/raid1/www/Hosts/bankrupt/TCRAP_Public/030214.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

           Friday, February 14, 2003, Vol. 6, No. 32

                         Headlines

A U S T R A L I A

ANACONDA NICKEL: Mongoose's Share Offer Becomes Unconditional
AMP LIMITED: Responds to S&P Ratings Announcement
AMP LIMITED: S&P Maintains Negative Outlook for U.K. Operations
AMP LIMITED: Shares Plunge After S&P Lowers Ratings
ARISTOCRAT LEISURE: S&P Places Ratings on CreditWatch Negative

EARTH SANCTUARIES: $3.50 Options Exercise Expiring March 2005
GOODMAN FIELDER: BPC Reduces Offer Price Due to Dividend Payment
IWL LIMITED: Changes Registered Office Address
UECOMM LIMITED: Issues Change of Director`s Interest Notice
WESTERN METALS: Issues Mt Gordon Stage 2 Update


C H I N A   &   H O N G  K O N G

CIL HOLDINGS: Court Adjourns Winding-Up Case to Feb 24
CIL HOLDINGS: Final Audited Results Dispatch Delayed
CIL HOLDINGS: Issues Scheme's Recent Development Update
ENGINEERING COMPANY: Winding Up Hearing Scheduled
HARMONY CENTURY: Winding Up Petition Pending

MANSION HOLDINGS: No Apparent Reason for Share Price Decrease
RAINBOW COSMETIC: Faces Winding Up Petition
SKYNET INT'L: Winding Up Hearing Further Adjourned on Monday
STARBOW HOLDINGS: Sees No Reasons for Share Price Increase
TELHOPE INFORMATION: Winding Up Sought by Reach Networks

WAI YUEN: Trading Remains Suspended


I N D O N E S I A

ASTRA INT'L: Toyota Divestment Talks Far From conclusion
CITRA MARGA: Selling Unit to Finance Road Project
SINAR MAS: Claims IBRA Protection on APP Workout Rumor Not True


J A P A N

FUJITSU LIMITED: Announces Unprecedented Wage Cut
HITACHI LIMITED: Wins Contract to Build High-tech US Power Plant
MITSUBISHI MOTORS: Picks Michigan for New Production Facility
MIZUHO HOLDINGS: Merrill Lynch Eyes Stake in Bank
MIZUHO HOLDINGS: New Parent to Post Profit, Temper Bank's Losses

NISSHIN FIRE: Tokio Marine Eyes a Third of Insurer by 2005
RESONA HOLDINGS: Takes Back Rosy Forecast as Firm Sees Red Ahead


K O R E A

CHOHUNG BANK: Deloitte Unit Turns Down External Evaluation Job
HANBO STEEL: AK Capital Clinches Deal with US$377 Million Bid


M A L A Y S I A

LAND & GENERAL: Plans Two-year Turnaround on Debt Restructuring
MBF HOLDINGS: In the Midst of Listing Application Revision
MECHMAR CORPORATION: Winding Up Petition Hearing Adjourned


P H I L I P P I N E S

CLUB JOHN: RP President Orders Quick Resolution of Contract Row
MANILA ELECTRIC: Napocor Hell-bent on Collecting PHP17B Fine
NATIONAL POWER: To Open Bid on PHP1.9 BB Power Project in June
NATIONAL POWER: Korean Agency to Fund PHP160M Expansion Plan
PHILIPPINE AIRLINES: Majority Owner Looking for Buyer, Says Mole

TIBAYAN GROUP: SEC Threatens Suit Against Company Executives


S I N G A P O R E

BBR HOLDINGS: Posts Notice of Shareholder's Interest
FLEXTECH HOLDINGS: De-registers Dormant Hong Kong Subsidiary


T H A I L A N D

AMPM COMPANY: Files Reorganization Petition at Bankruptcy Court
COUNTRY (THAILAND): Bt1.35B Asset Transfer to Creditors Underway
PADAENG INDUSTRY: No Dividend Payment; Proposes PwC Appointment
SHIN CORPORATION: Posts SHIN-W1 No.1/2003 Exercise Details
SHIN SATELLITE: Answers SET's Thaicom-3 Anomaly Letter

TPI POLENE: Submits Reviewed Proforma Consolidated Balance Sheet
UNITHAI LINE: Panama Subsidiary Dissolved

     -  -  -  -  -  -  -  -

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


ANACONDA NICKEL: Mongoose's Share Offer Becomes Unconditional
-------------------------------------------------------------
Mongoose Pty Limited ACN 103 410 297 (Mongoose) declares the
offers dated 5 February 2003 (Share Offer) made by it
under an off-market takeover bid for ordinary shares in Anaconda
Nickel Limited (ANL), and the contracts (if any) formed by the
acceptance of any of those offers, free from all of the
conditions to the Share Offer (which are set out in paragraphs
7.6(a) and (b) of the Share Offer).

The Share Offer is now unconditional.

As a result of the declaration set out above, and in accordance
with clause 8.6(a) of the Rights Offer Document dated 30 January
2003, the sole condition (which is set out in clause 8.6(a) of
the Rights Offer Document) to the offers dated 30 January 2003
(Rights Offer) made by Mongoose for all of the rights (Rights)
under ANL's 14-for-1 pro-rata renounceable rights issue, and to
the contracts (if any) formed by the acceptance of any of those
offers, is now fulfilled.

The Rights Offer is now unconditional.

Mongoose has relevant interests in 147,799,980 ANL shares at the
time of giving this notice. Mongoose's voting power in ANL at
the time of giving this notice is 32.03%.

Currently, Mongoose has relevant interests in 2,558,458,040
Rights (being 39.60% of all Rights).


AMP LIMITED: Responds to S&P Ratings Announcement
-------------------------------------------------
AMP Limited notes the ratings actions announced on Wednesday by
Standard & Poor's (S&P). Chief Executive Officer Andrew Mohl
said AMP was pleased that S&P had moved to resolve the negative
creditwatch placed on the company late last year.

"The different outcomes across the company reflect the market
conditions and issues facing each business but overall, the most
important point is that AMP remains financially strong," he
said.

Mr Mohl said AMP was particularly pleased that the strength of
the Australian Financial Services business had been recognized
with the confirmation of the AMP Life rating at AA-.

"This action recognizes the strength and security of the
franchise that AMP has in Australia. Customers should feel
reassured that S&P has acknowledged AMP's preeminent market
position in its Australian home market and its solid capital and
earnings profile'," Mr Mohl said.

The BBB+ rating assigned to Pearl is the standard rating for a
business in run-off. AMP has already announced its intention to
close the Pearl with-profits fund by the end of 2003.

"The lifting of the outlook for Pearl from negative to stable is
a positive move, and recognizes the decisive actions we have
taken to underpin the financial position of this business. These
actions include reducing the sensitivity of our funds to further
falls in the FTSE through the disciplined use of derivatives,"
Mr Mohl said.

"While the change in the NPI rating to A is disappointing, it
reflects the extremely difficult market conditions which the
entire UK life industry is facing. This is evident in rating
downgrades to many other UK life insurers in recent months."

The AMP Group Holdings Ltd rating has been lowered to A-. This
takes the Group Holdings rating back to the level assigned
before the RPS issue in October last year.

Mr Mohl said the negative outlook that remains on a number of
AMP entities reflects the continued difficult operating
environment in the UK and uncertainty over UK equity markets.


AMP LIMITED: S&P Maintains Negative Outlook for U.K. Operations
---------------------------------------------------------------
Standard & Poor's Ratings Services on Wednesday has removed from
CreditWatch and affirmed the ratings on AMP Life Ltd. at 'AA-'
The outlook is negative.

At the same time, Standard & Poor's has removed from CreditWatch
and lowered its ratings on the AMP U.K. operating companies,
group holding company, and bank. The insurer financial strength
and counterparty credit ratings on NPI Ltd. are lowered to 'A'
from 'A+' and the counterparty ratings on AMP Group Holdings
Ltd. and AMP Bank Ltd. are lowered to 'A-/A-2' from 'A/A-1'. The
outlook on these ratings is negative. The insurer financial
strength and counterparty credit ratings on Pearl Assurance PLC
are lowered to 'BBB+' from 'A'. The outlook on Pearl is stable.

The ratings action by Standard & Poor's represents a divergent
approach to that previously taken for the AMP group, reflecting
the unique circumstances that are currently affecting the AMP
group. The ratings on AMP Life, which is the main Australian
operating company within the AMP group, have been decoupled from
other ratings within the AMP group, as indicated by Standard &
Poor's affirmation of AMP Life and the downgrade of other AMP
companies.

"The affirmation of AMP Life reflects its superior financial
strength compared with other companies within the AMP group,"
said Kate Thomson, associate director, Financial Services
Ratings group. The ratings on AMP Life are supported by AMP
Life's preeminent market position in its Australian home market,
and its solid capital and earnings profile.

"Standard & Poor's believes that the AMP group is currently
strategically committed to its U.K. businesses, but is less
confident that more capital, if required, would be made
available from the internal sources of the AMP group to support
its U.K. businesses, quarantining AMP Life's capital strength to
some extent."

