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            T R O U B L E D   C O M P A N Y   R E P O R T E R

                        A S I A   P A C I F I C

                  Monday, June 4, 2001, Vol. 4, No. 108


                               Headlines


A U S T R A L I A

ALPHA HEALTHCARE: Status Of Ramsay's Takeover Bid
ALPHA HEALTHCARE: Ramsay Raises Relevant Interest
ANACONDA NICKEL: Posts Company Developments
ANACONDA NICKEL: Reinstated To Official Quotation
JOYCE CORP: To Return To Sharemarket
MAYNE NICKLESS: Moody's Reviews Baa1 Rating


C H I N A   &   H O N G  K O N G

CHINADOTCOM: Troubled By Former Parent's Insolvency
FAITHFUL STAR: Winding Up Petition Slated For Hearing
FREEWAY INTERNATIONAL: Winding Up Petition Hearing Set
GRANDWAY PROPERTIES: Winding Up Petition Slated For Hearing
HIH CASUALTY: Winding Up Petition To Be Heard
HIH HOLDINGS (ASIA): Winding Up Petition Set For Hearing
HIH INSURANCE (ASIA): Faces Winding Up Petition
HONGGAO YUYUAN: Court Accepts Bankruptcy Suit
KIN DON: Posts HK$155.792-M Net Loss
KIN DON: Posts Notice Re AGM
SHANGHAI SHUANGLU: Cinda AMC Writing Off Y73.9-M Loans


I N D O N E S I A

CHANDRA ASRI: Prijadi Has Yet To Endorse Debt Workout


J A P A N

ASAHI MUTUAL: Two Banks To Inject Funds
CRAYFISH COMPANY: Sustains H1 Net Loss Of Y4.65-B
MITSUI CONSTRUCTION: Net Loss For FY2000 Y20.97-B
NIPPON CREDIT: Profitable After Three Years


K O R E A

CHOYANG SHIPPING: Seeking Court Protection
DAEWOO MOTOR: GM Eyes Overseas Plants
DAEWOO MOTOR: Talks May Extend To Two Weeks
HYUNDAI ENGINEERING: W385.5-B In New Debts Discovered
HYUNDAI MOTOR: Moody's Upgrades Ratings To Ba2
HYUNDIA PETROCHEM: Fate To Be Decided In Mid-June


M A L A Y S I A

LAND & GENERAL: Declares Default
PARK MAY: Identified As Affected Issuer
RENONG BERHAD: Defaults On Interest Payment
SENG HUP: Appoints Special Administrator
TRANS CAPITAL: An Affected Issuer


P H I L I P P I N E S

BENPRES HOLDINGS: May Use US$235M Assets To Cover Bonds
URBAN BANK: Board's Approval Of Rehab Plan Pending


S I N G A P O R E

ELECTRIC CITY: Put Into Voluntary Liquidation
THAKRAL CORP: SOA Application Finalized
WONG'S CIRCUITS: Reports Status Of Disposal Deal


T H A I L A N D

MALEE SAMPRAN: Bankruptcy Suit Settlement Likely
PREECHA GROUP: Announces Capital Increase
PREECHA GROUP: Board Resolves Capital Increase
PROPERTY PERFECT: Posts Bt2.417-B Net Loss For FY2000
PROPERTY PERFECT: Explains Financial Results
TUNTEX PUBLIC: Board Approves Debt Workout

     -  -  -  -  -  -  -  -  

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


ALPHA HEALTHCARE: Status Of Ramsay's Takeover Bid
-------------------------------------------------
The following is the notice given under Section 630(3) of
Corporations Law regarding Ramsay Centauri Pty Ltd's off-market
offer to purchase all ordinary shares in Alpha Healthcare
Limited:

We refer to the notice given under section 630(2)(b) of the
Corporations Law lodged with the Australian Stock Exchange (ASX)
on 24 May 2001, in which the extended date for giving notice of
the status of the conditions of the Takeover Offer was stated to
be 1 June 2001.

Accordingly, we enclose a copy of the notice of the status of
the conditions of the Takeover Offer as required under section s
630(3) of the Corporations Law.

In addition, in accordance with section 630(5) a copy of the
notice is being sent to Alpha today.

If you have any questions in relation to the above matter,
please contact Lisa Mather on 9258 5708.

Notice Under Section 630(3) Of Corporations Law

TO: Alpha Healthcare limited ACN 000 727 882:

Ramsay Centauri Pty Limited ACN 096 070 156 (the Bidder) gives
notice under section 630(3) of the Corporations Law that

(a) on 2 May 2001, the Bidder declared the offers dated 26 April
2001 (the Offers) by it under its off-market takeover bid to
acquire all of the fully paid ordinary shares in Alpha
Healthcare Limited free from the conditions of the Offers set
out in clause 5.1 of Section 1 of the Bidder's Statement dated
12 April 2001, which includes the Offers; and

(b) so far as the Bidder knows, the conditions of the Offers set
out in clause 5.1 of Section 1 of the Bidder's statement dated
12 April 2001, which includes the Offers, were, at the time of
giving this notice, fulfilled.

The voting power in Alpha Healthcare Limited which, so far as
the Bidder knows, it has at the time of giving this notice is
59.35 percent.


ALPHA HEALTHCARE: Ramsay Raises Relevant Interest
-------------------------------------------------
Ramsay Centauri Pty Limited increased its relevant interest in
Alpha Healthcare Limited on 31 May 2001, from 22,371,067
ordinary shares (51.3 percent) to 26,772,761 ordinary shares
(59.35 percent).


ANACONDA NICKEL: Posts Company Developments
-------------------------------------------
Anaconda Nickel Limited CEO Andrew Forrest announces a series of
developments designed to ensure the company maintains its strong
track record of growth to its shareholders. This development
complements the announcement of the $92.7 million fully
underwritten $2.00 rights issue yesterday. Other shareholders
Anglo American PLC (Anglo) and Sherritt International
Corporation have indicated their support for the issue.

Norman Coldham-Fussell has retired as Chairman and Director of
the Board and the company wishes to record its great gratitude
for the contribution, professionalism and energy with which  
Fussell has conducted his six years service to the company,
recently as chairman.

Forrest said all shareholders would appreciate the successful
development of Murrin Murrin and the company's growth strategy
could not have been achieved without Fussell's involvement with
the company.

The company is also pleased to announce that Willy Strothotte,
Executive Chairman of Glencore International AG, has been
appointed as a director to fill a casual vacancy on the Board.

At the Board meeting today, Ian Delaney was elected to fill the
position of chairman on an interim basis until 31 December 2001,
at which time the Board will elect a permanent chairman.

The Board of Anaconda will be comprised of Delaney (Chairman),  
Forrest (Deputy Chairman), James Campbell, Ivan Glasenberg, John
Morrison, Chris Linegar, Les Stewart and Willy Strothotte.

Following these developments, Anglo American has agreed to
withdraw resolutions 3, 4, 5 and 6, that it proposed to put to
today's extraordinary general meeting. Resolutions 1 and 7 were
withdrawn yesterday and the parties who proposed the removal of
Dr Campbell have also today withdrawn their resolution.

Forrest has advised the Board that he will retire no later than
the third week in November or when a new CEO commences,
whichever comes first. Forrest will remain as Deputy Chairman to
assist the company in its development and the growth of the
Three Nickel Province strategy.

Commenting on the arrangement, Forrest said, "The last seven
years has seen the company grow to now being able to make a
major contribution to the world nickel industy, Murrin Murrin is
the first major step in the Three Nickel Provinces strategy."

The Board has resolved to establish a Nominations Committee
comprising Messrs Glasenberg, Delaney, Campbell and Linegar,
with Mr Forrest advising the committee as ex efficio (non-
voting) member to consider world class candidates for the roles
of CEO and CFO. The nominations committee shall make
recommendations to the Board in this regard and the Board will
decide on any appointments.

When appointed, a new full time CEO will be invited to join the
Board and an additional non-executive director, not associated
with any of the major shareholders will be appointed to the
Board bringing the final number of directors to 10.

Following the resignation of Adler the Board has resolved to
restructure the remuneration committee. The committee will now
be comprised of Glasenberg, Delaney and Morrison.

Standstill Agreement

Each of Anglo American plc, Glencore International AG, Sherritt
International Corp and Forrest have agreed that they will not,
for the period which ends on 31 December 2001, or 90 days after
the publication of the key recommendations of the strategic
review, whichever is the later (but not later than 31 March,
2002) not to acquire (directly or through associates) in excess
of 30 percent of the issued ordinary shares in Anaconda.

