/raid1/www/Hosts/bankrupt/TCRAP_Public/010521.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

                  Monday, May 21, 2001, Vol. 4, No. 99


                               Headlines


A U S T R A L I A

131 SHOP.COM.AU: Restructures Deal With Tomorrow
HIH INSURANCE: ASIC Head Promises Tough, Thorough Probe
IMPULSE AIRLINES: ACCC Approves Qantas-Impulse Merger
IMPULSE AIRLINES: Qantas Welcomes ACCC Decision
ONE.TEL LIMITED: Requests Trading Halt
ONE.TEL LIMITED: Trading Suspended
ONE.TEL LIMITED: Announces Renounceable Rights Issue
ONE.TEL LIMITED: PBL, News Ltd To Undwerwrite Rights Issue
PMP LIMITED: Outlook Stable, S&P Confirms
WOOLSTOCK AUSTRALIA: Wind-Up Looms


C H I N A   &   H O N G  K O N G

ASIA LOGISTICS: Sells Huayi Xiamen
CHENNEX INVESTMENT: Faces Winding Up Petition
CHINA RESOURCES: Issue Of US$200-M CGBs Due 2006
GREAT KINGDOM: Winding Up Petition To Be Heard
SILEIGH HOLDINGS: Winding Up Petition Set For Hearing
TEM FAT: Subscription Deal Reached With Five Creditors


I N D O N E S I A

INDAH KIAT: Interest Payment Coming, Despite Concerns
SINAR MAS: IBRA Clarifies Debt Workout
SINAR MAS: IBRA Reports Status Of Debt
SURYA SEMESTA: Sells Stake In Giri Lingga For Rp28-B
TRI POLYTA: Net Loss Balloons To Rp625.15-B


J A P A N

MITSUBISHI MOTORS: Posts Net Loss Of Y278.14-B
RECRUIT COMPANY: Tepco, Three Banks Acquire Stakes
SOGO COMPANY: Police To Raid Ex-Exec's House


K O R E A

HYUNDAI MERCHANT: Creditors Demand Debt Repayment Plan
HYUNDAI MERCHANT: Loans For '00 Hit W1 Trillion
HYUNDAI PETROCHEM: Creditors Seek Review Of Status
KOREA TELECOM: Will Raise US$5-B In Foreign Capital
SAMSUNG ELECTRONICS: Moody's Upgrades Ratings To `Baa2'


M A L A Y S I A

BERJAYA LAND: Disposing Of Interests In Natural Avenue
LANDMARKS BERHAD: Clarifies Effects Of Acquisition
PANCARAN IKRAB: Posts AGM Results
PLANTATION & DEVELOPMENT: Subsidiary Liquides Shares
SPORTMA CORP: Explains Variance In Results
TAIPING CONSOLIDATED: Issues ICPS To Seng Hup


P H I L I P P I N E S

MANILA MINING: Sustains Q1 Net Loss Of P35.1-M
PHILEX MINING: Swings To Q1 Net Loss Of P44-M
REPUBLIC GLASS: Posts Q1 Net Loss Of P22-M


S I N G A P O R E

ASIA PULP: Indonesian Units To Pay Bonds Interest
LIM KAH NGAM: To Profit $8-M From Sale Of LKN-Prinsep
VAN DER HORST: Ends Investment Deal With L&M


T H A I L A N D

BANGKOK RANCH: Reports Progress on Business Reorg
KRISDAMAHANAKORN: Inks Workout Deal With ARF
TELECOMASIA CORP: Drops To Loss Of Bt1.28-B
THAI NAM: Announces Progress Report On Rehab

     -  -  -  -  -  -  -  -

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


131 SHOP.COM.AU: Restructures Deal With Tomorrow
------------------------------------------------
131 Shop.com.au Limited [ASX:OTO], which is soon to be renamed
Focus Technologies Limited, announced Thursday last week that it
had restructured the transaction with Tomorrow Limited
[ASX:TOM].

The restructure results from a decision by the Australian Stock
Exchange to exercise a discretion under the Listing Rules and
not approve the issue of partly paid shares on the original
terms to Tomorrow as part of the transaction.

Under the revised transaction structure, Tomorrow will receive
10 million options (being approximately 23 percent of 131 Shop
on a fully diluted basis), exercisable at $0.20 over 7 years.
The exercise of the options requires 131 Shop shares to have
traded at $0.40 or more over five consecutive trading days.

No partly paid shares will be issued under the terms of the
revised transaction.

All previously announced details regarding the acquisition of
TIG, Redstar and the option over 19.9 percent of Mincom are
unchanged.

The forecast June 2001 capital structure of 131 Shop is as
follows:

               SHARES    % OF FULLY PAID  OPTIONS  % FULLY
                            SHARES                   DILUTED
Current 131            
Shareholders  16,153,457     73.7%      11,134,122    63.04%
TIG Vendors    500,000     2.3%         260,000     1.73%
Redstar             
Vendors       3,750,000      17.1%                     8.66%
Capital Raising     
for Spread    1,500,000       6.8%                     3.47%
Tomorrow                                10,000,000    23.10%
Total        21,903,457                  21,384,122

The transaction is subject to conditions including shareholder
approval at a meeting expected to be held in June 2001.


HIH INSURANCE: ASIC Head Promises Tough, Thorough Probe
-------------------------------------------------------
Australian Securities and Investments Commission Chairman David
Knott has assured the public his organization is up to the job
of probing into the collapse of Australian insurance giant HIH
Insurance. Knott said:

"The collapse of HIH is now clearly identified as one of the
largest and most significant financial failures in Australia's
history. It is understandable in such circumstances that the
public demand for answers and accountability is vocal and
pressing.

"The Australian Securities and Investments Commission now has
the task of investigating this collapse to determine whether any
person or persons should be brought to account for offences
under the Corporations Law.

"On behalf of the Commission I want to assure the Australian
public that our investigation will be conducted without regard
to any vested interest; that we will devote whatever financial
and investigative resources are required to complete this task
within the shortest possible time; that we will explore all
remedial avenues available to us under the law, whether they be
criminal, civil or administrative in nature; and that we will do
this with a sense of priority commensurate to the enormity of
this collapse.

"As you would know, we embarked upon this task in February. On
27 February this year, ASIC commenced an investigation of HIH
Insurance and sought the suspension of trading in its shares
because we believed that the market was inadequately informed
about the company's financial position. We made it clear to HIH
that we would not allow them to recommence trading until their
financial position was made known to the market. HIH went into
provisional liquidation on 15 March without seeking to re-list.

"Since that time, we have initiated an investigation strategy
that clearly differentiates between prospective criminal and
civil avenues of enquiry. We are well advanced in assembling a
specialist team of investigators, drawing on both internal
resources and external experts. These include specialist
actuarial, auditing, claims management and insolvency skills.

"While the size and composition of the investigating team will
remain confidential, it promises to be the biggest ever
assembled by ASIC.

"We have also retained a team of senior and junior counsel in
Australia, and are in the process of retaining additional
counsel in the UK and USA on issues concerning the provisional
liquidation. We have retained Ferrier Hodgson to provide us with
specialist insolvency advice.

"We are consulting with the Commonwealth Director of Public
Prosecutions to ensure maximum coordination of our resources.

"I also want to acknowledge the strong support we have received
from the Commonwealth Government which has approved a special
line of funding to help underwrite this investigation.

"Since this investigation commenced, we have begun the process
of seizing and reviewing relevant documents and have carried out
preliminary examinations of some persons considered likely to
assist our enquiries. For reasons of security I will not
elaborate further on our planning or intentions.

"However, I do need to counsel patience and to emphasize the
risks that calls for early accountability carry for ultimate
justice. It is imperative that the work of ASIC and the DPP be
carried out with full regard to the requirements of law and the
accepted standards of our judicial system. The public desire for
quick answers must be balanced against potential prejudice to
the ultimate accountability of responsible parties, which must
rank as our foremost objective. In matters of such weight, there
are simply no shortcuts and this will be a long and complex
investigation.

"We have noted recent calls for a Royal Commission or Judicial
Enquiry. It is not appropriate for ASIC to express a view of
such possibilities. However, if any such enquiry is commissioned
it will be important to take account of the work of ASIC and the
DPP so that the legal accountability for any unlawful conduct is
not compromised or delayed.

"In the meantime, it is critical that ASIC's investigations be
conducted in confidence and with proper regard to the rights of
third parties to due process and natural justice. For these
reasons ASIC will not comment after today on the progress of our
investigations, other than to comment on significant
developments in the public interest from time to time."


IMPULSE AIRLINES: ACCC Approves Qantas-Impulse Merger
-----------------------------------------------------
The Australian Competition and Consumer Commission will not
oppose the proposed acquisition of Impulse by Qantas, after
significant undertakings were provided by Qantas, ACCC Chairman,
Professor Allan Fels, said Friday.

Impulse claimed it was a failing firm and would become insolvent
on 14 May 2001. The ACCC independently evaluated this claim and
concluded that the withdrawal of support by certain investors
had prevented Impulse from remaining viable.

The likely failure of Impulse and the lack of alternative buyers
led the ACCC to consider the impact of two alternatives on
longer term competitiveness in domestic aviation.

These alternatives were to allow Impulse to go into receivership
or allow Qantas to acquire the company.

Given the alternatives, after extensive evaluation the ACCC
concluded that while the acquisition would lessen competition,
the competition concerns could be better addressed by allowing
the acquisition to proceed accompanied by actions designed to
improve the competitive position of firms currently constrained
in their ability to expand and any potential new entrants.

A receivership for Impulse would mean a less competitive outcome
was likely.

The undertakings relate particularly to access to scarce take-
off and landing lots at Sydney Airport, terminal access and
certain price undertakings.

The undertakings accepted from Qantas address the ACCC's
concerns by including assurances on access to peak slots (7 a.m.
to 9 a.m. and 5 p.m. to 7 p.m) to enable new and emerging
airlines to compete more effectively on inter-State trunk
routes.

On routes currently operated only by Qantas and Impulse, Qantas
has provided an undertaking with regard to the maintenance of
services (with regard to frequency and capacity) and
restrictions on airfare increases.

