/raid1/www/Hosts/bankrupt/TCRAP_Public/030221.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 21, 2003, Vol. 6, No. 37

                         Headlines

A U S T R A L I A

BURSWOOD INTERNATIONAL: Admits Dim Prospects Due to War Threat
OSBORNE COLD: Former Director Fined AU$3,500
SONS OF GWALIA: Has No More Money in Bank


C H I N A   &   H O N G  K O N G

NEW SECURITIES: Bleak Market Forces Firm to Close Shop


I N D O N E S I A

ASTRA INTERNATIONAL: Inks MoU to Split Joint Venture with Toyota


J A P A N

FURUKAWA ELECTRIC: JCR Affirms BBB- Rating
TOSHIBA CORPORATION: Teams Up With Hagiwara Sys-Com
TOSHIBA CORPORAITON: Launches 8-Bit Microcontroller LSI
TOYOBO CO.: To Halt Textile Operations This June


K O R E A

DAEWOO GROUP: KAMCO Plans Stake Disposal
HANARO TELECOM: To Offer W190 Billion 3-Year Bonds Next Week
HYNIX SEMICON: Intel Validates 256Mb DDR400 For Launch
HYUNDAI GROUP: Tax Agency Probes Affiliates for Tax Evasion
SK CORPORATION: Moody's Changes Rating Outlook to Negative

HYUNDAI MOTORS: Issues Business Assignment Announcement
HYUNDAI MOTORS: Unveils Stock Option Plan


M A L A Y S I A

AMSTEEL CORPORATION: Book Closure Set for March 12
FIAMMA HOLDINGS: Subsidiary Served with Winding Up Petition
LION CORPORATION: To Close Depositors Record March 12
MYCOM BERHAD: Applies for Extension on Debt Plan Compliance
NCK CORPORATION: Appoints Liquidator for Subsidiary

OLYMPIA INDUSTRIES: Seeks Extension on Debt Plan Completion
TAP RESOURCES: Names Messrs BDO Binder as Auditor


P H I L I P P I N E S

CAMP JOHN: BCDA Gives One-Week Reprieve to Settle Debt
CEBU PLAZA: Hotel to Cease Operations March 15
PHILIPPINE LONG: Denies Blocking C&W Traffic
TIBAYAN GROUP: SEC May Revoke Permit to Sell Securities
QUEZON POWER: Bond Due 2017 Drops on Meralco Ruling


S I N G A P O R E

KIAN HO: Expects Losses in Second-half of 2002


T H A I L A N D

TELECOMASIA CORPORATION: Raises THB3.3 Billion in Debenture Sale
UNITED BROADCASTING: Confident it can Halt 7-year Skid in '03

     -  -  -  -  -  -  -  -

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


BURSWOOD INTERNATIONAL: Admits Dim Prospects Due to War Threat
--------------------------------------------------------------
Casino operator, Burswood International, warns it will struggle
to meet its full year profit projection largely due to current
war-related jitters.

Managing Director John Schaap recently disclosed that visitor
numbers had declined 2 percent in the December quarter, caused
by the Bali bombing in October, wiping out a similar increase in
numbers in the September quarter.  Add to that the lingering
effects of the Ansett collapse and the global slowdown in travel
following the September 11 terrorist attacks and the company is
sure to be sweating at the prospect of a war in Iraq, the paper
said.

"[There] are a lot of things going on - there's someone trying
to wage war and a few other bits and pieces - and only time will
tell what effect that has on people's attitudes to doing the
things they do at Burswood.  I hate to speculate, but there is
no doubt that if there is some outbreak of activity, people will
think twice about traveling by air which is very important to
our business," Mr. Schaap told The West Australian in an
interview.

At best, the executive said, full year results would be similar
to last year's AU$20.6 million profit.  However, the company
will slash further the dividend of 2 cents to 0.75 cents.

Mr. Schaap said any shrinkage in visitor numbers would force the
company to again review its cost structure.  "I'm not making a
big thing of this, but if there were things happening where the
revenues weren't flowing, the only way to get your margins is to
look at costs."

Meanwhile, beyond the threat of war, Mr. Schaap sees many
positive signs ahead.  Win percentages for Burswood's high-risk
international commission business (ICB), which accounts for
about a third of its gaming business, almost trebled to 1.56
percent in the September quarter.  This was after strict new
betting limits were imposed to reduce its exposure to big
potential losses to international high rollers, the paper said.

Mr. Schaap said total ICB turnover had also risen 16.4 percent
to AU$3.2 billion for the half, but noted AU$2 billion had been
booked before the restrictions were introduced.

Analysts interviewed by The West Australian welcomed the second
quarter turnaround but remained cautious about Burswood's
prospects for the remainder of the year.

"It's a pretty good result, but there's a lot of work to do," DJ
Carmichael analyst Justin Stewart said in an interview. "The
jury is still out on whether they can hit their full year
target, and my belief is they will struggle to do that."


OSBORNE COLD: Former Director Fined AU$3,500
--------------------------------------------
Ross Maitland Love was fined AU$3,500 yesterday in the Perth
Court of Petty Sessions after pleading guilty and being
convicted on two charges of acting as a company director while
he was disqualified from doing so.

Mr. Love was fined AU$2,000 for acting as a director of
Fifeshire Fishing Pty Ltd (Fifeshire) between 15 September 1998
and 12 March 2000, and $1,500 for acting as a director of
Osborne Cold Stores (WA) Pty Ltd (Osborne) between 15 September
1998 and 5 March 1999.