Standard & Poor's ratings action reflects its belief that the
strong Australian life insurance business will be insulated, but
only to a limited extent, from an intensification of stresses
affecting the group's U.K. operations. "Current circumstances
allow for a degree of differentiation between the ratings in the
AMP group, but, should risks associated with the U.K. operations
intensify further, all ratings could be affected," added Ms.
Thomson.

The rating on Pearl reflects its stand-alone capital strength,
AMP's decision to close this entity to new business in the
coming year, and Pearl's subsequent corporate restructure.
Pearl's capital position, depressed by falling U.K. equity
values in 2002, has been protected somewhat against further
falls. If this protection is removed, Pearl's capitalization
could reduce, further placing capital pressures on the
wider AMP group. Pearl's ratings are now based on its stand-
alone credit strength, and the stable outlook indicates that
Pearl may not be impacted by future rating actions affecting the
group.

The one notch downgrade affecting other AMP group companies,
including NPI, AMP Group Holdings, and AMP Bank reflects
Standard & Poor's view of the reduced strength of the AMP group
as a whole. "In particular, capitalization has been negatively
impacted following a sustained deterioration of equity markets
affecting AMP U.K. businesses," said Ms. Thomson.

The ratings outlook for AMP Life, AMP Group Holdings, AMP Bank,
and NPI remains negative, reflecting the continued difficult
operating environment in the U.K., and uncertainty over U.K.
equity markets weighing on group strength. The AMP group has
announced an expected loss of about A$900 million in the year to
Dec. 31, 2002, and the ratings action is based on the assumption
that actual results are not materially outside of previously
communicated company expectations.


AMP LIMITED: Shares Plunge After S&P Lowers Ratings
---------------------------------------------------
AMP Limited shares dropped down on Thursday after Standard &
Poor's lowered the ratings on AMP U.K. operating companies, Dow
Jones Newswires reports.

Although AMP is headquartered in Australia, it has about 70% of
its assets in the U.K., where the falling equity market weakened
its capital position.

Last month AMP warned it may post a bottom-line net loss of
about A$900 million for the year ended Dec. 31, 2002.

AMP shares closed 33 cents, or 3.9%, lower at A$8.07 Thursday,
having reached a record low of A$7.90 during the session.


ARISTOCRAT LEISURE: S&P Places Ratings on CreditWatch Negative
--------------------------------------------------------------
Standard & Poor's Ratings Services said Monday that it has
placed its 'BBB-' long-term corporate credit rating and
associated debt ratings on Aristocrat Leisure Ltd. on
CreditWatch with negative implications. The CreditWatch replaces
the stable outlook on the company's ratings.

This action follows the announcement by Aristocrat that it
expects its net profit after tax for fiscal 2002 to be A$80.2
million, a 26% decline compared with the company's previous
forecast of A$109 million. The change in earnings expectations
is due to the deferral of a large contract in South America
involving a single client. Although Aristocrat continues to
generate strong free operating cash flow, Standard & Poor's will
assess the company's exposure to single customers and the
stability of future earnings. Standard & Poor's expects to
resolve the CreditWatch by the end of February, 2003.


EARTH SANCTUARIES: $3.50 Options Exercise Expiring March 2005
-------------------------------------------------------------
Earth Sanctuaries Limited posted this notice:

APPLICATION FOR QUOTATION OF ADDITIONAL SECURITIES AND AGREEMENT

Information or documents not available now must be given to ASX
as soon as available.  Information and documents given to ASX
become SX's property and may be made public.

Introduced 1/7/96. Origin Appendix 5. Amended 1/7/98, 1/9/99,
1/7/2000.

Name of Entity
Earth Sanctuaries Limited

ABN
80 008 164 903

We (the entity) give ASX the following information.

PART 1 - ALL ISSUES
You must complete the relevant sections (attach sheets if
there is not enough space).

1. Class of securities issued          Ordinary shares
   or to be issued

2. Number of securities issued         40 Ordinary shares
   or to be issued (if known)
   or maximum number which
   may be issued

3. Principal terms of the securities  Ordinary shares fully paid
   (egg, if options, exercise price
   and expiry date; if partly paid
   securities, the amount
   outstanding and due dates for
   payment; if convertible securities,
   the conversion price and dates
   for conversion)

4. Do the securities rank equally      Yes
   in all respects from the date
   of allotment with an existing
   class of quoted securities

   If the additional securities
   do not rank equally, please
   state:
   * the date from which they do
   * the extent to which they
     participate for the next
     dividend, (in the case of
     a trust, distribution) or
     interest payment
   * the extent to which they do
     not rank equally, other than
     in relation to the next
     dividend, distribution or
     interest payment

5. Issue price or consideration        40 shares at $3.50

6. Purpose of the issue (if      Exercise of $3.50 Options which
   issued as consideration for   expire March 2005
   the acquisition of assets,
   clearly identify those
   assets)

7. Dates of entering securities        March/April 2002
   into uncertified holdings
   or dispatch of certificates

                                      NUMBER  CLASS
8. Number and class of all        29,709,313  Ordinary
   securities quoted on
   ASX (including the             13,592,906  March 2005 Options
   securities in clause
   2 if applicable)

                                      NUMBER  CLASS
9. Number and class of all               Nil
   securities not quoted
   on ASX (including the
   securities in clause 2
   if applicable)

10.Dividend policy (in the case        All shares rank equally
   of a trust, distribution
   policy) on the increased
   capital (interests)

PART 2 - BONUS ISSUE OR PRO RATA ISSUE

Items 11 to 33 are Not Applicable

PART 3 - QUOTATION OF SECURITIES
You need only complete this section if you are applying for
quotation of securities

34. Type of securities (tick one)

    (a) x  Securities described in Part 1

    (b)    All other securities

Example: restricted securities at the end of the escrowed
period, partly paid securities that become fully paid, employee
incentive share securities when restriction ends, securities
issued on expiry or conversion of convertible securities

    Entities that have Ticked Box 34(a)

    Additional Securities Forming a New Class of Securities
    (If the additional securities do not form a new class, go to
43)

    Tick to indicate you are providing the information or
documents

35.     If the securities are equity securities, the names of
        the 20 largest holders of the additional securities,
        and the number and percentage of additional securities
        held by those holders

36.     If the securities are equity securities, a distribution
        schedule of the additional securities setting out the
        number of holders in the categories
         1 - 1,000
         1,001 - 5,000
         5,001 - 10,000
         10,001 - 100,000
         100,001 - and over

37.    A copy of any trust deed for the additional securities
(now go to 43)

    Entities that have Ticked Box 34 (b)

    Items 38 to 42 are Not Applicable

ALL ENTITIES

Fees

43. Payment method (tick one)

Cheque attached

Electronic payment made
Note: Payment may be made electronically if Appendix 3B is
  given to ASX electronically at the same time.

Periodic payment as agreed with the home branch has been
Arranged

Note: Arrangements can be made for employee incentive
  schemes that involve frequent issues

According to Wrights Investors' Service, at the end of 2002,
Earth Essence had negative working capital, as current
liabilities were A$5.60 million while total current assets were
only A$5.43 million. The company has paid no dividends during
previous 2 fiscal years and reported losses during the previous
12 months.


GOODMAN FIELDER: BPC Reduces Offer Price Due to Dividend Payment
----------------------------------------------------------------
Burns, Philp & Company Limited refers to the takeover bid by its
wholly owned subsidiary BPC1 Pty Limited (BPC1), for all the
Goodman Fielder Ltd (Goodman Fielder) ordinary shares, at $1.85
per share (the Offer), and the Bidder's Statement for the Offer
dated 19 December 2002.

Goodman Fielder has announced a final dividend of 3.5 cents per
share on ordinary shares with a books closing date of 21
February 2003, payable on 14 March 2003. The dividend payment
will be 50 per cent franked.

Burns Philp advises that the Goodman Fielder dividend payment
will have the following consequences with respect to the Offer:

   1. The effective Offer price will be reduced by the amount of
the dividend (3.5 cents) to $1.815 per share. This reduction
will affect all Goodman Fielder shareholders.

Burns Philp will not reduce the Offer price by the value of the
franking credit on the dividend.

  2. The shares issued under the Goodman Fielder Dividend
Reinvestment Plan will not fall within the bid class securities
pursuant to clause 9.1(d) of the Bidder's Statement. However,
Burns Philp has advised Goodman Fielder that if Goodman Fielder
provides its consent to the application, Burns Philp will apply
to ASIC to modify the terms of the Offer so that it will extend
to shares issued pursuant to the Dividend Reinvestment Plan.

  3. Burns Philp will not rely on the issue of shares under the
Dividend Reinvestment Plan as a breach of the defeating
condition in its Offer.


IWL LIMITED: Changes Registered Office Address
----------------------------------------------
IWL Limited announces that it has changed its registered office
and principal place of business to the following address:

     Level 22
     360 Collins Street
     MELBOURNE VIC 3000

The telephone and facsimile numbers remain the same:

     Telephone: (03) 9691 1600
     Facsimile: (03) 9691 1601

IWL Limited, formerly known as Investorweb Ltd, provides
financial advisory software, financial products (cash management
account & 3rd party sharebooking), research (managed investments
& equities), online media). It paid no dividends during the
last 12 months and reported losses during the previous 12
months.


