/raid1/www/Hosts/bankrupt/TCRAP_Public/010717.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

           Tuesday, July 17, 2001, Vol. 4, No. 138


                         Headlines


A U S T R A L I A

AUSTRALIAN HEALTHCARE: ASIC Extends Exemption
AUSTRALIAN HEALTHCARE: Negotiations For Sale Ongoing
BRIDGEDFS LIMITED: ING Becomes Substantial Holder
NATURAL GAS: Completes Sale Of Unit, Financial Restructuring
NATURAL GAS: Court Approves Proposed Merger With Santos
NATURAL GAS: Santos Completes Acquisition
OPTECOM LIMITED: Discloses Asset Sales, Cash Position
OPTECOM LIMITED: Trading Suspension Granted
OPTECOM LIMITED: Enters Sale Deal With Pacific Dunlop
PASMINCO LIMITED: Posts Top 20 Shareholders
STRAITS RESOURCES: Issues Additional Shares


C H I N A   &   H O N G  K O N G

ARISTOCRAT TECHNOLOGY: Winding Up Petition Set For Hearing
NEW WORLD CYBERBASE: Posts HK$714.3M In Losses
PALIBURG HOLDINGS: Asset Disposal Terms Still Under Discussion
YUE JIAO: Faces Winding Up Petition


I N D O N E S I A

ARUN NGL: Posts Rp4 Trillion Loss Due To ExxonMobil Closure
BANK INTERNASIONAL: Resolves Issues With IBRA
SIWANI TRIMITRA: 2001 Net Loss Stands At Rp19.51 Billion


J A P A N

NATIONAL OIL: Affiliates May Undergo Court-led Rehab
SOGO COMPANY: Sogo, Ex-Chairman At Odds Over Assets


K O R E A

HANJIN SHIPPING: 3-Year W300-B Bonds Issue This July
HYNIX SEMICON: Confirms Plan To Relocate Sales Base To US
HYUNDAI PETROCHEM: Sister Firm Agrees To Write Down Stake
KOREAN AIR: 3-Year W300B Bonds Issue On July 30


M A L A Y S I A

EPE POWER: Defaults On Monthly Interest Payment
HONG LEONG: SC Approves BAIDS
KEMAYAN CORP: Unit Faces Winding Up Petition
NCK CORP: Winding Up Petition Served On Unit
SUNWAY CITY: Court Dismisses Winding Up Petition On Unit
TIME ENGINEERING: Seeks Extension To Bond Redemption Dates
UNITED ENGINEERS: Grants YBhg Tan Sri Extension On Payment


P H I L I P P I N E S

NATIONAL STEEL: SEC To Issue New Rebidding Guidelines
URBAN BANK: Exportbank, PDIC Signs Deal For Depositors


T H A I L A N D

EMC PUBLIC: Registers Capital Changes
LIME QUALITY: Reorganization Petition Filed With Court
TONGKAH HARBOUR: Reports Use Of Increased Capital


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


AUSTRALIAN HEALTHCARE: ASIC Extends Exemption
---------------------------------------------
The Australian Securities & Investments Commission (ASIC) has
extended the exemption from the requirement for AHF to register
as a Managed Investment Scheme until 30 September 2001 on
condition that the trustee:

   * take all reasonable steps to terminate the Trust as soon as
practicable but no later than 30 September 2001; and

   * as far as practicable, comply with the former provisions of
the Corporations Law relating to prescribed interest schemes.


AUSTRALIAN HEALTHCARE: Negotiations For Sale Ongoing
----------------------------------------------------
Tyndall Funds Management (NSW) Limited, the Manager of
Australian Healthcare Investment Fund (AHIF) has previously
agreed to provide the market with quarterly updates on the
progress of winding up the trust and disposal of assets.

The Manager is currently negotiating with an interested party
for the purchase of the Southern Highlands Private Hospital
(SHPH), a unit of the Australian Healthcare Investment Fund
(AHIF), property and the Manager expects to be in a position to
make an announcement to the market in that regard shortly.

It is the Manager's present intention to make any Contract of
Sale conditional upon unitholder approval at a Meeting of
Unitholders, which we would call shortly after the Contract
became otherwise unconditional, AHIF Company Secretary D O'Bryen
said.

Tyndall Funds Management (NSW) Limited, the Manager of AHIF said
that a new valuation of the Southern Highlands Private Hospital
(SHPH) has valued the hospital at $3,200,000, down from the
previous valuation of $4,200,000.

The net tangible assets of the trust have reduced to 21.54 cents
per unit following the new valuation and the capital repayment
of 5 cents per unit made on 14 September 2000.

At a Unitholders meeting held on 30 June 2000, Unitholders voted
in favor of winding up the Trust. The Trustee of the Trust has
now appointed Knight Frank to sell the SHPH, which is the
principal asset of the Trust.

When the hospital is sold, the assets of the trust will be
distributed to Unitholders.


BRIDGEDFS LIMITED: ING Becomes Substantial Holder
-------------------------------------------------
ING Australia Limited became a substantial shareholder in
BridgeDFS Limited, an Australian subsidiary of Bridge
Information Systems, on 4 July 2001 with a relevant interest in
the issued share capital of 6,554,595 ordinary shares (6.55
percent).


NATURAL GAS: Completes Sale Of Unit, Financial Restructuring
------------------------------------------------------------
Natural Gas Corporation Holdings Limited (NGC), a 66 percent-
owned subsidiary of The Australian Gas Light Company, announced
Friday it had reached an agreement to sell the South Island
electricity customer base of its retail business, On energy, to
Meridian Energy.

The agreement provides for Meridian to have effective ownership
of On energy's South Island residential and business customers
from 11 June 2001. Under a customer services management
agreement created as part of the sale arrangements, On energy
will provide transitional call center, billing and credit
services for these customers.

NGC Managing Director, John Barton, reiterated Friday that it
was not possible to determine the final value of the
transaction, as this depends on a number of adjustments to be
made during the period to October 2001.

The transaction was one of the elements taken into account in
the expected abnormal losses announced by the Company last
month. The sale was one of the measures NGC has taken to reduce
its exposure to abnormally high wholesale electricity prices.

These measures also include an agreement that gives NGC rights
to additional capacity from NGC's Taranaki Combined Cycle Plant.

Together with other existing arrangements, this confirms a
significant reduction in NGC's wholesale market exposure.
However, NGC remains very concerned about the basis for the
current high wholesale electricity prices.

Barton also announced that NGC had concluded restructured
financing arrangements. These included an $850 million cash
advance facility from a syndicate of lending institutions and
the continuation of the previously-announced short-term funding
arrangement of up to $100 million with NGC's majority
shareholder, The Australian Gas Light Company (AGL).

AGL has also agreed that this arrangement can be increased by up
to $35 million more if necessary, and that any outstanding
amount under the loan would not be repaid until the bank
facility was refinanced. Barton said AGL's offer to provide
additional funding, if needed, demonstrated AGL's commitment to
NGC.

Barton said he expected the level of AGL's previously-announced
guarantee of up to $177 million in respect to NGC's energy
purchase commitments on the New Zealand Electricity Market will
be reviewed in light of the sale of the South Island electricity
customers.

The restructured financing arrangements will give the Company a
firm foundation for its future business.


NATURAL GAS: Court Approves Proposed Merger With Santos
-------------------------------------------------------
Natural Gas Australia Ltd (NGA) announced the
Supreme Court of Victoria today made orders approving each of
the proposed Schemes of Arrangement between NGA and:

   (a) its ordinary shareholders;

   (b) its listed option holders;

   (c) its executive optionholders.

A copy of the Order will be lodged with the Australian
Securities and Investment Commission on the morning of 17 July
2001, at which time each of the above Schemes will come into
effect.

NGA securities will cease trading at the close of business of
the Australian Stock Exchange today. Trading in new Santos
shares will commence on Wednesday 18 July 2001, on a deferred
settlement basis.

NGA shares will convert to Santos shares at a ratio of 6.393
Santos shares for every 100 NGA shares held. NGA options will
convert to Santos shares at a ratio of 2.822 Santos shares for
every 100 NGA options held.

Exercise Of Options

If any Optionholder wishes to exercise options in order to
participate in the proposed Schemes of Arrangement as
shareholders, and become eligible for Australian CGT rollover
relief, then they must do so by the Record Date which is 10.00
pm (Melbourne time) on the 5th business day following the
effective date, following the CHESS update on that date. From a
practical point of view this means that exercise of options must
take place prior to close of business on the 24 July 2001.

Optionholders who do not exercise their options and thus become
shareholders, will not be able to obtain CGT rollover relief in
relation to their holdings. All securityholders are referred to
the Scheme Booklet in this regard.

