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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

                Wednesday, June 6, 2001, Vol. 4, No. 110


                              Headlines

A U S T R A L I A

ALPHA HEALTHCARE: James Hardie S-Holder Status Changes  
ALPHA HEALTHCARE: Ramsay Raises Shareholding
ALPHA HEALTHCARE: Schelling Retires As Director
ANACONDA NICKEL: 25% Stake Not Stable, Anglo American Says
ONE.TEL LIMITED: Develops Mobile Package With Telstra
ONE.TEL LIMITED: Ex-Execs Asked To Repay A$7M In Bonuses
ONE.TEL LIMITED: To Sell Overseas Operations
TELEMEDIA NETWORKS: Westpac Asked To Appoint Receiver
TELEMEDIA NETWORKS: Creditor Appoints Receiver,Manager
VOSTECH LIMITED: Administrators Named


C H I N A   &   H O N G  K O N G

EICHHORN INVESTMENT: Faces Winding Up Petition
GUANGDONG BUILDING: Announces Scheme Of Arrangement
JETNET TELECOMMUNICATIONS: Faces Winding Up Petition
JOINT FAIR: Winding Up Petition To Be Heard
KANIC INDUSTRIAL: Winding Up Petition Set For Hearing
KINGDOM FULL: Winding Up Petition Slated For Hearing
LONG & WIDE: Winding Up Petition Hearing Set
MILLIONS POWER: Petition To Wind Up
PACIFIC CENTURY: To Sell $2B Bond To Cut Debts
VICTORY GROUP: Board To Revise Capital Reorg Plan
ZHUHAI AIRPORT: Court Orders Seizure Of Assets


I N D O N E S I A

INDOCEMENT TUNGGAL: Gov't To Sell 25% Stake To Heidelberger
PABRIK KERTAS: Interest Payment On Rupiah Bonds Requested
SEMEN GRESIK: To Issue Half Of Rp1.2-Trillion Bonds


J A P A N

ASAHI LIFE: Solvency Margin Stands At 677.7%
DAI-ICHI MUTUAL: Core Profit Plummets To Y359.94-B
DAIEI INC: Closing Three Outlets
KUBOTA CORP: Ordered To Pay Y240-M In Fines
SEAGAIA: Administrator Accepts Y56.5-B Of Claims


K O R E A

DAEWOO SHIPBUILDING: Resurfaces From Default
HYNIX SEMICON: Pushes Separation From Hyundai Group
HYUNDAI ASAN: N. Korean Gov't May Cut Tourism Fees
HYUNDAI MERCHANT: Creditors To Resolve Rescue Package
KOREA LIFE: Debts Higher Than Assets By W1.85 Trillion
REGENT MERCHANT: FSS Rules Liquidation
SAMSUNG MOTORS: Creditors To Shed Shares In Unit


M A L A Y S I A

CONSTRUCTION AND SUPPLIES: Seeks Panel's Aid In Workout
HONG LEONG: Subsidiary To Be Wound Up Voluntarily
JUTAJAYA HOLDING: Signs MoU With Kong Sun
MAN YAU: MITI Approve Workout Scheme
MBF HOLDINGS: Submitting Application Re Workout Plan
MYCOM BERHAD: No Approval Yet On Debt Workout
OLYMPIA INDUSTRIES: Debt Workout Approval Pending
PANCARAN IKRAB: Reports Status Of Proposed Workout


P H I L I P P I N E S

BENPRES HOLDINGS: ABS-CBN To Buy Back Shares Worth US$50-M
NATIONAL STEEL: Panel Created To Screen Bids
PILIPINO TELEPHONE: SEC To Uphold Auditors' Findings


S I N G A P O R E

APRIL GROUP: Posts Q1 Net Loss Of $25.5-M


T H A I L A N D

BANGKOK METROPOLITAN: Amendment To Agenda Of EGM
EASTERN STAR: S-Holders Approve Capital Reduction
PROPERTY PERFECT: Auditor Reports Financial Condition

     -  -  -  -  -  -  -  -

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


ALPHA HEALTHCARE: James Hardie S-Holder Status Changes  
------------------------------------------------------
James Hardie Industries Limited ceased to be a substantial
shareholder in Alpha Healthcare Limited on 5 June 2001.


ALPHA HEALTHCARE: Ramsay Raises Shareholding
--------------------------------------------
Ramsay Centauri Pty Ltd increased its relevant interest in Alpha
Healthcare Limited on 4 June 2001, from 27,437,260 ordinary
shares (60.8 percent) to 28,120,170 ordinary shares (62.3
percent).


ALPHA HEALTHCARE: Schelling Retires As Director
-----------------------------------------------
According to N Hooper, CFO and company secretary of Alpha
Healthcare Limited, Warren Charles Schelling has retired as a
director of the company, effective immediately.


ANACONDA NICKEL: 25% Stake Not Stable, Anglo American Says
----------------------------------------------------------
Anglo American admitted Sunday that its 25 percent stake in
Anaconda Nickel was not stable, "so it can go up or down", AAP
reported Monday.

However, Director James Campbell, Anglo's representative in the
Anaconda board, said that the standoff between Anglo and some
major shareholders in Anaconda was expected to push the firm
forward on a more constructive basis, the report said. But, he
admitted that a lot of technical work would have to be done.

Since the resignation of Andrew Forrest and Glencore, a Swiss
metals trader, Anaconda will need to appoint a new CEO and CFO.


ONE.TEL LIMITED: Develops Mobile Package With Telstra
-----------------------------------------------------
One.Tel Limited, which was placed in voluntary administration
Wednesday last week, has entered into a deal with Telstra
Corporation to develop a mobile phone package for One.Tel's
mobile phone subscribers, The Asian Wall Street Journal reported
over the weekend, citing Steve Sherman, one of One.Tel's
voluntary administrators.

The package, according to Sherman, is designed to provide
One.Tel's mobile users uninterrupted service should a transition
ensue.


ONE.TEL LIMITED: Ex-Execs Asked To Repay A$7M In Bonuses
--------------------------------------------------------
Australian Prime Minister John Howard has asked former One.Tel
Limited executives Jodee Rich and Brad Keeling to repay a total
of A$7 million in bonuses to help cover the cost of entitlements
owed to the company's workers, Dow Jones reported Monday.

He also suggested that amendments should be made to laws that
concerned with companies in receivership so as to recover
bonuses given to senior management staff.

Howard believes the government's existing scheme would aid in
covering the workers' entitlements in the case that One.Tel
would be placed in liquidation. "In the event of there being a
liquidation or receivership of One.Tel then the provision of the
(government's) safety net scheme for workers' entitlements will
be triggered and that applies to any unpaid entitlements in
relation to holiday pay or long service leave, etc."

He added that the New South Wales state government should also
cover at least half of the workers' entitlement costs, the
report said.


ONE.TEL LIMITED: To Sell Overseas Operations
--------------------------------------------
One.Tel Limited is selling its operations in Hong Kong, United
Kingdom and in other parts of Europe, CIT Online reported
Monday. The bids from prospective buyers were expected to be
submitted Monday.

According to the report, a review of the collapsed telecoms firm
showed that operations in UK and Hong Kong were profit-
generating, as opposed to businesses in France, Germany, the
Netherlands and Switzerland, whose fate seemed bleak.

Meanwhile, the Australian Securities and Investment Commission
is set to launch an probe into the failed company on allegations
that One.Tel manipulated insider trading and insolvent trading.


TELEMEDIA NETWORKS: Westpac Asked To Appoint Receiver
----------------------------------------------------
The Directors of Telemedia Networks International Limited have
requested Westpac Banking Corporation to appoint a Receiver to
the company under the terms of their debenture. The appointment
is expected to take place yesterday.

Since 18 May the Board has been in discussion with the company's
principal creditors and with a number of parties that had
expressed interest in the acquisition of either a strategic
stake in the company or the whole of the company.

The Directors anticipate that the Receivers will immediately
restructure the Group's business so that it can be marketed
without delay in order to take advantage of that existing
purchaser interest.

The Chairman, Rod Olsen, said: "The Board has continued to
explore a wide range of options for the future of the company,
including refinancing, sale of the business on a going concern
basis and other forms of restructure.

"While good progress has been made on a possible sale of the
company and the substantial majority in value of creditors have
offered support, the cash position of the company has led the
Board to conclude that it cannot continue trading.

"Accordingly, the Board has requested Westpac to exercise its
rights under its Debenture and appoint Receivers.

"The Board will continue to use its best endeavors in working
with the Receivers to optimize value for its stakeholders."

Background

On Friday 18 May 2001, the Board of TMN became aware of a
significant deterioration in the company's short-term cash flow
position. Accordingly, the Board immediately contacted the ASX
and requested a share trading halt on Friday 18 May pending an
announcement, while it reviewed this position.

The Board became aware on Friday, 18 May that certain debtors,
previously considered to be receivable in the near future, were
now unlikely to be received - or at best their receipt will be
materially delayed. In addition the Board became aware of
material sales contracts that were likely to be delayed pending
satisfactory funding arrangements being put in place by
customers.

On Wednesday 23 2001, the Board announced a request for an
extension to the share trading halt. That announcement stated
that the board was reviewing the position with the company's
secured lender, as it continued support to the company was
required and that this review was expected to be completed by
the end of that week.

The Board was also reviewing the company's long term capital
requirements with a view to strengthening the company's balance
sheet and was in discussions with a number of parties that had
expressed interest in the acquisition of either a strategic
stake in the company or the whole of the company.

On Monday 28 May 2001, the Board requested a continuation of
trading suspension while these discussions continued.


TELEMEDIA NETWORKS: Creditor Appoints Receiver,Manager
------------------------------------------------------
On 5 June 2001, A J Love of Ferrier Hodgson was appointed
receiver and manager of Telemedia Networks International Limited
by a secured creditor.

Any enquiries concerning this matter should be directed to the
office of Ferrier Hodgson, to the attention of Andrew Cummins.


VOSTECH LIMITED: Administrators Named
-------------------------------------
Laurance Andrew Fitzgerald and M J Humphris have been named as
Joint and Several Administrators of Vostech Limited, in
accordance with Section 436A of the Corporations Law, pursuant
to a Resolution made by the Directors.

Pursuant to an order by the Supreme Court of Victoria made on 1
June 2001, the convening period for calling the second meeting
has been extended from 3 June 2001 to 3 August 2001. A second
meeting of creditors may be convened at any time prior to 3
August 2001.

The primary purpose of extending the convening periods is to
allow additional time for the administrators to assess the
market for the Intellectual Property developed by the company
and to source potential purchasers of the business.

A report to creditors together with a notice convening the
second meeting of creditors will be announced in due course.

For any queries in relation to this matter one may contact
Steven Schneider of the Administrator Humphris' Melbourne
office.


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


EICHHORN INVESTMENT: Faces Winding Up Petition
----------------------------------------------
The petition to wind up Eichhorn Investment Limited is set for
hearing before the High Court of Hong Kong on June 13, 2001 at
9:30 am. The petition was filed with the court on April 20, 2001
by The Kwangtung Provincial Bank, Hong Kong Branch whose
principal place of business in Hong Kong is situated at 1st to
3rd Floors, Euro Trade Centre, 13-14 Connaught Road Central,
Hong Kong.


GUANGDONG BUILDING: Announces Scheme Of Arrangement
---------------------------------------------------
The Directors of Guangdong Building Industries Limited (to be
renamed Hi Sun Holdings Limited) announce the Proposal intended
to be implemented by way of the Scheme.

Upon the Proposal becoming effective:

1. the Company will, through Hi Sun Group Limited British Virgin
Islands (HSGL BVI), become an indirect wholly-owned subsidiary
of Hi Sun Group Limited (HSGL);

2. the Shareholders will receive HSGL Shares in exchange for the
Shares on a one to one basis; and

3. the listing of the Shares on the Stock Exchange will be
withdrawn and simultaneously the HSGL Shares will be listed on
the Stock Exchange by way of introduction.

The Scheme is conditional upon the happening of certain
conditions summarized below.

By way of a special resolution passed by the Company on 3
December 1997, the existing share option scheme was cancelled
and HSGL will adopt the Share Option Scheme.

The Scheme may or may not proceed. Shareholders and investors
should exercise caution when dealing in the Shares.

Proposal

The Directors intend to put before the Shareholders the
Proposal. The Proposal is intended to be implemented by way of
the Scheme.