UECOMM LIMITED: Issues Change of Director`s Interest Notice
-----------------------------------------------------------
Uecomm Limited issued this Change of Director's Interest Notice:

   Name of Company          Uecomm Limited

   ABN                      56 079 083 195

We (the entity) give the ASX the following information under
listing rule 3.19A.2 and as agent for the director for the
purposes of section 205G of the Corporations Act.

   Name of Director         Leonard Peter Shore

   Date of last notice      16/08/2002


Part 1 - Change of director's relevant interests in securities

Direct or indirect interest     Direct       Direct       Direct
                              Interest     Interest     Interest

Nature of indirect interest     -            -            -
(including registered holder)

Date of change               07/02/2003   No change    No change

No. of securities held prior    1,000,000    578,000    240,000
to change

Class                         Ordinary     Restricted   Employee
                                             Ordinary
Options

Number Acquired                 400,000      Nil          Nil

Number disposed                 -            -            -

Value/consideration             $63,401.58   -            -

No. of securities held after    1,400,000    578,000    240,000
change

Nature of change                On-market   -            -
                                purchase

Part 2 - Change of director's relevant interests in contracts

Detail of contract                      N/A

Nature of direct interest               N/A

Name of registered holder
(if issued securities)                  N/A

Date of change                          N/A

No. and class of securities to which
interest related prior to change        N/A

Interest Acquired                       N/A

Interest disposed                       N/A

Value/consideration                     N/A

Interest after change                   N/A

On December last year, Troubled Company Reporter - Asia Pacific
reported that Uecomm will sell the Perth fiber network to
Western Power for $5.14 million, which will result in a loss of
approximately $7 million before tax.

At the end of 2002, Uecomm Limited had negative working capital,
as current liabilities were A$17.50 million while total current
assets were only A$13.88 million, Wrights Investors' Service
reported.


WESTERN METALS: Issues Mt Gordon Stage 2 Update
-----------------------------------------------
Western Metals Limited advises that zinc concentrate production
was approximately 17% below plan for January 2003 due to a
combination of several disparate circumstances. These included a
two day mill maintenance shutdown being brought forward from
February 2003, lower than planned zinc grades due to dilution of
high grade stopes in the Pillara mine and an unfortunate death
of a contractor on site with the resultant investigations
materially impacting on several days production.

Although this production downturn has reduced the Company's
concentrate stocks, changed mining practices at Pillara have
resulted in production and grades returning to planned levels in
February and this performance is expected to continue in the
future. The Company continues to keep its principal financiers
informed of developments having regard to the terms of the debt
restructuring completed in January.

At Mt Gordon, construction of the Stage II plant expansion is on
schedule for completion by the end of February 2003.
Commissioning the plant with the introduction of Mammoth ore to
be blended with existing Esperanza production will occur in
March 2003. Currently there is approximately 30,000 tonnes of
Mammoth ore in stockpile ready to be processed.


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


CIL HOLDINGS: Court Adjourns Winding-Up Case to Feb 24
------------------------------------------------------
Reference is made to the announcements made by CIL Holdings
Limited on 8th October 2001, 12th November 2001, 14th January
2002, 18th March 2002, 29th April 2002, 6th May 2002, 17th June
2002, 29th July 2002, 26th August 2002, 4th November 2002, 16th
December 2002 and 6th January 2003 in relation to the winding-up
petition (the Petition) issued against the Company by Star
Dragon Securities Limited as the substituted petitioner.

Pursuant to the Company's application for adjournment of the
Petition as mentioned above, the Hong Kong Court made an order
to adjourn the Petition to 24th February 2003. In this
connection, further announcement will be made as and when
necessary.


CIL HOLDINGS: Final Audited Results Dispatch Delayed
----------------------------------------------------
Further to the announcement made on 31st December 2002, the
Directors of CIL Holdings Limited announced that the final
audited results of the Group for the year ended 30th June 2002
will be further delayed to a date which will be on or before
31st March 2003 and the dispatch of the annual report to
approximately three weeks thereafter.

Pursuant to the Listing Rules, the annual report for the year
ended 30th June 2002 including its audited annual accounts must
be published and sent to Shareholders within four months from
the ended financial year. The accounting records of the Group
could not be finalized as the amount of provisions for certain
contingent liabilities (including but not limited to
disputed claims with the creditors of the Group) to be made in
the accounts could not be fixed until the Scheme has been
completed. Accordingly, the final audited results will be
further delayed. Once all the necessary court documents have
been finalized and filed at the Courts, the Company will
then be in a position to fix a date to seek the Courts' sanction
of the Scheme.

The delay in the publication of the audited consolidated final
results and the delay in the dispatch of the annual report
constitute a breach paragraph 8(1) and 11(1) of Appendix 7b of
the Listing Rules. In this regard, the Stock Exchange reserves
its rights to take appropriate action against the Company and/or
its Directors. The Directors have not dealt in the Shares since
1st June 2002 and will undertake to the Stock Exchange that they
will not deal in the Shares until the audited final results for
the year ended 30th June 2002 have been released and published.

Trading in the Shares was suspended from 9:30 a.m. on 10th
February 2003 at the request of the Company pending release of
this announcement and application has been made to the Stock
Exchange for the resumption of trading in the Shares from 9:30
a.m. on 11th February 2003.


CIL HOLDINGS: Issues Scheme's Recent Development Update
-------------------------------------------------------
CIL Holdings Limited refers to the announcement made on 15th
February 2002 regarding the Restructuring Proposal. On 31st May
2002, the Company dispatched the Circular to its Shareholders.
On 2nd August 2002, the Company had dispatched the Scheme
document to Scheme Creditors and, for information only, the
Shareholders and claimants of the Disputed Claims.

On 28th November 2002, the Company dispatched the supplemental
Scheme document to Scheme Creditors and, for information only,
the Shareholders and claimants of the Disputed Claims. On 20th
December 2002, the Company obtained the prerequisite majority
from the Scheme Creditors at the meetings of the Scheme
Creditors to approve the Scheme.

The Company is in the process of finalizing the petitions to
sanction the Scheme. It is anticipated that the hearings at
which the Company will seek Courts' sanction of the Scheme will
be held in late February 2003 or early March 2003. In this
connection, further announcement will be made by the Company.


ENGINEERING COMPANY: Winding Up Hearing Scheduled
-------------------------------------------------
The High Court of Hong Kong will hear on February 29, 2003 at
9:30 in the morning the petition seeking the winding up of Hong
Kong Engineering Company Limited.

Tse To Suen of Room 2106, Chung Tai House, Fu Tai Estate, Tuen
Mun, New Territories, Hong Kong filed the petition on December
11, 2002.  Tam Lee Po Lin, Nina represents the petitioner.

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


HARMONY CENTURY: Winding Up Petition Pending
--------------------------------------------
Harmony Century Hong Kong Limited is facing a winding up
petition, which is slated to be heard before the High Court of
Hong Kong on March 5, 2003 at 10:00 in the morning.

The petition was filed on January 14, 2003 by Fong Yiu Kwong of
Flat G, 7th Floor, Block 13A, Yee Fai Court, South Horizon,
Apleichau, Hong Kong.


MANSION HOLDINGS: No Apparent Reason for Share Price Decrease
-------------------------------------------------------------
The Board of Directors has noted the recent decrease in the
price of the shares of Mansion Holdings Limited and wishes to
state that except the disclosure made in the announcement dated
7th February, 2003, it is not aware of any reasons for such
changes.

The Board also confirms that there are no negotiations or
agreements relating to intended acquisitions or realizations
which are discloseable under paragraph 3 of the Listing
Agreement, nor is the Board aware of any matter discloseable
under the general obligation imposed by paragraph 2 of
the Listing Agreement, which is or may be of a price sensitive
nature.

The Troubled Company Reporter - Asia Pacific reported Tuesday
that Mansion Holdings has bought a health club owned by Tai Sun,
despite failing to show any profit for three years now. Listed
in 1992, Mansion Holdings has reported three straight years of
losses since 1999.  As of the latest reporting year of 2001, its
net loss stood at HK$11.3 million and it registered negative
cashflow of HK$10.9 million.


RAINBOW COSMETIC: Faces Winding Up Petition
-------------------------------------------
The petition to wind up Rainbow Cosmetic Company 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 14, 2003 by
Fong Yiu Kwong of Flat G, 7th Floor, Block 13A, Yee Fai Court,
South Horizon, Apleichau, Hong Kong.


SKYNET INT'L: Winding Up Hearing Further Adjourned on Monday
------------------------------------------------------------
Reference is made to the announcements of Skynet (International
Group) Holdings Limited dated 31 October 2002, 13 December 2002,
27 December 2002 and 15 January 2003 in relation to, among
others, the winding up petition HCCW 1197 of 2002 (the Petition)
filed by Lombard Asian Private Investment Company LDC (Lombard)
against the Company on 30 October 2002 alleging the failure of
the Company to cause Skynet Limited, an approximately 64.91%
non-wholly owned subsidiary of the Company at the date of the
Petition, to pay the redemption amount of HK$93,600,000 for the
convertible cumulative redeemable participative preferred shares
of Skynet Limited held by Lombard.

