/raid1/www/Hosts/bankrupt/TCRAP_Public/010613.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

            Wednesday, June 13, 2001, Vol. 4, No. 115


                         Headlines


A U S T R A L I A

ALPHA HEALTHCARE: Ramsay Changes Substantial Holding
ANSETT AUSTRALIA: Anticipates Year's Loss Of A$400-M
AUSTAR UNITED: UnitedGlobalCom Changes Substantial Holding
CENTAUR MINING: Assets Up For Sale
HARRIS SCARFE: Miller's Denies Rumors of Negotiations
ONE.TEL LIMITED: Administrator Seeks A$90-M In Ad Funds


C H I N A   &   H O N G  K O N G

ALIVE NETWORKS: AT&T, PCCW Dispute Choice Of Liquidator
GUANGDONG BUILDING: Changes Company Name
HINET HOLDINGS: Trading Suspended
J. OK INTERNATIONAL: Winding Up Petition Scheduled
KA YING: Winding Up Petition Slated For Hearing
PACIFIC CENTURY: Sets US$2.9-B Bond Offering
SAMSON PROFESSIONAL: Hearing of Winding Up Petition Set
YUWAY LIMITED: Petition To Wind Up


I N D O N E S I A

CITRA MARGA: SC Overturns Ruling Against Unit
PERUSAAHAN LISTRIK: House Panel OKs 17.47% Tariff Hike


J A P A N

AIWA COMPANY: Singapore R&D Unit Heads For Closure
TOKYU CAR: Posts Full-Year Net Loss Of Y2.8-B
TOKYO-MITSUBISHI: D+ BFSR Under Review, Moody's Says


K O R E A

DAEWOO MOTOR: MoU Signing Delay With GM Likely
HYUNDAI ENGINEERING: Appoints Financial Adviser
HYUNAI ENGINEERING: Debt-For-Equity Swap Still Unsettled
HYUNDAI ENGINEERING: Discussions With Union Continue
HYUNDAI MERCHANT: Focus Shifting To Core Business
HYUNDAI MOTOR: S&P Upgrades Long-Term Rating To `BB'
HYUNDAI SECURITIES: Group To Sell Stake To AIG
SAMSUNG CORP: Selling Stakes In Sister Firms


M A L A Y S I A

AUTOWAYS HOLDINGS: Court Issues Summons Re Claims
DATAPREP HOLDINGS: Lim Chee Wah Controlling S-Holder
DATAPREP HOLDINGS: Creditors Agree To Revised Debt Workout
GADEK (MALAYSIA): Writ Of Summons Served June 5
LANDMARKS BERHAD: Proposes Debt Workout Via Bonds Issue
SRI HARTAMAS: Unit Enters Into SPA With Amalan Daya
TECHNOLOGY RESOURCES: Celcom Appeals Court Judgment


P H I L I P P I N E S

MIMOSA REGENCY: Reopening In Late June
NATIONAL POWER: TWO Euro Firms Head List Of Buyers
SHEMBERG BIOTECH: Applies For Receivership
URBAN BANK: Lawyers "Cloud The Facts", Central Bank Says


S I N G A P O R E

LIM KAH NGAM: EGM Approve Change Of Name


T H A I L A N D

KRISDAMAHANAKORN PUBLIC: Director Dies
NATIONAL PETROCHEM: Completes Liquidation Of Unit
THAI PETROCHEM: Prachai Objects To New Head Appointment  
TPI POLENE: Must Meet Share Issue Deadline

     -  -  -  -  -  -  -  -

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


ALPHA HEALTHCARE: Ramsay Changes Substantial Holding
----------------------------------------------------
Ramsay Centauri Pty Limited increased its relevant interest in
Alpha Healthcare Limited on 8 June 2001, from 32,002,836
ordinary shares (70.9 percent) to 36,910,130 ordinary shares
(81.8 percent).


ANSETT AUSTRALIA: Anticipates Year's Loss Of A$400-M
----------------------------------------------------
Ansett Australia expects its annual loss will mount to a
staggering A$400 million, which may result in a pretax loss of
over NZ$300 million on the part of Ansett's owner, Air New
Zealand, The Asian Wall Street Journal reports Sunday.

This loss figure will represent a A$510-million swing from the
previous year's profit posting, the newspaper says.


AUSTAR UNITED: UnitedGlobalCom Changes Substantial Holding
----------------------------------------------------------
UnitedGlobalCom, Inc increased its relevant interest in Austar
United Communications Limited on 23 May 2001, from 367,090,426
ordinary shares (73.44 percent) to 580,360,532 ordinary shares
(81.27 percent).


CENTAUR MINING: Assets Up For Sale
----------------------------------
The assets of Centaur Mining & Exploration are on the block,
Australasian Business Intelligence reported Monday. The assets,
according to the mining company's receivers
PricewaterhouseCoopers, will include the Mt Pleasant gold mine
and the Cawse nickel project, to be sold by September.

The mining was placed in administration in February this year,
with debts of A$650 million, the report says.

Meanwhile, the Australian Securities and Investments Commission
have launched an investigation into the company on allegations
the company undertook insolvent trading, the report says.


HARRIS SCARFE: Miller's Denies Rumors of Negotiations
-----------------------------------------------------
Miller's Retail Limited stated no discussions are or have taken
place with Harris Scarfe regarding the acquisition of the Harris
Scarfe business.

Miller's Retail Limited Contact:

Executive Director Gary Perlstein: (02) 9310 2233 (office)
                                    0413 435 960 (mobile)




ONE.TEL LIMITED: Administrator Seeks A$90-M In Ad Funds
-------------------------------------------------------
The administrator of One.Tel Limited is trying to recover a sum
of up to A$90 million in unused advertising funds from
Publishing and Broadcasting Limited (PUB) and News Limited, The
Asian Wall Street Journal reported yesterday.


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


ALIVE NETWORKS: AT&T, PCCW Dispute Choice Of Liquidator
-------------------------------------------------------
Alive Networks creditors AT&T, Pacific Century Cyberworks and
majority of the staff at the collapsed broadcasting company are
backing the appointment of Baker Tilly as the company's
liquidator, South China Morning Post reports yesterday.

This is in opposition to the appointment of a firm called Mazars
as recommended by Alive Networks CEO Ian Henry, who is Alive's
biggest creditor with debts of about US$4 million.

Meanwhile, Alive owes US telecommunications firm AT&T a sum of
US$3.9 million, and US$1.9 million to Pacific Century Matrix, a
subsidiary of Pacific Century CyberWorks, the newspaper reports.
The company's employees have claims against the TV network worth
US$1.4 million. Another US$1.2 million is owed to other
creditors.

The appointment of the liquidator was scheduled to be decided
yesterday by a majority of the creditors at a meeting, the
report says.