Mr. Love's disqualification followed his conviction and
sentencing in the Fremantle Court of Petty Sessions on 15
September 1998 for failing to keep proper records in relation to
Kazhak Pty Ltd, a company of which he was formerly a director.

On that occasion he was fined $1,500 and had costs of $7,000
awarded against him. The conviction disqualified him from
managing a corporation for five years.

The charges arose following an ASIC investigation and the
appointment of an administrator to Osborne Cold Stores (WA) Pty
Ltd on 28 June 2001. They were prosecuted by the Commonwealth
Director of Public Prosecutions.


SONS OF GWALIA: Has No More Money in Bank
-----------------------------------------
Blue chip miner, Sons of Gwalia, scrapped for the first time in
10 years its dividend for the six months to December 2002, after
recording a 79% slump in net profit for the period, The West
Australian said yesterday.

The paper said the firm's net profit nose-dived to AU$7.2
million after incurring a negative operating cash flow of
AU$21.6 million, including AU$13.2 million in interest payments
on its AU$385.4 million debt and exploration expenditure of
AU$7.2 million.

Accordingly, the company had no cash in the bank at December 31
and a bank overdraft of AU$1.3 million, although it had deposits
at call of AU$9.7 million and gold on its metal account of
AU$16.2 million.  Gold division earnings before interest and tax
(EBIT) fell to AU$2.5 million, compared to AU$30.6 million in
the previous corresponding period, while the tantalum generated
EBIT of AU$28.7 million, down from AU$34.5 million, the paper
said.

As a result, the company has decided to conserve cash by taking
back a plan to hand down 7.5 cents to its 17,000 shareholders,
which could have cost the company AU$12 million, the report
said.  Investors reacted, however, and cut the shares another 22
cents, bringing it down to AU$1.61, an 11-year low.  The fall,
according to the paper, leaves the one-time blue chip miner
valued at just AU$305.2 million, compared to AU$1.33 billion a
year ago.

The company said it would "not be prudent, nor good business
practice" to pay a dividend to its shareholders at this time. It
would decide on a final dividend when the full-year result was
known.

Paterson Ord Minnett analyst Rob Brierley, in an interview with
the paper, described Sons of Gwalia as "pretty close" to a
crisis situation.

"There was no cash in the bank so obviously they are having what
I would call a liquidity crunch and will need to tread very
carefully," he told The West Australian.

Euroz Securities analyst Andy Clayton said the company had
interest cover of 1.7 times, where five times was considered
comfortable. "I hope this is as bad as it gets," he said, in a
separate interview with the paper.


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


NEW SECURITIES: Bleak Market Forces Firm to Close Shop
------------------------------------------------------
The intense competition and slim turnover in the Hong Kong
securities market has claimed another victim, according to The
Standard.

New Universe Securities announced recently that it will close
business by mid-March, becoming the second brokerage firm in as
many weeks to announce plans to pack up and leave amid the bleak
outlook of the industry.

This was not unexpected, the paper said, as the firm had not
been able to find a buyer to acquire its business since the
second half. It notified clients on Tuesday about the planned
closure and the arrangements for their stocks and deposits.
Officials at the brokerage on Wednesday refused to give any
details or comment about the closure.

New Universe opened for business at Wing On Centre in Central in
1993, operated by sole securities dealer Andromeda Ng. It had
about a dozen clients and four employees, sources told The
Standard.

The economic downturn and global uncertainty has seen equity
markets slide in the past three years. Hong Kong's average daily
turnover in January fell 15 percent year on year to HK$5.85
billion, of which less than 20 percent is estimated to come from
retail investors, the paper said.


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


ASTRA INTERNATIONAL: Inks MoU to Split Joint Venture with Toyota
----------------------------------------------------------------
Japanese car giant Toyota Motor Corp. and Indonesian partner
Astra International signed yesterday a preliminary agreement to
split their joint venture, Toyota Astra Motor, into two units
before the end of the year.

According to Reuters, the joint venture will be split into
distribution and manufacturing, with Toyota controlling 95% of
the manufacturing unit.  Toyota Astra is currently 51%-owned by
Astra International, which has been pursuing the split as it
wants to focus on the distribution side of the business.
Analysts interviewed by Reuters estimate the deal to fetch Astra
up to US$200 million.

"This (the signing) is a preliminary step (in the efforts) to
reorganize Toyota Astra Motor into two units, distribution and
manufacturing," Akio Toyoda, managing director of Toyota Motor
Corp, told a news conference.

In the distribution unit, Astra will hold a 51 percent stake and
Toyota will own the remaining equity.  Astra said the
restructuring process was expected to be completed by year end.
It declined to reveal the expected value of the planned stake
sale, the news agency said.

Astra's President, Budi Setiadharma, told reporters that 75
percent of the amount obtained from the stake sale will be used
to repay the company's debt.  Singapore's Cycle & Carriage owns
34.31 percent stake of Astra.


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


FURUKAWA ELECTRIC: JCR Affirms BBB- Rating
------------------------------------------
Japan Credit Rating Agency has affirmed the BBB- and the J-2
ratings of Furukawa Co. Limited on the following bonds and CP
program, respectively.

