/raid1/www/Hosts/bankrupt/TCRAP_Public/010726.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

            Thursday, July 26, 2001, Vol. 4, No. 145


                         Headlines

A U S T R A L I A

BARRON ENTERTAINMENT: Administrators Appointed
BARRON ENTERTAINMENT: Closes Deal Re Sale Of Library Copyright
BLUE RIBBON: Roberts Affected Little By Administration
CABLE & WIRELESS: Singtel Seeks Extension Of Offer Period
COLES MYER: Finance Arm Launches 5-Year Y20B Eurobond
COLES MYER: Announces New Managing Director
INTERNATIONAL CONTRACT: Receivers, Managers Appointed
KEYCORP LIMITED: Cites No Reason For Price Change
OPTECOM LIMITED: Agrees To Acquire Ambri
OPTECOM LIMITED: Unveils Prospectus
PASMINCO: Restructuring Will See Sale Of Mining Assets
WOOLSTOCK AUSTRALIA: Stockpile Freeze Ends
WOOLSTOCK AUSTRALIA: Completes Second Year Ops


C H I N A   &   H O N G  K O N G

CHINA INTERNATIONAL: Petition To Wind Up
DEE JAY: Hearing of Winding Up Petition Set
FUJIAN INTL: Fails To Meet Samurai Bond Payment
SPREADFAME LIMITED: Faces Winding Up Petition
TIANJIN INTL: Closure Likely This Year


I N D O N E S I A

BANK BALI: BIF Hong Kong Sale Likely
BANK INTERNASIONAL: Bank Mandiri Seeks Indemnity


J A P A N

AIWA COMPANY: Q1 Loss Widens To Y8.36B


K O R E A

DAEWOO GROUP: Former Execs Get Jail Terms
DAEWOO GROUP: SGI To Honor Payment Guarantees
DONG AH: Signs Contract To Continue Libya Project
HYNIX SEMICON: Govt, Creditors To Draw Up New Restructuring
HYNIX SEMICON: Shares Distorting Bourse Indices, Analysts Say
SEOULBANK: Fitch Raises Individual Rating


M A L A Y S I A

JOHOR CORP: Plans Major Restructuring
LAND & GENERAL: Court Sets Date For Mention Of Application
S&P FOOD: Enters Participation Deed With CGB Shareholders
TECHNOLOGY RESOURCES: Ups Offer To Eurobond Holders
TIMBERMASTER INDUSTRIES: Enters MOU With Whehua
UNITED ENGINEERS: Trading Resumes


P H I L I P P I N E S

MARIWASA MANUFACTURING: Closes Rosario Plant
NATIONAL BANK: May Not Sell NPLs, Assets To AMC
SHEMBERG BIOTECH: Creditors Divided Over Petition
URBANCORP: SEC To Approve Rehab Plan


S I N G A P O R E

HO WAH GENTING: Bourse Rejects Proposed Acquisitions


T H A I L A N D

BANGKOK METROPOLITAN: Posts H1 Net Loss Of Bt4.508B
FAR EAST: Planner Preparer Appointed
HIGH PRESSURE: Bankruptcy Court Accepts Reorg Petition
Krisdamahanakorn: Reports Q1 Progress Of Rehab Plan
PRASIT PATANA: Reveals Rehab Plan Summary
SINO-THAI: Disposes Of Assets

     -  -  -  -  -  -  -  -

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


BARRON ENTERTAINMENT: Administrators Appointed
----------------------------------------------
The directors of Barron Entertainment Limited have appointed
Vincent Smith and Bryan Hughes, of Chartered Accounting firm
Norgard Clohessy, as Joint and Several Administrators of the
company.

Since the default of Capital Finance Corporation Pty Ltd in
relation to the underwriting of the company's production
program, including the series Chuck Finn and Wild Kat (as
detailed in previous Announcements), the company has endeavored
to secure alternate corporate and production funding.

Such efforts are continuing but have not yet been finalized.

The directors believe the company has a viable future and that
the short-term issues facing the company can be resolved. Having
considered the company's prospects and taken advise on the
matter, the directors formed the view that the appointment of an
Administrator would best serve the interests of all the
company's stakeholders.

This action is considered to be the best course which should
enable the re-quoting of the company's shares on the Exchange.


BARRON ENTERTAINMENT: Closes Deal Re Sale Of Library Copyright
--------------------------------------------------------------
Barron Entertainment Ltd confirms that it has concluded
agreements regarding the sale of copyright in part of its film
and television library to a Melbourne-based company, Arts Film
Rights Pty Ltd.

The Company has also negotiated a separate loan facility
agreement to provide interim working capital for the group.

The Company has, as per its statements to the ASX of 16 and 29
March 2001, referred these agreements to its auditors.

Explanatory notes and full details of the transactions will be
incorporated within the audited half-year accounts and/or a
Board report accompanying those accounts. In the interim the
Company notes that the terms include an issue of shares and that
specific deal terms will require approval by a General Meeting
of Shareholders.

The Company will submit its 31 December accounts and ask the ASX
to re-list the shares in Barron Entertainment Ltd, ending the
voluntary suspension of its shares requested by the Board on 16
March 2001, as soon as possible after the auditors have
completed their review.

                  New Issue Announcement

   Application For Quotation Of Additional Securities And
Agreement

Name of Entity
Barron Entertainment Limited

ACN or ARBN
008 971 560

PART 1 - ALL ISSUES
You must complete the relevant sections (attach sheets if
there is not enough space).


1. Class of securities issued          ordinary shares
   or to be issued

2. Number of securities issued         29,416,466
   or to be issued (if known)
   or maximum number which
   may be issued

3. Principal terms of the securities   N/A
   (eg, if options, exercise price
   and expiry date; if partly paid
   securities, the amount
   outstanding and due dates for
   payment; if convertible securities,
   the conversion price and dates
   for conversion)

4. 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

5. Issue price or consideration    See 6, below

6. Purpose of the issue (if        As partial consideration for
   issued as consideration for     entering into an agreement to
   the acquisition of assets,      acquire the copyright on
   clearly identify those          specific film & television
   assets)                         projects.

7. Dates of entering securities    29,416,466 - 10 May 2001
   into uncertified holdings
   or despatch of certificates

                                   NUMBER  CLASS
8. Number and class of all       225,526,221  ordinary shares
   securities quoted on
   ASX (including the
   securities in clause
   2 if applicable)

                                      NUMBER  CLASS
9. Number and class of all        49,137,500  options
   securities not quoted
   on ASX (including the
   securities in clause 2
   if applicable)

10.Dividend policy (in the case   As for all ordinary shares
   of a trust, distribution
   policy) on the increased
   capital (interests)

PART 2 - BONUS ISSUE OR PRO RATA ISSUE

Items 11 to 33 are Not Applicable

PART 3 - QUOTATION OF SECURITIES
You need only complete this section if you are applying for
quotation
of securities


34. Type of securities (tick one)

    (a) x  Securities described in Part 1

    (b)    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)

    Items 38 to 42 are Not Applicable

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.  The Company 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. It warrants 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.  The Company 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.  The Company gives 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.
It also acknowledges that ASX is relying on the information and
documents. It warrants that they are (will be) true and
complete.


BLUE RIBBON: Roberts Affected Little By Administration
------------------------------------------------------
The Managing Director of Roberts Limited Miles Hampton has said
the appointment of an administrator to meat processor Blue
Ribbon Holdings Limited will have little effect on Roberts'
trading results.

Roberts is one of the larger creditors to Blue Ribbon and is
owed around $400,000.

"We are hopeful that in due course all creditors including
Roberts will be paid in full," Hampton said.

"However Roberts has trade indemnity insurance and 90 percent of
any shortfall would be reimbursed by the insurer."


CABLE & WIRELESS: Singtel Seeks Extension Of Offer Period
---------------------------------------------------------
Singapore Telecommunications Limited's subsidiary SingTel
Australia Investment Ltd (SingTel Australia) intends to extend
the offer period under its Offer (Offer) for ordinary shares in
Cable & Wireless Optus Limited (Optus) from 7.00 pm (Sydney
time) on 3 August 2001 to 7.00 pm (Sydney time) on 3 September
2001.

SingTel Australia is continuing to hold detailed discussions
with the Foreign Investment Review Board (FIRB) regarding
approval of the Offer under the Foreign Acquisitions and
Takeovers Act and with other relevant agencies in Australia and
the United States.

SingTel Australia continues to assess that the FIRB application
process is progressing well and SingTel Australia remains
confident that it can resolve outstanding issues. However, FIRB
approval may not be received by 3 August 2001 and so it is
necessary to extend the Offer period pending completion of the
FIRB process.

SingTel Australia intends to make the extension on 25 July 2001
by lodging an extension notice with ASIC and posting the notice
to Optus shareholders on that day.

The extension of the Offer period to 3 September 2001 should not
be taken to imply that the conditions of the Offer, including
FIRB approval, would be satisfied by that time.


COLES MYER: Finance Arm Launches 5-Year Y20B Eurobond
-----------------------------------------------------
Coles Myer Finance Limited, the finance arm of troubled retailer
Coles Myer Limited, has successfully launched a Y20 billion 5-
year Eurobond via joint lead managers Nomura and Merrill Lynch.

The transaction represents Coles Myer's inaugural issue from its
new A$3 billion Debt Issuance Program signed in May 2001. The
Program was designed to give Coles Myer a very flexible issuance
platform to access investors in offshore debt markets, as well
as Australia.

Yesterday's launch follows Coles Myer's recent roadshow to
Asia/Japan where senior executives met with major debt investors
in Hong Kong, Singapore and Tokyo.

The terms of this issue were structured to satisfy the strong
demand identified before and during the roadshow.

Summary details are as follows:

Issue amount: Y20 billion
Coupon: 1.05 Percent
Maturity: 24 July 2006
Reoffer Price: 100

The new issue satisfies a key strategic funding objective of
diversifying Coles Myer's investor base.

James Houstone, Head of Debt Capital Markets at Nomura Australia
said, "Investor feedback has been positive throughout Asia and
Japan. Given its single-A credit rating and its size in the
domestic retail sector, Coles Myer is viewed as a very
attractive credit by international investors looking for
exposure to Australia."

Cynthia Whelan, Director of Debt Capital Markets at Merrill
Lynch International (Australia) Limited notes, "The issuance
opportunities offered in the Yen market for Coles Myer compare
favorably with those in the Company's more recent funding
markets such as Australia, even after hedging of foreign
currency exposures."

John Schmoll, Chief Financial Officer, Coles Myer Ltd said, "For
many years Coles Myer has enjoyed strong relationships with
investors in Japan and Asia. We are very pleased to return to
these markets and provide the opportunity to invest again in
Coles Myer's credit.

"Importantly, this benchmark issue also provides us with a
strong base for further issuance into the Asian markets. At the
same time, the issue allows us to extend our debt maturity by
refinancing short term commercial paper. We very much appreciate
the support we have received."


