/raid1/www/Hosts/bankrupt/TCRAP_Public/030207.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

           Friday, February 07, 2003, Vol. 6, No. 27

                         Headlines


A U S T R A L I A

ANACONDA NICKEL: Panel Settles Outstanding Applications
ANACONDA NICKEL: Mongoose Takeover Offer Conditions Fulfilled
GOODMAN FIELDER: Certain Defeating Conditions Freed
GOODMAN FIELDER: Continues to Advise Offer Rejection
KALREZ ENERGY: Oseil Oilfield Completes First Oil Lifting

PASMINCO LIMITED: Mr Butcher Replaces Secretary Mandie's Post
STRAITS RESOURCES: Directors Commend Asset Disposal Resolution
STRAITS RESOURCES: Shareholder GM Set on March 6


C H I N A   &   H O N G  K O N G

CHI CHEUNG: Requests Trading Suspension
PCCW LIMITED: Clarifies C&W Takeover Offer Report
SUPER APEX: Hearing of Winding Up Petition Set
XIN CORPORATION: Parallel Trading Ceased on Thursday


I N D O N E S I A

* IBRA to Launch PPAK 3


J A P A N

AICHI ELECTRIC: Switchboard Manufacturer Enters Bankruptcy
BANRAIKEN: Restaurant Goes Bankrupt
HITACHI LIMITED: Posts 3Q02 Y1.3B Profit on Restructuring
MIZUHO HOLDINGS: Boosting Capital by Y1Tr
MIZUHO HOLDINGS: Unveils Business Reorganization Agreement

NAGOYA RAILROAD: JCR Downgrades Rating to BBB+
NISSHO IWAI: Integrating Business With Nissho Iwai
SNOW BRAND: S&P Cuts Rating to SD on Completed Debt Forgiveness
TOMEN CORPORATION: Aims to Redeem Y8B Bonds


K O R E A

CHOHUNG BANK: Sale Talks to Begin in March
CHOHUNG BANK: Union Defies Audit Selection  
HYUNDAI MERCHANT: Kim Refuses to Disclose Case  
KOREA ELECTRIC: POSCO May Drop Bid For Power Firm  


M A L A Y S I A

ABRAR CORPORATION: Workout Scheme Agreements Extended to Mar 11
AMSTEEL CORPORATION: Court Orders Scheme Creditors Meeting
ANGKASA MARKETING: Shareholders Approve Proposed GWRS at EGM
CONSTRUCTION AND SUPPLIES: Proposed Variation Approval Pending
CHASE PERDANA: Provides Defaulted Facilities Status Update

GENERAL SOIL: In the Midst of Regularization Exercise Evaluation
IDRIS HYDRAULIC: Tenaga Assets, Liabilities Transfer Effectuated
KEMAYAN CORP.: Proposed Restructuring Scheme Approval Pending
KRETAM HOLDINGS: Court Orders Paid-up Share Capital Reduction
LION CORPORATION: Proposed GWRS Still In Progress

MALAYSIAN GENERAL: Restructuring Scheme Application Underway
MYCOM BERHAD: Submits Proposed Acquisition Terms Waiver to SC
OLYMPIA INDUS.: Seeks SC's Proposed Disposals Variation Approval
OMEGA HOLDINGS: Submits Proposed Restructuring to SC
PENAS CORPORATION: Seeks Audit Firm Appointment Time Extension

RAHMAN HYDRAULIC: Regularization Exercise Remains Unchanged
SOUTHERN STEEL: Proposed Amendments Become Unconditional
UCP RESOURCES: Updates Defaulted Payment Status
WEMBLEY INDUSTRIES: SC Approved Proposed Capital Reduction
WING TIEK: Awaits MITI's Decision on PCDRS Application


P H I L I P P I N E S

BENPRES HOLDINGS: Holds EGM on March 13
DIGITAL TELECOMMUNICATIONS: Clarifies Asset Transfer Report
NATIONAL BANK: Clarifies "Selling 15B Foreclosed Assets" Report


S I N G A P O R E

CREATIVE TECHNOLOGY: Posts Changes in Shareholder's Interest
NEPTUNE ORIENT: Shares Up on Bond Sale Report
PONGGOL MARINA: Up For Sale by Creditor Bank
SEATOWN CORPORATION: Appoints Interim Judicial Manager
XPRESS HOLDINGS: Court OK's Capital Reduction


T H A I L A N D

BAN CHENG: Files Reorganization Petition to Bankruptcy Court
JASMINE INT'L: TRIS Clarifies Acumen's Rating Cancellation

* DebtTraders Real-Time Bond Pricing

     -  -  -  -  -  -  -  -    

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A U S T R A L I A
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ANACONDA NICKEL: Panel Settles Outstanding Applications
-------------------------------------------------------
The Takeovers Panel advises it has ruled on the four
applications in relation to the affairs of Anaconda Nickel
Limited (Anaconda), which were outstanding.

The Panel's primary decision is that the Panel has decided to
revoke the relief granted by ASIC to MatlinPatterson Global
Opportunities Partners LP (MP Global) which would allow MP
Global to acquire shares issued on conversion of rights in
Anaconda which MP Global might acquire under its offer for the
Anaconda Rights. The Panel has declined the other applications.

The Panel considers that the relief, combined with the terms of
the MP Global off market offer for the Anaconda Rights (Rights
Offer) and MP Global's off market takeover bid for shares in
Anaconda (Share Offer), would allow MP Global to decide,
selectively, the number of new shares in Anaconda it would
acquire and the number of new shares that it could require
Glencore to subscribe for as underwriter. The Panel on that
basis that the ASIC relief should be revoked.

In its considerations of the current Anaconda 02-05
applications, the Panel was aware of the schemes of arrangement
that Anaconda Nickel Holdings and Murrin Murrin Holdings had
entered into with various creditors. One of the factors in the
Panel's decision, in considering the interests of current
Anaconda shareholders, was the consequence of any decision it
made on the prospects of the schemes, and therefore the solvency
of Anaconda.

DISCRIMINATORY ACQUISITION

The Panel decided that the Rights Offer was essentially an offer
for control of Anaconda by way of acquiring the Anaconda shares
issued on exercise of the Rights. The structure and timing of
the Rights Offer, Share Offer and the Rights Issue, when
considered in light of the relief granted, allowed MP Global to
discriminate, selectively, against Glencore International AG
(Glencore) who is likely to be required to acquire shares as
underwriter of the Rights Issue.

The discriminatory aspect arises because, if MP Global acquires
rights and shares which would entitle it to more than 50.1% of
the voting rights of Anaconda (which is its stated objective),
it would have the choice and ability to exercise some rights and
to allow some other of those rights to lapse, while remaining
certain it would remain in control of more than 50% of Anaconda.
Any rights, which MP Global did not exercise, would, under the
Underwriting Arrangements fall through to Glencore to subscribe
for under its underwriting obligations. Thus, MP Global could,
by its choice of the number of rights it exercises and the
number of rights it allows to lapse, selectively determine its
maximum holding of shares in Anaconda and cause Glencore to be
obliged to subscribe for the shares arising from the rights MP
Global chose not to exercise.

INDEPENDENT EXPERT CONDITION

The applications dealt in part with the Independent Expert
Condition in MP Global's offers that Anaconda provide access to
an expert to confirm various production capabilities of the
Murrin Murrin mine project. The Panel has decided that the
condition is not unacceptable. MP Global was free to make its
bid subject to such a condition if it believed that it needed
the type of assurances in the condition. However, the Panel
decided that there was no prima facie obligation of the
directors of Anaconda to provide that access. The Panel
considered that the Anaconda directors are obliged to consider
carefully whether or not to grant MP Global access, but their
A range of issues will influence decision. Those issues may
include contractual obligations to third parties as to
Anaconda's operations, confidentiality and other undertakings
proffered by a bidder, as well as the value that may be lost to
the shareholders if an offer fails because the directors decline
to provide access or information in cases such as this.

The Panel has made an interim order directing MP Global to
advise the market by 6:00 pm AEST Monday, 10 February 2003, the
status of the condition and whether it will waive the condition
or not. Given the timing issues in the Rights Offer the Panel
considers its requirement of MP Global now is closely analogous
to the requirement of a bidder under a takeover offer to
disclose the status of conditions in its offer under section
630(2) of the Corporations Act.

GENERAL POLICY POSITION

The Panel is concerned to emphasize that its decision is
specifically related to the facts of the Anaconda situation. It
is not a proposition, in conflict with section 617 of the Act,
that a bidder must bid for all of the shares that may be issued
by a target company i.e. an extended equal opportunity
principle. Rather, the Panel's decision is a decision on the
principle that selective treatment of different persons is
unacceptable (albeit in this case a person who may only have
acquired their shareholding after the bid commenced). Section
617 allows a bidder to choose whether or not to include in its
offer, shares which are issued during the period of its bid.

GLENCORE'S UNDERWRITING

The Panel recognizes that the harm that it sought to prevent,
i.e. Glencore being selectively treated, depended upon a failure
of Glencore to include what appears to the Panel to be basic
protections for its commercial position. Glencore would have
been perfectly entitled to include in its underwriting agreement
a condition that it was only prepared to subscribe a large
amount of money in Anaconda if no other person gained control of
Anaconda, in which case the current circumstances were unlikely
to have arisen. Glencore did not take this precaution.

ANACONDA INFORMATION TO ITS SHAREHOLDERS

The Panel is concerned at the lack of information provided to
Anaconda shareholders by Anaconda. The short letter which
Anaconda has so far provided to its shareholders makes no
assessment of the merits of the offer in terms of the value
offered, or Anaconda shareholders alternatives. The Panel
considers that Anaconda shareholders are entitled to such advice
from their directors.

In a fast moving situation such as a Rights Offer, the Panel
considers that Anaconda's advice merely that the offer was
"highly conditional" fell short of the standard required. By the
time the MP Global offers became unconditional, if they were to,
it is highly unlikely that Anaconda would have any time to write
to its shareholders, let alone for them to consider such advice.
On that basis, the Panel considers that the Anaconda directors
should be writing to their shareholders now, advising, as best
they can, on valuation issues. Once the Independent Expert
Condition is determined or waived, the MP Global offers will,
rather than being "highly conditional", be subject to a small
number of conditions which are very common in takeovers in
Australia.

In the recent letter from the directors of Anaconda to Anaconda
shareholders, they raised the prospect of the MP Global Rights
Offer and Share Offer jeopardizing the prospects of the Anaconda
Nickel Holdings and Murrin Murrin Holdings schemes of
arrangement. No evidence has been produced to the Panel to
substantiate this.

ALTERNATIVE ROUTES

The Panel has sought to reach a sensible commercial resolution
between the parties in the last few days. That has not been
achievable, despite exploring a number of alternatives with
parties at different times.

One resolution which the Panel would have been prepared to
accept is an agreed resolution where, amongst other things, MP
Global had undertaken to exercise all of the rights it acquired
under the Rights Offer. That would have resolved the Panel's
concerns about the selectivity of the way the Rights Offer and
the relief operated. It would not have required an offer for all
of the shares Glencore received as underwriter. However, for
various reasons, the parties were unable to reach agreement.