The ACCC also welcomed the commitment made by Qantas to the
Tasmanian Government regarding the maintenance of services to
Tasmania.

"After taking into consideration the undertakings provided by
Qantas, the ACCC considered that any anti-competitive detriment
caused by the Qantas merger with Impulse will be minimized.
Under these circumstances, the ACCC decided not to oppose the
proposed merger."

An edited version of the projects will be available on the ACCC
website. Certain sections will remain confidential as they
relate to the commercial operations of Qantas.


IMPULSE AIRLINES: Qantas Welcomes ACCC Decision
-----------------------------------------------
Qantas Airways Limited Friday welcomed the decision by the
Australian Competition and Consumer Commission not to oppose its
commercial relationship with Impulse Airlines.

Qantas CEO Geoff Dixon said: "Today's decision means Qantas will
provide improved regional and leisure services in Australia. We
will continue to offer a wide range of discount fares although,
as we have said, some of the very low fares offered recently are
not sustainable."

The final commercial relationship between Qantas and Impulse
will involve:

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

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

* Continuing Beechcraft services in NSW and to Canberra and
Newcastle;

* Continuing the call center operation in Newcastle;

* Developing new QantasLink non-stop services from Sydney to
Townsville and Hobart;

* Qantas honoring all Impulse tickets after Impulse ceases
operations.

"While the new arrangements could involve some transfers for a
small number of existing Qantas staff, I confirm that these
staff will be offered ongoing employment with Qantas," Dixon
said.

Dixon also said Qantas would work closely with the Federal, ACT
and Tasmanian Governments in relation to their agreements with
Impulse Airlines.

"Today's announcement means Qantas will offer an enhanced
regional network and schedule and it also complements our recent
decision to re-brand our four wholly owned subsidiary airlines -
Airlink, Eastern Australia Airlines, Southern Australia Airlines
and Sunstate Airlines - as QantasLink," Dixon said.

QantasLink will offer all passengers access to the benefits of
the Qantas loyalty programs, together with the convenience of
through baggage check for domestic and international
connections.


ONE.TEL LIMITED: Requests Trading Halt
--------------------------------------
One.Tel Limited's Company Secretary A Parker wrote to the
Australian Stock Exchange:

"I refer to our telephone conversation this morning and confirm
that One-Tel Limited requests that a Trading Halt be applied to
its securities immediately.

"The reason for the Trading Halt is that the company is
preparing to make an important announcement which is likely to
affect the Company's share price but cannot be released
immediately.

"The company would like the trading halt to last until that
announcement is made (but in any event, not beyond the time
prescribed by ASX rules).

"The company is not aware of any reason why the Trading Halt
should not be granted."


ONE.TEL LIMITED: Trading Suspended
----------------------------------
The securities of One.Tel Limited have been placed in pre-open
pending the release of an announcement by the company, said ASX
Senior Companies Advisor D Barnett. Unless ASX decides
otherwise, the securities will remain in pre-open until the
earlier of the commencement of normal trading on Monday, 21 May
2001 or when the announcement is released to the market.

Security Code: ONE


ONE.TEL LIMITED: Announces Renounceable Rights Issue
----------------------------------------------------
The Board of One.Tel Limited announced Thursday last week a
renounceable Rights Issue to provide One.Tel with sufficient
working capital to fund its immediate business plans. The Rights
Issue is underwritten by One.Tel's major shareholders,
Publishing & Broadcasting Limited (PBL) and News Limited (News),
and Consolidated Press Holdings Limited has stated it will take
up its entitlement.

The company will raise $132 million by way of the Rights Issue,
which entitles each shareholder to subscribe for one fully paid
New Share for every Existing Share held, at an Issue price of
five cents per New Share.

The Board resolved to undertake a capital raising on the advice
of management that the company's cash position is now expected
to be lower than forecast. Management advised the board that the
principal factors reducing the cash position were European
carrier issues, billing and resultant collections issues, and
provisioning delays.

A number of changes to the Board and management were also
announced, including the appointment of Peter Yates, Chief
Executive Officer of Publishing & Broadcasting Limited (PBL),
and Peter Macourt, Deputy Chief Executive of News Limited, as
Directors as well as the resignations of Jodee Rich and Bradley
Keeling from both their Board seats and executive roles.  
Keeling will continue as an advisor to the Board until 30 June
2001.

Mark Silbermann continues as Chief Operating Officer and Kevin
Beck continues as an Executive Director.

Rich said: "The simultaneous decisions of our major shareholders
to take a more active role in the business heralds a positive
era for One.Tel."

Keeling added: "Jodee and I thank the team for their efforts in
building the company and wish them all the best while the next
chapter for One.Tel is written."

The Board said that for One Tel customers and suppliers it is
business as usual. There will be no change to the services
currently being provided by the company.

Key Renounceable Rights Issue Details:

* The renounceable Rights Issue entitles each shareholder to
subscribe for one fully paid New Share for every one Existing
Share held, at an issue price of 5 cents per New Share.

* The renounceable Rights Issue is underwritten by PBL and News
who will take up New Shares not accepted.

* The renounceable Rights Issue is subject to and conditional
upon the underwriting of PBL and News. The underwriting
commitment of each of News and PBL is conditional on FIRB
approval of News participating as an underwriter to the
renounceable Rights Issue.

* A Prospectus containing detailed information about the Rights
Issue will be issued on or about 8 June 2001. Applications for
shares may only be made using the entitlement and acceptance
form accompanying the Prospectus. Shareholders should read the
Prospectus before electing to take up or sell entitlements.


ONE.TEL LIMITED: PBL, News Ltd To Undwerwrite Rights Issue
----------------------------------------------------------
Publishing & Broadcasting Limited (PBL) and News Limited (News)
announced Thursday an agreement to underwrite a $132 million
renounceable one-for-one Rights Issue for One.Tel Limited at an
issue price of 5c per share. The underwriting commitment of each
of News and PBL is conditional on FIRB approval of the
participation of News in the underwriting. The Issue will
provide One.Tel with sufficient working capital to fund its
immediate business plans.

A number of changes to the One.Tel Board were announced
including the appointment of Peter Yates, Chief Executive
Officer of PBL and Peter Macourt, Deputy Chief Executive Officer
of News Limited, as directors of One.Tel. Jodee Rich and  
Bradley Keeling have resigned their executive and Board
positions. Keeling will continue as an advisor to the Board
until 30 June, 2001.

In a joint statement Yates and John Hartigan, Chief Executive
Officer of News said both PBL and News are committed to
assisting One.Tel achieve its full potential.

"We believe that One.Tel is at an important stage in its
development. Further funds are needed to continue to implement
One.Tel's operational program and key initiatives.

"Today's recapitalization and management changes set the
framework for the future direction of the organization to become
a full-fledged telecommunications provider," they said.

For PBL, Yates said: "PBL supports One.Tel's business model in a
deregulated environment.

"This initiative positions the company well to capture
opportunities as they arise in the changing telecommunications
landscape," said Yates.

Hartigan, speaking for News said: "News continues to regard
one.Tel as an important strategic investment and remains
confident in One.Tel's underlying business case."


PMP LIMITED: Outlook Stable, S&P Confirms
-----------------------------------------
In revising PMP Limited's long-term rating to BB+, Standard &
Poor's today confirmed that the outlook for the company remained
"stable" and expects it to deliver "improved financial
flexibility in the medium term".

The announcement by Standard & Poor's has reaffirmed that PMP
has a viable and profitable business, but that it faces a number
of short-term issues regarding the management of the company's
debt position.

Standard & Poor's further reinforced that: "The printing
operation, which accounts for the majority of group earnings,
continues to perform well and is expected to underpin the
company's solid cashflows in the medium term."

PMP's Chief Executive, Robert Muscat, said: "We have
acknowledged our high debt position and have put into place
appropriate debt reduction strategies to deal with it. The BB+
rating is clearly unsatisfactory and the company is committed to
improving it as soon as possible."

The company remains confident of its ability to manage current
debt levels and significantly reduce the current debt position.
This is supported by the following facts:

* PMP continues to generate solid cashflows and profit, albeit
in a softer market environment common to both the printing and
publishing industries.

* PMP's existing debt facilities are not fully drawn and are
more than adequate to provide ongoing funding for the company's
operations.

* Interest cover (EBITDA: net interest) for the first half to 31
December was 3.7 times. This has not changed substantially
during the second half.

* The company is in a position to meet all existing commitments
to its debt providers, including the $50 million due to Westpac
on 2 July 2001.

* 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 30 June 2001. Any adjustment to
carrying values will be a non-cash item. The company expects to
renegotiate the terms of its debt facilities to accommodate any
masthead writedown.

* The sale of European publishing assets is continuing as
planned with the transaction expected to be completed prior to
the end of the financial year.

* Capital expenditure for 2002 is expected to be half that of
the current financial year, which will further improve cashflows
and the company's ability to service debt.

* Temporary suspension of the dividend.

"Both the PMP Board of Directors and management are confident
that the initiatives outlined above combined with the company's
strong cash flow generation capacity will enhance the company's
financial position and broaden the range of options available to
drive growth and earnings," said Muscat.


WOOLSTOCK AUSTRALIA: Wind-Up Looms
----------------------------------
The three-year liquidation proceedings of bankrupt Woolstock
Australia may end ahead of schedule, as the company's wool
stockpile is almost sold out, with only a remainder 275,076
bales of wool in its inventory as of the first week of May,
Countryman reported.

According to the report, the sale can be completed in early
September if based on the current rate it is selling at 14,978
bales a week (March-April figures).

Woolstock's company managing director Peter Myers said that if
the stockpile is cut to 250,000 bales, the stocks could be sold
off without having to go through public bidding process or
seeking the consent of shareholders. And when any one attractive
proposition surfaces, the company's stockpile can start winding
up immediately, the report said.

Myers also added that shareholder distribution could not be made
until the last half of the year.


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


ASIA LOGISTICS: Sells Huayi Xiamen
----------------------------------
Asia Logistics Technologies Limited entered into an agreement 15
May 2001 in which the company agreed to sell and/or procure the
sale of all of the registered capital of Huayi Xiamnen and
procure the release and discharge of the Huayi's Debt.