The Scheme

Under the Scheme, it is proposed that on the Effective Date:

1. all the Shares in the issued capital of the Company will be
transferred by the Shareholders to HSGL BVI;

2. in consideration of the transfer of the Shares to HSGL BVI,
all the Shareholders will receive new HSGL Shares, credited as
fully-paid and ranking pari passu with all the HSGL Shares then
in issue on the following basis:

for every Scheme Share held as at the Record Time  one HSGL
Share

As a result of the implementation of the Scheme, the Company
will, through HSGL BVI, become an indirect wholly-owned
subsidiary of HSGL and the Shareholders will become HSGL
Shareholders. The board lot for trading in the Shares is 1,000.
The board lot for trading in the HSGL Shares will also be 1,000.

Reasons for the Proposal

The Group is principally engaged in the design, supply and
installation of curtain wall systems, architectural aluminum
panel systems, industrial claddings, granite and stainless steel
cladding systems, aluminum windows, doors and shopfronts,
skylights and other building-related products for commercial
buildings and residential apartment blocks, and the wholesale
supply of sanitary-ware and kitchen cabinets in both Hong Kong
and the rest of the PRC.

The main reasons for the Proposal are as follows:

(a) since the acquisition of a controlling stake in the Company
by Hi Sun Limited in March 2001, it has been the intention of Hi
Sun Limited that the Group, whilst continuing its existing
businesses, should explore other suitable business opportunities
elsewhere. The Directors are currently exploring sound and
suitable business opportunities and new investments that are
beneficial to the Group. Apart from the PRC-Hong Kong region,
the Group also looks ahead for opportunities and investments
overseas, in particular, in the rest of the Asia Pacific region
and North America.

In this respect, the Group is now in discussion with several
potential business partners overseas. The Directors intend to
set up a separate chain of companies outside the PRC-Hong Kong
region under the new Bermuda holding company, HSGL, in order to
engage in new businesses in the future so that new lines of
businesses operating outside Hong Kong and the rest of the PRC
can be totally distinguished from the existing Group which
operates solely in the PRC including Hong Kong. It is expected
that the new Group structure will isolate the new overseas
businesses from any possible loss arising as a result of the day
to day operations of the existing Group's business and
facilitate the respective performances of the existing and the
new business operations;

(b) the new corporate structure will streamline the
administration and management of the Group by emphasizing
separate lines of reporting and independent cost centers for the
existing and overseas businesses thus providing flexibility and
autonomy to the formulation and application of different
corporate policies and strategies to these two lines of
operations; and

(c) the ultimate holding company of the Company, Hi Sun Limited,
is also the holding company of another Bermuda registered
company, namely Hi Sun Technology Holding Limited which in turn
is an investment holding company invested in a number of
companies with active operations. The existing major shareholder
and management of both Hi Sun Limited and the Company are
familiar with the Bermuda rules and regulations. The change of
domicile of the Company to Bermuda is to put the management in a
more efficient position to monitor the Company's corporate
affairs in future.

Conditions of the Proposal

The Proposal is conditional upon the following:

(a) the approval of the Scheme by a majority in number,
representing three-fourths in value, of the Shareholders voting
in person or by proxy at the Court Meeting to be convened at the
direction of the Court;

(b) the Court sanctioning the Scheme, with or without
modification, and the delivery of an office copy of the order of
the Court, as required by Section 166 of the Companies
Ordinance, to the Registrar of Companies in Hong Kong for
registration;

(c) the Bermuda Monetary Authority granting permission for,
among other things, the issue of the HSGL Shares pursuant to the
Scheme and the issue of the HSGL Shares which may fall to be
issued pursuant to the exercise of the share options to be
granted under the Share Option Scheme;

(d) the Listing Committee of the Stock Exchange granting the
listing of, and permission to deal in, the HSGL Shares in issue
and to be issued pursuant to the Scheme and any HSGL Shares
which may fall to be issued pursuant to the exercise of the
options to be granted under the Share Option Scheme; and

(e) the obtaining of all other necessary consents or
authorisations which may be required under any existing
contractual arrangements including loan and other finance
documentation or regulatory requirements.

Effects of the Proposal

Implementation of the Proposal will not, of itself, alter the
underlying assets, business, management or financial position of
the Group other than the payment of the expenses by the Company
relating to the Proposal. The consolidated assets and
liabilities of HSGL upon implementation of the Proposal will,
save for such expenses, be the same as those of the Group prior
to the implementation of the Proposal. It is intended that the
composition of the board of directors of HSGL will be the same
as that of the Company.

Listing and dealings

Application has been made to the Listing Committee of the Stock
Exchange for the listing of, and permission to deal in, the HSGL
Shares in issue and to be issued pursuant to the Scheme and any
HSGL Shares which may fall to be issued pursuant to the exercise
of the options to be granted under the Share Option Scheme. Upon
the Scheme becoming effective, the listing of the Shares on the
Stock Exchange will be withdrawn and simultaneously the HSGL
Shares will be listed on the Stock Exchange by way of
introduction.

Subject to the granting of listing of, and permission to deal
in, the HSGL Shares on the main board of the Stock Exchange and
compliance with the stock admission requirements of Hongkong
Clearing, the HSGL Shares will be accepted as eligible
securities by Hongkong Clearing for deposit, clearance and
settlement in CCASS with effect from the Effective Date or such
other date as determined by Hongkong Clearing. Settlement of
transactions between participants of the Stock Exchange on any
trading day is required to take place in CCASS on the second
business day thereafter. All activities under CCASS are subject
to the General Rules of CCASS and CCASS Operational Procedures
in effect from time to time.

Adoption of the Share Option Scheme

By way of a special resolution passed by the Company on 3
December 1997, the share option scheme adopted by the Company in
1993 was cancelled as a result of which no further options were
granted. At the date of this announcement, there were no
outstanding options granted pursuant to that scheme. It is
intended that, subject to and conditional upon the Scheme
becoming effective, the Share Option Scheme will be adopted by
HSGL.

Adoption of the Share Option Scheme will comply with Chapter 17
of the Listing Rules.

General Mandates to issue and repurchase shares

It is proposed that prior to the Scheme becoming effective,
ordinary resolutions of HSGL will be passed conditional upon the
Scheme becoming effective, authorizing the directors of HSGL:

(i) to allot and issue new HSGL Shares up to a maximum of 20
percent of the aggregate nominal amount of the share capital of
HSGL in issue as at the Effective Date;

(ii) to purchase HSGL Shares up to a maximum of 10 percent of
the aggregate nominal amount of the share capital of HSGL in
issue as at the Effective Date; and

(iii) to allot and issue any further HSGL Shares purchased
pursuant to the purchase mandate referred to in (ii) above.

General

At present, the authorized share capital of the Company is
HK$150,000,000 divided into 150,000,000 Shares, of which
84,218,010 Shares have been issued and are fully paid up.

The Company will as soon as practicable send to the Shareholders
a composite document regarding, among other things, the
Proposal, together with the expected timetable and notice
convening the Court Meeting to approve the Proposal.

Please note that the Scheme may or may not proceed. Shareholders
and investors should exercise caution when dealing in the
Shares. The Company will make a further announcement about the
Scheme if and when appropriate.


JETNET TELECOMMUNICATIONS: Faces Winding Up Petition
----------------------------------------------------
The petition to wind up Jetnet Telecommunications Limited is set
for hearing before the High Court of Hong Kong on June 6, 2001
at 9:30 am. The petition was filed with the court on May 11,
2001 by Gold Channel Enterprises Limited, whose registered
office is situated at 20th Floor, Pak Tak Building, 51 Jardine's
Bazaar, Causeway Bay, Hong Kong.


JOINT FAIR: Winding Up Petition To Be Heard
-------------------------------------------
The petition to wind up Joint Fair Investment Limited is set for
hearing before the High Court of Hong Kong on July 4, 2001 at
9:30 am. The petition was filed with the court on May 12, 2001
by The National Commercial Bank Limited of 1-3 Wyndham Street,
Central Hong Kong.


KANIC INDUSTRIAL: Winding Up Petition Set For Hearing
-----------------------------------------------------
The petition to wind up Kanic Industrial (HK) Company Limited
will be heard before the High Court of Hong Kong on June 13,
2001 at 9:30 am. The petition was filed with the court on April
18, 2001 by Bank of China whose principal place of business in
Hong Kong is situated at 1 Garden Road, Hong Kong.


KINGDOM FULL: Winding Up Petition Slated For Hearing
----------------------------------------------------
The petition to wind up Kingdom Full Trading Limited is
scheduled for hearing before the High Court of Hong Kong on June
6, 2001 at 10:00 am. The petition was filed with the court on
April 11, 2001 by The China and South Sea Bank Limited, a
company incorporated under the laws of The People's Republic of
China and having a branch office at 136 Des Voeux Road Central,
Hong Kong.


LONG & WIDE: Winding Up Petition Hearing Set
--------------------------------------------
The petition to wind up Long & Wide Development Limited is
scheduled to be heard before the High Court of Hong Kong on July
11, 2001 at 10:00 am. The petition was filed with the court on
May 17, 2001 by The Bank of Tokyo-Mitsubishi, Limited, whose
registered office is situated at 1st Floor, Far East Finance
Centre, 16 Harcourt Road, Hong Kong.


MILLIONS POWER: Petition To Wind Up
-----------------------------------
The petition to wind up Millions Power Industrial Limited is
scheduled to be heard before the High Court of Hong Kong on June
20, 2001 at 10:00 am. The petition was filed with the court on
April 27, 2001 by Luen Shing Mould Factory Limited having its
registered office situated at Unit 10, 2nd Floor, Kwong Sang
Hong Centre, 151-153 Hoi Bun Road, Kwun Tong, Hong Kong.


PACIFIC CENTURY: To Sell $2B Bond To Cut Debts
-----------------------------------------------
Pacific Century Cyberworks Limited (PCCW) is considering a sale
of bonds worth $2 billion to repay a part of its debts totaling
$4.7 billion, Bloomberg reports, citing the Hong Kong Economic
Times. The bond sale, which will be arranged by Morgan Stanley
Dean Witter and Company, and JP Morgan Chase and Company, is
expected to be completed by the third quarter of this year.


VICTORY GROUP: Board To Revise Capital Reorg Plan
-------------------------------------------------
The directors of Victory Group Limited have noted the recent
increases in the price and trade volume of the Shares and wish
to state that they are not aware of any reasons for such
increases.

The Board announced on 25 May 2001 a proposal for capital
reorganization involving reduction of issued share capital,
adjustment of nominal value of shares and cancellation of
accumulated loss. The Board further proposes to revise the
proposal for capital reorganization as set out below.

The Board proposes to effect the Proposed Capital Reorganization
pursuant to which

(i) every 10 issued Shares and every 10 authorized and unissued
Shares will be consolidated into 1 Consolidated Share;

(ii) the nominal value of each issued Consolidated Share will be
reduced from HK$0.20 to HK$0.01 by the cancellation of HK$0.19
of the paid up capital on each issued Consolidated Share so that
the issued share capital of the Company will be reduced from an
amount of HK$29,414,880 to HK$1,470,744;

(iii) every authorized and unissued Consolidated Share will be
subdivided into 20 Adjusted Shares; and

(iv) a credit in the sum of HK$27,944,136 arising from the
Proposed Capital Reduction will be transferred to the
contributed surplus account of the Company and applied towards
setting off part of the accumulated loss of the Company as at 31
December 2000.

The Proposed Capital Reorganization is subject to the conditions
set out below. A circular, containing details of the Proposed
Capital Reorganization, arrangement for the free exchange of
certificates for the Adjusted Shares upon the Capital
Reorganization becoming effective and a notice convening the SGM
to approve the Proposed Capital Reorganization will be
dispatched to the Shareholders as soon as possible.

Further announcement will be made upon the Proposed Capital
Reorganization becoming effective.

The Proposed Capital Reorganization

Further to the announcement on 25 May 2001, the Board proposes
to revise the Proposed Capital Reorganization as follows:

(i) every 10 issued Shares and every 10 authorised and unissued
Shares will be consolidated into 1 Consolidated Share;

(ii) the nominal value of each issued Consolidated Share will be
reduced from HK$0.20 to HK$0.01 by the cancellation of HK$0.19
of the paid up capital on each issued Consolidated Share so that
the issued share capital of the Company will be reduced from an
amount of HK$29,414,880 to HK$1,470,744 upon completion of the
Share Consolidation and Capital Reduction;

(iii) every authorized and unissued Consolidated Share will be
subdivided into 20 Adjusted Shares; and

(iv) a credit in the sum of HK$27,944,136 arising from the
Capital Reduction, on the basis of 1,470,744,000 Shares in
issue, will be transferred to the contributed surplus account of
the Company and applied towards setting off part of the
accumulated loss of the Company as of 31 December 2000.

