---

       T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

           Wednesday, February 12, 2003, Vol. 6, No. 30

                         Headlines

A U S T R A L I A

ANACONDA NICKEL: Directors Recommend Rights Offer Rejection
ANACONDA NICKEL: Panel Receives Review Application From Glencore
ANACONDA NICKEL: Panel Won't Make Unacceptable Declaration
ANACONDA NICKEL: Review Panel Affirms Interim Order
BLUNDELL COLEMAN: March 17 Winding Up Hearing Scheduled

CREDITSOURCE PTY: ASIC Seeks Receiver Appointment
HILLGROVE GOLD: To Exit Receivership February 17
PRESTON RESOURCES: Discloses Second Quarter Activities Report
REDFLEX HOLDINGS: Offers Small Shareholding Sale Program
WESTRALIA AIRPORTS: Capital Restructuring Close to Completion


C H I N A   &   H O N G  K O N G

BERWELL MANUFACTORY: Winding Up Hearing Scheduled Feb 19
LUEN SING: Petition to Wind Up Pending
PCCW LIMITED: Appoints Agent for Odd Lot Trading Arrangement
PCCW LIMITED: Japan Telecom Discussions Rumor Unfounded
PCCW LIMITED: UK Panel Confirms Rule 8 Obligations Void

SANHOUSE INTERNATIONAL: Faces Winding Up Petition
WAN CHAI: Winding Up Petition Pending


I N D O N E S I A

ASTRA INTERNATIONAL: Pefindo Ups Ratings to `idB+' From `idCCC'


J A P A N

AEON CO.: Sells Revman to Mexican Firm for US$19M
MITSUBISHI CORPORATION: Enters Alliance With Salesforce.com
MIZUHO HOLDINGS: Cutting Long-Term Prime Rate
MIZUHO HOLDINGS: Makes Tender Offer for MISC
NISSHO IWAI: Not Paying Bonuses to Non-Management Staff

SAIKEN CO.: Files for Rehab Proceedings
SNOW BRAND: Investor Sues Former Execs For Y30B


K O R E A

DAEWOO MOTOR: Enters Agreement With Ssangyong Motor
HANBO IRON: Completes Buyout Deal With AK Capital
HYNIX SEMICONDUCTOR: May Postpone GSM Slated for February 25


M A L A Y S I A

AKTIF LIFESTYLE: Currently in Restructuring Scheme Negotiations
ASSOCIATED KAOLIN: Proposals Implementation Completion Extended
BERJUNTAI TIN: Proposed Restructuring Scheme Terminated
CYGAL BERHAD: Appoints Investigative Auditors
DAMANSARA REALTY: Provides Defaulted Facilities Status Update

GEAHIN ENGINEERING: Obtains Creditors' Meeting Order From Court
LONG HUAT: Defaulted Credit Facilities Status Remains Unchanged
LONG HUAT: Restructuring Exercise Agreements Underway
MBF CAPITAL: Bank Negara OKs Proposed Debt Settlement
PAN PACIFIC: FIC Grants Proposed Restructuring Scheme Approval

PANCARAN IKRAB: SPA Conditional Upon Workout Scheme Completion
PENAS CORPORATION: Court Convened Meeting Requests Granted
RASHID HUSSAIN: Sale Offer Closing Date Extended to Feb 21
REPCO HOLDINGS: Undergoes PCDRS Due Diligence Exercise


P H I L I P P I N E S

BENPRES HOLDINGS: Schedules Stockholders Meeting on March 13
BENPRES HOLDINGS: Issues Civil Case Update
NATIONAL POWER: Asking For Help to Remove Masinloc Roadblock
NATIONAL STEEL: Eyes Sale to Foreign Buyers
PHILIPPINE LONG: JP Morgan Becomes Successor Depository for ADR

PILIPINO TELEPHONE: Director Benito Chiongbian Resigns
QUEZON POWER: Moody's Downgrades Rating to B2, Outlook Negative
STENIEL MANUFACTURING: Creditors Agree to Loan Restructuring


S I N G A P O R E

SPP LIMITED: Joint Ventures With Sun Tyre
WEE POH: Releases Strategic Agreement Update


T H A I L A N D

EMC PUBLIC: Holds 73.03% Shareholding in Hydrotek
O. M. FOOD: Files Business Reorganization Petition
PREMIER ENTERPRISE: Arranges Debt Repayment to Creditors
THAI PETROCHEMICAL: All Creditors OK Rehab Plan Amendment

     -  -  -  -  -  -  -  -

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


ANACONDA NICKEL: Directors Recommend Rights Offer Rejection
-----------------------------------------------------------
The Independent Directors of Anaconda Nickel Limited unanimously
recommend that shareholders reject the Rights Offer and
subscribe for the shareholder's full entitlement of Rights so as
to allow then to maintain their proportionate interest in the
Company and participate in the future of Anaconda.

The Independent Directors currently advise shareholders to take
no action in respect of the Share Offer prior to receiving the
Target's Statement.

The Independent Directors of Anaconda Nickel Limited (Anaconda)
are updating their recommendation to share and rights holders in
respect of the unsolicited offer (Offer) from MP Global
Opportunities Partners L P (MP Global) for shares (Share Offer)
and rights (Rights Offer) in Anaconda.

The Independent Directors provided Anaconda security holders
with an interim recommendation on 3 February 2003. The
Independent Directors' ability to provide a timely and updated
recommendation has been affected by the uncertainty surrounding
the multiple applications to the Takeovers Panel, modifications
requested from ASIC, the highly complex nature of the Offer, the
Offer's potential impact on the Creditors' Schemes, and the very
short time that Anaconda has had to respond to the Offer.

The MP Global Rights Offer is scheduled to close at midnight on
13 February 2003 unless it is withdrawn. The Independent
Directors are concerned that rights holders now have only 3 days
in which to decide whether to exercise their rights entitlements
and maintain a proportionate shareholding in Anaconda or accept
the Rights Offer.

Trading of rights entitlements on the ASX ceased on 7 February
2003. As a result, rights holders now have a choice either to:

   * exercise their rights entitlements to acquire new Anaconda
shares at $0.05 per new share; or

   * accept the Rights Offer of $0.01 per rights entitlement,
which, at the date of this letter, remains subject to a number
of conditions.

Further updates will be provided as appropriate and posted on
Anaconda's website (www.anaconda.com.au).

1. STRUCTURE OF MP GLOBAL OFFER

The Offer comprises two distinct but interdependent and
conditional offers:

   * Rights Offer: an offer of 1 cent cash per right, which
equates to 14 cents for the 14 rights that originally attached
to each Anaconda share. The Rights Offer incorporates a matching
facility under which holders can elect to sell 5 of their rights
and use the proceeds to exercise 1 right and be issued with 1
new Anaconda share (Matching Facility); and

   * Share Offer: an offer of 12 cents per share for all
existing shares on issue. The Share Offer does not extend to any
new shares issued by the Company under the Rights Issue. The
Share Offer is dated 5 February 2003 and is scheduled to close
on 5 March 2003 unless extended or withdrawn. The Share Offer is
subject to the Rights Offer being declared unconditional by 13
February 2003 and will also have to be unconditional by this
date.

The Company's Rights Issue closes on 14 February 2003 and the
Company's lawyers have advised that it cannot be extended if the
Creditors' Schemes are to be implemented.

The Offer remains subject to a number of conditions, as
described below.

The conditions and timing of the Offer are unusual and create
difficulties for dealing with the Offer. Furthermore, the Rights
Offer and Share Offer are interlinked through a Minimum
Acceptance Condition and the operation of the Corporations Act.
It is important to note that once the Offer is unconditional, MP
Global can only exercise rights entitlements it acquires under
the Rights Offer to a maximum of the equivalent percentage of
shares acquired under the Share Offer.

Anaconda also notes that MP Global has still not announced to
the market the status of the Anglo pre-bid agreement, which
Anaconda understands terminated automatically upon revocation by
the Takeovers Panel of ASIC relief sought by MP Global at the
time its bids were announced.

2. STATUS OF CONDITIONS

NEW CONDITIONS IMPOSED BY MP GLOBAL

On 10 February, MP Global lodged a second supplementary Bidder's
Statement which confirmed that MP Global will, before 8.30 pm
EST on 13 February 2003, waive the conditions to the Offer
(including the Independent Expert Condition and the ASIC Relief
Condition) which have not then been satisfied, subject to the
satisfaction of new conditions in addition to those to which the
Offer was originally subject. These new conditions are
summarized as follows:

   * Minimum Acceptance: MP Global has effectively increased its
Minimum Acceptance Condition. In order to satisfy the revised
Minimum Acceptance Condition, MP Global must achieve a relevant
interest in at least 51% of existing Anaconda shares and receive
sufficient acceptances under the Share Offer and Rights Offer
such that if MP Global held those existing shares and was issued
the relevant new shares on exercise of those rights it would
hold at least 51% of the fully diluted issued capital of the
Company.

   * Withdrawal / Lapse of Offer: The other new condition
permits MP Global to seek either ASIC or Takeovers Panel consent
to withdraw the Offer, or allow the Offer to lapse, if:

   * there is any material change in circumstances (MP Global
has not defined what it means by this, although some examples
are given);

   * Glencore's underwriting agreement terminates, or Glencore
indicates that it will terminate the underwriting agreement;

   * anything occurs which will, or may reasonably be expected
to:

   -  prevent MP Global from exercising rights to maintain its
voting power in Anaconda at the time of exercise;

   -  require MP Global to exercise more than 65% of the total
number of rights; or

   -  require MP Global to make a full bid for all old and new
Anaconda shares.

ORIGINAL CONDITIONS WHICH MAY BE WAIVED ON 13 FEBRUARY 2003

Those conditions included in the bid as originally cast, which
do not appear to have been repeated by the second supplementary
Bidder's Statement and from which the bid will be freed (subject
to the satisfaction of the new conditions set out above) on 13
February 2002 may be summarized as follows.

   * ASIC Relief Condition: MP Global may withdraw the bid
unless it obtains relief from by ASIC to enable it to exercise
all rights acquired under the Rights Offer;

   * Independent Expert Condition: MP Global may withdraw the
bid unless Anaconda provides access to an independent expert to
allow it to provide confirmation to MP Global as to certain
matters regarding the current and prospective operating
performance of the Murrin Murrin project. Anaconda declined
consent for reasons previously advised to shareholders;

   * Creditors' Schemes: MP Global may withdraw the bid if there
is any breach of the conditions of the Creditors' Schemes;

   * No material adverse change: MP Global may withdraw the bid
if there is any material adverse change to Anaconda's business,
assets, profitability of prospects;

   * No regulatory action: MP Global may withdraw the bid if
there is any regulatory action in respect of the Offer or the
Rights Issue which impedes either the Offer or the Rights Issue;
and

   * No prescribed occurrences: MP Global may withdraw the bid
if there are any Prescribed occurrences (these are defined in
the Corporations Act).

EFFECT OF MP GLOBAL'S CONDITIONS

Accordingly, the MP offer, as it currently stands, remains
conditional in significant respects.

The announcement creates more uncertainty and confusion for
Anaconda shareholders and rights holders.

The Independent Directors note that there is no certainty that
the revised minimum acceptance condition will be satisfied by
8.30 pm EST on 13 February 2003 or that MP Global will not
exercise its claimed rights to withdraw the Offer, or allow the
Offer to lapse, for the reasons outlined above.

CONDITIONS IMPOSED BY THE TAKEOVERS PANEL

The Takeovers Panel has imposed certain conditions on the Offer
as well. These are, in summary:

   * that MP Global must, to the extent that it is legally
entitled to do so, exercise all rights it acquires under the
Rights Offer, up to 65% of all rights offered by Anaconda (but
note that MP Global may only exercise the percentage of rights
equal to its voting power in Anaconda at the time of exercise);
and

   * that MP Global must comply with a set of conditions
originally imposed by ASIC as a condition of granting the ASIC
Relief, being intended to apply to the Rights Offer some of the
regulations applicable to a normal takeover offer under the
Corporations Act.

3. CREDITORS' SCHEMES

The Independent Directors continue to have significant concerns
in respect of the potential impact of the Offer on the
Creditors' Schemes. However, the Independent Directors recognize
that this consideration is relevant only for those security
holders who wish to retain an investment in Anaconda, and not
necessarily for those who are contemplating accepting the Offer,
assuming the Offer becomes unconditional.

Anaconda has clear legal advice that the Creditors' Schemes can
only be completed if the full amount of capital equity is raised
under the underwritten rights issue. At this time, the
Independent Directors have received no notification that
Glencore intends to terminate the underwriting agreement.

The Independent Directors have sought undertakings from MP
Global to ensure that if Glencore terminated the underwriting,
the full amount of new equity required by the Creditors' Schemes
would still be provided. To date, MP Global has not been
prepared to provide these undertakings. Indeed, MP Global has
reserved the right to withdraw its bid if Glencore terminates
the underwriting.

4. ASSESSMENT OF THE MP GLOBAL OFFER

The Independent Directors are of the view that any assessment of
the merits of the Offer can only be meaningfully undertaken on
the basis that the Creditors' Schemes are completed and the
Company's solvency is assured through the completion of the
fully underwritten Rights Issue.

In assessing whether or not to continue to hold an investment in
Anaconda, Independent Directors believe that the following
factors are relevant:

   * although the future prospects of the Murrin Murrin Project
remain difficult to forecast accurately, the capital program of
approximately $100 million currently underway at Murrin Murrin
is expected to be completed by the end of the 2003 calendar
year, which should allow the plant to achieve its estimated
capacity of 40,000 tonnes per year in 2004;

   * nickel prices are forecast to remain strong for the
foreseeable future;

   * the legal findings in the Fluor Stage 1 claim were
favorable to Anaconda, and are expected to support a positive
outcome in the Fluor Stage 2 claim; and there are no
counterclaims in the Fluor Stage 2 claim capable of reducing the
quantum of any positive award to Anaconda.

