total operating and
     investing cash flows                   (30)        (216)
Cash flows related to financing activities                
1.15 Proceeds from issues of
     shares, options, etc.                   -          150
1.16 Proceeds from sale of
     forfeited shares                        -            -
1.17 Proceeds from borrowings                -           67
1.18 Repayment of borrowings                 -            -
1.19 Dividends paid                          -            -
1.20 Other (Costs of Capital Raising)        -         (14)

     Net financing cash flows                -          203
     Net increase (decrease) in cash held   (30)         (13)

1.21 Cash at beginning of quarter/
     year to date                           52           35
1.22 Exchange rate adjustments to item 1.20  -            -
1.23 Cash at end of quarter                 22           22

PAYMENTS TO DIRECTORS OF THE ENTITY AND ASSOCIATES OF THE
DIRECTORS PAYMENTS TO RELATED ENTITIES AND ASSOCIATES OF THE
RELATED ENTITIES
                                          Current Quarter
                                            AUD'000

1.24 Aggregate amount of payments to             
     the parties included in item 1.2             (15)
1.25 Aggregate amount of loans to the
     parties included in item 1.11                (12)
1.26 Explanation necessary for an understanding
     of the transactions

Directors Fees

NON-CASH FINANCING AND INVESTING ACTIVITIES

2.1  Details of financing and investing transactions which have
had a material effect on consolidated assets and liabilities but
did not involve cash flows  -

2.2  Details of outlays made by other entities to establish or
increase their share in businesses in which the reporting entity
has an interest    -

FINANCING FACILITIES AVAILABLE

Add notes as necessary for an understanding of the position.
(See AASB 1026 paragraph 12.2)

                                          Amount       Amount
                                       available       used
                                       AUD'000      AUD'000

3.1  Loan facilities                   -            -
3.2  Credit standby arrangements       -            -

RECONCILIATION OF CASH

Reconciliation of cash at the end         Current     Previous
of the quarter (as shown in the           quarter      quarter
consolidated statement of cash flows)     AUD'000      AUD'000
to the related items in the accounts
is as follows.

4.1  Cash on hand and at bank             22           52
4.2  Deposits at call                     -            -
4.3  Bank overdraft                       -            -
4.4  Other (provide details)              -            -
     Total: cash at end of quarter (item 1.22) 22      52

ACQUISITIONS AND DISPOSALS OF BUSINESS ENTITIES

                               Acquisitions        Disposals
                              (item 1.9(a))      (Item 1.10(a))

5.1 Name of entity               -                 -              
5.2 Place of incorporation
    or registration              -                 -              
5.3 Consideration for
    acquisition or disposal      -                 -              
5.4 Total net assets             -                 -              
5.5 Nature of business           -                 -              

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


GOODMAN FIELDER: Sells Remaining Ingredients Business
-----------------------------------------------------
Goodman Fielder announced Friday the completion of its A$800
million divestment program as it enters an agreement for the
sale of its remaining Ingredients business to Tessenderlo Chemie
SA/NV for A$115 million (US$67 million).

The sale of Leiner Davis Gelatin is above book value and
consistent with assumptions in Goodman Fielder's forecasts.

Goodman Fielder Chief Executive Tom Park said Friday's
announcement was the culmination of more than two years work by
the company to divest its non-core assets and focus on its
retail branded businesses in Australasia and the Pacific.

Mr Park said, "in reshaping Goodman Fielder, this final major
transaction brings total divestments since F01 to A$800 million
with sale proceeds above book value and completion well ahead of
schedule via a smooth transition process.

"Following our strategic repositioning, Goodman Fielder is now a
strongly focused company with 65 per cent of our total revenue
coming from our retail branded food businesses.

"Goodman Fielder has rapidly changed from a diversified, partly
commodities food and ingredients business to one focused
primarily on a high value retail branded strategy. Our company's
focus on core retail brands in growth categories has increased
core revenue, volume and profits, and at the same time reduced
exposure to commodity cost swings," said Mr Park.

Goodman Fielder re-confirmed at its 2002 AGM that the sale of
the remaining parts of Leiner Davis would be completed before
the end of fiscal 2003.

"Not only does the sale of Leiner Davis Gelatin, with facilities
in Davenport, USA, and Santa Fe, Argentina, mark the completion
of the company's divestment of all non-core assets, it also
finalizes the successful, staged divestment of Goodman Fielder's
Ingredients group for a total of more than A$600 million since
September 2000," said Mr Park.

Mr Park continued, "I would like to acknowledge Leiner Davis
employees for their outstanding contributions during the sale
process. Their dedication has helped achieve an excellent
outcome not only for Goodman Fielder and the new buyer, but for
themselves as well, in ensuring a strong future for the ongoing
business.

"The sale of Leiner Davis Gelatin is subject to regulatory
approval. However, based on the US Federal Trade Commission
review of our other gelatin divestments, we don't anticipate any
approval difficulties," said Mr Park.

The sale of Leiner Davis Gelatin follows the divestment of:

   * other parts of Leiner Davis to DGF Stoess AG for A$190
million in March 2002

   * Germantown to Danisco A/S for A$197 million in August 2001

   * Starch Australasian to Penford for A$98 million in
September 2000.

During this current financial year (October 2002), Goodman
Fielder also sold its Milling business to joint venture partners
GrainCorp Ltd and Cargill Australia Ltd for approximately A$200
million.

CONTACT INFORMATION: Investor Relations
                     Lina Melero Nichele
                     CORPORATE AFFAIRS DIRECTOR
                     Tel: +61 2 8874 6095
                     Mob: +61 401 700 000


HIH INSURANCE: Posts Royal Commission Hearing Schedule
------------------------------------------------------
The HIH Royal Commission has finished hearing the closing
submissions of Counsel Assisting and of Parties.  Further
directions on written submissions will be made on Tuesday 4
February 2003.

On Tuesday, the Commission will sit at 9:30AM to take evidence
from:

   * Ray Mainsbridge
   * Anthony McGrath
   * Thomas Alexander Riddell

Hours of Sitting

The sitting times are 9:30AM-11:00AM, 11:15AM-12:45PM, 2:15PM-
3:30PM and 3:45PM-4:30PM.

Commission Location

Level 8, 'The Landmark' 345 George Street, Sydney.


NEWCREST MINING: To Commence Diamond Drilling at Leonora
--------------------------------------------------------
Golden State Resources Limited announced that JV partner
Newcrest Mining Limited is on site at the Mertondale Joint
Venture conducting a gravity survey over the exciting Crawford
Prospect, on the southern part of the Crawford gold mineralized
trend. Diamond drilling is to commence in early February at
Crawford Prospect to follow up earlier excellent gold drilling
intersections.

Meanwhile Golden State has commenced drilling on the neighboring
Leonora Project, initially targeting the Crawford Trend.

Golden State continued to add tenements to its 100% owned
240sqkm Leonora Project in late 2002. The project has potential
for a major Kanowna Belle style ore body.

PROJECT INTERESTS AND LOCATION

The project is 20 km from the town of Leonora, a major gold
production center.

Golden State holds 12km of strike of the strongly mineralized
Crawford Trend at Leonora, both as a 100% interest (the Leonora
Project) and in the neighboring area in joint venture with
Newcrest Mining (the Mertondale JV), where Newcrest can earn
70%.

Newcrest Mining is currently focusing on the Crawford Prospect

Following a review of data for the Crawford Prospect, Newcrest
concluded "that the true extent of the liberalization has not
been defined and that the liberalization is open in all
directions".

Wrights Investors' Service reports that at the end of 2002,
Newcrest Mining had negative working capital, as current
liabilities were $131.79 million while total current assets were
only $91.24 million.  


VOICENET (AUST): Changes Office Address
---------------------------------------
Voicenet (Aust) Limited announces that with effect from Monday 3
February 2003, the street address of the registered office of
Voicenet (Aust) Ltd and of all its Australian subsidiary
companies will be:

       Suite 3
       Level 1
       9 Havelock Street
       West Perth WA 6005

The mailing and emailing addresses and contact numbers remain
unchanged.

At the end of 2001, Voicenet (Australia) Limited had negative
working capital, as current liabilities were A$7.88 million
while total current assets were only A$6.50 million, Wrights
Investors' Service reports. The company has paid no dividends
during the last 12 months and has not paid any dividends during
the previous 6 fiscal years. It also reported losses during the
previous 12 months.


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C H I N A   &   H O N G  K O N G
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ATLANTIC MARBLE: Winding Up Sought by Perfect Marble
----------------------------------------------------
Perfect Marble Company Limited is seeking the winding up of
Atlantic Marble And Granite Co. Limited.  The petition was filed
on December 2, 2002, and will be heard before the High Court of
Hong Kong on February 12, 2003 at 9:30 am.

Perfect Marble holds its registered office at Unit 3606, 36th
Floor, Wu Chung House, 213 Queen's Road East, Wanchai, Hong
Kong.


INNOVATIVE INT'L: Arranges Facilities for Odd Lot Holders
---------------------------------------------------------
In order to alleviate the difficulties arising from the
existence of odd lots as a result of the Share Consolidation and
Debt Restructuring, Innovative International (Holdings)
has appointed an agent to assist the Shareholders to match the
sale and purchase of odd lots during the period from 9:30 a.m.
15 January 2003 to 4:00 p.m. 7 February 2003, both days
inclusive.

Holders of the New Shares in odd lots who wish to take advantage
of this facility either to dispose of or to top up their odd
lots to a board lot of 400,000 New Shares may through their
brokers contact Mr. Raymond Lo of AsiaVest Investment Advisory
Limited (Tel.: (852) 2536 0133) during such period. Holders of
the New Shares in odd lots should note that the matching of the
sale and purchase of odd lots is not guaranteed.

Shareholders are recommended to consult their own professional
advisers if they are in any doubt about the facility described
above.


MODERN UNIVERSAL: Winding Up Petition Hearing Set
-------------------------------------------------
The petition to wind up Modern Universal Construction Limited is
scheduled for hearing before the High Court of Hong Kong on
February 12, 2003 at 9:30 in the morning.

The petition was filed with the court on December 6, 2002 by
Choi Tak Wai of Room 316, 3/F., Block 7, Lok King House, Lai
King Estate, Kwai Chung, New Territories, Hong Kong.  


UNION POWER: Winding Up Petition Slated for Hearing
---------------------------------------------------
The petition to wind up Union Power Industries Limited is set
for hearing before the High Court of Hong Kong on February 26,
2003 at 10:00 in the morning.

The petition was filed with the court on January 2, 2003 by Nan
Fung Finance Limited whose registered office is situated at 9th
Floor, Central Building, No. 3 Pedder Street, Central, Hong
Kong.


YEAR TIME: Winding Up Petition Pending
--------------------------------------
Year Time Limited is facing a winding up petition, which is
slated to be heard before the High Court of Hong Kong on
February 19, 2003 at 9:30 in the morning.

The petition was filed on December 17, 2002 by Wong Lai Harice
of Room 1, 12th Floor, Block E, Brilliant Garden, Tuen Mun, New
Territories and Chung May Lan Sally of Ground Floor, Block 21,
Galore Garden (Phase II), San Sang Tsuen, 100 Tin Ha Road, Yuen
Long, New Territories, Hong Kong.


YEE WOO: 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 Yee
Woo House Property Limited.

Ma Wang Chun of Room 324, Wo Hing House, Hing Wah (2) Estate,
Chai Wan, Hong Kong filed the petition on December 13, 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.