(a) pursuant to a takeover bid (by a Restricted Party or any
third party) for all of the shares in the company;

(b) pursuant to being offered a participation in a placement or
rights issue (including the rights issue announced on 30 May,
2001);

(c) if any party, other than a Restricted Party, comes to own in
excess of 10 percent of the ordinary shares of the company (or
an instrument convertible into ordinary shares which would
constitute in excess of said 10 percent).

This standstill would only apply to the extent that Anaconda,
during the period of the standstill, always, in respect of any
equity funding (or funding by way of an instrument convertible
into equity), offers each of the Restricted Parties the right to
participate pro rata in such fund raising on terms pari passi to
all other participants in such fund raising. If an offer has
been made to Restricted Parties to participate on pro rata or
pari passu terms and one or other of such parties decline such
participation, an offer can be made to third parties in respect
of so many shares as the declining party has indicated that it
does not wish to participate.


ANACONDA NICKEL: Reinstated To Official Quotation
-------------------------------------------------
The suspension of trading in the securities of Anaconda Nickel
Limited will be lifted immediately, following receipt of an
announcement providing the results of the Extraordinary General
Meeting on 31 May 2001.

Security Code: ANL


JOYCE CORP: To Return To Sharemarket
------------------------------------
Joyce Corporation, according to its administrator Bryan Hughes,
is positive that the company can make a comeback to the
sharemarket, but only if its assets disposal program is
successful in repaying debts owed to the company's creditors,
Australasian Business Intelligence reported last week. However,
Hughes revealed the amount creditors would receive would be
dependent on the company receivers' actions.


MAYNE NICKLESS: Moody's Reviews Baa1 Rating
-------------------------------------------
Moody's Investors Service Thursday placed Mayne Nickless
Limited's (Mayne) senior unsecured ratings of Baa1 on review for
possible downgrade. The review is prompted by the announcement
by Mayne that it intends to acquire F.H. Faulding & Co Ltd, an
Australian-based, international pharmaceutical and health care
company, in an all scrip offer.

At the same time Moody's has confirmed Mayne's short term rating
of Prime-2.

The review will consider the impact on Mayne's financial and
operating risk profile should the bid succeed. Moody's noted
that benefits may arise from the proposed acquisition and will
focus on this as well as the predictability and sustainability
of the prospective group's cash flows.

The ratings placed under review are as follows:

Senior unsecured rating of Baa1

Issuer rating of Baa1

The rating confirmed is as follows:

Short term rating of Prime-2

Mayne Nickless Limited, headquartered in Melbourne, provides
health care, contract logistics, and time critical express
services.


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


CHINADOTCOM: Troubled By Former Parent's Insolvency
---------------------------------------------------
The former parent of Chinadotcom has fallen into financial
trouble.  China Internet Corp. (CIC) "has recently become highly
leveraged and may be insolvent", according to the annual report
filed last year by Chinadotcom to the United States' Securities
and Exchange Commission.  

CIC no longer holds shares in Chinadotcom, but it has
transactions with the latter.

CIC's financial troubles could have adverse implications on
Chinadotcom, which operates portals under the web sites
china.com, hongkong.com and Taiwan.com.

"In the event that CIC is liquidated, CIC may lose its
proprietary rights to the.. domain names and related
trademarks," Chinadotcom said.  To avoid losing the right to use
the domain names, Chinadotcom may have to buy them from CIC.  

Chinadocom said if it decides to buy the domain names from CIC,
it would try to obtain a third party assessment of their fair
market value.


FAITHFUL STAR: Winding Up Petition Slated For Hearing
-----------------------------------------------------
The petition to wind up Faithful Star Industrial Limited is
scheduled for hearing before the High Court of Hong Kong on June
20, 2001 at 9:30 am. The petition was filed with the court on
April 24, 2001 by The China State Bank Limited, whose principal
place of business is situated at 39-41 Des Voeux Road Central,
Hong Kong.


FREEWAY INTERNATIONAL: Winding Up Petition Hearing Set
------------------------------------------------------
The petition to wind up Freeway International Limited is
scheduled for hearing before the High Court of Hong Kong on 20
June, 2001 at 9:30 am. The petition was filed with the court on
23 April, 2001 by Standard Chartered Bank, of 3rd Floor, 4-4A
Des Voeux Road Central, Hong Kong.


GRANDWAY PROPERTIES: Winding Up Petition Slated For Hearing
-----------------------------------------------------------
The petition to wind up Grandway Properties Limited is set for
hearing before the High Court of Hong Kong 6 June, 2001 at 9:30
am. The petition was filed with the court on 2 April, 2001 by
Kincheng Banking Corporation, whose principal place of business
is situated at No. 55 Des Voeux Road Central, Hong Kong.


HIH CASUALTY: Winding Up Petition To Be Heard
---------------------------------------------
The petition to wind up HIH Casualty and General Insurance
(Asia) Limited is set for hearing before the High Court of Hong
Kong Court at 10:00 am on the 6 June 2001. The petition was
filed with the court on the 9 April 2001 the company of 23rd
Floor, Dah Sing Financial Centre, 108 Gloucester Road, Wanchai,
Hong Kong.


HIH HOLDINGS (ASIA): Winding Up Petition Set For Hearing
--------------------------------------------------------
The petition to wind up HIH Holdings (Asia) Limited will be
heard before the High Court of Hong Kong on 6 June, 2001 at 10
pm. The petition was filed with the court on 9 April, 2001  by
the company of 23rd Floor, Dah Sing Financial Centre, 108
Gloucester Road, Wanchai, Hong Kong.


HIH INSURANCE (ASIA): Faces Winding Up Petition
-----------------------------------------------
The petition to wind up HIH Insurance (Asia) Limited is
scheduled to be heard before the High Court of Hong Kong on June
6, 2001 at 10 am. The petition was filed with the court on April
9, 2001 by the company of 23rd Floor, Dah Sing Financial Centre,
108 Gloucester Road, Wanchai, Hong Kong.


HONGGAO YUYUAN: Court Accepts Bankruptcy Suit
---------------------------------------------
The Intermediate People's Court of Beijing has accepted the
bankruptcy suit against bankrupt Honggao Yuyuan Real Estate
filed by creditors to whom the company owed a combined sum of
1.1 billion yuan, making it the biggest bankruptcy case in the
city's history, Agence France-Presse reported last week, citing
a report by Beijing Legal Times.

The court plans to push for the restructuring of the company and
will decide in favor of allowing the company to continue
operating, but only after creditors take over the company as
shareholders.

Xiao Long, a court official, was quoted as saying,
"Restructuring the assets of the company will allow it to once
again radiate vitality. If you compare it to a plate ... it's
better to allow that plate to continue to serve its original
purpose, rather than smashing it and let each person have his
broken piece."

The company's bankruptcy case has been viewed as a learning
experience for Beijing officials, and could be treated as a
pilot case to aid in the conduct of amending Chinese bankruptcy
law, the report said.

Asian Development Bank's Bruce Murray was quoted as saying, "It
clearly would be fair to say that China has not had very much
experience in handling bankruptcies."


KIN DON: Posts HK$155.792-M Net Loss
------------------------------------
The Board of Directors of Kin Don Holdings Limited released the
audited consolidated results of the Company, its subsidiaries
and a jointly-controlled entity for the year ended 30 November
2000 together with comparative figures for the previous year as
follows:

Year end date: 30 November 2000
Currency: HK$                                           
(Audited)
                                        (Audited)        Last
                                        Current          
Corresponding
                                        Period           Period
                                        from 1/12/1999   from
1/12/1998
                                        to 30/11/2000    to
30/11/1999
                                           ('000)           
('000)
Turnover                               17,375           325,521
Profit/(Loss) from Operations          (91,556)         
(292,363)
Finance cost                           (20,623)         (9,324)
Share of Profit/(Loss) of Associates   -                -
Share of Profit/(Loss) of
  Jointly Controlled Entities         (44,690)         -
Profit/(Loss) after Tax & MI           (155,792)        
(299,245)
% Change over Last Period              N/A
EPS/(LPS)-Basic                        (18.46 cents)    (59.14
cents)
         -Diluted                      N/A              N/A
Extraordinary (ETD) Gain/(Loss)        -                -
Profit/(Loss) after ETD Items          (155,792)        
(299,245)
Final Dividend per Share               NIL              NIL
(Specify if with other options)        -                -
B/C Dates for Final Dividend           N/A
Payable Date                           N/A
B/C Dates for Annual General Meeting   3/7/2001 to 5/7/2001 bdi.
Other Distribution for Current Period  N/A
B/C Dates for Other Distribution       N/A

Loss per share

The calculation of basic loss per share for the year ended 30
November
2000 is based on the net loss from ordinary activities
attributable to shareholders for the year of HK$155,792,000
(1999: HK$299,245,000) and the weighted average of 843,929,766
(1999: 505,958,904) ordinary shares in issue during the year.