The consideration was satisfied by a combination of (i) cash and
(ii) the delivery and cancellation of the Promissory Note, the
delivery to the Company of a deed of release releasing and
discharging the Company's Debt and the delivery to the Purchaser
of a deed of release releasing and discharging the Huayi's Debt.

The transaction contemplated under the Agreement constitutes a
discloseable transaction for the Company pursuant to Chapter 14
of the Listing Rules.

The Directors further announce that Wilfred Hung Fan Wai has
resigned as a non-executive director of the Company, effective  
15 May 2001.

The Agreement

Asset sold: 100 percent of the registered capital of Huayi
Xiamen beneficially owned by and registered in the name of
Lonshin.

Consideration and payment terms

The Consideration was satisfied by the Purchaser in the
following manner:

- as to HK$15,000,000 in cash paid by the Purchaser to the
Company at Completion; and

- as to the balance (equivalent to HK$8,593,283) of the
Consideration by the delivery to the Company and the
cancellation of the Promissory Note (HK$12,759,083), the
delivery to the Company of a deed of release executed by Huayi
Xiamen releasing and discharging the Company's Debt
(HK$2,644,200) and the delivery to the Purchaser of a deed of
release executed by Lonshin releasing and discharging the
Huayi's Debt (HK$6,810,000) at Completion.

Completion of the Agreement

Completion of the Agreement took place immediately after the
signing of the Agreement on 15 May 2001.

Basis on which the Consideration was determined

The Consideration has been arrived at after arm's length
negotiations between the parties under normal commercial terms
and is the best terms received representing over 20 times of the
price earning ratio of Huayi Xiamen (based on the profit after
tax of Huayi Xiamen for the year 2000).

Reasons For and Benefit of the Agreement

The principal activity of the Company is investment holding and
its subsidiaries are principally engaged in the provision of
supply chain and logistics related services, including supply
chain and logistics application service consultancy and the
offering of supply chain and logistics-related software
solutions.

In view of the gradual loss in performance of bowling recreation
business in the PRC and the decrease of over 65 percent in the
profit after tax of Huayi Xiamen for the year 2000 as compared
with the year 1999, the Directors consider the sale of Huayi
Xiamen is in line with the Company's direction to diversify its
business to non-bowling related activities with particular focus
on supply chain and logistics technology business.

The loss on disposal of Huayi Xiamen under the Agreement amounts
to approximately HK$5,000,000 (after an adjustment of
approximately HK$23,000,000 on reserves and provisions based on
the audited accounts of the Company as at 31 December 2000)
which is an estimation based on the unaudited net assets of
Huayi Xiamen as of 31 March 2001.

The Company intends to use the proceeds received from the sale
of Huayi Xiamen for general working capital purpose.

The Directors consider that the Agreement was entered into on
normal commercial terms and the terms of the Agreement are fair
and reasonable so far as the Company and the Shareholders are
concerned.

Information on Huayi Xiamen

Huayi Xiamen is a wholly foreign-owned enterprise established
under the laws of the PRC and is an indirect wholly-owned
subsidiary of the Company. The principal business of Huayi
Xiamen is engaged in the operation of bowling recreation centers
in the PRC.

The profit before and after tax of Huayi Xiamen for the year
ended 31st December, 1999 were approximately HK$3,400,000 and
HK$2,800,000 respectively; whereas the profit before and after
tax of Huayi Xiamen for the year ended 31st December, 2000 were
approximately HK$1,200,000 and HK$1,000,000 respectively. The
audited net assets of Huayi Xiamen were approximately
HK$51,000,000 as at 31 December 2000.

Independence of the Purchaser

The Purchaser is independent of, and not connected with the
Directors, CEO and substantial Shareholders of the Company and
of its subsidiaries and any of their respective associates (as
defined under the Listing Rules).

General

The transaction contemplated under the Agreement constitutes a
discloseable transaction of the Company under the Listing Rules.

Resignation of Director

The Directors announce that Hung Fan Wai, Wilfred has resigned
as a non-executive director of the Company effective 15 May
2001.

The Directors expressed sincere appreciation to Mr Hung for his
valuable contribution during his term of office with the
Company.


CHENNEX INVESTMENT: Faces Winding Up Petition
---------------------------------------------
Chennex Investment Limited is facing a winding up petition, set
to be heard before the High Court of Hong Kong on May 23, 2001.
The petition was filed with the court March 23, 2001 by Kwong On
Bank Limited of 139 Queen's Road Central, Hong Kong.


CHINA RESOURCES: Issue Of US$200-M CGBs Due 2006
------------------------------------------------
Pursuant to the Subscription Agreement dated 10 May 2001 and
signed by China Resources Enterprise Limited, and Morgan Stanley
& Company International Limited, Morgan Stanley & Company
International Limited exercised its option to further subscribe
for an additional US$30,000,000 principal amount Convertible
Guaranteed Bonds due 2006.

The directors of China Resources Enterprise Limited disclosed
that pursuant to the terms and conditions of the Subscription
Agreement dated 10 May 2001 between its wholly-owned subsidiary
Hebe Haven Inc., the Company and Morgan Stanley & Co.
International Limited (MSIL), MSIL has exercised in full its
option to subscribe a further US$30,000,000 principal amount of
Convertible Guaranteed Bonds (CGBs) due 2006.

The Optional Bonds will, upon issue, carry a right to convert
into shares of HK$1.00 each in the capital of the Company at the
initial conversion price of HK$15.00 per share (subject to
adjustment). The Optional Bonds will be issued at the same time
and on the same terms as the US$200,000,000 principal amount of
Convertible Guaranteed Bonds due 2006 expected to be issued upon
completion of the Subscription Agreement which is expected to
take place on or about 31st May 2001.


GREAT KINGDOM: Winding Up Petition To Be Heard
----------------------------------------------
The petition to wind up Great Kingdom Uniform Manufacturing
Company Limited will be heard before the High Court of Hong Kong
on May 23, 2001. The petition was filed with the court March 23,
2001 by Kwong On Bank Limited of 139 Queen's Road Central, Hong
Kong.


SILEIGH HOLDINGS: Winding Up Petition Set For Hearing
-----------------------------------------------------
The winding petition against Sileigh Holdings Limited is
scheduled for hearing before the High Court of Hong Kong on June
13, 2001. The petition was filed with the court on April 14,
2001, by Cheung Chung Sum of Room D, 14th Floor, Nos. 2-3
Woodlands Terrace, Central, Hong Kong.


TEM FAT: Subscription Deal Reached With Five Creditors
------------------------------------------------------
UOB Asia (Hong Kong) Limited, the financial adviser of Tem Fat
Hing Fung Holdings Limited, announced Wednesday last week that
Tem Fat Hing Fung and each of the five subscribers, who are
independent investors, entered on May 15, 2001 into a
Subscription Agreement relating to the subscription of a total
of 1,543,245,361 new Shares at a Subscription Price of HK$0.027
per Subscription Share.

The Subscription Price represents a discount of approximately
3.57 percent to the closing price of HK$0.028 per Share as
quoted on the Stock Exchange on May 15, 2001, being the date of
the Subscription Agreements. The Subscription Shares represent
approximately 49.84 percent of the existing issued share capital
of the Company and approximately 33.26 percent of the issued
share capital of the Company as enlarged by the Subscription.

The net proceeds of approximately HK$41 million will be used by
the Company to offset the existing debts owed to the
Subscribers.

The Subscription will require shareholders' approval at a
special general meeting for the issue of the Subscription
Shares. Details of the Subscription will be included in the
circular of the Company relating to, inter alia, the Company's
shares subscription, as announced on April 17, 2001.

The Subscribers

Online Credit Limited, UOB Kay Hian Overseas Limited, Active
Base Limited, Bontex International Limited and John Tang Chun
Wai. The Subscribers are creditors of the Company and none of
the Subscribers and their respective associates (as defined
under the Listing Rules) hold any Shares in the Company at
present.

Each Subscriber and its respective ultimate beneficial owner(s)
are independent of and not connected with any directors, chief
executive or substantial shareholders of the Company or any of
their subsidiaries or any of their respective associates (as
defined under the Listing Rules). As far as the Company is
aware, the Subscribers and their respective beneficial owner(s)
are independent among themselves.

Number of Subscription Shares

1,543,245,361 new Shares, representing approximately 49.84
percent of the existing issued share capital of 3,096,392,631
Shares and approximately 33.26 percent of its issued share
capital as enlarged by the Subscription.

The following is the number of Subscription Shares to be
subscribed by each Subscriber:

Name of Subscriber Number of Subscription Shares

Online Credit         417,074,251
UOB                     211,555,555
Active Base               370,370,370
Bontex               185,185,185
Mr. Tang               359,060,000

Total                   1,543,245,361

Subscription Price

The Subscription Price is HK$0.027 per Share. The price was
agreed after arm's length negotiations with reference to the
market price of the Shares and represents (i) a discount of
approximately 3.57 percent to the closing price of HK$0.028 per
Share on May 15, 2001; and (ii) a discount of approximately 4.93
percent to the average closing price of approximately HK$0.0284
per Share for the last ten trading days up to and including May
15, 2001 as quoted on the Stock Exchange.

Ranking

The Subscription Shares will, when issued and allotted, rank
pari passu in all respects with the existing Shares.

Conditions and Completion of the Subscription

The Subscription Agreements are not inter-conditional.
Completion of the Subscription is conditional upon all of the
following conditions being fulfilled:

(i) the Listing Committee of the Stock Exchange granting the
listing of and permission to deal in all of the Subscription
Shares;

(ii) the approval by the shareholders of the Company at a
special general meeting of the Company for the issue and
allotment of the Subscription Shares pursuant to the
Subscription Agreements; and

(iii) the Bermuda Monetary Authority approving the issue of the
Subscription Shares (if required).

Application will be made to the Listing Committee of the Stock
Exchange for the listing of and permission to deal in the
Subscription Shares.

The Subscription will be completed on the next business day
following the fulfillment of all the conditions stated above or
such later date as the parties may agree in writing. Completion
is expected to take place on or before July 9, 2001.

