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

                   A S I A   P A C I F I C

            Monday, July 2, 2001, Vol. 4, No. 128


                         Headlines


A U S T R A L I A

ANDERSON & ROACH: ASIC Freezes Assets Of Director, Spouse
AUSTRALIAN GAS: Moody's Changes Outlook To Negative
BRIDGE INFORMATION: Selling Remaining Assets To Sungard
BRIDGE INFORMATION: Sprint Moves To End Deal With Savvis
HARRIS SCARFE: Ex-Execs To Be Questioned In Supreme Court


C H I N A   &   H O N G  K O N G

BONDIEL LIMITED: Winding Up Petition Hearing Set
FINE RICH: Winding Up Petition To Be Heard
HKCYBER.COM:  Losses Widen
HOLD SOURCE: Petition To Wind Up
HONG KONG CONSTRUCTION: Plans To Sell $1B Assets, Cut Debts
LEARNING CONCEPTS: Proposes Company Name Change
NAM FONG: Posts Operating Loss Of HK$42.556M
NAM FONG: Posts Notice Of AGM
SILVER ORIENTAL: Petition To Wind Up
TIANJIN INT'L: Beats Deadline For Samurai Bond Payment


I N D O N E S I A

BAKRIE & BROTHERS: Hopes To Earn Rp4T From Debt Workout
INDOCEMENT TUNGGAL: Sells Non-Core Assets to Pay Debt
SEMEN CIBINONG: Shareholders OK Three-Stage Workout plan


J A P A N

SEAGAIA: Ripplewood To Take Over


K O R E A

DAEWOO MOTOR: Talks With GM Still Unsuccessful
HYNIX SEMICON: Improved Rating Fails To Stem Shares' Fall
HYNIX SEMICON: S&P Raises Ratings To 'B'
KOREA TELECOM: Gov't Sells Stake To Foreign Investors
SAMSUNG FIRE: Posts Profit In First Two Months
SAMSUNG MOTORS: Talks With Creditors Likely This Month
SSANGYONG CEMENT: Sells Ex-HQ Site


M A L A Y S I A

ARTWRIGHT HOLDINGS: Seeking More Time To Execute Workout
DENKO CORP: Announces Expected Losses From Litigation
SOUTHERN BANK: Workout Plan Submission Set For Year's End
UNITED ENGINEERS: Court Grants Restraining Order Vs UEG


P H I L I P P I N E S

ASB GROUP: Asking SEC To Uphold Decision On Plan
NATIONAL BANK: Gov't Approves Debt Proposal
PHILIPPINE AIRLINES: To Defer Sale Of Assets


S I N G A P O R E

CAM INT'L: Executive Director Resigns
TIANJIN ZHONG: Manufacture of Medicines Prohibited
TIANJIN ZHONG: Shanghai Bourse Suspends 'A' Shares Trading
TIANJIN ZHONG: May Lose RMB27M From Bureau's Ruling


T H A I L A N D

SANSIRI PUBLIC: Reports Capital Reduction Of Units
SANYO UNIVERSAL: Board Approves Delisting Proposal
SIKARIN PLC: Opts To Rehabilitate
TPI POLENE: Court Approves Plan To Increase Capital
TPI POLENE: Announces Court's Approval To Increase Capital

     -  -  -  -  -  -  -  -

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


ANDERSON & ROACH: ASIC Freezes Assets Of Director, Spouse
---------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has obtained
orders from the Supreme Court of Queensland that effectively restrain Graham
Andersen, and his wife Jennifer Andersen, from disposing of any assets.

Justice Douglas of the Queensland Supreme Court also restrained Jennifer
Andersen from disposing of a house she owns at Sunnybank Hills.

Further orders restrained the Andersens from dealing with or sending any
assets or funds out of the jurisdiction that they had received from Andersen
& Roach Pty Ltd. Mr Andersen is a director of Andersen & Roach Pty Ltd.

The interim orders were obtained after a contested hearing and will apply
until 31 August 2001.

The orders were obtained in conjunction with an ASIC investigation into the
distribution of loan funds from a loan to Anderson & Roach Pty Ltd (Receiver
and Manager appointed) from Triscott Investments Ltd. Triscott Investments
Ltd previously held a license to operate a solicitors contributory mortgage
managed investment scheme, however this license was revoked by ASIC in May
this year.

ASIC is continuing its investigation into this matter and this action was
taken to preserve assets pending completion of the investigation. It does
not constitute any finding of wrongdoing on the part of Mr or Mrs Andersen,
Andersen & Roach Pty Ltd or Triscott Investments Ltd.

ASIC will not be commenting further on the investigation or these
proceedings at this time.


AUSTRALIAN GAS: Moody's Changes Outlook To Negative
---------------------------------------------------
Moody's has confirmed the A2 rating of Australian Gas and Light (AGL) but
has changed the outlook to negative. The change in outlook reflects a
reduction in AGL's financial flexibility following trading difficulties at
its 66 percent owned New Zealand energy subsidiary, National Gas Corporation
(NGC).

It also reflects the fact that returning to AGL's historically stronger
financial position will be challenging given an increasingly competitive
operating environment. Finally, the rating outlook change reflects
uncertainty about the strategic direction to be followed by NGC and AGL in
respect of its ownership in NGC.

However, Moody's commented the A2 rating also reflects the continued stable
cashflows from AGL's regulated businesses which contributed 64 percent of
EBIT in 2000. Such cashflows are highly predictable and offset the
volatility of earnings from other areas of the business.

The outlook change follows AGL issuing a further revised profit warning that
consolidated operating profit will be 10 percent lower than last year and
that it will take a one-off charge of A$160 Million due to NGC's
difficulties.

In addition, it reflects the fact that AGL has extended up to NZ$100 Million
in a short-term loan to NGC and a guarantee to the New Zealand Electricity
Market of up to NZ$177 Million for NGC's electricity purchase commitments.
As a result, the decline in AGL's consolidated interest coverage and
increase in leverage has reduced AGL's financial flexibility at the A2
level.

Consolidated funds from operations (FFO) interest cover for financial year
2001 is now expected to be approximately 3.4 times compared to 4.3 times in
2000 and a 3 year average of 4.8 times. Coupled with this reduced financial
flexibility is increased uncertainty about how soon AGL's FFO interest
coverage might return to closer to 4 times.

This is dependent on a number of different factors including NGC returning
to operating profit, AGL increasing operating margins in its Australian
operations and/or AGL reducing its debt levels. This will be challenging
given the increasing level of competition in both the Australian and New
Zealand energy markets.

In addition to these issues, there is the question of what strategic
decisions AGL will make in respect of its 66 percent ownership in NGC. If it
were to decide to increase its ownership in NGC and debt fund such an
acquisition or were it forced to contribute further funds to NGC then these
could also impact on its A2 rating.

AGL is an integrated gas and electricity network owner and energy supplier
based in Sydney, Australia.


BRIDGE INFORMATION: Selling Remaining Assets To Sungard
-------------------------------------------------------
Since Reuters bought nearly all the assets of Bridge
Information Systems (the Debtors), the Debtors plan to sell its remaining
assets to SunGard Data Systems, Inc. for at least $16,500,000.

The Debtors' financial advisor, Bear Stearns, approved over
100 entities interested in bidding for Bridge's remaining assets. SunGard
expressed its interest shortly after the entry of the Reuters Sale Order,
and negotiations immediately took place.

The remaining assets consist of all of the assets
related to the Mount Laurel business operated out of Mount Laurel, New
Jersey, the value-added-reseller business, operated out of New York City,
New York, and Oceanside, New York, and the equity interest of the Debtors in
Prescient Markets Inc.

For the Mount Laurel Business, only SunGard submitted a
preliminary indication of interest.  Prescient, Moneyline Network Inc.,
Compagnie Financiere Tradition (CFT), and Constellation Capital expressed
interest for the Prescient Shares.  For the VAR Business, the Debtors
received preliminary indications from KWAI Networks and Morse PLC.

If they sell the VAR Business or the Prescient Shares
individually, the Debtors believe, the proceeds would not bring
about the highest and best value to the estates.  Since SunGard
offers to buy all their remaining assets, the Debtors are
confident that SunGard's offer is the "highest and best
opportunity" to realize the highest value for their assets.

Gregory D. Willard, Esq., at Bryan Cave, in St. Louis, Missouri,
explained there was no entity besides SunGard that expressed
interest in the Mount Laurel Business, a larger asset than either the VAR
Business or the Prescient Shares.  Willard also noted SunGard intends to buy
all the remaining assets and the offer is only good for a short time.

Although the deadline for the submission of bids is on June 20,
the Debtors have chosen not to wait for other offers because they have
already made up their mind that Sungard's offer is the best. Prompt action
is also needed to preserve the value of the
Debtors' assets, Willard stated, particularly with respect to the Mount
Laurel Business that needs to be stabilized.

Aside from paying the $16,500,000 in cash, SunGard also offers to purchase
all outstanding accounts receivable of the Mount Laurel and VAR Business for
an amount equal to 85% of the gross
outstanding amount of the accounts receivable (subject to certain exceptions
with respect to the VAR Business).

Any further delay will only decrease the potential value of the
Debtors' estates, Willard warned.  The Debtors are asking Judge McDonald to
approve the SunGard Sale, and the assumption and assignment of the contracts
(including the cure amounts) related to it.