The Independent Directors believe that the Offer does not
recognize the full potential of Anaconda. In forming this view,
the Independent Directors have considered the above matters.

5. RECOMMENDATION AND ADVICE

Based on the above, and in the absence of a superior offer, the
Independent Directors make the following updated recommendations
in respect of each of the Rights Offer and Share Offer.

RECOMMENDATION IN RESPECT OF THE RIGHTS OFFER

The Independent Directors' unanimously recommend that
shareholders reject the Rights Offer and subscribe for your full
entitlement of Rights so as to allow shareholders to maintain
your proportionate interest in the Company and participate in
the future of Anaconda.

However, for those rights holders who do not intend to exercise
any or all of their Rights for whatever reason, shareholders
should not allow your Rights to lapse as they will become
worthless when the Rights Issue closes. Should shareholders
decide to accept the Rights Offer or the Matching Facility,
shareholders should recognize that shareholder will not get paid
unless the conditions of the Offer are satisfied in full or
waived. Such action would allow those rights holders the
potential to receive some value for their Rights.

The Independent Directors encourage shareholders to consider
your own personal financial circumstances and seek professional
advice before making any decision.

ADVICE IN RESPECT OF THE SHARE OFFER

The Independent Directors are currently preparing a Target's
Statement in respect of the Share Offer, which will contain all
information that is material to a shareholder in deciding
whether to accept or reject the Share Offer, including a
recommendation by the Independent Directors. Currently, the
Share Offer will be open for acceptance until at least 5 March
2003 and the Target's Statement will be dispatched to
shareholders on or before 20 February. Accordingly, the
Independent Directors currently advise shareholders to take no
action in respect of the Share Offer prior to receiving
the Target's Statement.

Concurrent with this announcement the Company has requested the
trading halt on Anaconda ordinary shares be lifted.

In the meantime, the Independent Directors will keep share and
rights holders informed of all relevant developments and will
advise holders if these recommendations change.

CONTACT INFORMATION: John Quayle
                     COMPANY SECRETARY
                     +61 8 9212 8400
                     Tony Dawe
                     Ward Holt Corporate Communication
                     +61 8 9221 8722


ANACONDA NICKEL: Panel Receives Review Application From Glencore
----------------------------------------------------------------
The Takeovers Panel received on Tuesday an application for
review of the Anaconda 08 decision in relation to the affairs of
Anaconda Nickel Limited (Anaconda).

The application from Glencore International AG (Glencore) seeks
a review of the decision of the Sitting Panel in Anaconda 08 not
to make a declaration of unacceptable circumstances in relation
to the structure of the offers (the Offers) by MatlinPatterson
Global Opportunities Partners LP (MP Global) (through a
subsidiary) to acquire rights (Rights Offer) and existing shares
(Share Offer) in Anaconda.

Glencore submits that the Sitting Panel should have made a
declaration of unacceptable circumstances in relation to the
discriminatory nature of the Offers.

Glencore has requested the Sitting Review Panel to order that
the MP Global Offers not proceed unless MP Global undertakes to:

   (A) extend its Share Offer to all shares issued under the
Anaconda rights issue (the Rights Issue), at a price to be
determined after submissions have been received from all
relevant parties; and

   (B) exercise all the Rights that it acquires under its Rights
Offer that it is legally entitled to, if all conditions to MP
Global's Rights Offer are fulfilled and/or waived, (including,
but not limited to, all rights it receives from Glencore),
calculated as at 8pm on 14 February 2003 (Rights Issue Closing
Time).

The Sitting Review Panel is currently seeking the views of
persons potentially affected and therefore has not yet formed
any views on the application.

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

The President of the Panel has appointed the same members who
constituted the Anaconda 06 Panel, Simon McKeon, David Gonski
and  Ian Ramsay, to consider the application.


ANACONDA NICKEL: Panel Won't Make Unacceptable Declaration
----------------------------------------------------------
The Takeovers Panel advised that it has decided the remaining
outstanding application (the Application) by Glencore
International AG (Glencore) in relation to the affairs of
Anaconda Nickel Limited (ANL).

The Panel has decided not to make any declaration of
unacceptable circumstances in relation to the offer (the Rights
Offer) by MatlinPatterson Global Opportunities Partners LP (MP
Global) to acquire rights (Rights) in ANL. MP Global is free to
pursue its offer as currently structured. The Panel made this
decision after Glencore declined to give the Panel an
undertaking to make an offer for all of the shares in Anaconda
on issue after the Rights Offer. The Panel had advised Glencore
that if it did give an undertaking to make such an offer, the
Panel would only allow the MP Global offer to proceed if
MP Global undertook to make an offer for all of the shares
issued on exercise of the Anaconda rights (New Shares).

The Application was for a declaration of unacceptable
circumstances in relation to the structure of the Rights Offer
by MP Global. The Rights are being issued by ANL under a 14 for
1 renounceable rights issue (the Rights Issue) that is being
fully underwritten by Glencore.

The Annexure to this Media Release sets out the details of the
Application.

DECISION

The Panel has decided that, in light of Glencore's decision (as
described below) not to accept the Panel's offer to protect
itself from the discriminatory aspects of the Rights Offer, it
is not in the public interest to make a declaration of
unacceptable circumstances in relation to the Rights Offer.

On that basis, the Panel considers that MP Global is free to
proceed with the Rights Offer and its Share Offer as currently
structured. MP Global has provided certain undertakings to the
Panel in relation to the Rights Offer.

The undertakings given by MP Global are set out below.

COMPETING PRINCIPLES

The Panel considered that two competing principles of takeovers
policy were relevant to determining whether to grant the relief
sought by Glencore in the Application.

The first principle (the No Discrimination Principle) was that
discriminatory bids are unacceptable. The Panel has, in its
decision in relation to the Anaconda 02 to 05 applications, set
out its views in relation to the discriminatory nature of the MP
Global bid as currently structured. The Rights Offer (when
considered in light of the Share Offer and Rights Issue) is
still structured in such a way that would allow MP Global to
decide, selectively, the number of new shares (New Shares) in
ANL (being shares issued under the Rights Issue) it would
acquire and the number of New Shares that it could require
Glencore to subscribe for as underwriter. MP Global could
therefore still discriminate against Glencore under the Rights
Offer in the same manner discussed under the heading
'Discriminatory Acquisition' in the Panel's Media Release 15 in
relation to the Anaconda 02 to 05 applications. However, as set
out below, the Panel considers that the unacceptability of this
discrimination has passed, given Glencore has declined the
Panel's offer to protect itself from this discrimination.

The second principle (the Market Principle) that the Panel
considered in this application was that under Chapter 6 of the
Corporations Act (the Act) the Panel is charged with ensuring
that the acquisition of control of voting shares takes place in
an efficient, competitive and informed market. The Panel did not
believe that it would uphold this principle if it merely
determined to declare that the Rights Offer constituted
unacceptable circumstances and thereby deprived ANL shareholders
of the only available offer to acquire their rights and shares
in ANL.

The Panel considers the Rights Offer and Share Offer are a
potentially attractive alternative outcome for Anaconda
shareholders compared to the alternative of merely deciding
whether or not to subscribe for New Shares or allow their Rights
to flow through to Glencore as underwriter.

OPPORTUNITY FOR GLENCORE TO PROTECT ITSELF

The Rights Offer was only discriminatory in its application to
Glencore as underwriter, but not to Glencore as shareholder, or
to any other Anaconda shareholders.

To address the Panel's concerns in relation to the Market
Principle, the Panel invited Glencore to undertake to the Panel
to make a takeover bid (the Glencore Bid) for all of the shares
in ANL (the Shares), being both shares currently on issue (the
Current Shares) and the New Shares. The Panel invited Glencore
to make a bid that:

   (a) offered holders of Shares a minimum of $0.06 per Share,
regardless of whether the Shares are Current Shares or New
Shares;

   (b) was conditional only on:

     (i) no person other than Glencore acquiring more than 50.1%
of the voting power in ANL on a fully diluted basis; and

     (ii) approval of the Glencore Bid being obtained from the
Australian Foreign Investment Review Board (subject to Glencore
taking all reasonable steps to obtain that approval).

The Panel advised Glencore that if it gave this undertaking to
the Panel the Panel would decide that the MP Global offers, as
currently structured, should not be allowed to proceed unless MP
Global undertook to make an offer for the New Shares, as well as
its Share Offer for the Current Shares.

BALANCE BETWEEN THE MARKET PRINCIPLE AND THE NO DISCRIMINATION
PRINCIPLE

The announcement of such a bid by Glencore would have created an
opportunity for shareholders to realize a value for their
investment in ANL, and thereby promote the Market Principle.

The Panel was of the view that an appropriate balance could have
been created between the Market Principle and the No
Discrimination Principle if:

   (a) Glencore had undertaken to make the Glencore Bid; and

   (b) The Panel had advised MP Global that if it wished to
proceed with the Share Offer and Rights Offer, it must also make
a takeover bid for all of the New Shares. This requirement would
have cured the discriminatory nature of the Rights Offer,
because Glencore would have had an opportunity to sell all of
its Shares (including those obtained as underwriter of the
Rights Issue) to MP Global.

The Panel considered that it was not unreasonable for Glencore
to assume the additional risk associated with making the
Glencore Bid in order to protect itself from the discriminatory
nature of the Rights Offer. Glencore is currently the
underwriter of the Rights Issue, and is already at risk,
following completion of the Rights Issue, of holding as much as
95.58% of the issued shares of Anaconda.

REFUSAL BY GLENCORE TO PROTECT ITSELF

However, Glencore advised the Panel that it would not provide an
undertaking to make the takeover bid suggested by the Panel.

By Glencore declining to make the Glencore Bid, the Panel was of
the view that Glencore had declined to protect itself from any
discrimination against it under the Rights Offer in its capacity
as underwriter. Under the proposal, which the Panel invited
Glencore to consider, Glencore had the opportunity to ensure
that MP Global would have to offer for any shares Glencore had
been obliged to take up as underwrite, by MP Global being
required to offer for all Anaconda shares (new and existing).
That would have eliminated the discriminatory nature of the MP
Global offers.

Consequently, the Panel considered that there was no longer any
basis for making a declaration of unacceptable circumstances in
relation to the MP Global Rights Offer. The Panel considers that
the MP Global Rights Offer will not now prevent the acquisition
of control of voting shares in ANL taking place in an efficient,
competitive and informed market.

MP GLOBAL UNDERTAKINGS

Therefore, the Panel has decided to decline the Application,
accepting the undertakings of MP Global to:

   (a) exercise, if it is legally entitled under section 606 of
the Act to do so, all of the Rights that it acquires up to a
maximum of 65% of the total Anaconda shares on issue immediately
following the completion of the Rights Issue; and

   (b) ensure that the Rights Offer complies, as far as
practicable, with the conditions set out in the relief
instrument granted by the Australian Securities & Investments
Commission to MP Global on  29 January 2003.

The undertakings that MP Global has given to the Panel will
ensure that the Rights Offer proceeds in the manner intended by
the Australian Securities and Investments Commission relief i.e.
in accordance with the principles of Chapter 6 of the Act.

PRECEDENT VALUE

The Panel is concerned to emphasize that its decision in
relation to the Application is specifically related to the
unusual facts of the Application, the Rights Issue, and the MP
Global offers, including the timing, and heavy dilution of
existing shareholdings, associated with the Rights Issue.

MP GLOBAL ANNOUNCEMENT

MG made an announcement last night in relation to the status of
certain defeating conditions attaching to the Share Offer and
Rights Offer (the Independent Expert Condition and the ASIC
Relief Condition). The Panel considers that the announcement
achieves the intent of the Panel's interim order i.e. that it
removes from MP Global the discretion of whether or not to rely
on the two conditions which have been triggered. Instead, the
issue, which will decide whether the MP Global offers succeed,
is only the choices of the Anaconda shareholders. The Anaconda
08 Panel considers that the basis on which MP Global has
announced that the two conditions will be waived is not
unreasonable.

REASONS

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

ANNEXURE

The Application from Glencore was for a declaration of
unacceptable circumstances in relation to the structure of the
Rights Offer by MP Global (through a subsidiary) to Rights.

MP Global has announced that it is proceeding with its Rights
Offer and its offer to acquire the shares in ANL. The
announcement was made after the Anaconda 02 - 05 Panel made its
decision to revoke Australian Securities and Investments
Commission relief that had been granted to MP Global in relation
to the Rights Offer.

Glencore submitted that it was unacceptable for MP Global not to
confirm that:

   (a) it would extend its offer for ANL shares to include all
shares issued under the ANL Rights Issue; and

   (b) if the Rights Offer conditions are satisfied or waived,
MP Global would exercise all of the Rights it acquires or
receives sufficient to maintain its percentage voting power in
ANL at the level it holds at the close of the Rights Offer.

Glencore sought consequential orders in relation to its
application.


ANACONDA NICKEL: Review Panel Affirms Interim Order
---------------------------------------------------
The Takeovers Panel advised that the Review Panel in the
Anaconda Nickel Limited 06 matter has affirmed on Friday the
interim order made by the Anaconda 02 - 05 Panel (Original
Interim Order), and broadened it somewhat.

MP GLOBAL APPLICATION: ANACONDA 06

The Original Interim Order required MatlinPatterson Global
Opportunities Partners LP (MP Global) to advise the market by
6:00 p.m. AEST on Monday 10 February 2003 as to the status of
the independent expert condition (the Independent Expert
Condition) in the takeover bid by MP Global's subsidiary for all
the shares in Anaconda (Share Offer) (which by reference affects
the MP Global offer for the Anaconda Rights (Rights Offer).

MP Global's review application had sought an extension of the
time to give that advice until 6.00pm AEST on Thursday 13
February 2003.

The Review Panel decided that in addition to advising the market
on the status of the Independent Expert Condition, MP Global
should at the same time, advise the market similarly of the
status of the Australian Securities and Investments Commission
Relief Condition which is set out at section 7.6(b)(i) of MPG's
Share Offer bidder's statement.