Reasons for the Subscription

The Subscription will broaden the shareholders' base and the
Subscription's consideration will be used to reduce debts. The
directors of the Company confirm that they have no present
intention to further issue new Shares.

Use of Proceeds

The net proceeds of the Subscription will amount to
approximately HK$41 million and will be used to offset the
existing debts owed by the Company to the Subscribers.

Impact on the Company's Shareholding Structure

  Assume Completion
Existing Shareholding of the Subscription
Number of shares % Number of shares %

Admiralty 399,145,408 12.89 399,145,408 8.60
Regent 399,145,408 12.89 399,145,408 8.60
Falcon 213,257,652 6.89 213,257,652 4.60
Online Credit 0 0.00 417,074,251 8.99
UOB             0 0.00 211,555,555 4.56
Active Base       0 0.00 370,370,370 7.98
Bontex       0 0.00 185,185,185 3.99
Mr. Tang       0 0.00 359,060,000 7.74
Public   2,084,844,163 67.33 2,084,844,163  44.94

Total 3,096,392,631    100.00 4,639,637,992  100.00

Special General Meeting

The Subscription will require shareholders' approval at a
special general meeting for the issue of the Subscription
Shares. Details of the Subscription will be included in the
circular of the Company relating to, inter alia, the Company's
shares subscription, as announced on April 17, 2001. The
circular is expected to be dispatched to its shareholders on May
30, 2001.


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


INDAH KIAT: Interest Payment Coming, Despite Concerns
-----------------------------------------------------
Asia Pulp & Paper's (APP) Indonesian core unit PT Indah Kiat
Pulp & Paper had agreed to pay interest Friday last week on its
Rp1-trillion bond, after missing payment of Rp46 billion in
April, The Asian Wall Street Journal reported Thursday last
week.

However, this decision, which was reached in a bondholders
meeting last Thursday, has foreign creditors of the troubled APP
worried they will have a difficult time recovering their money
in the debt workout, The Journal said.

APP's rupiah bondholders, moreover, also raised objections to
Sinar Mas Group's decision to use Indah Kiat's assets as
collateral to the US$1.3-billion debt owed to the government-
controlled Indonesian Bank Restructuring Agency (IBRA), The
Journal reported.


SINAR MAS: IBRA Clarifies Debt Workout
--------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) clarifies the
debt restructuring of the Sinar Mas group of companies (Sinar
Mas), which includes Asia Pulp & Paper and its subsidiaries
(APP).

As previously disclosed, IBRA, on behalf of the Government of
Indonesia, has issued to Bank Internasional Indonesia (BII) a
guarantee of the repayment of loans made by BII to certain Sinar
Mas companies (primarily operating subsidiaries of APP), as part
of IBRA's efforts to avert a deepening of the crisis in
Indonesia's financial sector by insulating BII from the
potential negative impact of possible defaults on those loans.

In exchange for the IBRA guarantee, Sinar Mas has issued a
counter-guarantee to IBRA consisting of the personal guarantees
of certain Sinar Mas shareholders and liens over certain Sinar
Mas assets including land, buildings and machinery of PT Indah
Kiat Pulp & Paper Tbk, PT Pabrik Kertas Tjiwi Kimia, PT Pindo
Deli Pulp and Paper Mills, PT Lontar Papyrus Pulp & Paper
Industry and PT Purinusa Ekapersada, as well as pledges of
shares of certain Sinar Mas companies and over certain options
that Purinusa Ekapersada has to acquire shares in the holding
companies of PT Wirakarya Sakti and PT Arara Abadi, forestry
concession companies that are integral suppliers of timber to
APP, and the right to obtain a pledge over any shares acquired
pursuant to these options.

Based on representations made by certain Sinar Mas shareholders,
the assets pledged are not subject to liens in favor of other
creditors.

IBRA's taking collateral security over the Sinar Mas assets will
restrict Sinar Mas's ability to dispose of these assets to the
detriment of its creditors.

Furthermore, because the forestry concession companies are
currently not part of APP, by taking security over the option to
acquire shares in the forestry concession holding companies,
IBRA has paved the way to consider the best structure possible
for the forestry concession in relation to the restructuring of
APP.

IBRA remains committed to working with the other creditors and
Sinar Mas to seek a fair, transparent and expeditious debt
restructuring that maximizes debt recovery and balances the
interests of all creditors, APP and the people of Indonesia.
Consistent with these objectives, IBRA has no present intention
to immediately foreclose or liquidate the assets taken as
security.

Additionally, in line with its objectives, IBRA has emphasized
to APP the need for APP to work together with local and
international creditors to improve its flow of communications,
transparency of actions and responsiveness to such creditors.

As part of this effort, IBRA has also met with representatives
of the Widjaja family, APP and various creditor groups to
expedite the commencement of creditor due diligence by KPMG, the
financial advisor to the creditors of APP.

IBRA understands that Sinar Mas is currently reviewing and
assessing the situation of its Indonesian Rupiah Bondholders.
Although the decision as to whether or not Sinar Mas should make
payments to its Indonesian Rupiah Bondholders is a matter for
Sinar Mas, IBRA urges Sinar Mas to fully take into account the
relevant considerations of both its international and Indonesian
creditors and their exposure to Sinar Mas operations.


SINAR MAS: IBRA Reports Status Of Debt
--------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) offered and
explaination of the current status of the debt of Sinar Mas
Group, a debtor group (Obligor) categorized as one of the IBRA's
Top 50 Obligors.

Sinar Mas Group's total outstanding debt is comprised of rupiah
denominated loans worth Rp553.598 trillion and foreign
denominated loans with the rupiah equivalent of Rp318.8
trillion. The following is a breakdown of the current status of
Sinar Mas's debtors:

Steps  Sinar Mas Group
In Process  12 debtors
Process to MoU 3 debtors
MoU  -
Loan Agreement 1 debtor
Fully Paid 5 debtors
Legal Action to be Processed -
Legal Action  -
Others  1 debtor*
Total Outstanding Rp553.598 billion & foreign denominated loans
equivalent to Rp318.8 billion**)

Note:
*) performing bonds
**) loan in foreign currency as been converted to Indonesian Rupiah

The Sinar Mas Group comprises 22 debtors. 12 debtors are in the
process of signing an MoU, three debtors are in the process
towards MoU, and one debtor, PT. Sinar Kencana Inti Perkasa, has
signed a Restructuring Agreement. In addition, five debtors,
namely PT. Kunciran Mas Sejati, Sinar Widjaja Eka Prastista,
Tjiwi Kimia, Pindo Deli, and BII Finance have settled their
obligation to IBRA worth Rp64.876 billion. The IBRA's Treasury
Division currently handles one debtor, PT Duta Pertiwi, with
bonds worth Rp135.8 billion.

The companies' line of business includes property, palm
plantations, tissue paper, plant decoration, forestry, trade,
paper, pulp & paper, finance, and holding company. Eka Tjipta
Widjaja holds direct and/or indirect control of these companies.


SURYA SEMESTA: Sells Stake In Giri Lingga For Rp28-B
----------------------------------------------------
PT Surya Semesta Internusa has sold its entire holding in PT
Giri Lingga Abadi for a cash consideration of Rp28 billion,
which the company intends to use to repay its subsidiaries
debts, The Jakarta Post reported Friday. The stakes were sold to
PT First National Cooling Industry and one individual buyer.

"Around 75 percent of the money will be given to Suryacipta
Swadaya, while the remaining 25 percent will go to Pacific
Prestress," Surya Semestra explained in its corporate
disclosure.

In addition, the revenues generated from the sale will also be
used as additional capital in two of the company's units, PT
Suryacipta Swadaya and PT Pacific Prestress Indonesia, the
report said.


TRI POLYTA: Net Loss Balloons To Rp625.15-B
-------------------------------------------
Chemical firm PT Tri Polyta Indonesia reported for the year 2000
a net loss of Rp625.15 billion, swelling from the previous
year's recorded loss of Rp13.33 billion, IndoExchange News
reported Thursday last week. The ballooning figure was largely
attributed to the mercurial rise year-on-year in non-operating
expenditures to Rp560.9 billion from Rp57.57 billion.

Tri Polyta, the report said, also incurred last year Rp509.81
billion in foreign exchange losses, swinging from the previous
year's gain of Rp154.61 billion.

Cost of goods sold climbed 52.58 percent to Rp1.55 trillion from
Rp1.01 trillion, and as a result of which the company's gross
profit margin was outstripped by about 5.15 percent.

Operating expenses rose 55.04 percent from Rp59.28 billion to
Rp91.90 billion. Operations revenues dropped to a loss of Rp7.82
billion, from an operating profit of Rp60.46 billion in the
preceding year.

At the end of the year, the company's liabilities were listed at
Rp2.77 trillion, spiking 46.92 percent from Rp1.88 trillion, the
report said.


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


MITSUBISHI MOTORS: Posts Net Loss Of Y278.14-B
----------------------------------------------
Mitsubishi Motors Corporation suffered, in the year ended March
31, a group net loss of Y278.14 billion.  The company's biggest
loss ever dwarfed last year's Y23.33 billion net loss, The Asian
Wall Street Journal reported Friday. The figure was attributed
to the consequences of a decades-long coverup of product defects
and the subsequent expansive recall.

According to CFO Junji Midorikawa, the Japanese carmaker also
incurred a special loss of Y320.51 billion, which included a
one-time write-off of retirement payment provisions and recall
costs with a combined sum of Y130 billion, The Journal said.

Mitsubishi sold a total of 1.44 million units worldwide,
registering a group sales of Y3.277 trillion, falling 1.7
percent from the previous year's Y3.335 trillion.

The company projects to break even on a group net basis in the
current fiscal year. The company also plans to cut over 33
percent of its 9,500-strong workforce by way of age-limit
retirements and temporary freeze hiring, as included in its
"Turnaround Plan".

Group sales projections are estimated at Y3.5 trillion.