GUANGDONG BUILDING: Changes Company Name
----------------------------------------
Guangdong Building Industries Limited has obtained the
Certificate of Incorporation on Change of Name from the
Companies Registry in Hong Kong Special Administrative Region
regarding the change of its name from Guangdong Building
Industries Limited to `Hi Sun Holdings Limited' with effect on
11 June 2001.

The Company has carried out the appropriate filing procedures
with the Registrar of Companies of Hong Kong Special
Administrative Region and the shares of the Company will be
traded under the new name, and the new stock short name `Hi Sun
Holdings', on The Stock Exchange of Hong Kong Limited with
effect from 13 June 2001.

Further to the announcement of Guangdong Building Industries
Limited on 18 April 2001, the board of directors of Hi Sun
Holdings Limited is pleased to announce that the Company has
obtained from the Registrar of Companies of Hong Kong Special
Administrative Region the Certificate of
Incorporation on Change of Name dated 11 June 2001 certifying
that the Company by special resolution and with the approval of
the Registrar has changed its name to `Hi Sun Holdings Limited'
on 11 June 2001. The new name has become effective on 11 June
2001.

The Company has executed the appropriate filing procedures with
the Registrar and the shares of the Company will be traded under
the new name, and the new stock short name `Hi Sun Holdings', on
The Stock Exchange of Hong Kong Limited with effect from 13 June
2001.

Such a change of the name of the Company will not affect any of
the rights of any shareholders of the Company. All existing
share certificates in issue having the former name of the
Company will continue to be evidence of title to the relevant
shares of the Company and be valid for trading, settlement and
delivery for the same number of shares in the new name of the
Company. There will be no special arrangement for exchange of
the existing share certificates of the Company for the new share
certificates printed in the Company's new name.

However, shareholders who apply for issuance or exchange of
share certificate(s) after 23 May 2001 will receive new share
certificates printed in the Company's new name at a fee as
normally charged by the share registrar of the Company.


HINET HOLDINGS: Trading Suspended
---------------------------------
At the request of HiNet Holdings Limited, trading in its
securities will be suspended, effective 10:00 a.m. 12 June 2001,
pending an announcement regarding a possible issue of
convertible notes.


J. OK INTERNATIONAL: Winding Up Petition Scheduled
--------------------------------------------------
The petition to wind up J. Ok International (Hong Kong) Limited
is set for hearing before the High Court of Hong Kong on June
20, 2000 at 9:30 am. The petition was filed with the court on
March 19, 2001 by Wai Fai International Limited of Room 701B,
7th Floor, Nan Dao Commercial Building, 359-361 Queen's Road
Central Hong Kong.


KA YING: Winding Up Petition Slated For Hearing
-----------------------------------------------
The petition to wind up Ka Ying Property Development Limited is
scheduled to be heard before the High Court of Hong Kong on July
4, 2001 at 9:30 am. The petition was filed with the court on May
10, 2001 by Luckyseen Decoration Limited whose registered office
is situated at Room 501, 5th Floor, Cosmo Building, 8-11 Lan
Kwai Fong, Central, Hong Kong.


PACIFIC CENTURY: Sets US$2.9-B Bond Offering
--------------------------------------------
Pacific Century Cyberworks (PCCW) is working out the details of
a bond offering amounting to US$2.9 billion to pay off debts
acquired earlier in the year to refinance outstanding loans,
South China Morning Post reported yesterday, citing a banking
source.

The bond offering will be used to refinance the company's
US$1.5-billion 3-year debt and US$2.3-billion five-year debt.

According to the report, PCCW procured in February US$4.7
billion in bridge financing for a loan of US$12 billion to
finance its takeover of Cable & Wireless HKT. This loan was
arranged by Chase Manhattan, HSBC and Barclays Capital. These
three banks are expected to be appointed as joint coordinators
in the bond offering. Morgan Stanley will be its global
coordinator.

The planned bond offering, scheduled for September this year, is
inclusive as a 10-year bond, apart from a long-term bond of up
to 30 years which has yet to be agreed upon, the report says.


SAMSON PROFESSIONAL: Hearing of Winding Up Petition Set
-------------------------------------------------------
The petition to wind up Samson Professional Hair Weave Centre
Limited is scheduled for hearing before the High Court of Hong
Kong on June 27, 2001 at 9: 30 am. The petition was filed with
the court on May 10, 2001 by Harvard Addhair Technologies
Limited of 2001 Hutchison House, 10 Harcourt Road, Central, Hong
Kong.


YUWAY LIMITED: Petition To Wind Up
----------------------------------
The petition to wind up Yuway Limited will be heard before the
High Court of Hong Kong on June 20, 2001 at 9:30 am. The
petition was filed with the court on March 15, 2001 by Kincheng
Banking Corporation of No. 55 Des Voeux Road Central Hong Kong.


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


CITRA MARGA: SC Overturns Ruling Against Unit
---------------------------------------------
The Supreme Court (SC) has overruled the bankruptcy ruling of
the Jakarta Commercial Court against PT Citra Mataram Sastra
Marga Persada, a subsidiary of PT Citra Marga Nusaphala Persada,
AFX-Asia reported Monday.

"Legally, creditors have lost their rights to seek debt
repayment from Citra Mataram because they had earlier failed to
fulfill their obligation by suspending the loan for a toll road
project," says Supreme Court judge Suharto as quoted in the
report.

On April 12, the Jakarta Commercial Court declared Citra Mataram
bankrupt for having failed to make payments on debts worth Rp620
billion to creditors such as the Indonesian Bank Restructuring
Agency (IBRA) and PT Bank IFI.

According to the report, IBRA represented 15 banks to which
Citra Mataram owed as much as Rp498 billion.


PERUSAAHAN LISTRIK: House Panel OKs 17.47% Tariff Hike
------------------------------------------------------
The House's budgetary commission has given its nod to the 17.47
percent electricity tariff hike (TDL) effective July 1, Bisnis
Indonesia reported yesterday. However, the house panel urged PT
Perusaahan Listrik Negara (PLN), the state-owned utility firm,
to improve on its service and efficiency standards, especially
in its generating sector and power distribution to consumers.

Darmin Nasution, a senior official at the Finance Ministry, told
Bisnis that the new tariff structure subsidies might reach Rp5.6
trillion, which may result in a loss of Rp0.9 trillion on the
part of PT PLN.


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


AIWA COMPANY: Singapore R&D Unit Heads For Closure
--------------------------------------------------
Aiwa Company is set to padlock its research and development unit
in Singapore and cut 249 jobs, according to yesterday's Japan
Times Online, which cited an announcement of Aiwa Singapore
Limited.

The decision to shut down the unit's operations was made due to
high operating costs that eat into the unit's profitability, the
report says.