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I N D O N E S I A
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BANK DANAMON: Parliament Undecided Over Divestment Suspension
-------------------------------------------------------------
The Chairman of the House's Commission IX Max Moe'in demanded
suspension of the government's divestment of 71 percent share in
the publicly listed company PT Bank Danamon, Bisnis Indonesia
reports, as divestment was not a parliament decision.

"It's ok if sub commission raised such a demand but it doesn't
automatically represent parliament's voice as they are only one
third of the commission IX. So we can't call it as a decision of
parliament," Max said, adding that the demand could only be said
as a final decision of the House if approved by other commission
IX members.

"So there's a mechanism for such a thing. The meeting held on
Tuesday night was just a consultation meeting on the process,"
he added.

In the meeting between sub commission and IBRA, most of
legislators demanded a divestment suspension of Bank Danamon
shares due to unfavorable market condition. IBRA Chairman
Syafruddin A. Temenggung, Vice Chairman I Nyoman Sender, and
directors of Bank Danamon, attended the meeting. Antony Z.
Abidin, the Chairman of Sub Commission for Bank, presided over
the meeting.

Syafruddin said in the meeting that he is a professional
bureaucrat incapable of doing political negotiation. Then one of
the legislators said, "You are now sitting in a political
institution and we are discussing political decision."

In response to Max statement, the sub commission chairman Antony
Z. Abidin said his subordinates were only voicing the real
aspiration. "We are the most rightful party handling this kind
of issue as our task is overseeing banks. If you want to settle
a problem, then you should talk with the people of competency,
which is us."

On November 22, 2002, the Government and the House of
Representatives agreed on the following three points regarding
the divestment of Bank Danamon:

   * parliament must approve the divestment of government 71%
share in the bank,

   * the prospective investors must be a bonafide financial    
institutions,

   * the divestment should be conducted at the right time.


BANK INTERNASIONAL: Relies on Credit Card, Forex Transaction
------------------------------------------------------------
Bank Internasional Indonesia (BII) targets to reap fee-based
income of Rp750 billion this year, with credit card and forex
transaction as the main source to rely on, Bisnis Indonesia
reports, quoting bank Director Rudy N. Hamdani said, stressing
that fee based income is one reliable source which should be
boosted up.

"We've engaged in cooperation with 40 companies such as telkom,
insurance companies, and cellular phone operators as well. This
cooperation is expected to boost our fee based income," Hamdani
said, adding that the bank could reap fee based income of about
Rp5 billion per year from service of bill payment and ATM
transaction.

As of December 2002, BII has managed to reap earnings of Rp605
billion from fee based income. The bank set target of Rp750
billion this year on contribution from fee based income to the
company overall earnings.

BII President Director Sigit Pramono said most of the fee
arrives from credit card and forex transaction.

BII and ABN Amro signed agreement on cooperation for payment of
personal loan of ABN Amro customers through BII ATM unit. "This
will provide ABN Amro customers with facility for making monthly
payment through BII ATM," Pramono said.


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


HITACHI LIMITED: Dropping Money-Losing Businesses
-------------------------------------------------
Hitachi will drop money-losing businesses in an effort to return
to profitability, the Japan Times said on Friday.

Hitachi President Etsuhiko Shoyama refused to say which
operations were being dropped, adding the situation remained
"fluid."

"We want to avoid the same mistakes," he told reporters. "We
have decided to withdraw from unprofitable businesses."

The Company plans to avoid job cuts, except for workforce
reductions through the sale of group companies.

Hitachi, which posted a loss of 484 billion yen in the fiscal
year ending March 31, 2002, will announce earnings for the
October-December quarter anytime this week.


HITACHI LIMITED: Reinforcing Corporate Governance
-------------------------------------------------
Hitachi Limited and 18 publicly held group firms, comprising a
total of 19 companies, would radically alter their corporate
governance structure by adopting the Committee System in June
2003. This move is being made in accordance with recent
revisions to Japan's Commercial Code.

As the basis for becoming more competitive, the Hitachi Group is
taking radical measures to focus resources on carefully selected
businesses, become an even more global organization and launch
strategic new businesses. By reinforcing corporate governance
based on this new structure, Hitachi is building an agile
management system that can effectively implement its core
strategies. In addition, outside directors will join Hitachi's
Board to provide oversight, allowing Hitachi to conduct
management in a manner that is fair and transparent from an
external perspective.

To steadily achieve the goals of the management strategies
outlined in "HITACHI Plan II," major Hitachi Group companies
will simultaneously adopt the Committee System. This move will
produce a new group-wide framework with a stronger sense of
unity that will facilitate "strategically integrated
management."

Hitachi will carefully review the details regarding the role of
Board of Directors meetings in respect to companies that adopt
the Committee System, so as to fully apply the advantages of the
new corporate governance structure.

Purposes of Shift to New Corporate Governance Structure

(1) Dramatic improvement in speed of management -- The
delegation of considerable decision-making authority to
individuals whose executive business activities will make
possible bold and speedy business reorganizations and strategic
investments.

(2) More transparent management practices -- The following four
individuals, whose areas of expertise are in corporate
management, administration and legal affairs, will become
Hitachi directors. These directors will provide objective
opinions from an independent perspective regarding Hitachi's
management with the aim of ensuring highly transparent
management with a strong commitment to compliance.

(Outside Directors)

Ginko Sato (President, Japan Association for the Advancement of
Working Women)

Hiromichi Seya (Chairman of the Board, Asahi Glass Co., Ltd.)

Akira Chihaya (Representative Director and President, Nippon
Steel Corporation)

Toshiro Nishimura (Senior Partner of Nishimura & Partners)

(3) Serve as part of the publicly held group companies'
management strategy -- The Hitachi Group is working to establish
a unified management system and upgrade supervisory functions
for group companies. Specifically, certain group companies'
directors will for the first time be represented on Hitachi's
Board of Directors, and Hitachi directors and executive officers
will be represented on the boards of group companies as outside
directors. This will greatly strengthen the oversight system for
the entire group.

(4) Global management -- While preserving the strengths of its
existing corporate governance structure, Hitachi will adopt a
corporate governance format that is easily understood by
institutional investors based in the U.S. and Europe, its
customers and other parties, to foster greater trust in its
governance, and thus speed up the pace of global business
development.

Note: Hitachi Group companies that will adopt the Committee
System:

Hitachi, Ltd. (Etsuhiko Shoyama, President and Director)

Hitachi Cable, Ltd. (Seiji Hara, President and Director)

Hitachi Capital Corporation (Kaichi Murata, President and
Director)

Hitachi Chemical Co., Ltd. (Isao Uchigasaki, President and
Director)

Shin-Kobe Electric Machinery Co., Ltd. (Hiromu Miyajima,
President and Director)

Hitachi Powdered Metals Co., Ltd. (Yoshio Hirano, President and
Director)

Hitachi Construction Machinery Co., Ltd. (TSE:6305/Ryuichi
Seguchi, President and Director)

Hitachi High-Technologies Corporation (Yoshiro Kuwata, President
and Director)

Hitachi Information Systems, Ltd. (Akisuke Takasu, President and
Director)

Hitachi Kiden Kogyo, Ltd. (Kakichi Fukui, President and
Director)

Hitachi Maxell, Ltd. (Norio Akai, President and Director)

Hitachi Medical Corporation (Hiroshi Inomata, President and
Director)

Hitachi Metals, Ltd. (Michihiro Honda, President and Director)

Hitachi Mobile Co., Ltd. (Yoshiteru Miki, President and
Director)

Hitachi Plant Engineering & Construction Co., Ltd. (Kunio
Hamada, President and Director)

Hitachi Software Engineering Co., Ltd. (Hiroyuki Kanekiyo,
President and Director)

Hitachi Transport System, Ltd. (Eiji Fukushi, President and
Director)

Japan Servo Co., Ltd. (Noboru Horie, President and Director)

Hitachi Kokusai Electric Inc. (Makoto Endo, President and
Director)

Hitachi Ltd. http://global.hitachi.com,headquartered in Tokyo,  
Japan, is a leading global electronics company, with
approximately 320,000 employees worldwide. Fiscal 2001 (ended
March 31, 2002) consolidated sales totaled 7,994 billion yen
($60.1 billion). The company offers a wide range of systems,
products and services in market sectors, including information
systems, electronic devices, power and industrial systems,
consumer products, materials and financial services.

CONTACT:          
Hitachi, Ltd.
Takafumi Ichinose, +81-3-3258-2056 (Japan)
takafumi--ichinose@hdq.hitachi.co.jp
or
Hitachi America, Ltd.
Matt Takahashi, 650/244-7902 (U.S.)
masahiro.takahashi@hal.hitachi.com
or
Hitachi Asia Ltd.
Yuji Hoshino, +65-6231-2522 (Singapore)
yhoshino@has.hitachi.com.sg
or
Hitachi Europe Ltd.
Kantaro Tanii, +44-(0)1628-585379 (U.K.)
kantaro.tanii@hitachi-eu.com


MITSUBISHI TOKYO: Posts Y723B Latent Losses in 2002
---------------------------------------------------
Mitsubishi Tokyo Financial Group Inc. said that latent losses on
domestic shares held by its group banks totaled 723.6 billion
yen at the end of December, amid the protracted slump in the
Tokyo stock market, Kyodo News said on Friday.

The total broke down into 464 billion yen for the Bank of Tokyo-
Mitsubishi and 259.6 billion yen for Mitsubishi Trust & Banking
Corporation.

TCR-AP reported in December that the Mitsubishi Tokyo Financial
group was planning to dispose around $3.94 billion in bad loans
in the year ending March 31, 2003. The Company intends to sell
them to the Resolution and Collection Corp., a government-backed
debt collection agency.

Saddled with unprofitable investments and loans, the bank is
also considering auctioning some to investors.


MIZUHO HOLDINGS: FSA Takes Action to Improve Operations
-------------------------------------------------------
The Financial Services Agency (FSA) will take action against
Mizuho Holdings Inc. and will issue an order to the banking
giant to improve its operations, in view of the steep decline in
its lending to smaller companies, the Mainichi Shimbun and Dow
Jones reports.

Even though Mizuho had explained that business at smaller-sized
companies remained sluggish and financing demand had weakened,
FSA says that Mizuho has not set up a sufficient system aimed at
increasing such lending and will issue an order to the banking
giant to improve its operations.


NEC CORPORATION: Q402 Net Loss Narrows to US$38M
------------------------------------------------
NEC Corporation narrowed its losses to 4.5 billion (US$38
million) for the October-December period but lowered its sales
forecast for this year due to doubts about a U.S. economic
recovery, AP Online reported Thursday.

Sales fell 5 percent to 1.07 trillion yen ($9 billion) from 1.13
trillion yen a year earlier.

The Tokyo-based company trimmed its sales outlook for the fiscal

NEC was able to reduce its losses despite lower sales because of
cost cutting exercises. Its chip sector lost 300 million yen
($2.5 million) in the quarter, but that was an improvement of 55
billion yen from last year.

For the nine months ending December 31, NEC lost 3.5 billion yen
($29.5 million) on sales of 3.2 trillion yen ($27 billion). For
the same period in fiscal 2001, it posted a loss of 185 billion
yen on 3.6 trillion yen in sales.


NEC CORPORATION: Shares Down 4.1% on Friday
-------------------------------------------
Shares of NEC Corporation fell 4.1 percent on Friday after
cutting its annual sales forecast, citing slumping demand for
computers and network equipment.

The shares fell as much as 18 yen to 422. They were down 3
percent at 427 as of 9:50 a.m. local time on the Tokyo Stock
Exchange. Some 2.9 million shares traded by mid morning, making
them the 12th-most active by value on Japanese exchanges.