Issue Amount(bn) Issue Date Due Date Coupon
convertible bonds no.1 Y25/Dec. 11, 1996/Mar. 31, 2006/0.90%
CP Maximum: Y10 billion Backup Line: 0%

RATIONALE:

Furukawa impaired the owners' equity due to net loss that has
been incurred since fiscal 2000 ended March 31, 2001, although
it raised the owners' equity through reevaluation of land held
by it. The primary reasons for the net loss were 1) poor
operation of Port Kembla Copper Pty. Ltd. (PKC), Furukawa's
Australian copper smelting subsidiary and 2) fall in the value
of its shares in financial institutions and Furukawa group
companies. Furukawa will be able to get out of the worst period
for the earnings and financial structure in and after fiscal
2003 ending March 31, 2004, supported by the sell-off of the
shares in PKC and the peaking out of the write-downs of
securities.

The operation at PKC has been low since the start in February
2000 due to the technical problems. The operation began to be
nearing the full production towards the end of 2002. However, it
is difficult for PKC to turn profitable on an operating profit
basis soon. Capital spending to enhance the capacity should be
made additionally to improve profitability. Furukawa decided to
sell PKC in fiscal 2003 on the ground that it would not be able
to bear additional financial burden.

The high-purity metallic arsenic, in which Furukawa has the
world's more than 75% market share, has been improving since
spring of 2002 with adjustments for inventory being completed.
Earnings from machinery improved due to withdrawal from
construction machinery business in Europe and closure of plant
in the U.S. Operations other than metals are improving.

JCR evaluates positively Furukawa's decision to sell off PKC.
There is much uncertainty over the plan in the realization,
scheme for the sale and expected loss, however. JCR will examine
the going of the plan to be reflected in the rating for
Furukawa.


TOSHIBA CORPORATION: Teams Up With Hagiwara Sys-Com
---------------------------------------------------
Toshiba Corporation will team up with computer peripherals maker
Hagiwara Sys-Com Co. to design and make products that work with
large-capacity flash memory, Asia in Focus reported Thursday.
The new company will develop products and applications that use
NAND-type memory made by Toshiba, such as internal flash
modules, or flash disk drives comparable in size and function to
hard-disk drives.

Sales target for the new company in its first year will be 2.5
billion yen (US$21.01 million), increasing to more than 10
billion yen in fiscal 2005.

It will be capitalized at 98 million yen (US$824,472) and have
about 10 employees at first.


TOSHIBA CORPORAITON: Launches 8-Bit Microcontroller LSI
-------------------------------------------------------
Toshiba Corporation announced an 8-bit microcontroller LSI
incorporating NAND-type flash memory that achieves the lowest
voltage and highest operating speed of any microcontroller in
its class. Expressly designed for application in portable audio
applications, the microcontroller will enhance the power
efficiency and performance of CD players and digital audio
equipment.

The new processor combines Toshiba's proprietary high-
performance 8-bit TLCS-870/C CPU core with power efficient
32Kbytes NAND-type flash memory, 512 bytes of which is reserved
for such functions as backing up volume information when power
is shutdown. Integrated Boot ROM for on-board programming
enables serial write to flash memory using UART, simplifying
reprogramming of the flash memory after the chip is mounted on a
user board. This capability ideally suits small-lot production
of differentiated applications. For example, it supports
additional customization for different destinations immediately
prior to shipment, giving manufacturers greater flexibility in
responding to actual demand and improving inventory control.

The microcontroller will be packaged in LQFP and QFP packages,
with samples available from March 2003 at 800 yen. Volume
production is scheduled to start in May 2003, at 100,000 units
per month.

Development Background

The shift to small-lot, production of diversified portable audio
equipment has fueled demand for microcontroller with built-in
flash memory offering performance comparable with mask ROM.
Toshiba's new microcontroller integrate a high-speed TLCS-870/C
CPU core and NAND-type flash memory that supports low-voltage
operation and low power consumption.

Key Features

1. Low-voltage, high-speed operation (1.8V, 8MHz) is realized by
combining Toshiba's 870/C core, a proprietary 8-bit
microcontroller, with NAND-type flash memory. The result is a
microcontroller ideal for portable applications, where low-
voltage and high-speed operation are crucial.

2. 512 bytes of the 32 Kbytes of program memory can be used as
flash data memory for storing such data as volume information at
power shutdown. An essential feature for battery-driven portable
audio equipment.

3. The power supply control function of the flash memory
circuitry enables the power to flash memory to be turned off in
power-saving mode, to realize the same low level of power
consumption as achieved by Toshiba mask ROM products.

4.  Built-in Boot ROM supports on-board flash memory programming
after the microcontroller is mounted on a user board. This
offers excellent support for small-volume, diversified
applications, as flash memory can be programmed for each
shipment.

For more information, go to
http://www.toshiba.co.jp/about/press/2003_02/pr1801.htm


TOYOBO CO.: To Halt Textile Operations This June
------------------------------------------------
Toyobo Company will suspend operations at three of its domestic
textile spinning and weaving factories by end of June, Kyodo
News said on Thursday.

The move comes after losing profitability due to imports of
lower-priced textile and fabric products.


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


DAEWOO GROUP: KAMCO Plans Stake Disposal
----------------------------------------
The Korea Asset Management Co. (KAMCO) is planning to wrap up
the disposal of its stake in three Daewoo affiliates by May, the
Maeil Business Newspaper said on Wednesday.

KAMCO will dispose of its stake in Daewoo Construction, which is
currently under workout rehabilitation programs, through merger
and acquisition, and sell its stake in Daewoo's dockyard by
issuing depository receipts (GDRs), and the machinery business
unit of the fallen Daewoo Group by issuing asset backed
securities (ABS).