The Panel recognizes that it is potentially open for MP Global
to proceed with its Rights Offer and Share Offer without the
Australian Securities and Investments Commission relief. On that
basis, MP Global would be entitled under the provisions of the
Act to acquire shares in Anaconda under its Share Offer and
exercise sufficient Rights to maintain its percentage holding in
the fully diluted Anaconda. The Panel recognizes that this would
be much less certain for MP Global, although potentially
achieving the same result and effect. To go via this route, MP
Global would have to decide at the close of the Rights Issue on
14 February, how many rights it would be entitled to exercise,
based on what percentage of the current shares in Anaconda it
had received acceptances for at that date. In contrast, under
the relief, MP Global would be entitled to exercise all rights
it received under the Rights Offer. The Panel expresses no views
on such a course of action.

OTHER APPLICATIONS

The Panel decided to decline the other aspects of the Anaconda
applications 02  05.

CONSEQUENCES

The Panel has advised ASIC that it would not consider it
unreasonable, or unacceptable circumstances, for MP Global to
seek to withdraw its offers in light of the Panel's decision.

The Panel will publish its reasons for its decision in due
course.

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

The Anaconda applications were as follows:

Anaconda 01: an application received on 21 January from MP
Global seeking interim orders preventing 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). This application has been withdrawn with the Panel's
consent.

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 on 29 January 2003 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 Globals
bidders 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 on 29 January 2003 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 on 29 January 2003 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.


ANACONDA NICKEL: Mongoose Takeover Offer Conditions Fulfilled
-------------------------------------------------------------
Mongoose Pty Limited ACN 103 410 297 gives notice under section
630(4) of the Corporations Act 2001 that the condition set out
in paragraph 7.6(a) of Mongoose's bidder's statement dated 22
January 2003 containing offers for all of the ordinary shares in
Anaconda Nickel Limited has now been fulfilled. The offers are
now free from that condition.

The condition relates to notice, on behalf of the Commonwealth
Treasurer, that he has no objection to the acquisition of all of
the ordinary shares in ANL by Mongoose (including the
acquisition of ANL shares as a result of exercise of ANL rights
acquired by Mongoose) under Australia's foreign investment
policy.


GOODMAN FIELDER: Certain Defeating Conditions Freed
---------------------------------------------------
Goodman Fielder Ltd, in relation to the Takeover Bid by BPC1 Pty
Limited (Burns Philp)(a wholly owned subsidiary of Burns, Philp
& Company Limited), posted:
                     
   1) pursuant to subsection 630(4) of the Corporations Act, a
notice indicating that the conditions in section 9.6(b)(ACCC)
and 9.6(d) (Hart-Scott-Rodino (USA)) of Burns Philp's bidder's
statement dated 19 December 2002 have been fulfilled;

BPC1 PTY LIMITED (ABN 45 101 665 918)
COMPANY NOTICE - SUBSECTION 630(4) CORPORATIONS ACT
NOTICE THAT DEFEATING CONDITIONS TO TAKEOVER BID FULFILLED

For the purposes of subsection 630(4) of the Corporations Act,
BPC1 Pty Limited gives notice declaring that:

1 the condition to its offers dated 3 January 2003 for all the
ordinary shares in GMF, as set out in section 9.6(b) of its
bidder's statement dated 19 December 2002 (that is, the ACCC
approval condition); and

2 the condition to its offers dated 3 January 2003 for all the
ordinary shares in GMF, as set out in section 9.6(d) of its
bidder's statement dated 19 December 2002 (that is, the Hart-
Scott-Rodino (USA) condition),

have been fulfilled (so the offers have become free of these
conditions).

   2) pursuant to paragraph 650F(3)(a) of the Corporations Act,
a notice indicating that Burns Philp's offers have been freed
from the defeating condition in clause 9.6(n) (flour supply
contract) of its bidder's statement dated 19 December 2002.

BPC1 PTY LIMITED (ABN 45 101 665 918)
COMPANY NOTICE - SECTION 650F CORPORATIONS ACT
NOTICE THAT DEFEATING CONDITION TO TAKEOVER BID HAS BEEN FREED

For the purposes of section 650F of the Corporations Act, BPC1
Pty Limited gives notice declaring that:

1 its offers dated 3 January 2003 for all the ordinary shares in
GMF (Offers) are free from the condition set out in clause
9.6(n) (flour supply contract) of its bidder's statement dated
19 December 2002; and

2 as at the date of this notice, its voting power in GMF is
16.27%.


GOODMAN FIELDER: Continues to Advise Offer Rejection
----------------------------------------------------
Goodman Fielder advises shareholders that the offer period for
the Burns Philp unsolicited, off-market takeover bid has been
extended to S March 2003.

While some of the conditions of the Burns Philp Offer have been
satisfied or waived, a number of conditions remain outstanding.

Goodman Fielder Directors continue to advise shareholders to
reject the Burns Philp offer and will keep shareholders fully
informed of any material developments that arise.

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

    
KALREZ ENERGY: Oseil Oilfield Completes First Oil Lifting
---------------------------------------------------------
Kalrez Energy Limited is a 2.5% shareholder in the Seram Joint
Venture that operates the Oseil oilfield. The major shareholder,
and Operator of the JV, is KUFPEC (Indonesia) Limited with
97.5%.

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

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

REPORTING PERIOD             From midnight          To midnight
                             26/01/2003             02/02/2003

Oil produced for the period     50,592        barrels of oil
Average daily production for
the period                      7,227        barrels of oil
Cumulative Oil produced         250,316       barrels of oil
Oil sold during the period            0       barrels of oil
Oil in stock                    250,316       barrels of oil

The above represent total production from the Oseil oilfeld as
reported by the Operator. Kalrez entitlement is 2.5% of this
production after deducting operating costs and Indonesian
government entitlements.

COMMENTS

All three wells, Oseil #1, Oseil #2 and Oseil #4 are on
production.

Steam heaters arrived on location 3rd February 2003 and are
presently being connected into the TPS process system to assist
in combating foam induced process problems and to aid water
separation (emulsion breakdown).

At 22:30 hours on 2nd February 2003 loading of the tanker
Shanghai was completed and at 02:00 hours on the 3rd February
2003, the loading hose was disconnected and the vessel departed,
signifying completion of the first consignment of crude oil from
the Oseil oilfield. The consignment of 250,316 barrels
represents 241,299 barrels corrected to 60 degrees Fahrenheit.

BEGINS SECOND LIFTING

By 16:00 hours 3rd February 2003, the tanker Swallow was berthed
and the loading hose connected ready for receiving crude oil.

Current operations are that production has recommenced and the
Swallow is being loaded with Oseil crude oil.

CONTACT INFORMATION: Mr Giuseppe (Joe) Mercorella
                     Adelaide Office                 
                     Mobile: 0403680570
                     Ph: 08-82391344
                     Fax: 08-82391744


PASMINCO LIMITED: Mr Butcher Replaces Secretary Mandie's Post
-------------------------------------------------------------
Pasminco Limited advised that Mr Laurence Mandie has resigned as
Company Secretary and that Mr Sam Butcher has been appointed as
his replacement.

The Troubled Company Reporter - Asia Pacific reported that an 4
December, Pasminco also announced the closure of its US mines.
Gordonsville will close by June 2003, while Clinch Valley will
be shut down over the next two years, with the exact timing
subject to certain factors.


STRAITS RESOURCES: Directors Commend Asset Disposal Resolution
--------------------------------------------------------------
On 24 January 2003, Straits Resources Limited entered into two
sale and purchase agreements with Hindalco Industries Limited,
an entity within the Aditya Birla Group of India, in respect of
assets including Straits' Nifty Copper Operation.

Under the terms of the Share Sale Agreement, Hindalco will,
through its Australian subsidiary, Birla Mineral Resources Pty
Ltd, acquire (subject to the approval of Straits' shareholders)
100% of the share capital of Straits (Nifty) Pty Ltd - the
Straits subsidiary which owns and operates the Nifty Copper
Operation and which owns various exploration tenements in the
Paterson Province.

The purchase price for Nifty is A$148.82 million. Straits will
also be entitled to a 3% net smelter royalty on gold production
from the Nifty exploration tenements.

Under the terms of the Tenement Sale Agreement, Hindalco will,
through a subsidiary yet to be nominated, acquire all of the
interests of Straits Exploration (Australia) Pty Ltd in the
Maroochydore Joint Venture and associated mining and exploration
tenements.

The purchase price for Straits' interest in the Maroochydore
Joint Venture and associated mining and exploration tenements is
A$10 million.

The benefits to Straits and the intentions with regard to the
sale proceeds are explained in the attached Explanatory
Statement at http://www.bankrupt.com/misc/TCRAP_SRL0207.pdf.

As the Nifty Copper Operation is a substantial asset of Straits,
the sale of that asset requires the approval of shareholders in
accordance with the ASX Listing Rules.

The directors commend the transaction (and the resolution) to
the shareholders as the Company believes it will significantly
enhance its financial strength, providing the Straits Group with
further opportunities to explore for, develop, or purchase other
resource projects for the benefit of shareholders, either
through returns from production, or from value adding and then
divestment.

As a matter of interest, major shareholders who together hold a
majority of shares in Straits have indicated that their current
intention is to vote in favor of the resolution.


STRAITS RESOURCES: Shareholder GM Set on March 6
------------------------------------------------
Straits Resources Limited advised that a General Meeting of its
shareholders will be held at the Celtic Club, 48 Ord Street,
West Perth, Western Australia at 10:30 a.m. WST on Thursday 6
March 2003.

SPECIAL BUSINESS

1. DISPOSAL OF THE NIFTY COPPER OPERATION AND OTHER ASSETS

To consider and, if thought fit, pass the following resolution
as an ordinary resolution:

"THAT for all purposes including ASX Listing Rule 11.2, the
Company's members approve the sale by Straits of the following
assets to Hindalco Industries Limited or its Nominee on the
terms described in the Explanatory Statement accompanying this
Notice of Meeting:

   (a) 100% of the share capital of Straits (Nifty) Pty Ltd, the
proprietor of the Nifty Copper Operation; and,

   (b) Straits' interest in the Maroochydore Joint Venture, held
by Straits Exploration (Australia) Pty Ltd.

The Explanatory Statement at
http://www.bankrupt.com/misc/TCRAP_SRL0207.pdfcontains  
information in relation to the resolutions of this Notice of
Meeting.


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


CHI CHEUNG: Requests Trading Suspension
---------------------------------------
Chi Cheung Investment Company, Limited requested trading in its
securities be suspended with effect from 9:30 a.m. yesterday, 6
February 2003 pending the release of an announcement in relation
to a possible major and connected transaction of the Company.

Chi Cheung Investment Company, Limited, through a wholly-owned
subsidiary, Wing Lee Development Limited, has sold assets last
year to Hindstar Limited. Out of the sales proceeds of HK$48.38
million of the Property, HK$40 million will be used to repay the
bank loan of the Group while the balance will be applied for
working capital purpose of the Group.


PCCW LIMITED: Clarifies C&W Takeover Offer Report
-------------------------------------------------
PCCW Limited notes certain press articles concerning the Company
and Cable & Wireless Plc. The Company would like to confirm that
it did not make a takeover offer to Cable & Wireless (C&W).