If any securityholder has any queries they should contact
Computershare Investor Services Pty Ltd at Level 12 565 Bourke
Street, Melbourne. Telephone (61-3) 9611 5711. If they require
an exercise of Option form they may obtain same direct from
Computershare Investor Services Pty Ltd.

The Company is delighted that the Schemes have been approved and
for the merger with Santos to be implemented.


NATURAL GAS: Santos Completes Acquisition
-----------------------------------------
Santos Limited announced Natural Gas Australia Limited received
approval yesterday from the Supreme Court of Victoria to
complete the Schemes of Arrangement previously announced on 9
April 2001, which will result in NGA becoming a wholly-owned
subsidiary of Santos.

When the Schemes become effective tomorrow, Santos will acquire
100 percent of NGA, which has a 40 percent interest in the
substantial Evans Shoal gas field (NT/P48) in the eastern Timor
Sea.

This acquisition will broaden Santos' interests from two to
three of the four major gas fields in the greater Timor Sea
region.

The Managing Director of Santos, John Ellice-Flint, said, "This
acquisition is highly strategic for Santos, given the potential
for a world class 20TCF gas project and the benefits such a
project would have for Australia and East Timor."

Shares and listed options in NGA will cease trading at the close
of business of the Australian Stock Exchange tomorrow and
trading in new Santos shares will commence on Wednesday 18 July
2001 on a deferred settlement basis.

The Record Date for determining the eligibility of holders of
NGA shares and options to participate in the Schemes is 24 July
2001. The Implementation Date, when Santos shares will be
allotted to holders of NGA shares and options, is 31 July 2001.

NGA shares will convert to Santos shares at a ratio of 6.393
Santos shares for every 100 NGA shares held. NGA listed options
and executive options will convert to Santos shares at a ratio
of 2.822 Santos shares for every 100 NGA listed options and
executive options held.

Holders of NGA listed options and executive options who wish to
participate in the share Scheme will be required to exercise
their options by the Record Date.


OPTECOM LIMITED: Discloses Asset Sales, Cash Position
-----------------------------------------------------
Back on 12 April 2001, Optecom announced it had suspended its
Sponsored Telephony Services (STS) in order to review the
financial objectives and reduce the cash burn rate of the
Company.

Since then, Optecom has continued to rationalize its structure
and assets. Specifically, Optecom has:

   * terminated its license with Iquity Systems for the STS
system;

   * sold its switching and other equipment comprising the STS
platform to Primus Telecommunications Pty Limited;

   * sold its 50 percent interest in the BulletIN.net joint
venture to its joint venture partner, BulletIN.net Inc;

   * taken steps to liquidate or deregister its subsidiaries,
including Dataplex Pty Ltd; and

? rationalized its staffing and tenancy arrangements to
minimize expenses.



OPTECOM LIMITED: Trading Suspension Granted
-------------------------------------------
Optecom Limited requested a suspension of trading of shares from
quotation, under Listing Rule 17.2. The suspension was granted
July 5, 2001.

Optecom is currently in discussions regarding a possible
acquisition but is not currently in a position to make an
announcement regarding such discussions.

It is concerned about recent trading activity in its shares,
which might be based on unfounded speculation. Optecom wishes to
ensure that the market for trading in its shares is fully
informed and believes it is appropriate for its shares to be
suspended pending an announcement regarding the outcome of its
discussions.

Optecom expects that the suspension will be lifted today and to
be able to make a further announcement regarding the outcome of
its discussions and the company's future direction in the week
commencing 16 July 2001, and would expect the voluntary
suspension on the trading of its shares to end following that
announcement.


Optecom, a company that provides free domestic and long distance
phone calls, had already suspended its operations due to low
advertising revenue.

Optercom has suffered negative operating and investment cash
flow of $1.7 million, from January through March. In addition,
the company posted half-year ended December 31 losses of $4.6
million after tax on $931,000 in revenues.

The company had Cash at Bank of $12.5 million as of March 31
2001, which is the equivalent to 6.3 cents per ordinary share.

During the quarter, Optecom used $1.6 million to fund
operations, and a further $100,000 was invested in a joint
venture.

While the Directors believe that the Optecom Sponsored Telephony
Service (STS) has proved itself an extremely cost effective
means of attracting subscribers to a telecommunications network,
as evidenced by the Optecom subscriber base which now numbers in
excess of 65,000 subscribers, relying on advertising revenues
alone is not sufficient in the short term to ensure
profitability.

The contraction of the advertising market in recent months due
to the economic downturn, has also exacerbated this situation.

The directors have temporarily suspended the STS service, to
consider what refinements are necessary to meet the financial
objectives of the company, including profitability.

Pending finalization of the revised service model, all
marketing, advertising and telecommunications carriage
expenditure has been cut and certain staff redundancies and
other cost cutting measures are being implemented.

By taking these actions, the company has reduced the cash burn
rate from an average of over $600,000 per month to less than
$50,000 per month, excluding redundancy and other one-off
payments, thereby maintaining its cash reserves and current
shareholder value.

Optecom Chairman Chris Kelliher said, "Faced with this
deteriorating economic climate, the directors have taken the
prudent steps of preserving the company's assets, which include
the STS license and platform, the Bulletin/Jungle Drum messaging
business and especially the $12.5 million in cash and we intend
to continue to seek out opportunities to restore shareholder
value in the short term to medium term."



OPTECOM LIMITED: Enters Sale Deal With Pacific Dunlop
-----------------------------------------------------
Optecom Limited has agreed, subject to obtaining the necessary
Shareholder approvals, to acquire Ambri Pty Limited (Ambri) from
a subsidiary of Pacific Dunlop Limited, and its patented Ambri
Technology which is the product of over a decade of research by
CSIRO, Sydney University and others.

This will provide an exciting new direction for the Company in
the field of critical care diagnostic testing, a rapidly growing
area of human healthcare.

The proposed transaction will be completed in conjunction with a
$21.5 million capital raising, underwritten by Macquarie Equity
Capital Markets Limited, which will be used to commercialize the
Ambri Technology, including launching Ambri's products in
Australia.

Full details of the proposed transaction, Ambri and the Ambri
Technology are contained in a Prospectus lodged with ASIC
Friday, which will be sent to all Shareholders within 10 days,
together with a Notice of Meeting and Explanatory Memorandum for
a General Meeting of Shareholders to be convened for 10.00am on
Thursday 23 August 2001.

Overview Of The Transaction

Key features of the proposed transaction are summarized below:

   1. On 20 June 2001, the Directors notified Shareholders that
the Company had ceased its existing business, divested the
majority of its assets and had discharged all outstanding
material liabilities, resulting in the Company having in excess
of $11 million in cash, net of any remaining liabilities. The
Company now proposes to make a significant change to the nature
and scale of its activities, from providing sponsored telephony
services to that of biotechnology research, development and
commercialization, which requires approval of Shareholders to
satisfy the requirements of ASX Listing Rule 11.1.

   2. The Company will be renamed "Ambri Limited".

   3. The Company proposes a consolidation of capital of the
Company at a ratio of 1 share for every 20 shares currently on
issue, which will effectively reduce the number of shares on
issue by the Company from 198 million to approximately 10
million, a step necessary to comply with one of the requirements
of Chapter 2 of the ASX Listing Rules. Similarly, the existing
6.15 million Options on issue will be consolidated at a ratio of
1 option for every 20 options currently on issue to 307,500
options post consolidation and the exercise price of such
options will be adjusted accordingly.

   4. The Company will acquire all the issued capital of Ambri
from Nucleus Limited, a wholly owned subsidiary of Pacific
Dunlop Limited, for consideration comprising $10 million in cash
and the issue of Shares equivalent to 19.9 percent of the issued
capital of the Company.

   5. The Company has also agreed to acquire the intellectual
property currently licensed by Ambri which forms part of the
Ambri Technology in consideration for the issue of 719,198
Shares to the University of Sydney and 1,438,397 Shares to
CSIRO, which will be equivalent, in aggregate, to 5.16 percent
of the issued capital of the Company.

   6. Macquarie Equity Capital Markets Limited has agreed to
underwrite a Share Offer by the Company of 19,369,369 New Shares
at $1.11 per Share to raise $21.5 million, to allow the Company
to have sufficient funds to commence the commercialization of
the Ambri Technology. The New Shares will represent about 46.28
percent of the issued Shares of the Company following completion
of the transaction. As part of its remuneration, Macquarie will
be granted 1,475,000 Options to subscribe for Shares at $1.25
per share.

