/raid1/www/Hosts/bankrupt/TCRAP_Public/010504.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, May 4, 2001, Vol. 4, No. 88


                               Headlines


A U S T R A L I A

AVANTI INVESTMENTS: ACCC Acts To Protect Gardeners
IMPULSE AIRLINES: ACCC To Assess Proposal
IMPULSE AIRLINES: Enters Relationship With Qantas
IMPULSE AIRLINES: Says AIZ Objection Insubstantial
PMP LIMITED: Chairman Raises Holding
PMP LIMITED: Will Pursue Talks With ACCC
PMP LIMITED: Merger Not To Proceed
VIDEO EZY: Settles Litigation With ACCC


C H I N A   &   H O N G  K O N G

FULBOND HOLDINGS: Posts Net Loss Of US$10.349-M
KELON ELECTRICAL: BOD Clarifies Re Dividend Payment


I N D O N E S I A

ANWAR SIERAD: Delisted Due To Merger
BARITO PACIFIC: Net Loss Balloons To Rp1.024 Trillion
SINAR MAS: Gov't "Quite Satisfied" With Pledges


J A P A N

CRAYFISH COMPANY: Announces Proposed Reconstruction
FUJITA CORP: Expects Group Net Loss Of Y4.5-B
NISSAN CONSTRUCTION: Will Cut Workforce By 21%


K O R E A

DONGBU STEEL: Expects Sales Drop To W333-B
HANIL LIFE: Recoups W39-B In Lending Limit Excess
HYNIX SEMI: Gov't, Groups To Negotiate With Creditors  
HYUNDAI CORP: Recurring Profit Drops 44.6%
HYUNDAI ENG: Minority S-Holders To Block Transfer


M A L A Y S I A

HUANGSHI HEILEN: Voluntary Winding Up In Progress
MALAYSIAN TOBACCO: Board Accepts MEASAT Offer
RENONG BERHAD: Putra Defaults Payment
REPCO HOLDINGS: Regularization Plan Not Moving
RNC CORP: Reports Status Of Restructuring Plan
S&P FOOD: Proposed Plan Wins Nod Of Agencies
SISTEM TELEVISYEN: Court Orders Creditors Meeting
TRANS CAPITAL: Reports Status Of Proposed Plan


P H I L I P P I N E S

BENPRES HOLDINGS: Profit Plunge 83%
MAYNILAD WATER: Must Recover Forex Losses To Survive
NATIONAL POWER: Works Out Plans To Cut Deficit


S I N G A P O R E

HITACHI ELECTRONIC: 221 Workers Axed
I-ONE.NET: Fong Sells More Shares


T H A I L A N D

CENTRAL PAPER: SET OKs Trading Halt
CENTRAL PAPER: Talk With Creditor Bank In Progress
EMC PUBLIC: Court Considers Rehab Plan
NTS STEEL: Creditors Approve Reorg Plan
NTS STEEL: 90% Stake To Go To Creditors

     -  -  -  -  -  -  -  -  -  -

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


AVANTI INVESTMENTS: ACCC Acts To Protect Gardeners
--------------------------------------------------
The Australian Competition and Consumer Commission (ACCC), the
competition and consumer watchdog, has filed proceedings in the
Federal Court in Adelaide alleging that Avanti Investments Pty
Ltd engaged in unconscionable conduct in breach of sections 51AA
or 51AC against four of its lessees, who are market gardeners of
Vietnamese origin and have little formal education or knowledge
of English.

The Commission also alleges that Avanti Investments engaged in
misleading or deceptive conduct in breach of section 52, made
false or misleading representations about the land leased by the
farmers, and used undue harassment or coercion in connection
with the land in breach of s53A of the Trade Practices Act.

The ACCC alleges that Avanti Investments:

* entered into agreements with the farmers to lease the land at
Salisbury in South Australia in 1994 and that the agreements had
no limitation on the water available from a bore on the land;

* in 1998, and again in 1999, made the farmers sign new lease
agreements which each time significantly reduced the amount of
water available after having represented that the agreement was
the same as the old agreement;

* in 1998 sold a significant proportion of the water allocated
to the bore with the result that the farmers would incur excess
water charges; and

* demanded payment from the farmers totaling more than $67,000
for excess water for the years 1998/1999 and 1999/2000.

The ACCC is also taking action against Dr Giuseppe Barbaro, a
former director and representative of Avanti Investments, for
allegedly aiding or abetting or being knowingly concerned in the
breaches.

The ACCC is seeking injunctions, declarations, findings of fact,
and orders to vary the market gardeners' agreements so that they
are no longer responsible for the cost of excess water. A
directions hearing has been set for June 1, 2001 at 9.00 AM in
the Federal Court, Adelaide.


IMPULSE AIRLINES: ACCC To Assess Proposal
-----------------------------------------
Australian Competition and Consumer Commission Chairman
Professor Allan Fels has announced that the ACCC will closely
examine the proposed arrangements between Qantas and Impulse
announced Tuesday.

"The parties informed the ACCC of the proposal on Monday night
and we will be considering the implications of the proposed
restructuring," Professor Fels said, "especially in light of
possible alternative scenarios." Professor Fels stated, "these
alternatives include the complete collapse and withdrawal of
Impulse aircraft and services from the Australian market."

Another issue is whether there are other buyers willing to make
the investment necessary to keep Impulse operating as at
present.

Prof Fels noted that the ACCC's concerns in this matter relate
to the impact of the proposal on competition. In assessing this
impact the ACCC will look for the alternative that provides the
least anti-competitive outcome.

The ACCC understands that Impulse is to cease offering services
in its own name as an independent airline. It will, instead,
become an operator of aircraft under the Qantas banner using its
existing flight crews, cabin staff, engineering and maintenance
personnel.

In its consideration of the effects of the proposal the ACCC
will consider the impact on capacity and competition in various
markets, including trunk routes, rural and regional routes, and
slots, especially at Sydney airport. This will include an
assessment of the effects of any changes to current route
services.

"Furthermore, the ACCC is aware that a number of consumer
protection issues may arise with a collapse of Impulse's
services." Prof Fels noted, "this proposal would protect those
consumers currently holding Impulse tickets."

"The ACCC will immediately consider this proposal in light of
the urgency of Impulse's commercial situation and, as a first
step, will consult with the industry seeking information from
market participants."


IMPULSE AIRLINES: Enters Relationship With Qantas
-------------------------------------------------
Impulse Airlines announced Tuesday it would withdraw from
operating scheduled air services in Australia under its own
brand.

At the same time, Impulse Executive Chairman Gerry McGowan and
Qantas Airways CEO Geoff Dixon jointly announced the two
airlines had entered into a long term commercial relationship
that will involve:

* Impulse contracting to Qantas its eight Boeing 717 and 13
Beechcraft 1900D aircraft, complete with pilots and cabin crew;

* Impulse operating Boeing 717 services for Qantas, under the
Qantas brand and livery, to primarily leisure destinations,
including Gold Coast, Maroochydore and Hamilton Island and also
between Melbourne and Hobart;

* Continuing the Impulse Beechcraft services to Canberra and
Newcastle;

* Impulse operating new services for Qantas to regional ports
where Qantas does not currently operate;

* Qantas loaning funds to allow Impulse to buy back its
institutional shareholders' shares and provide working capital;

Dixon and McGowan said the commercial relationship between
Qantas and Impulse is a direct result of the increasingly
competitive conditions in both the Australian and world aviation
markets.

Impulse and a number of its institutional shareholders had
decided the major trunk route market was too difficult for
Impulse to continue operating on its own. As a result, Impulse
would cease to operate services on the major trunk routes of
Sydney-Melbourne and Sydney-Brisbane on May 14. Qantas will
honor all Impulse tickets from May 14.

"This agreement will strengthen Impulse financially and protect
its future," McGowan said. "Impulse will continue to be a major
employer of skilled aviation personnel and will continue to
maintain its own aircraft. Today's announcement is all about two
Australian owned airlines working strategically together to
deliver highly competitive air services to more Australian
destinations."

