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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

            Friday, June 22, 2001, Vol. 4, No. 122


                         Headlines


A U S T R A L I A

ALPHA HEALTHCARE: Ramsay Changes Substantial Holding
ANSETT AUSTRALIA: Talks Over Singapore Air's Bid Continues
BRANDS ONLINE: MultiEmedia.com To Discontinue Acquisition
BRANDS ONLINE: MultiEmedia.com To Write Down Investments
GIO INSURANCE: Court Proceedings Against Officers Begin
MAXIS CORP: ASIC Obtains Court Orders Re Lack of Disclosure
MAXIS CORP: Regains Shares According To `Share-Option Plan'
PASMINCO LIMITED: Reinstated To Official Quotation
PASMINCO LIMITED: Responds To ASX Query Re Share Price
WAIVCOM WORLDWIDE: Business As Usual Under Administration


C H I N A   &   H O N G  K O N G

CIL HOLDINGS: Director Chan Resigns
GUANGNAN (HOLDINGS): Winds Up Supermarket Division
LIAISON FORCE: Winding Up Petition Set For Hearing
MESE HISN: Winding Up Petition To Be Heard
MYSTERY ASIA: Faces Winding Up Petition
NAM FONG: No Reasons For Increase In Shares Price
REGALINK DEVELOPMENT: Winding Up Petition Hearing Set
SINOTEX INTERNATIONAL: Winding Up Petition Slated
ZHUHAI HIGHWAY: Moody's Withdraws Caa2, C Ratings


I N D O N E S I A

ASTRA AUTOPART: Reschedules US$40-M Debt To 2004
BAKRIE SUMATERA: Posts Q1 Loss Of Rp55.7B
CHANDRA ASRI: Gov't To Review Market Situation For Workout


J A P A N

CHOGIN TOKYO: Negative Net Worth Reaches Y193-B
CRAYFISH COMPANY: Hikari Tsushin Takes Over
MYCAL CORP: Plans To Cut Debts To Y910-B By August
SEGA CORP: Expects Y10-B In Revenue From Non-Game Units
TOKYO METALLIC: In Talks With Softbank Re Acquisition
TW KABUSHIKI: Moody's Downgrades Sub Notes To Ca


K O R E A

DAEWOO SHIPBUILDING: Will Repay W65.4-B In Debts
HYNIX SEMICON: Decision On Over-Allotment Option Nears
HYNIX SEMICON: Sells LCD Unit To Beijing Orient-Cando JV
HYUNDAI ENGINEERING: To Sign MoU On Restructuring In July
HYUNDAI PETROCHEM: Creditors Issue Ultimatum

M A L A Y S I A

DIPERDANA HOLDINGS: Signs MoU With Konsortium, PHSB
KELANAMAS INDUSTRIES: Applies For Extension
TECHNOLOGY RESOURCES: Injunction Hearing Date Set


P H I L I P P I N E S

NATIONAL POWER: Moody's Sees Benefits In Industry Reform
NATIONAL POWER: Sees Problem In Geothermal Assets Sale
SHEMBERG BIOTECH: Proposes 10-Year Rehab Plan


S I N G A P O R E

CAPITALAND LIMITED: Res. Unit Completing Payment On Bond


T H A I L A N D

CARNAUDMETALBOX: Files For Delisting
COUNTRY FINANCE: Bankruptcy Process Starts
EASTERN STAR: Board Resolves Subscription, Payment Date
LILA FINANCE: Declared Bankrupt
NATIONAL FERTILIZER: EGM Slated For July 30
PRASIT PATANA: Creditors' Meeting Moved To June 25
PREMIER FINANCE: Put Under Absolute Receivership
THAI-OVERSEA: Declared Bankrupt

     -  -  -  -  -  -  -  -

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A U S T R A L I A
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ALPHA HEALTHCARE: Ramsay Changes Substantial Holding
----------------------------------------------------
Ramsay Centauri Pty Limited increased its relevant interest in
Alpha Healthcare Limited on 20 June 2001, from 37,888,133
ordinary shares (84 percent) to 38,411,747 ordinary shares
(85.15 percent).


ANSETT AUSTRALIA: Talks Over Singapore Air's Bid Continues
----------------------------------------------------------
Qantas Airways Limited CEO Geoff Dixon said Qantas would
continue to discuss the proposal for Singapore Airlines to raise
its stake in Air New Zealand-Ansett with political and
regulatory authorities on both sides of the Tasman.

Dixon said Qantas still felt that the proposed deal would give
Singapore an undue level of influence in the aviation industry
in this part of the world.

"The issues raised by the plan transcend commercial
considerations and go to the heart of competitive and regulatory
issues," Dixon said.

"It would be unprecedented for the Singapore Government to
control its own airline, Singapore Airlines, as well as Air New
Zealand, Ansett Australia and Ansett International. This would
not happen in any other part of the world."


BRANDS ONLINE: MultiEmedia.com To Discontinue Acquisition
---------------------------------------------------------
MultiEmedia.com Limited (ASX:MUL) revealed it will not proceed
with the Brands Online Limited acquisition.

On 16 March 2001, MultiEmedia.com Limited announced that it had
entered into an agreement to acquire all of the equity interest
in Brands Online Limited that it did not own at that date. The
transaction was subject to due diligence.

During the period when due diligence was being conducted, the
Directors of Brands Online Limited placed the company into
Administration. The Administrator recommended to Creditors
acceptance of a Deed of Company Arrangement. This recommendation
was adopted by a meeting of the Creditors of Brands Online
Limited held on Thursday 14 June 2001.

Following a review of Brands Online Limited's continuing
activities existing after the administration period
MultiEmedia.com Limited has determined its due diligence
requirements cannot be satisfied.


BRANDS ONLINE: MultiEmedia.com To Write Down Investments
--------------------------------------------------------
The Board of MultiEmedia.com Limited (ASX:MUL) met on Tuesday,
19 June 2001, and considered the carrying value of its non-core
investments and trade receivables in light of the recent
insolvency of one of those investments and significant debtors,
Brands Online Limited.

As a result of the Board's review of these items a decision was
made to make approximately $6 million in write-downs. The
decision to write down these amounts was made in response to the
current conditions impacting upon technology related businesses
generally, and the insolvency events impacting on investments
made by MultiEmedia.com Limited in both Brands Online Limited
and e-Estate.net Pty Ltd specifically.

Given the impact of these write downs MultiEmedia.com Limited is
expecting to report an operating loss after tax of approximately
$27 million for this financial year. This incorporates a first
half loss of approximately $19.5 million as reported on 23
February 2001.

It should be noted that the actual cash losses relating to
MultiEmedia.com Limited's trading activities for the period 1
January to 30 June 2001 are approximately $1,000,000,

The Board, led by Independent Chairman John Walker, is
determined to ensure that the market will continue to be fully
informed about all material aspects of MultiEmedia.com Limited's
affairs.


GIO INSURANCE: Court Proceedings Against Officers Begin
-------------------------------------------------------
David Knott, Chairman of the Australian Securities and
Investments Commission (ASIC), Wednesday announced the
commencement of civil penalty proceedings against three former
officers of GIO Insurance Limited.

The proceedings allege the respondents, Geoffrey Vines, Frank
Robertson and Timothy Fox, breached their duties as officers of
GIO Insurance during the course of AMP's 1998-99 takeover bid
for GIO Australia Holdings Limited (GIO Australia).

The alleged breaches center on the actions of the respondents in
advising GIO Australia and its Due Diligence Committee on the
financial outlook for the group's reinsurance business.

"Each of the respondents was a Director of GIO Insurance and
played a significant role in the preparation of financial
forecasts for the reinsurance business which were included in
GIO Australia's Part B Statement issued on 16 December 1998,"
Knott said.

"The Part B Statement forecast a before-tax profit from the
reinsurance business of $80 million in the 1999 financial year,
which was reiterated by GIO Australia on 30 December 1998.

"Following the takeover, GIO Australia reported a before-tax
loss of $759 million from its reinsurance business," he said.

ASIC alleges that the respondents improperly used their
positions and failed to exercise the duties of care and
diligence required by the Corporations Law when preparing
forecasts and other relevant information for consideration by
the GIO Australia Board and the Due Diligence Committee.

ASIC further alleges that, as a consequence of the respondents'
failure to properly discharge their duties under the Law,
information was released to shareholders of GIO Australia that
was seriously defective and misleading.

ASIC also alleges that Vines and Fox made improper use of their
positions as directors of GIO Insurance when that company
entered into a transaction with another reinsurer designed to
avoid disclosing Hurricane Georges losses until after the
takeover.

This transaction was rejected by the Due Diligence Committee and
GIO Australia's auditors, but it cost GIO Insurance $489,000 to
exit it.

In civil penalty proceedings filed today in the Supreme Court of
New South Wales, ASIC is seeking orders for:

* civil penalties of $200,000 for each contravention by each
officer;

* the banning of each respondent from managing or being a
director of any company for such a period as the Court sees fit;
and

* $489,000 compensation from Vines and Fox;
Compensation available under the relevant civil penalty
proceedings is restricted to losses incurred by the company
itself; in this case GIO Insurance. The compensation sought is
the $489,000 which ASIC alleges was incurred by GIO Insurance as
part of the Hurricane Georges transaction.