The newly appointed President Akinobu Kanasugi said his biggest
challenge at NEC would be overhauling the Company's phone-
equipment and computer divisions. Kanasugi's predecessor, Koji
Nishigaki, relied on cost cuts, plant closings and job
reductions to narrow the Company's deficit.

"Demand for PCs and semiconductors is falling and its really
very difficult to see much growth," said Takahiro Nakayama, who
helps manage about $700 million at Morley Fund Management in
Tokyo and holds NEC's shares.

According to the Troubled Company Reporter-Asia Pacific, Mizuho
has also doubled its expected credit costs to JPY2 trillion
($16.7 billion), about one-third of which will offset
unrecoverable loans and the rest set aside against potential
defaults. The higher credit costs, coupled with deeper losses on
the bank's stock portfolio, will force Mizuho to lose JPY1.95
trillion (US$16.3 billion) this year.


NISSAN CONSTRUCTION: Released From Certain Obligations
------------------------------------------------------
Mizuho Holdings, Inc. announced that its wholly-owned
subsidiary, Mizuho Corporate Bank, Ltd., has decided to release
Nissan Construction Co., Ltd. from certain of its debts in
response to the reorganization plan which was approved in the
creditors' meeting on Thursday. This decision is subject to the
approval of the reorganization plan by Tokyo District Court.

1. Outline of the Company

(1) Address 2-6, Minami-Aoyama 1-chome, Minato-ku, Tokyo
(2) Assignee Mr. Katsumi Nasu, Mr. Shigeo Kasahara
(3) Capital JPY 10,267 million

2. Details of Relevant Developments

March 30, 2002 The Company filed for commencement of corporate
reorganization procedure with the Tokyo District Court.
April 24, 2002 Commencement of corporate reorganization
procedure was decided.

January 30, 2003 The reorganization plan was approved in the
creditors' meeting.

3. Claims to be waived by Mizuho Corporate Bank, Ltd.

Subject to the approval by Tokyo District Court, Mizuho
Corporate Bank, Ltd. will release the Company from its debts in
the amount of 31.7 billion yen.

4. Effect of this Development on Profit/Loss of Mizuho Holdings,
Inc.

This development will have no effect on Mizuho's previously
announced projections for this fiscal year.


SOGO CO.: Completes Legal Rehabilitation Procedures
---------------------------------------------------
The Tokyo District Court has certified that Sogo Co. has
completed its legal rehabilitation procedures under the Civil
Corporate Revival Law, giving the retailer greater freedom in
its business operations, the Japan Times Reports.

The department store chain, which went under in 2000, returned
to the black in its 2001 business year to February 28, 2001,
when an operating profit of 1 billion yen was logged.

In December, Sogo solicited applications from 450 employees on
the regular payroll to retire before the mandatory retirement
age. In addition, it plans to eliminate 550 part-time jobs by
February 28.


TOSHIBA CORPORATION: Enters CRT Joint Venture With Matsushita
-------------------------------------------------------------
Matsushita Electric Industrial Co., Ltd. and Toshiba Corporation
announced that their joint venture Matsushita Toshiba Picture
Display Co., Ltd. would start operation on April 1, 2003.

Minoru Ueda, currently General Manager of Matsushita's CRT
(cathode ray tube) Business Integration Office, is to be named
President of the joint venture.

Based on a September 26, 2002 basic agreement between Matsushita
and Toshiba, the new Company will integrate both companies' CRT
operations from R&D to manufacturing and sales, making it the
world's third largest CRT Company.

The integration will cover both companies' manufacturing
operations worldwide, except for those in Japan where the parent
companies will continue to run their respective factories.

Company Outline

Company Name Matsushita Toshiba Picture Display Co., Ltd.
Start of Business April 1, 2003
Headquarters Takatsuki City, Osaka
President Minoru Ueda, currently General Manager of Matsushita's
CRT Business Integration Office
Senior Executive Vice President Eisaburo Hamano, currently
Corporate Vice President of Toshiba, and General Manager of CRT

J & V Project  
Capital 10 billion yen
Shareholders Matsushita 64.5 percent; Toshiba 35.5 percent
Global Sales Approximately 300 billion-yen forecast for fiscal
year 2003
Employees 15,700 worldwide
Business Development, manufacture and sales of CRT's

Contacts

Matsushita Electric Industrial Co., Ltd.
Yasuhiro Fukagawa, Corporate Communications Division
Tel: +81-3-3578-1237, Fax: +81-3-3437-2776

Toshiba Corporation
Midori Suzuki, Corporate Communications Office
Tel: +81-3-3457-2105, Fax: +81-3-5444-9202
Email: press@toshiba.co.jp

For more information, go to
http://www.toshiba.co.jp


* Fitch Lowers Major Japanese Bank Ratings, Negative Outlook
------------------------------------------------------------
Fitch Ratings has downgraded the debt ratings of most major
Japanese banks and comments that the Long-term rating outlooks
will remain negative. The downgrades reflect the weakening
financial condition of the banks as well as the country's
declining sovereign rating. Underlying the seemingly endless
difficulties of the Japanese banks are structural economic
problems. While Fitch has been hoping for decisive government
action, to date there has been little more than discussion and
study of these problems. Meanwhile, the 'pure' capital of the
major banks is being rapidly consumed by asset quality and
earning problems, although the degree of depletion varies
significantly by bank. The rating actions are listed at the end
of this release.

Japan's Financial Services Agency has recently changed its
stance from denial to growing public recognition of the banks'
problems. It will soon initiate a review of their asset quality
in a special inspection and examine capital adequacy using more
rigorous standards. Fitch believes that if the sector's problems
were addressed properly and aggressively, the banking system
could be returned to soundness. However, as the process may
produce negative short-term economic consequences, it remains to
be seen whether or not the political will exists to carry this
out.

Fitch continues to take the view that timely and adequate
support to the banking system will be forthcoming from the
government in the event of need. The FSA has already enhanced
the safety net to cope with distressed banks. Available forms of
support would include capital injections and conversion of
outstanding government-held preferred shares into common equity.
Hence, the banks would be re-capitalized before their franchises
are impaired and thus their senior obligations are, the agency
believes, well protected. This is the rationale underlying the
investment grade debt ratings of the banks. Nevertheless, the
government's capacity to provide this support is weakening due
to deteriorating public finances as indicated by Fitch's
lowering of Japan's sovereign rating in November 2002.

Mizuho recently made a significant step toward meeting the more
realistic asset quality, loan loss reserve and capital standards
now being formulated by the 'new' FSA that have long been
advocated by Fitch. Sumitomo Mitsui and UFJ have also each
announced plans to restructure and raise additional capital in
order to maintain their independence. Fitch recognizes the
banks' efforts to deal more aggressively with their asset
quality problems and strengthen capital. However, much of the
new capital, which is in the form of preferred shares, does not
meet the agency's criteria for good quality 'pure' capital.
Also, the agency is concerned that some of the capital raising
plans appear to focus on a narrow investor base.

Looking ahead, even with these downgrades, the majority of the
money center banks continue to have Negative Outlooks. Necessary
conditions for stabilization and eventual recovery in Japanese
bank ratings include nationalization and/or economic recovery
based on structural change. Fitch views individual bank
workouts, without either or both of the above conditions, to
have uncertain prospects.

THE MITSUBISHI-TOKYO FINANCIAL GROUP:

Bank of Tokyo Mitsubishi: Long-term rating is lowered to 'A-'
from 'A', Outlook remains Negative.

Affirmed is the Short-term rating of 'F1', Support of '1' and
Individual of 'D'.

Mitsubishi Trust & Banking: Long-term rating is lowered to 'A-'
from 'A', Outlook remains Negative. Affirmed is the Short-term
rating of 'F1', Support of '1' and Individual of 'D/E'.

THE MIZUHO FINANCIAL GROUP:

Mizuho Holdings: Individual rating is lowered to 'E' from 'D/E';
Long-term rating is lowered to 'BBB+' from 'A-', Outlook remains
Negative. Affirmed is the Support rating of '1' and Short-term
of 'F2'.

Mizuho Corporate Bank: Individual rating is lowered to 'E' from
'D/E'; Long-term is lowered to 'BBB+' from 'A-', Outlook remains
Negative. Affirmed is the Support rating of '1' and Short-term
of 'F2'.

Mizuho Bank: Individual rating is lowered to 'E' from 'D/E';
Long-term is lowered to 'BBB+' from 'A-', Outlook remains
Negative. Affirmed is the Support rating of '2' and Short-term
of 'F2'.

Mizuho Trust & Banking: Long-term rating is lowered to 'BBB+'
from 'A-', Outlook remains Negative. Affirmed is the Individual
rating of 'C', Short-term of 'F2' and Support of '3'.

Mizuho Asset Trust: Individual rating of 'E', Long-term of
'BBB+' with Negative Outlook and Short-term of 'F2' are
affirmed. Support rating of '3' is changed to '2'. Page 1/2

UFJ GROUP:

UFJ Bank: Individual rating is lowered to 'E' from 'D/E'; Long-
term rating is lowered to 'BBB+' from 'A-', Outlook remains
Negative. Affirmed is the Support rating of '1' and Short-term
of 'F2'.

UFJ Trust: Individual rating is lowered to 'E' from 'D/E', Long-
term rating is lowered to 'BBB+' from 'A-', Outlook remains
Negative. Affirmed is the Support rating of '1' and Short-term
of 'F2'.

SUMITOMO MITSUI FINANCIAL GROUP:

Sumitomo Mitsui Banking Corp: Individual rating is lowered to
'E' from 'D/E'; Long-term is lowered to 'BBB+' from 'A-',
Outlook remains Negative. Affirmed is the Support rating of '1'
and Short-term of 'F2'.

SUMITOMO TRUST & BANKING: Affirmed is the Long-term rating of
'BBB+' with Negative Outlook, Short-term of 'F2', Individual of
'D/E' and Support of '2'.

MITSUI TRUST FINANCIAL GROUP:

Chuo Mitsui Trust: Affirmed is the Long-term rating of 'BBB-'
with Stable Outlook, Short-term of 'F3', Individual of 'E' and
Support of '2'.

RESONA FINANCIAL GROUP:

Asahi Bank: Affirmed is the Long-term rating of 'BBB-' with
Stable Outlook, Short-term of 'F3', Individual of 'E' and
Support of '2'. Daiwa Bank: Affirmed is the Individual rating of
'E' and Support of '2'.

REGIONAL BANKS:

Gunma Bank: Individual rating is lowered to 'C/D' from 'C',
Long-term is lowered to 'BBB+' from 'A-', Stable Outlook, Short-
term rating is lowered to 'F2' from 'F1' and Support is affirmed
at '2'.

Ashikaga Bank: Affirmed is the Long-term rating of 'BBB-' with
Negative Outlook, Short-term of 'F3', Individual of 'E' and
Support of '2'.

Bank of Fukuoka: Affirmed is the Long-term rating of 'BBB' with
Stable Outlook, Short-term of 'F2', Individual of 'D' and
Support of '2'.

Bank of Yokohama: Affirmed is the Long-term rating of 'BBB' with
Negative Outlook, Short-term of 'F3', Individual of 'D/E' and
Support of '2'.

Chiba Bank: Affirmed is the Long-term rating of 'BBB' with
Stable Outlook, Short-term of 'F2', Individual of 'D/E' and
Support of '2'.

Hachijuni Bank: Affirmed is the Long-term rating of 'A' with
Stable Outlook, Short-term of 'F1', Individual of 'C' and
Support of '2'.

Hiroshima Bank: Affirmed is the Long-term rating of 'BBB' with
Negative Outlook', Short-term of 'F3', Individual of 'D/E' and
Support of '2'.

