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            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

                 Tuesday, April 3, 2001, Vol. 4, No. 65


                               Headlines

A U S T R A L I A

AUSTRALIAN DERIVATIVES: Appoints Voluntary Administrator
HARRIS SCARFE: Asks For Trading Halt
HIH INSURANCE: SPML Clarifies ACY's Position In Leases
MARCH FIRST: Aussie Subsidiary Gets Administrators
SATCOM: Falls Into Administration


C H I N A   &   H O N G  K O N G

BEST LIGHT: To Wind Up
CHINA DIGICONTENT: Talks on Debt Reorg Grind To A Halt
GLADLAND INVESTMENTS: Faces Winding Up Petition
GRANTIME HOLDINGS: Faces Winding Up Petition
KONG WAH: To Wind Up
KWAN KEE: Faces Winding Up Petition
LEADING SPIRIT: Drops Debt Restructuring Deal
REBO JEWELLERY: Petition To Wind Up


I N D O N E S I A

CHANDRA ASRI: Sets Aside US$100M A Year For Repayment
INDOCEMENT TUNGGAL: Shareholders Approve Plan, Sale


J A P A N

DAIICHI MUTUAL: Ex-Execs Face Damages Suit
LIFE COMPANY: Aiful To Take Over
ROYAL HOTEL: Creditors Approve Y32.5-B Debt Waiver Deal


K O R E A

KOHAP GROUP: Fails To Settle Debt Guarantees
REGENT MERCHANT: Three-Way Merger Deal Look Promising   
SSANGYONG CEMENT: Supervision Implemented by KES
SSANGYONG CEMENT: Creditors To Expand Debt-Equity Swap Deal


M A L A Y S I A

BERJAYA SPORTS: Shares Dumped Due To Disappointing Results
HNCEC-AC JV: Autoways Subsidiary Winds Up
LANG FURNITURE: Faces Winding-Up Petition
MALAYSIAN TOBACCO: Continues Search For New Business
RNC CORPORATION: Reports Restructuring Status
SRI HARTAMAS: Administrators Appoint Liquidator


P H I L I P P I N E S

NATIONAL BANK: Gov't Will Sell 16% Stake
NATIONAL STEEL: Creditors Approve Asset Waiver Claims


S I N G A P O R E

LIM KAH: Posts Net Loss Of S$20.786M


T H A I L A N D

BANGKOK TRANSIT: Expects To Launch IPO Later This Year
NATIONAL FERTILISER: Industry Ministry Appoints Auditors


     -  -  -  -  -  -  -  -  -  -

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


AUSTRALIAN DERIVATIVES: Appoints Voluntary Administrator
--------------------------------------------------------
Australian Derivatives Exchange (ADX) has named Prentice Parbery
Barilla, an insolvency specialist firm, as its voluntary
administrators, after ADX directors reached a decision to give up
futures exchange operations, AAP News reported last week, citing
a company statement.

This move was taken due to low trading volumes during the past
three months, and after a series of talks with potential equity
providers, AAP said.


HARRIS SCARFE: Asks For Trading Halt
------------------------------------
Adelaide-based Harris Scarfe Holdings Limited asked the
Australian Stock Exchange on Friday for an immediate trading halt
on company securities, J.M. Fitzpatrick, assistant company
secretary, wrote to ASX Friday.

According to a report by the Australasian Business Intelligence
Saturday, citing Executive Chairman Adam Trescowthick, the
reasons for the request will made known to shareholders in a
meeting today.

As of January 31, 2001, Harris Scarfe's debts amounted to A$64.7
million.


HIH INSURANCE: SPML Clarifies ACY's Position In Leases
------------------------------------------------------
The directors of Stockland Property Management Limited (SPML), as
responsible entity of ACY, posted an announcement Monday at the
Australian Stock Exchange providing the following information to
clarify ACY's position in respect of leases to FAI General
Insurance Company Limited (FAI), a subsidiary of HIH Insurance
Limited (HIH), following the appointment of a provisional
liquidator to HIH on March 15, 2001. ACY's leases to FAI are
summarized as follows:


PROPERTY                          LEASED    ANNUAL        LEASE
                                  AREA    GROSS RENT   EXPIRY
DATE