Further, the Company is not engaged in any negotiations with C&W
with respect to a potential takeover or any other prospective
transaction nor has it made any decision to proceed with any
transaction with C&W.


SUPER APEX: Hearing of Winding Up Petition Set
----------------------------------------------
The petition to wind up Super Apex Investments Limited is set
for hearing before the High Court of Hong Kong on March 5, 2003
at 9:30 in the morning.

The petition was filed with the court on January 7, 2003 by Bank
of China (Hong Kong) Limited whose registered office is situated
at 14th Floor, Bank of China Tower, No. 1 Garden Road, Central,
Hong Kong.


XIN CORPORATION: Parallel Trading Ceased on Thursday
----------------------------------------------------
Xin Corporation Limited (formerly known as Hung Fung Group
Holdings Limited) requested market participants to note the
parallel trading in the ordinary shares of the Company ceased
after the close of business on Thursday, 6 February 2003.  

As from the close of business on that day, the counter for
trading in the consolidated shares (stock code: 2902) of XIN
CORP as represented by old share certificates will be withdrawn
and trading in the shares of XIN CORP will only be under
the following arrangements:

Stock Code  Stock Short Name    Board Lot     Certificate Color
----------  ----------------    ---------     -----------------
1141        XIN CORP             4,000 shares     Orange

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


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I N D O N E S I A
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* IBRA to Launch PPAK 3
-----------------------
Indonesia Bank Restructuring Agency has announced the launch of
Credit Asset Sales Program (PPAK) Phase 3, on February 5, 2003.
This Program represents the implementation of state revenue
acceleration from disposal of credit assets and treasury assets,
as prescribed in the Financial Sector Policy Committee (FSPC)
Decree No. KEP 01/K.KKSK/05/2002 dated 13 May 2002.

In this PPAK 3 IBRA is offering credit assets (both the
restructured and unrestructured) and treasury assets worth Rp76
trillion. (based on asset transfer values to IBRA) which
represents 135,424 debtors. Most of the debtors offered in this
program are SME debtors at the total of 134,196 debtors.

The assets are grouped into:

   Corporate Credit Asset Category
   Commercial Asset Credit Category
   SME Credit Asset Category
   Ex Group Loan Credit Asset Category
   Treasury Asset Category

Same as the previous credit asset sales programs, PPAK 3 is
offered only to investors both domestic and foreign who can meet
the requirements preset by IBRA. Debtors or certain parties with
either direct or indirect affiliation to the debtors are not
allowed to participate in this program.

PPAK 3 is conducted in an auction or open tender process.
Bidding can be on by debtor in a single obligor basis or overall
obligors in a single credit asset category. Concerning the SME
credit asset category, the bidding must be proposed for a whole
lot unit, while for the Marketable Securities Asset Category,
the bidding must be proposed on unit basis of securities.

To prevent a fire sale, in the PPAK 3 IBRA will also set the
floor price. Investors with the highest bids above the Floor
Price will be nominated as the winner. In addition, to maximize
the recovery, a re-bid process or repeat invitation may be taken
for the investors who proposed bids below the floor price to
submit a Revised Bid.

Should the first winner withdraw, the second bidder will be
given an opportunity to propose a re-bid at the value equal to
the withdrawing winner. The announcement on the winners will be
published in April 2003.

With PPAK 3 on the run, IBRA has conducted three credit asset
sales in massive scales. From the PPAK 1 and P3AK, IBRA has
succeeded to bring 975 obligors at the total loan value of
Rp90.98 trillion to the banking system and financial
institutions as well as rendering contribution to the state
revenue.


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


AICHI ELECTRIC: Switchboard Manufacturer Enters Bankruptcy
----------------------------------------------------------
Aichi Electric Works Co. Limited has been declared bankrupt,
according to Tokyo Shoko Research Limited. The switchboard
apparatus manufacturer, located at Kasugai-shi, Aichi, Japan has
210 million yen in capital against total liabilities of 7
billion yen.


BANRAIKEN: Restaurant Goes Bankrupt
-----------------------------------
Banraiken, a Chinese restaurant in Yokohama's Chinatown,
recently applied for bankruptcy with the Yokohama District Court
with 209 million yen in debts, Kyodo News reports.

The restaurant was known for its Cantonese cuisine featuring
roast pork.

The Company's sales fell to 90 million yen in the year ended in
May 2002, after peaking at 150 million yen in the year ended in
May 1997, the report said. It was also behind in its repayments
on loans for capital investment.


HITACHI LIMITED: Posts 3Q02 Y1.3B Profit on Restructuring
---------------------------------------------------------
Hitachi Limited posted a third quarter profit of 1.3 billion yen
($10.8 million) in 2002, versus a loss of 115.8 billion yen a
year earlier, as a result of its restructuring scheme, AFP
Online reports.

Analysts said Hitachi may still struggle to meet its year to
March target due to stiff price competition for liquid crystal
displays (LCD's) and home appliances amid a weak domestic
economy.

Hitachi also aims to withdraw from unprofitable operations
accounting for a fifth of its revenue over the next two years.

Under a new three-year business plan, the firm also aims to
generate an operating profit margin of more than five percent by
the year to March 2006, up sharply from two percent expected
this financial year.


MIZUHO HOLDINGS: Boosting Capital by Y1Tr
-----------------------------------------
Shareholders of Mizuho Holdings Inc. agreed to raise the ceiling
of preferred share issues, to bolster its capital by 1 trillion
yen to accelerate disposal of bad loans, Kyodo News said on
Wednesday.

The group is set to book more than 2 trillion yen in loan-loss
charges for fiscal 2002, forcing Mizuho Holdings to suffer a
consolidated net loss of 1.95 trillion yen for the fiscal year,
which ends March 31.

To replenish its declining capital base, Mizuho has asked its
major clients and foreign banks to purchase the planned new
shares.


MIZUHO HOLDINGS: Unveils Business Reorganization Agreement
---------------------------------------------------------
Mizuho Holdings, Inc. (MHHD) President Terunobu Maeda has passed
the resolution to execute agreements relating to the "Business
Reorganization" as described in (1) and (2) below in each class
holders meetings of preferred stocks held on February 3, 2003,
and in the extraordinary shareholders meeting. These agreements
are subject to the approval of relevant regulatory authorities.

(1) The stock-for-stock exchange (kabushiki-kokan) agreement by
and between MHHD and Mizuho Financial Group, Inc. (MHFG), by
which MHFG will become the parent Company (100 percent
ownership) of MHHD and MHHD will become a wholly-owned
subsidiary of MHFG MHFG will allot one MHFG common share per one
MHHD common share, and one MHFG preferred share of each class
per one MHHD preferred share of the equivalent class upon the
stock-for-stock exchange. The type and number of shares to be
newly issued by MHFG upon the stock-for-stock exchange will be
as follows:

- Common Shares                 : 9,430,250.71 shares
- Class I preferred shares      : 33,000 shares
- Class II preferred shares     : 100,000 shares
- Class III preferred shares    : 100,000 shares
- Class IV preferred shares     : 150,000 shares
- Class VI preferred shares     : 150,000 shares
- Class VII preferred shares    : 125,000 shares
- Class VIII preferred shares   : 125,000 shares
- Class IX preferred shares     : 140,000 shares
- Class X preferred shares      : 140,000 shares

(2) The corporate split agreement by and between MHHD and MHFG,
by which MHHD will transfer its 'Trust Banking Subsidiary
Company Management Business' to MHFG

As MHFG, the succeeding Company, will become a shareholder of
all the issued and outstanding shares of MHHD after the stock-
for-stock exchange takes effect, new shares to be allotted to
the shareholder of the split Company will not be issued to MHFG
upon the corporate split.

2.  Regarding the resolution of Mizuho Financial Group, Inc. to
execute agreements relating to the 'Business Reorganization'

MHFG, which will become the new financial holding Company of the
Mizuho Financial Group, hereby announces that it has passed the
resolution to execute agreements as described in (3) and (4)
below in addition to agreements (1) and (2) mentioned above in
the extraordinary shareholders meeting. These agreements are
subject to the approval of relevant regulatory authorities.

(3) The corporate split agreement by and between MHFG and Mizuho
Trust & Banking Co., Ltd. ('MHTB'), by which MHTB will split off
its 'Trust & Custody Services Bank Management Business' and
transfer it to MHFG (hereunder referred to as the 'Trust &
Custody Services Bank Management Business Split')

MHFG will newly issue 204,000 common shares, and will allot
these shares to MHHD, which owns all the issued and outstanding
shares of MHTB upon the Trust & Custody Services Bank Management
Business Split. The common shares to be held by MHHD, however,
will not carry voting rights, as the common shares to be
allotted to MHHD will be the parent Company shares owned by a
subsidiary Company as provided for in Article 241 Paragraph 3 of
the Commercial Code of Japan.

(4) The corporate split agreement by and between MHFG and Mizuho
Bank, Ltd. ('MHBK'), by which MHBK will split off its 'Strategic
Group Companies Management Business' and transfer it to MHFG
(hereunder referred to as the 'Strategic Group Companies
Management Business Split') MHFG will newly issue 944,176 common
shares, and will allot these shares to MHHD, which owns all the
issued and outstanding shares of MHBK upon the Strategic Group
Companies Management Business Split. The common shares to be
held by MHHD, however, will not carry voting rights, as the
common shares to be allotted to MHHD will be the parent Company
shares owned by a subsidiary Company as provided for in Article
241 Paragraph 3 of the Commercial Code of Japan.

(Notes)

Consequently, the number of the outstanding common shares of
MHFG will be 10,582,426.71, including the 4,000 shares that were
issued at the time of MHFG'S establishment, on the date of the
stock-for-stock exchange and corporate split, both of which are
scheduled on March 12, 2003.

Inquires regarding this matter should be directed to:

Mizuho Holdings, Inc.
Public Relations
Tel.+81-3-5224-2026


NAGOYA RAILROAD: JCR Downgrades Rating to BBB+
----------------------------------------------
Japan Credit Rating Agency (JCR) has downgraded the ratings of
Nagoya Railroad Co. Limited on the following shelf registration
and bonds from A- to BBB+.

Shelf Registration Maximum: Y80 billion
Valid: two years from July 11, 2002

Issues Amount (bn) Issue Date Due Date Coupon

Convertible Bonds no.6 Y20/Mar. 15, 1994/Mar. 31, 2003/0.900 %
Convertible Bonds no.7 Y20/Dec. 12, 1996/Mar. 31, 2006/1.050 %
Bonds no.24 Y15 / May 23, 2000 / May 23, 2007 / 1.700 %
Bonds no.25 Y15 / May 23, 2001 / May 23, 2008 / 1.150 %
Bonds no.26 Y10 / May 23, 2001 / May 23, 2011 / 1.710 %
Bonds no.27 Y10 / Aug. 27, 2002 / Aug. 27, 2007 / 0.94 %
Bonds no.28 Y15 / Aug. 27, 2002 / Aug. 27, 2009 / 1.40 %

RATIONALE:

Nagoya Railroad's restructuring has been delayed due to more-
than-expected deterioration in the business environment. The
Company reevaluated the land used for the business purpose in
the previous fiscal year. It would incur a net loss of 43
billion yen for the current fiscal 2002, recording an
extraordinary loss of 86.7 billion yen for disposal of the group
companies. Although it is true that the disposal will lead to
stabilization of net income in and after the next fiscal year,
the loss was more than expected and the financial strength has
been weakened. JCR downgraded the rating for the Company,
accordingly.