   7. It is proposed to reconstitute the Board of the Company.
All existing Directors of the Company, other than Otto Buttula,
will resign and it is proposed to appoint 5 new Directors. The
new Directors will be Mr John Eady (Chairman), Mr Kevin McCann,
Dr Christine Clifton and Mr Bryan Kelman. In addition, Dr Joseph
Shaw who will be appointed as a Director, will also be the Chief
Executive Officer of the Company. The new Board will be
supported by an experienced management team and highly qualified
staff.

   8. The Company intends to issue a total of 3,975,400 Bonus
Options on the basis of one option for every ten shares post
consolidation, exercisable at $1.35 per Share, expiring on 30
November 2002. These Bonus Options will to be issued free of
charge to those persons on the Shareholder register of the
Company as at the Record Date, expected to be 3 September 2001.
The Company will apply to ASX for quotation of the Bonus
Options.

   9. The Company proposes to adopt an Executive Share Plan for
the issue of Shares to key executives, representing 5 percent of
the total issued capital of the Company, and an Employee Option
Plan allowing the issue of options over unissued Shares,
representing up to 10 percent of the total issued capital of the
Company, post completion. Initially, options will be issued
under the plan representing 8 percent of the issued capital,
which will be exercisable at $1.11 per share up to 5 years after
the date of issue.

   10. The Company will also issue 600,000 Options to Non-
Executive Directors exercisable at $1.11 at any time up to 5
years after the date of issue. Shareholder approval will also be
sought to increase the aggregate maximum cash remuneration
payable to Non-Executive Directors, to $400,000 per annum, to
ensure that the Company will be able to attract and retain
appropriately qualified and experienced Directors.

   11. At the conclusion of the transaction, the Company will
have approximately $20.4 million in cash reserves. The Company
intends to use these cash reserves to commercialize the Ambri
Technology into the Ambri System, launch Ambri's initial
products in the Australian market, gain US FDA approval to
distribute those products in the United States and introduce
Ambri's initial products into the United States.

Ambri & The Ambri Technology

Ambri intends to enter the pathology testing market by
commercializing the Ambri Technology, comprising an instrument
and an associated series of test specific, single-use disposable
sensors, with the ability to perform a range of diagnostic tests
at the patient point of care, rather than through central
laboratories.

This system is anticipated to make available to critical care
units, such as hospital emergency departments, timely and
accurate results, equivalent to those of central laboratory
systems.

The Ambri Technology possesses a number of features that
collectively should allow the Ambri System to be differentiated
from other, currently available, point of care testing
diagnostic systems for the critical care market, which may be
summarized as follows:

   * It is intended to be a "platform technology" which will
comprise an instrument with a series of single use, disposable
sensors, each capable of performing specific diagnostic tests,
such as for pregnancy and head attack markers.

   * The Ambri System will be designed for use in critical care
units by doctors, nurses and other staff and will require little
technical training.

   * It has the potential to provide test results of equivalent
quality to the test results of central laboratories in less than
5 minutes.

   * It is intended to have the ability to provide quantitative
results, such as the degree of heart muscle damage, an
indication of the occurrence and severity of a heart attack in a
patient.

   * The Ambri System may also have many applications outside
the medical diagnostic field, including food safety,
environmental testing, veterinary diagnosis and defense
applications.

It is intended that Ambri's initial product manufacturing and
first sales in the critical care pathology market will be in
Australia. The Australian market is highly concentrated with an
estimated 70 percent of the potential market in Sydney,
Melbourne and Brisbane. This should enable Ambri to address the
market effectively with a relatively small marketing team.

Ambri plans to launch the Ambri System and initial products for
testing of pregnancy and cardiac markers into the Australian
market in the second quarter of calendar 2002.

The Directors believe that the funds to be raised under the
Share Offer will be sufficient to fund the launch of the Ambri
System and initial products into the Australian market, obtain
United States FDA approval and introduce the Ambri System and
the initial products into the United States.

Following the launch in Australia and the introduction of the
Ambri System into the United States, Ambri intends to fully
commercialize the Ambri System in the United States market and
subsequently, other international markets. Ambri also intends to
broaden its range of products beyond testing for pregnancy and
cardiac markers. However, it should be noted that further
funding will be necessary for those phases of the
commercialization of the Ambri System.

Shareholder Approval

As the proposed transaction involves a change in the nature of
the Company's business, and the restructuring of its capital,
various Shareholder approvals will be required under the ASX
Listing Rules and the Corporations Law. Specifically, the
Company will be seeking shareholder approval for the following
ordinary resolutions to be considered at the forthcoming General
Meeting.

   * Consolidation of capital of the Company on a 20 to 1 basis

   * Issue of Shares under the Share Offer

   * Acquisition by the Company of Ambri and a change of the
activities

   * Issue of Shares to a wholly owned subsidiary of Pacific
Dunlop

   * Issue of Shares to CSIRO and the University of Sydney

   * Establishment of the Option Plan and the Share Plan

   * Appointment of new Directors

   * Issue of Shares and Options to Directors and Executives

   * Approval of the entry, by the Company, into the Deeds of
Access,
  Indemnity and Insurance

   * Increase in the maximum total cash remuneration payable to
  non-executive directors to $400,000.

In addition, the following special resolutions will also be
considered at the General Meeting:

   * The change of the Company's name to Ambri Limited

   * Amendment to the constitution of the Company to include new
Directors' indemnity and insurance provisions to reflect the
current Corporations Law

   * Appointment of Bryan Kelman, who is 75 years old, as a
Director.

The Company's shares have been suspended from trading since
Thursday, 5 July at the request of the Company. Following the
publication of this announcement it is expected that this
suspension will be lifted on Tuesday, 23 July 2001. In
accordance with the procedures of the ASX, it is expected that a
trading halt will be imposed from the Monday, 20 August 2001
prior to the date of the General Meeting to approve the
transaction.

Shareholders and potential investors should note that if
Shareholders approve the resolutions related to the transaction
put to the General Meeting then:

   * the Company will be required to comply with Chapters 1 and
2 of the ASX Listing Rules;

   * the Company will be suspended before the commencement of
trading on Monday, 20 August 2001 until the requirements of
Chapters 1 and 2 of the ASX Listing Rules have been satisfied;

   * the Company expects to be able to comply with the
requirements of   Chapters 1 and 2 of the ASX Listing Rules by
the end of August 2001.

Shareholders will shortly receive a Notice of Meeting and
Explanatory Memorandum for the General Meeting, together with a
Prospectus which relates to the underwritten offer of shares, as
well as the bonus issue of options to shareholders.

Timetable For The Transaction

The following timetable is indicative only and the Directors
reserve the right to vary these dates without prior notice:

Dispatch Notice of General Meeting        Tuesday 24 July 2001
Retail offer opens                        Monday 30 July 2001
Retail offer closes                      Thursday 16 August 2001
Last day trading cum Bonus Options        Friday 17 August 2001
First day of trading suspension           Monday 20 August 2001
General Meeting of Shareholders          Thursday 23 August 2001
Completion, including the issue of
New Shares                              Thursday 23 August 2001
Record date for consolidation of Shares  Thursday 23 August 2001
Relisting of Shares on a post
consolidation basis                     Thursday 30 August 2001
Listing of New Shares on a post
consolidation basis                     Thursday 30 August 2001
Record Date for determination of
entitlement to Bonus Options            Monday 3 September 2001

Issue of Bonus Options                  Tuesday 4 September 2001
Issue Employee Options to employees,
and Executive Shares to Executives    Thursday 6 September 2001

Directors Recommendations

The current and proposed Directors believe that the acquisition
of Ambri and the completion of the transaction will result in an
exciting new business direction for the Company, and unanimously
recommend that Shareholders vote in favor of all resolutions to
be considered at the forthcoming General Meeting to allow the
transaction to be implemented.



PASMINCO LIMITED: Posts Top 20 Shareholders
-------------------------------------------
Pasminco Limited reports the Company's top twenty shareholders
of ordinary fully paid shares as of 11 July 2001, as follows:

Name                           Number     %
                               Of shares

National Nominees Ltd       128,007,237    11.38
Westpac Custodian Nominees  60,348,966     5.36
ANZ Nominees Ltd            57,040,548     5.07
Chase Manhattan Nominees    38,046,725     3.38
Commonwealth Custodial      14,953,157     1.33
Citicorp Nominees Pty Ltd   12,706,445     1.13
AMP Life Ltd                8,212,342     0.73
Djerriwarrh Investments     8,020,872     0.71
Sumitomo Metal Mining Co Ltd 6,170,800     0.55
Helm Melbourne Ltd          5,219,170     0.46
ANZ Securities Ltd          4,974,546
Comsec Nominees Pty Ltd     3,942,330
Warbont Nominees Pty Ltd    3,592,370
Munichre of Australia Equity 3,450,000
Brispot Nominees Pty Ltd    3,104,391
Pan Australian Nominees Pty 2,944,759
Dowa Mining Co Ltd          2,742,500
John Hamilton               2,367,600
Whitloyd Nominees Pty Ltd   2,168,000
Peto Bros Pty Ltd           2,160,000

Melbourne-based Pasminco Limited, the troubled lead and zinc
mining company formerly worth $3 billion, has shrunk to a $550-
million enterprise as its investors continue to pull out.