COLES MYER: Announces New Managing Director
-------------------------------------------
Coles Myer Limited announced that it has appointed a new
managing director, Mr Hani Zayadi.

Zayadi, 50, joins Kmart from Wal-Mart where he has held the
position of senior vice president merchandising for the whole of
Canada since 1999.

Zayadi began his career at apparel fashion chain Dylex in 1973.
He progressed rapidly there before leaving to join Canada's
oldest company, Hudson's Bay Company, as a regional merchandise
manager where he was involved in the restructuring and
integration of merchandising activities. He was promoted to
general manager, Quebec region, and led a turnaround of that
business, transforming a $5 million loss into a $13 million
profit.

Following a significant reorganization of the Hudson's Bay
Company, Zayadi was appointed president of discount chain
Zellers. Zayadi and his team successfully repositioned Zellers
as Canada's then leading discount department store. Under his
tenure operating profits grew from $42 million to $180 million.

Zayadi went on to hold executive management positions at
Woodwards Limited and Future Shop Limited, and also ran his own
highly successful fashion accessories business before joining
Wal-Mart.


INTERNATIONAL CONTRACT: Receivers, Managers Appointed
-----------------------------------------------------
On 23 July 2001, Robert Anthony Ferguson and Keith William
Skinner, Partners of Deloitte Touche Tohmatsu, were appointed
Receivers and Managers of the assets and undertaking of
International Contract Manufacturing Limited on behalf of the
National Australia Bank Limited.

Ferguson and Skinner have entered into possession and are now in
control of the company.

Any inquiries should be directed to the Receivers and Managers.


KEYCORP LIMITED: Cites No Reason For Price Change
-------------------------------------------------
Keycorp Limited said the Company is not aware of any information
concerning it that has not been announced which, if known, could
be an explanation for the recent price change in the trading of
securities of the company.

The company also explained that its operating loss before
abnormal items and income tax for the 12 months to 31 December
2000 was $13.9 million. Since then the company, as a controlled
entity of Telstra Corporation Limited, changed its financial
year and reporting period from the period 1 January to 31
December to the period 1 July to 30 June.

The company's forecasted operating loss before abnormal items,
amortization and income tax for the 6 months to 30 June 2001, as
announced at the Annual General Meeting on 31 May 2001, was in
the range of $10 million to $15 million.

In the company's present opinion, the operating loss before
abnormal items, amortization and income tax for that 6 month
period will not be materially different from that forecast.

However, the company's Board is considering restructuring plans,
which are presently incomplete. If the plans are implemented, it
is believed an additional provision of approximately $4 million
may be taken up in the half yearly accounts to 30 June 2001.

In the company's opinion, there is no reason to think that the
company may record any material abnormal or extraordinary profit
for the financial year ended 30 June 2001.

The company is aware of the general down trend in share prices
that appears to have occurred yesterday following developments
in overseas markets. The company is also aware of certain
articles in the press which referred to the company and which
may have had an impact on the price of the company's securities.

The company confirms that, to the best of its knowledge, it is
in compliance with the Listing Rules and, in particular, Listing
Rule 3.1.

Listing rule 3.1 requires an entity to give the Australian Stock
Exchange (ASX) immediately any information concerning it that a
reasonable person would expect to have a material effect on the
price or value of the entity's securities. The exceptions to
this requirement are set out in the rule.


OPTECOM LIMITED: Agrees To Acquire Ambri
----------------------------------------
Optecom Limited has ceased all operating activities related to
sponsored telephony, divested the majority of its assets and
discharged all material liabilities, leaving the Company with
$11,000,000 in available cash reserves, net of remaining
liabilities.

The Company has agreed, subject to obtaining all necessary
Shareholder approvals, to acquire Ambri.

"This will provide an exciting new direction for the Company in
Critical Care diagnostic testing, a rapidly growing area of
human healthcare," the company said.

The Ambri(R) Technology is the product of over a decade of
research by the CSIRO, the University of Sydney, the CRC and
Ambri in relation to the development of a novel biosensor
technology based upon a synthetic membrane.

Some of the features of the Ambri(R) System, based upon the
Ambri(R) Technology (full details of which are set out elsewhere
in this Prospectus), 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 heart attack markers

* the Ambri(R) System will be designed for use in Critical Care
Units by doctors, nurses and other staff and will require little
technical training

* the Ambri(R) System has the potential to provide test results
of equivalent quality to the test results of the Central
Laboratories in less than 5 minutes

* it is intended that the Ambri(R) System will 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(R) System may have many applications outside the
medical diagnostic field, including food safety, environmental
testing, veterinary diagnosis and defense applications.

Ambri has an experienced management team and highly qualified
staff, led by Joe Shaw. Joe has had over 20 years experience in
the medical diagnostics industry. An Option Plan and Share Plan
will be put in place, subject to Shareholder approval, to
motivate the Executives and staff.

It is intended that the vesting of Shares and Employee Options
granted to the Executives under the Share Plan and Option Plan
will be made subject to performance hurdles linked to the
achievement of certain commercial milestones.

The proposed Board of Directors also has a considerable depth of
business experience and talent in a number of fields, together
with specific experience in the healthcare industry.

The Company intends to raise $21,500,000 through the issue of
New Shares under the Share Offer, which has been underwritten by
Macquarie. This, together with the Company's available cash
reserves of $11,000,000, will increase the Company's total cash
reserves to $32,500,000.

Following a payment of $10,000,000 to Pacific Dunlop as part
consideration for the acquisition of Ambri and after issue costs
of approximately $2,100,000, the Company's cash reserves are
expected to be $20,400,000. These funds will be utilized to
progress the commercialization of the Ambri(R) Technology to
permit the Launch of the Ambri(R) System and the Initial
Products in the Australian market and to introduce them into the
United States market.

The Company warned shareholders and potential investors that the
Ambri(R) Technology has not yet been commercialized and
accordingly, investment in the Company is speculative in nature.

Shareholders will receive 1 Bonus Option for every 10 Shares
held as at the Record Date, post the proposed 20 to 1 share
consolidation.

The purpose of the issue of Bonus Options is to give
Shareholders the opportunity to make a further investment in the
Company in the future when they can see progress in the
implementation of the business plan.

Each of the Directors intends to exercise the votes attaching to
their Shares in favor of the Transaction at the General Meeting.


OPTECOM LIMITED: Unveils Prospectus
-----------------------------------
Optecom Limited announces the following prospectus for the:

i) offer of new shares at a post-consolidation issue price of
$1.11 each, payable in full on application to raise $21,500,000

ii) 1 for 10 issue of bonus options to the shareholders as at
the record date

iii) offer of employee options

The Prospectus will also provide explanatory material for
shareholders voting on ASX Listing Rule 11.1 Resolution

The issues are conditional on shareholder approval to be sought
on Thursday 23 August 2001

Dates

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

Last day of trading suspension          Wednesday 29 August 2001

Re-listing of Shares on a post consolidation
basis                                  Thursday 30 August 2001

Listing of New Shares on post consolidation
basis                                  Thursday 30 August 2001

Record Date for determination of entitlement
to Bonus Options                       Monday 3 September 2001

Issue of Employee Options (unlisted)   Thursday 6 September 2001

Listing of Bonus Options             Wednesday 12 September 2001

This timetable is indicative only. The Directors reserve the
right to vary these dates without prior notice.

Resolutions

The issues to be made under this Prospectus are conditional on
Shareholder approval of the following ordinary resolutions to be
considered at the General Meeting (the Essential Resolutions):

   * 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 its
activities

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

   * Issue of Shares to the 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 the Directors, Executives
and
Macquarie

   * 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

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

Further details of these resolutions and the General Meeting
scheduled for Thursday 23 August 2001 are contained in the
Notice of Meeting & Explanatory Memorandum to be forwarded to
Shareholders.


PASMINCO: Restructuring Will See Sale Of Mining Assets
------------------------------------------------------
On Friday 20 July, Pasminco Limited announced a significant
restructuring of the company designed to solve Pasminco's
financial difficulties by refocusing the company on its lead and
zinc smelting business.

The restructured company will have more stable earnings than in
the past and the potential to grow when opportunities arise.

This will result in the sale of all of Pasminco's mining and
exploration assets, other than those related to the Tennessee
operation in the United States.

The proceeds of these asset sales should enable Pasminco to
reduce debt and currency hedging to acceptable levels.

The company has advised shareholders and the financial markets
that the process may take up to 12 months to complete, given the
size of the assets and the requirements of potential buyers to
conduct full due diligence prior to acquisition.

Refocusing on lead and zinc smelting will mean that Pasminco
will be a more stable business with less exposure to the
volatility of metal prices.

Significantly, Pasminco will remain the largest zinc and primary
lead producer in the world, but will still have opportunities to
expand the business in the future.

Discussions are continuing with the company's principal lenders
to ensure appropriate liquidity support is available, if
necessary, during the restructuring period and the lenders have
signed a memorandum of intentions.

New Chief Executive Appointed

David Stewart will step down as Managing Director and Chief
Executive Officer, effective 31 July 2001. The Board has
appointed Greig Gailey as his successor and he will take up the
position on 6 August 2001.

Gailey was most recently Chief Executive Officer of Fletcher
Challenge Energy in New Zealand. Prior to that he successfully
undertook a number of senior executive roles with BP in
Australia and Europe. He has wide experience in successful
restructuring initiatives and strong leadership qualities.

People And Safety

Overall injury rates have continued their downward trend during
the quarter.

The Medical Referred Injury Rate for the quarter was 67 down
from 72 in the previous quarter.

Significant improvement was achieved in the May and June months.
Our overall safety efforts have maintained their focus and will
not be compromised under the current change programs.

Production

Summary

June quarter production of zinc and lead from Pasminco's mines
and smelters was 18 percent higher than the corresponding
quarter in 2000 and 7 percent higher than the previous quarter.

Regrettably, improved production performance has been offset by
further deterioration in metal prices and is therefore not
reflected in better financial results. As reported on 14 June
2001, the Group expects to report a loss in June half of similar
magnitude to that in the December half.

The deterioration in metal prices alone reduced earnings by $50
million half on half, but improved production and cost
performance has enabled the second half loss to be held in
check.

                 3 MTHS    12 MTHS   3 MTHS   12 MTHS
(TONNES)         ENDED     ENDED     ENDED    ENDED
                 30/6/01   30/6/01   30/6/00  30/6/00

Mine production

- contained zinc 221,061   812,617  183,435   479,888

- contained lead  70,122   216,405   40,747   165,884

Metal production

- zinc           173,847   678,189  157,633   658,586

- lead(1)         60,872   266,330   62,023   277,856

Total production 525,902 1,973,541  443,838 1,582,214

(1) Includes quenched bullion production from Cockle Creek
smelter, all of which is now refined at Port Pirie.