77 Pacific Highway, North Sydney - 7,668 sqm - $2,556,000 - April
30, 2001
3 Byfield Street, North Ryde   - 3,177 sqm - $1,362,187 - April
30, 2003
197 London Circuit, Canberra    - 559 sqm - $249,141 - August 31,
2003
333 Kent Street, Sydney        - 8,857 sqm - $3,370,282 - April
30, 2005
100 Eagle Street, Brisbane      - 4,542 sqm - $1,605,038 - April
30, 2003

The current status of each of the properties/leases:

            77 PACIFIC HIGHWAY

It had not been SPML's intention to renew the FAI lease expiring
on April 30, 2001, as the building has been earmarked for a major
refurbishment, which requires vacant possession. A development
application for the refurbishment of this building has been
lodged with North Sydney Council and subject to the granting of
development approval by the Council, it is anticipated that the
refurbishment will commence in May 2001.

       3 BYFIELD STREET/197 LONDON CIRCUIT

Both of these properties are predominantly vacant,
notwithstanding the FAI leases. Prior to the appointment of the
provisional liquidator, HIH management was attempting to sublease
the space and was dealing with several parties in this regard,
some of whom require as a condition of the sublease that SPML
grant follow-on leases commencing on expiry of the FAI leases in
2003. SPML will discuss the future of these leased areas with the
provisional liquidator and in the meantime, SPML is continuing
negotiations with potential lessees.

       333 KENT STREET/ 100 EAGLE STREET

These leased areas form part of the business sold by HIH to
Allianz Australia Ltd (Allianz). As part of this sale, the leases
of these buildings are being assigned to Allianz. ACY has no
exposure to HIH in respect of these leases, as from the date of
assignment.

                Financial Impact

SPML has considered the implications of the FAI leases in terms
of potentially unrecoverable rental arrears and costs associated
with releasing the space at Byfield Street, North Ryde and 197
London Circuit Canberra. The Directors have resolved that the
distribution per unit of ACY for the quarter ended 31 March 2001
will be 2.0c per unit. Books will close in respect of this
distribution on April 9, 2001 and the distribution will be paid
on April 30, 2001.

The directors wish to provide further information regarding the
impact of the HIH provisional liquidation on the full year
distribution of ACY, when the provisional liquidator provides
details of his intentions regarding the leases not assigned to
Allianz.


MARCH FIRST: Aussie Subsidiary Gets Administrators
--------------------------------------------------
Administrators were appointed on March 27, 2001 to the March
First's Australian subsidiary, whose debts, according to company
directors, have reached A$33 million.  These debts cannot be
possibly paid, Australasian Business Intelligence reported late
last week.  

The US-based Internet consulting firm's Melbourne arm, according
to Fairfax IT, is behind the design of the corProcure electronic
market exchange set up by domestic retailers like Amcor, AMP, ANZ
banking Group, Australia Post, BHP, CocaCola Amatil, Coles Myer,
Foster's, Goodman Fielder, Orica, Pacific Dunlop, Qantas, Telstra
and Wesfarmers.

March First parent company is under restructuring, which includes
the cutting of its multinational workforce to half of the present
7,000. For the fourth quarter of 2000 it reported losses
amounting to US$6.8 billion, which preceded the resignation of
the company's top officials in early March.


SATCOM: Falls Into Administration
---------------------------------
Perth-based Satcom, a business-to-business system developer,
called in Bentleys MRI as administrator as the company failed to
settle its debts amounting to $2.75 million with rebadged
explorer Rambora Technologies, The Western Australia reported.
Satcom had also divested its main operation to a company linked
to managing director Mr Ron Gallagher, the report said.

Bentleys, through its senior manager Mr Alan Ashford, announced
that Coastside Nominees Pty Ltd had assumed the Supply Search
business-to-business technology of Satcom in exchange of issued
shares.

Satcom had been in the doldrums the last three months, slashed
its staff to a minimum and left its headquarters in Osborne Park.  
Its obligations to creditors amount to $4 million, including
secured debt of $2.75 million to Rambora.


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


BEST LIGHT: To Wind Up
----------------------
Best Light Development Limited is facing a winding up petition
filed in the High Court of Hong Kong on February 1, 2001. Yeung
Hon Lun of Room 2905, Tsz Ping House, Tin Tsz Estate, Tin Shui
Wai, New Territories, Hong Kong presented the petition. The
hearing will be held on April 18, 2001 at 9:30 AM.