The diluted loss per share for the years 1999 and 2000 is not
shown because the Company's outstanding share options and
convertible debentures are anti-dilutive.

Notes:

Turnover

Turnover represents the invoiced value of goods sold, net of
trade discounts and returns. The Group's turnover is derived
predominately from a single business segment of the Group for
the manufacture, marketing and distribution of men's apparel,
including leather goods and accessories, under "Kin Don" brand
name. Accordingly, no segmental information is presented. The
Group's turnover is principally derived in the People's Republic
of China (PRC) market.

Loss from operating activities

The Group's loss from operating activities is arrived at after
charging:

2000        1999
HK$'000  HK$'000

Depreciation:
Owned fixed assets 2,615  2,767
Leased fixed assets 672  803

Tax

2000  1999
HK$'000  HK$'000

Tax rebate relating to prior year -  121
Over provision in prior year 38 417
Deferred tax - 145

Tax credit for the year 38  683

Tax has not been provided as the Group did not generate any
assessable profits during the year (1999: Nil).

Loss per share

The calculation of basic loss per share for the year ended 30
November 2000 is based on the net loss from ordinary activities
attributable to shareholders for the year of HK$155,792,000
(1999: HK$299,245,000) and the weighted average of 843,929,766
(1999: 505,958,904) ordinary shares in issue during the year.

The diluted loss per share for the years 1999 and 2000 is not
shown because the Company's outstanding share options and
convertible debentures are anti-dilutive.

Changes From Unaudited Results

Apart from certain reclassification of accounts, there are no
material changes from the unaudited results of the Group as
stated in our announcement dated 9 April 2001.

Summary

The auditors of the Group have qualified their opinion in the
following aspects:

The financial statements of the Group and the Company for the
year ended 30 November 1999 were disclaimed for reasons which
included the significance of the possible effects of several
limitations on the scope of audit which are further detailed in
the auditors' report dated 23 November 2000.

Accordingly, the auditors were unable to form an opinion as to
whether the 1999 financial statements gave a true and fair view
of the state of affairs of the Group and the Company at 30
November 1999 and of the loss and cash flows of the Group for
the year then ended.

Any adjustment found to be necessary on the opening net
liabilities of the Group and the Company would have a
consequential effect on the loss of the Group and the Company
for the current year ended 30 November 2000.

Due to the significant staff and management turnover within the
Group, particularly that in the accounting and finance
department, and due to the relocation of the Group's office in
the PRC, certain underlying books and records of the Group were
either lost, or could not be located.

Accordingly, the auditors have not been provided with adequate
information and documents to satisfy themselves as to the
completeness, appropriateness, classification and disclosures in
respect of either the transactions undertaken during the year
ended 30 November 2000 or the related balances as detailed in
the note to the financial statements.

The auditors have not been able to satisfy themselves as to the
nature, existence and custody of the repossessed inventories
aggregating HK$47,369,000 because they have not attended the
Group's physical inventory count during and subsequent to the
repossession thereof and because of the absence of proper books
and records documenting such.

In addition, the auditors have not been able to satisfy
themselves that the amounts and disclosures concerning cash
received, accounts receivable, inventories and related
provisions and recoveries therefrom have been properly reflected
and disclosed in the financial statements at 30 November 2000.

Limited financial information is available in respect of the
Group's jointly-controlled entity, Li Yang Broadcasting &
Advertising (HK) Limited (Li Yang), at the dates Li Yang was
acquired by the Group and when subsequent additional capital
injection to Li Yang was made by the Group.

The auditors have been unable to determine whether goodwill in
respect of Li Yang has been properly quantified and accounted
for and whether the provisions made in the financial statements
regarding the recoverability of the loan to Li Yang and any
impairment, permanent or otherwise, in the carrying value of the
Group's interest in Li Yang is adequate but not excessive and
that the Group's share of the post-acquisition loss in Li Yang
for the period ended 30 November 2000 is fairly stated.

In addition, the auditors have not been able to satisfy
themselves as to the completeness, appropriateness,
classification and disclosures in respect of the Group's
interest in Li Yang.

Since the Group's production facilities in the PRC operated
substantially below capacity during the year, the auditors were
unable to assess whether any provision is required for permanent
diminution in value regarding the fixed assets of the Group's
PRC production facilities with an aggregate net book value of
HK$13,492,000 as at 30 November 2000.

The auditors have not been able to determine the appropriateness
of preparing financial statements of the Group and the Company
on a going concern basis.

Because of the significance of the above matters, the auditors
have reported that they were unable to form an opinion as to
whether the financial statements give a true and fair view of
the state of affairs of the Group and of the Company as at 30
November 2000 and of the loss and cash flows of the Group for
the year ended and as to whether the financial statements have
been properly prepared in accordance with the disclosure
requirements of the Hong Kong Companies Ordinance.

Business review

Due to the limitation of available financial resources for the
Group's business, the Group has scaled down significantly its
level of core business of the manufacturing, marketing and
distribution of men's apparel.

Accordingly, turnover for the year ended 30 November 2000
dropped by 95 percent to about HK$17 million from 1999. Net loss
from ordinary activities attributable to shareholders was
recorded at approximately HK$156 million, due mainly to the
negative gross margin on sales, expenses and costs incurred,
provisions for permanent diminution in interest in and
shareholder's loan advanced to Li Yang of approximately HK$5
million and HK$26 million respectively, premium on redemption of
convertible debentures of approximately HK$4 million and share
of loss of Li Yang of approximately HK$45 million during the
year.

Liquidity and Financial Resources

As a result of the continued loss operation of the Group,
working capital and net liabilities positions further
deteriorated. As of 30 November 2000, the Group had net current
liabilities of approximately HK$168 million and deficiency in
assets of approximately HK$153 million. Consequently, the Group
has been in default in the repayment of debts owing to banks and
other creditors.

In December 2000, a winding up petition against the Company was
served by one of its major creditors, Stone Church LLC (SC) for
a debt of US$4,418,125 (approximately HK$34,373,000).

After prolonged discussions with SC, a conditional compromise
agreement (the Agreement) was finally reached with SC in the
settlement of the above debt by the Company. Details of the
Agreement have been set out in our announcement dated 9 May
2001.

In order to complete the Agreement within the stipulated time,
the Group is now in active negotiations with its other major
creditors for compromises of indebtedness settlement and in
discussion with its single largest shareholder, Marble King
International Limited, for capital injection. Further
announcements in relation to the progress of the above
discussions will be made as and when appropriate.

Charges On Group Assets

As of 30 November 2000, certain assets of the Group with an
aggregate carrying value of HK$18,619,000 were pledged to secure
credit facilities granted to the Group.

Significant Investment

As of 30 November 2000, the Group's major investment is its 48
percent equity interest in Li Yang. Since the commencement of
its business, advertising revenue derived by Li Yang has been
behind management expectation despite substantial costs having
been incurred in the preparatory work and business operations.

Based on the limited financial information from Li Yang, the
Group recorded its share of loss and determined provisions for
diminution in value in and against shareholder's loan advanced
to Li Yang as discussed above.

At present, the Board is still evaluating the future prospect of
this project based on its business performance to date and the
Group's current financial position.

Employees

As of 30 November 2000, the total number of employees of the
Group was about 40. The Group remunerates its employees based on
their performance, working experience and degree of hardship of
work. Staff benefits include a share option scheme and bonus.

Prospects

Under this adverse financial position, the Directors consider
that it is crucial for the Company to implement measures as soon
as possible in obtaining new capital as discussed above to
revive its business operation and to arrange settlement of its
debts.

With an improvement in working capital, the Directors plan to
reactivate its core garments business and to look for other
business opportunities.

Since a number of unfavorable comments were received regarding
the "Kin Don" brand name as reflected in its negative gross
margin on sales, considerations are seriously made to the
introduction of new local and foreign brand names and other
types of garments business by the Group for diversification in
future.