Higher production from Century, Elura, Rosebery, Hobart and
Cockle Creek contributed to the strong result. Annualised output
of zinc and lead is now running in excess of two million tonnes
per annum.

Mining

The Century mine performed well during the quarter, producing
111,704 tons of contained zinc, equivalent to 89 percent of
rated capacity. Zinc recoveries were 76 percent, down marginally
on the previous quarter, due to process modifications to reduce
silica levels in concentrate. Silica levels in zinc concentrate
averaged 4.0 percent during the quarter.

Lead concentrate production of 35,025 tons was boosted by the
inclusion of concentrate that was trucked from a holding pond at
the mine to the port of Karumba during the quarter. It is
expected that further lead concentrate will be trucked to the
port during the September quarter.

Contained metal output at the Elura and Rosebery mines was
higher than both the previous quarter and corresponding quarter
of last year, in each case due to higher ore throughput.

At Broken Hill, mining in lower lead grade areas of the mine
impacted contained lead production.

Operations at Gordonsville and Clinch Valley were on track for
the quarter.

Smelting

Zinc production for the quarter exceeded both the previous
quarter and the corresponding quarter in 2000.  Hobart and
Clarksville Smelters achieved significant operational efficiency
improvements during the quarter as a consequence of the focus on
the Business Improvement Program.  Stable operations were
maintained at Budel and Cockle Creek.

Lead production for the quarter was lower due to the scheduled
blast furnace shut down at Port Pirie in late April.  Production
levels had returned to normal by June.

Exploration

Exploration expenditure for the quarter was $1.9 million.

Metal Prices

The zinc and lead price weakened further over the June quarter,
because of weaker demand for metals in the US and Europe.
Western world zinc consumption in 2001 is running about 2
percent below consumption levels in 2000. Although stocks of
zinc on the London Metal Exchange have risen some 50 percent
since January 2001, they remain low by historical standards, and
now stand at around 5.5 weeks consumption.

Metal prices are unlikely to rise until there are clear signs
that the trough in economic conditions, principally in the US,
has bottomed.

Business Improvement Program

The Business Improvement Program has been a fundamental part of
Pasminco operations since December 2000 and every site has been
involved in the development of initiatives that will deliver the
target improvements by the end of the calendar year.

To recap, BIP has three main components and the company is well
underway with each:

     * Cost reductions and production enhancements to deliver a
monthly sustainable $8.3 million improvement - $100 million
annualized - by the end of 2001

     * Completion of the Century ramp-up to 500,000 tons annual
production

     * Strategic review of the asset portfolio

On a cumulative basis over the six months of January to June,
the gross BIP initiatives were well ahead of targets. At the end
of June, Pasminco was $47 million better off than it would have
been without the program.

The assets review has been completed with the decision to sell
the company's mining assets. This process is expected to take
between nine - twelve months given the scale of the assets and
the due diligence requirements of potential acquirers. Work on
key improvement initiatives will continue at both mining and
smelting sites during the period of Pasminco's restructuring to
ensure the company remains on track for its full year target.

Production Statistics for the Quarter Ended 30 June 2001

                      3 MONTHS                 3 MONTHS
                      ENDED                    ENDED
                      30/06/2001               31/06/2000
MINING

BROKEN HILL MINE

Ore Treated (Tonnes)           724,301         735,983
Assaying     - Zinc %              7.8         7.9
             -Lead %               2.9         4.1
             - Silver g/t         34.0        40.0

Zinc Concentrate (Tonnes)      102,559         104,535
Containing -Zinc (Tonnes)       50,518         51,658
Lead Concentrate (Tonnes)       26,889         39,092
Containing - Lead (tonnes)      17,293         26,223
           - Silver (kg)        17,574         23,290

CENTURY MINE *

Ore Treated (Tonnes)         1,250,471        1,070,749
Assaying   - Zinc %               11.6          11.4
           - Lead %                2.4          3.3
Zinc Concentrate (Tonnes)      192,397       149,927
Containing - Zinc (Tonnes)     111,704          86,991
           - Silver             43,328         49,623

Lead Concentrate (Tonnes)       35,025          0
Containing - Lead (Tonnes)      24,057          0
           - Silver (kg)         9,944          0

* Century Mine was operational from 1 March 2000

CLINCH VALLEY MINE *

Ore Treated (Tonnes)            92,371         0
  Assaying - Zinc %                3.4         -
Zinc Concentrate (Tonnes)        4,791          0
Containing - Zinc (Tonnes)       2,976          0

* Clinch Valley Mine was re-opened in July 2000

ELURA MINE

Ore Treated (Tonnes)           319,264      238,723
  Assaying - Zinc %                8.3        8.1
           - Lead %                5.6       4.8
           - Silver g/t           55.0       52.0

Zinc Concentrate (Tonnes)       43,111        32,721
Containing - Zinc (Tonnes)      21,428       16,587

Lead Concentrate (Tonnes)       22,290       15,741
Containing - Lead (Tonnes)      12,318       8,716
           - Silver (kg)        7,304        5,871

GORDONSVILLE MINE

Ore Treated Total (Tonnes)    427,423       435,633
  Assaying - Zinc %               3.2         3.1

Zinc Concentrate (Tonnes)      20,151       19,724
Containing - Zinc (Tonnes)     13,055      12,809

ROSEBERY MINE

Ore Treated Total (Tonnes)    203,443       147,525
Assaying - Zinc %                11.8        11.6
         - Lead %                 4.6         4.7
         - Copper %               0.4         0.4
         - Silver g/t           160.3        145.5
         - Gold g/t               2.2        1.8

Zinc Concentrate (Tonnes)      37,793       28,032
Containing - Zinc (Tonnes)     21,380       15,390

Lead Concentrate (Tonnes)      10,862       8,862
Containing - Lead               7,454        5,808
           - Silver (kg)       13,141      11,838
           - Gold (kg)             46        45

Copper Concentrate (Tonnes)     1,913       1,430
Containing - Copper (Tonnes)      424       327
           - Silver (kg)       12,659       5,976
           - Gold (kg)            227       83

Gold Dore (kg)                    140       99
Containing - Gold (kg)             97        67
           - Silver N)             39       26

SMELTING

BUDEL ZINK

Zinc (Tonnes)                  54,060        54,030

CLARKSVILLE ZINC PLANT

Zinc (Tonnes)                  29,802       28,735

COCKLE CREEK SMELTER

Zinc (Tonnes)                19,711        10,351
Lead Bullion (Tonnes)         9,252         3,584

HOBART SMELTER

Zinc (Tonnes)                63,181          56,125

PORT PIRIE SMELTER

Lead (Tonnes)                47,499         54,517
Zinc (Tonnes)                 7,093        8,392
Silver(kg)                   91,889        104,761

ARA *

Lead (Tonnes)                 4,121        3,922

* Figures represent Pasminco's 50 percent share of ARA's total
production


WOOLSTOCK AUSTRALIA: Stockpile Freeze Ends
------------------------------------------
WoolStock Australia Limited Chairman Donald McGauchie announced
the end of a three day freeze on stockpile sales today following
the Board's decision to reject any of the offers received for
the outright purchase of the remaining stockpile.

"The WoolStock Board at this stage has decided to continue
selling down the stockpile to maximize returns to WoolStock
security holders as compared to the recent offers received.

"Any further offers made for the total stockpile will be
evaluated against WoolStock's business plan."

McGauchie said that WoolStock had received strong interest in
continued purchases of stockpile wool since the freeze was
imposed on Friday.

"In view of this interest, WoolStock anticipates an active sales
period over the next few weeks as the stockpile gets close to
depletion," he said,

As of 25 July 2001, the stockpile wool available for sale
totaled 98,395 bales with 12,621 bales located at Spearwood in
Western Australia, 32,436 bales in the Northern region with the
majority stored at Yennora, NSW and 53,338 bales located in
Melbourne.

In May, TCR-AP reported that the three-year liquidation
proceedings of bankrupt Woolstock Australia might end ahead of
schedule, once it has completed that sale of its wool stockpile.

It was predicted that the sale could be completed in early
September.


WOOLSTOCK AUSTRALIA: Completes Second Year Ops
----------------------------------------------
WoolStock Australia Limited has completed a successful second
year of operations, selling down the stockpile, discharging the
company's bank debt and generating sufficient cash surplus to be
in a position to declare a third distribution to security
holders.

Highlights for the year just completed were:

   * Sales (unaudited) of 573,773 bales of stockpile wool;

   * Wool available for sale has been reduced to 162,078 bales
as of 30 June 2001;

   * WoolStock's bank debt completely discharged during the
financial year;

   * Two distributions each of 20 cents, totaling 40 cents per
security paid during the past 12 months.

WoolStock Chairman, Donald McGauchie says that the strong cash
flow achieved during the 2000/2001 year will enable Directors to
consider a distribution of at least 40 cents per security to
WoolStock security holders.

"This will be made towards the end of the first quarter of the
new financial year," said McGauchie.

"The cash flow generated from the higher than planned sales for
the 2000/2001 year, has allowed WoolStock to completely
discharge the company's bank debt of $132 million during the
financial year," he said.

"The earlier than planned discharge of debt means significant
interest savings and cash flow benefits to WoolStock security
holders."

"This is an outstanding result for WoolStock security holders,
and the Managing Director, Peter Myers, and staff of WoolStock,
are to be congratulated on their management of the business.

"It has been very pleasing to note that wool prices have risen
considerably over the past twelve months, and the company has
been successful in selling stockpile wool in a rising market."

The WoolStock financial statements for the year ending June 30,
2001, will be available during September 2001. The Annual
General Meeting of the Company will be held in November 2001 in
Melbourne.

"At this meeting the Directors may be in a position to report
that the last of the stockpile has been sold and advise security
holders on the process for winding up the company," McGauchie
said.

McGauchie said he was confident that during the next six months
the liquidation of the stockpile would become a matter of record
in the history of the Australian wool industry.


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


CHINA INTERNATIONAL: Petition To Wind Up
----------------------------------------
The petition to wind up China International Business World
Investigation Company 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 14, 2001 by The Kwangtung
Provincial Bank of 1st to 3rd Floors, Euro Trade Centre, Nos. 13-
14 Connaught Road Central, Hong Kong.


DEE JAY: Hearing of Winding Up Petition Set
-------------------------------------------
The petition to wind up Dee Jay Fashions Limited will be heard
before the High Court of Hong Kong on August 15, 2001 at 9:30
am. The petition was filed with the court on June 5, 2001 by The
Hongkong and Shanghai Banking Corporation Limited whose head
office is situated at No. 1 Queen's Road Central, Hong Kong.


FUJIAN INTL: Fails To Meet Samurai Bond Payment
-----------------------------------------------
Fujian International Trust & Investment Company (Fujian ITIC)
failed to meet its coupon payment on a 10-year Y14-billion bond,
The Asian Wall Street Journal reported Tuesday, citing a banking
source in Tokyo.