Nagoya Railroad plans to obtain a net income of 12 billion yen
while reducing the interest-bearing debt to 780 billion yen by
the end of fiscal 2005 under the new mid-term management plan.
It may obtain the numeric target for the net income, assuming
that it would not have to incur large extraordinary loss any
longer. On the other hand, it will take some time for the
Company to increase the impaired owners' equity even with the
expected improvement in the earnings power over the intermediate
term. The new mid-term plan includes cutback in the number of
group employees and spin-offs of leisure and bus operations.
Nagoya Railroad needs to set a course for improvement in
earnings power of the group as a whole urgently.

Nagoya Railroad Co. expects a group net loss of 43 billion yen
for the year to March 31, resulting from a new three-year
restructuring program, the Troubled Company Reporter-Asia
Pacific reports.

The result will force the railway firm to skip dividends.

According to Wright Investor's Service, at the end of 2002,
Nagoya Railroad Co Ltd had negative working capital, as current
liabilities were 633.44 billion yen while total current assets
were only 261.96 billion yen.


NISSHO IWAI: Integrating Business With Nissho Iwai
--------------------------------------------------
Nichimen Corporation and Nissho Iwai Corporation recently signed
a "Stock Transfer Agreement" for establishing a joint holding
Company, Nissho Iwai-Nichimen Holdings Corporation (hereinafter,
the Holding Company) as of April 1, 2003, by transferring their
respective stock to such Holding Company, subject to
shareholders' and regulatory approvals, to which both companies
principally agreed on December 11, 2002.

1. Objectives of Business Integration by Stock Transfer
Nichimen and Nissho Iwai have agreed, on the basis of an equal
partnership, to establish a joint holding Company, Nissho Iwai-
Nichimen Holdings Corporation, and to integrate the businesses
of each Company. The objectives of the integration would be to
enhance profitability through synergies, strengthen business
franchise by pursuing management rationalization and efficiency
and improve financial strength through equity financing, with
the aim of developing an innovative and highly functional
trading Company.
  
2. Outline of Stock Transfer

Schedule:
January 29, 2003: Meeting of Board of Directors to approve stock
transfer

February 25, 2003 (tentative):  Special Shareholders' Meeting
for approval of stock transfer

April 1, 2003 (tentative):  Date of stock transfer and
registration of Holding the Company

The schedule may be changed in the event of unforeseen
circumstances and based on mutual agreement between the two
companies.

Stock Transfer Ratio  
     
1. Share Allotment Ratio

154 Holding Company shares will be allotted in exchange for
1,000 Nichimen shares.

100 Holding Company shares will be allotted in exchange for
1,000 Nissho Iwai shares.

The Holding Company will adopt the unit system and one unit
shall comprise 100 shares.
   
2. Evaluation of Stock Transfer Ratio

Lehman Brothers Japan Inc., the joint advisor to the two
companies, conducted an analysis of the Stock Transfer Ratio.
Taking the outcome of this analysis into consideration, the two
companies had extensive discussions and came to an agreement on
the above Stock Transfer Ratio. In order to confirm the fairness
of the agreed upon Stock Transfer Ratio, Nichimen appointed
Mitsubishi Securities Co., Ltd. and Nissho Iwai appointed Mizuho
Securities Co., Ltd. as independent advisers. Subsequently, each
Company received a fairness opinion on the agreed Stock Transfer
Ratio from a financial point of view.

It should be noted that should any changes in material aspects
related to various assumptions for the calculations of the
agreed Stock Transfer Ratio occur, the Stock Transfer Ratio is
subject to change upon further discussions between the two
companies.
  
3. Evaluation Method by Third Party Evaluator

The third party evaluators (Mitsubishi Securities Co., Ltd. and
Mizuho Securities Co., Ltd.) analyzed and evaluated the Stock
Transfer Ratio based on a historical stock price analysis, a
discount cash flow analysis (DCF) and a comparable Company
analysis.

Stock Transfer Delivery Consideration:

The Holding Company will not pay any consideration for a stock
transfer delivery.
    
Listing of the Holding Company:  

The Holding Company's shares will be listed on the Tokyo Stock
Exchange and the Osaka Securities Exchange. The listing is
scheduled to be on April 1, 2003, but the date may change
subject to the regulations of each stock exchange.

In relation with the stock transfer to the Holding Company, the
common stock of Nichimen and Nissho Iwai, which is currently
listed on the Tokyo, Osaka, and Nagoya stock exchanges, will be
de-listed as of March 26, 2003. The Depositary Receipts of
Nissho Iwai, which are listed on the Frankfurt Stock Exchange,
will be delisted on the same day.


SNOW BRAND: S&P Cuts Rating to SD on Completed Debt Forgiveness
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on Snow
Brand Milk Products Co. Ltd. to 'SDpi' from 'CCpi', following
the completion of debt forgiveness by the company's creditor
bank.

Snow Brand Milk announced Thursday the completion of debt
forgiveness of Y30 billion from Norinchukin Bank (A+/Negative/A-
1) and a plan to issue about Y20 billion in preferred stock
through a debt-for-equity swap in March 2003. The company also
disclosed plans to increase its capital by allocating new shares
to third parties. The entire package will eliminate Snow Brand
Milk's excess liabilities, although its ratio of total debt to
capital will remain high at about 76% as of March 2003.
Nevertheless, this is a substantial improvement from 101% as of
Sept. 30, 2002.

Standard & Poor's will closely monitor Snow Brand Milk's
progress in implementing its restructuring plan and the degree
of improvement in its profitability and cash flow. The rating
may be raised to the 'CC' or 'CCC' categories if Standard &
Poor's believes the company's business and financial profiles
will improve without receiving further debt forgiveness
from its creditors.

An 'SD' rating is assigned when an obligor has selectively
defaulted on a specific issue or class of obligations but is
expected to continue to meet its payment obligations on other
issues or classes of obligations in a timely manner.


TOMEN CORPORATION: Aims to Redeem Y8B Bonds
-------------------------------------------
Tomen Corporation is planning to redeem all of its 8 billion yen
No. 5 secured bonds on March 20, 2003 at a price of 103.8 yen
for every 100 yen, pending approval at a bondholders meeting on
March 5, Dow Jones reports.

The original maturity date of the issue was June 24, 2004.


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


CHOHUNG BANK: Sale Talks to Begin in March
------------------------------------------
Negotiations for the sale of Chohung Bank (CHB) will start next
month at the earliest, Asia Pulse reports, citing the Ministry
of Finance and Economy (MOFE).

MOFE will require approximately four weeks for AhnKwon & Co. to
carry out another due diligence on the bank's assets and
liabilities.

The accounting firm plans to go over the due diligence carried
out by Samsung Securities and Morgan Stanley who did the initial
examination on the worth and growth potential of the bank.

Chohung Bank shortlisted six life insurers as bidders for its
bancassurance alliances, reports the Troubled Company Reporter-
Asia Pacific.

The insurers are Samsung Life Insurance Co., Kyobo Life
Insurance Co., MetLife Inc., Korea Life Insurance Co., American
International Group Inc. (AIG) and Lina Korea, a unit of Cigna
Corp. (CI).


CHOHUNG BANK: Union Defies Audit Selection  
------------------------------------------
Chohung Bank's labor union was not in favor of Korea Deposit
Insurance Corporation (KDIC)'s selection of Deloitte & Touche as
the external auditor of the bank's assets, because the selection
was made without any consultation from the union, Digital Chosun
said on Wednesday.

The results of the audit will be used to determine the sale
price of the bank to Shinhan Financial Group Ltd., the preferred
negotiator for the sale.


HYUNDAI MERCHANT: Kim Refuses to Disclose Case  
----------------------------------------------
Former Korean South President Kim Dae-jung said publicizing the
facts about Hyundai Merchant Marine's alleged illegal sending of
money to North Korea was not in the national interest and could
damage inter-Korean relations, threatening peace on the
peninsula, Digital Chosun reports.

In a meeting with the ministers of unification, foreign affairs
and traded, and national defense at Cheong Wa Dae, President Kim
stated that to judge the case by Korean law was inappropriate,
as it was a supra-legal case.

Kim also stated that the National Assembly could call in
officials related to the case in a closed meeting and verify the
truth. He added that whether to disclose the matter to the
public could be decided afterwards.


KOREA ELECTRIC: POSCO May Drop Bid For Power Firm  
-------------------------------------------------
Posco Co. is to reconsider its ongoing bid for a controlling
stake in Namdong Power, a power generation unit of the Korea
Electric Power Corp., amid analysts' predictions that the
government's privatization plan for state-owned firms in charge
of energy production are to be redrawn under the Roh Moo-hyun
government, Digital Chosun reports.

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
===============


ABRAR CORPORATION: Workout Scheme Agreements Extended to Mar 11
---------------------------------------------------------------
On 10 January 2002, the Special Administrators of Abrar
Corporation Berhad held a briefing for interested parties with
strong assets backing and management expertise on the tender
procedure for the submission of offers/proposals on the
restructuring exercise of the Company. The interested parties
were required to submit the offers/proposals by 23 January 2002.

On 6 March 2002, the SAs conducted a restricted re-tender
exercise for the two (2) shortlisted bidders who were required
to submit their revised offers / proposals by 13 March 2002. On
15 April 2002, the SAs of the Company selected a White Knight to
participate in the corporate debt restructuring exercise of the
Company.

On 16 May 2002, the SAs, for and on behalf of ACB, entered into
a Memorandum of Understanding (MoU) with several parties (the
White Knight) to regulate and record the basic understanding of
the key areas of agreement pending finalization and approval of
the Company's corporate restructuring proposal (the Workout
Proposal).

On 23 May 2002, the Company announced that the moratorium under
Section 41 of the Pengurusan Danaharta Nasional Berhad Act, 1998
(the Danaharta Act), which took effect from 27 May 2000, i.e.
the date of the appointment of SAs to the Company and which
expires on 26 May 2002, has been further extended to 26 May
2003, pursuant to Section 41(3) of the Danaharta Act.

On 11 July 2002, the SAs entered into a Facilitation of Listing
Agreement with OilCorp Berhad and with the White Knight pursuant
to the MoU dated 16 May 2002 inter alia to transfer the listing
status of the Company to OilCorp Berhad.

On 29 August 2002, Public Merchant Bank Berhad (PMBB), on behalf
of the Company, announced that the quantum and structure of the
proposed offer for sale of OilCorp Shares (Proposed Offer for
Sale) have been finalized. The Proposed Offer for Sale shall
involve an offer for sale of 43,900,000 ordinary shares of
RM1.00 each in OilCorp (OilCorp Shares) at an offer price of
RM1.10 by the creditors of ACB and the vendors of Oil-Line
Engineering & Associates Sdn Bhd (Oil-Line).