RECRUIT COMPANY: Tepco, Three Banks Acquire Stakes
--------------------------------------------------
Tokyo Electric Power Company (Tepco) and three domestic creditor
banks, namely Industrial Bank of Japan, Sanwa Bank, and Sumitomo
Mitsui Banking Corporation, have acquired stakes in Recruit
Company, a labor market publishing and information firm, for a
combined sum of about Y45 billion, Japan Times Online reported
Friday, citing industry sources. Tepco took 5 percent stake,
while each of the three banks acquired 2 percent stake.

The money generated from the sale will be used by Recruit to
repay a portion of its interest-bearing debts, pegged at Y700
billion (as of March 31), and boost its financial status, as the
company is working toward have its shares listed on stock
exchanges by 2004, the report said.

In hindsight, Recruit was placed in 1992 under the control of
retailer Daiei Incorporated, which eventually sold its 25.2
percent stake in the company in February last year to the
Recruit group firms for Y100 billion, Times Online said.

Before the end of the current year, Recruit intends to part with
the remainder of Daiei's stake.


SOGO COMPANY: Police To Raid Ex-Exec's House
--------------------------------------------
The police are planning to raid the house of former Sogo
Chairman Hiroo Mizushima, and places associated with him. It is
suspected he hid assets totaling Y155 million from authorities
last year, Kyodo News reported Friday, citing police sources.


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


HYUNDAI MERCHANT: Creditors Demand Debt Repayment Plan
------------------------------------------------------
Creditors of Hyundai Merchant Marine Company are asking the
company to present a debt repayment scheme, Bloomberg reported
Thursday last week. Korea's shipping giant incurred W73.6
billion in losses for the first quarter.


HYUNDAI MERCHANT: Loans For '00 Hit W1 Trillion
-----------------------------------------------
According to creditor Korea Exchange Bank (KEB), last year's
borrowings of Hyundai Merchant Marine (HMM) both from foreign
and local financial institutions reached a staggering sum of W1
trillion, The Korea Herald reported Friday. KEB explained that
the company, last year, had to source out external financing
since its finances were drained due to hefty foreign exchange
losses.

KEB said, "Since last year, KEB has been urging the shipping
company to select a financial adviser well versed in the
shipping business. The shipping company is moving to name an
adviser on its own in a bid to rationalize its management."

KEB also added that HMM's interest coverage ratio of 100 percent
is healthy, citing that "HMM's operating income has been rising
steadily."

KEB, furthermore, is currently wrapping up a special agreement
with HMM before the month ends. "The special agreement is
designed to ensure that HMM implements its self-rescue promises,
including the disposal of its 12.46 percent stake in Hyundai
Heavy Industries and a 9.25 percent block in Hynix
Semiconductors," a KEB official told the Herald.


HYUNDAI PETROCHEM: Creditors Seek Review Of Status
--------------------------------------------------
The government and Hyundai Group's creditors have sought the
appointment of a foreign financial adviser to Hyundai
Petrochemical Company and a review of its financial state, The
Asian Wall Street Journal reported Friday, citing Seoul Economic
Daily.

The foreign adviser, the report said, will be charged with
making an assessment regarding whether debt rescheduling in the
second half of the current year will be necessary. The foreign
adviser will be picked from a short list composed of KPMG
Consulting Inc., Arthur D. Little Inc., and Arthur Andersen,
Journal said.


KOREA TELECOM: Will Raise US$5-B In Foreign Capital
---------------------------------------------------
State-owned Korea Telecom is set to launch a fund-raising plan
to generate foreign investments of over US$5 billion by way of
issuing new overseas depository receipts (ODR), along with a
strategic partnership, as part of the government's plan to
privatize the telecommunications firm before the end of the
first half next year, The Digital Chosun reported Friday.

With this plan in hand, the government has resolved to let go of
about 15 percent of its 58 percent stake in the company, through
(ODR) issue and partnership with foreign investors. The rest of
the government's stake, Chosun said, will be sold off to the
domestic stock market.

The plan is expected to be finalized before the end of June this
year.


SAMSUNG ELECTRONICS: Moody's Upgrades Ratings To `Baa2'
-------------------------------------------------------
Moody's Investors Service has upgraded the senior ratings of
Samsung Electronics Co., Ltd (SEC) to Baa2 from Baa3. The Prime-
3 rating for SEC was not changed. The rating outlook is stable.

Moody's says the rating action reflects improvements in SEC's
financial strength, supported by its sustained profitability
over the last few years.

SEC has a strong presence in the world markets for DRAM (dynamic
random access memory), SRAM (static random access memory), flash
memories and LCDs (liquid crystal displays). Prices of these
products are highly volatile, reflecting silicon and crystal
cycles. However, SEC has a good track record in terms of its
timely investments, as well as technological advantages that
make it one of the lowest cost producers of semiconductor
memories.

Over the past few years SEC has tried to diversify its product
range into less volatile products such as system LSIs,
telecommunications equipment and digital media products. As a
result, SEC's sales have been more diversified and less
dependent on semiconductor memories, particularly DRAMs (dynamic
random access memories). However, semiconductor memories are
still SEC's largest profit source.

The world semiconductor market is expected to witness another
bottom year in 2001. However, because of its very low cost base,
Moody's believes that SEC can sustain good profitability even in
an increasingly hostile market environment.

The following ratings are upgraded:

Samsung Electronics Co., Ltd.-- senior bonds and notes to Baa2
from Baa3

Samsung Electronics America, Inc. -- guaranteed Euronotes to
Baa2 from Baa3,

AST Research, Inc. -- guaranteed notes to Baa2 from Baa3,

Lower Colorado River Authority --Pollution Control Revenue Bonds
to Baa2 from Baa3,

Samsung Electronics Company, headquartered in Seoul, South
Korea, is one of the world's leading manufacturers of
semiconductor memories and LCDs.


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


BERJAYA LAND: Disposing Of Interests In Natural Avenue
------------------------------------------------------
Berjaya Land Berhad has made an offer to dispose of its
effective equity interest of 47.5 percent comprising 95,000
ordinary shares of RM1.00 each in Natural Avenue Sdn Bhd (NASB)
to Gold Coin (Malaysia) Berhad (GCM) for a total cash
consideration of RM118.75 million.

NASB Background

NASB was incorporated on 2 January 1992. Currently, NASB has an
authorized share capital of RM1,000,000 comprising 1,000,000
ordinary shares of RM1.00 each of which 200,000 ordinary shares
of RM1.00 have been fully issued and paid-up.

Berjaya Land, via its subsidiary and associated companies has a
combined effective shareholding of 95,000 ordinary shares of
RM1.00 each representing 47.5 percent of the issued and paid-up
capital of NASB. The details of the companies are as follows:

Name   No. of Issued             % of B-Land's     % Effective
       & Paid-up Share Capital   Equity Interest   Interest In
NASB
                                  In Companies

Rentas Padu 1,000,002            50.0              17.50
Dayadil     100                  100.0             15.00
Bumisuchi   20,100               100               10.05
Ishandal    9,900                100               4.95

The above companies shall be collectively known as "Sale
Companies".

NASB was appointed as the sole and exclusive management agent by
the Sarawak Turf and Equestrian Club (STEC) on 31 March 1992 to
conduct, manage and operate the numbers forecast lotteries
comprising the following games:

a) 1 + 3D Big and Small Special Cash Sweep
b) 3D Big and (Small "A" series & "B" series) Special Cash Sweep

NASB operates the largest number forecast premises in Sarawak
with a total of 74 premises throughout the state of Sarawak.

For the financial year ended 31 December 2000, NASB registered a
turnover of RM122.01 million with profit after taxation of
RM6.58 million.

Details Of Proposed Disposal

Pursuant to the Letter of Offer, B-Land will dispose its entire
effective equity interest of 47.5 percent in NASB via the Sale
Companies for a total cash consideration of RM118.75 million.
The sale consideration and the number of shares to be disposed
in relation to the Sale Companies are as follows:

Companies To Be Sold   No. of Ordinary  Equity Interest  
Consideration
                       Shares To Be        %               RM
                       Disposed Of

Rentas Padu         500,001             50               
43,750,000
Dayadil             100                 100              
37,500,000
Bumisuchi           20,100              100              
25,500,000
Ishandal            9,900               100              
12,375,000
Total Consideration                                      
118,750,000
                                
The offer is subject to a formal Share Sale Agreement to be
entered by all parties after obtaining approvals from the
respective shareholders of B-Land and GCM.

The terms of payment under the Letter of Offer are as follows:

- Upon signing of Agreement, a refundable deposit of 20 percent
or RM23.75 million shall be payable to B-Land; and

- The balance 80 percent or RM95.00 million shall be payable
within two weeks from the date the Agreement becomes
unconditional.

The Sale Companies shares to be sold to GCM shall be disposed
free from all encumbrances and with all rights attaching thereto
except for any dividend that may be declared by NASB to the Sale
Companies prior to the completion date.

Basis Of The Sale Consideration

The sale consideration of Sale Companies is arrived at after
taking into consideration the earnings potential of NASB and the
net present value of the company using the discounting cashflow
method.

Rationale For Proposed Disposal

The Proposed Disposal will raise a gross cash proceeds of
RM118.75 million to B-Land, which can be usefully deployed by
the Group for its operations and to pay down debts.

Financial Effects Of Proposed Disposal

i) On Share Capital

There is no impact on the share capital of B-Land as the
transaction does not involve issuing of shares by B-Land.

i) On Shareholders Fund and Net Tangible Assets (NTA)

There will be no material effect on the NTA per share of GCM
arising from the Proposed Disposal as the increase in the NTA is
nullified by the goodwill arising from the proposed acquisition
of equity interest in NASB by GCM of which GCM is a subsidiary
of B-Land.

iii) On Earning

Due to the nature of the transaction, which is an intra-group
transaction, there will not be any recognition of exceptional
gain or loss on the Proposed Disposal at the group level.

Conditions Of Proposed Disposal

The Proposed Disposal is subject to the approvals of the
following parties:

(a) Foreign Investment Committee;

(b) Shareholders' approvals from B-Land and GCM at their
respective Extraordinary General Meetings to be convened; and

(c) Any other authorities, if required.