The newspaper says that unless the trust firm makes payment
within a fortnight it will face a technical default.

Earlier this year, in January, Fujian ITIC dodged a technical
default by making payment on a semiannual coupon bond, but only
shortly before the 14-day grace period lapsed. The payment, the
report said, was made using public funds extended to the
company.


SPREADFAME LIMITED: Faces Winding Up Petition
---------------------------------------------
The petition to wind up Spreadfame Limited is scheduled 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 18, 2001
by Sin Hua Bank Limited whose principal place of business is
situated at 2A Des Voeux Road Central, Hong Kong.


TIANJIN INTL: Closure Likely This Year
--------------------------------------
Tianjin International Trust & Investment (Tianjin ITIC) is
likely to face closure within the year, Quamnet News Service
reported Tuesday, citing Dow Jones Newswire.

According to the report, the closure of the troubled trust
company is part of the People's Bank of China's thrust to
cleaning up the trust sector. Around 151 trust firms in China
will be heading for closure, while the surviving trust firms
will be merged into 60 new trust entities.

Earlier this month, TCR-AP reported that Tianjin International
Trust and Investment Company (TITIC) dodged possible 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, TCR-AP reported, were issued in Japan in
1996. The first deadline was originally set for June 13.

However, it remains uncertain whether the company can make a
principal payment this December.


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


BANK BALI: BIF Hong Kong Sale Likely
------------------------------------
Bank Bali plans to sell its entire stake in Bali International
Finance (BIF) Hong Kong to a local investor although it doesn't
have any plan to divest stake in KDLC Bancbali Finance, Bisnis
Indonesia reported Wednesday citing Director Joseph Georgino
Godong.

The purpose of the divestment is to help Bank Bali's business in
Indonesia. The transaction is likely to complete this year. The
value of the BIF divestment is still under negotiation.

"BIF's current asset is around Rp50 billion. On the value of the
transaction is still being discussed. The price will be shown in
the consolidated balance sheet at the end of the year. Most
important is the company still runs well," Georgino added.

Meanwhile on Bank Bali's stake in KDLC Bancbali Finance,
Giorgino said it has no plan to divest it. "Until now the
company still runs well."

Former Bank Bali Director Hendry Kendy said the publicly listed
bank plans to divest companies that are not making money as part
of the bank's all out consolidation efforts. All subsidiaries
that are burdensome to Bank Bali financially will be sold or
closed down.

"For example the stake in KDLC Bancbali Finance will soon be
sold to our partner or other parties. Meanwhile Bali
International Finance, which is a deposit taking company based
in Hong Kong would likely be closed down," he said.


BANK INTERNASIONAL: Bank Mandiri Seeks Indemnity
-------------------------------------------------
Bank Internasional Indonesia's white knight, Bank Mandiri is
asking the government for indemnity against potential losses
from the proposed acquisition of the troubled bank, AFX-Asia
reported Monday citing Bank Mandiri CFO K Keat Lee.
He specified that the bank is seeking indemnity against losses
such as bad loans that may have slipped through the due
diligence process.
Bank Mandiri acquired BII to save the bank from collapse caused
by its majority stakeholder, Sinar Mas Group.

Sinar Mas Group has an outstanding debt of US$1.3 billion. It
has defaulted US$64 million in interest on its debts, which was
due on June 30.


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


AIWA COMPANY: Q1 Loss Widens To Y8.36B
--------------------------------------
Aiwa Company announced that its loss for the first quarter ended
June 30 has burgeoned to Y8.36 billion from Y2.4 billion in
losses recorded in last year's corresponding period, Bloomberg
reported Wednesday.

Group sales were pegged at Y45.7 billion, down 30 percent from
Y65.5 billion, the report said.


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


DAEWOO GROUP: Former Execs Get Jail Terms
-----------------------------------------
The Seoul district court Tuesday slapped former executives of
bankrupt Daewoo Group with a record fine of US$19 billion, and
sentenced them to up to seven years imprisonment for an historic
accountancy anomaly, Financial Times reported Tuesday.

The court found the executives were found responsible for the
manipulation of the group's financial accounts to conceal huge
losses from the creditors, when they were seeking funds for the
company.

Daewoo went bankrupt in July of 1999 with liabilities exceeding
assets by W29 trillion.


DAEWOO GROUP: SGI To Honor Payment Guarantees
---------------------------------------------
Seoul Guarantee Insurance (SGI) has agreed to honor payment
guarantees for a part of the W2.5 trillion in corporate bonds,
due February 17 this year and issued by eight insolvent Daewoo
affiliates, The Digital Chosun reported Wednesday.

The bonds SGI will honor total W800 billion, the report says.

Korea Investment Trust Company, Daehan Investment Trust, Seoul
Investment Trust and Hyundai Investment Trust will pay
respectively W170 billion, W145 billion, W80 billion, and W66
billion to cover the payment guarantees given to the Daewoo
bonds.


DONG AH: Signs Contract To Continue Libya Project
-------------------------------------------------
Bankrupt Dong Ah Construction has entered into a contract to
continue the construction works of the first and second phases
of the Great Man-made River Project in Libya, The Korea Herald
reported Wednesday, citing the Ministry of Construction and
Transportation.

As agreed in the contract, the Korean builder will undertake the
$230-billion leakage repair of the project, which is considered
as the first phase.

Completion of the second phase of the project, which costs $300
billion, is expected by end of 2003.

According to the report, the company will earn up to $200
million, which will be turned over to the government under the
workout program started in 1998.


HYNIX SEMICON: Govt, Creditors To Draw Up New Restructuring
-----------------------------------------------------------
In order to keep Hynix Semiconductor Inc afloat amid the slump
in the chipmaking sector, the government and creditors are
seeking a new restructuring plan for the ailing chipmaker, The
Asian Wall Street Journal reported Wednesday.

Hynix financial advisor Salomon Smith Barney is drawing up a new
package following the completion of its review of the company's
cashflows.


HYNIX SEMICON: Shares Distorting Bourse Indices, Analysts Say
-------------------------------------------------------------
Market analysts have expressed concerns that issued shares of
ailing chipmaker Hynix Semiconductor Company are distorting
indices of the Seoul Bourse, The Digital Chosun reported
Wednesday.

The distortions, according to analysts, are caused by the
increase of Hynix shares volume, resulting in the rebounding of
stock prices.

The report said "the Seoul Bourse Tuesday saw its volume of
shares traded increase to 482.7 million shares, which is
reportedly the biggest volume increase since May 25th this
year."

Hynix shares account for half of this volume, which jumped to
262.2 million during Tuesday's trading.


SEOULBANK: Fitch Raises Individual Rating
-----------------------------------------
Fitch, the international rating agency, has raised* the
Individual rating of Seoulbank to `D/E' from `E'. The bank's
Support rating of `2' is affirmed.

Seoulbank was one of the banks most affected by the Korean
economic crisis. Subsequently nationalized, its outlook remains
clouded by ongoing performance pressures, as well as the
government's declared intention to continue to seek a foreign
buyer and/or strategic investor for the bank.

Despite the strategic uncertainties surrounding the bank,
Seoulbank has made some progress in dealing with the worst of
its problems. It has been recapitalized (again) with the
injection of W610.8 billion (US$485 million) of government funds
in December 2000. (An additional W221.6 billion (US$176 million)
has been budgeted for injection as needed in 2001 and is
expected to be taken up).

As a result, its main capital adequacy indicators improved - at
end-March 2001, its total risk-adjusted capital adequacy ratio
stood at 10.0 percent, although equity/assets of just 2.90
percent remained very low by international standards.

Seoulbank recorded a modest return to profit in the first
quarter of 2001, while asset quality would also appear to be on
an improving trend. After ballooning to 19.75 percent of total
end-2000 credit, NPLs (`substandard' and below) were sharply
reduced to 12.08 percent in the first three months of 2001
through large-scale write-offs.

Massive provisioning charges (that led to the bank's fourth
straight loss last year) have also helped reduce the potential
threat to the bank - NPLs net of reserves equated to 45 percent
of end-2000 equity (versus nearly 97 percent at end-December
2000).

After several tough years as Korea's worst-performing commercial
bank, Fitch recognizes the progress that has been achieved to
date by Seoulbank.

The current rating action reflects this improvement, although
much more work remains to be done to return the bank to full
financial health.

* Note:

Fitch's Support and Individual Ratings for Banks Fitch's
Individual ratings assess how a bank would be viewed if it were
entirely independent and could not rely on external support.

Its Support ratings deal with the question of whether a bank
would receive support from its owners or from the state if it
were to get into difficulty.

These ratings are not debt ratings but rather, respectively, an
assessment of the intrinsic strength of a bank and of any level
of outside support that may, or may not, be available to it.


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


JOHOR CORP: Plans Major Restructuring
-------------------------------------
Johor Corporation Berhad is considering a major corporate
restructuring that will entail the divestment or dissolution of
loss-making subsidiaries, The Edge reported Tuesday, citing the
company's CEO Tan Sri Muhammad Ali Hashim.

Management wants to bring the company to a more "solid
foundation" and "to concentrate on business activities that are
profitable such as those based on oil palm plantations and
medical services", the report said.

The report also said the company's debts now total RM5.4
billion, of which foreign debts comprise 18.9 percent.


LAND & GENERAL: Court Sets Date For Mention Of Application
----------------------------------------------------------
The Board of Directors of Land & General Berhad (L&G) announces
that the Court has scheduled 7 August 2001 for hearing L&G's
court application against Bayerische Landesbank Girozentrale
(ref: Kuala Lumpur High Court Suit No.D7-1142-2001).

This hearing is in relation to the default in payment of the
principal sum in respect to a Syndicated Revolving Credit
Facility (the Facility) taken by Bandar Sungai Buaya Sdn Bhd
(BSB). BSB is a wholly-owned subsidiary of Land & General Berhad
(L&G). The Company announced the security agent for the lenders
of the Facility had, on 13 July 2001, served a notice of default
on BSB with respect to the Notice dated 12 July 2001.  The
Notice demanded repayment of the alleged outstanding principal
sum plus accrued interest within seven days from the date the
Notice was served.

Failure to do so would compel the security agent to institute
legal action to foreclose on the parcels of land which were
charged as security for the Facility.

The negotiations between BSB, L&G and the lenders to restructure
the Facility is on-going. Due to this, BSB has requested the
lenders' indulgence.


S&P FOOD: Enters Participation Deed With CGB Shareholders
---------------------------------------------------------
S&P Food Industries (Malaysia) Berhad (SPF) announce that SPF,
the shareholders of Cepatwawasan Group Berhad (CGB) (the new
investment company incorporated to facilitate the implementation
of the Proposals and to take-over the listing status of SPF),
namely Tsen Thau Tet and Wong Chai Yong @ Stefanie, and CGB, on
23 July 2001, entered into a Deed of Adherence and
Participation.