A summary of the relevant provisions of the Letter of Intent:

(i)The assets to be purchased free and clear of all liens,
   claims and encumbrances consist of:

(a) Substantially all of the assets related to the
    Mount Laurel Business, including but not limited
    to accounts receivable, certain consumer contracts
    the ticker plant, equipment, intellectual property,
    technology, and infrastructure and network assets
    needed to operate the Mount Laurel Business;

(b) Substantially all of the assets related to the VAR
    Business, including but not limited to accounts
    receivable, certain customer contracts, inventory
    and intellectual property needed to operate the VAR
    Business; and
(c) The Prescient Shares

(ii) The Buyer will not purchase any exchange data feed
contracts used in the Mount Laurel Business or the Tucker-Anthony contract
associated with the Mount Laurel Business and will subsequently designate
certain other assets relating to the Mount Laurel Business that the Buyer
will not purchase;

(iii) The Buyer and the Debtors agree that all contracts of the VAR Business
with Veritas or any of its affiliates will be rejected;

(iv) The purchase price for this sale is $16,500,000 in
cash, which does not include sums payable by Buyer to the Debtors for
accounts receivable or the VAR Business inventory (which purchase price of
the inventory shall be determined by a physical count at closing), plus cure
costs relating to the executory contracts and unexpired leases assigned to
Buyer of an amount not greater than $1,200,000;

(v) The Debtors shall use reasonable efforts to obtain the
unanimous consent of the Prescient board of directors for the
sale of the Prescient Shares, and if such share cannot be
transferred, there shall be a purchase price adjustment to be
reasonably agreed upon the Debtors and the Buyer;

(vi) The Buyer will purchase:

(a) All accounts receivable of the Mount Laurel
    Business with respect to services performed through
    closing for an amount equal to 85% of the gross
    outstanding amount of the accounts receivable, and

(b) All outstanding accounts receivable of the VAR
    Business with respect to services performed and
    equipment sold through closing, other than accounts
    receivable from or in respect of Major League
    Baseball and Relational Funding Corporation, for an
    amount equal to 85% of the gross outstanding amount
    of the accounts receivable;

(vii) The Buyer will not assume any liabilities of the
Debtors (except for prospective obligations arising under the
Contracts);

(viii) The Debtors shall retain all cash balances of the
Mount Laurel Business and the VAR Business at closing;

(ix) The Debtors and Buyer will enter into an agreement
providing for the provision of data feed by the Debtors to the
Mount Laurel Business and VAR Business from closing until the
earlier of

(a) The Buyer's election to discontinue receiving such     services

(b) The closing of the Reuters Sale;
(x) As a condition to the completion of the transaction, the parties shall
have entered into definitive agreements relating to the sale on terms
satisfactory to each party;

(xi) As a condition to the completion of the transaction and prior to the
Court entering an order approving the SunGard Sale, the following must be
accomplished:

(a) The parties shall have received all necessary
    approvals,

(b) Buyer shall have entered into employment agreements
    with the majority of those employees, which Buyer
    reasonably determines are material to the business
    and to whom Buyer shall have offered employment at
    customary terms, and

(c) The major customers of the Mount Laurel Business
    have entered into agreements to execute new
    contracts with the Debtors or Buyer or their
    customer contracts shall have been assumed and
    assigned;

(xii) As a condition to the completion of the transaction, the Court shall
have entered an order authorizing the SunGard Sale in form and substance
satisfactory to Buyer by June 22, 2001;

(xiii) Prior to closing, the following conditions shall have been satisfied:

(a) To the extent that any of the foregoing conditions
    were not satisfied by such date, and Buyer agreed
    to extend the date for such requirement, such
    conditions shall have been satisfied prior to
    closing;

(b) The Debtors shall agree (with the approval of the
    Court) to provide Buyer with data feeds providing
    international market data and content, at mutually
    agreed rates during the specified time period;

(c) Buyer will be able to assume the Transition
    Services Agreement and the Services Agreement
    between the Debtors and Automatic Data Processing
    Inc.;

(d) The Businesses shall have been operated in the
    ordinary course through closing;

(e) The parties shall have received all necessary
    approvals and consents;

(f) There shall have been no material adverse change to
    the businesses being acquired;

(g) All representations and warranties set forth in he
    purchase agreement shall be true and correct as of
    closing, except where any breaches would not,
    individually or in the aggregate constitute a
    material adverse change;

(h) The Debtors shall have performed all covenants and     obligation to be
performed prior to closing, except
where any breaches would not, individually or in
the aggregate constitute a material adverse change;

(i) The Court order approving the sale has become final and non-
appealable, provided that if the Court
  enters an order pursuant to the Bankruptcy Rule
  6004(g) providing for the immediate consummation of
  the sale, the sale shall occur as soon as is
  practicable; and

(xiv) As a condition to the completion of the transaction,
the closing shall have occurred by June 30, 2001, and the Buyer
shall have received all necessary approvals from its board of
directors on or before June 11, 2001.

Willard assured Judge McDonald that the proposed transaction
satisfies all applicable legal standards.  Willard also
informed the Court that the Debtors are providing proper notice
for the sale motion to all parties-in-interest to give them the
opportunity to object to the transaction.  If no one objects, the remaining
assets can be sold free and clear of all liens.   Willard further stated
that the Letter of Intent does not dictate the terms of a plan or
reorganization, nor does it attempt to restructure the rights of creditors.
It was also negotiated in good faith and at an arms' length, Willard adds.

The Debtors also asked Judge McDonald to eliminate or reduce the
10-day stay under Rule 6004(g) of the Federal Rules of Bankruptcy Procedure,
which seeks to provide sufficient time for an objecting party to request a
stay pending appeal before the order can be implemented.  Willard related
that the Debtors need to close the SunGard Sale as soon as possible because
the assets to be sold are vulnerable to customer loss if there is no
immediate reassurance that business operations will continue.  If there is
an objection to the SunGard sale, the Debtors appeal to the Court to reduce
the stay period to the minimum amount of time needed by the objecting party
to file its appeal.

                     Objections to SunGard Sale

      (A) SAP America Inc.

SAP America wanted Judge McDonald to deny the Debtors' motion to
the extent that it seeks to assume the license agreement between
SAP and the Bridge.

Bridge and SAP are parties to a " SAP America Inc. Software End-
User License Agreement" dated February 1999.  Under the license
agreement, SAP grants the Debtors a non-exclusive license that
included the right to use copyrighted software.

Stephanie Nolan Devincy, Esq., at Brown & Connery, in Westmont,
New Jersey, notes that the license agreement is an executory
contract, and the Debtors are seeking an order approving the
assumption and assignment of executory contracts to SunGard Data
Systems.

Although the license agreement is not specifically mentioned in
the list of executory contracts to be assumed, Devincy argued that the
assets to be purchased include "software licenses".

The Federal Copyright Act prevents the Debtors from assigning the license
agreement without SAP's consent.  And, Devincy
informed Judge McDonald that SAP is not amenable to the proposed
assumption and assignment of the license agreement to SunGard.

      (B) McGraw-Hill Companies

David A. Sosne, Esq., at Summers Compton Wells & Hamburg, in St.
Louis, Missouri, relates that several of the Debtors and McGraw-
Hill Companies are parties to about 35 executory contracts.  Pre-petition
arrearages on these contracts exceed $2,500,000 while monthly accruals
currently exceed $700,000.

In the Debtors' sale motion, McGraw-HIll was able to identify two of its
contracts:

      Customer Name               Start Date     Expiration Date
    Standard & Poor's              09/01/92         08/31/97
    Standard & Poor's Rating Sve   01/01/01         03/31/03

The cure amounts listed for both contracts are, unbelievably,
$0.00, Sosne noted.  McGraw-Hill is still verifying the
accuracy of the Debtors' claim for the first contract.  On the
second contract, McGraw-Hill found out that the Debtors still owe them
approximately $6,500 for the pre-petition period from
January 1 through February 15, 2001.

McGraw-Hill asked Judge McDonald to reject the Debtors' sale
motion, unless and until the Debtors expressly agree to comply
and demonstrate an ability to comply with all the prerequisites
set forth in 11 U.S.C. section 365 for the assumption and
assignment of McGraw-Hill's executory contracts.

      (C) New York Mercantile Exchange

The New York Mercantile Exchange (NYMEX), like other securities
and commodities exchanges, is a party to a series of market data
agreements with some of the Debtors.  Under these agreements,
Mark D. Bloom, Esq., at Greenberg Traurig, in Miami, Florida,
explains, NYMEX licenses and provides data and information to the Debtors
for dissemination to their customers.

Curiously, Bloom noted, neither the NYMEX agreements nor any
of the similar agreements with other exchanges are listed among
the executory contracts proposed to be assume and assign to
SunGard.

Now, Bloom related, SunGard advised NYMEX of its
intention to continue to operate Power Partner, without
interruption, upon closing of the proposed sale.  But NYMEX is
not inclined to continue to furnish or authorize the
dissemination of market data by SunGard without assumption and
cure or other financial arrangement to address the substantial
arrearage of approximately $625,000 that the Debtors owe to NYMEX in respect
of the ADP Business,

NYMEX asked Judge McDonald not to allow the Debtors and SunGard to
circumvent the requirements of Section 365(a) and (b) of the
Bankruptcy Code and simply expect that NYMEX will continue to
provide data and information without payment of the cure amounts
in full, whether by assumption and assignment, or the furnishing
of other financial arrangements and consideration.

NYMEX appealed to the Court to deny the Debtors' sale motion
without prejudice to re-filing upon proper consideration of
assumption, assignment and cure issues.

      (D) Automatic Data Processing (ADP)

Prior to the Petition Date, ADP sold their market data business
to the Debtors pursuant to an asset purchase agreement dated
September 1998.  The market data business is referred to the ADP
Business and the Mount Laurel Business.  The Debtors and ADP also entered
into several related agreements, including but not
limited to a Transition Services Agreement (TSA) dated November
1998.

Patrick J. Brooks, Esq., at Squire Sanders & Dempsey, in
Cincinnati, Ohio, noted the TSA and other agreements related to the ADP Sale
are executory contracts.

As part of the ADP Sale, Brooks related, ADP also assigned
certain leases of non-residential real property to the Debtors,
including a lease of a site located at 136 Gaither Drive, Mount
Laurel, New Jersey.  The Mount Laurel lease does not expire until January
31, 2003.  Under the lease, ADP remained liable to the lessor in the event
of a default by the Debtors.  Brooks
claims that the Debtors agreed to indemnify and hold ADP harmless from any
loss, liability or damages arising out of a breach of the Debtors'
obligations under the Mount Laurel lease.