Compliance With The Code Of Best Practice

In the opinion of the Directors, the Company has complied with
the Code of Best Practice as set out in Appendix 14 of the Rules
Governing the Listing of Securities of the The Stock Exchange of
Hong Kong Limited throughout the accounting period covered by
the annual report, except that (1) the non-executive director
and independent non-executive directors are not appointed for
any specific term of office, but are subject to retirement by
rotation and re-election at the annual general meeting of the
Company in accordance with the articles of association of the
Company, (2) an audit committee was not established until 1
March 2000 and (3) the audit committee comprised only one member
of independent non-executive director during the period from 1
September 2000 to 30 November 2000.


KIN DON: Posts Notice Re AGM
----------------------------
Kin Don Holdings Limited announces that the 2001 Annual General
Meeting of the Company will be held at basement Function Room I
of Luk Kwok Hotel, 72 Gloucester Road, Wanchai, Hong Kong on 5
July 2001 at 9:00 a.m. for the following purposes:

1. To receive and consider the audited Financial Statements and
the Reports of the Directors and of the Auditors for the year
ended 30 November 2000;

2. To elect Directors and to authorize the Board to fix
Directors' remuneration;

3. To appoint Ernst & Young as Auditors and to authorize the
Board to fix their remuneration.


SHANGHAI SHUANGLU: Cinda AMC Writing Off Y73.9-M Loans
------------------------------------------------------
China Cinda Asset Management Corporation (Cinda AMC) has agreed
to write off its loans amounting to 73.9 million yuan extended
to Shanghai Shuanglu Electric Appliances Company Limited, which
has been placed in "particular transfer" (PT) status, and whose
shares trading has been suspended for a month since May 27, AFX
reported last week.

Parent company Shanghai Light Industry Holding (Group) Company
Limited has pledged to pay 1.2 million yuan to Cinda AMC, in
partial fulfillment of Shanghai Shuanglu's outstanding debts
totaling 75.1 million yuan. The remaining amount will be settled
through a write-off, the report said.

The report also added that the company has settled a total of
24.2 million yuan in debts owed to 21 creditors, through cash
repayment and write off of over 11 million yuan.


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


CHANDRA ASRI: Prijadi Has Yet To Endorse Debt Workout
-----------------------------------------------------
Indonesia's Finance Minister Prijadi Praptosuhardjo has not
given yet his endorsement to PT Chandra Asri's proposed debt
restructuring, raising speculations that the deal might crumble,
as this would be vital to move the Indonesian Bank Restructuring
Agency (IBRA) to finalize the deal's terms and technical
details, Jakarta Post reported late last week, citing Financial
Sector Policy Committee (FSPC) Secretary Safruddin Tumenggung.

The proposed debt workout, three weeks ago, received the
approval of the FSPC, the newspaper said.

"What I know as the secretary of the FSPC is that up to this
moment (late Friday) the finance minister has not yet endorsed
(the debt workout)," Mr Safruddin was quoted by post as saying.
"The FSPC guideline (decision) can only be effective if it is
endorsed by the finance minister. If not, there must be another
process of discussion (with the minister)."

Earlier, as it was confirmed by Safruddin, IBRA rejected the
debt workout approved by the FSPC, the newspaper said.


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


ASAHI MUTUAL: Two Banks To Inject Funds
---------------------------------------
Asahi Mutual Life Insurance Company is going to receive fund
infusion from Daiwa Bank and Asahi Bank to maintain the bank's
foundation fund at Y100 billion, Kyodo News reported last week,
citing industry sources.


CRAYFISH COMPANY: Sustains H1 Net Loss Of Y4.65-B
-------------------------------------------------
For the first half-year period ended March 31, Crayfish Company
suffered a net loss of Y4.65 billion, and a parent pretax loss
of Y929 million, as opposed to net losses of Y1.71 billion
incurred in the same period in the preceding year, Dow Jones
Newswires reported.

The decline in the pretax losses was attributable to a drop in
marketing commissions previously given to Hikari Tsushin, with
which Crayfish has broken up.

On a parent level, Crayfish revenue climbed 47 percent to Y3.59
billion, despite the drop in its volume of email account
subscribers, the report said.


MITSUI CONSTRUCTION: Net Loss For FY2000 Y20.97-B
-------------------------------------------------
According to the Kyodo News report Thursday, Mitsui Construction
Company suffered a group net loss of Y20.97 billion in the
fiscal 2000, ballooning from a loss of Y2.23 billion booked in
the preceding year. This was largely attributed to an
extraordinary loss of Y160.56 billion incurred from the disposal
of the company's bad assets.


NIPPON CREDIT: Profitable After Three Years
-------------------------------------------
Aozora Bank, formerly the Nippon Credit Bank (NCB), has
resurfaced in fiscal 2000 after three years, posting pretax
profits of Y99.1 billion, a wide swing from the previous year's
loss of Y112.6 billion, Japan Times Online reported Friday.

On a parent level, the bank's loan-loss provisions stood at Y89
billion, while for the current year it's pegged at Y60 billion.

Operating profit, moreover, surged to Y16.8 billion, a reverse
from the preceding year's loss of Y23.7 billion.

In December 1998, Nippon Credit was declared insolvent, as it
was burdened with debts. It was then placed under state control
for five months, the report said.

It was later sold off to a consortium led by Softbank
Corporation, following the government's approval to recapitalize
and cancel the bank's negative net worth of over Y3.2 trillion,
the report said. With the takeover consummated, the bank was
renamed Aozora Bank.


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


CHOYANG SHIPPING: Seeking Court Protection
------------------------------------------
Choyang Shipping, one of the largest Korean sea shipping firms,
and its subsidiary Nam Buk Fisheries, with debts of W387.6
billion and W23 billion respectively, have applied for court
protection from creditors at the Seoul District Court, The
Digital Chosun reported Friday.

Lacking liquidity, Choyang decided to seek court protection  
after its failed attempt to make a turnaround by way of self-
rescue exercises, including an asset disposal program involving
70 percent of its assets to generate cash of about W706.9
billion, the report said

Meanwhile, another Choyang subsidiary Samik Logistics is also
seeking court mediation. Samik received from both Choyang and
Nam Buk payment guarantees worth W180 billion. Samik owes
creditors a total of W15.2 billion.


DAEWOO MOTOR: GM Eyes Overseas Plants
-------------------------------------
Daewoo Motor Chairman Lee Jong-dae announced Thursday that
General Motors (GM) is interested in acquiring Daewoo's 12 car
manufacturing plants outside the country, The Korea Herald
reported Friday.

Lee was quoted by the Herald as saying, "Any of Daewoo's 12
offshore plants and 25 overseas sales companies could be sold to
GM, though they are now entangled in accounting problems with
(Daewoo's) former sister companies." He also added that this is
still "significant" in the deal.

However, the scope of GM's takeover bid excludes Daewoo's bus
plant in Busan and a truck plant in Kunsan, the report said.  
Lee explained GM's interests lie in the acquisition of Daewoo's
passenger-car manufacturing business.


DAEWOO MOTOR: Talks May Extend To Two Weeks
-------------------------------------------
According to Korea Development Bank (KDB) Governor Jung Keun-
yong, the final negotiations between Daewoo Motor and American
carmaker General Motor may take two weeks before the actual
signing of a memorandum of understanding can take place, The
Korea Herald reported Friday.

Jung was quoted by Herald as saying that although it was likely
that GM would take over Daewoo, it remained uncertain how much
is the acquisition price and the scope of the takeover.

GM submitted its takeover bid to Daewoo and its creditor KDB
Wednesday last week. Negotiations between two parties regarding
the proposal is already taking place in another country, which
is yet undisclosed, Herald said.


HYUNDAI ENGINEERING: W385.5-B In New Debts Discovered
-----------------------------------------------------
After the three-month asset evaluation of troubled contractor
Hyundai Engineering and Construction Company (HDEC), Young Wha
Accounting, which is an affiliate of Ernst and Young, was able
to unearth additional debts of the company amounting to W385.5
billion, The Digital Chosun reported Friday.

The amount included, among others, uncollected payments worth
W152 billion from the company's Iraqi projects, loan-loss
provisions for offshore contracts worth W152.4 billion, and
payment in arrears totaling W166 billion for domestic contracts.

These new debts further inflated the company's total deficits to
W1.24 trillion. This deficit has already gone over the company's
capital, which may result in a debt to equity ratio above 300
percent.


HYUNDAI MOTOR: Moody's Upgrades Ratings To Ba2
----------------------------------------------
Moody's Investors Service has upgraded the ratings of the long-
term senior unsecured debt of Hyundai Motor Company (HMC) to Ba2
from Ba3. The rating action reflects the company's improving
performance in the Korean and US automobile markets, and the
progress made in improving its financial leverage and liquidity.

The rating outlook is stable.