On 2 September 2002, PMBB, on behalf of the Company, announced
that the Company's corporate debt restructuring proposal
(Proposed Restructuring Scheme) has been submitted to the
Securities Commission for approval.

On 16 October 2002, PMBB, on behalf of the Company, announced
that the Foreign Investment Committee (FIC) had, vide its letter
received on 15 October 2002, approved the Proposed Share
Exchange, the Proposed Debt Settlement, the Proposed Acquisition
and the Proposed Offer for Sale as proposed. The FIC's approval
is subject to OilCorp Berhad having a 30% direct Bumiputera
equity interest upon the implementation of the Proposed
Restructuring Scheme.

On 1 November 2002, PMBB, on behalf of the Company, announced
that the Workout Proposal for Danaharta in accordance with
Section 45(2) of the Danaharta Act approved ACB via its letter
dated 28 October 2002. Under Section 46(4) of the Danaharta Act,
the Workout Proposal binds the Company, all members and
creditors of the Company and any other person affected by the
Workout Proposal.

On 21 November 2002, PMBB, on behalf of the Company, announced
that all the relevant parties to the Facilitation of Listing
Agreement dated 11 July 2002 have agreed to extend all the
approvals that are to be obtained before 12 November 2002 to 11
January 2003.

On 23 December 2002, PMBB, on behalf of the Company, announced
that the Securities Commission had vide its letters dated 18
December 2002 and 20 December 2002 approved the Company's
Proposed Restructuring Scheme as proposed, subject to certain
conditions to be fulfilled.

On 14 January 2003, PMBB, on behalf of the Company, announced
that the Company, OilCorp Berhad and the relevant parties to the
Company's Proposed Restructuring Scheme had deliberated on the
Securities Commission's decision and conditions imposed on the
Proposed Restructuring Scheme and had agreed to accept the  
Securities Commission's decision and conditions imposed.

On 21 January 2003, PMBB, on behalf of the Company, announced
that the relevant parties to the Share Sale Agreements of the
Proposed Acquisitions, and the Listing Agreement have agreed to
extend the date of which the parties were to obtain all
approvals for the Proposed Restructuring Scheme to 11 March
2003.

The Company's Proposed Restructuring Scheme will inter alia take
into consideration the interest of all stakeholders that will
also deal with the Company's plans to regularize its financial
condition, its inadequate level of operations and the minimum RM
60 million paid - up capital requirement for companies listed on
the Main Board of the Exchange.


AMSTEEL CORPORATION: Court Orders Scheme Creditors Meeting
----------------------------------------------------------
In accordance with Paragraph 4.1(b) of PN4 and Paragraph 8.14 of
the Listing Requirements of the KLSE, the Directors of Amsteel
Corporation Berhad announce that as of February 5, 2003:

   i) the proposed group wide restructuring scheme announced on
5 July 2000, 8 October 2001 and 26 March 2002 (Proposed GWRS) is
still in progress;

   ii) as announced on 30 January 2003, the Company had obtained
the approval of its shareholders at the extraordinary general
meeting held on 30 January 2003 for the proposed corporate and
debt restructuring exercises for the Group under the Proposed
GWRS;

   iii) the High Court of Malaya has on 30 January 2003 granted
an order pursuant to section 176 (3) of the Companies Act, 1965,
sanctioning the proposed scheme of arrangement of Amsteel
Corporation Berhad with its scheme creditors; and

   iv) the High Court of Malaya has also on 30 January 2003
granted an order pursuant to section 176 (3) of the Companies
Act, 1965, sanctioning the proposed scheme of arrangement
between Silverstone Berhad (a 52.27% owned subsidiary of the
Company) and its shareholders to reorganize the share capital of
Silverstone Berhad to facilitate the proposed acquisition by
Angkasa Marketing Berhad of 100% equity interest in Silverstone
Berhad.


ANGKASA MARKETING: Shareholders Approve Proposed GWRS at EGM
------------------------------------------------------------
In accordance with Paragraph 4.1(b) of PN4 and Paragraph 8.14 of
the Listing Requirements of the KLSE, the Directors of Angkasa
Marketing Berhad announced the following:

   i) the proposed group wide restructuring scheme announced on
5 July 2000, 8 October 2001 and 26 March 2002 (Proposed GWRS) is
still in progress;

   ii) as announced on 30 January 2003, the Company had obtained
the approval of its shareholders at the extraordinary general
meeting held on 30 January 2003 for the proposed corporate and
debt restructuring exercises for the Group under the Proposed
GWRS; and

   iii) the High Court of Malaya has on 30 January 2003 granted
an order pursuant to section 176 (3) of the Companies Act, 1965,
sanctioning the proposed scheme of arrangement of Angkasa
Marketing Berhad with its scheme creditors.


CONSTRUCTION AND SUPPLIES: Proposed Variation Approval Pending
--------------------------------------------------------------
On 26 February 2001, Construction and Supplies House Berhad  
announced that CASH is considered an "affected listed issuer"
pursuant to PN4 issued by the KLSE.

On 28 February 2002, Alliance Merchant Bank Berhad announced on
behalf of the Board of Directors of CASH that the Company
proposes to implement certain proposals (Proposals) which would
put CASH on a stronger financial footing (Requisite
Announcement).

On 26 August 2002, Alliance, on behalf of the Board of CASH,  
announced that the Company had made the necessary submissions in
respect of the Proposals to the Securities Commission (SC) and
Foreign Investment Committee (FIC) for their consideration.

On 22 November 2002, Alliance announced that the FIC, via its
letter dated 18 November 2002 which was received by Alliance on
21 November 2002, had stated that it had no objections to the
Proposals, subject to the condition that Newco maintains at
least 30% direct Bumiputera equity at the time of its listing.

On 31 December 2002, Alliance, on behalf of the Board of CASH,
announced that the SC had, via its letter dated 30 December 2002
and received by Alliance on 31 December 2002, approved the
Proposals. After deliberating on the conditions of the approvals
set by the SC, the Board of CASH, had announced on 30 January
2003 that it proposes to appeal to the SC on the issue price of
the Newco shares to be issued as consideration for the Proposed
Acquisition (which forms part of the Proposals) (Proposed
Variation). The appeal on the Proposed Variation was made to the
SC on 31 January 2003 for its consideration and this is
currently pending.

In addition, the Board of CASH and PSSB are also working towards
meeting the other conditions set by the SC in its approval for
the Proposals.


CHASE PERDANA: Provides Defaulted Facilities Status Update
----------------------------------------------------------
Further to Chase Perdana Berhad Company's announcement made on 2
January 2003, the Company wishes to update on the status of its
default in the repayment of both the principal and interest of
all credit facilities granted by Financial Institutions detailed
in the Appendix A attached at
http://www.bankrupt.com/misc/TCRAP_Chase0207.xls.

An update on the progress of the Company's Proposed Debt
Restructuring Scheme is as follows:

Further to the announcement made on 2 January 2003, the Company
wishes to announce it has obtained the orders from the Court to
sanction the Scheme on 28 January 2003 and for Capital Reduction
and Consolidation on 5 February 2003. Both orders have been
lodge with the Suruhanjaya Syarikat Malaysia.


GENERAL SOIL: In the Midst of Regularization Exercise Evaluation
----------------------------------------------------------------
Further to the announcement dated 2 January 2003, the Board of
Directors of General Soil Engineering Holdings Berhad wishes to
announce that the Company is still in the process of formulating
a comprehensive plan to regularize its financial condition.

Currently the Company is in the midst of evaluating and
finalizing various options for the regularization exercise. This
exercise will include, amongst others, the Proposed Revised
Scheme, the Proposed Private Placement and the Proposed Increase
of the Paid-Up Capital to comply with the minimum capital
requirement for listing on the Second Board of the Kuala Lumpur
Stock Exchange.


IDRIS HYDRAULIC: Tenaga Assets, Liabilities Transfer Effectuated
----------------------------------------------------------------
Idris Hydraulic (Malaysia) Berhad refers to the announcements
made on 21 December 2000, 28 May 2001, 30 August 2001, 28
September 2001, 23 November 2001 and 26 April 2002 on the
Proposed Acquisition of the entire equity interest in Tenaga
Insurance Berhad (Tenaga) comprising of 42,000,000 ordinary
shares of RM1.00 each by Tahan Insurance Malaysia Berhad
(Tahan)(formerly known as Talasco Insurance Berhad) for a total
purchase consideration of RM90,000,000 to be satisfied by cash.

Idris Hydraulic (Malaysia) Bhd (IHMB) wishes to announce that on
24 June 2002 and 4 September 2002 respectively, the High Court
of Malaya Kuala Lumpur has granted Tahan a wholly owned
subsidiary of IHMB, the order to vary the effective date for the
transfer of Tenaga's insurance business, assets and liabilities
to Tahan (as stated in Paragraph 2 of the Vesting Order dated 24
April 2002) from 30 June 2002 to 31 August 2002 and subsequently
to 31 October 2002 respectively.

IHMB also wishes to announce that the said transfer of all
insurance business, assets and liabilities of Tenaga has taken
place on 31 January 2003.


KEMAYAN CORP.: Proposed Restructuring Scheme Approval Pending
-------------------------------------------------------------
Public Merchant Bank Berhad on behalf of Kemayan Corporation
Berhad, announced that the Company had obtained the approval
from the Foreign Investment Committee via its letter dated 28
January 2003, in relation to the Company's plan to regularize
its financial condition vide a Proposed Restructuring Scheme.
Presently, the Proposed Restructuring Scheme is pending
approvals from the other relevant authorities.

Any new development on the Company's plan to regularize its
financial condition will be announced in due course.


KRETAM HOLDINGS: Court Orders Paid-up Share Capital Reduction
-------------------------------------------------------------
On 4 March 2002, Kretam Holdings Berhad announced that KHB is
considered an "affected listed issuer" pursuant to paragraph 4.1
of PN4 of the Listing Requirements of the KLSE. Further to the
said announcement, the Company wishes to announce the status of
its plan to regularize its financial condition.

The Company had on 28 January 2003 obtained the court order from
the High Court in Sabah and Sarawak at Sandakan, which sanctions
the reduction of the existing issued and paid-up share capital
of KHB of RM105,253,500 comprising 105,253,500 ordinary shares
of RM1.00 each to RM52,626,750 comprising 105,253,500 ordinary
shares of RM0.50 each and thereafter, consolidation of the
105,253,500 ordinary shares of RM0.50 each in such manner that
every two (2) ordinary shares of RM0.50 each shall constitute
one (1) ordinary share of RM1.00 each, upon which the sum of
RM1.00 shall be credited as having been fully paid-up.

The court order from the High Court in Sabah and Sarawak at
Sandakan had also been obtained on the same date for the
reduction in the share premium account of KHB by an aggregate of
RM81,955,410.