Directors' & Substantial Shareholders' Interest

GCM is a subsidiary company of B-Land. Tan Sri Dato' Seri Tan
Chee Yioun (TSVT) is the Chief Executive Officer of B-Land and a
director of NASB. He is deemed interested in NASB and GCM
through his indirect shareholding in B-Land.

Robin Tan Yeong Ching (RTYC) is the director of B-Land and he is
the son of TSVT.

Robert Yong Kuen Loke (RYKL) is a director of B-Land and GCM.  
Chan Kien Sing (CKS) is an alternate director of B-Land and also
a director of GCM.

Save as disclosed, none of the other directors and substantial
shareholders of B-Land or persons connected to them has any
direct and indirect interests in the Proposed Disposal.

The Directors of B-Land (except for TSVT, RTYC and RYKL who are
deemed interested in the Proposed Disposal), after having
considered the proposed terms of the Proposed Disposal , are of
the opinion that the Proposed Disposal is fair and reasonable
and will be in the best interest of the Company.

Due to the nature of the transaction which is a related party
transaction and pursuant to Section 118 of the Kuala Lumpur
Stock Exchange Main Board Listing Requirements, B-Land has
appointed Shamsir Jasani Grant Thornton as an Independent
Adviser (subject to the approval of the relevant authorities) to
advise the shareholders of the B-Land on the Proposed Disposal.


LANDMARKS BERHAD: Clarifies Effects Of Acquisition
--------------------------------------------------
Landmarks Berhad refers to its announcement dated 4 May 2001 in
respect to the acquisition of a 34.6 [ercent equity interest in
Qualitas Healthcare Corporation Sdn Bhd and provides the
following additional information:

1. None of the persons connected to the directors and/or
substantial shareholders of Landmarks Berhad have any interest,
direct or indirect, in the aforesaid acquisition.

2. The acquisition is not subject to the approval of the
shareholders

3. The consolidated net tangible assets (NTA), consolidated net
loss before taxation and consolidated net loss after taxation of
QHC Group based on the latest audited accounts, i.e. year ended
30 June 2000, are as follows:
RM
NTA (2,639,233)
Net loss before taxation (758,957)
Net loss after taxation (1,557,874)

4. QHC Group, as of 30 June 2000 had RM1,282,634 due to external
lenders comprising bank overdraft, term loan, hire purchase
creditors and finance lease creditors. Of the amount, RM440,269
is included under current liability. QHC Group nevertheless had
a net current asset position of RM3,088,892.

5. The original cost of the 4,600,000 convertible preference
shares to the vendor is as follows:

Date           Number of Pref. Shares   Cost (RM)
9 January 1998 4,132,500 4,132,500
30 June 1998 467,500 467,500
TOTAL 4,600,000 4,600,000

6. The agreements may be inspected at Landmarks Berhad, Level 7,
Building A, Peremba Square, Saujana Resort, Section U2, 40150
Shah Alam, Selangor Darul Ehsan between 9:00 a.m. to 5.00 p.m.,
Monday to Friday except public holidays.


PANCARAN IKRAB: Posts AGM Results
---------------------------------
Pancaran Ikrab Berhad announced that at the Seventh Annual
General Meeting of the Company duly convened and held Friday
morning, all the resolutions as set out in the following Notice
of Seventh Annual General Meeting were duly passed by the
shareholders present.

Resolved are the following:

* The Directors' Report and the Audited Accounts of the Company
and the Group for the 15-month period ended 31 December 2000
together with the Auditors' Report thereon.

* Re-elected the following persons as Directors retiring in
accordance with Article 96 of the Articles of Association of the
Company -

(a) Y.Bhg. Dato' Azhar bin Hashim
(b) Toh Boo Keat

* Re-elected En. Ahmad Fizal bin Othman as a Director retiring
in
accordance with Article 102(2) of the Articles of Association of
the Company.  

* To re-appoint M/s Arthur Andersen & Co. as Auditors of the
Company and to authorize the Directors to fix their
remuneration.

* To transact any other business for which due notice shall have
been given in accordance with the Companies Act, 1965.

The Seventh Annual General Meeting of Pancaran Ikrab Berhad was
held at Ballroom II, Lower Ground Floor, Eastin Hotel, 13,
Section 16/11, Jalan Damansara, 46350 Petaling Jaya on Friday,
18 May 2001 at 10.00 AM.


PLANTATION & DEVELOPMENT: Subsidiary Liquides Shares
----------------------------------------------------
KPMG Corporate Services Sdn Bhd, the Receivers and Managers of
Invescor Ventures Sdn Bhd (IVSB), a wholly owned subsidiary of
Plantation & Development (Malaysia) Bhd (P&D), sent a fax 11 May
2001 to the client's parent company informing P&D that on 25
April 2001 Taiping Consolidated Berhad (TCB) allotted 33,561,136
units of Irredeemable Convertible Preference Share of RM1.00
each at an Issue Price of RM1.00 per Preference Share to IVSB
for the purchase of all the shares in Incontech Sdn Bhd.
Incontech holds 3,000,000 ordinary shares of the Crescent Hotels
Sdn Bhd through the Option Agreement dated 18 February 1993
entered between TCB and IVSB. The Option Agreement was exercised
by IVSB on 8 August 1997.

Profile
Construction, previously P&D's core business undertaken via
its subsidiary, ceased when Invescor Ventures Sdn Bhd was
placed under receivership by its debenture holders on 11
November 1998. The P&D Group's main activities are currently
the cultivation of oil palm and property development.
Group plantation assets total approximately 11,570 acres of
plantation land comprising Bukit Cantek Estate in  Johor,
Sabai Estate in Pahang, and Ulu Tingkayu Estate in Sabah. Of
the total planted area 80 percent is cultivated with oil palm
and 20 percent with rubber. An oil palm mill serves Bukit
Cantek Estate as well as the neighboring estates not owned by
the Group.
Property development activities are mainly undertaken by
Redztikah Sdn Bhd, its associate, Jasa Vista Sdn Bhd, and
Citra Tani Sdn Bhd. Activities are concentrated in Johor with
the majority of housing projects targeted for the low and
middle income groups.
In October 1999, P&D entered into an agreement with Mayvin
Consolidated Sdn Bhd to carry out a restructuring plan upon
completion of which, Mayvin will become the holding company
with concerns in oil palm companies and assume the listing
status of the P&D Group.


SPORTMA CORP: Explains Variance In Results
------------------------------------------
The Special Administrators (SA) of Sportma Corporation Berhad
(Special Administrators Appointed) (SCB) released the unaudited
quarterly report on consolidated results for the financial
period ended 31 December 2000. The report, which was announced
28 February 2001, showed a group loss after taxation (LAT) of
RM24.331 million, as against an audited group LAT of RM37.037
million. A deviation of RM12.706 million, or 52.2 percent,
ensued.

The deviation of RM12.706 million (52.2 percent) was mainly a
consequence of the writing down of fixed assets and provisions
for doubtful trade and other debtors. Otherwise, the deviation
would have been negligible.

Sportma wished to highlight that SCB and its subsidiary
companies have ceased operations since December 1999.
Accordingly, to be prudent, management has written down some of
the fixed assets in the subsidiary companies, and also made
provisions for trade debtors and other debtors in both SCB and
its subsidiaries.


The difference that arose was mainly due to Exceptional Items
(EI) that were included in the audited group LAT:
                 Audited   Announcement Deviation      %
Variance
                 RM'000    RM'000       RM'000          
                 (i)       (ii)        (iii)= (i)-(ii)

Loss after taxation
and extraordinary
items attributable
to member of
company        (37,037)   (24,331)     (12,706)         (52.2)

Plus:

(i) Fixed Assets
written down in
subsidiary level             (1,770)_       1,770          100

(ii) Provision                (10,412)      10,412      100
for Trade Debtors             (1,182)       1,182       100
in
(a) SCB
(b) Subsidiary Level

(iii) Provision for           (420)        420          100
other debtors in               (9)          9           100
(a) SC
(b) Subsidiary Level

                   (37,037)   (38,124) *  (1,087)      (4.7)

* Differences within audited accounts are due to consolidation
adjustments.


TAIPING CONSOLIDATED: Issues ICPS To Seng Hup
---------------------------------------------
Seng Hup Corporation Berhad, a Plan Creditor of Taiping
Consolidated Berhad (TCB), Seng Hup Corporation Bhd (Special
Administrators Appointed) has received 724,920 Irredeemable
Convertible Preference Shares (ICPS) of RM1.00 each at an issue
price of RM1.00 per Preference Shares of TCB as debt settlement.

The conversion period is over 10 years with the conversion rate
of RM3.90 nominal value of ICPS to 1 ordinary share of RM1.00
each in TCB. The ICPS are quoted on the KLSE.

Background

Originally a tin mining company, Taiping Consolidated Berhad
(TCB) branched into its current core business of property
development in 1990. Among the landmark properties developed by
the Group in Kuala Lumpur is Lot 10, Star Hill Center, which
houses Tangs Department Store as its anchor tenant, and the JW
Marriot International Hotel. TCB is currently involved in the
Sentul Raya project.

It is in the process of implementing a restructuring exercise,
proposed in March 1999, which includes a capital reconstruction,
plan of arrangement with creditors, a restricted issue to YTL
Corporation Bhd (YTL) and the restructuring of subsidiary,
Sentul Raya Sdn Bhd (SRSB).

The restructuring exercise is in its final stage of completion.
The various proposals have received the approval of the SC, FIC
and the plan creditors of TCB and its four subsidiaries (the
scheme companies).

On 20 February 2001, the High Court confirmed TCB's capital
reconstruction and sanctioned the composite plan of arrangement
of the scheme companies.

As of March 2001, the Company is in the middle of implementing
the capital reconstruction, restricted issue and issue of ICPS
to creditors. Upon the completion of these exercises, YTL will
become TCB's majority shareholder with the revived Sentul Raya
development project as its principal asset.


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


MANILA MINING: Sustains Q1 Net Loss Of P35.1-M
----------------------------------------------
Manila Mining Corporation sustained a net loss of P35.1 million
in the current year's first quarter, a turnaround from a net
profit of P28 million a year ago, The Asian Wall Street Journal
reported Wednesday last week. The loss was made as a result of
lower output and the slump in gold prices.