McGowan said Impulse intended to honor all agreements it had
established with Governments, including the positioning of its
National Reservation Centre in Newcastle under a Commonwealth
grant and support packages obtained with the Tasmanian and ACT
Governments.

Under the agreement, which is subject to approval from the
Australian Competition and Consumer Commission and due
diligence, Impulse will be owned by its founders, Gerry and Sue
McGowan.

Dixon said the commercial relationship between Qantas and
Impulse would be similar in nature to the one that exists
between Qantas and National Jet Systems, under which National
Jet Systems leases aircraft to Airlink.

"This agreement will secure over 1,000 jobs at Impulse. While
the new arrangements could involve some transfers for a small
number of Qantas staff, these staff will be offered ongoing
employment with Qantas," Dixon said.

"The Australian aviation market is as tough as it has ever been
and it remains very competitive. Our relationship with Impulse
will result in increased regional and leisure services in
Australia and Qantas will continue to offer a wide range of
discount fares."

Dixon said Qantas had kept the Australian Competition and
Consumer Commission fully informed of the developments.

"We do expect further discussions with the ACCC on a number of
issues arising from today's announcement, including slots at
Sydney Airport," Dixon said.

Dixon also announced today Qantas would launch a domestic
operation in New Zealand, initially transferring at least four
Boeing 737s across the Tasman.

Impulse services will continue to operate as usual until May 14.
Bookings to fly with Impulse can be made through its website
(impulse.com.au) or via its National Reservations Centre on 13
13 81 or through travel agents.


IMPULSE AIRLINES: Says AIZ Objection Insubstantial
--------------------------------------------------
Qantas Airways said Wednesday that a possible objection by the
Air New Zealand-Ansett Group to the proposed commercial
relationship between Qantas and Impulse Airlines would have no
substance or validity.

Qantas CEO Geoff Dixon said: "Our commercial relationship with
Impulse will not stifle competition in any way or create any
type of monopoly. Indeed the combination of Qantas and Impulse
will result in Qantas having less capacity share than it did 12
months ago. Competition remains tough and a range of cheap fares
will still be available.

"Importantly, the Qantas-Impulse relationship is the only one
that can preserve jobs in regional Australia, including 350 in
Newcastle alone, and competitive regional air services,
particularly in New South Wales. We have put these arguments to
the ACCC and we believe they are convincing arguments."

Dixon said Impulse Executive Chairman Gerry McGowan had informed
him that Impulse's institutional investors had in recent months
asked Singapore Airlines, which is a 25 percent shareholder in
Air New Zealand-Ansett, to consider investing in Impulse. It had
decided not to do so.

"Why the change of heart now?" asked Dixon.

Dixon said without the Impulse aircraft, Qantas would not be
able to start a domestic operation in New Zealand. "This would
give Air New Zealand a monopoly in that market," he said.

Dixon said it was important for all concerned in aviation and
competition in Australia and New Zealand to recognize that any
relationship between the Air New Zealand-Ansett Group and
Impulse would give the Singapore Government-owned, Singapore
Airlines, major financial interests and widespread influence in
Air New Zealand, Ansett, Hazelton, Kendall and Impulse. "In
addition, Virgin Blue is closely associated with Virgin
Atlantic, which is 49 percent owned by Singapore Airlines. That
is, virtually every Australasian airline other than Qantas is
linked to the Singapore Government.

"We will continue to keep the Australian Competition and
Consumer Commission fully informed of developments in the
appropriate way and supply all the information they require,"  
Dixon said.


PMP LIMITED: Chairman Raises Holding
------------------------------------
PMP Limited Chairman, James R Donnelley, acquired Wednesday
30,000 PMP shares at $0.86 to lift his total holding in the
company to 204,049 shares. The details:

David Rowland, PMP Limited (02) 9464 3503

Notice Of Director's Interests
Section 235 of the Corporations Law

Notice On Change Of Interests

Name of Director    James Russell Donnelley

Name of Company     PMP Limited

The date of last
notification to the ASX
under Section 235
or Part 6.7         March 6, 2001

Date interest changed  May 2, 2001

The director has a relevant interest in the following shares in
the company or related bodies corporate:

Beneficial Interest 204,049
Non-beneficial interest Nil

The director has a relevant interest in the following debentures
of, or prescribed interests made available by, the company or
related bodies corporate: Nil

The director has an interest in the following rights or options
over shares in, debentures of, or prescribed interests made
available by, the company or related bodies corporate: Nil

Contracts of which the director is a party, or is entitled to a
benefit under, being contracts that confer on the director the
right to call for or deliver shares in, debentures of, or
prescribed interests made available by, the company or related
bodies corporate: Nil


PMP LIMITED: To Pursue Talks With ACCC
--------------------------------------
PMP Limited announced Friday last week that it had received
advice from the Australian Competition and Consumer Commission
(ACCC) that it was not prepared to approve the proposal to merge
with the Independent Print Media Group (IPMG) in its current
form.

PMP and IPMG are continuing their dialogue with the ACCC to
ascertain whether there may be a basis for alleviating the
ACCC's concerns and, as a consequence, allow the ACCC to revise
its view.

PMP expects to make a further announcement regarding this
matter.


PMP LIMITED: Merger Not To Proceed
----------------------------------
Following advice from the Australian Competition and Consumer
Commission (ACCC) that it would oppose the merger between PMP
Limited and the Independent Print Media Group, the PMP Board has
resolved to cease all negotiations aimed at merging the two
companies.

While a merger with IPMG in its original form would have
enhanced shareholder returns, PMP has concluded that the
concessions likely to be required to address the ACCC's concerns
would substantially reduce the value of the merger to
shareholders.

Jim Donnelley, PMP's recently appointed Chairman, said both the
Board and management have confidence in the company's ability to
restore value for shareholders.

"The Board is acutely aware of PMP's unsatisfactory share price.
The company continues to vigorously pursue the wide range of
initiatives arising out of the Strategic Review completed
earlier this year. The sale of the European publishing business
is proceeding as planned, while the sale of property.com and
closure of Pacific Intermedia have been announced as part of the
rationalization of the company's loss making emerging
businesses."

Robert Muscat, CEO of PMP, said: "These structural initiatives
will, when combined with the company's strong cash flow
generation capacity, restore financial flexibility to the group
and broaden the range of options available to drive growth in
earnings and returns."

As part of the interim 2001 results announcement, the company
disclosed that it would not pay an interim dividend. Donnelley
commented: "The decision was part of our restructuring package
directed at maximizing company cash flows. We are mindful of the
need for a stable dividend policy and we will continue to
monitor this issue as our restructuring and operational
initiatives achieve their objectives."

"The carrying value of the company's publishing rights and
titles will be reviewed as part of the Board's consideration of
the full year results to June 30, 2001," added Donnelley.

Muscat commented: "It is important to remember that any
adjustment to carrying values will be a non cash item, in direct
contrast to the cash benefits we will receive from the other
restructuring outcomes, particularly the sale of European
Publishing."


VIDEO EZY: Settles Litigation With ACCC
---------------------------------------
"The Australian Competition and Consumer Commission has settled
its legal proceedings against Video Ezy Australasia Pty Ltd,
related companies and various senior Video Ezy management," ACCC
Chairman, Professor Allan Fels, announced Friday last week.

The ACCC commenced legal action in May 2000 alleging that from
December 1999 Video Ezy, in 21 of its 33 corporately owned
stores, supplied certain new release videos at $7.00. The price
of $7.00 was an increase of $1.00 above the price charged in
those stores prior to the increase.

The ACCC alleged that the increased prices were charged
unlawfully in anticipation of the introduction of the Goods and
Services Tax.
The ACCC also alleged that Video Ezy, through its staff at its
corporate stores in Townsville, made representations to
customers that were likely to mislead customers into believing
the price increases were due to the GST and that Video Ezy was
entitled or obliged to collect GST prior to July 2000.