This is in relation to the sale and purchase agreements and/or
sublease agreements announced on 16 August 2000 with regard to
Reorganization, Reconstruction and Restructuring Agreement (RRR
Agreement).

The salient terms of the Deed of Adherence and Participation are
as follows:

   (i) SPF agrees to assign and novate (only upon request to
execute such assignment and novation agreements if necessary) to
CGB all whatsoever of its rights, title, interest in and to the
Proposed Acquisition of New Businesses and Proposed Acquisition
of Oil Palm Estate under the RRR Agreement;

   (ii) where necessary and relevant, CGB shall take-over all
duties, obligations and covenants whatsoever on the part of SPF
under the RRR Agreement, the Debt Restructuring Agreement
pursuant to the Proposed Debt Restructuring and the Settlement
Agreement pursuant to the Proposed Claim Settlement, and agrees
to be fully bound by the RRR Agreement as if CGB was a party
thereto in place of SPF; and

   (iii) CGB agrees, covenants and undertakes to adhere to the
intention of the RRR Agreement, the resolutions of the
shareholders of SPF passed in the Extraordinary General Meeting
and Court Convened Meeting of the shareholders, to the extent
that any part of the implementation of the RRR Agreement and the
Proposals shall involve itself, and notwithstanding that CGB had
not been a signatory to the RRR Agreement.

Further, in relation to the Proposed Acquisition of New
Businesses and Proposed Acquisition of Oil Palm Estate, CGB had,
on 23 July 2001, entered into the following agreements:

   (i) Sale and Purchase Agreement between CGB, Datuk Lo Fui
Ming and Ho Hee Chung for the acquisition by CGB of the entire
equity interest in Cepatwawasan Sdn. Bhd. (Cepatwawasan),
comprising 1,000,000 ordinary shares of RM1.00 each, for a
purchase consideration of RM56,912,176, to be satisfied wholly
by the issuance of 56,912,176 new CGB ordinary shares of RM1.00
each (Proposed Cepatwawasan Acquisition).

      It was also provided in the Sale and Purchase Agreement
that pursuant to the Proposed Capitalization of Debts, Datuk Lo
Fui Ming and Ho Hee Chung shall collectively be issued 2,749,927
new CGB ordinary shares of RM1.00 each, as full settlement of
RM2,749,927 which they had advanced to Cepatwawasan as at 30
April 2000.

   (ii) Sale and Purchase Agreement between CGB, Ouh Mee Lan,
Tan Kum Peng and Seh Kew @ Ouh Seh Kew for the acquisition by
CGB of the entire equity interest in Syarikat Melabau Sdn. Bhd.
(Melabau), comprising 250,000 ordinary shares of RM1.00 each,
for a purchase consideration of RM25,359,791, to be satisfied
wholly by the issuance of 25,359,791 new CGB ordinary shares of
RM1.00 each (Proposed Melabau Acquisition).

       It was also provided in the Sale and Purchase Agreement
that pursuant to the Proposed Capitalization of Debts, Ouh Mee
Lan, Tan Kum Peng and Seh Kew @ Ouh Seh Kew shall collectively
be issued 4,970,232 new CGB ordinary shares of RM1.00 each, as
full settlement of RM4,970,232 which they had advanced to
Melabau as at 30 April 2000.

   (iii) Sale and Purchase Agreement between CGB, Anthony John
Wong and Wong Tet Jung @ Aquinas for the acquisition by CGB of
the entire issued and paid-up share capital in Wong Tet-Jung
Plantations Sdn. Bhd. (WTJP), comprising 1,080,000 ordinary
shares of RM1.00 each, for a purchase consideration of
RM7,524,623, to be satisfied wholly by the issuance of 7,524,623
new CGB ordinary shares of RM1.00 each (Proposed WTJP
Acquisition).

   (iv) Sale and Purchase Agreement between CGB, Datuk Lo Fui
Ming, Ho Hee Chung and Lo Ken Hin for the acquisition by CGB of
the entire equity interest in Razijaya Sdn. Bhd. (Razijaya),
comprising 250,000 ordinary shares of RM1.00 each, for a
purchase consideration of RM9,021,267, to be satisfied wholly by
the issuance of 9,021,267 new CGB ordinary shares of RM1.00
(Proposed Razijaya Acquisition).

       It was also provided in the Sale and Purchase Agreement
that pursuant to the Proposed Capitalization of Debts, Datuk Lo
Fui Ming and Ho Hee Chung shall collectively be issued 232,263
new CGB ordinary shares of RM1.00 each, as full settlement of
RM232,263 which they had advanced to Razijaya as at 30 April
2000.

   (v) Sale and Purchase Agreement between CGB, Greenfingers
Sdn. Bhd., Seah Tee Lean, Aqthal-Jasmeg Cashcrop Enterprise Sdn.
Bhd., Li Nai Kwong, Eric Law Yau Ming, Lim Chee Leong and Ho
Khin Fong @ Henry as vendors of Prolific Yield Sdn. Bhd.
(Prolific), and Datuk Lo Fui Ming and Ho Hee Chung as directors
of Prolific, for the acquisition by CGB of 49 percent equity
interest in Prolific, comprising 4,900,000 ordinary shares of
RM1.00 each, for a purchase consideration of RM16,837,380, to be
satisfied wholly by the issuance of 16,837,380 new CGB ordinary
shares of RM1.00 each (Proposed Prolific Acquisition).

       It was also provided in the Sale and Purchase Agreement
that pursuant to the Proposed Capitalization of Debts, Datuk Lo
Fui Ming, Ho Hee Chung, Greenfingers Sdn. Bhd., Seah Tee Lean,
Aqthal-Jasmeg Cashcrop Enterprise Sdn. Bhd., Li Nai Kwong, Eric
Law Yau Ming, Lim Chee Leong and Ho Khin Fong @ Henry shall
collectively be issued 1,210,500 new CGB ordinary shares of
RM1.00 each, as full settlement of RM1,210,500 which they had
advanced to Prolific as at 30 April 2000.

   (vi) Sale and Purchase Agreement between CGB, Wong Kiam Kong
and Leong Choi Yuk for the acquisition by CGB of the entire
equity interest in Sri Likas Mewah Sdn. Bhd. (Sri Likas),
comprising 100,000 ordinary shares of RM1.00 each, for a
purchase consideration of RM8,281,188, to be satisfied wholly by
the issuance of 8,281,188 new CGB ordinary shares of RM1.00 each
(Proposed Sri Likas Acquisition).

       It was also provided in the Sale and Purchase Agreement
that pursuant to the Proposed Capitalization of Debts, Wong Kiam
Kong and Leong Choi Yuk shall collectively be issued 1,612,955
new CGB ordinary shares of RM1.00 each, as full settlement of
RM1,612,955 which they had advanced to Sri Likas as at 30 April
2000.

   (vii) Sale and Purchase Agreement between CGB, Tsen Thau Tet,
Datin Elizabeth Golingi @ Elizabeth A. Paterson (signing as
beneficiary of the estate of Datuk Felix Golingi), Wong Kim Choy
and Foo Kon Chen for the acquisition by CGB of the entire equity
interest in Kovusak Sdn. Bhd. (Kovusak), comprising 470,000
ordinary shares of RM1.00 each, for a purchase consideration of
RM3,654,503, to be satisfied wholly by the issuance of 3,654,503
new CGB ordinary shares of RM1.00 each (Proposed Kovusak
Acquisition).

   (viii) Sale and Purchase Agreement between CGB, Datuk Lo Fui
Ming, Ho Hee Chung, Lim Ted Hing and Seah Sen Onn for the
acquisition by CGB of 10 percent equity interest in Minelink
Sdn. Bhd. (Minelink), comprising 100 ordinary shares of RM1.00
each, for a purchase consideration of RM418,905, to be satisfied
wholly by the issuance of 418,905 new CGB ordinary shares of
RM1.00 (Proposed Minelink Acquisition).

         It was also provided in the Sale and Purchase Agreement
that pursuant to the Proposed Capitalization of Debts, Datuk Lo
Fui Ming, Ho Hee Chung, Lim Ted Hing and Seah Sen Onn shall
collectively be issued 1,067,855 new CGB ordinary shares of
RM1.00 each, as full settlement of RM1,067,855 which they had
advanced to Minelink as at 30 April 2000.

   (ix) Sale and Purchase Agreement between CGB, Datuk Lo Fui
Ming, Li Nai Kwong, Eric Law Yau Ming and Chu Hang Seng for the
acquisition by CGB of the entire equity interest in Bakara Sdn.
Bhd. (Bakara), comprising 375,000 ordinary shares of RM1.00
each, for a purchase consideration of RM16,433,952, after taking
into consideration the simultaneous acquisitions/sublease of oil
palm estates as set out in paragraphs 3 (xvi) to (xviii)
hereunder, to be satisfied wholly by the issuance of 16,433,952
new CGB ordinary shares of RM1.00 each (Proposed Bakara
Acquisition).

       It was also provided in the Sale and Purchase Agreement
that pursuant to the Proposed Capitalization of Debts, Datuk Lo
Fui Ming, Li Nai Kwong and Eric Law Yau Ming shall collectively
be issued 2,579,954 new CGB ordinary shares of RM1.00 each, as
full settlement of RM2,579,954 which they had advanced to Bakara
as at 30 April 2000.

   (x) Sale and Purchase Agreement between CGB, Chong Yun Chau
and Ngeo Shuk Chu for the acquisition by CGB of the entire
equity interest in Unival Enterprise Sdn. Bhd. (Unival),
comprising 2 ordinary shares of RM1.00 each, for a purchase
consideration of RM2,932,867, to be satisfied wholly by the
issuance of 2,932,867 new CGB ordinary shares of RM1.00 each
(Proposed Unival Acquisition).

      It was also provided in the Sale and Purchase Agreement
that pursuant to the Proposed Capitalization of Debts, Chong Yun
Chau shall be issued 226,693 new CGB ordinary shares of RM1.00
each, as full settlement of RM226,693 which he had advanced to
Unival as at 30 April 2000.

   (xi) Sale and Purchase Agreement between CGB, Datuk Lo Fui
Ming, Ho Hee Chung and Lo Ken Hin for the acquisition by CGB of
the entire equity interest in Sungguh Mulia Sdn. Bhd. (SMSB),
comprising 3 ordinary shares of RM1.00 each, for a purchase
consideration of RM1,073,263, to be satisfied wholly by the
issuance of 1,073,263 new CGB ordinary shares of RM1.00 each
(Proposed SMSB Acquisition).

        It was also provided in the Sale and Purchase Agreement
that pursuant to the Proposed Capitalization of Debts, Datuk Lo
Fui Ming and Ho Hee Chung shall collectively be issued 260,691
new CGB ordinary shares of RM1.00 each, as full settlement of
RM260,691 which they had advanced to SMSB as at 30 April 2000.