HMC has a very competitive position in the Korean automobile
market, which is the fifth largest in the world, and has made a
strong recovery since the 1998 downturn. Along with subsidiary
Kia Motors (Kia), HMC has a commanding 75 percent share of the
Korean auto market.

In addition to a strong domestic base, HMC has a significant
overseas business with over half of its production going to
export markets. HMC has improved product quality and offered
extended warranty programs enabling it to make remarkable
progress in the US market.

HMC's strong growth continues in 2001, despite the industry
downturn, although this could result in increased warranty
expense in the future.

Moody's also says that HMC's high dependence on exports means
that earnings and cash flow are very sensitive to changes in
exchange rates, although the depreciated Korean won should
result in higher export earnings in the current fiscal year.

HMC's financial liability after the 1999 acquisition of Kia has
been greatly reduced by the bankruptcy process of Kia, but it
continues to face challenges in integrating operations, and
establishing brand awareness.

HMC last year disaffiliated from the Hyundai group and thus
greatly reduced the risk that it might have to provide
significant support to other members of the financially weak
Hyundai Group.

Moody's considers HMC has historically enjoyed a cost benefit
(relative to global competitors) with its production site at
Ulsan having access to low cost components produced by Korean
suppliers.

However, future volume growth is likely to be generated in
overseas markets and HMC may develop a production plant in the
US, where demand has been rapidly increasing. Moody's says this
may require a significant amount of additional capital and
challenge the company's resources.

Despite several negative factors, Moody's believes that HMC's
prudent capital strategy is likely to maintain stable debt-
protection measures over the near to intermediate term.

Hyundai Motor Company, headquartered in Seoul, Korea, is the
largest manufacturer of passenger cars and commercial vehicles
in Korea.


HYUNDIA PETROCHEM: Fate To Be Decided In Mid-June
-------------------------------------------------
The fate of troubled Hyundai Petrochemical Company is going to
be determined by creditors of the company by middle of this
month, following the release of the due diligence made on the
company's financial standing, Asia Pulse reported Thursday last
week.

The planned sale of the company in the first half of this year
has been postponed, as the government and the company's
creditors have been considering other options, including court
receivership, the report said.

According to Pulse, Hyundai Petrochemical has been wooing
foreign investors to buy shares into the company, offering
management rights.

In hindsight, the company's creditors in March agreed to grant
the company an extension to loans due by this month's end, and
to inject funds worth W115 billion, which would secured by real
estate collateral, Pulse said.


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


LAND & GENERAL: Declares Default
--------------------------------
Land & General Berhad (L&G) announces that it will be unable to
make repayment of the principal sum of US$14.8 million under a
US$9.8 million Term Loan Facility (TL) and a US$5 million
Standby Letter of Credit Facility (SBLC), due and payable on or
before 1 June 2001.

L&G has been servicing the interests on the TL and the SBLC as
and when they fall due.

The TL is secured by a third party legal charge over a property
known as PN 9399, Lot 70, Section 59, Bandar Kuala Lumpur,
Daerah Wilayah Persekutuan, Negeri Wilayah Persekutuan which is
owned by a subsidiary of L&G.

The SBLC is secured by third party legal charges over the
following properties owned by another subsidiary of L&G:

i) HS(D) 1349 PT No 269 Mukim Songsang Daerah Temerloh, Negeri
Pahang;

ii) HS(D) 2792 PT No 481 Mukim Songsang Daerah Temerloh, Negeri
Pahang;

iii) HS(D) 2220 PT No 378 Mukim Songsang Daerah Temerloh, Negeri
Pahang; and

iv) HS(D) 7702 PT No 16403 Mukim Sungai Karang Daerah Kuantan,
Negeri Pahang.

On 18 May 2001, the lender sent a letter demanding full payment
of both the aforesaid facilities on or before 1 June 2001. On 25
May 2001, L&G replied to the lender seeking the latter's
indulgence to enable the Company to finalize a revised debt
restructuring scheme for all the lenders and bondholders of L&G.

The Board would also like to inform that the Company has been
and is currently in negotiations with all its bank lenders and
bondholders to restructure its outstanding bank facilities and
convertible bonds respectively, where the said lender is one of
the affected parties.

As of the date of this announcement, L&G and its subsidiaries
aforesaid have not received any default notice from the lender
and the Board of Directors is not aware of any legal action
being taken against the Company by the said lender.

Background

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

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

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

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

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

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


PARK MAY: Identified As Affected Issuer
---------------------------------------
With the introduction of certain sections of the Revamped
Listing Requirements of the Kuala Lumpur Stock Exchange
(Revamped KLSE Listing Requirements) on 15 February 2001, Park
May Berhad (PMB) was identified as an Affected Listed Issuer
pursuant to paragraph 8.14 of the Revamped KLSE Listing
Requirements.

As guided by PN4/2001, Arab-Malaysian Merchant Bank Berhad, as
adviser to PMB's debt restructuring scheme, had released the
First Announcement to the KLSE on 21 February 2001.

Further, on 8 March 2001, Arab-Malaysian announced the
completion of PMB's debt restructuring scheme.

With the release of the unaudited nine-month results ended 31
March 2001 of PMB on 24 May 2001, the consolidated shareholders'
funds of PMB Group as at 31 March 2001 is now in a positive
region of RM4.774 million.

As such, PMB is deemed to have regularized its financial
condition and is now no longer an Affected Listed Issuer.

Profile

The Park May Group is principally involved in the public bus
transportation business. Its services can be broadly categorized
into stage bus and express bus services.

It currently operates stage buses in the Klang Valley via Tulus
Hebat Sdn Bhd's subsidiary Cityliner Sdn Bhd, in mainland
Penang, northern Perak, Seremban and its vicinity, and Kuantan.

Park May's express services under Plusliner and NICE are
concentrated along the North-South Expressway.

In 1999, Park May appointed a financial advisor and requested
the assistance of the Corporate Debt Restructuring Committee to
restructure its debts.

The debt restructuring scheme involves, among others, a capital
reduction exercise, the conversion of the Company's indebtedness
due to financial institutions into equity and bonds and the
debt-equity conversion for three of its unsecured main
suppliers, namely, Cycle & Carriage Bintang, Denso and
Transcoach.

The SC's and shareholders' approval were obtained on 17 April
2000 and 2 August 2000 respectively. The Company had on 6
September 2000, obtained the sanction of the High Court of
Malaya for the proposed capital reduction and consolidation.

The scheme was deemed fully completed on 8 March 2001 upon the
listing of shares arising from the offer for sale by financial
institutions and conversion of main suppliers' debt into equity.


RENONG BERHAD: Defaults On Interest Payment
-------------------------------------------
Renong Berhad announces that Project Usahasama Transit Ringan
Automatik Sdn Bhd (PUTRA), a wholly owned subsidiary of the
company, has remained in default of its interest servicing
obligations in respect of its RM2.0 billion Commercial Financing
Facilities.

The interest/profit payments outstanding as of 30 May 2001 is
RM327.9 million.

On 20 April 2001, PUTRA has requested indulgence from its
financiers to extend the moratorium period on the
interest/profit payments and to waive the penalty margin of 1
percent per annum (where applicable) on all interest/profit
payments outstanding for the period beginning 30 September 1999
until PUTRA's Debt Restructuring Scheme is in place.

The decision from the financiers on this matter is still
pending.

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


SENG HUP: Appoints Special Administrator
----------------------------------------
Seng Hup Corporation Berhad on May 30, 2001 informed the Kuala
Lumpur Stock Exchange of updates on its default in payment.  
Seng Hup has Siew Kah Toong appointed as special administrator.

The default by SHCB as at April 30, 2001 amounted to
RM54,742,901 made up of a principal sum, plus RM17,871,781 in
interest for revolving credit facilities, trade financing and
overdraft.

P.T. Krisindo Mas, a subsidiary of SHCB had as at April 30,
2001, defaulted on an amount of US$2,280,000, made up of a
principal sum plus US$782,966 in interest, in respect of its
property loan.

Dasar Jernih Sdn Bhd and Nazar Holdings Sdn Bhd both
subsidiaries of SHCB have respectively defaulted in the
principal repayment of their property loan amounting to
RM5,728,000 and RM1,180,000 together with interest of
RM1,311,045 and RM336,893 respectively as of April 30, 2001.