Hokuriku Bank: Affirmed is the Long-term rating of 'BBB-' with
Negative Outlook, Short-term of 'F3', Individual of 'E' and
Support of '2'.

Joyo Bank: Affirmed is the Long-term rating of 'BBB+' with
Stable Outlook, Short-term of 'F2', Individual of 'C/D' and
Support of '2'.

Shizuoka Bank: Affirmed is the Individual rating of 'B/C',
Short-term of 'F1' and Support of '2'.

CONTACT:

Reiko Toritani, Philip Jones, Brett Hemsley (Tokyo) Tel: +81 3
3288 2628; David Marshall (Hong Kong) +852 2263 9963; Fred
Puorro (New York)+1 212 908 0500


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


DAEWOO GROUP: ThyssenKrupp May Acquire French Unit
--------------------------------------------------
GhyseenKrupp AG of Germany may acquire Daewoo-Orion Television
tube factory in France, the latter was declared bankrupt on
January 9, AFX News said on Wednesday.

A report from RTL radio said the acquisition, which would be
made via ThyssenKrupp's Presta France unit would "at least" lead
to the reinstatement of jobs that have been lost and could lead
to the creation of up to 300 new jobs.

ThyssenKrupp Presta France already has a plant at Florange,
Moselle, where it makes steering wheel columns.


DAEWOO SECURITIES: Italian Firm Acquires Romanian Unit
------------------------------------------------------
Daewoo Securities Co. will sell its 99.99 percent stake in its
unit Daewoo Bank Romania valued at US$15-20 million to an
unspecified Italian company, AFX News said on Thursday.

The final contract will be signed next month.

The previous deal it signed last May with CONEF SA, a Romanian
unit of Marco International of the US, on the stake sale
collapsed at the last minute due to failure to meet some
Romanian regulatory requirements, the report said.


HYNIX SEMICON: Switches to Automated Cell Creation Technology
-------------------------------------------------------------
Numerical Technologies, Inc., the world's leading provider of
subwavelength lithography-enabling technology to the global
semiconductor industry, announced that Hynix Semiconductor has
sliced its cell library creation turnaround time and cost by
using Numerical's Cadabra(TM) products in its integrated circuit
(IC) design environments. In a departure from the use of
conventional manual layout tool technology, Hynix will leverage
Numerical's fully automated tools to create advanced standard
cell libraries -- cutting turnaround time by as much as 75
percent.

"The accelerated pace of our cell library development activities
is largely due to our recent switch from manual to automated
layout tool technology," said Dr. Seong Kwan Hong, vice
president and chief information officer (CIO) of Hynix
Semiconductor. "Numerical's Cadabra products have reduced our
library development turnaround time due to their quality and
flexibility. The speed and ease with which we can modify and
optimize the cell layouts are an added advantage when making
architectural changes."

The Cadabra tools, abraCAD(TM) and abraMAP(TM), are used by
design teams worldwide for automated creation and migration of
standard cell libraries. The tools, which generate handcrafted
results in significantly less time than that of traditional
manual methods, are geared to function in a subwavelength design
environment where the burden of producing manufacturable IC
designs is largely dependent on the creation of top-quality cell
libraries.

Manually migrating to new process nodes can take several months
-- a timeframe that is reduced to less than a month with
Numerical's Cadabra tools. Such accelerated layout creation and
migration allows more time for library optimization and
architecture exploration. It also presents fewer challenges to
the design teams that are responsible for producing complex
next-generation designs without sacrificing handcrafted quality
layout.

"Hynix develops several libraries per year, and as we continue
our transition to new process generations, we expect to exploit
the full benefits of the Cadabra toolset to satisfy our
aggressive device development milestones," added Dr. Hong.

According to Anjaneya Thakar, Numerical's vice president of
business development for Cadabra products, "We're pleased to add
Hynix to Cadabra's expanding list of global semiconductor
customers, and we're glad to be playing a role in accelerating
their time to market for new products."

Cadabra http://www.cadabradesign.com,a Numerical Technologies  
company, provides industry-leading tools that offer high
productivity in the creation and migration of handcrafted
quality cell layouts that form the fundamental building blocks
used in the standard cell, semi-custom and custom IC designs.
Current worldwide customers include top semiconductor vendors,
third party library vendors and leading fabless semiconductor
companies in the graphics and communications markets.

Numerical Technologies, Inc. http://www.numeritech.com,the  
world's leading provider of subwavelength lithography
technology, develops and markets proprietary technology,
software tools and services that enable the production of
subwavelength integrated circuits (ICs), i.e., ICs with feature
sizes that are smaller than the wavelength of light used to
create circuit patterns on silicon. Numerical's products and
industry alliances form a comprehensive design-to-silicon
solution that enables the creation of smaller, faster and more
power-efficient ICs using available manufacturing equipment.
Numerical's customers include the world's top semiconductor
companies, design automation tool vendors, semiconductor
equipment suppliers and photomask manufacturers.

Hynix Semiconductor Inc. www.hynix.com is one of the world's
largest manufacturers of Dynamic Random Access Memory (DRAM)
chips, the most widely utilized type of memory semiconductor. In
addition to DRAM, we also design, develop and manufacture other
types of semiconductors, such as Static Random Access Memory
(SRAM) chips and Flash memory chips. We also engage in the
design and manufacture of System Integrated Circuits (System
ICs), including application specific standard products and
foundry services. We have 10 semiconductor fabs in Korea and one
in the United States located in Eugene, Oregon. Hynix maintains
sales and marketing offices worldwide.

NOTE: Cadabra, abraCAD and abraMAP are trademarks of Numerical
Technologies, Inc.

CONTACT: Susan Lippincott, Group Director, Corporate Marketing
of Numerical Technologies, +1-408-273-4474, or fax, +1-408-750-
4528, or susan@numeritech.com; or Jane Evans-Ryan, Account
Director of MCA, +1-650-968-8900, or fax, +1-650-968-8990, or
jryan@mcapr.com, for Numerical Technologies


HYNIX SEMICONDUCTOR: Narrows FY02 Net Loss to US$1.66B
------------------------------------------------------
Hynix Semiconductor Inc. posted a net loss of 1.95 trillion won
(US$1.66 billion) in 2002, versus a loss of 5.07 trillion won a
year earlier, Asia Pulse said on Wednesday. Sales and operating
loss registered at 3 trillion won and 940 billion won,
respectively.

"The loss stemmed from the delayed recovery of DRAM demand amid
economic slump, subsequent drop of chip prices and increased
cost for the reopening of our factory in the United States," a
Hynix official said.

Meanwhile, the debt-ridden chipmaker recorded 746 billion won in
sales and 348 billion won in operating deficits during the
fourth quarter last year.


KOREA ELECTRIC: Moody's Upgrades Debt Rating to A3 From Baa2
------------------------------------------------------------
Moody's Investors Service has upgraded the senior unsecured debt
rating of Korea Electric Power Corporation (KEPCO) to A3 from
Baa2. The upgrade reflects improvements in KEPCO's operating
performance and credit profile, the results, in turn, of the
strong growth in domestic electricity demand. The upgrade also
reflects Moody's growing confidence that the Korean government
will manage reform of the power sector in a manner that supports
KEPCO's financial profile and produces lower business risk for
the Company.

The A3 rating recognizes KEPCO's strategic role as Korea's only
fully integrated power utility Company, as well as the
government's commitment to both its majority stake and its
relatively supportive regulatory framework. This concludes the
rating review initiated on December 17, 2002. The rating outlook
is positive.

KEPCO's profitability in 2002 was above estimates due to the
strong electricity demand and stable fuel costs. Debt-protection
measurements have consequently improved and are likely to
strengthen again in 2003 due to expectations demand will remain
strong.

Moody's notes that several important issues await finalization
under the reform program but - as indicated - we are
increasingly confident that the government will proceed in a
careful and considered manner. The transition to a more
competitive industry structure will be gradual and will occur in
a way that supports KEPCO's sound financial profile, and
minimizes its exposures to potential power price volatility. The
regulator plans to introduce competition into the power market
from 2004, and, as part of this process, vesting contracts will
be used to stabilize power purchase prices for several years.

Moody's also expects that KEPCO will continue to play a crucial
role in the Korean power sector, holding onto its monopoly in
the more stable transmission business. Over the medium term, the
Company will also retain ownership of the nuclear power assets,
which have a strategic position, and supply over 40 percent of
the country's electricity demand. Furthermore, no dramatic
change in regulatory philosophy is anticipated so KEPCO can
expect to generate earnings on the basis of a return-on-rate-
base philosophy.

Moody's notes the potential positive impact on KEPCO's financial
strength of the current proposed industry reform. KEPCO's
diminished participation in the competitive power generation
segment over the medium term will help reduce its earnings
volatility and significantly reduce its capital expenditure
burden. Moody's also expects that KEPCO will be able to use the
cash it raises from the sale of non-nuclear power subsidiaries
and other non-core businesses, such as Powercomm, to fund its
remaining capital expenditures and reduce its financial
leverage. But the timing of such sales and the amounts that
could be realized remain unclear. In consequence Moody's will
continue to look KEPCO on a consolidated basis and the rating is
not dependent on cash being raised from the generation assets
sale.

The A3 rating also recognizes that KEPCO has a substantial
capital investment program for the next few years as it expands
and upgrades its transmission/distribution network and adds
generation capacity under its subsidiaries. Moody's recognizes
that KEPCO is exposed to the possibility of adverse foreign
exchange moves, given the currency profile of its debt, but
management's efforts to reduce reliance on foreign currency debt
over the last few years mitigate such concerns. Moody's further
recognizes that KEPCO has strong access to the domestic capital
market, which provides support for its funding needs and
liquidity profile.

Korea Electric Power Corporation is directly and indirectly
(through KDB) 53.9 percent owned by the Korean Government.

According to Wright Investor's Service, at the end of 2001,
Korea Electric Power Corporation - KEPCO had negative working
capital, as current liabilities were 9.29 trillion Korean Won
while total current assets were only 5.37 trillion Korean Won.

DebtTraders reports that Korea Electric Power Corp.'s 8.250
percent bond due in 2005 (KORE05KRN1) trades between 112.504 and
113.066. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=KORE05KRN1


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


CHG INDUSTRIES: Debt Restructuring Agreement Execution Pending
--------------------------------------------------------------
Pursuant to paragraph 8.14 of the Kuala Lumpur Stock Exchange's
(KLSE) Listing Requirements and paragraph 4.1 (b) of Practice
Note No. 4/2001 of the KLSE Listing Requirements (PN4), CHG
Industries Berhad is required to announce the status of its plan
to regularize its financial condition on a monthly basis until
further notice from the KLSE.

The Company informed that the debt-restructuring proposal of the
Company and its subsidiaries is pending execution of the debt
restructuring agreement.


EPE POWER: KLSE Gives Two-Month Requisite Announcement Extension
----------------------------------------------------------------
Subsequent to the announcement dated 2 January 2003, EPE Power
Corporation Berhad has further defaulted in the payment of
monthly interest of RM725,253.52 due to several financial
institutions (FIs) under its revolving credit (RC) facilities.

The status of the default of principal amount remains the same
as previously announced.

The Company wishes to inform that KLSE has granted a further
extension of two (2) months from 31 December 2002 to 28 February
2003 to EPE to make the Requisite Announcement of its plan to
regularize its financial condition.


HOTLINE FURNITURE: Unit Receives Winding Up Order From Court
------------------------------------------------------------
Further to the announcement made on 2 December 2002, whereby
Hotline Furniture Export Trading Sdn Bhd (HFE) was served with a
winding-up petition by Vision Worth Sdn Bhd.