The number of Adjusted Shares constituting a board lot after the
Capital Reorganization will be changed to 8,000. Any fractional
entitlements to the Adjusted Shares will be aggregated and sold
and retained for the benefit of the Company. In order to
alleviate the difficulties arising form the existence of odd
lots of the Adjusted Shares as a result of the Capital
Reorganization, the Company has agreed to procure Hing Wong
Securities Limited to stand in the market to provide matching
services for the odd lots of Adjusted Shares on a best effort
basis during the period from 9 August 2001 to 30 August 2001
(both date inclusive). Further details of the odd lots
arrangement will be contained in the circular to be dispatched
to the Shareholders.

Effect of the Proposed Capital Reorganization

As at the date hereof, the existing authorized share capital of
the Company is HK$50,000,000 divided into 2,500,000,000 Shares,
of which 1,470,744,000 Shares have been issued and are fully
paid. The issued and paid up capital of the Company will be
reduced from HK$29,414,880 to HK$1,470,744 upon completion of
the Share Consolidation and Capital Reduction. On the basis of
1,470,744,000 Shares in issue, a credit in the sum of
HK$27,944,136 arising from the Capital Reduction will be applied
towards setting off part of the accumulated loss of the Company
as of 31 December 2000.

Immediately after the Proposed Capital Reorganization becomes
effective, the authorized share capital of the Company will be
HK$22,055,864 divided into 2,205,586,400 Adjusted Shares of
HK$0.01 each, of which HK$1,470,744 divided into 147,074,400
Adjusted Shares will be in issue and credited as fully paid.

Other than the expenses incurred relating to the Proposed
Capital Reorganization, implementation of the Proposed Capital
Reorganization will not, of itself, alter the underlying assets,
business operation, management of the financial position of the
Company or the interest of the Shares.

The Board believes that the Proposed Capital Reorganization will
not have a material adverse effect on the financial position of
the Company and its subsidiaries and is in the interest of the
Company and the Shareholders. The Board will therefore recommend
the Proposed Capital Reorganization for the Shareholders'
approval at the SGM.

Reason for the Proposed Capital Reorganization

The closing price on the Stock Exchange of the Shares on the
date of this announcement was HK$0.034 per share. The Shares
have traded within the range of HK$0.014 to HK$0.101 over the
last six months and have at times traded below their nominal
value of HK$0.02, with the lowest trading price at HK$0.014 on
30 March 2001. The nominal value of the existing Shares is
HK$0.02 each.

Under Bermuda law, a company may not issue shares at a discount
to the nominal value of such shares. With a view to facilitating
any capital raising when circumstances arise in future, the
Board put forward the Proposed Capital Reorganization which
allows flexibility for the issue of new shares in future if the
Board considers appropriate. However, the Board has no present
intention to issue new shares.

Conditions of the Proposed Capital Reorganization

The Proposed Capital Reorganization is conditional upon, inter
alia:

(i) the passing of relevant resolutions by the Shareholders to
approve the Proposed Capital Reorganization at a SGM to be
convened by the Company;

(ii) the Listing Committee of the Stock Exchange granting
approval of the listing of, and permission to deal in, the
Adjusted Shares; and

(iii) the publication of a notice of reduction of the issued
share capital of the Company in Bermuda.

General

An application will be made to the Listing Committee of the
Stock Exchange for the listing of, and permission to deal in,
the Adjusted Shares.

A circular of the Company containing details of the Proposed
Capital Reorganization and a notice convening the SGM to approve
the Proposed Capital Reorganization will be posted to the
Shareholders as soon as practicable.

Free exchange of new share certificates and parallel trading
arrangements

Subject to the Proposed Capital Reorganization becoming
effective, Shareholders may submit their certificates for the
Shares (in orange color to the Company's branch registrar in
Hong Kong, Tengis Limited, at 4th Floor, Hutchison House, 10
Harcourt Road, Central, Hong Kong in exchange for certificates
for the Adjusted Shares (in green color) (on the basis of one
Adjusted Share for 10 Shares) free of charge at the Registrar's
office during business hours from 26 July 2001 up to and
including 4 September 2001.

Thereafter, certificates for the existing Shares will be
accepted for exchange only on payment of a fee of HK$2.5 (or
such higher amount as may from time to time be allowed by the
Stock Exchange) for each new certificate issued for the Adjusted
Shares. Nevertheless, certificates for the existing Shares will
continue to be good evidence of legal title and may be exchanged
for certificates for the Adjusted Shares at any time.

Further arrangements in relation to the parallel trading
arrangements for the Adjusted Shares and the timetable will be
announced and included in the circular.

Increases in Price and in Trade Volume

The Directors have noted the recent increases in the price and
trade volume of the Shares and wish to state that they are not
aware of any reasons for such increases.

The Directors also confirm that, save for the Proposed Capital
Reorganization, there are no negotiations or agreements relating
to intended acquisitions or realizations which are discloseable
under paragraph 3 of the Listing Agreement, neither is the Board
aware of any matter discloseable under the general obligation
imposed by paragraph 2 of the Listing Agreement, which is or may
be of a price-sensitive nature.


ZHUHAI AIRPORT: Court Orders Seizure Of Assets
----------------------------------------------
Debt-laden Zhuhai airport's assets will be seized as per the
order handed down Tuesday last week by a court in Guangzhou, and
the airport's possible closure is imminent unless a white knight
shows up to save the airport from collapse, South China Morning
Post reported Monday.

The airport operator, Zhuhai Airport Group, owes a sum of 1.7
billion yuan to creditors, the bulk of which is payable to
Tianjin Airport Construction, the airport's builder.

Zhuhai airport is considered the biggest in China, with the most
advanced state-of-the-art facilities. The airport is the
brainchild of former Premier Li Peng, built in 1995 amid
objections from the Civil Aviation Administration of China
(CAAC) and former Vice Premier Zhu Rongji.

The international airport accommodates only 15 flights a day,
and a monthly passenger volume of up to 50,000 passengers, the
newspaper said.


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


INDOCEMENT TUNGGAL: Gov't To Sell 25% Stake To Heidelberger
-----------------------------------------------------------
The government has approved disposal of its 25 percent stake in
PT Indocement Tunggal Prakarsa, planning to sell it to German
cement maker Heidelberger Zement AG, Asia Pulse reported.

Finance Minister Prijadi Praptosuhardjo was quoted as saying,
"We have issued a decree on the share divestment and we will
leave the procedure to the Indonesia Bank Restructuring Agency
(IBRA)."

The agency holds the government stake in Indocement through the
holding company PT Holdiko Perkasa.


PABRIK KERTAS:Interest Payment On Rupiah Bonds Requested
--------------------------------------------------------
PT Pabrik Kertas Tjiwi Kimia was scheduled yesterday to make
interest installments of Rp8.9 billion due last month on its
Rp200 billion worth of bonds, The Asian Wall Street Journal
reports.

The Indonesian unit of Asia Pulp & Paper (APP) failed to meet
the interest payment last month due to the high-profile
financial crisis at the parent APP, the newspaper says.

Thursday last week, local bondholders asked the company to repay
the remaining bonds as scheduled this November. APP spokesman
Yan Partawidjaya said after the meeting that this request might
be a tall order for the company to fulfill, given the financial
conditions, the newspaper reports.


SEMEN GRESIK: To Issue Half Of Rp1.2-Trillion Bonds
---------------------------------------------------
After having considered the prevailing condition in the local
bond market, PT Semen Gresik is going to issue only half of the
planned bonds worth Rp1.2 trillion, Jakarta Post reports, citing
company President Urip Tomuryonohere.

Urip explained, as quoted by Post, "With the current weak
market, we have no other choice but to reduce our bond
issuance."

The Post report says that proceeds from the bonds issue will be
used to cut the company's debts totaling Rp2 trillion, of which
US$162.2 million in medium-term notes I will mature in January
and Rp214 billion in medium-term notes II in April 2002.


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


ASAHI LIFE: Solvency Margin Stands At 677.7%
--------------------------------------------
Asahi Life Insurance Company's solvency margin as of March 31
stands at 677.7 percent (based on new calculation rules), The
Asian Wall Street Journal reports.

The solvency margin, the newspaper says, is an indicator of the
insurer's capacity to pay out policy obligations.


DAI-ICHI MUTUAL: Core Profit Plummets To Y359.94-B
--------------------------------------------------
The core profit of Dai-ichi Mutual Life Insurance Company has
plummeted to Y359.94 billion in the year ended March 31 from
Y400.24 billion booked in the previous year, Kyodo News reports.


DAIEI INC: Closing Three Outlets
--------------------------------
Three outlets of troubled retailer Daiei Incorporated are
scheduled for closure in July and August, AFX-Asia reports. Two
stores in Osaka and Fukuoka will be padlocked on August 19 and
August 31, respectively, while its outlet in Aichi will be
closed on July 31.

As a result of the planned closure of the three outlets, the
company expects to post an extraordinary loss of Y800 million,
which has already been accounted for in the company's forecast
for the year ending February next year, the report says.


KUBOTA CORP: Ordered To Pay Y240-M In Fines
-------------------------------------------
Kubota Corporation has been ordered to pay a total of Y240
million in fines and tax arrears for covering up income of about
Y450 million over a seven-year period until March last year,
Yomiuri Shimbun reported yesterday.

According to the news report's sources, the concealed income
included a sum of Y100 million, which was paid to an advertising
agency in Osaka, to cover maintenance fees of Kubota's outdoor
advertising billboards in Toyonaka, Osaka and Nagoya.

The Osaka Regional Taxation Bureau was reported to have
discovered that Kubota attributed the Y300 million as
construction fees under social expenditures, Yomiuri Shimbun
said.


SEAGAIA: Administrator Accepts Y56.5-B Of Claims
------------------------------------------------
Seagaia resort group's court-appointed administrator Yasumasa
Sato has accepted Monday Y56.5 billion of the entire sum of
Y643.6 billion in claims against the group, including taxes owed
to the local government, Japan Times reported yesterday.

However, the administrator refuted the Y170 million of the
claims, while it would continue its inquiry into the remaining
claims totaling Y586.9 billion, including secured debts, during
the next session at the Miyazaki District Court on June 18,
Times said.


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


DAEWOO SHIPBUILDING: Resurfaces From Default
--------------------------------------------
Creditor-led programs for Daewoo Shipbuilding & Marine
Engineering Company will help prop up Daewoo and keep default at
bay, Bloomberg reported yesterday, citing the Korea Economic
Daily.

The shipbuilder is planning to repay an additional W215 billion
of its debts by the year's end, the report said. In the first
quarter, the company repaid a total of W232.4 billion.


HYNIX SEMICON: Pushes Separation From Hyundai Group
---------------------------------------------------
Hynix Semiconductor is pushing with its move to separate from
the Hyundai Group, as the company officially filed Monday for
such with the Fair Trade Commission, The Asian Wall Street
Journal reported yesterday.

Late last month, Hynix's major creditor Korea Exchange Bank was
granted the authority to dispose of the entire 93.8 million
shares in Hynix of then major shareholders, including Hyundai
Heavy Industries, Hyundai Merchant Marine Company, former
Hyundai Group Chairman Chung Mong-hun and Hyundai Elevator.


HYUNDAI ASAN: N. Korean Gov't May Cut Tourism Fees
--------------------------------------------------
The squabble between the North Korean government and Hyundai
over the tourism fees in the joint venture Mt Kumgang tourism
project in North Korea is nearing resolution, The Digital Chosun
reported Monday.

According to the report, the North Korean government has already
given favorable response to Hyundai's request to reduce its
unpaid monthly tourism fees by 50 percent, while fees for
succeeding months starting in June will be paid based on the
volume of visits.

As originally agreed in the contract, Hyundai would need to pay
monthly a sum of US$12 million for the exclusive license to
operate the trips to Mt. Kumgang resort.

As things have begun taking shape, Hyundai Asan is sending a
delegation to North Korea today to start a series of
negotiations with North Korean authorities, Chosun said, citing
a top Hyundai executive. A revised payment schedule might
possibly be ironed out and resolved within this week.


HYUNDAI MERCHANT: Creditors To Resolve Rescue Package
-----------------------------------------------------
Creditor banks of Hyundai Merchant Marine Company are going to
resolve and finalize the bailout package for the troubled
shipping firm by end of this month, The Korea Herald reported
yesterday, citing Korea Development Bank Governor Jung Keun-
yong.

Jung was quoted as saying, "Given its business operations,
Hyundai Merchant Marine will have no liquidity problems. A
rescue plan will be completed by June to prevent possible
problems."

He also added that the shipping firm would not encounter
financial problems unless non-bank financial firms refuse to
support the rollover of the company's maturing debts, the report
said.