When the Debtors obtained an order rejecting the Mount Laurel
lease, Brooks told Judge McDonald, ADP incurred damages of
$161,609 for which the Debtors are obligated to indemnify ADP.
Aside from that, Brooks added, the Debtors are also obligated
to indemnify ADP for future unpaid rent arising from the
rejection of the Mount Laurel Lease in the amount of $756,057.
ADP's total indemnification claim is $917,666.

Now, the Debtors want to sell certain assets to SunGard, including assets
related to the Mount Laurel Business.  They also want to assume and assign
the TSA and a Service Agreement to SunGard. SunGard proposes to pay ADP a
cure amount of $1,168,986 in recognition of existing defaults under the TSA.
But no cure amount is proposed with respect to the assumption of the Service
Agreement.  Brooks confided that ADP does not really know what particular
agreement the Debtors are referring to as "service agreement".  So, ADP
reserves its right to respond and seek additional cure amounts, if
appropriate, when this is clarified.

On the Petition date, the Debtors were in default under TSA.  The proposed
cure amount is almost identical to, and even slightly higher than, ADP's
calculation of the unpaid invoices under the TSA as of the Petition Date,
amounting to $1,168,966

However, Brooks noted, the proposed cure amount does not
include:

      (a) $251,273 in unpaid lease and usage charges related to a Xerox
printer used by the Debtors' for billing purposes at their 201 East Park,
Mt. Laurel facility;

      (b) $451,215 in unpaid post-petition services provided by
ADP to the Debtors under the TSA through May 31, 2001;

      (c) Unbilled post-petition fees from June 1, 2001 through
the effective date of any assumption of the TSA; and

      (d) The indemnification claims.

So, ADP asks Judge McDonald to condition any order approving the
asset sale to SunGard and direct the Debtors and/or SunGard to
fully cure all defaults under the TSA by;

      (a) Paying ADP $2,033,063, plus any unbilled fees incurred
under the TSA from June 1, 2001 through assumption, within 3 days of the
closing of the proposed sale; and

      (b) Paying ADP $756,057 within 3 days of the closing of the proposed
sale to satisfy the Debtors' contingent indemnification claim, or
alternatively, directing SunGard to assume the Mt. Laurel Lease. (Bridge
Bankruptcy News, Issue No. 9; Bankruptcy Creditors' Service, Inc.,
609-392-0900)


BRIDGE INFORMATION: Sprint Moves To End Deal With Savvis
--------------------------------------------------------
The dispute between Sprint Communications Company and Savvis
Communications Corporation is not yet over.

Sprint wants to end its earlier agreement with Savvis in which
Sprint had agreed to permit the continuation of an injunction
order after Bridge and Savvis committed to share the
responsibility of making stipulated payments to Sprint.  The
injunction prevented Sprint from collecting Savvis' $7 million
debt, pending the sale of the Debtors' assets.

Savvis accumulated over $7 million in obligations after it failed to pay
Sprint three months worth of services.  Under their Network Management
Agreement (NMA), Sprint provided various telecommunications and network
services to Savvis.

Now, James M. Meister, Esq., at Stinson, Mag & Fizzell, in St.
Louis, Missouri, says, Savvis is not entitled to the protection
of the automatic stay after all, because Savvis is not a
bankruptcy debtor.  In effect, Meister contends, the Court
made a mistake when it extended the protection of the automatic
stay to Savvis and deprived Sprint from enforcing their rights
under the NMA.

Through this motion, Sprint asks Judge McDonald to rectify the Court's error
and issue an order clarifying that Sprint is not prohibited from enforcing
its rights against Savvis under the NMA. (Bridge Bankruptcy News, Issue
Number 9; Bankruptcy Creditors' Service, Inc., 609-392-0900)


HARRIS SCARFE: Ex-Execs To Be Questioned In Supreme Court
---------------------------------------------------------
Eight former executives of Harris Scrafe, including its former managing
director on Baker, have been served summons to face questioning in the
Supreme Court over the collapse of the failed retailer, The Herald Sun
reported Friday.

The court examination is set to start this month.

According to the report, Master Peter Bowen Pain, in his court order, said,
"If you do not attend the examination in accordance with this summons,
without reasonable cause, you may be arrested and imprisoned."

The executives, including the retailer's auditors PricewaterhouseCoopers and
Ernst & Young, were ordered to present all the necessary documents relating
to the company's financial state during the period from August 1, 1995 until
the company was placed in receivership, on April 6, 2001.


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


BONDIEL LIMITED: Winding Up Petition Hearing Set
------------------------------------------------
The petition to wind up Bondiel 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 10, 2001 by Peng Long International Limited, whose
registered office is situated at Unit 5, 13th Floor, Wellborne Commercial
Centre, 8 Java Road, North Point, Hong Kong.


FINE RICH: Winding Up Petition To Be Heard
------------------------------------------
The petition to wind up Fine Rich Enterprises Limited is scheduled for
hearing before the High Court of Hong Kong on July 25, 2001 at 9:30 am. The
petition was filed with the court on May 23, 2001 by Po Sang Bank Limited,
Hong Kong Branch whose registered office is situated at 71 Des Voeux Road
Central, Hong Kong.


HKCYBER.COM:  Losses Widen
--------------------------
News portal-operator hkcyber.com (Holdings) saw its net loss widen from
HK$19.94 million in the 14 months to March 31, 2000 to HK$87.94 million for
the year to March 31, 2001.  Turnover was HK$11.39 million, of which HK$8.18
million was derived from advertising. There was no turnover last year.


HOLD SOURCE: Petition To Wind Up
--------------------------------
The petition to wind up Hold Source 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 April 12, 2001 by Cheer Ridge Investment Limited, of Shop
K, Ground Floor, Witty Commercial Building, IA-IL Tung Choi Street, Kowloon,
Hong Kong.


HONG KONG CONSTRUCTION: Plans To Sell $1B Assets, Cut Debts
-----------------------------------------------------------
Hong Kong Construction (Holdings) Limited intends to dispose of its assets
worth around $1 billion over the next two or three years, to reduce the
company's debts, The Hong Kong IMail reported Friday, citing Chief Executive
Officer Chen Libo.

The assets disposal program is part of the ailing builder's restructuring
that was started in 1998, the report says.

For the year ended December 31, 2000, the company booked a net loss of $1.15
billion, as opposed to a net loss of $1.21 billion recorded in the previous
year.

The company further defaulted on debt payments worth $2.25 billion and on
the repayment of floating rate notes amounting to $288.6 million.


LEARNING CONCEPTS: Proposes Company Name Change
-----------------------------------------------
The directors of Learning Concepts Holdings Limited proposed  changing the
name of the Company to "South Sea Holding Company Limited".

Proposed Change Of Company's Name

Subsequent to the proposed injection of properties to the Company pursuant
to the Properties Injection Agreement as stated in the Company's
announcement dated 22 March 2001, the directors of the Company propose to
change the name of the Company to "South Sea Holding Company Limited" in
order to reflect the principal businesses of the Company including
properties development, and manufacturing and design of educational toys.

Subject to the approval of shareholders at a special general meeting and the
Registrar of Companies in Bermuda, the change of the Company's name will be
effected on the date of issuing a Certificate of Registration of Change of
Name of Oversea Company by the Registrar of Companies in Hong Kong.

A notice convening a special general meeting of the Company (which is
expected to be held on or about 30 July 2001) to approve the change of name
together with the form of proxy will be dispatched to the shareholders of
the Company on or before 3 July 2001. Further announcement will be made when
the change of the Company's name becomes effective.

Share Certificates

Upon the change of the Company's name becoming effective, all existing share
certificates bearing the existing name of the Company will continue to be
evidence of title to the shares in the capital of the Company and be valid
for trading and settlement purpose.

Shareholders who desire to exchange their existing share certificates for
share certificates bearing the new name of the Company may do so at no cost
if effected within 30 days from the effective date of the change of company
name. Subsequent changes will incur a fee of HK$2.50 (or such higher amount
as may from time to time be allowed by the Stock Exchange) for each of such
certificate to be issued.

In May, the Company proposed to issue new shares and convertible debentures
under an agreement to settle debts due from Team Concepts, a wholly owned
subsidiary of the Company, to its unsecured creditors as of 31 March 2001.


NAM FONG: Posts Operating Loss Of HK$42.556M
--------------------------------------------
The Directors of Nam Fong International Holdings Limited (the "Company")
released the audited consolidated final results of the Company and its
subsidiaries (the "Group") for the year ended 31 December 2000 together with
the comparative figures for the previous year as follows:
                                            2000  1999
                                     Note  HK$'000  HK$'000
Turnover                              1   138,697  173,495
Cost of properties sold
and rental outgoings                    (157,575)  (144,621)
Gross (loss)/profit                     (18,878)  28,874
Other revenue                              28,449  71,973
Administrative expenses                   (31,082)  (73,374)
Selling and distribution costs           (16,290)  (81,185)
Other operating expenses              2   (4,755)  (1,048,150)
Loss From Operations                     (42,556)  (1,101,862)
Finance costs                            (13,398)  (18,552)
Loss Before Tax                           (55,954)  (1,120,414)
Taxation                              3       --  5,474
Net Loss Attributable To Shareholders   (55,954)  (1,114,940)
(Accumulated losses)/retained
profits brought forward                (252,273)  726,765
Transfer from property
interests revaluation reserve                  --  135,902
Accumulated losses carried forward     (308,227)  (252,273)
Loss Per Share
Basic                               (4.11 cents)  (81.98 cents)

Notes:
1. Analysis of turnover
                              Turnover   Contribution to loss
                                          from operations
                          2000  1999  2000  1999
                         HK$'000  HK$'000  HK$'000  HK$'000
By activity
Property sales           105,067  80,902  (32,158)  (7,986)
Property rental            33,630  92,593  13,280  36,860
                          138,697  173,495  (18,878)  28,874

No geographical analysis is shown as all the Group's turnover and loss from
operations are derived from activities in the PRC.