CHINA DIGICONTENT: Talks on Debt Reorg Grind To A Halt
------------------------------------------------------
China DigiContent Company Limited revealed late last week, in a
statement, that the company has dropped its bid for debt
restructuring, as negotiations with its creditors reached a dead-
end. The parties could not resolve how to conduct the plan, AFX
reported late last week.

The company, which has already applied to resume trading, is now
contemplating submitting another proposal to its creditors.


GLADLAND INVESTMENTS: Faces Winding Up Petition
-----------------------------------------------
Gladland Investments Limited is facing a winding up petition
filed in the High Court of Hong Kong on March 19, 2001, by Sin
Hua Bank Limited, whose registered office is located at 2A Des
Voeux Road Central, Hong Kong. The petition will be heard on May
23, 2001 at 10:00 AM.


GRANTIME HOLDINGS: Faces Winding Up Petition
--------------------------------------------
Grantime Holdings Limited is facing a winding up petition filed
in the High Court of Hong Kong February 9, 2001, by Kincheng
Banking Corporation, a company incorporated under the laws of The
People's Republic of China. The branch office is at 55 Des Voeux
Road Central, Hong Kong.  The hearing is scheduled on April 25,m
2001 at 9:30 AM.


KONG WAH: To Wind Up
--------------------
Kong Wah Video Company Limited is facing a winding up petition
filed in the High Court of Hong Kong on January 31, 2001 by Akai
Proprietary Limited (in liquidation) whose registered office is
situated at 1, Market Street Sydney New South Wales 2000,
Australia and acting through its Liquidator Mr. Neil Cussen.
Hearing is scheduled on April 18, 2001 at 9:30 AM.


KWAN KEE: Faces Winding Up Petition
-----------------------------------
Kwan Kee Electrical & Water Engineering Company Limited is facing
a winding up petition filed in the High Court of Hong Kong on
February 10, 2001 by Carrier Hong Kong Limited, which has
registered office at 2/F, 1-7 Shing Chuen Road, Tai Wai, Shatin,
Hong Kong. The petition will be heard before the court on April
25, 2001.


LEADING SPIRIT: Drops Debt Restructuring Deal
---------------------------------------------
Leading Spirit High-Tech (Holdings) Company Limited has dropped
negotiations with creditors for debt restructuring, AFX reported
late last week. The company cited in a statement that its talk
with a creditor steering committee failed to come up with an
agreement on the debt-restructuring plan.

The company might consider other options to be presented to the
creditors, and has already submitted an application for the
resumption of shares trading.


REBO JEWELLERY: Petition To Wind Up
-----------------------------------
Rebo Jewellery and Trading Company Limited is facing a winding up
petition filed in the High Court of Hong Kong on February 23,
2001 by The China & South Sea Bank Limited, a banking institution
incorporated under the laws of People's Republic of China. The
bank operates from a Hong Kong Branch, its principal place of
business at 136 Des Voeux Road Central, Hong Kong. The hearing
will be heard on May 9, 2001 at 9:30 AM.


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


CHANDRA ASRI: Sets Aside US$100M A Year For Repayment
-----------------------------------------------------
PT Chandra Asri Petrochemical Center (CAPC), in a meeting with
legislators, said that the debt-laden company can repay its debt
in 15 years with US$100-million allocated for each annual
installment, Asia Pulse reported Friday, citing CAPC President
Gerard Yakobus. This will be possible if creditors will approve
of the company's proposition to lower the interest rate to 1.5
percent points above LIBOR, explained Yakobus.

CAPC owes the Marubeni Corp-led Japanese consortium US$630
million, apart from its obligations to Indonesian Bank
Restructuring Agency (IBRA) of US$25 million, Asia Pulse said.
The former demanded repayment at an interest that would make CAPC
allocate US$10 million more than its paying capacity.

Yakobus also affirmed that CAPC could cover its costs and meet
its obligations should the proposed debt restructuring be
approved and followed.


INDOCEMENT TUNGGAL: Shareholders Approve Plan, Sale
---------------------------------------------------
Shareholders of PT Indocement Tunggal Prakarsa reached a decision
last week to agree to the company's debt-restructuring plan,
sanctioning the bid to sell off the company's 60.6-percent
majority stake to Heidelberger Zement AG of Germany, Dow Jones
Newswires reported late last week. The sell-off bid will allow
the German company to assume Indocement's debts amounting to $150
million, which comprise 10 percent of the company's entire
borrowings.