KOREA LIFE: Debts Higher Than Assets By W1.85 Trillion
------------------------------------------------------
Korea Life Insurance Company, in its accounting reports, posted
debts exceeding its assets by W1.85 trillion, and the proposed
public fund injection by the government by W350 billion, The
Asian Wall Street Journal reported over the weekend, citing the
Korea Economic Daily.

According to the report, the Korea Deposit Insurance Corporation
(KDIC), the insurer's biggest shareholder, explained that Korea
Life's assets value plunged due to a "bearish" domestic stock
market.

The report also said that KDIC is currently in search for
prospective buyer of the government's stake in the ailing life
insurer. KDIC expects to clinch the sale by the end of the year.


REGENT MERCHANT: FSS Rules Liquidation
--------------------------------------
The Financial Supervisory Service is pushing for liquidation of
cash-strapped Regent Merchant Bank, after the unsuccessful
merger with Tong Yang-Hyundai Merchant Bank, The Korea Herald
reported yesterday. FSS' final decision, however, will be served
to the said bank on June 23.

Possible repercussions of the liquidation would be huge losses
for the bank's clients, who have deposits trapped in the bank
totaling W400 billion.

An FSS official told Herald, "According to the current deposit
insurance regulation, the depositors will not be able to get
back more than the government-insured 20 million won per
account. But thankfully, since Regent's assets exceed its debts,
if the KDIC decides to dispose of Regent's debts by moving its
contract, the blow on the depositors will be relatively
softened."


SAMSUNG MOTORS: Creditors To Shed Shares In Unit
------------------------------------------------
Creditors of the liquidated firm Samsung Motors, now renamed
Renault Samsung Motors, are seeking to dispose of their shares
in Samsung Life by floating the asset-backed securities on the
collateral of the unlisted Samsung Life shares, The Digital
Chosun reported Monday.

The creditors seek to push through with this move to recover
their loans the soonest possible time since further delays could
hurt them more, the report said, citing Hanvit Bank President
Lee Duk-hoon.

According to the report, the debt settlement issue between
creditors and Samsung Motors has not been resolved due to the
failure of the creditors' bid to list Samsung Life shares last
year.

To recall, Samsung Group owner Lee Kun-hee during the
liquidation proceedings donated his 3.5 million shares in
Samsung Life to repay a total of W2.45 trillion in debts owed to
financial institutions, the report said.


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


CONSTRUCTION AND SUPPLIES: Seeks Panel's Aid In Workout
-------------------------------------------------------
Construction and Supplies House Berhad (CASH) announces that the
Company had in May 2001 engaged a Corporate advisory firm to
formulate and implement a Debt Restructuring Scheme for the
Group.

In connection with the aforesaid, CASH has sought the assistance
of the Corporate Debt Restructuring Committee to facilitate the
negotiation and implementation of the Debt Restructuring Scheme.

The Debt Restructuring Scheme forms part of the planned
restructuring exercise, which includes the injection of various
new assets of which the negotiation with the vendors are still
in progress, for CASH with the objective of regularizing the
financial condition of the Company.

Further announcement will be made as and when necessary.

Profile

The Group is in the middle of securing a new business and
formalizing a restructuring proposal to put it back on a
stronger financial and operational footing.

On 15 August 2000, the Company entered into a MOU with vendors
of Kurnia Padu Sdn Bhd (KPSB), to acquire the entire paid-up
share capital of KPSB. KPSB owns 70 percent of HVD Holdings Sdn
Bhd which is primarily engaged in TV program production. The
proposed acquisition amounts to a back door listing of the KPSB
Group.

However, the manner in which the Company proposes to satisfy the
purchase consideration has not been finalized. A definitive SPA
is expected to be signed three months following conclusion of a
due diligence on the KPSB Group and finalization of the purchase
consideration.

The Company originally owned oil palm and rubber plantations,
which were sold in May 1971 when it ventured into the field of
commerce and industry. It diversified into property development
in 1982, supply and distribution of petroleum and petroleum-
based products and services in 1985, hotel business and the
financial services sector also in 1985, and the garment/textile
business in 1989/1990.

In 1993, the Company embarked upon a rationalization and
restructuring program to trim operations and place its business
on a profitable path, beginning with cessation of the petroleum-
based and garments/textile business.

The property development and construction businesses were
streamlined in 1996 under then subsidiary Cash Builders Sdn Bhd
(subsequently disposed of in 1999). In 1998, the current
exercise was formulated to restructure borrowings, dispose of
investments and assets, issue new shares, and inject new
business that has led to the KPSB proposal of August 2000.


HONG LEONG: Subsidiary To Be Wound Up Voluntarily
-------------------------------------------------
Hong Leong Properties Berhad (HLPB) announces that its indirect
wholly-owned subsidiary, Noble Image Sdn Bhd will be wound up
voluntarily pursuant to Section 254(1)(b) of the Companies Act,
1965.

Noble Image has ceased operations and there are no plans for
Noble Image in the future.

The voluntary winding up of Noble Image will not have any
financial impact nor result in any loss to the HLPB Group for
the financial year ending 30 June 2001.

Ling Kam Hoong (I.C. No. 391019-08-5069) of Messrs Ling Kam
Hoong & Co, No. 6-1, Jalan 3/64A, Udarama Complex, Off Jalan
Ipoh, 50350 Kuala Lumpur has been appointed as Liquidator of
Noble Image.


JUTAJAYA HOLDING: Signs MoU With Kong Sun
-----------------------------------------
Jutajaya Holding Berhad has entered into a Memorandum of
Understanding (MoU) with Kong Sun Enterprise Sdn Bhd (KSESB)
(Co. Reg. No. 72678-U) in respect of KSESB's intention to inject
into the Company certain income generating properties and assets
at a price to be agreed and subject to further evaluation on the
financial feasibility and acceptance of the assets by the
company.

Both the company and KSESB will jointly structure the injection
of the assets and the proposed revised debt restructuring which
is subject to its lenders approval.

The agreed purchase consideration of the company's shares and/or
the creation and acquisition of a new company shall be agreed
upon by the parties at a later date after the determination of
the value of the assets.

The parties further agree to execute a formal agreement
incorporating all the terms and conditions agreed upon between
the parties within 30 days from the date of the Memorandum Of
Understanding (MoU) or such later date as may be mutually agreed
upon by the parties in writing and to supply all relevant
information necessary to obtain the approvals of all relevant
authorities. In the event if the formal agreement is not signed
within 30 days or if time is not extended then either party may
terminate this MoU.

Both the parties acknowledge and agree that the assets are
subject to a due diligence to be conducted and the consideration
is subject to an adjustment by both the parties.

The details of the proposed injection of assets and
consideration will be announced later.


MAN YAU: MITI Approve Workout Scheme
------------------------------------
Further to the announcement dated 2 May 2001, Man Yau Holdings
Berhad (MYHB or the Company) announces that approval by the
Ministry of International Trade and Industry (MITI) was obtained
on 26 April 2001.

MYHB through its solicitors had on 18th May 2001 submitted an
application to the Kuala Lumpur High Court to convene the
proposed meetings of creditors and/or shareholders of the
Company and its two subsidiaries namely Man Yau Plastic Factory
(Malaysia) Sdn Bhd and Wang Corporation Sdn Bhd in respect of
the proposed rescue cum debt restructuring scheme. The said
application is fixed for hearing on 12th June 2001.

On 29 May 2001 Malaysian International Merchant Bankers Berhad
had, on behalf of the Board of Directors of MYHB, announced that
the Company had received the approval of the Securities
Commission (SC) for the following, as proposed:

(a) an appeal for an exemption to be granted to two vendors of
Applied Information Management Services Sdn Bhd (AIMS) (which is
one of the companies to be acquired pursuant to the proposed
reverse take-over of MYHB via
acquisitions of various companies), namely, Diversified Gateway
Sdn Bhd and MIMOS Berhad, from having to comply with a
moratorium condition imposed by the SC on an aggregate number of
731,871 new KMSB shares to be received by them pursuant to the
proposed acquisition by Kinta Mestika Sdn Bhd (KMSB) of
the entire equity interest of AIMS in conjunction with the
proposed rescue cum restructuring scheme; and

(b) in place of this, the said moratorium condition will be
imposed on the same aggregate number of 731,871 KMSB shares to
be received by Datuk Rahim Baba, Dato' Megat Najmuddin bin Datuk
Seri (Dr) Hj Megat Khas and Chan
Ngow (who are identified as the promoters and major controlling
shareholders of KMSB upon completion of the proposed rescue cum
restructuring scheme), in equal proportions of 243,957 shares
each, pursuant to the Proposed
Acquisitions. This is in addition to the earlier moratorium
condition already imposed on the abovesaid promoters, as
mentioned in MYHB's said announcement of 12 April 2001.

The Man Yau Holdings (MYH) Group produces plastic parts and
components for audio equipment, electronic products and
electrical equipment. About 95 percent of the Group's products
are sold directly to MNCs and the balance 5 percent to OEMs for
export to the US. In 1995, the Group diversified into the
manufacture of rubber latex examination gloves and property
development and in 1997 into private education.
Currently, the Company is seeking to resolve its cash flow
problems via a reverse take over agreement involving the
acquisition of Applied Business Systems Sdn Bhd (ABSSB), capital
reduction and consolidation or reconstruction and debt
restructuring. For this purpose a restraining order has been
obtained under Section 176(10) valid for three months from 16
October 2000.

Construction of a building at Northam Road, Penang, under a new
financial package is meanwhile due for completion at the end of
year 2000, and the plastics manufacturing activities are
operational on a limited scaled down basis.


MBF HOLDINGS: Submitting Application Re Workout Plan
----------------------------------------------------
MBf Holdings Berhad stated the status of MBf-H's plan to
regularize its financial condition pursuant to Practice Note No.
4/2001 issued by the Kuala Lumpur Stock Exchange, as follows:

On 9 July 1998 and 20 July 1998, MBf-H announced that it will
restructure the operations in the MBf-H Group in an exercise
which includes debt restructuring for both the Company and its
selected subsidiary companies affected by the economic downturn.
The series of restructuring exercises are collectively referred
to as the "Proposed Schemes of Arrangement'.

On 29 January 1999, 9 March 1999 and 8 September 2000, the
Company announced the composite schemes in the Proposed Schemes
of Arrangements and subsequent modifications to the schemes
pursuant to further discussions with the creditors.

The Proposed Schemes of Arrangement will involve the
implementation of the Proposed Local Schemes (which include
Proposed Reduction of Share Capital, Proposed Consolidation,
Proposed Reduction of Share Premium, Proposed Warrants Issue,
Proposed Acquisition of MBf Carpenters Limited and MBF Cards
(Malaysia) Sdn Bhd and Proposed Local Debt Restructuring Scheme)
and Proposed Offshore Schemes (which include Proposed Sale of
MBf Carpenters Limited and MBF Cards (Malaysia) Sdn Bhd and
Proposed Offshore Debt Restructuring Schemes).

The Company has obtained approvals for the Proposed Schemes of
Arrangement from the following parties:

(i) Local scheme creditors on 31 March 1999;

(ii) Offshore scheme creditors on 11 September 2000;

(iii) Sanction on the Proposed Offshore Schemes from the High
Court of Hong Kong S.A.R on 26 September 2000; and

(iv) Shareholders at an extraordinary general meeting held on 10
January 2001.

The Company has also obtained the following sanctions from the
Kuala Lumpur High Court:

(i) Sanction for the Proposed Local Restructuring Schemes
subject to the approvals of the relevant authorities, vide
Petition No. D8-26-16-2001 on 17 April 2001; and

(ii) Sanctions for the Proposed Reduction of Share Capital and
Proposed Reduction of Share Premium Account, subject to the
approvals of the relevant authorities, via Petition No. D8-26-
16-2001 on 17 April 2001.

MBf-H is currently in the midst of preparing the relevant
application for submission to the regulatory authorities for
approval for the Proposed Schemes of Arrangement.

The said application to the regulatory authorities will be
submitted by 21 June 2001.


MYCOM BERHAD: No Approval Yet On Debt Workout
---------------------------------------------
Mycom Berhad revealed that the approvals from the Securities
Commission (SC), Bank Negara Malaysia and the Kuala Lumpur Stock
Exchange (KLSE) in respect of the proposed corporate and debt
restructuring exercise are still pending.

In addition, Mycom also refer to the announcement made on 28
February 2001 where the SC had requested for further input in
order to arrive at a more comprehensive restructuring exercise
for their consideration. Accordingly, the Company is taking the
necessary action to comply with their request.