The Review Panel considered that the additional advice is now
needed in light of MP Global's announcement that it is
proceeding with the Rights Offer and Share Offer. The
announcement was made after the Anaconda 02  05 Panel made its
decision to revoke the ASIC relief and make the Original Interim
Order.

The President of the Panel has appointed himself, Mr David
Gonski and Professor Ian Ramsay as the Sitting Review Panel.

ANL APPLICATION: ANACONDA 07

The Panel confirms its earlier advice that the Sitting Review
Panel decided not to commence proceedings in relation to
Anaconda 07, the ANL application for review of the original
interim order.

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


BLUNDELL COLEMAN: March 17 Winding Up Hearing Scheduled
-------------------------------------------------------
Following an application by the Australian Securities and
Investments Commission (ASIC), the Supreme Court of New South
Wales permanently restrained Blundell & Associates Pty Ltd
(Blundell & Associates) and Blundell Coleman Insurance Brokers
Pty Ltd (Blundell Coleman) from carrying on an insurance broking
business.

The Court also permanently restrained both Mr Paul John Blundell
and Mr Matthew Clive Coleman, who were both directors of
Blundell Coleman, from providing a financial service on behalf
another person who carries on a financial service business in
contravention of the Corporations Act 2001.

Messrs Blundell and Coleman were ordered to pay ASIC's costs.

In addition to the above orders, the Court made declarations
that:

   * Blundell Coleman had carried on a financial services
business without holding an Australian financial services
license (AFSL) in contravention of the Corporations Act 2001 and
that Messrs Blundell and Coleman had both provided a financial
service on behalf of this company when neither they, nor the
company, held an AFSL;

   * Blundell & Associates had carried on business as an
insurance broker without having a contract of professional
indemnity insurance acceptable to ASIC, in contravention of the
Insurance (Agents and Brokers) Act 1984 and that Messrs Blundell
and Coleman had authorized that contravention.

The matter will return to court on 17 March 2003 to consider
ASIC's application to have a liquidator appointed to wind up
both Blundell & Associates and Blundell Coleman.

The defendants consented to all of the above orders and
declarations.


CREDITSOURCE PTY: ASIC Seeks Receiver Appointment
-------------------------------------------------
The Australian Securities and Investments Commission (ASIC), in
conjunction with the Australian Taxation Office, obtained on
Friday final orders by consent against Creditsource Pty Ltd and
its director, Mr Arkady Sittczenko in the Federal Court,
Brisbane.

The orders follow an ASIC investigation into a superannuation
rollover scheme operated by Mr Sittczenko, as a director of
Creditsource, which accessed the preserved component of a
members superannuation benefits before retirement.

ASIC found that by promoting the early release of
superannuation, Creditsource carried on a financial services
business while unlicensed, in contravention of the Corporations
Law.

Mr Sittczenko also caused trustees of self-managed super funds
to contravene the Superannuation Industry (Supervision) Act
1994, (the SIS Act), by inducing them to pay members preserved
superannuation benefits into a self-managed superannuation fund,
of which the beneficiary was not a member.

The Court made declarations that:

   * Creditsource carried on a financial services business
without an Australian Financial Services License (AFSL);
Mr Sittczenko provided a financial service on behalf of another
person who was unlicensed;

   * Sittczenko procured members of super funds to transfer
their superannuation benefits in contravention of the SIS Act;
Mr Sittczenko made reckless statements that were misleading and
deceptive about the early release of superannuation benefits;
and

   * Mr Sittczenko procured or induced contravention of the SIS
Act by trustees of self-managed superannuation funds.
As a result of these declarations, the Court ordered that
Creditsource and Mr Sittczenko be restrained from advertising,
promoting or operating a business that promotes the early
release of superannuation benefits.

Mr Wayne Alfred Roberts, an associate of Mr Sittczenko, provided
an undertaking to the Court that he will not be associated with
any scheme that promotes the early release of superannuation
benefits, in contravention of the SIS Act or the Corporations
Law.

During Friday's proceedings, a Receiver was appointed to two
managed investment schemes promoted by Mr Sittczenko, which
operated a lending service to members of the public who were
requiring loans at short notice. Mr Sittczenko was charging
interest at rates of up to 100 per cent per year.

ASIC sought the appointment of a receiver because it alleged the
managed investment schemes were unregistered, and were being
operated in contravention of the Corporations Act.

'ASIC will take action against unlicensed operators,
particularly those that promote the early release of
superannuation, to protect the interests of consumers', ASIC
Director Enforcement, Mr Allen Turton said.

'Consumers should be aware that you can only gain early access
to your preserved super benefits in restricted circumstances,
and should be wary of any offers to assist you in obtaining
early access', Mr Turton said.


HILLGROVE GOLD: To Exit Receivership February 17
------------------------------------------------
Hillgrove Gold Limited ACN 004 297 116 (Receivers and Managers
Appointed), in accordance with Listing Rule 3.1 of Australia
Stock Exchange, notified that the offer of 15 million new
post consolidation shares at 10 cents each, contained in the
Offer Information Statement dated 17 October 2002 and the
Supplementary Offer Information Statement dated 7 January 2003,
has closed fully subscribed.

The company also wishes to announce that Hillgrove Gold Limited
(Hillgrove) has resolved:

   (1) that the share consolidation approved by shareholders on
11 November 2002 will take effect in accordance with ASX's
timetable for the company's requotation.

   (4) to issue 35,000,000 new post consolidation shares to
Denlin's nominees in consideration for the extinguishment of
debt owed to Denlin by Hillgrove, with the issue to take effect
in accordance with ASX's timetable for the company's
requotation.

   (5) to issue 15,000,000 options exercisable on or before 31
December 2004 to subscribe for 15,000,000 post consolidation
shares to Denlin's nominees also in consideration for the
extinguishments of debt owed to Denlin by Hillgrove, with the
grant to take effect in accordance with ASX's timetable for the
company's requotation.

   (6) to issue 15,000,000 post consolidation shares subscribed
for cash of $1,500,000 under the Offer Information Statement
dated 17 October 2002 and Supplementary Offer Information
Statement dated 7 January 2003, with the issue to take effect in
accordance with ASX's timetable for the company's requotation.

The Company also wishes to announce that it has completed the
transfer of its interest in New England Antimony Mine NL (NEAM)
in consideration for the transfer to Hillgrove of the following
mining tenements in New South Wales:

   1. Private Lands Lease No 3226;
   2. Mining Lease No 755; and
   3. Mining Lease No 996.

In accordance with the Implementation Deed and the relevant ASX
timetable, the directors anticipate that the receivership will
be lifted on 17 February 2003 and that the company will
recommence trading on ASX on 21 February 2003.


PRESTON RESOURCES: Discloses Second Quarter Activities Report
-------------------------------------------------------------
Preston Resources Limited posted the following highlights of its
quarterly report for the period ending 31 December 2002:

   * A data review has revealed positive channel sample results,
including 18m @ 6.14 g/t gold, returned from outside the
currently defined resource outline for the Bau gold project

   * First installment of RM 500,000 (A$250,000) paid for the
Bau gold project

   * Bau gold project approaches feasibility thresholds

   * Preston advances towards ASX requotation

BAU GOLD PROJECT, MALAYSIA (RIGHT TO EARN 55%)

The Bau gold project (refer Figures 1 and 2) has a history of
over 150 years of continuous gold production and is located 35
kilometers from Kuching, regional capital of the east Malaysian
state of Sarawak. The project is significant in that its
geological controls and liberalization styles are considered to
be analogous to the rich, high grade Carlin Gold Trend (+10 g/t)
in Nevada, USA, which has so far produced over 35 million ounces
of gold.

Gold liberalization within the project area is generally
disseminated and controlled by folding and faulting in limestone
and adjacent shales. High-grade gold occurrences (9 g/t)
associated with faults have been mined historically at Tai
Parit. A data review revealed a similar style of liberalization
is located at the nearby 420,000 ounce Jugan gold deposit.
Surface channel sampling over one of the high grade zones at
Jugan returned the following results:

TRENCH   INTERVAL   GOLD GRADE
  NO       (M)         G/T

JNTR29     22         3.88
JNTR31     10         5.02
JNTR32     12         5.73
JNTR33     26         3.83
JNTR33     14         4.05
JNTR36     14         4.00
JNTR37     18        6.14

The results indicate the Jugan gold deposit remains open to the
south-west outside the limits of the currently defined resource
boundary. This area requires further evaluation as the potential
exists to substantially increase the Jugan resource base.

The majority of the gold liberalization at Bau occurs within
large tonnage relatively low-grade deposits. Past feasibility
studies indicate the project's economics are sensitive to the
gold price. The Company now believes there is a reasonable
expectation that Bau may be viable as a stand-alone operation at
current gold prices. On completion of the proposed Rights Issue
to Preston shareholders, work will commence on revising
feasibility estimates and investigating areas with the potential
to contain higher-grade gold liberalization.

The Company has met the first of the payment obligations that
will secure its right to earn economic interest of up to 55% in
the project. Funds were provided by way of loans from the
Directors of Preston. The loans are to be repaid from the
proceeds of the Rights Issue.

If the Rights Issue is not completed, the loans will be
repayable by the Company on demand by the Directors. The Company
obtained a declaration from ASIC, under section 196 of the
Corporations Act 2001, which allowed the Directors to enter into
the loans with the Company. By advancing these loan funds, the
Directors have demonstrated their confidence in the potential of
the project.

MARLBOROUGH NICKEL PROJECT

The Marlborough Nickel Project is located on the central
Queensland coast, 75 kilometers north-west of Rockhampton. It
hosts one of the largest nickel laterite occurrences in
Australia, contained within 10 separate deposits, with a global
resource of 210 million tones grading 1.02% nickel and 0.06%
cobalt.

The Company, through its wholly owned subsidiary Marlborough
Nickel Pty Ltd, retains 100% legal ownership of the Marlborough
Project, which remains secured in favor of Barclays Bank plc.
During the quarter the Company sought expressions of interest to
participate in the project and discussions with Barclays
continued, in an effort to restore some value to Preston
shareholders in the Marlborough Project.

REQUOTATION OF PRESTON RESOURCES LIMITED

In October 2002, Preston Resources Limited announced that it
would undertake a non-renounceable pro-rata Rights Issue to
existing shareholders. Global events later in the year created
some difficulties with the underwriting of the proposed Rights
Issue. These difficulties have since been largely overcome and
alternative underwriting is anticipated in the near future. This
will enable disclosure documents to be lodged with ASIC and
subsequent opening of the issue, thereby paving the way for
requotation of Preston's shares.

Funds raised from the Rights Issue will be used primarily to
progress the Bau gold project, the advanced nature of which
should add real value to the proposed Preston Rights Issue. The
Directors encourage all shareholders to participate in the Issue
and will provide a facility whereby shareholders can apply for
shares in excess of their entitlement.

To obtain initial funding for some of the costs associated with
the Rights Issue, Preston entered into a private placement
agreement with Kirke Securities in October 2002. Under the terms
of that agreement, Preston will issue 6,666,666 ordinary fully
paid shares in the Company at an issue price of 1.5 cents per
share. The subscription funds of $100,000 have been received,
however the Company will not issue shares under the private
placement until the ordinary shares of Preston are requoted on
the ASX. The private placement shares were offered at a price
lower than that for the proposed Rights Issue to reflect the
risk involved with respect to the success of the Rights Issue
and Preston meeting ASX requirements for requotation.

PRESTON AGM

The Annual General Meeting of the Shareholders of Preston
Resources Limited will be held at the Technology Park Function
Center, 2 Brodie-Hall Drive, Bentley, Western Australia on
Friday, 14 February 2003 at 10.00 am.


REDFLEX HOLDINGS: Offers Small Shareholding Sale Program
--------------------------------------------------------
Redflex Holdings Limited directors are pleased to announce a
Small Shareholding Sale Program providing a non-compulsory share
sale facility to all shareholders with a holding in the company
valued at less than $500 (an unmarketable parcel).

This is part of an ongoing program to reduce costs wherever
practicable, and has benefits to both shareholders of
unmarketable parcels and the company. Shareholders with
unmarketable parcels are able to sell their shares free of
transactions costs that potentially could be a significant
proportion of the value of a small holding. The company will
save on registry, printing and mailing costs for each of the
approximately 1000 eligible shareholders, and there is expected
to be a reduction in administrative overheads.

Under the Sale Program, unless holders of unmarketable parcels
elect to retain their shares by completing and returning a Share
Retention Form by 26 March 2003, such shares may be sold on the
ASX at a price which the directors consider is the best price
reasonably available for the shares, but not less than $0.52
which was the last sale price of the shares recorded on 6
February 2003. It is anticipated that any sale proceeds will be
paid by no later than 30 April 2003.

Mailing of documents to holders of unmarketable parcels will be
completed on 12 February 2003.

CONTACT INFORMATION: Graham Davie
                     CHIEF EXECUTIVE OFFICER
                     Tel: 03 9674 1712
                     email: grahamd@redflex.com.au


WESTRALIA AIRPORTS: Capital Restructuring Close to Completion
-------------------------------------------------------------
Australian Infrastructure Fund (AIX) announced that the operator
of Perth Airport, Westralia Airports Corporation (WAC),
recorded revenue of $47.1 million for the half year to 31
December 2002, up 23 percent on the previous half year. Earnings
before interest, tax, depreciation and amortization (EBITDA)
were $30.9 million for the half year up 28 percent on 2001.

International and domestic passengers numbers rose by 4 percent
and 14 percent respectively over the same period in 2001.

WAC also announced that it is close to completing a capital
restructure which will see the issue of a new tranche of
convertible notes and a new simplified senior debt facility.
This when completed is expected to lead to the resumption of
cash returns to AIF from Perth airport.

WAC's Chief Financial Officer Wayne Ticehurst confirmed that the
capital restructure involved WAC's parent company, Airstralia
Development Group (ADG) issuing convertible securities, the
proceeds of which would be invested as equity by ADG in WAC.