TOKYU CAR: Posts Full-Year Net Loss Of Y2.8-B
---------------------------------------------
Tokyu Car Corporation booked in fiscal 2000 a group net loss of
Y2.8 billion on sales of Y55.2 billion, Asia Pulse reports.
Sales in the company's mainline rolling stock business dropped
32 percent to Y21 billion, attributed to poor market demand and
price reduction.

In addition, consolidated net loss stood at Y8.1 billion.

However, in the full-year period, the group's operating net loss
fell Y1.9 billion from Y6.3 billion recorded in 1999, Pulse
says.

For the current year ending March 2002, the company projects a
group net loss of Y300 million, on sales rising 2 percent to
Y56.5 billion. The company expects to recover from the present
plight of its rolling stock business, the report says.


TOKYO-MITSUBISHI: D+ BFSR Under Review, Moody's Says
----------------------------------------------------
Moody's Investors Service placed the D+ bank financial strength
rating (BFSR) of Bank of Tokyo-Mitsubishi, Ltd. (BTM) under
review for possible downgrade. The bank's A2/P-1 credit ratings
are unaffected.

The rating action reflects Moody's concern about BTM's ability
to maintain its financial flexibility over the medium term.
Moody's said that BTM's relatively strong economic
capitalization, reflected in its current D+ BFSR, is being
pressured by lingering asset quality problems.

The review will primarily focus on BTM's financial condition and
prospects, including asset quality and future credit costs,
capitalization, and profitability outlook. Moody's recognizes
BTM's relative strength, as evidenced in its status as one of
the few major banks without substantial capital support from the
government.

Thus, BTM's long-term deposit rating (A2), which is higher than
other mega-group member banks in Japan, is not affected by this
review.

Recently, BTM announced a substantial increase in disclosed
nonperforming and restructured loans. On a reported basis, BTM's
loans at risk now represents 9.3% of total loans, which is
nearly double the ratio reported by other major banks.

On one hand, this situation reflects BTM's conservative approach
to credit risk assessment.

The rating agency added, however, that this development
underscores the immeasurable depth and gravity of the asset
quality problems facing the Japanese banking sector as a whole.

Moody's remains concerned that heavy credit costs may still loom
ahead, further delaying the financial rehabilitation of Japanese
banks.

The following rating is under review for possible downgrade.

Bank of Tokyo-Mitsubishi Limited -- the bank financial strength
rating D+


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


DAEWOO MOTOR: MoU Signing Delay With GM Likely
----------------------------------------------
Ongoing negotiations between Daewoo Motor and General Motors
(GM) are delaying the signing of a memorandum of understanding
between Daewoo Motor, its creditor groups, and the American
carmaker for its takeover in the ailing Korean automaker, The
Digital Chosun reports yesterday, citing Daewoo's major creditor
Korea Development Bank (KDB).

The signing was originally expected at the week's end, as
announced by KDB Governor Jung Keu-young.

Negotiations between the concerned parties have been moved out
of Hong Kong.


HYUNDAI ENGINEERING: Appoints Financial Adviser
-----------------------------------------------
Hyundai Engineering & Construction Company (HDEC) has named
LAZARD Asia Limited, a unit of Lazard of the U.S., as the
troubled builder's financial adviser, The Asian Wall Street
Journal reports Monday.

Lazard Asia will act as adviser of the company's foreign debts,
sales of domestic and offshore assets and sourcing of foreign
capital, the newspaper reports.


HYUNAI ENGINEERING: Debt-For-Equity Swap Still Unsettled
--------------------------------------------------------
Creditor banks and creditors in the secondary financial sector
of Hyundai Engineering and Construction Company (HDEC) have
failed once again to settle the issue on the proposed debt-for-
equity swap, as part of the bailout package for the ailing
builder, The Asian Wall Street Journal reported Monday, citing
Seoul Economic Daily.

Creditors in the secondary financial sector currently hold
around $40 million in overseas bonds with warrants (BW) issued
by the Korean builder.

The debt-for-equity swap is scheduled for approval by the HDEC
board at the board meeting Thursday.

This disagreement between creditor groups may mean the deferment
of the company's recapitalization plan.

The proposed conversion of debt to equity will include unsecured
loans extended to the company amounting to W1.4 trillion.


HYUNDAI ENGINEERING: Discussions With Union Continue
----------------------------------------------------
Hyundai Engineering & Construction Company (HDEC) is in talks
with the company's union regarding HDEC's plan to dismiss 1,000
workers. The lay-off is part of HDEC's self-rescue attempts to
improve corporate efficiency, The Asian Wall Street Journal
reported Friday last week, citing a company announcement.

The company has a total workforce of 54,000.

HDEC Spokeswoman Chung Minah told The Journal, "The management
is now talking with the union on many possible layoff methods
including unpaid leave and retirement with additional
(severance) payments. Job reduction is part of our endeavor to
enhance efficiency and productivity requested by creditors."

Meanwhile, Chung also added that HDEC's creditors in the
secondary financial sector have agreed to a rollover of maturing
debts in exchange for the company's continued restructuring
exercises, the report says.


HYUNDAI MERCHANT: Focus Shifting To Core Business
-------------------------------------------------
After it ceases participation in the Mt. Kumgang tourism venture  
at the end of the month, Hyundai Merchant Marine Company (HMM)
will concentrate on its core shipping operations, The Asian Wall
Street Journal reported Monday, citing Yonhap News Agency.

According to the report, the company intends to pursue
independent management as it plans to dispose of its interests
in the Hyundai Group affiliates.


HYUNDAI MOTOR: S&P Upgrades Long-Term Rating To `BB'
---------------------------------------------------
Standard & Poor's Monday raised its long-term rating on Korean
automaker Hyundai Motor Co. (see list below) to double-`B' from
double-`B'-minus. The outlook on the rating is stable.

The upgrade reflects the strengthened ability of Hyundai Motor
to weather market downturns, as a result of steady improvement
in its product quality, product line-up, and cost structure.

The company's cost structure has been bolstered by its progress
at integrating its operations with those of its 34.47 percent-
owned affiliate, Kia Motors Corp., which it acquired in March
1999.

Delays in the restructuring of ailing rival Daewoo Motor Corp
have also benefited Hyundai Motor.

However, the rating on Hyundai Motor will continue to be
constrained by the company's limited competitiveness in the
global automobile market and by its relatively weak financial
flexibility. This latter weakness reflects the limitations of
the Korean financial market.

Hyundai Motor's market position has been improving steadily,
particularly in its home market of Korea. The combined market
share of Hyundai Motor and Kia Motors rose to over 70 percent in
2000, from 60 percent in 1998.