In settling the matter Video Ezy has consented to Federal Court
orders in which it:

ú is declared that it had made false and misleading
representations in breach of the Trade Practices Act by advising
some customers at its Townsville, Queensland stores that the
price increases of the new release videos were due to the
inclusion of the GST when this was not the case;

ú is restrained from making similar representations in the
future;

ú will, for a period of 6 months, reduce the overnight hire
price of all new release videos at the Townsville Stores to a
price not exceeding $6.45 (inclusive of GST);

ú will send letters to Townsville members apologizing for and
correcting any misrepresentations and advising of the price
decrease in the Townsville Stores;

ú will display an in-store notice in each of the Townsville
Stores apologising for and correcting any misrepresentations and
advising of the price decrease in the Townsville Stores;

ú will compensate, by the provision of one free overnight first
release video, any hirer of a $7.00 overnight first release
video at any of the Townsville Stores during the period from 1
September 1999 to 31 January 2000 who provides satisfactory
confirmation to Video Ezy that he/she was confused or concerned
by a statement from a Video Ezy employee linking increases in
the hire prices for such videos in any way to the GST. Video Ezy
will make this offer known to members of the relevant store by
in-store notices.

ú will further develop its trade practices compliance and
education program in relation to relevant provisions of the Act.
The program will be improved to lessen the likelihood of any
future breaches of the Act by Video Ezy; and

ú will contribute to the ACCC's costs in the matter.

Video Ezy has accepted the possibility that its staff may have
made the misrepresentations alleged and as such has apologised
to its customers who may have been misled about its right to
collect the GST prior to July 1, 2000.

The ACCC has agreed to discontinue its price exploitation
claims. In settling the matter Video Ezy has maintained its
position that its conduct did not amount to a contravention of
the price exploitation provisions of the Act. The ACCC believes
that it was reasonable for it to have pursued its concerns about
the possibility of price exploitation.

"The ACCC believes the settlement provides significant redress
to affected consumers," Professor Fels said. "The ACCC had
always believed that the potential for consumers to be exploited
in the transition to the New Tax System was at its greatest when
consumers were confused or misled about price changes.

"The settlement in which Video Ezy has corrected any
misrepresentation and in which compensation is offered to those
who may have been misled resolves the majority of the ACCC's
concerns."


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


FULBOND HOLDINGS: Posts Net Loss Of US$10.349-M
------------------------------------------------
Fulbond Holdings Limited posted for the year 2000 a net loss of
US$10.349 million as opposed to a net loss of US$30.505 million
incurred in 1999, AFX-Asia reported Tuesday. This was made on
sales totaling US$74.533 million, which fell from US$98.537
million incurred in the previous year.

In addition, the company's loss from operations stood at
US$2.830 million, while pre-tax loss dropped to US$9.397 million
from US$29.089 million.

Fulbond Holdings was formerly known as Ta Fu International
Holdings Limited.


KELON ELECTRICAL: BOD Clarifies Re Dividend Payment
---------------------------------------------------
The directors of Guangdong Kelon Electrical Holdings Company
Limited clarify that they do not recommend the payment of any
final dividend for the year ended December 31, 2000.


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


ANWAR SIERAD: Delisted Due To Merger
------------------------------------
PT Anwar Sierad Tbk has been delisted from the Jakarta Stock
Exchange (JSX) as of May 1, 2001 resulting from Anwar's merger
with another Sierad company, PT Sierad Produce Tbk, Bisnis
Indonesia reported Wednesday. As the merger took effect, US
shareholders immediately become SP shareholders in compliance
with the conversion ratio.

According to JSX, US shares will no longer be traded at the JSX,
Bisnis said, adding SP's share composition will be broken down
into 27.37 percent and 72.63 percent respectively PT Sietek
Nusantara F and public.

The report also added according to the director of FX US Awi
Tantra the merger took effect following the Jakarta Commercial
Court's approval with regard to the Sierad Group's debt
restructuring scheme, which called for the said merger as
decided by the creditors and shareholders in December last year.


BARITO PACIFIC: Net Loss Balloons To Rp1.024 Trillion
-----------------------------------------------------
PT Barito Pacific Timber Tbk (JSX:BRPT), including its
subsidiaries, suffered a group net loss that ballooned to
Rp1.024 trillion in 2000 from Rp103.364 billion loss in the
preceding year, attributed to higher operating costs, Asia Pulse
reported Tuesday.

The group posted sales revenues of Rp1.411 trillion in the same
period plunging from Rp1.595 trillion in 1999, while its gross
income fell to Rp79.279 billion from Rp324.268 billion.
Moreover, the group's total operating loss reached Rp100.837
billion.


SINAR MAS: Gov't "Quite Satisfied" With Pledges
-----------------------------------------------
The Sinar Mas Group has pledged the Indonesian government its
assets in a complex guarantee plan embracing group's debts
amounting to US$1.3 billion owed to a major state-controlled
domestic bank, Reuters reported Tuesday, citing a government
source. The assets include stakes in group-controlled holding
firms that have controlling stakeholdings in two key unlisted
timber firms, namely PT Arara Abadi and PT Wirakarya Sakti.

"So far, we are quite satisfied with the assets (pledged)," said
the source. It was not clarified whether Sinar Mas need not
pledge other assets to cover debts owed to PT Bank Internasional
Indonesia (BII). These debts owed to BII total $1.3 billion.

"In addition to the assets already pledged, the group a few
weeks ago pledged stakes in Sinar Mas-controlled holding
companies that hold majority stakes in PT Arara Abadi and PT
Wirakarya Sakti," added the government source.


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


CRAYFISH COMPANY: Announces Proposed Reconstruction
---------------------------------------------------
Crayfish Company Limited (Nasdaq:CRFH; MOTHERS:4747), a leading
provider of e-mail and other Internet-related services to small
and medium-sized businesses in Japan, announced Wednesday its
enterprise reconstruction proposal which is more detailed and
aggressive than the "Crayfish Revival Plan 2001" (CRP-2K1) that
it has carried out until now. Crayfish now seeks to implement
this reconstruction proposal, which is aimed at improving
management and revising its business plan.

The Background of CRP-2K1/Rationale Behind Promo Expansion

Although Crayfish sought new selling partners and had negotiated
with various companies, the search for new partners was
difficult for the following reasons:

There were numerous troubles at the time and customer
cancellation were very high, (the number of service
cancellations was about 2000 in the month of October, 2000 when
the cooperation dissolution with Hikari Tsushin, Inc., was
carried out. Since then cancellations have been reduced
dramatically down to about 20 for the month of February, 2001).

Frequent occurrences of server trouble which was accompanied by
a rapid increase in the number of customers from year 1999 to
the beginning of year 2000. The server trouble has since been
resolved.

Hikari's continued influence on Crayfish, and the roadblocks
Hikari can create as the company seeks a new partner. It has
been very difficult for Crayfish to negotiate affiliations and
alliances with other companies that have a big sales force, and
building a sales force at Crayfish has not been practical given
that our company's focus is on the development and operation of
a technology and service business.

Eventually the company reached on affiliation agreement with
Forval Telecom, Inc and Synconix Technologies Co., Ltd on
condition that Hikari will not control the company's management.
If the company's management can operate independently the
company will be able to restructure its business, and
concentrate management resources on the development and
operation of technology and service.

The main points of the enterprise reconstruction proposal are as
follows:

By cooperating with Forval, Crayfish hopes to shortly implement
the "IT Concierge" plan under which the company seeks to provide
for all the IT needs of its customers, and create the Value
Aggregator type (AOL type) victory model. However, Forval and
Crayfish will only be able to sign the bilateral business
collaboration when it is clear that Hikari will not interfere
with the company's management.

Crayfish will seek to increase management efficiency by
specializing in development and employment of the technology and
services of hosting services (ASP), and strengthening the
management resources of the company.

Crayfish will seek to implement the Value Shaper type (Sun and
Oracle type) victory model by establishing the technical and
competitive dominance of the company by cooperating with
Synconix. However, if Hikari governs the management of the
company, cooperation with Synconix will not be possible.

By enacting these plans Crayfish hopes to resolve the
uncertainty of the current management and build an optimum and
stable management, to perform the above-mentioned plans.