"This will enable WAC to optimize its capital structure
including the repayment of all outstanding senior secured bank
debt facilities, and simplify the agreements with lenders to
reflect the Company's maturity in its sixth year of operating
Perth Airport", Mr Ticehurst said.

WAC will appoint the Commonwealth Bank to provide new senior
secured bank facilities including a facility to fund up to 70%
of the Airport's capital development programmed for the next
five years and backup liquidity and working capital facilities.

"The restructure, which is subject to completion of
documentation and conditions precedent, will strengthen our
balance sheet, provide further financial flexibility and
liquidity", according to Mr Ticehurst.

AIX holds a 24.9 percent interest in WAC, representing 37
percent of AIX's portfolio.


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


BERWELL MANUFACTORY: Winding Up Hearing Scheduled Feb 19
--------------------------------------------------------
The High Court of Hong Kong will hear on February 19, 2003 at
10:00 in the morning the petition seeking the winding up of
Berwell Manufactory Limited.

Wong Lap Yee of Room 3214, Shing Keung House, Kwai Shing East
Estate, Kwai Chung, New Territories, Hong Kong filed the
petition on December 13, 2002.  Tam Lee Po Lin, Nina represents
the petitioner.

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


LUEN SING: Petition to Wind Up Pending
--------------------------------------
The petition to wind up Luen Sing (China) Trading Company
Limited will be heard before the High Court of Hong Kong on
March 12, 2003 at 9:30 in the morning.

The petition was filed with the court on January 15, 2003 by Lau
Ka Pun of Flat F, 12/F., Shunking Court, 15 Shunning Road,
Shamshuipo, Kowloon, Hong Kong.


PCCW LIMITED: Appoints Agent for Odd Lot Trading Arrangement
------------------------------------------------------------
PCCW Limited said that in order to facilitate the trading of odd
lots of New Shares as a result of the Consolidation, the Company
has appointed the Agent to provide a "matching service" to those
Shareholders who wish to top-up or sell their holdings of odd
lots of New Shares. The Agent will provide the service to match
the sale and purchase of odd lots of New Shares during the
period from January 8, 2003 to February 14, 2003, both dates
inclusive.

Holders of New Shares in odd lots who wish to take advantage of
this facility either to dispose of or top up their odd
lots to a board lot of 1,000 New Shares may directly contact the
Agent on telephone number 2867 1968 or through their brokers who
should contact the Agent on telephone number 2867 1859 or at 3rd
Floor, Hutchison House, 10 Harcourt Road, Central, Hong Kong
during such period.

Shareholders should note that the matching service is on a "best
efforts" basis only and successful matching of the sale and
purchase of odd lots of New Shares is not guaranteed and will
depend on there being adequate amounts of odd lots of New Shares
available for such matching.

Shareholders are recommended to consult their stockbroker, other
registered dealer in securities, bank manager, solicitor,
professional accountant or other professional adviser if they
are in any doubt about the matching facility described above.


PCCW LIMITED: Japan Telecom Discussions Rumor Unfounded
-------------------------------------------------------
In view of the intense speculation in the Hong Kong and United
Kingdom media over the weekend concerning whether the Company
intends to make a further approach to Cable and Wireless Plc
(C&W) or pursue further discussions with C&W regarding the
possibility of it participating in an offer for C&W, and the
resulting possible market confusion, the Company requested a
temporary suspension of trading of its shares on The Stock
Exchange of Hong Kong Limited (Hong Kong Stock Exchange) from
9:34 a.m. on February 10, 2003, in order to give the Company the
opportunity to review the situation and make a clarification
announcement.

The Company wishes to reiterate that it made a preliminary
approach to the chairman of C&W by way of a letter dated
December 31, 2002 indicating an interest in engaging in
discussions regarding a possible takeover offer for C&W. This
approach was confirmed to the new chairman of C&W at the time of
his appointment and was rebuffed by C&W in a letter dated
January 27, 2003. The preliminary approach to C&W was made
jointly with Texas Pacific Group.

At no time has the Company made, or instructed any party to
make, any proposal to C&W putting forward a price or engaged in
any negotiations with respect to any potential takeover or any
other prospective transaction. It follows that the Company has
never made or participated in any takeover offer for C&W or
expressed any firm intention to make an offer.

In the announcement dated February 6, 2003, the Company stated
that it was considering its options in relation to C&W but that
it would not consider proceeding further unless it was offered a
reasonable opportunity to undertake appropriate due diligence
with regard to C&W.

The Company has concluded that it is not in the Company's
interests for the continuing uncertainty regarding any possible
takeover offer for C&W to continue. Accordingly, the Company has
decided on Tuesday that it will not make any further approach to
C&W and will not make any offer for C&W. In reaching this
decision, the Company has been influenced by the fact that in
view of the position taken by C&W in their letter dated January
27, 2003, the outcome of any further approach is unpredictable
and would inevitably lead to continuing uncertainty for the
Company.

The Company regrets any confusion caused regarding the Company's
intention and notes the concerns, which have been expressed by
the Hong Kong Stock Exchange. The Company confirms that it will
co-operate fully with the Hong Kong Stock Exchange.

The Company also notes the speculation about Japan Telecom
Holdings Co. Ltd. The Company wishes to confirm that this
speculation is completely unfounded and that the Company has
never had any discussion in relation to any transaction
involving Japan Telecom Holdings Co. Ltd.


PCCW LIMITED: UK Panel Confirms Rule 8 Obligations Void
-------------------------------------------------------
PCCW Limited's announcement dated February 7, 2003 referred to
certain technical disclosure requirements of Rule 8 of the City
Code on Takeovers and Mergers in relation to dealings in
securities of PCCW Limited and Cable and Wireless plc (the "Rule
8 Obligations").

The UK Panel on Takeovers and Mergers has confirmed that in the
light of the announcement made by PCCW Limited, that it will not
make an offer for Cable and Wireless plc, the Rule 8 Obligations
have now ceased to apply.


SANHOUSE INTERNATIONAL: Faces Winding Up Petition
-------------------------------------------------
The petition to wind up Sanhouse International Limited is set
for hearing before the High Court of Hong Kong on March 5, 2003
at 10:00 in the morning.

The petition was filed with the court on January 10, 2003 by
Leung Cheuk Wang of Room 12, 8/F., Hing Lam House, Kwong Lam
Court, Shatin, New Territories, Hong Kong.


WAN CHAI: Winding Up Petition Pending
-------------------------------------
Wan Chai Chui King Lau Limited is facing a winding up petition,
which is slated to be heard before the High Court of Hong Kong
on February 26, 2003 at 10:00 in the morning.

The petition was filed on January 3, 2003 by Law Mok of Room
1608, Sui Lok House, Siu Sai Wan Estate, Chai Wan, Hong Kong.

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


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


ASTRA INTERNATIONAL: Pefindo Ups Ratings to `idB+' From `idCCC'
--------------------------------------------------------------
PT Pefindo, Indonesian ratings agency, upgraded its corporate
and debt ratings of PT Astra International (ASII) and Rp402.47
billion bond III issued in 1999 respectively to `idB+' from
`idCCC'.

The upgrade reflects the company's successful completion of its
second-time debt restructuring, which put less pressure on the
company's cash flow. The company's recent completion of its
rights issue should also significantly strengthen its cash flow
and capital structure.

ASII is a parent company of one of the largest business groups
in Indonesia with widely diversified business activities,
including automotive, agribusiness, financial institution and
mining. ASII is also the sole distributor of many prominent
automobile brands (Toyota, Daihatsu, Isuzu, Nissan Diesel and
Peugeot) and the most famous motorcycle brand, Honda. ASII's
major shareholder is a Singapore-based company, Cycle &
Carriage, Ltd. (C&C/31.16%), which mainly engages in automotive
distribution and property. C&C's business activities are also
spread over in Malaysia, Australia and New Zealand.


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


AEON CO.: Sells Revman to Mexican Firm for US$19M
-------------------------------------------------
Aeon Co. announced that its U.S. branch Aeon Inc. has sold a
99.5 percent stake in Revman Industries Inc. to Mexican firm
Grupo Kaltex for US$19 million.

Revman Industries Inc., which is based in South Carolina, makes
textiles and clothing as part of the company's efforts to
consolidate the business of Aeon.

Supermarket chain operator Aeon Co. has trimmed its losses after
posting an operating profit of 58.3 billion in the first half of
2002, the Troubled Company Reporter-Asia Pacific reports.

Aeon, formerly known as Jusco Co. Limited, intends to shut down
30 outlets by the end of February 2006, to improve the overall
earnings structure.

The report said the Company's outlets posted billions of yen in
losses per year. The Company is planning to dissolve two units,
Liz Japan Ltd and Sun-sun Land Co., during the current fiscal
year to March 2003.


MITSUBISHI CORPORATION: Enters Alliance With Salesforce.com
-----------------------------------------------------------
Salesforce.com, the market leader in online customer
relationship management (CRM), announced a business alliance
with Mitsubishi Corporation. Mitsubishi Corporation is planning
to integrate salesforce.com's strong CRM functionality with its
supply chain management (SCM) services to enable online sharing
of customer and sales data among all points in the supply chain.
Mitsubishi Corporation plans to launch the integrated solution
in 2003 with initial focus on the food and beverage, and
franchise industries.

With its Web services infrastructure, salesforce.com has made
great strides in enabling the integration of front-office
applications and processes with other business applications like
ERP, HR and data warehouse systems. This partnership between
salesforce.com and Mitsubishi is another important strategic
step in integrating traditionally disparate systems to allow
information to be consolidated and shared beyond the firewall on
an as-needed basis.

"As SCM complexity increases, so too does the demand for
integrated CRM functionality to facilitate business planning,
management and decision making," said Kotaro Yoshioka, general
manager of eCollaboration Platform Field, eCommerce Unit,
Mitsubishi Corporation. "Salesforce.com has received a
tremendous amount of worldwide industry recognition for its
online CRM solutions. We're confident that, by combining
salesforce.com's CRM expertise with our broad SCM experience and
business know-how, our new integrated services will satisfy many
customers."

"This alliance with Mitsubishi Corporation creates an
opportunity to provide our customers with new online solutions,"
said Marc Benioff, Chairman and CEO of salesforce.com.
"Expanding from CRM to SCM is an important issue for many
companies and managers today. By integrating our products with
the Mitsubishi Corporation's SCM services, we can provide an
extended solution as an online service that make key information
securely and easily accessible to manufacturers, retailers,
resellers and partners."

Currently the majority of SCM systems are in-house applications
limited to sales data from within a single Company. By
integrating its existing SCM system with salesforce.com,
Mitsubishi Corporation plans to develop a new SCM system that
enables companies to share customer and sales information online
across the entire supply chain. The Company is initially
targeting the Japanese food industry where more than half of all
business deals are related to bargain products. Mitsubishi
Corporation is involved with about 10 percent of the total
business deals in this key industry. By developing a system that
incorporates salesforce.com's online CRM functionality,
Mitsubishi Corporation will enable manufacturers, wholesalers
and retailers to go online to access and share valuable
information about bargains from planning until closing. High
demand for the new system is also expected in the franchise
industry where efficient and immediate information sharing
between offices and retail shops is imperative and where
Mitsubishi Corporation has operational expertise through its
investments in foods and franchise businesses.

Salesforce.com currently has more than 5,400 customers for its
online CRM solution, including global leaders such as Le
Meridien, Autodesk, and USA Today. Salesforce.com delivers its
CRM solution as an online information utility via a Web services
infrastructure. In the past year, salesforce.com has added more
CRM customers than Siebel, PeopleSoft, Oracle, and SAP combined.
Salesforce.com started Japanese operations in 2001, and
currently offers the product in Japanese, as well as Chinese and
Korean versions, to better serve the Asia Pacific and Greater
China markets.

Salesforce.com www.salesforce.com builds and delivers customer
relationship management (CRM) applications as scalable online
services. The salesforce.com product suite - Team Edition,
Professional Edition, Enterprise Edition, Wireless Edition and
Offline Edition - gives companies of all sizes a complete 360-
degree view of the customer. The Company's award-winning CRM
solutions provide integrated online sales force automation,
customer service and support management, and marketing
automation applications to help companies meet the complex
challenges of global customer communication. Salesforce.com has
received considerable recognition in the industry, including
Editors' Choice and two Five-Star ratings from PC Magazine, two
Deploy Awards from InfoWorld, Red Herring 100, Upside Hot 100,
Investor's Choice Award from Enterprise Outlook, Editor's Choice
from TMCLabs, Top 10 CRM Implementation from Aberdeen Group, and
InfoWorld's 2001 CRM Technology of the Year. Founded in 1999,
salesforce.com is headquartered in San Francisco, with offices
in Europe and Asia. Salesforce.com customers include Autodesk,
Arvato Services, Dow Jones Newswires, Fujitsu Technology
Solutions, Kikkoman Corporation, Le M‚ridien, Paymentech, PMI
Mortgage Insurance, Putnam Lovell NBF, Siemens PT&D, Suntory
Foods, Textron Fastening Systems, USA Today and Wachovia.

Mitsubishi Corporation www.mitsubishi.co.jp is one of the
world's most diverse enterprises, and Japan's largest sogo
shosha, or trading Company. Mitsubishi Corporation has decades
of experience doing business around the world, experience that
has made it more than just a leader in international trade. The
Company's extensive network and wide-ranging activities give it
a decisive edge in gathering the timely, accurate market
information vital to success. The Company's seven business
groups--New Business Initiative, IT & Electronics Business,
Fuels, Metals, Machinery, Chemicals and Living Essentials--work
closely with clients to develop new business opportunities.
Project coordination, sourcing of raw materials, capital
investments and development of sales channels are just a few of
the ways Mitsubishi Corporation creates value for business
partners, customers and shareholders.

According to World'Vest Base, Mitsubishi Corporation as of 2001
has 3.7 trillion yen in current liabilities and fixed assets of
908.14 billion yen.