2. Other operating expenses
                                     2000        1999
                                    HK$'000     HK$'000
Provision for doubtful debts         --         (753,641)
Provision for impairment in value of
properties held for/under development --        (16,515)
Loss from early termination
of a lease agreement                 --         273,639)
Others                             (4,755)      (4,355)
                                   (4,755)   (1,048,150)

3. Taxation

No provision for Hong Kong profits tax has been made as there was no
assessable profits for the year and tax credit in 1999 represented
over-provision of profits tax in previous year. PRC taxation represents tax
charges on the estimated assessable profits of subsidiaries operating in the
PRC, calculated at the applicable rates.

Dividend

The directors do not recommend the payment of any dividend (1999: Nil) in
respect of the year.

Summary Of Auditors' Opinion

The auditors' report on the Group's financial statements for the year ended
31 December 2000 contains a qualified opinion because of the limitation in
evidence available to them to ascertain the investments in properties held
for/under development with a carrying value of HK$892 million.

The uncertainty of the Group's retention of the land use rights for some of
the projects arises from the difficulty in determining whether the vendors
are likely to take action against the Group which is consequential upon the
delays in payment of the land costs and/or in development of the property
projects. Any adjustments to the aforesaid carrying value would have a
consequential effect on the loss for the year and net assets of the Group as
at 31 December 2000.

In addition, the auditors stated in their report the fundamental uncertainty
relating to the adoption of going concern basis for the preparation of
financial statements, the validity of which depends on the timing and funds
generated from the disposal of the Group's properties in the future. The
financial statements do not include any adjustments that would result from
the failure of raising this funding. The auditors consider that appropriate
disclosures have been made and their opinion is not qualified in respect of
this fundamental uncertainty.

Except for the effect of any adjustments that might have been found to be
necessary had they been able to obtain sufficient evidence concerning the
carrying value of properties held for/under development, the auditors are of
opinion that the financial statements give a true and fair view of the state
of affairs of the Company and of the Group as at 31 December 2000 and of the
Group's loss and cash flows for the year then ended.

Business Review

   Property Investment

      Turnover for the year ended 31 December 2000 amounted to HK$139
million, representing a decrease of 20 percent. This was mainly due to the
loss of rental revenue derived from the Nam Fong International Plaza since
February 2000.

      In February 2000, owing to the failure on the part of Nam Fong
International Hotel Holdings Limited (the "Hotel Holdings Limited") in
settling the rental charges and management fee, the landlord of Nam Fong
International Plaza petitioned to the court and obtained judgment to
terminate the lease agreement with the Hotel Holdings Limited.

      As a consequence, with its interests in the sub-contract management
agreement with the Hotel Holdings Limited, the Group could not continue to
derive revenue. A loss of HK$273 million was recognized as property
interests written off in the 1999's financial statements.

Property Development

   During 1997, the Group disposed of five property development projects to
two independent third parties. In January 2000, consequent upon the
inability of the purchaser to fully settle the payment, the Group had
resumed control over four property development projects after concluding an
agreement with one of the purchasers. At present, the Group is still
negotiating the resumption of control of the remaining project.

   Regarding the land sites held for future development, pursuant to the
terms of the purchase agreements, unless the costs of which are settled and
the projects completed within a scheduled period, the land sites will be
treated as idle sites.

   As at 31 December 2000, the total carrying value of these projects was
HK$892 million including the accruals of HK$353 million on the costs of land
and other developments. Legal advice had been taken to clarify the legal
position of the idle sites. The Group has been advised that the idle sites
may be repossessed by the vendors, but an extension of the expiring schedule
could be granted by the signing of supplementary agreements with the vendors
with compensation payments.

   As of to date, the vendors have not instituted any legal action against
the Group in relation to the delays in payment of the land costs and/or in
development of the property projects. The directors believe that, given the
Group's good relations with the local government authorities, the vendors
will be willing to negotiate with the Group for new terms and conditions
regarding the purchase agreements and therefore no material adverse
financial impact to the Group will be resulted.

Sale of Property

   Prospective sale of certain projects is under negotiation and it is
anticipated that terms and conditions for sale of the interests of these
projects will be reached in the near future. The directors are of the view
that the disposal of such projects is a good opportunity for the Group to
realize investment properties at market price which will not only reduce the
indebtedness but will also increase the liquidity level of the Group.

Financial Review

Financing

The Group's financial costs have decreased from HK$19 million last year to
HK$13 million for the year ended 31 December 2000. Total borrowings for 2000
were HK$54 million (1999: HK$104 million). The gearing ratio, which is
calculated as the ratio of the net borrowings to shareholders' funds, was 4
percent as at 31 December 2000 (1999: 6 percent).

The decrease in financial expenses was due entirely to the repayment of
loans during the year. The repayment of the loans was made by the Group's
rental income, proceeds from sales of non-core property assets, cash and
available banking facilities.

There was neither foreign currency hedging activity nor financial instrument
for hedging purposes during the year.

Charge on Group Assets

Certain investment properties of the Group with valuation of approximately
HK$114 million have been pledged to secure the loans to the Group.

Material Contingent Liabilities

The Group has executed guarantees to banks for mortgage facilities granted
to the first buyers of certain Group's properties in the PRC. The total
amount of facilities covered by the Group's guarantees amounted to
approximately HK$358 million as at 31 December 2000 (1999: HK$358 million).

Prospects

In the year under review, driven by the continuing growth of the PRC's
economy and the prospect of PRC's entry into the World Trade Organization,
there has been an improvement in the property market in the PRC, with
increased demand for residential and commercial properties; a minor but
steady increase in overall property prices and rentals, and a sustained fall
in vacancy rate. The prolonged downturn in the PRC's property market has
eased, particularly in major cities such as Beijing, Shanghai, Guangzhou and
Shenzhen.

Rental from investment properties will continue to be the Group's main
source of recurring income. With the overall improvement of the economy and
the gradual growth of the property market in the southern part of China, the
Group expects that the pressure in its operations will be alleviated in the
coming years.

In line with the long-term strategy of increasing its recurring rental
income, the Group will continue to invest in good quality properties located
in prime area which can be used for rental purposes. We are optimistic that
sales proceeds will likely be generated from the disposal of several
projects and this may help reduce further the level of borrowings, and hence
the interest burden of the Group.

Nonetheless, we will not lose sight in monitoring closely our rental income
stream as well as the financial expenses; alongside our other priorities in
maintaining an efficient business operation.

Staff & Remuneration Policies

As of 31 December 2000, the Group employed a total of approximately 100
employees. They were remunerated according to the nature of job and market
condition. Other staff benefits included a provident fund scheme for all the
eligible employees, share option scheme and a year end bonus.

Closure Of Register Of Members

The register of members will be closed from 25 July 2001 to 1 August 2001,
both days inclusive, during which period no transfer of shares will be
registered. All completed transfer forms accompanied by the relevant shares
certificates must be lodged with the Company's share registrar and the
transfer office, Abacus Share Registrars Limited, 2401 Prince's Building,
Central, Hong Kong for registration no later than 4:00 p.m. on 24 July 2001.


NAM FONG: Posts Notice Of AGM
-----------------------------
Nam Fong International Holdings Limited announces that the Annual General
Meeting of the Shareholders of the company for the years 2000 and 2001 will
be held at the Summit Room, Basement 3, Regal Hongkong Hotel, 88 Yee Wo
Street, Causeway Bay, Hong Kong on Wednesday, 1 August 2001 at 10:00 a.m.
for the following purposes:

1. To receive and consider the Financial Statements and the Reports of the
Directors and Auditors for the year ended 31 December 1999.

2. To receive and consider the Financial Statements and the Reports of the
Directors and Auditors for the year ended 31 December 2000.

3. To re-elect and, where appropriate, elect Directors of the Company and to
authorize the Board of Directors to fix their remuneration.

4. To re-appoint Messrs. RSM Nelson Wheeler, Certified Public Accountants,
as Auditors of the Company and to authorize the Board of Directors to fix
their remuneration.

5. As special business, to consider and, if thought fit, pass with or
without modification the following resolutions as ordinary resolutions of
the Company:

  5(i) "That:

      (a) subject to paragraph (c) below, the exercise by the Directors of
the Company during the Relevant Period (as defined below) of all the powers
of the Company to repurchase issued shares in the capital of the Company
subject to and in accordance with all applicable laws and requirements of
the Rules Governing the Listing of Securities on The Stock Exchange of Hong
Kong Limited as amended from time to time, be and is hereby generally and
unconditionally approved;

     (b) the approval in paragraph (a) shall authorize the Directors on
behalf of the Company during the Relevant Period to procure the Company to
repurchase its shares at a price determined by the Directors;

    (c) the aggregate nominal amount of the shares which may be repurchased
on The Stock Exchange of Hong Kong Limited or any other stock exchange
recognized for this purpose by the Securities and Futures Commission of Hong
Kong and The Stock Exchange of Hong Kong Limited under the Hong Kong Code on
Share Repurchases pursuant to the approval in paragraph (a) shall not exceed
10 percent of the aggregate nominal amount of the share capital of the
Company in issue on the date of passing this resolution, and the said
approval shall be limited accordingly; and

    (d) for the purposes of this resolution, "Relevant Period" means the
period from the passing of this resolution until whichever is the earliest
of:
       (i) the conclusion of the next Annual General Meeting of the Company;

(ii) the expiration of the period within which the next Annual General
Meeting of the Company is required by law or the Company's Bye-laws to be
held; or

      (iii) the date upon which the authority set out in this resolution is
revoked or varied by way of ordinary resolution of the Company in general
meeting."