The Board of Directors of Hotline Furniture Berhad (HFB)
announces that on 24 January 2003, a notice of winding-up order
was given by the High Court of Malaya at Kuala Lumpur to HFE.

COMPANY PROFILE

The Company owns companies involved in the manufacturing and
marketing of furniture. Manufacture of furniture products under
the registered trademark of "Hotline" commenced in the late
1970s. The manufacturing activities of the Group are carried out
at two factories located in Balakong, Cheras Jaya, both in the
state of Selangor. The Group's products are exported to
international retailers and distributors such as Australia,
Japan, Hong Kong, South East Asia, Europe, the Middle East,
North America, South Africa, China, New Zealand, UK, Taiwan,
South Korea, Russia, Philippines, India, Pakistan and
Bangladesh.

Due to the difficult economic climate, the Group proposed a
corporate exercise involving a rights issue with free warrants
and acquisition of four companies involved in education.
However, in view of the difficulty to procure underwriters, the
Group has aborted the proposed restructuring. The Group will
announce a new restructuring proposal in due course.

CONTACT INFORMATION: 12th Flr (Right Wing)
                     Menara Kemayan
                     160, Jln Ampang
                     50450 Kuala Lumpur
                     Tel : 03-2166 9660;
                     Fax : 03-2166 9661


KEMAYAN CORPORATION: FIC Approves Proposed Restructuring Scheme
---------------------------------------------------------------
Kemayan Corporation Berhad refers to the announcements made on
23 October 2002, 1 November 2002, 15 November 2002 and 25
November 2002 regarding the Proposed Restructuring Scheme.

On behalf of KCB, Public Merchant Bank Berhad announced that the
Foreign Investment Committee (FIC) had, via its letter dated 28
January 2003 which was received on 29 January 2003, approved the
Proposed Restructuring Scheme as proposed.


KSU HOLDINGS: Provides Defaulted Facilities Status Update
---------------------------------------------------------
As required by the KLSE Practice Note 1/2001, the Board of
Directors of KSU Holdings Berhad provided an update on the
details of all the facilities currently in default, as found in
http://www.bankrupt.com/misc/TCRAP_KSU0203.pdf.

The default by KSU as at 31 December 2002 amounted to
sRM106,315,379.17 of principal sum and RM18,508,977.88 of
interest for term/bridging loans and overdraft facilities.


KUB MALAYSIA: JV KUBTrus Faces Winding-Up Petition
--------------------------------------------------
KUB Malaysia Berhad announced that a winding-up petition No.
D28-1189-2002 (Petition) had been presented at the Kuala Lumpur
High Court on 27 December 2002 against KUBTrus Sdn Bhd
(KUBTrus), a 73.5% owned joint-venture company of the Company.

The Petition was served by Edaran Juta Premium Sdn Bhd (EJP)
onto KUBTrus on 27 January 2003, for a claim of RM34,500.00
together with interest thereon at 8% per annum from 10 November
2001 to the date of full satisfaction (Amount Claimed).

1. The Details of default or circumstances leading to the filing
of the winding-up petition against KUBTrus

On 15 October 2002, EJP through its solicitors Messrs Ong Ban
Chai & Co served a notice pursuant to Section 218 of the
Companies Act, 1965 dated 8 October 2002 on KUBTrus. The
abovesaid petition was subsequently served against KUBTrus
arising there from. The Amount Claimed is for the balance of the
purchase price for the goods sold and delivered by EJP.

2. The total cost of investment in KUBTrus

KUB has invested a total of RM9,514,465.00 being equity and
advance in KUBTrus which amount has been fully provided for as
at 31 December 2002.

3. The financial and operational impact on the Group

There is no financial and operational impact to the Group
arising from the Petition.

4. The expected losses

KUBTrus is expected to incur legal fees of approximately
RM5,000.00.

5. The amount of interest claimed

8% per annum from 10 November 2001 to the date of full
satisfaction.

6. The date of hearing of the winding-up petition

8 April 2003.

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

The Company is negotiating with EJP to resolve the matter
amicably.


L&M CORPORATION: Liquidator Appointed to Unit LMA
-------------------------------------------------
The Special Administrators of L & M Corporation (M) Bhd
announced that on 24 January 2003, L & M Agencies Sdn Bhd (LMA),
a subsidiary of L&M, was wound up by the High Court of Malaya at
Kuala Lumpur under the provisions of the Companies Act, 1965.
The court also ordered that the Official Receiver be appointed
as the Liquidator.

The SAs were informed of this on 29 January 2003. In an earlier
announcement dated 29 October 2002, LMA was wound up by an
earlier Court Order dated 22 October 2002.


LAND & GENERAL: February 14 EGM Scheduled
-----------------------------------------
Land & General Berhad advised that its Extraordinary General
Meeting will be held at the Sri Damansara Club, Saga Room, Lot
23304, Persiaran Perdana, Bandar Sri Damansara, 52200 Kuala
Lumpur on Friday, 14 February 2003 at 3.00 p.m., or any
adjournment thereof, for the purpose of considering and, if
thought fit, passing the following resolutions:

Ordinary Resolution 1 - Proposed Composite Debt Restructuring
Scheme Between L&G, certain of its Subsidiaries and their
respective Scheme Creditors for a total Scheme Borrowings of
approximately RM450,491,794 involving the following:

   (i) Settlement of Secured Debts amounting to RM101,043,377
via the Proposed Issue of 16,883,720 Nominal Value of 5%
Redeemable Convertible Secured Loan Stocks A Series of RM1.00
each (RCSLS A Series) to be issued at 100% of its Nominal Value
and the Proposed Conversion of RM84,159,657 Secured Debts into
Secured Term Loans; and

   (ii) Settlement of Unsecured Debts Amounting to RM349,448,417
via the Proposed Issue of 304,078,917 Nominal Value of 5%
Redeemable Convertible Secured Loan Stocks B Series of RM1.00
each (RCSLS B Series) to be issued at 100% of its Nominal Value
and the Proposed Issue of 45,369,500 New Ordinary Shares of
RM1.00 each in L&G (L&G Shares) to be issued at RM1.00 per L&G
Share

"THAT, pursuant to the Proposed Composite Debt Restructuring
Scheme and subject to the approval of other relevant authorities
and the Kuala Lumpur Stock Exchange for the listing of and
quotation for new ordinary shares of L&G to be issued hereunder
and upon the conversion of up to 5-year and 7-year RCSLS A
Series and up to 3-year, 6-year and 7-year RCSLS B Series to be
issued hereunder, the Directors of L&G be and are hereby
authorized to issue/convert to the financial institution lenders
of L&G and certain financial institution lenders of Bandar
Sungai Buaya Sdn Bhd, a wholly-owned subsidiary of L&G, Islands
Helicopter Services Pty Ltd, an associated company of L&G, to
whom corporate guarantees have been provided by L&G (FI Scheme
Creditors) and the holders of euro convertible bondholders of
L&G (ECB holders) the following:

   (i) proposed settlement of secured debts amounting to
RM101,043,377 via:

     (a) the proposed issue of 16,883,720 nominal value of RCSLS
A Series at 100% of the nominal value; and

     (b) the proposed conversion of RM84,159,657 secured debts
into secured term loans; and

   (ii) proposed settlement of unsecured debts amounting to
RM349,448,417 via:

     (a) the proposed issue of 304,078,917 nominal value of
RCSLS B Series at 100% of the nominal value; and

     (b) the proposed issue of 17,714,123 and 27,655,377 new L&G
Shares at par to the FI Scheme Creditors and ECB holders
respectively;

AND THAT the new L&G Shares to be allotted and issued pursuant
to the Proposed Composite Debt Restructuring Scheme or upon
conversion of the RCSLS A Series and RCSLS B Series, shall upon
issue and allotment, rank pari passu in all respects with the
existing ordinary shares of L&G, save and except that they shall
not be entitled to any rights, dividends, allotments and/or
other distributions, the entitlement date of which precedes or
falls on the date of the allotment of the new L&G Shares;

AND THAT the Company and its subsidiaries shall take necessary
steps to divest their assets as contemplated under the Proposed
Composite Debt Restructuring Scheme as set out in the Circular
to shareholders dated 30 January 2003 provided that as and when
the buyers for such assets and businesses have entered into the
necessary agreements with L&G or its subsidiaries, L&G shall
prior to completion of such divestment comply with all the then
prevailing laws and regulations including the Listing
Requirements of the Kuala Lumpur Stock Exchange and provided
further that the net sale proceeds arising from such divestments
shall be applied in the manner as contemplated under the
Proposed Composite Debt Restructuring Scheme;

AND THAT the Board of Directors of the Company be and is hereby
authorized to give effect to the Proposed Composite Debt
Restructuring Scheme with full power to assent to any
conditions, modifications, variations and/or amendments in any
manner as may be required by the relevant authorities and to
deal with all matters relating thereto and to enter into all
such agreements, arrangements, undertakings, indemnities,
transfers, assignments and guarantees with any party or parties
and to take all steps and to do all acts and things in any
manner as they may deem necessary or expedient to implement,
finalize and give full effect to the Proposed Composite Debt
Restructuring Scheme."

Ordinary Resolution 2 - Proposed Allotment of 2,600,969 New L&G
Shares at an Issue Price of RM1.00 per L&G Share and 17,432,411
Nominal Value of RCSLS B Series at 100% of the Nominal Value to
Tan Sri Azmi Wan Hamzah, a major shareholder and former Director
of L&G as consideration for the settlement of RM20,033,380 of
Unsecured Debts pursuant to the Proposed Composite Debt
Restructuring Scheme (Proposed Allotment)

"THAT, subject to the passing of Ordinary Resolution 1 above,
the Company and the Board of Directors be and are hereby
authorized to do the following:

   (i) allot and issue 2,600,969 new L&G Shares at par to Tan
Sri Azmi Wan Hamzah a major shareholder of the Company, whether
to be held directly or indirectly;

     (a) issue 17,432,411 nominal value RCSLS B Series at 100%
of the nominal value to Tan Sri Azmi Wan Hamzah, whether to be
held directly or indirectly;

     (b) upon conversion of the aforesaid 17,432,411 nominal
value of RCSLS B Series, to allot and issue up to 17,432,411 new
L&G Shares at par to Tan Sri Azmi Wan Hamzah, whether to be held
directly or indirectly,

all pursuant to the Proposed Composite Debt Restructuring
Scheme, details of which are set out in the Circular to
shareholders of L&G dated 30 January 2003;

AND THAT the Directors of the Company be and are hereby
authorized to give effect to the Proposed Allotment with full
power to assent to any conditions, modifications, variations
and/or amendments in any manner as may be required by the
relevant authorities and to take all steps as the Directors may
deem fit or expedient and in the best interest of the Company in
connection with the Proposed Allotment."


LIEN HOE: Loan Stock Fully Redeemed, Legal Proceedings Withdrawn
----------------------------------------------------------------
Lien Hoe Corporation Berhad announced that the Redeemable
Secured Loan Stocks Due August 2000 was fully redeemed on 30
January 2003 pursuant to the proposed settlement as announced on
27 January 2003 and accordingly, all legal proceedings
pertaining to the Loan Stocks will be withdrawn and discontinued
by the parties concerned.

COMPANY PROFILE

Originally the Company (LHC) and its subsidiaries were engaged
in the manufacture and trading of building materials. In 1982
and 1983, Peak Hua Holdings Bhd (PHH), a company involved in
real estate and securities investment, acquired the majority
shareholding in LHC. LHC then embarked upon a restructuring
exercise, which resulted in diversification into property
development in June 1983. Distribution of scientific/medical
supplies was added in mid 1988 as was the manufacture of kitchen
cabinets and knock down furniture. In 1988 the Company ceased to
be a subsidiary of PHH.