The Petition was heard on Wednesday and the solicitors for
Lombard made an application on behalf of Lombard for an
adjournment of the hearing of the Petition to allow more time
for discussion on possible settlement arrangement. The matter
has now been adjourned to be heard next Monday, 17 February
2003.

Further announcement will be made by the Company on the results
of such hearing.

At the request of the Company, trading in the shares of the
Company on The Stock Exchange of Hong Kong Limited was suspended
with effect from 9:30 a.m. on 12 February 2003 and resumed with
effect from 9:30 a.m. on 13 February 2003 following the
publication of this announcement.


STARBOW HOLDINGS: Sees No Reasons for Share Price Increase
----------------------------------------------------------
Starbow Holdings Limited notes the recent increase in the price
of the shares of the Company and states that it is not aware of
any reasons for such increase.

Save as the announcement dated 7/2/2003 regarding the
introduction of a substantial shareholder, the Company confirms
that there are no negotiations or agreements relating to any
intended acquisitions or realizations which are discloseable
under paragraph 3 of the Listing Agreement, neither is the
Board aware of any matter discloseable under the general
obligation imposed by paragraph 2 of the Listing Agreement,
which is or may be of a price-sensitive nature.

Wrights Investors' Service reports that at the end of 2002,
Starbow Holdings had negative working capital, as current
liabilities were HK$42.25 million while total current assets
were only HK$33.23 million. The company also reported losses
during the previous 12 months and has not paid any dividends
during the previous 2 fiscal years.


TELHOPE INFORMATION: Winding Up Sought by Reach Networks
--------------------------------------------------------
Reach Networks Hong Kong Limited is seeking the winding up of
Telhope Information Development Company Limited. The petition
was filed on December 11, 2002, and will be heard before the
High Court of Hong Kong on February 19, 2003.

Reach Networks holds its registered office at 18th Floor,
Telecom House, 3 Gloucester Road, Wanchai, Hong Kong.


WAI YUEN: Trading Remains Suspended
-----------------------------------
The trading of Wai Yuen Tong Medicine Holdings Limited's shares
at Hong Kong Stock Exchange remain suspended pending the release
of an announcement in relation to a proposed major and
connected transaction.

The Company's trading was suspended since 9:30 a.m. on February
2, 2003.

Wrights Investors' Service reports that at the end of 2002, Wai
Yuen Tong Medicine Holdings Ltd, formerly known as Dailywin
Group Limited, had negative working capital, as current
liabilities were HK$64.52 million while total current assets
were only HK$56.89 million. It has reported losses during the
previous 12 months and has not paid any dividends during the
previous 2 fiscal years.


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


ASTRA INT'L: Toyota Divestment Talks Far From conclusion
--------------------------------------------------------
The negotiations on divestment of PT Astra International's stake
in Toyota Astra Motor are ongoing and still far from conclusion,
AFX-Asia reports, quoting Finance Director John Slack.

"We still have a lot of discussions with Toyota and there may be
no conclusion for many months," Slack said, adding that Astra
would stick by its previous statements indicating that it
intended to complete the sale this year.

"As we have always said, (the divestment) will probably happen
this year," he said.

Early this week, Troubled Company Reporter - Asia Pacific
reported that 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'.

According to DebtTraders, Astra Overseas Finance's 4.669%
Floating Rate Note Due on 2005 (ASII05IDA1) trades between 83.5
and 86.5. For more real-time bond pricing information, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=ASII05IDA1.


CITRA MARGA: Selling Unit to Finance Road Project
-------------------------------------------------
Citra Marga Nusaphala Persada plans to dispose of up to 20
percent of Citra Margatama Surabaya, its 80 percent-owned
Surabaya unit, DebtTraders said.

The disposal is intended to raise Rp200 billion (US$23 million),
which will help fund an Rp800 billion (US$90 million) toll-road
connecting Juanda road and Tanjung Perak port.

DebtTraders reports that PT Citra Marga's 7.250% bonds due on
2002 (CMNP02IDN1) are trading between 68 and 73. Go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=CMNP02IDN1
for real-time bond pricing.


SINAR MAS: Claims IBRA Protection on APP Workout Rumor Not True
---------------------------------------------------------------
Sinar Mas Group's Vice Chairman of Debt Restructuring G
Sulistiyanto denies that Asia Pulp & Paper, one of its units,
had been hiding behind Indonesia Bank Restructuring Agency in
its US$6.56 billion debt restructuring process, Bisnis Indonesia
reports.

"Actually, it was ECA that asked IBRA to be involved in the debt
restructuring process. Nine ECA-member countries once came to
Indonesia government, and they use G to G [government to
government] mechanism to request IBRA to lead the restructuring
process," Sulistiyanto said, adding that an agreement was made
in June 2002.

Under the agreement, IBRA was willing to lead the restructuring
process with following conditions:

   * IBRA should first receive US$90 million cash payment.
   * IBRA would only lead the restructuring process, and would
not become a participant.
   * IBRA would select people to be placed in the four companies
of APP.
   * The creditors had to rebut the judicial management attempts
brought by two creditors into Singapore's court since the
failure to resist the case would make no one willing to provide
guarantee on the debt.

"So it was 12 ECA's members' countries that want IBRA to be
involved. We have to clear the fact first since there has been a
trend to put APP in the corner by saying it has been hiding
behind IBRA for protection. Another strong fact is that there
has been a progress in the debt restructuring during the IBRA's
leadership," Sulistiyanto added.

On the other hand, IBRA Deputy Chairman for Credit Management
Asset Mohammad Syahrial also denied that it has been protecting
APP in its corporate restructuring process. He said that the
agency is only obeying the existing rules, which the Capital
Market Supervisory Agency had set.


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


FUJITSU LIMITED: Announces Unprecedented Wage Cut
-------------------------------------------------
Fujitsu Limited will lower wages in all levels of the company by
reducing the size of standard annual pay hikes, the Asahi
Shimbun reported recently.

The move is expected to affect 30,000 union members, who
currently receive an annual raise of 1 to 1.5 percent of their
base pay, the paper said, noting that the move is a drastic step
for a major Japanese firm, which traditionally increase their
employees' base pay automatically each year.

The announcement shocked union officials, who are currently
preparing for the annual shunto, or spring labor offensive.
Industry insiders told the paper the move was unprecedented
because management do not normally ask a union to approve wage-
cut prior to spring labor talks.

"Under the current structure, base pay comprises 35 percent of
Fujitsu employees' salary, while 60 percent is based on
responsibilities and achievements, and 5 percent on other
benefits," the paper said.

The company hopes to reduce overhead and improve its
competitiveness in the international arena, a source told the
paper.  This, as the company has suffered severely from poor
performance in recent months.


HITACHI LIMITED: Wins Contract to Build High-tech US Power Plant
----------------------------------------------------------------
Hitachi Limited, along with Mitsui & Co., has won a 120 billion
yen contract to build a coal-fired power plant for the U.S. firm
Mid American Energy Co. in the United States.

According to Japan Times, the plant will be operational by June
2007, with generating capacity of 790,000 kilowatts.
Construction will begin in September.  It will be one of the
most advanced power plants in the U.S. and will use energy-
efficient technology supplied by Hitachi, Mitsui officials told
the paper.

Headquartered in Tokyo, Hitachi Limited is a leading global
electronics Company, with approximately 320,000 employees
worldwide.  The Company offers a wide range of systems, products
and services in market sectors, including information systems,
electronic devices, power and industrial systems, consumer
products, materials and financial services.

The group posted a third quarter profit of 1.3 billion yen
($10.8 million) in 2002, versus a loss of 115.8 billion yen a
year earlier, as a result of its restructuring scheme, the
Troubled Company Reporter-Asia Pacific said recently.


MITSUBISHI MOTORS: Picks Michigan for New Production Facility
-------------------------------------------------------------
Michigan Governor Jennifer Granholm and Chrysler Group President
and CEO Dieter Zetsche on behalf of Global Engine Alliance LLC
partners recently announced that Dundee, Michigan, has been
chosen as the preferred site in the United States for a new
engine production facility.

The facility has been planned by Global Engine Alliance LLC, the
joint venture created by Mitsubishi Motors Corporation, Chrysler
Group and Hyundai Motor Company in May 2002 for joint design,
developing and engineering of a family of four-cylinder gasoline
engines.

The final agreement for the 245-acre Dundee site is still
subject to several government approvals, as well as internal
corporate approvals. Approximately 400 jobs will be created at
the plant within five years. Zetsche credited the close
relationship between the Global Engine Alliance partners, the
UAW, and state and local governments leading up to the
announcement.

"This announcement marks a milestone for all Alliance partners.
For Mitsubishi Motors, localization of engine production is an
important element in further fueling our expansion drive in
North America," said Mitsubishi Motors President and CEO Rolf
Eckrodt. "We have grown by 81 percent over the last 4 years in
the U.S., and we are now carrying this success into the large
markets of Canada and Mexico."