LION CORPORATION: Proposed GWRS Still In Progress
-------------------------------------------------
In accordance with Paragraph 4.1(b) of PN4 and Paragraph 8.14 of
the Listing Requirements of the KLSE, the Directors of Lion
Corporation Berhad announce that as of February 5, 2003:

i) the proposed group wide restructuring scheme announced on 5
July 2000, 8 October 2001 and 26 March 2002 (Proposed GWRS) is
still in progress; and

ii) the Company had obtained on January 30, 2003 the approval of
its shareholders at the extraordinary general meeting held on 30
January 2003 for the proposed corporate and debt restructuring
exercises for the Group under the Proposed GWRS.


MALAYSIAN GENERAL: Restructuring Scheme Application Underway
-------------------------------------------------------------
Malaysian General Investment Corporation Berhad refers to the
announcement made on 17 January 2003 whereby it was announced
that the Company has entered into a new agreement setting out
the details of the Company's revised proposed restructuring
scheme, as approved by the Securities Commission and also the
undertakings and obligations of the parties thereto for the
purposes of, inter-alia, giving effect to and implementing the
aforementioned restructuring scheme.

In line with PN4 of the KLSE's Listing Requirements which
requires an announcement on the status of an affected listed
issuer's plan to regularize its financial condition to be made
on the first market day of each month, AmMerchant Bank Berhad
{formerly known as Arab-Malaysian Merchant Bank Berhad}, on
behalf of the Company, wishes to announce that there has been no
significant development in respect of the Company's plan to
regularize its financial position since that announcement.

The Company is currently in the midst of finalizing the
application to be submitted to the Ministry of International
Trade and Industry for the allocation of the new ordinary shares
of RM1.00 each in Sumatec Resources Berhad (SRB), to be issued
to the creditors of MGIC, MGIC Construction Sdn Bhd and Magic
Hill Resort Sdn Bhd pursuant to the abovementioned restructuring
scheme, to prospective Bumiputra investors. SRB is the company
which will assume the listing status of MGIC. In addition, the
Company is in the midst of finalizing the draft circular /
explanatory statement for the abovementioned restructuring
scheme to be dispatched to its shareholders in due course.


MYCOM BERHAD: Submits Proposed Acquisition Terms Waiver to SC
-------------------------------------------------------------
Pursuant to Practice Note No. 4/2001 in relation to Paragraph
8.14 of the Listing Requirements of the Kuala Lumpur Stock
Exchange, the Board of Directors of Mycom Berhad wishes to
announce that the Company is proposing to apply to the
Securities Commission (SC) for a waiver to comply with one of
the conditions imposed by the SC in its letter dated 8 March
2002 and also to seek the SC's approval on variation to the
purchase consideration for the proposed acquisition of certain
companies and properties from Olympia Industries Berhad.

A detailed announcement will be made once the application to the
SC is made.


OLYMPIA INDUS.: Seeks SC's Proposed Disposals Variation Approval
----------------------------------------------------------------
Pursuant to Practice Note No. 4/2001 in relation to Paragraph
8.14 of the Listing Requirements of the Kuala Lumpur Stock
Exchange, the Board of Directors of Olympia Industries Berhad
wishes to announce that the Company is proposing to apply to the
Securities Commission (SC) for a waiver to comply with one of
the conditions imposed by the SC in its approval letter dated 8
March 2002.

The Company also seeks the SC's approval on certain variations
to the disposal consideration for the proposed disposal of
certain companies and properties to Mycom Berhad and the
proposed utilization of proceeds arising from the proposed
special issue.

A detailed announcement will be made once the application to the
SC is made.


OMEGA HOLDINGS: Submits Proposed Restructuring to SC
----------------------------------------------------
On 31 December 2002, Affin Merchant Bank Berhad, had announced
the Requisite Announcement (RA), on behalf of the Board of
Directors of Omega Holdings Berhad, pursuant to paragraph 5.1
(a) of PN4 of the Listing Requirements of the KLSE.

In the RA, Omega announced that the Company had entered into new
Restructuring Scheme Agreement with MA whereby the Company has
agreed to undertake and implement the Proposed Restructuring
Scheme, which consists of:

   (i) Proposed Acquisition of Omega Holdings Berhad by Newco;
   (ii) Proposed Scheme of Arrangement;
   (iii) Proposed Transfer of Business;
   (iv) Proposed Acquisition of Milan Auto Corporation (M) Sdn
        Bhd (MAC), a wholly-owned subsidiary of Milan Auto (M)
        Sdn Bhd (MA) by Newco;
   (v)  Proposed Waiver from the Mandatory Take-Over Offer
        Requirement (MTO);
   (vi) Proposed Special Issue of Shares;
   (vii) Proposed Offer For Sale of Settlement Shares By Omega   
         Creditors;
   (viii) Proposed Offer For Sale of Shares by MA;
   (x) Proposed Listing Transfer; and
   (xi) Proposed Disposal of Omega Group.
On 28 January 2003, Affin Merchant, on behalf of the Board, had
announced that Omega, Newco, MA and MAC had entered into further
agreements as part of the Proposed Restructuring Scheme.

Affin Merchant, on behalf of the Board, wishes to announce that
the application to the Securities Commission (SC) in relation to
the Proposed Restructuring has been submitted on 31 January
2003.


PENAS CORPORATION: Seeks Audit Firm Appointment Time Extension
--------------------------------------------------------------
Further to the announcements dated 2 January 2003 and 9 January
2003, on behalf of Penas Corporation Berhad, AmMerchant Bank
Berhad (formerly known as Arab-Malaysian Merchant Bank Berhad)
wishes to announce the status of Pencorp's plan to regularize
the financial position (Proposals).

Pencorp has received the approval from the Foreign Investment
Committee via its letter dated 27 January 2003 (which was
received on 30 January 2003) to allow VTI Vintage Berhad (VVB)
to comply with the 30% Bumiputera equity interests within two
(2) years from its listing on the Kuala Lumpur Stock Exchange.

Further thereto, AmMerchant Bank wishes to announce that in
compliance with one of the conditions imposed by the Securities
Commission (SC) in its approval letter for the Proposals (dated
2 December 2002), Pencorp has yet to finalize the appointment of
an experienced independent audit firm within two (2) months from
the date of he SC's approval letter to conduct an investigative
audit on Pencorp's previous business losses. The Company has on
30 January 2003, submitted an application to the SC to seek an
extension of time for the appointment of the independent audit
firm.

Save as disclosed above, there had been no major changes to the
status of Pencorp's i.e. the Company is presently preparing the
Circular to shareholders to seek the approval of its
shareholders of Pencorp for the Proposals.


RAHMAN HYDRAULIC: Regularization Exercise Remains Unchanged
-----------------------------------------------------------
In accordance with Paragraph 4.1(b) of Practice Note No. 4/2001
(PN4) of the KLSE Listing Requirements, Rahman Hydraulic Tin
Berhad (Special Administrators Appointed) wishes to announce
that there has been no change in the status of the Company's
plan to regularize its financial condition since its previous
Monthly Announcement made on 2 January 2003.

Any new developments on the Company's plan to regularize its
financial condition will be announced in due course.


SOUTHERN STEEL: Proposed Amendments Become Unconditional
--------------------------------------------------------
The Board of Directors of Southern Steel Berhad wishes to
announce that the ordinary resolution pertaining to Proposed
renounceable rights issue of up to RM141,176,500 nominal amount
of 5.5% 5-year irredeemable convertible unsecured loan stocks
(ICULS) at 100% of the nominal amount on the basis of RM1.00
nominal amount of ICULS for every two (2) existing ordinary
shares of RM1.00 each held in SSB (Proposed Rights Issue of
ICULS) and the special resolution pertaining to the Proposed
Amendments as set out in the Notice of Extraordinary General
Meeting (EGM) issued by SSB on 14 January 2003, were passed by
the shareholders at the EGM of SSB held on February 56, 2003.

Following the conclusion of the EGM, the Proposed Rights Issue
of ICULS remains conditional upon the approval-in-principle of
the Kuala Lumpur Stock Exchange (KLSE) for (i) the admission to
the Official List and the listing of and quotation for up to
RM141,176,500 nominal amount of ICULS on the KLSE; and (ii) the
listing of and quotation for up to 199,176,778 new SSB Shares to
be issued pursuant to the conversion of the ICULS on the Main
Board of the KLSE.

Meanwhile, the Proposed Amendments have now become
unconditional.


UCP RESOURCES: Updates Defaulted Payment Status
-----------------------------------------------
In accordance with Practice Note No. 1/2001 of the Kuala Lumpur
Stock Exchange Listing Requirements and further to the earlier
announcement made, the Company provided an update on its default
in payment as follows:

   (i) UCP Manufacturing (M) Sdn Bhd, a subsidiary of UCP
Resources Bhd, as at 31 January 2003, defaulted in repayment of
Bankers Acceptance, Overdraft, Term Loan and Current Account
amounting to RM47,297,205 made up of a principal sum of
RM40,508,072 and interest of RM6,789,133;

   (ii) UCP Marketing (M) Sdn Bhd, a subsidiary of UCP Resources
Bhd, as at 31 January 2003, defaulted in repayment of Bankers
Acceptance and Term Loan amounting to RM8,377,923 made up of a
principal sum of RM7,936,500 and interest of RM441,423;

   (iii) UCP Geotechnics (M) Sdn Bhd, a subsidiary of UCP
Resources Bhd, as at 31 January 2003, defaulted in repayment of
Bankers Acceptance and Overdraft amounting to RM16,239,824 made
up of a principal sum of RM15,347,024 and interest of RM892,800;
and

   (iv) Universal Concrete Products Sdn Bhd, a subsidiary of UCP
Resources Bhd, as at 31 January 2003, defaulted in repayment of
Bankers Acceptance amounting to RM3,116,941 made up of a
principal sum of RM3,000,000 and interest of RM116,941.

The UCP Group shall make periodic announcement on a monthly
basis to the Exchange of the current status of the default and
its steps taken to address the default until such time when it
is remedied. Details of the defaulted payment could be found at
http://www.bankrupt.com/misc/TCRAP_UCP0207.xls.