In the sell-off bid Indocement will issue shares, through a
rights issue, to Heidelberger, but details surrounding this are
not available.

The deal is expected to be finalized before the end of April,
according to Benny Santoso, Indocement executive director.

Indocement used to supply 30 percent of Indonesia's domestic
demand for cement, until the plunge brought about by an immense
surfeit owing to low construction activity, the report said.


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


DAIICHI MUTUAL: Ex-Execs Face Damages Suit
------------------------------------------
Eleven former executives of bankrupt Daiichi Mutual Fire & Marine
Insurance Company will face a suit to be filed with the Tokyo
District Court should they refuse to pay Y2.12 billion in damages
as demanded by Daiichi administrators, Asia Pulse reported
Friday.

An investigation conducted by the administrators upon order of
the Financial Supervisory Agency revealed that the executives
were liable for the concealment of losses, through arrangements
in which falsely-priced repurchase schemes were used to sell
securities, Asia Pulse said.


LIFE COMPANY: Aiful To Take Over
--------------------------------
Aiful Corporation, a consumer loan company, will take over
bankrupt Japanese consumer credit company Life Company, after the
completion of the takeover financing deal conducted by Morgan
Stanley Dean Writer & Co., the Asian Wall Street Journal reported
last week.

It was considered Japan's first completed deal backed by assets
repackaged as securities, and the biggest leveraged buyout, AWSJ
reported according to Kohei Yuki, Morgan Stanley managing
director.

Aiful, to take over Life Co., is going to receive a Y273-billion
loan from Morgan Stanley and Sumitomo Trust & Banking
Corporation, together with Life's Y300 billion receivables from
its consumer financing services, which will be repackaged into
securities to be sold to investors. However, said Yuki, this
acquisition will leave Aiful with a not-so-favorable credit
rating.

This acquisition will serve as a model to buyouts of consumer
financial companies in the country, Karl Essig, the
securitization chief of Morgan Stanley in Tokyo, noted. This may
lead a pack of securitization financing deals in Japan whose
consumer financing industry is currently under consolidation.


ROYAL HOTEL: Creditors Approve Y32.5-B Debt Waiver Deal
-------------------------------------------------------
Sumitomo Bank (TSE:8318) and two other major creditors of Royal
Hotel Limited (TSE:9713) have given their nod to the hotel
operator's two-years' Y32.5-billion debt waiver bid, Jiji Press
reported late last week. According to the report, creditors have
also forgiven Royal Hotel's Y27.5 billion in loans, for the year
ended March 31, 2001.


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


KOHAP GROUP: Fails To Settle Debt Guarantees
--------------------------------------------
According to Fair Trade Commission (FTC) Chairman Lee Nam-kee,
Kohap Group was unable to settle its outstanding debt guarantees
upon deadline, the Korea Herald reported over the weekend. As a
result of its failure, the FTC will impose fines on the
conglomerate of up to 10 percent of its debt guarantee level.

Chaebol groups in Korea have been using debt guarantees to bail
out their unfeasible affiliates. Because of this, the government
has banned this scheme since 1998, the Herald said.


REGENT MERCHANT: Three-Way Merger Deal Look Promising   
-----------------------------------------------------
Regent Merchant Banking is set to enter into a three-way merger
deal with merchant banks Tongyang and Hyundai Ulsan. The three
banks are expected to sign a preliminary memorandum of
understanding within this week, The Digital Chosun reported over
the weekend.

The State's financial watchdog, the Financial Supervisory Service
(FSS), had already given the go-signal to the deal, Chosun said,
citing an official that handled the merger between Tongyang and
Hyundai.

Regent is in bankruptcy and suspended operations, resulting from
a bank-run in November of last year brought about by its
involvement in a stock price-rigging scheme, Chosun said.


SSANGYONG CEMENT: Supervision Implemented by KES
------------------------------------------------
Ssangyong Cement Industrial Company, Korea Herald reported, was
placed under supervision yesterday by the Korea Stock Exchange
(KSE). This decision falls in reaction to Ssangyong Cement's
auditor's refusal to issue remarks on the company's financial
statements.

Stock trading of Ssangyong Cement yesterday went into suspension,
and will be in the KSE's watch list if trading resumes today, the
report said.