KAMCO holds a combined 35.4 trillion-won-stake in three
Daewoo affiliates.


HANARO TELECOM: To Offer W190 Billion 3-Year Bonds Next Week
------------------------------------------------------------
Hanaro Telecom Inc. (HANA) will offer 190 billion won in three-
year unsecured bonds with a 6 percent annual coupon on February
24, Dow Jones reports.

The Company will use the proceeds from the issue for operating
funds, it said in a disclosure to the Financial Supervisory
Service.

Following are the details of the bond issue, according to the
disclosure.


Amount:            KRW190 billion
Maturity Date:     Feb. 24, 2006
Settlement Date:   Feb. 24, 2003
Coupon Rate:       6 percent
Coupon Frequency:  Quarterly
Issue Price:       100.00

Debt Rating:       BBB (Korea Management Consulting &
                        Credit Rating Corp.)
                   BBB (National Information & Credit
                        Evaluation Inc.)
Lead Manager:      Hannuri Investment & Securities Co.

Fixed-line carrier Hanaro Telecom Inc. posted a fourth quarter
net loss of 18.2 billion won in 2002, versus a loss of 56.7
billion won a year earlier, TCR-AP said in a previous report.

For the fiscal year 2002 ending December 31, Hanaro posted 123.1
billion won in net losses. Operating profits reached 6.1 billion
won, reversing the negative trend in 2001 when the Company
posted an operating loss of 165.2 billion won.


HYNIX SEMICON: Intel Validates 256Mb DDR400 For Launch
------------------------------------------------------
In preparation for IDF Spring 2003, Hynix Semiconductor Inc.
today announced its 256Mb DDR400 has been validated by Intel and
is available for sample quantities and mass production, Business
Wire reports. In addition, Hynix is currently sampling its 512Mb
DDR400 device that it also expects to pass Intel validation
testing within a short time frame.

According to Farhad Tabrizi, Vice President of Worldwide
Marketing at Hynix, the DDR400 device is in full compliance with
Intel specifications.

Hynix is currently sampling and shipping production quantities
of its 256Mb DDR400 to major OEM's. Tabrizi said, "Hynix
projects DDR400 to represent more than 30% of DDR demand by Q4
2003. In addition, this product will benefit customers with its
higher performance and cost competitiveness."

Hynix expects a fast transition to DDR400 with over 50% of
consumer desktop PC's adopting the high-speed memory by second
half of 2003.

By focusing on developing products such as DDR400 and DDR II,
Hynix will firmly establish its leadership position in the high-
speed DDR market. Hynix will enhance its market position with
its planned offering of DDR II in 2004.

Hynix Semiconductor Inc. (HSI) of Ichon, Korea, is an industry
leader in the development, sales, marketing and distribution of
high-quality semiconductors, including DRAM, SRAM, Flash memory
and system IC devices. Hynix Semiconductor is the world's
leading DRAM supplier with thirteen semiconductor-manufacturing
facilities worldwide, and production capacity of over 300,000
wafer starts per month. In addition, Hynix is expanding its
system IC business unit with leading technology and added deep
sub-micron foundry services to strategically broaden its overall
semiconductor presence and achieve its goal of leading the
global semiconductor market. Hynix maintains worldwide
development, manufacturing, sales and marketing facilities.

CONTACT:
Hynix Semiconductor Inc.
Korea Contact:
Seong Min Chung, +822-3459-5355
seongmin.chung@hynix.com


HYUNDAI GROUP: Tax Agency Probes Affiliates for Tax Evasion
-----------------------------------------------------------
The National Tax Service (NTS) is investigating Hyundai Merchant
Marine Co. (HMM), Hyundai Securities Co. and SK C&C, for
possible tax evasion.

NTS is examining the balance sheets of the Hyundai affiliates
from the past three years for any irregularities, and may launch
a comprehensive tax audit if necessary.

The agency asked the firms to submit corporate tax records in
March regarding illegal business practices discovered by the
Fair Trade Commission in October.


SK CORPORATION: Moody's Changes Rating Outlook to Negative
----------------------------------------------------------
Moody's Investors Service has changed the outlook on SK
Corporation's Baa3 long-term rating from stable to negative. The
change in outlook reflects the continuing excess refining
capacity in South Korea and wider Asia, and the growing
competition from independent importers. Because of these
conditions, Moody's expects that the outlook for refining
margins over the next 2 years will remain bleak, and could
further pressure SK Corp's operating cash flow.

Moody's says that SK Corp's credit profile continues to benefit
from the company's position as South Korea's largest oil
refining and marketing company, its strong domestic market
share, and a degree of ongoing regulatory support for the
domestic oil sector. In addition, the company's Ulsan refinery
compares favorably to other refineries around the world in terms
of operating efficiency.

Another key support for the rating is SK Corp's substantial
equity stake of around 20 percent in SK Telecom (SKT; rated
Baa1), which is publicly listed on Seoul's stock exchange. The
equity stake has a current market value of around KRW 2.9
trillion and could potentially be monetized over time to reduce
debt and/or provide liquidity for SK Corp. The company however
has made no commitment to extract this value and reduce debt.

However, the change in outlook to negative considers SK Corp's
relatively weak cash flow and debt protection measures; its
exposure to volatile crude import prices; and its reliance on
low-margin petroleum product exports due to the excess refining
capacity in Korea. The impact of independent importers is also
pressuring margins and this appears unlikely to substantially
diminish over time.