It is also reported that Pasminco lost a quarter of its total
value this year, due to plunging zinc prices.

Analysts put the blame on factors like the weakening of the
Australian dollar and its skirmish with Aquila Resources as they
fought over the termination fee of $3 million on the sale of the
company's 49 percent stake in the Ernest Henry mine to MIM.

The fall-out with Aquila spawned ongoing concerns about the
company's financial capacity to meet its obligations.


STRAITS RESOURCES: Issues Additional Shares
-------------------------------------------
Straits Resources Limited issued additional 3,000 Ordinary
Shares on 9 July 2001 as a result of Convertible Noteholders
electing to convert 3,000 Convertible Notes.

The Conversion Notice Period in respect to the current 1:4
Rights Issue, and in respect to the interest payment date of 02
July 2001, has now closed. The next conversion notice period in
accordance with the Convertible Notes Trust Deed will commence
on 18 December 2001.

The Appendix 3B form seeking quotation of the above securities
is attached.

Appendix 3B
New Issue Announcement

Application For Quotation Of Additional Securities And Agreement

Name of Entity
Straits Resources Limited

ACN or ARBN
22 056 601 417

The entity provides the following information.

Part 1 - All Issues

Items 1 to 10 are Not Applicable

Part 2 - Bonus Issue Or Pro Rata Issue

Items 11 to 33 are Not Applicable

Part 3 - Quotation Of Securities

34. Type of securities (tick one)

    (a)    Securities described in Part 1

    (b) x  All other securities

Example: restricted securities at the end of the escrowed
period,  partly paid securities that become fully paid, employee
incentive  share securities when restriction ends, securities
issued on expiry or conversion of convertible securities

    Entities that have Ticked Box 34(a)

    Additional Securities Forming a New Class of Securities
    (If the additional securities do not form a new class, go to
43)

    Tick to indicate you are providing the information or
documents

35. The names of the 20 largest holders of the additional
securities, and the number and percentage of additional
securities held by those holders

36. A distribution schedule of the additional securities setting
out the number of holders in the categories
         1 - 1,000
         1,001 - 5,000
         5,001 - 10,000
         10,001 - 100,000
         100,001 - and over

37. A copy of any trust deed for the additional securities (now
go to 43)

    Entities that have Ticked Box 34 (b)

38. Number of securities for which      3,000
    quotation is sought

39. Class of securities for which       Ordinary Shares
    quotation is sought

40. Do the securities rank equally      Yes
    in all respects from the date
    of allotment with an existing
    class of quoted securities

    If the additional securities do
    not rank equally, please state:
    * the date from which they do
    * the extent to which they
      participate for the next
      dividend, (in the case of a
      trust, distribution) or interest
      payment
    * the extent to which they do not
      rank equally, other than in
      relation to the next dividend,
      distribution or interest payment

41. Reason for request for        Securities issued as a result
    quotation now                 of 3,000 Convertible Notes


    (If issued upon conversion of
    another security, clearly identify
    that other security)

                               NUMBER             CLASS
42. Number and class of all   59,654,451 (approx) Fully paid
ordinary
    securities quoted on      14,862,012 (approx) Partly paid
ordinary
    ASX (including the        35,647,209          Convertible
notes
    securities in clause 38)


(now go to 43)

ALL ENTITIES

Fees

43. Payment method (tick one)

       Cheque attached

       Electronic payment made
   Note: Payment may be made electronically if Appendix 3B is
given to ASX electronically at the same time.

   Periodic payment as agreed with the home branch has been
   arranged
   Note: Arrangements can be made for employee incentive
         schemes that involve frequent issues of securities.

QUOTATION AGREEMENT

1.  Quotation of our additional securities is in ASX's absolute
    discretion. ASX may quote the securities on any conditions
it decides.

2.  We warrant to ASX that the issue of the securities to be
quoted complies with the law and is not for an illegal purpose,
and that there is no reason why those securities should not be
granted quotation. We warrant to ASX that an offer of the
securities for sale within 12 months after their issue will not
require disclosure under section 707(3) of the Corporations Law.

3.  We will indemnify ASX to the fullest extent permitted by law
in respect of any claim, action or expense arising from or
connected with any breach of the warranties in this agreement.

4.  We give ASX the information and documents required by this
form. If any information or document not available now, will
give it to ASX before quotation of the securities begins. We
acknowledge that ASX is relying on the information and
documents. We warrant that they are (will be) true and complete.


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


ARISTOCRAT TECHNOLOGY: Winding Up Petition Set For Hearing
----------------------------------------------------------
The petition to wind up Aristocrat Technology Limited will be
heard before the High Court of Hong Kong on August 1, 2001 at
9:30 am. The petition was filed with the court on May 30, 2001
by The China State Bank, Limited of 39-41 Des Voeux Road
Central, Hong Kong.


NEW WORLD CYBERBASE: Posts HK$714.3M In Losses
----------------------------------------------
New World CyberBase Limited (the "Company") posted an operating
loss of HK$714.276 million on turnover of HK$84.402 million for
the year ended 31 March 2001.

The company also booked losses from the disposal of subsidiaries
amounting to HK$221.949 million.

The loss on disposal of subsidiaries mainly attributed to the
disposal of New World CyberBase (H.K.) Limited (NWCBHK). As more
fully explained in the circular to shareholders dated 30
November 2000, the subsidiary was sold to INFA Technologies
Holdings Limited (INFA), a company wholly owned by a former
director of the Company, at a consideration of approximately
HK$62.5 million. NWCBHK has then changed its name to INFA
Telemedia Hong Kong Limited.

NWCBHK was principally engaged in the provision of PowerPhone
services. The loss on disposal of NWCBHK amounted to
HK$220,499,000, representing the difference between the proceeds
of the sale and the carrying amount of its net assets together
with the attributable goodwill which has previously been
eliminated against reserves and has not previously been charged
to the profit and loss account.

The contribution to turnover and operating loss in respect of
the discontinued operation, accounted for up to the date of
discontinuance were as follows:
                2001  2000
                HK$'000  HK$'000
Turnover         12,592  16,059
Operating loss       106,139  93,696

Dividend

No interim dividend was paid in respect of the year ended 31
March 2001 (2000: Nil) and the Directors do not recommend the
payment of a final dividend for the year (2000: Nil).

Business Review

The business environment for the fiscal year ended 31 March 2001
was difficult for technology companies. The volatility of US
stock markets combined with the slow-down of the global economy
had a significant impact on business prospects in Asia Pacific.
The impact was heavily felt in the Internet sector where
companies were faced with revenue shortfalls, major losses and
large scale restructuring. However, China was relatively immune
to the demise of the global technology industry and economic
slowdown as the PRC technology and software experienced strong
growth.

In the year under review, NWCB made tough decisions on a number
of fronts as businesses with high operating costs were closed,
non-core assets were disposed and costs were aggressively cut to
consolidate operations and restructure the Group. However,
substantial headway was achieved in transforming NWCB from a
property and investment company into an IT and software company.

The major step taken to realize the business strategy in this
fiscal year was the consolidation of all businesses under the
NWCB brand in Greater China. This consolidation allows NWCB to
pursue a revenue model based on Applications Solutions, Network
Solutions, IT Services and Software Products.

In addition, this unified approach to marketing products and
services permits NWCB to establish a single brand name in the
rapidly growing Greater China technology and software
marketplace.

The acquisition of the entire equity interest of Jetco
Technologies Limited (Jetco Technologies), a software solutions
company, opens the door to rapid expansion in the lucrative IT
and software marketplace in China. With eight years' business
establishments in the PRC, Jetco Technologies has offices all
over PRC with 120 IT professionals that consult, develop
applications and provide solutions. More important, Jetco
Technologies has proprietary software products in the e-Process
management arenas that can be marketed in China.