This improvement reflects the Hyundai Motor group's strengthened
product portfolio, especially in the fast-growing recreational
vehicle segment. In addition, the company has also been
benefiting from the operational difficulties experienced by the
bankrupt Daewoo Motor. Standard & Poor's believes it will take
several years for Daewoo Motor to regain its competitiveness,
even if General Motors Corp acquires the company.

Hyundai Motor has also had success in rapidly expanding its
overseas market presence. Although its share of the U.S. market
is still small, at about 3 percent, this is triple the level of
three years ago. Meanwhile, Hyundai Motor's cost structure is
gradually strengthening as a result of its smooth integration
with Kia Motors.

The two companies are currently collaborating in activities such
as R&D and parts procurement, as well as sharing platforms. More
benefits are expected to be realized as new models developed
under the new scheme are launched in coming years.

An alliance with DaimlerChrysler, formed in June 2000, is also
expected to provide benefits to Hyundai Motor. However, these
benefits could take some time to materialize, as the two
companies are still negotiating the details of their operational
cooperation. Hyundai Motor's economies of scale and R&D
capabilities are still limited compared with those of its global
competitors. Moreover, the company is highly sensitive to
foreign exchange rate fluctuations owing to its high reliance on
exports.

Hyundai Motor's overall financial profile is recovering steadily
from a recent trough in 1998. The company returned to net
profitability in 1999, and generated a W603 billion net profit
in 2000, compared with a consolidated loss of W69 billion in
1998. Cash flow generation from operations has also improved in
line with profitability.

Nonetheless, Hyundai Motor's current earnings and cash flow
protection measures are still weak, given the company's heavy
debt usage. Even after DaimlerChrysler's capital injection of
W430.9 billion in September 2000, the company's capital
structure has remained highly leveraged, with total debt to
capital at about 55 percent as of December 2000.

Given the current difficult operating environment in Korea and
overseas, a substantial improvement in Hyundai Motor's financial
profile is not likely in the near term. Nonetheless, the
company's cost reduction efforts will help it sustain a
satisfactory financial performance.

Moreover, Hyundai Motor has demonstrated its ability to tap into
the domestic and overseas capital markets. Disaffiliation with
Hyundai Group in August 2000 resulted in a substantial decrease
in the company's contingent liabilities.

Although the overall credit quality of the newly formed Hyundai
Motor Group is significantly stronger than that of Hyundai
Group, there is a concern that some of the members of the new
chaebol may require financial support.

Outlook: Stable

While Hyundai Motor could face increasing pressure from a
slowdown in the U.S. and Korean markets, the company should be
able to maintain its current level of credit quality, supported
by its improved market position and cost structure, and its
ability to raise necessary capital in the domestic market,
Standard & Poor's said.


HYUNDAI SECURITIES: Group To Sell Stake To AIG
----------------------------------------------
The Hyundai Group has agreed to sell its stake in Hyundai
Securities to U.S.-based consortium, AIG, and negotiations will
begin soon, The Korea Herald reported yesterday.

A government official told the Herald, "The Hyundai Group
decided to hand over the 16.6 percent stake that Hyundai
Merchant Marine holds in Hyundai Securities to AIG. However,
Hyundai and AIG have yet to decide on the sales price."

The sale price is estimated to be between W200 and W300 billion.

Recently, AIG completed its due diligence on Hyundai Investment
Trust and Securities, in which AIG planned to invest a sum of
W1.1 trillion.


SAMSUNG CORP: Selling Stakes In Sister Firms
--------------------------------------------
Samsung Corporation intends to sell its stakes in Samsung Group
companies, excluding its 3.4 percent stake in Samsung
Electronics, The Korea Herald reported yesterday, citing Samsung
Securities.

Samsung is negotiating with a foreign investor to sell its 37.5
percent stake in Samsung General Chemicals, valued at W299.3
billion. The company expects to finalize negotiations by the
first half of 2002.

In the first half of this year, Samsung Corp was able to
complete disposal deals for assets valued at W135 billion.
Assets worth W300 billion are scheduled for sale this year.


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


AUTOWAYS HOLDINGS: Court Issues Summons Re Claims
-------------------------------------------------
Autoways Holdings Berhad reported the High Court of Malaya Kuala
Lumpur has issued a Writ of Summons dated 23 May 2001 regarding
a total claim of RM998,523.63 by Showa Credit (Malaysia) Sdn Bhd
against Autoways Construction Sdn Bhd and Autoways Holdings
Berhad. ACSB is a wholly owned subsidiary of the Company.

Other details are as follows:

1. The writ of summons was served on the Company and ACSB on 6
June 2001.

2. The total amount of three claims is RM998,523.63 together
with interest at the rate of 24 percent per annum on the said
sum from 29 January 2001 until the final settlement.

3. The claims are based on three hire purchase agreements
between SCSB and ACSB and the Company acted as a guarantor for
ACSB.

4. The hearing date has not been fixed. The Management wishes to
state the following:

  (a) There is no further operational and financial impact on
the Group as these claims have been provided for in the audited
accounts for year ending 31 December 2000 on the basis of
prudent accounting principle.

  (b) The Company is taking legal steps to dispute and defend
against these claims.

  (c) Due to complexity of this litigation, the Management would
release relevant information on the circumstances leading to
this issuance of Writ of Summon and the legal steps to be taken
by the Company after filing the defense in the High Court of
Malaya.


DATAPREP HOLDINGS: Lim Chee Wah Controlling S-Holder
----------------------------------------------------
Datuk Lim Chee Wah, along with Ho Kuien Kuein, will take control
of information technology (IT) firm Dataprep Holdings Berhad,
The Edge Malaysia reports Friday.

Both of them have shareholding in Dataprep equivalent to 51.9
percent stake through VXL Holdings Sdn Bhd, an investment
holding company with interests in telecommunications, IT,
construction, and property development businesses.

Lim is the youngest son of Genting Berhad's Tan Sri Lim Goh
Tong.

VXL, through Dataprep's debt restructuring program, will
subscribe to 40 million shares in Dataprep at RM1.25 apiece,
apart from 15.15 million warrants worth RM53.03 million, the
report says.

The same scheme, which has yet to be approved by the Securities
Commission, will allow Dataprep to undergo capital reduction, to
issue loan stock worth RM64.20 million, and sell shares to
Bumiputera parties by VXL, the report says.

At the end of December 1999, Dataprep's debts stood at RM64
million to unsecured creditor banks.


DATAPREP HOLDINGS: Creditors Agree To Revised Debt Workout
----------------------------------------------------------
Dataprep Holdings Berhad on 11 September 2000 submitted its
proposed restructuring scheme for the approval of the Securities
Commission.  However, due to the SC's requirement that the net
tangible asset per share of the Company prior to the conversion
of the irredeemable convertible unsecured loan stocks must be at
a minimum 50 percent par value, the Company revised the
conversion terms of its proposal on the debt settlement with the
creditor banks.