Contact:
Simone Seeley
OutCast Communications
simone@outcastpr.com
ph: 415.392.8282
f: 415.392.8281
www.outcastpr.com


MIZUHO HOLDINGS: Cutting Long-Term Prime Rate
---------------------------------------------
Mizuho Corporate Bank, a unit of Mizuho Holdings Inc, will cut
its long-term prime-lending rate by 0.10-percentage point to
1.55 percent per year, effective February 12, 2003, Kyodo News
and Xinhua News Agency reported on Monday.

The parent firm decided to cut the rate due to falls in yields
on Mizuho Corporate Bank debentures following recent slides in
government bond yields amid growing concerns over persistent
deflation.


MIZUHO HOLDINGS: Makes Tender Offer for MISC
--------------------------------------------
Mizuho Holdings, Inc. (MHHD) announced that its wholly owned
subsidiary, Mizuho Bank, Ltd. (MHBK) has adopted a resolution to
make a tender Offer for common shares of Mizuho Investors
Securities Co., Ltd. (MISC) (Target Company) in its meeting with
the board of directors.

Summary of the Offer:

1. Name of the Offerer

Corporate name:  Mizuho Bank, Ltd.
Head office: 1-5 Uchisaiwai-cho 1-chome,  Chiyoda-ku, Tokyo
Representative:  Tadashi Kudo, President & CEO

2. Purposes of the Offer

On November 25, 2002, the Mizuho Financial Group Mizuho Group
announced the 'Mizuho Change & Speed-Up Program' to change and
accelerate the deployment of business strategies and to
accelerate cost structure reforms primarily of the core
subsidiaries including MHBK, Mizuho Corporate Bank, Ltd. MHCB,
and securities and trust banking subsidiaries.

On December 4, 2002, Mizuho Group also announced the program
described below titled 'Business Reorganization' in accordance
with the purpose of the 'Program for Financial Revival' issued
by the Financial Services Agency, as well as in order to cope
with the recent severe business environment.

Framework of the 'Business Reorganization'

(1) Further reinforcement of comprehensive financial services
capabilities.

(2) Acceleration of non-performing loan disposal and aggressive
pursuit of the corporate revival business based on the purpose
of the Program for Financial Revival.

(3) Further reinforcement of financial strength.

(4) Strict implementation of the 'Mizuho Change & Speed-Up
Program.'

Mizuho Group will reform the group strategy drastically in order
to enhance its competitiveness, secure stable profitability and
maximize the corporate value on a group basis through the
'Business Reorganization.'

In order to strengthen the synergistic collaboration between the
banking and securities subsidiaries toward further reinforcement
of comprehensive financial services capabilities, Mizuho Group
will place Mizuho Securities Co., Ltd. under MHCB and the Target
Company under MHBK according to customer segments.

The Offer is designed to place the Target Company under MHBK. In
concrete terms, MHBK intends to obtain 338,295,000 common shares
of the Target Company (27.45 percent of the outstanding common
shares) and become a parent Company of the Target Company,
owning 55.14 percent of the outstanding voting shares, together
with its current ownership.

MHBK has already obtained from MHCB, a major shareholder of the
Target Company, its consent to apply for the Offer for all of
the outstanding shares owned by MHCB. (338,295,000 common shares
excluding odd lot shares)

The board of directors of the Target Company has already
approved the Offer. The Target Company is currently listed in
Tokyo Stock Exchange 1st Section, Osaka Securities Exchange 1st
Section, and Nagoya Stock Exchange 1st Section and intends to be
listed after the Offer.

3. Outline of the Offer

(1) Summary of the Target Company:

(1) Name of the Company: Mizuho Investors Securities Co., Ltd.

(2) Principal Business: Securities business

(3) Date of Establishment: December 14, 1922

(4) Head Office: 13-16 Nihonbashi-Kayaba-cho 1-chome, Chuo-ku,
Tokyo

(5) Representative:  Taira Hosaka, President & CEO

(6) Capital Stock:  80,288 million yen

(7) Major Shareholders (as of September 30, 2002):

Mizuho Corporate Bank, Ltd.               27.45 percent
Mizuho Bank, Ltd.                         27.45 percent
Mizuho Securities Co., Ltd.               10.37 percent
Shinsei Bank, Ltd.                         2.01 percent
Mizuho Asset Trust & Banking Co., Ltd.     1.23 percent

(8) Relationship with MHHD: Subsidiary of MHHD, which indirectly
owns 66.5 percent of voting rights.

(2) Type of Shares to be purchased: Common shares

(3) Period of the Offer: From February 7, 2003 to February 27,
2003 (21days)

(4) Purchase Price:  89 yen per share

(5) Basis of Purchase Price:  Purchase price is calculated by
considering all the various factors including the trend of the
actual share prices of the Target Company.

(6) Number of Shares to be Purchased:

338,295,000 shares

If the number of shares applied exceeds the proposed number
shown above, all of the excess shares will not be purchased and
delivery and settlement of such shares will be made by the
proportional distribution method prescribed in Article 27-13
Paragraph 5 of Securities Exchange Law.

(7) Change of MHBK's Ownership due to the Offer:

(Before)  The number of voting rights: 338,296 (27.57 percent)
(After)   The number of voting rights: 676,591 (55.14 percent)
Note: Entire voting rights of the Target Company: 1,226,945


(8) Date of Public Notice of the Offer: February 7, 2003

(9) Agent of the Offer:

Mizuho Investors Securities Co., Ltd.
13-16 Nihonbashi-Kayaba-cho 1-chome, Chuo-ku, Tokyo

Mizuho Securities Co., Ltd.
5-1 Otemachi 1-chome, Chiyoda-ku, Tokyo

Note: Mizuho Securities Co., Ltd. will not receive any
application of the Offer

10) Funding for the Offer: 30,161 million yen

4. Consent of the Target Company Regarding the Offer

The board of directors of the Target Company has already
approved the Offer. The Target Company is currently listed in
Tokyo Stock Exchange 1st Section, Osaka Securities Exchange 1st
Section, and Nagoya Stock Exchange 1st Section and intends to be
listed after the Offer.

5. Outlook for Future

As a result of this transaction, MHBK will become a direct
parent Company of the Target Company. MHBK aims to achieve
further improvement of profitability by enhancing synergistic
collaboration between banking and securities business. In
addition, the transaction will have no effect on MHHD's
previously announced earnings estimate for this fiscal year
since both MHBK and the Target Company are subsidiaries of MHHD.


NISSHO IWAI: Not Paying Bonuses to Non-Management Staff
-------------------------------------------------------
Nissho Iwai Corporation will not pay bonuses to non-management
staff in the business year starting April 1, effectively cutting
their annual salaries by 20 percent, according to Kyodo News on
Monday.

The proposal is aimed at accelerating restructuring ahead of its
April business integration with Nichimen Corporation, another
troubled trader, the report said.

Nichimen Corporation and Nissho Iwai Corporation recently signed
a "Stock Transfer Agreement" for establishing a joint holding
Company, Nissho Iwai-Nichimen Holdings Corporation, 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.


SAIKEN CO.: Files for Rehab Proceedings
---------------------------------------
Resona Holdings, Inc. announced that Saiken Co., Ltd., which is
a customer of its subsidiary bank, The Asahi Bank, Ltd. (Asahi
Bank, President: Yukio Yanase), filed an application for
commencement of civil rehabilitation proceedings with the Tokyo
District Court. As a result of this development, there arose a
concern that its claims to the Company may become irrecoverable
or their collection may be delayed. Details were announced as
follows:

1. Outline of the Company
(1) Address 2-15-1 Kaminarimon, Taito-ku, Tokyo
(2) Representative Shinichi Saito
(3) Amount of capital 80 million yen
(4) Line of business Rental Dress / Wedding Consultant

2. Fact Arisen to the Company and Its Date

The Company filed an application for commencement of civil
rehabilitation proceedings with the Tokyo District Court on
January 31, 2003.

3. Amount of Claims to the Company

Loans: 2.7 billion yen
Other banking subsidiaries of Resona HD, Daiwa Bank, Kinki Osaka
Bank and Nara Bank, have no claims to the Company.

4. Impact of This Development on the Forecasted Earnings of
Resona HD.

This development does not affect the earnings forecast of Resona
HD for the fiscal year ending March 31, 2003, which was
announced on November 25, 2002.


SNOW BRAND: Investor Sues Former Execs For Y30B
------------------------------------------------
Eiichi Nozue, an investor of defunct Snow Brand Foods Co., filed
on Monday a 30 billion yen restitution suit against 13 of the
Company's former executives, accusing them of ruining the
Company through mismanagement, Kyodo News and Associated Press
reports.

The plaintiff, who holds 1,000 Snow Brand Foods shares, claims
the management decisions by the executives, including President
Shozo Yoshida, ruined the firm, and demands they pay 30 billion
yen.

Snow Brand Foods, a subsidiary of Snow Brand Milk Products Co.,
was dissolved last April 30.


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


DAEWOO MOTOR: Enters Agreement With Ssangyong Motor
---------------------------------------------------
Ssangyong Motor Co. signed a one-year contract with Daewoo Motor
Sales Corporation for non-exclusive sales rights using the
latter's dealer network effective from January 1, 2003, AFX Asia
said last week.

Ssangyong will use Daewoo Motor Sales' local distribution
network to sell its cars on a 13 percent commission, while also
relying on its own dealerships for sales.

Daewoo Motor Sales may spend about 30 billion won to buy back
its own shares in the first half of this year, the Troubled
Company Reporter-Asia Pacific reports, citing Company President
Lee Dong-Ho.

With parent company Daewoo Motor bankrupt, Daewoo Motor Sales
had almost no sales in overseas markets in 2002, in contrast
with its competitors, which benefited from buoyant domestic
spending and robust demand from the United States.


HANBO IRON: Completes Buyout Deal With AK Capital
-------------------------------------------------
AK Capital is likely to acquire Hanbo Iron & Steel Co.'s assets
this week valued at $377 million, the Korea Herald said on
Tuesday. AK Capital signed a preliminary agreement to buy Hanbo
in March 2002.

AK Capital will pay an initial 20 billion won ($17 million)
within 90 days of the signing and the remainder within 120 days
of the agreement.

According to the Troubled Company Reporter-Asia Pacific, the
steel maker was undergoing a court receivership when AK Capital,
a Netherlands-based fund established by Chungwho Industrial
President Kwon Ho-sung, was chosen as the priority negotiator
for acquiring it.


HYNIX SEMICONDUCTOR: May Postpone GSM Slated for February 25
------------------------------------------------------------
Minor shareholders of Hynix Semiconductor Inc. held a meeting
last week, saying the company's general shareholders' meeting
slated for February 25, in which a reduction of all stocks will
be finalized, should be postponed, JoongAng Daily reports.

The chipmaker announced last December that they would reduce the
number of shares by a 21 to 1 ratio. Also, the group said they
would convert 1.9 trillion won ($1.6 billion) of unsecured debt
into equity.

The reduction of Hynix capital would cause a huge amount of
financial damage to shareholders and the Company may not be able
to survive, the report said.

"Hynix Semiconductor stock prices have plummeted from 600 won to
200 won as major stockholders and the creditors settle on the
plan for capital reduction," a minor stockholder of the company
said. "Instead of arguing about the capital reduction,
shareholders should agree on the best plan to help Hynix
Semiconductor get on track."

Creditors and major stockholders are insisting on the proposed
stock reduction.

"The plan has already been finalized and major shareholders will
approve the plan in the general shareholders' meeting, which
should not be put off in order to help the firm to bounce back,"
an official from the creditor's group said.

DebtTraders reports that Hyundai Semiconductor's 8.625 percent
bond due in 2007 (HYUS07KRA1) trades between 60 and 65. For
real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=HYUS07KRA1


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


AKTIF LIFESTYLE: Currently in Restructuring Scheme Negotiations
------ --------------------------------------------------------
On 8 May 2002, Aktif Lifestyle Corporation Berhad made its First
Announcement in accordance to Practice Note No. 4/2001
(PN4/2001) issued by the KLSE pursuant to paragraphs 8.14, 16.02
and 16.09 of the Listing Requirements of KLSE, whereby the
Company announced that it is an affected company pursuant to
PN4/2001. Under PN4/2001, Aktif is required to make a requisite
announcement to the KLSE, which contains detailed plans, the
implementation of which will enable Aktif to regularize its
financial condition (Requisite Announcement). The Requisite
Announcement is to be made within six (6) months from the date
of the First Announcement, i.e. by 7 November 2002.

On 6 November 2002, Southern Investment Bank Berhad (SIBB)
announced on behalf of the Board of Directors of Aktif that an
application had been submitted by SIBB to KLSE to seek for an
extension of time for a period of three (3) months to make the
Requisite Announcement which was subsequently approved by the
KLSE via a letter dated 3 December 2002.

Aktif is still in the negotiation and finalization phase of its
proposed restructuring scheme and had not met the deadline for
the Requisite Announcement of 7 February 2003. Accordingly, SIBB
wishes to announce on behalf of the Board of Directors of Aktif
that an application was made to the KLSE on 22 January 2003 for
an extension of time for a period of three (3) months for Aktif
to make the Requisite Announcement. The outcome of the said
application will be announced in due course.