Ssangyong Cement and Ssangyong Corporation will stay in the
supervised stock should the auditors of the two companies fail to
report on their 2001 financial statements, the report said.


SSANGYONG CEMENT: Creditors To Expand Debt-Equity Swap Deal
-----------------------------------------------------------
Coverage of the debt-to-equity conversion deal between Ssangyong
Cement and its creditors had been expanded to W1.4 trillion, as
per approval of the latter, The Korea Herald reported over the
weekend.

According to a Cho Hung Bank official, creditors agreed to share
the losses with Taiheiyo Cement of Japan, which earlier agreed to
hike its equity investment to W300 billion in the troubled cement
maker.

Cho Hung Bank, Ssangyong's major creditor bank, is now
considering a sell-off this year of Ssangyong Cement's 12.1-
percent stake in Ssangyong Fire and Marine Insurance, Herald
said.




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


BERJAYA SPORTS: Shares Dumped Due To Disappointing Results
----------------------------------------------------------
Berjaya Sports Toto Bhd (BToto)'s shares faced heavy sales
Thursday last week, attributable to two factors according to
analysts studying the situation. The company's net earnings
dropped below expectations and debt continued to increase, the
Business Times (Malaysia) reported over the weekend.

Analysts cited a higher prize payout ratio, which may have
affected the company's net earnings  which fell by over 10
percent for the quarter ended January 31, 2001.

"We believe BToto sales were affected in Johor by the recent
introduction of four-digit (4D) draws on Wednesdays in Singapore.
Previously, Singapore Pools only conducted 4D draws on Saturdays
and Sundays," Kuala Lumpur City Securities noted. 14 percent of
BToto's outlets are in Johor, making it the biggest presence of a
single number forecasting operator in the southern region.

The other factor cited was BToto's debts, mounting to about RM98
million to RM1.05 billion at the end of the third quarter from
RM945.6 million at the end of the second quarter. Debtors,
deposits and prepayments amount to RM245 million more than the
RM807.4 million recorded at the end of the preceding financial
year.

"Berjaya Group said it planned to reduce its (inter-company)
loans, and yet the loans have increased," an analyst said.

BToto's quarterly net earnings dropped by 10.7 percent to RM55.8
million, on a 4.3 percent increase in quarterly turnover to
RM572.6 million, the Times said, adding that its betting
operations recorded a turnover of RM1.7 billion for the quarter,
up by over 54 percent in the last quarter.


HNCEC-AC JV: Autoways Subsidiary Winds Up
-----------------------------------------
Autoways Holdings Berhad announced Friday at the Kuala Lumpur
Stock Exchange that its 70 percent-owned subsidiary HNCEC has
been wound up pursuant to an order of Kuala Lumpur High Court
dated February 14, 2001. The official receiver would be appointed
as provisional liquidator.

HNCEC had been served, on November 10, 1998, a petition for
winding up by Daya Hawa Dingin Sdn Bhd (DHD) for the sum of
RM85,177.87 arising from an interim certificate. HNCEC has ceased
operation since June 1999.

There wouldn't be any financial loss to AHB as the paid up
capital of HNCEC is only RM24,000 and the 70% subsidiary of the
AHB had incurred accumulated losses amounting to RM9.011 million
as of December 31, 1999. There is no outstanding loan owing to
AHB by HNCEC nor any credit facilities extended to HNCEC by way
of its creditors against the corporate guarantee of AHB.


LANG FURNITURE: Faces Winding-Up Petition
-----------------------------------------
The directors of Land & General Berhad (L&G) announced Friday at
the Kuala Lumpur Stock Exchange that Lang Furniture (Selangor)
Sdn Bhd (LFS), a wholly-owned subsidiary of L&G, was served with
a winding-up petition on March 29, 2001 in respect to a claim of
RM185,989.56 by FECC Enterprise Sdn Bhd (FECCE).

The claim made by FECCE is in relation to monies payable for
goods sold and delivered to LFS. On January 8, 2001, FECCE,
through its solicitors, served a notice under Section 218(e) of
the Companies Act, 1965 demanding payment of RM185,989.56.