Revenues, the report said, tapered 85.35 percent to P283.3
million from P41.5 million, owing largely to the suspended gold
and copper milling brought about by the delay in the
government's issuance of permit to elevate its tailings dam.


PHILEX MINING: Swings To Q1 Net Loss Of P44-M
---------------------------------------------
Philex Mining Corporation posted for the first quarter a net
loss of P44 million, swinging from a profit of P57.6 million in
last year's corresponding period, attributed to the 16 percent
plunge in revenue figures to P908.4 million, The Asian Wall
Street Journal reported Wednesday last week.

Although prices in copper and gold suffered a slump in the first
quarter, Philex sustained gains due to the peso plunge as
opposed to the U.S. dollar, the report said.

At the end of the same period, Philex's total assets dropped to
P7.37 billion from P7.52 billion recorded in the previous
quarter, while its long-term liabilities rose to P1.63 billion
from P1.74 billion.


REPUBLIC GLASS: Posts Q1 Net Loss Of P22-M
----------------------------------------------
Republic Glass Holdings Corporation has, for the first quarter
of the current year, fallen to a net loss of P22 million from a
net profit of P15.6 million a year ago, The Asian Wall Street
Journal reported Wednesday last week. The company attributed
this reversal to hefty foreign exchange losses amounting to
P31.4 million.

Financing charges, the report said, totaled P87.8 million, up by
35.28 percent from last year's P64.9 million.

However, revenues for the same period climbed 3 percent to
P556.1 million, owing to the rise in sales of its glass unit,
Republic-Asahi Glass Corporation.

At the sluggish rate the construction sector is moving, the
company vowed to continue its cost-cutting plans, and is, in
fact, planning to let go of its interests in key investments,
Journal reported. Along this line, its Japanese partner in
Republic-Asahi, Asahi Glass Company, proposed in April to buy
out the Republic Glass' controlling stake the said joint
venture.


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


ASIA PULP: Indonesian Units To Pay Bonds Interest
-------------------------------------------------
PT Indah Kiat Pulp & Paper and PT Lontar papyrus Pulp & Paper
Industry, two Indonesian units of beleaguered Asia Pulp & Paper
Company (APP), have agreed to make their interest payments on
maturing rupiah-denominated bonds, The Asian Wall Street Journal
reported Friday. T

The decisions, The Journal said, were made separately by each of
the units, upon the demands of "very emotional" bondholders who
threatened to take the matter to court should the aforementioned
APP units decide otherwise, and notwithstanding APP's call for
debt standstill in March and default in payments to the group's
creditors.

According to the report, the group's four core Indonesian units,
namely Indah Kiat, Lontar Papyrus, Pabrik Tjiwi Kimia, and Pindo
Deli, owe a combined sum of about US$6 billion in debts, about
4.17 percent of which is in the form of bonds in rupiah
denomination. If all four would decide to make interest payments
on rupiah bonds, their coffers would be drained at a rate of $5
million a month.

Due to the ailing financial health of its parent company in
Singapore, Indah Kiat, in April, defaulted payment of Rp46
billion on its Rp1-trillion bond, the report said.  

However, a bondholder representing Danareksa, a domestic finance
firm, told The Journal, "We demanded they [Indah Kiat] make the
interest payment, and they agreed to pay Friday."

Meanwhile, APP Finance Officer Hendrik Tee, as quoted in The
Journal, said that they were still calling for the participation
of the affected bondholders in the "consensual" debt workout for
APP and its units, even if Indah Kiat and Lontar had both agreed
to make the demanded interest payments. He noted that through an
agreed debt workout all creditors will be given "fair and
equitable" treatment as far as their claims are concerned.


LIM KAH NGAM: To Profit $8-M From Sale Of LKN-Prinsep
-----------------------------------------------------
The Board of Directors of Lim Kah Ngam Limited referred to page
14 of the circular to shareholders dated 28 November 2000 in
relation to the proposed general mandate to approve asset sales
contemplated under the restructuring scheme proposed by the
Company. It states in clause 3.1.2 that "in the event any
transaction covered under the Mandate involves an actual amount
where the relative figures computed on the bases set out in
Clause 1004 of the Listing Manual exceeds the 20% threshold, the
Company will disclose the details of such a transaction in a
letter to the Members."

On 16 May 2001, the company entered into a sale and purchase
agreement with NTUC Income Insurance Co-operative Limited for
the sale of the company's office block located at 30 Prinsep
Street, Singapore 188647 for a consideration of $42,445,000
which is 68 percent of the net tangible assets of the Group as
at 31 December 2000, on a willing-buyer and willing-seller
basis.

LKN-Prinsep House has a net book value of approximately $47.7
million in company's accounts as at 30 April 2001.

Upon completion of the sale, the company is expected to record a
profit of approximately $8 million, after deducting legal fees
and other expenses and transferring $13.5 million of revaluation
surplus (recorded in prior years) from the capital reserve to
its income statement.

This transaction will result in an increase in the earnings per
share by $0.04 but the net tangible assets per share will
decrease by $0.03.

This transaction is in line with the company's objective of
disposing certain of the Group's assets as contemplated under
the Group's restructuring plan as described in the Circular.

The above transaction took into account, the assessed value of
LKN-Prinsep House by Knight Frank Pte Ltd, a firm of
professional valuers on 31 December 2000.

Settlement will be by way of cash upon satisfying all conditions
as mentioned in the sale & purchase agreement. Proceeds from the
sale of LKN-Prinsep House will be used for repayment of debts
after retaining certain sums as working capital.

Apart from the usual satisfactory legal requisitions, LKN-
Prinsep House will be sold on an "as is, where is" basis. The
Purchaser will be taking over all existing tenancies,
maintenance contracts and other related contracts at completion.

None of the Directors and substantial shareholders of the Group
has any interest, direct or indirect, in this transaction.

Pursuant to Clause 3.1.2 of the Circular, a letter to the
members shall be issued in due course.


VAN DER HORST: Ends Investment Deal With L&M
--------------------------------------------
Van der Horst Limited, which is under judicial management,
announced 10 August 2000 the company had entered into an
Investment Agreement with L&M Group Investments Limited (L&M)
dated 7 August 2000 which provided for the sale by the company
to L&M of certain companies owned by the company and for the
acquisition by L&M of the company subject to the terms and
conditions of the Investment Agreement.

In the same announcement, Van Der Horst confirmed that the sale
by the company to L&M was completed. The only transaction
outstanding under the Investment Agreement was the acquisition
of the company itself.

The Investment Agreement provided that either party to the
Investment Agreement shall be entitled to terminate the
Investment Agreement if the certain events and matters specified
therein do not occur by a date specified therein and no
agreement is reached by the parties on a proposal which
constitutes an alternative to the proposal provided in the
Investment Agreement.

The Specified Date was extended on two occasions to 14 May 2001
by agreement of the parties. However, some of the events and
matters have not occurred and the parties were unable to reach
agreement by 14 May 2001 on a proposal which constitutes an
alternative to the proposal provided in the Investment
Agreement.

Therefore, the Investment Agreement was terminated by the
company on 15 May 2001.

The Judicial Managers of the company will be reviewing the
company's prospects and options in consultation with its
principal creditors, according to Michael Ng Wei Teck, one of
the judicial managers.


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


BANGKOK RANCH: Reports Progress on Business Reorg
-------------------------------------------------
Bangkok Ranch Planner Co., Ltd., the Plan Administrator of
Bangkok Ranch Public Company Limited, reports on the progress of
Business Reorganization Plan implementation, as follows:

Completed Transactions

Second interest payment pursuant to Restructured Facilities
Agreement to Rescheduling Creditors   

The Company processed the first interest payment according to
the conditions stipulated in the Restructured Facilities
Agreement to all Rescheduling Creditors on March 30, 2001.  

Appointment of Director of the Company    

Pursuant to the Plan Clause 5.5.2(2) Directors, the Plan
Administrator is in the process of determining directors' names
and authorities.


KRISDAMAHANAKORN: Inks Workout Deal With ARF
--------------------------------------------
Krisdamahanakorn Public Company Limited (KMC) signed on May 11,
2001 the debt restructuring agreement with Asia Recovery Fund
(ARF), for the amount of Bt231.36 million, accounting for 1.15
percent of total debt outstanding. Total completion of KMC's
debt restructuring is Bt13,504.85 million accounting for 67.07
percent of total debt outstanding.

According to KMC Managing Director Tanade Singkalavanij, KMC
will continue reporting the progress of the debt restructuring
if there is any further advancement.


TELECOMASIA CORP: Drops To Loss Of Bt1.28-B
--------------------------------------------
TelecomAsia Corporation Public Company Limited suffered a loss
of Bt1.28 billion for the first quarter of the current year,
down from a profit of Bt2.78 billion recorded in the
corresponding period last year, The Asian Wall Street Journal
reported last week. Loss per share at the end of the period
stood at Bt0.65, as opposed to per share gain of Bt1.25 last
year.

The performance swing could be attributed to foreign exchange
loss of Bt294 million, from a gain of Bt133.5 million, and
roughly 10 percent increase in operating expenses to Bt4.35
billion from Bt3.94 billion, all year-on-year basis, Journal
said.

However, revenues for the same period stood at Bt4.98 billion,
slightly higher than last year's first quarter revenues of
Bt4.48 billion.


THAI NAM: Announces Progress Report On Rehab
--------------------------------------------
Thai Nam Plastic Public Company Limited's (TNPC) submission of a
rehabilitation plan to solve problems resulting in delisting
from the SET following the regulations of the SET regarding
rules, conditions and procedures of listing and delisting
(No.7), submitted the Q1/2001 performance report comparing it to
the rehabilitation plan on January 15, 1997.  Thai Nam divided
the progress report into two parts:

Part 1 Progress of the company's operation under the
rehabilitation plan.
Thai Nam Plastic Public Company Limited

Financial aspects (according to the Debt Restructuring
Agreement)

Resolving method under Rehabilitation Plan     Q1/2001

1. Progress in negotiating with the financial  The Company has
                                               already            
`                                              repaid the debt         
                                               with
institutions who did not participate in the    Thai   
                                               Restructuring         
                                               Mutual Fund  
                                               (operated by
Debt Restructuring Agreement.                  Asia Recovery
                                               Management
                             
                                               Co., Ltd.) since
                                               February 28,     
                                               2001, according `
                                    
`                                              to the Debt
                  
`                                              Compromise
                                               Agreement.