Crayfish anticipates the expansion of hosting services and the
time when more advanced technical power is needed. Rather than
each customer having an individual server, the basis of the
business model of the company is that the hosting service
provider (ASP: application service provider) holds and maintains
the server.

Like many Internet related services, once industry barriers are
removed the value of an enterprise which takes the Value
Aggregator type service strategy of `offering all services
collectively" will increase. Although America Online (AOL) is a
service enterprise centering on individual customers, it is
considered to be one of the service models, which companies in
the industry should emulate by offering everything from
connection service to the Internet to the information service on
the Internet.

This model in which multiple services are offered and a customer
relationship is developed over a period of time is a powerful
one. The company has pursued alliances with companies, which
produce products the company does not currently have and which
have a sales and service style, which puts a priority on
customer relations.

The company's alliance with Forval will help the company to
become an "IT Concierge." Utilizing the reseller function of
Forval enables Crayfish to market in a new brand. By doing so,
Crayfish will be able to improve its brand image and also it
will be possible for Crayfish to take advantage of the telephone
related services which Forval has, allowing the Company more
flexibility in the fee it charges. Moreover, under this business
model, Crayfish believes that it will be possible for the
company to offer all IT related services to its clients and
become a more effective and diversified competitor.

However, so-called IT related services have low barriers to
entry and the cost differential at which customers change to
other companies' services are also low. Excessive competition
can develop rapidly and because of the sudden rise of customer
acquisition costs and fall of unit price per customer Crayfish
is concerned that profit margins will narrow.

Furthermore, because of rapid technical innovation, deregulation
and the increase of computer infrastructures, there s a need for
the company to increase investment in developing and maintaining
its product. Services like those the company provides also have
begun to be provided for 10 dollars or less in the United
States, thus it is difficult for Crayfish to avoid the mid-long
term enterprising risks by only performing the Value Aggregator
type service model.

In addressing these risks, Crayfish needs the Value Shaper type
victory model. This means easily acquiring the passive status in
a market by having technical dominance. Sun Microsystems and
Oracle are examples of this victory model. If Hikari does not
influence the company's board members, with the help Synconix,
the company believes it can acquire the right of priority
selling in Japan and the Asia/Oceania region, attain a dominant
company technology, and realize the Value Shaper type model.

Forval's technology is just the technology which Crayfish needs
as its core of hosting service and by unifying Forval's
technology and Crayfish's know-how of server software,
Crayfish's management believes Crayfish can make an original
technical barrier. The Value Aggregator strategy and the Value
Shaper strategy will intersect at the hosting service, which is
the core business of Crayfish.

Also, the company is expecting a mutual synergistic effect and
mutual competitive power. The company can free itself from the
trap of balance contradiction into which many Internet related
enterprises have lapsed by fulfilling these goals and realize
the company's full value. To enact these strategies, Crayfish
needs to obtain the consent of Hikari to undertake these
strategies.

The company believes that the enterprise reconstruction proposal
is the best plan for all its shareholders and is continuing its
efforts to obtain understanding and consent from its
shareholders including Hikari.

Reproduction of the Existing Enterprise by Alliance with Forval

Telecom

It is expected that the following benefits will be realized by
the alliance with the Forval, pending conclusion of a formal
contract, which the company will be able to attain on condition
that Hikari does not control its management.

The number of customers of Crayfish will begin to increase,
there will be an increase in customer satisfaction by the "all
the problems in connection with IT are solvable" approach and
the management of Crayfish will be better utilized by
outsourcing clerical jobs, such as bill collection to Forval.

Moreover Crayfish thinks that it can decrease cancellation rates
by the following policies. The alliance with Forval may also
enable Crayfish to minimize damage to its brand image resulting
from current management confusion and their major shareholder's
actions.

Although the current cancel rate is about 6 percent, by 2002 the
company hopes to decrease that rate to 3 percent by improving
the quality of its product.

Until January 2001, the most common reasons for cancellations by
clients were:

"no intention of using the Internet" and
"the terms as explained at the time of making the contract are
different from the services provided".

As a result the company has suffered from unstable sales.

When Crayfish took over distribution in the end of October 2000,
there were about 2000 complaints in which its clients claimed
the services provided did not comply with the explanation at the
time of sale. By February 2001 under the management of Crayfish
such complaints had decreased to twenty.

Reallocation of Management Resources

Crayfish has been taking steps to rationalize staffing levels
throughout the organization and is in the process of
streamlining its back office function and reassigning
approximately 100 out of a total of 250 employees to product
marketing and account management duties.

Once the alliance with Forval is fully operational these
employees will be reallocated to new duties in areas such as new
market development or seconded to partner companies to provide
product education for these partner companies. Through
rationalizing operations, the company will be able to refocus
management resources toward the development and operation of new
hosting services and systems.

In addition, the company plans to further strengthen its
position as a hosting service provider by expanding its product
offerings and cultivating new markets, such as the collaboration
with Mitsubishi Research Institute, Inc. and Intercast@ Inc., on
a local government project. The company will also seek further
strategic alliances with companies, including large
corporations.

The current situation surrounding Crayfish is difficult and many
of the possible alliances have been postponed due to actions
taken by Hikari Tsushin in its efforts to take control of
Crayfish by electing new directors to the Board. Nevertheless,
with continued support from its stockholders and through the
implementation of this plan, Crayfish believes that it will
successfully complete its planned restructuring and strategic
alliances.

Strategic Alliance with Synconix Technologies

Crayfish recently announced that it had signed a memorandum of
understanding with Synconix, a computer hardware and software
development company, under which Crayfish would distribute
Synconix products in Japan, and the Asia-Pacific region.
Crayfish expects to have a priority right to sell a designated
number of units.

The company believes that the arrangement will enable the
company to be one of the major players in the next generation
servers market. The distribution arrangement contains a
provision that in the event that Crayfish management should fall
under the control of Hikari Tsushin, Inc., this collaboration
relationship will be terminated.

Synconix's server hardware is based on the `Radial Bus(R)' (for
which Synconix holds patents in 8 countries including the USA
and Japan), a cylindrical super high speed bus (a collection of
wires through which data is transmitted from one part of a
computer to another), high speed large-scale shared memory, and
high speed network `S-Link'. `Radial Bus(R)' makes high-speed
processing and large capacity memory loading possible by
changing the originally flat-faced bus connecting the server's
memory, hard disk and CPU, to a cylindrical shape. Factors
making legal imitations difficult due to the simplicity of the
cylindrical shape are included in the product and patent. This
propriety technology makes possible the design of high-speed
server hardware at surprisingly low costs.

Information flow will increase rapidly with the advent of the
broadband era, at the same time, increasing the need for servers
with higher processing capability. As an application service
provider, Crayfish has extensive knowledge of the needs of ASP
companies and other companies engaging in e-commerce and the
content delivery business. Therefore, the Company believes that
it is well positioned to market Synconix's servers to these
companies.

The margins and the per unit price of server hardware is fairly
high. Crayfish expects to successfully expand this business to a
size equal to that of the current hosting business, by taking
advantage of Synconix's propriety technology and utilizing the
Company's operational know-how obtained through Crayf!sh 2000
and M27.

Management Reform Plan

The management turmoil and the resignation of 5 corporate
auditors has lead Crayfish to strongly feel the need to reform
its management. The company is currently seeking new Board
members through executive search firms and partner businesses.
The new Board members proposed by Hikari are not under
consideration as candidates. In addition, the company is seeking
CEO candidates. The new Board will seek to assign the most
qualified individuals to management who will be able to support
the implementation of the restructuring plan.

However, the company is still seeking the candidates and it may
not be able to make the proposal at the extraordinary General
Shareholders' meeting to be held in June 2001. In this case, as
soon as new Board members are appointed, Crayfish will propose
the bill at a General Shareholders' meeting and hope to obtain
consent from its shareholders.

About Crayfish

Crayfish is a leading provider of e-mail hosting and other
Internet-related services for small and medium-sized businesses
in Japan. The company offers customizable, reliable and
expandable e-mail services and Internet solutions under the
brand name `DESKWING' as well as other Internet application
services to enhance its customers' communication, office
operation and e-commerce capabilities.