   (xii) Sale and Purchase Agreement between CGB, Suwaya binti
Buang, Ouh Kim Fah and Chan Wai Chun for the acquisition by CGB
of 25 percent equity interest in Suara Baru Sdn. Bhd. (Suara
Baru), comprising 750,000 ordinary shares of RM1.00 each, for a
purchase consideration of RM6,546,060, to be satisfied wholly by
the issuance of 6,546,060 new CGB ordinary shares of RM1.00 each
(Proposed Suara Baru Acquisition).

   (xiii) Sale and Purchase Agreement between CGB, Ouh Mee Lan,
Seh Kew @ Ouh Seh Kew and Tan Kum Peng for the acquisition by
CGB of 25% equity interest in Gelang Usaha Sdn. Bhd. (GUSB),
comprising 900,003 ordinary shares of RM1.00 each, for a
purchase consideration of RM1,214,514, to be satisfied wholly by
the issuance of 1,214,514 new CGB ordinary shares of RM1.00 each
(Proposed GUSB Acquisition).

   (xiv) Sale and Purchase Agreement between CGB, Lim Ted Hing
and Seah Sen Onn for the acquisition by CGB of the entire equity
interest in Libarran Island Resort Sdn. Bhd. (Libarran),
comprising 30,000 ordinary shares of RM1.00 each, for a purchase
consideration of RM3,796,905, to be satisfied wholly by the
issuance of 3,796,905 new CGB ordinary shares of RM1.00 each
(Proposed Libarran Acquisition).

   (xv) Sale and Purchase Agreement between CGB, Leong Choi Yuk,
Chon Pit Yuk and Wong Nyuk Yin for the acquisition by CGB of 20
percent equity interest in Ultisearch Trading Sdn. Bhd.
(Ultisearch), comprising 25,000 ordinary shares of RM1.00 each,
for a purchase consideration of RM133,799, to be satisfied by
the issuance of 133,799 new CGB ordinary shares of RM1.00 each.

   (xvi) A Master Sub-Lease Agreement between Hiew Yon Fo and
Pang Kim Fan (Lessors), Bakara and CGB, pursuant to which the
Lessors will lease to the Bakara fifty (50) pieces of native
title land in the district of Kinabatangan, Sabah, for a period
of ninety nine (99) years, for a total consideration of
RM2,685,000, to be satisfied wholly by the issuance and
allotment by CGB of 2,685,000 new CGB ordinary shares of RM1.00
each (Proposed Sublease).

   (xvii) Sale and Purchase Agreement between Hiew Yon Fo and
Pang Kim Fan (Vendors), Bakara and CGB, where the Vendors will
sell to Bakara a piece of leasehold land in the district of
Kinabatangan, Sabah, for a purchase consideration of RM574,000,
to be satisfied wholly by the issuance and allotment by CGB of
574,000 new CGB ordinary shares of RM1.00 each (Proposed Hiew &
Pang Estate (A) Acquisition).

   (xviii) Sale and Purchase Agreement between Malgreen Sdn.
Bhd. (Malgreen), Bakara and CGB, where Malgreen will sell to
Bakara thirteen (13) pieces of leasehold land in the district of
Kinabatangan, Sabah, for a total purchase consideration of
RM1,738,000, to be satisfied wholly by the issuance and
allotment by CGB of 1,738,000 new CGB ordinary shares of RM1.00
each (Proposed Malgreen Estate Acquisition). And

    (xix) Sale and Purchase Agreement between Syarikat P. H. Lim
Sdn. Bhd. (PHLim), Sri Likas and CGB, where PHLim will sell to
Sri Likas eight (8) pieces of leasehold land in the districts of
Kinabatangan and Sandakan, Sabah, for a total purchase
consideration of RM5,732,650, to be satisfied wholly by the
issuance and allotment by CGB of 5,732,650 new CGB ordinary
shares of RM1.00 each (Proposed PHLim Estate Acquisition).

The other salient terms of the Sale and Purchase Agreements and
Master Sublease Agreement mentioned in paragraphs 3 (i) to (xix)
above are as follows:

     (i) the ordinary shares to be acquired pursuant to the
Proposed Acquisition of New Businesses shall be acquired free
from all claims, charges, liens, encumbrances and equities
whatsoever together with all rights attached thereto excluding
all dividends, rights and distribution declared, paid or made in
respect thereof before the completion date of the respective
acquisitions;

     (ii) the estates to be acquired/subleased pursuant to
Proposed Hiew & Pang Estate (A) Acquisition, Proposed Malgreen
Estate Acquisition, Proposed PHLim Estate Acquisition and
Proposed Sublease shall be acquired/subleased free from
encumbrances;

     (iii) for the acquisitions pursuant to the Proposed
Acquisition of New Businesses as set out in paragraphs 3 (i) to
(xv), the purchase consideration shall be adjusted for any
profit earned or losses incurred from 1 May 2000 up to the month
preceding the date of completion of the respective acquisitions,
subject to confirmation by the auditors of CGB and will be
satisfied by cash payment in four (4) installments (one
installment each quarter or such mutually extended period) with
the first payment commencing on the fourth (4th) month of the
listing of the new CGB ordinary shares to be issued pursuant to
the Proposed Acquisition of New Businesses;

     (iv) for the acquisitions/sublease of oil palm estate as
set out in paragraphs 3 (xvi) to (xix), the purchase/sublease
consideration shall be adjusted for any cost and expense on
cultivation of any immature plantation incurred subsequent to
the valuation date of the estates up to the completion of the
respective acquisitions/sublease, subject to the confirmation by
the auditors of CGB and will be reimbursed by cash in four (4)
installments (one installment each quarter or such mutually
extended period) with the first payment commencing on the fourth
(4th) month of the listing of the new CGB ordinary shares to be
issued pursuant to the proposed acquisitions/sublease or such
mutually extended period; and

     (v) the consideration for each of the proposed
acquisitions/sublease mentioned in paragraphs 3 (i) to (xix)
shall be satisfied on or before the expiry of six (6) months or
on such mutually extended period after all conditions precedent
as set out in the respective Sale and Purchase Agreements/Master
Sub-lease Agreement have been fulfilled, which shall in any
event be within a period of nine (9) months from the date of the
Sale and Purchase Agreements/Master Sub-lease Agreement, or such
later date as may be mutually agreed in writing.

In addition, in relation to the Proposed Disposal of Existing
Business, CGB and Simfoni Melangit Sdn. Bhd. (Simfoni) had, on
23 July 2001 entered into a Sale and Purchase Agreement for the
disposal by CGB of the entire equity interest in SPF, comprising
8,050,000 ordinary shares of RM1.00 each, to Simfoni, for a cash
consideration of RM6,300,000 (Proposed Disposal).

The salient terms of the Sale and Purchase Agreement are as
follows:

     (i) the 8,050,000 ordinary shares of RM1.00 each in SPF
shall be disposed off by CGB free from all claims, charges,
liens, encumbrances and equities whatsoever together with all
rights, interest attached or deeming to be attached thereto and
all dividends, rights and distributions, declared, paid or made
in respect thereof after the completion date of the Proposed
Disposal; and

     (ii) the consideration for the Proposed Disposal shall be
satisfied on or before the expiry of six (6) months or on such
mutually extended period after all conditions precedent as set
out in the Sale and Purchase Agreement have been fulfilled,
which shall in any event be within a period of nine (9) months
from the date of the Sale and Purchase Agreement, or such later
date as may be mutually agreed in writing.

The respective vendors' cost of investment, and dates of
acquisition and/or subscription in the share capital of the
companies/estate to be acquired pursuant to the Proposed
Acquisition of New Businesses and Proposed Acquisition of Oil
Palm Estate were set out in the announcement dated 16 August
2000.


TECHNOLOGY RESOURCES: Ups Offer To Eurobond Holders
---------------------------------------------------
Technology Resources Industries Berhad (TRI) is considering
raising its payment offer to holders of its Eurobonds amounting
to US$375 million, from the initial offer of 83 percent, The
Edge reported Tuesday, citing Group Director Datuk KY Lim.

Lim told Edge, "TRI considers it is more prudent to increase the
offer to bondholders as their endorsement would be an important
milestone in achieving TRI's recapitalization plans."

Last June 28, TRI proposed a RM3.8-billion financial
restructuring package.


TIMBERMASTER INDUSTRIES: Enters MOU With Whehua
-----------------------------------------------
The Special Administrators, on behalf of Timbermaster Insutries
Berhad (TMIB), on 20 July 2001 entered into a Memorandum of
Understanding (MoU) with Whehua Pte Ltd, a company incorporated
in Singapore, to regulate and record the basic understanding of
the key areas of agreements with respect to the sale and
purchase of the entire issued and paid up capital of 150,000,000
ordinary shares of RM1.00 each in Timbermaster Timber Complex
(Sabah) Sdn Bhd (TMTC). TMTC is a wholly owned subsidiary of
TMIB.

Subject to the availability of vacant possession of TMTC's
premises, TMIB and Whehua are to subsequently enter into a
definitive agreement in respect of the Sale Shares with a view
to developing a workout proposal pursuant to Section 44 of the
Pengurusan Danaharta Nasional Berhad (Danaharta) Act 1998.

The objective of the workout proposal is to formulate a
corporate and debt restructuring scheme that takes into
consideration the amounts due to creditors and the interest of
other stakeholders.

The workout proposal developed by the Special Administrators is
subject to:

   i) Execution of the definitive agreement; and

   ii) Approvals of:

       * Danaharta;

       * the Secured Creditors of TMTC;

       * Foreign Investment Committee (FIC);

       * Ministry of International Trade and Industries (MITI);

       * Securities Commission (SC); and

       * any other relevant authorities and regulatory bodies,
if required.

Further details of the workout proposal will be announced by
TMIB in due course.


UNITED ENGINEERS: Trading Resumes
---------------------------------
The trading in the securities of United Engineers (Malaysia)
Berhad (UEM) resumed 9.00 a.m., Tuesday, 24 July 2001.

The Company (UEM) is one of the largest civil engineering,
construction and design groups in the country. The Group's core
businesses comprise expressway operations, project management,
cement manufacturing, transport and trading, property
development, pharmaceutical and diagnostic services, and
engineering and construction.

It presently has direct and indirect interest in five listed
companies: Kinta Kellas Plc, Cement Industries of Malaysia Bhd,
Ho Hup Construction Company Bhd, Projek Penyelenggaraan
Lebuhraya Bhd and Renong Bhd.

UEM was incorporated to take over the Malaysian activities of
United Engineers (Singapore) Pte Ltd (UES), a wholly-owned
subsidiary of United Engineers Ltd (UEL).

Major projects completed by the Group are the North-South
Expressway, North-South Expressway Central Link, Malaysia-
Singapore Second Crossing and Section 1 and Section 2 of the
Light Rail Transit System 2.

In 1999, UEM completed a debt restructuring exercise involving
the issue of RM8.4 billion worth of 7-year, zero coupon bonds,
by Projek Lebuhraya Utara-Selatan Bhd (PLUS). The proceeds were
used to settle the commercial debts of UEM and Renong Bhd.