              Financial Review

Results Analysis

The Group's consolidated turnover for the year ended 31 March
2001 rose 47 percent to HK$84.4 million, compared to HK$57.5
million in the previous fiscal year. The increase was mainly
attributed to strong revenue growth from technology services,
which rose by over 190 percent. Overall, technology services
contributed more than 55 percent of total revenues in the year
2001, compared to 28 percent in the last year. The rising
percentage of technology services revenues to total revenues
indicates that the Group is evolving from a property and
investment company to an IT and software company.

The consolidated loss attributable to shareholders rose to
HK$821.3 million from HK$313.9 million in the last year. The
significant increase in the loss was mainly attributed to three
areas:

   (1) Operating loss

      A large start-up investment was made to enter the Greater
China IT and software market to ramp up revenue flows and build
up the technology capability of the Group. This resulted in an
operating loss (excluding the PowerPhone operations) of some
HK$144.0 million in 2001, representing 17.5 percent of the total
consolidated loss.

   (2) Loss incurred for PowerPhone business

       In November 2000, the Group disposed of the interest in
the PowerPhone business for approximately HK$62.5 million. The
operating loss incurred by the PowerPhone operations during the
year reached HK$106.1 million. A one-time disposal loss of
HK$220.5 million was recorded in the year 2001. As such, the
loss related to the PowerPhone operations booked in the year
2001 was HK$326.6 million, representing 40 percent of the total
consolidated loss.

   (3) Provision for diminution in value of portfolio
investments

       The Group had reviewed its investment portfolio and taken
a conservative accounting approach to provide for the diminution
in value. A provision of HK$319.3 million was taken in the year
2001, representing about 62 percent of the total cost of
investments. Such investment provision accounted for 39 percent
of the total consolidated loss.

The investment portfolio includes Asian Information Resources
(Holdings) Limited (stock no. 8025) and Beijing Beida Jade Bird
Universal Sci-Tech Company Limited (stock no. 8095), which are
listed on Growth Enterprise Market (GEM) of The Stock Exchange
of Hong Kong Limited (the Stock Exchange). The total cost of
these two investments was HK$21.8 million.

However, the corresponding market value at 31 March 2001 was
HK$155.3 million. The unrecognized valuation gain amounted to
HK$133.5 million on listed investments was not reflected in the
year 2001 accounts.

The Group's investment in Beida Jade Bird is one of the very few
GEM Board companies that is profit making. It is engaged in the
design, manufacture, marketing, distribution and sale of
different embedded system products, all of which apply software
and integrated circuits developed through its own research and
development.

Major Acquisitions and Disposals

In April 2000, the Group acquired a 20% equity interest in Asia
V-Sat Co. Ltd., a provider of broadband Internet connectivity
that uses satellite network and sophisticated broadband
technology in China. The total consideration was HK$160 million,
satisfied as to HK$80 million in cash and the remaining HK$80
million by the allotment and issue of 51,746,442 shares of the
Company at HK$1.546 per share. Asia V-Sat has made good progress
this year including the establishment of three data centers and
call centers in Beijing, Shanghai and Guangzhou, and has
completed the first phase of building the ISP network across 50
major cities in China.

In May and August 2000, the Group acquired an aggregate equity
interest of approximately 9.009 percent in HiTRUST.COM
Incorporated (HiTrust) for a cash consideration of approximately
HK$159 million. A joint venture called HiTRUST.COM (HK)
Incorporated Limited was also formed by the Group and HiTrust
and approximately HK$16.5 million was paid by the Group for 36.4
percent equity interest in such joint venture in December 2000.
Subsequent to this year end, the Group entered into a
conditional sale and purchase agreement to dispose of the
interests of these two investments for a cash consideration of
HK$15.6 million and to release the obligation of the Group for
the repayment of a HK$121.7 million loan which was previously
raised for the purpose of financing such acquisition.

In August and September 2000, the Group disposed of all its
investment in chinadotcom corporation. The gain on the disposal
of shares amounted to HK$177.7 million, representing a 227
percent return on investment.

In September 2000, the Group acquired the entire issued share
capital of Jetco Technologies for a consideration of HK$93
million, satisfied by the allotment and issue of 193,750,000
shares of the Company at HK$0.48 per share. Such acquisition
facilitated the expansion of the Group's IT and software
business in China.

Financial resources

As of 31 March 2001, the Group's long-term loans amounted to
HK$531.0 million, which mainly comprised bank loans of HK$153.5
million secured by investment properties with market value
totaling HK$410.0 million; secured loan notes of HK$230.3
million which are repayable on or before 31 December 2002 and a
term loan of HK$121.7 million which is repayable on or before 28
February 2002. All these loans carry interests at rates close to
the market rates. Upon the completion of the disposal of the
interest of HiTrust subsequent to the year end, the Group's
obligation to repay the term loan will be released. The net debt
to equity ratioNote 1 at the year end was 1.28.

During the year, convertible notes in the aggregate amount of
HK$250 million have been converted into a total of 1,250,000,000
shares of the Company at a conversion price of HK$0.2 per share,
thus saving the Company interest expenses of HK$12.5 million per
annum.

The market value of the Group's investment properties as at 31
March 2001 was HK$535.8 million. The Group is in the process of
disposing the investment properties and focusing the resources
to the core technology business. The Directors have ascertained
that the Group has obtained adequate financial resources to
sustain its working capital requirement and future expansion.

Note 1: net debt to equity ratio = net debt / shareholders'
funds net debt = the aggregate of loans less cash and bank
balances

Future Outlook

Following the consolidation and the unification of the
businesses under one brand, NWCB is prepared for growth in its
core IT and software businesses. In support of this initiative,
the Group has secured major contracts totaling HK$30 million in
the first quarter of the year 2002.

The China market will be an important contributor to the NWCB
revenue streams in the year 2002. PRC economic growth looks
strong for the year 2001 and the government considers the
technology sector to be a driver of economic activity.

Currently, the government expects the IT industry to double in
size from 2000 to 2005 and to double in size once again from
2005 to 2010. NWCB is currently very well positioned to benefit
from the growth of the IT market.

Hong Kong is a key force in the Company's foray into China. Hong
Kong operations will leverage on the low cost base of PRC
technology talent and the city's role as the gateway to China
will be reinforced with WTO accession.

While WTO will bring competitors into the market those companies
with expertise and experience will be the beneficiaries of new
business flows. NWCB is prepared to benefit from the
liberalization of trade and services.

On the operational front, NWCB will enter the software market
with new products focused on e-Process management technology.
The Applications Solutions business has scored a number of
contracts and the business will expand. In addition, Network
Solutions and IT Services will remain important components of
the total e-Business solutions strategy.

In the coming year, NWCB will aggressively pursue its strategy
to build an IT and software business under one brand. In a quest
to reverse losses, NWCB has plans to exponentially grow its
revenue streams while continue to maintain a healthy cost
structure. By focusing on its strategic vision, NWCB will
deliver shareholder value.


PALIBURG HOLDINGS: Asset Disposal Terms Still Under Discussion
--------------------------------------------------------------
The terms of the possible disposal of assets by Paliburg
(including its shareholding interest in Regal International
Hotel Limited) are still under discussion.

No substantive progress in the negotiation has been made up to
the date of this announcement.

Paliburg has not yet entered into any heads of agreement or any
other agreements with the independent third party in respect
thereof.

Shareholders and investors of Century City, Paliburg and Regal
should exercise extreme caution when dealing in the shares of
the companies. There is no assurance that the transaction will
proceed or an agreement will be reached with the independent
third party and there may or may not be a general offer for the
shares of Regal.

Shareholders and investors of Century City, Paliburg and Regal
should exercise extreme caution when dealing in the shares of
the companies. There is no assurance that the transaction will
proceed or an agreement will be reached with the independent
third party and there may or may not be a general offer for the
shares of Regal.


YUE JIAO: Faces Winding Up Petition
-----------------------------------
The petition to wind up Yue Jiao (Hong Kong) Company Limited is
set for hearing before the High Court of Hong Kong on August 29,
2001 at 9:30 am. The petition was filed with the court on June
13, 2001 by Kincheng Banking Corporation of 55 Des Voeux Road
Central, Hong Kong.


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


ARUN NGL: Posts Rp4 Trillion Loss Due To ExxonMobil Closure
-----------------------------------------------------------
Aceh-based liquefied natural gas producer PT Arun NGL suffered a
loss of Rp4 trillion due the four-month closure of United
States-based ExxonMobil's gas fields, Jakarta Posts reports
yesterday citing Vice President Hasan Saad.

He added that the losses were mainly due to the company's
failure to export 40 LNG shipments following the closure of
ExxonMobil's gas fields.

ExxonMobil Oil Indonesia Inc., the Indonesian unit of American
oil and gas giant ExxonMobil Corp., suspended operations in
Lhokseumawe, Aceh, in March due to security concerns in the
province.