LFS disputes the claim. The claim was never tried and therefore
no court order was ever obtained in respect to the same. On
January 18, 2001, L&G had, on behalf of LFS, responded to the  
notice disputing the amount claimed and requested certified true
copies of the invoices and bills allegedly due and payable. LFS
also requested for all legal proceedings to be stayed. Despite
the LFS's response, FECCE proceeded to present the winding-up
petition to the High Court of Malaya in Kuala Lumpur on March 1,
2001 and served it on March 29, 2001.

LFS has instructed its solicitors to set aside the winding-up
petition, which has been scheduled for hearing on July 13, 2001.

                    Financial Impact

At L&G (company level), no expected losses are envisioned as the
cost of investment and inter-company advances have been fully
provided for in prior years. No material operational and
financial impact on the L&G Group is expected as LFS has ceased
operations at the end of 2000 and has substantially provided for
closure-related costs in its accounts for the financial year
ended December 31, 2000.

                Land & General: Background

Originally a sawmiller trader in sawn timber and also a
manufacturer trader in timber mouldings, the group has since
expanded its activities to include real estate development,
forestry, manufacturing of polyvinyl chloride resins and
compound, marine support services to the oil and gas sector, oil
and gas exploration, gold mining, education and technology
prospecting.

Among its property development projects are Bandar Sungai Buaya,
Lembah Beringin and Bandar Sri Damansara. In 1998, the group
launched a number of low to medium-cost houses in all its
township developments.

The field of education was entered into in 1994 with the
launching of Sekolah Sri Bestari. In the same year, the Institute
of Technology was established. The school and the institute
recorded enrolment of 754 and 1,454 students respectively, in
1998.

From the oil and gas division, the company has listed subsidiary
Bumi Armada Bhd on KLSE on 25.6.97. Subsequent to the listing,
Bumi Armada has become a 46.3 percent associated company.

The group's timber operations were extended to Cameroon where the
group acquired a timber-harvesting license in 1997. Due to poor
market conditions, a decision was made to suspend logging
operations in the 3rd quarter of 1998 to conserve group cash
resources until better market and operating conditions return for
West African timber.

In the petrochemical division, the group is reconsidering its
participation in the setting up of a 400,000 tons vinyl chloride
monomer (VCM) plant and 150,000 tons PVC plant, both to be
located in Kertih, Terengganu, in view of the economic downturn.

                Principal Activities

The company is engaged in investment holding. The group's
activities include the following: manufacture and trading of
timber products, sawmilling, extraction of log timber,
manufacture of furniture and furniture components, horticulture,
manufacture of PVC resins and compounds, property development and
investment, oil and gas exploration, marine transportation and
support services, educational services, provision of management
services, sea charter transportation, specialized gas tankers
business, cultivation of rubber and palm oil, cultivation of turf
grasses, garden plants and trees, hotel business, management and
marketing services, high technology, research and development.


MALAYSIAN TOBACCO: Continues Search For New Business
------------------------------------------------------
After it had divested its cigarette operations, Malaysian Tobacco
Company Bhd (MTC), through its Chairman Umar Abu, said that the
company would have to pursue its search for new business and meet
its May 2 deadline set by the Kuala Lumpur Stock Exchange (KLSE),
Business Times (Malaysia) reported late last week. Otherwise, the
company must start preparing for voluntary liquidation.

Umar added that its proposal to acquire three companies at a
price of RM600 million was disapproved by regulators, Times
reported. The three companies were Grand Saga Sdn Bhd, Alam Ria
Sdn Bhd, and Teknologi Tenaga Perlis Consortium Sdn BHd.

In the event of a voluntary liquidation, Umar said shareholders
would likely receive RM3.74 per share with MTC's net current
assets of RM758.32 million as basis.


RNC CORPORATION: Reports Restructuring Status
---------------------------------------------
RNC Corporation Berhad announced Friday at the Kuala Lumpur Stock
Exchange the status of the proposed corporate and debt
restructuring schemed (PRS). Thus:

The PRS is still awaiting the approval of the Kuala Lumpur Stock
Exchange (KLSE) on the listing and quotation for the ordinary
shares, Redeemable Convertible Secured Loan Stocks (RCSLS) and
Redeemable Convertible Unsecured Loan Stocks (RCULS) pursuant to
the PRS on the Main Board of the KLSE.

The State Authority of Johor has yet to approve the sale of
shares in Equiventures Sdn Bhd pursuant to the PRS.