These proceedings do not empower ASIC to claim compensation on
behalf of shareholders. That potential compensation is the
objective of the class action which has been initiated by the
shareholders.

"These proceedings complement the class action damages case
already instituted on behalf of former GIO Australia
shareholders. Although the purpose of ASIC's action is not to
recover shareholder losses, findings and evidence involved in
these proceedings may assist to resolve issues in the class
action," Knott said.


MAXIS CORP: ASIC Obtains Court Orders Re Lack of Disclosure
-----------------------------------------------------------
The Australian Securities and Investments Commission (ASIC)
Tuesday obtained court orders in relation to Maxis Corporation
Limited and its subsidiaries that address ASIC's concerns about
a lack of disclosure to the market by Maxis.

Maxis agreed to the court orders made by the Supreme Court of
New South Wales.

As part of the orders, the Maxis Group must prepare financial
reports for the current financial year by 1 August 2001. Maxis
must also engage an independent accountant to review whether its
financial records correctly record and explain the transactions,
financial position and performance of the Maxis Group.

The independent accountant will also report on whether the
financial reports give a true and fair view of the Group.

The court orders also require the Maxis Group to disclose a
number of matters to the Australian Stock Exchange (ASX). These
include disclosure of:

   i) the financial reports and the independent accountant's
report;

   ii) the intentions of Maxis for each of its subsidiaries,
including a satellite telecommunications business designed to
bring internet services to the bush under the name Heartland;

   iii) the past and projected capital expenditure for the Maxis
Group up to 30 June 2002; and

   iv) the goodwill value of each company in the Maxis Group,
including explanations for any change from previously disclosed
goodwill values.
In the year 2000 Maxis raised over $13m from institutional
investors for its Heartland project.

However, in January and February 2001 several subsidiaries of
the Maxis Group (including Heartland) came under external
administration and Maxis' shares were suspended from trading on
the ASX. On 18 May 2001 these companies entered into an
arrangement with their creditors. They will revert to Maxis'
control later in the year should the terms of the arrangement be
complied with.

"ASIC is concerned to ensure that future fundraising and share
trading with respect to Maxis Group companies only occur after
full disclosure of the Group's current financial position and
prospects," ASIC's NSW General Counsel Jan Redfern said.

The court orders prohibit the Maxis Group from raising funds
from the public or relisting on the ASX until Maxis has dealt
with all the matters required by the orders.

However, Maxis may commence negotiations before then if it
provides the investor with a list of all evidence filed by ASIC
in court and the opportunity to inspect that evidence.

ASIC has consented to the dismissal of its current action to
wind-up Maxis after Maxis Group companies entered into an
arrangement with creditors and Maxis agreed to open its books to
the independent accountant and make full disclosure of its
position to the market as set out in the court orders.

Maxis has also agreed to pay ASIC's costs.


MAXIS CORP: Regains Shares According To `Share-Option Plan'
-----------------------------------------------------------
The Board of Maxis Corporation Limited stated shares issued to
non-executive Directors pursuant to a Directors' Share and
Option Plan approved by Shareholders in June 2000, have now
reverted to Maxis, in accordance with the terms of the Plan.

The stock reversion followed the resignation of three non-
executive Directors in December 2000 and an additional non-
executive director in January 2001.

Maxis now holds 3.25 million shares in its own securities, which
will have to be divested within 12 months.

Prior to the acquisition of the ABT Group, Australian Business
Technologies Pty Ltd, was already the holder of 57,868 shares.

These shares also became an investment of the Maxis Group when
the ABT Group acquisition was concluded and will also have to be
disposed of within 12 months.

Issue Or Transfer Of Shares

Maxis has agreed to the transfer of the following shares from
its holding of Maxis shares it became entitled to as detailed
above:

   a) Three million shares to be transferred to two previous
senior employees or interests associated with them, in lieu of
outstanding redundancies and consulting fees. This preserved
funds within Maxis, since the appointment of administrators to
two Maxis subsidiaries and a receiver and manager to a third
subsidiary had seen much of the Maxis Group cash come under the
control of external parties.

   b) Issue of 600,000 shares at 5.0 cents each, raising $30,000
in funds for Maxis. Maxis has also issued a 12 month Convertible
Note for an amount of $20,000 to the subscriber of the shares,
which may be converted at a 20 percent discount to the weighted
average price during the 5 trading days on the ASX prior to
conversion, or if the shares are not quoted on the ASX, then at
5.0 cents each. In the alternative, the Note may be redeemed in
the 12 month, together with interest calculated at 10 percent
per annum.

   c) Maxis has also agreed to issue 3.0 million shares to
Teleglobe International Inc (Teleglobe), a creditor of
Heartland, at 10.0 cents each, in accordance with the Deed of
Company Arrangement (DOCA), to partly satisfy monies outstanding
to Teleglobe. These shares will be issued when it is certain the
DOCA is proceeding unhindered, and after all the conditions
precedent are met.

It should be noted, Maxis Executive Chairman V Hovanessian said,
that in accordance with undertakings given to ASIC which were
current at the time of the above transactions, the recipients
and transferees of the shares have been provided with copies of
the Originating Process, the Amended Originating Process and all
other documents served to date in these proceedings, so that
they are fully informed of Maxis' position before accepting the
shares.


PASMINCO LIMITED: Reinstated To Official Quotation
--------------------------------------------------
The securities of Pasminco Limited will be reinstated to
official quotation from the commencement of trading on Thursday,
21 June 2001 following the release to the market of the
Company's response to an ASX price query letter dated 20 June
2001.

Security Code: PAS


PASMINCO LIMITED: Responds To ASX Query Re Share Price
------------------------------------------------------
Pasminco Limited advises it has no new information which might
affect the value of, or could explain the recent trading in its
shares.

As has already been announced, the company's revenue stream has
been adversely impacted by the decline in metal prices.

Notwithstanding this impact, Pasminco is able to meet all of its
commitments as and when they fall due. The company has already
completed all principal loan repayments due this calendar year
and is not in breach of any banking covenants. It currently has
undrawn facilities of $125 million.

The company is well advanced with its Business Improvement
Program announced last December, which is delivering substantial
cost reductions and production improvement.

This initiative will deliver a sustainable improvement in the
underlying operating performance of the business at the rate of
$100 million per annum by the end of calendar 2001.

This plan is already delivering benefits ahead of internal
targets. It is unfortunate that the decline in metal prices is
distracting from these gains.

Pasminco reported a loss after tax of $37.3 million for the
first half, and as flagged to the market in its last quarterly
production report on 26 April 2001, does not expect to be
profitable this financial year. The second half loss is likely
to be similar to that of the first half despite the
deterioration in metal prices.

The company has already announced a review of each asset in its
portfolio with a view to disposing of those that are not capable
of generating an adequate return on funds employed.

This review is also well advanced and discussions are underway
with various parties who have indicated an interest in acquiring
some assets from Pasminco. In particular, negotiations for the
sale of the Broken Hill Mine have already commenced.

The company continues to concentrate its efforts towards
delivering improved production and reduced costs. The Century
Mine is presently operating above 90 percent of capacity and the
production ramp-up continues on schedule for completion by
December 2001.


WAIVCOM WORLDWIDE: Business As Usual Under Administration
---------------------------------------------------------
N Brooker of PricewaterhouseCoopers refers to his appointment as
Joint and Several Voluntary Administrator of the above company
on 16 March 2001, together with his partner David McEvoy. He
reports:

The share registry continues to be maintained by Computeshare
but is not being updated as, pursuant to section 437F of the
Corporations Law, the transfer of shares in the company, or an
alteration in the status of members of the company, that is made
during the course of the Administration of the company is void
except so far as a Court otherwise orders.

Set out below is an update on the Administration to date.

* The Waivcom businesses continued to operate as going concerns
under my supervision from the date of my appointment.

* The six operating companies within the Waivcom group entered
into Deeds of Company Arrangement on 18 June 2001 as resolved by
creditors at meetings of creditors on 28 May 2001 and continue
to operate under my control as the Deed Administrator.

* The operating companies are being sold to Nick Dower and this
sale transaction should result in a return to pre-appointment
unsecured creditors in the operating companies of approximately
80 cents in the dollar.

* The Nick Dower proposal offers a return to creditors of
Waivcom of approximately 30 cents in the dollar.

* The sales to Nick Dower should be completed by late June or
July 200l. Formal notices will be issued at that time.

* The second meeting of creditors of Waivcom Worldwide Limited
was held on 28 May 2001 and adjourned to 4 June 2001. At the
reconvened meeting on 4 June 2001, the Waivcom creditors
resolved that the company executes a deed of company arrangement
(which has to occur by 25 June 2001).

* It is anticipated that this Waivcom Deed will closely follow
the proposal as outlined in the report to creditors of 18 May
2001 and will be executed without any significant variation by
the due date.

* Three interested parties have submitted conditional offers for
the listed Waivcom company shelf in the range of $200,000-
$400,000 gross and these are currently being assessed by the
Administrator. Should an offer be finalized, it is likely that
the Waivcom Deed will need to be modified and then ratified by
creditors.