Founded in 1995, Crayfish had about 41,000 DESKWING subscribers
in Japan as of the end of March 2001. The Company has its
American Depository Receipts (ADRs) listed on NASDAQ National
Market (ticker:CRFH) in the USA, and its common shares listed on
MOTHERS (ticker:4747) in Japan. Crayfish Co., Ltd. headquarters
is located at Shinjuku Park Tower 35th Fl. 7-1, Nishi-Shinjuku
3-chome, Shinjuku-ku, Tokyo 163-1035, Japan.


FUJITA CORP: Expects Group Net Loss Of Y4.5-B
---------------------------------------------
Fujita Corporation, a general construction firm, projects it
will post a group net loss of Y4.5 billion for the year ended
March 31, as opposed to its early projection of a net profit of
Y500 million, Asian Wall Street Journal reported Wednesday.

Projections on group sales have been lowered to Y548 billion
since a portion of the revenues from a land development project
will be accounted for later, and the rest of the net balance of
the revenues had shrunk due to a write-off of bad loans.
Moreover, the posting of valuation losses on holdings of
securities and golf course memberships have been considered in
these projections.

On a parent-only basis, net loss is estimated at Y2.8 billion
against a net profit projection of Y1 billion.


NISSAN CONSTRUCTION: Will Cut Workforce By 21%
----------------------------------------------
Three hundred staff workers or 21 percent of the entire
workforce of Nissan Construction will be relieved from their
jobs at the company by June through early voluntary retirement
packages, Asian Wall Street Journal reported Wednesday, citing a
report from Dow Jones Newswires.


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


DONGBU STEEL: Expects Sales Drop To W333-B
------------------------------------------
Dongbu Steel Company estimates that for the first quarter sales
revenues could fall to W337 billion, or by about a third of the
figure recorded in the same period in the previous year, The
Korea Herald reported yesterday.

Operation revenues are at W13 billion, 28 percent lower than the
recorded figure in the same period last year. However, the
company remains optimistic as it expects an upswing in the steel
industry down the road.

Dongbu is currently working out the sale of its plant site in
Oru-dong in southern Seoul.


HANIL LIFE: Recoups W39-B In Lending Limit Excess
-------------------------------------------------
Hanil Life Insurance is reported to have retrieved W39 billion
from Cho Hung Bank (KSE:00010), the excess of its lending limit
provided for Ssangyong Cement Manufacturing (KSE:03410), Asia
Pulse reported Wednesday, citing a source at the Financial
Supervisory Commission. Although there has not been a
confirmation regarding the recovery, the life insurer is
expected to spring back to its feet, and once confirmed it will
be permitted to re-operate.

In December 2000, Hanil was declared insolvent, and has been
working out, with the approval of the FSC, its self-rescue
operations through recovery of the loans.


HYNIX SEMI: Gov't, Groups To Negotiate With Creditors  
-----------------------------------------------------
The South Korean government and creditor groups of Hynix
Semiconductor Incorporated are urging all Hynix creditors to
support the bailout package planned for the beleaguered
microchip maker, which would include the offering of convertible
bonds worth W1 trillion to help ease the financial condition of
the company, The Digital Chosun reported yesterday.

This was decided after the government announced through the
Financial Supervisory Service (FSS) its refusal to provide 17
creditor banks bonds guarantee of 70 percent. An official at FSS
explained that should the state-owned Korea Credit Insurance
Fund guarantee the bonds it's probable that a trade squabble
could ensue.

A creditor bank official also commented that the rescue funds
for Hynix could only be raised through the issuance of
convertible bonds to all Hynix creditors, including secondary
financial firms, the Chosun report said.

According to Hynix, because of the government's decision against
the proposed bonds guarantee the company would have to postpone
its road show abroad to attract foreign investments originally
scheduled this month.


HYUNDAI CORP: Recurring Profit Drops 44.6%
------------------------------------------
Hyundai Corporation, the trading branch of the Hyundai Group,
posted for the first quarter a recurring profit of W7.2 billion,
falling 44.6 percent on year, as sales revenues slipped 2.1
percent on year to W8.57 trillion, Yonhap News Agency reported
Thursday last week.

These first-quarter results outdid an earlier projections of
W5.87 trillion and W2.6 billion in sales and ordinary profit
respectively.

Hyundai's projections for the current year includes exports
revenues estimated at US$16 billion and sales pegged at W24
trillion.


HYUNDAI ENG: Minority S-Holders To Block Transfer
-------------------------------------------------
Minority shareholders of Hyundai Engineering and Construction
Company (HDEC) agreed to take legal action to block a proposal
of the company's board to transfer shares to creditors for a
capital write-off, The Korea Herald reported yesterday.

A committee for minority shareholders rights has approached
legal firm Dyne Partners as their legal counsel and
representatives. Last month, the committee filed with the court
for a provisional disposition to suspend the voting rights of
the members of HDEC's board, which approved the transfer of over
50 million shares equivalent to 15.76 percent stakeholding to
major creditors Korea Exchange Bank and Korea Development Bank.

Dyne lawyer Ha Il-ho told Herald, "It is ethically unacceptable
that the company and the board ruin the company through bad
management and then tell small-time shareholders to take the
blame."

The minority shareholders and the committee will join force in
the general shareholders meeting scheduled for May 18 to
safeguard their interests in the company.


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


HUANGSHI HEILEN: Voluntary Winding Up In Progress
-------------------------------------------------
Lion Land Berhad announced Wednesday that the voluntary winding
up proceedings of of it 51 percent subsidiary Huangshi Heilen
Pharmaceutical Company Limited is already in progress. The
parent company would like to provide the following additional
information:

1. The commencement of the members' voluntary winding-up
proceedings of Huangshi Heilen was approved by the Huangshi
Middle Court on March 19, 2001.

2. Huangshi Heilen's performance had not been satisfactory due
to the global market slow down, oversupply of pharmaceutical
products and suppressed selling prices. These circumstances had
affected Huangshi Heilen's operating condition and the winding-
up is necessary to stop further operating losses.

3. LLB Group's total cost of investment in Huangshi Heilen
(including shareholders' loan) was Rmb182.04 million (equivalent
to RM83.50 million; at an exchange rate of RM1:Rmb2.18).

4. There is no operational impact as Huangshi Heilen had ceased
operations since April 1999.

5. The winding-up is not expected to have a material impact on
the LLB Group for the financial year ending June 30, 2001 as the
LLB Group had provided and accounted for the losses of up to
approximately 90 percent of the total investment cost in
Huangshi Heilen in the financial year ended June 30, 2000.

6. Huangshi Heilen does not expect any improvement in its
business in the forseeable future due to the continuing
difficult operating condition in the market. Therefore, the
winding-up is necessary to stop further operating losses.

7. The Board of Directors of Lion Land Berhad had on February
23, 2001 approved the winding-up of Huangshi Heilen subject to
the Huangshi Middle Court's approval.


MALAYSIAN TOBACCO: Board Accepts MEASAT Offer
---------------------------------------------
Malaysian Tobacco Company Berhad (MTC) announced Wednesday that
its Board of Directors has accepted an offer from MEASAT Global
Network Systems Sdn Bhd (MGNS) to inject Binariang Satellite
into the Company.

It was also announced that an application has been made to the
Kuala Lumpur Stock Exchange (KLSE) for a further extension of
time of six months until November 2, 2001 in view of the
impending expiry of the extension for the non-suspension and
non-delisting of the Company's shares on May 2, 2001.

Malaysian Tobacco has also obtained an extension of time from  
May 2, 2001 until May 31, 2001 from the KLSE for the non-
suspension of the Company's listing status vide its letter dated
April 28, 2001.

However, in view that MTC is currently pursuing exclusively the
offer from MGNS with the objective of reaching a formal
agreement on the Proposed Reverse Take-Over, Arab-Malaysian, on
behalf of the Company, will be seeking the KLSE's approval for a
further extension of time for the non-suspension and non-
delisting of the Company's shares.

Accordingly, a further announcement on this matter will be made
before May 31, 2001.