Moody's recognizes SK Corp's effort over recent years in
reducing debt and lengthening its debt maturity profile.
However, in comparison to other refining and marketing
companies, short-term debt remains high relative to the
company's overall capital structure. Moody's considers that SK
Corp's financial leverage also remains relatively high at the
Baa3 level. EBITDA/Interest has averaged two times for the past
3 years and the retained-cash-flow-to-debt ratio has averaged 10
percent over the same period, which is weak when compared to
similarly rated international peers. Moody's considers that
sustaining the current Baa3 rating would require an ongoing
retained-cash-flow-to-debt ratio of around 15 percent to 20
percent.

SK Corporation is Korea's largest oil refining and marketing
company. Based in Seoul, SK's other businesses include
petrochemical, lubricant and other businesses. The company
generated sales revenue of KRW 13,388 billion for the fiscal
year ending December 31, 2002.


HYUNDAI MOTORS: Issues Business Assignment Announcement
-------------------------------------------------------
Hyundai Motors Company posted a notice of business assignment
with major shareholders and others as follows:

Corporate Disclosure to Korea Stock Exchange

Disclosure date:  February 14, 2003

Disclosure title: Business assignment with Major Shareholders or
others

1. Name of transferor: Daimler Hyundai Truck Corporation

  (1) Relationship with company: Subsidiary Company

2. Details of Business assignment

(1)  Date of assignment:

(2)  Range of business to be announced: Inventories, Intangibles
and Liabilities related to commercial vehicles

(3)  Amount of assignment: KRW 100 billion

3. Purpose of assignment: Assignment of Business for
establishment of a new corporation

4.  Effect for assignment: Development and specialization of
passenger and commercial vehicle

5.  Resolution of the Board of Director: February 14, 2003

  - 4 out of 4 outside directors were present.

  - Audits were not present.

6.  Applicability of Fair Trade Act: Yes

7. Others

Date of assignment will be finalized after the establishment of
newly incorporated corporation currently.

(Scheduled around late Feb. or early March of 2003)

Above details are subjected to change in accordance with related
laws and regulations.

The above amounts are subjected to change in accordance with
appraisement of Appraisal Corporation.

According to Wright Investor's Service, at the end of 2001,
Hyundai Motor Company Limited had negative working capital, as
current liabilities were 17.88 trillion Korean Won while total
current assets were only 12.04 trillion Korean Won.


HYUNDAI MOTORS: Unveils Stock Option Plan
-----------------------------------------
Hyundai Motors Company announced:

Disclosure date  : February 14, 2003

Disclosure title : Resolution of Grant of Stock Option


1. Name of grantees of stock option : President Dong-Jin Kim and
144 other person

2. Total number of outstanding shares : 219,088,702 common
shares

  65,202,146 Preferred shares

3. Limit of grant : 2,190,887 shares

4. Date of the Board Resolution : February 14,2003

5. Date of grant : February 14,2003

6. Reason for grant: Article 7 Section 3 of the Articles of

Incorporation of Hyundai Motor Company

1)  The company is able to grant directors and employees of the
company or Security and Exchange Law within the limit of the
100th of fifteen's the number of outstanding shares the stock
option in Regulation of Article 189 Section 4 of Security and
Exchange Law by special resolution of General Shareholders'
Meeting.

But the company may grant the stock option within the limit of
the 100th of one's the number of outstanding shares by the
resolution of the Board of Director.

7. No. of shares granted : 1,290,000 common shares

8. No. of shares to be granted after the General

   shareholders' Meeting : 1,579,000common shares

9. Method of grant :

To be determined by the board among issuance of new shares,
distribution of treasury stocks or compensation by the
difference between the exercise price and market price.

10. Period of exercise : February 14,2003  February 13,2011

11. Price of exercise : KRW 26,800 per common shares

12. Others :

1)  Above 7 was granted by the resolution of general
shareholders' Meeting on March 10,2000.

2)Conditions for cancellation of the grant of stock option

I. Voluntary retirement and resignation

II.Commiting material damage to the company intentionally or
accidently.

III.In case of doing not comply with exercising a right by
reason of bankruptcy or dissolution of the company

IV.The reason for cancellation determined in the contract of
grating other stock option.

3)Above the grant limit is based on common shares.


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


AMSTEEL CORPORATION: Book Closure Set for March 12
--------------------------------------------------
The Board of Directors of Amsteel Corporation Bhd wishes to
announce the book closure date in relation to the capital
reconstruction exercise for ACB which involves a capital
reduction of RM0.30 in each existing issued and fully paid-up
ordinary share of RM0.50 each in ACB and thereafter a capital
consolidation on the basis of 5 ordinary shares of RM0.20 each
into 1 ordinary share of RM1.00 each credited as fully paid-up
("Capital Reconstruction Exercise").

Notice is hereby given that the Record of Depositors of ACB will
be closed at 5.00 p.m. on Wednesday, 12 March 2003 ("Book
Closure Date") for the purpose of determining shareholders of
ACB whose shares will be subject to the Capital Reconstruction
Exercise.

Notice is also hereby given that the ACB shares which will be
subject to the Capital Reconstruction Exercise shall only be in
respect to:

(a) the ACB shares deposited into the depositor's securities
account before 12.30 p.m. on Monday, 10 March 2003 in respect of
shares exempted from mandatory deposit; and

(b) the ACB shares transferred into the depositor's securities
accounts before 4.00 p.m. on Wednesday, 12 March 2003 in respect
of ordinary transfers.