Production aspectsResolving method under
Rehabilitation Plan     Q1/2001

2. Reducing production cost by energy saving  According to the
                                              target of 55% `
                              
                                              demand charge
measurements                                  reduction from the
                                              figure in `         
`                                             March 1998 under
                                              the rehabilitation  
                                              plan, the `     `
                                 
                                              Company was able
                                              to reduce demand
charge by `   `                               66.1 percent in
                                              Q1/2001.

3. Reducing fuel cost.                        Due to the high
                                              fuel oil price, `
                                
                                              the Company was
                                              unable to reduce    
                                              the fuel cost `
                
                                              as stated under
                                              the rehabilitation
                                              plan.

4. Efficient production plan and in-time delivery. Continuing
                                             processes in        
`                                                  Q4/2000

5. Increasing production efficiency by       The Company could
                                             increase `        `
                                 
                                             production
improving machinery and production           efficiency
                                             represented by  `          
`                                            declining in waste
technique to reduce waste.                   
                                             from, according to
       
                                             the
                                             projection, 21.4%
                                             to 13.8%.

6. Developing ISO 9002 Quality System        The Company's ISO
                                             9002 Quality
                                             System has
estimated to be certified in Q2/2000.        been evaluated in
                                             January, 2001,
                                             and the company
                                             will receive the
                                             ISO 9002  
                                             certificate
                                             within
                                             approximately May  
                                             25, 2001.

Marketing aspects

Resolving method under Rehabilitation Plan   Q1/2001

7. Setting the marketing plan and marketing  Continuing process
                                             as stated in  
                                             the
policies in line to the standard cost by     rehabilitation  
                                             plan.
emphasizing high margin product sales.

8. Establishing product development plan and  Continuing process
                                              as stated  
                                               in the
product diversification strategies to use as  rehabilitation
                                              plan.
tools for marketing development.

Administration and management aspects

Resolving method under Rehabilitation Plan    Q1/2001
9. Developing the new computer system by      The Company has  
                                              continuously
                                              developed the
linkage of data base from all departments.    new computer
                                              system.  At
                                              present, the
                                              Company is in the
                                              process of
                                              developing the
                                              computer systems
                                              for production
                                              while the
                                              computer systems
                                              for  other
                                              departments were
                                              completely
                                              developed

T.N.P. Industry Company Limited (Subsidiary Company)

Most of the rehabilitation plans of the subsidiary company is in
the master rehabilitation plan of the Company.

Production aspects

Resolving Method in Rehabilitation Plan        Q1/2001

1. Production cost reduction by saving energy  The subsidiary
                                            company was
                                            able to reduce
measurement.                                   demand charge by  
                                               18.5% in  
                                               Q4/2000.

2. Fuel cost reduction.                       In Q1/2001, the
                                              subsidiary
                                              company
                                              reduced  fuel cost
                                              by 24.4%.   
                                              The subsidiary
                                              company reduced
                                              it's production
                                              due to low
                                              purchasing order
                                              and switched
                                              the
                                              production line in
                                              January 2001
                                              in order to
                                              reduce the fuel
                                              cost.

3. Increasing production efficiency by        In Q1/2001, the
                                              subsidiary
                                              company's
improving machinery to reduce waste.          production waste
                                              was 19.7%,
                                              comparing to
                                              the projected
                                              production waste
                                              of 14.9%.  
                                              This was due to
                                              the reduce in
                                              production
                                              which was
                                              continuously   
                                              effected
                                              by
                                              seasonal change.

Resolving method under Rehabilitation Plan    Q1/2001

Marketing, Administration & Management        Implementing in
                                              the same
                                              direction as the
                                              Company.

Part 2: Comparison of Actual Performance and Projection

Thai Nam Plastic Public Company Limited        
Thai Nam Plastic Public Company Limited        

           
(Unit: Baht 000)
                
         Actual(Reviewed)       Projection      Variance
        Q.1/2001    %       Q.1/2001     %      Amount      %

Sales                                      
      223,280  100.00%   263,131   100.00%    (39,851)   -15.14%

Other income                                  
      533     0.24%       3,656     1.39%     (3,123)   -85.42%

Total revenues                             
      223,813   100.24%  266,786   101.39%    (42,973)   -16.11%

Expenses
   Cost of sales                            
    185,386    83.03%   231,874    88.12%    (46,488)   -20.05%
  Selling & Admin expenses                  
    30,288    13.57%      22,435     8.53%       7,853    35.00%
  Interest expense                           
    9,243     4.14%      13,607     5.17%     (4,364)   -32.07%

Total expenses                             
    224,917   100.73%  267,916   101.82%    (42,999)   -16.05%

Operating Gain(Loss)                       
   (1,104)    -0.49%    (1,129)    -0.43%          25     2.25%

Gain(Loss) in the subsidiary and
associated companies                       
   (1,897)    -0.85%    3,112     1.18%     (5,009)   160.95%

Gain (Loss) before Extraordinary Item      
    (3,001)    -1.34%   1,983     0.75%     (4,984)  -251.34%

Extraordinary Item  Gain from
Liability to be repurchased                 
    37,674    16.87%      0     0.00%      37,674        na.

Net gain (loss)                             
    34,673    15.53%   1,983     0.75%      32,690  1,648.55%

Causes of the difference between actual performance and the
projection
Revenues:

Sales:  

In Q1/2001, the actual sales of Bt223.3 million was 15.1 percent
lower than the projected sales, due to the decrease in sales
volume of approximately 30.5 percent from the projection, while
the rise in raw material price led to the increase in average
selling price by 17.7 percent.   

The drop in sales volume resulted from low demand in both
domestic and international market while the increase in selling
price resulted from the rise in raw material and the change in
sales mix. The company sold more leather, which has higher price
than other products.
    
Sales Mixed by ratio in term        January - March 2001
              Of Value                 Projection     Actual
PVC flexible sheet                        38.27%     32.51%
Artificial leather & sponge leather       43.43%     51.94%
Floor covering & Car mat                  18.30%     15.55%
Total                                    100.00%    100.00%
        
Cost of sales and Expenses:

The actual cost of sales of Q1/2001 was Bt185.4 million or 83.0
percent of actual sales, comparing to the projected cost of
sales, which represented 88.1 percent of total projected sales.
The actual gross profit margin increased from, according to the
projection, 11.9 percent to 17.0 percent.  This was due to
production efficiency, decrease in waste and manufacturing
costs, as well as increase in sales of high margin products.

In Q1/2001, the actual selling and administration expenses were
Bt30.3 million, or 13.6 percent of actual sales. Actual selling
and administration expenses were higher than the projected
selling and administration expenses because the Company reserved
for price reduction of Bt5.4 million and adjusted the salary and
welfare of the employee back to normal level.

The actual interest expenses of Bt9.2 million were less than the
projected interest expenses. This resulted from low interest
rate in the money market and the success in Debt Compromise and
repayment with creditors who purchase the Company's debt from
Financial Sector Restructuring Authority.

Net profit & (loss):

In Q1/2001, the company had operating profit of Bt1.1 million,
which was similar to the projected operating profit. The net
profit of Bt37.9 million resulted from Gain from Liability to be
repurchased of Bt37.7 million.


T.N.P. Industry Company Limited (Subsidiary Company)     
T.N.P. Industry Company Limited (Subsidiary Company)     

          
(Unit : Baht 000)
          
      Actual(Reviewed)       Projection         Variance
      Q.1/2001    %     Q.1/2001     %      Amount         %

Sales                                       
      80,924   100.00%  131,035   100.00%    (50,111)   -38.24%

Other income                                 
     2,682     3.31%      0     0.00%       2,682       na.

Total revenues                              
     83,606   103.31%  131,035   100.00%    (47,429)   -36.20%

Expenses
   Cost of sales                            
    74,484    92.04%     110,772    84.54%    (36,288)   -32.76%
   Selling & Admin expenses                  
    5,695     7.04%       7,260     5.54%     (1,565)   -21.55%
   Interest expense                          
    6,407     7.92%      10,723     8.18%     (4,316)   -40.25%

Total expenses                              
    86,586   107.00%     128,755    98.26%    (42,169)   -32.75%

Net gain (loss)                            
    2,980)    -3.68%       2,280     1.74%     (5,260)   230.72%

Causes of the difference in actual performance and the
projection
Sales:

In Q1/2001, the actual sales of Bt80.9 million were 38.2 percent
lower than the projected sales, due to the decrease in sales
volume of approximately 40.2 percent from the projection while
the average selling price was similar to the projected sell
price. The drop in sales volume resulted from slow down economic
and seasonal effect which leads to low season in Q1 continuously
from Q4, 2000.

Cost of sales and expenses:

The actual cost of sales of Q1/2001 was Bt74.5 million,
representing 92.0 percent of total actual sales, comparing to
the projected cost of sales which represented 84.5 percent of
total projected sales. Therefore, the actual gross profit margin
decrease from, according to the projection, 15.5 percent to 8.0
percent. The company has lower gross profit margin because the
lower production, which resulted from seasonal effect, led to
increase in cost per unit while the selling price was not
increased.

In Q1/2001, the actual selling and administration expenses were
Bt5.7 million, or 7.0 percent of actual sales. Which is higher
than the projected selling and administration expenses of 5.5
percent of projected sales. This is because of some expenses,
which are not variable according to Sales.

The actual interest expenses of Bt6.4 million were less than the
projected interest expenses of Bt10.7 million. This resulted
from low interest rate in the money market and the success in
Debt Compromise and repayment with creditors who purchase the
Company's debt from Financial Sector Restructuring Authority.

Net profit (loss):

Due to the decrease in Sales and the increase in Cost of Sales,
the subsidiary company had net loss of Bt3.0 million in Q1/2001.


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