* Funds from the sale of the Waivcom shell will form part of the
pool of funds available for Waivcom creditors.

* Shareholder approval will be required for such a transaction
but it is likely to involve a significant watering down of
shareholdings if it proceeds.

For queries please contact Leonie Barnard of Mr Brooke's office
on (03) 8603 3997 or visit our web site at www.pwcrecovery.com
and follow the links to the Waivcom Worldwide Limited case
database at "Business Under Management" which is updated
regularly.


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C H I N A   &   H O N G  K O N G
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CIL HOLDINGS: Director Chan Resigns
-----------------------------------
CIL Holdings Limited announces that Chan Chi Kwong resigned as
Independent Non-Executive Director of the Company on 11 June
2001 but the Company only received his notice on 19 June 2001
and Mr. Chu Kin Wah be appointed as Independent Non-Executive
Director of the Company with effect from 20 June 2001.

CIL Chairman Joseph Szeto says, "The Board would like to take
this opportunity to thank Mr. Chan for his contribution to the
Company during the past years and welcome Mr. Chu to join the
Company."

Meanwhile, the petition to wind up CIL Holdings 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 11, 2001 by Sin Hua
Bank Limited whose principal place of business in Hong Kong is
situated at 2A Des Voeux Road, Central Hong Kong.


GUANGNAN (HOLDINGS): Winds Up Supermarket Division
--------------------------------------------------
The Directors of Guangnan (Holdings) Limited resolved on 19 June
2001 to decline Guangnan (KK) Supermarket's request for
financial support to the loss-making operations of Guangnan (KK)
supermarket chain with the effect that the Company will provide
no further financial support from the date of such resolution.

All 39 Guangnan (KK) supermarket stores were closed down on 20
June 2001. A wholly-owned subsidiary of the Company, which holds
70 percent interest in Guangnan (KK), has petitioned for a
winding-up of Guangnan (KK).

As a result of the winding-up of Guangnan (KK) it is expected
that on a prudent basis, a provision of approximately HK$6.5
million will be made in the Company's consolidated accounts for
the year ending 31 December 2001.

Trading in the Shares of the Company has been suspended with
effect from 10:00 a.m., Wednesday, 20 June 2001 pending the
release of this announcement. Application has been made to the
Stock Exchange for the resumption in the trading of the Shares
with effect from 10:00 a.m. on Thursday, 21 June 2001.

Reasons for Cessation of Operations and Winding-up

As disclosed in the Company's annual report dated 9 April 2001
(2000 Annual Report), the Guangnan (KK) supermarket chain has
been facing fierce market competition.

Although the Guangnan (KK) supermarket chain has shown an
improvement in operations since the year-end of 2000 following
various measures taken by the management, including the
strengthening of the management team, implementation of a cost-
reduction plan and adoption of new operation methods, it
continued to operate at a substantial loss.

The unaudited consolidated turnover of Guangnan (KK) for the 4
months ended 30 April 2001 amounted to approximately HK$ 186.7
million.

The unaudited consolidated turnover of Guangnan (KK) for the
year ended 31st December 2000 amounted to approximately HK$619.8
million, representing approximately 22.4 percent of the
Company's consolidated turnover of HK$2,764.2 million for the
same period.

The unaudited consolidated loss of Guangnan (KK) for the 4
months ended 30th April 2001 and the year ended 31 December 2000
amounted to approximately HK$ 6.7 million and HK$145.1 million
respectively.

The unaudited consolidated net liabilities of Guangnan (KK) as
at 30 April 2001 and 31 December 2000 amounted to approximately
HK$215.7 million and HK$209.1 million respectively.

The Directors have stated in the 2000 Annual Report that they
"will continue to closely monitor the Group's supermarket
business in Hong Kong and if necessary, adjust its strategy
including considering closing any outlets which have incurred
substantial loss."

Due to the unsatisfactory operating results of the supermarket
chain as shown above and taking into consideration that it is
very unlikely that the supermarket chain will turnaround in the
foreseeable future, as well as the considerable financial
resources required to run the supermarket business, the
Directors are of the view that it is in the best interests of
the shareholders of the Company as a whole to cease the
operations of Guangnan (KK) supermarket chain in order to avoid
further losses from the supermarket chain.

Effects on the Group

As a result of the winding-up of Guangnan (KK) it is expected
that on a prudent basis, a provision of approximately HK$6.5
million will be made in the Company's consolidated accounts for
the year ending 31 December 2001.

Save for the above, the Directors are not aware of any
contingent liabilities as a result of the winding-up of Guangnan
(KK), which should be provided for in the Company's consolidated
accounts for the year ending 31 December 2001.

It is expected that for the year ending 31 December 2001,
contribution from Guangnan (KK) to the consolidated turnover of
the Company will be reduced, compared with contribution in the
year ended 31 December 2000.

The Directors are not aware of any debts of the Company, which
will be called upon by creditors of the Company due to the
winding up of Guangnan (KK).

General

Trading in the shares of the Company has been suspended with
effect from 10:00 a.m., Wednesday, 20 June 2001 pending the
release of this announcement. Application has been made to the
Stock Exchange for the resumption in the trading of the Shares
with effect from 10:00 a.m. on Thursday, 21 June 2001.


LIAISON FORCE: Winding Up Petition Set For Hearing
--------------------------------------------------
The petition to wind up Liaison Force Limited is set for hearing
before the High Court of Hong Kong on August 1, 2001 at 9:30 am.
The petition was filed with the court on May 29, 2001 by Sin Hua
Bank Limited, Hong Kong Branch whose principal place of business
is situated at 2A Des Voeux Road, Central, Hong Kong.


MESE HISN: Winding Up Petition To Be Heard
------------------------------------------
The petition to wind up Mese Hsin Tung Trading (HK) Limited is
scheduled to be heard before the High Court of Hong Kong on July
10, 2001 at 9:30 am. The petition was filed with the court on
May 7, 2001 by Mai Sher Lai of 12th Floor, No. 38 I-Hsieh Road,
Taipei, Taiwan.


MYSTERY ASIA: Faces Winding Up Petition
---------------------------------------
The petition to wind up Mystery Asia Pacific Limited will be
heard before the High Court of Hong Kong on August 1, 2001 at
9:30 am. The petition was filed with the court on May 25, 2001
by Sin Hua Bank Limited whose principal place of business in
Hong Kong is situated at 2A Des Voeux Road, Central Hong Kong.


NAM FONG: No Reasons For Increase In Shares Price
-------------------------------------------------
Nam Fong International has noted the recent increase in the
price of the shares of the Company and states that the Company
is not aware of any reasons for such increase.

Save for an announcement made by the Company on 15 June 2001
regarding a writ against the Company for the loan repayment
demanded by a creditor, Nam Fong also confirms that there are no
negotiations or agreements relating to intended acquisitions or
realizations which are discloseable under paragraph 3 of the
Listing Agreement.

The Company also asserts that 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.


REGALINK DEVELOPMENT: Winding Up Petition Hearing Set
-----------------------------------------------------
The petition to wind up Regalink Development Limited is
scheduled for hearing before the High Court of Hong Kong on July
11, 2001 at 9:30 am. The petition was filed with the court on
May 15, 2001 by Po Sang Bank Limited, whose registered office is
at 71 Des Voeux Road Central, Hong Kong.


SINOTEX INTERNATIONAL: Winding Up Petition Slated
-------------------------------------------------
The petition to wind up Sinotex International Limited is
scheduled for hearing before the High Court of Hong Kong on July
11, 2001 at 10:00 am. The petition was filed with the court on
May 16, 2001 by by Wuzhou City No. 2 Light Industries United
Company and Wuzhou City Plastic Products Factory both of 18
Wenlan Road, Wuzhou City, Guangxi Province, The People's
Republic of China.


ZHUHAI HIGHWAY: Moody's Withdraws Caa2, C Ratings
-------------------------------------------------
Moody's Investors Service has withdrawn the Caa2 and C ratings
it assigned to Zhuhai Highway Company Limited's Senior Notes due
2006 and Subordinated Notes due 2008.

The rating agency said that it has determined that it will not
be able to obtain sufficient information from the issuer to
properly and timely monitor the rating going forward.

Zhuhai Highway Company Limited is a special purpose entity
incorporated in the Cayman Islands.


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I N D O N E S I A
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ASTRA AUTOPART: Reschedules US$40-M Debt To 2004
------------------------------------------------
PT Astra Autopart Tbk has entered into an agreement with its
creditors to reschedule its debts amounting to US$40 million
debt until 2004, Asia Pulse reports early this week.

Under the agreement, the company will pay US$15.03 million upon
the signing of the agreement and the remaining debt will be
repaid in tranches throughout the first half of 2004, the report
says, citing Astra's Finance Director Widya Wirawan.

In the first quarter of the current year, the company booked a
net profit of Rp17.53 billion, as opposed to a net profit of
Rp13.34 billion in the corresponding period last year. Revenue
from sales was registered at Rp571.95 billion, up from Rp413.3
billion in the year-ago period.