ASSOCIATED KAOLIN: Proposals Implementation Completion Extended
---------------------------------------------------------------
Associated Kaolin Industries Berhad (Special Administrators
Appointed) refers to the announcement dated 15 July 2002 on the
Proposals, which involves:

   i. Proposed Capital Reduction;

   ii. Proposed Termination of Aki's Outstanding Warrants
1996/2005;

   iii. Proposed Share Exchange of 5,465,023 Ordinary Shares of
RM1.00 each in AKI (Aki Shares) on the basis of one (1) Ordinary
Share of RM1.00 each in Greatpac Holdings Berhad (GHB) (GHB
Shares) for every one (1) AKI Share (Proposed Share Exchange);

   iv. Proposed Renounceable Rights Issue of up to 16,395,070
New GHB Shares on the basis of three (3) New GHB Shares for
every one (1) existing GHB share held after the Proposed Share
Exchange at an issue price of RM1.00 per GHB Share (Proposed
Rights Issue);

   v. Proposed Special Bumiputera Issue (SBI) of 25,000,000 New
GHB Shares to Bumiputera investors at an issue price of RM1.00
per GHB Share (Proposed SBI);

   vi. Proposed Acquisition of the entire equity interest in
Greatpac Sdn Bhd (GPSB) by GHB for a total consideration of
RM72,000,000 to be satisfied by the issuance of 72,000,000 New
GHBb Shares at an issue price of RM1.00 per GHB Share (Proposed
GPSB Acquisition);

   vii. Proposed Acquisition of the entire equity interest in
Success Profile Sdn Bhd (Success Profile) by GGB for a total
consideration of RM17,727,272 to be satisfied by the issuance of
17,727,272 New GHB Shares at an issue price of RM1.00 per GHB
Share (Proposed Success Profile Acquisition);

   viii. Proposed Debt Restructuring of AKI;

   ix. Proposed Waiver from Undertaking a Mandatory General
Offer (Proposed Waiver); and

   x. Proposed Transfer of Listing Status of AKI To GHB
(Proposed Transfer Listing)

On behalf of AKI, Commerce International Merchant Bankers Berhad
wishes to announce that the Securities Commission via its letter
dated 5 February 2003 has approved the Company's application for
an extension of time for a period of six (6) months up to 11
July 2003 to implement the Proposals.


BERJUNTAI TIN: Proposed Restructuring Scheme Terminated
-------------------------------------------------------
As announced on 30 April 2002, Berjuntai Tin Dredging Berhad had
previously entered into a Sale and Purchase Agreement with the
Enserv Vendors for the Proposed Enserv Acquisition on 30 April
2002 (SPA). In this connection, the Board of Directors of BTD
announces that the Enserv Vendors has pursuant to a letter
February 10, 2003, declined the Company's request to extend the
SPA, which expired on 30 January 2003 and has further served the
Company notice of the termination of the SPA.

Accordingly, the Proposed Restructuring Scheme, which was
previously announced by BTD on 30 April 2002, shall be
terminated as the Proposed Capital Reduction and Consolidation,
Proposed Enserv Acquisition and Proposed Debt Conversion are
inter-conditional.

In view of the termination of the Proposed Restructuring Scheme,
the Board of Directors of BTD shall make the necessary
announcements of the Company's plans to regularize its financial
condition pursuant to Practice Note 4 of the Kuala Lumpur Stock
Exchange Listing Requirements at the appropriate time.

Berjuntai Tin Dredging Berhad

The "Proposed Restructuring Scheme" refers to:

   * Proposed capital reduction exercise pursuant to Section 64
of the Companies Act, 1965 to reduce the existing issued and
paid-up share capital of BTD from RM30,526,200 comprising
30,526,200 ordinary shares of RM1.00 each (BTD Shares) to
RM15,263,100 comprising 30,526,200 ordinary shares of 50 sen
each by the cancellation of RM0.50 of the par value of BTD
Shares and thereafter the consolidation of 2 ordinary shares of
RM0.50 each in BTD into 1 ordinary share of RM1.00 each
(Proposed Capital Reduction and Consolidation);

   * Proposed acquisition of the entire issued and paid-up share
capital of Enserv Sdn Bhd comprising 1,000,000 ordinary shares
of RM1.00 each from Dato' Anuar bin Tasin, Mohd Shamsir bin Mohd
Ibrahim, Tan Sri Mohamed bin Ngah Said, T.Puteri@T. Fatimah
binti Sultan Ibrahim and Hatijah binti Yusof (collectively the
Enserv Vendors) for a purchase consideration of RM60.0 million
to be wholly satisfied by the issue of 33,333,333 new BTD Shares
at an issue price of RM1.80 per share (Proposed Enserv
Acquisition); and

   * Proposed conversion of RM20,600,000 debt owed by BTD to
Malaysia Mining Corporation Bhd into 11,444,444 new BTD Shares
at RM1.80 per share (Proposed Debt Conversion).


CYGAL BERHAD: Appoints Investigative Auditors
---------------------------------------------
Cygal Berhad announced that it has appointed Messrs PKF as the
independent auditors to carry out an investigative audit on the
company's losses in the previous years.

This is in compliance with one of the conditions imposed by the
Securities Commission in approving the restructuring scheme of
the Company, vide its letter dated 11 December 2002.

COMPANY PROFILE

Cygal is a Class A contractor registered with the Pusat Khidmat
Kontraktor and a Class 9 Contractor registered with the
Construction Industry Development Board, which allows it to
tender for projects of unlimited size from the government or
statutory authorities. The Company has, over the years,
successfully completed projects belonging to agencies such as
UDA, Jabatan Kerja Raya, state government bodies and various
universities as well as private projects.

Since its listing, the Company has diversified into property
development activities through the acquisition of subsidiaries.
To further strengthen its position in the construction industry,
the Company has also diversified into other construction-related
activities, such as supply of building materials, and piling and
concrete pump services.

The Company further diversified its income base in May 1997
through investment in United Golden Mile Aviation Ltd (UGMA),
Hong Kong, one of the major players in the supply of aviation
components and materials in China. UGMA assists in supplying OEM
equipment and market repair and overhaul facilities for aircraft
such as Boeing 737s and 747s.

In November 1999, Cygal and three of its subsidiaries, undertook
a debt restructuring with its non-financial institution (Non-FI)
creditors via a scheme of arrangement under Section 176(10) of
the Companies Act, 1965. The scheme was subsequently approved in
December 1999.

On 28 June 2001 and 28 August 2001, the Company announced that
it has obtained approval-in-principle from financial institution
(FI) creditors to implement a composite restructuring scheme,
including the above proposed Non-FI scheme, to restore the
Company's financial position so as to enable it to concentrate
on its core activities. The proposed restructuring scheme
encompasses exchange of Cygal shares with shares in a new
investment holding company, Active Accord Sdn Bhd via a members'
scheme of arrangement pursuant to Section 176 of the Companies
Act, 1965; proposed settlement of indebtedness of Cygal and two
of its subsidiaries, Cygal Concrete pump Sdn Bhd and CTA Realty
Sdn Bhd; rights issue; acquisition of property development
companies; delisting of Cygal and listing of Newco.

The Company has received approvals in principle for the
settlement scheme with the FI creditors under the purview of the
Corporate Debt Restructuring Committee. The settlement has been
executed in August 2001. Submissions to the relevant authorities
for approvals of the proposed restructuring scheme are expected
to be made by October 2001.

CONTACT INFORMATION: Lot 4.21, 4th Floor, Plaza Prima
                     4 1/2 Miles, Jalan Klang Lama
                     58200 Kuala Lumpur
                     Tel : 03-7983 9099,
                     Fax : 03-7983 9172


DAMANSARA REALTY: Provides Defaulted Facilities Status Update
-------------------------------------------------------------
Damansara Realty Berhad, pursuant to KLSE Practice Note 1/2001,
reported the current status of the Default in Principal and/or
Interest Payment by:

a) DBHD in relation to RM13.7 million Revolving Credit
Facilities (RC Facilities); and

On 21 January 2003, Am Bank Berhad had approved DBHD's proposal
to restructure the amount due of approximately RM5.9 million
under the RC Facility which is to be satisfied via the issuance
of new Newco shares at an issue price of RM1.00 pursuant to the
proposed Reconstruction and Restructuring Exercise of DBHD,
subject to certain terms and conditions.

Hereafter, the parties will enter into a definitive agreement
for the full and final settlement of amount owing under the RC
Facility and accordingly a full announcement will be released to
the Exchange upon the execution of the said agreement.

b) Damansara Realty (Pahang) Sdn Bhd (DRP) in relation to RM57.9
million Syndicated Term Loan Facility (Term Loan Facility)

There is no material development on the Term Loan Facility. DRP
is continuing with its obligations to settle
the outstanding interest.


GEAHIN ENGINEERING: Obtains Creditors' Meeting Order From Court
---------------------------------------------------------------
Geahin Engineering Berhad wishes to announce that the Company,
had on 5 February 2003, obtained a Court Order from the High
Court of Malaya, Melaka, to convene a meeting with the scheme
creditors of Geahin pursuant to Section 176 (1) of the Companies
Act, 1965 (Act) within a period of ninety (90) days from the
date of the Order (i.e. 05 February 2003), to obtain their
approval on the Proposed Corporate Restructuring Exercise.

COMPANY PROFILE

The Company (KHB) was formed as part of a scheme to restructure
certain plantation operations of the Syarikat Kretam (Far East)
Holdings Group of Companies.  In 1994, the Company diversified
into the property sector in Johor Bahru and hydroelectric power
station development in China.  KHB ventured into the finance
sector via acquisition in 1996, of Innosabah Securities Sdn Bhd
(now known as Innosabah Securities Bhd) and Innosabah Options
Futures Sdn Bhd.

CONTACT INFORMATION: 8999 Kawasan Perindustrian
                     Batu Berendam
                     (Fasa IV) Batu Berendam
                     75350 Melaka
                     Tel: 06-2819998
                     Fax: 06-2813988


LONG HUAT: Defaulted Credit Facilities Status Remains Unchanged
---------------------------------------------------------------
Long Huat Group Berhad refers to the earlier announcement dated
3 January 2003. Save for the following, Long Huat informed that
there is no material development pertaining to the default in
respect of the credit facilities granted to the Company and its
subsidiaries:

   1) Winding up petition served on Long Huat Manufacturing Sdn
Bhd, a wholly owned subsidiary of LHuat, served by Government of
Malaysia (Inland Revenue Board), which had been announced on 21
January  2003; and

   2) Winding up petition served on Long Huat Marketing (M) Sdn
Bhd, a wholly owned subsidiary of LHuat, served by Public Bank
Berhad, which had been announced on 23 January 2003.


LONG HUAT: Restructuring Exercise Agreements Underway
-----------------------------------------------------
As announced on 28 January 2003, Long Huat Group Berhad had
entered into a Memorandum of Understanding (MOU) with Lee Swee
Kiat Holdings Sdn Bhd (LSK) for the purpose of the restructuring
exercise of Company.

The definitive agreement and other agreements on the above shall
be entered into between LHuat and LSK within thirty (30) days
from the date of the MOU and accordingly, the Requisite
Announcement pursuant to PN4 will be made upon the execution of
the relevant agreements.


MBF CAPITAL: Bank Negara OKs Proposed Debt Settlement
-----------------------------------------------------
Further to the announcement dated 1 November 2002 and 11
November 2002, Alliance Merchant Bank Berhad (Alliance), on
behalf of the Board of Directors of MBf Capital Berhad, wishes
to announce that, Bank Negara Malaysia has, via its letter dated
5 February 2003, approved the following under MBf Capital's
proposed debt settlement:

   (i) settlement of part of the Company's outstanding foreign
currency credit facilities borrowed by certain overseas
subsidiary companies of MBf Capital and MBf Holdings Bhd (MBf-H)
in the form of cash.

Go to http://www.bankrupt.com/misc/MBF1.gifto see the
settlement result in MBf Capital providing credit facilities.

   ii) settlement by PUSB of the balance of the credit
facilities borrowed by certain overseas subsidiary companies of
MBf Capital and MBf-H from offshore banks via the issuance of
new PUSB shares and redeemable convertible secured loan stocks
(RCSLS). Go to http://www.bankrupt.com/misc/MBF2.giffor the
settlement result in PUSB providing credit facilities.

The approvals above are subject to the following conditions:

   (i) to charge interest for the credit facilities provided to
the said overseas companies at an interest rate of at least the
market rate at the time the credit facilities are given;

   (ii) to bring back to Malaysia the repayment of principal
amount and the interest income from the said overseas companies
and to inform the Controller of Foreign Exchange (CFE)
accordingly;

   (iii) to complete and send the quarterly report of investment
as  per the required format to the CFE within one (1) month
after each quarter. If there is no transaction for a particular
quarter, the report indicating "No Transaction" will be required
to be sent to the CFE; and

   (iv) to provide a copy of the accounts of MBf Capital, PUSB
and the said overseas companies to the CFE, on a yearly basis,
once the accounts are available.

The Proposals refers to:

   i. Proposed Capital Reduction;
   ii. Proposed Consolidation;
   iii. Incorporation of Perfect Utilization Sdn Bhd ("PUSB");
   iv. Proposed Scheme of Arrangement;
   v. Proposed Subsidiary Debt Restructuring and Debt
Settlement;
   vi. Proposed Internal Reorganization;
   vii. Proposed Transfer of Listing Status;
   viii. Proposed Liquidation/Disposal;
   ix. Proposed Acquisitions; and
   x. Proposed Employees' Shares Option Scheme (ESOS).


PAN PACIFIC: FIC Grants Proposed Restructuring Scheme Approval
--------------------------------------------------------------
Pan Pacific Asia Berhad refers to its earlier announcements
dated 17 December 2002 and 19 December 2002 made on behalf of
the Board of Directors of PPAB, which set out the details of the
Proposed Restructuring Scheme, which composes Proposed Capital
Reduction and Consolidation; Proposed Debt Restructuring; and
Proposed New Business.

Further to the said announcements, the Board of Directors
announced that the Foreign Investment Committee (FIC) had via
its letter dated 30 January 2003 approved the Proposed
Restructuring Scheme of PPAB, on condition that the shareholding
structure of PPAB will be reviewed again three (3) years after
the completion of the Proposed Restructuring Scheme.