The first alliance partner to manufacture the engine will be
Hyundai, which will begin production in 2004 at a plant in Asan,
South Korea. Mitsubishi Motors will follow in Kyoto, Japan,
later in 2004. Production at the U.S. facility is scheduled to
start in 2005.

Total annual production of this project is estimated at over 1.5
million engines per year, and could represent the highest-volume
engine family in the world.

Chrysler Group is a business unit of DaimlerChrysler AG.
DaimlerChrysler AG also holds an equity position of more than 10
percent in Hyundai Motor Company.

Mitsubishi Motors Corporation www.mitsubishi-motors.co.jp was
established in 1970 and is one of the few automobile companies
in the world that produces a full line of automotive products
ranging from 660-cc mini cars and passenger cars to commercial
vehicles and heavy-duty trucks and buses. The Company also
operates consumer-financing services and provides this to its
customer base. Automobile operations accounted for 98 percent of
fiscal 2000 revenues and financing business, 2 percent. The
Company has one hundred and eighty nine consolidated
subsidiaries worldwide. Overseas sales accounted for 56.8
percent of fiscal 2000 revenues. Mitsubishi Heavy Industries,
Ltd. is the major shareholder with 25.62 percent of issued
stock.

According to Japan Credit Ratings Agency (JCR), Mitsubishi
Motors Corporation (MMC) plans to turn the domestic passenger
car business into the black while maintaining the current
earnings level for North American business under the turnaround-
restructuring plan. JCR has been pointing out that it is highly
probable that the turning of the domestic car operation into the
black would be delayed, considering it is difficult to bring
back customers who left MMC due to the recall scandal in such a
short period of time. MMC has now put brakes on deterioration in
the financial structure. The financial structure is expected to
improve gradually along with recovery of the earnings power.

Contact:
Mitsubishi Motors Corporation
Fumio Nishizaki
f-nishizaki@mitsubishi-motors.co.jp
+81-3-5232-7342


MIZUHO HOLDINGS: Merrill Lynch Eyes Stake in Bank
-------------------------------------------------
US investment bank Merrill Lynch is in final talks to buy 150
billion yen (US$1.25 billion) of shares in Mizuho Holdings,
Channel News Asia and Sankei Shimbun newspaper reports.

The shares would be part of one trillion yen of new shares
Mizuho plans to issue by March.

Mizuho decided to seek financing after forecasting nearly two
trillion yen in-group net losses for the year to March.

Officials at Mizuho and Merrill Lynch were not available to
comment.


MIZUHO HOLDINGS: New Parent to Post Profit, Temper Bank's Losses
----------------------------------------------------------------
A new company that will absorb Mizuho Holdings Inc., as a wholly
owned subsidiary by March 12 will post an unconsolidated net
profit of 30 million yen and a pretax profit of 50 million yen
on operating revenues of 900 million yen for the fiscal year to
March 31, Mizuho Holdings Inc. told Japan Today Wednesday.

The company, Mizuho Financial Group Inc., will gobble up the
present Mizuho holdings pursuant to the reorganization plan
announced recently.

In contrast to the new parent company, Mizuho Holdings --
considered the world's largest bank in terms of asset -- is
expected to book JPY1.95 trillion (US$16.3 billion) in losses
this year, as the country's financial regulator will likely
demand deeper write-offs related to its bad loans.

New York Times recently traced Mizuho's problem to its
clientele, which comprise 70% of the companies on the Tokyo
Stock Exchange.  These companies, in recent months, have
bombarded the bank with requests for debt waivers and other
assistance, the paper said.

Overall, Japan's bad loans are estimated to be worth JPY52
trillion (US$433 billion), according to the Times, and it is
expected that financial regulators will demand for huge write-
offs to cleanup the nation's troubled financial industry.


NISSHIN FIRE: Tokio Marine Eyes a Third of Insurer by 2005
----------------------------------------------------------
Tokio Marine & Fire Insurance Co. plans to acquire the shares of
Meiji Life Insurance Co. and Mitsubishi Tokyo Financial Group
Inc. between now and March 2005 in order to get control of one-
third of Nisshin Fire & Marine Insurance Co.

Citing an unnamed spokesman, Japan Today said Tokio is also
pursuing a business alliance with Nisshin, but nothing specific
towards this end has been discussed yet.  Tokio is already a
shareholder of Nisshin, but it wants to increase its stake to
gain veto power over the proposals of other shareholders.

Nisshin is a small-to-midsize non-life insurance company, and
had about 2% market share in terms of net premiums written in
fiscal 2001.   The company's focus since the appointment of a
new president in 2000 has been the household market, small-to-
midsize enterprises, and some large organizations, such as
police organizations.

In July last year, Standard & Poor's assigned a 'BBB-' financial
strength and long-term counterparty credit rating on the
company, with a negative outlook.  In handing this grade, the
company cited the firm's "deteriorated operating performance and
intensifying competition, mainly from large insurance groups."

"While Nisshin Fire's underwriting performance has improved due
to a decrease in natural disaster-related losses in fiscal 2001,
its overall operating performance has significantly worsened,
primarily as a result of a sharp increase in asset revaluation
losses on securities and additional voluntary early retirement
costs," S&P said at the time.

"Our overall outlook on the non-life industry remains negative
based on the harsh competitive environment, the saturated
domestic market, and the stagnant domestic economy," the rating
agency noted.


RESONA HOLDINGS: Takes Back Rosy Forecast as Firm Sees Red Ahead
----------------------------------------------------------------
Resona Holdings Inc. has revised its earlier forecast of a 3
billion-yen profit for the year to March and is now expecting
consolidated net losses of 185 billion yen, Japan Today says.

This will make the company's report card red for the second
consecutive year, the local daily said.   The group blames the
huge charge it will take to cover non-performing loans and
latent losses on securities holdings under its medium-term
"Super Regional" business strategy.

These charges are in compliance with the Financial Services
Agency's financial revival program, the paper adds.


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

CHOHUNG BANK: Deloitte Unit Turns Down External Evaluation Job
--------------------------------------------------------------
A member of international accounting firm, Deloitte Touche
Tohmatsu, has backed out from an external evaluation of state-
owned Chohung Bank's assets, citing conflict of interest, Korea
Herald said yesterday.

According to state-run Korea Deposit Insurance Corp. (KDIC),
Ahn-Kwon & Co. will no longer take part in the external
evaluation, the result of which will be made the basis for the
final price in talks with Shinhan Financial Group, the preferred
negotiator.

The state-run agency said that it will hire another public
accounting firm this week to do the evaluation.


HANBO STEEL: AK Capital Clinches Deal with US$377 Million Bid
-------------------------------------------------------------
Korea Asset Management Corp., the state-run company tasked to
sell Hanbo Iron & Steel Co., announced on Wednesday that it had
already reached an agreement with AK Capital.

According to Korea Herald, AK Capital agreed to pay US$377
million for Hanbo Steel.  Under the arrangement, the buyer will
pay an additional 20 billion won, 10 billion won will be paid on
the contract signing date, and the remaining 10 billion won will
be paid within 90 days.  The payment will be finalized within
150 days but July this year.

The buyer plans to invest US$400 million to US$1 billion into
the steel-making company, after the completion of the takeover.

"The business operation at Hanbo Steel will get back to normal
with the additional investment," AK Capital said in a statement.

Hanbo is expected to produce as much as 11.5 million tons of
steel annually pending completion of steel mill whose
construction was halted when Hanbo ran out of funds.  The
project needs about 1.8 trillion won of extra funding and 14
additional months to complete, the paper said.


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


LAND & GENERAL: Plans Two-year Turnaround on Debt Restructuring
---------------------------------------------------------------
Land & General Bhd expects a turnaround in two years once its
Rm450 million restructuring plan via asset sales and share
issues is completed, AFX-Asia reported Thursday, citing Managing
Director Mike Krishnan.

Krishnan added that the company would return to focusing on
property development once its debts are restructured.

COMPANY PROFILE

Originally a sawmiller, trader in sawn timber and also a
manufacturer and trader in timber mouldings, the L & G Group
subsequently expanded its activities to include real estate
development, timber logging and downstream processing,
manufacturing of polyvinyl chloride resins, compound and PVC
products, marine transportation and support services to the oil
and gas sector, education, and high technology.

Currently, the businesses of the L&G Group are divided into
property development and investment. Property development is the
main core business activity.

The Group is presently pursuing the restructuring of its
financial obligations to contractors, creditors and bank lenders
as well as its Euro convertible bondholders. On 20 May 2002 L&G
made a Bumi Armada Berhad (BAB) swap offer involving the
settlement of approx. RM207m owing by the L&G Group to financial
institutions and bondholders in exchange for 29,634,164 shares
of BAB owned by the L&G Group. On 5 September 2002, L&G
completed the swap. As part of the debt restructuring, L&G also
proposed settlement of its remaining indebtedness due to
financial institutions and bondholders amounting to approx.
RM450m. Approval from the FIC for the scheme was obtained on 8
August 2002. The scheme is currently pending approval from SC,
BNM, KLSE and shareholders of L&G.