   5(ii) "That:

       (a) subject to paragraph (c) below, the exercise by the Directors of
the Company during the Relevant Period (as defined below) of all the powers
of the Company to allot and issue additional shares in the capital of the
Company and to make or grant offers, agreements, options and rights of
exchange or conversion which might require the exercise of such powers be
and is hereby generally and unconditionally approved;

      (b) the approval in paragraph (a) shall authorize the Directors of the
Company during the Relevant Period to make or grant offers, agreements,
options and rights of exchange or conversion which might require the
exercise of such powers after the end of the Relevant Period;

     (c) the aggregate nominal amount of share capital allotted or agreed
conditionally or unconditionally to be allotted (whether pursuant to an
option or otherwise) by the Directors of the Company pursuant to the
approval granted in paragraph (a), otherwise than pursuant to (i) a Rights
Issue (as defined below), or (ii) the share option scheme of the Company
approved by The Stock Exchange of Hong Kong Limited, or (iii) any scrip
dividend or similar arrangement providing for allotment of shares in lieu of
the whole or part of a dividend on shares of the Company in accordance with
the Bye-laws of the Company shall not exceed the aggregate of:

      (aa) 20 percent of the aggregate nominal amount of the issued share
capital of the Company on the date of passing this resolution; plus

      (bb) (if the Directors are so authorized by a separate ordinary
resolution of the Shareholders of the Company) the nominal amount of any
share capital of the Company repurchased by the Company subsequent to the
passing of this resolution (up to a maximum equivalent to 10% of the
aggregate nominal amount of the share capital of the Company in issue at the
date of passing this resolution),
and the said approval shall be limited accordingly; and

   (d) for the purposes of this resolution, "Relevant Period" means the
period from the passing of this resolution until whichever is the earliest
of:

      (i) the conclusion of the next Annual General Meeting of the Company;

     (ii) the expiration of the period within which the next Annual General
Meeting of the Company is required by law or the Company's Bye-laws to be
held; or

    (iii) the date upon which the authority set out in this resolution is
revoked or varied by way of ordinary resolution of the Company in general
meeting; and "Rights Issue" means an offer of shares open for a period fixed
by the Directors of the Company to holders of shares on the register on a
fixed record date in proportion to their then holdings of such shares
(subject to such exclusions or other arrangements as the Directors of the
Company may deem necessary or expedient in relation to fractional
entitlements or having regard to any restrictions or obligations under the
laws of any relevant jurisdiction, or the requirements of any recognized
regulatory body or any stock exchange, in any territory outside Hong Kong)."

   5(iii "That the Directors of the Company be and they are hereby
authorized to exercise the powers of the Company referred to in paragraph
(a) of resolution 5(ii) set out in the notice convening this meeting in
respect of the share capital of the Company referred to in sub-paragraph
(bb) of paragraph (c) of such resolution."

6. To transact any other business.


SILVER ORIENTAL: Petition To Wind Up
------------------------------------
The petition to wind up Silver Oriental Limited will be heard 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 Sin Hua Bank Limited, Hong Kong Branch
whose principal place of business is situated at 2A Des Voeux Road Central,
Hong Kong.


TIANJIN INT'L: Beats Deadline For Samurai Bond Payment
------------------------------------------------------
Tianjin International Trust and Investment Company (TITIC) avoided default
by making an interest payment worth Y12.5 billion on its five-year samurai
bonds on the last day of the extended deadline, June 27. The samurai bonds
were issued in Japan in 1996, Jiji Press News Service reported Wednesday.
The first deadline was originally set for June 13.

Now however, the report says, there are doubts on whether the company can
make principal payment in December of this year.


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


BAKRIE & BROTHERS: Hopes To Earn Rp4T From Debt Workout
-------------------------------------------------------
PT Bakrie & Brothers said an amount of Rp4 trillion could be attained if the
company would restructure its US$1.08 billion debt, Jakarta Post reported
Friday.

Bakrie president Irwan Sjarkawi said the company needs an injection of
capital, though he stressed that this measure does not involve the inflow of
real cash.

The injection of Rp 4 trillion in the form of equity would offset the
erasing of Bakrie's debts, he explained.

"Under accounting rules, both items, debts and equity, would be recorded as
liabilities in the company's balance sheet. As the asset and liability sides
must always be balanced, without changing the asset side, a drop in the
amount of debt could be compensated with an increase in equity at an equal
value. A rise in equity, however, would appear in a company's income
statement as non-operational revenue, thus boosting profit," Jakarta Post
noted.

December last year, the company secured a debt deal with Amex Singapore,
Cariploe Singapore, Chase Manhattan Singapore, Deutsche Bank, Dresdner Ltd.,
Hitochu Corp.  Ninety percent of Bakrie's debts are foreign debts, with the
remaining 10 percent comprising debts from local banks, including those
transferred to the Indonesian Bank Restructuring Agency (IBRA).

Under the debt deal, the company would give up 95 percent of its ownership
in four subsidiaries to its creditors. They include a 52.4 percent stake in
PT Bakrie Sumatra Plantation, a 70 percent stake in electronics company PT
Bakrie Electronics Company and a 20 percent stake in coal mining firm PT
Arutmin. Bakrie's creditors would then form a special purpose vehicle (SPV)
to contain their interests in these units.

The company has a net loss of Rp1 trillion last year from a net profit of
Rp758 billion in the previous year due to high foreign exchange losses.

"Bakrie Brothers as a whole will become a very healthy company and it will
be easier for us to generate profit," Irwan Sjarkawi told reporters after
the company's annual shareholders' meeting.

In the meeting shareholders approved a management decision to defer dividend
payments for a third consecutive year.


INDOCEMENT TUNGGAL: Sells Non-Core Assets to Pay Debt
-----------------------------------------------------
PT Indocement Tunggal Prakarsa, a publicly listed cement firm, is in the
course of selling its two non-core assets, PT Indominco Mandiri and PT Wisma
Nusantara International, in order to raise money to help pay off its debt,
AFX-Asia via COMTEX reported, citing Finance Director Thomas Kern.

He added that the company is in the process of disposing of two non-core
assets though it's too early to know how much it could get from the sale &
what companies to negotiate with.

The company owns 35 percent of the coal mining PT Indominco, with a book
value as of Dec 2000 of Rp38.5 billion while 33.98 percent stake of PT Wisma
Nusantara, with a book value Rp93.75 billion as of December 2000.

The company has no debt repayments scheduled this year but earnings and cash
flows from the operations would be allotted for its creditors. Though next
year, it has US$40 million repayment due, which would rise up to US$65
million in 2003, US$83 million in 2004, US$85 million in 2005 and US$88
million in 2006.

The Finance Director further added that there is no timetable for the said
sale but top priority is given to it.


SEMEN CIBINONG: Shareholders OK Three-Stage Workout plan
--------------------------------------------------------
Shareholders of PT Semen Cibinong approved a three-stage debt-restructuring
scheme, AFX-Asia via COMTEX citing Corporate Relations Head Jannus Hutapea
reported Tuesday.

Jannus Hutapea added that the company's current equity status is negative
Rp8.0 trillion and had US$1.2 billion debt as of December last year.

The public currently accounts for 44.19 percentt of the company shares,
which are currently suspended from trade.

Under the first stage of the debt restructuring, Holcim would inject US$175
million cash into the company as part of a Dutch Auction, in which Holcim
would purchase the company's existing debt at a discount from its creditors.
This debt would be then converted into new shares issued by the company,
taking Holcim's initial stake up to 58.7 percent from 12.5 percent
currently.

In the second stage, all remaining debt principal, excluding the interest,
would be converted into new long-term debt of US$500 million, while there
would be a debt to equity conversion for 26.4 percent of newly issued
shares. This stage would make Holcim hold at least 68.11 percent of the
company.

The third and last stage, Holcim would buy PT Tirtamas Majutama, the current
majority shareholder, 43.32 percent remaining shares. After the completion
of debt restructuring, PT Tirtamas would not be holding a single share in
the company.

The company's share would then be composed of the minority public holding,
Holcim's controlling stake and around 18.77 percent of shares issued to
creditors after some loans would be converted into equity.


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


SEAGAIA: Ripplewood To Take Over
--------------------------------
Ripplewood Holdings LLC is set to take over the Seagaia resort in Miyazaki
Prefecture, after it agreed to buy the resort complex from its failed
operator Phoenix Resort Company for Y16.2 billion, Kyodo News reports,
citing sources close to the deal.

The report adds that Ripplewood was expected to sign last Friday a formal
agreement with Phoenix Resort court-appointed administrator Yasumasa Sato,
and two of the affiliates of Phoenix Resort.

Seagaia operator Phoenix Resort and its two affiliates filed for court
protection under the corporate rehabilitation law in February, with
liabilities amounting to Y326.1 billion.

However, before Ripplewood will take over the resort complex on September 1
this year, the rehabilitation plan will have to be presented to the Miyazaki
District Court for approval, the report says.


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


DAEWOO MOTOR: Talks With GM Still Unsuccessful
----------------------------------------------
The second series of talks between Daewoo Motor and General Motors (GM) over
the proposed takeover of the American carmaker in the Korean firm has
remained unsuccessful, as both parties failed to reach a compromise on key
issues on the negotiating table, The Korea Herald reported Friday, citing
sources and analysts.

Like the first, the second round of the negotiations was held last week in
Hong Kong.

Key issues that were among the points of discussions between the two parties
include the takeover price and conditions, and the exclusion in GM's
takeover bid of Daewoo's central Bupyeong plant.

An official at a creditor bank of Daewoo was quoted as saying that among GM'
s conditions in the inclusion of the Bupyeong plant in the takeover bid were
the infusions of public funds and debt waivers.

According to reports, GM proposed to buy all of Daewoo's onshore plants for
W1 trillion.

A source, however, remarked, "Korea's government and creditor officials are
embarrassed by GM's bid to buy Daewoo Motor at a knockdown price, with steep
debt relief attached, though nearly 3 trillion won would be infused into the
bankrupt automaker by the end of this month."