The special administrators and Affin Merchant Bank Berhad are
presently preparing an information circular detailing the PRS,
which will be sent out to shareholders in due course after the
receipt of clearance from the KLSE on the content of the
circular.


SRI HARTAMAS: Administrators Appoint Liquidator
-----------------------------------------------
Sri Hartamas Contractors Sdn Bhd (KLSE:SRIHART) posted a notice
Friday at the Kuala Lumpur Stock Exchange saying that the Special
Administrators of the company had announced that the company
received the Notice of Winding up Order and Particulars of
Liquidator from the solicitor of Oriental on March 30, 2001. The
High Court of Malaya at Kuala Lumpur ordered that SHCSB be wound
up by the Court under the provisions of the Companies Act 1965 on
March 20, 2001. In connection, Mr Tee Siew Kai (NRIC No. 500325-
01-5579), Public Accountant of Messrs. S.K. Tee & Co. has been
appointed as liquidator of the company.

SHCSB is a wholly owned subsidiary of Sri Hartamas Construction
Sdn Bhd and Sri Hartamas Berhad is the ultimate holding company
of SHCSB.

SHCSB ceased operations and suffers a capital deficiency of
RM247,514,343 based on its audited accounts as of June 30, 2000.
There will be no financial and operational impact on the group as
the cost of the investment in SHCSB amounting to RM5,463,475 has
been fully provided for.

The notice of winding up petition was served as SHCSB had not
paid judgment sum of approximately RM440,000 owed to Oriental for
previous construction work.


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


NATIONAL BANK: Gov't Will Sell 16% Stake
----------------------------------------
After the deferment of a joint sale of shares with majority owner
Lucio Tan, the government, through the Department of Finance, is
sighting the sale of its 16-percent stake in Philippine National
Bank. At P40 per share, this would be slightly above the bank's
book value, Business World reported yesterday.

"Above book value would be a good price (to sell PNB shares),"
said Finance Secretary Alberto G. Romulo. A P40-per-share price,
the government will be able to generate about P3.3 billion.

In March, the DoF commissioned PricewaterhouseCoopers to make a
second due diligence audit on PNB, which is expected to be out by
April 16.

"After that, a recommendation will follow on what to do with the
bank, how to sell," Romulo said. His department would then hire
investment bankers in May, prior to the proposed sale of the
government's stake in June.


NATIONAL STEEL: Creditors Approve Asset Waiver Claims
-----------------------------------------------------
National Steel Corporation (NSC) liquidator Danilo Concepcion
said that the debt-burdened firm's creditors approved a
segregation of NSC's assets, in a manifest filed with the
Securities and Exchange Commission (SEC), Business World reported
yesterday. This would mean that secured creditors will only lay
claims in plant assets, and unsecured creditors in non-core
assets.

Creditors said that this was aimed to facilitate efficient and
fair settlements of claims. Since most of the secured creditors
happen to be unsecured creditors at the same time, under this
agreement, the secured creditors waived their right to recover
from other non-core assets.

Concepcion added that creditor banks have also agreed other non-
core assets would be distributed to unsecured creditors alone.  

Plant assets, in the agreement, include all pieces of land found
at the Iligan plant site, all the standing mills, heavy equipment
and necessary facilities. Most these plant assets are covered by
the Mortgage Trust Indenture (MTI) made by NSC in favor of
secured creditors such as Philippine National Bank (PNB), Land
Bank of the Philippines, Allied Banking Corp, and Westmont Bank.  
NSC owes all of them a total of P9.87 billion in debts.


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


LIM KAH: Posts Net Loss Of S$20.786M
------------------------------------
Lim Kah Ngam Limited announced at the Singapore Stock Exchange
that the group incurred S$20.786 million in net operating loss,
for the year ending December 31, 2000, a drop by 0.69 percent
from S$20.93 million for the same period in the preceding year.

The group also posted a turnover amounting to S$56.515 million, a
drop by 42.47 percent from the preceding year's S$98.228 million.

The 42 percent decrease in the group turnover was mainly due to
the significant 75 percent drop in the sale of development
property, which was offset by the increase in hotel revenue of 17
percent.