Profile

The Company was formed as a JVC between two Japanese companies,
Tokyo Shibaura Electric Co Ltd and Mitsui & Company Ltd, and Kee
Huat Radio Company Sdn Bhd.

Mycom manufactured and sold 'Toshiba' electrical consumer
products under a technical collaboration agreement with Toshiba
Corporation of Japan from 1969 to 1987. Since then, Mycom has
transformed into a diversified investment group with substantial
holdings in Malaysia and globally.

In 1994, as a result of the rationalisation of part of its
investments, Mycom acquired a 57 percent stake in KLSE-listed
Olympia Industries Bhd. Through Olympia, Mycom diversified its
investments into the property and financial sectors, resource-
based industries, manufacturing and automobiles.

In 1995, Mycom expanded its investments into plantations and, in
property, to include hotels. It also diversified geographically
through investments in South Africa. In 1996 and 1997, the
Company increased its presence in the natural resource-based
sector through further investments in timber and building
materials in Malaysia and South Africa.

In May 2000, the Company and certain of its subsidiaries entered
into a restructuring agreement with its financial institutions
to undertake a proposed debt and corporate restructuring scheme.
Implementation of the restructuring exercise is expected within
the 2001 financial year.

As per the proposals, Mycom will focus on property development
and construction activities post-restructuring, with the
acquisition of property development and construction
subsidiaries from Olympia and joint development with Olympia of
the Kenny Heights project located at the Mont Kiara/Sri Hartamas
vicinity which it proposes to co-own with Olympia. The
acquisitions will not only contribute immediate earnings to
Mycom, but will also inject a sizeable land bank in various
parts of Malaysia into the Group, turning it into a major
property developer in the country.

Repayment of restructured borrowings will be financed by
operating cash flow as well as disposal of oil palm plantation
and other non-core investments. The Company has, in November
2000 and January 2001, received approvals from FIC and MITI
respectively. Approvals from the SC and BNM are still pending.


OLYMPIA INDUSTRIES: Debt Workout Approval Pending
-------------------------------------------------
The Board of Directors of Olympia Industries Berhad (OIB)
announces that the approvals from the Securities Commission
(SC), Ministry of International Trade and Industry (MITI) and
the Kuala Lumpur Stock Exchange (KLSE) in respect of the
proposed corporate and debt restructuring exercise are still
pending.

In addition, we also refer to the announcement made on 28
February 2001 where the SC had requested for further input in
order to arrive at a more comprehensive restructuring exercise
for their consideration. Accordingly, the Company is taking the
necessary action to comply with their request.

Profile

The Company was incorporated as a wholly-owned private limited
subsidiary of then listed Company, Duta Consolidated Bhd, which
is now known as Olympia Land Bhd, under the name of Olympia
Plantations Sdn Bhd.

It ceased to be a subsidiary of Duta on 15 September 1990.
Olympia was converted into a public company on 17 May 1991 and
adopted its present name on 18 July 1991, followed by the
listing of Olympia in place of Duta on 12 March 1992.

In August 1992, Olympia entered into the property development
industry when it acquired United Malaysian Properties Sdn Bhd
and the gaming business through the acquisition of Lotteries
Corporation Sdn Bhd. Subsequently, Olympia acquired an interest
in stockbroking company Jupiter Securities Sdn Bhd, and a travel
and tours agency.

The Group's construction activities include the construction of
three of the six underground LRT stations in Kuala Lumpur and
the RM1.2b Berjaya Star City. Current property projects include
Taman Datuk Tamby Chik Karim and Taman Bukit Katil in Malacca.
Upcoming is a 325-acre residential-cum-commercial property
project in Bukit Rambai, also in Malacca.

The stockbroking business is based in Kuala Lumpur whilst the
construction activities are based in Kuala Lumpur, Malacca and
Negeri Sembilan.

On 30 April 1999, Pengurusan Danaharta Bhd appointed Special
Administrators (SAs) over Jupiter Securities to assume control
of the assets and affairs of the company. The SAs have prepared
a workout proposal which was subsequently accepted by secured
creditors on 11 October 1999. The workout proposal has been
approved by all relevant authorities except the SC where a
conditional approval was received on 14 August 2000. Pursuant to
the conditional approval, the SAs' appointment will be extended
until such time when the SC is satisfied with the implementation
of the plans.

The workout proposal involves a capital injection, the novation
of certain loans of Jupiter Securities to Olympia, the
settlement of the secured creditors holding pledged quoted
securities, the conversion of secured creditors with third party
charges to restructured term loans and the conversion of
unsecured creditors to redeemable convertible cumulative
preference shares.

Subsequently, on 8 May 2000, the Company and certain of its
subsidiaries, Jupiter Capital Sdn Bhd, Dairy Maid Resort &
Recreation Sdn Bhd, Olympia Plaza Sdn Bhd, Olympia Land Bhd, and
Mascon Sdn Bhd, and sub-subsidiaries LC (BVI) Ltd and Olympia
Travels and Tours Sdn Bhd, entered into a restructuring and
standstill agreement with financial institution creditors to
undertake a proposed debt and corporate restructuring entailing
a proposed capital reduction and consolidation, reduction of
share premium account, rights issue with detachable warrants,
special issue, debt novation, debt restructuring, acquisition of
property companies and land, disposal of property companies,
inter-company settlement between the Company and substantial
shareholder Mycom Bhd and an offer for sale.

The proposals are inter-conditional upon a scheme that Mycom is
undertaking. The scheme was submitted to the SC on 16 August
2000. Save for FIC, the scheme is pending approval from the SC,
MITI, KLSE, shareholders and creditors. On 26 February 2001, the
Company received a request from the SC for further input, in
order to arrive at a more comprehensive restructuring exercise
for its consideration.


PANCARAN IKRAB: Reports Status Of Proposed Workout
--------------------------------------------------
Pancaran Ikrab Berhad (PIB or Company) announces the status of
PIB's plan to regularize its financial condition pursuant to
Practice Note No. 4/2001 (PN4/2001) issued by the Kuala Lumpur
Stock Exchange (KLSE), as follows:

On 10 November 1999 and 2 February 2000, the Company announced
the Proposed Restructuring Scheme and subsequent variations to
the scheme pursuant to further discussions with the creditors,
respectively.

The Company has obtained approvals for the Proposed
Restructuring Scheme from the following parties:

(i) Securities Commission on 3 July 2000;

(ii) Foreign Investment Committee on 20 April 2000;

(iii) Ministry of International Trade and Industry on 23 May
2000;

(iv) Bank Negara Malaysia on 18 April 2000 and 4 May 2000 for
the waiver from the requirement that a rating is obtained from a
local rating agency for the issuance of redeemable convertible
unsecured loan stock pursuant to the Proposed Acquisition of
Promenade Hotel Sdn Bhd and Proposed Debt Restructuring Scheme;

(v) Shareholders at an extraordinary general meeting held on 23
October 2000; and

(vi) Shareholders at a court convened meeting for the Proposed
Scheme of Arrangement held on 23 October 2000.

The Company has obtained the following from the Kuala Lumpur
High Court:

(i) Order in Terms approving the Scheme of Arrangement vide
Petition No.D9-26-59-2000 on 17 November 2000; and

(ii) Order in Terms sanctioning the Capital Reduction vide
Petition No.D9-26-58-2000 on 7 December 2000.

The Company has also obtained from the SC, via its letter dated
5 January 2001, an extension of another six (6) months i.e. till
2 July 2001 to complete the Proposed Restructuring Scheme.


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


BENPRES HOLDINGS: ABS-CBN To Buy Back Shares Worth US$50-M
----------------------------------------------------------
Lopez group's flagship company ABS-CBN Broadcasting announced
Friday that it had approved to buy back shares to be shed by
parent Benpres Holdings Corporation, to help ease the parent
firm's financial burden, The Philippine Daily Inquirer reported
Sunday.

The shares to be bought back by the broadcasting unit comprise 8
percent stake in the company held by Benpres. The shares sale is
expected to earn for the cash-strapped parent firm up to US$50
million to be used to settle maturing debts in the next couple
of years, the newspaper said.

Benpres stumbled into troubles brought about by the financial
crisis suffered by its units, namely Bayan Telecommunications
Incorporated, and Maynilad Water Services Incorporated, with
debts amounting to US$500 million and US$800 million,
respectively.


NATIONAL STEEL: Panel Created To Screen Bids
--------------------------------------------
A special inter-agency committee has been formed tasked to
screen proposals and bids from prospective buyers of National
Steel Corporation (NSC), The Philippine Star reported yesterday,
citing Trade and Industry Secretary Manuel Roxas II. The panel
was created after the last week's meeting the Roxas had with
Malaysian investors and creditor banks.

"So far, only three firms have submitted their intent to operate
the mothballed steel firm," Roxas was quoted as saying. These
firms are Allen Goal, Glencore and Cathay Pacific Steel
Corporation.

According to Roxas, the Malaysian investors and creditor banks
have reached an in-principle agreement to proceed with the sale
and rehabilitation of NSC. However, he added that "it would be
better to have such an agreement in writing."


PILIPINO TELEPHONE: SEC To Uphold Auditors' Findings
----------------------------------------------------
The Securities and Exchange Commission (SEC) seemed keen to
uphold the findings and evaluations of SEC's Corporate and
Finance Department that Pilipino Telephone Corporation (Piltel)
had filed misleading and inaccurate financial reports, The
Manila Bulletin reports, citing a source at SEC.

In the executive meeting Tuesday last week, the Commission en
banc, SEC's highest policy-making body, agreed to a further
review of the case against the troubled telecoms firm on charges
that it filed misleading financial statements, the newspaper
says.


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


APRIL GROUP: Posts Q1 Net Loss Of $25.5-M
-----------------------------------------
April Group (ARH), also known as Asia Pacific Resources
International Holdings Limited, posted for the first quarter
ended March 31 a net loss of $25.5 million on revenues of $160.7
million, swinging from a net profit of $21.7 million posted a
year earlier, The Asian Wall Street Journal reports.

Meanwhile, the company has been served a notice from the New
York Stock Exchange that the company's shares have dropped below
the minimum bid price of $1 apiece, the report says. Thus, the
company's shares is candidate for delisting, and may be first
subjected to suspension by the exchange before complete
delisting should it continue to fail meeting the listing
criterion.

The April Group is engaged in the production of pulp and paper.


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


BANGKOK METROPOLITAN: Amendment To Agenda Of EGM
------------------------------------------------
As the Bangkok Metropolitan Bank (BMB) says the extraordinary
meeting of shareholder No. 1/2544 will be held on June 25, 2001
for discussion on reduction of registered capital and allocation
of capital, the company would like to amend the agenda of such
meeting.

Clauses 3.4 and 3.8, by cancellation of the old clauses and
replacement with the new clauses:

"Clauses 3.4 Approve the sale of non-performing loan, to Siam
City Bank Ltd. Assets Management Company which is 100 percent
owned by Siam City Bank Ltd. (Public) by using the balances and
the qualities of the accounts receivable as at the end of June
2001 and the sale transaction date for the transfer of assets to
Siam City Bank Ltd. Assets Management Co., Ltd. would be June
29, 2001.  The sale of non-performing loans would be made at the
book value deducted by allowance for doubtful accounts.  Such
allowance for doubtful accounts would be the allowance after
deduction of the allowance to be transferred to a revenue
account to clean up all retained losses of the bank and after
setting aside an allowance for regularly classified accounts
receivable and for specially mentioned accounts receivable in
full within 12 months after the date that the non-performing
loans are transferred to Siam City Bank Ltd. Assets Management
Co., Ltd. If the existing accounts receivable on the sale date
have become a non-performing loan, we are eligible to transfer
much accounts receivable to Siam City Bank Ltd. Assets
Management Co., Ltd. At the book value deducted by the allowance
for doubtful accounts existing on the transfer date.  For such
transaction under taken, the Stock Exchange of Thailand has
allowed Bangkok  Metropolitan Bank Ltd. (Public) not to comply
with the Notification of the Stock Exchange of Thailand on
Relaxed requirements for compliance with the notification of the
Stock Exchange of Thailand on Acquisition or Disposal of assets
of listed companies in conformity with the cabinet resolution on
March 20, 2001."

"Clause 3.8. Approve the reduction of registered capital of the
bank for 75 percent of the paid-up capital. At present, the paid
up capital of the bank is Bt39,215,157,330. The deduction is
Bt29,411,367,990 so the new registered capital after the
deduction is Bt9,803,789,340 while the reduced capital would be
returned to the shareholders according to the reduced value of
share on 3.999992136 : 1 share."

The actual amount of capital and the actual number of shares are
required to wait until the share registration book is closed on
June 8, 2001 for checking the list of shareholders.