Profile

Malaysian Tobacco Company (MTC) was formed to take over the
business of Malayan Tobacco Distributors Ltd (MTDL), a
subsidiary of British-American Tobacco Co Ltd. MTDL had been
established in the 1920s to manufacture cigarettes in Malaya.

On July 1, 1978 MTC underwent a scheme of arrangement whereby
its undertaking in Singapore was transferred to a separate
public company called British Tobacco Company (Singapore) Ltd.

In 1979 MTC started a modernization program (completed in 1987),
which has provided up-to-date manufacturing and processing
facilities at both its Sungai Besi and Shah Alam factories. The
Company effected an internal reorganization scheme in January
1989, whereby its marketing operations were transferred to
wholly-owned subsidiary, MTC Marketing Sdn Bhd. Following the
Company's strategy of streamlining activities and focusing on
its core business, it disposed of its insurance and printing
business in 1994.

On November 2, 1999, the Company disposed of its entire
operating business and the entire issued and paid-up share
capital of its subsidiary, Commercial Marketers and Distributors
Sdn Bhd (formerly known as MTC Marketing Sdn Bhd) to British
American Tobacco (Malaysia) Bhd (formerly known as Rothmans of
Pall Mall (Malaysia) Bhd).

Subsequent to the disposal, the Company ceased the business of
manufacture, importation and sale of cigarettes and other
tobacco products and ceased to have any subsidiaries.

The Company entered into SPAs on March 31, 2000 to acquire 100
percent equity interest in Grand Saga Sdn Bhd, Alam Ria Sdn Bhd,
Alpha Intercontinental Sdn Bhd, Gerbang Sutera Sdn Bhd and
Infostas Engineering Sdn Bhd. Substantial shareholder, Chelwood
Trading & Investment Company Ltd, also proposed to dispose of
its entire equity interest of 54.7 percent in MTC to General
Public Utilities Sdn Bhd.

The principal activities of Grand Saga are the development,
construction, improvement, upgrading, management, operation and
maintenance of roads and highways. Grand Saga has a 30-year
concession to undertake the management, operation and
maintenance of the Cheras-Kajang Highway.

The principal activities of Alam Ria are the construction of
civil and mechanical works, technical advisory and maintenance
of roads and highways. Alam Ria also provides contract works and
value added services to operators of water treatment plants in
Selangor, the Federal Territory of Malaysia and Langkawi, and
carries out traffic surveillance and routine maintenance
services for Grand Saga.

Alpha Intercontinental, Gerbang Sutera and Infostas Engineering
have equity interests of 30 percent, 20 percent, and 10 percent
respectively, in Teknologi Tenaga Perlis Consortium Sdn Bhd
(TTPC).

TTPC has a 21-year licence to build, own and operate a power
plant to supply electricity exclusively to Tenaga Nasional Bhd.

With these proposed acquisitions, the new Group will consist of
companies involved in infrastructure and service-related
activities encompassing the generation and supply of
electricity, maintenance, management and operation of roads and
highways, and provision of contract works and services to
operators of water treatment plants and highways.


RENONG BERHAD: Putra Defaults Payment
-------------------------------------
Subsequent to the announcement dated March 30, 2001, PUTRA has
defaulted in its interest-servicing obligation of RM313.2
million as at April 29, 2001 in respect of its RM2.0 billion
Commercial Financing Facilities.

Negotiation is ongoing between PUTRA and its financiers under
the Loan for indulgence to extend the moratorium period on the
interest/profit payments and to waive the penalty margin of 1
percent per annum on all interest/profit payments outstanding
for the period from September 30, 1999 until PUTRA's Proposed
Debt Restructuring Scheme is in place.

Currently, PUTRA is working closely with the relevant agencies
on the Plan.


REPCO HOLDINGS: Regularization Plan Not Moving
----------------------------------------------
Repco Holdings Berhad announced Wednesday that there is no
change to the status of the Company's plan to regularize its
financial condition since its last announcement on April 17,
2001, in which the Company had announced that the Special
Administrators had, on behalf of the Company, entered into a
Memorandum of Understanding with Alsirat Sdn Bhd and Gateway
Attempt Sdn Bhd (the Consortium) on that same day to record the
basic understanding of the key areas of agreement pending the
finalization and approval of a corporate and debt restructuring
proposal.

Background

Special Administrators (SA) were appointed over the Company and
seven of its subsidiaries on April 8, 1999 by Pengurusan
Danaharta Nasional Bhd, by virtue of the acquisition by
Danaharta Managers Sdn Bhd of the outstanding balances of loans
obtained by the Company and the subsidiaries from a financial
institution.

The SAs have since assumed control of the Company and a 12-month
moratorium (which has since been extended for a further 12
months) has been in place from the date of appointment of the
SA.

The SAs are presently finalizing a workout proposal.

Repco had been operating in the automotive products, timber and
gaming sectors. The Group's timber division ceased operation
with effect from December 31, 2000 in view that it has not been
granted an extension of time in relation to its timber rights
concession which has expired.


RNC CORP: Reports Status Of Restructuring Plan
----------------------------------------------
RNC Corporation Berhad announced the monthly status of its
proposed corporate and debt restructuring scheme (PRS), as
follows:

(a) The PRS is still pending the approval of Kuala Lumpur Stock
Exchange (KLSE) on the listing and quotation of 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 KLSE;

(b) During the month, a meeting was held to update and finalize
the comments of KLSE on the PRS;

(c) The State Authority of Johor has yet to approve the sale of
shares in Equiventures Sdn Bhd (ESB) pursuant to the PRS; and

(d) The Special Administrators and Affin Merchant Bank are in
the midst of preparing an Information Circular detailing the
approved 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.

Background

The RNC Group is under the management of Special Administrators
appointed by Pengurusan Danaharta Nasional Berhad on July 28,
1999. In 2000, the Group proposed to undertake a corporate and
debts restructuring scheme approved by Danaharta.

The plan will involve the incorporation of a new entity, Equity
Promenade Sdn Bhd (EPSB), the injection of water treatment
businesses, and the disposal and liquidation of selected
subsidiaries.

Upon completion of the proposal, the listing status of RNC will
be transferred to EPSB.

RNC's business is primarily the manufacture and sale of UPVC
pipes and fittings for water supply systems, soil, waste and
vent systems and drainage systems. The products are manufactured
under the "SSS" brand. Operations are located in the Shah Alam
Industrial Estate, Selangor.


S&P FOOD: Proposed Plan Wins Nod Of Agencies
--------------------------------------------
The proposed corporate restructuring plan (Proposals) of S&P
Food Industries (Malaysia) Berhad have received the approvals
from the Foreign Investment Committee, the Ministry of
International Trade and Industry, and the Securities Commission
(SC).

The Board of Directors of SPF and the Vendors of the Target
Companies and Estate are currently considering the terms of the
SC's approval, which were announced on April 20, 2001.

The Proposals are still subject to the following approvals:

(i) shareholders of SPF at an Extraordinary General Meeting and
Court Convened Meeting to be convened;

(ii) sanction of the High Court of Malaya for the Proposed
Capital Reduction and Proposed Scheme of Arrangement; and

(iii) KLSE for the listing of and quotation for the new Newco
ordinary shares arising from the Proposed Scheme of Arrangement,
Proposed Rights Issue, Proposed Acquisition of New Businesses,
Proposed Acquisition of Oil Palm Estate, Proposed Capitalization
of Debts and upon the conversion of the ICULS, and the proposed
transfer of the listing status of SPF on the Second Board of
KLSE to Newco.

On behalf of SPF, we wish to announce that the new investment
company incorporated to facilitate the implementation of the
Proposals and to take-over the listing status of SPF is
Cepatwawasan Group Berhad, a company incorporated on January 11,
2001 under the name of Tropical Expertise Sdn Bhd.

Background

The S&P Food Industries (SPFI) had on August 16, 2000 proposed
to undertake a capital reduction and scheme of arrangement
involving incorporation of a new investment holding company
(Newco), where the existing shareholders of SPFI will have their
respective consolidated SPFI shares cancelled and exchanged with
Newco shares.