BAKRIE SUMATERA: Posts Q1 Loss Of Rp55.7B
-----------------------------------------
Asia Pulse reported Thursday that PT Bakrie Sumatera Plantation
Tbk posted a loss of Rp55.7 billion in the first three months of
this year. The company's sales in the three-month period totaled
Rp57.9 billion, down from Rp63.1 billion.

Mara Satriawangsa, Corporate Communications Manager of the
company, said that the company continued to suffer losses
because of falling prices of its main commodities, rubber and
palm oil. It also suffered a US$6.76 million loss on foreign
exchange in the first quarter this year.

He added that the price of rubber in the world market averaged
US$0.57 per kilogram in the first quarter of this year, down
from US$0.68 a year ago, while crude palm oil shrank by 28
percent to US$247 per ton, the report said.


CHANDRA ASRI: Gov't To Review Market Situation For Workout
----------------------------------------------------------
The government will undertake an assessment of the current
market situation vis-.-vis the validity of the proposed
restructuring of PT Chandra Asri Petrochemical Center (CAPC),
Bisnis Indonesia reports Wednesday.

Indonesian Bank Restructuring Agency (IBRA) Chief Edwin Gerungan
was quoted saying that the review is expected to be done this
week.

CAPC, the report says, has only three days to submit a business
plan to the financial committee KKSK and IBRA.

In light of this, PT Tri Polyta Indonesia is currently being
pressed to pay within this month its debts amounting to US$49
million owed to CAPC, the report says.

In April, KKSK sanctioned the conversion of US$100 million of
the entire debt CAPC owes to Japanese creditors into equity, as
the repayment of the rest of the US$750-million debt would made
over a period of 15 years at a rate of LIBOR plus 1.5 percent,
the report says.

IBRA agreed to swap around US$382 million of its credit extended
to CAPC for shares, while the remaining US$50 million would be
retained as loan.


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


CHOGIN TOKYO: Negative Net Worth Reaches Y193-B
-----------------------------------------------
Insolvent Chogin Tokyo Shinyo Kumiai's negative net worth now
stands at Y193 billion as of 31 March 2001, Japan Times Online
reported yesterday, citing the credit union's administrators.

According to Deposit Insurance Corp. Senior Director Hideto
Yoshida, Chogin Tokyo is in dire need of public fund injection
to replenish its dried up coffers.

Previously, when the credit union applied for fund replenishment
at the then Financial Reconstruction Commission in 1999, its net
liabilities were pegged at Y53.4 billion.

This went up after the administrators made allocations for loan-
loss reserves for the credit union's outstanding non-performing
loans amounting to Y228.2 billion for fiscal 2000.

Meanwhile, the report adds, former directors Shin Pyongjun and
Kang Hyeimun, together with 17 other senior managers of Chogin
Tokyo have been summoned to court for their roles in the
collapse of the 49-year-old credit union.

As of March, the credit union's deposits stood at Y153 billion.


CRAYFISH COMPANY: Hikari Tsushin Takes Over
-------------------------------------------
Hikari Tsushin, which owns almost half of troubled e-mail
service provider Crayfish Company, is taking over the management
of Crayfish, following the approval of a motion at the
extraordinary shareholders' meeting held Wednesday, Dow Jones
reported yesterday.

The shareholders' approval ended the 10-week long corporate
dispute between Hikari Tsushin and Crayfish led by its former
president Isao Matsushima, a 13 percent stakeholder, over
management issues.

Along with Hikari Tsushin's takeover, Koji Yamamoto was then
named as the company's new president. Yamamoto's management, he
said, is aimed at bolstering the efficiency in the company's
performance in terms of sales and technology operations, to make
a return to profitability, Dow Jones reports.

The new Crayfish president added, "We would like to outline
concrete management measures and figures after a few weeks."


MYCAL CORP: Plans To Cut Debts To Y910-B By August
--------------------------------------------------
Mycal Corporation has revealed the schemes through which it aims
to reduce its interest-bearing debts are going ahead according
to plan, AFX-Asia reported Wednesday.

At present, the company aims to lower its financial burden to
Y910 billion by end of August, from its debt standing of Y1.15
trillion as of February 28 this year.

Mycal, moreover, hopes to achieve this end with the cooperation
of the Japanese financial firms that have granted the company
debt write-offs.


SEGA CORP: Expects Y10-B In Revenue From Non-Game Units
-------------------------------------------------------
Sega Corporation is anticipating annual revenues of up to Y10
billion from businesses outside the video games operations
within the next three years, AsiaPulse reports.

The troubled producer of Dreamcast is drawing up plans for
business diversification, branching out into animated film
production, simulators manufacturing, touch panel-based fastfood
terminal production, and electronics equipment.

Sega's animated film production is already underway, with the
development of the Animanium software, said to simplify the
production of three-dimensional animated computer graphics. In
fact, a TV program using this animation technology will start
airing on TV Tokyo in July.


TOKYO METALLIC: In Talks With Softbank Re Acquisition
-----------------------------------------------------
Financially troubled Tokyo Metallic Communications Corporation
is currently in negotiations for the sale of all outstanding
shares of the company to Softbank Corporation, The Asian Wall
Street Journal reports yesterday.

The sale is expected to be completed by the month's end, the
newspaper says.

Softbank's acquisition bid is in line with its thrust of
branching into the business of high-speed asymmetric digital
subscriber line (ADSL), which it hopes to offer as service to
individual customers and corporate clients through subsidiary
Yahoo! Japan Corporation and Tokyo Metallic respectively, the
newspaper says.

The acquisition is going to cost Softbank some Y4.5 billion and
the assumption of Tokyo Metallic liabilities.


TW KABUSHIKI: Moody's Downgrades Sub Notes To Ca
------------------------------------------------
Moody's Investors Service downgrades the debt ratings of MTS
Inc., (Tower), the main operating subsidiary of Tower Records,
based on uncertainty about its ability to maintain sufficient
operating liquidity during the fourth calendar quarter, as well
as current weakness in the music retailing segment. This
concludes the rating action started in March 2001.

The following ratings have been affected by this action:

Senior implied rating to Caa1 from B3;

$110 million senior subordinated notes to Ca from Caa3;

Senior unsecured issuer rating to Caa3 from Caa1.

The rating of the bank credit facilities has been withdrawn.

The term of Tower's revolving credit facilities was extended to
April 23, 2002 from April 2001. The currently available amount
was reduced from $275 million to about $225 million, which
corresponds to Tower's current availability needs.

However, the banks are requiring Tower to search for new sources
of capital to replace the revolvers, whose availability falls to
$100 million by December 2001. The facilities are secured by
substantially all of Tower's domestic tangible and intangible
assets, and by a portion of its non-U.S. assets. Tower's
Japanese subsidiary is a co-borrower under the facility.

The rating outlook is developing. Tower is actively working to
monetize the value in its domestic assets and foreign
operations.

Moody's believes that Tower is likely to file for bankruptcy if
it cannot find a new source of capital or otherwise repay the
banks within the next few months.

The company has taken action to improve productivity and reduce
operating costs, but may have difficulty demonstrating
improvements during the current weak environment for music
product. The ratings reflect that in case of bankruptcy, Tower's
subordinated noteholders will likely be substantially impaired.

However, Moody's believes that Tower's franchise continues to
have value for both its customers and vendors and that the
company can be viable as an ongoing entity. It remains a leader
in music and entertainment product with an international
presence, although Moody's believes its market share has fallen
as a result of mergers by competitors and the growth of
Internet-based competitors.

Ratings could improve if the company is able to improve its
franchise value by sourcing additional capital to see it through
the intermediate term and by continuing to improve operating
practices and reduce costs.

MTS, Inc., the operating subsidiary of Tower Records, Inc.,
headquartered in West Sacramento, is a leading retailer of audio
and video entertainment products. The company operates 187
entertainment superstores, primarily in the U.S., U.K., Japan,
and Latin America. Tower also operates stores in other locations
in conjunction with local investors.


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


DAEWOO SHIPBUILDING: Will Repay W65.4-B In Debts
------------------------------------------------
Daewoo Shipbuilding and Marine Engineering announced the company
intends to repay a total of W65.4 billion of its debts within
the month, The Korea Herald reported yesterday.

By doing so, the shipbuilder's entire debt will be reduced to
W800 billion from W1.1 trillion in outstanding obligations as of
31 December 2000.

In March, the company made a debt repayment totaling W30
billion.


HYNIX SEMICON: Decision On Over-Allotment Option Nears
------------------------------------------------------
Hynix Semiconductor Incorporated will make its decision by
middle of next month on the exercise of an over-allotment option
for its global depository receipts (GDR) issue, AFX-Asia
reported Tuesday.

A Hynix spokeswoman said in the report, "We have not decided
whether to issue more GDRs up to 15 percentt of last week's
US$1.25-billion issue."

However, an industry source told Yonhap News that Hynix might
stop issuing GDRs through the over-allotment option, given the
GDR price on the London market, falling to US$11 from US$12.