To facilitate the recalling and cancellation of the existing ACB
shares and the issuance of new consolidated shares, the trading
of ACB shares will be suspended with effect from 9.00 a.m. on
Thursday, 6 March 2003, which is 3 clear market days prior to
the Book Closure Date and the suspension will continue until the
Capital Reconstruction Exercise is completed. Hence, the last
day for trading of ACB shares shall be Wednesday, 5 March 2003.

Shareholders of ACB and potential investors are requested to
refer to the Circular to Shareholders issued by ACB on 9 January
2003 and the announcements dated 30 January 2003 and 17 February
2003 for further details of the Capital Reconstruction Exercise.


FIAMMA HOLDINGS: Subsidiary Served with Winding Up Petition
-----------------------------------------------------------
Fiamma Holdings Bhd wishes to announce that a winding-up
petition was served on MB Industries Sdn Bhd (MBI), a subsidiary
of the Company on 19 February 2003, for a claim of RM225,000.00.
The winding-up petition on MBI was presented at the Kuala Lumpur
High Court on 28 January 2003 but the sealed winding-up petition
was only served on 19 February 2003.

(a) The details of default or circumstances leading to the
filing of the winding-up petition against MBI:

The petition was filed by Messrs M.K. Chen & Leong, the
solicitors for Lim Oy Joo @ Lim Yoi Joo ("Lim") against MBI. The
total claim by Lim of RM225,000.00 is for the debt due from MBI
in relation to the Sale and Purchase Agreement dated 3 July 2000
entered into between Lim and MBI for the purpose of the purchase
of machineries, equipment and tools for a total purchase
consideration of RM1,150,000.00.

(b) The total cost of investment in MBI: RM501.00

(c) The financial and operational impact on the Group:

There is no operational impact to the Group. In the event the
winding-up petition succeeds, there would be an estimated
exceptional loss of RM260,000.00 (including estimated legal
costs).

(d) The expected losses:

At this point in time, MBI is expected to incur legal fees of
approximately RM35,000.00

(e) The date of hearing of the winding-up petition: 11 June 2003

(f) The steps taken and proposed to be taken by MBI in respect
of the winding-up proceedings:

(i) To file an application to stay the winding-up proceeding and
to refrain the petitioner from advertising and gazetting the
winding-up petition; and

(ii) To oppose the winding-up petition.


LION CORPORATION: To Close Depositors Record March 12
-----------------------------------------------------
The Board of Directors of Lion Corporation Bhd wishes to
announce the book closure date in relation to the capital
reconstruction exercise for LCB which involves a capital
reduction of RM0.30 in each existing issued and fully paid-up
ordinary share of RM1.00 each in LCB and thereafter a capital
consolidation on the basis of 10 ordinary shares of RM0.70 each
into 7 ordinary shares of RM1.00 each credited as fully paid-up
("Capital Reconstruction Exercise").

Notice is hereby given that the Record of Depositors of LCB will
be closed at 5.00 p.m. on Wednesday, 12 March 2003 ("Book
Closure Date") for the purpose of determining shareholders of
LCB whose shares will be subject to the Capital Reconstruction
Exercise.

Notice is also hereby given that the LCB shares which will be
subject to the Capital Reconstruction Exercise shall only be in
respect to:

(a) the LCB shares deposited into the depositor's securities
account before 12.30 p.m. on Monday, 10 March 2003 in respect of
shares exempted from mandatory deposit; and

(b) the LCB shares transferred into the depositor's securities
accounts before 4.00 p.m. on Wednesday, 12 March 2003 in respect
of ordinary transfers.

To facilitate the recalling and cancellation of the existing LCB
shares and the issuance of new consolidated shares, the trading
of LCB shares will be suspended with effect from 9.00 a.m. on
Thursday, 6 March 2003, which is 3 clear market days prior to
the Book Closure Date and the suspension will continue until the
Capital Reconstruction Exercise is completed. Hence, the last
day for trading of LCB shares shall be Wednesday, 5 March 2003.

Shareholders of LCB and potential investors are requested to
refer to the Circular to Shareholders issued by LCB on 9 January
2003 and the announcements dated 30 January 2003 and 17 February
2003 for further details of the Capital Reconstruction Exercise.


MYCOM BERHAD: Applies for Extension on Debt Plan Compliance
-----------------------------------------------------------
The Board of Directors of Mycom Berhad wishes to inform that
Alliance Merchant Bank Berhad has, on behalf of the Company,
made an application to the Securities Commission for an
extension of twelve (12) months from 8 March 2003 up to 7 March
2004 to implement the Proposed Restructuring Scheme. The
proposed extension is necessary in view of the complexity and
time required to complete the Scheme.

The application is made pursuant to Chapter 25 of the Policies
and Guidelines on Issue/Offer of Securities of the SC.


NCK CORPORATION: Appoints Liquidator for Subsidiary
---------------------------------------------------
NCK wishes to make the following announcement in relation to the
appointment of Liquidators to NCK Wire as required under Chapter
9 of the KLSE Listing Requirements.

(a) The date of appointment

On 20 February 2003, Mr Lim Tian Huat and Mr Adam Primus
Varghese bin Abdullah of Messrs Ernst & Young, 4th Floor,
Kompleks Antarabangsa, Jalan Sultan Ismail, 50250 Kuala Lumpur
were appointed as Liquidators of NCK Wire via a Meeting of
Creditors held at Coronade Hotel, Jalan Walter Grenier, 55100
Kuala Lumpur.