Subsequent to a scheme of financial restructuring in 1990, LHC
branched into property investment and management through
acquisitions. Over the years, LHC has also ventured into timber
logging and hotel property.

Currently, the Group is in the process of implementing a
proposed restructuring scheme which comprises capital reduction
and share consolidation; acquisition of Billiontex Industries
Sdn Bhd, Rusella Teguh Sdn Bhd and Atria Properties Sdn Bhd;
restricted offer for sale; debt restructuring; and rights issue
of warrants. The scheme was approved by the SC on 30 May 2000
and shareholders of the Company on 23 November 2000.

CONTACT INFORMATION: 18th Floor, Menara Lien Hoe
            No. 8, Persiaran Tropicana
            Tropicana Golf & Country Resort
            47410 Petaling Jaya
            Tel : 03-7805 1331;
            Fax : 03-7805 3112


LION GROUP: SC Grants Disclosure Requirement Waiver
---------------------------------------------------
On 9 January 2003, Lion Corporation Berhad (LCB), Amsteel
Corporation Berhad (ACB) and Angkasa Marketing Berhad (AMB)
(collectively known as Lion Group) had issued the Circulars to
their respective shareholders (Circulars) setting out the
details of their respective Proposed Corporate and Debt
Restructuring Exercises (Proposed GWRS).

As highlighted in Section 11 of the Circulars of LCB, ACB and
AMB, applications were submitted to the Securities Commission
(SC) to seek dispensations from the SC from complying with the
SC's requirement that the Reporting Accountants are required to
review the financial forecast and projections of the overseas
foreign associated and subsidiary companies of LCB, ACB and AMB
and to disclose the results of the aforesaid review in the
Circulars (Disclosure Requirement). Following applications by
LCB, ACB and AMB, the SC has waived the aforesaid Disclosure
Requirement.

Further, it was also highlighted in Section 11 of the Circular
issued by AMB that an application has been submitted by AMB to
the SC to seek the SC's consent for the disposal moratorium on
the 0.17 million new AMB shares to be issued to Posim Berhad
(Posim) pursuant to the proposed acquisition by AMB of Posim's
0.07% equity interest in Silverstone Berhad, to be imposed on
Posim instead of ACB. Following the application by AMB, the SC
has approved AMB's proposal.

Shareholders of LCB, ACB and AMB and potential investors are
requested to refer to the Circulars of the LCB, ACB and AMB for
further details of the Proposed GWRS.


LION LAND: Enters Further Deferment Agreement With LCS
------------------------------------------------------
On 11 July 2001, Lion Land Berhad announced the proposal to
defer the redemption date of the 43.613 million 5-year
cumulative redeemable preference shares of Likom Computer System
Sdn Bhd (LCS) (RPS) held by LLB, from 28 June 2001 until the
earlier of the dates:

   (a) within 21 days from the listing date of Likom Electronic
Pte Ltd (LEL) (Proposed Listing of LEL); or

   (b) on 28 December 2002,

hereinafter the proposal shall be referred to as the "Previous
Deferment Proposal".

The Board now wishes to announce that the Company has on 29
January 2003 entered into an agreement with LCS (Deferment
Agreement) to further defer the redemption date of the RPS to 28
December 2003 subject to the salient terms and conditions.

DETAILS OF THE PROPOSED FURTHER DEFERMENT

The salient terms and conditions of the Deferment Agreement in
consideration for the Proposed Further Deferment are as follows:

   (i) Deferment compensation calculated at the rate of 1.75%
per annum above the base lending rate of Malayan Banking Berhad
(Maybank's BLR) as at 20 December 2002 of 6.4% per annum on the
redemption sum of RM43,613,000 from 29 June 2001 (being the
original redemption date for the RPS) up to 28 December 2002
(being the proposed redemption date for the RPS under the
Previous Deferment Proposal) amounting to RM5,331,688.50
(Deferment Compensation), is proposed to be payable by LCS to
LLB. As provided in the Deferment Agreement, LCS shall deposit
the sum of RM2,665,844.25 (which was duly deposited on 11
January 2003) representing half of the Deferment Compensation
into an escrow account jointly operated by LLB and LCS, and this
sum shall be released to LLB upon the approval of the
shareholders of LLB for the Proposed Further Deferment being
obtained.

   (ii) Interest shall be payable on the balance Deferment
Compensation of RM2,665,844.25 from 29 December 2002 up to the
actual date of redemption of the RPS at the rate of 1.75% per
annum above the Maybank's BLR prevailing as at the date of
payment for the balance Deferment Compensation.

   (iii) Interest shall be payable on the redemption sum of the
RPS of RM43,613,000 from 29 December 2002 up to the actual date
of redemption of the RPS at the rate of 1.75% per annum above
the Maybank's BLR prevailing as at the date of redemption of the
RPS less the aggregate cumulative dividend declared and paid by
LCS commencing from 29 December 2002 until the aforesaid date of
redemption, if any.

   (iv) An additional 10% of the issued and fully paid-up share
capital of Ributasi Holdings Sdn Bhd (Ributasi) over and above
the proposed 25% under the Previous Deferment Proposal shall be
pledged to LLB. For illustration purposes only, the net tangible
asset values attributable to the 35% equity interest and 25%
equity interest in Ributasi based on the audited consolidated
net tangible assets of Ributasi as at 30 June 2002 of RM147.0
million, are RM51.5 million and RM36.8 million respectively.

   (v) Amble Bond shall undertake to LLB to cause LCS to redeem
the RPS at the redemption sum of RM43,613,000 and pay the
Deferment Compensation on or before 28 December 2003 instead of
on or before 28 December 2002 under the Previous Deferment
Proposal (Amble Bond Undertaking).

   (vi) Tan Sri Cheng Heng Jem shall guarantee payment of the
Redemption Sum and Deferment Compensation and this guarantee
shall remain valid and binding until the redemption sum of
RM43,613,000 and the Deferment Compensation are fully settled
(TSWC Guarantee).

RATIONALE FOR THE PROPOSED FURTHER DEFERMENT

At the time the Previous Deferment Proposal was announced in
July 2001, it was contemplated that the proceeds to be raised
from the Proposed Listing of LEL on the SGX-ST would enable LCS
to meet its redemption obligation for the RPS on or before 28
December 2002.

Whilst LEL has taken steps to seek a listing on the SGX-ST, the
unforeseen depressed regional equity market coupled with
declining hardware and software sales arising from the economic
slowdown in the United States of America are not conducive for
the Proposed Listing of LEL which resulted in the Proposed
Listing of LEL being withdrawn.

In addition, LCS is not in a financial position to redeem the
RPS on or before 28 December 2002. In view of the above, LCS had
requested for the Proposed Further Deferment and the Board of
Directors have agreed to the same subject to, inter-alia, the
provision of the additional securities to LLB in the form as
disclosed in Section 2 herein to secure the payment of the
redemption sum of RM43,613,000 and the Deferment Compensation.

FINANCIAL EFFECTS OF THE PROPOSED FURTHER DEFERMENT

The Proposed Further Deferment will not have any effect on the
issued and paid-up share capital and shareholding of the major
shareholders of LLB since no new ordinary shares will be issued
by LLB.

The Proposed Further Deferment is not expected to have a
material impact on the earnings of the LLB Group for the
financial year ending 30 June 2003 and the net tangible assets
(NTA) of the LLB Group as at 30 June 2002. Any potential effect
on the LLB Group's earnings and NTA would only be apparent after
the revised redemption date of 28 December 2003, depending on
the amount of the RPS actually redeemed or if applicable, the
quantum of proceeds that is actually raised from the enforcement
of the Amble Bond Undertaking, the TSWC Guarantee and/or
liquidation of the securities, and the net amount of such
proceeds utilized for the redemption.

CONDITIONS TO THE PROPOSED FURTHER DEFERMENT

The Proposed Further Deferment is conditional upon the approval
from the shareholders of LLB at an extraordinary general meeting
to be convened.

DIRECTORS' INTEREST

The following Directors who do not consider themselves
independent in respect of the Proposed Further Deferment.

Datuk Cheng Yong Kim is a substantial shareholder of the Company
and Amble Bond. He is also the Managing Director of LEL.

Mr Cheng Yong Liang is the brother of Datuk Cheng Yong Kim. Both
Datuk Cheng Yong Kim and Mr Cheng Yong Liang are nephews of Tan
Sri Cheng Heng Jem, a substantial shareholder of the Company and
Amble Bond.

Mr Heah Sieu Lay is an employee of Lion Subang Parade Sdn Bhd, a
company in which Tan Sri Cheng Heng Jem is a substantial
shareholder via his shareholding in Chocolate Products
(Malaysia) Berhad, a related company of LLB. Mr Heah Sieu Lay is
also a Director of LEL.

Y Bhg Dato' Kamaruddin @ Abas bin Nordin is an Executive
Director of Lion Courts Sdn Bhd (a wholly-owned subsidiary of
LLB), a company in which Tan Sri Cheng Heng Jem is a substantial
shareholder via his substantial shareholding in LLB.

As such, Mr Heah Sieu Lay has abstained from all LLB's Audit
Committee and Board deliberations in respect of the Proposed
Further Deferment whilst Datuk Cheng Yong Kim, Mr Cheng Yong
Liang and Dato' Kamaruddin @ Abas bin Nordin have abstained from
all Board deliberations in respect of the Proposed Further
Deferment.

Save as disclosed above, none of the other Directors of LLB have
any interest, direct or indirect, in the Proposed Further
Deferment.

DIRECTORS' OPINION ON THE PROPOSED FURTHER DEFERMENT

After due consideration of the terms of the Proposed Further
Deferment, the Directors of LLB are of the opinion that the
terms of the Proposed Further Deferment are in the best
interests of the Company and its shareholders. However, the
Directors who are deemed interested as set out in Section 6
above have abstained from all Board and Audit Committee (where
applicable) deliberations in respect of the Proposed Further
Deferment.

OTHER MATTERS

(i) A Circular containing details on the Proposed Further
Deferment and the evaluation of the terms and conditions of the
Proposed Further Deferment by AmMerchant Bank Berhad would be
dispatched to the shareholders in due course;

(ii) Shareholders of LLB and potential investors should be aware
that the Proposed Further Deferment is subject to the condition
referred to in Section 5 above. Shareholders of LLB and
potential investors should exercise caution when dealing in the
securities of LLB; and

(iii) The Deferment Agreement supercedes the Conditional
Redemption Agreement dated 13 December 2000 and the supplemental
agreement dated 10 July 2001 in respect of the Previous
Deferment Proposal. The Deferment Agreement, Conditional
Redemption Agreement, Supplemental Agreement, TSWC Guarantee,
Amble Bond's Undertaking and valuation report(s) by Messrs.
Khong and Jaafar dated 27 June 2001 are available for inspection
at the Registered Office of the Company at Level 46, Menara
Citibank, 165, Jalan Ampang, 50450 Kuala Lumpur, during normal
business hours from Monday to Friday (except public holidays)
from the date hereof to the date of LLB's extraordinary general
meeting to consider the Proposed Further Deferment.