HYNIX SEMICON: Sells LCD Unit To Beijing Orient-Cando JV
--------------------------------------------------------
Hynix Semiconductor has entered into an agreement to sell its
thin film transistor liquid crystal display (TFT-LCD) operations
to a joint venture of Beijing Orient Electronics Group Company
and Cando Corporation for a sale price of between $400 million
and $700 million, The Asian Wall Street Journal reported
yesterday.

>From the sale, Hynix will earn a profit of around $350 million,
plus a stake in the joint venture to be established by Hynix.

The contract for the sale of the Hynix unit will be signed by
the three concerned companies by end of August, while the joint
venture and its takeover in the unit will be completed by the
year's end, the report says, citing a company statement.


HYUNDAI ENGINEERING: To Sign MoU On Restructuring In July
---------------------------------------------------------
Hyundai Engineering and Construction Company (HDEC) is set to
sign a memorandum of understanding (MoU) with its local
creditors on its restructuring exercise in early July at the
latest, The Asian Wall Street Journal reports, citing Lee Tae-
kyun of Korea Exchange Bank (KEB) .

The MoU will include target earnings and debt-to-equity ratio
that have yet to be determined in a series of discussions
between the management of Hyundai Engineering and the creditors,
the newspaper says.

In the meantime, the ailing builder is expected to issue
convertible bonds worth W750 billion June 29, which will be
guaranteed by the Korea Credit Guarantee Fund. This bond issue
is included in the company's creditors-approved bailout package
amounting to W2.9 trillion.


HYUNDAI PETROCHEM: Creditors Issue Ultimatum
--------------------------------------------
Creditors of Hyundai Petrochemical have issued an ultimatum to
the company's major shareholders, Hyundai Heavy Industries (HHI)
and Hyundai Merchant Marine, The Digital Chosun reported
yesterday.

The creditors wish to raise a bailout fund totaling W950
billion, needed to fasttrack the company's recovery.

Shareholders are given two options, either give up their stakes
or bring in fresh funds worth W200 billion, and concessions to
each of which will compel creditors to participate in the debt-
for-equity swap worth W500 billion, and eventually extend W450
billion in new loans to the company, the report says, citing
creditor bank Hanvit.


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


DIPERDANA HOLDINGS: Signs MoU With Konsortium, PHSB
---------------------------------------------------
Diperdana Holdings Berhad entered into a Supplemental MOU with
Konsortium and PHSB on 20 June 2001 with a view to extend the
original memorandum of understanding MOU for a period of three
months from the date of the Supplemental MOU.

The Supplemental MOU will expire 19 September 2001.

All the remaining terms and conditions of the MOU, executed on
21 March 2001, remain unchanged.

The respective parties are still conducting their due diligence
review, creating the need for the extension.

Diperdana on March 21 has entered into a memorandum of
understanding with Konsortium Logistik Berhad and Pelican
Holding Sdn Bhd, in order to finalize a negotiation and the
terms of the proposed disposal and proposed acquisition
respectively.

Proposed Disposal

The proposed disposal involves the disposal of Diperdana's
entire existing business comprising all of its assets and
liabilities, to Konsortium. Diperdana's existing business
encompasses container haulage by road and rail, forwarding,
management of container depots and warehousing.

Konsortium's principal activities are container haulage, bulk
liquid distribution, inland container depot services, freight
forwarding, distribution and warehousing services, shipping and
chartering services, general insurance and engineering services.

The proposed disposal will therefore result in a merger of
Diperdana's existing business with that of Konsortium.

Proposed Acquisition

The proposed acquisition involves the acquisition by Diperdana
of a controlling stake in Pelikan from PHSB. Pelikan is a German
corporation with an issued and paid-up capital of Swiss Francs
100,100,000 comprising 539,000 Registered Shares of nominal
value Swiss Francs 65.00 each and 1,001,000 Bearer Shares of
nominal value Swiss Francs 65.00 each. Pelikan is listed on
several European stock exchanges, with its primary listing being
on the
Zurich Stock Exchange.

Pelikan's principal activities are the manufacture and
distribution of high-end writing instruments; art, painting and
hobby products, as well as school and office stationery
products. The company's headquarters are in Switzerland. Its
principal manufacturing facilities are located in Hannover,
Germany and Mexico. Its associate companies in Latin America and
Australia
also manufacture certain items of the company's product range.

Its main market is Europe. Pelikan distributes its products
through subsidiaries, associate companies and agents in 53
countries worldwide.

Salient Terms Of The MOU

The salient terms of the MOU are as follows:

(a) Each of the parties will in good faith use its best
endeavors to conclude negotiations leading to the finalization
and execution of the agreements in respect of the proposed
disposal and proposed Acquisition, within three (3) months from
the date of the MOU (Lockout Period);

(b) During the Lockout Period, Diperdana and Konsortium will
negotiate exclusively with each other only in respect of the
Proposed Disposal, and Diperdana and PHSB will negotiate
exclusively with each other only in respect of the Proposed
Acquisition. Each of the parties agrees that it shall not during
the Lockout Period negotiate with any other party; and

(c) The MOU represents the good faith, understanding and
statement of intention of the parties to proceed further with
their negotiations and as such, is not intended to have any
legally binding effect save with respect to the agreement as to
exclusive negotiation during the Lockout Period.


KELANAMAS INDUSTRIES: Applies For Extension
-------------------------------------------
Kelanamas Industries Berhad (KIB) announces the Company made an
application to the Kuala Lumpur Stock Exchange (KLSE) on 19 June
2001 for a four month extension from 19 June 2001 in order to
comply with Practice Note 4/2001 issued in relation to Criteria
and Obligation of The Kuala Lumpur Stock Exchange's Listing
Requirement.

Profile

At the time of listing the Company, then called Sungei Besi
Mines Bhd (SBM), was one of the major tin producers in Malaysia.
SBM had been incorporated to take over the business of the
Sungei Besi Mines Ltd (Sungei Besi), a UK-incorporated company.
Effective 1 November 1976, the issued share capital of Sungei
Besi was cancelled in exchange for shares in SBM.

In December 1989, SBM ceased its mining operations to become an
investment holding company. A period of diversification followed
from 1991 to 1997 during which the SBM G roup became involved in
property investment, trading and distribution of consumer
products, manufacture of cordials, fruit juices, soft drinks and
food products, granite quarrying and stockbroking.

SBM changed its name to Kelanamas Industries Bhd (KIB) in 1993
to reflect its diversification from tin mining into the new
areas of business.

On 12 February 1999 the Group's main contributor, Alor Setar
Securities Sdn Bhd (ASSEC), was put under a Special
Administrator appointed by Pengurusan Danaharta Nasional Bhd.

Assec subsequently went through a restructuring exercise to help
restore its financial and operational viability. The scheme has
been fully implemented including a capital reduction and new
issue of shares to the new investor on 17 July 2000. As such,
from that date, Kelanamas Capital Sdn Bhd (subsidiary of KIB)
only holds 45 shares of a total of 30,000,100 shares of ASSEC on
issue.

Therefore, ASSEC is no longer a related company of KIB.

In addition, in May 2000, Kelanamas entered into an agreement
with Dolomite Bhd (DB) pursuant to the Group's restructuring
involving DB and its eight subsidiaries.

The restructuring entails capital reduction, debt reconstruction
and acquisition of the DB Group. The Group's future viability
hinges on the successful outcome of this restructuring scheme.

As part of the scheme, disposal/liquidation of all other
subsidiaries/assets/businesses shall be undertaken by Kelanamas.
Any corporate guarantee liabilities arising from the liquidation
of these subsidiaries and associated companies will be assumed
by the Company in its debt restructuring schemes.


TECHNOLOGY RESOURCES: Injunction Hearing Date Set
-------------------------------------------------
Technology Resources Industries Berhad announced that the
hearing date for the inter parte injunction on the legal
proceeding between the Company's wholly owned subsidiary, Celcom
(Malaysia) Sdn Bhd and another subsidiary, Celcom Timur
(Sarawak) Sdn Bhd has been fixed on 6 September 2001.

Meanwhile, the ex-parte injunction has been extended to the same
date.

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 appealing the
judgement 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.


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


NATIONAL POWER: Moody's Sees Benefits In Industry Reform
--------------------------------------------------------
Moody's Investors Service says that the passage of the Omnibus
Power Bill (the Bill) in the Philippines on June 8, 2001 should
benefit the government's fiscal performance, the power sector
and the economy over time.

However, improvements resulting from this law must be put into
the broader perspective of the government's on-going fiscal
challenges. In addition, Moody's notes that there are some
inherent uncertainties in the transition process, as detailed
implementation rules and stranded cost determination and
recovery are still being worked out.

Moody's believes that the debt ratings of the state-owned
electricity generation and transmission company, National Power
Corporation (Napocor) will continue to be linked to that of the
sovereign.

The outcome of reviews by the Power Sector Assets and
Liabilities Management Corporation (PSALM) of Independent Power
Producers' (IPPs) power purchase contracts will determine the
future financial integrity of the IPPs.

Impact On The Country

The signing of the Bill into law by President Gloria Macapagal-
Arroyo should play a role in stabilizing the Philippines' fiscal
situation over the long term and may also ensure that the
economy will not again suffer from debilitating power supply
shortages.