(b) The details of the listed issuer, any of its subsidiaries or
major associated companies which are under the receiver, manager
or receiver and manager or other person of similar capacity

NCK Wire was incorporated in Malaysia on 11 January 1994. The
present authorized share capital of NCK Wire is RM10,000,000
comprising 10,000,000 ordinary shares of RM1.00 each of which
4,000,000 ordinary shares of RM1.00 each have been issued and
fully paid-up. NCK Wire's principal activities relate to the
manufacture and marketing of wire products. NCK Wire ceased
operations in July 2002.

(c) The net book value of the affected assets

NCK Wire has net liabilities of RM57,264,558 as at 23 January
2003.

(d) The details of the events leading to the appointment of the
receiver, manager or receiver and manager or other person of
similar capacity

NCK Wire is in default of its loan obligations. Pengurusan
Danaharta Nasional Berhad ("Danaharta") had on 11 October 2001
appointed YBhg Dato' Nordin bin Baharuddin, Mr Adam Primus
Varghese bin Abdullah and Ms Wong Lai Wah of Messrs Ernst &
Young as Special Administrators ("SA") of NCK Wire. The role of
the SA is to manage the business and the operations of NCK Wire
and prepare a Workout Proposal as soon as practicable, taking
into consideration the interests of the secured and unsecured
creditors as well as the shareholders. The Workout Proposal was
approved in accordance with Pengurusan Danaharta Act, 1998, on
13 August 2002. Upon completion of the implementation of the
Workout Proposal, the Oversight Committee, on the recommendation
of Danaharta had on 23 January 2003 approved the termination of
the SA of NCK Wire. Pursuant to the Workout Proposal, NCK Wire
is to be wound up voluntarily by way of a creditors' voluntary
liquidation.

(e) The financial and operational impact of the aforesaid
appointment on the group, if any

NCK Wire has accumulated losses of RM60,636,318 as at 23 January
2003. The appointment of Liquidators will not have any
operational impact on the Group as NCK Wire has ceased its
manufacturing and marketing activities in July 2002 following
the disposal of its plant and machinery to Brisk Steel Products
Sdn Bhd.

(f) The expected losses, if any, arising from the aforesaid
appointment

No further losses are expected to arise from the appointment as
NCK Wire has already ceased operations in July 2002.

(g) The steps taken or proposed to be taken by the listed issuer
in respect of the aforesaid appointment

No steps will be taken by NCK in respect of the appointment of
Liquidators.


OLYMPIA INDUSTRIES: Seeks Extension on Debt Plan Completion
-----------------------------------------------------------
The Board of Directors of Olympia Industries Berhad wishes to
inform that Alliance Merchant Bank Berhad has, on behalf of the
Company, made an application to the Securities Commission for an
extension of twelve (12) months from 8 March 2003 up to 7 March
2004 to implement the Proposed Restructuring Scheme. The
proposed extension is necessary in view of the complexity and
time required to complete the said Scheme.

The application is made pursuant to Chapter 25 of the Policies
and Guidelines on Issue/Offer of Securities of the SC.


TAP RESOURCES: Names Messrs BDO Binder as Auditor
-------------------------------------------------
We refer to the announcement dated 24 December 2002, in relation
to the approval of the Securities Commission for the Proposals.
The SC's approval was subject to, inter-alia, the appointment by
the Company of an independent audit firm within two (2) months
from the date of the SC's approval letter to undertake an
investigative audit on its past losses.

In this regard, MIMB, on behalf of Tap Resources Bhd, is pleased
to announce that the Company has on even date, appointed Messrs
BDO Binder as the said independent audit firm.

On behalf of the Board of Directors of
TAP RESOURCES BERHAD

MALAYSIAN INTERNATIONAL MERCHANT BANKERS BERHAD

cc. Mr Wong Wing Seong, Director
Issues and Investment Division
Securities Commission


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


CAMP JOHN: BCDA Gives One-Week Reprieve to Settle Debt
------------------------------------------------------
The Bases Conversion Development Authority (BCDA) has given Camp
John Hay Development Corporation (CJHDevCo) until February 28 to
come up with a payment plan for its back rentals worth 1 billion
pesos, the Philippine Star and Manila Standard reported.

CJHDevCo wants to restructure 1 billion pesos in back rentals
from 1999 to 2002 for the 247-hectare former US military
recreational facility in Baguio City.

Following the 1997 Asian economic crisis, CJHDevCo has been
unable to meet its commitment to the BCDA in developing the
former US military recreation facility.


CEBU PLAZA: Hotel to Cease Operations March 15
----------------------------------------------
Cebu Plaza Hotel, a landmark and a major tourism establishment
in Cebu City, will cease operations by March 15, Business World
reports.

Metropolitan Bank & Trust Co. (Metrobank), which foreclosed the
property, is now selling it for 1.2 billion Philippine pesos
(US$22.12 million). The bank is now negotiating with some
unnamed prospective buyers.

The hotel will issue an official statement on February 28,
according to Aissa de la Cruz, the Public Relations Manager of
the hotel.

The tourism industry in Cebu said MetroBank has taken over the
management of the hotel since December last year. Pathfinder
Holdings was allegedly given only until this month to manage the
property.

The hotel is a first class hotel with 383 guest rooms and
suites.


PHILIPPINE LONG: Denies Blocking C&W Traffic
--------------------------------------------
The Philippine Long Distance and Telecommunications Co. (PLDT)
said it was not blocking British carrier Cable & Wireless'
access to the Philippines, despite a running dispute over PLDT's
hike in charges for inbound international calls, according to
Reuters on Tuesday, citing PLDT Vice President for media affairs
Butch Jimenez.