ExxonMobil spokeswoman Deva Rachman was quoted as saying in a
report late last week that the company still hoped to resume
production "as soon as possible", but could not give an exact
timetable.


BANK INTERNASIONAL: Resolves Issues With IBRA
---------------------------------------------
Further to the joint press release of Bank Indonesia, IBRA, Bank
Mandiri and PT Bank Internasional Indonesia Tbk (BII) dated July
2, 2001, the Government and Bank Indonesia are now prepared for
the next step in the resolution of BII.

Bank Indonesia held a consultation meeting with the Ministry of
Finance and Indonesian Banking Recovery Agency (IBRA), and they
concluded that today, July 13, 2001 BII was transferred into
Bank Under Recovery (BDP) by IBRA. This decision is prescribed
in Bank Indonesia Governor Decree Nr. 3/8/KEP.GBI/2001 dated
July 13, 2001.

Bank Indonesia and IBRA confirm that despite the transfer, BII
will continue to operate as usual under the new appointed
management team. BII will continue to provide all banking
services and access to customer accounts, and all BII branches
and ATMs will continue to operate normally.

The transfer of BII from Bank Indonesia to IBRA is a follow up
to the effort to recover BII through an acquisition by Bank
Mandiri according to the previously announced plan. Bank Mandiri
has commenced its due diligence process, which will take a
period of months before moving to the next stage of the
acquisition

The transfer of BII from BI to IBRA is an anticipative step
taken to enable the administrative transfer of credit "SMG" to
IBRA, in accordance with the Government Regulation Nr. 17 Year
1999 on the Indonesian Banking Restructuring Agency, as amended
by the Government Regulation Nr. 47 Year 2001 on the Fourth
Amendment to the Government Regulation Nr. 17 Year 1999 on the
Indonesian Banking Restructuring Agency. In addition, the
Government will try to resolve the issues on BII assets by -
among others- asset swap, in order to improve BII balance sheet.

Credit "SMG" (non-performing credit) transferred to IBRA will be
resolved separately from the bank.

The plan for BII's acquisition by Bank Mandiri will not affect
the existence of BII as an independent financial institution,
while Bank Mandiri will become one of BII's shareholders.

The Government and Bank Indonesia confirm that the Blanket
Government Guarantee on all public deposits remains in full
effect in accordance with the Presidential Decree Nr. 26 Year
1998 on Blanket Government Guarantee on Commercial Bank
Liabilities. This guarantee provides an overall security to all
public deposits in banks.

Therefore the Government and Bank Indonesia request all
customers, depositors and debtors, as well as all members of the
communities related to BII operations to remain calm, because
BII will continue to operate as usual and the steps taken over
BII is to enable the bank continuing its activities in a sound
manner.


SIWANI TRIMITRA: 2001 Net Loss Stands At Rp19.51 Billion
--------------------------------------------------------
Investment management PT Siwani Trimitra suffered a net loss of
Rp19.51 billion in the year 2000, up from a net loss of Rp1.82
billion in the preceding year, due to huge non-operating
expenses, Jakarta IndoExchange reported yesterday.

A total of Rp10.81 billion in non-operating net loss was posted
in 2000 with Rp16.68 billion in non-operating income booked in
the previous year. Though the company booked an interest income
of Rp186.743 million last year, it didn't manage to offset the
huge Rp10.86 billion forex loss in the same year.

At the same time, the company posted total revenue of Rp4.69
billion in 2000, which is a 16.60 percent drop from Rp5.63
billion sales booked in the prior year.


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


NATIONAL OIL: Affiliates May Undergo Court-led Rehab
----------------------------------------------------
Under the Civil Rehabilitation Law, Troubled oil development
affiliates of Japan National Oil Corp, which includes the United
Petroleum Development Company, may undergo court-led
rehabilitations. The rehab program is proposed by the Ministry
of Economy, Trade and Industry and Japan National Oil Corp, AFX-
Asia reported Sunday, citing the Nihon Keizai Shimbun.

According to the report, Japan National Oil has a 48 percent
stake in United Petroleum, with capitalization of Y34 billion.

United Petroleum, said to be the fifth-largest independent
Japanese oil development firm, has a production capacity of
23,000 barrels of crude oil per day.


SOGO COMPANY: Sogo, Ex-Chairman At Odds Over Assets
---------------------------------------------------
The successor of failed retailer Sogo Company and former
Chairman Hiroo Mizushima are still at loggerheads over a plan to
offer the latter's personal assets to the company, Kyodo News
reported over the weekend.

Sogo Company's former Chairman Hiroo Mizushima was indicted for
hiding his assets reportedly worth Y155 million to shield them
from creditors.

An MPD inquiry further added these assets were withdrawn from
his bank accounts last year and that the police suspect he
sold his real property assets. Mizushima owes Y11 billion to
Industrial Bank of Japan (IBJ) as a guarantor.

Police findings revealed the transfer of ownership of his
properties to his brother-in-law on June 30, registered six days
after Sogo's collapse.


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


HANJIN SHIPPING: 3-Year W300-B Bonds Issue This July
----------------------------------------------------
Hanjin Shipping's planned issue of 3-year bonds worth W300
billion will be made this month, although the timing and yield
of the issue have not been set yet, The Asian Wall Street
Journal reported Saturday.

Lead-managing the bond issue will be Meritz Securities Company,
the report says, adding that the proceeds from such exercise
will be used to repay the company's bonds worth W300 billion and
W400 billion due by year's end and March respectively.


HYNIX SEMICON: Confirms Plan To Relocate Sales Base To US
---------------------------------------------------------
Hynix Semiconductor Incorporated has confirmed its plan to
relocate its sales and marketing base for memory chips to Hynix
Semiconductor America Inc in San Jose, California, The Asian
Wall Street Journal reported over the weekend. The marketing
base is currently housed in Seoul.

The move is designed to get closer to the company's memory chip
customers, generally based in the U.S., according to spokesman
Lee Yong-il, as told to the newspaper.

The relocation is still being arranged, and the possible savings
from the move remains undisclosed.

Company management will stay with the Seoul staff.


HYUNDAI PETROCHEM: Sister Firm Agrees To Write Down Stake
---------------------------------------------------------
Hyundai Department Store Company, one of the largest
shareholders in Hyundai Petrochemical Company, has agreed to
write down its 1.34 percent stake in its sister petrochemical
firm, The Asian Wall Street Journal reported Saturday. The stake
is valued at W7.1 billion, and is comprised of 1.42 million
shares.

The agreement was made upon the demand of creditors of Hyundai
Petrochemical that major shareholders of the company surrender
their shares in exchange for a bailout package worth W622.1
billion for Hyundai Petrochemical, the newspaper says.

Arthur Andersen reports in its recently concluded due diligence
that Hyundai Petrochemical's total debt has already reached W2.6
trillion, as opposed to assets of W2.8 trillion, the newspaper
reports.


KOREAN AIR: 3-Year W300B Bonds Issue On July 30
-----------------------------------------------
Korea Air Line Company's issuance of three-year W300-billion
bonds is set for July 30, The Asian Wall Street Journal reported
Saturday.

According to the report, the bond, rated "BBB" by two local
rating agencies, will bear a 240 basis point discount to the
coupon rate of the corporate bond yields of Korea Securities
Dealers Association (KSDA) on July 28.

Proceeds from the bond issue will be used to refinance the
company's debt maturing this year, the report says. The Journal
also added that the underwriters for the bond issue have yet to
be named.


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


EPE POWER: Defaults On Monthly Interest Payment
-----------------------------------------------
EPE Power Corporation Berhad has further defaulted in the
payment of monthly interest of RM710,162.94 due to several banks
(Lenders) under its revolving credit (RC) facilities.

The total principal outstanding on the RC facilities as of 13
July 2001 is RM94.6million.

With the assistance of financial advisor Commerce International
Merchant Bankers (CIMB), the Company has presented a concept
paper for the debt restructuring scheme to the Lenders.
Negotiations are currently taking place.


HONG LEONG: SC Approves BAIDS
-----------------------------
Hong Leong Industries Berhad stated the Securities Commission
(SC) has, via its letter dated 10 July 2001, approved the
proposed issuance of RM361,125,000 Islamic Private Debt
Securities (BAIDS)  The BAIDS are comprised of 7-year primary
notes having a face amount of RM250 million and a series of
secondary notes having face amount of RM111.125 million. The
BAIDS specifics fall under the Syariah Financing Principles of
Al Bai' Bithaman Ajil.