PANCARAN IKRAB: SPA Conditional Upon Workout Scheme Completion
--------------------------------------------------------------
Further to the announcement dated 16 October 2002, 30 October
2002 and 12 December 2002, Public Merchant Bank (PMBB), on
behalf of the Board of Pancaran Ikrab Berhad, announced that
Dato' Dr Tan Seng An and Dato' Tee Tiam Lee had on 6 February
2002 entered into a Sale and Purchase Agreement (SPA) to
acquire:

   (i) 9,000,000 ordinary shares of RM1.00 each in Capital
Abound Sdn Bhd (CASB) upon the successful implementation and
completion of the Proposed Restructuring Scheme of PIB; or

   (ii) in the event the sale and purchase agreement dated 15
October 2002 between the vendors of Dijaya Ceil Sdn Bhd (Dijaya)
(i.e. Dato' Dr Tan Seng An and Datin Tan Bee Lian) and CASB and
PIB to sell to CASB the entire issued and paid-up share capital,
comprising 4,000,000 ordinary shares of RM1.00 each in Dijaya
(which is an integral part of the Proposed Restructuring Scheme
of PIB) is terminated for any reason whatsoever, 600,000
ordinary shares of RM1.00 each in Dijaya, representing 15% of
the issued and paid-up share capital in Dijaya.

The above SPA is conditional upon the completion of the Proposed
Restructuring Scheme.


PENAS CORPORATION: Court Convened Meeting Requests Granted
----------------------------------------------------------
Further to the announcement made on 18 October 2002, on behalf
of Penas Corporation Berhad, AmMerchant Bank Berhad announced to
the Kuala Lumpur Stock Exchange that the High Court of Malaya
(in Originating Summons No. 24-1464-2002 (MT.4) had on 28
January 2003 granted an order to Pencorp and three (3) of its
subsidiaries, namely Penas Management Sdn Bhd, Penas Engineering
Sdn Bhd and Penas Construction Sdn Bhd and its associated
company, Innovisco Sdn Bhd, to convene meeting of the members
pursuant to Section 176(1) of the Companies Act, 1965.

Pencorp will announce the date of the abovementioned members'
meeting in due course.

The Proposals collectively refers to:

  (1) Proposed Composite Scheme of Arrangement and Compromise
Repayment to Pencorp's Creditors and Members Pursuant to Section
176 of the Companies Act 1965 (Proposed Scheme);

   (2) Proposed Acquisitions of Vintage Tiles Industries Sdn Bhd
(VTI) and Vintage Tiles Holdings Sdn Bhd (VTH) (collectively
Vintage Group") By VTI Vintage Berhad (VVB) (Proposed
Acquisition of Vintage Group);

   (3) Proposed Exemption for the Vendors of Vintage Group and
Parties Acting in Concert to Undertake a Mandatory General Offer
to Acquire the remaining shares in VVB not owned by them
(Proposed Exemption);

   (4) Proposed Disposal of Pencorp;

   (5) Proposed Public Issue and Proposed Offer for Sale;

   (6) Proposed Placement of Irredeemable Convertible Unsecured
Loan Stocks (ICULS); and

   (7) Proposed Transfer of Listing Status of Pencorp to VVB.


RASHID HUSSAIN: Sale Offer Closing Date Extended to Feb 21
----------------------------------------------------------
Rashid Hussain Berhad refers to the announcement dated 9 January
2003 in relation to the Renounceable Restricted Offer for Sale
(ROS) by Utama Banking Group Berhad (UBG) of RM463,646,102
Nominal Value Of 10-Year 0.5% Rashid Hussain Berhad (RHB)
Irredeemable Convertible Unsecured Loan Stocks (ICULS), wherein
it was announced that the closing date for acceptance and
payment and excess RHB ICULS-A application and payment at 5:00
p.m. on Tuesday, 11 February 2003 (Closing Date).

AmMerchant Bank Berhad (formerly known as Arab-Malaysian
Merchant Bank Berhad) announced that at the request of the Board
of Directors of UBG, the Closing Date for the ROS by UBG has
been extended to 5:00 p.m. on Friday, 21 February 2003 (Extended
Closing Date).

The Extended Closing Date is to allow more time for entitled
shareholders of RHB and/or their renouncees/transferees to
submit their acceptances and/or applications given the recent
Chinese New Year holidays and the forthcoming Hari Raya Haji
holiday. Accordingly, a further announcement on the level of
acceptances and/or applications received by RHB in respect of
the ROS by UBG as at 5:00 p.m. on the Extended Closing Date will
be made in due course.

COMPANY PROFILE

The Company (RHB) is principally an investment holding company
and its major subsidiaries are involved in commercial banking,
merchant banking, offshore banking, finance company business,
offshore trust services, general insurance, leasing, unit trust
management, property investment and management and the
securities and asset management business. Commercial banking,
however, contributes the major portion of the Group's revenue.
Between 1996 and 1999, the Group undertook several mergers and
acquisitions, which involved the acquisition of Kwong Yik Bank
Bhd and Sime Bank Berhad.

On 23 April 2001, RHB announced that it has received approvals
from the Minister of Finance via Bank Negara Malaysia (BNM) to
enter into negotiations with UBG Banking Group Berhad (UBG) for
the purpose of merging the RHB and UBG banking groups.
Negotiations are on-going.

With respect to the proposed group restructuring scheme
announced in September 2000, RHB is reviewing the proposal as
part of the proposed merger between the RHB and UBG banking
groups.

CONTACT INFORMATION: 9th Floor RHB 1
                     424 Jalan Tun Razak
                     50400 Kuala Lumpur
                     PO Box 12699, 50786 Kuala Lumpur
                     Tel : 03-9852233
                     Fax : 03-9855522


REPCO HOLDINGS: Undergoes PCDRS Due Diligence Exercise
------------------------------------------------------
Further to Repco Holdings Berhad (Special Administrators
Appointed)'s announcement on 20 January 2003, the Company wishes
to announce that it is currently carrying out the due diligence
exercise in connection with the Proposed Corporate and Debt
Restructuring Scheme to be submitted to the Securities
Commission and the relevant authorities.

In addition, the Company also wishes to announce that it is
still awaiting the response from the Exchange on the Company's
application for an extension of time until 31 July 2003 to
enable the Company to regularize its financial condition as
required under paragraph 5.1 of PN4/2001.


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


BENPRES HOLDINGS: Schedules Stockholders Meeting on March 13
------------------------------------------------------------
The Board of Directors of Benpres Holdings Corporation has
called for a special stockholders meeting to be held on March
13, 2003 and fixed February 19, 2003 as the regard date for
stockholders entitled to vote at the 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.

The press release is located at
http://bankrupt.com/misc/tcrap_benpres0211p2.pdf


BENPRES HOLDINGS: Issues Civil Case Update
------------------------------------------
Benpres Holdings Corporation received a copy of a motion for
summary judgment in lieu of a complaint filed by AIG Asian
Infrastructure Fund, L.P. with a New York state court against
the Company and Bayan Telecommunications Holdings Corporation
for the payment of the amount of US$44.485 under the convertible
preferred shares issued by Bayantel and guaranteed by Benpres.

AIG earlier filed a civil suit for damages alleging violations
of the U.S. federal securities laws and New York state law
against Benpres, Bayantel, certain of their officers and
directors and others with a U.S. federal trial court in New York
City.

Benpres continues the discussions with its creditors, which it
started in June 2002 when it announced its Balance Sheet
Management Plan.

For a copy of the press release, go to
http://bankrupt.com/misc/tcrap_benpres0211.pdf


NATIONAL POWER: Asking For Help to Remove Masinloc Roadblock
------------------------------------------------------------
National Power Corporation (Napocor) will ask the help of the
Department of Interior and Local Government in dispersing the
month-long road blockage in its power plant in Masinloc
Zambales, the Malaya Newspaper reports. No coal can be delivered
to the plant and it may have to shut down by March 10.

The communities affected by the coal plant and who were not
given the 92 million pesos due them set up the roadblock on
December 8, 2002.

The closure of the plant will mean additional losses of 248
million pesos per month, Roland Quilala, Senior Vice President
for Corporate Services said.

Napocor said there was no basis for the Department of Agrarian
Reform Adjudication Board (DARAB) ruling that gave affected
communities an additional three years of livelihood compensation
package equivalent to 92 million pesos.


NATIONAL STEEL: Eyes Sale to Foreign Buyers
-------------------------------------------
Five foreign trading firms are interested in acquiring National
Steel Corporation now that Malaysian owners and creditors put
into effect a debt-restructuring program, Dow Jones said on
Monday, citing Trade Secretary Manuel Roxas.

The interested parties are Minmetals Zhejiang International
Trading Co. Ltd., China International Iron and Steel Investments
Corp., Bhicknapahari Group of France, Bel Trade Investment
Holdings Ltd. of Hong Kong; and Tael Capital of London.

No date has yet been set for the bidding to begin.

The banks have yet to decide how much the sale of National Steel
Corporation is likely to be worth.


PHILIPPINE LONG: JP Morgan Becomes Successor Depository for ADR
---------------------------------------------------------------
Effective February 10, 2003, Philippine Long Distance Telephone
Company (PLDT) has appointed JP Morgan Chase Bank as Successor
Depositary for the Company's American Depositary Receipt (ADR)
common and Global Depositary Receipt (GDR) programs.

Each PLDT ADR (CUSIP 718252604) represents one common share, and
each PLDT GDR (CUSIP 718252703) represents one Series III
convertible preferred shares. PLDT's common shares are traded on
the Philippine Stock Exchange (CUSIP 718252109).

For more information, kindly visit jpmorganchase.com, JPMorgan's
adr.com and http://bankrupt.com/misc/tcrap_pldt0211.pdf


PILIPINO TELEPHONE: Director Benito Chiongbian Resigns
------------------------------------------------------
Pilipino Telephone Corporation (Piltel), through SEC Form 17-C
dated February 11, 2003, disclosed that:

Benito P. Chiongbian resigned as Director of Pilipino Telephone
Corporation effective February 10, 2003. His resignation is not
anticipated to have a material impact on the Company's current
or future operations nor have any impact on its financial
position or results of operation.

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

Piltel is a unit of Philippine Long Distance Telephone Company.


QUEZON POWER: Moody's Downgrades Rating to B2, Outlook Negative
---------------------------------------------------------------
Moody's Investors Service has downgraded Quezon Power
(Philippines) Limited Co. (QPL)'s debt rating to B2 from Ba3.
The outlook is negative. This concludes the review for further
possible downgrade commenced at the end of November 2002.

The rating action reflects the continuing precarious financial
situation of Meralco. The situation appears increasingly
unlikely to be resolved in the near term. Meralco is QPL's
offtaker for the power produced by its power station. The
Supreme Court has recently ordered Meralco to refund a
substantial sum related to rates previously charged to its
customers. This sum is estimated to be up to PHP28 billion.
There is also an ongoing dispute with the National Power
Corporation for alleged violation of its power supply contract
with Meralco. In addition they're a great deal of uncertainty as
to whether the Philippine regulator, the ERC, will allow Meralco
a rate increase in the near future.

Moody's is further concerned that the financial and regulatory
pressures facing Meralco could result in Meralco putting further
pressure on QPL to renegotiate its offtake arrangement. The
renegotiation could weaken the ability of QPL to service its
debt.

Supporting the B2 rating is the fact that contractual payments
from Meralco remain current and the project has sufficient cash
on hand to fund principal and interest payments for at least six
months.

Quezon Power (Philippines) Limited Co. is an electricity
generating Company whose sole asset is a 470MW (net) baseload
pulverized coal-fired electric generation facility located in
Quezon, Philippines.


STENIEL MANUFACTURING: Creditors Agree to Loan Restructuring
------------------------------------------------------------
Creditors of Steniel Manufacturing Corporation have agreed to
restructure the Company's existing loans by way of lower
amortization and the extension of the principal payment period,
the Philippine Star said on Tuesday.

The Company has struck an agreement with the banking consortium
made up of Metrobank, Chinatrust Philippines and BPI-Family
Savings Bank to amend omnibus loan agreement dated November 10,
2000.

A key feature of the changes involves the extension of the
quarterly principal amortization, which was originally due to
begin on June 2002, by another year to commence instead on June
2003.

Moreover, Steniel officials said the Company has been allowed to
"dispose of certain non-core assets, the proceeds of which will
be applied to reduce the final payment on the loan on maturity
date."

Steniel started negotiations late last year with its creditor
banks for the restructuring of about 851 million pesos in loans
as it conceded it would not be able to meet the October 10, 2002
payment deadline as stipulated in the loan agreement.

The Company was a 72-percent subsidiary of Metro Pacific Corp.
(MPC) before it was sold in October 2001 to the regional
investment firm CVC Asia Pacific Ltd. for 425.5 million pesos.


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


SPP LIMITED: Joint Ventures With Sun Tyre
-----------------------------------------
SPP Limited announced that its subsidiary, Globaltraco
International Pte Ltd, has entered into a joint venture with Sun
Tyre Industries Sdn Bhd Sun Tyre. Under this joint venture, a
joint venture Company will be formed in Malaysia to undertake
marketing and distribution of tyres and the related products.

The joint venture's principal focus will be the Malaysian market
with the possibility of expanding into tyre related business in
other countries. Globaltraco will tap on the joint venture
partner's distribution channel and business network in Malaysia
to enhance its existing share of this market.

The joint venture Company will have an authorized capital of
500,000 Malaysian Ringgit and an initial paid up capital of
100,000 Malaysian Ringgit. Globaltraco will hold 60 percent
equity stake while Sun Tyre will hold 40 percent.

The transaction is not expected to have any material impact on
the earnings per share or the consolidated net tangible assets
per share of the Company for the financial year ending 31
December 2003.

None of the directors or controlling shareholders of the Company
has any interest, direct or indirect, in the above transaction.

SPP Limited is a subsidiary of Tuan Sing Holdings Limited. The
Company is a diversified marketing, engineering and industrial
services group with subsidiaries involved in trading and
marketing (SPP Trading Pte Ltd), distribution (Globaltraco
International Pte Ltd), engineering and construction (BPL
Group), environmental and geotechnical (Soil & Foundation Pte
Ltd) and manufacturing (3S Engineering (Shanghai) Co Ltd)
activities throughout the Asia Pacific region.

According to Wright Investor's Service, at the end of 2000, SPP
Limited had negative working capital, as current liabilities
were S$60.34 million while total current assets were only
S$47.74 million.