Cable & Wireless and U.S. carrier AT&T are contesting PLDT's 33
percent increase in the rates of international calls that pass
through PLDT facilities.

PLDT imposed higher charges for inbound international calls from
February 1, 2003.

"PLDT has no existing and effective settlement/termination rate
agreement with C&W and remains open to negotiate an agreement on
new termination rate including an interim arrangement regarding
the calculation and payment of termination rates for traffic
terminated on PLDT's network," PLDT said in its disclosure.

PLDT's fee for inbound calls to landline telephones was hiked to
$0.12 per minute from $0.08. Charges on international calls to
mobile phones were raised to $0.16 per minute from $0.12.


TIBAYAN GROUP: SEC May Revoke Permit to Sell Securities
-------------------------------------------------------
The Securities and Exchange Commission (SEC) may revoke the
Tibayan Group Investment Co. Inc. (TGICI)'s permit to sell
securities to the public for failing to appear in a hearing on
February 19, the Philippine Star said on Thursday.

TGICI is the mutual fund unit of Tibayan Group of Companies.
An order will be issued this week or next week to alert the
public of actions the SEC has taken or will take against the
Tibayan Group.

The SEC had already asked the Department of Justice to issue a
hold-departure order against the owners and officers of the
Tibayan Group to prevent them from fleeing the country and to
hold them responsible for damages incurred to investors and for
violations of the securities law.

The TGICI listed owners are Jesus Tibayan, Palmy Tibayan,
Ezekiel Martinez, Liborio Ejacio, Jimmy Catigan, Nelda B. Baran,
and Rico Puerto.

According to the SEC, the group allegedly used numerous front
corporations and partnerships to solicit investments from the
public, thus circumventing the rule, which requires prior
registration of securities for issuance to over 19 individuals.

Investors of the Tibayan Group have been complaining about
bouncing checks since November last year.


QUEZON POWER: Bond Due 2017 Drops on Meralco Ruling
---------------------------------------------------
The price of the Quezon Power's 8.86 percent bond due 2017 (the
Bond) has dropped recently to its mid-60 levels from 80 levels
in early November, mainly because of the Supreme Court ruling on
November 15 that Manila Electric (Meralco), the sole purchaser
of power from Quezon Power (Quezon), might need to refund
between 8 billion pesos ($151 million) and 28 billion pesos
($528 million) to its customers for overcharging since 1994,
DebtTraders analyst Daniel Fan, (852 2537-4111).

Since Quezon relies substantially on Meralco to purchase power,
we believe any change in Meralco's debt profile will have an
effect on Quezon's credit fundamentals. Although we do not have
a formal opinion, we believe that the Quezon Power 8.86% Bond
due 2017 is worth between 68.3% and 92.4% based on Meralco's
most likely leverage after treating 50% of the refund as debt,
and Quezon Power's high asset coverage, versus the last offer
price of the Bond at 66. We also view the potential takeover of
Meralco's management by the government and a possible change in
the purchaser of power from Quezon as positive credit drivers
for the Bond.


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


KIAN HO: Expects Losses in Second-half of 2002
----------------------------------------------
Kian Ho Bearings Limited expects a loss for the second half of
fiscal year 2002 at the Company level largely due to a drop in
turnover due to the depressed market and adjustment of salaries
and accrual for discretionary year end bonuses in the second
half of 2002.

At the Group level, the Company expects a negative impact on the
Group results arising from the losses in the overseas China
subsidiaries attributable to substantial provisions in stock and
doubtful debts on ground of prudence.

The Company is in the process of finalizing the results for
2002. Further updates and details, if necessary will be made via
further announcements.


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


TELECOMASIA CORPORATION: Raises THB3.3 Billion in Debenture Sale
----------------------------------------------------------------
TelecomAsia Corporation plans to pay back all its remaining
US$78 million debt, using the proceeds from its successful 3.3
billion baht debenture sale in U.S. currency recently.

"The good response from investors shows the confidence they have
in the company," TelecomAsia CEO Supachai Cheanravanont said in
an interview with Business Day.

The debenture, in baht, is guaranteed for four years and eight
months with 5.80 percent interest rate per year, the paper said.
In 1999 when the company set out to restructure its debts, the
company had a total of US$1 billion in obligations.


UNITED BROADCASTING: Confident it can Halt 7-year Skid in '03
-------------------------------------------------------------
After seven years of consecutive losses, Thailand's sole pay-TV
operator, United Broadcasting Corp., said recently it will
report a 14% jump in earnings this year.

"We want to be profitable as soon as possible and we expect to
see our revenues rise by 12-14 percent this year based on
certain conditions such as the increase in subscriber base, and
higher returns from our provincial outsourcing," Vasili
Sgourdos, deputy chief financial officer of UBC told Business
Day recently.

On Wednesday, the company an improved net loss figure of 248.4
million baht, down from 1.17 billion baht in 2001, the paper
said.  Mr. Sgourdos said he expected a net addition of between
30,000 to 50,000 subscribers this year.  At present, the company
has about 437,845 subscribers.  For the year ending 2002, UBC
added a net of 31,256 subscribers, sharply down from the
projected 40,000 it had hoped. The company said that its churn
rate for the year stood at 1.1 percent of its subscriber base,
higher than normal rate of 0.8 percent.



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

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

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