HYNIX SEMICON: Improved Rating Fails To Stem Shares' Fall
---------------------------------------------------------
The shares of Hynix Semiconductor Incorporated fell Wednesday,
notwithstanding the ailing chipmaker's improved credit rating (see separate
story) springing from the success of the company's global depository
receipts (GDRs) issue on European stock markets, Agence France-Presse (AFP)
reports.

Wednesday last week, Hynix lost W225 at W2,760, a price touted to be the
lowest the Hynix share has dropped since April 17 when it was pegged at
W2,431, the report says.

Analyst Lee Seong-jae of Hanhwa Securities told AFP, "Hynix is seen
remaining under heavy selling pressure until early July, possibly falling to
the previous lows of 2,400 won."


HYNIX SEMICON: S&P Raises Ratings To 'B'
----------------------------------------
Standard & Poor's Thursday raised its long-term ratings on Korea-based Hynix
Semiconductor Inc. (Hynix) and its subsidiary Hynix Semiconductor
Manufacturing America Inc to single-'B' from single-'B'-minus and removed
the ratings from CreditWatch.

The ratings on Hynix were listed on CreditWatch at the time they were
assigned, May 24, 2001. The ratings on Hynix Semiconductor Manufacturing
America were placed on CreditWatch on March 7, 2001. The outlook on the
ratings is stable.

The rating action reflects a significant smoothing of Hynix's debt
maturities, and hence a considerable lessening of its short-term liquidity
pressures, following its successful sale of US$1.25 billion in new equity
(about W1.6 trillion). This sum exceeds the minimum amount that was
necessary for the company to secure debt rescheduling and short-term
financing arrangements from its principal bank creditors. The agreement by
creditors, covering an aggregate W5.627 trillion, was critical to the
company's ability to survive.

On May 21, 2001, Hynix launched a roadshow to mark the offering of a
combined debt and equity issue. The debt component of the offering was
subsequently withdrawn and replaced with a larger equity issue.

The increase in the equity component of the refinancing package has led to a
greater improvement in the company's capital structure than was expected a
few weeks ago. However, in the context of Hynix's pro forma total debt
burden of approximately US$9 billion (W12 trillion), the improvement is
insufficient to merit a further upgrade, given Hynix's vulnerability to
current weakness in the semiconductor market, as well as the company's
ongoing capital and technology spending requirements.

Together with an anticipated domestic bond issue and asset sales, the new
equity issue and bank agreement give Hynix some breathing space in the
medium term to confront the very difficult market environment and intense
competition it faces in the semiconductor business.

However, Hynix's operating performance as a whole will remain vulnerable to
trends in the highly volatile, capital- and technology-intensive
semiconductor business. While Hynix has a better-than-average cost position
in its mainstay DRAM business, this is not strong enough to allow the
company to sustain solid profitability during weak pricing periods.

Moreover, Hynix's capital expenditure and R&D budgets are subject to
constraints as a result of its debt obligations and weak prices in key
products. Therefore, although Hynix is one of the world's largest DRAM
producers, it faces a challenging task in strengthening its competitiveness
and boosting its earnings by improving its technological and product
development capabilities.

Outlook: Stable

The stable outlook reflects the expectation that the company's financial
resources will allow it to weather the current industry downturn and service
its obligations. Standard & Poor's also expects the company's strengthened
management team, corporate governance reforms, and tighter financial control
to reduce the risk of a repeat of the recent liquidity crisis.


KOREA TELECOM: Gov't Sells Stake To Foreign Investors
-----------------------------------------------------
The government has sold its 17.8 percent stake in Korea Telecom Corporation
(KT) to foreign investors through the issuance of American depository
receipts (ADRs) worth $2.24 billion, as an addition to ADRs already being
traded on the New York Stock Exchange, The Asian Wall Street Journal
reported Friday, citing the Ministry of Information and Communications.

The ADRs, each representing one-half of the won-denominated KT share, were
issued at $20.20 apiece, or 0.35 percent premium to the share's closing
price Wednesday on the Korea Stock Exchange (KSE), the newspaper says.


SAMSUNG FIRE: Posts Profit In First Two Months
----------------------------------------------
For the first two months of the financial year 2001, the April-May period,
Samsung Fire and Marine Insurance Company booked a net profit of W88.5
billion on premium income of W818.9 billion, The Korea Herald reported
Friday.

The recorded premium income climbed 23.4 percent, as opposed to figures
reported in the corresponding period last year. The non-life insurer, the
report says, incurred earnings from investments in securities amounting to
W86 billion.


SAMSUNG MOTORS: Talks With Creditors Likely This Month
------------------------------------------------------
The Samsung Group is likely to start negotiations this month with the
creditors of the former Samsung Motors over the failed automaker's debts,
Asia Pulse reported Thursday, citing a source close to the creditors.

According to the report, the negotiations are expected to happen since the
creditors have already ditched their plan to call for the issuance of
asset-backed securities (ABS) by the group using shares of Samsung Life
Insurance. This was earlier considered in an attempt to recoup loans
amounting to W2.45 trillion given to Samsung Motors.

In September of last year, Renualt SA bought the Korean automaker and
created the Renault Samsung.


SSANGYONG CEMENT: Sells Ex-HQ Site
----------------------------------
Ssangyong Cement has disposed of a land property, about 14,071 square meters
in size, to Morgan Adams Korea for US$32 million, The Digital Chosun
reports.

The property, in Yonsang, Seoul, was once intended to be site of the company
's planned head office building.


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


ARTWRIGHT HOLDINGS: Seeking More Time To Execute Workout
--------------------------------------------------------
In a previous announcement dated 5 June 2001, the Board of Directors of
Artwright Holdings Berhad (AHB) stated it would be having meetings with
financial institutions and hire purchase creditors to reach an agreement on
the restructuring of debts of approximately RM80,511,700 under revised terms
owing to the emergence of the proposed strategic alliance between AHB and
Steelcase Inc.

It was also mentioned in the aforesaid announcement that the agreement dated
6 June 2000 in relation to the proposed voluntary debt-restructuring scheme
announced on 20 July 2000 had lapsed on 5 June 2001. Under the
debt-restructuring agreement dated 6 September 2000, the AHB Group's debts
were proposed to be settled the following:

   (i) the utilization of RM9,137,000 of the proceeds from the proposed
renounceable rights issue of 13,313,333 new ordinary shares of RM1.00 each
on the basis of two (2) new ordinary shares for every three (3) existing
ordinary shares held together with 13,313,333 new free warrants issued on
the basis of two (2) new free warrants for every three (3) existing ordinary
shares held at an issue price of RM1.40 per new ordinary share (Proposed
Rights Issue of Shares with Warrants), as announced on 30 September 1999 and
approved by the Securities Commission (SC) on 13 December 1999; and

   (ii) the proposed issue of RM14,410,000 nominal value 5-year 5.5 percent
irredeemable convertible unsecured loan stocks (ICULS) as follows:

       (a) RM14,250,000 nominal value of ICULS as part settlement of
approximately 50 percent of unsecured debts amounting to RM28,769,910 to
unsecured creditors; and

       (b) RM160,000 nominal value of ICULS in respect of 50 percent of a
bank guarantee facility converted into unsecured debt amounting to RM320,000
to a financial institution, as announced on 20 July 2000, for which the
approval of the SC is pending.

The company further announce the following:

   (i) The time period during which the approvals of all relevant
authorities must be obtained for the implementation of the restructuring
exercise to regularize the financial condition of AHB as prescribed under
Practice Note No.4/2001 of the Listing Requirements of the Kuala Lumpur
Stock Exchange (KLSE) had expired on 21 June 2001. In this connection, AHB
had, on 26 June 2001, submitted an application to the KLSE for an extension
of time for the implementation of the restructuring exercise to regularize
the financial condition of AHB.

   (ii) The approval of the SC for the Proposed Rights Issue of Shares with
Warrants (together with the proposed bonus issue of 6,656,667 new ordinary
shares of RM1.00 each on the basis of one (1) new ordinary share for every
three (3) existing ordinary shares held and the proposed employees' share
option scheme as announced on 30 September 1999 and approved by the SC on 13
December 1999) will lapse on 30 June 2001, within which time AHB cannot
execute the implementation thereof.

   (iii) Negotiations between AHB and the financial institutions and hire
purchase creditors are still ongoing for the revised debt-restructuring
scheme. An announcement will be made when an agreement has been signed
between the said parties in relation to the revised debt-restructuring
scheme.


DENKO CORP: Announces Expected Losses From Litigation
-----------------------------------------------------
Denko Industrial Corporation Berhad announces its expected losses arising
from Writ of Summons and Statement of Claims, as follows:

   1.1 Interest thereon at the following rates:

       1.1.1 the prescribed rate of 1.75 percent above the plaintiff's cost
of funds calculated from 1 April 2001 until the date of full settlement.

       1.1.2 default interest of 1 percent per annum calculated from 23
April 2001 until the date of full settlement.

   1.2 Other costs, such further or other relief as this Honorable Court
thinks fit.

   1.3 Legal fees arising from the defending of the suit.

The steps taken and the proposed to be taken in respect of the above suit:

   2.1 Messrs. BDO Capital Consultants Sdn. Bhd. has been appointed with
effect from 2 May 2001 to act on behalf of Denko Industrial Corporation
Berhad (Denko) to review and restructure the proposed debts restructuring
scheme.

   2.2 Messrs. P M Tan Chan & Partners has been instructed on 21 June 2001
to act on behalf of Denko to defend in respect of the above suit.

   2.3 To negotiate further with Utama Merchant Bank Berhad to withhold or
withdraw the filed litigation pending implementation of the proposed debts
restructuring scheme.


SOUTHERN BANK: Workout Plan Submission Set For Year's End
---------------------------------------------------------
Southern Bank Bhd CEO Datuk Tan Teong Hean said the company will submit its
restructuring scheme and fundraising proposal to the Securities Commission
(SC) by the end of the year, according to a report by The Edge Daily dated
June 28, 2001.

Michelle Kwan, writing for The Edge, reports that Southern Bank had informed
the Kuala Lumpur Stock Exchange in March that it had delayed submitting its
proposal due to weak market conditions.