Meanwhile, the Group is undertaking a program to dispose of its
non-core assets. To-date L&G has disposed its entire equity
interests in Armada Tankers Sdn Bhd, Cakara Alam (PNG) Ltd (held
through subsidiary Overseas & General Ltd), and Perlis
Consolidated Sdn Bhd. Other disposals pending completion are
Industrial Resins (Malaysia) Berhad and Kinley Trading Limited
(ultimately the disposal of PT Wapoga Mutiaria Industries).

On 20 August 2002, L&G successfully completed the termination of
the JV with KL-Kepong Property Holdings Sdn Bhd in relation to
the joint- development of Lembah Beringin. The termination
resulted in L&G holding 100% equity interest in Lembah Beringin
Sdn Bhd and other subsidiaries.

On 12 August 2001, subsidiary Bandar Sungai Buaya Sdn Bhd (BSB)
defaulted on its financial obligation to redeem 41,000
redeemable preference shares amounting to RM41,000 and to settle
a deferred cash payment of RM28,464,264 which represent partial
settlement of the purchase consideration for the acquisition of
3,094.5 acres of land in 1996 by BSB from Murna Jaya Development
Bhd (MJD). On 9 September 2002, the Company and BSB agreed to
terminate the JVA entered with MJD for the development of Bandar
Sungai Buaya township. BSB, as a result, would return land
measuring in aggregate approx. 1,617 acres to MJD. This proposal
is pending approval of KLSE and shareholders of L&G.

CONTACT INFORMATION: 2nd Floor, 7 Persiaran Dagang
       Bandar Sri Damansara
       52200 Kuala Lumpur
       Tel : 03-6275 7788;
       Fax : 03-6277 7061


MBF HOLDINGS: In the Midst of Listing Application Revision
----------------------------------------------------------
Further to the announcement dated 5 February 2003, Alliance
Merchant Bank Berhad, on behalf of the Board of Directors of MBf
Holdings Berhad, announced that subsequent to the Company's
application to the Kuala Lumpur Stock Exchange (KLSE) dated 27
November 2002 for the listing of and quotation for the new MBf-H
shares and warrants to be issued pursuant to the Proposed SOA,
the Company is in the midst of preparing a revised application
for the same and expects to submit the application to the KLSE
by early next week.

Mid-last month, Troubled Company Reporter - Asia Pacific
reported that MBf Holdings placed its two Singaporean units
under voluntary winding-up as part of its rationalization and
streamlining exercise.


MECHMAR CORPORATION: Winding Up Petition Hearing Adjourned
----------------------------------------------------------
Mechmar Corporation (Malaysia) Berhad informed that the hearing
to strike off Winding Up Petition by Bonus Point Investment Ltd
has been postponed to 18 April 2003.

Last month, the Troubled Company Reporter - Asia Pacific
reported that Alliance Merchant Bank Berhad proceeded with legal
action to recover their outstanding loan of RM7.3M and out
standing Bank Guarnatee Commission of RM 2.025M from Mechmar
Corporation (Malaysia) Berhad.

The Company is in negotiations to settle the outstanding loan by
installment but in dispute over the computation of the Bank
Guarantee Commission. The Group is paying off the rest of the
loans in default by agreed installment schedules. Go to
http://www.bankrupt.com/misc/TCRAP_Mechmar0108.xlsto see the
list of loans in default as at 31 December 2002.


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


CLUB JOHN: RP President Orders Quick Resolution of Contract Row
---------------------------------------------------------------
Philippine President Gloria Arroyo has ordered that the
stalemate between the Bases Conversion Development Authority
(BCDA) and Club John Hay Development Corp. (CJHDC) be resolved
as soon as possible, the Philippine Star said yesterday.

The paper said the order came after local executives and a solon
representing the City of Baguio brought the matter to the
President's attention.  The city is entitled to a one-percent
share from the developer's rental of the former U.S. military
recreational facility and stands to lose a huge sum if the BCDA
and CJHDA fail to iron out their differences.

In its January 3 issue, Troubled Company Reporter-Asia Pacific,
citing the Manila Bulletin, said the developer has unpaid lease
payments of PHP931 million and is seeking to re-restructure the
pact using a combination of cash, shares and 'dacion.'  The
newsletter quoted BCDA President and CEO Rufo Colayco, at the
time, as saying that negotiations are ongoing.

Baguio Congressman Mauricio Domogan told the Philippines Star
that he has been informed that the BCDA has not terminated the
lease and that there only remain two contentious issues to
resolve.  BCDA Chairman Florencio Padernal has confirmed this,
according to the paper, adding that the Authority has already
deferred the decision on the settlement of CJHDC's unpaid lease
rental.  Talks between the two parties now revolve around the
issue of evaluation and the issue of interest computation.

Robert John L. Sobrepe¤a, CJHDC chairman, told the Philippine
Star he is confident "all these issues will be resolved soon."
An early resolution of this matter will benefit government in
terms of much needed revenue and will give tourism a major shot
in the arm, he said, adding that it will also send positive
signals to foreign and local investors that government adheres
to its privatization policy.

CJHDC currently operates the 189-unit Camp John Hay Manor, a
golf clubhouse, a 3,000-seater convention center, several log
houses, country homes, and commercial establishments.  It
recently started construction of the Manor's 287-unit companion
hotel called the Camp John Hay Suites.  Also ongoing is the
construction of the entertainment center and the commercial
center, the report said.

To date, the developer has pumped PHP2.5 billion into the former
military facility.  It has earmarked PHP1.8 billion more in
terms of development to materialize in one to two years bringing
total commitments of up to PHP4.3 billion, exceeding the
required investments under the release agreement.

The lease granted to CJHDC in 1996 runs for 25 years with
rentals fixed at PHP425 million annually or five percent of the
gross revenues for the first five years.  The developer will
then increase its rent by PHP150 million per year beginning the
sixth year until the end of the contract.

According to TCR-AP, Club John Hay made an advance payment of
PHP250 million during the signing of the original lease
agreement in 1996 and the annual PHP425 million rent in 1997.
But the firm sought a restructuring of its lease agreements
following the Asian financial crisis in 1997.

Following the signing of the restructured lease agreements, the
developer paid another PHP50 million in cash and PHP70 million
in golf shares and properties.  Under the new contract, Club
John Hay was supposed to pay the PHP425 million annual rentals
starting 1999 to 2002 or one year longer than the original
schedule.

For 1999, the company was obligated to pay PHP150 million to be
paid in cash after the MOA signing and PHP200 million in five
annual installments starting the year 2003 and the remaining
PHP75 million by way of golf and club shares.  For 2002, the
developer had to pay PHP150 million and PHP275 million in five
annual installments starting the year 2004.

The developer claims that BCDA had failed to resolve key issues,
thus resulting in further delays in their proposed projects for
the former military summer camp causing them opportunity losses
and lower sales.

According to the Club John Hay, BCDA had failed to transfer to
them effective control and possession of portions of the leased
areas.  It had also lost money due to the delay in the issuance
of the environmental compliance certificate by the Department of
Environment and Natural Resources.


MANILA ELECTRIC: Napocor Hell-bent on Collecting PHP17B Fine
------------------------------------------------------------
A PHP17.7 billion-bill clouds the horizon for Manila Electric
Co. (Meralco), the embattled power distributor in Metropolitan
Manila, if it fails to reach a deal with the National Power
Corporation.

The amount represents the penalty charges prescribed under a 10-
year supply agreement inked by the two companies.  Under the
pact, Meralco was obliged to buy 3,600 megawatts of electricity
from the state-owed power generator.  But according to local
daily, Malaya, Meralco currently buys only 60% of the required
power supply stipulated in the contract.

Earlier, Energy Secretary Vince Perez said that both parties are
still negotiating with the department acting as mediator.  He
confirmed that should the matter continue to be unresolved, it
will be elevated to a formal legal arbitration.

An arbitration clause in the contract provides that both parties
elect their representative and mutually agree to a third party
who will be the chairman.  The arbitration panel will be the one
who will decide on how to resolve the issue, Malaya said.  The
energy department hopes to resolve the row while it is still
under its hands.

But if the pronouncements of newly installed Napocor President
Rogelia Murga be any indication, the case would likely reach
arbitration.  Mr. Murga has vowed to collect the charges to
Meralco at all cost.

If Meralco loses the case, the bill would add to its burgeoning
liabilities.  In December, the Supreme Court ruled that the
company overcharged its 3.8 million consumers between 1994 and
1998 and ordered a refund that is estimated to cost the firm
between PHP8 billion and PHP28 billion.


NATIONAL POWER: To Open Bid on PHP1.9 BB Power Project in June
--------------------------------------------------------------
The bidding process for the PHP1.9 billion Cebu-Mactan
interconnection project of the National Power Corporation will
kick off at the end of this month, says the Philippine Star.

The state-owned power firm will advertise the bidding procedures
in March and conduct the bid proper in June.  Accordingly, the
project has already received the approval of the National
Economic and Development Authority, which authorized the
sourcing of the project's funding from the Miyazawa Initiative
under the Special Yen Loan Package worth US$29.3 million (P1.4
billion).  The government will put up the balance needed to
complete the project by May 2005.

Another project to be bid out in June is the Leyte-Cebu project
worth US$68.5 million.  The project is scheduled for completion
by December 2004, the Philippine Star said.