The problem now is that the deterioration in overall economic
conditions is much worse than when the Bill was initially drawn
up, owing to both domestic and external factors. GDP growth has
decelerated and is not likely to recover to the mid-1990s trend.
The national government's budget has shifted from a position of
surplus in 1997 to a deficit expected to reach about 4 percent
of GDP this year.

The privatization and restructuring of the Napocor will do
little to support the national government budget in the near
term.

The NPC accounts reside in the broader and consolidated public
sector deficit (which is likely to widen beyond that of the
national government deficit in 2001) where they comprise one of
the single largest holes. In fact, improved administrative
revenue collection would, for example, provide a bigger boost to
the budget in the near term.

Moreover, initial reports suggest that Napocor's large net
liability position means that the national government will not
likely to benefit from privatization proceeds.

Nevertheless, the passage of the Bill probably signals that the
Arroyo government has the ability to advance difficult reforms
that frustrated even the Ramos administration.

The Bill alone will not prompt Moody's to change the negative
outlook it has on its sovereign rating of Ba1 for foreign
currency bonds and notes issued or guaranteed by the Republic of
the Philippines.

Rather, Moody's will analyze the fiscal effects of the Bill once
details become available. This, together with other actions
taken by the new administration, will determine whether ground
lost under the previous administration can be regained and
whether the Philippines can adequately cope with a more adverse
external environment.

Impact On The Power Sector

Moody's believes that power sector reform and privatization of
Napocor will bring long term benefits to the industry. Final
passage of the long drawn-out Bill sets the legislative platform
for the government to privatize and sell assets of the debt-
ridden Napocor and further opens the power industry to private
investors.

Moody's says this will help attract private investment and
broaden capital sources, which are much needed for the future
development and enhancement of the power sector. Private
participation and disposal of thermal and geothermal generation
assets will help alleviate the financial burden on Napocor and
the government from generation capacity expansion and focus on
the lower-risk transmission sector.

Moody's expects that industry restructuring and a competitive
power pool, if properly implemented, will help raise efficiency
and improve resource allocation, and thus ultimately reduce
overall electricity tariffs.

However, Moody's says that the success of the reform will depend
on well-designed implementation rules and careful management of
stranded costs and privatization asset sales.

Moody's considers that the debt ratings of Napocor will remain
linked to that of the sovereign because of expected continued
government commitment to the outstanding guaranteed NPC debts,
and the establishment of the wholly-government owned and
controlled PSALM to take over and continue to be responsible for
all of Napocor's assets and liabilities (as stipulated in the
Bill).

The primary objectives of PSALM are to manage the disposal and
privatization of Napocor assets; manage and determine the amount
of stranded debts, contract costs and IPP management; and
administer universal charges in order to liquidate all Napocor
financial obligations and stranded costs.

Moody's further comments that passage of the Bill brings some
near term benefits to Napocor, but some uncertainties exist for
industry participants, including Napocor and the IPPs. Enactment
of the Bill helps expedite the release of loans from
supranational institutions to Napocor, as funds dispersion is
subject to the approval of the Bill.

In addition, it helps revive Napocor's access to international
capital markets as the future industry structure becomes
clearer.

Uncertainties exist, too, as to reform implementation and
determination and recovery of the value of stranded power
purchase contracts, because details of the Implementing Rules
and Regulations of this Act will only be promulgated by the
Department of Energy in 6 months' time.

In addition, the mandated rate reduction (P0.30/kWh) for
residential end-users will further pressure cash flow and the
financial situation of the loss-making and financially-
precarious NPC in the short term.

Outcome of reviews of IPP power purchase contracts by PSALM and
the determination of the recovery levels of stranded costs by
the ERC will have significant bearing on the individual
financial integrity of the IPPs. Moody's understands that the
total liabilities of Napocor, inclusive of power purchase
contracts, are estimated at US$13 billion (P554 billion).

The Bill provides that the Philippine government will be
responsible for Napocor's loan liabilities up to US$4.76 billion
(P200 billion). The remaining liabilities are expected to be
covered by the sales proceeds from Napocor's assets and a
universal charge on end-users. The ERC will review the power
purchase contracts individually to determine their value and the
recovery level of the stranded costs (if any). Details of how
the contracts will be reviewed are not yet known.

Moody's expects that reviews will be conducted in a transparent
manner with reasonable criteria and careful consideration of
creditors' interests.

Moody's further expects that contracts will not be renegotiated
and recovery determined unilaterally given the government's
track record of commitment in honoring Napocor's obligations
towards the IPPs; the country's established legal framework and
economic philosophy; and the importance of ensuring inflow of
private capital to the Philippines.

However this aspect of the privatization process will require
careful monitoring - any move away from this expected position
is likely to have adverse rating consequences for those IPPs
rated by Moody's.


NATIONAL POWER: Sees Problem In Geothermal Assets Sale
------------------------------------------------------
National Power Corporation (Napocor) officials expect the sale
of the geothermal assets of the state-owned utility firm may
stumble into obstacles, The Philippine Star reports yesterday.
The sale of the said properties is under Republic Act (RA)
91336, or the Electricity Power Industry Reform Act of 2001.

The officials predict marketing would be very difficult for
Napocor, due to provisions in the law. Chapter V, Section 27 of
the ACT states, "The steamfield assets and generating plants of
each geothermal complex shall not be sold separately. The
geothermal complexes covered by this requirement include, Tiwi-
Makban, Leyte A&B (Tongonan), Palinponan, and Mt. Apo."

The steamfield, by virtue of a service contract, is owned by
Philippine Geothermal Inc (PGI), while Napocor is the operator
of the power generation facilities. However, both parties are
still discussing the contract, which is heading toward amicable
settlement.


SHEMBERG BIOTECH: Proposes 10-Year Rehab Plan
---------------------------------------------
Shemberg Biotech Corporation (SBC), a subsidiary of carrageenan
giant Shemberg Marketing Corporation, is proposing a 10-year
rehabilitation plan, following its application in May for court
receivership with the Regional Trial Court of Cebu, Business
World reported yesterday.

The plan will call for a conversion of 45 percent of its P900
million multilateral loan into equity, and restructuring for the
rest.

"As long as the market is there (and) the business is viable, I
don't see any reason why this will be turned down," SBC
President and CEO Benson Dakay told World, referring to its
request from the court for granting a grace period, in the
principal and interest payment, that will extend until 2003.

"We will present a schedule of payments starting 2004 until
2009. Having a definite schedule of payments is better than
trying to kill each other or leave things hanging," Mr Dakay
said.

Shemberg Biotech's court-appointed receiver is Ruben Almendras
of the Cebu International Finance Corporation.


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


CAPITALAND LIMITED: Res. Unit Completing Payment On Bond
--------------------------------------------------------
CapitaLand and Bayerische Hypo-und Vereinsbank AG (HVB) near
closing the first rated securitization bond in Singapore amid
positive response.

CapitaLand Residential Limited (CRL) is completing a S$200
million progress payment securities Fixed Rate Bond issue on 15
June 2001, which has received positive response so far.

The issue is the first internationally rated securitization
transaction in Singapore, and is arranged, underwritten and
lead-managed by Bayerische Hypo- und Vereinsbank AG (HVB).

This progress payment securitization has attracted much interest
among international investors, as well as other investors
including insurance companies, banks, pension funds and fund
management companies.

The securitization is issued via a bankruptcy remote special
purpose company, Peridot Investments Limited. The main
underlying security is the progress payments from sold and
unsold units of three CRL projects, namely SunHaven, Palm Grove
and The Loft.

Proceeds from the securitization will be extended as loans to
the Project Companies for refinancing of land and construction
costs.

The S$200 million issue has an average maturity life of six
years. There are four tranches from the issue and these are
rated AAA, AA, A and BBB by international rating agency Fitch
Inc, who will be reviewing the transaction on an on-going basis.

The interest coupons for the bonds are as follows:
AAA - 3.71 percent
AA - 3.83 percent
A - 4.09 percent
BBB - 4.79 percent

A substitution of eligible projects is expected to occur in the
second and third years of the issue. Substitution projects must
meet pre-agreed eligibility criteria and be approved by the
rating agency and the Completion Guarantor. This ensures the
integrity of the overall security arrangement and the quality of
the structure.

The substitution of projects gives the issue a revolving feature
that allows proceeds to be used to finance future projects. This
facilitates the issue of long dated notes to take advantage of
the current level of low interest rates.

HVB, as the Completion Guarantor, will provide a completion
guarantee for each existing and future eligible project to be
included in the structure. HVB long-term debt ratings are rated
AA-, Aa3, and A+ by Fitch, Moody's and Standard & Poor's
respectively.

By isolating the development risks via a completion guarantee,
the rating agency Fitch Inc was able to rate the transaction
based on the project cashflow, performance of the purchasers and
the marketing of unsold units.

Rules and regulations governing progress payments and project
completion are clearly defined and thus give protection to the
investors in the progress payment securitization.

Perspectives of Senior Management

"The advantage of this structure over conventional financing is
that it allows CRL to raise financing at low interest rates,
reflective of the strength of the underlying cashflow from
achieved sales. Additionally, the credit rating facilitates
diversification of funding source by allowing access to non-
traditional investors and the international market," says Steve
McMillan, Chief Operating Officer, CapitaLand Residential.