The company announced a composite restructuring scheme in September of last
year, in conjunction with a fund-raising exercise and the acquisition of
United Merchant Finance Bhd, Cempaka Finance Bhd and Perdana Finance Bhd.

The plan includes the acquisition of 50.1 percent stake in Perdana Merchant
Bankers Bhd.

The plan involves the transfer of the group and Ban Hin Lee Bank Bhd's
listing status to a new company and United Merchant Finance respectively.

The new company is to be renamed Southern Bancorp Bhd, while United Merchant
Finance would be known as Southern Finance Bhd.


UNITED ENGINEERS: Court Grants Restraining Order Vs UEG
-------------------------------------------------------
United Engineers (Malaysia) Berhad (UEM) announces that the Shah Alam High
Court, on 27 June 2001, granted UEM a restraining order against UEM Genisys
Sdn Bhd (UEG) and its servants, agents and/or employees from filing,
presenting, advertising and/or gazetting a winding up petition against UEM
pursuant to Section 218 of the Companies Act 1965 (Restraining Order).

UEG is a 51 percent-owned subsidiary of UEM.

The Restraining Order is effective from 27 June 2001 until the outcome of
the hearing on the summon in chamber filed by UEM which will be heard on 3
August 2001.

Events leading to the litigation action

On 5 June 2001, UEM claimed for RM15.24 million against UEG, for amongst
other, damages for non-completion, defective works and procurement fees in
respect of the New Telekom Headquarters Project (Telekom Tower Project),
estimated rectification costs for defective works for the National Sports
Complex Project and advances.

On 6 June 2001, UEG issued a letter of demand for alleged debts of RM9.43
million against UEM and threatened to institute winding up proceeding
against UEM pursuant to Section 218 of the Companies Act. The alleged debts
arose from progress payments from the Telekom Tower Project.

The alleged debts demanded by UEG are being disputed by UEM in a writ of
action filed in the Shah Alam High Court in civil suit no: MT3-22-415-01. On
20 June 2001, UEM has filed a summon in chamber to apply for a restraining
order against UEG and hearing on its application was held on 25 June 2001
and 27 June 2001.

Apart from this litigation matter, UEM also has two other litigation suits
against UEG pending in the High Court of Kuala Lumpur arising from the
oppression of member's rights in UEG and issues arising from the management
of UEG.

Information on UEG

UEG was incorporated on 12 July 1993 with its principal activities in
mechanical and electrical engineering works. The authorized capital of UEG
is RM5.0 million whilst its issued and paid up capital is RM2.0 million. UEM
has 51 percent equity interest in UEG while the remaining equity interest is
held by Genisys Integrated Engineers Pte Ltd (GIE), a company incorporated
in Singapore.

The day-to-day management of the business and affairs of UEG is delegated to
a nominee from GIE pursuant to the Shareholders Agreement dated 2 November
1993 entered into between UEM and GIE.

Material Impact

Insofar as UEM is able to ascertain, the above litigation action against UEG
has no material financial impact on UEM for the financial year ending 31
December 2001.

UEM has been advised by its Counsel that there are strong grounds supporting
the Restraining Order and UEM intends to defend its position to the fullest.


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


ASB GROUP: Asking SEC To Uphold Decision On Plan
------------------------------------------------
Debt-laden ASB Group of Companies is asking the Securities and Exchange
Commission (SEC) to uphold its approval on the group's rehabilitation plan,
thus challenging the creditor banks' petition for a reconsideration,
Business World reports Friday.

ASB said that the motion filed by creditor China Banking Corporation lacks
merit for the corporate regulator's consideration, the newspaper says.

ASB further added that the bank's argument, alleging that the rehab plan was
based on unrealistic assumptions, "departs from the very essence of a
rehabilitation plan, which proposed possible solutions to the liquidity
problems of (ASB)."

ASB continued, "The certainty or uncertainty of the said proposed solutions
in the approved rehab plan is not the gauge for its approval, but the
feasibility and viability of the proposed solutions therein."

On their end, creditors said, "forcing creditor(s) to accept certain
properties as payment for (ASB's) outstanding obligations...and compelling
the latter to surrender its present collateral, the Commission is altering
the terms of contracts validly entered into between and binding upon."


NATIONAL BANK: Gov't Approves Debt Proposal
-------------------------------------------
The government Thursday approved the loan settlement proposal with
Philippine National Bank, which will allow the offsetting of the bank's
debts totaling P10 billion owed to Philippine Deposit Insurance Corporation
(PDIC) with the government's borrowings from the bank totaling P13.3 billio,
The Philippine Star reported, citing PDIC President Norberto Nazareno.

"The Department of Budget and Management (DBM) had approved the process and
they have accepted the fact that these are government obligations," Nazareno
said.

Nazareno continued, "The DBM also assured us that PDIC would be paid on
future budget allocations."


PHILIPPINE AIRLINES: To Defer Sale Of Assets
--------------------------------------------
Philippine Airline, Incorporated (PAL) is going to postpone the planned
sell-off of its remaining non-core operations, namely the ground-handling
and catering service units, Business World reports Friday.

PAL's improved sales performance can cushion the operations of the two
operations, the newspaper says, citing Jaime Bautista, chief finance officer
of the Lucio Tan Group, the controlling stake holder of the flag carrier.

"For the meantime, we will keep (the two units) since the rehabilitation
plan did not give us any timetable for their sale. That might be deferred
since our performance is doing well and we have good relationship with our
employees," Mr Bautista was quoted as saying.

The divestment of non-core assets through public bidding is part of the
approved rehabilitation plan for PAL.


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


CAM INT'L: Executive Director Resigns
-------------------------------------
The Board of Directors of CAM International Holdings Ltd announces the
following:

1. Resignation of an executive director

   Mr Foo Ko Hing has resigned as an executive director of the Company with
effect from 30 May 2001

2. Discontinuance of restructuring scheme proposed by Mr Ong Puay Koon

   Further to the announcement made on 14 August 2000 by the Company in
relation to the restructuring scheme proposed by Mr Ong Puay Koon, the
Company wishes to announce that the Company and Mr Ong have discontinued
their negotiations on the proposed restructuring scheme following Mr Ong's
decision not to proceed with the restructuring scheme.

3. New Proposal for restructuring of the indebtedness of the Company and its
subsidiaries (the Group)

The Board has received a joint corporate rescue and restructuring proposal
(the New Proposal) from Mr Koh Chun Wai and the Company's Chairman Dato Dr
Tan Tiong Hong to comprehensively restructure the indebtedness of the Group.

The Board has considered and approved (save for Dato Dr Tan Tiong Hong who
abstained from voting) the New Proposal based on inter-alia, the commercial
merits of the New Proposal, acceptability to the Company's creditors and the
need for fresh working capital.

The Company has engaged Dexia BIL Asia Singapore Limited as its financial
adviser. The Financial Adviser shall assist the Board in submitting the
circular (including details of the New Proposal) for the approval of the
Singapore Exchange Securities Trading Limited (SGX-ST). The Circular is
expected to be submitted to the SGX-ST by the end on July 2001.


TIANJIN ZHONG: Manufacture of Medicines Prohibited
--------------------------------------------------
Tianjin Zhong Xin Pharmaceutical Group Corporation Limited announced that it
received a notice from the State Pharmaceutical Supervision Administrative
Bureau prohibiting the manufacture of certain medicines containing "Ben Bing
Chun An" and requiring the manufactured products to be disposed of.

The Company's Sino-American joint venture Tianjin Sino-American Smithkline &
French Lab., Ltd, in which the Company has a 25 percent interest,
manufactures and distributes 2 products "Kang Tai Ke" and "Kang De"
containing "Ben Bing Chun An".

Tianjin Smithkline has estimated that costs involved in the cessation of
production and the disposal of existing stocks of these 2 products should
not exceed RMB108,000,000 of which the amount of RMB92,000,000 have been
provided in its accounts as of 31 December 2000.

The Company's share of the estimated costs is not expected to exceed
RMB27,000,000.


TIANJIN ZHONG: Shanghai Bourse Suspends 'A' Shares Trading
----------------------------------------------------------
Trading of 'A' Shares of Tianjin Zhong Xin Pharmaceutical Group Corporation
Limited were suspended from the Shanghai Stock Exchange yesterday, June 28,
2001 in view of the company's Annual General meeting scheduled for the same
day.


TIANJIN ZHONG: May Lose RMB27M From Bureau's Ruling
---------------------------------------------------
Tianjin Zhong Xin Pharmaceutical Group Corporation Limited made the
following announcements regarding the "Issue of Notice by State
Pharmaceutical Supervision Administrative Bureau" dated June 27, 2001:

     1. Tianjin Sino-American Smithkline & French Lab., Ltd had made
provision for losses of RMB92,000,000 in its accounts as of December 31,
2000 in relation to the prohibition of manufacture of medicines containing
"Ben Bing Chun An". The Company's share of the additional losses arising
from the Prohibition is estimated to be about RMB27,000,000. The Company
shall, if necessary, make the appropriate provisions in its forthcoming
interim financial results.

     2. The State Pharmaceutical Supervision Administrative Bureau has not
imposed any fines or penalties on the Company or Smithkline in relation to
the Prohibition.

     3. In response to the Prohibition, the short to mid term strategy of
Smithkline would entail the expansion of its range of pharmaceutical
products, including those which do not contain the ingredients covered under
the Prohibition.

     4. For the year ended 31 Dec 2000, Smithkline contributed 47.2 percent
of the Company's profits. The products "Kang Kai ke" and "Kang De" which
fall under the Prohibition, contributed 40 percent of Smithkline's profits.