WEMBLEY INDUSTRIES: SC Approved Proposed Capital Reduction
----------------------------------------------------------
Further to the announcements dated 30 October 2002 and 13
January 2003, Alliance Merchant Bank Berhad is pleased to
announce on behalf of Wembley Industries Holdings Berhad that
the Securities Commission (SC) had, vide their letter dated 27
January 2003 which was received on 30 January 2003, approved the
proposals as follows:

   (i) Proposed capital reduction and consolidation involving
the following:

     (a) reduction of the existing issued and paid-up share
capital of WIHB of RM144.475 million comprising 144.475 millions
ordinary shares of RM1.00 each in WIHB (Shares) to RM57.790
million comprising 144.475 million ordinary shares of RM0.40
each by canceling RM0.60 of the par value of RM1.00 of each
existing Share pursuant to Section 64 of the Companies Act,
1965; and

     (b) subsequent consolidation of 144.475 million ordinary
shares of RM0.40 each into 57.790 million Shares upon which the
sum of RM1.00 each shall be credited as having been fully paid-
up

as proposed; (collectively referred to as "Proposed Capital
Reduction and Consolidation")

   (ii) Proposed Debt Restructuring involving:

     (a) the issuance of RM314.981 million nominal value of 1%
irredeemable unsecured loan stocks (ICULS) at 100% of its
nominal value and 31.50 million free warrants (Warrants) as full
and final settlement of the secured and unsecured loans and
amounts owing by WIHB and its subsidiaries, namely Plaza Rakyat
Sdn Bhd (PRSB) and Wembley IBAE Sdn Bhd (assuming Daewoo
Corporation (Daewoo) does not participate in the Proposed Debt
Restructuring); and

     (b) an additional total of RM112 million nominal value of
ICULS and 11.2 million Warrants in the event Daewoo participates
in the Proposed Debt Restructuring

as proposed (save for the number of Warrants to be issued);
(iii) Proposed renounceable two-call rights issue of 144.475
million new Shares ("Rights Shares") together with 144.475
million free Warrants on the basis of five (5) Rights Shares
with five (5) Warrants for every two (2) Shares held in WIHB
after the Proposed Capital Reduction and Consolidation at the
proposed issue price of RM1.00 per Rights Share payable in two
(2) calls, as follows:

     (a) the first call of RM0.50 will be payable in cash upon
application; and

     (b) the second call of the remaining RM0.50 will be payable
out of the Company's share premium account

as proposed (save for the number of Warrants to be issued); and

   (iv) Listing of and quotation for:

     (a) the ICULS, Warrants, Rights Shares to be issued
pursuant to the above proposals; and

     (b) new WIHB Shares to be issued pursuant to the conversion
of the ICULS and the exercise of the Warrants on the Main Board
of the Kuala Lumpur Stock Exchange (KLSE).

The utilization of proceeds from the Proposed Rights Issue as
set out in Table 1 at
http://www.bankrupt.com/misc/TCRAP_Wembley0207.gifis subject to  
the following conditions:

   (i) the approval of SC is required for any variation in the
proposed utilization of the proceeds other than for core
business of the WIHB group;

   (ii) the approval of the shareholders of WIHB is required for
any revision that deviates by 25% or more from the original
utilization of proceeds. Should the deviation be less than 25%,
an appropriate disclosure would need to be made to the
shareholders of WIHB;

   (iii) any extension of time set by WIHB for the utilization
of proceeds is to be approved by a clear resolution by the Board
of Directors of WIHB and disclosed in full to KLSE; and

   (iv) Appropriate disclosure has to be made on the status of
utilization of proceeds in the Company's quarterly reports and
annual report until the proceeds have been fully utilized.

The approval of the SC for the Proposals is subject to the
following conditions:

   (i) Alliance is required to provide written confirmation on
the following:

     (a) underwriting arrangement has been procured;

     (b) Ekran Berhad has sufficient financial resources to
subscribe for its entitlement in the Proposed Rights Issue
before the Proposed Rights Issue is offered to the existing
shareholders;

In addition, Alliance is required to provide the SC with a full
list of underwriters together with their individual commitments
for SC's record and in the event of any changes, the SC is
required to be informed immediately.

   (ii) WIHB is required to appoint an independent audit firm
(with experience in investigative audit and not a past or
present auditor for the WIHB group), within two (2) months from
the date of the SC's approval letter, to carry out an
investigative audit on the previous losses incurred.

In addition, WIHB is required to take necessary/ required steps
to recover its losses incurred and to improve its corporate
governance.

Based on the audit findings thereafter, WIHB is required to make
a report to the relevant authorities in the event of non-
compliance with the relevant laws, rules, guidelines and
memorandum and articles (M&A) by the Board of Directors of WIHB
and / or any other parties which has resulted in the losses
incurred by WIHB.

The investigative audit is required to be completed within six
(6) months from the appointment of the independent audit firm
and the findings of the investigative audit are to be announced.
Two (2) copies of the investigative audit reports are to be
forwarded to SC upon completion of the investigative audit.

   (iii) Alliance/WIHB is required to review the total number of
Warrants proposed for issue to ensure it does not exceed 50% of
the enlarged issued paid up capital of WIHB before the
conversion of ICULS and the exercise of Warrants.

   (iv) WIHB is required to disclose in the circular to
shareholders and the abridged prospectus with comprehensive
information regarding the following risk factors:

     (a) financial implications on WIHB in the event Daewoo
participates / does not participate in the Proposed Debt
Restructuring;

     (b) the term loan required to finance Plaza Rakyat Project
which has not been obtained, efforts taken to procure it and the
implications in the event the term loan is not obtained;

     (c) accumulated losses will only be eliminated in 2014;

     (d) details of the litigation in relation to Dato' Hamzah
bin Abdul Majid, Datin Freida bt. Dato' Mohd Pilus and the WIHB
group; and

     (e) possibility of Dewan Bandaraya Kuala Lumpur (DBKL)
taking over the Plaza Rakyat Project and its implications in the
event it occurs.

   (v) WIHB is further required to disclose the following in its
circular to shareholders and the abridged prospectus:

     (a) proforma consolidated balance sheets of WIHB and
auditors opinion on it;

     (b) at least profit/loss estimate / forecast for one year;

     (c) WIHB's plans to turnaround the WIHB group; and

     (d) comments on WIHB's prospects.

   (vi) Proposed Rights Issue can only be implemented after the
execution of a supplemental agreement with DBKL to revise
certain terms in relation to the joint venture agreement between
DBKL and PRSB dated 16 December 1992.

   (vii) WIHB is required to ensure the details of the status of
utilization of proceeds for the Proposed Rights Issue is
announced.

   (viii) With respects to the SC's approval on the issuance of
ICULS:

     (a) SC's approval must be obtained on any amendments to the
terms and conditions in relation to the issuance of the ICULS;

     (b) Prior to the issuance of the ICULS, Alliance is
required to provide Form FMF/JPB to the SC and Bank Negara
Malaysia; and

     (c) Prior to the issuance of the ICULS, Alliance is
required to  provide the SC with the executed trust deed.

   (ix) the Company is required to fully comply with the
requirements in relation to the implementation of the Proposals
as stated in the SC's Policies Guidelines on Issue/Offer of
Securities (SC Guidelines) particularly Chapters 12, 22 and 25
of the SC Guidelines.

The Directors of WIHB will deliberate on certain of the
aforesaid SC's conditions.


WING TIEK: Awaits MITI's Decision on PCDRS Application
------------------------------------------------------
Reference is made to the announcement made by RHB Sakura
Merchant Bankers Berhad, Wing Tiek Holdings Berhad's adviser on
7 January 2003, 15 January 2003 and 28 January 2003 in relation
to the approval granted by Securities Commission.

Foreign Investment Committee and Bank Negara Malaysia
respectively on the Proposed Corporate and Debt Restructuring
Scheme (PCDRS), the Board wishes to inform that Wing Tiek
Holdings Berhad is still awaiting the outcome of the submission
to the Ministry of International Trade and Industry (MITI).


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


BENPRES HOLDINGS: Holds EGM on March 13
---------------------------------------
The Board of Directors of Benpres Holdings Corporation (BHC)
called for a special stockholders meeting to be held on March
13, 2003 and fixed February 19, 2003 as the record date for
stockholders entitled to vote at the said special stockholders
meeting.

The time and place as well as the agenda for the special
stockholders meeting will be disclosed in the information
statement. A preliminary information statement would be filed
shortly with the Securities and Exchange Commission and the
Philippine Stock Exchange.

For a copy of the press release, go to
http://bankrupt.com/misc/tcrap_bhc0206.pdf


DIGITAL TELECOMMUNICATIONS: Clarifies Asset Transfer Report
-----------------------------------------------------------
Digital Telecommunications Philippines, Inc. (Digitel) referred
to the news article entitled "Digitel mulling over transfer of
wireless business" published in the February 4, 2003 issue of
the Manila Standard. The article reported that "Digital
Telecommunications Philippines Inc. (DIGITEL) formally filed
last week it application for authority before the National
Telecommunications Commission (NTC) to assign and transfer the
operation of its cellular service from DIGITEL to its fully
owned subsidiary Digitel Mobile Philippines Inc. (DMPI), the
sixth cellular firm to be operating in the country.

Digital Telecommunications Philippines, Inc., in its letter
dated February 4, 2003, stated that:

Digital Telecommunications Philippines, Inc. (Digitel) confirm
as stated in the news article that Digitel has filed with the
National Telecommunications Commission (NTC) the application of
authority to assign and transfer the operation and maintenance
of the nationwide Cellular Mobile Telephone Service (CMTS) using
GSM Technology from Digital Telecommunications Phil., Inc. to
its fully owned subsidiary, Digitel Mobile Philippines, Inc.

The press release is located at
http://bankrupt.com/misc/tcrap_digitel0206.pdf


NATIONAL BANK: Clarifies "Selling 15B Foreclosed Assets" Report
---------------------------------------------------------------
The Philippine National Bank responded to the news article
entitled "PNB to sell P15B in foreclosed assets" published in
February 5, 2003 issue of the Philippine Daily Inquirer
(Internet Edition).

The article reported, "Philippine National Bank (PNB) plans to
sell 15 billion pesos worth of foreclosed assets this year to
bring down its bad loans to below 40 percent of total loan
portfolio, PNB President Lorenzo Tan said. The sale of assets is
expected to help the bank to break even this year after
incurring losses in the last five years, Tan said.

PNB, in its letter dated February 5, 2003, clarified that:

The Philippine National Bank announced that the 15 billion
referred to in the first line of the article is the reduction in
the bank's aggregate NPL not the disposal of its ROPOA.

Presently, PNB is exploring the possibility of taking advantage
of the SPV Law in managing their NPL levels. PNB are currently
in discussion with parties interested in purchasing their NPL's
through an SPV. The actual asset pool and amounts to be
transferred will depend on negotiations with these parties.
There are not definitive amounts being discussed at this stage.