TRANS CAPITAL: An Affected Issuer
---------------------------------
In reference to the announcement of Trans Capital Holding Berhad
(TCHB) to the Kuala Lumpur Stock Exchange (KLSE) dated 23
February 2001 and 1 March 2001 wherein the Company had pursuant
to paragraph 8.14 of the Listing Requirements of the KLSE and
Practice Note 4/2001 dated 15 February 2001 issued by the KLSE
(Practice Note) announced, inter-alia, the following:

TCHB is an affected listed issuer under the Practice Note;

TCHB had on 30 August 1999, 23 May 2000, 26 June 2000 and 3
October 2000 announced to the KLSE a proposed debt restructuring
and proposed rights issue as its plan to regularize the
financial condition of the Company and its subsidiaries; and

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

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

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

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

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

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

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

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

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

The core activity of the Group is the provision of electronic
contract manufacturing services such as printed and flex circuit
board assembly, and total box-built products for the computer,
telecommunications and electronic products. The bulk of these
services and complete end-products, such as removable hard disk
drive and related products, are marketed to MNCs in Malaysia and
overseas, notably to the US, Europe and Asia Pacific.

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

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

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

Subsidiary, Trans Capital (TCSB) had on 24 November 2000,
entered into an MOU with Optics Storage Pte Ltd (OSPL), Edwin
Long and Chew Juan, shareholder of OSPL and Ashburton Minerals
Ltd (AML) for the subscription of OSPL shares. These shares will
subsequently be converted to AMC shares at a deemed issue price
of A$0.10.

This agreement is pursuant to the proposed listing of OSPL on
the Australian Stock Exchange, of which as a condition
precedent, OSPL has to retire its outstanding debt with major
creditors, i.e. TCSB. The principal activities of OSPL and its
subsidiaries are research and development, manufacture and sale
of optical storage devices for the computer and electronics
industry and distribution of computer peripherals.


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


BENPRES HOLDINGS: May Use US$235M Assets To Cover Bonds
-------------------------------------------------------
Benpres Holdings Corporation announced Wednesday last week that
it might consider disposing of its assets valued at US$235
million, including its 8 percent stake in TV network ABS-CBN, 33
percent in cable subsidiary Sky Vision Corp and Home Cable, and
25 percent stake in power generation unit First Generation
Holdings Corp, The Philippine Daily Inquirer reported Thursday.

The fund generated from this disposal, as one of the options,
would be used to cover Benpres' US$150 million worth of
Eurobonds maturing in December 2002, and its peso-denominated
debts, including P1 billion in loan due in September and P2
billion in October 2003, the newspaper said.

Expected revenues from this assets sale would be: up to US$50
million from its stake in ABS-CBN; around $60 million from Sky
Vision Corp and Home Cable stake; and $125 million from stake in
First Generation, the report said.


URBAN BANK: Board's Approval Of Rehab Plan Pending
--------------------------------------------------
The Central Bank's policy-making body, the Monetary Board, is
likely to give this week its approval to Urban Bank's
rehabilitation plan proposed by Export and Industry Bank
(Exportbank), Business World reported Friday.

The Monetary Board is also going to hand down its decision on
the type of banking license to be granted to the merged entity
of Urban Bank and Exportbank, as covered by the proposed
rehabilitation plan.

The merged bank is scheduled to reopen sometime in August,
according to Philippine Depositn Insurance Corporation (PDIC)
President Norberto Nazareno.

Moreover, the merged entity, if the plan is approved, will have
a combined capital of over P5 billion, making it a probable
candidate for a universal banking license.


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


ELECTRIC CITY: Put Into Voluntary Liquidation
---------------------------------------------
The Board of Pertama Holdings Limited announced to its
shareholders and its customers that following the completion of
Pertama's acquisition of all the retail stocks and fixed assets
of Electric City chain of electric and electronic retails goods
shops in Singapore, Kingfisher plc has decided to put Electric
City (Singapore) Pte Ltd, the vendor of the retail stocks and
fixed assets sold, into voluntary liquidation.

A consequence of this acquisition is the possibility of the mis-
impression that Electric City (Singapore) Pte Ltd is an entity
that may be connected or related to Pertama, trading as "Harvey
Norman" and Pertama wishes to clarify that this is not the case.

Kingfisher plc has confirmed to Pertama that Electric City
(Singapore) Pte Ltd is and will, until its liquidation, remain a
wholly owned subsidiary of Kingfisher plc.


THAKRAL CORP: SOA Application Finalized
---------------------------------------
Thakral Corporation Limited stated the documentation for the
Section 210 Companies Act scheme of arrangement application to
the High Court is being finalized in consultation with its
professional advisors.


WONG'S CIRCUITS: Reports Status Of Disposal Deal
------------------------------------------------
The Directors of Wong's Circuits (Holdings) Limited (WCH)
announce that pursuant to the terms of the sale of the printed
circuits board business agreement (PCB Business and PCB Business
Disposal Agreement respectively), WCH has received two further
sums of US$8,903,850 (together with accrued interest) and US$5.5
million, respectively.

The US$8,903,850 together with accrued interest is the first
installment of the sum of US$17,807,700 being part of the
purchase consideration retained in an escrow account under the
terms of the PCB Business Disposal Agreement.

The US$5.5 million relates to the second incentive payment
payable by the purchaser of the PCB Business in the event that
the PCB Business satisfied certain financial targets for the
half-year ended 31 December 2000. Fuller details of the terms of
the PCB Business Disposal Agreement have been set out in the
circular to shareholders dated 28 July 2000 (WCH Circular).

The aggregate cash balance of WCH (inclusive of interest accrued
up to 29 May 2001) was approximately US$263,569,567. This has
been placed in interest-bearing accounts principally in US
Dollars with various banks.

As the shareholders of WCH are aware, WCH has until 17 August
2001 to inject a new business which meets the requirements for a
new listing. If WCH fails to meet these requirements by 17
August 2001, the Singapore Exchange Securities Trading Limited
(the SGX-ST) is empowered under Clause 1009 of the SGX-ST
Listing Manual to proceed with the delisting of the shares in
WCH.

The Directors of WCH wish to inform the shareholders that they
have been reviewing options for the future plans of WCH ever
since WCH completed the disposal of the PCB Business on 17th
August 2000.

As WCH is a cash company, there are two main alternatives
available to it, namely returning the cash to the shareholders
or acquiring a new business.

In connection with the above, the Directors of WCH have explored
the following options: (1) declaration of dividend; (2) capital
reduction; (3) voluntary liquidation; and (4) reverse takeover.

Declaration of Dividend

The Directors of WCH are of the view that the dividend route,
which will result in the dividend either being taxable in the
hands of WCH's shareholders in the case of a franked dividend
(which have been subject to tax at the full corporate tax rate
of currently 24.5 percent) or exempt from tax in the hands of
WCH's shareholders in the case of an exempt dividend, may not be
the best option for the shareholders as WCH does not have
sufficient franking credit and tax exempt profits to declare as
dividends the entire amount of cash in WCH.

Capital Reduction

As for capital reduction, the Directors of WCH have been advised
that any return of capital over and above the contributed
capital (ie. paid up capital including any share premium) will
be deemed a dividend payment by WCH and a receipt of dividend in
the hands of the shareholders.

Voluntary Liquidation

The liquidation process may be time-consuming and will not offer
shareholders the opportunity to realize any value in respect of
the listed status of WCH.

In addition, liquidators whom the Directors have approached have
indicated that because the liquidation process would involve an
assessment on the contingent liabilities (if any) of WCH (for
example, warranties and indemnities given by WCH under the PCB
Business Disposal Agreement, some of which are not limited in
terms of time and/or quantum), this may further affect the
timing and quantity of the distribution following the
liquidation.

In the circumstances, the Directors are of the view that neither
declaration of dividend, capital reduction nor voluntary
liquidation is the best option to realize and maximize the value
for shareholders within a reasonable time frame.

Reverse Takeover

Since the disposal of the PCB Business on 17 August 2000, the
Directors of WCH have been approached by not less than four
investors who are interested in injecting their assets into WCH.

To date, the Directors are still in negotiations to explore the
viability of acquiring a new business for WCH. The Directors
have also appointed a financial advisor to assist WCH in
evaluating the assets offered by the various interested third
parties.

The Directors have been exploring this option together with
Wong's International (Holdings) Limited (WIH), which is the
major shareholder of WCH. It is possible that simultaneously
with WCH acquiring the assets of a third party, WIH may enter
into an agreement with the relevant third party to dispose of
all of WIH's shares in WCH representing 74.25 percent of the
issued share capital of WCH (WIH's Shares). If this is the case,
the disposal of WIH's Shares may trigger a general offer
obligation by the relevant third party for the remaining shares
in WCH. However, to date, no concrete plan has been finalized
yet and the transactions mentioned above may or may not proceed.