MYCOM BERHAD: Inks Proposed Acquisitions Extension Agreements
-------------------------------------------------------------
Further to the announcements made by Alliance Merchant Bank
Berhad (Alliance) on 14 August 2000, 12 December 2000, 12 June
2001, 12 December 2001, 11 July 2002 and 12 December 2002 on the
Proposed Acquisitions, Mycom Berhad announced that it had, on 30
January 2003, entered into two (2) agreements for the extension
of time for fulfillment of conditions precedent on the following
conditional sale and purchase (S&P) agreements (Extension
Agreements):

   (a) a conditional assets acquisition agreement dated 14
August 2000 and its extensions dated 12 December 2000, 12 June
2001, 12 December 2001 and 11 July 2002 between Mycom, Olympia
Industries Berhad (OIB) and its subsidiaries, namely United
Malaysian Properties Sdn Bhd, Mascon Sdn Bhd and Regal Unity Sdn
Bhd, for the proposed acquisition by Mycom of 100% equity
interest in Olympia Land Berhad, 100% equity interest in City
Properties Development Sdn Bhd, 100% equity interest in Olympia
Plaza Sdn Bhd, 100% equity interest in Rambai Realty Sdn Bhd,
70% equity interest in Maswarna Colour Coatings Sdn Bhd, 100%
equity interest in Salhalfa Sdn Bhd, 100% equity interest in
Mascon Construction Sdn Bhd together with four (4) story shop
office situated at Taman Shamelin Perkasa, Kuala Lumpur and a
factory unit situated at Beranang Industrial Estate, Selangor
and five (5)-acre land situated at District of Kota Kinabalu,
Sabah for an aggregate purchase consideration of RM73,175,000;
and

   (b) a conditional land acquisition agreement dated 14 August
2000 and its extensions dated 12 December 2000, 12 June 2001, 12
December 2001 and 11 July 2002 between Mycom and Kenny Height
Developments Sdn Bhd for the proposed acquisition by Mycom of
approximately 41.14 acres of land situated at Mukim Batu,
Wilayah Persekutuan for a purchase consideration of
RM290,000,000.

The date for fulfillment of the conditions precedent of the
above two (2) conditional S&P agreements has been further
extended for a further period of six (6) months from 12 December
2002 to 12 June 2003 or to such later date as the parties may
agree.

DOCUMENTS AVAILABLE FOR INSPECTION

The Extension Agreements are available for inspection at Mycom's
registered office, Level 23, Menara Olympia, No. 8, Jalan Raja
Chulan, 50200 Kuala Lumpur during normal business hours from
Monday to Friday (except for public holidays) for a period of
three (3) months from the date of this announcement.


NCK CORPORATION: Implementing Restructuring Scheme
--------------------------------------------------
Alliance Merchant Bank Berhad, on behalf of the NCK Corporation
Berhad (Special Administrators Appointed), announced that
following the approvals received from the Securities Commission,
the Foreign Investment Committee and the Ministry of
International Trade and Industry for its Restructuring Scheme,
the Company is currently implementing the Restructuring Scheme.

Any further developments to the Restructuring Scheme will be
announced in due course.


NCK CORPORATION: Group's Defaulted Payment Stands RM636,303,473
---------------------------------------------------------------
In compliance with Practice Note No. 1/2001, NCK Corporation
Berhad (Special Administrators Appointed) announced that the
Special Administrators of NCK Wire Products Sdn Bhd (In
Provisional Liquidation) (NCK Wire), a wholly owned subsidiary
company of NCK, had on 23 January 2003 paid the lenders of NCK
Wire, a total sum of RM12,194,185.38, being distribution of
18.62% during Special Administration period as part settlement
of NCK Wire's borrowings totaling RM65,489,797.57 as at 30 June
2001.

This payment is made in accordance with the NCK Wire Workout
Proposal dated 25 July 2002, approved by Pengurusan Danaharta
Nasional Berhad on 13 August 2002 pursuant to Section 45(2) of
the Pengurusan Danaharta Nasional Berhad Act 1998.

Except as mentioned above, there have been no other changes in
the status of the credit faculties on which the NCK Group has
defaulted in payment since the Company's previous announcement
dated 3 January 2003.

Total borrowings on which the NCK Group has defaulted on
payments stood at RM636,303,473.00 (inclusive of accrued
interest) as at 31 December 2002.


TAI WAH: FIC Conditionally OKs Proposed Restructuring Exercise
--------------------------------------------------------------
Tai Wah Garments Manufacturing Berhad refers to the announcement
dated 23 December 2002 made on behalf of the Board of Directors
of the Company, which set out the details of the Proposed
Restructuring Exercise.

Further to the said announcement, the Board of Directors of
TWGB, announced that the Foreign investment Committee (FIC) had
via its letter dated 28 January 2003 approved the Proposed
Restructuring Exercise of TWGB, on the condition that the
shareholdings of TWGB will be reviewed again after three (3)
years from the date of the FIC's approval letter.


TECHNO ASIA: Continues to Default Loan Interest Payment
-------------------------------------------------------
Mr. Lim Tian Huat and Mr. Chew Cheng Leong of Messrs. Ernst &
Young were appointed Special Administrators (SAs) over Techno
Asia Holdings Berhad and a subsidiary company, Prima Moulds
Manufacturing Sdn. Bhd. (PMMSB) on 2 February, 2001. The Special
Administrators were subsequently appointed over the subsidiary
companies of TECASIA on 30 April, 2001:

   1. Mount Austin Properties Sdn. Bhd.;
   2. Cempaka Sepakat Sdn. Bhd.;
   3. Ganda Edible Oils Sdn. Bhd.;
   4. Litang Plantations Sdn. Bhd.;
   5. Wisma Dindings Sdn. Bhd.;
   6. Ganda Plantations (Perak) Sdn. Bhd.; and
   7. Techno Asia Venture Capital Sdn. Bhd. ( collectively known  
as the "Affected Companies")

Further to the announcement dated 3 January, 2003 in respect of
Practice Note 1/2001, TECASIA wishes to announce that the
Company and its subsidiaries, namely Mount Austin Properties
Sdn. Bhd (Special Administrators Appointed), PMMSB (Special
Administrators Appointed), Prima Moulds Sdn. Bhd. and Ganda
Energy and Holdings, Inc continue to default in payments of
their loan interest and principal sums owing to several
financial institutions. The outstanding amounts as at 31
December, 2002 are tabled at
http://www.bankrupt.com/misc/TCRAP_TecAsia0203.gif.

Measures Taken to Address the Default

TECASIA is considered as an "affected listed issuer" pursuant to
PN4/2001.

Further to the measures undertaken as announced on 3 January,
2003, there have been no major changes to the status of
TECASIA's plan to regularize its financial position.

Implications in respect of the Default in Payments

TECASIA wishes to announce that Pengurusan Danaharta Nasional
Berhad had on 30 January, 2002 and 26 April, 2002 granted an
extension of twelve (12) months to the moratorium previously in
effect for TECASIA and PMMSB and seven other subsidiaries
pursuant to Section 41(3). The extension will expire on 2
February, 2003 and 30 April, 2003 respectively. All legal
actions initiated against TECASIA and other affected
subsidiaries will be stayed and any petition for winding-up, or
any appointment of a receiver, receiver and manager or
provisional liquidator cannot proceed during the moratorium
period.


TIMBERMASTER INDUS.: Starts Restructuring Scheme Implementation
---------------------------------------------------------------
Pursuant to Practice Note No. 4/2001 in relation to paragraph
8.14 of the Revamped Listing Requirements, Timbermaster
Industries Berhad (TMIB) wishes to announce that the Special
Administrators and the advisers have begun the implementation of
TMIB's Proposed Restructuring Scheme as approved by the
Securities Commission on 2 December 2002.

CONTACT INFORMATION: 152, Persiaran Raja Muda Musa
                     42000 Port Klang, Selangor
                     Tel : 03-3686733
                     Fax : 03-3682155


TIME ENGINEERING: Feb 26 EGM Set
--------------------------------
Time Engineering Berhad announced that it will convene an
Extraordinary General Meeting (EGM) at Ballroom 1, Level 2,
Hotel Nikko Kuala Lumpur, 165 Jalan Ampang, Kuala Lumpur on
Wednesday 26 February 2003 at 10.00 a.m.

Details of the resolutions to be tabled at the said EGM can be
found at http://www.bankrupt.com/misc/TCRAP_TIME0203.doc.

COMPANY PROFILE

The TIME Group's activities are classified into four strategic
business units: telecommunications, IT, power, engineering and
manufacturing.

The Group operates Malaysia's biggest fibre optic cable network
that runs 4,000 km along the length of the North-South
Expressway and a 1,600 km submarine festoon, fibre optic line
along the coast. TIME is also a full service telecommunications
provider, one of two in the country, and is licensed to provide
Internet services. It is a leading public payphone provider and
operator of ADAM cellular services.

The Group's IT business includes developing, managing and
marketing inter-organization business solutions based on the
application of electronic data interchange and electronic
commerce concepts. It also undertakes software development,
consultancy services and sale of computer hardware. Some of the
projects include the Port Klang Community system and KLIA's Free
Zone Declaration system.

The companies under the power division manufacture, supply and
maintain electrical switchgears, switchboards, and distribution
transformers, and undertake design, engineering and construction
of power transmission and distribution infrastructure. The
division also operates an open cycle gas-fired power station in
Sabah. The Group is currently one of the largest medium voltage
switchgear manufacturers in the country.

Part of the Renong Berhad (RB) Group, TIME and nine of its
subsidiaries are currently undergoing a proposed Scheme of
Arrangement pursuant to Section 176 of the Companies Act 1965,
with the assistance of the Corporate Debt Restructuring
Committee (CDRC). The restructuring proposal entails the
restructure of the Group's external debts amounting to RM4.792b
as at 31 December 1999 via conversion of debts owing to secured
creditors into redeemable secured bonds with warrants,
conversion of debts owing to unsecured creditors into ICULS and
conversion of debts owing to all the creditors of TIME telcos
into 1.25b shares of then subsidiary, TIME dotCom Bhd (TdB).

On 25 April 2000, TIME announced the proposed listing of TdB
involving the grouping of TIME's telco business under TdB. The
proposal entailed the issue of 923,706m TdB shares to acquire
these telcos and a composite scheme of arrangement including an
issue of approx. RM3,990.28m nominal value of TIME redeemable
promissory notes pursuant to the assumption of RM4,336.84m debt
owed by TdB and the telcos. In return, TdB would issue 1,445.61m
shares to TIME on the basis 1 TdB share for every RM3.00 of
debt. TIME also proposed a rights issue, issue of replacement
warrants to partly redeem the outstanding bonds issue and issue
of 30m free warrants to TIME's US$ bondholders.
Subsequently, on 8 July 2000, TIME and Khazanah Nasional Bhd
entered into negotiations for the proposed acquisition by
Khazanah of 30% in TdB.

In conjunction with the issue of free warrants to its secured
creditors, and US$ bondholders, TIME had on 15 August 2000
agreed to restructure the scheme amounts by reducing the US$250m
principal outstanding of redeemable secured zero-coupon bonds
via disposing of 29.89m RB warrants; extending the tenure of the
bonds up to 5 December 2001; varying the bond's existing terms
and conditions; and giving 20m RB warrants, free of charge to
the bondholders.

The corporate restructuring proposals announced in January and
April, and the proposed Khazanah transactions were approved by
shareholders on 13 September 2000.

On 18 October 2000, TIME received a conditional offer from Tan
Sri Halim Saad, to acquire TIME's entire 21.56% interest in RB
for approx. RM875m cash. The Company's disposal is part of the
TIME Group's contingency plan to partially redeem the US$250m
bonds under its scheme of arrangement.

On 8 March 2001, the Company announced that the share sale
agreement entered into between the Company and Khazanah in
connection with the Khazanah Transactions was completed. With
the completion, TIME dotCom ceased to be a subsidiary of the
Company and became an associate company. Subsequently,
TIMEdotCom was listed on the Main Board of KLSE on 12 March
2001.