"We are pleased to work with CapitaLand Residential Limited, a
strong partner who has an excellent reputation for good quality
project management, as evidenced by the international AAA rating
for this landmark transaction. We are also excited to play a
part in increasing the level of awareness of structured bonds
among investors," Eddie Wong, Chairman of the Managing
Committee, Asia, HVB.

About CapitaLand Residential Limited

CapitaLand Residential Limited is committed to developing
premier, high quality homes in its target markets. Its portfolio
includes quality developments such as Avalon, Aspen Heights, The
Loft and SunHaven in Singapore, Woodcroft and Balmain Shores in
Australia, and Chrysanthemum Park in Shanghai, China.

It aims to build its premium position with emphasis on product
leadership and the continuous introduction of innovation -
including enhanced living environments and intelligent e-
lifestyle residences.

CapitaLand Residential is the residential property business unit
of CapitaLand Limited, Southeast Asia's largest listed property
company with assets of more than S$19 billion.


About Bayerische Hypo- und Vereinsbank AG

Bayerische Hypo- und Vereinsbank AG is part of the HVB Group,
one of the three biggest banks in Europe. A full-service bank
focused on real estate financing, asset management, structured
finance and intergrated capital-market operations, the Bank
enjoys a leading position in the economic hub of Germany,
Austria and Central and Eastern Europe.

As at end 2000, The Group's total assets and equity capital
stood at 716.5 billion Euros and 19.6 billion Euros
respectively. With offices at all the world's major financial
centers, the Group boasts a customer base of eight million.


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


CARNAUDMETALBOX: Files For Delisting
------------------------------------
CarnaudMetalbox (Thailand) Public Company Limited hereby submits
an application for delisting of shares with the following
details:

1. Type of Securities of the Company

   1.1  Ordinary shares

        1.1.1 In the amount of 17,622,196 shares at the par
value of Bt10 each, totaling Bt176,221,960.

        1.1.2 Becoming listed securities on the Stock Exchange
since April 30, 1975.

        1.1.3 The latest trading price: Bt 88.00 per share on
June 19, 2001.

  1.2  Debentures/Convertible Debentures

       None

  1.3  Warrants

       None

  1.4  Other types of securities (please specify):

       None

2. Approval from the shareholders meeting to delist the shares

   The extraordinary shareholders meeting No.1/2001, held on
June 20, 2001 has resolved to delist the shares of the Company
with the following details:

   2.1 The number of all the shareholders: 624 , holding,
17,622,196 shares.

   2.2 The number of small shareholders each of whom holds
shares of not more than 5/1000 of the paid-up capital but not
less than 1 board lot: 527, holding 2,546,158 shares,
representing 14.45 percent of the paid-up capital.

  2.3 The number of shareholders who attended the meeting in
person: 54

  2.4 The number of shareholders who attended the meeting by
proxy: 32, holding 941,875 shares, representing 5.34 percent of
the paid-up capital.

  2.5 The number of shareholders who approved the delisting of
shares: 49, holding 14,317,382 shares, representing 81.25
percent of the paid-up capital.

  2.6 The number of shareholders who objected to the delisting
of shares: 3, holding 36,600 shares, representing 0.21 percent
of the paid-up capital.

3. Reasons and facts concerning the delisting of shares

   a. Throughout these many years, CMBT's shares have been
underperformed due to its limited trading volume. This coming
delisting will give the opportunity to the existing shareholders
either to sell the shares to the tender offeror at the tender
offer price or to maintain their share holding positions.

  b. According to the SET regulations, CMBT is, from time to
time, required to disclose its financial and business
information, which competitors who are not listed do not have to
do. This puts CMBT at a competitive disadvantage. Additionally,
such disclosure incurs costs and expenses including man-hours as
part of CMBT's administrative expenses.

  c. CMBT has no plan to raise funds through the SET because
CMBT is able to rely on its internal working capital for future
corporate funding.

4. The general offer to purchase shares and other securities
convertible into shares of the company from the shareholders and
holders of securities.

   4.1 The offeror or group of offerors and relationship with
the Company: Claremont Holdings (Thailand) Ltd. is a wholly
owned subsidiary of CarnaudMetalbox Asia Limited ("CMBA"), a
controlling shareholder of the Company.

       CMBA holds 99.99 percent of the total issued shares in
Claremont Holdings (Thailand) Ltd.

       CMBA directly holds 12,509,000 shares, representing 70.98
percent of the total issued shares in the Company and indirectly
holds 650,000 shares through CarnaudMetalbox Packaging Pte. Ltd.
(a wholly owned subsidiary of CMBA) representing 3.69 percent of
the total issued shares in the Company.

   4.2 Offer price of securities (classified into each type of
securities)

       The offer price for the ordinary shares is Bt90.0 per
share.

       The offerees will bear a brokerage fee of 0.25 percent of
the offer price and value added tax (VAT) of 7 percent of the
brokerage fee; therefore, the amount receivable by shareholders
(after deducting the said fee and VAT) would be Bt89.75925 per
share.

   4.3 Name of financial advisor of the offeror

       United Advisory Services Company Limited

   4.4 Name of independent financial advisor

       IFCT Advisory Co., Ltd.

   4.5 Tender offer period

       From July 20, 2001 to September 21, 2001, totally 45
working days.

      * the tender offer period is subject to the delisting
application approval made by the Stock Exchange of Thailand.
The Company will promptly announce the revised tender offer
period, if any.

5. Shareholders list as at June 20, 2001.

   5.1 Top ten major shareholders as of the date of shareholders
meeting at which the resolution to delist the Company's shares
was adopted (June 20, 2001.)

Name  Nationality  Occupation  Number of Shares Held  %
Shareholding

1. CarnaudMetalbox Asia Limited
    Singapore    Holding Co.        12,509,000            70.98
2. CarnaudMetalbox Packaging Pte Ltd.
     Singapore    Packaging           650,000             3.69
3. Mr. Charlie Maligamas
Thai         Business              340,000             1.93
4. Mrs. Vasanee thammasutkati
    Thai         Business             255,000             1.45
5. Mr. Somkiet Limsong
    Thai         Business             217,500             1.23
6. HSBC Trustee (Singapore) Ltd.
     Singapore    Business            157,500             0.89
7. Mrs. Sajee Suthikam
      Thai         Business          147,200             0.84
8. Mr. Vikarn Nakasari
      Thai         Business           144,000             0.82
9. Karntunthai Finance Securities Plc.
   Thai         Business              141,250             0.80
10. Ms. Sukanya Chaiyapud
        Thai         Business         116,700             0.66

Name              Position                  % Shareholding

1. Mr. William Henny Voss    Chairman           -
2. Mr. Ray Fazackerley      Managing Director   -
3. Mr. Jozef Salaerts         Director          -
4. Mr. Lee Chin Siong Patrick  Dir., Financial Controller -
5. Ms. Bunnag Siriphonlai   Dir., Plant Manager -
6. Mr. Teerajitt Sthirotamawong
        Independent Director/Chairman Audit Committee  -
7. Mr. Winai Dulyavidh
       Independent Director / Audit Committee         -
8. Mr. D.F.A. Raikes
       Independent Director / Audit Committee         0.01
Total                                                 0.01


COUNTRY FINANCE: Bankruptcy Process Starts
------------------------------------------
The Central Bankruptcy Court on Tuesday, 19 June 2001, declared
suspended company Country Finance and Securities Company Limited
bankrupt and placed the company under absolute receivership.

Kamol Juntima, Chairman of the Financial Sector Restructuring
Authority (FRA), said that these four companies have already
distributed the proceeds from asset sales amounting to
Bt9,541.72 million to their eligible creditors who had filed
their claims with the FRA. Of this amount, 9,501.41 million baht
or 99.58 percent were paid to the Financial Institutions
Development Fund (FIDF).

The FRA has already brought 23 suspended companies under its
supervision into the bankruptcy process, six of them taken into
the process before distributing payments to the creditors. By
the end of June, three more companies which have already
distributed payments to their creditors will be brought into the
bankruptcy process.

Kamol said that, to date, 20 suspended finance companies have
already distributed payments totaling of Bt40,150.47 million to
their creditors, with Bt38,841.93 million or 96.74 percent to
the FIDF, and 10 more are to pay debts to the creditors during
16 July - 15 August 2001.

Under the Bankruptcy Law procedures the Official Receiver of the
Legal Execution Department is given sole authority to liquidate
the remaining assets of the bankrupt companies.

The creditors who have already received payments under the FRA's
procedures are entitled to receive additional payments in the
bankruptcy process for their outstanding debts. All creditors
have to file claims with the Official Receiver within 2 months
after the receiving orders are publicized.

Country Finance and Securities Co., Ltd. was established on June
20,1974. It was one of 16 finance companies suspended on June
26, 1997.

The company's creditors have been repaid amounting to Bt1,738.80
million, of which Bt1,715.80 million was paid to the FIDF.