The debt problems of subsidiary, Linkedua (Malaysia) Bhd, were
addressed via another issue by PLUS of RM900 million worth of
bonds to subsidiary Hartanah Lintasan Kedua Sdn Bhd (Hartanah).
Hartanah will in turn issue up to RM900 million bonds to
commercial lenders of Linkedua.

In consideration of this, Linkedua will assume RM900m of PLUS's
existing government loan. The scheme has been presented to the
government for approval.

Subsequent to aborting the proposed debt restructuring scheme
subsidiary Expressway Lingkaran Tengah Sdn Bhd (ELITE) has begun
work to put in place a new refinancing scheme under the
Corporate Debt Restructuring Committee. Approval of lenders is
pending. The scheme entails the conversion of existing
facilities amounting to RM1.038 billion into serial bonds.

UEM was also successful in its bid to acquire 45 percent in
Intria Bhd which owns the concessionaire for the Penang toll
bridge, Penang Bridge Sdn Bhd. The Company expects the
acquisition from the remaining 24.66 percent in addition to the
19.99 percent acquired in June 2000 to be completed in December
2000.

Currently, UEM is in the process of injecting two other
subsidiaries, namely ELITE and Kualiti Alam Sdn Bhd (KA) into a
company to be listed on KLSE.

In March 2000, Renong and the Company announced they have
appointed Merrill Lynch (Singapore) Pte Ltd (Merrill) as
financial advisers to assist both companies to reduce debt
through the disposal of assets. Sale proceeds will be used to
offset Renong's and UEM's respective debts to PLUS by repaying a
large portion of the 7-year zero coupon PLUS bonds issued in
1999.

In November 2000, the Company made an offer to Renong Bhd to
acquire amongst others Renong's investments in Crest Petroleum
Bhd, TIME Engineering Bhd, Park May Bhd, Faber Group Bhd,
Commerce Asset Holding Bhd, Camerlin Group Bhd, and PUTRA, for
RM6.7 billion.

The acquisitions are to be satisfied by the issuance of new
shares, ICULS as well as by UEM resuming Renong's SPV bond
issued to PLUS. UEM will subsequently embark on the disposal of
a substantial part of the acquired assets.


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


MARIWASA MANUFACTURING: Closes Rosario Plant
--------------------------------------------
Mariwasa Manufacturing Inc. said at a special meeting of its
Board of Directors held at 3:00 P.M. 20 July 2001, a motion was
passed to permanently cease manufacturing operations at the
plant located at Ortigas Avenue Extension, Bo. Rosario, Pasig
City, Metro Manila. A majority of the Board of Directors was
present and acting.

The decision was made in light of continued losses suffered by
the Corporation at the Rosario, Pasig plant operations.

The Board directed the Management to serve the proper notices on
all parties concerned and to observe the proper procedures
mandated by law as regards the separation of employment of the
employees of the Corporation affected by the decision.

The Board also directed the Management to observe all provisions
of the collective bargaining agreements currently effective,
particularly the provisions on separation benefits of the
employees.


NATIONAL BANK: May Not Sell NPLs, Assets To AMC
-----------------------------------------------
Philippine National Bank (PNB) may opt to keep its non-
performing loans (NPLs) and assets, despite the discount of as
much as 80 percent it would receive from an asset management
company (AMC). PNB fears that an AMC could hurt the bank's
balance sheet, The Business World reported Wednesday.

According to the local business paper, US-based Cerberus and
Singapore's Lone Star Asia Pacific Investment Limited, Lehman
Brothers, Deutsche Bank and Arthur Andersen are trying to
convince PNB to put up the AMC.

PNB Chairman Norberto Nazareno told World that "the position of
management is, it (setting up an AMC) is not an attractive
proposition because of the potential discount."

He added, "The concept is good if the balance sheet of a bank
can afford a write down."

Meanwhile, PNB, as of the first half of the year, has sold a
total of P1.2 billion worth of acquired assets, the report said.


SHEMBERG BIOTECH: Creditors Divided Over Petition
-------------------------------------------------
Creditor banks of Shemberg Biotech Corporation (SBC) are divided
over the company's petition for rehabilitation lodged with the
regional trial court (RTC) in Cebu City, The Philippine Daily
Inquirer reported Wednesday.

Three foreign finance firms -- the Asian Development Bank (ADB),
CDC Group of Great Britain and DEG of Germany -- are seeking the
winding up of the company instead, the newspaper said.

The company's petition for rehabilitation, pending before the
only commercial court in the city - calls for the conversion of
45 percent of loans with multilateral lenders and 30 percent of
the loans with commercial banks into equity.

At present, Shemberg Biotech's total debts owed to creditors
have reached over P1 billion, resulting from the peso
devaluation.


URBANCORP: SEC To Approve Rehab Plan
------------------------------------
Urbancorp Investments Incorporation, a 40-percent-owned
investment house of Urban Bank, is likely to win the nod of the
Securities and Exchange Commission (SEC) to implement its
rehabilitation plan, The Philippine Daily Inquirer reported
Wednesday.

SEC Chairperson Lilia Bautista in an interview with reporters
said, "The receiver has no problem with the rehabilitation plan
so we should have no problem with it as well. It's just a matter
of paperwork."

The securities watchdog's approval of the plan would facilitate
the merger of Urbancorp and Urban Bank with its white knight
Export and Industry Bank (Exportbank), the newspaper said.

The plan, prepared by the alliance of both Exportbank and the
National Association of Urban Bank and Urbancorp Depositors and
Creditors, had been approved by over 84 percent of the trust
investors and creditors of Urbancorp, the report said, citing
Urbancorp Interim Receiver Corazon de la Paz.


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


HO WAH GENTING: Bourse Rejects Proposed Acquisitions
----------------------------------------------------
Ho Wah Genting announced the Singapore Stock Exchange (SGX)
informed the Company that SGX has decided not to grant approval
for the Company's application for its proposed acquisition of
interests in two toll road operations in Heilongjiang Province
in Mainland China, and the entire issued and paid up share
capital of Heng Da Investments Pte Ltd.

The Company is now discussing the possible reversal of that
decision with SGX.

The Company will make timely and proper announcement as to the
outcome of the Company's discussions with SGX in this regard.


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


BANGKOK METROPOLITAN: Posts H1 Net Loss Of Bt4.508B
---------------------------------------------------
Bangkok Metropolitan Bank released its operations' financials
for the first half-year ending 30 June 2001, which resulted in a
net loss of Bt4.508 billion.

Compared to the results of the same period in 2000 the company
shows an increased loss of Bt2.282 billion or 102.5 percent. The
Company's loss is due to debt restructuring amounting to Bt2.496
billion.

The Company had reversed allowance for doubtful account
amounting to Bt54.038 billion to income in order to offset with
accumulated loss. This is done in accordance with the cabinet's
resolution on 20 March 2001.

The reversal entry is classified as an extra ordinary item.

The profit after the extra ordinary item is Bt49.531 billion.

Non Performing Loans (NPL), amounting to Bt102.346 billion, were
transferred to Petchburi Asset Management (PAM). NPLs that were
left out in the bank amounting to Bt14.592 billion will also be
transferred to PAM within December 2001.


FAR EAST: Planner Preparer Appointed
------------------------------------
On 18 June 2001, the official receiver of Far East Engineering
Public Company Limited (The Company) has held a creditors
meeting to vote on the Planner Preparer. The meeting resolution
of the creditors, whose debts are not less than two-thirds of
the total debts of the creditors who have cast their votes on
such a resolution, determined that Thammaniti & Truth Co.,Ltd.,
the nominee by Bangkok Bank (Public) Limited, the Petitioner,
qualified for nomination as the Planner Preparer.

Thammaniti nominated Sukhato Poummalee and Damri Aimmanoj, as
the Planner Preparer in accordance with the Bankruptcy Act B.E.
2483, Section 60/17, Paragraph 2.

The receiver had submitted the Minutes of the Creditors' Meeting
to the Central Bankruptcy Court for respective order for
appointment of the Planner Preparer.

Accordingly, the Court had ordered Poummalee and Aimmanoj as the
Planner Preparer in accordance with the order on the appointment
of Planner Preparer on 18 July 2001.


HIGH PRESSURE: Bankruptcy Court Accepts Reorg Petition
------------------------------------------------------
High Pressure Steel Pipe Industry Company Limited (the Debtor)
is engaged in Manufacturing and Sale of various kinds of steel
pipe products.

The Debtor's Petition for Business Reorganization was filed to
the Civil Court. The case has been transferred to the Central
Bankruptcy Court:

    Black Case Number Lor.Phor. 8/2542

    Red Case Number Phor. 15/2542

Petitioner: Phatra-thanakit Public Company Limited

Planner: Thaimui Group Co. Ltd.

Debts Owed to the Petitioning Creditor: Bt4,700,000,000

Date of Court Acceptance of the Petition: May 28,1999

Court Order for Business Reorganization and Appointment of
Planner: October 7, 1999

There are 71 Creditors submitting Applications for payment of
debts.

Total debts owed to the petitioning Creditors is
Bt22,099,959,032.77.

The last adjourned date to submit the plan: April 11, 2000

The Court issued an order accepting the reorganization plan:
January 24, 2001 and appointed Thaimui Group Co. Ltd. to be a
plan administrator

Announcement of Court order for accepting the reorganization
plan: in Matichon Public Company Limited and Siam Rath Company
Limited: February 1, 2001

Announcement of Court Order for accepting the reorganization
plan: in Government Gazette on March 1, 2001

Contact: Ms. Bang-Orn Tel. 6792525 ext 112


Krisdamahanakorn: Reports Q1 Progress Of Rehab Plan
---------------------------------------------------
Krisdamahanakorn Public Company Limited (KMC), a listed company
with reported assets worth Bt12,285.33 million and liabilities
of Bt16,764.40 million as of March 31, 2001 posted Monday on the
Securities and Exchange of Thailand (SET) the company's progress
report of rehabilitation plan and operating performance in the
first quarter of 2001.

KMC was notified by the SET on March 5, 1999 regarding the
classification of being delisted by the SET and the company
subsequently notified the SET its intention to rehabilitate the
company and has appointed Finansa Securities Limited as
financial advisor for preparing of KMC's rehabilitation plan.

Finansa has prepared KMC's rehabilitation plan with the
cooperation of KMC and Ernst & Young Office Limited (E&Y) as
KMC's auditor who reviewed KMC's financial projection over the
2-year rehabilitation plan from 3rd quarter of 1999 to 2nd
quarter of 2001.

The extraordinary shareholders' meeting No. 1/2000 of KMC has
resolved to approve the rehabilitation plan on October 16,
2000.  By the request of KMC under the conditions of the SET,
KMC's shares were resumed their trading on the SET on December
7, 2000.