The following conditions apply:

   a. the proceeds from the BAIDS will be utilized by the
Company to buy back for cancellation or to redeem its existing
RM250 million redeemable unsecured bonds maturing on 13 November
2001;

   b. any subsequent changes to the terms and conditions of the
BAIDS is subject to the approval of the SC; and

   c. full compliance with all terms and conditions as
stipulated in the SC Letter.


KEMAYAN CORP: Unit Faces Winding Up Petition
--------------------------------------------
Kemayan Corporation Berhad revealed LK-NES (M) Sdn Bhd, a 98.75
percent owned subsidiary of Kemayan, has been served with a
winding-up petition. The petition,  no. D3-28-625-2001, was
served 12 July 2001 by Schneider Electric Industries S.A.
(formerly known as Schneider Electric S.A).

Schneider Electric claims a sum of RM3.15 million in damages,
pursuant to the judgment dated 31 March 2000, for an alleged
copy right infringement. LK-NES (M) Sdn Bhd, by distributing
copies of catalogues/brochures, or by way of trade, exposed or
publicly exhibited the product known as "LV power air circuit
breaker Masterpact" without the license of Schneider Electric.

The petition was presented to the High Court at Kuala Lumpur on
26 June 2001. The hearing date has been scheduled for 19
September 2001. LK-NES (M) Sdn Bhd will not defend the winding-
up proceedings.

LK-NES (M) Sdn Bhd, which has ceased business operations, has a
wholly-owned subsidiary company, LK-NES Construction Sdn Bhd.

The cost of investment in LK-NES (M) Sdn Bhd by Kemayan is
RM845,069 which was fully provided by Kemayan last year.

Kemayan Group expected no further loss on the winding-up of LK-
NES (M) Sdn Bhd, other than marginal legal fees.

Kemayan Group originated as a plantation concern developing oil
palm plantations in Pahang and cocoa plantations in Sabah. It
undertook corporate exercises from 1993 to 1995 focusing on
construction and property related activities via the acquisition
of companies and projects.

Kemayan Group is also involved in other activities like timber
logging and saw-milling, food manufacturing, retailing and
trading, education, aviation, hotel and tourism.

Subsequently, Kemayan Group is now undertaking a composite
scheme of arrangement with the objective of returning the Group
to profitability.

The scheme involves a proposed capital reconstruction, rights
issue and acquisition/settlements.

Kemayan Group obtained a restraining order on 12 August 1998
from the High Court for an initial period of nine months. This
has been extended to 30 September 2000.


NCK CORP: Winding Up Petition Served On Unit
--------------------------------------------
NCK Corporation Berhad, which is under special administration,
announced the following:

   a) The date of the presentation of winding-up petition to the
Court was on 11 June 2001 and the date the winding-up petition
was served on NCK-Astarlite Sdn Bhd was on 11 July 2001.

   b) The claim of RM557,423.50 arose from works and supply of
air-conditioning equipment undertaken by Meridian Star Sdn Bhd
for projects namely Skudai Parade, Shencourt Galaxy Ampang,
Metro Larkin and Dyna Plastic in 1997 and 1998.

All the projects except Dyna Plastic were suspended in 1998 and
progress payments were not made. It is a salient term in the
contract that payments for work done and certified are on back
to back basis.


SUNWAY CITY: Court Dismisses Winding Up Petition On Unit
--------------------------------------------------------
The winding-up petition filed by Azman & Tay Associates Sdn Bhd
against Sunway City (Ipoh) Sdn Bhd (SCI), a 65 percent owned
subsidiary of Sunway City Berhad (Suncity) has been dismissed
with cost in favor of SCI on Friday at the Shah Alam High Court.

Background

Property group, Suncity, commenced operations in 1986,
principally to develop the Bandar Sunway township in Petaling
Jaya. Developed on the concept of "Resort Living Within The
City", Bandar Sunway comprises residential, commercial and
industrial units, theme park, recreational club, amphitheatre,
hotel, shopping-cum-entertainment mall and a college.

Through the Sunway Lagoon Theme Park, which opened on 24 October
1992, the Group is involved in the leisure and tourism industry.

The Group has positioned itself in the hospitality industry via
Sunway Lagoon Resort Hotel, a five-star deluxe hotel-cum-
convention center which was opened in December 1996. This was
followed by the opening of Sunway Pyramid, Malaysia's first
fully themed shopping, entertainment and fun mega-mall, in
August 1997.

The Suncity Group has a presence in the Northern Region of
Peninsular Malaysia through the Pusat Bandar Seberang Jaya
privatization project and two business-class hotels, Sunway
Hotel Penang, at Georgetown, and Sunway Hotel Seberang Jaya. The
Group is also located in Ipoh through Sunway City Ipoh, a JV
development launched in April 1996.

Overseas, the Group has interests in the Allson hotel management
group; Sunway Hotel Phnom Penh which was opened in March 1998;
an industrial township in Harare, Zimbabwe; residential
development near Cape Town, South Africa; and a theme park,
"Wonderland Sydney" in Australia.

March 2000 saw the full completion of a restructuring exercise
which brought into the Group a strategic partner, GIC Real
Estate Pte Ltd, a global investor with track record and
experience in property investment.


TIME ENGINEERING: Seeks Extension To Bond Redemption Dates
----------------------------------------------------------
TIME Engineering Berhad (TIME) presented a proposal to the
Bondholders on 28 June 2001 requesting an extension to the
redemption dates of the Bonds until 5 August 2002.

The initial opinion of the Bondholders is that only 32% of the
Bondholders are in favor of the company's proposal.

The company is still negotiating with the Bondholders and an
announcement will be made when these negotiations have been
concluded.

Background

TIME Engineering (TIME), which is part of the Renong Berhad
Group, and nine of its subsidiaries are currently undergoing a
proposed Scheme of Arrangement pursuant to Section 176 of the
Companies Act 1965, with the assistance of the Corporate Debt
Restructuring Committee (CDRC). The TIME Group's activities are
classified into five strategic business units:
telecommunications, IT, power, engineering and manufacturing,
and media.

The Group operates Malaysia's biggest fiber optic cable network
that runs 4,000 km along the length of the North-South
Expressway and a 1,600 km submarine festoon, fiber optic line
along the coast.

TIME is also a full service telecommunications provider, one of
two in the country, and is licensed to provide Internet
services. It is a leading public payphone provider and operator
of ADAM cellular services. Subsidiary, TT dotCom Sdn Bhd
(formerly Time Telecommunications Sdn Bhd), commands a second
place in the fixed line market with a subscriber base of 50,000
direct access line.

The Group's IT business includes developing, managing and
marketing inter-organization business solutions based on the
application of electronic data interchange and electronic
commerce concepts. It also undertakes software development,
consultancy services and sale of computer hardware. Some of the
projects include the Port Klang Community system and KLIA's Free
Zone Declaration system.

The companies under the power division manufacture, supply and
maintain electrical switchgears, switchboards, and distribution
transformers, and undertake design, engineering and construction
of power transmission and distribution infrastructure. The
division also operates an open cycle gas-fired power station in
Sabah. The Group is currently one of the largest medium voltage
switchgear manufacturers in the country.

On 28 January 2000, TIME unveiled the CDRC-led restructuring
proposal entailing the restructure of the Group's external debts
amounting to RM4,792 million as at 31 December 1999 via
conversion of debts owing to secured creditors into redeemable
secured bonds with warrants, conversion of debts owing to
unsecured creditors into ICULS and conversion of debts owing to
all the creditors of TIME telcos into 1.25 billion shares of
subsidiary, TIME dotCom Bhd (TdB - formerly TIME
Telecommunications Holdings Bhd), pursuant to the restructuring
of telcos under TdB and TdB's subsequent listing on KLSE.

These shares will be sold back to TIME upon issue at RM3.00 per
share, payable in cash within two years. To effect this `put'
transaction, creditors will return the shares to TIME in
exchange for a 2-year bond/promissory note.

On 25 April 2000, TIME announced the proposed listing of TdB
involving the grouping of TIME's telco business under TdB. The
proposal entails the issue of 923,706 million TdB shares to
acquire these telcos and a composite scheme of arrangement
consisting of, among others, an issue of approx. RM3,990.28
million nominal value of TIME redeemable promissory notes
pursuant to the assumption of RM4,336.84 million debt owed by
TdB and the telcos.

In return, TdB will issue 1,445.61 million shares to TIME on the
basis 1 TdB share for every RM3.00 of debt. TIME also proposes a
rights issue, issue of replacement warrants to partly redeem the
outstanding bonds issue and issue of 30m free warrants to TIME's
US$ bondholders.