The shareholder whose shareholding is unable to divide by the
capital reduction ratio will lose the fractional right.


EASTERN STAR: S-Holders Approve Capital Reduction
-------------------------------------------------
Eastern Star Real Estate Public Company Limited announces the
resolutions of the Ordinary General Meeting of Shareholders No.
1/2001, held on 1 June 2001, as follows:

1. Approval by a majority vote of 46,805,965 votes with
56,791,281 votes abstained for adoption of the Minutes of the
Ordinary General Meeting of Shareholders No. 1/2000.

2. Unanimous approval for a reduction of the registered capital
of the Company from the existing amount of Bt4,054,695,210 to
Bt2,301,389,110, divided into 230,138,911 shares, par value of
Bt10, by canceling the 175,330,610 unissued ordinary shares, par
value of Bt10, amounting to Bt1,753,306,100.

3. Unanimous approval for an amendment to Clause 4 of the
Memorandum of Association in line with the reduction of the
registered capital as follows:

"Clause 4. Registered capital is Bt2,301,389,110    
Divided into    230,138,911     Shares  
With a par value of            Bt10    
Shares are classified into:
Ordinary Shares of      230,138,911     Shares  
Preference Shares         ----    Shares"

4. Unanimous approval for the Company to issue and offer
warrants to buy ordinary shares (Warrants) to the existing
shareholders with the following particulars:

Category of Warrants: Warrants to buy ordinary shares of Eastern
Star Real Estate Public Company Limited.

Amount of issue and offer: not exceeding 115,069,455 units.        
Offering Price: Bt0.05 per unit.
Offering Method: To be offered to the existing shareholders who
have         subscribed for the capital increase shares under
the next agenda at the ratio of 1 new share to 3 units of
Warrants.

In case the existing shareholders do not fully subscribe for the
Warrants allotted aforesaid or there are the remainder of
Warrants, the Board of Directors may offer said remaining
Warrants to other existing shareholders who have subscribed for
the capital increase shares as appropriate.

Amount of ordinary shares reserved for exercise of Warrants:  
115,069,455 shares.

Life of Warrants: 5 years from the date of issue and offer of
the Warrants.

Exercise Ratio: 1 Warrant entitled to buy 1 Ordinary Share.
Exercise Price: Bt2; being the share price with an 8-Baht-per-
share         discount from the par value of the share.

Exercise Period: Every 3 months, within the last Business Day of
March, June, September and December, during 9.00 hrs. to 16.00
hrs.        Offering Period: To be issued and offered after the
approval from the         Office of the Securities and Exchange
Commission.
Listing: The Company shall have said Warrants listed as Listed         
Securities on the Stock Exchange of Thailand.
Effects to Shareholders: It being a rights issue, no effect to
Shareholders.

Provided that the details, terms and conditions related to the
issue and offer of the Warrants, the exercise of Warrants,
including method of issue and listing of the ordinary shares for
accommodating said Warrants and other related matters, shall be
at the discretion of the Board of Directors to deliberate and
carry out as deemed appropriate subject to all laws or
regulations concerned.

5. Unanimous approval for an amendment to the Articles of
Association of the Company in line with the Notification of the
Securities and Exchange Committee No. Kor.Jor.12/2543, Re:
Application and Permission for Offer of the newly issued Shares,
by adding Article 51 as follows:

"Article 51. In case the Company or its subsidiary agrees to
enter into a connected transaction or a transaction related to
acquisition or disposal of the assets of the Company or its
subsidiary as defined under the notifications of the Stock
Exchange of Thailand governing the entering into a connected
transaction of listed companies or cquisition or disposal of the
assets of the listed companies, as the case may be, the Company
is required to comply with the said respective rules and
procedures as prescribed by the said notification."

6. Unanimous approval for an increase of the registered capital
of the Company from the existing amount of Bt2,301,389,110 to
Bt3,835,648,510; namely, to increase the registered capital by
another Bt1,534,259,400 by issuing 153,425,940 new ordinary
shares, par value of Bt10, and said 153,425,940 newly issued
shares shall be allotted as follows:

(1) 38,356,485 ordinary shares, par value of Bt10, to be offered
to the existing Shareholders at the ratio of 6 existing shares
to 1 new share (with fractions of shares to be discarded),
priced at Bt1 per share; being the share price with a 9-Baht-
per-share discount from the par value of the share.

In case the existing Shareholders do not fully subscribe for the
allotted ordinary shares or there are fractions of shares, the
Board of Directors may allot the said remaining shares to other
interested existing shareholders as appropriate.

(2) 115,069,455 ordinary shares to be reserved for accommodating
the exercise rights of the holders of Warrants, which Warrants
will be offered to the existing Shareholders.

7. Unanimous approval for an amendment to Clause 4 of the
Memorandum of Association in line with the increase of the
registered capital as follows:

"Clause 4. Registered capital is   Bt3,835,648,510   
Divided into    383,564,851     Shares  
With a par value of            Bt10    
Shares are classified into:
Ordinary Shares of      383,564,851     Shares  
Preference Shares              ----    Shares"

8. Acknowledgement of the performance results of the Board of
Directors for the previous year and the Annual Report.

9. Approval by a majority vote of 46,805,965  votes with
56,791,281 votes abstained for approval of the Balance Sheet and
Profit and Loss Accounts of the Company for the fiscal year
ended 31 December 2000.

10. Acknowledgement of no dividends payment to the Shareholders
for the performance results of the fiscal year 2000, due to the
existence of accumulated losses.

11. Unanimous approval for election of new directors in place of
those retiring by rotation and filling the vacancies as follows:

Directors retiring by rotation and resigning.
1. Mr. Anand       Panyarachun
2. Dr. Kosol       Petchsuwan
3. Mr. Suwit       Suwan
4. Mr. Yeoh Seng Hock
        
New directors elected in place of those retiring by rotation and
filling the vacancies.
1.      Mr. Anand       Panyarachun
2.      Dr. Kosol       Petchsuwan
3.      Mr. Yeoh Seng Hock
4.      Mr. Donald John MacNeil

Accordingly, the total number of the Board of Directors is 10:
1.      Mr. Anand       Panyarachun
2.      Dr. Panas       Simasathien     (Independent Director)
3.      M.R. Pridiyathorn       Devakula
4.      Dr. Kosol       Petchsuwan
5.      Admiral Vichet  Karunyavanij
6.      Ms. Sunanta     Tiasuwan(Independent Director)  
7.      Mr. William     Cheng
8.      Mr. Yeoh Seng Hock
9.      Mr. Vigrom      Tungpanitansook
10.     Mr. Donald John MacNeil

12. Approval by a majority vote of 46,805,965 votes with
56,791,281 votes abstained for appointment of  Miss Wanraya
Puttasatiean or Miss Susan Eiamvanicha, the auditors from
Accountants and Management Consultants Co., Ltd., as the
auditors of the Company for the fiscal year 2001, and fixing the
remuneration of the auditors in the amount not exceeding
Bt500,000, which is the same rate as that of the fiscal year
2000.


PROPERTY PERFECT: Auditor Reports Financial Condition
-----------------------------------------------------
The following is a report on the financial condition of Property
Perfect Public Company Limited for the three-month and nine-
month periods ended 30 September 2000, as prepared by
Independent Auditor Narong Puntawong of Ernst & Young Office
Limited. Thus:

I have reviewed the accompanying balance sheet of Property
Perfect Public Company Limited as at 30 September 2000, the
related statements of earnings for the three-month and nine-
month periods ended 30 September 2000, and the related
statements of retained earnings, changes in shareholders' equity
and cash flows for the nine-month period ended 30 September
2000. These financial statements are the responsibility of the
Company's managements as to their correctness and the
completeness of the presentation. My responsibility is to issue
a report on these financial statements based on my review.

I conducted my review in accordance with the auditing standard
applicable to review engagements.  

This standard requires that I plan and perform the review to
obtain moderate assurance as to whether the financial statements
are free of material misstatement. A review is limited primarily
to inquiries of the Company's personnel and analytical
procedures applied to financial data and thus provides less
assurance than an audit. I have not performed an audit and,
accordingly, I do not express an audit opinion.
The financial crisis, which occurred in 1997 and has continued
to the present, has affected the business sector to varying
degrees, especially the property development sector. This crisis
has directly affected the value of "Advance to other company"
(Note 9) and the land and various development projects owned by
the Company.  It has also caused the Company to sustain
continuous operating losses and to face a liquidity squeeze
which has made the Company unable to fulfill the conditions of
various loan agreements and to repay loan principal (Notes 13 to
16). The Company has negotiated to restructure its debts with
most creditors and has already reached understandings and
entered into debt restructuring agreements with certain lenders.
However, the Company has been sued by most lenders in numerous
different cases (Notes 6 and 22) and on 22 January 2001, certain
creditors submitted a petition for rehabilitation of the
Company's business to the Central Bankruptcy Court and on 19
February 2001, the Court issued an order approving the business
rehabilitation of the Company (Note 1).

Therefore, the continuity of the Company's business depends upon
the success of the rehabilitation plan which the Company is
preparing for submission to its creditors for approval.
Nevertheless, the financial statements under report have been
prepared under the going concern basis assuming that the Company
will be able to continue its operations, that assets will be
realized and liabilities will be discharged in the ordinary
course of business without any compulsory actions. Furthermore,
the value of the assets and liabilities of the Company is
dependent upon the Company's ability to operate in accordance
with the rehabilitation plan and upon future economic
conditions, especially in the property development sector.

Because the outcome of the rehabilitation plan and the value of
the assets and liabilities of the Company as mentioned above may
have a significant impact on the financial statements of
Property Perfect Public Company Limited, the effect of which
cannot be determined at this stage, I am unable to reach a
conclusion as a result of my review of the financial statements
for the three-month and nine-month periods ended 30 September
2000.

The financial statements of Property Perfect Public Company
Limited for the year ended 31 December 1999, were audited in
accordance with generally accepted auditing standards by another
auditor who, under her report dated 31 August 2000, reported
that she was unable to express an opinion on those financial
statements because of the uncertainties regarding the going
concern issue, various pending litigation, the value of land,
development projects and leasehold rights and because of scope
limitation imposed by situation, which included the number of
replies confirming various balances, and the Company's not
recording a full provision for unredeemed convertible
debentures. The balance sheet as at 31 December 1999, as
presented herein for comparative purposes, formed an integral
part of the financial statements which that auditor audited and
reported on.

The statements of earnings of Property Perfect Public Company
Limited for the three-month and nine-month periods ended 30
September 1999 and the related statements of retained earnings,
changes in shareholders' equity and cash flows for the nine-
month period ended 30 September 1999, as presented herein for
comparative purposes, formed an integral part of the interim
financial statements which were reviewed by the aforementioned
auditor who reported, under her report dated 1 November
1999, that she was unable to reach a conclusion as a result of
her review of the aforementioned financial statements because of
the uncertainties regarding the going concern issue, various
pending litigation, the value of land, development projects and
leasehold rights and because of scope limitations imposed by
situation, including on the calculation of investment value
under the equity method.

Assumption underlying the preparation of the financial
statements

a) Since the Company has faced liquidity problems, has suffered
losses from its operations for over 3 years, and has had
significant capital deficits, the Stock Exchange of Thailand
(SET) announced the Company''s classification as a company which
may be delisting from the SET, and ordered the Company to submit
a rehabilitation plan in accordance with the SET rehabilitation
criteria, to enable it to avoid delisting.

b) On 19 February 2001, the Central Bankruptcy Court ordered the
Company to rehabilitate its operations in accordance with the
Company's rehabilitation plan and appointed Asian International
Planners Company Limited as the planner. This gives Asian
International Planners Company Limited management authority
order the Company in place of the previous management.

c) Although Thailand's economic crisis has eased to a certain
extent in the current period, financial restructuring within the
business community is still prevalent and subject to
readjustment. The Company has incurred significant losses from
its operations, and had current liabilities significantly in
excess of current assets and had a significant capital deficit
as at the balance sheet date. Furthermore, the Company also had
significant amounts of short-term loans which are due in the
near future. The Company has defaulted on various conditions of
loan agreements and the issuance of debentures, including
default on the repayment of principal and interest, inability to
maintain certain financial ratios stipulated in loan agreements,
and defaults of other conditions. The Company is currently in
the process of negotiating debt restructuring with its creditors
and is compiling information for a proposal to its creditors.
During the period, the Company has already entered into debt
restructuring agreements with certain lenders. For other debts
of which the restructuring is still being negotiated, the
Company has accrued interest at rates which may be different
from those applied by the lenders. However, the Company has
classified all default loans as current liabilities. Certain
creditors submitted a petition for rehabilitation of the
Company's business to the Central Bankruptcy Court and the Court
issued an order approving the business rehabilitation of the
Company on 19 February 2001.