After completing debt repayments under the FRA's procedures, the
company has Bt3,070.87 million of outstanding debts and Bt560.78
million of remaining assets as of April 30, 2001.

Most of the remaining assets are under the litigation and
foreclosure process.


EASTERN STAR: Board Resolves Subscription, Payment Date
-------------------------------------------------------
Eastern Star Real Estate Public Company Limited announced the
Board of Directors Meeting unanimously resolved to fix the date
of shares subscription and payment for the 38,356,485 capital
increase shares. This will be made during 9-13 July 2001, 9.00-
16.00 Hrs., at the office no. 1, Glas Haus Building, P Floor,
Sukhumvit 25 Road, Kwaeng Klongtoei-nua, Khet Wattana, Bangkok
Metropolis.

The shareholders who do not subscribe the shares and pay the
share subscription price within the period aforesaid, the
subscription rights shall then expire or on 13 July 2001, at
16.00 hrs.

According to the Ordinary General Meeting of Shareholders No.
1/2001, held on 1 June 2001, it was resolved that 38,356,485
capital increase shares, par value of Bt10, be allotted and
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.

The shareholders whose names appear in the Share Register as at
5 April 2001, at 12.00 hrs., will be entitled to subscribe for
the capital increase shares.


LILA FINANCE: Declared Bankrupt
-------------------------------
The Central Bankruptcy Court on Tuesday, 19 June 2001, declared
suspended company Lila Finance and Securities Company Limited
bankrupt and placed the company under absolute receivership.

Kamol Juntima, Chairman of the Financial Sector Restructuring
Authority (FRA), said that these four companies have already
distributed the proceeds from asset sales amounting to
Bt9,541.72 million to their eligible creditors who had filed
their claims with the FRA. Of this amount, Bt9,501.41 million or
99.58 percent were paid to the Financial Institutions
Development Fund (FIDF).

As of now, the FRA has already brought 23 suspended companies
under its supervision into the bankruptcy process, six of them
taken into the process before distributing payments to the
creditors. By the end of June, three more companies, which have
already distributed payments to their creditors will be brought
into the bankruptcy process.

Kamol said that, to date, 20 suspended finance companies have
already distributed payments totaling of Bt40,150.47 million to
their creditors, with Bt38,841.93 million or 96.74 percent to
the FIDF, and 10 more are to pay debts to the creditors during
16 July - 15 August 2001.

Under the Bankruptcy Law procedures the Official Receiver of the
Legal Execution Department is given sole authority to liquidate
the remaining assets of the bankrupt companies.

The creditors who have already received payments under the FRA's
procedures are entitled to receive additional payments in the
bankruptcy process for their outstanding debts. All creditors
have to file claims with the Official Receiver within 2 months
after the receiving orders are publicized.

Lila Finance and Securities Company Limited was established on
April 9, 1970. It was one of 42 finance companies suspended on
August 5, 1997. The company's creditors have been repaid
amounting to Bt350.78 million, of which Bt342.15 million was
paid to the FIDF. After completing debt repayments under the
FRA's procedures, the company has Bt1,793.19 million of
outstanding debts and Bt899.69 million of remaining assets as of
April 30, 2001.

Most of the remaining assets are under the foreclosure process.


NATIONAL FERTILIZER: EGM Slated For July 30
-------------------------------------------
According to the Board of Directors meeting No.7/2544 of
National Fertilizer Public Company Limited held on June 20,
2001, the meeting had resolution to call for the extraordinary
Shareholders' Meeting No.1/2544 on July 30, 2001 at 14.00 hrs.
at Auditorium  Room  2nd  Floor, Petroleum Authority of Thailand
Building, 555 Vibhavadee-Rangsit Road, Ladyao, Bangkok.

The agenda of meeting is as follows:

1. Consideration to certify the minutes of the Ordinary
Shareholders' Meeting No. 1/2544 on April 20,2001.

2. Consideration to ratify signing on the loan agreement with
The Petroleum Authority of Thailand, which is related party.

3. Other matters (if any)

Therefore, the company has decided to close registration for the
transfer of shares to exercise the right for attending the
Extraordinary Shareholders'
Meeting No.1/2544 starting July 10, 2001 at 12.00 Hrs., onwards,
until such meeting is completed.

Thus, according to the regulations of The Securities Exchange of
Thailand, they specified that the listed companies and
subsidiaries, who have transactions that require approval from
shareholders, the listed companies must hire financial advisor
to give comments about reasonability of such transactions.

In order to compliance with the requirements of The Securities
Exchange of Thailand (SET), the company has appointed Vickers
Ballas Securities (Thailand) Company Limited as its financial
advisor, effective June 20, 2001, onwards.


PRASIT PATANA: Creditors' Meeting Moved To June 25
--------------------------------------------------
On 19 June 2001, the Official Receiver of Prasit Patana Public
Companty Limited (PPCL) called a meeting of the creditors of
PPCL for the purpose of voting on the Rehabilitation Plan (the
Plan) of PPCL which was prepared by PricewaterhouseCoopers
Corporate Restructuring Limited as Planner of PPCL.

The Planner and various creditors of PPCL filed with the OR
numerous amendments to the Plan, which materially affected the
terms of the Plan.

In order that these amendments may be properly considered by all
parties, the Official Receiver postponed the meeting to 25 June
2001.

The creditors will vote on the Plan at this meeting.


PREMIER FINANCE: Put Under Absolute Receivership
------------------------------------------------
The Central Bankruptcy Court on Tuesday, 19 June 2001, declared
suspended company Premier Finance Company Limited bankrupt and
placed the company under absolute receivership.

Kamol Juntima, Chairman of the Financial Sector Restructuring
Authority (FRA), said that these four companies have already
distributed the proceeds from asset sales amounting to
Bt9,541.72 million to their eligible creditors who had filed
their claims with the FRA. Of this amount, Bt9,501.41 million or
99.58 percent were paid to the Financial Institutions
Development Fund (FIDF).

As of now, the FRA has already brought 23 suspended companies
under its supervision into the bankruptcy process, six of them
taken into the process before distributing payments to the
creditors. By the end of June, three more companies, which have
already distributed payments to their creditors will be brought
into the bankruptcy process.

Kamol said that, to date, 20 suspended finance companies have
already distributed payments totaling of Bt40,150.47 million to
their creditors, with Bt38,841.93 million or 96.74 percent to
the FIDF, and 10 more are to pay debts to the creditors during
16 July - 15 August 2001.

Under the Bankruptcy Law procedures the Official Receiver of the
Legal Execution Department is given sole authority to liquidate
the remaining assets of the bankrupt companies.

The creditors who have already received payments under the FRA's
procedures are entitled to receive additional payments in the
bankruptcy process for their outstanding debts. All creditors
have to file claims with the Official Receiver within 2 months
after the receiving orders are publicized.

Premier Finance Company Limited was established on July 7,1972.
It was one of 42 finance companies suspended on August 5, 1997.

The company's creditors have been repaid amounting to 6,460.06
million baht , of which Bt6,457.57 million was paid to the FIDF.
After completing debt repayments under the FRA's procedures, the
company has Bt6,444.84 million of outstanding debts and
Bt2,692.23 million of remaining assets as of April 30, 2001.

Most of the remaining assets are under foreclosure process.


THAI-OVERSEA: Declared Bankrupt
-------------------------------
The Central Bankruptcy Court on Tuesday, 19 June 2001, declared
suspended company Thai-Oversea Trust Company Limited bankrupt
and placed the company under absolute receivership.

Kamol Juntima, Chairman of the Financial Sector Restructuring
Authority (FRA), said that these four companies have already
distributed the proceeds from asset sales amounting to
Bt9,541.72 million to their eligible creditors who had filed
their claims with the FRA. Of this amount, Bt9,501.41 million or
99.58 percent were paid to the Financial Institutions
Development Fund (FIDF).

As of now, the FRA has already brought 23 suspended companies
under its supervision into the bankruptcy process, six of them
taken into the process before distributing payments to the
creditors. By the end of June, three more companies, which have
already distributed payments to their creditors will be brought
into the bankruptcy process.

Kamol said that, to date, 20 suspended finance companies have
already distributed payments totaling of Bt40,150.47 million to
their creditors, with Bt38,841.93 million or 96.74 percent to
the FIDF, and 10 more are to pay debts to the creditors during
16 July - 15 August 2001.

Under the Bankruptcy Law procedures the Official Receiver of the
Legal Execution Department is given sole authority to liquidate
the remaining assets of the bankrupt companies.

The creditors who have already received payments under the FRA's
procedures are entitled to receive additional payments in the
bankruptcy process for their outstanding debts. All creditors
have to file claims with the Official Receiver within 2 months
after the receiving orders are publicized.

Thai-Oversea Trust Co.,Ltd. was established on July 2,1971. It
was one of 42 finance companies suspended on August 5, 1997. The
company's creditors have been repaid amounting to Bt992.08
million, of which Bt985.89 million was paid to the FIDF.

After completing debt repayments under the FRA's procedures, the
company has Bt1,935.07 million of outstanding debts and BT559.27
million of remaining assets as of April 30, 2001.

Most of the remaining assets are under the foreclosure process.


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

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

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