The creditor banks have finally agreed in principle to the
revised terms on 10 April 2001, and the Company resubmitted its
revised proposal to the Securities Commission on 11 April 2001.  
To date, the Company is still awaiting SC's approval.

Group Borrowings As At End Of The Reporting Period

Short Term Borrowings   31 Dec 2000   31 Mar 2000
                         RM'000       RM'000
Unsecured
Revolving Credits       27,300        27,300
Bankers acceptances     20,188        20,188
Trust Receipts          11,624        11,562
Bank overdrafts         4,948        4,963
Term Loans              67             77
Total                  64,127        64,090

Contingent Liabilities (Unsecured)
                         31 Dec 2000    31 Mar 2000
                          RM'000         RM'000
Corporate guarantees given to
suppliers or financial
institutions in favor of
third parties (former subsidiaries) 5,500  5,500

Interest charges in dispute --            3,792
Service tax in dispute  1,500              ---

Material Litigation

At the date of this report, the directors are not aware of any
material litigation not otherwise dealt with in this report or
the accounts, which would render any amount stated in the
accounts misleading

Review Of Results

For the twelve months period ended 31 March 2001, the Group
recorded a pre-tax profit of RM1.70 million against a pre-tax
loss of RM11.43 million previously. The improvement in the
result was attributed mainly to higher turnover, i.e RM96.4
million against RM53.9 million previously, an increase of 78
percent.

For the 4th quarter, the Group posted a pre-tax profit of RM1.36
million compared with a pre-tax loss of RM5.16 million in the
previous corresponding period. Turnover for the period of RM34.1
million was 126 percent higher than that recorded previously as
work on the contracts secured during the past two quarters
commenced in this quarter.

Prospects

For the financial year 2001, the Group has achieved considerable
success in its bids for work locally and made successful inroads
overseas of its internally developed intellectual property
software and consultancy services.

However, these contracts mainly are project based and of a
limited life and thus the profitability of the Group is
dependent on the success in securing future contracts as well as
the acceptance of the Group's new products/services overseas.

The Group has started to broaden the recurring part of its
businesses, the maintenance services, and to nurture new line of
businesses, such as ASP model of selling internally developed
accounting software and e-commerce applications, as well as
outsourcing services.  

According to the original business plan these new line of
businesses were to be financed from the proceeds of the proposed
capital restructuring.  As a result of the delay in the proposed
restructuring as explained in the `Status Of Corporate
Proposals', and the consequential financial constrain, the
launching of these new businesses were at a smaller scale than
planned.

The Board wish to report that the measures taken by the Company
three years ago on streamlining and improving efficiency of the
operation of the Group were successful in both securing project
and implementing the contracts secured.  This is evidenced by
the turnaround of the loss position in the previous year to
profit this year.  However the going concern of the Group is
still subject to the indulgence of the creditor banks.  Its long
term future is very much dependent on the successful
implementing of the proposed restructuring scheme.

Dividends

No dividends were paid or declared by the Company since the
previous financial year.  The directors do not recommend the
payment of any dividends for the current 4th  quarter ended  31
March 2001.

At the end of the of the fourth quarter, the company's net
tangible assets per share stood at (negative)RM1.790, while it
posted net current liabilities of RM41.069 million.


GADEK (MALAYSIA): Writ Of Summons Served June 5
-----------------------------------------------
Gadek (Malaysia) Berhad announced that the Writ of Summons was
brought to the attention of Gadek (Malaysia) Berhad on 5 June
2001.

The amount of interest claimed and the alleged interest rates
are as follows:

Name of Bank      Amount of Interest Claimed  Interest Rates

Commerce Int'l      RM378,886.40 as of        2 percent p.a.
above
Merchant Bankers    24 Feb 2001                 CIMB's Cost of
Funds
Berhad (CIMB)

Oversea-Chinese     US$414,652.99 as of
Banking Corp Ltd   24 Feb 2001               2 percent p.a above
SIBOR

Public Bank Bhd    RM1,940,762.39 as of        2 percent p.a.
above
                    24 Feb 2001                PBB's Base
Lending Rate

Maybank Int'l    US$259,101.26 as of    2% p.a. above BCB's Base
Lending Rate
(L) Limited       24 Feb 2001        

Bayerische      US$155,460.75 as of          2% p.a. above SIBOR
Landesbank        24 Feb 2001
Girozentrale      

The Sanwa Bank Ltd  US$51,815.08 as of       2% p.a. above SIBOR
                    24 Feb 2001

RHB Bank Berhad   RM194,076.24            2% p.a. above RHB's
                                              Base Lending Rate

Bumiputra-Commerce RM533,906.19 as of     2% p.a. above BCB's
                                           Base Lending Rate
Bank Berhad          24 Feb 2001

Interest as aforesaid is being claimed on a monthly rest basis.

The claim against Gadek was in respect of a Guarantee Facility
Agreement dated 18 March 1996.

There is no immediate financial or operational impact on Gadek.

The Company is unable to comment on the losses, if any, arising
from this suit as the Company is seeking legal advice and the
matter is sub-judice.

The Company is currently seeking legal advice in respect of the
suit.

No date of hearing of the suit has yet been fixed.


LANDMARKS BERHAD: Proposes Debt Workout Via Bonds Issue
-------------------------------------------------------
The Board of Directors of Landmarks Berhad revealed the Company
proposes to restructure a substantial portion of the Group's
debts via the issuance of approximately RM503,000,000 nominal
value of redeemable secured bonds to the lenders of the Group.

To date, all the financial institutions (hereinafter referred to
as Lenders) whose loan facilities will be converted into Bonds
have agreed in principle to the Proposed Bonds Issue.

In addition to the Proposed Bonds Issue, Landmarks will be
implementing the following as part of the debt restructuring
exercise:

  (i) Restructuring of approximately RM47 million of debt into a
fixed rate term loan (FRTL); and

  (ii) Restructuring and rescheduling approximately A$37 million
term loan facilities (A$ Facilities) which involve primarily the
extension of the repayment period and the enhancement of the
security position.

The Lenders have agreed in principle to item (i) and (ii) above.

Details Of The Proposed Bonds Issue

The Proposed Bonds Issue entails the issue of four classes of
Bonds, differentiated by coupon rate, yield to maturity (YTM),
tenure and security arrangements.

The amount of Bonds to be issued shall be the principal amount
of the debt owing to the Lenders, inclusive of all accrued
interest up to the date of the issue of the Bonds.

The principal terms and conditions of the Bonds are in Table 1
below.