Nevertheless, these financial statements have been prepared
under the going concern basis assuming that the Company will be
able to continue its business and that the realization of assets
and settlement of liabilities and obligations will occur in the
ordinary course of business without any compulsory actions.

Basis for preparation of interim financial statements

These interim financial statements are prepared in accordance
with Accounting Standards Pronouncement No. 41 "Interim
Financial Reporting", with the Company choosing to present
condensed interim financial statements. However, additional
items are presented in the balance sheets, and the statements of
earnings, retained earnings, changes in shareholders' equity and
cash flows, as in the latest annual financial statements.

These interim financial statements are intended to provide
information additional to that included in the latest annual
financial statements. Accordingly, they focus on new activities,
events, and circumstances so as not to duplicate information
previously reported. These interim financial statements should
therefore be read in conjunction with the latest annual
financial statements.

Significant accounting policies

The interim financial statements are prepared using the same
accounting policies and methods of computation as were used for
the financial statements for the year ended 31 December 1999.

Changes In Accounting Policies/Corrective Adjustments

a) On 20 January 2000, the Institute of Certified Accountants
and Auditors of Thailand has issued an announcement,
Interpretation Statement No. 4, prohibiting pre-operating
expenses from being recorded as assets, effective as from the
financial statements covering period
ended 31 December 1999. As a result, the Company has written off
deferred expenses previously recorded as part of project
development costs against the brought forward balance of the
retained earnings. The adjustment is regarded as a change in
accounting policy, made to conform with the newly issued
standard. The adjustment has the effect of decreasing the net
loss for the three-month and nine-month periods ended 30
September 1999 by Bt6.2 million and Bt19.4 million respectively.  
The cumulative effect has been presented under the heading of
"Cumulative effect of the change in accounting policy for
deferred expenses" in the retained earnings statements.

b) In 2000, the Company made a corrective adjustment to the
accounting record of the costs of a clubhouse and swimming pool
whereby, from previously being recorded as part of "Property,
plant and equipment".  It was instead recorded as a project
development costs and allocated to the costs of sales of land
and houses. The adjustment has the effect of increasing the net
loss for the three-month and nine-month periods ended 30
September 2000 by Bt0.2 million and decreasing Bt1.2 million,
respectively (1999 : decreasing Bt0.8 million and Bt2.5 million
respectively). The cumulative effect has been presented under
the heading of "Corrective adjustment of project development
costs" in the retained earnings statements.

c) In 1999, the Company made a corrective adjustment to the
brought forward deficit, with regard to the over-calculation of
unit costs of property development project of 1997. Furthermore,
in 1998, the Company under-calculated the provision for
diminution in the value of project development costs and land
held for development, and incorrectly allocating the costs of
sales of land and houses. The adjustments together amounted to
approximately Bt587 million. The cumulative effect has been
presented under the heading of "Corrective adjustment of project
development costs and land held for development" in the retained
earnings statements.

d) In 1999, the Company made a corrective adjustment for the
Bt2-million difference in the calculation of the equity value of
investments in associated companies for 1998 based on the
management's financial statements and the audited financial
statements. The Company eventually adjusted its financial
statements to correct this fundamental error, with the
cumulative effect presented under the heading of "Corrective
adjustment of equity value of investments in associated
companies" in the retained earnings statements.

Cash At Banks

As of 30 September 2000, the Company has deposits with banks of
Bt2.0 million (31 December 1999 : Bt2.4 million) which have been
pledged with banks to secure the bank guarantees issued by banks
on behalf of the Company.

Project Development Costs

Project development costs consists of land costs, related
development costs, construction costs and capitalized interest
on projects'' loans. Since 1999 the Company's projects
development have been suspended. The Company has therefore
ceased capitalizing the interest on loans obtained for those
projects as part of the project development costs.

In April 2000, the Company hired an independent appraiser
approved by the Securities and Exchange Commission to appraise
the Company's assets in various projects using the method of
Open Market Value.

According to the appraisal report dated 24 April 2000, the
aggregate fair market value of "Project development costs" were
approximately Bt2,284 million lower than its net book value. The
Company already set aside a full provision for loss on
diminution in the value of these projects in its accounts,
recording it as expenses for 1999. The Company's management
believes that the amount of provision for loss as set up is
adequate in the current circumstances.

The Company mortgaged land of projects development and
construction thereon with banks and financial institutions as
collateral for loans from those banks and financial
institutions, and as collateral for losses which might arise as
a result of its cooperation in a development project with a
private sector company.

The share of loss of associated companies have been determined
based on the financial statements prepared by the management of
those companies, which were not reviewed by their auditors.

The Company has guaranteed associated companies' loan facilities
from banks and financial institutions totaling Bt903 million.

Banks and financial institutions which are creditors of an
associated company sued that company and the Company (as the
guarantor of loan facilities of Bt850 million) for repayment of
loans and interest amounting, up to 1 September 1998, to Bt1,038
million. The Company and that company in turn sued those banks
and financial institutions, claiming a compensation of Bt717
million.

At present, these cases are still being considered by the court.
For the prudent reasons, as of 30 September 2000, the Company
has set aside a Bt1,160 million provision for loss from its
investment in this associated company equal to the aggregate
amounts of its guarantee amounts plus other liabilities of that
associated company from such bank and accrued interest which
expected to be charged by the bank net of the value of land of
that associated company which no additional loss beyond the
amount set aside.

Advance To Other Company

The outstanding balance is an advance to a company provided in
accordance with a resolution of the Company's Board of
Directors' meeting No. 4/1999 held on 15 November 1999, which
designated this company as the agent of the Company and an
associated company in entering into an agreement with a
financial institution to transfer the rights over that
associated company's loans facilities of Bt260 million. The
agreement to transfer the rights was signed on 22
November 1999. No provision has been set aside for the said
advance since the Company believes that the amount will be
recovered in full amount.

Land Held For Development

(Unit : Thousand Baht)     
(Unit : Thousand Baht)     

      
30 September 2000          31 December 1999     
Land costs
        
3,621,833                     3,621,833
Development costs
    
1,188,196                     1,188,196  
Construction costs
          
1,570                          1,570  
Total
           
4,811,599                     4,811,599  
Less : Transferred to cost of sales
     
(98,132)                      (98,132)           
Transfer of land for debt restructuring
    
(360,066)                            -            

4,353,401                     4,713,467  
Less : Provision for loss on diminution in value                           
(2,183,852)                  (2,274,317)
Land held for development - Net                                               
2,169,549                    2,439,150  

Since 1999 the Company's projects development have been
suspended. The Company has therefore ceased capitalizing the
interest on loans obtained for those projects as part of the
project development costs.
                                      

In April 2000, the Company hired an independent appraiser
approved by the Securities and Exchange Commission to appraise
the Company's assets in various projects using the method of
Open Market Value.
According to the appraisal report dated 24 April 2000, the
aggregate fair market value of "Land held for development" was
approximately Bt2,274 million lower than its et book value.

The Company already set aside a full provision for loss on
diminution in the value of these projects in its account,
recording it as expenses for 1999. The Company's management
believes that the amount of provision for loss as set up is
adequate in the current circumstances.    

During the current period, the Company transferred part of the
land of its project, with a book value at the transfer date of
approximately Bt360 million, to settle debt under a debt
restructuring agreement, at a transfer price of Bt240 million,
as discussed in Note 13. The loss   from this transfer of land
for debt settlement, amounting of approximately Bt120 million,
has been recorded in the earnings statement of the current
period.  

The Company has mortgaged the above land held for development
with banks and financial institutions as collateral for short-
term and long-term loans from those banks and financial
institutions, as surety to the court in various cases, as credit
guarantees for various retail customers purchasing houses in its
project, and as securities for losses which may arise as a
result of its collaboration with a private sector company on a
project development.                                    
project development.                                    

                               
Property, Plant & Equipment

The Company has mortgaged its land and office building with
banks to secure bank overdraft facilities and short - term and
long - term loans from banks.                                         

Leasehold Rights
Leasehold Rights

                  
(Unit : Thousand Baht)
(Unit : Thousand Baht)

   
30 September 2000        31 December 1999
Leasehold rights
       
245,433                  254,129
Sublease rights
         
92,000                     81,608
Total                                                                         
337,433                    335,737
Less: Amortization of leasehold rights                                       
(8,068)                    (5,932)
(8,068)                    (5,932)

           
329,365                     329,805
Less : Provision for loss on diminution in value                           
(211,999)                (211,999)
Leasehold rights - Net
     
117,366                   117,806

The outstanding balances represent the payment and compensation
paid to land owners, tenants and project consultants for the
leasehold to approximately 11 rai of land for a period of 30
years.

The Company subleased its rights to approximately 4 rai of land
for the remainder of the lease period. The sublessee made an
advance payment and pays annual rental at rates stipulated in
the contract. The Company recognizes the advance lease payment
over the period of the sublease contract. In April 2000, the
Company hired an independent appraiser approved by the
Securities and Exchange Commission to appraise the Company's
assets in various projects using the method of Open Market
Value. According to the appraisal report dated 24 April 2000,
the aggregate fair market value of "Leasehold rights" were
approximately Bt212 million lower than its net book value. The
Company already set aside a full provision for loss on
diminution in the value of these leasehold rights in its
account, recording it as expenses for 1999. The Company's
management believes that the amount of provision for loss as set
up is adequate in the current circumstances.

Loans From Financial Institutions

The Company obtained loans from various financial institutions
for use as working capital and for construction of the Company's
projects. These loans are secured by the property development
projects and land held for development, and guaranteed by the
directors of the Company.
The loan agreements include covenants and restrictions.
Pertaining to, among other things, changes in the proportion of
shareholdings, changes of management, guarantees to loans or
aval to promissory notes of any other persons and entities, and
entering into other loan agreements.

The Company has defaulted on interest and loan principal
payments to certain financial institutions. The Company
currently records part of the accrued interest at an amount
determined by the Company, which is lower than the amount
calculated by the lenders, and has defaulted various conditions
under the loan agreements with certain financial institutions.
The Company has classified the long-term loans for which payment
of interest and loan principal has been defaulted on as current
liabilities in the balance sheets. However, the Company is in
the process of negotiating relaxations of the aforementioned
defaults and the conditions of the repayment of principal and
interest, and the restructuring of its debts.

On 12 May 2000, the Company, by resolution of the Board of
Directors' Meeting No. 2/2000 dated 14 June 2000, entered into a
debt restructuring agreement with TISCO Finance Public Company
Limited to restructure loans amounting to Bt243 million and
accrued interest amounting, up to 28 July 2000, to Bt132
million, or total debts of Bt376 million. Under the agreement,
the Company had to transfer mortgaged land in settlement of the
said loans and accrued interest. The agreement gives the Company
an option to repurchase this land at a price equal to loan
balance plus transfer fees and interest at the rate of 5 percent
per annum, within a period of three years from the agreement
date. The Company transferred land with a net book values, after
provision for loss on diminution in value, as at the transfer
date totaling Bt270 million to the lenders on 2 June 2000 and 28
July 2000. The Company reversed provision for loss on diminution
in the value of such land amounting to Bt90 million to "Other
income" and recorded a gain on debt restructuring of Bt136
million as an extraordinary item in the earnings statement.

Liabilities Under Swap

The Company had entered into cross-currency interest rate swap
agreements (the swap agreements) with a local bank and a branch
of overseas bank for total amounts of US$60 million. The Company
subsequently defaulted on the repayment schedule stipulated in
the agreements, and the Company recorded the loss on exchange
rate from the outstanding balance as "Liabilities under swap".

As of 31 March 2000 and 31 December 1999, the Company has
interest expenses due but not yet paid, amounting to Bt406
million and Bt306 million respectively based on the interest
rates and related penalties stipulated in the swap agreements.

Debentures
Debentures

       
(Unit : Thousand Baht)                         
    
           30 September 2000   31 December 1999       
Unsecured debentures # 1                                   
          1,800,000             1,800,000  
Secured Floating Rate Notes                                 
          1,694,620             1,508,392  
Unsecured debentures # 2                                   
          1,500,000             1,500,000                                     
                                                                           
          4,994,620            4,808,392  

(1) Unsecured debentures # 1

The Company issued 1.8 million, 5-year unsecured debentures with
a total value of Bt1,800 million to financial institutions.  
Interest is payable semi-annually at a rate of 5 percent per
annum over the life of the debentures. The Company received
proceeds of Bt1,287 million. Compliance with certain conditions
related to the maintenance of a certain debt to equity ratio,
the payment of dividends, and the maintenance of shareholding
structure is required of the Company.