Napocor, as the company is best known locally, will be
privatized soon.  A pending bill in Congress will authorize the
sale of the firm's transmission assets once passed.


NATIONAL POWER: Korean Agency to Fund PHP160M Expansion Plan
------------------------------------------------------------
The Economic Development Cooperation Fund of Korea will finance
the expansion of the 100-megawatt substation of the National
Power Corporation in Daraga town in Albay, the Philippine Daily
Inquirer said yesterday.

Napocor Area Manager Antonio Licup told the paper the Korean
agency will lend the state-run power firm PHP160.3 million at an
interest rate of four percent to complete the project.  The
expansion is being undertaken to address the growing demand for
power in Albay and neighboring Sorsogon province, he said.

"There is a need to install a 50-megawatt transformer before
year 2005 to avoid problems such as overloading," Mr. Licup told
the Inquirer.  He said demand for electricity in the two
provinces grows at an annual rate of almost eight percent and
has reached 75 megawatts.

Napocor is now preparing to bid the project out, says Vicente
Loria of Napocor's project management group.


PHILIPPINE AIRLINES: Majority Owner Looking for Buyer, Says Mole
----------------------------------------------------------------
Business magnate Lucio Tan, whose group owns 90% of Philippine
Airlines, has revived his plan to dispose of his stake in the
national flag carrier, the Manila Times reported yesterday.

The Chinese-Filipino businessman, who has extensive interest in
the country's tobacco and beer industries, has reportedly
offered a three-percent commission to anyone who can facilitate
the sale, an unnamed source told the paper.

This is not the first time that Mr. Tan has offered his stake in
the carrier.  It is common knowledge that as early as three
years ago the business tycoon held talks with several carriers,
including German flag carrier, Lufthansa AG, Singapore Airlines
and Taiwanese airline, EVA Air.  At the time, Mr. Tan allegedly
set the floor price at PHP700 million.  Given the current state
of the company, a three-percent commission to the successful
broker could amount to PHP1.2 billion, the paper said.

It is not known why Mr. Tan is reviving his plan, considering
the efforts he has made in recent years to reinvigorate the
airline's fortunes.  The company is set to record a net income
for 2002 despite absorbing quite a battering from the global
travel slowdown that resulted from the 9/11 terrorist attacks.

The paper suggested that Mr. Tan's decision may have something
to do with his unmet PHP2 billion obligation to government
financial institutions (GFI), which hold four percent of the
carrier.  Accordingly, when his group took over the airline in
1996, Mr. Tan had allegedly signed a put option that obliges the
group to buy the government's shares at PHP5 apiece.  These
shares currently have a value of PHP1 apiece.

The carrier earlier opposed the government's move to call on the
put-option agreement, claiming financial difficulties, the paper
said.  The government pointed out, however, that the airline has
Asia Brewery and Fortune Tobacco Corp., both Tan-owned
companies, as guarantors.

It is not known whether Mr. Tan has a timeframe in mind for the
sale's completion.


TIBAYAN GROUP: SEC Threatens Suit Against Company Executives
------------------------------------------------------------
Top honchos of Tibayan Group of companies, whose operations have
been temporarily suspended by the Securities and Exchange
Commission, will face administrative and criminal charges if
they fail once more to cooperate in the commission's probe.

According to the SEC's Compliance and Enforcement Department,
company executives, including founder Jesus Tibayan, failed anew
to appear in Wednesday's hearing.  Tomas Syquia, who heads the
enforcement division, told the Philippine Star that he has
already referred the case to the Office of the General Counsel.

"If they are not willing to cooperate with us then we will file
criminal and administrative cases against them as a last
resort," Mr. Syquia warned.

Numerous inquiries regarding its legitimacy and complaints from
investors prompted the SEC to conduct a preliminary
investigation a few weeks ago.  The regulator also handed a
cease-and-desist order on the group's mutual fund unit, Tibayan
Group Investment Co. Inc., and 11 affiliates, which are believed
to be selling unregistered securities and illegally promising
investors a fixed return on their investment, which is not
supposedly a feature of mutual funds.

Initial findings show that the group has offered investors three
to 5.5 percent interest a month for a term ranging from six
months to one year.  The firm accordingly gives investors seven
post-dated checks, representing the interest and principal, and
promises to deposit the interest to the bank account of the
investor.

Complainants, who now number 30,000, claim that the company's
checks started bouncing in November.  The SEC has already
advised the investors to group themselves and file a class
action against the company.

Covered by the CDO are Asset Management Corp., Matcor Holdings
Co. Ltd., Jetcor Equity Co. Ltd., Sta. Rosa Management And
Trading Corp., Westar Royalty Management and Trading Corp.,
Starboard Management and Trading Corp., United Alpa Management
and Trading Corp., Global Progess Management and Trading Corp.,
Athon Management and Trading Corp, Diamond Star Management &
Trading Corp., and Tibayan Management Group International
Holdings Co. Ltd.

The TGICI is 99.7 percent owned by Jesus Tibayan, who in turn,
contributed 99.99 percent of the partnership capital of Matcor
and Jetcor, the Philippine Star said.

The Office of the General Counsel will ultimately decide whether
to make the temporary cease-and-desist order permanent or not,
Mr. Syquia said.   It will also be responsible for endorsing the
filing of criminal and administrative raps against company
executives, he said.


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


BBR HOLDINGS: Posts Notice of Shareholder's Interest
----------------------------------------------------
BBR Holdings Limited posted a notice of changes in substantial
shareholder Tectus S.A.'s interest:

Date of notice to Company: 10 Feb 2003
Date of change of deemed interest: 22 Jan 2003
Name of registered holder: BBR (Bangkok) Ltd

Circumstance(s) giving rise to the interest: Others
Please specify details: Being shares held by a subsidiary
Company of BBR Holding Ltd

Information relating to shares held in the name of the
registered holder:
No. of shares which are the subject of the transaction:
1,582,140
% of issued share capital: 0.13
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: Nil
No. of shares held before the transaction: 0
% of issued share capital: 0
No. of shares held after the transaction: 1,582,140
% of issued share capital: 0.13

Holdings of Substantial Shareholder including direct and deemed
interest
                                           Deemed      Direct
No. of shares held before the transaction: 271,591,752 0
% of issued share capital:                 23.12       0
No. of shares held after the transaction:  273,173,892 0
% of issued share capital:                 23.26       0
Total shares:                              273,173,892 0

* By virtue of Section 7 of the Companies Act (Cap. 50), Tectus
S.A. is deemed to have an interest in the shares held by BBR
Holding Ltd, the holding Company of BBR (Bangkok) Ltd

TCR-AP reported that the group's operating performance remained
weak in 2002 and losses in the second half of FY 2001 was higher
than that reported in the first half of FY 2001. The additional
losses are mainly due to the provisions for certain litigation
cases stated in the circular to members dated 11 March 2002 (the
Circular), additional provision for doubtful debts, cost
overruns, non-recoverable inter-Company debts due from
subsidiaries that had gone into liquidation and losses arising
from the disposals of fixed assets.


FLEXTECH HOLDINGS: De-registers Dormant Hong Kong Subsidiary
------------------------------------------------------------
The Board of Directors of Flextech Holdings Limited wishes to
announce that Cybersource (HK) Limited, a company incorporated
in Hong Kong, has on 7 February 2003 been deregistered pursuant
to Section 291AA(9) of the Companies Ordinance of Hong Kong.

Cybersource HK, a dormant company, is a wholly owned subsidiary
of Cybersource Pte Ltd in which Flextech, through its wholly
owned subsidiary, eWeb Catalyst Inc., has a 55.97% interest.

The deregistration of Cybersource HK is not expected to have a
material effect on the earnings and net tangible asset per share
of the Flextech group of companies for the financial year ended
31 December 2002.

By Order of the Board

Kok Tat Onn
Director/Company Secretary


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


AMPM COMPANY: Files Reorganization Petition at Bankruptcy Court
---------------------------------------------------------------
The Petition for Business Reorganization of AMPM Company Limited
(DEBTOR), engaged in designing and setting of electric system
and other system in the building, was filed at the Central
Bankruptcy Court:

    Black Case Number 1138/2545

   Red Case Number 1244/2545

Petitioner: AMPS COMPANY LIMITED

Planner: MR. PUTREN PONGPITAYAPA

Debts Owed to the Petitioning Creditor : 73,334,544.76Baht

Date of Court Acceptance of the Petition : July 5, 2002

Date of Examining the Petition: August 5, 2002 at 9.00 A.M.

Court Order for Business Reorganization and Appointment of
Planner : August 5, 2002

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: August 14, 2002

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette : September 10,
2002

Deadline for the Planner to submit the Reorganization Plan to
the Official Receiver: December 10, 2002

Court cancelled the Petition for Business Reorganization

Contact : Mr. Pipat Tel, 6792525 ext 111


COUNTRY (THAILAND): Bt1.35B Asset Transfer to Creditors Underway
----------------------------------------------------------------
Property Planner Co., Ltd., acting as Administrator of the
Restructuring Plan for Country (Thailand) Public Co., Ltd.,
reported that the company is in the process of transferring
assets as collateral to debtors, as specified in the
restructuring plans.