The Directors are of the view that a reverse takeover may be a
better option for the shareholders because the shareholders of
WCH would be able to choose either to continue their investment
with WCH if they find the new business attractive to them, or to
exit their investment with WCH during the general offer at a
price that fairly reflects the net tangible asset position of
WCH.

In the circumstances and because negotiations with third parties
on this option are still ongoing, the Directors do not want to
conclusively decide at this stage to proceed either with a
capital reduction or a voluntary liquidation.

The Directors have also identified as a potential option a
general offer by a third party purchaser for the remaining
shares in WCH that is triggered by the disposal by WIH of all
WIH's Shares.

The Directors recognize that this may be an attractive option as
it offers the remaining shareholders of WCH a speedy exit route
from their investment with WCH.

However, because this option does not directly involve WCH, the
Directors are not in a position to pursue this option. Having
said that, the Directors of WCH have directed to WIH a third
party who was interested in purchasing WIH's shares and have
also assisted WIH in initiating initial discussions with such
third party.

The Directors are still exploring the future plans of WCH and
will keep the shareholders informed in due course.


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


MALEE SAMPRAN: Bankruptcy Suit Settlement Likely
------------------------------------------------
With assets exceeding its liabilities, Malee Sampran remained
optimistic that the company will be able to resolve amicably its
bankruptcy suit filed against the food firm by National Finance,
Bangkok Post reported last week, citing the company's Managing
Director Banchong Chittchang.

The company's assets, according to Post, are valued at Bt2.3
billion, as of December 31, 2000, as opposed to liabilities
standing at Bt1.8 billion.

"I am confident that the suit, in part, was made as part of
their duties as a financial institution in dealing with non-
performing loans. Particularly now, when institutions are
readying to transfer their bad loans to the Thai Asset
Management Corp. I don't believe that really wants us to go
bankrupt," Banchong was quoted by Post as saying.

National Finance filed the bankruptcy suit against Malee Sampran
on May 22, citing Malee as the guarantor of the loans extended
by the finance firm to KC Chiang Mai Industry worth Bt38.77
million.

Malee, the Post said, used to hold a 75 percent stake in KC
Chiang Mai, which was eventually bought back by a major
shareholder in 1996, on the condition that guarantees given by
Malee to KC Chiang Mai would be terminated, thus eliminating
guarantees worth Bt200 million. Malee presently holds guarantees
of about Bt50 million.


PREECHA GROUP: Announces Capital Increase
-----------------------------------------
The Board of Directors' Meeting No. 4/2001 of Preecha Group
Public Company Limited, held on 31 May 2001, passed the
resolutions in respect of the capital increase and share
allotment. The details are as follows:

1. Capital increase

The Board of Directors' Meeting resolved to increase the
registered capital from Bt600,000,000 to Bt1,344,000,000 by
issuing new ordinary shares in the amount of 74,400,000 shares
at par value of Bt10 per share. The total amount of new shares
equals to Bt744,000,000.

2. Allotment of new ordinary shares

The Board of Directors' Meeting approved the allotment of
74,400,000 new ordinary shares at par value of Bt10 per share,
total value of  Bt744,000,000 according to the following
details:
        
Allocate to    Amount of shares    Ratio     Price   
Subscription    Remarks
                  (Shares)      (Old : New)  per share  Period
                                                        (Baht)
1)Existing                        1 : 1     0.1          17-21           
-
Shareholders         60,000,000                                   
                                                      September
                                                         2001
                                                  9:00 to 15:30

2)Private        14,400,000     -           7.0         3-5 July    
offered to National Finance
  Placement                                                2001      
Public Company Limited,
                                                      9:00 to
15:30  one of financial institutions
                                                                             
qualified under the  17
                                                                             
categories.  


The Company will close the registration to suspend the share
transferring in order to clarify the share holders' right for
the subscription on 9th July 2001 at 12:00 a.m. Board of
Directors or the authorized person by the Board of Directors
specifies the procedure and other conditions of the
subscription.

If there are some remaining shares as a result of the above
procedure, these remaining shares may be allocated at the
discretion of the Board of Directors in one or several
transactions from time to time by rivate placement in accordance
with the Notification of the Securities and Exchange Commission.

The price will be Bt0.1 per share. The board or person
authorized by the board is eligible to set conditions and
procedures for selling the remaining shares.

2.2 The company's process in case of fragmented shares left from
calculation:
     
None

2.3 Amount of unallocated common shares:

None

3. Date of Extraordinary Shareholders' Meeting to approve the
capital increase and shares allotment:

The Extraordinary Shareholders Meeting No. 1/2001 will be held
on 29 June 2001 at 9:00 a.m. at the Meeting Room of the Company,
located at 9th Floor, Preecha Group Building, 1919 Pattanakarn
Road, Suanluang, Bangkok. The share register will be closed to
determine the right of    shareholders to attend this meeting on
15th June 2001 at 12:00 a.m. until the meeting is finished.

4. Approval by relevant government agency and conditions:  

None

5. Objectives and plans for utilizing of capital received from
the capital increase:

To be used as working capital and repayment to the company's
liability.

6.  Expected benefits that the Company will obtain from the
increase of capital and allocation of new shares:

(1) To increase the company's working capital.
(2) To improve the Company's financial status.

7. Benefits which the shareholders should expect from the
increase of capital and allocation of new shares:  

The Capital increase should improve the company performance
which will provide positive result in shareholders' dividend.

8.  Other details necessary for shareholders to approve the
capital increase and share allotment:

None

9. Tentative timetable for the capital increase and the
allotment of newly issued shares:
                    

Activities                                        Date

1) The Board of Directors Meeting             31 May 2001
2) Notify the Stock Exchange of Thailand concerning the  
resolutions of the Board of Directors' Meeting 1 June 2001
3) Closing of the share register to determine the right
                                        15 June 2001 until
of shareholders to attend the Extraordinary Shareholders the
meeting is finished Meeting  No.1/2001 (XM)
4) The Extraordinary Shareholders Meeting  No.1/2001
                                            29 June 2001
5) Closing of the share register to determine the right        
                                            9 July 2001
of shareholders on the allotment of new ordinary shares  12.00
a.m.
under the rights issue (XR)

The Company certifies that the information described in this
report is accurate and complete in all respects.


PREECHA GROUP: Board Resolves Capital Increase
----------------------------------------------
The Board of Directors' Meeting No. 3/2001 of Preecha Group
Public Company Limited held on 31 May 2001 at the Meeting Room
of the Company, located at 8th Floor, Preecha Group Building,
1919 Pattanakarn Road, Suanluang, Bangkok, resolved as follows:

1. The board resolved the increase of the Company's registered
capital from Bt600,000,000 to Bt1,344,000,000 by issuing new
ordinary shares in the amount of 74,400,000 shares, par value of
Bt10 per share, valued in total amount at Bt744,000,000.

2. The board resolved the amendment on Clause 4 of the
Memorandum of Association as to reflect the increase of the
registered capital.

3. The board resolved the allotment of the 74,400,000 new
ordinary shares, each share valued at Bt10. The total value is
Bt744,000,000. Details of the allotment are as follows:

3.1 The board resolved the allocation of 60,000,000 new ordinary
shares to be offered to existing shareholders in the ratio of
one new share, at Bt0.1 per share, for one existing share during
the subscription period of 17-21 September 2001 from 9:00 to
15:30 hour. The Company will close the share register to
determine the shareholders' right for the subscription on 9 July
2001 at 12.00 a.m.

3.2 The board resolved the allocation of 14,400,000 to National
Finance Public Company Limited which is an institution qualified
under seventeen categories of the Announcement of the Securities
and Exchange
Commission.  On issue of offering new ordinary shares to
National Finance Public Company Limited, the price is Bt7.0 per
share. The subscription period is from 3 to 5 July 2001, during
9:00 to 15:30        hour.

Only the board or the authorized person by the Board of
Directors specifies  the procedure and  other conditions of the
subscription.

If there are some remaining shares as a result of the above
procedure, these remaining shares may be allocated at the
discretion of the Board of Directors in one or several
transactions from time to time by private placement in
accordance with the Notification of the Securities and Exchange
Commission. The price will be Bt0.1 per share. The board or
person authorized by the board is eligible to set conditions and
procedures for selling the remaining shares.

4. The board resolved the Extraordinary Shareholders Meeting No.
1/2001, which will be held on 29 June 2001 at 9:00 a.m. at the
Meeting Room of the Company, located at 9th Floor, Preecha Group
Building, 1919    Pattanakarn Road, Suanluang, Bangkok, to
consider the following agenda:

1) To approve the minutes of the General Shareholders Meeting
No. 1/2001.