WEE POH: Releases Strategic Agreement Update
--------------------------------------------
On 15 January 2003, the Board of Directors of Wee Poh Holdings
Limited had announced, inter alia, that WPP, a subsidiary of the
Company, had failed to obtain the relevant approval for the
Revised SOA at the Court-ordered meeting of the WPP Creditors.

Under the Strategic Agreement dated 2 December 2002 entered into
between the Company and Tay Hung Cheow THC in relation to the
issue of 1,600,000,000 New Shares Strategic Shares at an issue
price of S$0.005 each, the agreement of the WPP Creditors for
the Revised SOA is required as a condition precedent, amongst
others, for the completion of the Strategic Agreement. Arising
from the failure of the Revised SOA, the Company had stated in
the announcement of 15 January 2003 its intention of approaching
THC to consider waiving the aforesaid requirement (the "Waiver.

In the same announcement, the Board indicated that it would be
evaluating if there were any other options available to WPP.

Variation to the Strategic Agreement

The Board wishes to announce that THC has on 30 January 2003
agreed to grant the Company the Waiver subject to the condition
that WPP be deconsolidated from the Group by 31 May 2003.

Upon the Company's request, THC is agreeable to extending the
date for the satisfaction of all of the conditions precedent
under the Strategic Agreement (as amended for the Waiver) to 31
May 2003 from 30 April 2003 previously. Following from this
extension, the completion of the Strategic Agreement shall take
place on the date falling 14 days after the last condition
precedent in the Strategic Agreement (as amended for the Waiver)
has been fulfilled (or on such other date as may be agreed in
writing between the parties).

THC further confirms that the cash consideration of S$8.0
million for the Strategic Shares shall be deposited by THC with
UOB Kay Hian Private Limited to be held in escrow pending
Completion in the following manner:-

(i) a sum of between S$2.0 million to S$3.0 million to be
deposited on or before 20 February 2003; and

(ii) the balance on or before 30 April 2003.

WPP Evaluation

The Board had previously informed the Shareholders that the
Company has limited resources to assist WPP in resolving its
financial difficulties and that WPP would not be able to pay its
debts on demand. As at 30 June 2002, WPP had audited net
tangible liabilities and audited total liabilities of
S$12,618,819 and S$21,177,620, respectively.

Prior to the SOA dated 24 April 2002, there were 3 winding-up
petitions which were presented previously by Transit-Mixed
Concrete Ltd, Build Win Construction Pte Ltd and Resource
Hardware & Trading Pte Ltd for an aggregate amount of
approximately S$430,500 excluding further interests, if any.
These petitions were stayed for the purposes of the SOA.

On 4 February 2003, WPP received a winding-up petition from Wili
Marketing Pte Ltd WML on grounds of WPP's inability to pay its
debts as and when it falls due amounting to approximately
S$19,100, inclusive of interests and costs, as well as an
additional amount for the rental of 48 pieces of steel plates at
$60 apiece per month from 2 July 2002 until the said steel
plates are returned. The Court hearing for the petition has been
fixed at 10 a.m. on 21 February 2003.

On the date set for the hearing of the aforesaid petition, the
Court will decide whether or not to grant the petition or to
dismiss it. If the Court grants the petition, an order for the
winding-up of WPP will be made which shall be deemed to have
commenced on the date of presentation of the petition and an
Official Receiver shall be appointed as the liquidator of WPP
for the purpose.

The Company has contingent liabilities (the "WPP C-Liabilities
of approximately S$2.1 million in support of approximately S$1.7
million in secured banking loans and the issuance of performance
bonds of approximately S$0.4 million by certain financial
institutions on behalf of WPP. Save for the said contingent
liabilities, there are no other claims on the Company arising
from the difficulties of WPP.

Additional Information

The Company is continuing to work on the Capital Reduction, the
Best Effort Debt Conversion, the Strategic Issue, the Rights
Issue and the Preferential Offering (the "Transactions. As the
Board recognizes that time is of the essence, the Transactions
are presently pursued with much urgency.

The Board expects the Circular to Shareholders in relation to
the Capital Reduction to be dispatched soon. At the same time,
the Circular to Shareholders in relation to the Best Effort Debt
Conversion is being finalized, while work on the Circular to
Shareholders in relation to the Strategic Issue, the Rights
Issue and the Preferential Offering has already commenced. In
addition, an updated Statement of Material Facts in connection
with the Best Effort Debt Conversion incorporating the latest
developments of the Company will be duly lodged with the
Monetary Authority of Singapore.

The Company shall make timely and relevant announcements to keep
the Shareholders informed as and when further developments occur
in respect of the Transactions. In the meantime, Shareholders
should exercise due caution in buying and selling the Shares on
the SGX-ST and in relying on the proforma financial effects and
shareholding composition as set out beneath which are purely for
illustrative purposes only. In addition, caution must also be
exercised because there are conditions precedents to be
fulfilled in respect of the above described Transactions.
Accordingly, until these conditions precedents are fulfilled,
there is no clear certainty that the transactions will be
successfully completed.

Illustrative Proforma Financial Effects And Illustrative
Shareholding Composition

Arising from the failure of the Revised SOA, the requirement
under the Waiver for WPP to be deconsolidated from the Group by
31 May 2003 and the winding-up petition presented to WPP by WML,
the Company has re-computed the financial effects and the
shareholding composition pursuant to the Transactions and these
are presented beneath.

Financial Effects

For illustration purposes only, the financial effects set out
beneath are based on the following assumptions:-

(i) The total amount of debts restructured under the Best Effort
Debt Conversion is S$4.0 million;

(ii) The cash consideration pursuant to the Strategic Issue is
S$8.0 million;

(iii) The basis of the Rights Issue is 3 Rights Shares for every
2 Existing Shares;

(iv) The basis of the Preferential Offering is 1 Strategic Share
for every 2 Existing Shares;

(v) The WPP C-Liabilities of approximately S$2.1 million have
been fully provided for in the Company's financial statements
for FY2002; and

(vi) WPP has been deconsolidated from the Group as at 30 June
2002 for the purpose of computing the financial effects on the
share capital of the Company, NTA and gearing of the Group
(excluding WPP); and as at 1 July 2001 for the purpose of
computing the financial effects on the earnings of the Group
(excluding WPP).

The financial effects of the Transactions on the share capital
of the Company, NTA and gearing of the Group are based on the
audited financial statements of the Group for FY2002 and on the
assumption that the Transactions are completed as at 30 June
2002. The financial effects of the Transactions on the earnings
of the Group are based on the audited financial statements of
the Group for FY2002 and on the assumption that the Transactions
are completed as at 1 July 2001.

For more information, go to http://info.sgx.com/


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


EMC PUBLIC: Holds 73.03% Shareholding in Hydrotek
-------------------------------------------------
Pursuant to EMC Public Company Limited, as a shareholder of
Hydrotek Co.,Ltd. (Hydrotek) in a number 9,953,494 shares at
Bt10 each, total registered capital is Bt200,297,940 and the
paid-up capital is Bt170,237,830.

On December 27, 2002, Hydrotek increased its registered capital
in the amount of Bt91,882,260, therefore the total registered
capital is Bt292,180,200.  At present, Hydrotek has issued the
addition shares to EMC, from conversion of debt to equity as
mentioned in the rehabilitation plan, in the number of 9,188,226
shares.

Therefore, EMC holds the total shares of 19,141,720 in Hydrotek,
in the proportion of 73.03 percent of paid-up capital of
Hydrotek (the paid-up capital is Bt262,120,190). The result of
the conversion of debt to equity is that Hydrotek will be still
a subsidiary of the company.


O. M. FOOD: Files Business Reorganization Petition
--------------------------------------------------
O. M. Food Company Limited (DEBTOR), engaged in production of
Frozen Seafood, filed its Petition for Business Reorganization
at the Central Bankruptcy Court:

   Black Case Number 677/2545

   Red Case Number- /2545

Petitioner: SEAFOOD COMPANY LIMITED

Debts Owed to the Petitioning Creditor : 864,740,000.00 Baht

Date of Court Acceptance of the Petition : April 29, 2002

Date of Examining the Petition: May 28, 2002 at 9.00 A.M.

Court had postponed the date for the Examination to August 29,
September 2 and 9, 2002 at 9.00 A.M.

Court cancelled the Petition for Business Reorganization:
September 30, 2002

Contact : Ms. Niramon Tel, 6792525 ext. 143


PREMIER ENTERPRISE: Arranges Debt Repayment to Creditors
--------------------------------------------------------
Premier Planner Company Limited, as the Plan Administrator of
Premier Enterprise Pubic Company Limited, released this
information regarding the operation under the Rehabilitation
Plan for the period of 3 months from November 1, 2002 to January
31, 2003:

1. The Company has arranged for payment of debt to various
groups of creditors as follows:

   - Payment of debt to group 1 creditors 8,411,641.76 Baht
   - Payment of debt to group 2 creditors 3,649,265.78 Baht
   - Payment of debt to group 4 creditors   150,718.68 Baht
   - Payment of debt to group 5 creditors   149,448.33 Baht
     Total of payment                    12,361,074.55 Baht

2. The Company has arranged for the registration with the
Business Development Department, the Ministry of Commerce since
December 11, 2002 for increase of paid up capital from
800,000,000 Baht to 2,981,725,550 Baht for purpose of the
conversion of debt to equity under the Rehabilitation Plan.


THAI PETROCHEMICAL: All Creditors OK Rehab Plans Amendment
----------------------------------------------------------
Effective Planners Limited (EPL) confirmed on Tuesday that 100
percent of the creditors of Thai Petrochemical Industry Public
Company Limited (TPI) and 100 percent of the creditors of TPI
Oil Company Limited that voted on Monday's meeting cast their
support for two resolutions to amend their court sanctioned
rehabilitation plans. The court sanctioned rehabilitation plans
for TPI and its main operating subsidiaries, including TPI Oil,
are identical.

The votes were cast at a statutory meeting convened by the
Official Receiver

In excess of eighty percent of eligible creditors of these two
companies voted on the two resolutions.

The results of the voting for both companies are detailed below.

|-------------+-------------+-------------|
| TPI         | In Favor (%)| Against (%) |
|-------------+-------------+-------------|
| First       |             |             |
|             |             |             |
| Resolution* |             |             |
|             |             |             |
| (removal of |       100   |         0   |
|             |             |             |
| single      |             |             |
|             |             |             |
| creditor    |             |             |
|             |             |             |
| veto)       |             |             |
|-------------+-------------+-------------|
| Second      |             |             |
|             |             |             |
| Resolution**|             |             |
|             |             |             |
| (extension  |        100  |         0   |
|             |             |             |
| of non-core |             |             |
|             |             |             |
| asset       |             |             |
|             |             |             |
| deadline)   |             |             |
|-------------+-------------+-------------|


|-------------+-------------+-------------|
| TPI Oil     | In Favor (%)| Against (%) |
|-------------+-------------+-------------|
| First       |             |             |
|             |             |             |
| Resolution  |             |             |
|             |             |             |
| (removal of |        100  |          0  |
|             |             |             |
| single      |             |             |
|             |             |             |
| creditor    |             |             |
|             |             |             |
| veto)       |             |             |
|-------------+-------------+-------------|
| Second      |             |             |
|             |             |             |
| Resolution  |             |             |
|             |             |             |
| (extension  |        100  |           0 |
|             |             |             |
| of non-core |             |             |
|             |             |             |
| asset       |             |             |
|             |             |             |
| deadline)   |             |             |
|-------------+-------------+-------------|

* The first resolution addresses the voting mechanism and
thresholds for amending the rehabilitation plans. Specifically,
this resolution removes the provisions in the plans that
previously enabled just one Scheme Creditor to effectively veto
any material change to the plans.

** The second resolution details changes to the USD 200 million
non-core asset sale deadline, from 31 December 2001 to 31 March
2003 or such later date as may be agreed by Participating Scheme
Creditors holding more than 50 percent of Participating Scheme
Debt.

Note: The statutory voting system provides for either a special
resolution (75 percent in value and 50 percent in number of
those creditors present and voting) of  all classes of
creditors or a special resolution of at least one class of
creditors and more than 50 percent by value of those present and
voting.

Later on Tuesday creditors of five key subsidiaries of TPI will
vote on the same resolutions. The Bankruptcy Court is scheduled
to ratify the voting results for all of the companies on March
24, 2003.

"These positive voting results represent another clear
demonstration of the creditors unified resolve to facilitate
adjustments to the plan which may become necessary during the
plan's ongoing implementation phase," stated Mr. Peter Gothard,
Managing Director at Effective Planners Limited. "In a
rehabilitation plan of this duration, magnitude and complexity
it is important to have a framework that ensures flexibility and
fairness for everyone."

"It is our understanding that this is the first time in any
court sanctioned restructuring in Thailand in which one hundred
percent of the creditors, in all classes of creditors, voted in
support of amendments to a restructuring plan".

These proposed amendments are exactly the same as those, which
were approved, with no vetoes cast, by TPI's participating
scheme creditors on January 7, 2003. These statutory meetings
are required in order to make resolutions binding on non-
participating scheme creditors, principally related parties.

Under Section 90/63 of the Bankruptcy Act B.E. 2483 as amended,
the Plan Administrator of a company in reorganization is
entitled to propose revisions to a reorganization plan if such
changes are necessary in order to accomplish the business
reorganization.

EPL is the Plan Administrator of TPI and is a wholly-owned
subsidiary of Ferrier Hodgson, which operates throughout the
Asia Pacific region and specializes in financial restructuring,
corporate recovery, insolvency management and related services.
FH established a Bangkok office in March 1998. Since then, the
firm has developed a solid and growing presence in Bangkok with
50 specialists in diverse sectors including banking,
petrochemical, telecommunications, hotel, property and
transportation. In Thailand, FH has been involved in projects
acting for creditors (including major bank lenders) and
shareholders, with the total financial debts of transactions
exceeding US$12 billion.

CONTACT INFORMATION: Aziam Burson-Marsteller
                     James/Waraporn/ Satida
                     Tel. 0 2252 9871


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

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

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

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

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

                 *** End of Transmission ***