Subsequently, on 8 July 2000, TIME and Khazanah Nasional Bhd
entered into negotiations for the proposed acquisition by
Khazanah of 30 percent in TdB.

In conjunction with the issue of free warrants to its secured
creditors, and US$ bondholders, TIME had on 15 August 2000
agreed to restructure the scheme amounts by reducing the US$250
million principal outstanding of redeemable secured zero-coupon
bonds via disposing of 29.89 million Renong Bhd (RB) warrants;
extending the tenure of the bonds up to 5 December 2001; varying
the bond's existing terms and conditions; and giving 20m RB
warrants, free of charge to the bondholders.

The corporate restructuring proposals announced in January and
April, and the proposed Khazanah transactions were approved by
shareholders on 13 September 2000.

On 18 October 2000, TIME received a conditional offer from Tan
Sri Halim Saad, via Taraf Perdana Sdn Bhd, to acquire TIME's
entire 21.56 percent interest in Renong Bhd for approx. RM875
million cash. The Company's disposal is part of the TIME Group's
contingency plan to partially redeem the US$250 million bonds
under its scheme of arrangement.


UNITED ENGINEERS: Grants YBhg Tan Sri Extension On Payment
----------------------------------------------------------
The Board of Directors of United Engineers (Malaysia) Berhad
(UEM) said it has decided to grant a 60-day extension to YBhg
Tan Sri Halim Saad (TSHS) to pay the 2nd Installment of RM100.0
million that is due from him to UEM on 14 July 2001 as part of
the settlement of the debt due from him upon the exercise by UEM
of a put option granted by him on 11 December 1998.

If the 2nd Instalment of RM100.0 million is not received in full
at the end of the 60-day period ie. on 12 September 2001, the
Board of Directors of UEM reserves the right to take whatever
measures it deems necessary to recover the debt and to protect
the interests of shareholders.

The Board is also of the opinion that the market is not
recognizing the full value of UEM's assets, and in part this is
due to the unresolved issue of the debt owed to UEM by TSHS.

Therefore, the Board intends to take immediate steps to release
some of the value of these assets for the benefit of its
shareholders.

The Board has instructed its consultants, Arthur D. Little, to
accelerate its work on this, and the Board will appoint a
merchant bank and other advisors to work with Arthur D. Little,
with a view to disclosing an outline plan as a matter of
urgency.


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


NATIONAL STEEL: SEC To Issue New Rebidding Guidelines
-----------------------------------------------------
The Securities and Exchange Commission (SEC) was expected
yesterday to issue the guidelines on the rebidding of National
Steel Corporation (NSC), The Philippine Star reports Monday.

An SEC official also told the newspaper that it had suspended
the ongoing liquidation of some NSC assets. Last year, SEC
grants NSC the approval to liquidate its assets worth P28
billion to settle outstanding claims amounting to around P16
billion from creditor banks.


URBAN BANK: Exportbank, PDIC Signs Deal For Depositors
------------------------------------------------------
Export and Industry Bank (Exportbank), Philippine Deposit
Insurance Corporation (PDIC), and Urban Bank depositors and
creditors signed a memorandum of agreement (MOA), commencing the
Urban Bank's rehabilitation and reopening yesterday under a new
name, The Business World reported Monday.

President Gloria Macapagal-Arroyo witnessed the signing
ceremonies, the local business paper said.

The signing signifies that Exportbank could start servicing the
depositors of the now-defunct Urban Bank yesterday.

Press Secretary Noel Cabrera told World, "As a bigger and more
adequately capitalized bank, (Exportbank) should be able to
pursue more aggressively its thrusts in support of economic
development by focusing its services on the government's
priority sectors such as trade and housing finance."

According to World, Exportbank will now stand among one of the
country's biggest banks, with resources reaching P25 billion,
and a starting capital of P4 billion.


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



EMC PUBLIC: Registers Capital Changes
-------------------------------------
According to the rehabilitation plan that was approved by the
Central Bankruptcy Court on May 15, 2001, and as mentioned in
the rehabilitation plan, the plan administrator of EMC Public
Company Limited will register the reduction of registered
capital and the increase of registered capital.

The company would like to provide the following additional
information:

    1. The rehabilitation plan has provided that the registered
capital will be reduced from Bt300,000,000 to Bt75,000,000,
divided into 7,500,000 ordinary shares which have the par value
of Bt10 per share.

    2. After that, the plan administrator will increase its
registered capital by issuing the ordinary shares of 60,295,431
shares, the capital increase will be divided as follows:

       2.1. 55,295,431 shares for carrying the conversion of
debt into common equity of creditor groups 2, 4, 5 and 7.

       2.2. 5,000,000 shares for carrying the convertible bonds
for the financial institution creditors that agree to accredit
for a new circulating capital to EMC.

           The registered capital will be of Bt677,954,310
divided into Bt67,795,431 ordinary shares which have the par
value of Bt10 per share.

The rehabilitation plan has provided that EMC will issue the
convertible bonds of Bt50,000,000 for the financial institution
creditors that agree to accredit for a new circulating capital
to EMC.

The convertible bonds will be divided into 50,000 units, which
have the denomination of Bt1,000 per unit, subject to the
following conditions:

    - The convertible bonds have maturity period of 10 years.

    - EMC shall pay the interest on the due date at the rate of
1 percent per year from the first year through the fourth year,
and at the rate of 2 percent per year in the fifth year till the
tenth year.

    - The schedule for interest payments is 30 June and 30
December of the year.

    - The ratio of exercising of the conversion right is 1 unit
of Convertible Bond : 1,000 ordinary shares.

    - The convertible bonds may be converted on 30 June and 30
December of the year except in the end of tenth year, the last
time for conversion right.


LIME QUALITY: Reorganization Petition Filed With Court
------------------------------------------------------
Lime Quality Company Limited (the Debtor), engaged in Running a
stone crushing mill, Manufacturing and Sale of ground stone and
lime. The Debtor's Petition for Business Reorganization was
filed to the Civil Court:

   Black Case Number Lor.Phor. 7/2541

   Red Case Number Lor.Phor. 4/2542

Petitioner: Phatra-thanakit Public Company Limited

Planner: Lime Quality Company Limited

Debts Owed to the Petitioning Creditor: Bt220,000,000

Date of Court Acceptance of the Petition: December 23,1998

Court Order for Business Reorganization and Appointment of
Planner: January 22, 1999

Number of creditors filing Applications for Debt Repayment: 19

Amount of debts: Bt713,621,192.18

The creditors' meeting then passed special resolution accepted
the first and the second issues of the amended plan and also
passed the special resolution establishing the creditors'
committee which is comprised of:

   1. AIG FINANCE (THAILAND) PUBLIC COMPANY LIMITED (creditor
number 10)

   2. THAI FARMER BANK PUBLIC COMPANY LIMITED (creditor number
11)

   3. PHATRA THANAKIT PUBLIC COMPANY LIMITED (creditor number
16)

   4. SILATIP SARABURI COMPANY LIMITED (creditor number 19)

   5. THAI MILITARY BANK PUBLIC COMPANY LIMITED (creditor number
1)

On July 15, 1999, the Civil Court issued an order accepting the
reorganization plan of the debtor pursuant to Section 90/58
paragraph 1 of the Bankruptcy Act B.E. 2483 and appointed Lime
Quality Company Limited to be a plan administrator.

Contact: Mr. Chanin, Tel. 6792512


TONGKAH HARBOUR: Reports Use Of Increased Capital
-------------------------------------------------
The Annual General Meeting of Shareholders of Company No. 7/2544
on 27 April 2001 approved the Company's capital increase from
Bt300,000,000 to Bt599,920,010. The Company issued new common
shares of 29,992,001 shares and allocated 15,000,000 shares to
the existing shareholders at the ratio of 2 old shares to 1 new
share at Bt6.80 and 14,992,001 shares for Private Placement at
the price of not lower than Bt6.80 after the completion of the
allocation to the existing shareholders.

The goal was to utilize part of the funds raised to repay short-
term loans. The rest of the funds raised were to be used as
working capital to increase production capacity of the Andesite
project to meet increasing demand, to support the start up of
the Group gold mining project in Loei province and to use for
other Company's expenses.

The Company has completed the procedures of capital increase to
the existing shareholders.  The paid-up capital was increased
from Bt300,000,000 to Bt355,631,560.

The Company received Bt37,829,461.45 and would like to report
that the proceeds of Bt19,340,876.83 has been used to repay a
short term loan to Sino Pac Development (Thailand) Limited, as
per the Company's agreements with Sino Pac dated 15 November
2000 and 30 January 2001.

The remaining sum of Bt18,488,584.62 shall be utilized as the
Company's working capital.


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

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