Details of asset transfer for debt payment,  which will decrease
the liability amount equivalent to the estimated transfer value
as prescribed in the restructuring plan, are as follows:

Thailand Asset Management Company(TAMC)   Bt1,243,246,188.98
Asia Recovery Mutual Fund 2               Bt103,110,000.00
Total                                     Bt1,346,356,188.98


PADAENG INDUSTRY: No Dividend Payment; Proposes PwC Appointment
---------------------------------------------------------------
The board of directors of Padaeng Industry Public Company
Limited at its meeting, No. 01-2003 on 11 February 2003 adopted
these resolutions:

1. Review 2002 draft financial statements and resolved to
propose the financial statements (audited) for approval at the
next AGM.

2. Since the company still has retained loss, pursuant to
Section 115 of the Public Limited Company Act B.E. 2535, no
dividend payment for 2002 would be considered.

3. Noted 4 board members who will be due to retire by rotation
namely Mr. Paron Israsena, Mr. Jean-Luc Deleersnyder, Mr. Andre
van der Heyden and Mrs. Naengnoi Na Ranong and will propose to
the AGM their re-election as directors for another term.

4. Upon the recommendation of the audit committee, decided to
propose Pricewaterhouse Coopers ABAS Limited as the company's
auditors for 2003 as well as audit fees for the shareholders'
approval.

5.  Approved to convene the 2003 ordinary shareholders' meeting
on Tuesday, 22 April 2003 at 14.00 hr at Meeting Room 2, Queen
Sirikit National Convention Center, Ratchadapisek Road,
Klongtoey, Bangkok, with the following agenda:

    I.  Subject to be informed by the Chairman of the Board of
        Directors (if any);
   II.  Approve minutes of the 2002 Ordinary Shareholders'
        Meeting held on 23 April 2002;
  III.  Annual Report of the Board of Directors for the year
        2002;
  IV.   Approve the audited balance sheet and profit and loss
        statement for 2002;
   V.   Consider no dividend payment for 2002;
  VI.   Elect new members of the board of directors to replace
        those who retired by rotation :
VII.    Consider no bonus payment to the board for 2002;
VIII.   Appoint the company's auditors for 2003 and approve the
        audit fees;
  IX.   Other matter (if any).

The company's share transfer book will be closed on Wednesday, 2
April 2003 from 12:00 until the meeting is adjourned for
determination of the Shareholders' meeting participation right.


SHIN CORPORATION: Posts SHIN-W1 No.1/2003 Exercise Details
----------------------------------------------------------
Shin Corporation Public Company Limited had issued and offered
warrants to purchase ordinary shares of the Company (SHIN-W1) to
the general public on 20-22 May 2002, whereby such right can be
exercised on the last working day of August, November, February,
and May.  The Company informed the details concerning the
exercise of warrant No. 1/2003 to purchase ordinary shares of
the Company as follows:

1. Period for receiving warrant exercise forms
    Date:   February 14-28, 2003
    Time:   8:30 a.m. - 5:30 p.m.

2. Period for notifying the  exercise of SHIN-W1 No.1/2003
    Date:   February 21-27, 2003
    Time:   8:30 a.m. - 3:30 p.m.

3. Exercise date
    Date:   February 28, 2003
    Time:   8:30 a.m. - 3:30 p.m.

4. Exercise ratio and Exercise price
    Exercise ratio: 1 unit of warrant for 1 ordinary share
    Exercise price: Baht 20.50 per share

5. Documents required to be submitted

    5.1 Completed warrant exercise forms
    5.2 Warrant certificate or temporary warrant certificate
    (for holders of scriptless warrant)
    5.3 Cash, cheque, or bank draft order collectible within
    Bangkok Metropolitan payable to "Account for subscription of
    ordinary shares of Shin Corporation Public Company Limited"
    5.4 Other supporting documents
        1. For Natural Persons - Certified true copy of the
           identification card or passport.
        2. For Juristic Persons incorporated in Thailand -
           Certified true copy of Certificate of Incorporate
           issued by the Ministry of Commerce (not exceed
           3 months) which is certified by authorized directors,
           including certified true copy of authorized
           directors' identification card or passport.
        3. For Juristic Persons incorporated outside Thailand -
           Certified true copy of the Memorandum of Association
           Articles of Association and the Company certificate
           (not exceeding 3 months), certified by authorized
           directors, including certified true copy of
           authorized directors' identification card
           or passport.  In addition, all documents mentioned
           above must be notarized by a Notary Public and
           authenticated by a Thai Consul.
     5.5 Power of Attorney affixed with stamp duty  (if any)

6. Contact Place
    Shin Corporation Public Company Limited
    Compliance Department, 13th floor Shinawatra Tower I
    414 Phahon Yothin Road, Samsen Nai,
    Phayathai, Bangkok 10400
    Tel. 02-299-5221, 02-299-5226

In addition, alien holders of warrants can exercise their right
to purchase newly issued ordinary shares of the Company. In case
the exercise of the right by alien holders conflicts with the
Articles of Association of the Company concerning the foreign
shareholding limit (currently, foreign shareholding is limited
at 47.20% of the total outstanding and issued shares), the
Company reserves the right to deny the exercise of the warrant
by such alien holders.

According to Wrights Investors' Service, at the end of 2001,
Shin Corporation had negative working capital, as current
liabilities were $302.93 million while total current assets were
only $111.36 million. The company has paid no dividends during
the last 12 months.


SHIN SATELLITE: Answers SET's Thaicom-3 Anomaly Letter
------------------------------------------------------
Shin Satellite Public Company Limited, in reference to the Stock
Exchange of Thailand (SET)'s letter reference no.047/2003 dated
February 10, 2003 of the action taken by the Company to rectify
the anomaly on its Thaicom-3 satellite, notified the progress
in its effort to restore the services to United Broadcasting
Corporation Plc. (UBC) as follows:

1. The transponder services to UBC's 31 channels have now been
restored to normal.

2. The signals of television channels 3, 5, 7, 9, 11 and ITV
have been transferred to Ku-band transponders on Thaicom-2
satellite.

The actions taken by the Company enabled most of  UBC's
subscribers to receive the signals of UBC and free television
from February 8, 2003. There are, however, certain number of
subscribers who are able to receive UBC signals from Thaicom-3
satellite but unable to receive free television signals from
Thaicom-2 satellite. For these customers, the cable television
services have not yet been fully restored.

The Company and UBC are working together to correct the problem
immediately.


TPI POLENE: Submits Reviewed Proforma Consolidated Balance Sheet
----------------------------------------------------------------
TPI Polene Public Company Limited submitted the proforma
consolidated balance sheet as of September 30, 2002, which was
reviewed by the statutory auditor of the Company.

The proforma consolidated balance sheet is prepared and based on
the assumption that the Company can successfully complete the
equity fund raising for the amount of at least US$180 million to
comply with the provisions of the Company's Master Restructuring
Agreement. This will have the significant effects on the changes
in the consolidated balance sheet as of September 30, 2002
(Restated).

After the completion of the equity fund raising, the Company
will be able to recognize gain for the amount of approximately
Bt3,449 million on debt buy back at voluntary discount. In
addition, in respect of the accrued default interest, the
Company will be able to recognize income on the reversal of such
accrued default interest payable for the amount of approximately
Bath 1,664 million, which shall be calculated in accordance with
the generally accepted accounting principles practiced in
Thailand, over the restructuring period of the Company. In
addition, the Company's financial structure will be at an
appropriate level with the debt to equity ratio to be reduced to
1.28 times from 4.03 times and the current ratio to be increased
to 1.14 times from 0.14 times.

The proforma consolidated balance sheet as of September 30, 2002
reviewed by KPMG Audit (Thailand) Limited can be summarized as
follows:

Unit: Thousand Baht
                          Consolidated     Proforma consolidated
                          balance sheet as of September 30, 2002

Total assets                 66,735,594     67,006,437
Total liabilities            53,474,086     37,616,065
Shareholders' equity         13,261,508     29,390,372
Debt to equity ratio (times)        4.03    1.28
Current Ratio (times)               0.14    1.14

Go to http://www.bankrupt.com/misc/TCRAP_TPIPL0214.pdfto see
details of the Proforma Consolidated Balance Sheet as of
September 30, 2002.


UNITHAI LINE: Panama Subsidiary Dissolved
-----------------------------------------
Unithai Line Public Company Limited announced that the
dissolution of Foster Navigation Company Incorporated was
registered in the Public Registry of Panama on 16
January 2003.

The Company directly holds 100 percent shares in Unithai Line
Limited (Marshall Islands) (UTLMI), which directly holds 100%
shares in Foster Navigation Company Incorporated, a company
incorporated in the Republic of Panama.

Wrights Investors' Service reports that at the end of 2001,
Unithai Line Public Company Limited had negative working
capital, as current liabilities were Bt951.62 million while
total current assets were only Bt661.60 million. The company has
paid no dividends during the last 12 months and has not paid any
dividends during the previous 6 fiscal years.


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, Larri-Nil G. Veloso , Editors.

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

This material is copyrighted and any commercial use, resale or
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                 *** End of Transmission ***