2) To approve an increase of registered capital.

3) To approve the amendment on Clause 4 of the Memorandum of
Association.

4) To approve the allotment of new ordinary shares

5) To consider other issues.

5. The board resolved that the share register will be closed as
follows:

      Activities                                     Date

1) Closing of the share register to determine the right of
shareholders to attend the Extraordinary Shareholders Meeting
No. 1/2001: 15 June 2001  

2) Closing of the share register to determine the right of
shareholders on  the allotment of new ordinary shares under the
rights issue: 9 July 2001 12 am.

6. The board resolved the appointment of Adkinson Securities
Public Company Limited as the Company's Financial Advisor for
Rehabilitation Planning.


PROPERTY PERFECT: Posts Bt2.417-B Net Loss For FY2000
-----------------------------------------------------
Property Perfect Public Company Limited suffered a net loss of
Bt2.417 billion in the year ended December 31, 2000 as compared
to a net loss of Bt3.570 billion incurred in the preceding year.

Loss per share went down around 37 percent to Bt31.06 from
Bt49.29 in 1999.


PROPERTY PERFECT: Explains Financial Results
--------------------------------------------
Property Perfect Public Company Limited (PERFEC) would like to
clarify the results of our financial performance as of March 31,
June 30, and September 2000.

The Company reported net loss more than 20 percent of the net
loss reported in the corresponding period of the previous year.
The Company reported net loss in the amount of Bt1,450 million
for the period of 3 months as of March 31, 2000.

The increase in net loss was a result of the following reasons:

1.  The Company had higher gross margin in the amount of Bt13
million due to the increased selling price.

2.  The Company recorded losses from equity method in the amount
of Bt710 million.  This is a result from one of the associated
companies and the Company, in the capacity of the guarantor,
were sued by one of the financial institutions for defaulting on
the repayment of the loan.  
The Company thus set aside the above-mentioned provision.

3.  Other income was decreased in the amount of Bt23 million.

4.  Loss from exchange rate decreased in the amount of Bt63
million.

5.  Interest expense was decreased by Bt7 million.

6.   Selling and administrative expenses and doubtful debt
increased in the amount of Bt17 million mostly from advertising
expenses and setting aside the additional provision for doubtful
debt in the amount of Bt4 million.

7.  As the Court has ordered the Company to enter the
rehabilitation process, the claims which has been filed in the
proof of debt process was higher than the amount recorded by the
Company. Thus the Company made an additional allowance in the
amount of Bt240 million for this purpose and recorded in the
income statement.

The Company reported net loss in the amount of Bt1,980 million
for the period of 6 months as of June 30, 2000. The increase in
net loss was a result of the following reasons:

1. The Company had higher gross margin in the amount of Bt51
million due to the increased selling price.

2. The Company recorded losses from equity method in the amount
of Bt750 million. This is a result from one of the associated
companies and the Company, in the capacity of the guarantor,
were sued by one of the financial institutions for defaulting on
the repayment of the loan.  The Company thus set aside the
above-mentioned provision.

3. Other income was increased in the amount of Bt32 million
mostly from the reversal of certain provision for the diminution
of assets value which subsequently have been sold.

4. Loss from exchange rate increased in the amount of Bt135
million.

5. Interest expense was decreased by Bt97 million due to the
Company having transferred certain assets to its creditors for
the repayment of certain loans.    

6. Selling and administrative expenses and doubtful debt
increased in the amount of Bt18 million mostly from advertising
expenses and setting aside the additional provision for doubtful
debt in the amount of Bt4 million.

7. For this period the Company had a loss of Bt111 million from
the transfer of certain assets to its creditors, and at the same
time the Company reversed the diminution in the asset value
which have been provisioned for as mentioned in paragraph 3 of
this letter.

8. As the Court has ordered the Company to enter the
rehabilitation process, the claims which has been filed in the
proof of debt process was higher than the amount recorded by the
Company. Thus the Company made an additional allowance in the
amount of Bt240 million for this purpose and recorded in the
income statement.

The Company reported net loss in the amount of Bt2,529 million
for the period of 9 months as of September 30,2000. The increase
in net loss was a result of the following reasons:

1. The Company had higher gross margin in the amount of Bt104
million due to the increased selling price.

2. The Company recorded losses from equity method in the amount
of Bt808 million.  This is a result from one of the associated
companies and the Company, in the capacity of the guarantor,
were sued by one of the financial institutions for defaulting on
the repayment of the loan.  The Company thus set aside the
above-mentioned provision.

3. Other income was increased in the amount of Bt79 million
mostly from the reversal of certain provision for the diminution
of assets value which subsequently have been sold.

4. Loss from exchange rate increased in the amount of Bt59
million.

5. Interest expense was decreased by Bt174 million due to the
Company having transferred certain assets to its creditors for
the repayment of certain loans.   

6. Selling and administrative expenses and doubtful debt
increased in the amount of Bt26 million mostly from advertising
expenses and setting aside the additional provision for doubtful
debt in the amount of Bt4 million.

7. For this period the Company had a gain from debt
restructuring in the amount of Bt136 million and a loss of Bt120
million from the transfer of certain assets to its creditors,
and at the same time the Company reversed the diminution in the
asset value which have been provisioned for as mentioned in
paragraph 3 of this letter.

8. As the Court has ordered the Company to enter the
rehabilitation process, the claims which has been filed in the
proof of debt process was higher than the amount recorded by the
Company.  Thus the Company made an additional allowance in the
amount of Bt240 million for this purpose and recorded in the
income statement.

Note from Asian International Planners Limited (Planner)

On February 19, 2001, The Central Bankruptcy Court ordered
Property Perfect Public Company Limited to enter into the
rehabilitation process under Chapter 3/1 of Bankruptcy Act B.E.
2483 as amended by Bankruptcy Act (No. 6).

The Court, on February 19, 2001, also appointed Asian
International Planners Limited (AIP) to be the plan preparer to
prepare the rehabilitation plan for the Company. AIP was not
appointed to be the plan preparer for any of the associated and
related companies of Property Perfect Public Company Limited.

Under the Bankruptcy Act, the power and duties in managing the
business and asset of the Company and all legal rights of the
Company's shareholders, except the right to receive dividend,
are vested in AIP since February 19, 2001 onward - the day the
Court appointed AIP as the plan preparer of the Company (which
is after the financial statements and notes to the financial
statements for Quarter 1, 2, 3 and for the period ending
December 31, 2000).

The Company's financial statements for Quarter 1, 2, 3 and for
the period ending December 31, 2000 including Form 56-1 and Form
56-2 were prepared by the management of the Company and is under
the circumstances as listed below.

1. The Financial Statements and all the notes accompanying
thereto including Form 56-1 and Form 56-2 were prepared in
accordance with the information presented by the Debtor's
Executive which were related to the period prior to the Court's
appointment of AIP as the plan preparer of the Company. AIP does
not and cannot represent the correctness and accuracy of such
Financial Statements.

2. The term "Management" as referred to anywhere in the
Financial Statements and the accompanying notes including Form
56-1 and Form 56-2 shall have the meaning as refer to "Debtor's
Executives".  And, it is not in any aspect referred to AIP.     

3. AIP was not involved in the managing of the Company's
business during the period of the Financial Statements, AIP
therefore does not have the duties nor is it responsible to
verify, review or confirm the correctness and the accuracy of
any information as presented by the Debtor's Executives in any
aspect.  

4. AIP has informed Ernst & Young Office Limited who is the
auditor of the Company that AIP will submit the Financial
Statement to the Stock Exchange of Thailand with the conditions
as explained herein.

5. AIP will not be responsible for any incomplete, incorrect,
errors of the information pertaining to Form 56-1 and Form 56-2,
including any material changes in the financial position of the
Company as of December 31, 2000.


TUNTEX PUBLIC: Board Approves Debt Workout
------------------------------------------
The Board of Director's Meeting No.5/2544 of Tuntex (Thailand)
Public Company Limited held on May 26, 2001 unanimously resolved
to approve debt restructuring agreement between the company and
its creditors which consists of Thai lenders, Foreign lenders
and the Noteholders of Floating Rate Notes (FRN), and all other
related agreements.

The repayment of the loan and the Notes is extended for 7 years
to the year 2007. The signing of the said agreements shall be
completed within June 2001.


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

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Copyright 2000.  All rights reserved.  ISSN: 1520-9482.

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