Since then, KMC and Finansa have submitted the progress reports
ofrehabilitation plan of 3rd and 4th quarter of 2000

The Progress of the Rehabilitation Plan and Operating
Performance of First Quarter of 2001

KMC and Finansa have analyzed KMC's auditor report of 1st
quarter of 2001 compared with KMC's financial projection under
the rehabilitation plan and reported the progress of the
rehabilitation plan and operating performance of 1st quarter of
2001 as follows:

   Operating performance of normal property development business
is lower than the projected figures of 1st quarter of 2001 since
the revenues are mostly generated by the sales of small-size
property.

   Sales of property, management fee income and revenues from
construction services are 27.50 percent lower than the
projection. Cost of sales and construction services are 10.49
percent lower than the projection.

   Revenues from interest income, rental fee and golf course are
43.57 percent, 46.43 percent and 3.59 percent higher than the
projection, respectively. Other income is 35.24 percent lower
than the projection while selling and administration expenses
are 11.78 percent higher than the projection.

   There is Bt35.64 million operating loss before interest
expenses compared to the projected operating loss before
interest expense of Bt3.35 million.

In 1st quarter of 2001, interest expenses is 348.19% higher than
the
projection since the debt restructuring with 8 other creditors
is not
completed as expected. KMC has to realize high interest expenses
based on existing high interest rates and loan amount.

However, part of interest expenses incurred in 3rd and 4th
quarter of 2000 and 1st quarter of 2001 will be reversed to
profit from debt restructuring after the debt restructuring is
completed.


PRASIT PATANA: Reveals Rehab Plan Summary
-----------------------------------------
Prasit Patana Pcl (PPCL), through its plan administrator
PricewaterhouseCoopers Corporate Restructuring Limited,
announced Monday the summary of its rehabilitation plan under
the Bankruptcy Act of Thailand (as amended) (the Act) as
approved by the Central Bankruptcy Court (the Court).

The plan was prepared as part of the restructuring of the
Phyathai group of hospitals, which consists of Phyathai 1
hospital, Phyathai 2 hospital and Phyathai 3 hospital.

Phyathai 2 Hospital Co., Ltd. (PYT2) and Phyathai 3 Hospital
Co., Ltd. (PYT3) are subsidiaries of PPCL. The Rehabilitation
Plans of Phyathai 2
Hospital Co Ltd and Phyathai 3 Hospital Co Ltd were approved by
the Court on July 2, 2001 and July 4, 2001 respectively.

Creditors' Classification

Under the Rehabilitation Plan, creditors are classified into
different groups as set out below:

   1. Financial creditors and guarantee creditors are defined as
creditors who have granted loans (except creditors who issued
letters of credit to equipment suppliers to PPCL who will be
included in the Trade creditor class). These creditors will
receive payments in the aggregate amount of approximately
Bt1,830 million, in one of two currencies, Thai Baht and US
dollars.

In the event that PPCL is able to generate cash in excess of
expectations, the creditors will be entitled to receive further
payments under a Performance Linked Obligation to a maximum of
Bt320 million.

Financial creditors will convert part of their debt into equity,
for which they will receive newly issued shares from PPCL.
Guarantee creditors are not entitled to convert their debts into
equity.  After equity conversion, financial creditors will hold
80 pecrent of PPCL's expanded share capital.

Remaining amounts owed to financial and guarantee creditors will
be
forgiven.

   2. Trade creditors are defined as creditors who provided
goods and services related to the operation of the business of
PPCL (and shall include any creditor who provided any letter of
credit to a creditor who provide equipment supplies to
PPCL). This class includes government departments (including
Customs Department and Revenue Department). The creditors in
this group will be paid 80 percent of their indebtedness and
will forgive the remainder.

   3. Employee and Tax creditors are:

(1) those creditors for whom amounts are outstanding in
respect of contracts of employment; and

      (2) the Revenue Department or other Government departments
in respect of any taxes that would be payable under Section
130(6) of the Act. These creditors will receive 100 percent
payment.

   4. Other Creditors, who will receive 100 percent payment,
are:

(1) Professional Fee Creditors; and

(2) Creditors under Section 90/62 of the Act.

Debt Repayment

Financial Creditors and Guarantee Creditors

   Interest

1. Restructured debt denominated in Baht will attract interest
at 10% per annum.

2. Restructured debt denominated in US$ will attract interest as
set out below:

   - US dollar creditors choosing to accept a fixed exchange
rate at 39 Baht per US dollar will receive interest at 10% per
annum; and

   - US dollar creditors choosing to maintain a floating
exchange rate will receive SIBOR plus a margin of one percent
for the first three years and two percent thereafter.  However,
the maximum interest rate for creditors choosing this
alternative cannot exceed 8.5 percent per annum.

Interest will be paid at the end of each month. Interest for the
six month period following the Approval Date will not be paid
but will be added to the restructured debt. Interest for the
period commencing at the beginning of the seventh month and
ending on the last day of the twenty fourth month after the
Approval Date shall, in the event that PPCL has insufficient
cash flow to fully meet interest payments, will be paid at
concessional rate of:

  - 6 percent for loans denominated in Baht, and for loans
denominated in US dollars where the exchange for the loan has
been fixed at Bt39 per US dollar; and

  - 5 percent for US dollar loans that are subject to the
floating exchange rate.

The differences between interest paid at the concessional rate
and the full agreed rates as set out in the previous paragraph
will be accrued and will be paid out of any excess cash
available in future years.

        Principal

No principal repayments will be payable in the first two years,
following which installments of principal will be payable every
three months. Restructured debt will be repaid in full within 7
years.

Trade Creditors

Trade Creditors will receive 80 percent of their debt on the
later of a date which is within 90 days after Approval Date, or
the date on which the debt was originally to be due and payable

Employee and Tax Creditors

Employee and Tax Creditors will be paid as due in accordance
with their
agreements with  PPCL or if already due within 15 days of
Approval Date.

Other Creditors

Other Creditors will be paid as due in accordance with their
agreements with PPCL or if already due within 15 days of
Approval Date.

Management Incentive Scheme

A management incentive scheme, which will include the options to
acquire new shares in PPCL, is included in the plan.  Details of
the scheme will be determined in consultation with the
Creditors' Committee and managed by the new Board of directors.
New shares issued under the scheme will increase the issued
share capital and dilute the shareholdings of existing
shareholders and the shareholdings of creditors acquired under t
he debt to equity conversion.

Corporate Structure

The plan provides that, at the option of the creditors, PPCL may
acquire by purchase or other means, the assets that comprise the
hospitals of each of PYT2 and PYT3, thereby forming a "single
company" structure.

Alternatively, the existing structure will be amended by forming
a new subsidiary, Phyathai 1 Hospital Company Limited (PYT1)
that will acquire the assets of Phyathai 1 hospital from PPCL,
thereby forming a "4 company" structure.

PYT1 will be wholly owned by PPCL to the extent allowable under
Thai regulations.

Minority shareholdings by PYT2 in PPCL will also be eliminated
under the 4 company structure. Creditorswill vote to determine
which structure to adopt within 4 months after the Approval
Date.

Reducing and increasing capital

1. Increase the capital to the extent necessary for the
conversion of debt into equity and for the management incentive
scheme.

2. Reduce the capital to eliminate the shares in PPCL held by
Phyathai 2 hospital.

Creating debt and raising funds, sources of funds and condition
of debt

The terms of the Debt Restructuring Agreement permit the company
to borrow additional funds for working capital and capital
expenditure purposes up to the limits that are specified.
This will allow the company to continue to operate its business.

Debt prepayment

Debt prepayment is allowed.

Condition regarding payments of dividends

No dividends are permitted until such time as the obligations
under the Performance Linked Obligation Agreement have been
extinguished.

Actions to be taken in the case where a claim or debt is
assigned

Lenders may assign or transfer their debt to other persons in
accordance with the terms of the Restructuring Agreements.
However, any assignee or transferee must agree to be bound by
all of the Restructuring Agreements to which the transferor was
bound.  If a Lender wishes to assign of transfer its debt before
the Restructuring Agreements come into force then any assignee
or transferee must sign and deliver such agreements that the
Plan Administrator requires which provide that the assignee or
transferee is bound by the terms of the Plan.

Creditors' Committee

PPCL's creditors' committee consists of
1. Bank of Ayudhya Pcl.
2. Sukhumvit Asset Management
3. Natexis Banques Populaires
4. Hypo-Und Vereinsbank

Plan Administrator

PricewaterhouseCoopers Corporate Restructuring Limited

Completion of Rehabilitation Plan Implementation

The Rehabilitation Plan will be determined to be complete when
the following have been completed.

4 Company Structure

1. PYT1 and the Plan Administrator execute the Restructuring
Agreements.

2. Lenders execute the Restructuring Agreements and other
related
agreements.

3. PPCL issues new shares.

4. PYT 2 and PYT3 issue new shares to PPCL.

5. Assets and liabilities of PPCL have been transferred to PYT1.

6. New mortgages have been granted to Lenders.

7. Original securities have been amended and registered.

8. Group CEO is appointed and new Board of Directors has been
set up.

9. Share swap with minority shareholders in PYT2 and PYT3 is
complete in accordance with an offer to be made under the plan.

10. A Cash flow monitoring agent, a facility agent and a
security agent have been appointed.

11.The appointments of agents in PYT2 and PYT3 plans and the
execution of Restructuring Agreements of both plans have been
completed.

12.Assets of Phyathai 4 Hospital Company Limited and Klass V
Company Limited over which Bank of Ayudhya PCL holds first
ranking securities have been transferred to the Bank in
accordance with the plan.

Single Company Structure

1. Plan Administrator and Lenders execute related documents
which are necessary to implement the Plan under Single Company
Structure.

2. Point 3 and points 6 to 12 above have been completed.

3. The plans of PYT2 and PYT3  have been implemented as required
to establish the Single Company Structure.


SINO-THAI: Disposes Of Assets
-----------------------------
Sino-Thai Resources Development Public Company Limited announces
the details of the disposal of the company's assets, as follows:

1.The date on which the asset transaction occurred: July 24,
2001

2.The parties involved: Kaona Karnchang Company Limited

3.The volume of net profit method = 2.19 percent

4.The details of the assets transaction involved:

  - The ordinary shares of Thai Maintenance Contracting Company
Limited is 295,560 shares at per value of Bt5 which the total
amount is Bt1,477,800.00

  - Thai Maintenance Contracting Company Limited has registered
capital of Bt12,315,000 that divided into 2,463,000.00 shares at
per value of Bt5 and fully paid-up. The nature of business is
industrial service for operation and maintenance of heavy
industrial plan.

5. The total value of the consideration: Bt1,477,800.00 (fully
paid-up)

6. The standard for settle the consideration: Price at the
current market

7. The expected benefits: The assets is not related with our
mining business, and for more financial liquidity and working
capital.

8. The detail of connected persons and of related person: None


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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