The group's operating profit before interest on borrowings,
depreciation and amortization, foreign exchange gain, exceptional
items and before income tax had improved by 79 percent, up from
$4.6 million in 1999 to $8.3 million in 2000. This was mainly due
to the decrease in the Group's hotel segment net operating loss
from $5.3 million (excluding the write down of $3.7 million in
the value of an overseas hotel) in 1999 to $1.6 million in 2000.
Overall, the group's loss after tax and extraordinary items was
$20.8 million, compared to $20.9 million in 1999.

The group made loan repayments of about $62 million in June 2000,
and $10 million in December 2000. The reduction in the interest
on reduced borrowings was offset by higher interest rate in 2000.

The exceptional item of a $1.5 million provision was made for
anticipated loss on two development properties. For the
corresponding period in 1999, this item comprised $5.7 million
net write back for provision made for anticipated loss on
development property and $3.7 million write down in the value of
an overseas hotel.

As of year-end, the group's revaluation of certain of its
investment property resulted in a write-up of $3 million to its
reserves.

On March 16, 2001, the company effected the issuance of
$314,285,000 in aggregate face value of bonds (of which
$48,034,000 are convertible to shares at a price of $0.20, being
the par value of each such share) to the various lenders. This
was in accordance with the conversion formula under the debt
restructuring agreement (DRA) dated June 30, 2000. The existing
facilities, as defined in the DRA, are accordingly deemed to be
restructured and each of the members of the group released from
all its respective obligations, warranties, indemnities and
covenants under the existing facilities in accordance with the
terms and conditions of the DRA. The bonds will carry a coupon
rate of 1 percent with a yield to redemption/ maturity of 5
percent.

This will be the first year for the full consolidation of the new
businesses related to the acquisition of the Primefield Group.
With this acquisition, the LKN Group will have four core business
segments; namely, hotel, construction, PC manufacturing and
infocommunications.

The group's businesses will be affected by the current economic
slowdown. The improvement seen last year in the hotel segment is
expected to continue, but at a slower pace. Construction segment
will continue to show positive contribution from its existing
projects, but this will be offset by high interest cost.

The current worldwide slump in PC sales has affected our PC
manufacturing segment. The infocommunications segment through the
launch of its AXS stations shows growth potential. Already, units
have been installed in Marine Parade and the IMM complex in
Jurong. However, being a start-up, the infocommunications segment
is only projected to breakeven in 2003.

To reduce its debt and heavy interest burden, the group will
continue to sell off its non-core assets. Against the backdrop of
economic slowdown, the directors do not expect improvement in the
group's 2001 results.

As of December 31, 2000, the group has obligations amounting to
S$0.895 million and S$316.558 million, for secured and unsecured
loans respectively, all repayable in a year or less, or on
demand. In addition, it has a total of S$32.396 million of
secured loans repayable after a year.


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


BANGKOK TRANSIT: Expects To Launch IPO Later This Year
------------------------------------------------------
Bangkok Transit System Corporation (BTSC) remains confident that
it can launch its initial public offering (IPO) later this year,
as is hopeful that its Bt30-billion debt restructuring will
succeed and get the approval from the government to extend its
route, The Nation reported last Friday.

The loss-making Skytrain operator has yet to come up with an
agreement with its creditors regarding the proposed debt deal,
while it is awaiting the decision from Bangkok Metropolitan
Administration (BMA) for route extension, The Nation said.

These creditors include KFW of Germany, International Finance
Corporation and Siam Commercial Bank. BTSC chairman Kasame
Chatikavanij said the company expects to wind up its debt
restructuring by middle of this year. The negotiations involve a
debt write-off, a debt-to-equity swap, debt payment rescheduling
and interest rates reduction.

According to Kasame, "All parties will definitely suffer from the
debt-restructuring plan, but we all intend to rehabilitate the
project. The negotiations are in a friendly atmosphere because
the creditors remain confident."

BTSC has been knee-deep in financial quagmire since it began
operations in December 1999, as a result of lower passenger
traffic and foreign debt that hiked up with the plunge of the
baht in the foreign exchange.


NATIONAL FERTILISER: Industry Ministry Appoints Auditors
--------------------------------------------------------
To determine the fate of National Fertiliser Plc (NFC), and to
help decide on how top handle the company, the Industry Ministry
appointed Deloitte Touche Tohmatsu and F&A Helman Company as
auditors, Bangkok Post reported yesterday. According to Industry
Minister Suriya Juengrungruangkij, the auditors' report would be
the basis for drawing up measures to rescue the company.


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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