The Company has defaulted on the redemption of debentures
amounting to Bt1,800 million due on 4 August 1999 and defaulted
the payment of interest due. Certain debentureholders have
issued notices requesting the repayment of principal and accrued
interest, including the repayment of default interest rates at
the highest rate regulated by the law until all debt is repaid.

Some debentureholders have lodged lawsuits with the courts
calling for the Company to make repayment of debt under the
above debentures. These cases have not yet been concluded.

(2) Secured Floating Rate Debenture

The Company issued 3-year Secured Floating Rate Notes (FRNs) of
US$40 million secured by the mortgage of land valued at not less
than 125 percent of the principal amount to the trustee, with a
copy of the mortgagor's mortgage agreement kept as evidence,
with maturing in August 1998 and interest payable semi-annually
at the rate of LIBOR + 1.25 percent per annum. The Company had
the option to pre-redeem the notes on the due date for interest
payment in August 1997 but under such option all outstanding
debentures had to be redeemed. The noteholders also had the
option to request pre-redemption on the interest payment date in
August 1997 or if the noteholders waived their right to redeem
the notes prior to the maturity date, the Company had to pay
compensation for waiver at an agreed percentage of the notes''
value until the interest payment date in August 1997.

On 28 July 1997, at a meeting of the noteholders of the US$40
million FRNs, a special resolution was passed canceling the
noteholders' option to pre-redeem. Annual management fees were
compensating for non-utilization of the option to pre-redeem the
FRNs were cancelled. In case that the Company was unable to make
cash payment of the principal, it was instead to issue
promissory notes availed by 3 local banks, maturing on 11 August
1998 and bearing interest at LIBOR+3 percent per annum. The
Company also undertook that it would neither repay any debts to
other creditors prior to the stipulated maturity dates, nor
acquire or purchase any additional land other than for the
purpose of completing its existing projects. It also agreed to
bear all reasonable legal expenses in relation to the
implementation of the above.  A further resolution allowed the
Company to maintain a debt to equity ratio of not more than 250
percent, in place of the previous ratio of 200 percent,
effective from 30 September 1997.

The Company has defaulted on the repayment of US$10 million of
the FRNs and did not redeem the US$30 million of the FRNs of the
maturity date and also defaulted the repayment of interests due.

(3) Unsecured debentures # 2

The Company offered 1.5 million, 3-year, unsecured debentures to
the public, with a total value of Bt1,500 million. The
debentures mature on 27 September 1998 and interest was payable
semi-annual at a rate of 12.5 percent per annum.

Compliance with certain conditions related to the maintenance of
a certain debt to equity ratios, the payment of dividends, and
the maintenance of shareholding structure is required of the
Company.

The Company has defaulted on the redemption of mature debentures
on 27 September 1998 totaling Bt1,500 million and has defaulted
the repayment of interests due.

Long-Term Loans

Long-term loans represent loans from domestic financial
institutions, which are secured by property development
projects, land held for development, office buildings and
guaranteed by directors.

The loan agreements include covenants and restrictions.
Pertaining to, among the other things, changes in the proportion
of shareholdings, changes of management, the provision of
guarantees to loans or aval to promissory notes of any other
persons and entities, and entering into other loan agreements.

These loans are due for repayment in 2000 and 1999, the Company
has defaulted on interest and loan principal payments to that
financial institutions and on various conditions under the loan
agreements. The Company has classified the long - term loans for
which payment of interest and loan principal has been defaulted
on as current liabilities in the balance sheets. However, the
Company is in the process of negotiating relaxations of the
aforementioned defaults and the conditions of the repayment of
principal and interest.

Convertible Debentures

The Company issued US$35 million of 5-year convertible
debentures, all of which were sold overseas at a price of
US$1,000 per unit. The debentures bear interest at a rate of
3.25 percent per annum (net of withholding tax), payable once a
year over the debenture life, and with a conversion price of
Bt143 per ordinary share (with the exchange rate fixed at
Bt25.24 per US$1).


The convertible debentures may be converted into ordinary shares
by the debentureholders throughout the period from 15 May 1996
through 21 March 2001 and unless previously converted, each
debenture is to be redeemed at 128 percent of its face value.
The debentures are redeemable by the Company at any time on or
after 28 March 1999, with the redemption price under the
Company's option calculated as a proportion of 128 percent of
the face value, based on the period from the date of issue.

As at 30 September 2000 and 31 December 1999, the Company
recorded provision for redemption of unconverted debentures
amounting to Bt415 million and Bt278 million, respectively,
under "Other liabilities" and has also defaulted the repayment
of interest due.

Gain (Loss) On Exchange

Gain (loss) on exchange for the three-month and nine-month
periods ended 30 September 2000 and 1999 comprise:
periods ended 30 September 2000 and 1999 comprise:

                   
(Unit : Thousand Baht)             
        
For the three-month periods   For the nine-month periods   
                                                                      
ended 30 September             ended 30 September                  
                                    
2000            1999          2000          1999  
Gain (loss) on exchange                                    
      Realized                                               
-                -            -               40
      Unrealized                                      
(291,816)       (368,399)    (437,048)     (378,041)

hedged against foreign exchange risk. These liabilities are
repayable as follows:
                                                                        
Foreign           Thousand       Exchange         Due     
  
Type                                            Currency        
currency            Baht         rate             date    
   
Secured debentures                             
US$40,000,000      1,694,620      42.3655         1998  
Convertible debentures                         
US$35,000,000     1,482,793      42.3655         2001
Provision for redemption    
Of convertible debentures                     
US$9,800,000       415,182        42.3655         2001
Accrued interest                                 
US$12,099,983        512,622      42.3655     1998 - 2001                    
         
Related Party Transaction

During the periods, the Company had significant business
transactions with related parties (related by the way of common
shareholders or common directors). These transactions were in
the ordinary course of business of the Company and these
financial statements therefore reflect the results of the
transactions on the basis agreed between the parties. The
significant transactions are summarized below:
significant transactions are summarized below:

                                    
(Unit : Million Baht)                                           
                                                                            
For the three-month period   For the nine-month period
                     

                     

    
ended 30 September             ended 30 September    
     
     

   
2000        1999                 2000      1999    
                 Pricing policy              
  Transactions with associated companies                               
       Interest income                                                      
2.1          0.4               5.3           6.1
               11 percent per annum       
   Construction of houses                                                  
0.9         0.2               2.7           0.2  
             As per contract        
   Administrative expenses                                                  
-           3.2               -            9.3
               Mutually agreed basis  
   Rental expenses                                                          
0.6          1.2             3.0           3.6
               As per contract        
   Interest income                                                           
0.1          0.2              0.4           0.5
               11 percent per annum   

The outstanding balances of the above transactions are shown as
separate items in the balance sheets as follows:

(Unit : Thousand Baht)                                               
30 September 2000             31 December 1999       

Loans to associated and related companies     
And interest receivable            
Loans to associated companies        
Estate Perfect Company Limited                                          
143,880                           139,874    
Krungthep Land Company Limited                                         
159,280                          56,345      
                                 
                                 

         
303,160                 96,219    
Less: Provision for doubtful debts  
Less: Provision for doubtful debts  

       
(141,374)               (19,374)                                       
(141,374)               (19,374)                                       

        
161,786                 6,845                                        

(Unit : Thousand Baht)
(Unit : Thousand Baht)

           
30 September 2000                  31 December 1999     
Interest receivable from associated companies      
Estate Perfect Company Limited
      
42,715                                42,71
     
Krungthep Land Company Limited
      
7,500                                 2,594
                                                     
50,215                              45,309    
Less: Provision for doubtful debts
    
(42,715)                            (42,715
                                                     
                                                     

                   
7,500                              2,594
Loans and interest receivable from                  
Associated companies - Net
    
169,286                              59,439
                                                    
Loans to related company                           
Real Service Company Limited
        
4,814                              4,813
                  

                  

                   
4,814                              4,813     
Interest receivable from related company           
Real Service Company Limited
        
1,031                               633
                 

                 

                   
1,031                              633
Loans and interest receivable from related company                           
5,845                              5,446  
Loans to associated and  related companies          
And interest receivable - Net
        
175,131                            64,85
                  
Loans to associated and related companies and interest
receivable are outstanding for a long time.

However, the Company believed that the provision for doubtful
debts as set up in the accounts are adequate at this current
stage.

Statement Of Cash Flows

For the purpose of the statements of cash flows, cash and cash
equivalents include cash in hand and at banks and deposits with
finance companies with an original maturity of 3 months or less,
and not subject to restrictions.

As at 30 September 2000 and 1999, cash and cash equivalents as
reflected in the statements of cash flows consist of the
following:
(Unit : Thousand Baht)                                                     
2000                    1999  
Cash in hand and at banks                                                
69,328              129,140
Short-term investments
   
-                       -  
Total
    
69,328               129,140  
Less: Deposits with maturity of more than               
        3 months or subject to restrictions                            
(2,017)              (2,771)
Cash and cash equivalents                                               
67,311               126,369  

Bank Guarantees

As at 30 September 2000, there were outstanding banks guarantees
of Bt3.0 million (31 December 1999 : Baht 22.1 million) issued
by the banks on behalf of the Company for the Land Allocation
Controlling Committee and as securities for electricity and
water usage.

Commitments & Contingent Liabilities

At the meeting of the holders of the Company's Secured Floating
Rate Notes of US$40 million held on 28 July 1997, it was decoded
that the Company would issue promissory notes bearing interest
at LIBOR + 3 percent per annum and maturing within 11 August
1998, if the Company were unable to redeem the notes in cash in
accordance with the resolution passed at the meeting. To date,
the Company has not redeemed the notes in accordance with the
resolution of the above meeting and the Company may therefore
have contingent liabilities amounting to approximately Bt76
million in relation to the debentureholders calling for payment
of interest at the rate of promissory rate.

On 22 January 1999, the Company entered into an agreement to
develop land in corporation with a private sector company, with
that company to build houses on the Company's land.  

As security against contingent losses, the Company Bt300 million
of the land covered by the cooperative development project. Up
to the balance sheet date, no houses have yet been constructed
under the above cooperative land development project agreement.

In 2000, the Company had commitments of approximately Bt143
million, relating to the completion of house construction on
several projects for customers from whom downpayments have
already been received.

The Company has been sued in the various cases of total claims
sought of Bt3,287 million. The Company has recorded certain of
these debts as the Company's liabilities.  At present, most of
the cases are being heard by the courts and they may result in
losses to the Company.

However, since the Central Bankruptcy Court has ordered the
Company to rehabilitate its business, the Company's attorney has
submitted petitions for the courts the temporarily suspend the
cases while the Company is undergoing rehabilitation, so that
the plaintiffs can submit requests for settlement to the
Comptroller in Bankruptcy, under the
Bankruptcy Act.

The Company's operations involve principally a single industry
segment, property development, and are carried on in the single
geographic area of Thailand.  As a result, all of the revenues,
operating profits (losses) and assets as reflected in these
financial statements pertain to the aforementioned industry
segment and geographic area.

Subsequent Events

On 18 October 2000, the Company, by resolution of the Board of
Directors Meeting No. 3/2000 dated 29 September 2000, entered
into a debt restructuring agreement with Asia Recovery 2 Mutual
Fund to restructure loans of Bt730 million and interests accrued
up to
18 October 2000 amounting Bt508 million, or total debts of
Bt1,238 million. Under the agreement, the Company had to
transfer mortgaged land in settlement of the said loans and
accrued interest. The agreement gives the Company the option to
repurchase the land at
a price equal to the amount of the debt, plus transfer fees and
interest at the rate of 5 percent per annum, within one year
from the agreement date. The Company transferred land with a net
book value of Bt653 million after provision for loss on
diminution in value as at the transfer date, to the lender on 18
October 2000.

Following the court order for the rehabilitation of the Company,
as discussed in Note 1, trade accounts receivable and payable,
and lenders were invited to lodge claims for settlement of debts
from the Comptroller in Bankruptcy between 27 March 2001 and 27
April 2001. The resulting summary of total claims lodged by
lenders exceeds the outstanding balances as per the Company's
records as at 19 February 2001 by a net amount of Bt482 million.
The Company is in the process of inspecting the evidence of the
creditors and preparing to lodge disputes of those claims with
the official receiver. However, for the prudent reasons, the
Company has set aside a Bt240 million provision for liabilities
arising in addition to those recorded in the accounts,
presenting it as an expense in the earnings statements.

These financial statements have been approved by the Company's
directors/rehabilitation planner.


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
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Copyright 2000.  All rights reserved.  ISSN: 1520-9482.

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