Sinking Fund Account (SFA)

Four SFAs will be created for the Bonds, the FRTL and the AUD
Facilities, whereby funds available will cascade from one SFA to
the other upon meeting the stipulated requirements. The SFAs
have been created to redeem the relevant classes of Bonds, the
FRTL and the AUD Facilities, which shall be controlled by a
Trustee to be appointed.


Rationale of the Proposed Bonds Issue

The Proposed Bonds Issue is designed to allow the Landmarks
Group to better match its repayments and interest obligations
with its cash flow.

The lower coupon rate over the tenure of the Bonds and the fixed
rate YTM will respectively, ease Landmarks' burden of servicing
its current interest obligations and reduce the exposure to
volatility in interest rates.

The coupon and the YTM arrangements will allow the Landmarks
Group time to build up its cash reserves to match its debt
obligations when they fall due including the premium upon the
redemption of the Bonds.


Financial Effects

The Proposed Bonds Issue will not have any effect on the issued
and paid-up share capital of Landmarks.

The Proposed Bonds Issue will not have any effect on the
shareholding structure of Landmarks.

The Proposed Bonds Issue is not expected to have any material
impact on the earnings of the Landmarks Group for the financial
year ending 31 December 2001.

The Proposed Bonds Issue will not have any material effect on
the NTA of the Landmarks Group.

Insofar as the Directors are able to ascertain and are aware,
none of the Directors (or past Directors) and substantial
shareholders of Landmarks and persons connected to them pursuant
to Section 122A and 6A of the Companies Act, 1965 are interested
in the Proposed Bonds Issue.

The Directors of Landmarks, after having considered all aspects
of the Proposed Bonds Issue, are of the opinion that the
Proposed Bonds Issue is fair and reasonable and is in the best
interest of the Company and the Group.

Advisers

MP Capital Advisory Sdn Bhd was appointed to formulate and
implement a debt restructuring exercise and to negotiate with
the Lenders in relation to the Proposed Bonds Issue.

Alliance was appointed to prepare the necessary documents to
seek the approvals of the relevant authorities for the Proposed
Bonds Issue.

Approvals Required

The Proposed Bonds Issue is conditional upon the approvals of
the following:

  (a) Securities Commission for the Proposed Bonds Issue;

  (b) All the Lenders of the Landmarks Group (approvals-in-
principle have been obtained from all Lenders, subject to
documentation); and

  (c) Any other relevant approvals (if required).

Application to Securities Commission

An application to the Securities Commission for the Proposed
Bonds Issue will be made within three months from the date of
the announcement.


Table 1
Issuer: Landmarks Berhad

Type of Issue and Issue Price: Four (4) classes of Bonds to be
issued at a price of RM1.00 nominal value each

Issue Size and Tenure/Maturity: The issue size for the Bonds is
approximately RM503 million with a tenure between one (1) year
and four (4) years

Coupon: The Bonds will have coupon rates ranging from 5.00% to
7.50%, payable annually in arrears

Subscribers: Existing Lenders of the Landmarks Group

Redemption: The Issuer may redeem the Bonds at any time after
the date of issue. Should the Issuer decide to redeem the Bonds,
a one (1) month notice of redemption will be dispatched to all
relevant Lenders informing them of the relevant date and amount
to be redeemed.

If not previously redeemed, the Bonds shall be redeemable on
Maturity.

Security Arrangements: The Lenders shall be secured against
their existing securities, with some enhancement in the security
arrangement for some of the Lenders, in the form of additional
asset charges and certain assignment of proceeds

Rating: The Bonds will not be rated. Landmarks had on 21 March
2001 obtained the approval from the Securities Commission for an
exemption from the mandatory rating of the Bonds

Listing: The Bonds will not be listed on any stock exchange

Transferability: The Bonds are not transferable and are to be
retained by the Lenders until maturity/redemption

Documentation: The Bonds shall be constituted by the following
documents:

* Trust Deeds for each of class of Bonds, to be executed by
Landmarks and a Trustee to be appointed;

* Security Trust Deeds for each class of Bonds constituting the
security arrangement, to be executed by Landmarks and a Security
Trustee to be appointed;

Subscription Agreement to be executed between Landmarks and the
Lenders; and

* Depository and Paying Agency Agreement to be executed between
Landmarks, Bank Negara Malaysia and a Lead Arranger to be
appointed

Governing Law: The laws of Malaysia


SRI HARTAMAS: Unit Enters Into SPA With Amalan Daya
---------------------------------------------------
The Special Administrators of Sri Hartamas Berhad (SHB) announce
that its wholly-owned subsidiary, Sri Hartamas Hotels Sdn Bhd
(SHH) (Special Administrators Appointed) had entered into a Sale
and Purchase Agreement (SPA) with Amalan Daya Sdn Bhd (ADSB),
for the sale of Malacca Paradise Village Resort - Village Wing
(MPVR) for a cash consideration of RM10.5 million.

Details Of The MPVR Disposal

The Special Administrators of SHH had participated in a Hotel &
Leisure Property Tender exercise coordinated by Danaharta from
11 October 2000 till 15 November 2000.

Pursuant to the said tender exercise, SHH acting through Special
Administrators had on 11 June 2001, entered into a S&P with
ADSB, for the sale of MPVR together with the parcel of leasehold
land on which MPVR is sited including the furniture, fixture,
fittings and equipment for a cash consideration of RM10.5
million.

The Property is being disposed of free from all lien, charges
and other encumbrances and the Property will be transferred in
its present state and condition on an `as is where is' basis
(subject to fair wear and tear).

The purchase consideration will be paid in the following manner:

a. Prior to the execution of the SPA, ADSB had paid to the
Special Administrators the earnest money amounting to RM
250,000;

b. Upon the execution of the S&P, ADSB had paid the balance
deposit amounting to RM800,000 to SHH;

c. The balance of the purchase price amounting to RM9,450,000
had been placed by ADSB with SHH's solicitors as stakeholder and
the said sum shall be released to SHH immediately upon the S&P
becoming unconditional.

Conditions Precedent

Based on the terms of the SPA, the sale of the said Property
shall be subject to the following Conditions Precedent :

a. Danaharta and the secured creditors of SHH approving the
workout proposal at the meeting of the secured creditors to be
held pursuant to Clause 46(2) of the Danaharta Act;

b. The secured creditors issuing a letter of undertaking to
discharge the charge on the said lands;

c. Approval of the relevant authorities for the consent to
transfer.

If the conditions precedent are not fulfilled within three
months from the date of the S&P, the period will be extended for
another one month. Any further extension shall be mutually
agreed and is subject to Danaharta's consent.

Basis Of Arriving At The Consideration

The latest valuation by M/S Colliers Jordan Lee & Jaafar dated
30 April 2001 values the Property at RM13.08 million based on
open market value. The disposal price of RM10.5 million
represents approximately 80.3 percent of the open market value.