TIME has in August 2001, failed to redeem the second tranche of
the US$ Bonds of US$82.275m (RM312.645m) due on 5 August 2001.
Nevertheless, the Company made a partial redemption of US$5.0m
of the second tranche on 10 August 2001 and paid interest
totaling US$4.1m on 5 December 2001. Subsequently, the Company
restructured the outstanding amount of bonds, which included a
revocation of the event of default declared earlier by the
bondholders on 11 December 2001. The bondholders, BNM and the SC
approved the bonds' restructuring on 18 June 2002, 26 September
2002 and 20 September 2002 respectively.

CONTACT INFORMATION: 11th Flr, Wisma Time
                     249, Jln Tun Razak
                     50400 Kuala Lumpur
                     Tel : 03-4668100
                     Fax : 03-4668101


UCP RESOURCES: MITI OKs Proposed Restructuring Scheme
-----------------------------------------------------
Reference is made to UCP Resources Berhad's announcements dated
29 October 2002, 21 November 2002, 31 December 2002 and 3
January 2003 on the Proposed Corporate and Debt Restructuring
Scheme.

In connection to the above, the Company announced that the
Ministry of International Trade and Industry Malaysia (MITI) had
via its letters dated 6 January 2003 and 28 January 2003,
approved the Proposed Corporate and Debt Restructuring Scheme of
UCP as well as the revised structure to the original Proposed
Corporate and Debt Restructuring Scheme, as announced on 31
December 2002.

MITI had also approved the application for a grace period of up
to two (2) years from the date of listing and quotation of the
new Goldenseal Resources Berhad (GRSB) shares (being the shares
of the new company incorporated to facilitate the implementation
of UCP's Proposed Corporate and Debt Restructuring Scheme) on
sthe Kuala Lumpur Stock Exchange, for GRSB to meet the minimum
30% Bumiputera equity requirement.

MITI's approval is subject to UCP obtaining the approvals of the
Securities Commission and the Foreign Investment Committee for
the revised Proposed Corporate and Debt Restructuring Scheme.


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

PHILIPPINE TOBACCO: Enters Settlement With Netherlands Company
--------------------------------------------------------------
The Board of Directors of Philippine Tobacco Flue-Curing &
Redrying Corporation held on January 28, 2003 at the Rooftop,
Linden Suits, 37 San Miguel Avenue, Ortigas Center, Pasig City,
at which meeting a quorum was present and acting throughout, the
members of the Board of Directors of the Corporation discussed
the proposed settlement of the dispute between the Corporation
and the Netherlands Insurance Company, which is the subject
matter of the case entitled "The Netherlands Insurance Company
vs. Philippine Tobacco Flue-Curing & Redrying Corporation" G.R.
No. 146147, now pending with the Supreme Court.

After discussion, the Board of Directors unanimously granted the
Corporation the authority to enter into a settlement with the
Netherlands Company and, for this purpose, designated either the
President or the Treasurer of the Corporation, Carlos G.
Dominguez or Beinvenido A. Tan III, respectively, as the
officers authorized to negotiate, sign, receive and receipt, for
and on behalf of the Corporation, any and all documents
necessary and/or required to effect a settlement, including, but
not limited to, a Compromise Agreement.
s
TCR-AP reported in February that the Corporation has been losing
money from its tobacco business in the past three years and does
not expect to recover in the foreseeable future. The Corporation
must get out of its traditional business to cut its losses. The
Corporation's tobacco sales in the past three years were not
enough to cover expenses.

The situation is expected to worsen in 2002, prompting a
decision to phase out the Corporation's tobacco operations. The
Corporation has earmarked P9 million to cover the separation of
its 348 employees, 320 of which are seasonal workers. The
Corporation's equipment for its tobacco operations shall be
maintained on "mothballed" status, i.e., the same will be
maintained in such a condition as will enable the Corporation to
immediately resume its tobacco operations as soon as its
business prospects improve.

For a copy of the disclosure, go to
http://bankrupt.com/misc/tcrap_tobaccoflue0131.pdf


UNIDEN CORPORATION: Shutting Down Laguna Plant
----------------------------------------------
Uniden Corporation of Japan will halt production at its
Philippine unit Science Park as of February 24 and will dismiss
some 1,212 employees, Kyodo News and ABS-CBN reports.

The subsidiary, which is located at Laguna province, produces
fixed-line telephone sets and wireless devices such as walkie-
talkies. It has been operating at a deficit due mainly to higher
labor costs compared with those in China.

The report added that the firm would consolidate overseas
production at its plant in Shenzhen, China.


NATIONAL POWER: Unveils Completion of Exchange Offer
----------------------------------------------------
The National Power Corporation (NPC) announced that it is
offering to exchange 9.625 percent New Guaranteed Bonds Due
2028, 8.400% New Guaranteed Bonds Due 2016, and 7.875% New
Guaranteed Bonds Due 2006 (the New Bonds) for outstanding
principal amounts of 9.625 percent Guaranteed Bonds Due 2028,
8.400% Guaranteed Bonds Due 2016 and 7.875 percent Guaranteed
Bonds Due 2006 (the Old Bonds) expired on January 29, 2003 at
5:00 p.m., New York City time.

According to PR Newswire, NPC received tenders of Old Bonds into
the exchange offer representing approximately 98.6 percent of
the $660 million aggregate principal amount outstanding.

Bear, Stearns & Co. Inc. was the dealer manager for the exchange
offer. Questions may be directed to Bear Stearns at (877) 696-
2327 (toll free) inside the U.S. and (212) 272-5112 outside the
U.S.


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


CHARTERED SEMICON: Keeping Options Open on Further Job Cuts
-----------------------------------------------------------
Chartered Semiconductor Manufacturing is keeping its "options
open" on further job cuts to reduce costs as it attempts to
return to profitability, AFX Asia reports.

The company, which posted losses for the second straight year in
2002, expects the first half this year to be "somewhat weak" for
the semiconductor industry, with growth only likely to
accelerate in subsequent quarters.

"As our business evolves ... we make changes and if we have to
deal with our asset base, equipment or human resource, we'll do
so accordingly," President and Chief Executive Chia Song Hwee
told AFX-Asia.

"We are running a business and we have to keep our options
open," he said.

In October, Chartered announced plans to cut its global
workforce by 7 percent, or 300 staff.


CHARTERED SEMICONDUCTOR: Unveils Q402 Financial Results
-------------------------------------------------------
Chartered Semiconductor Manufacturing announced its financial
results for the three months ending in December 31, 2002,
Knobias reports.

Fourth Quarter Results:

- Revenues were $107.93 million, versus $76.07 million in the
year ago period.

- Consensus Estimate: $104.95 million

- Net income (loss) was $(108.65 million) or $(0.45) per diluted
ADS versus $(127.15 million) or $(0.80) per diluted ADS in the
year ago period.

- Consensus Estimate: $(0.49)

Guidance:

- Q1 Revenue: Down 5-10% sequentially in line with the $97.33
million consensus

- Q1 Loss per ADS: $(0.38) to $(0.40) better than the $(0.45)
consensus.

- Full year 2003 R&D expenditure up 26% to approximately $120
million

- Full year 2003 Capital expenditure: down 34% to approximately
$275 million

Knobias is a financial information provider serving retail
investors and trading professionals. Knobias collects and
maintains real-time and historical market intelligence on all
U.S. securities, with special emphasis on Over-the-Counter (OTC)
stocks.


OVERSEA-CHINESE: Dissolves Subsidiary
-------------------------------------
Oversea-Chinese Banking Corporation Limited (OCBC) announced
that Tat Lee Securities Holdings Ltd (in members' voluntary
liquidation), a subsidiary of OCBC Bank held through Keppel
Capital Holdings Ltd., which in turn is a subsidiary of OCBC
Bank, is liquidated and dissolved on 29 January 2003.

Tat Lee Securities Holdings Ltd ceased to be a subsidiary of
OCBC Bank with immediate effect.

Dissolution of TLB Management Services Pte Ltd

Oversea-Chinese Banking Corporation Limited OCBC Bank wishes to
inform that TLB Management Services Pte Ltd (in members'
voluntary liquidation), a wholly owned subsidiary of OCBC Bank,
is liquidated and dissolved on 29 January 2003.

TLB Management Services Pte Ltd ceased to be a wholly owned
subsidiary of OCBC Bank with immediate effect.


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


HEMARAJ LAND: Bt184.06M of Proceeds Goes to Creditors
-----------------------------------------------------
Hemaraj Land and Development Public Company Limited successfully
offered 283,163,108 new ordinary shares by way of the rights
issue to the existing shareholders at the price of Bt1 per
share, totaling Bt283.16 million.  The Company reported the use
of proceeds received from the increase of capital/allocation of
new ordinary shares as follows:

    1. Bt184.06 million were paid to the financial creditors in
order to support and strengthen the business operation of the
Company.

    2. Bt99.1 million were utilized as the Company's working
capital.

The above utilization of the proceeds follows the objectives for
utilizing proceeds received from the increase of
capital/allocation of new ordinary shares which earlier
submitted to the SET.


NATURAL PARK: Registered Paid Up Capital Reduction Completed
------------------------------------------------------------
N P K Management Service Co., Ltd. as the Plan Administrator of
Natural Park Public Company Limited, notified that the Plan
Administrator has completed the registration of reduction
of the registered capital and the paid-up capital from the
existing amount of Bt201,432,117,320 to Bt201,428,715,270 under
the order of the Central Bankruptcy Court, as submitted to the
Department of Business Development, Ministry of Commerce, on 29
January 2003.


PATKOL PUBLIC: Released From Debt Restructuring Agreement
---------------------------------------------------------
On January 6, 2000, Patkol Public Company Limited signed a debt
restructuring agreement with various creditors for the total
debt of Bt548,373,233. Then the Company has improved the
performance and has been able to pay back debts on time as well
as in advance.  During the 14/2545 Board of Directors Meeting
held on December 23, 2002, the Meeting passed a resolution to
consider ways to refinance in order to be released from the debt
restructuring agreement by the first quarter of 2003.

In complying with the above resolution, the Company had carried
out the refinancing with all the creditors, and by January 31,
2003 all the outstanding debts of Bt301,122,488.59 have been
paid.  The ratio of debt to equity as at December 31, 2002 was
2.5 : 1

The above refinancing and release from debt restructuring
agreement will enable the Company to record a reduction of
deferred interest discounted from debt restructuring agreement
of Bt23,281,462.95 as well as a gain from the discount on
accrued interest for advance payment of Bt2,776,545.53.  The
Company will record the total amount of Bt26,058.008.48 as an
income for the first quarter of 2003.  

On top of this, the refinancing and release from debt
restructuring agreement shall, in the long run, give the Company
the following benefits:

   * Reduced financial cost and enables smooth operation and
better performance.

   * With a better image, the Company would have an advantage in
market competition.


PICNIC GAS: SET Grants Listed Securities
----------------------------------------
The Stock Exchange of Thailand (SET) allowed the securities
of Picnic Gas and Chemicals Public Company Limited (PICNIC) to
be listed securities on the SET after finishing capital increase
procedures, starting from 4 February 2003.

PICNIC has submitted the petition for trading reinstatement to
the SET and the SET decides to lift `SP' sign from on 4 February
2003 to allow the trading of such securities in REHABCO sector.

Name                  : PICNIC
Issued and Paid up Capital
         Old          : 73,330,000 Baht
         New          : 400,000,000 Baht
Allocate to           : Existing shareholders and new investors
                        32,667,000 shares
Ratio                 : 1:4.4548  
Price Per Share       : 10 Baht        
Exercise/Payment Date : 23-27 December 2002


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
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                 *** End of Transmission ***