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


SANSIRI PUBLIC: Reports Capital Reduction Of Units
--------------------------------------------------
Sansiri Public Company Limited would like to report the reductions of
capital of Prakarn Limited and Sanpinyo Limited, the subsidiaries, as
follows:

Prakarn Limited

   1. Registration date: 26 June 2001

   2. The company name: Prakarn Limited

   3. The existing capital

      - Registered capital: Bt1 million by divided into 1,000 shares at the
par value of Bt1,000

      - Paid up capital: Bt1 million by divided into 1,000 shares at the par
value of Bt1,000

        After capital reduced

      - Registered capital: Bt250,000 by divided into 1,000 shares at the
par value of Bt250

     - Paid up capital: Bt250,000 by divided into 1,000 shares
                        at the par value of Bt250
                        (reduced the amount of its registered capital of
Bt750,000 by lowering the par value of each share)

   4. The general characteristics: The entry into the transaction by the
Company and the size of the transaction do not fall within any jurisdiction
of the notification of the SET Re: Rule, Procedures and Disclosure of
Connected Transaction of Listed Companies and Re: Rule, Procedures and
Disclosure of Information Concerning the Acquisition and Disposition of
Asset of Listed Companies.

   5. The objective of a reduction: The economic slow-down which makes it
inappropriate for any new investments. And considering the Company's
business and investment at present, the amount of the current working
capital is too high. Therefore, it is appropriate to reduce the company's
capital and return the reduced amount to the shareholders.

Sanpinyo Limited

   1. Registration date: 26 June 2001

   2. The company name: Sanpinyo Limited

   3. The existing capital

      - Registered capital: Bt11 million by divided into 110,000 shares at
the par value of Bt100

      - Paid up capital: Bt11 million by divided into 110,000 shares at the
par value of Bt100

      After capital reduced

      - Registered capital: Bt2,750,000 by divided into 110,000 shares at
the par value of Bt25

      - Paid up capital: Bt2,750,000 by divided into 110,000 shares at the
par value of Bt25 (reduced the amount of its registered capital of
Bt8,250,000 by lowering the par value of each share)

   4. The general characteristics: The entry into the transaction by the
Company and the size of the transaction do not fall within any jurisdiction
of the notification of the SET Re: Rule, Procedures and Disclosure of
Connected Transaction of Listed Companies and Re: Rule, Procedures and
Disclosure of Information Concerning the Acquisition and Disposition of
Asset of Listed Companies.

   5. The objective of a reduction: The economic slow-down which makes it
inappropriate for any new investments. And considering the Company's
business and investment at present, the amount of the current working
capital is too high. Therefore, it is appropriate to reduce the company's
capital and return the reduced amount to the shareholders.


SANYO UNIVERSAL: Board Approves Delisting Proposal
--------------------------------------------------
The 6/2544 Board Meeting of Sanyo Universal Electric Public Company Limited
(SUE) held on June 28, 2001 passed the following:

   1. The Chairman informed to the meeting of the major shareholder''s
intention to voluntary delisting of its ordinary shares from the SET.  The
BOD had thoroughly discussed and approved for SUE's delisting of its
ordinary shares from the Stock Exchange of Thailand (SET).

      In this regard, SUE and BOD will assure to prepare set procedures
necessary steps required by SET and will propose it to the Shareholders'
Meeting for approval accordingly.

      The country's economic downturn for the past years has severely hurt
the company's financial status and operational performance.  As a result,
SUE has been classified by the Stock Exchange of Thailand (SET) among the
securities that have to undergo business rehabilitation and risk being
delisted from the SET. Despite attempts to solve all the problems arisen so
as to improve its operational performance, SUE has been unable to expand its
business amid the unhealthy economic condition.  Thus, to facilitate the
prevailing problem solutions, the meeting deemed it proper to delist the
company's ordinary shares from the stock exchange. In this regard, SUE is
still expected to be able to carry on its business as usual. The above
intention will allow major shareholder to support the business in order to
maintain the competitiveness and strengthen ability to suppliers and
customers.

   2. With the consent of the Independent Directors, appointment of IFCT
Advisory Co., Ltd. as Independent Financial Advisor to the Shareholders to
render advises and opinions to the Shareholders in general and not related
to the Offeror, so as to support their consideration of the share delisting.


SIKARIN PLC: Opts To Rehabilitate
---------------------------------
Sikarin Plc and its subsidiaries have a history of losses incurred since the
economic crisis in 1997.

At the year ended December 31, 1999, we have incurred retain loss of
Bt317.41 million, which causes the company to be delisted from the Stock
Exchange of Thailand (SET).  According to SET's regulations, the company has
two alternatives either to submit the rehabilitation plan in order not to be
delisted or voluntarily delist from the SET.

During 1999-2000 when the company faced net losses, the company could have
generated a significant growth of gross margin through debt restructuring
and improving the efficiency of operation.  Based on such performance that
the company considered as part of the short-term plan, the executive board
considers that the company's core business has potential to generate revenue
and profitability in the near future.

Therefore, the executive board intends to adopt the rehabilitation plan in
order to solve the cause of delisting and to maintain benefits to
shareholders and the company as a listed company thereafter.

Both the company and the financial adviser agree to proceed with the same
approach as the company has done in its short-term plan as described. That
is, the company will continue the negotiation with the debtor for a
successful conclusion of debt restructuring.

At the same time, the company will focus on its core business and improve
its image and reputation in the hospital industry.

The company has prepared the financial projection based on conservative
assumptions, which shows the positive number in the shareholders' equity in
the second quarter of 2003.

In addition, at the end of the rehabilitation plan, the shareholders' equity
will show the positive figures as follows:

   1. When this plan has been approved from the shareholders meeting as well
as the debt has been restructured at greater than 50 percent, we will ask
the SET for consideration of the company's stock to be traded under REHABCO
sector again.

  2. At the end of the plan in the second quarter of 2003, we expect the net
profit from operation and the shareholders' equity to be positive. We will
ask the SET for consideration of the company's stock to be moved back into
the Health Care sector.


TPI POLENE: Court Approves Plan To Increase Capital
---------------------------------------------------
The Plan Administrator to TPI Polene Plc has announced that the Central
Bankruptcy Court approved the Plan Administrator Petitions for permission to
increase capital and to increase its foreign shareholding limit from 24.00
percent to 49.00 percent of the total issued share capital of TPIPL in
compliance with the Plan.

Both the increase in foreign limit and the increase in capital has been
reserved for the proposed increase in capital to, inter alia, raise at least
US$180 million in new equity and to convert up to Bt7 billion of accrued
interest, accrued guarantee fees and related charges in accordance with the
Master Restructuring Agreement formally agreed by Creditors on 1 February
2001.

The Company also reported that it had appointed CLSA Singapore Pte Ltd and
Seamico Securities Plc on 29 March 2001 (the Advisors) to, inter alia, raise
at least US$180 million in new equity funds, again in accordance with the
MRA.

In a report submitted to the Creditors' Committee today, the Advisors
reported that from a short list of potential strategic investors, several
major international cement producers have submitted written expenses to the
request for preliminary bids to acquire a significant interest in the
Company. In addition, several financial investors have expressed preliminary
interest.

Subject to the Creditors approving an extension beyond the current
completion deadline of 29 June 2001, it is expected that selected strategic
investors will be selected to commence due diligence shortly.

The Creditors' Committee, met with the Plan Administrator on 27 June 2001
and will call meetings of the creditors in Singapore and Bangkok in the
first week of July to consider the proposal to extend the deadline.
Creditors will be asked to make a decision as soon as possible after those
meetings and within July 2001.

Commenting on the capital increase, Khun Orapin Leophairatana, Senior
Executive Vice President, said "We are truly committed to the process as
agreed with the creditors under the Master Restructuring Agreement. The
response from strategic investors has been very encouraging indeed and we
look forward to concluding the transaction soon, so TPIPL's management team,
with our new partners, can refocus on the business."

TPIPL is Thailand's third largest cement producer, with a total capacity of
approximately 9 million ton per annum.

Listed on the Stock Exchange of Thailand, under the Building Materials
Sector. As at 26 June 2001, it had a total market capitalization of Bt6.084
billion.


TPI POLENE: Announces Court's Approval To Increase Capital
----------------------------------------------------------
TPI Polene Public Company Limited ( TPIPL), announced Thursday the Central
Bankruptcy Court issued an order to approve TPIPL to increase its capital in
compliance with its Business Reorganization plan as follows:

   1. To reduce the registered share capital on the undistributed and
unpaid-up portion of Bt232,000,000. The registered capital will decrease
from Bt5,307,000,000 to Bt5,075,000,000 accordingly, divided into
507,500,000 shares of Bt10 par value each.

   2. To increase registered share capital from Bt5,075,000,000 to
Bt24,815,000,000, or an increase of Bt19,740,000,000, divided into
1,974,000,000 shares of Bt10 par value each, allotment of which is as
follows:

      2.1 To allot to existing shareholders and/or to its Scheme Creditors
by converting debt into equity under terms and conditions as stipulated in
the Master Restructuring Agreement for the amount of US$150 million which is
equivalent to approximately Bt7,050,000,000 (calculating at an exchange rate
of US$1/ Bt47), divided into 705,000,000 shares, at the par value of Bt10
each. The proceeds will be used for the payment of accrued interest, credit
insurance premium and guarantee fees owed to the Scheme Creditors for the
period up to November 30, 1999 in accordance with the Master Restructuring
Agreement.

     2.2 To allot by ways of private placement and/or on public offering to
raise equity for at least of US$180 million or the equivalent of
Bt8,460,000,000), divided into the minimum of 846,000,000 shares
(calculating at an exchange rate of US$1/ Bt47) and up to US$270 million or
the equivalent of Bt12,690,000,000, divided into 1,269,000,000 shares
(calculating at an exchange rate of US$1/Bt47 ), at the par value of Bt10
each. The proceeds in the amount of US$180 million will be utilized to pay
the debts owed to the Scheme Creditors. The additional proceeds of US$90
million will be used to purchase machinery and to pay expenses in respect of
the cement line 4 project.


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter co-published
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Inc., Washington, DC USA. Lyndsey Resnick, Ronald Villavelez, Maria Vyrna
Niņeza, Editors.

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

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