Description Of The Property

MPVR is a 146-room 4-star resort located in Ayer Keroh, Melaka.
The land on which MPVR is sited is held under Lot P.T. No. 1838,
H.S. (M) 630, Mukim of Bukit Katil, District of Melaka Tengah,
Melaka. It measures approximately 4.96 acres and has a leasehold
term of 99 years expiring on 8 May 2078. The said lands are
currently charged to EON Finance Berhad (on account of City
Finance Berhad) (the chargee) for the syndicated credit
facilities granted to SHB.

The Property was acquired by SHH in August 1995 for RM33.0
million and the audited net book value of the Property as at 30
June 2000 amounted to RM17.72 million.

Upon completion of the sale, the Property will be transferred in
its present state and condition on an `as is where is' basis
(subject to fair wear and tear).

The hotel has shut down the room operation since June 1999 and
subsequently its food and beverage outlets in August 2000.

Information On SHH

SHH was incorporated in Malaysia under the Companies Act, 1965
on 28 June 1973.

SHH's present authorized share capital is RM3,000,000 divided
into 3,000,000 shares of RM1.00 each of which 2 ordinary shares
of RM1.00 each have been issued and fully-paid.

The principal activity of SHH is owner of hotels and holiday
resorts.

Special Administrators have been appointed to SHH on 21 August
2000 by Pengurusan Danaharta Nasional Berhad pursuant to Section
24 of the Pengurusan Danaharta Nasional Berhad Act, 1998.

Information On ADSB

ADSB was incorporated in Malaysia under the Companies Act, 1965
on 8 February 1999.

ADSB's present authorized share capital is 500,000 divided into
500,000 shares of RM1.00 each of which 200,002 ordinary shares
of RM1.00 each have been issued and fully-paid.

The principal activity of ADSB is education.

Rationale For The Disposal

The net sales proceed of the disposal will be utilized to
partially settle the syndicated credit facilities.

Conditions of The Disposal

The disposal is subject to fulfillment of the following
conditions precedent:

a. Danaharta and the secured creditors of SHH approving the
workout proposal at the meeting of the secured creditors to be
held pursuant to Clause 46(2) of the Danaharta Act.

b. The secured creditors issuing a letter of undertaking to
discharge the charge on the said land.

c. Approval of the relevant authorities for the consent to
transfer.

Special Administrators Recommendation

The Special Administrators of SHH are of the view that the
disposal is in the best interest of the stakeholders of SHB and
the terms and conditions thereof are fair and reasonable in the
circumstances.


TECHNOLOGY RESOURCES: Celcom Appeals Court Judgment
---------------------------------------------------
Technology Resources Industries Berhad's wholly owned
subsidiary, Celcom (Malaysia) Sdn Bhd (Celcom) was served with a
Notice under Section 218 of the Companies Act, 1965 by its other
subsidiary, Celcom Timur (Sarawak) Sdn Bhd (CTS).

As announced earlier, CTS has demanded payment from Celcom for
the sum of RM90,586,726.79 plus interest at 9.3 percent per
annum obtained from the summary judgment given by the Kuching
Court on 23 February 2001.

On 28 May 2001, Celcom filed an injunction to restrain CTS from
enforcing the judgement and Celcom has obtained an Ex Parte
injunction on the same date for 21 days to restrain CTS from
proceeding prior to the injunction hearing. The hearing has been
fixed on 14 June 2001.

In respect to the summary judgment, Celcom is also appealing  
this judgment and has filed the appeal at the Kuching Court. At
the same time Celcom has filed for a Stay of Execution of the
judgement pending the outcome of the appeal. The hearing dates
for both applications have yet to be fixed by the Kuching Court.

Profile

Originally active in the manufacture and sale of electrical
equipment, the Company (TRI), began its technical agreement with
Sharp Corporation of Japan in 1970 to manufacture `Sharp' brand
products in JV with Sharp Japan, Trusmadi Sdn Bhd and the Roxy
Group of Companies.

The Company diversified into banking and property development
and transferred its manufacturing business to a new company,
Sharp-Roxy Appliances, in 1985.

In 1989, a substantial part of its banking investment was
disposed of, whereas the property interests were expanded. The
former was subsequently completely divested in 1991, whereupon
the manufacturing activities were consolidated and three main
areas of focus emerged: transportation, telecommunication and
tourism.

Two years later, in 1993, the Group made a strategic move to
focus operations in the telecommunication industry through the
acquisition of Cellular Communications Network (Malaysia) Sdn
Bhd (Celcom), the first private operator involved in cellular
telecommunication besides Telekom Malaysia Bhd. Entry into the
international telecommunications scene followed via JVs and
other arrangements with companies in Cambodia, China, Tanzania,
Bangladesh and Canada.

In June 1995, Celcom's existing trunk transmission license was
amended to become a full domestic transmission license which
enables it to offer public switched telephone network services
and carry end-to-end transmission whether by fiber optics,
microwave satellite or VSAT technology. With its international
gateway license, which started operations in November 1993, TRI
now offers the full range of telecommunication services, from
mobile cellular to transmission and fixed line services to
international gateway services.

Also in 1995, Celcom signed a fiber optic joint development
agreement with Tenaga Nasional Bhd (TNB) and Malaysian Resources
Corporation Bhd, enabling it to lay a fibre optic network along
TNB's electrical transmission lines and distribution
infrastructure in Peninsular Malaysia.

A similar arrangement was entered into with Petroliam Nasional
Bhd's Peninsular gas utilization project to provide linkage to
areas not covered by TNB's transmission grid. Celcom is also
working with Lembaga Letrik Sabah and Sarawak Electricity Supply
Corporation to expand their fiber optic transmission network.

As operations grew extensively, TRI underwent a restructuring
exercise again in September 1996, this time concentrating on
seven core businesses: mobile services, transmission,
international gateway, fixed network, value-added
services/multimedia, data group/other services and international
ventures. Another significant event was the purchase by Deutsche
Telekom AG of a 21% stake in TRI, in October 1996, heralding a
strategic alliance especially in the transfer of expertise and
technology.

The Company has recently obtained approval for an agreement to
restructure the RM1.75 billion multi structure facility of
subsidiary Celcom comprising floating rate bonds, a guaranteed
revolving underwriting facility, US Dollar term loans and fixed
rate bonds.

The repayment period for the facility has been extended from
December 2002 to September 2004. In another development,
Telefonaktiebolaget LM Ericsson and Lucent Technologies Inc will
provide Celcom new financing totaling US$232 million to support
part of its capital expenditure over the next five years.

As regards TRI's US$375 million worth of eurobonds due 2004,
discussions are ongoing with the committee representing
bondholders on terms and conditions for the restructuring of the
bonds.