Upon completion of the proposed scheme, SPFI proposes to
undertake a rights issue and a debt restructuring that will
provide settlement of the Group's financial obligations by cash
repayment and the issuance of ICULS in Newco, and the settlement
of a claim by a stockbroking company also by an issuance of
ICULS in Newco.

In addition, SPFI proposes to acquire equity interests of 15
companies involved in operation of oil palm and cocoa
plantations and timber extraction, provision of equipment hiring
services, timber log trading, and provision of plantation
management services. SPFI also proposes to acquire two oil palm
estates.

Following this, Newco will dispose of the existing business of
SPFI via the disposal of SPFI and its existing subsidiaries to
Simfoni Melangit Sdn Bhd.

An application will be made to delist SPFI from the Second Board
of KLSE upon completion of the proposed plan and to subsequently
list Newco on the Main Board of KLSE.

Upon completion of the restructuring exercise, the Company's
core business is expected to be changed to "Plantation".

SPFI had been involved in the manufacture, and trading of
coconut cream powder locally known as "Instant Santan" with the
technical back-up and research support of the Malaysian Research
and Development Institute (MARDI) in early 1983, and started
commercial production in May 1985.


SISTEM TELEVISYEN: Court Orders Creditors Meeting
-------------------------------------------------
As announced by Sistem Televisyen Malaysia Berhad (TV3) on  
April 19, 2001, TV3 has been granted an Order pursuant to
Section 176(1) of the Companies Act, 1965 by the High Court of
Malaya on April 17, 2001. The Court Order specified that, inter-
alia, a scheme creditors' meeting has to be convened in Kuala
Lumpur no later than 5 months from the dated of the Court Order,
at a venue and dated to be decided by the Board of Directors of
TV3. In this respect, an Explanatory Statement and Notice of
Creditors' Meeting will be dispatched to the plan creditors in
due course.


TRANS CAPITAL: Reports Status Of Proposed Plan
----------------------------------------------
Trans Capital Holding Berhad (TCHB) announced the following:

TCHB is an affected listed issuer under the Practice Note;

TCHB had on August 30, 1999, May 23, 2000, June 23, 2000 and  
October 3, 2000 announced to the KLSE a proposed debt
restructuring and proposed rights issue (Proposals) as it plans
to regularize the financial condition of the Company and its
subsidiaries; and

The Company has to-date received the approvals of the Securities
Commission (SC), Foreign Investment Committee, Ministry of
International Trade and Industry, and Bank Negara Malaysia in
relation to the Proposals.

Pursuant to a requirement of the Practice Note for TCHB to make
monthly announcements to the KLSE on the status of the
Proposals, the Board of Directors of TCHB hereby wishes to
inform the KLSE that as of Wednesday, TCHB has yet to seek the
approvals from the following:

(a) the shareholders of TCHB at an extraordinary general meeting
(EGM) to be convened;

(b) the SC, for registration of the Abridged Prospectus and the
related forms;

(c) the KLSE, for the listing of and quotation for new TCHB
shares to be issued pursuant to the Proposals; and

(d) the Registrar of Companies, for registration of the Abridged
Prospectus and the related forms.

The Company is still in the midst of clearing the draft EGM
circular relating to the Proposals with the KLSE and SC,
subsequent to which, the said EGM circular would be dispatched
to the shareholders of TCHB in due course.

Background

The Trans Capital Group is currently in the midst of finalizing
a financial restructuring plan.

On October 3, 2000, the Company obtained the SC's approval for
its debt restructuring exercise with its financial institution
creditors and, capital raising exercise via rights issue.

The core activity of the Group is to provide electronic contract
manufacturing services, such as printed and flex circuit board
assembly, and total box-built products for the computer,
telecommunications and electronic products.

The bulk of these services and complete end-products, such as
removable hard disk drive and related products, are marketed to
MNCs in Malaysia and overseas, notably to the US, Europe and
Asia Pacific.

A significant portion of its raw materials such as integrated
circuits, components, flexible circuits, are sourced from more
than 400 Malaysian and overseas suppliers. Manufacturing
activities are based at Bandar Seberang Jaya, Prai, Penang.

Current annual production capacity and production output are
approximately (i) 2.4m pieces and 2.1m pieces of printed circuit
assemblies for computers respectively; (ii) 2m pieces and 1.72m
pieces of flex circuit assemblies for computers respectively;
and (iii) 3.5m pieces and 2.4m pieces of printed and flex
circuit assemblies for telecommunication and electrical products
respectively.

Annual production capacity and production output amounts to
500,000 pieces and 450,000 pieces for assembly of complete end-
products respectively. Current annual production capacity of
hard disk drive and removable cartridge are 1.44m and 0.5m
respectively.

Subsidiary, Trans Capital (TCSB) had on 24.11.2000, entered into
an MOU with Optics Storage Pte Ltd (OSPL), Edwin Long and Chew
Juan, shareholder of OSPL and Ashburton Minerals Ltd (AML) for
the subscription of OSPL shares.

These shares will subsequently be converted to AMC shares at a
deemed issue price of A$0.10. This agreement is pursuant to the
proposed listing of OSPL on the Australian Stock Exchange, of
which as a condition precedent, OSPL has to retire its
outstanding debt with major creditors, i.e. TCSB.

The principal activities of OSPL and its subsidiaries are
research and development, manufacture and sale of optical
storage devices for the computer and electronics industry and
distribution of computer peripherals.


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


BENPRES HOLDINGS: Profit Plunge 83%
-----------------------------------
Benpres Holdings Corporation (BPC) posted a net profit of P368
million last year, falling 83 percent from P2.208 billion
recorded in 1999, The Philippine Star reported yesterday, citing
a company disclosure posted at the Securities and Exchange
Commission. The drop, the company said, was attributed to the
losses of the group's subsidiaries, Bayan Telecommunication
Holdings Corp (Bayantel) and Maynila Water Services, that
dragged parent Benpres' bottom line.

Moreover, Benpres' revenues slid 36 percent to P3.867 billion,
attributed to the drop in gains from divestments from P3.975
billion in 1999 to P2.07 billion last year.


MAYNILAD WATER: Must Recover Forex Losses To Survive
----------------------------------------------------
Maynilad Water Services needs an automatic currency adjustment
mechanism from MWSS to be able to continue delivering cheap and
clean water to its franchise area and address a longstanding
water crisis, Maynilad Chairman Oscar Lopez said yesterday.
  
Lopez said the so-called Auto-CERA -- the same mechanism that
allows power and telephone companies to cover foreign exchange
losses and continue their service uninterrupted -- is critical
to the survival of Maynilad and its delivery of water to its
present and future customers.

Gerard Payen, chairman and CEO of Suez Lyonnaise des Eaux of
France, Maynilad's partner in the concession, said "the
situation of Maynilad is very critical. The company is
simultaneously facing too many problems and cannot survive
without significant changes" in the concession agreement.

The very nature of the water concession requires huge
investments over a long period of time and this presupposes
changes along the way. Lyonnaise operates similar water projects
in 30 countries. In Buenos Aires alone, he said its contract was
renegotiated twice in the past seven years.

Without Auto-CERA, Lopez said Maynilad's revenues would be so
eaten up by the devaluation of the peso, leaving nothing to lay
new pipes and fix old ones.

He said that the current all-in cost of Maynilad water to the
average consumer is only P9 per cubic meter, compared with
around P150 for those in Para¤aque who have been buying tankered
water for years.

"In just a few months, not years, we would be able to deliver
water directly to new areas in and around Metro Manila that have
been dry for decades. Kaunti na lang, may tubig na sila," he
said. (It won't be long when they will have water).

He explained that under its concession agreement with MWSS, it
assumed 90 percent of MWSS' foreign loans worth $800 million. At
that time, in 1997 when the peso was worth P26 to a dollar, this
was equivalent to only P20 billion.

"Now, it is worth almost P40 billion because of the peso
devaluation, and Maynilad is earning in pesos, not dollars," he
said.