For a copy of the press release, go to
http://bankrupt.com/misc/tcrap_PNB0206.pdf


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


CREATIVE TECHNOLOGY: Posts Changes in Shareholder's Interest
------------------------------------------------------------
Creative Technology Limited posted a notice of changes in
substantial shareholder Causeway Capital Management LLC's
interests:
  
Date of notice to company: 31 Jan 2003
Date of change of shareholding: 30 Jan 2003
Name of registered holder: DBS Nominees Pte Ltd
Boston Safe Deposit and Trust
DBS Nominees Pte Ltd
- The Northern Trust Company AVFC
CMB London
- Under Nominee Standard Chartered Bank
Raffles Nominees Limited
United Overseas Bank
- Deutsche Bank Trust Company Americas
Oversea-Chinese Bank Nominees Private Ltd
United Overseas Bank Nominees (Pte) Ltd
  
Circumstance(s) giving rise to the interest: Others
Please specify details: Refer to the below created tables

Information relating to shares held in the name of the
registered holder:  

No. of shares which are the subject of the transaction:  
% of issued share capital:  
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received:  
No. of shares held before the transaction:  
% of issued share capital:  
No. of shares held after the transaction:  
% of issued share capital:  

Holdings of Substantial Shareholder including direct and deemed
interest
                                           Deemed     Direct
No. of shares held before the transaction: 4,339,874  
% of issued share capital:                 5.47  
No. of shares held after the transaction:  4,559,874  
% of issued share capital:                 5.748  
Total shares:                              4,559,874  

Circumstances giving :         Shares acquired through exchange
rise to the change             transactions

No. of shares of the change: 86,350
% of issued share capital: 0.109%
Amount of consideration per share excluding
brokerage, GST, stamp duties, clearing fee: SGD 11.59
No. of shares held before change: 2,184,829
% of issued share capital: 2.754%
No. of shares held after changed: 2,271,179
% of issued share capital: 2.863%

Shares held in the name of Boston Safe Deposit and Trust

Circumstances giving:         Shares acquired through exchange
rise to the change             transactions

No. of shares of the change: 29,850
% of issued share capital: 0.038
Amount of consideration per share excluding
brokerage, GST, stamp duties, clearing fee: SGD 11.59
No. of shares held before change: 277,748
% of issued share capital: 0.350%
No. of shares held after changed: 307.598
% of issued share capital: 0.388%

Shares held in the name of DBS Nominees Pte Ltd - The Northern
Trust Company AVFC

Circumstances giving:         Shares acquired through exchange
rise to the change             transactions

No. of shares of the change: 34.050
% of issued share capital: 0.043%
Amount of consideration per share excluding
brokerage, GST, stamp duties, clearing fee: SGD 11.59
No. of shares held before change: 441,154
% of issued share capital: 0.556%
No. of shares held after changed: 475,204
% of issued share capital: 0.599%

Shares held in the name of CMB London - Under Nominee Standard
Chartered Bank

Circumstances giving:         Shares acquired through exchange
rise to the change             transactions

No. of shares of the change: 18,150
% of issued share capital: 0.023%
Amount of consideration per share excluding
brokerage, GST, stamp duties, clearing fee: SGD 11.59
No. of shares held before change: 287,049
% of issued share capital: 0.362%
No. of shares held after changed: 305,199
% of issued share capital: 0.385%

Shares held in the name of Raffles Nominees Limited

Circumstances giving:         Shares acquired through exchange
rise to the change             transactions

No. of shares of the change: 900
% of issued share capital: 0.001%
Amount of consideration per share excluding
brokerage, GST, stamp duties, clearing fee: SGD 11.59
No. of shares held before change: 17,190
% of issued share capital: 0.022%
No. of shares held after changed: 18,090
% of issued share capital: 0.023%

Shares held in the name of United Overseas Bank - Deutsche Bank
Trust Company Americas

Circumstances giving:         Shares acquired through exchange
rise to the change             transactions

No. of shares of the change: 3,000
% of issued share capital: 0.004%
Amount of consideration per share excluding
brokerage, GST, stamp duties, clearing fee: SGD 11.59
No. of shares held before change: 45,694
% of issued share capital: 0.058%
No. of shares held after changed: 48,694
% of issued share capital: 0.061%

Shares held in the name of Oversea-Chinese Bank Nominees Private
Ltd

Circumstances giving:         Shares acquired through exchange
rise to the change             transactions

No. of shares of the change: 23, 700
% of issued share capital: 0.030%
Amount of consideration per share excluding
brokerage, GST, stamp duties, clearing fee: SGD 11.59
No. of shares held before change: 379,613
% of issued share capital: 0.479%
No. of shares held after changed: 403,313
% of issued share capital: 0.508%

Shares held in the name of United Overseas Bank Nominees (Pte)
Ltd

Circumstances giving:         Shares acquired through exchange
rise to the change             transactions

No. of shares of the change: 24,000
% of issued share capital: 0.030%
Amount of consideration per share excluding
brokerage, GST, stamp duties, clearing fee: SGD 11.59
No. of shares held before change: 481,997
% of issued share capital: 0.608%
No. of shares held after changed: 505,997
% of issued share capital: 0.638%

Creative Technology Limited posted a loss of S$4.98 million in
the first quarter of this year, compared with a loss of S$12.8
million a year ago, due to smaller investment losses, the
Troubled Company Reporter-Asia Pacific reports. Sales fell 11
percent to their lowest level since 1994.

Investment losses narrowed to S$6.32 million from S$16.4
million. Sales have fallen on a decline in demand for personal
computers that use Creative's cards for enhancing digital audio.
The Company also makes modems, digital cameras and music
players.


NEPTUNE ORIENT: Shares Up on Bond Sale Report
---------------------------------------------
Share of Neptune Orient Lines (NOL) increased on Wednesday amid
reports that it may sell as much as US$200-300 million worth of
bonds to lock in lower interest rates, Channel News Asia &
Business Times reports.

The stock ended six cents up at 96.5 cents.

The loss-making shipping line has total debts of US$2.5 billion.

NOL is believed to be in talks with Citigroup to manage the bond
issue.


PONGGOL MARINA: Up For Sale by Creditor Bank
--------------------------------------------
Ponggol Marina is up for sale by its lead creditor First
Commercial Bank of Taiwan, Channel News Asia reports.

It has appointed property consultants CB Richard Ellis to
conduct a public tender.

The proprietary club, temporarily placed under receivership,
cost over S$50 million to build in 1997 and features Singapore's
largest boathouse coupled with a three-story clubhouse, swimming
pool, shops, gymnasium, restaurants and billiard room. The club
is being sold as a going concern because it can't be redeveloped
due to planning restrictions.

For additional information, go to
http://www.countryclubs.com/ponggol-marina.php


SEATOWN CORPORATION: Appoints Interim Judicial Manager
------------------------------------------------------
Further to the announcement issued by the Board of Directors of
Seatown Corporation Limited on January 23, 2003, the hearing
date for the Judicial Management petition filed by the Company
with the High Court of Singapore on January 20, 2003 has been
adjourned from February 4, 2003 to February 26, 2003.

An Interim Judicial Manager, Nicky Tan Ng Kuang, has been
appointed for Seatown Corporation Limited with effect from
February 4, 2003 pending the hearing on February 26, 2003.


XPRESS HOLDINGS: Court OK's Capital Reduction
---------------------------------------------
The Board of Directors of Xpress Holdings Ltd announced that the
High Court of Singapore has granted an order to sanction the
capital reduction exercise pursuant to section 73 of the
Companies Act (Cap. 50) of Singapore, which will be effected,
inter alia, as follows:

(a) By reducing the nominal value of all ordinary shares in the
capital of the Company, both issued and un-issued, from $0.05 to
$0.01 each by canceling the paid-up share capital, which is lost
or un-represented by available assets to the extent of $0.04 on
each of the 612,000,000 issued and paid-up shares;

(b) By canceling the sum of $33,065,182 standing to the credit
of the share premium account of the Company, such that the
amount standing to the credit of the Company's share premium
account will be reduced from $38,540,904 to $5,475,722.

Shareholders of the Company have pursuant to a special
resolution approved the above Capital Reduction at an
extraordinary general meeting of the Company on 20 December
2002.

The Capital Reduction will become effective upon lodgment of a
copy of the Court Order with the Registrar of Companies and
Businesses (the Effective Date). Barring any unforeseen
circumstances, the Company intends to lodge the Court Order with
the Registrar of Companies and Businesses on 14 February 2003.
The Directors will release a further announcement in respect of
the Effective Date of the Capital Reduction and the listing and
quotation of the new shares of $0.01 each in the capital of the
Company.


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


BAN CHENG: Files Reorganization Petition to Bankruptcy Court
------------------------------------------------------------
Real estate developer Ban Cheng Group Company Limited (DEBTOR)'s
Petition for Business Reorganization was filed to the Central
Bankruptcy Court:

   Black Case Number 1748/2544

   Red Case Number /2545

Debts Owed to the Petitioning Creditor : 3,394,442,271.80Baht

Date of Court Acceptance of the Petition : December 17, 2001

Date of Examining the Petition: January 14, 2002 at 9.00 A.M.

Court has postponed the Date for Examining the Petition to
February 6 and 14, 2002

Appointment date for the Court Hearing on March 1, 2002 at 10.30
A.M.

Court had issued an Order for Canceling the Petition for
Business Reorganization on March 1, 2002

Contact : Ms. Amornrhat Tel, 6792525 ext. 144


JASMINE INT'L: TRIS Clarifies Acumen's Rating Cancellation
----------------------------------------------------------
TRIS Rating clarified on Thursday the reason it canceled the
issue rating of Jasmine International Public Company Limited
subsidiary Acumen Co., Ltd. last week. TRIS Rating said that it
has the responsibility to provide investors with up to date
rating that reflects the real status of the issuer, and with the
ACUMEN's case, it lacked the most up to date information that it
needed.

TRIS Rating announced on 31 January 2003 that it was canceling
its rating service agreement with ACUMEN, which automatically
terminated the rating of ACUMEN's Bt3,500 million senior secured
debentures.

Dr Warapatr Todhanakasem, TRIS Rating's President, explained
that TRIS Rating's responsibility as a credit rating agency is
to assign and review credit ratings that reflect the capability
of issuers to repay debt on a timely basis. For the ACUMEN case,
TRIS Rating had been requesting information that may have had a
significant impact on the rating of ACUMEN's debentures, which
TRIS Rating previously had rated "BBB+".

TRIS Rating had also informed ACUMEN's management that as a
credit rating agency, TRIS Rating had the responsibility to
publicize the most up to date rating information and that
debenturesholders rely on TRIS Rating to do this. TRIS Rating
had also made clear to the management of ACUMEN that it cannot
assign a credit rating to any firm that fails to supply
information that may significantly effect an existing rating.
Dr. Warapatr said that for TRIS Rating to fulfill its mission,
it is vital to have the cooperation of the client in supplying
the required information. This notwithstanding, TRIS Rating also
has a strict practice of keeping the confidential information of
its client confidential.

TRIS Rating issued this clarification of the cancellation of its
credit rating service agreement with ACUMEN after many
institutional investors contacted the rating agency asking the
reason for the cancellation, Dr. Warapatr said.


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

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

Asia Pulp & Paper     FRN     due 2001   1.5 - 2.5        0.0
Asia Pulp & Paper     11.75%  due 2005  31.0 - 32.0       0.0
APP China             14.0%   due 2010  29.0 - 31.0       0.0
Asia Global Crossing  13.375% due 2006  12.0 - 13.0      +0.5
Bayan Telecom         13.5%   due 2006  14.0 - 16.0       0.0
Daya Guna Sumudera    10.0%   due 2007   2.5 - 4.5       +0.5
Hyundai Semiconductor 8.625%  due 2007  68.0 - 72.0      +1.0
Indah Kiat            11.875% due 2002  35.0 - 37.0       0.0
Indah Kiat            10.0%   due 2007  25.5 - 27.5       0.0
Paiton Energy         9.34%   due 2014  79.0 - 80.0      +1.0
Tjiwi Kimia           10.0%   due 2004  22.5 - 23.5      +1.0

Bond pricing, appearing in each Friday's edition of the
Troubled Company Reporter - Asia Pacific, is provided by
DebtTraders in New York. DebtTraders is a specialist in global
high yield securities, providing clients unparalleled services
in the identification, assessment, and sourcing of attractive
high yield debt investments. For more information on
institutional services, contact Scott Johnson at 1-212-247-5300.
To view our research and find out about private client accounts,
contact Peter Fitzpatrick at 1-212-247-3800. Real-time pricing
available at www.debttraders.com


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
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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.

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                 *** End of Transmission ***