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


MIMOSA REGENCY: Reopening In Late June
--------------------------------------
After being padlocked for nearly three years, Mimosa Regency
Casino is scheduled to reopen towards the end of the month, The
Philippine Daily Inquirer reported Sunday.

According to Clark Development Corp (CDC) President and CEO
Emmanuel Angeles, the hotel casino, will be placed under the
management of the state-owned Philippine Amusement and Gaming
Corporation (Pagcor) for a year or until the privatization
exercises of the hotel are completed.

CDC took control of the hotel casino property in 1998 from its
owner Jose Antonio Gonzalez, whose Mondragon Leisure and Resort
Corp owes CDC, Pagcor, the Bureau of Internal Revenue and 27
other creditors a total amount of R7 billion, the Inquirer says.

For the management of the property, Pagcor will receive 75
percent of the casino's gross income, while CDC will take only
12.5 percent and secured creditor banks take 6.25 percent.

The remainder of the shares will be divided between Gonzales and
other creditors, the report says.


NATIONAL POWER: TWO Euro Firms Head List Of Buyers
--------------------------------------------------
United Kingdom's National Grid and France's Electricite de
France (EDF) have signified their interest in participating in
the privatization of the state-owned utility firm National Power
Corporation (Napocor), Business World reports yesterday.

The two European groups are keen in acquiring Napocor's National
Transmission Company (Transco).

Energy Secretary Isidro Camacho told World the results of the
passage of the controversial power reform bill has been
satisfactory as this has helped draw investors into the
country's energy sector.


SHEMBERG BIOTECH: Applies For Receivership
------------------------------------------
Debt-laden Shemberg Biotech Corporation (SBC) has filed for
court receivership, pending the resolution of the company's
petition to go into rehabilitation exercises, Business World
reported yesterday.

SBC sought the legal processes of receivership after over three
years of negotiations with multilateral creditors, including
Asian Development Bank, for a debt restructuring package.

Appointed as the company's receiver by the Cebu Regional Trial
Court (RTC) was Ruben D. Almendras of the Cebu International
Finance Corporation (CIFC).

RTC Branch 11 Judge Isais Dicdican , in his court order, ruled
that creditors of the company and the Securities and Exchange
Commission must submit their remarks regarding SBC's application
for rehabilitation. These must be filed with the court 10 days
prior to the hearing on July 18, the report says.

A seaweed processing company, SBC is a subsidiary of carrageenan
exporter Shemberg Marketing Corporation.


URBAN BANK: Lawyers "Cloud The Facts", Central Bank Says
----------------------------------------------------------
According to Bangko Sentral (Central Bank) Deputy Governor
Alberto Reyes, the lawyers of Presidential housing adviser
former Rep. Michael Defensor filed a motion with the Ombudsman
alleging Bangko Sentral to have "fabricated and falsified"
documents regarding the closure of Urban Bank affiliate,
Urbancorp Development Bank (UDB), Business World reported
Monday.

Former Rep. Michael Defensor started in Congress last year an
inquiry into the closure of Urban Bank and its affiliates.

Reyes added the lawyers' acts are attempts to "becloud the
facts" behind the fate of the abovementioned bank in April 2000.

Reyes was quoted by World as saying, "The fact remains that
Urban Bank and its affiliate UDB decided to go on a voluntary
bank holiday on April 25, 2000 and this was the basis for the
decision of the Monetary Board to place them under receivership
the following day."


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


LIM KAH NGAM: EGM Approve Change Of Name
----------------------------------------
The Board of Directors of Lim Kah Ngam Limited says the
Company's name change to LKN-Primefield Limited was approved at
the Extraordinary General Meeting of the Company held on 29 May
2001 it


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


KRISDAMAHANAKORN PUBLIC: Director Dies
--------------------------------------
Krisdamahanakorn Public Company Limited announced that its
director Mr Kosol Klomklorm died on June 1, 2001.
        
The company signed a debt restructuring agreement with Asia
Recovery Fund (ARF) on May 11, 2001, for the amount of Bt231.36
million, 1.15 percent of total debt outstanding. Total
completion of KMC's debt restructuring is Bt13,504.85 million
accounting for 67.07 percent of total debt outstanding.


NATIONAL PETROCHEM: Completes Liquidation Of Unit
-------------------------------------------------
National Petrochemical Public Company Limited (NPC) informed the
SET of the dissolution of PTT Petrochemical Company Limited
(PTT-PC), its subsidiary.  Consequently, PTT-PC has registered
its dissolution with the Ministry of Commerce and recently
completed its liquidation process.

The liquidation of PTT-PC does not impact the operation of the
Company since the decreased investment value has usually been
recognized and disclosed in the financial statements of the
Company.


THAI PETROCHEM: Prachai Objects To New Head Appointment  
-------------------------------------------------------
Former Thai Petrochemical Industry Plc (TPI) CEO Prachai
Leophairatana is protesting against the appointment of Thongchat
Hongladarom as the new president of the troubled petrochemical
firm, Bangkok Post reports yesterday.

In a letter of protest to the Stock Exchange of Thailand (SET),
Prachai said his two younger brothers Pramual and Prateep were
co-presidents of the company, adding the appointment of a new
president by Effective Planners was unauthorized.

SET Senior Executive Vice President Patareeya Benjapolchai told
Post that "it's the business of the parties concerned to abide
by the applicable laws" and not SET's.


TPI POLENE: Must Meet Share Issue Deadline
------------------------------------------
TPI Polene (TPIPL) needs to raise US$180 million through a share
issue on or before its June 29 deadline, otherwise the company
will fall into default, Business Day Thailand reports Monday.

The proceeds from the share issue will be used to repay the
company's existing debts through a sell-back auction.

Meanwhile, Thai Petrochemical Industry (TPI) Group Debt Planner
Ferrier Hodgson is conducting preliminary negotiations with
possible bidders for TPIPL's cement business. The possible
bidders include major international cement manufacturers like
Germany's Hidelberger, Swiss-based Holderbank Financiere Glarus,
Singapore-based Ssangyong Cement, Mexico's Cemex, and Cement
Francais.

The pending share issue is part of the creditor-backed debt
restructuring plan for the company, which was approved by the
Central Bankruptcy Court in February. The plan intends to source
out up to US$400 million in new investments, the report says.

According to analysts, the shares sale will be "quite
difficult". Merrill Lynch Phatra Securities Vice President
Chokchai Chintawongvanich was quoted as saying, "There is high
risk but high return for those who buy the shares. There are a
lot of interested buyers but it's all in the price."

He added, "TPIPL will be in default again with the creditors. If
that happens (the creditors) will bring the case to the
Bankruptcy Court and take legal action."


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

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co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Washington, DC USA. Lyndsey Resnick,
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Copyright 2000.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
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