This virtually doubled the single biggest expense of Maynilad.
Meanwhile, revenues shrank because of natural and man-made
causes: the El Nino; the delay in the completion of the Umiray
water project and the 300-MLD (million liter per day) bulk water
project; and Maynilad's discovery that its pipe network was not
only 2,500 kilometers long as MWSS had warranted but 4,000
kilometers.

"So we had little water to sell and earn from and yet so much to
pay. We also have to contend with a near-doubling of our pipes.
This means more water leaks and again no revenues, and
additional money to plug its leaks and replace pipes," he added.

Lopez said Maynilad and its French partner, Lyonnaise de Eaux,
had tried to work out the problem on their own and invested P2
billion more than they had committed just to continue paying
MWSS the $800 million on time and still lay pipes and improve
water service.

In fact, he said, the company had to divert P2.3 billion towards
paying the bloated MWSS loans that should have been spent on
water service to debt service.

But the peso's fall from P26 to P56 was "catastrophic" in
magnitude that Maynilad or any other concessionaire would really
need the Auto-CERA to survive, he said.

He added that the company has reached its limit. It served MWSS
a notice of force majeure late last week, a remedy allowed in
its concession agreement.

Lopez said Maynilad is also open to options other than the Auto-
CERA.


NATIONAL POWER: Works Out Plans To Cut Deficit
------------------------------------------------
The National Power Corporation (Napocor) has outlined plans to
cut its deficit, The Philippine Star reported yesterday. Among
them will be the sell-off of its two airplanes, and setting up
cost-cutting measures that are expected to raise savings of up
to P10 billion.

According to Napocor President Jesus N. Alcordo, in his report
to the Malaca¤ang, the company is studying a proposal to
establish an inter-agency committee to review the provisions of
current contracts between the power utility firma dn 35
independent power producers (IPPs).


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


HITACHI ELECTRONIC: 221 Workers Axed
------------------------------------
Hitachi Electronics Devices, a unit of Japanese electronics
company Hitachi, has cut 221 workers in Singapore, 188 and 33  
from production and administrative staff, respectively, Asian
Wall Street Journal reported Tuesday, citing a report of
newspaper Straits Times. The number represents 18 percent of the
company's staff in the Singapore-based unit.

Due to the weak demand for computer display tubes and the
downturn in the U.S. economy, the Hitachi unit is also cutting
its production capacity to 200,000.


I-ONE.NET: Fong Sells More Shares
---------------------------------
DBS Bank has force-sold additional 8 million shares in i-One.Net
held by the company's controlling shareholder KK Fong, starting
April 24 to 26 at 9 to 9.5 cents apiece, Business Times reported
yesterday. The sale left Fong with 25.98 percent stake from
27.71 percent.

KK Fong resigned as i-One.Net CEO after he announced his plan to
sell his stake in the company to fulfill his own personal
obligations.


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


CENTRAL PAPER: SET OKs Trading Halt
-----------------------------------
The Stock Exchange of Thailand (SET) announced Central Paper
Industry Public Company Limited (CPICO) had been subjected to
rehabilitation plan preparation and posted `SP' (Suspension)
sign to prohibit securities trading of CPICO and also
transferred to REHABCO category since March 12, 2001.

The SET also informed a time schedule for CPICO's management to
make prudent decision on whether to prepare a rehabilitation
plan to propose to the company's shareholders, or to ask for a
voluntary delisting, or to try another option which will benefit
to all involved and report the decision to the SET in order to
disclose to public by April 11, 2001. However, CPICO had asked
for an extension period to report its decision by April 30,
2001.  

The SET has considered the CPICO's management decision submitted
to the SET, and will proceed as follow;

1. Allow trading of CPICO securities, which decide to prepare a
rehabilitation plan, under the REHABCO category from May 3, 2001
to June 1, 2001 to give shareholders a chance of trading CPICO's
securities.

Therefore, according to Clause 24 (3) and (6) of the regulation
on trading, clearing and settlement for listed securities 1999,
the ceiling and floor limits on the main board will be expanded
from the regular +/-30 percent to +/-100 percent of their last
trading. The new limits will be in effect on May 3, 2001.   

2.Post an SP sign to prohibit further trading of CPICO
securities, beginning from June 4, 2001 until the causes of
delisting are eliminated or the SET allows continued trading
under the REHABCO category after they completed the conditions
specified. This is by virtue of Clause 5 (5) of the SET's rules,
Conditions and Procedure of the Temporary Prohibition against
Trading of Listed Securities dated on February 9, 1995.
         
CPICO is required to proceed as follow:

1) Appoint an independent financial advisor to assist management
in the preparation of the rehabilitation plan.

2) Co-operate fully with the independent financial advisor in
organizing a meeting to present the rehabilitation plan to
analysts and shareholders, and then also propose it to the
shareholders for approval.

3) Co-operate with the independent financial advisor in
reporting every three months to the SET on its actual
implementation progress, as compared to the rehabilitation plan
until the causes of possibly being delisted are eliminated.

In case the company submits a petition under the Bankruptcy Act,
the company is able to implement the rehabilitation plan
approved by the creditors and the court in place of the plan
approved by the company's shareholders.

However, the company still has the duty to report the SET about
the implementation progress.

The SET would like the CPICO' shareholders and general investors
to follow up the proposed rehabilitation plan prepared by CPICO
and its financial advisor which will be presented to its
shareholders meetings or the Central Bankruptcy Court.
        

CENTRAL PAPER: Talk With Creditor Bank In Progress
--------------------------------------------------
As Central Paper Industry Plc (CPICO) has requested the Stock
Exchange of Thailand (SET) for the grace of decision to prepare
a rehabilitation plan dated on April 10, 2001 due to CPICO is on
the process of negotiating with Bank Creditor.

Bank Creditor has already completed the solution with CPICO, the
Board of Directors has resolved for the choice of preparing a
company's business rehabilitation plan according to the Stock
Exchange of Thailand (SET) for the Regulation Governing
Delisting of Securities in the year 1999.

CPICO will announce once it has appointed an independent
financial advisor to collaborate with the company in preparing
the company's business rehabilitation plan.


EMC PUBLIC: Court Considers Rehab Plan
--------------------------------------
The Bankruptcy Court has considered the rehabilitation plan of
EMC Public Company Limited. As Chatuchak Assets Management Co
Ltd submitted an objection to the rehabilitation plan to the
Bankruptcy court, the planner requested to submit supplementary
information.

The court approved submission of the supplementary information
from the planner on May 11, 2001, and agreed to postpone the
consideration of the rehabilitation plan to May 15, 2001 at 9.30
AM.


NTS STEEL: Creditors Approve Reorg Plan
---------------------------------------
331 Planner Company Limited, the Planner of N.T.S. Steel Group
Public Company Limited (NTS), announced on April 27, 2001, the
creditors' meeting passed a resolution to approve the
Reorganization Plan of NTS.

The official receiver will report the resolution to the Central
Bankrupcy Court.

Upon receipt of the report, the Central Bankrupcy Court with set
a date to conduct a hearing and consideration of the
Reorganization Plan of NTS. The official receiver will inform the
date of consideration of the Reorganization Plan of NTS
accordingly.


NTS STEEL: 90% Stake To Go To Creditors
---------------------------------------
Under the business rehabilitation plan, NTS Steel Group Plc will
give up its 90 percent stake to creditors, as approved by
creditors with claims of 71.4 percent of the beleaguered steel
maker's debts totaling Bt3.7 billion, Bangkok Post reported.

The same plan will also cover a capital hike to Bt27.2 billion
from Bt2.1 billion through an issuance of preferred shares and
common shares, totaling respectively 788 million and 1.7 billion
to creditors as one of the measures to settle the company's
debts, leaving Sawasdi Horrungruang's group with 2 percent from
around 50 percent shareholding.

Another feature of the restructuring plan is a buy-back of
shares through an issuance of warrants to be converted into
ordinary shares for Bt1.87 and Bt5.37 per share.

However, the plan could be carried out on the following
conditions: NTS enters into a merger with Cementhai Steel
Company, which is under the Siam Cement Group, by the end of
January next year; the company remains listed on the Stock
Exchange of Thailand; and appoints an agent to watch over the
company's cashflow.


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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